Document:

Exhibit 10.2

 

EXECUTION VERSION

	
 
    

 

AMENDED AND RESTATED

 

GUARANTEE AND COLLATERAL AGREEMENT

 

dated as of

 

November 7, 2018

 

among

 

WALKER & DUNLOP, INC.,

 

as Borrower

 

Certain Subsidiaries of WALKER & DUNLOP, INC.,

 

each as a Subsidiary Guarantor

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Administrative Agent

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 1.
    	
 
    	
DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
Section 1.01
    	
 
    	
Credit Agreement
    	
1
    
	
Section 1.02
    	
 
    	
Other Defined Terms
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 2.
    	
 
    	
GUARANTEE
    	
8
    
	
 
    	
 
    	
 
    	
 
    
	
Section 2.01
    	
 
    	
Guarantee
    	
8
    
	
Section 2.02
    	
 
    	
Amendments, etc.   with respect to the Guaranteed Obligations
    	
10
    
	
Section 2.03
    	
 
    	
Guarantee Absolute and   Unconditional
    	
10
    
	
Section 2.04
    	
 
    	
Reinstatement
    	
12
    
	
Section 2.05
    	
 
    	
Payments
    	
12
    
	
Section 2.06
    	
 
    	
Information
    	
12
    
	
Section 2.07
    	
 
    	
Specified Guarantors
    	
12
    
	
Section 2.08
    	
 
    	
Keepwell
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 3.
    	
 
    	
PLEDGE OF SECURITIES
    	
13
    
	
 
    	
 
    	
 
    	
 
    
	
Section 3.01
    	
 
    	
Pledge
    	
13
    
	
Section 3.02
    	
 
    	
Delivery of the Pledged   Securities
    	
13
    
	
Section 3.03
    	
 
    	
Representations,   Warranties and Covenants
    	
14
    
	
Section 3.04
    	
 
    	
Registration in Nominee   Name; Denominations
    	
16
    
	
Section 3.05
    	
 
    	
Voting Rights;   Dividends and Interest
    	
16
    
	
Section 3.06
    	
 
    	
Uniform Commercial Code   Financing Statements, etc.
    	
18
    
	
Section 3.07
    	
 
    	
Specified Ownership   Interest Pledge
    	
18
    
	
Section 3.08
    	
 
    	
Partnership/LLC   Interests
    	
18
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 4.
    	
 
    	
SECURITY INTERESTS IN   PERSONAL PROPERTY
    	
19
    
	
 
    	
 
    	
 
    	
 
    
	
Section 4.01
    	
 
    	
Security Interest
    	
19
    
	
Section 4.02
    	
 
    	
Representations and Warranties
    	
23
    
	
Section 4.03
    	
 
    	
Covenants
    	
25
    
	
Section 4.04
    	
 
    	
Other Actions
    	
28
    
	
Section 4.05
    	
 
    	
Covenants Regarding   Patent, Trademark and Copyright Collateral
    	
30
    
	
Section 4.06
    	
 
    	
Covenants Related to   Agency Collateral and MSR Assets
    	
31
    
	
Section 4.07
    	
 
    	
Deposit Accounts and   Securities Accounts
    	
32
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 5.
    	
 
    	
REMEDIES
    	
33
    
	
 
    	
 
    	
 
    	
 
    
	
Section 5.01
    	
 
    	
Remedies upon Default
    	
33
    
	
Section 5.02
    	
 
    	
Application of Proceeds
    	
34
    
	
Section 5.03
    	
 
    	
Grant of License To Use   Intellectual Property
    	
35
    
	
Section 5.04
    	
 
    	
Securities Act
    	
35
    
	
Section 5.05
    	
 
    	
Agency Collateral
    	
36
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 6.
    	
 
    	
INDEMNITY, SUBROGATION   AND SUBORDINATION
    	
36
    
	
 
    	
 
    	
 
    	
 
    
	
Section 6.01
    	
 
    	
Indemnity and   Subrogation
    	
36
    
	
Section 6.02
    	
 
    	
Contribution and   Subrogation
    	
36
    
	
Section 6.03
    	
 
    	
Subordination
    	
37
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 7.
    	
 
    	
MISCELLANEOUS
    	
37
    
	
 
    	
 
    	
 
    	
 
    
	
Section 7.01
    	
 
    	
Notices
    	
37
    
						

 

i

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
Section 7.02
    	
 
    	
Waivers; Amendment
    	
37
    
	
Section 7.03
    	
 
    	
Indemnification
    	
38
    
	
Section 7.04
    	
 
    	
Successors and Assigns
    	
38
    
	
Section 7.05
    	
 
    	
Survival of Agreement
    	
38
    
	
Section 7.06
    	
 
    	
Counterparts;   Effectiveness; Several Agreement; Other
    	
38
    
	
Section 7.07
    	
 
    	
Severability
    	
39
    
	
Section 7.08
    	
 
    	
Right of Set-Off
    	
39
    
	
Section 7.09
    	
 
    	
Governing Law;   Jurisdiction; Venue; Service of Process
    	
39
    
	
Section 7.10
    	
 
    	
Waiver of Jury Trial
    	
40
    
	
Section 7.11
    	
 
    	
Injunctive Relief
    	
40
    
	
Section 7.12
    	
 
    	
Headings
    	
40
    
	
Section 7.13
    	
 
    	
Security Interest   Absolute
    	
40
    
	
Section 7.14
    	
 
    	
Termination or Release
    	
41
    
	
Section 7.15
    	
 
    	
Additional Subsidiaries
    	
42
    
	
Section 7.16
    	
 
    	
Administrative Agent   Appointed Attorney-in-Fact
    	
42
    
	
Section 7.17
    	
 
    	
Further Assurances
    	
42
    
	
Section 7.18
    	
 
    	
Administrative Agent
    	
43
    
	
Section 7.19
    	
 
    	
Advice of Counsel, No   Strict Construction
    	
43
    
	
Section 7.20
    	
 
    	
Acknowledgements
    	
43
    
	
Section 7.21
    	
 
    	
Amendment and Restatement;   No Novation
    	
43
    
	
Section 7.22
    	
 
    	
Secured Parties
    	
43
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 8.
    	
 
    	
SPECIAL PROVISIONS   RESPECTING AGENCY COLLATERAL
    	
43
    
	
 
    	
 
    	
 
    	
 
    
	
Section 8.01
    	
 
    	
Special Fannie Mae   Provisions
    	
43
    
	
Section 8.02
    	
 
    	
Special Freddie Mac   Provisions
    	
51
    
	
Section 8.03
    	
 
    	
Special Ginnie Mae   Provisions
    	
58
    
						

 

ii

 

	
Exhibits
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Form of:
    
	
Exhibit I
    	
 
    	
Supplement
    
	
Exhibit II
    	
 
    	
Grant of Security Interest in   United States Trademarks
    
	
Exhibit III
    	
 
    	
Grant of Security Interest in United   State Patents
    
	
Exhibit IV
    	
 
    	
Grant of Security Interest in   United States Copyrights
    
	
Exhibit V
    	
 
    	
Fannie Mae Consent Agreement
    
	
Exhibit VI
    	
 
    	
Freddie Mac Consent Agreement
    
	
Exhibit VII
    	
 
    	
Applicable Investor Consent   Agreement
    
	
Exhibit VIII
    	
 
    	
Ginnie Mae Consent Agreement
    
	
 
    	
 
    	
 
    
	
Schedules
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Schedule I
    	
 
    	
Subsidiary Guarantors
    
	
Schedule II
    	
 
    	
Pledged Securities
    
	
Schedule III
    	
 
    	
Intellectual Property
    
	
Schedule IV
    	
 
    	
Commercial Tort Claims and Letter   of Credit Rights
    
	
Schedule V
    	
 
    	
Deposit Accounts
    
	
Schedule V.2
    	
 
    	
Excluded Accounts
    
	
Schedule VI
    	
 
    	
Securities Accounts
    

 

iii

 

This AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT (this “Agreement”), dated as of November 7, 2018, among Walker & Dunlop, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries of the Borrower from time to time party hereto (each, a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors” and, together with the Borrower, the “Credit Parties” and sometimes, each such party, individually, a “Credit Party”) and WELLS FARGO BANK, NATIONAL ASSOCIATION on behalf of itself and the other Lenders as “Administrative Agent” (as defined and otherwise described in the Credit Agreement and so referred to herein).

 

Certain of the Credit Parties and the Administrative Agent are party to the Guarantee and Collateral Agreement, dated as of December 20, 2013 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Guarantee and Collateral Agreement”).  The Credit Parties and the Administrative Agent desire to amend and restate the Existing Guarantee and Collateral Agreement as set forth herein.

 

Reference is made to the Amended and Restated Credit Agreement, dated as of the date hereof (as amended, amended and restated, waived, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and between the Borrower, the lenders party thereto and the lenders who may become party thereto pursuant to the terms thereof (each, a “Lender” and, collectively, the “Lenders”) and the Administrative Agent.  The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement.  The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement.  The Subsidiary Guarantors are affiliates of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit.  Accordingly, the parties hereto agree as follows:

 

ARTICLE 1.
 DEFINITIONS

 

Section 1.01                             Credit Agreement.  (a)  Capitalized terms used in this Agreement and not otherwise defined in this Agreement have the meanings specified in the Credit Agreement.  All terms defined in the UCC and not defined in this Agreement have the meanings specified therein.

 

(b)                                 The rules of construction specified in the Credit Agreement also apply to this Agreement, mutatis mutandis.

 

Section 1.02                             Other Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:

 

“Account Debtor” means any Person who is or who may become obligated to any Credit Party under, with respect to, or on account of, any account receivable.

 

“Administrative Agent” has the meaning specified in the introductory paragraph herein.

 

“Agency Consent” means, (i) with respect to the Fannie Mae Agreements, an acknowledgment agreement acknowledging and consenting to the Term Loans in substantially the form of Exhibit V hereto, (ii) with respect to the Freddie Mac Agreements, an acknowledgment agreement acknowledging and consenting to the Term Loans in substantially the form of Exhibit VI hereto, (iii) with respect to any applicable Investor Agreements that are Material Contracts, to the extent required, an acknowledgment agreement acknowledging and consenting to the Term Loans in substantially the form of Exhibit VII, and (iv) with respect to the Ginnie Mae Agreements, an acknowledgment agreement acknowledging the Term Loans in substantially the form of Exhibit VIII hereto.

 

1

 

“Agency Loans” means the Fannie Mae Loans, the Freddie Mac Loans, the FHA/HUD Loans and the Ginnie Mae Loans, as applicable.

 

“Agency Requirements” means any and all requirements of any Agency that are applicable to any Agency Loan (and/or the origination, sale, commitment to insure or guarantee, and/or servicing thereof), including the requirements set forth in the Agency Agreements, as such requirements may have been waived and/or modified with the written or electronic approval of the applicable Agency.

 

“Ancillary Income” means all amounts payable to a Credit Party pursuant to a Collateral Transaction Document, other than the Servicing Fees, and specifically including, without limitation, beneficiary statement charges, late charge fees, default interest, assignment fees, assumption fees, modification fees, release fees, insufficient funds check charges, amortization schedule fees, interest and earnings on permitted investments from escrow and custodial accounts and all other incidental fees and charges related to such accounts, amendment fees, consent fees, extension fees, loan service transaction fees, demand fees, subordinate financing fees, transfer fees, servicing maintenance prepayment fees, additional servicing fees and similar items.

 

“Article 9 Collateral” has the meaning specified in Section 4.01.

 

“ASAP Plus Agreement” means, singly and collectively:  (i) with respect to CWC, (1) that certain Multifamily As Soon As Pooled Plus Agreement dated as of May 16, 2008 between CWC, as lender, and Fannie Mae to allow CWC to deliver to Fannie Mae certain closed and funded multifamily mortgage loans (either to be securitized or sold to Fannie Mae as whole loans) from time to time under the Fannie Mae Delegated Underwriting and Servicing Program, and (2) that certain Multifamily As Soon As Pooled Agreement dated as of May 1, 2009 between CWC, as lender, and Fannie Mae to allow CWC to deliver to Fannie Mae certain closed and funded multifamily mortgage loans and to assign a designated forward trade for the delivery of mortgage-backed securities to Fannie Mae or a third party and (ii) with respect to WDLLC, (1) ASAP Plus with WDLLC dated February 3, 2009, (2) ASAP Sale with WDLLC dated February 3, 2009, (3) ASAP Plus Amendment with WDLLC dated June 29, 2011, and (4) Second Amendment to ASAP Plus Agreement with WDLLC dated December 27, 2011.

 

“Collateral” means Article 9 Collateral and Pledged Securities.

 

“Collateral Transaction Document” means any pooling and servicing agreement, securitization servicing agreement, sale and servicing agreement, servicing agreement, transfer and servicing agreement, seller/servicer or securities issuer guide or handbook, sub-servicing agreement, trust agreement, indenture, collateral management agreement, collateral administration agreement, disposition consultation agreement and other agreement (in each case, howsoever denominated) pursuant to which any Credit Party is the servicer, master servicer, primary servicer or special servicer (or similar role, however denominated) of Mortgage Loans for and on behalf of an MBS Trust, Agency, or other Investor or a collateral manager, collateral administrator or disposition consultant (or similar role, however denominated), each as may be amended, modified or supplemented from time to time.

 

“Contract Rights” means all rights of any Credit Party under each Contract, including, without limitation, (a) any and all rights to receive and demand payments under any or all Contracts, (b) any and all rights to receive and compel performance under any or all Contracts and (c) any and all other rights, interests and claims now existing or in the future arising in connection with any or all Contracts.

 

“Contracts” means, with respect to any Credit Party, all contracts, agreements, instruments and indentures in any form and portions thereof, to which such Credit Party is a party or under which such Credit Party or any property of such Credit Party is subject, as the same may from time to time be amended,

 

2

 

supplemented, waived or otherwise modified, including, without limitation, (a) all rights of such Credit Party to receive moneys due and to become due to it thereunder or in connection therewith, (b) all rights of such Credit Party to damages arising thereunder, and (c) all rights of such Credit Party to perform and to exercise all remedies thereunder.

 

“Control” means (a) in the case of each Deposit Account, “control,” as such term is defined in Section 9-104 of the UCC and (b) in the case of any Securities Account, “control,” as such term is defined in Section 8-106 of the UCC.

 

“Control Agreements” means, collectively, the Deposit Account Control Agreements and the Securities Account Control Agreements.

 

“Copyright License” means any agreement now or hereafter in existence naming any Credit Party as licensor or licensee, including, without limitation, those listed on Schedule III, granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright.

 

“Copyrights” means, collectively, all of the following of any Credit Party: (a) all copyrights, works protectable by copyright, copyright registrations and copyright applications anywhere in the world, including, without limitation, those listed on Schedule III hereto, (b) all reissues, extensions, continuations (in whole or in part) and renewals of any of the foregoing, (c) all income, royalties, damages and payments now or hereafter due and/or payable under any of the foregoing or with respect to any of the foregoing, including, without limitation, damages or payments for past, present and future infringements of any of the foregoing, (d) the right to sue for past, present and future infringements of any of the foregoing and (e) all rights corresponding to any of the foregoing throughout the world.

 

“Credit Agreement” has the meaning specified in the preliminary statement of this Agreement.

 

“Credit Agreement Default” has the meaning specified in Section 8.01(b) and Section 8.02(b), respectively and as applicable.

 

“Credit Party” has the meaning specified in the preliminary statement of this Agreement.

 

“Delivery Date” means, as of any date of determination, the immediately succeeding date on which financial statements are delivered pursuant to Article 6 of the Credit Agreement.

 

“Deposit Account Control Agreement” means an agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower establishing the Administrative Agent’s Control with respect to any Deposit Account required to be subject to a Control Agreement by this Agreement.

 

“Deposit Accounts” means, collectively, with respect to each Credit Party, (a) all “deposit accounts” as such term is defined in the UCC and in any event shall include the accounts listed on Schedule V hereof and all accounts and sub-accounts relating to any of the foregoing accounts and (b) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (a) of this definition.

 

“Effective Endorsement and Assignment” means, with respect to any specific type of Collateral, all such endorsements, assignments and other instruments of transfer reasonably requested by the Administrative Agent with respect to the security interest granted in such Collateral, and in each case, in form and substance satisfactory to the Administrative Agent.

 

3

 

“Enforcement Actions Respecting Fannie Mae Collateral” has the meaning specified in Section 8.01(a).

 

“Enforcement Actions Respecting Freddie Mac Collateral” has the meaning specified in Section 8.02(a).

 

“Excess Collateral” has the meaning specified in Section 4.04(f).

 

“Excluded Accounts” has the meaning specified in Section 4.07(c).  As of the Closing Date, Schedule V.2 attached hereto identifies each of the Excluded Accounts.

 

“Excluded Assets” has the meaning specified in Section 4.01(a), and includes, without limitation, the Excluded Property.

 

“Excluded Freddie Mac-Related Assets” has the meaning specified in Section 8.02(a).

 

“Excluded Property” means (a) the Excluded Accounts, (b) Permitted Subsidiary Collateral, (c) all amounts in respect of Agency loss and risk sharing reserves (whether subject to Liens or use restrictions), and (d) all assets excluded from the Lien granted to the Administrative Agent hereunder pursuant to Article 8.

 

“Fannie Mae Collateral” has the meaning specified in Section 8.01(a).

 

“Fannie Mae Designated Loans” has the meaning specified in Section 8.01(a).

 

“Fannie Mae Disposition Period” has the meaning specified in Section 8.01(a).

 

“Fannie Mae Guide” means the Fannie Mae Multifamily Selling and Servicing Guide, including any exhibits, appendices or other referenced forms, as such Guide is amended, modified, supplemented, restated or superseded from time to time, and the Fannie Mae Delegated Underwriting and Servicing Guide, or the Fannie Mae Negotiated Transactions Guide, as the context and Fannie Mae Agreements require.

 

“Fannie Mae Loans” means each of the Mortgage Loans serviced by WDLLC or, as may be applicable, WD Capital on behalf of Fannie Mae.

 

“Fannie Mae Notice of Default” has the meaning specified in Section 8.01(b).

 

“Fannie Mae Security Interest” has the meaning specified in Section 8.01(a).

 

“Federal Securities Laws” has the meaning specified in Section 5.04.

 

“FHA/HUD Guide” means each guide used by FHA and HUD, respectively, applicable to the FHA/HUD Loans, as may be amended, restated, supplemented or otherwise modified from time to time.

 

“FHA/HUD Loan” means a Mortgage Loan that is insured or co-insured and/or otherwise guaranteed by FHA and/or HUD.

 

“Freddie Mac CME Securitization” means the pooling of Mortgage Loans held by Freddie Mac into a real estate mortgage investment conduit pursuant to which WDLLC or, as may be applicable, WD Capital, respectively, retains servicing responsibilities.

 

“Freddie Mac Collateral” has the meaning specified in Section 8.02(a).

 

4

 

“Freddie Mac Designated Loans” has the meaning specified in Section 8.02(a).

 

“Freddie Mac Guide” means the Freddie Mac Multifamily Seller/Servicer Guide (including, as applicable, the Freddie Mac Delegated Underwriting for Targeted Affordable Housing Guide), as may be amended, restated, supplemented or otherwise modified from time to time.  All references to “Guide” (including the Freddie Mac Guide herein) or in any of the other Loan Documents shall be to the Guide as in effect at any and all times relevant hereto.  All references herein or in any of the other Loan Documents to particular chapters or sections of the Guide shall be to the chapters or sections of the Guide, as in effect at such times, that correspond to the referenced chapters or sections of the Guide in effect on the date hereof.

 

“Freddie Mac Loans” means each of the Mortgage Loans serviced by WDLLC or, as may be applicable, WD Capital for or on behalf of Freddie Mac or a Freddie Mac CME Securitization.

 

“Freddie Mac Notice of Default” has the meaning specified in Section 8.02(b).

 

“Freddie Mac Security Interest” has the meaning specified in Section 8.02(a).

 

“General Intangibles” means all “General Intangibles” of any Credit Party as defined in Section 9-102 of the UCC.

 

“Ginnie Mae Collateral” has the meaning specified in Section 8.03(a).

 

“Ginnie Mae Designated Loans” has the meaning specified in Section 8.03(a).

 

“Ginnie Mae Guide” means Ginnie Mae Mortgage-Backed Securities Guide, as may be amended, restated, supplemented or otherwise modified from time to time.

 

“Ginnie Mae Loans” means each of the Mortgage Loans serviced by WDLLC or, as may be applicable, WD Capital under the Ginnie Mae Agreements.

 

“Ginnie Mae Security Interest” has the meaning specified in Section 8.03(a).

 

“Guide” means, singly and collectively, as may be applicable from time to time, each Fannie Mae Guide, each Freddie Mac Guide, each Ginnie Mae Guide, each FHA/HUD Guide, and, as may be applicable, any guide pertaining to any Investor Agreements.

 

“Income” means:  (a) with respect to the Agency Collateral and MSR Assets, all Servicing Fees, Ancillary Income and any excess servicing rights or retained yield and any and all other income that may be related to servicing activities that is payable to a Credit Party under the applicable Collateral Transaction Documents; and (b) with respect to any MBS Trust, as may be applicable, any and all payments, distributions and other income payable to any Credit Party in its capacity as the holder of any class of securities in such MBS Trust, as the case may be.

 

“Instrument” has the meaning assigned to such term in Article 9 of the UCC.

 

“Intellectual Property” means all of the Credit Parties’ rights and interests in intellectual and similar property of any such Credit Party of every kind and nature now owned or hereafter acquired by any such Credit Party, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, confidential or proprietary technical and business information, know-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, provided that software shall not include “off-the-shelf” “shrink wrap,” “click-through,” “click-wrap,” or other

 

5

 

commercially available software, registrations and franchises, and all additions, improvements and accessions to, and books and records describing or used in connection with, any of the foregoing.

 

“Investor” means, with respect to each Collateral Transaction Document, the MBS Trust, Agency or other investor for which the applicable Credit Party provides services thereunder.

 

“Investor Loans” means each of the Mortgage Loans serviced by WDLLC or, as may be applicable, WD Capital on behalf of an Investor.

 

“License” means any Patent License, Trademark License, Copyright License or other license or sublicense agreement to which any Credit Party is a party, including those listed on Schedule III.

 

“MBS Trust” means any of the trusts or trust estates in which any Mortgage Loan, being serviced or specially serviced by a Credit Party pursuant to the terms and provisions of the applicable Collateral Transaction Documents, are held by the related trustee.

 

“Mortgage Loans” means any and all Mortgage Loans (as defined in the Credit Agreement) or real property acquired by the related MBS Trust that is serviced or specially-serviced by WDLLC or, as may be applicable, WD Capital pursuant to a Collateral Transaction Document or otherwise on account of any other Agency Mortgage Loan Transaction (as defined in the Credit Agreement).

 

“MSR Assets” means all rights, title and interests of the applicable Credit Party in its capacity as servicer, primary servicer, master servicer or special servicer (or similar capacity, howsoever denominated), as applicable, in, to and under the related Collateral Transaction Document and/or Servicing Contracts, whether now or hereafter existing, acquired or created, whether or not yet accrued, earned, due or payable, as well as all other present and future right and interest under such Collateral Transaction Document and/or Servicing Contracts, including, without limitation:  (a) the rights to service or special service, as applicable, the related Mortgage Loans; (b) the right to receive compensation (whether direct or indirect) for such servicing or special servicing, as applicable, including the right to receive and retain the Servicing Fee and all other Income, as applicable; (c) the right to hold and administer related custodial accounts, escrow accounts, reserve accounts and any other accounts and the right to hold, administer and, if applicable, receive earnings on the funds and investments related to any such accounts and the related servicing file arising from or connected to the servicing or special servicing of the related Mortgage Loans under such Collateral Transaction Document and/or Servicing Contract; (d) all rights, powers and privileges incidental to the foregoing, together with all tiles, material documents, instruments, surveys (if available), certificates, correspondence, appraisals, computer records, computer storage media, accounting records and other books and records relating thereto; and (e) the nonexclusive right to use (in common with such Credit Party) such Credit Party’s operating systems to manage and administer the Mortgage Loans and any of the data and information related thereto, or that otherwise relates to the Mortgage Loans, together with the media on which the same are stored to the extent stored with material information or data that relates to property other than the Mortgage Loans, and such Credit Party’s rights to access the same, whether exclusive or nonexclusive, to the extent that such access rights may lawfully be transferred or used by such Credit Party’s assignees or designees, and any computer programs that are owned by such Credit Party (or licensed to such Credit Party under licenses that may lawfully be transferred or used by such Credit Party’s assignees or designees) and that are used or useful to access, organize, input, read, print or otherwise output and otherwise handle or use such information and data.

 

“Negative Pledge” means an agreement by a Person with any other Person not to create, incur, assume, or suffer to exist any Lien upon any of its property, assets or revenues, however characterized for UCC or other purposes.

 

6

 

“Patent License” means any written agreement, now or hereafter in effect, granting to any third party any right to make, use or sell any invention on which a patent, now or hereafter owned by any Credit Party or that any such Credit Party otherwise has the right to license, is in existence, or granting to any such Credit Party any right to make, use or sell any invention on which a patent, now or hereafter owned by any third party, is in existence, and all rights of any such Credit Party under any such agreement.

 

“Patents” means all of the following now owned or hereafter acquired by any Credit Party:  (a) all letters patent of the United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country, including registrations, recordings and pending applications in the United States Patent and Trademark Office or any similar offices in any other country, including those listed on Schedule III; and (b) all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein.

 

“Perfection Certificate” means the Perfection Certificate provided by each Credit Party, as and to the extent required hereunder.

 

“Pledged Debt” has the meaning specified in Section 3.01.

 

“Pledged Equity Interests” has the meaning specified in Section 3.01.

 

“Pledged Securities” has the meaning specified in Section 3.01.

 

“Proceeds” has the meaning assigned to such term in Section 9-102 of the UCC.

 

“Representative” has the meaning specified in Section 5.02(d).

 

“Retention of Fannie Mae Program Assets” has the meaning specified in Section 8.01(a).

 

“Securities Account” means, collectively, with respect to each Credit Party, (a) all “securities accounts” as such term is defined in the UCC and, (b) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (a) of this definition.

 

“Securities Account Control Agreement” means an agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower establishing the Administrative Agent’s Control with respect to any Securities Account required to be subject to a Control Agreement by this Agreement.

 

“Security Interest” has the meaning specified in Section 4.01.

 

“Servicing Contracts” has the meaning specified in the Credit Agreement and includes, without limitation, those Servicing Contracts comprising Agency Agreements.

 

“Servicing Fees” means, with respect to Agency Collateral and MSR Assets pledged hereunder, any and all servicing fees, primary servicing fees, master servicing fees, loss sharing fees, termination fees, special servicing fees, workout fees, liquidation fees, principal recovery fees and/or standby fees that are payable to a Credit Party under the related Collateral Transaction Documents or Servicing Contracts, as applicable.

 

“Specified Fannie Mae Enforcement Actions” has the meaning specified in Section 8.01(a).

 

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“Specified Guarantee” has the meaning specified in Section 8.01(c).

 

“Specified Guarantors” has the meaning specified in Section 8.01(c).

 

“Specified Ownership Interest Pledge” has the meaning specified in Section 8.01(b).

 

“Specified Pledged Entities” has the meaning specified in Section 8.01(b).

 

“Specified Pledged Equity Interests” has the meaning specified in Section 8.01(b).

 

“Specified Sale of Fannie Mae Program Assets” has the meaning specified in Section 8.01(a).

 

“Specified Sale of Freddie Mac Program Assets” has the meaning specified in Section 8.02(b).

 

“Subsidiary Guarantor(s)” has the meaning specified in the preliminary statement of this Agreement.

 

“Trademark License” means any written agreement, now or hereafter in effect, granting to any third party any right to use any trademark now or hereafter owned by any Credit Party or that any such Credit Party otherwise has the right to license, or granting to any such Credit Party any right to use any trademark now or hereafter owned by any third party, and all rights of any such Credit Party under any such agreement.

 

“Trademarks” means all of the following now owned or hereafter acquired by any Credit Party:  (a) all trademarks, service marks, trade names, domain names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State of the United States or any other country or any political subdivision thereof, and all extensions or renewals thereof, including those listed on Schedule III; and (b) all goodwill associated therewith or symbolized thereby.  Notwithstanding the foregoing, “Trademarks” shall not include “intent to use” trademark applications for which a statement of use has not been filed (but only until such statement is filed).

 

“Voting Equity Interests” of any Person means all classes of Equity Interests of such Person entitled to vote.

 

ARTICLE 2.
 GUARANTEE

 

Section 2.01                             Guarantee.  (a)  Each of the Credit Parties hereby, jointly and severally, unconditionally and irrevocably, guarantees as a primary obligor and not merely as a surety to the Administrative Agent, for the ratable benefit of the Secured Parties, and to the Secured Parties and their respective permitted successors, endorsees, transferees and assigns the prompt and complete payment and performance when due and payable (whether at the stated maturity, by acceleration or otherwise) of all Secured Obligations, whether now existing or hereafter arising, whether or not from time to time reduced or extinguished (except by payment thereof) or hereafter increased or incurred, whether enforceable or unenforceable as against any Credit Party, whether or not discharged, stayed or otherwise affected by any Debtor Relief Law or proceeding thereunder, whether created directly with the Administrative Agent or any other Secured Party or acquired by the Administrative Agent or any other Secured Party through assignment or endorsement or otherwise, whether matured or unmatured, whether joint or several, as and

 

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when the same become due and payable (whether at maturity or earlier, by reason of acceleration, mandatory repayment or otherwise), in accordance with the terms of any such instruments evidencing any such obligations, including all renewals, extensions or modifications thereof (all of the foregoing being hereafter collectively referred to as the “Guaranteed Obligations”).

 

(b)                                 Anything herein or in any of the other Loan Documents to the contrary notwithstanding, the maximum liability of each Credit Party with respect to the Guaranteed Obligations (or any other obligations of such Credit Party to the Secured Parties) hereunder (including proceeds of Collateral of such Credit Party applied hereunder) shall in no event exceed the amount that can be guaranteed by such Credit Party under Applicable Law, including Debtor Relief Laws; provided that, to the maximum extent permitted under Applicable Law, it is the intent of the parties hereto that the rights of contribution of each Credit Party provided in Section 6.02 below be included as an asset of the respective Credit Party in determining the maximum liability of such Credit Party hereunder.  To that end, but only in the event and to the extent that after giving effect to Section 6.02, such Credit Party’s obligations with respect to the Guaranteed Obligations (or any other obligations of such Credit Party to the Secured Parties) or any payment made pursuant to such Guaranteed Obligations (or any other obligations of such Credit Party to the Secured Parties) would, but for the operation of the first sentence of this Section 2.01(b), be subject to avoidance or recovery in any such proceeding under Debtor Relief Laws after giving effect to Section 6.02, the amount of such Credit Party’s obligations with respect to the Guaranteed Obligations (or any other obligations of such Credit Party to the Secured Parties) shall be limited to the largest amount which, after giving effect thereto, would not, under Debtor Relief Laws, render such Credit Party’s obligations with respect to the Guaranteed Obligations (or any other obligations of such Credit Party to the Secured Parties) unenforceable or avoidable or otherwise subject to recovery under Debtor Relief Laws.  To the extent any payment actually made pursuant to the Guaranteed Obligations exceeds the limitation of the first sentence of this Section 2.01(b) and is otherwise subject to avoidance and recovery in any such proceeding under Debtor Relief Laws, the amount subject to avoidance shall in all events be limited to the amount by which such actual payment exceeds such limitation and the Guaranteed Obligations as limited by the first sentence of this Section 2.01(b) shall in all events remain in full force and effect and be fully enforceable against such Credit Party.  The first sentence of this Section 2.01(b) is intended solely to preserve the rights of the Secured Parties hereunder against such Credit Party in such proceeding to the maximum extent permitted by Debtor Relief Laws and no Credit Party nor any other Person shall have any right or claim under such sentence that would not otherwise be available under Debtor Relief Laws in such proceeding.

 

(c)                                  No payment made by any Credit Party, any other guarantor or any other Person or received or collected by the Administrative Agent or any other Secured Party from any Credit Party, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of any of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Credit Party hereunder which shall, notwithstanding any such payment (other than any payment made by such Credit Party in respect of the Guaranteed Obligations or any payment received or collected from such Credit Party in respect of any of the Guaranteed Obligations), remain liable for the Guaranteed Obligations guaranteed by it hereunder up to the maximum liability of such Credit Party hereunder until (but subject to Section 2.04) in the case of following clause (i)) the earlier to occur of (i) the first date on which the Term Loan and all other Guaranteed Obligations (other than contingent indemnification obligations and obligations under Secured Hedge Agreements or Secured Cash Management Agreements) are paid in full in cash and the Term Loan Commitments terminated or (ii) the release of such Credit Party from this Agreement in accordance with the express provisions of Section 7.14(b).

 

(d)                                 The Credit Parties further agree to pay, without limitation as otherwise set forth in this Article 2, any and all expenses (including, without limitation, all reasonable fees and disbursements of

 

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counsel) which may be paid or incurred by the Administrative Agent or any other Secured Party in enforcing any rights with respect to, or collecting, any or all of the Guaranteed Obligations described in the Loan Documents and/or enforcing any rights with respect to, or collecting against, the Credit Parties under this Agreement.  The terms and provisions of this Article 2 shall remain in full force and effect until the Guaranteed Obligations (other than contingent indemnification obligations and obligations under Secured Hedge Agreements or Secured Cash Management Agreements) are paid in full and the Term Loan Commitments are terminated, notwithstanding that from time to time prior thereto any Credit Party may be free from any Guaranteed Obligations.

 

Section 2.02                             Amendments, etc. with respect to the Guaranteed Obligations.  To the maximum extent permitted by Applicable Law, each Credit Party shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Credit Party and without notice to or further assent by any Credit Party, any demand for payment of any of the Guaranteed Obligations made by the Administrative Agent or any other Secured Party may be rescinded by the Administrative Agent or such other Secured Party and any of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, waived, modified, accelerated, compromised, subordinated, surrendered or released by the Administrative Agent or any other Secured Party, and the Credit Agreement, the other Loan Documents, any Cash Management Agreement and any Hedge Agreement and any other documents executed and delivered in connection therewith may be amended, waived, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders under the Credit Agreement, or the applicable Lender(s) or Secured Party, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any other Secured Party for the payment of any of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released.  Neither the Administrative Agent nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for any of the Guaranteed Obligations or for the guarantee contained in this Article 2 or any property subject thereto, except to the extent required by Applicable Law.

 

Section 2.03                             Guarantee Absolute and Unconditional.  Each Credit Party waives, to the maximum extent permitted by Applicable Law, any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by the Administrative Agent or any other Secured Party upon the guarantee contained in this Article 2 or acceptance of the guarantee contained in this Article 2; each of the Guaranteed Obligations, and any matters contained therein, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Article 2; and all dealings between the Credit Parties, on the one hand, and the Administrative Agent and the other Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Article 2.  Each Credit Party waives, to the maximum extent permitted by Applicable Law, diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon any of the Credit Parties with respect to any of the Guaranteed Obligations.  Each Credit Party understands and agrees, to the extent permitted by Applicable Law, that the guarantee contained in this Article 2 shall be construed as a continuing, absolute and unconditional guarantee of payment and performance and not of collection.  Each Credit Party hereby waives, to the maximum extent permitted by Applicable Law, any and all defenses that it may have arising out of or in connection with any and all of the following:

 

(a)                                 the genuineness, legality, validity, regularity or enforceability of the Credit Agreement or any other Loan Document, any Cash Management Agreement or any Hedge Agreement or any of the Guaranteed Obligations or any other collateral security therefor or guarantee or right of offset

 

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with respect thereto at any time or from time to time held by the Administrative Agent or any other Secured Party;

 

(b)                                 any action under or in respect of the Credit Agreement, any other Loan Document, any Cash Management Agreement or any Hedge Agreement in the exercise of any remedy, power or privilege contained therein or available to any of them at law, in equity or otherwise, or waiver or refraining from exercising any such remedies, power or privileges (including any manner of sale, disposition or any application of any sums by whomever paid or however realized to any Guaranteed Obligations owing by any Credit Party to the Administrative Agent or any other Secured Party in such manner as the Administrative Agent or any other Secured Party shall determine in its reasonable discretion);

 

(c)                                  the existence, value or condition of, or failure to perfect its Lien against, any security for or other guaranty of the Guaranteed Obligations or any action, or the absence of any action, by the Administrative Agent or any other Secured Party in respect of such security or guaranty (including, without limitation, the release of any such security or guaranty);

 

(d)                                 any (i) election of remedies by the Administrative Agent or any other Secured Party that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such Credit Party or other rights of such Credit Party to proceed against any other guarantor or any other Person or any Collateral, (ii) right to compel the Administrative Agent or any other Secured Party to proceed in respect of the Guaranteed Obligations against the Borrower, any other Credit Party or any other Person or any security for the payment and performance of the Guaranteed Obligations, (iii) failure by the Administrative Agent or any other Secured Party to commence an action in respect of the Guaranteed Obligations against any Credit Party or any other Person or any security for the payment and performance of the Guaranteed Obligations, and (iv) right of set-off or counterclaim against or in respect of the Guaranteed Obligations of such Credit Party;

 

(e)                                  any change in the time, place, manner or place of payment, amendment, or waiver or increase in any of the Guaranteed Obligations;

 

(f)                                   any exchange, taking, or release of Collateral;

 

(g)                                  any change in the structure or existence of, restructuring of or other similar organizational change of any Credit Party;

 

(h)                                 any application of Collateral to any of the Guaranteed Obligations;

 

(i)                                     any law, regulation or order of any jurisdiction, or any other event, affecting any term of any Guaranteed Obligation or the rights of the Administrative Agent or any other Secured Party with respect thereto; and/or

 

(j)                                    any other circumstance whatsoever (other than payment in full of the Guaranteed Obligations guaranteed by it hereunder) that constitutes, or might be construed to constitute, an equitable or legal discharge of any Credit Party for their respective Guaranteed Obligations, or of such Credit Party under the guarantee contained in this Article 2, in bankruptcy or in any other instance.

 

When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Credit Party, the Administrative Agent or any other Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against any other Credit Party or any other Person or against any collateral security or guarantee for the Guaranteed Obligations guaranteed by such Credit Party hereunder or any right of offset with respect thereto, and any

 

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failure by the Administrative Agent or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from any other Credit Party or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of any other Credit Party or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Credit Party of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any other Secured Party against any Credit Party.  For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.

 

Section 2.04                             Reinstatement.  The guarantee of any Credit Party contained in this Article 2 shall continue to be effective, or be reinstated (together with all Liens or Collateral securing such guarantee), as the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations guaranteed by such Credit Party hereunder is rescinded or must otherwise be restored or returned by the Administrative Agent or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Credit Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any Credit Party or any substantial part of their property, or otherwise, all as though such payments had not been made.

 

Section 2.05                             Payments.  Each Credit Party hereby guarantees that payments hereunder will be paid to the Administrative Agent, for the benefit of the Secured Parties, without set-off or counterclaim, in dollars, at the Administrative Agent’s office specified in Section 11.1(a) of the Credit Agreement or such other address as may be designated in writing by the Administrative Agent to such Credit Party from time to time in accordance with Section 11.1(c) of the Credit Agreement.

 

Section 2.06                             Information.  Each Credit Party assumes all responsibility for being and keeping itself informed of each other Credit Party’s financial condition and assets and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that such Credit Party assumes and incurs hereunder and agrees that none of the Administrative Agent or the other Secured Parties will have any duty to advise such Credit Party of information known to it or any of them regarding such circumstances or risks.

 

Section 2.07                             Specified Guarantors.  The provisions of Article 8 shall also be applicable with respect to the Specified Guarantee provided by each Specified Guarantor.

 

Section 2.08                             Keepwell.  Each Qualified ECP Guarantor (as defined below) hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds and other support as may be needed from time to time by each other Credit Party to honor all of its obligations under this Agreement and the other Loan Documents in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section, or otherwise under this Agreement or any other Loan Document, voidable under Debtor Relief Laws and not for any greater amount).  Subject to Section 2.05, the obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until all of the Guaranteed Obligations and all the obligations of the Credit Parties shall have been paid in full in cash and the Term Loan Commitments terminated.  Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  For purposes of this Section, “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other Person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another

 

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Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

ARTICLE 3.
 PLEDGE OF SECURITIES

 

Section 3.01                             Pledge.  As security for the payment or performance, as applicable, in full of the Secured Obligations, each Credit Party hereby grants to the Administrative Agent for the benefit of the Secured Parties a security interest in all of such Credit Party’s right, title and interest in, to and under:  (a) all Equity Interests to and in any Subsidiary directly or indirectly owned by each such Credit Party on the date hereof (other than Excluded Subsidiaries described in clauses (a) through (c) of such definition) or at any time thereafter acquired by each such Credit Party (other than Excluded Subsidiaries described in clauses (a) through (c) of such definition), and in all certificates at any time representing any such Equity Interest, and any other shares, stock certificates, options or rights of any nature whatsoever in respect of each such Person that may be issued or granted to, or held by, such Credit Party while this Agreement is in effect (collectively, the “Pledged Equity Interests”); (b) all debt securities and promissory notes held by, or owed to, such Credit Party on the Closing Date or at any time thereafter, and all securities, promissory notes and any other instruments evidencing the debt securities or promissory notes described above (collectively, the “Pledged Debt”); (c) subject to Section 3.05, all payments of principal or interest, dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities and other property referred to in clauses (a) and (b) above; (d) subject to Section 3.05, all rights and privileges of such Credit Party with respect to the securities and other property referred to in clauses (a), (b), and (c) above; and (e) all Proceeds of any of the foregoing (the items referred to in clauses (a) through (e) above being collectively referred to as the “Pledged Securities”).  Notwithstanding the foregoing, no pledge, lien or security interest is hereby granted or required to be granted in the Excluded Assets.  Any pledge of any promissory note or other Pledged Debt with respect to any Mortgage Loan intended for sale to Freddie Mac shall be effected in strict compliance with the provisions of Chapter 33 of the Freddie Mac Guide relating to pledged mortgages.

 

Section 3.02                             Delivery of the Pledged Securities.  (a)  Each Credit Party represents and warrants that each certificate, agreement or instrument with a face amount or attributable value of at least $2,500,000 representing or evidencing the Pledged Securities in existence on the date hereof (other than any promissory note or other Pledged Debt with respect to any Mortgage Loan originated or acquired in the ordinary course of business) have been delivered to the Administrative Agent in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank.  For the duration of this Agreement and the other Loan Documents, each Credit Party agrees promptly (and in any event within twenty (20) days after receipt thereof) to deliver or cause to be delivered to the Administrative Agent each certificate, agreement or instrument representing or evidencing the Pledged Equity Interests and all debt securities and promissory notes constituting Pledged Debt (other than, at any time that no Default or Event of Default has occurred and is continuing, any promissory note or other Pledged Debt with respect to any Mortgage Loan originated or acquired in the ordinary course of business), in each case if the face amount or attributable value thereof is at least $2,500,000.  Notwithstanding the foregoing, certificated Pledged Securities representing the Equity Interest of a Subsidiary required to be pledged hereunder shall be delivered to the Administrative Agent irrespective of the face amount or attributable value thereof.

 

(b)                                 Upon delivery to the Administrative Agent:  (i) any Pledged Securities shall be accompanied by undated stock or other transfer powers duly executed in blank or other undated instruments of transfer sufficient to effect the transfer of such Pledged Securities and otherwise reasonably satisfactory to the Administrative Agent and by such other instruments and documents as the Required Lenders (acting through the Administrative Agent) may reasonably request and (ii) all other property comprising part of the

 

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Pledged Securities shall be accompanied by proper instruments of assignment duly executed by the applicable Credit Party sufficient to effect the transfer of such other property and such other instruments or documents as the Administrative Agent may reasonably request.  Each delivery of Pledged Securities shall be accompanied by a schedule describing such Pledged Securities, which schedule shall be attached hereto as a supplement to Schedule II and made a part hereof; provided, that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities.  Each schedule so delivered shall supplement any prior schedules so delivered.

 

(c)                                  If any Credit Party shall, as a result of its ownership of the Pledged Equity Interests, become entitled to receive or shall receive a membership certificate (including, without limitation, any certificate representing a distribution in connection with any reclassification, increase or reduction of capital, or any certificate issued in connection with any reorganization), options or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for any of such Pledged Equity Interests, or otherwise in respect thereof, such Credit Party shall accept the same as the Secured Parties’ agent, hold the same in trust for the Secured Parties and deliver the same forthwith to the Administrative Agent, on behalf of the Secured Parties, in the exact form received, duly endorsed by such Credit Party in blank, together with an undated membership interest power covering such certificate duly executed in blank, to be held by the Administrative Agent, on behalf of the Secured Parties, hereunder as additional security for the Secured Obligations.  Any sums paid upon or in respect of Pledged Equity Interests upon the liquidation or dissolution of the issuer thereof shall be paid over to the Administrative Agent, on behalf of the Secured Parties, to be promptly applied by it pursuant to Section 5.02.  If any sums of money or property so paid or distributed in respect of Pledged Securities shall be received by any Credit Party, such Credit Party shall, until such money or property is paid or delivered to the Administrative Agent, on behalf of the Secured Parties, hold such money or property in trust for the Administrative Agent, on behalf of the Secured Parties, segregated from other funds of such Credit Party, as additional security for the Secured Obligations.

 

Section 3.03                             Representations, Warranties and Covenants.  The Credit Parties jointly and severally represent, warrant and covenant to and with the Administrative Agent, for the benefit of the Secured Parties that:

 

(a)                                 as of Closing Date, Schedule I correctly sets forth each Subsidiary Guarantor and the following information with respect to each Subsidiary Guarantor: (i) the true and correct legal name of such Subsidiary Guarantor, (ii) its jurisdiction of formation, (iii) its Federal Taxpayer Identification Number or its organizational identification number and (iv) the location of its chief executive office.

 

(b)                                 as of Closing Date, Schedule II correctly sets forth the percentage of the issued and outstanding shares (or units or other comparable measure) of each class of the Equity Interests of the issuer thereof represented by the Pledged Equity Interests and includes all Equity Interests owned by the Borrower and the other Credit Parties as of the Closing Date; provided, however, that the Equity Interests of Excluded Subsidiaries described in clauses (a) through (c) of such definition, Persons that are not Subsidiaries, or other Persons not required to be pledged hereunder shall be separately identified on Schedule II;

 

(c)                                  the Pledged Equity Interests issued by any Credit Party and the Pledged Debt have, in each case, been duly and validly authorized and issued by the issuers thereof and (i) in the case of Pledged Equity Interests issued by any such Credit Party, are fully paid and non-assessable (to the extent applicable), are beneficially owned as of record by such Credit Party and constitute all of the issued and outstanding shares of all classes of the Equity Interests issued to such Credit Party and (ii) in the case of Pledged Debt issued by any such Credit Party, are legal, valid and binding obligations of the issuers thereof;

 

(d)                                 except for the security interests granted hereunder, each of the Credit Parties: (i) is and, subject to any transfers or other dispositions permitted by the Credit Agreement (including any Freddie

 

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Mac CME Securitization), will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule II as owned by such Credit Party, (ii) holds the same free and clear of all Liens, other than Liens created by any Loan Documents and Liens permitted by the Credit Agreement, (iii) will make no assignment, pledge, hypothecation or transfer of or create or permit to exist any security interest in or other Lien on, the Pledged Securities, other than Liens created by any Loan Document, Liens permitted by the Credit Agreement and transfers or other dispositions permitted by the Credit Agreement (including any Freddie Mac CME Securitization), and (iv) will defend its title or interest thereto or therein against any and all Permitted Liens, however arising, of all Persons whomsoever;

 

(e)                                  except as set forth in the Agency Consents and except for restrictions and limitations imposed by (i) the Loan Documents or (ii) securities laws generally, the Pledged Securities issued by any of the Credit Parties are and will continue to be freely transferable and assignable, and none of the Pledged Securities issued by any such Credit Parties are or will be subject to any option, right of first refusal, shareholders agreement, charter or bylaw provision or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Securities hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies hereunder (including, without limitation, the right, where applicable, to be substituted as a member, manager or partner under any partnership agreement, limited liability company agreement, operating agreement or other organizational documents of any Credit Party and to receive the benefits of a manager, member or partner thereunder (including, without limitation, all voting rights and rights of an economic interest holder));

 

(f)                                   each of the Credit Parties has the power and authority to pledge the Pledged Securities pledged by it hereunder in the manner hereby done or contemplated;

 

(g)                                  no consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of the pledge effected hereby on the date hereof (other than such as have been obtained and are in full force and effect);

 

(h)                                 upon (i) the filing of the UCC financing statements as described in Section 4.02(b), the Administrative Agent shall have a legal, valid and perfected lien upon and security interest in all of the Pledged Securities that may be perfected by filing as security for the payment and performance of the Secured Obligations, (ii) with respect to that portion of the Pledged Securities that are “certificated securities” or “instruments” (as each such term is defined in the UCC), upon the delivery to the Administrative Agent of the original of such Pledged Securities together with an effective endorsement or undated stock power with respect thereto duly indorsed in blank by the applicable Credit Party, the Administrative Agent shall have a legal, valid and perfected first priority lien upon and security interest in such Pledged Securities as security for the payment and performance of the Secured Obligations and (iii) with respect to that portion of the Pledged Securities that are “uncertificated securities” (as such term is defined in the UCC), upon the agreement of the issuer thereto to comply with the instructions originated by the Administrative Agent with respect to such Pledged Securities without further consent by the registered owners of such Pledged Securities, the Administrative Agent shall have a legal, valid and perfected first priority lien upon and security interest in such Pledged Securities as security for the payment and performance of the Secured Obligations;

 

(i)                                     all Pledged Debt as of the Closing Date (other than any promissory note or other Pledged Debt with respect to any Mortgage Loan originated or acquired in the ordinary course of business) is described on Schedule II;

 

(j)                                    none of the Pledged Securities are held in a Securities Account; and

 

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(k)                                 without limiting the generality of the representations and warranties set forth in the Credit Agreement, the representations and warranties of each Credit Party set forth in Section 7.10 of the Credit Agreement (including, without limitation, with respect to the restrictions on granting any so-called Negative Pledges respecting any Excluded Subsidiary) shall at all times be true and accurate.

 

Section 3.04                             Registration in Nominee Name; Denominations.  The Administrative Agent, on behalf of the Secured Parties, shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of the applicable Credit Party, endorsed or assigned in blank or, upon the occurrence and during the continuation of an Event of Default, in its own name as pledgee or the name of its nominee (as pledgee or as sub-agent).  The Administrative Agent shall at all times upon the occurrence and during the continuation of an Event of Default have the right to exchange any certificates representing Pledged Securities issued by any Credit Party for certificates of smaller or larger denominations for any purpose consistent with this Agreement.

 

Section 3.05                             Voting Rights; Dividends and Interest.  (a)  Unless and until an Event of Default shall have occurred and be continuing and the Administrative Agent shall have notified the Credit Parties that their rights under this Section 3.05 are being suspended:

 

(i)                                     Each Credit Party shall be entitled to exercise any and all voting and other consensual rights and powers inuring to an owner of Pledged Securities or any part thereof for any purpose, subject to any limitations thereon as may be provided for in the Credit Agreement and otherwise consistent with the terms and provisions of this Agreement, the Credit Agreement and the other Loan Documents; provided, that no Credit Party shall vote to (A) enable or take other action to permit any issuer of Pledged Equity Interests to issue any additional Equity Interests except for additional Equity Interests that (1) in the case of any such issuer that is a holder or owner of any Agency Collateral, are issued ratably to all existing holders of the Equity Interests of such issuer and (2) to the extent issued to a Credit Party, will subject to the security interest of the Administrative Agent granted herein or (B) enter into any agreement or undertaking restricting the right or ability of such Credit Party or the Administrative Agent to sell, assign or transfer any Equity Interests.

 

(ii)                                  The Administrative Agent, at the Credit Party’s expense, shall execute and deliver to each Credit Party, or cause to be executed and delivered to such Credit Party, all such proxies, powers of attorney and other instruments as such Credit Party may reasonably request for the purpose of enabling such Credit Party to exercise the voting and other consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above.

 

(iii)                               Each Credit Party shall be entitled to pay dividends and distributions solely to the extent permitted by the Credit Agreement, and each Credit Party shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws; provided, that (x) any noncash dividends, interest, principal or other distributions that would constitute Pledged Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interest of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Securities, and, if received by any Credit Party, shall not be commingled by such Credit Party with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent

 

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and the other Secured Parties and shall be promptly, and in any event on the next Delivery Date after receipt of same, delivered to the Administrative Agent in the same form as so received (with any necessary endorsement as described in Section 3.02(c) or otherwise) and (y) any Article 9 Collateral so received shall be subject to the applicable provisions of Article 4 hereof.

 

(b)                                 Upon the occurrence and during the continuation of an Event of Default, after the Administrative Agent shall have notified the Credit Parties of the suspension of their rights under this Section 3.05, all rights of any Credit Party to dividends, interest, principal or other distributions that such Credit Party is authorized to receive pursuant to paragraph (a)(iii) of this Section 3.05 shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions.  All dividends, interest, principal or other distributions received by any Credit Party contrary to the provisions of this Section 3.05 shall be held in trust for the benefit of the Administrative Agent and the other Secured Parties, shall be segregated from other property or funds of such Credit Party and shall be forthwith delivered to the Administrative Agent upon demand in the same form as so received (with any necessary endorsement).  Any and all money and other property paid over to or received by the Administrative Agent pursuant to the provisions of this paragraph (b) shall be retained by the Administrative Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 5.02.  After all Events of Default have been cured or waived, as may be applicable, and the Borrower has delivered to the Administrative Agent a certificate to that effect, the Administrative Agent shall promptly repay to each Credit Party (without interest) all dividends, interest, principal or other distributions that such Credit Party would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 3.05 and that remain in such account.

 

(c)                                  Upon the occurrence and during the continuation of an Event of Default, after the Administrative Agent shall have notified the Credit Parties of the suspension of their rights under this Section 3.05, all rights of any Credit Party to exercise the voting and other consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 3.05, and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section 3.05, shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to exercise such voting and other consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Administrative Agent shall have the right from time to time following and during the continuation of an Event of Default to permit the Credit Parties to exercise such rights.  After all Events of Default have been cured or waived, as may be applicable, the Credit Parties shall have the right to exercise the voting and consensual rights and powers that they would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above.

 

(d)                                 Any notice given by the Administrative Agent to the Credit Parties suspending their rights under this Section 3.05 (i) may be given to one or more of the Credit Parties at the same or different times, and (ii) may suspend the rights of the Credit Parties under paragraph (a)(i) or (a)(iii) of this Section 3.05 in part without suspending all such rights (as specified by the Administrative Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Administrative Agent’s rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing.

 

(e)                                  Solely with respect to Article 8 Matters (as defined below), each Credit Party hereby irrevocably grants and appoints the Administrative Agent, on behalf of the Secured Parties, from the date of this Agreement until the termination of this Agreement in accordance with its terms, as such Credit Party’s true and lawful proxy, for and in such Credit Party’s name, place and stead to vote all Pledged Equity Interests, whether directly or indirectly, beneficially or of record, now owned or hereafter acquired,

 

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with respect to such Article 8 Matters.  The proxy granted and appointed in this Section 3.05(e) shall include the right to sign such Credit Party’s name to any consent, certificate or other document relating to an Article 8 Matter and the Pledged Equity Interests that applicable law may permit or require, to cause the Pledged Equity Interests to be voted in accordance with the preceding sentence.  Each Credit Party hereby represents and warrants that there are no other proxies and powers of attorney with respect to an Article 8 Matter and the Pledged Equity Interests that such Credit Party may have granted or appointed.  Each Credit Party will not give a subsequent proxy or power of attorney or enter into any other voting agreement with respect to the Pledged Equity Interests with respect to any Article 8 Matter and any attempt to do so with respect to an Article 8 Matter shall be void and of no effect.

 

As used herein, “Article 8 Matter” means any action, decision, determination or election by an issuer of Pledged Equity Interests or its member that its membership interests or other equity interests, or any of them, be, or cease to be, a “security” as defined in and governed by Article 8 of the UCC, and all other matters related to any such action, decision, determination or election.

 

The proxies and powers granted by each Credit Party pursuant to this Agreement are coupled with an interest and are given to secure the performance of such Credit Party’s obligations hereunder.

 

Section 3.06                             Uniform Commercial Code Financing Statements, etc.  The provisions of the first two paragraphs of Section 4.01(b) and the provisions of Section 4.02(b) are hereby incorporated by reference.  Each Credit Party understands and agrees that the Administrative Agent may file UCC financing statements that include the Pledged Securities as well as the Article 9 Collateral, including any such financing statements that indicate the Collateral as “all assets other than Excluded Assets” of such Credit Party, or other similar description, in each case so long as such UCC financing statements so contain any language required to be contained therein pursuant to the Agency Consents.

 

Section 3.07                             Specified Ownership Interest Pledge.  The terms of Article 3 shall be subject to the provisions of Article 8 which shall also be applicable with respect to the Specified Ownership Interest Pledged provided hereunder with respect to each of the Specified Pledged Entities.

 

Section 3.08                             Partnership/LLC Interests.  Subject to Section 7.13, each limited liability agreement, operating agreement, membership agreement, partnership agreement or similar agreement relating to any Partnership/LLC Interests included in the Collateral (a “Partnership/LLC Agreement”) shall be amended in a manner satisfactory to the Administrative Agent to the extent necessary to permit each member, manager and partner that is a Credit Party to pledge all of the Partnership/LLC Interests in which such Credit Party has rights to, and grant and collaterally assign to, the Secured Parties a lien and security interest in its Partnership/LLC Interests in which such Credit Party has rights without any further consent, approval or action by any other party, including, without limitation, any other party to any Partnership/LLC Agreement or otherwise, with the effect that, upon the occurrence and during the continuance of an Event of Default, the Secured Parties or their respective designees shall have the right (but not the obligation) to be substituted for the applicable Credit Party as a member, manager or partner under the applicable Partnership/LLC Agreement and the Secured Parties shall have all rights, powers and benefits of such Credit Party as a member, manager or partner, as applicable, under such Partnership/LLC Agreement (which for the avoidance of doubt, such rights, powers and benefits of a substituted member shall include all voting and other rights and not merely the rights of an economic interest holder).

 

ARTICLE 4.
 SECURITY INTERESTS IN PERSONAL PROPERTY

 

Section 4.01                             Security Interest.  (a)  As security for the payment or performance, as applicable, in full of the Secured Obligations, each Credit Party hereby grants to the Administrative Agent, its

 

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successors and assigns, for the ratable benefit of the Secured Parties, a security interest (the “Security Interest”) in all right, title and interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Credit Party or in which such Credit Party now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”):

 

(i)                                     the Deposit Accounts and all cash or other assets or proceeds deposited therein;

 

(ii)                                  all Agency Collateral;

 

(iii)                               all MSR Assets, whether or not yet accrued, earned, due or payable, as well as all other present and future rights and interests of the Credit Parties in MSR Assets;

 

(iv)                              all Income in respect of the MSR Assets;

 

(v)                                 all Intellectual Property;

 

(vi)                              all Contracts and all Contract Rights;

 

(vii)                           the “commercial tort claims” (as defined in the UCC) specified on Schedule IV;

 

(viii)                        all books and records pertaining to the Article 9 Collateral;

 

(ix)                              to the extent not otherwise included above, any and all other Property held at any time by any of the Credit Parties;

 

(x)                                 all “accounts”, “chattel paper”, “documents,” “equipment”, “fixtures”, “general intangibles”, “goods”, “instruments”, “inventory”, “investment property”, “letter of credit rights” and “securities accounts” as each of those terms is defined in the UCC and all cash and Cash Equivalents and all products and proceeds relating to or constituting any or all of the foregoing; and

 

(xi)                              to the extent not otherwise included above, all other assets of each Credit Party (other than Excluded Assets) and all proceeds and products of any and all of the foregoing and all accessions (as such term is defined in the UCC) to any of the foregoing, collateral security, supporting obligations and guarantees given by any Person with respect to any of the foregoing.

 

Notwithstanding the foregoing, neither the Article 9 Collateral nor the Pledged Securities shall include the following (collectively, the “Excluded Assets”):

 

(i)                                     any obligation or property of any kind due from, owed by or belonging to any Sanctioned Person,

 

(ii)                                  any assets that are subject to a purchase money lien or capital lease permitted under the Credit Agreement to the extent the documents relating to such purchase money lien or capital lease would not permit such assets to be subject to the Security Interests created hereby or the grant or perfection of additional Lien would result in a breach or termination of, or constitutes a default under, the documentation governing such Liens or the obligations secured by such Liens,

 

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(iii)                               any lease, license or other contract, including, without limitation, all Collateral Transaction Documents, if the grant of a security interest therein under the terms thereof or under applicable law, rule or regulation, is prohibited, or would give any other party thereto (other than a Credit Party) the right to terminate such lease, license or other contract,

 

(iv)                              any tangible or intangible asset if (but only to the extent that) the grant of a security interest therein would be prohibited by applicable law, rule or regulation, and binding judicial interpretations in connection therewith,

 

(v)                                 motor vehicles;

 

(vi)                              Excluded Property,

 

(vii)                           any United States federal intent-to-use Trademark or service mark application prior to the filing of a statement or use or amendment to allege use, or any other intellectual property, to the extent that applicable law or regulation prohibits the creation of a security interest or would otherwise result in the loss of rights from the creation of such security interest or from the assignment of such rights upon the occurrence and continuance of a Default or Event of Default;

 

(viii)                        those assets (including, without limitation, MSR Assets) as to which both the Administrative Agent and the Borrower reasonably determine that the cost of obtaining such a security interest or perfection thereof are excessive in relation to the benefit to the Secured Parties of the security to be afforded thereby;

 

(ix)                              all Equity Interests in any Excluded Subsidiary described in clauses (a) through (c) of such definition;

 

(x)                                 with respect to any Fannie Mae Designated Loans, any MSR Assets and other assets of WDLLC and WD Capital expressly excluded from the definition of Fannie Mae Collateral pursuant to the provisions of Section 8.01(a) or otherwise under any applicable Agency Consent provided by Fannie Mae (but only as and to the limited extent, and only for so long as, any such assets are expressly excluded);

 

(xi)                              with respect to any Freddie Mac Designated Loans, all Excluded Freddie Mac-Related Assets;

 

(xii)                           with respect to any Ginnie Mae Designated Loans, any MSR Assets and other assets of WDLLC and WD Capital expressly excluded from the definition of Ginnie Mae Collateral pursuant to the provisions of Section 8.03(a) or otherwise under any applicable Agency Consent provided by Ginnie Mae (but only as and to the limited extent, and only for so long as, any such assets are expressly excluded); and

 

(xiii)                        any Equity Interests of each First Tier Foreign Subsidiary in excess of 65% of the outstanding Voting Equity Interests and 100% of the non-Voting Equity Interests of each such First Tier Foreign Subsidiary;

 

provided, that the exclusions in clauses (ii), (iii), and (iv) shall not apply to the extent that, and for so long as (x) such prohibition or restriction is not enforceable or is otherwise ineffective under Applicable Law (including the UCC) or (y) consent to such security interest has been obtained from any applicable

 

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third party; provided that (1) nothing in this Agreement or any other Loan Document shall affect, limit, restrict or impair the grant by any Credit Party of a Security Interest in any corresponding account or any corresponding money or other amounts due and payable to any Credit Party or to become due and payable to any Credit Party under any lease, instrument, contract or agreement, a security interest in which is prohibited or restricted as described in clauses (ii), (iii) or (iv) above, unless such security interest in such corresponding account, money or other amount due and payable is also specifically prohibited or restricted by the terms of such lease, instrument, contract or other agreement or such security interest in such corresponding account, money or other amount due and payable would expressly constitute a default under or would expressly grant a party a termination right under any such lease, instrument, contract or agreement governing such right unless, in each case, (x) such prohibition is not enforceable or is otherwise ineffective under Applicable Law (including the UCC) or (y) consent to such security interest has been obtained from any applicable third party; and (2) the Security Interests granted herein shall immediately and automatically attach to and the term “Collateral” shall immediately and automatically include the rights under any such lease, instrument, contract or agreement and in any corresponding account, money, or other amounts due and payable to any Credit Party at such time as such prohibition, restriction, event of default or termination right terminates or is waived or consent to such security interest has been obtained from any applicable third party;

 

(b)                                 Pursuant to Section 9-509 of the UCC and any Applicable Law, each Credit Party hereby irrevocably authorizes the Administrative Agent at any time and from time to time to file in any relevant jurisdiction any financing statements with respect to the Collateral or any part thereof and amendments thereto that (i) indicate the Collateral as “all assets other than Excluded Assets” of such Credit Party or such other similar description and (ii) contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment, including whether such Credit Party is an organization, the type of organization and any organizational identification number issued to such Credit Party, in each case so long as such financing statements also contain any language required to be contained therein pursuant to the Agency Consents.  Each Credit Party agrees to provide such information to the Administrative Agent promptly upon request.  The authorization granted in this Section does not in any way limit the obligations of the Credit Parties set forth in Sections 4.01(e) and 4.03(d).

 

Each Credit Party also ratifies its authorization for the Administrative Agent to file in any relevant jurisdictions any financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations or amendments thereto.

 

On or prior to the Closing Date, each Credit Party shall indicate on their respective internal records that the Administrative Agent, on behalf of the Secured Parties, has acquired a security interest therein as provided in this Agreement.  Together with the quarterly reporting required under Section 6.1 of the Credit Agreement, if any Credit Party has acquired or disposed of any Agency Collateral or MSR Assets during the applicable quarter, the Credit Parties shall provide the Administrative Agent with an updated reporting as part of such quarterly reporting, as the case may be, reflecting such additions and/or deletions.

 

(c)                                  On or before the Closing Date (or promptly but in no event more than twenty (20) days after the date of acquisition thereof if acquired after the Closing Date), the related Credit Party shall provide to the Administrative Agent and the Lenders:

 

(i)                                     in the case of MSR Assets related to an Agency Contract, an Agency Consent, duly executed by the Administrative Agent, Lenders, the applicable Credit Party and the related Agency; and

 

(ii)                                  in the case of any MSR Assets (or Deposit Accounts permitted pursuant to Article 8 hereunder with respect to Agency Collateral): (A) a Deposit Account Control

 

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Agreement for the Deposit Accounts into which all related Income shall be deposited in accordance with Section 4.06(a), reasonably acceptable to the Administrative Agent and duly executed by the related parties, and (B) in cases where the applicable Credit Party receives payments directly from the obligors on the related Mortgage Loans, an agreement with the lock box/clearing account bank into which such payments are made, pursuant to which such lock box/clearing account bank agrees to sweep all Income related to such Mortgage Loans into a Deposit Account described in clause (A) of this Section 4.01(c).

 

(d)                                 Each Credit Party shall, from time to time, at its expense, execute, deliver, file and record all statements, continuation statements, amendments, specific assignments or other instruments or documents and take any other action that may be necessary, or that the Required Lenders, may reasonably request, to create, evidence, preserve, perfect or validate the Security Interest or to enable such requesting party to exercise and enforce its rights hereunder and under the Credit Agreement with respect to any of the Collateral.

 

(e)                                  The Administrative Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country) such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Credit Party, without the signature of any Credit Party, and naming any Credit Party or the Credit Parties as debtors and the Administrative Agent as secured party.

 

(f)                                   The Security Interest is granted as security only and shall not subject the Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Credit Party with respect to or arising out of the Collateral and notwithstanding anything in this Agreement or any Loan Document to the contrary, (i) each Credit Party shall remain liable to perform all of its duties and obligations under the contracts and agreements included in the Collateral to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent or any other Secured Party of any of the rights hereunder shall not release any Credit Party from any of its duties or obligations under the contracts and agreements included in the Collateral, (iii) the Administrative Agent and each other Secured Party shall not have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement, and shall not be obligated to perform any of the obligations or duties of any Credit Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder, and (iv) neither the Administrative Agent nor any other Secured Party shall have any liability in contract or tort for any Credit Party’s acts or omissions.

 

Section 4.02                             Representations and Warranties.  The Credit Parties jointly and severally represent and warrant to the Administrative Agent and the other Secured Parties that:

 

(a)                                 Each Credit Party has good and valid rights in and title to the Collateral and has full power and authority to grant to the Administrative Agent, for the ratable benefit of the Secured Parties the Security Interest in such Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained or any consent or approval which, if not obtained, could not reasonably be expected to have a Material Adverse Effect.

 

(b)                                 Each Perfection Certificate, as and to the extent required by the Administrative Agent from time to time, shall be duly prepared, completed and executed and the information set forth therein, including the exact legal name of each Credit Party, is correct and complete in all material respects as of the Closing Date.  The UCC financing statements are prepared based upon the information provided to the Administrative Agent for filing in each governmental, municipal or other office specified in the

 

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applicable Perfection Certificates delivered to the Administrative Agent on the Closing Date (and as may be applicable, from time to time, after the Closing Date), are in appropriate form for filing in the appropriate offices of the states specified in the applicable Perfection Certificate, contain an adequate description of the Collateral for purposes of perfecting a security interest in such Collateral to the extent that a security interest in such Collateral may be perfected by filing in such offices and are all the filings, recordings and registrations (other than (x) filings, if any, required to be made in the United States Patent and Trademark Office and the United States Copyright Office in order to perfect the Security Interest in Article 9 Collateral consisting of United States registered Patents, United States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered Copyrights and (y) fixture filings relating to Article 9 Collateral consisting of fixtures, which filings are not required to be made hereunder or pursuant hereto) that are necessary to publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the Administrative Agent, for the ratable benefit of the Secured Parties in respect of all Collateral in which a security interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, re-filing, recording, rerecording, registration or re-registration is necessary in any such jurisdiction, except as provided under the UCC with respect to the filing of continuation statements.  Each Credit Party represents and warrants that a fully executed agreement in the form of Exhibit II, Exhibit III or Exhibit IV hereof, as applicable, and containing a description of all Article 9 Collateral consisting of Intellectual Property with respect to United States Patents (and Patents for which United States registration applications are pending), United States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered Copyrights (and Copyrights for which United States registration applications are pending) have been delivered to the Administrative Agent and have been sent for recording by the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. §261, 15 U.S.C. §1060 or 17 U.S.C. §205 and the regulations thereunder, as applicable, which together with the execution of this Agreement and the filing of the UCC financing statements, establish a legal, valid and, upon such recordation, perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties in respect of all Article 9 Collateral consisting of United States Patents (and Patents for which United States registration applications are pending), United States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered Copyrights (and Copyrights for which United States registration applications are pending) in which a security interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, re-filing, recording, rerecording, registration or re-registration is necessary (except as provided under the UCC with respect to the filing of continuation statements and other than such actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of United States Patents (and Patents for which United States registration applications are pending), United States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered Copyrights acquired or developed after the date hereof and other than any such actions required as a result in any change in applicable law).  Each Credit Party represents and warrants that when the applicable depositary bank, the Administrative Agent and the applicable Credit Party shall have executed and delivered a Deposit Account Control Agreement the Security Interest will constitute a perfected security interest in all right, title and interest of the applicable Credit Party in the Deposit Account subject to such Deposit Account Control Agreement, in each case prior to all other Liens and rights of others therein and subject to no adverse claims, except for Permitted Liens.  Each Credit Party represents and warrants that when the applicable securities intermediary (as such term is defined in the UCC), the Administrative Agent and the applicable Credit Party shall have executed and delivered a Securities Account Control Agreement, the Security Interest will constitute a perfected security interest in all right, title and interest of the applicable Credit Party in the applicable Securities Account subject to such Securities Account Control Agreement, in each case prior to all other Liens and rights of others therein and subject to no adverse claims.

 

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(c)                                  The Security Interest constitutes:  (i) a legal and valid security interest in all the Article 9 Collateral securing the payment and performance of the Secured Obligations, (ii) subject to the filings described in Section 4.02(b), a perfected security interest in all Article 9 Collateral (other than fixtures) in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC or other applicable law in such jurisdictions, and (iii) a security interest that shall be perfected in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of the aforementioned UCC financing statements and the forms attached hereto as Exhibit II, Exhibit III or Exhibit IV hereof, as applicable.  The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than Permitted Liens that have priority as a matter of Applicable Law.

 

(d)                                 The Article 9 Collateral is owned by the Credit Parties, respectively, free and clear of any Lien, except for Permitted Liens.  Other than pursuant to the Loan Documents, none of the Credit Parties has filed or consented to the filing of:  (i) any financing statement or analogous document under the UCC or any other Applicable Laws covering any Collateral, (ii) any assignment in which any Credit Party assigns any Collateral or any security agreement or similar instrument covering any Collateral with the United States Patent and Trademark Office or the United States Copyright Office or (iii) any assignment in which any Credit Party assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Permitted Liens.

 

(e)                                  Each applicable Credit Party services the Ginnie Mae Loans pursuant to the Ginnie Mae Agreements and, other than the Ginnie Mae Agreements, there are no agreements, contracts or arrangements governing the origination or servicing of the Ginnie Mae Loans.  Each applicable Credit Party services the Fannie Mae Loans pursuant to the Fannie Mae Agreements, and the ASAP Plus Agreements, and, other than the Fannie Mae Agreements and the ASAP Plus Agreements, there are no agreements, contracts or arrangements governing the origination or servicing of the Fannie Mae Loans.  Each such applicable Credit Party services the Freddie Mac Loans pursuant to the Freddie Mac Agreements, and, other than the Freddie Mac Agreements, there are no agreements, contracts or arrangements governing the origination or servicing of the Freddie Mac Loans.  Each such applicable Credit Party services the Investor Loans pursuant to the Investor Agreements, and, other than the Investor Agreements, there are no agreements, contracts or arrangements governing the origination or servicing of the Investor Loans.

 

(f)                                   Each such applicable Credit Party has all consents, licenses and approvals necessary to originate (and as may be applicable, to commit to insure or guarantee) and service Mortgage Loans on behalf of each Agency and applicable Investor and has remained in compliance with the Agency Agreements and the Investor Agreements, except where the failure to do so could not reasonably be expect to have a Material Adverse Effect.

 

(g)                                  Each Credit Party is a “registered organization” (as such term is defined in the UCC) organized under the laws of the state identified on Schedule 5.1 of the Credit Agreement and in the Perfection Certificate.

 

(h)                                 All Copyright registrations, Copyright applications, issued Patents, Patent applications, Trademark registrations and Trademark applications are identified on Schedule III hereto and except as noted on Schedule III, no Intellectual Property is the subject of any licensing or franchise agreement pursuant to which a Credit Party is the licensor or franchisor.

 

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(i)                                     All “commercial tort claims” or “letter of credit rights” (as each such term is defined in the UCC) having a value of $2,500,000 or more are identified on Schedule IV.

 

(j)                                    Each existing account constitutes, and each hereafter arising account will, when such account arises, constitute, the legally valid and binding obligation of the applicable Account Debtor, except where the failure to do so could not reasonably be expected, individually or in the aggregate, to materially adversely affect the value or collectability of the accounts included in the Collateral, taken as a whole.  No Account Debtor has any defense, set-off, claim or counterclaim against any Credit Party that can be asserted against the Administrative Agent, whether in any proceeding to enforce the Administrative Agent’s rights in the accounts included in the Collateral, or otherwise, except for defenses, setoffs, claims or counterclaims that could not reasonably be expected, individually or in the aggregate, to materially adversely affect the value or collectability of the accounts included in the Collateral, taken as a whole.  None of the Credit Parties’ accounts receivables are, nor will any hereafter arising account receivable be, evidenced by a promissory note or other “instrument” (as defined in the UCC (other than a check)) that has not been pledged to the Administrative Agent in accordance with the terms hereof.  No account results from a contract between any Credit Party and an agency, department or instrumentality of the United States or any state, municipal or local Governmental Authority or gives rise to obligations of any such Governmental Authority as Account Debtor to any Credit Party.

 

(k)                                 Each Credit Party hereby represents and warrants to the Administrative Agent for the benefit of each of the Secured Parties that each of the representations and warranties contained in Articles 5 and 8 of the Credit Agreement, to the extent applicable to such Credit Party, are true and correct.

 

Section 4.03                             Covenants.  (a)  As further provided in the Credit Agreement, each Credit Party agrees to give the Administrative Agent prompt written notice (but in no event later than thirty (30) days (or such shorter period as may be acceptable to the Administrative Agent in its sole discretion)) prior to any change in its (i) corporate name, (ii) type of organization or corporate structure, (iii) organizational identification number or (iv) jurisdiction of organization.  Each Credit Party agrees to give the Administrative Agent prompt written notice of any change in (i) the location of its chief executive office or its principal place of business, or (ii) its Federal Taxpayer Identification Number.  Each Credit Party agrees to provide the Administrative Agent with certified organizational documents reflecting any of the changes described in the first sentence of this Section 4.03(a) with the notice required in such sentence.  Each Credit Party agrees promptly (but in no event later than the next Delivery Date) to notify the Administrative Agent if any portion of the Article 9 Collateral material to a Credit Party’s business owned or held by such Credit Party is damaged or destroyed.

 

(b)                                 Each Credit Party agrees to maintain in all material respects, at its own cost and expense, such complete and accurate records with respect to the Collateral owned by it as is consistent with its current practices and in accordance with such standard practices used in industries that are the same as or similar to those in which such Credit Party is engaged, but in any event to include complete accounting records indicating all payments and proceeds received with respect to any part of the Collateral.

 

(c)                                  Each Credit Party shall, at its own expense, take any and all actions necessary to defend title to the Collateral (other than Collateral that is deemed by such Credit Party not to be material to the conduct of its business) against all Persons and to defend the security interests of the Administrative Agent in the Collateral and the priority thereof against any Lien not permitted pursuant to the Credit Agreement.  Nothing in this Agreement shall prevent any Credit Party from discontinuing the operation or maintenance of any of its assets or properties if such discontinuance is permitted by the Credit Agreement.

 

(d)                                 Each Credit Party agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the

 

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Administrative Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interests in the Collateral and the rights and remedies created hereby, including taking of all actions required by Section 6.6 of the Credit Agreement and the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interests in the Collateral hereunder and the filing of any financing statements (including fixture filings) or other documents (including execution of agreements in the form of Exhibits II, III and IV and filing such agreements with the United States Patent and Trademark Office or United States Copyright Office, as applicable) in connection herewith or therewith; provided, however, that for so long as no Event of Default shall have occurred and be continuing, nothing in this Section 4.03(d) shall require any Credit Party to take perfection actions that are not otherwise required under any other clauses of Article 3 or Article 4.  If any amount payable to any Credit Party under or in connection with any of the Article 9 Collateral shall be or become evidenced by any promissory note or other instrument in excess of $2,500,000 (other than, at any time that no Default or Event of Default has occurred and is continuing, any promissory note or other Pledged Debt with respect to any Mortgage Loan originated or acquired in the ordinary course of business), such note or instrument shall be promptly (but in no event later than the next Delivery Date) pledged and delivered to the Administrative Agent, duly endorsed in a manner reasonably satisfactory to the Administrative Agent.

 

(e)                                  Subject to, and in accordance with, the terms and provisions of the Credit Agreement (including all limits on expense reimbursement set forth therein), the Administrative Agent and such Persons as the Administrative Agent may reasonably designate shall have the right, at the Credit Parties’ own cost and expense, to inspect the Article 9 Collateral, all material records related thereto (and to make extracts and copies from such records) and the premises upon which any of the Article 9 Collateral is located, to discuss the Credit Parties’ affairs with the officers of the Credit Parties and their independent accountants and to verify under reasonable procedures the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Article 9 Collateral, including (upon the occurrence and during the continuation of an Event of Default or with the consent of the applicable Credit Party (not to be unreasonably withheld, delayed, or conditioned)), in the case of Agency Collateral, MSR Assets or other Article 9 Collateral in the possession of any third person, by contacting Account Debtors or the third person possessing such Article 9 Collateral for the purpose of making such a verification.  Subject to any confidentiality requirements set forth in the Loan Documents, the Administrative Agent shall have the absolute right to share any information it gains from such inspection or verification with any Secured Party.

 

(f)                                   During the continuance of an Event of Default, the Administrative Agent, at its option, may (but shall have no obligation to) discharge past due taxes, assessments, charges, fees or Liens at any time levied or placed on the Collateral and not permitted pursuant to the terms and provisions of the Credit Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Credit Party fails to do so as required by the Credit Agreement or this Agreement, and each Credit Party jointly and severally agrees to reimburse the Administrative Agent on demand for any payment made or any expense incurred by the Administrative Agent pursuant to the foregoing authorization; provided that nothing in this paragraph shall be interpreted as excusing any Credit Party from the performance of, or imposing any obligation on the Administrative Agent or any Secured Party to cure or perform, any covenants or other promises of any Credit Party with respect to taxes, assessments, charges, fees, Liens and maintenance as set forth in this Agreement or in the other Loan Documents; provided, further, that the Administrative Agent or any Lender shall not discharge any past due taxes, assessments, charges, fees or Liens if being contested by one or more of the Credit Parties in accordance with the Credit Agreement and the applicable Credit Party has notified the Administrative Agent in writing of such contest.

 

(g)                                  If at any time any Credit Party shall take a security interest in any property of an Account Debtor or any other Person with a value in excess of $2,500,000 to secure payment and

 

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performance of any account (other than, at any time that no Default or Event of Default has occurred and is continuing, any mortgage or other security taken with respect to any Mortgage Loan originated or acquired in the ordinary course of business), such Credit Party shall promptly (but in no event later than the next Delivery Date) assign such security interest to the Administrative Agent.  Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other Person granting the security interest.

 

(h)                                 Each Credit Party shall remain liable to observe and perform all the conditions and material obligations to be observed and performed by it under each contract, agreement or instrument relating to the Collateral, all in accordance with the terms and conditions thereof, and each Credit Party jointly and severally agrees to indemnify and hold harmless the Administrative Agent and the other Secured Parties from and against any and all liability for such performance.

 

(i)                                     None of the Credit Parties shall make or permit to be made an assignment, pledge or hypothecation of the Collateral or shall grant any other Lien in respect of the Collateral, or otherwise agree to enter into (or agree to enter into) a Negative Pledge, except to the extent permitted by the Credit Agreement.  None of the Credit Parties shall make or permit to be made any transfer of the Collateral except to the extent permitted by the Credit Agreement, and each Credit Party shall remain at all times in possession of the Collateral owned by it, except to the extent permitted by the Credit Agreement.

 

(j)                                    Each Credit Party irrevocably makes, constitutes and appoints the Administrative Agent (and all officers, employees or agents designated by the Administrative Agent) as such Credit Party’s true and lawful agent (and attorney-in-fact) for the purpose, upon the occurrence and during the continuation of an Event of Default, of making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of such Credit Party on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto.  In the event that any Credit Party at any time or times shall fail to obtain or maintain any of the policies of insurance required under the Credit Agreement or to pay any premium in whole or part relating thereto, the Administrative Agent may, without waiving or releasing any obligation or liability of the Credit Parties hereunder or any Event of Default, in its sole reasonable discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect thereto as the Administrative Agent deems advisable.  All sums disbursed by the Administrative Agent in connection with this paragraph, including reasonable attorneys’ fees, court costs, out-of-pocket expenses and other charges relating thereto, shall be payable, upon demand, by the Credit Parties to the Administrative Agent and shall be additional Secured Obligations secured hereby.

 

(k)                                 Without limiting the generality of the covenants set forth in the Credit Agreement, each Credit Party shall comply fully with the covenants set forth in Section 7.10 of the Credit Agreement.

 

Section 4.04                             Other Actions.  In order to ensure the attachment, perfection and priority of, and the ability of the Administrative Agent to enforce, the Security Interest, each Credit Party agrees, in each case at such Credit Party’s own expense, to take the following actions with respect to the following Article 9 Collateral (but in no event with respect to any Excluded Assets):

 

(a)                                 Instruments and Tangible Chattel Paper.  Each Credit Party represents and warrants that each “instrument” and each item of “tangible-chattel paper” (as each such term is defined in the UCC) with a value in excess of $2,500,000 in existence on the date hereof and subject to the Security Interest of this Agreement (other than any promissory note or other instrument with respect to any Mortgage Loan originated or acquired in the ordinary course of business) has been properly endorsed, assigned and delivered to the Administrative Agent, accompanied by instruments of transfer or assignment duly executed in blank.  If any Credit Party shall at any time hold or acquire any “instruments” or “chattel paper” with a

 

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value in excess of $2,500,000, such Credit Party shall promptly (but in no event later than the next Delivery Date) endorse, assign and deliver the same to the Administrative Agent, accompanied by such undated instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably request.

 

(b)                                 Electronic Chattel Paper and Transferable Records.  If any Credit Party at any time holds or acquires an interest in any electronic “chattel paper” or any “transferable record,” as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction with a value in excess of $2,500,000, such Credit Party shall promptly (but in no event later than the next Delivery Date) notify the Administrative Agent in writing thereof and, at the request of the Administrative Agent, shall take such action as the Administrative Agent may reasonably request to vest in the Administrative Agent control under UCC Section 9-105 of such electronic chattel paper or control under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as applicable, Section 16 of the Uniform Electronic Transactions Act, as in effect in such jurisdiction, of such transferable record.  The Administrative Agent agrees with such Credit Party that the Administrative Agent will arrange, pursuant to procedures reasonably satisfactory to the Administrative Agent and so long as such procedures will not result in the Administrative Agent’s loss of control, for the Credit Party to make alterations to the electronic chattel paper or transferable record permitted under UCC Section 9-105 or, as applicable, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act for a party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking into account any action by such Credit Party with respect to such electronic chattel paper or transferable record.

 

(c)                                  Letter-of-Credit Rights.  If any Credit Party is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Credit Party in an amount in excess of $2,500,000, such Credit Party shall promptly (but in no event later than the next Delivery Date) notify the Administrative Agent in writing thereof and, at the request and option of the Administrative Agent (acting through the Administrative Agent), such Credit Party shall, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, use commercially reasonable efforts, either to:  (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Administrative Agent of the proceeds of any drawing under such letter of credit or (ii) arrange for the Administrative Agent to become the transferee beneficiary of such letter of credit, with the Administrative Agent agreeing, in each case, that the proceeds of any drawing under such letter of credit are to be paid to the applicable Credit Party unless an Event of Default has occurred or is continuing.

 

(d)                                 Commercial Tort Claims.  If any Credit Party shall at any time hold or acquire a commercial tort claim in an amount reasonably estimated by such Credit Party to exceed $2,500,000, such Credit Party shall promptly (but in no event later than the next Delivery Date) notify the Administrative Agent thereof in a writing signed by such Credit Party including a summary description of such claim and grant to the Administrative Agent, for the ratable benefit of the Secured Parties in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Administrative Agent.

 

(e)                                  Accounts.  Other than in the ordinary course of business consistent with its past practice, no Credit Party will (i) amend, supplement, modify, extend, compromise, settle, credit or discount any account or (ii) release, wholly or partially, any Account Debtor, except where such extension, compromise, settlement, release, credit, discount, amendment, supplement or modification could not reasonably be expected, either individually or in the aggregate, to have a material adverse effect on the value of the accounts, taken as a whole.

 

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(f)                                   Excess Collateral.  If any Collateral (other than Collateral specifically subject to the provisions of Section 4.04(a) through Section 4.04(c) exceeding in value $2,500,000 in the aggregate (such Collateral exceeding such amount, the “Excess Collateral”) is at any time in the possession or control of any single consignee, warehouseman, bailee (other than a carrier transporting inventory to a purchaser in the ordinary course of business or any bailee with respect to any Mortgage Loan originated or acquired in the ordinary course of business), processor, or any other third party, such Credit Party shall notify in writing such Person of the security interests created hereby, shall use its commercially reasonable efforts to obtain such Person’s acknowledgment in writing to hold all such Collateral for the benefit of the Administrative Agent subject to the Administrative Agent’s instructions, and shall cause such Person to issue and deliver to the Administrative Agent warehouse receipts, bills of lading or any similar documents relating to such Collateral, together with an Effective Endorsement and Assignment; provided that if such Credit Party is not able to obtain such agreement and cause the delivery of such items, the Administrative Agent, in its sole discretion, may require such Excess Collateral to be moved to another location specified thereby.

 

(g)                                  Consignment.  Such Credit Party shall perfect and protect such Credit Party’s ownership interests in all inventory stored with a consignee against creditors of the consignee by filing and maintaining financing statements against the consignee reflecting the consignment arrangement filed in all appropriate filing offices, providing any written notices required by the UCC to notify any prior creditors of the consignee of the consignment arrangement, and taking such other actions as may be appropriate to perfect and protect such Credit Party’s interests in such inventory as a first priority purchase money security interest under Section 2-326, Section 9-103, Section 9-324 and Section 9-505 of the UCC or otherwise.  All such financing statements filed pursuant to this Section 4.04(g) shall be assigned to the Administrative Agent, for the benefit of the Secured Parties.

 

Section 4.05                             Covenants Regarding Patent, Trademark and Copyright Collateral.

 

(a)                                 Each Credit Party agrees that it will not do any act or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any act) whereby any Patent that is material to the conduct of such Credit Party’s business would become invalidated or dedicated to the public, and agrees that it shall continue to mark any products covered by a Patent with the relevant patent number as necessary and sufficient in its reasonable judgment to establish and preserve its material rights under applicable patent laws.

 

(b)                                 Each Credit Party (either itself or by agreement with its licensees or its sublicensees) will, for each Trademark material to the conduct of such Credit Party’s business, (i) maintain such Trademark in full force free from any claim of abandonment or invalidity for non-use, (ii) use commercially reasonable efforts to maintain the quality of products and services offered under such Trademark, (iii) display such Trademark with notice of Federal or foreign registration (or, if such Trademark is unregistered, display such Trademark with notice as required for unregistered Trademarks) as necessary and sufficient in its reasonable judgment to establish and preserve its material rights under Applicable Laws and (iv) not knowingly use or knowingly permit the use of such Trademark in any violation of any third party rights.

 

(c)                                  Each Credit Party (either itself or by agreement with its licensees or sublicensees) will, for each work covered by a Copyright material to the conduct of such Credit Party’s business, continue to publish, reproduce, display, adopt and distribute the work with appropriate copyright notice as necessary and sufficient in its reasonable judgment to establish and preserve its material rights under applicable copyright laws.

 

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(d)                                 Each Credit Party shall notify the Administrative Agent in writing promptly (but in no event later than the next Delivery Date) if it knows that any Patents, Trademarks or Copyrights material to the conduct of its business could reasonably be expected to become abandoned, lost or dedicated to the public, or of any materially adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, United States Copyright Office or any court or similar office of any country) regarding such Credit Party’s ownership of any such Patent, Trademark or Copyright, its right to register the same, or its right to keep and maintain the same.

 

(e)                                  In no event shall any Credit Party, either itself or through any agent, employee, licensee or designee, file an application with respect to any Patents, Trademarks or Copyrights material to the conduct of its business with the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United States or in any other country or any political subdivision thereof, unless it promptly (but in no event later than the next Delivery Date) informs the Administrative Agent in writing and, upon request of the Administrative Agent, executes and delivers any and all agreements, instruments, documents and papers as the Administrative Agent may reasonably request to evidence the Administrative Agent’s security interest in such Patents, Trademarks or Copyrights, and each Credit Party hereby appoints the Administrative Agent as its attorney-in-fact to execute and file such writings as are reasonably necessary for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; such power, being coupled with an interest, is irrevocable.

 

(f)                                   Each Credit Party will exercise commercially reasonable steps that are consistent with the practice in any proceeding before the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United States or in any other country or any political subdivision thereof, to maintain and pursue each registration or application that is material to the conduct of such Credit Party’s business relating to the Patents, Trademarks and/or Copyrights (and to obtain the relevant grant or registration) and to maintain each issued Patent and each registration of the Trademarks and Copyrights that is material to the conduct of any Credit Party’s business, including timely filings of applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if in its reasonable business judgment, to initiate opposition, interference and cancellation proceedings against third parties.

 

(g)                                  In the event that any Credit Party knows that any Article 9 Collateral consisting of a Patents, Trademarks or Copyrights material to the conduct of any Credit Party’s business has been or is about to be infringed, misappropriated or diluted by a third party, such Credit Party shall promptly (but in no event later than the next Delivery Date) notify the Administrative Agent in writing and shall, if in its reasonable business judgment, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution (and take any actions required by Applicable Law prior to instituting such suit), and take such other actions as are appropriate under the circumstances to protect such Article 9 Collateral.  Nothing in this Agreement shall prevent any Credit Party from discontinuing the use or maintenance of any Article 9 Collateral consisting of a Patents, Trademarks or Copyrights, or require any Credit Party to pursue any claim of infringement, misappropriation or dilution, if (x) such Credit Party so determines in its reasonable business judgment and (y) it is not prohibited by the Credit Agreement.

 

(h)                                 Upon and during the continuation of an Event of Default, each Credit Party shall, at the request of the Administrative Agent, use its commercially reasonable efforts to obtain all requisite consents or approvals by the licensor of each Copyright License, Patent License or Trademark License to effect the assignment of all such Credit Party’s right, title and interest thereunder to the Administrative Agent or its designee.

 

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Section 4.06                             Covenants Related to Agency Collateral and MSR Assets.  Subject at all times to the provisions of Article 8:

 

(a)                                 Within two (2) Business Days after receipt (or immediately upon withdrawal from the applicable custodial account held by any applicable Credit Party in its capacity as Servicer at least once per calendar month), each Credit Party shall cause all Income received or retained by it to be deposited directly into a Deposit Account subject to a Deposit Account Control Agreement and, to the extent any Credit Party is in possession or control of any Income not so deposited, shall hold such Income in trust for the Administrative Agent hereunder and promptly deposit such Income into a Deposit Account subject to a Deposit Account Control Agreement;

 

(b)                                 Each applicable Credit Party shall perform its obligations under and in accordance with the related Collateral Transaction Documents, Servicing Contracts, and other Agency Agreements in all material respects, shall not waive any or all of its material rights thereunder (including its rights to any Income) and shall use commercially reasonable efforts to prevent termination of such Credit Party by the applicable Agency and Investor, except if such termination would not be reasonably likely to have a material adverse effect on the Collateral, taken as a whole;

 

(c)                                  Without the prior written consent of the Administrative Agent, no Credit Party shall agree to any modification or amendment to the Collateral Transaction Documents which may have a material adverse effect on the value of, or the Secured Parties’ interest in, the related Collateral, taken as a whole; subject at all times, however, to the provisions of Article 8 hereunder and the provisions of Section 7.12 of the Credit Agreement; and

 

(d)                                 Together with the quarterly reports delivered pursuant to Section 6.1(d) of the Credit Agreement, and without limiting the provisions of Section 7.12 of the Credit Agreement, the Credit Parties shall provide written notice to the Administrative Agent and the Lenders of any modifications, amendments, or changes to any of the Agency Agreements or the Investor Agreements (which modifications, amendments or changes shall not, for purposes of this Section 4.06(d), include modifications, amendments or changes to any regulations or Guides applicable to the Agency Agreements or Investor Agreements) that occurred during the applicable reporting period and which have a materially adverse impact on any loss-sharing obligations of such Credit Party.

 

Section 4.07                             Deposit Accounts and Securities Accounts.  (a)  As of the date hereof each Credit Party has neither opened nor maintains any Deposit Accounts other than the accounts listed on Schedule V.  From and after the date hereof (or (x) in the case of any Deposit Account which was an Excluded Account but ceases to constitute same, thirty (30) days after such cessation or (y) in each case, such longer period as is acceptable to the Administrative Agent in its sole discretion), each of the Deposit Accounts (other than Excluded Accounts) of each Credit Party shall be subject to the terms of a fully executed Deposit Account Control Agreement.  No Credit Party shall hereafter establish or maintain any Deposit Account (other than an Excluded Account) unless (1) the applicable Credit Party shall have given the Administrative Agent ten (10) days’ (or such other period as may be acceptable to the Administrative Agent in its sole discretion) prior written notice of its intention to establish such new Deposit Account with a Cash Management Bank, (2) such Cash Management Bank shall be reasonably acceptable to the Administrative Agent, and (3) such Cash Management Bank and such Credit Party shall have duly executed and delivered to the Administrative Agent a Deposit Account Control Agreement with respect to such Deposit Account within ten (10) days of its being established (or such longer period as the Administrative Agent agrees in its sole discretion).  The Administrative Agent agrees with each Credit Party that the Administrative Agent shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights from such Credit Party with respect to funds from time to time credited to any Deposit Account except upon the occurrence and during the continuation of an Event of Default.  No Credit Party

 

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shall grant Control of any Deposit Account (other than Excluded Accounts) to any person other than the Administrative Agent.  Each Credit Party shall, promptly following a request of the Administrative Agent, provide it with a list of all Deposit Accounts (including Excluded Accounts) then maintained by it and all other information relating thereto as may be reasonably requested.

 

(b)                                 As of the date hereof each Credit Party has no Securities Accounts other than those listed in Schedule VI, respectively.  From and after the date hereof (or such longer period as is acceptable to the Administrative Agent), the Administrative Agent shall have a perfected first priority security interest in such Securities Accounts by Control.  No Credit Party shall hereafter establish and maintain any Securities Account with any Securities Intermediary unless (1) the applicable Credit Party shall have given the Administrative Agent thirty (30) days’ (or such other period as may be acceptable to the Administrative Agent in its sole discretion) prior written notice of its intention to establish such new Securities Account with such securities intermediary, (2) such securities intermediary or commodity intermediary shall be reasonably acceptable to the Administrative Agent, and (3) such securities intermediary and such Credit Party shall have duly executed and delivered a Securities Account Control Agreement with respect to such Securities Account.  The Administrative Agent agrees with each Credit Party that the Administrative Agent shall not give any entitlement orders or instructions or directions to any issuer of uncertificated securities or securities intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by such Credit Party, unless an Event of Default has occurred and is continuing or, after giving effect to any such investment and withdrawal rights, would occur.  No Credit Party shall grant Control over any investment property to any person other than the Administrative Agent.  Each Credit Party shall, promptly following a request of the Administrative Agent, provide it with a list of all Securities Accounts (including Excluded Accounts) then maintained by it and all other information relating thereto as may be reasonably requested.

 

(c)                                  The provisions of this Section 4.07 (other than information provisions) shall not apply to any Excluded Accounts (as defined below).  For purposes of this clause (c), “Excluded Accounts” means (A) any Securities Account for which the Administrative Agent is the securities intermediary, (B) any Deposit Account maintained solely for payroll purposes or holding solely restricted cash in connection with self-insurance programs, (C) all accounts holding restricted cash in respect of Agency Requirements and including, without limitation, any Account the purpose of which is to hold Fannie Mae Reserves to secure the Credit Parties’ loss sharing obligations to Fannie Mae, (D) all accounts constituting trust, escrow, payroll or similar accounts, (E) all accounts maintained solely for purposes of holding proceeds of Permitted Subsidiary Collateral, (F) zero balance accounts maintained in the ordinary course of business with amounts on deposit that do not exceed the amounts necessary to cover checks written, or electronic funds transfers drawn, in the ordinary course of business and (G) so long as no Default or Event of Default has occurred and is continuing, any Deposit Accounts with an amount on deposit that does not exceed the greater of (1) $250,000 and (2) an amount that, when aggregated with the amounts on deposit in all other Deposit Accounts for which Deposit Account Control Agreements have not been obtained (other than those specified in clauses (B) through (F) above), do not exceed $500,000 at any time.

 

ARTICLE 5.
 REMEDIES

 

Section 5.01                             Remedies upon Default.  Upon the occurrence and during the continuance of any Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, enforce against the Credit Parties their obligations and liabilities hereunder and exercise such other rights and remedies as may be available to the Administrative Agent hereunder, under the Credit Agreement, the other Loan Documents, the Cash Management Agreements, the Hedge Agreements or otherwise.  Upon the occurrence and during the continuation of an Event of Default, each Credit Party agrees to deliver each item of Collateral to the

 

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Administrative Agent on demand, and it is agreed that the Administrative Agent shall have the right to take any of or all the following actions at the same or different times:  (a) with respect to any Article 9 Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Credit Parties to the Administrative Agent, for the ratable benefit of the Secured Parties (provided that no such assignment shall occur if it results in the termination, nullification or avoidance of such Intellectual Property) or to license or sublicense, whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Administrative Agent shall determine (other than in violation of any then-existing licensing arrangements to the extent that waivers cannot be obtained); (b) with or without legal process and with or without prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability for trespass to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9 Collateral and, generally, to exercise any and all rights afforded to a secured party under the UCC or other applicable law; and (c) such additional rights and remedies to which a secured party is entitled at law or in equity, including, without limitation, the right, to the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Pledged Securities as if the Administrative Agent were the sole and absolute owner thereof (and each Credit Party agrees to take all such action as may be reasonably appropriate to effect such right).  Without limiting the generality of the foregoing, upon the occurrence and during the continuance of an Event of Default, each Credit Party agrees that the Administrative Agent shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Administrative Agent shall deem appropriate.  Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Credit Party, and each Credit Party hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal that such Credit Party now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.

 

The Administrative Agent shall give the applicable Credit Parties ten (10) days’ written notice (which each Credit Party agrees is reasonable notice within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Administrative Agent’s intention to make any sale of Collateral.  Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange.  Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale.  At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may determine in its sole and absolute discretion.  The Administrative Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given.  The Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned.  In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent and the other Secured Parties shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice.  At any public (or, to the extent permitted by law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of any Credit Party (all said rights being also hereby waived and released to the extent permitted by law), the Collateral or any

 

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part thereof offered for sale, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Credit Party therefor.  For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Credit Party shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement, all Events of Default shall have been remedied and the Secured Obligations paid in full.  As an alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver.  Any sale pursuant to the provisions of this Section 5.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions.

 

Section 5.02                             Application of Proceeds.  (a)  The Administrative Agent shall apply the proceeds of any collection or sale of Collateral pursuant to Section 9.4 of the Credit Agreement.

 

(b)                                 Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt by the Administrative Agent or by the officer making the sale of any proceeds, moneys or balances of such sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof.  To the extent permitted by applicable law, each Credit Party waives all claims, damages and demands it may have against the Administrative Agent or any other Secured Party arising out of the exercise by the Administrative Agent of any of its rights hereunder, except for any claims, damages and demands it may have against the Administrative Agent arising from the willful misconduct, bad faith or gross negligence of the Administrative Agent.

 

(c)                                  The rights, powers and privileges of the Administrative Agent or any other Secured Party under this Agreement and the other Loan Documents are cumulative and shall be in addition to all rights, powers, privileges and remedies available to the Administrative Agent and any other such Secured Party at law or in equity.  Any such rights, powers and remedies shall be cumulative and may be exercised successively or concurrently without impairing the rights of the Administrative Agent or any other such Secured Party hereunder.

 

(d)                                 All payments required to be made hereunder shall be made to the Administrative Agent for the account of the applicable Secured Parties.

 

(e)                                  For purposes of applying payments received in accordance with this Section 5.02, the Administrative Agent shall be entitled to rely upon the respective Secured Parties for a determination (which respective Secured Parties agree (or shall agree) to provide upon request of the Administrative Agent) of the outstanding Secured Obligations owed to the Lenders or other such Secured Parties, as the case may be.  Unless it has received written notice from a Lender or another Secured Party to the contrary, the Administrative Agent, in acting hereunder, shall be entitled to assume that no Hedge Agreements and obligations under the Cash Management Agreements secured hereunder are in existence.

 

(f)                                   It is understood that the Credit Parties shall remain jointly and severally liable to the extent of any deficiency between the amount of the proceeds of the Collateral and the aggregate amount of the Secured Obligations.

 

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Section 5.03                             Grant of License To Use Intellectual Property.  For the purpose of enabling the Administrative Agent to exercise rights and remedies under this Agreement at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Credit Party hereby grants to (in the Administrative Agent’s sole discretion) the Administrative Agent or a designee of the Administrative Agent an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to the Credit Parties) to use, license or sublicense (except as may not be permitted by applicable law or contract) any of the Article 9 Collateral consisting of Intellectual Property now owned or hereafter acquired by such Credit Party, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof.  Notwithstanding the preceding sentence, the effectiveness of such license is contingent, and the use of such license by the Administrative Agent shall be exercised, at the option of the Administrative Agent, only upon the occurrence and during the continuation of an Event of Default; provided, that any license, sublicense or other transaction entered into by the Administrative Agent in accordance herewith shall be binding upon the Credit Parties notwithstanding any subsequent cure of an Event of Default.

 

Section 5.04                             Securities Act.  In view of the position of the Credit Parties in relation to the Pledged Securities, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Securities permitted hereunder.  Each Credit Party understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Administrative Agent if the Administrative Agent were to attempt to dispose of all or any part of the Pledged Securities, and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged Securities could dispose of the same.  Similarly, there may be other legal restrictions or limitations affecting the Administrative Agent in any attempt to dispose of all or part of the Pledged Securities under applicable “blue sky” or other state securities laws or similar laws analogous in purpose or effect.  Each Credit Party recognizes that in light of such restrictions and limitations the Administrative Agent may, with respect to any sale of the Pledged Securities, limit the purchasers to those who will agree, among other things, to acquire such Pledged Securities for their own account, for investment, and not with a view to the distribution or resale thereof.  Each Credit Party acknowledges and agrees that in light of such restrictions and limitations, the Administrative Agent, in its sole and absolute discretion (a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Securities or part thereof shall have been filed under the Federal Securities Laws and (b) may approach and negotiate with a single potential purchaser to effect such sale.  Each Credit Party acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions.  In the event of any such sale, the Administrative Agent shall incur no responsibility or liability for selling all or any part of the Pledged Securities at a price that the Administrative Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached.  The provisions of this Section 5.04 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the Administrative Agent sells.

 

Section 5.05                             Agency Collateral.  The provisions of this Article 5 are subject to the provisions of Article 8.

 

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ARTICLE 6.
 INDEMNITY, SUBROGATION AND SUBORDINATION

 

Section 6.01                             Indemnity and Subrogation.  In addition to all rights of indemnity and subrogation as any Credit Party may have under applicable law (but in each case subject to Section 6.03), each Credit Party agrees that: (a) in the event a payment of any Secured Obligation shall be made by any Credit Party under this Agreement, the other Credit Party shall indemnify such Credit Party for the full amount of such payment and such Credit Party shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment and (b) in the event any assets of any Credit Party shall be sold pursuant to this Agreement or any other Security Document to satisfy in whole or in part any Secured Obligation owed to any Secured Party, each of the other Credit Parties shall indemnify such Credit Party in an amount equal to the fair value of the assets so sold.

 

Section 6.02                             Contribution and Subrogation.  Each Credit Party agrees (subject to Section 6.03) that to the extent such Credit Party shall have paid more than its proportionate share (based, to the maximum extent permitted by law, on the respective assets, liabilities and net worth of such Credit Parties on the date the respective payment is made) of any payment made hereunder (whether as a guarantor hereunder, with proceeds of the Collateral of any Credit Party applied hereunder deemed for this purpose to be payments made by it), such Credit Party shall be entitled to seek and receive contribution from and against any other Credit Party hereunder that has not paid its proportionate share of such payment.  Each Credit Party’s right of contribution shall be subject to the terms and conditions of Section 6.03.  Notwithstanding anything to the contrary contained above, any Credit Party that is released from this Agreement (and its guarantees contained herein) in accordance with the express provisions of Section 7.14(b) shall thereafter have no contribution obligations, or rights, pursuant to this Section 6.02, and at the time of any such release, the contribution rights and obligations of the remaining Credit Parties  shall be recalculated on the respective date of release (as otherwise provided herein) based on the payments made hereunder by the remaining Credit Parties.  Each Credit Party’s right of contribution shall be subject to the terms and conditions of Section 6.03.  The provisions of this Section 6.02 shall in no respect limit the obligations and liabilities of any Credit Party to the Administrative Agent and the other Secured Parties, and each Credit Party shall remain liable to the Administrative Agent and the other Secured Parties for the full amount guaranteed by such Credit Party hereunder.

 

Section 6.03                             Subordination.  Notwithstanding any provision in this Agreement to the contrary, all rights of the Credit Parties under Sections 6.01 and 6.02 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Secured Obligations, and no Credit Party shall be entitled to be subrogated to any of the rights of the Administrative Agent or any other Secured Party against any other Credit Party or any collateral security or guarantee or right of offset held by the Administrative Agent or any other Secured Party for the payment of any of the Secured Obligations, nor shall any Credit Party seek or be entitled to seek any contribution or reimbursement from any other Credit Party in respect of payments made by such Credit Party hereunder (or paid with proceeds of collateral of such Credit Party hereunder), until all amounts owing to the Administrative Agent and the other Secured Parties on account of the Secured Obligations are paid in full in cash.  If any amount shall be paid to any Credit Party on account of such contribution or subrogation rights at any time when all of the Secured Obligations shall not have been paid in full in cash, such amount shall be held by such Credit Party in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Credit Party, and shall, forthwith upon receipt by such Credit Party, be turned over to the Administrative Agent in the exact form received by such Credit Party (duly indorsed by such Credit Party to the Administrative Agent, if required), to be held as collateral security for all of the Secured Obligations (whether matured or unmatured) of, or guaranteed by, such Credit Party and/or then or at any time thereafter may be applied against any Secured Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine.

 

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ARTICLE 7.
 MISCELLANEOUS

 

Section 7.01                             Notices.  All communications and notices hereunder shall (except as otherwise expressly permitted in this Agreement) be in writing and given as provided in Section 11.1 of the Credit Agreement, and with respect to communications with each Agency, as provided in Article 8 hereof; provided that no communication or notice hereunder from the Administrative Agent to any Credit Party upon the occurrence and during the continuation of an Event of Default may be given by telephone.

 

Section 7.02                             Waivers; Amendment.  (a)  No failure or delay by any Secured Party in exercising any right or power hereunder or under any of the other Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power; provided, that no such single or partial exercise or abandonment or discontinuance shall prejudice any Credit Party in any material respect.  The rights and remedies of the Secured Parties hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision in this Agreement or consent to any departure by any Credit Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 7.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  No notice or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances.

 

(b)                                 Neither this Agreement nor any provision hereof may be waived, amended or modified nor any consent be given except in accordance with Section 11.2 of the Credit Agreement.

 

Section 7.03                             Indemnification.  (a)  The Credit Parties, jointly and severally, shall pay all out-of-pocket expenses (including, without limitation, attorney’s fees and expenses) incurred by the Administrative Agent and each other Secured Party to the extent the Borrower would be required to do so pursuant to Section 11.3 of the Credit Agreement.

 

(b)                                 The Credit Parties, jointly and severally, shall pay and shall indemnify each Indemnitee against Indemnified Taxes and Other Taxes to the extent the Borrower would be required to do so pursuant to Section 3.11 of the Credit Agreement.

 

(c)                                  The Credit Parties, jointly and severally, shall indemnify each Indemnitee to the extent the Borrower would be required to do so pursuant to Section 11.3 of the Credit Agreement.

 

(d)                                 Each Credit Party hereby confirms its obligations under Section 11.3 of the Credit Agreement in all respects.

 

(e)                                  Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Loan Documents.  The provisions of this Section 7.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any of the other Loan Documents, the consummation of the transactions contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or any other Secured Party.  Any amounts due under this Section 7.03 shall be payable on written demand therefor.

 

Section 7.04                             Successors and Assigns.  Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Credit Party to the Administrative Agent

 

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that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns and shall inure to the benefit of the other Secured Parties and their respective successors and assigns; provided that no Credit Party may assign or transfer any of its rights or obligations under this Agreement or any other Loan Document without the prior written consent of the Administrative Agent and the other Secured Parties (except as otherwise provided by the Credit Agreement).

 

Section 7.05                             Survival of Agreement.  All covenants, agreements, representations and warranties made by the Credit Parties in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any of the other Loan Documents shall be considered to have been relied upon by the Administrative Agent and the other Secured Parties and shall survive the execution and delivery of the Loan Documents and the making of the Term Loan, regardless of any investigation made by any Lender or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on the Term Loan or any fee or any other amount payable under any of the Loan Documents is outstanding and unpaid (other than contingent indemnification obligations for which no claim has been made).

 

Section 7.06                             Counterparts; Effectiveness; Several Agreement; Other.  This Agreement may be executed in counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute single contract.  Delivery of an executed signature page to this Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.  This Agreement shall become effective as to any Credit Party when a counterpart hereof executed on behalf of such Credit Party shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such Credit Party and the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Credit Party, the Administrative Agent and the other Secured Parties and their respective successors and assigns, except that no Credit Party shall have the right to assign or transfer its rights or obligations hereunder or any interest in this Agreement or in the Collateral (and any such assignment or transfer shall be void) except as contemplated by this Agreement or the Credit Agreement.  This Agreement shall be construed as a separate agreement with respect to each Credit Party and may be amended, modified, supplemented, waived or released with respect to any Credit Party without the approval of any other Credit Party and without affecting the obligations of any other Credit Party hereunder.  In addition, each of the Credit Parties hereby agrees to be bound by and perform all of the covenants and obligations of the Credit Parties set forth in the Credit Agreement.

 

Section 7.07                             Severability.  Any provision in this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.  The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 7.08                             Right of Set-Off.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Credit Party against any of and all the obligations of such Credit Party now or hereafter existing under this Agreement or any other Loan Document owed to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other

 

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Loan Document and although such obligations may be unmatured.  The applicable Lender shall notify the Borrower, the other Credit Parties and the Administrative Agent in writing of such setoff or application; provided that any failure to give or any delay in giving such notice shall not affect the validity of any such set-off or application under this Section 7.08.  The rights of each Lender under this Section 7.08 are in addition to other rights and remedies (including other rights of set-off) which such Lender may have.

 

Section 7.09                             Governing Law; Jurisdiction; Venue; Service of Process.

 

(a)                                 Governing Law.  This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(b)                                 Submission to Jurisdiction.  Each Credit Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether relating to this Agreement or the transactions relating hereto in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York state court or, to the fullest extent permitted by Applicable Law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent or any other Secured Party may otherwise have to bring any action, litigation or proceeding relating to this Agreement or any other Loan Document against any Credit Party or its properties in the courts of any jurisdiction.

 

(c)                                  Waiver of Venue.  Each Credit Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action, litigation or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)                                 Service of Process.  Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 11.1 of the Credit Agreement.  Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.

 

(e)                                  Appointment of the Borrower as Agent for the Credit Parties.  Each Subsidiary Guarantor hereby irrevocably appoints and authorizes the Borrower to act as its agent for service of process and notices required to be delivered under this Agreement or under the other Loan Documents, it being understood and agreed that receipt by the Borrower of any summons, notice or other similar item shall be deemed effective receipt by such Subsidiary Guarantor and its Subsidiaries.

 

Section 7.10                             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

 

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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 7.10.

 

Section 7.11                             Injunctive Relief.  Each Credit Party recognizes that, in the event such Credit Party fails to perform, observe or discharge any of its obligations or liabilities under this Agreement or any other Loan Document, any remedy of law may prove to be inadequate relief to the Administrative Agent and the other Secured Parties.  Therefore, each Credit Party agrees that the Administrative Agent and the other Secured Parties, at the option of the Administrative Agent and the other Secured Parties, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages.

 

Section 7.12                             Headings.  Article and Section headings and the Table of Contents used in this Agreement are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

Section 7.13                             Security Interest Absolute.  All rights of the Administrative Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Securities and all obligations of each Credit Party hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any of the other Loan Documents or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Credit Party in respect of the Secured Obligations or this Agreement (other than payment in full of the Secured Obligations).

 

Section 7.14                             Termination or Release.  (a)  Subject to Section 10.9 of the Credit Agreement, this Agreement and the guarantees made in this Agreement shall terminate and the Security Interest and all other security interests granted hereby shall be automatically released when all the Obligations (other than contingent obligations not yet due and payable) have been indefeasibly paid in full.

 

(b)                                 A Subsidiary of the Credit Party immediately prior to the consummation of any transaction permitted by the Credit Agreement shall be released from its obligations hereunder and the Security Interest in the Collateral of such Person shall be released upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Person ceases to be a Credit Party or a Subsidiary of a Credit Party.

 

(c)                                  Upon any sale or other transfer by any Credit Party of any Collateral that is expressly permitted under the Credit Agreement to a Person other than the Borrower or another Credit Party, or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to the applicable terms and conditions of the Credit Agreement, the security interest in such Collateral shall be automatically released.  For the avoidance of doubt, any sale or other transfer by WDLLC, WD Capital, or any other applicable Credit Party under any applicable Agency Agreement to any applicable Agency of any Mortgage Loan and any related assets (including, without limitation, any promissory note or other related Pledged Debt with respect thereto and/or any interest in any

 

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related mortgaged property or other collateral therefor, but expressly excluding all servicing Income then constituting Collateral pursuant to Article 8) constitutes an Asset Disposition expressly permitted under the Credit Agreement and, immediately upon any such sale or transfer, any security interest therein shall be automatically released.

 

(d)                                 In connection with any termination or release pursuant to paragraph (a), (b), or (c) of this Section 7.15, the Administrative Agent shall, upon five (5) Business Day’s written request (or such shorter period as may be permitted by the Administrative Agent in its sole discretion), execute and deliver to any Person, at such Person’s expense, all documents that such Person shall reasonably request to evidence such termination or release of its obligations or the security interests in its Collateral.  Any execution and delivery of documents pursuant to this Section 7.15 shall be without recourse to or warranty by the Administrative Agent.  In addition, the Administrative Agent shall, upon the Borrower’s request and at the Borrower’s expense, (x) deliver instruments of assurance confirming the non-existence of any Lien under the Loan Documents with respect to assets of the Credit Parties described in the Credit Agreement that are excluded from the Collateral and (y) release any Lien granted to or held by the Administrative Agent upon any Collateral:  (I) constituting property in which no Credit Party owned an interest at the time the Lien was granted or at any time thereafter; (II) constituting property leased to a Credit Party under a lease which has expired or been terminated in a transaction permitted under the Loan Documents or is about to expire and which has not been, and is not intended by such Credit Party to be, renewed; or (III) consisting of an instrument or other possessory collateral evidencing Indebtedness or other obligations pledged to the Administrative Agent (for the benefit of the Secured Parties), if the Indebtedness or obligations evidenced thereby has been paid in full or otherwise superseded.

 

Section 7.15                             Additional Subsidiaries.  In accordance with Section 6.14 of the Credit Agreement, each Subsidiary (other than a Subsidiary that is designated as an Excluded Subsidiary pursuant to and in accordance with Section 6.14(d)(i) or Section 6.14(f), as applicable, of the Credit Agreement) that is formed or acquired subsequent to the date hereof or any Subsidiary that was an Excluded Subsidiary but has been redesignated or reclassified pursuant to and in accordance with Section 6.14(d)(ii) of the Credit Agreement shall be required to enter in this Agreement as a Subsidiary Guarantor promptly as and when required pursuant to Section 6.14 of the Credit Agreement.  Upon execution and delivery by the Administrative Agent and such Subsidiary Guarantor of an instrument in the form of Exhibit I, such Subsidiary Guarantor shall become a Credit Party and Subsidiary Guarantor hereunder with the same force and effect as if originally so named in this Agreement.  The execution and delivery of any such instrument shall not require the consent of any other Credit Party hereunder.  The rights and obligations of each Credit Party hereunder shall remain in full force and effect notwithstanding the addition of any new Credit Party as a party to this Agreement.

 

Section 7.16                             Administrative Agent Appointed Attorney-in-Fact.  Each Credit Party hereby appoints the Administrative Agent and any officer or agent thereof as the attorney-in-fact of such Credit Party for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest.  Without limiting the generality of the foregoing, the Administrative Agent shall have the right, upon the occurrence and during the continuation of an Event of Default, with full power of substitution either in the Administrative Agent’s name or in the name of such Credit Party:  (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Credit Party on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of accounts receivables to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights

 

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in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify, or to require any Credit Party to notify, the Account Debtor of the pledge and assignment of the related Collateral to the Administrative Agent hereunder and to make payment directly to the Administrative Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all purposes; provided that nothing in this Agreement contained shall be construed as requiring or obligating the Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby.  The Administrative Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them in this Agreement, and neither they nor their officers, directors, employees or agents shall be responsible to any Credit Party for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. Each Credit Party hereby ratifies all that said attorneys shall lawfully due or cause to be done in accordance with this Section.

 

Section 7.17                             Further Assurances.  Notwithstanding anything to the contrary herein, the parties hereto agree to comply with the requirements set forth in Section 6.18 of the Credit Agreement.

 

Section 7.18                             Administrative Agent.  The Administrative Agent shall act in accordance with the provisions of Article 10 of the Credit Agreement, the provisions of which shall been deemed incorporated by reference herein as fully as if set forth in their entirety herein.  Each Secured Party, by accepting the benefits of this Agreement, agrees to the appointment of the Administrative Agent pursuant to the Credit Agreement and agrees to each of the provisions of Article 10 of the Credit Agreement, including as same apply to the actions of the Administrative Agent hereunder.

 

Section 7.19                             Advice of Counsel, No Strict Construction.  Each of the parties represents to each other party hereto that it has discussed this Agreement with its counsel.  The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

 

Section 7.20                             Acknowledgements.  Each Credit Party hereby acknowledges that:

 

(a)                                 it has received a copy of the Credit Agreement and has reviewed and understands the same;

 

(b)                                 neither the Administrative Agent nor any other Secured Party has any fiduciary relationship with or duty to any Credit Party arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Credit Parties, on the one hand, and the Administrative Agent and the other Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)                                  no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby or thereby among the Secured Parties or among the Credit Parties and the Secured Parties.

 

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Section 7.21                             Amendment and Restatement; No Novation.  This Agreement constitutes an amendment and restatement of the Existing Guarantee and Collateral Agreement, effective from and after the Closing Date.  The execution and delivery of this Agreement shall not constitute a novation of any obligations owing to the Lenders or the Administrative Agent under the Existing Guarantee and Collateral Agreement or Existing Credit Agreement.  On the Closing Date, each of the security interests granted under the Existing Guarantee and Collateral Agreement and each of the other Security Documents (for purposes of this Section 7.21, as defined in the Existing Credit Agreement), as perfected pursuant to the terms thereof, shall remain and continue (as amended, supplemented, modified and restated by the terms of this Agreement) in full force and effect with respect to the Secured Obligations.

 

Section 7.22                             Secured Parties.  Each Secured Party not a party to the Credit Agreement who obtains the benefit of this Guaranty shall be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of the Credit Agreement, and that with respect to the actions and omissions of the Administrative Agent hereunder or otherwise relating hereto that do or may affect such Secured Party, the Administrative Agent and each of its Affiliates shall be entitled to all the rights, benefits and immunities conferred under Article X of the Credit Agreement.

 

ARTICLE 8.
 SPECIAL PROVISIONS RESPECTING AGENCY COLLATERAL

 

Section 8.01                             Special Fannie Mae Provisions.  Notwithstanding any provision herein or any other Security Document to the contrary, and as further provided in Sections 8.4(a) and 9.7 of the Credit Agreement, the provisions of this Section 8.01 shall apply in all events with respect to:  (i) the “Fannie Mae Collateral”; (ii) the Pledged Equity Interests provided by: (1) W&D Multifamily in WDLLC and (2) by WDLLC in WD Capital, respectively, pursuant to Article 2 hereof; (iii) the guarantees provided by WDLLC and WD Capital, respectively pursuant to Article 2 hereof; and (iv) the other terms, conditions, notice requirements, limitations, and agreements with  respect to the Fannie Mae Security Interests granted to the Administrative Agent (for the benefit of the Secured Parties) in the “Fannie Mae Collateral” relating to the “Fannie Mae Designated Loans” under this Agreement and/or any other Security Document (as each of such quoted terms is defined below).  In providing its Agency Consent, it is hereby acknowledged that Fannie Mae is relying, and such Agency Consent by Fannie Mae is expressly conditioned, upon the terms and conditions set forth in this Section 8.01 and in Sections 7.12, 8.4(a), and 9.7 of the Credit Agreement.  In the event of any conflict between the provisions of this Section 8.01 and the provisions of any other Loan Document or any other provision of this Agreement, the provisions of this Section 8.01 shall control.  Subject to the foregoing, the Administrative Agent (on behalf of the Secured Parties) and each Credit Party expressly acknowledge and agree as follows:

 

(a)                                 Fannie Mae Security Interest in Fannie Mae Collateral

 

(i)                                     Each Credit Party hereby grants to the Administrative Agent for the benefit of the Secured Parties, a security interest (the “Fannie Mae Security Interest”) in the following (the “Fannie Mae Collateral”) to secure payment and performance of the Secured Obligations: all servicing Income actually received under the Fannie Mae Servicing Contracts, respectively, by such Credit Party with respect to the Fannie Mae Loans (the “Fannie Mae Designated Loans”) serviced at any time and from time to time under the respective Fannie Mae Servicing Contracts, together with any other Income received on account of payments made by a third party (other than Fannie Mae) thereunder, but not the Fannie Mae Servicing Contracts or any other income (including, without limitation, principal and interest) related to the Fannie Mae Designated Loans.  The Administrative Agent’s security interest is subject and subordinate to all rights, remedies, powers and prerogatives of Fannie Mae under all applicable Fannie Mae Agreements, including Fannie Mae’s right to terminate WDLLC’s and WD Capital’s selling and servicing rights with

 

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respect to the Fannie Mae Designated Loans as provided in the respective Fannie Mae Agreements.  Without limiting the generality of the foregoing provisions, the Administrative Agent acknowledges that its security interest is subject to the rights of Fannie Mae, which must approve the Administrative Agent’s security interest (with such approval being given by Fannie Mae in the Agency Consent provided by Fannie Mae to the Administrative Agent on or prior to the Closing Date).

 

(ii)                                  Each Credit Party authorizes the Administrative Agent to file such financing statements as the Administrative Agent deems reasonably necessary to perfect the Fannie Mae Security Interest in the Fannie Mae Collateral.

 

(iii)                               Subject to Section 8.01(a)(i), each Credit Party hereby irrevocably appoints (which appointment is coupled with an interest) the Administrative Agent, or its delegate, as the attorney in fact of each such Credit Party, with the right (but not the duty) from time to time, following the occurrence and during the continuance of an Event of Default, to:  (1) create, prepare, complete, execute, deliver, endorse or file, in the name and on behalf of such Credit Party, any and all instruments, documents, financing statements, applications for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed by such Credit Party under this Section 8.01(a)(iii); (2) convert the Fannie Mae Collateral into cash, including, without limitation, the sale (either public or private) of all or any portion or portions of the Fannie Mae Collateral; (3) enforce collection of the Fannie Mae Collateral, either in its own name or in the name of any applicable Credit Party, including, without limitation, executing releases and prosecuting, defending, compromising or releasing any action relating to the Fannie Mae Collateral; (4) take such other actions as the Administrative Agent deems necessary or desirable in order to continue the perfection and priority of its security interest or to realize upon the Fannie Mae Collateral (the foregoing acts, remedies, and powers being referred to herein sometimes, singly and collectively, as “Enforcement Actions Respecting Fannie Mae Collateral”); and (5) to cause any applicable Credit Party to undertake and effect any Specified Sale of the Fannie Mae Program Assets as and when further provided herein.  The Administrative Agent shall not be obliged to do any of the acts or exercise any of the powers hereinabove authorized, but if the Administrative Agent elects to do any such act or exercise any such power, it shall not be accountable for more than it actually receives as a result of such exercise of power, and it shall not be responsible to any Credit Party or any other Person except for gross negligence, willful misconduct, or actual bad faith.

 

(iv)                              To the extent that the respective Fannie Mae Designated Loans remain subject to the Fannie Mae Agreements, the applicable Credit Party will remain the servicer of the Fannie Mae Designated Loans and will continue to service the Fannie Mae Designated Loans in accordance with Fannie Mae requirements.  Such Credit Party shall not pledge (or, except as may be expressly provided in the Credit Agreement, enter into (or agree to enter into) a Negative Pledge respecting) any of its respective servicing rights with respect to any of the Fannie Mae Designated Loans to any other Person.

 

(v)                                 The Administrative Agent has no right to service the Fannie Mae Designated Loans or affect the manner in which any Credit Party services the Fannie Mae Designated Loans.  If Fannie Mae terminates any Credit Party’s respective servicing rights with respect to the Fannie Mae Designated Loans, the grant of the Fannie Mae Security Interest by such Credit Party hereunder will terminate automatically, and the Administrative Agent will release its Lien created by such Fannie Mae Security Interest and execute and file all necessary documents to reflect such release; provided, however, that no such termination (and no such  release) shall relate to, or otherwise affect, (A) the Fannie Mae Security Interest granted by any other Credit Party or

 

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(B) the Fannie Mae Security Interest respecting Fannie Mae Collateral comprised of servicing Income then accrued or otherwise earned by such Credit Party through the date that Fannie Mae provides written notice to the Administrative Agent that such servicing rights of such Credit Party shall have been so terminated with respect to such Fannie Mae Designated Loans (which  accrued and earned servicing Income shall in all events remain Fannie Mae Collateral), with such termination (and such release) relating only to servicing Income accruing or otherwise earned by such Credit Party, from and after the date of such written notice of termination to the Administrative Agent.

 

(vi)                              Upon the occurrence and during the continuance of an Event of Default for thirty (30) days or more, and the exercise by the Administrative Agent of its rights under Section 9.2 of the Credit Agreement, Article 5 hereof, and this Section 8.01, the Administrative Agent may:  (A) direct that all Servicing Fees payable to any Credit Party with respect to the Fannie Mae Designated Loans be deposited into lockbox accounts held by the Administrative Agent; (B) in its own name, in the name of such Credit Party or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Fannie Mae Collateral, but the Administrative Agent has no obligation to do so; (C) by written notice to such Credit Party, direct such Credit Party to sell the selling and servicing rights to the Fannie Mae Designated Loans (in which event such Credit Party shall (or, as may be applicable, the Administrative Agent, on account of any realization of the Specified Pledged Equity Interests (as defined below) may cause such Credit Party to):  (x) retain a nationally recognized firm that specializes in the sale of Fannie Mae selling and servicing rights and other assets that are used in or related to any Fannie Mae Program (collectively, the “Fannie Mae Program Assets”) (which firm must be reasonably acceptable to the Administrative Agent) and (y) sell the selling and servicing rights and related Fannie Mae Program Assets respecting the Fannie Mae Designated Loans to another Fannie Mae lender/servicer within sixty (60) days of such notice from the Administrative Agent) (with the actions set forth in this clause (C) being referred to herein as the “Specified Sale of Fannie Mae Program Assets”); and (D) exercise and enforce any or all rights and remedies available upon default to the Administrative Agent under the UCC, at law or in equity, subject to the consent rights of Fannie Mae as set forth in this Section 8.01.  Any sale of such selling or servicing rights and other related Fannie Mae Program Assets respecting the Fannie Mae Designated Loans must and shall be subject to the prior written consent of Fannie Mae, which consent may be granted or withheld in Fannie Mae’s sole discretion.  All proceeds of such sale will be applied first to the expenses of the sale, then to any amounts due to Fannie Mae from such Credit Party under the Servicing Contracts sold, and then to the outstanding balance of the Secured Obligations (as provided in Section 9.4 of the Credit Agreement), with any remaining balance remitted to the Borrower.  Fannie Mae shall have no obligation to comply with any directions of the Administrative Agent or to alter in any way servicing requirements, flows of funds, or accounting of servicing.  Subject at all times to the consent rights of Fannie Mae in  accordance with the terms hereof, Wells Fargo (or any designee of Wells Fargo approved in writing by Fannie Mae in its sole discretion) may seek approval from Fannie Mae:  (i) to acquire Fannie Mae Program Assets as a result of any Specified Sale of Fannie Mae Program Assets and/or (ii) in connection with the realization of the Specified Pledged Equity Interests under the Specified Ownership Interest Pledge, to cause any applicable Credit Party to retain its respective Fannie Mae Program Assets as further provided in Section 8.01(b)(ii), below (collectively, as may be applicable,  “Retention of Fannie Mae Program Assets”).

 

(vii)                           Upon the occurrence and during the continuance of an Event of Default for thirty (30) days or more, the Administrative Agent or its designee is entitled to receive and collect all sums payable to any applicable Credit Party in respect of the Fannie Mae Collateral, and, in such case:  (A) the Administrative Agent or its designee in its discretion may, in its own name,

 

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in the name of such Credit Party, or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Fannie Mae Collateral, but the Administrative Agent has no obligation to do so, (B) such Credit Party must, if the Administrative Agent requests it to do so, hold in trust for the benefit of the Secured Parties and immediately pay to the Administrative Agent at its office designated by notice, all amounts received by such Credit Party upon or in respect of any of the Fannie Mae Collateral, advising the Administrative Agent as to the source of those funds, and (C) all amounts so received and collected by the Administrative Agent will be held by it as part of the Fannie Mae Collateral.

 

(viii)                        Unless Fannie Mae, in its sole and exclusive discretion, approves any request by the Administrative Agent that a Retention of Fannie Mae Program Assets be permitted, the Administrative Agent agrees that within one hundred eighty (180) days after the Administrative Agent is entitled to commence the exercise of its rights and remedies against the Fannie Mae Collateral upon the occurrence of an Event of Default (after the expiration of any and all applicable grace and cure periods, applicable notice periods, and applicable waivers), the Administrative Agent shall seek:  (A) to realize upon the Fannie Mae Collateral pursuant to one or more Enforcement Actions Respecting Fannie Mae Collateral and (B) to cause the Specified Sale of Fannie Mae Program Assets by WDLLC or WD Capital, as applicable, subject to Fannie Mae’s consent rights in accordance with the terms hereof (the specified actions in clauses (A) and (B) being referred to herein sometimes, collectively, as the “Specified Fannie Mae Enforcement Actions”); provided, however, that the Administrative Agent may have an additional one hundred eighty (180) days to complete such Specified Fannie Mae Enforcement Actions (or such longer period as may be reasonably required in order to comply with any applicable Debtor Relief Law or other law, rule or regulation), if the Administrative Agent certifies to Fannie Mae that it is in the process of and is diligently working toward completion of such  Specified Fannie Mae Enforcement Actions or that such additional time is necessary for compliance with such Debtor Relief Law or other law, rule or regulation (the “Fannie Mae Disposition Period”); provided further, however, that, subject to the consent rights of Fannie Mae in accordance with the terms hereof, the Administrative Agent, in exercising the Specified Fannie Mae Enforcement Actions shall (other than in connection with a Retention of Fannie Mae Program Assets which has been approved by Fannie Mae) sell, assign, transfer, or otherwise divest itself of any and all of any applicable Credit Party’s Fannie Mae Program Assets over which the Administrative Agent may obtain control pursuant to such exercise of remedies (which sale, assignment, transfer or other divestment, including the terms of the transaction and the identity of the purchaser, assignee, or other recipient, including Wells Fargo or any of its affiliates, if the Administrative Agent or any such affiliate desires to acquire ownership of any of the Fannie Mae Program Assets, will be subject to approval by Fannie Mae in its sole discretion).  Notwithstanding anything to the contrary herein, the Fannie Mae Disposition Period shall be stayed during any time that the Administrative Agent is unable to commence or complete the specified Fannie Mae Enforcement Actions as a result of the imposition of the “automatic stay” or any similar provision of a Debtor Relief Law.  None of the foregoing shall in any way limit Fannie Mae’s termination rights under the Fannie Mae Agreements, and in any event, the failure to timely complete the Specified Fannie Mae Enforcement Actions within the Fannie Mae Disposition Period (other than in connection with a Retention of Fannie Mae Program Assets which has been approved by Fannie Mae) shall be cause for termination by Fannie Mae under the applicable Fannie Mae Agreements, and no fee shall be payable by Fannie Mae with respect to any such termination.  For the avoidance of doubt, and notwithstanding anything in this Section 8.01 to the contrary, as part of the Specified Sale of Fannie Mae Program Assets, as provided above, the Administrative Agent shall not be required to sell or otherwise transfer or dispose of the underlying Specified Pledged Equity Interests so long as the Administrative Agent, as part of any Specified Sale of Program Assets, shall sell, assign, transfer, or otherwise divest itself of any and all of such Credit Party’s Fannie Mae Program Assets as and when provided above

 

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(other than in connection with a Retention of Fannie Mae Program Assets by the Administrative Agent (or any designee of the Administrative Agent) which has been approved in writing by Fannie Mae); provided, however, to the extent the Administrative Agent does not timely comply with its obligations hereunder concerning any such Specified Sale of the Fannie Mae Program Assets during the Fannie Mae Disposition Period (but not otherwise), then the Administrative Agent shall be required to sell or otherwise transfer or dispose of the Specified Pledged Equity Interests.

 

(ix)                              To the extent any amounts are received by the Administrative Agent pursuant to this Section 8.01, all rights of any applicable Credit Party against any other Credit Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Secured Obligations.

 

(x)                                 For the avoidance of doubt, the Administrative Agent confirms that notwithstanding any provision in this Agreement or any other Loan Document to the contrary:  “Excluded Accounts” hereunder include, without limitation, all custodial, clearing, suspense, escrow, or other accounts in which WDLLC or WD Capital, respectively, deposits or holds funds received from borrowers under Fannie Mae Loans serviced by WDLLC or WD Capital, respectively, on behalf of Fannie Mae, and such Excluded Accounts are not, and shall not constitute, Collateral hereunder.

 

(xi)                              Upon the Administrative Agent’s request, each Credit Party shall provide the Administrative Agent with copies of any books and records expressly relating to Income comprising the Fannie Mae Collateral.  However, for the avoidance of doubt, such books and records do not constitute Collateral hereunder, and in no event shall Fannie Mae’s access thereto be restricted in any respect.

 

(b)                                 Pledged Equity Interest in WDLLC and WD Capital.  With respect to the Pledged Equity Interests and related Pledged Securities (the “Specified Pledged Equity Interests”) provided to the Administrative Agent (for the benefit of the Secured Parties) by:  (1) W&D Multifamily with respect to WDLLC and (2) by WDLLC with respect to WD Capital (WDLLC and WD Capital, in such capacity, the “Specified Pledged Entities”), pursuant to Article 3 hereof (singly and collectively, with respect to the pledged ownership interests of such entities provided pursuant to Article 3, the “Specified Ownership Interest Pledge”), the following provisions shall be applicable:

 

(i)                                     As used in this Section 8.01(b), “Credit Agreement Default” means the occurrence of an “Event of Default” under the Credit Agreement:  (A) of which, except in the limited circumstance described below in this definition, the Administrative Agent has given Fannie Mae notice in accordance with Section 8.01(d), hereof (each such notice, a “Fannie Mae Notice of Default”), (B) if such Event of Default has occurred pursuant to Section 9.1(a) or (b) of the Credit Agreement, and no more than one (1) such Event of Default has occurred during the life of any Term Loan (i.e., if such an Event of Default occurs more than once, it shall be a Credit Agreement Default immediately hereunder), the Administrative Agent shall not have received payment of an amount equal to the amount the Borrower and the other Credit Parties failed to pay (including interest thereon at the rate provided in the Credit Agreement) that gave rise to such Event of  Default within thirty (30) days after the applicable Fannie Mae Notice of Default, and (C) if such Event of Default has occurred under any other subsection of Section 9.1 of the Credit Agreement, other than Sections 9.1(h), (i), (j) or (k) of the Credit Agreement (the occurrence of any of such Events of Default constituting a Credit Agreement Default immediately hereunder upon the giving of the applicable Fannie Mae Notice of Default, and without such Fannie Mae Notice of Default if the Event of Default is under Section 9.1(i) or (j) of the Credit Agreement), unless (x) the

 

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Administrative Agent in good faith determines that, if the Event of Default would be susceptible of cure (if such cure was permitted beyond any cure period already provided in the Credit Agreement), (y) the cure of such Event of Default as a Credit Agreement Default hereunder shall have been commenced immediately upon the giving of the applicable Fannie Mae Notice of Default and been completed with thirty (30) days of such Fannie Mae Notice of Default or, if curable in a longer period not to exceed ninety (90) days, is so cured within such ninety (90) day period and such cure has been diligently pursued since the applicable Fannie Mae Notice of Default, and (z) no more than two (2) such Events of Defaults have occurred during the life of any Term Loan (i.e., if an Event of Default occurs under any one or more subsections of Section 9.1 of the Credit Agreement applicable under this clause (C) more than twice, it shall be a Credit Agreement Default immediately hereunder).  Nothing herein shall be deemed to give the Borrower or any other Credit Party any grace, notice or cure periods or rights under the Credit Agreement or any other Loan Document other than as may already be set forth therein.

 

(ii)                                  Without limiting the provisions of Section 8.01(a), but subject to the limitations in Section 8.01(b)(vi), the Administrative Agent shall have the right, at any time after the occurrence and during the continuation of a Credit Agreement Default, in its discretion and without notice to the Borrower or any other Credit Party (but with notice to, and the prior written consent of, Fannie Mae), to transfer to or to register in the name of the Administrative Agent or any of its nominees any or all of the Specified Pledged Equity Interests pursuant to the exercise of its rights and remedies hereunder  on  account of the Specified Ownership Interest Pledge; provided that if the Administrative Agent (or any designee of the Administrative Agent) has been approved in writing by Fannie Mae to acquire the Fannie Mae Program Assets as a result of any Specified Sale of Fannie Mae Program Assets pursuant to Section 8.01(a)(vi), through a Retention of Fannie Mae Program Assets or otherwise, Fannie Mae’s consent to transfer the Specified Pledged Equity to the Administrative Agent or such designee shall be deemed to have been granted.  In addition, the Administrative Agent shall have the right at any time to exchange certificates or instruments representing or evidencing Specified Pledged Equity Interests for certificates or instruments of smaller or larger denominations.

 

(iii)                               Subject to the limitations in Section 8.01(b)(vi), upon the occurrence and during the continuation of an Event of Default, upon written notice from the Administrative Agent to the Borrower and the other Credit Parties and the prior written consent of Fannie Mae, all rights of W&D Multifamily and WDLLC, respectively, to exercise the voting and other consensual rights which each would otherwise be entitled to exercise pursuant to Section 3.05(a)(i) hereof shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which  shall thereupon have the sole right to exercise such voting and other consensual rights.

 

(iv)                              If the Administrative Agent takes possession of any of the Fannie Mae Program Assets following an exercise of its remedies hereunder, the Administrative Agent will at all times pending disposition as required under Section 8.01(a)(viii) above permit WDLLC and WD Capital, as applicable, to continue to perform the respective obligations of WDLLC and WD Capital, as applicable, under the Fannie Mae Agreements and to continue the operations relating to the Fannie Mae Programs substantially as conducted prior to such exercise of remedies, without material change in process, systems,  or personnel at the direction of the Administrative Agent; provided, however, that (A) any Mortgage Loan proposed to be delivered by WDLLC to Fannie Mae during the Fannie Mae Disposition Period will be subject to pre-review by Fannie Mae; (B) subject to the prior written consent of Fannie Mae, which consent may be granted or withheld in Fannie Mae’s sole discretion, the Administrative Agent may have an interim servicer acceptable to Fannie Mae perform such respective obligations of such Credit Party, as may be applicable, during the Fannie Mae Disposition Period; and (C) nothing herein shall require any of the Administrative

 

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Agent, any Secured Party, or any applicable Credit Party to utilize its own funds or credit in connection with the foregoing.

 

(v)                                 Subject to the limitations in Section 8.01(b)(vi), the Borrower and each other Credit Party further acknowledge that:  (A) except as expressly provided in Section 8.01(b)(ii), any change in the direct or indirect ownership of any Specified Pledged Entity is subject to the prior written consent of Fannie Mae, which consent may be granted or withheld in Fannie Mae’s sole discretion; (B) any such change that may occur without Fannie Mae’s prior written consent would constitute a breach of any Specified Pledged Entity’s Fannie Mae Agreements that could lead to termination of any Specified Pledged Entity’s participation in the Fannie Mae Programs; and (C) any such private sales may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including, without limitation, a public offering made pursuant to a registration statement under the Federal Securities Laws) and, notwithstanding such circumstances, the Borrower and each other Credit  Party agree that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Administrative Agent and Secured Parties shall have no obligation to engage in public sales and no obligation to delay the sale of any Specified Pledged Equity Interest for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Federal Securities Laws or under applicable state securities laws, even if such issuer would, or should, agree to so register it.

 

(vi)                              Notwithstanding anything to the contrary in this Section 8.01, subsequent to any approval by Fannie Mae of any sale, transfer, or other disposition (and subsequent consummation of the transactions effecting such sale, transfer, or other disposition) of:  (1) the Fannie Mae Collateral on account of Enforcement Actions Respecting Fannie Mae Collateral and (2) the Specified Sale of Fannie Mae Program Assets, all subject to Fannie Mae’s consent rights, pursuant to the Specified Fannie Mae Enforcement Actions as provided herein, then, so long as the Specified Pledged Entities no longer serve as an originator or servicer under the Fannie Mae Programs and have no ongoing obligations to Fannie Mae under the Fannie Mae Agreements, no other or further consent or approval from Fannie Mae shall thereafter be required with respect to any change in ownership of any Specified Pledged Entity.

 

(vii)                           For the avoidance of doubt, and notwithstanding anything in this Section 8.01 to the contrary:  (A) as part of the Specified Sale of Fannie Mae Program Assets, as provided above, the Administrative Agent shall not be required to sell or otherwise transfer or dispose of the underlying Specified Pledged Equity Interests and (B) nothing in this Section 8.01 shall require any of the Administrative Agent or any Secured Party to utilize its own funds or credit in connection with the exercise of any rights and remedies hereunder; provided, that nothing in this clause (B) shall limit or otherwise modify or affect any duties, obligations, covenants or agreements of the Administrative Agent or any Secured Party pursuant to this Section 8.01.

 

(c)                                  Guaranties by WDLLC and WD Capital.  With respect to the guarantees provided by WDLLC and WD Capital (singly and collectively, the “Specified Guarantors”), respectively, pursuant to Article 2 hereof (singly and collectively, the “Specified Guarantee”), the following provision shall be applicable:

 

(i)                                     Without limiting the unlimited and unconditional nature of each Specified Guarantee (which shall remain unaffected by the provisions of this Section 8.01(c)), the Administrative Agent (on behalf of the Secured Parties) hereby acknowledges and agrees that, in exercising its rights, remedies, powers, privileges and discretions against Specified Guarantors, the Administrative Agent shall not seek to obtain any collateral interest in any property or other asset

 

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of any Specified Guarantor relating in any way to the Fannie Mae Loans which does not comprise the Fannie Mae Collateral and the Specified Pledged Equity Interests granted to the Administrative Agent hereunder or under any other Security Document (subject to the provisions of this Section 8.01) or otherwise contrary to the provisions of Section 8.01(a) or Section 8.01(b) hereof; provided, however, that the foregoing shall not be deemed or construed to modify, limit, or waive the rights, remedies, powers, privileges, or discretions of the Administrative Agent:  (1) pursuant to the provisions of Section 8.01(a) or Section 8.01(b) hereof, including, without limitation, with respect to the Specified Fannie Mae Enforcement Actions or (2) with respect to any other Collateral under this Agreement not relating to the Fannie Mae Loans.

 

(d)                                 Notices to Fannie Mae.  Notices and copies that are required to be delivered to Fannie Mae pursuant to the Credit Agreement, this Agreement, and any other applicable Loan Document shall be delivered to Fannie Mae at the following address:

 

Fannie Mae

3900 Wisconsin Avenue, NW

Mailstop 11H-609

Washington, DC 20016-2892

Attention:  Vice President, MMB Partner Risk

 

with a copy to:

 

Fannie Mae

3900 Wisconsin Avenue, NW

Mailstop 8H-203

Washington, DC 20016-2892

Attention:  MMB Legal

 

Section 8.02                             Special Freddie Mac Provisions.  Notwithstanding any provision herein or any other Security Document to the contrary, and as further provided in Sections 8.4(b) and 9.8 of the Credit Agreement, the provisions of this Section 8.02 shall apply in all events with respect to:  (i) the “Freddie Mac Collateral” (as defined below); (ii) the Specified Pledged Equity Interests and the Specified Ownership Interest Pledge thereof; (iii) the Specified Guarantee; and (iv) any other terms, conditions, notice requirements, limitations, covenants, and agreements with respect to the Freddie Mac Security Interest (as defined below).  In providing its Agency Consent, it is hereby acknowledged that Freddie Mac is relying, and such Agency Consent by Freddie Mac is expressly conditioned, upon the terms and conditions set forth in this Section 8.02 and in Sections 7.12, 8.4(b), and 9.8 of the Credit Agreement.  Subject to the foregoing, the Administrative Agent (on behalf of the Secured Parties) and each Credit Party expressly acknowledge and agree as follows:

 

(a)                                 Freddie Mac Security Interest in Freddie Mac Collateral

 

(i)                                     Each Credit Party hereby grants to the Administrative Agent for the benefit of the Secured Parties, a security interest (the “Freddie Mac Security Interest”) in the following (the “Freddie Mac Collateral”) to secure payment and performance of the Secured Obligations:  all servicing Income actually received, respectively, by such Credit Party with respect to the Freddie Mac Loans (the “Freddie Mac Designated Loans”) serviced at any time and from time to time under the respective Freddie Mac Servicing Contracts, together with any other Income received on account of payments made by a third party (other than Freddie Mac) thereunder (except to the extent that any such Income is required by contract or Applicable Law to be transferred or applied by such Credit Party to or for the benefit of any other Person).  Notwithstanding any other provision

 

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of this Agreement or any other Loan Document, but not in limitation of the specified Income constituting the Freddie Mac Collateral, the Freddie Mac Collateral shall not include, and an no Credit Party shall grant, and neither the Administrative Agent nor any Secured Party shall take or receive, any Lien on any Credit Party’s right, title or interest in or to any of the following: (i) any MSR Assets in respect of, arising from or relating to any Collateral Transaction Document or Servicing Contract that is a Freddie Mac Agreement; (ii) any Contract or Contract Rights consisting of, arising from or relating to any Freddie Mac Agreement; (iii) any Mortgage Loan (including, without limitation, any promissory note with respect thereto or any mortgaged property or other collateral therefor) that has been sold, transferred or pledged to or on behalf of Freddie Mac pursuant to any Freddie Mac Agreement; (iv) any Income other than (x) servicing Income arising from or related to any Freddie Mac Agreement or any Freddie Mac Loans or (y) Income received on account of payments made by a third party (other than Freddie Mac) thereunder (except to the extent that any such Income is required by contract or Applicable Law to be transferred or applied by such Credit Party to or for the benefit of any other Person); (v) books and records pertaining to any of the foregoing; (vi) any “accounts”, “chattel paper”, “commercial tort claims”, “documents,” “equipment”, “general intangibles”, “goods”, “instruments”, “inventory”, “investment property”, “letter of credit rights”, or “securities accounts” (as each of those terms is defined in the UCC) related to any of the foregoing items (i) through (v); and (vii) any other assets or properties now owned or at any time hereafter acquired by any Credit Party that relate in any respect to the foregoing items (i) through (vi), (clauses (i) through (vii), collectively, the “Excluded Freddie Mac-Related Assets”).  None of the Excluded Freddie Mac-Related Assets shall constitute Collateral hereunder.  For the avoidance of doubt, and without limitation of any of the foregoing, the parties hereto acknowledge that all servicing rights pursuant to the Freddie Mac Servicing Contracts are property solely of Freddie Mac and are not the property of any Credit Party, and are not included within the Collateral hereunder.  The Administrative Agent’s security interest in the Freddie Mac Collateral is subject and subordinate to all rights, remedies, powers and prerogatives of Freddie Mac under all Freddie Mac Agreements, including, without limitation, Freddie Mac’s right to terminate Credit Party’s selling and servicing rights with respect to the Freddie Mac Designated Loans as provided in the respective Freddie Mac Agreements.  Without limiting the generality of the foregoing provisions, the Administrative Agent acknowledges that its security interest is subject to the rights of Freddie Mac under the Freddie Mac Agreements, and further acknowledges that Freddie Mac must approve the Administrative Agent’s security interest (with such approval being given by Freddie Mac in the Agency Consent provided by Freddie Mac to the Administrative Agent on or about the Closing Date).

 

(ii)                                  Each Credit Party authorizes the Administrative Agent to file such financing statements as the Administrative Agent deems reasonably necessary to perfect the Freddie Mac Security Interest in the Freddie Mac Collateral.

 

(iii)                               Subject to Section 8.02(a)(i), each Credit Party hereby irrevocably appoints (which appointment is coupled with an interest) the Administrative Agent, or its delegate, as the attorney in fact of each such Credit Party, with the right (but not the duty) from time to time, following the occurrence and during the continuance of an Event of Default, to:  (1) create, prepare, complete, execute, deliver, endorse or file, in the name and on behalf of such Credit Party, any and all instruments, documents, financing statements, applications for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed by such Credit Party under this Section 8.02(a)(iii); (2) convert the Freddie Mac Collateral into cash, including, without limitation, through the sale (either public or private) of all or any portion or portions of the Freddie Mac Collateral (but not any of any of the Excluded Freddie Mac-Related Assets); (3) enforce collection of the Freddie Mac Collateral, either in its own name or in the name of any applicable Credit Party, including, without limitation, executing releases and prosecuting, defending,

 

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compromising or releasing any action relating to the Freddie Mac Collateral; (4) take such other actions as the Administrative Agent deems necessary or desirable in order to continue the perfection and priority of its security interest or to realize upon the Freddie Mac Collateral (the foregoing acts, remedies, and powers being referred to herein sometimes, singly and collectively, as “Enforcement Actions Respecting Freddie Mac Collateral”); and (5) to cause any applicable Credit Party to undertake and effect any Specified Sale of the Freddie Mac Program Assets as and when expressly provided under Section 8.02(b)(iv) below.  The Administrative Agent shall not be obliged to do any of the acts or exercise any of the powers hereinabove authorized, but if the Administrative Agent elects to do any such act or exercise any such power, it shall not be accountable for more than it actually receives as a result of such exercise of power, and it shall not be responsible to any Credit Party or any other Person except for gross negligence, willful misconduct, or actual bad faith.

 

(iv)                              Except in the case of a complete disposition of the Freddie Mac Agreements pursuant to a Specified Sale of Freddie Mac Program Assets that is expressly permitted under Section 8.02(b)(iv) hereof (and except for the Administrative Agent’s exercise of its rights and remedies hereunder with respect to the Freddie Mac Collateral), neither the Administrative Agent nor any other Secured Party shall cause WDLLC or WD Capital to sell, assign or otherwise transfer any of WDLLC or WD Capital’s respective rights, duties or obligations under, in or with respect to any of the Freddie Mac Agreements (including, without limitation, any servicing rights thereunder).  Neither the Administrative Agent nor any other Secured Party has any right to service any Freddie Mac Loans or affect the manner in which WDLLC or WD Capital services any Freddie Mac Loans.  Without limitation of the foregoing, so long as WDLLC and/or WD Capital is a servicer of Freddie Mac Loans, neither the Administrative Agent nor any other Secured Party shall take any action that impedes WDLLC or WD Capital from performing its respective servicing obligations with respect to such loans in strict compliance with the requirements under the Guide and all other applicable Freddie Mac Agreements.  If the Administrative Agent or any other Secured Party under this Agreement or any other Loan Document exercises any rights or remedies with respect to any assets or properties of any Credit Party included within the Collateral (including, without limitation, any rights of a secured party to take possession of or sell any such assets or properties), unless and until there has been a complete disposition of the Freddie Mac Agreements pursuant to a Specified Sale of Freddie Mac Program Assets that is expressly permitted under Section 8.02(b)(iv) hereof, in exercising such rights and remedies, neither the Administrative Agent nor any other Secured party will take any action that could reasonably be expected to prevent WDLLC or WD Capital from continuing to perform its respective obligations under the Guide and the other Freddie Mac Agreements and continuing its respective operations relating thereto substantially as conducted prior to such exercise of remedies, without material change in processes, systems, or personnel in a manner that is reasonably likely to (i) have a material adverse effect on the performance by WDLLC or WD Capital of any of its respective duties or obligations under the Guide or any other Freddie Mac Agreement (including, without limitation, any duties and obligations with respect to servicing of Freddie Mac Loans) or (ii) cause WDLLC or WD Capital not to be an eligible Seller/Servicer under the Guide.  For the avoidance of doubt, and without limitation of any of the foregoing, Freddie Mac shall have no obligation to comply with any directions of the Administrative Agent or any other Secured Party or to alter in any way servicing requirements, flows of funds, or accounting of servicing.  WDLLC and WD Capital shall not, and not permit WDLLC or WD Capital to, pledge (or, except as may be expressly provided in the Credit Agreement, enter into (or agree to enter into) a Negative Pledge respecting) any of its respective servicing rights with respect to any of the Freddie Mac Loans to any other Person.

 

(v)                                 If Freddie Mac terminates any Credit Party’s respective servicing rights with respect to the Freddie Mac Designated Loans, the grant of the Freddie Mac Security Interest

 

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by such Credit Party hereunder will terminate automatically, and the Administrative Agent will release its Lien created by such Freddie Mac Security Interest and execute and file all necessary documents to reflect such release; provided, however, that no such termination (and no such release) shall relate to, or otherwise affect, (A) the Freddie Mac Security Interest granted by any other Credit Party or (B) the Freddie Mac Security Interest respecting Freddie Mac Collateral comprised of servicing Income then accrued or otherwise earned by such Credit Party through the date that Freddie Mac provides written notice to the Administrative Agent that such servicing rights of such Credit Party shall have been so terminated with respect to such Freddie Mac Designated Loans (which accrued and earned servicing Income shall in all events remain Freddie Mac Collateral), with such termination (and such release) relating only to servicing Income accruing or otherwise earned by such Credit Party from and after the date of such written notice of termination to the Administrative Agent.

 

(vi)                              Upon the occurrence and during the continuance of an Event of Default for thirty (30) days or more, and the exercise by the Administrative Agent of its rights under Section 9.2 of the Credit Agreement, Article 5 hereof, and this Section 8.02, the Administrative Agent may:  (A) direct that all servicing Income payable to any Credit Party with respect to the Freddie Mac Designated Loans be deposited into lockbox accounts held by the Administrative Agent; (B) in its own name, in the name of such Credit Party or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Freddie Mac Collateral, but the Administrative Agent has no obligation to do so; and (C) exercise and enforce any or all rights and remedies with respect to the Freddie Mac Collateral available upon default to the Administrative Agent under the UCC, at law or in equity.

 

(vii)                           Upon the occurrence and during the continuance of an Event of Default for thirty (30) days or more, the Administrative Agent or its designee is entitled to receive and collect all sums payable to any applicable Credit Party in respect of the Freddie Mac Collateral, and, in such case:  (A) the Administrative Agent or its designee in its discretion may, in its own name, in the name of such Credit Party, or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Freddie Mac Collateral, but the Administrative Agent has no obligation to do so, (B) such Credit Party must, if the Administrative Agent requests it to do so, hold in trust for the benefit of the Secured Parties and immediately pay to the Administrative Agent at its office designated by notice, all amounts received by such Credit Party upon or in respect of any of the Freddie Mac Collateral, advising the Administrative Agent as to the source of those funds, and (C) all amounts so received and collected by the Administrative Agent will be held by it as part of the Freddie Mac Collateral.

 

(viii)                        To the extent any amounts are received by the Administrative Agent pursuant to this Section 8.02, all rights any applicable Credit Party against any other Credit Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Secured Obligations.

 

(ix)                              For the avoidance of doubt, and without limitation of the definition of “Excluded Freddie Mac-Related Assets”, the Administrative Agent confirms that, notwithstanding any provision in this Agreement or any other Loan Document to the contrary:  “Excluded Accounts” hereunder include, without limitation, all custodial, clearing, suspense, escrow, or other accounts in which WDLLC or WD Capital, respectively, deposits or holds funds received from borrowers under Freddie Mac Loans serviced by WDLLC or WD Capital, respectively, on behalf of Freddie Mac and such Excluded Accounts are not, and shall not constitute, Collateral hereunder.

 

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(x)                                 Upon the Administrative Agent’s request, each Credit Party shall provide the Administrative Agent with copies of any book and records expressly relating to Income comprising the Freddie Mac Collateral.  However, for the avoidance of doubt, such books and records do not constitute Collateral hereunder, and in no event shall Freddie Mac’s access thereto be restricted in any respect.

 

(b)                                 Specified Pledged Equity Interest in WDLLC and WD Capital.  With respect to the Specified Pledged Equity Interests and the Specified Ownership Interest Pledge thereof, the following provisions shall be applicable:

 

(i)                                     As used in this Section 8.02(b), “Credit Agreement Default” means the occurrence of an “Event of Default” under the Credit Agreement:  (A) of which, except in the limited circumstance described below in this definition, the Administrative Agent has given Freddie Mac notice in accordance with Section 8.02(e) hereof (each such notice, a “Freddie Mac Notice of Default”), (B) if such Event of Default has occurred pursuant to Section 9.1(a) or (b) of the Credit Agreement, and no more than one (1) such Event of Default has occurred during the life of any Term Loan (i.e., if such an Event of  Default occurs more than once, it shall be a Credit Agreement Default immediately hereunder), the Administrative Agent shall not have received payment of an amount equal to the amount the Borrower and the other Credit Parties failed to pay (including interest thereon at the rate provided in the Credit Agreement) that gave rise to such Event of Default within thirty (30) days after the applicable Freddie Mac Notice of Default, and (C) if such Event of Default has occurred under any other subsection of Section 9.1 of the Credit Agreement, other than Sections 9.1(h), (i), (j) or (k) of the Credit Agreement (the occurrence of any of such Events of Default constituting a Credit Agreement Default immediately hereunder upon the giving of the applicable Freddie Mac Notice of Default, and without such Freddie Mac Notice of Default if the Event of Default is under Section 9.1(i) or (j) of the Credit Agreement), unless (x) the Administrative Agent in good faith determines that, if the Event of Default would be susceptible of cure (if such cure was permitted beyond any cure period already provided in the Credit Agreement), (y) the cure of such Event of Default as a Credit Agreement Default hereunder shall have been commenced immediately upon the giving of the applicable Freddie Mac Notice of Default and been completed with thirty (30) days of such Freddie Mac Notice of Default or, if curable in a longer period not to exceed ninety (90) days, is so cured within such ninety (90) day period and such cure has been diligently pursued since the applicable Freddie Mac Notice of Default, and (z) no more than two (2) such Events of Default have occurred during the life of any Term Loan (i.e., if an Event of Default occurs under any one or more subsections of Section 9.1 of the Credit Agreement applicable under this clause (C) more than twice, it shall be a Credit Agreement Default immediately hereunder).  Nothing herein shall be deemed to give the Borrower or any other Credit Party any grace, notice or cure periods or rights under the Credit Agreement or any other Loan Document other than as may already be set forth therein.

 

(ii)                                  Without limiting the provisions of Section 8.02(a), the Administrative Agent shall have the right, at any time after the occurrence and during the continuation of a Credit Agreement Default, in its discretion and without notice to the Borrower or any other Credit Party (but with notice to Freddie Mac), to transfer to or to register in the name of the Administrative Agent any or all of the Specified Pledged Equity Interests pursuant to the exercise of its rights and remedies hereunder on account of the Specified Ownership Interest Pledge; provided, that no such transfer or registration of Specified Pledged Equity Interests to or in name of the Administrative Agent may occur without the prior written consent of Freddie Mac (which consent may be granted or withheld in Freddie Mac’s sole and absolute discretion) provided further that if the Administrative Agent (or any designee of the Administrative Agent) has been approved in writing by Freddie Mac to acquire the Freddie Mac Program Assets as a result of any Specified Sale of

 

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Freddie Mac Program Assets pursuant to Section 8.02(b)(iv), through a Retention of Freddie Mac Program Assets or otherwise, Freddie Mac’s consent to transfer the Specified Pledged Equity to the Administrative Agent or such designee shall be deemed to have been granted.  At any time following a transfer or registration of Specified Pledged Equity Interests to or in name of the Administrative Agent in accordance with the terms and conditions of the immediately preceding sentence, the Administrative Agent shall have the right at any time to exchange certificates or instruments representing or evidencing Specified Pledged Equity Interests for certificates or instruments of smaller or larger denominations.

 

(iii)                               Upon the occurrence and during the continuation of a Credit Agreement Default, upon written notice from the Administrative Agent to the Borrower and the other Credit Parties and to Freddie Mac, all rights of W&D Multifamily and WDLLC, respectively, to exercise the voting and other consensual rights which each would otherwise be entitled to exercise pursuant to Section 3.05(a)(i) hereof shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights; provided, that the Administrative Agent shall not exercise any such voting or other consensual rights without the prior written consent of Freddie Mac (which consent may be granted or withheld in Freddie Mac’s sole and absolute discretion).

 

(iv)                              Upon the occurrence and during the continuation of a Credit Agreement Default, irrespective of whether any Specified Pledged Equity Interests have been transferred to or registered in the name of the Administrative Agent pursuant to Section 8.02(b)(ii) hereof, the Administrative Agent may cause any applicable Credit Party to (A) retain a nationally recognized firm that specializes in the sale of Freddie Mac selling and servicing rights and other assets that are used in or related to any Freddie Mac Program (collectively the “Freddie Mac Program Assets”) (which firm must be reasonably acceptable to the Administrative Agent) and (B) sell, transfer, or otherwise assign all of its respective rights, obligations, duties, and interests in and under the Freddie Mac Agreements to one or more then-current Freddie Mac Seller/Servicers within sixty (60) days of such notice from the Administrative Agent ( with the actions set forth in (A) and (B) of this clause (iv) being referred to herein as the “Specified Sale of Freddie Mac Program Assets”); provided, however, that no such Specified Sale of Freddie Mac Program Assets may occur without the prior written consent of Freddie Mac (which consent may be granted or withheld in Freddie Mac’s sole and absolute discretion); and provided further that, to the extent any of the Freddie Mac Agreements includes parties in addition to a Credit Party and Freddie Mac, any Specified Sale of Freddie Mac Program Assets, including any servicing rights, remains subject to satisfaction of the terms and conditions of such Freddie Mac Agreements and any other approvals required thereunder. Subject at all times to the consent rights of Freddie Mac in accordance with the terms hereof, Wells Fargo (or any designee of Wells Fargo approved in writing by Freddie Mac in its sole discretion) may seek approval from Freddie Mac:  (i) to acquire Freddie Mac Program Assets as a result of any Specified Sale of Freddie Mac Program Assets and/or (ii) in connection with the realization of the Specified Pledged Equity Interests under the Specified Ownership Interest Pledge, to cause any applicable Credit Party to retain its respective Freddie Mac Program Assets as further provided in Section 8.02(b)(ii) (collectively, as may be applicable, “Retention of Freddie Mac Program Assets”).

 

(v)                                 Other than a transfer to the Administrative Agent in accordance with the terms and conditions of Section 8.02(b)(ii) or 8.02(b)(iv) hereof, no sale, assignment or other transfer of any Specified Pledged Equity Interests to any Person (including, without limitation, any sale, assignment or other transfer thereof by the Administrative Agent to any other Person following the Administrative Agent’s acquisition thereof in accordance with Section 8.02(b)(ii) or 8.02(b)(iv)

 

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hereof) may occur without the prior written consent of Freddie Mac, which consent may be granted or withheld in Freddie Mac’s sole and absolute discretion.

 

(vi)                              Borrower and each other Credit Party acknowledge that:  (i) any private sales of Specified Pledged Equity Interests (or otherwise on account of any Specified Sale of Freddie Mac Program Assets) may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including, without limitation, a public offering made pursuant to a registration statement under the Federal Securities Laws) and, notwithstanding such circumstances, the Borrower and each other Credit Party agree that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Administrative Agent and Secured Parties shall have no obligation to engage in public sales and no obligation to delay the sale of any Specified Pledged Equity Interest for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Federal Securities Laws or under applicable state securities laws, even if such issuer would, or should, agree to so register it.

 

(vii)                           For the avoidance of doubt, and notwithstanding anything in this Section 8.02 to the contrary:  (A) as part of the Specified Sale of Freddie Mac Program Assets, as provided above, the Administrative Agent shall not be required to sell or otherwise transfer or dispose of the underlying Specified Pledged Equity Interests and (B) nothing in this Section 8.02 shall require any of the Administrative Agent or any Secured Party to utilize its own funds or credit in connection with the exercise of any rights and remedies hereunder; provided, that nothing in this clause (B) shall limit or otherwise modify or affect any duties, obligations, covenants or agreements of the Administrative Agent or any Secured Party pursuant to this Section 8.02.

 

(viii)                        Notwithstanding anything to the contrary in this Section 8.02, if (A) the Specified Pledged Entities have satisfied all of their respective outstanding duties and obligations to Freddie Mac under the Freddie Mac Agreements, (B) the Freddie Mac Agreements have been terminated (or there has been a complete disposition of the Freddie Mac Agreements pursuant to a Specified Sale of Freddie Mac Program Assets that is expressly permitted under Section 8.02(b)(iv) hereof), and (C) the Specified Pledged Entities have ceased to be Seller/Servicers of Freddie Mac Loans (in each case, as determined by Freddie Mac in its sole and absolute discretion), then no other or further consent or approval from Freddie Mac shall thereafter be required with respect to any change in ownership of any Specified Pledged Entity.

 

(c)                                  Guaranties by WDLLC and WD Capital.  With respect to the Specified Guarantees provided by the Specified Guarantors pursuant to Article 2 hereof, the following provision shall be applicable:

 

(i)                                     Without limiting the unlimited and unconditional nature of each Specified Guarantee (which shall remain unaffected by the provisions of this Section 8.02(c)), the Administrative Agent (on behalf of the Secured Parties) hereby acknowledges and agrees that, in exercising its rights, remedies, powers, privileges and discretions against Specified Guarantors, the Administrative Agent shall not (A) seek to obtain any collateral interest in any property or other asset of any Specified Guarantor that is included within the Excluded Freddie Mac-Related Assets or (B) take any action (or refrain from taking any action) in violation of or otherwise contrary to the provisions of Section 8.02(a) or Section 8.02(b) hereof (including, without limitation, any term or condition of Section 8.02(a)(iv); provided, however, that the foregoing shall not be deemed or construed to modify, limit, or waive the rights, remedies, powers, privileges, or discretions of the Administrative Agent:  (1) pursuant to the provisions of Section 8.02(a) or Section 8.02(b) hereof, including, without limitation, with respect to the Enforcement Actions Respecting Freddie Mac

 

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Collateral or (2) with respect to any other Collateral under this Agreement not relating to the Freddie Mac Loans.

 

(d)                                 Freddie Mac Rights under Freddie Mac Agreements.  Nothing in this Section 8.02 (or in any other provision hereof or of any other Loan Document) shall in any way limit, modify or otherwise affect in any respect Freddie Mac’s rights and remedies under the Freddie Mac Agreements (including, without limitation, the Guide) or limit or otherwise affect in any respect Freddie Mac’s ability to enforce such rights and remedies.

 

(e)                                  Notices to Freddie Mac.  Notices and copies that are required to be delivered to Freddie Mac pursuant to the Credit Agreement, this Agreement, and any other applicable Loan Document shall be delivered to Freddie Mac at the following address:

 

Freddie Mac

Multifamily Division

8100 Jones Bank Drive

Mailstop B4A

McLean, Virginia 22102

Attention:  Institutional Risk Director

 

with a copy to:

 

Freddie Mac

Legal Division

8200 Jones Bank Drive

Mailstop 210

McLean, Virginia 22102

Attention:  Vice President, Multifamily Real Estate

 

(f)                                   As further provided in Section 7.12 of the  Credit Agreement and in Section 4.06(c) hereof, and for the avoidance of doubt, nothing in this Agreement or in any other Loan Document shall prohibit or otherwise limit any Credit Party from (i) amending, restating, supplementing, modifying or waiving any default by an underlying obligor or related to the servicing of an underlying mortgage loan under any Collateral Transaction Document if such prohibition or limitation could have a material adverse effect on the performance by any Credit Party of any of its duties or obligations under any of the Freddie Mac Agreements (including, without limitation, any duties and obligations with respect to servicing of Freddie Mac Loans); or (ii) consenting to or otherwise effecting or implementing any amendment, restatement, supplement or other modification to or of any Freddie Mac Agreement consistent with modifications generally applicable to the Freddie Mac Agreements or to a Freddie Mac Seller/Servicer, if such amendment, restatement, supplement or other modification is required or requested by Freddie Mac.

 

Section 8.03                             Special Ginnie Mae Provisions.  Notwithstanding any provision herein or any other Security Document to the contrary, and as further provided in Sections 8.4(c) and 9.9 of the Credit Agreement, the provisions of this Section 8.03 shall apply in all events with respect to: (i) the “Ginnie Mae Collateral”; and (ii) the other terms, conditions, notice requirements, limitations, and agreements with respect to the Ginnie Mae Security Interests granted to the Administrative Agent (for the benefit of the Secured Parties) in the “Ginnie Mae Collateral” relating to the “Ginnie Mae Designated Loans” under this Agreement and/or any other Security Document (as each of such quoted terms is defined below).  In providing the Ginnie Mae Acknowledgment letter, it is hereby acknowledged that Ginnie Mae is relying

 

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upon the terms and conditions set forth in this Section 8.03 and in Sections 7.12, 8.4(c), and 9.9 of the Credit Agreement.  In the event of any conflict between the provisions of this Section 8.03 and the provisions of any other Loan Document or any other provision of this Agreement, the provisions of this Section 8.03 shall control.  Subject to the foregoing, the Administrative Agent (on behalf of the Secured Parties) and each Credit Party expressly acknowledge and agree that notwithstanding anything contained herein, with regard to the mortgage servicing rights and mortgage servicing income for all Ginnie Mae Mortgage Loans, the following provisions shall apply and all other provisions contained herein shall be subject to and subordinate to these.

 

(a)                                 Each Credit Party hereby grants the Administrative Agent for the benefit of the Secured Parties, a security interest (the “Ginnie Mae Security Interest”) in the following (the “Ginnie Mae Collateral”) to secure payment and performance of the Secured Obligations:  all servicing Income actually received by any Credit Party with respect to the Mortgage Loans (the “Ginnie Mae Designated Loans”) serviced at any time and from time to time under the Ginnie Mae Agreements, together with other Income received on account of payments made by a third party (other than Ginnie Mae) thereunder minus the Ginnie Mae guarantee fee and minus all required payments to all investors of the applicable mortgage-backed securities that the Ginnie Mae Designated Loans are securing, all as and to the extent provided in the Ginnie Mae Agreements.  Specifically, Ginnie Mae Collateral does not include the Ginnie Mae Agreements, MSR Assets related to the Ginnie Mae Agreements, or any other income related to the Ginnie Mae Designated Loans, nor shall it include the escrow accounts relating to those Ginnie Mae Designated Loans or any payments held in a clearing account made pursuant to the Ginnie Mae Designated Loans.  Any security interest of the Administrative Agent and any that any other party hereto shall have in the Ginnie Mae Designated Loans is expressly subject and subordinate to all rights, remedies, powers and prerogatives of Ginnie Mae under the Ginnie Mae Guaranty Agreement, the Ginnie Mae Guide, and all other Ginnie Mae Agreements or contracts, including Ginnie Mae’s right to terminate the Ginnie Mae issuer’s rights with respect to the Ginnie Mae Designated Loans as provided in the Ginnie Mae Agreements and as further provided herein. Without limiting the generality of the foregoing provisions, the Administrative Agent acknowledges that its security interest and any rights that it shall have under the Credit Agreement, this Agreement, and/or the letter of Ginnie Mae dated as of the Closing Date (the “GM Letter”) is subject to the rights of Ginnie Mae under the Ginnie Mae Guaranty Agreements, the Ginnie Mae Guides, contracts, and other program agreements and other Ginnie Mae Agreements, as applicable, including, without limitation, Ginnie Mae’s right to extinguish any interest in the Ginnie Mae Designated Loans without compensation  or offset and within Ginnie Mae’s absolute and sole discretion.

 

(b)                                 Each Credit Party authorizes the Administrative Agent to file such financing statements as the Administrative Agent deems reasonably necessary to perfect the Ginnie Mae Security Interest in the Ginnie Mae Collateral.

 

(c)                                  To the extent that Ginnie Mae Designated Loans remain subject to the Ginnie Mae Agreements, the applicable Credit Party will remain the servicer of the Ginnie Mae Designated Loans and will continue to service the Ginnie Mae Designated Loans in accordance with Ginnie Mae requirements. Such Credit Party shall not pledge (or, except as may be expressly provided in the Credit Agreement, enter into (or agree to enter into) any Negative Pledge respecting) any of its servicing rights with respect to the Ginnie Mae Designated Loans.

 

(d)                                 The Administrative Agent has no right to service the Ginnie Mae Designated Loans or affect the manner in which any applicable Credit Party services the Ginnie Mae Designated Loans.  If Ginnie Mae terminates any Credit Party’s servicing rights with respect to the Ginnie Mae Designated Loans, this pledge will terminate automatically as to the Ginnie Mae Collateral granted by such Credit Party, and the Administrative Agent will release its Lien created by such pledge and execute and file all necessary documents to reflect such release; provided, however, that no such termination (and no such

 

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release) shall relate to, or otherwise affect, (A) the Ginnie Mae Security Interest granted by any other Credit Party or (B) the Ginnie Mae Security Interest respecting Ginnie Mae Collateral comprised of servicing Income then accrued or otherwise earned by such Credit Party through the date that Ginnie Mae so terminates the servicing rights of such Credit Party with respect to such Ginnie Mae Designated Loans (which accrued and earned servicing Income through such date of termination by Ginnie Mae shall in all events remain Ginnie Mae Collateral), with such termination (and such release) relating only to servicing Income accruing or otherwise earned by such Credit Party from the date of such termination by Ginnie Mae.  The Credit Parties shall provide the Administrative Agent with immediate written notice of any such termination by Ginnie Mae but the Credit Parties’ failure to do so shall not affect the terms of this paragraph or Ginnie Mae’s rights with respect to the Ginnie Mae Designated Loans.

 

(e)                                  Upon the occurrence and during the continuance of an Event of Default for thirty (30) days or more, and the exercise by the Administrative Agent of its rights under Section 9.2 of the Credit Agreement, Article 5 hereof, and this Section 8.03, the Administrative Agent may:  (i) direct that all servicing fees (minus the Ginnie Mae guarantee fee and minus all required payments to all investors of the applicable mortgage-backed securities that the Ginnie Mae Designated Loans are securing) made payable to any Credit Party with respect to the Ginnie Mae Designated Loans be deposited into lockbox accounts held by the Administrative Agent; (ii) in its own name, in the name of such Credit Party or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Ginnie Mae Collateral, but the Administrative Agent has no obligation to do so; (iii) by written notice to such Credit Party, direct any Credit Party to sell the servicing rights to the Ginnie Mae Designated Loans (in which event such Credit Party shall (x) retain a nationally recognized firm that specializes in the sale of Ginnie Mae servicing rights (which firm must be reasonably acceptable to the Administrative Agent) and (y) sell the servicing rights to the Ginnie Mae Designated Loans to another Ginnie Mae lender/servicer within sixty (60) days of such notice from the Administrative Agent) (with the actions set forth in this clause (iii) being referred to herein as the “Specified Sale of Ginnie Mae Program Assets”); and (iv) exercise and enforce any or all rights and remedies available upon default to the Administrative Agent under the UCC, at law or in equity. Any sale of the Ginnie Mae Collateral must and shall be subject to Ginnie Mae’s written approval.  All proceeds of such sale will be applied first to the expenses of the sale, then to any amounts due to Ginnie Mae from such Credit Party under the Servicing Contracts sold, and then to the outstanding balance of the Secured Obligations (as provided in Section 9.4 of the Credit Agreement), with any remaining balance remitted to the Borrower.  Ginnie Mae shall have no obligation to comply with any directions of the Administrative Agent or to alter in any way servicing requirements, flows of funds, or accounting of servicing of the Ginnie Mae Designated Loans.  Subject at all times to the consent rights of Ginnie Mae in accordance with the terms hereof, Wells Fargo (or any designee of Wells Fargo approved in writing by Ginnie Mae in its sole discretion) may seek approval from Ginnie Mae to acquire GinnieMae Program Assets as a result of any Specified Sale of Ginnie Mae Program Assets.

 

(f)                                   Upon the occurrence and during the continuance of an Event of Default for thirty (30) days or more, the Administrative Agent or its designee is entitled to receive and collect all sums payable to any applicable Credit Party in respect of the Ginnie Mae Collateral, and, in such case (i) the Administrative Agent or its designee in its discretion may, in its own name, in the name of such Credit Party or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Ginnie Mae Collateral, but the Administrative Agent has no obligation to do so, (ii) such Credit Party must, if the Administrative Agent requests it to do so, hold in trust for the benefit of the Secured Parties and immediately pay to the Administrative Agent at its office designated by notice, all amounts received by such Credit Party upon or in respect of any of the Ginnie Mae Collateral, advising the Administrative Agent as to the source of those funds and (iii) all amounts so received and collected by the Administrative Agent will be held by it as part of the Ginnie Mae Collateral.

 

59

 

(g)                                  To the extent any amounts are received by the Administrative Agent pursuant to this Section 8.03, all rights of any applicable Credit Party against any other Credit Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Secured Obligations.

 

(h)                                 For the avoidance of doubt, and notwithstanding anything in this Section 8.03 to the contrary, nothing in this Section 8.03 shall require any of the Administrative Agent or any Secured Party to utilize its own funds or credit in connection with the exercise of any rights and remedies hereunder; provided, that nothing in this clause (h) shall limit or otherwise modify or affect any duties, obligations, covenants or agreements of the Administrative Agent or any Secured Party pursuant to this Section 8.03.

 

(i)                                     Notices and copies required by this Section 8.03 to be delivered to Ginnie Mae pursuant to the Credit Agreement, this Agreement and any other applicable Loan Document shall be delivered to Ginnie Mae at the following address:

 

Government National Mortgage Association

451 Seventh Street, S.W., Rm. B-133

Washington, DC 20410

Attn:  Senior Vice President, Office of Mortgage-Backed Securities

Facsimile:  (202) 485-0232

 

(j)                                    Each of the Administrative Agent, and each Credit Party acknowledge that the Ginnie Mae Designated Loans remain the property of Ginnie Mae and the Administrative Agent and each Credit Party agree that no loan data containing personally identifiable information shall be released to any third party pursuant to Section 6.13 of the Credit Agreement or any other Section hereunder or thereunder, or pursuant to any subpoena or court order, without the express written consent of Ginnie Mae.

 

[Signature Pages to Follow]

 

60

 

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

 

	
 
    	
WALKER &   DUNLOP, INC., as Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen P. Theobald
    
	
 
    	
Name:
    	
Stephen   P. Theobald
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
WALKER & DUNLOP MULTIFAMILY, INC., as a Subsidiary   Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen P. Theobald
    
	
 
    	
Name:
    	
Stephen   P. Theobald
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
WALKER &   DUNLOP, LLC, as a Subsidiary Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen P. Theobald
    
	
 
    	
Name:
    	
Stephen   P. Theobald
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
WALKER & DUNLOP CAPITAL, LLC, as a Subsidiary Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen P. Theobald
    
	
 
    	
Name:
    	
Stephen   P. Theobald
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
W&D   BE, INC., as a Subsidiary Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen P. Theobald
    
	
 
    	
Name:
    	
Stephen   P. Theobald
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    

 

Walker & Dunlop

Amended and Restated Guarantee and Collateral Agreement

Signature Page

 

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kevin   McCormack
    
	
 
    	
Name:
    	
Kevin   McCormack
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Walker & Dunlop

Amended and Restated Guarantee and Collateral Agreement

Signature Page

 

 

Exhibit I

 

SUPPLEMENT NO.      dated as of [        ] 20[  ], to the Amended and Restated Guarantee and Collateral Agreement, dated as of November 7, 2018 (the “Guarantee and Collateral Agreement”), among WALKER & DUNLOP, INC. (the “Borrower”), certain Subsidiaries of the Borrower party hereto (each a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors” and, together with the Borrower, the “Credit Parties” and sometimes, each such party, individually, a “Credit Party”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, for itself, as a Lender, and on behalf of the other Lenders and Secured Parties, as “Administrative Agent” (as defined and otherwise described in the Credit Agreement and so referred to herein).

 

A.                                    Reference is made to the Amended and Restated Credit Agreement, dated as of November 7, 2018 (as amended, amended and restated, waived, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders, and the Administrative Agent.

 

B.                                    Capitalized terms used in this Supplement and not otherwise defined in this Supplement shall have the meanings assigned to such terms in the Credit Agreement and to the extent not defined in the Credit Agreement, the Guarantee and Collateral Agreement referred to therein.

 

C.                                    The Credit Parties have entered into the Guarantee and Collateral Agreement in order to induce the Lenders to make the Term Loan.

 

D.                                    The Guarantee and Collateral Agreement provides that certain additional Subsidiaries shall become Credit Parties under the Guarantee and Collateral Agreement by execution and delivery of an instrument in the form of this Supplement.  The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Subsidiary Guarantor under the Guarantee and Collateral Agreement in order to induce the Lenders to maintain the Term Loans.

 

Accordingly, the Administrative Agent and the New Subsidiary agree as follows:

 

SECTION 1.  In accordance with the Guarantee and Collateral Agreement, the New Subsidiary, by its signature below, hereby joins in the execution and delivery of the Guarantee and Collateral Agreement and hereby becomes a Credit Party and a Subsidiary Guarantor under the Guarantee and Collateral Agreement with the same force and effect as if originally named therein as a Credit Party and a Subsidiary Guarantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Guarantee and Collateral Agreement applicable to it as a Credit Party and Subsidiary Guarantor thereunder, including, without limitation, the guarantee by New Subsidiary, jointly and severally with the other Subsidiary Guarantors, in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, with respect to the Secured Obligations pursuant to Section 2.01 of the Guarantee and Collateral Agreement, and (b) represents and warrants that the representations and warranties made by it as a Credit Party and Subsidiary Guarantor thereunder are true and correct on and as of the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Secured Obligations (as defined in the Guarantee and Collateral Agreement), does hereby create and grant to the Administrative Agent, its successors and assigns, for the ratable benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all the New Subsidiary’s right, title and interest in and to the Collateral (as defined in the Guarantee and Collateral Agreement) of the New Subsidiary.  Each reference to a “Subsidiary Guarantor” or “Credit Party” in the Guarantee and Collateral Agreement or any other Loan Document shall

 

[Exhibit I to Amended and Restated Guarantee and Collateral Agreement]

 

 

be deemed to include the New Subsidiary. The Guarantee and Collateral Agreement is hereby incorporated in this Supplement by reference.

 

SECTION 2.  The New Subsidiary represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

SECTION 3.  This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Supplement shall become effective when the Administrative Agent shall have received a counterpart of this Supplement that bears the signature of the New Subsidiary and the Administrative Agent has executed a counterpart hereof.  Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Supplement.

 

SECTION 4.  The New Subsidiary hereby represents and warrants that set forth under its signature hereto is (i) the true and correct legal name of the New Subsidiary, (ii) its jurisdiction of formation, (iii) its Federal Taxpayer Identification Number or its organizational identification number and (iv) the location of its chief executive office.  The New Subsidiary hereby further represents and warrants that, as of the date hereof, Schedule I hereto accurately sets forth all information which would have been required pursuant to the Schedules to the Guarantee and Collateral Agreement had the New Subsidiary been a Credit Party on the date of the execution and delivery of the Guarantee and Collateral Agreement (it being understood and agreed, however, that the information so furnished by the New Subsidiary is accurate as of the date of this Supplement rather than the date of the Guarantee and Collateral Agreement).

 

SECTION 5.  This Supplement will be effective upon receipt by the Administrative Agent of: (A) a duly executed copy hereof and (b) each other document required by Section 6.14(a) of the Credit Agreement.

 

SECTION 6.  Except as expressly supplemented hereby, the Guarantee and Collateral Agreement shall remain in full force and effect.

 

SECTION 7.  THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 8.  Any provision of this Supplement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof and in the Guarantee and Collateral Agreement; the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.  The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 9.  All communications and notices hereunder shall be in writing and given as provided in Section 7.01 of the Guarantee and Collateral Agreement.

 

SECTION 10.  The New Subsidiary agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Administrative Agent.

 

 

IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly executed this Supplement to the Guarantee and Collateral Agreement as a sealed instrument as of the day and year first above written.

 

	
 
    	
[NAME   OF NEW SUBSIDIARY],
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Legal Name:
    
	
 
    	
 
    	
Jurisdiction of Formation:
    
	
 
    	
 
    	
Location of Chief Executive   Office:
    
	
 
    	
 
    
	
 
    	
WELLS FARGO BANK, NATIONAL   ASSOCIATION, as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

 

Exhibit I

 

Schedule I

 

[to be attached]

 

 

Exhibit II

 

FORM OF GRANT OF SECURITY INTEREST
 IN UNITED STATES TRADEMARKS

 

FOR GOOD AND VALUABLE CONSIDERATION, receipt and sufficiency of which are hereby acknowledged, [Name of Credit Party], a [              ] (the “Credit Party”) with principal offices at [         ], hereby grants to WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, with principal offices at 1525 West W.T. Harris Boulevard, MAC D1109-019, Charlotte, North Carolina 28262 (the “Grantee”), a continuing security interest in (i) all of the Credit Party’s right, title and interest in, to and under the United States trademarks, trademark registrations and trademark applications (the “Marks”) set forth on Schedule A attached hereto, (ii) all Proceeds (as such term is defined in the Guarantee and Collateral Agreement referred to below) and products of the Marks, (iii) the goodwill of the businesses with which the Marks are associated and (iv) all causes of action arising prior to or after the date hereof for infringement of any of the Marks or unfair competition regarding the same.

 

THIS GRANT is made to secure the satisfactory performance and payment of all the Secured Obligations of the Credit Party, as such term is defined in the Amended and Restated Guarantee and Collateral Agreement among the Credit Party, the other assignors from time to time party thereto and the Grantee, dated as of November 7, 2018 (as amended, modified, restated and/or supplemented from time to time, the “Guarantee and Collateral Agreement”).

 

This Grant has been granted in conjunction with the security interest granted to the Grantee under the Guarantee and Collateral Agreement.  The rights and remedies of the Grantee with respect to the security interest granted herein are as set forth in the Guarantee and Collateral Agreement, all terms and provisions of which are incorporated herein by reference.  In the event that any provisions of this Grant are deemed to conflict with the Guarantee and Collateral Agreement, the provisions of the Guarantee and Collateral Agreement shall govern.

 

Upon the payment in full of the Obligations (other than contingent obligations not yet due and payable) and termination of the Guarantee and Collateral Agreement, the Grantee shall execute, acknowledge, and deliver to the Credit Party an instrument in writing in recordable form releasing the grant and security interest in the Marks and other Collateral (as such term is defined in the Guarantee and Collateral Agreement) under this Grant.

 

This Grant may be executed in counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute a single contract. Delivery of an executed signature page to this Grant by facsimile or electronic transmission shall be as effective as delivery of a manually signed counterpart of this Grant.

 

This Grant shall be construed in accordance with and governed by the law of the State of New York.

 

[Exhibit II to Amended and Restated Guarantee and Collateral Agreement]

 

 

IN WITNESS WHEREOF, the undersigned have executed this Grant as a sealed instrument as of the first date written above.

 

	
 
    	
[NAME   OF CREDIT PARTY], Credit Party
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION,   as Administrative Agent and Grantee
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
				

 

 

SCHEDULE A

 

	
MARK
    	
 
    	
REG NO
    	
 
    	
REG DATE
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

EXHIBIT III

 

FORM OF GRANT OF SECURITY INTEREST
 IN UNITED STATES PATENTS

 

FOR GOOD AND VALUABLE CONSIDERATION, receipt and sufficiency of which are hereby acknowledged, [Name of Credit Party], a [                ] (the “Credit Party”) with principal offices at [                 ], hereby grants to WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, with principal offices at 1525 West W.T. Harris Boulevard, MAC D1109-019, Charlotte, North Carolina 28262 (the “Grantee”), a continuing security interest in (i) all of the Credit Party’s rights, title and interest in, to and under the United States patents (the “Patents”) set forth on Schedule A attached hereto, in each case together with (ii) all Proceeds (as such term is defined in the Guarantee and Collateral Agreement referred to below) and products of the Patents, and (iii) all causes of action arising prior to or after the date hereof for infringement of any of the Patents or unfair competition regarding the same.

 

THIS GRANT is made to secure the satisfactory performance and payment of all the Secured Obligations of the Credit Party, as such term is defined in the Amended and Restated Guarantee and Collateral Agreement among the Credit Party, the other assignors from time to time party thereto and the Grantee, dated as of November 7, 2018 (as amended, modified, restated and/or supplemented from time to time, the “Guarantee and Collateral Agreement”).

 

This Grant has been granted in conjunction with the security interest granted to the Grantee under the Guarantee and Collateral Agreement. The rights and remedies of the Grantee with respect to the security interest granted herein are as set forth in the Guarantee and Collateral Agreement, all terms and provisions of which are incorporated herein by reference.  In the event that any provisions of this Grant are deemed to conflict with the Guarantee and Collateral Agreement, the provisions of the Guarantee and Collateral Agreement shall govern.

 

Upon the payment in full of the Obligations (other than contingent obligations not yet due and payable) and termination of the Guarantee and Collateral Agreement, the Grantee shall execute, acknowledge, and deliver to the Credit Party an instrument in writing in recordable form releasing the grant and security interest in the Patents and other Collateral (as such term is defined in the Guarantee and Collateral Agreement) under this Grant.

 

This Grant may be executed in counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute a single contract. Delivery of an executed signature page to this Grant by facsimile or electronic transmission shall be as effective as delivery of a manually signed counterpart of this Grant.

 

This Grant shall be construed in accordance with and governed by the law of the State of New York.

 

[Exhibit III to Amended and Restated Guarantee and Collateral Agreement]

 

 

IN WITNESS WHEREOF, the undersigned have executed this Grant as a sealed instrument as of the [    ] day of [           ][    ]

 

	
 
    	
[NAME   OF CREDIT PARTY], Credit Party
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
WELLS FARGO BANK, NATIONAL   ASSOCIATION, as Administrative Agent and Grantee
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
				

 

[Exhibit III to Amended and Restated Guarantee and Collateral Agreement]

 

 

SCHEDULE A

 

	
PATENT
    	
 
    	
PATENT NO
    	
 
    	
ISSUE DATE
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

Exhibit IV

 

FORM OF GRANT OF SECURITY INTEREST
 IN UNITED STATES COPYRIGHTS

 

WHEREAS, [Name of Credit Party], a [                      ] (the “Credit Party”), having its chief executive office at [             ], is the owner of all right, title and interest in and to the United States copyrights and associated United States copyright registrations and applications for registration (the “Copyrights”) set forth in Schedule A attached hereto;

 

WHEREAS, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, having its principal offices at 1525 West W.T. Harris Boulevard, MAC D1109-019, Charlotte, North Carolina 28262 (the “Grantee”), desires to acquire a security interest in said copyrights and copyright registrations and applications therefor; and

 

WHEREAS, the Credit Party is willing to grant to the Grantee a security interest in and lien upon the copyrights and copyright registrations and applications therefor described above.

 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, and subject to the terms and conditions of the Amended and Restated Guarantee and Collateral Agreement, dated as of November 7, 2018, made by the Credit Party, the other assignors from time to time party thereto and the Grantee (as amended, modified, restated and/or supplemented from time to time, the “Guarantee and Collateral Agreement”) the Credit Party hereby grants to the Grantee a continuing security interest in all of the Credit Party’s right, title and interest in, to and under the copyrights and copyright registrations and applications therefor set forth in Schedule A attached hereto.

 

This Grant has been granted in conjunction with the security interest granted to the Grantee under the Guarantee and Collateral Agreement.  The rights and remedies of the Grantee with respect to the security interest granted herein are as set forth in the Guarantee and Collateral Agreement, all terms and provisions of which are incorporated herein by reference.  In the event that any provisions of this Grant are deemed to conflict with the Guarantee and Collateral Agreement, the provisions of the Guarantee and Collateral Agreement shall govern.

 

Upon the payment in full of the Obligations (as such term is defined in the Guarantee and Collateral Agreement) (other than contingent obligations not yet due and payable) and termination of the Guarantee and Collateral Agreement, the Grantee shall execute, acknowledge, and deliver to the Credit Party an instrument in writing in recordable form releasing the grant and security interest in the Copyrights and other Collateral (as such term is defined in the Guarantee and Collateral Agreement) under this Grant.

 

This Grant may be executed in counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute a single contract. Delivery of an executed signature page to this Grant by facsimile or electronic transmission shall be as effective as delivery of a manually signed counterpart of this Grant.

 

This Grant shall be construed in accordance with and governed by the law of the State of New York.

 

[Exhibit IV to Amended and Restated Guarantee and Collateral Agreement]

 

 

IN WITNESS WHEREOF, the undersigned have executed this Grant as a sealed instrument as of the [   ] day of [        ] [    ].

 

	
 
    	
[NAME   OF CREDIT PARTY], Credit Party
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
WELLS FARGO BANK, NATIONAL   ASSOCIATION, as Administrative Agent and Grantee
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

SCHEDULE A

 

	
REGISTRATION NUMBER
    	
 
    	
PUBLICATION DATE
    	
 
    	
COPYRIGHT TITLE
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

Exhibit V

 

Form of Fannie Mae Agency Consent

 

[to be attached]

 

[Exhibit V to Amended and Restated Guarantee and Collateral Agreement]

 

 

November 7, 2018

 

Walker & Dunlop, LLC

Walker & Dunlop Capital, LLC

7501 Wisconsin Avenue - Suite 1200E

Bethesda, Maryland 20814

 

Wells Fargo Bank, National Association

MAC D1109-019

1525 West W.T. Harris Boulevard

Charlotte, North Carolina 28262

Attention of: Syndication Agency Services

 

Ladies and Gentlemen:

 

This letter agreement (this “Agreement”) is being entered into as of the date set forth above (the “Effective Date”) by and among the signatories hereto with respect to the New Term Facility, as hereinafter defined.

 

Walker & Dunlop, LLC, a Delaware limited liability company (together with any related entity that acts as an approved lender, “WDLLC”), is an approved lender (a “DUS Lender”) under Fannie Mae’s Delegated Underwriting and Servicing (“DUS”) program pursuant to a Mortgage Selling and Servicing Contract dated as of January 30, 2009 (the “WDLLC MSSC”), as amended and supplemented by various other contemporaneous and subsequent documents between WDLLC and Fannie Mae, including, but not limited to, an Amended and Restated Master Loss Sharing Agreement between Lender and Fannie Mae dated as of June 1, 2012 (the “WDLLC MLSA”), and a Delegated Underwriting and Servicing Reserve Agreement dated as of January 30, 2009 (the “WDLLC Reserve Agreement”), all of which are subject to any applicable Fannie Mae Guide, as superseded, supplemented, or amended from time to time (the “Guide”, together with the WDLLC MSSC, the WDLLC MLSA, the WDLLC Reserve Agreement, and any amendment or addendum thereto or other document executed in connection therewith, are collectively referred to herein as the “WDLLC Fannie Mae Contracts”). The WDLLC Fannie Mae Contracts as of the Effective Date are listed on Schedule 1 hereto.  Walker & Dunlop Capital, LLC, a Massachusetts limited liability company (“WD Capital”) and formerly known as CWCapital LLC, is a party to certain agreements with Fannie Mae that are listed on Schedule 2 hereto, all of which are subject to any applicable Guide (collectively, together with any amendment or addendum thereto or other document executed in connection therewith, the “WD Capital Fannie Mae Contracts”). References herein to “Fannie Mae Contracts” shall mean and refer, collectively, to the WDLLC Fannie Mae Contracts and the WD Capital Fannie Mae Contracts.

 

Capitalized terms used but not defined in this letter shall have the meanings ascribed to them in the Guide, provided that if such a term is not defined in the Guide it shall have the meaning ascribed to it in the Approved Drafts.

 

On December 20, 2013, Walker & Dunlop, Inc., a Maryland corporation (“W&D”), and the 100% direct or indirect owner of WDLLC, as the “Borrower”, and WDLLC, Walker & Dunlop Capital, LLC, a Massachusetts limited liability company (“WD Capital”), and certain affiliates thereof, as “Guarantors,” entered into a term loan credit facility (the “Existing Facility”) with Wells Fargo Bank, National Association, as administrative agent, collateral agent and lender, in an aggregate principal amount of $175,000,000.  It is proposed that the Existing Facility be amended and restated pursuant to an amended and restated credit agreement to be entered into on or about the date hereof by and among W&D, as

 

 

borrower, certain financial institutions as lenders and Wells Fargo Bank, National Association, as administrative agent (in such capacity, “Agent”) to amend and restate and refinance the Existing Facility, with the restated term loan amount being $300,000,000 (the “New Term Facility”). In addition to refinancing the Existing Facility, the proceeds from the Term Loan will be used, among other things, to pay fees and expenses in connection with such refinancing and in connection with the New Term Facility and to finance ongoing working capital requirements and other general corporate purposes of W&D, including investments and share repurchases.

 

W&D, a publicly traded company, owns 100% of the equity interests in Walker & Dunlop Multifamily, Inc. a Delaware corporation (“WD Multifamily”), which owns 100% of the equity interest in WDLLC, which owns 100% of the equity interest in WD Capital (WD Multifamily, WDLLC and WD Capital, collectively, the “Obligor Group”). The New Term Facility will be evidenced and secured by, among other instruments, documents, and agreements, the “Credit Agreement” and the “Guarantee and Collateral Agreement” (so referred to herein) described in Schedule 3 hereto. Each of W&D and the Obligor Group will execute and deliver, among other things, the Credit Agreement and the Guarantee and Collateral Agreement in connection with the New Term Facility.

 

W&D and the Obligor Group (collectively, the “Loan Parties”) request that Fannie Mae consent to the Loan Parties’ entering into the New Term Facility on the terms set forth in the Credit Agreement, the Guarantee and Collateral Agreement, and any other documents identified on Schedule 3 attached hereto and incorporated herein by this reference, which were provided in draft form by WDLLC to Fannie Mae (collectively, the “Approved Drafts”) (such consent, if any, the “Fannie Mae Consent”).

 

Agent and Loan Parties expressly acknowledge and agree that Fannie Mae, in providing the Fannie Mae Consent hereunder, is relying fully, and such Fannie Mae Consent is expressly conditioned, upon the compliance by Agent and Loan Parties (“Compliance with Specified Fannie Mae Provisions”) with the terms and conditions set forth in Section 8.01 of the Guarantee and Collateral Agreement and in Section 8.4(a), Section 7.12, and Section 9.7 of the Credit Agreement (collectively, the “Specified Fannie Mae Provisions”). All of the Specified Fannie Mae Provisions (including all applicable sectional and definitional references therein) are specifically incorporated herein by reference, including, without limitation, with respect to all agreements, limitations, restrictions applicable to Agent and Loan Parties, respectively, and the consent rights of Fannie Mae applicable with respect to the Fannie Mae Collateral, the Specified Pledged Equity Interests, and/or the Specified Sale of Fannie Mae Program Assets, all as and when expressly provided in accordance with the Specified Fannie Mae Provisions. In the absence of the Fannie Mae Consent, the granting by Loan Parties of the Specified Ownership Interest Pledge in the Specified Pledged Entities (which could result in a change of the ownership structure of WDLLC or WD Capital if Agent exercises its default remedies under the New Term Facility) could constitute a breach of the applicable Fannie Mae Contracts; provided, however, any change of ownership in the Specified Pledged Entities based upon defaults under the New Term Facility is and shall remain subject to the prior written consent of Fannie Mae, as further set forth in the Fannie Mae Provisions, and the Fannie Mae Consent does not extend to any such future transfer.

 

Accordingly, in consideration of Fannie Mae’s providing the Fannie Mae Consent hereunder, the parties hereto acknowledge and agree as follows:

 

Agent Agreements. In consideration of Fannie Mae’s entering into this Agreement and providing the Fannie Mae Consent, Agent hereby acknowledges and agrees as follows:

 

The grant of the security interest in certain assets of WDLLC and WD Capital to Agent to secure W&D’s obligations under the New Term Facility and the pledge of certain equity interests

 

3

 

in WDLLC and WD Capital to secure W&D’s obligations under the New Term Facility are each subject and subordinate to Fannie Mae’s rights under the Fannie Mae Contracts, including, without limitation, Fannie Mae’s right to consent to changes in the ownership of WDLLC or WD Capital, as applicable, and Fannie Mae’s right to terminate the Fannie Mae Contracts as set forth therein. Such termination rights of Fannie Mae shall include, without limitation, termination upon expiration of any Fannie Mae Disposition Period, and no termination fee shall be payable by Fannie Mae in connection with any such termination. The existence of any Fannie Mae Disposition Period shall be construed, for all purposes, as a material adverse change (or any other term(s) of similar import in the Fannie Mae Contracts) in WDLLC’ s or WD Capital’s ability to satisfactorily service mortgages for all purposes or as set forth under any of the Fannie Mae Contracts.

 

Upon the execution and delivery of the Facility Documents (defined below) in connection with the establishment of the New Term Facility, Agent: (i) ratifies, confirms, and reaffirms in favor of Fannie Mae the Specified Fannie Mae Provisions; (ii) acknowledges and agrees that Loan Parties’ grant, and Agent’s acceptance, of the respective pledge and security interests in the Fannie Mae Collateral and Specified Pledged Equity Interests is strictly in accordance with the Specified Fannie Mae Provisions; (iii) in exercising its rights, remedies, powers, privileges, and discretions under the Credit Agreement, the Guarantee and Collateral Agreement or any other Facility Document, Agent shall act in Compliance with Specified Fannie Mae Provisions; and (iv) without first obtaining Fannie Mae’s prior written consent, Agent shall not modify or permit modification of (a) any of the Specified Fannie Mae Provisions; or (b) any other provision in the Facility Documents that in any way would modify terms applicable to Fannie Mae or the Fannie Mae Collateral or the Specified Ownership Interest Pledge or the Fannie Mae Contracts or that could reasonably be expected to have or result in a material adverse effect on Fannie Mae and/or the obligations of the applicable Loan Parties under any of the Fannie Mae Contracts.

 

Pursuant to the terms of the Credit Agreement and Guarantee and Collateral Agreement, Agent may perform or cause the Loan Parties to perform under the Fannie Mae Contracts during the Fannie Mae Disposition Period; provided, however, that the financial institution acting as Agent shall, to the extent applicable, maintain strict separation of operations and confidentiality of information in its capacity as Agent and its capacity as a DUS Lender.

 

Notwithstanding anything to the contrary contained herein, Agent shall have no liability to Fannie Mae for any of the obligations of the Loan Parties, including, without limitation, the respective liabilities of the Loan Parties under the Fannie Mae Contracts.

 

Agent hereby represents and warrants to Fannie Mae that (a) it has power and authority to enter into this Agreement in its capacity as Agent; (b) it has duly authorized, executed and delivered this Agreement; (c) it is authorized to, and, by its execution and delivery hereof, does hereby bind any other lender now or hereafter party to the New Term Facility; (d) no consent, approval, authorization, order, or other action of, any court or regulatory or governmental agency or body or any other person is required that has not been obtained for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement; and (e) each person who is a “Lender” from time to time under the New Term Facility, and any successor “Agent” thereunder, shall be bound by this Agreement.

 

4

 

Loan Party Agreements. In consideration of Fannie Mae’s entering into this Agreement and providing the Fannie Mae Consent, the Loan Parties jointly and severally agree as follows:

 

The Loan Parties shall not modify or permit modification of any of the Approved Drafts prior to execution by the parties thereto without first obtaining Fannie Mae’s prior written consent to such modification. Following execution of documents in the forms of the Approved Drafts (as so executed, the “Facility Documents”), without the prior written consent of Fannie Mae the Loan Parties shall not modify or permit the modification of (a) any of the Specified Fannie Mae Provisions; or (b) any other provision in the Facility Documents that in any way would modify terms applicable to Fannie Mae or the Fannie Mae Collateral or the Specified Ownership Interest Pledge or the Fannie Mae Contracts or that could reasonably be expected to have or result in a material adverse effect on Fannie Mae or the obligations of the applicable Loan Parties under any of the Fannie Mae Contracts. Each Loan Party hereby represents and warrants to Fannie Mae that the Facility Documents delivered to Fannie Mae are each true, correct and complete, and there are no documents, instruments or other agreements with respect to the New Term Facility, other than those as delivered by the Loan Parties to Fannie Mae.

 

The Loan Parties will deliver to Fannie Mae, within the times specified in Sections 6.01 and 6.02 of the Credit Agreement, copies of the annual and quarterly financial statements, reports and Compliance Certificates of the Loan Parties required to be delivered to Agent pursuant those sections.

 

The Loan Parties shall deliver to Fannie Mae a copy of any default or other material notice delivered by Agent to any of the Loan Parties pursuant to the Facility Documents.

 

Each of the Loan Parties hereby represents and warrants to Fannie Mae that (a) it has power and authority to enter into this Agreement; (b) it has duly authorized, executed and delivered this Agreement; (c) no consent, approval, authorization, order, or other action of, any court or regulatory or governmental agency or body or any other person is required that has not been obtained for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement; (d) the closing and consummation of the New Term Facility have occurred as of the date hereof in accordance with the terms and conditions thereof; and (e) a true, correct and complete organizational chart of the Loan Parties and related entities has been delivered to Fannie Mae and the same is attached hereto as Schedule 4.

 

Notices to Fannie Mae. Notices and copies required by this Agreement or under the Facility Documents shall be delivered to Fannie Mae at the following address:

 

Fannie Mae

3900 Wisconsin Avenue, NW

Mailstop 11H-609

Washington, DC 20016-2892

Attention: Vice President, MMB Partner Risk

 

with a copy to:

 

Fannie Mae

3900 Wisconsin Avenue, NW

Mailstop 8H-203

Washington, DC 20016-2892

Attention: MMB Legal, VP Strategy

 

5

 

Fannie Mae Consent. Subject to the terms, conditions, representations, warranties and covenants contained in this Agreement, Fannie Mae hereby gives the Fannie Mae Consent as of the Effective Date. The effectiveness of the foregoing Fannie Mae Consent is further subject to the following conditions precedent: (1) receipt by Fannie Mae of this Agreement, fully executed by each of the parties hereto; (2) receipt by or payment on behalf of Fannie Mae of all fees, costs and expenses (including, but not limited to, attorneys’ fees) incurred by Fannie Mae in connection with this Agreement and the transactions contemplated hereby; (3) no default or event of default shall have occurred and be outstanding under the Fannie Mae Contracts or under the Facility Documents; (4) the review and approval by Fannie Mae of all documents, agreements and related matters relating to the New Term Facility; and (5) such other assurances, certificates, documents, consents or opinions as Fannie Mae may require. Fannie Mae shall confirm via email to Agent that the Loan Parties have satisfied the foregoing conditions precedent for purposes of the Fannie Mae Consent as it relates to the closing of the New Term Facility and Agent may rely on such email for the effectiveness of the Fannie Mae Consent, in entering into the New Facility.

 

Default. Failure to comply with the terms, conditions, representations, warranties or covenants contained in this Agreement shall be an Event of Default under the Fannie Mae Contracts.

 

General Provisions. This Agreement may be executed in multiple counterparts, all of which shall constitute one and the same agreement, and each of which shall be deemed to be an original. Signatures transmitted electronically (including by fax or email) shall have the same legal effect as original, but each party nevertheless shall deliver original signed counterparts of this Agreement to each other party if so requested by such other party. Any reference to the parties to this Agreement shall be deemed to include the successors and assigns of such party. All covenants and agreements contained in this Agreement are for the benefit of the parties to this Agreement only, and nothing express or implied in this Agreement is intended to be for the benefit of any other person. No term, covenant, agreement or condition may be amended, modified or waived, except by an instrument in writing duly executed and delivered by the parties sought to be bound. This Agreement shall be governed by the federal laws of the United States, and, to the extent there is no applicable federal law, the laws of the District of Columbia without giving effect to internal choice of law rules.

 

If you have any questions relating to the forgoing, please feel free to contact the Vice President, MMB Partner Risk at Fannie Mae.

 

6

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
FANNIE MAE
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Walker & Dunlop, Inc.

Fannie Mae — Consent

Signature Page

 

 

Agreed and consented to as of

the Effective Date by each of

the Loan Parties identified below:

 

	
WALKER & DUNLOP, LLC
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    
	
 
    	
 
    
	
WALKER & DUNLOP, INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    
	
 
    	
 
    
	
WALKER & DUNLOP MULTIFAMILY, INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
WALKER & DUNLOP CAPITAL, LLC
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    
	
 
    	
 
    
	
W&D BE, INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    

 

Walker & Dunlop, Inc.

Fannie Mae — Consent

Signature Page

 

 

Agreed and consented to as of

the Effective Date:

 

WELLS FARGO BANK,

NATIONAL ASSOCIATION,

as Administrative Agent

 

	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

Walker & Dunlop, Inc.

Fannie Mae — Consent

Signature Page

 

 

Schedule 1

 

List of Fannie Mae Contracts

 

1.              Pre-Commitment Review Aggregation Agreement, dated as of January 23, 1997, between Fannie Mae and Green Park Financial Limited Partnership, as to servicing only.

2.              Pre-Commitment Review Aggregation Agreement, February 21, 1997, between Fannie Mae and Investment Property Mortgage, L.L.C., as to servicing only.

3.              Post-Commitment Aggregation Agreement, dated as of November 12, 1997, between Fannie Mae and Green Park Financial Limited Partnership, as to servicing only.

4.              Subservicing Agreement, dated as of November 14, 1997, between Fannie Mae and Investment Property Mortgage, L.L.C.

5.              Sub-Servicing Agreement, dated as of November 19, 1997, between Fannie Mae and Green Park Financial Limited Partnership.

6.              Consent to Transfer of Servicing, dated as of November 18, 1998, by Fannie Mae, and Investment Property Mortgage, L.L.C.

7.              Transfer Agreement, dated as of January 30, 2009, by Fannie Mae, Green Park Financial Limited Partnership, Walker & Dunlop, Inc., Column Guaranteed LLC, and Walker & Dunlop, LLC.

8.              Mortgage Selling and Servicing Contract, dated January 29, 2009.

9.              Delegated Underwriting and Servicing Reserve Agreement dated January 30, 2009.

10.       Addendum to Mortgage Selling and Servicing Contract dated January 30, 2009.

11.       Firewall Agreement with WD dated January 30, 2009.

12.       ASAP Plus with WD dated February 3, 2009.

13.       ASAP Sale with WD dated February 3, 2009.

14.       Consent to Outsourcing dated November 23, 2009, among WD, Midland Loan Services, Inc., and Fannie Mae.

15.       As Soon As Pooled Plus Agreement Waiver , dated July 30, 2010, between Fannie Mae and WD

16.       As Soon as Pooled  Sale Agreement Waiver, dated July 30, 2010, between Fannie Mae and WD

17.       Termination Letter dated June 20, 2011, from Fannie Mae to Green Park Financial Limited Partnership and Investment Property Mortgage, L.L.C. terminating selling rights of items 1-3 above.

18.       ASAP Plus Amendment with WD dated June 29, 2011.

19.       Limited Power of Attorney dated November 11, 2011 through November 11, 2013.

20.       Second Amendment to ASAP Plus Agreement with WD dated December 27, 2011.

21.       Amended and Restated Fannie Mae Delegated Underwriting and Servicing Master Loss Sharing Agreement dated June 1, 2012.

22.       Letter dated June 1, 2012 re Amended and Restated Master Loss Sharing Agreement from Walker & Dunlop, LLC to Fannie Mae.

23.       First Amendment to Amended and Restated Master Loss Sharing Agreement, dated as of September 4, 2012, between Fannie Mae and Walker & Dunlop, LLC.

24.       Consent Agreement (DUS), dated as of September 4, 2012, by Fannie Mae, CWCapital LLC and Walker & Dunlop, LLC.

25.       Consent letter agreement, dated as of September 4, 2012, by Fannie Mae to Walker & Dunlop, LLC, Walker & Dunlop, Inc., Walker & Dunlop Multifamily, Inc., Walker & Dunlop Capital, LLC and Bank of America, National Association.

26.       Consent to Assignment, dated as of September 4, 2012, by Fannie Mae, CWCapital LLC, Walker & Dunlop, LLC, and Citibank, N.A.

27.       Second DUS Addendum to Mortgage Selling and Servicing Contract effective as of September 4, 2012, by and between Fannie Mae and Walker & Dunlop, LLC.

 

 

28.       Omnibus Assignment, dated September 4, 2012, by and between CWCapital LLC and Walker & Dunlop, LLC

29.       Transfer Agreement, dated as of September 4, 2012, among Fannie Mae, Walker & Dunlop Capital LLC and Walker & Dunlop, LLC

30.       Letter dated September 14, 2012 re Chief Underwriter Approval and Pre-Review Release-Small Loans from Fannie Mae to Walker & Dunlop, LLC

31.       MAH Renewal with Walker & Dunlop LLC, dated 3/31/13, through 3/31/14.

32.       Letter Agreement (True-up Payments), dated as of December 19, 2013, between Fannie Mae and Walker & Dunlop, LLC.

33.       Letter and Notice of Termination, dated as of December 19, 2013, by Fannie Mae to Walker & Dunlop, LLC.

34.       Letter agreement dated December 20, 2013 re New Term Facility by and among Fannie Mae, Walker & Dunlop, LLC and Wells Fargo Bank, National Association

35.       Senior Housing Renewal Letter dated March 31, 2014, by Fannie Mae to WD

36.       Fourth DUS Addendum to MSSC dated 3/20/15

37.       MAH Renewal with Walker & Dunlop, LLC dated 3/31/18 through 3/31/19

 

 

Schedule 2

 

WD Capital Fannie Mae Contracts

 

1.                                      Pre-Commitment Review Aggregation Agreement dated March 26, 1999 under name of Continental Wingate.

 

2.                                      Post-Commitment Aggregation Agreement dated March 26, 1999 under name of Continental Wingate.

 

3.                                      Transfer Agreement dated as of October 31, 2011 among Citibank, CWCapital LLC and Fannie Mae.

 

4.                                      Mortgage Loan Servicing Agreement dated as of October 31, 2011 between Fannie Mae and CWCapital LLC.

 

5.                                      First Amendment to Mortgage Servicing and Related Assets Purchase and Sale Agreement, dated October 31, 2011, between Citibank and CWCapital LLC.

 

6.                                      Credit Support and Collateral Pledge Agreement (100% Recourse Pool) dated as of October 31, 2011 among Fannie Mae, CWCapital LLC, Citibank, and US Bank.

 

7.                                      Amended and Restated Credit Support and Collateral Pledge Agreement (1% Top Loss Pool) dated as of October 31, 2011 among Fannie Mae, CWCapital LLC, Citibank, N.A. and U.S. Bank, National Association

 

8.                                      Interim Servicing Agreement dated as of October 31, 2011 between Citibank and CWCapital LLC.

 

9.                                      Assignment and Assumption Agreement dated as of October 31, 2011 between Citibank and CWCapital LLC.

 

10.                               Bill of Sale dated as of October 31, 2011 between Citibank and CWCapital LLC.

 

11.                               Mortgage Servicing and Related Assets Purchase and Sale Agreement dated as of October 31, 2011 between CWCapital LLC and Citibank, N.A.

 

12.                               First Amendment to Transfer Agreement dated as of November 18, 2011 among Citibank, N.A., CWCapital LLC and Fannie Mae.

 

13.                               Mortgage Loan Sub-Servicing Agreement between CWCapital LLC and CWCapital Asset Management LLC dated December 19, 2011.

 

14.                               Termination Letter of selling rights only, indicating outstanding aggregation loans were still being serviced, dated June 20, 2011 from Fannie Mae to CWCapital LLC.

 

15.                               Consent to Subservicing dated May 30, 2012.

 

 

Schedule 3

 

List of Approved Drafts

 

1.                                      $300,000,000.00 Amended and Restated Credit Agreement dated as of November 7, 2018 by and among the Lenders referred to therein, as Lenders; Wells Fargo Bank, National Association, as Administrative Agent; Walker & Dunlop, Inc., as Borrower; Draft # 107986759_4 dated as of November 7, 2018 (the “Credit Agreement”) attached as Exhibit A.

 

2.                                      Amended and Restated Guarantee and Collateral Agreement dated as of November 7, 2018 by and among Walker & Dunlop, Inc., as Borrower, Walker & Dunlop Capital LLC, Walker & Dunlop, LLC, Walker & Dunlop Multifamily, Inc., and W&D BE, Inc., each as Subsidiary Guarantors; and Wells Fargo Bank, National Association, as Administrative Agent; Draft #108492798_3 dated as of November 7, 2018 (the “Guarantee and Collateral Agreement”) attached as Exhibit B.

 

 

Schedule 4

 

Organizational Chart of Loan Parties

 

 

 

EXHIBIT A

 

Approved Form of Credit Agreement

 

[See attached.]

 

 

EXHIBIT B

 

Approved Form of Guarantee and Collateral Agreement

 

[See attached.]

 

 

Exhibit VI

 

Form of Freddie Mac Agency Consent

 

[to be attached]

 

[Exhibit VI to Amended and Restated Guarantee and Collateral Agreement]

 

 

November 7, 2018

 

Via Overnight Mail

 

Walker & Dunlop, LLC

Walker & Dunlop Capital, LLC

7501 Wisconsin Avenue - Suite 1200E

Bethesda, Maryland 20814

 

Wells Fargo Bank, National Association

MAC D1109-019

1525 West W.T. Harris Boulevard

Charlotte, North Carolina 28262

Attention of: Syndication Agency Services

 

Ladies and Gentlemen:

 

This letter agreement (this “Agreement”) is being entered into as of the date set forth above (the “Effective Date”) by and among the signatories hereto with respect to the New Term Facility, as hereinafter defined.

 

Walker & Dunlop, LLC, a Delaware limited liability company (“WDLLC”), is a Seller/Servicer (as defined in the Guide, as defined below) pursuant to the Program Plus and Seniors Housing Amended and Restated Multifamily Selling and Servicing Agreement dated as of November 1, 2012, by and between WDLLC and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), which is subject to the Freddie Mac Multifamily Seller/Servicer Guide (including, as applicable, the Freddie Mac Delegated Underwriting for Targeted Affordable Housing Guide), as may be amended, restated, supplemented or otherwise modified from time to time (the “Guide”). The Guide, together with the Program Plus and Seniors Housing Amended and Restated Multifamily Selling and Servicing Agreement, and any other document executed in connection therewith, in each case as may be amended, restated, supplemented or otherwise modified from time to time, are collectively referred to herein as the “Freddie Mac Contracts”. The Freddie Mac Contracts are listed on Schedule 1 hereto.  Walker & Dunlop Capital, LLC, a Massachusetts limited liability company (“WD Capital”) and formerly known as CWCapital LLC, is a party to certain agreements with Freddie Mac that are listed on Schedule 2 hereto (the “WD Capital Freddie Mac Contracts”). References herein to “Freddie Mac Contracts” shall mean and refer, collectively, to (i) the WDLLC Freddie Mac Contracts and (ii) the WD Capital Freddie Mac Contracts.

 

Capitalized terms used but not defined in this letter shall have the meanings ascribed to them in the Guide, provided that if such a term is not defined in the Guide it shall have the meaning ascribed to it in the New Term Facility Drafts (as hereinafter defined).

 

On December 20, 2013, Walker & Dunlop, Inc., a Maryland corporation (“W&D”), and the 100% direct or indirect owner of WDLLC, as the “Borrower”, and WDLLC, WD Capital, and certain affiliates thereof, as “Guarantors,” entered into a term loan credit facility (the “Existing Facility”) with Wells Fargo Bank, National Association, as administrative agent, collateral agent and lender, in an aggregate principal amount of $175,000,000.  It is proposed that the Existing Facility be amended and restated pursuant to an amended and restated credit agreement to be entered into on or about the date hereof by and among W&D, as borrower, certain financial institutions as lenders and Wells Fargo Bank, National Association, as administrative agent (in such capacity, “Agent”) to amend and restate and refinance the Existing Facility, with the restated term loan amount being $300,000,000 (the “New Term Facility”). In addition to refinancing the Existing Facility, the proceeds from the Term Loan will be used to, among other things, pay

 

 

fees and expenses in connection with such refinancing and the New Term Facility and finance ongoing working capital requirements and other general corporate purposes of W&D, including investments and share repurchases.

 

W&D, a publicly traded company, owns 100% of the equity interests in. Walker & Dunlop Multifamily, Inc. a Delaware corporation (“WD Multifamily”), which owns 100% of the equity interest in WDLLC, which owns, 100% of the equity interest in WD Capital (WD Multifamily, WDLLC and WD Capital are referred to herein, collectively, as the “Obligor Group”). The New Term Facility will be evidenced and secured by, among other instruments, documents, and agreements, the “Credit Agreement” and the “Guarantee and Collateral Agreement” (so referred to herein) described in Schedule 3 hereto. Each of Borrower and the Obligor Group will execute and deliver, among other things, the Credit Agreement and the Guarantee and Collateral Agreement in connection with the New Term Facility.

 

Borrower and the Obligor Group (collectively, the “Loan Parties”) request that Freddie Mac consent to the Loan Parties’ entering into the New Term Facility on the terms set forth in the Credit Agreement, the Guarantee and Collateral Agreement, and any other documents identified on Schedule 3 attached hereto and incorporated herein by this reference, in each case in the respective forms set forth in Exhibit A attached hereto (collectively, the “New Term Facility Drafts”). Freddie Mac’s consent, if any, is subject to the terms and conditions of this Agreement and pertains only to (1) the guarantee provided by WDLLC and WD Capital pursuant to Article 2 of the Guarantee and Collateral Agreement (the “WD Guarantee”), as referenced below, (ii) the Specified Pledged Equity Interests, as such term is defined in Section 1.02 of the Guarantee and Collateral Agreement, (iii) and the Freddie Mac Collateral, as such term is defined in Section 8.02 of the Guarantee and Collateral Agreement (collectively, the “Freddie Mac Consent”). The attachment of the New Term Facility Drafts to this Agreement shall not be deemed approval by Freddie Mac of the provisions of such documents, whether in draft or final form, other than the Specified Freddie Mac Provisions (as such term is defined below) and the provisions that pertain to the WD Guarantee, the Specified Pledged Equity Interests and the Freddie Mac Collateral.

 

Agent and Loan Parties expressly acknowledge and agree that Freddie Mac’s Consent is provided in reliance on the Specified Freddie Mac Provisions (as defined below) set forth in the New Term Facility Drafts. Freddie Mac, in providing the Freddie Mac Consent hereunder, is relying fully, and such Freddie Mac Consent is expressly conditioned, upon the compliance by Agent and Loan Parties (“Compliance with Specified Freddie Mac Provisions”) with all covenants, conditions, agreements and other terms and provisions set forth in Section 8.02 of the Guarantee and Collateral Agreement and in Section 8.4(b), Section 7.12, and Section 9.8 of the Credit Agreement (collectively, the “Specified Freddie Mac Provisions”). All of the Specified Freddie Mac Provisions (including all applicable sectional and definitional references therein) are specifically incorporated herein by reference, including, without limitation, with respect to all agreements, limitations, restrictions applicable to Agent and Loan Parties, respectively, and the consent rights of Freddie Mac applicable with respect to the Freddie Mac Collateral and the Specified Pledged Equity Interests, all as and when expressly provided in accordance with the Specified Freddie Mac Provisions. In the absence of the Freddie Mac Consent, the granting by Loan Parties of the Specified Ownership Interest Pledge in the Specified Pledged Entities (which could result in a change of the ownership structure of WDLLC or WD Capital if Agent exercises its default remedies under the New Term Facility) could constitute a breach of the applicable Freddie Mac Contracts.

 

Accordingly, in consideration of Freddie Mac providing the Freddie Mac Consent hereunder, the parties hereto acknowledge and agree as follows:

 

3

 

Agent Agreements. In consideration of Freddie Mac entering into this Agreement and providing the Freddie Mac Consent, Agent hereby acknowledges and agrees as follows:

 

Agent shall not modify or permit modification of any of the New Term Facility Drafts prior to execution by the parties thereto without first obtaining Freddie Mac’s prior written consent to such modification.

 

Upon the execution and delivery of the Facility Documents (defined below) in connection with the establishment of the New Term Facility, Agent:

 

ratifies, confirms, and reaffirms to, and for the benefit of, Freddie Mac the Specified Freddie Mac Provisions; and

 

acknowledges and agrees that

 

the Loan Parties’ grant, and Agent’s acceptance, of the respective pledge and security interests in the Freddie Mac Collateral and Specified Pledged Equity Interests is strictly in accordance with the Specified Freddie Mac Provisions; and

 

in exercising its rights, remedies, powers, privileges, and discretions under the Credit Agreement, the Guarantee and Collateral Agreement and/or any other Facility Document, Agent shall act strictly in Compliance with the Specified Freddie. Mac Provisions.

 

Following execution of the Facility Documents, without the prior written consent of Freddie Mac, the Agent shall not modify or permit modification of any of the Specified Freddie Mac Provisions or any other provision in the Facility Documents that in any way would modify terms applicable to Freddie Mac or the related Freddie Mac Collateral or the Freddie Mac Contracts or that could reasonably be expected to have or result in a material adverse effect on Freddie Mac and/or the obligations of any of the Loan Parties under any of the Freddie Mac Contracts.

 

Without limitation of the foregoing, Agent represents, warrants and covenants that:

 

neither Agent nor any other Secured Party under the New Term Facility has taken or will take any Lien on:

 

any right, obligation or other interest of any Loan Party under any of the Freddie Mac Contracts (other than in the right to receive payment of servicing compensation thereunder, subject to and subordinate to all of the rights and remedies of Freddie Mac thereunder and any other Income constituting Freddie Mac Collateral (as each such term is defined in the Guarantee and Collateral Agreement), and not including any right to assume or assign such Freddie Mac Contracts),

 

4

 

any right, title or interest of any Loan Party in or to any Freddie Mac Loan (or any related mortgaged property or other collateral therefor) to be transferred to or on behalf of Freddie Mac pursuant to any Freddie Mac Contract, or

 

any other Excluded Freddie Mac-Related Assets (as defined in Section 8.02(a)(i) of the Guarantee and Collateral Agreement);

 

notwithstanding any contrary provision in any Facility Document, neither Agent nor any other Secured Party under the New Term Facility shall prohibit or otherwise limit any Loan Party from amending, restating, supplementing, modifying or waiving any default by an underlying obligor or related to the servicing of an underlying mortgage loan under any Collateral Transaction Document if such prohibition or limitation could have a material adverse effect on the performance by any Loan Party of any of its duties or obligations under any of the Freddie Mac Contracts (including, without limitation, any duties and obligations with respect to servicing of Freddie Mac Loans);

 

notwithstanding any contrary provision in any Facility Document, neither Agent nor any other Secured Party under the New Term Facility shall prohibit or otherwise limit any Loan Party from consenting, to or otherwise effecting or implementing any amendment, restatement, supplement or other modification to or of any Freddie Mac Contract consistent with modifications generally applicable to the Freddie Mac Contracts or to a Freddie Mac Seller/Servicer, if such amendment, restatement, supplement or other modification is required or requested by Freddie Mac; and

 

if Agent or any other Secured Party under the New Term Facility exercises any rights or remedies with respect to any assets or properties of any Loan Party included within the Collateral (including, without limitation, any rights of a secured party to take possession, of or sell any such assets or properties), unless and until there has been a complete disposition of the Freddie Mac Agreements pursuant to a Specified Sale of Freddie Mac Program Assets that is expressly permitted under Section 8.02(b)(iv) of the Guarantee and Collateral Agreement, in exercising such rights and remedies, neither Agent nor any other Secured Party will take any action that could reasonably be expected to prevent WDLLC or WD Capital from continuing to perform its respective obligations under the Freddie Mac Contracts and continuing its respective operations relating thereto substantially as conducted prior to such exercise of remedies, without material change in processes, systems, or personnel in a manner that is reasonably likely to:

 

have a material adverse effect on the performance by WDLLC or WD Capital of any of its respective duties or obligations under the Guide or any of the other Freddie Mac Contracts (including, without limitation, any duties and obligations with respect to servicing of Freddie Mac Loans); or

 

cause WDLLC or WD Capital not to be an eligible Seller/Servicer under the Guide.

 

5

 

Notwithstanding anything to the contrary contained herein, Agent shall have no liability to Freddie Mac for any of the obligations of the Loan Parties, including, without limitation, the respective liabilities of the Loan Parties under the Freddie Mac Contracts, unless (and, in such case, to the extent) any such obligations are assumed by Agent in connection with its exercise of rights and remedies in accordance with the terms of this Agreement (including, without limitation, the Specified Freddie Mac Provisions); provided, nothing herein shall relieve Agent from liability to Freddie Mac for any breach by Agent of the terms of this Agreement (including, without limitation, the Specified Freddie Mac Provisions).

 

Agent hereby represents and warrants to Freddie Mac that:

 

it has power and authority to enter into this Agreement in its capacity as Agent;

 

it has duly authorized, executed and delivered this Agreement;

 

it is authorized to, and, by its execution and delivery hereof, does hereby bind any other lender now or hereafter party to the New Term Facility;

 

no consent, approval, authorization, order, or other action of, any court or regulatory or governmental agency or body or any other person is required that has not been obtained for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement; and

 

each person who is a “Lender” from time to time under the New Term Facility, and any successor “Agent” thereunder, shall be bound by this Agreement.

 

Loan Party Agreements. In consideration of Freddie Mac entering into this Agreement and providing the Freddie Mac Consent, the Loan Parties jointly and severally agree as follows:

 

Upon the execution and delivery of the Facility Documents (defined below) in connection with the establishment of the New Term Facility, each Loan Party:

 

ratifies, confirms, and reaffirms to, and for the benefit of, Freddie Mac the Specified Freddie Mac Provisions; and

 

acknowledges and agrees that:

 

the Loan Parties’ grant, and Agent’s acceptance, of the respective pledge and security interests in the Freddie Mac Collateral and Specified Pledged Equity Interests is strictly in accordance with the Specified Freddie Mac Provisions; and

 

the Loan Parties shall act strictly in Compliance with the Specified Freddie Mac Provisions and all Freddie Mac Agreements.

 

The Loan Parties shall not modify or permit modification of any of the Approved Drafts prior to execution by the parties thereto without first obtaining Freddie Mac’s prior written consent to such modification. Following execution of documents in the forms of the New Term

 

6

 

Facility Drafts (as so executed, the “Facility Documents”), without the prior written consent of Freddie Mac the Loan Parties shall not modify or permit the modification of any of the Specified Freddie Mac Provisions or any other provision in the Facility Documents that in any way would modify terms applicable to Freddie Mac or the related Freddie Mac Collateral or the Freddie Mac Contracts or that could reasonably be expected to have or result in a material adverse effect on Freddie Mac and/or the obligations of any of the Loan Parties under any of the Freddie Mac Contracts. Each Loan Party hereby represents and warrants to Freddie Mac that the Facility Documents delivered to Freddie Mac are each true, correct and complete, and, there are no documents, instruments or other agreements with respect to the New Term Facility, other than those as delivered by the Loan Parties to Freddie Mac.

 

The Loan Parties jointly and severally represent, warrant and covenant that:

 

none of the Loan Parties has granted nor will grant to Agent or any other Secured Party under the New Term Facility any Lien on:

 

any right, obligation or other interest of any Loan Party under any of the Freddie Mac Contracts (other than in the right to receive payment of servicing compensation thereunder and the Income constituting Freddie Mac Collateral in accordance with the Specified Freddie Mac Provisions, which rights are subject to and subordinate to all of the rights and remedies of Freddie Mac thereunder, including the right of Freddie Mac to retain all or some portion of servicing compensation upon a termination of servicing pursuant to Section 4.6 of the Guide notwithstanding the provisions of the Facility Documents which may provide for Credit Party tights in accrued and earning servicing Income, and not including any right to assume or assign such Freddie Mac Contracts),

 

any right, title or interest of any Loan Party in or to any Freddie Mac Loan (or any related mortgaged property or other collateral therefor) to be transferred to or on behalf of Freddie Mac pursuant to any Freddie Mac Contract, or

 

any other Excluded Freddie Mac-Related Assets;

 

no provision of any Facility Document will prohibit or otherwise limit any Loan Party from amending, restating, supplementing, modifying or waiving any default by an underlying obligor or related to the servicing of an underlying mortgage loan under any Collateral Transaction Document if such prohibition or limitation could have a material adverse effect on the performance by any Loan Party of any of its duties or obligations under any of the Freddie Mac Contracts (including, without limitation, any duties and obligations with respect to servicing of Freddie Mac Loans);

 

no provision of any Facility Document will prohibit or otherwise limit any Loan Party from consenting to or otherwise effecting or implementing any amendment, restatement, supplement or other modification to or of any Freddie Mac Contract consistent with modifications generally applicable to the Freddie Mac Contracts or to a

 

7

 

Freddie Mac Seller/Servicer, if such amendment, restatement, supplement or other modification is required or requested by Freddie Mac; and

 

neither this Agreement nor any statement, agreement or other document furnished to Freddie Mac in connection with the consent request herein, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein, in light of the circumstances under which they were made, not misleading; and there is no fact concerning or related to the New Term Facility known to any of the Loan Parties that could materially adversely affect the interests of Freddie Mac which have not been set forth herein or in statements, agreements or other documents furnished in writing by the Loan Parties to Freddie Mac prior to the date hereof in connection with the transactions contemplated hereby.

 

The Loan Parties will deliver to Freddie Mac, within the times specified in Sections 6.1 and 6.2 of the Credit Agreement, copies of the annual and quarterly financial statements, reports and Officer’s Compliance Certificates of the Loan Parties required to be delivered to Agent pursuant those sections.

 

The Loan Parties shall deliver to Freddie Mac a copy of any default notice delivered by Agent to any of the Loan Parties pursuant to the Facility Documents.

 

Each of the Loan Parties hereby represents and warrants to Freddie Mac that:

 

it has power and authority to enter into this Agreement;

 

it has duly authorized, executed and delivered this Agreement;

 

no consent, approval, authorization, order, or other action of, any court or regulatory or governmental agency or body or any other person is required that has not been obtained for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement;

 

the closing and consummation of the New Term Facility have occurred as of the date hereof in accordance with the terms and conditions thereof; and

 

a true, correct and complete organizational chart of the Loan Parties and related entities has been delivered to Freddie Mac and the same is attached hereto as Schedule 4.

 

The Loan Parties agree that this Agreement and all Freddie Mac Agreements, as such term is defined in the Credit Agreement, shall inure to the benefit of Freddie Mac’s successors and assigns, including any wholly owned subsidiaries of Freddie Mac (individually or collectively, the “MF Subsidiary”), and any assignments of any Freddie Mac Agreements to the MF Subsidiary or consent to such assignments by WDLLC or any of the Obligor Group shall be deemed approved by the Agent, including assignments of any Material Contracts related thereto, as such term is defined in the Credit Agreement.

 

8

 

Notices to Freddie Mac. As further provided in the Specified Freddie Mac Provisions, notices and copies required by this Freddie Mac Consent to be delivered to Freddie Mac pursuant to this Agreement shall be delivered to Freddie Mac at the following address:

 

Freddie Mac

Multifamily Division

8100 Jones Branch Drive

Mailstop B4A

McLean, Virginia 22102

Attn: Multifamily Customer Compliance Management Director

 

with a copy to:

 

Freddie Mac

Legal Di vision

8200 Jones Branch Drive

Mail stop 210

McLean, Virginia 22102

Attn: Vice President, Multifamily Real Estate

 

Freddie Mac Consent. Subject to the terms, conditions, representations, warranties and covenants contained in this Agreement (on which Freddie Mac relies in granting the consent requested hereunder), Freddie Mac hereby gives the Freddie Mac Consent as of the Effective Date. The effectiveness of the foregoing Freddie Mac Consent is further subject to the following conditions precedent: (1) receipt by Freddie Mac of this Agreement, fully executed by each of the parties hereto; (2) receipt by Freddie Mac of all fees, costs and expenses (including, but not limited to, attorneys’ fees) incurred by Freddie Mac in connection with this Agreement and the transactions contemplated hereby; (3) no default or event of default shall have occurred and be outstanding under the Freddie Mac Contracts or under the Facility Documents; (4) the review and approval by Freddie Mac of all documents, agreements and related matters relating to the New Term Facility; and (5) such other assurances, certificates, documents, consents or opinions as Freddie Mac may require. If all such conditions precedent are satisfied, then Freddie Mac shall confirm in writing to Agent such satisfaction of said conditions precedent (and the effectiveness of this Freddie Mac Consent) in connection with the closing of the New Term Facility, and Agent may rely on such said effectiveness of this Freddie Mac Consent, as of the Effective Date, in entering into the New Term Facility.

 

Guide References. All references to the Guide herein or in any of the Facility Documents shall be to the Guide as in effect at any and all times relevant hereto. All references herein or in any of the Facility Documents to particular chapters or sections of the Guide shall be to the chapters or sections of the Guide, as in effect at such times, that correspond to the referenced chapters or sections of the Guide in effect on the date hereof.

 

Delivery of Executed Facility Documents. No later than five (5) days after the execution thereof by the parties thereto, the Loan Parties shall deliver to Freddie Mac fully-executed copies of the Credit Agreement, the Guarantee and Collateral Agreement and (if any) all other Facility Documents.

 

9

 

No Consent with Respect to Other Matters. The Freddie Mac Consent herein does not pertain to any transaction, event, action or circumstance other than the New Term Facility as expressly described herein and as contemplated in the Approved Drafts. Without limitation of the foregoing, the Freddie Mac Consent does not pertain to any extension, increase, amendment or other modification, supplement or change in, of or to the New Term Facility or any terms thereof following the execution of the Facility Documents.

 

No Assignment by Agent or Loan Parties. Neither Agent nor any of the Loan Parties may assign or otherwise transfer any of its respective rights, duties or obligations hereunder without the prior written consent of Freddie Mac.

 

Default. Failure to comply with the terms, conditions, representations, warranties or covenants contained in this Agreement (including, without limitation, the Specified Freddie Mac Provisions) shall be an Event of Default under the Freddie Mac. Contracts.

 

Release. By its execution of this Agreement, the Loan Parties and Agent agree to release and discharge Freddie Mac from any claims, losses, obligations and liabilities arising out of or in connection with, in whole or in part, any event, act, omission or transaction relating in any way to the transactions contemplated herein, other than due to a breach by Freddie Mac of its agreements under this Agreement.

 

General Provisions. This Agreement may be executed in multiple counterparts, all of which shall constitute one and the same agreement, and each of which shall be deemed to be an original. Signatures transmitted electronically (including by fax or email) shall have the same legal effect as original, but each party nevertheless shall deliver original signed counterparts of this Agreement to each other party if so requested by such other party. Any reference to the parties to this Agreement shall be deemed to include the successors and assigns of such party. All covenants and agreements contained in this Agreement are for the benefit of the parties to this Agreement only, and nothing express or implied in this Agreement is intended to be for the benefit of any other person. No term, covenant, agreement or condition may be amended, modified or waived, except by an instrument in writing duly executed and delivered by the parties sought to be bound. This Agreement shall be governed by the federal laws of the United States, and, to the extent there is no applicable federal law, the laws of the. Commonwealth of Virginia without giving effect to internal choice of law rules.

 

10

 

If you have any questions relating to the foregoing, please feel free to contact Erlita Shively at (703) 714-2746.

 

	
Very truly yours,
    	
 
    
	
 
    	
 
    
	
FREDDIE MAC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

Walker & Dunlop, Inc.

Freddie Mac — Consent

Signature Page

 

 

	
Agreed and consented to as of
    	
 
    
	
the Effective Date by each of
    	
 
    
	
the Loan Parties identified below:
    	
 
    
	
 
    	
 
    
	
WALKER & DUNLOP, LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    

 

	
WALKER & DUNLOP, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    

 

	
WALKER & DUNLOP MULTIFAMILY, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    

 

	
WALKER & DUNLOP CAPITAL, LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    

 

	
W&D BE, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
Stephen P. Theobald
    	
 
    
	
Title:
    	
Executive Vice President and Chief Financial Officer
    	
 
    

 

Walker & Dunlop, Inc.

Freddie Mac — Consent

Signature Page

 

 

	
Agreed and consented to as of
    	
 
    
	
the Effective Date:
    	
 
    
	
 
    	
 
    
	
WELLS FARGO BANK, 
    	
 
    
	
NATIONAL ASSOCIATION,
    	
 
    
	
as Administrative Agent
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

Walker & Dunlop, Inc.

Freddie Mac — Consent

Signature Page

 

 

Schedule 1

 

List of Freddie Mac Contracts

 

1.                          Approval Letter (re: Approval of Walker & Dunlop, Inc. and Green Park Financial’s acquisition/merger of Column Guaranteed LLC), dated as of December 23, 2008, by Freddie Mac to Walker & Dunlop, Inc.

 

2.                          Approval Letter (re: Atlanta, GA, New Orleans, LA and Walnut Creek, CA branch office), dated February 4, 2009 by Freddie Mac to Walker & Dunlop, Inc.

 

3.                          Approval Letter (re: Walker & Dunlop, LLC Servicing Evaluation), dated June 5, 2009, by Freddie Mac to Walker & Dunlop, LLC.

 

4.                          Servicing Evaluation Approval Letter (Email dated 6/10/09) by Freddie Mac to Walker & Dunlop, LLC.

 

5.                          Approval Letter (for Bethesda, Maryland, branch office of Walker & Dunlop, LLC), dated September 22, 2009, by Freddie Mac to Walker & Dunlop, LLC.

 

6.                          Subservicing Agreement with Midland Loan Services (Email dated 11/24/09 by Freddie Mac to Walker & Dunlop, LLC. Multifamily Seller/Servicer Change Notification (Form 1107M) by Walker & Dunlop, LLC and Midland Loan Services (effective 11/29/09)

 

7.                          Approval Letter (for New York, NY branch office of Walker & Dunlop, LLC), dated February 18, 2010, by Freddie Mac to Walker & Dunlop, LLC.

 

8.                          Approval Letter (re: Freddie Mac National Seniors Housing Designation Approval), dated September 7, 2011, by Freddie Mac to Walker & Dunlop, LLC

 

9.                          Freddie Mac Program Plus and Seniors Housing Multifamily Selling and Servicing Agreement, executed by Walker & Dunlop, LLC as of September 9, 2011.

 

10.                   Letter dated February 20, 2012 re 2012 mortgage purchase goal by Freddie Mac to Walker & Dunlop, LLC.

 

11.                   Consent letter, dated as of August 31, 2012, by Freddie Mac to Walker & Dunlop, LLC, Walker & Dunlop, Inc., Walker & Dunlop Multifamily, Inc., Walker & Dunlop Capital, LLC and Bank of America, National Association.

 

12.                   Approval letter (re: acquisition), dated as of August 31, 2012, by Freddie Mac to Walker & Dunlop, LLC and CWCapital, LLC

 

13.                   Letter agreement, dated August 31, 2012, re Purchase Transaction, Amended Facility and WDLLC Transfer, by and among Freddie Mac, Walker & Dunlop, LLC, Walker & Dunlop, Inc., Walker & Dunlop Multifamily, Inc., Walker & Dunlop Capital, LLC, CWCapital LLC and Bank of America, National Association.

 

14.                   First Amendment to Custodial Agreement dated September 4, 2012 by and between CWCapital LLC, Walker & Dunlop, LLC, and Freddie Mac.

 

15.                   Assignment and Assumption Agreement, dated September 4, 2012, by and between CW Capital LLC and Walker & Dunlop, LLC.

 

16.                   Amended and Restated Multifamily Selling and Servicing Agreement, dated September 4, 2012, by and between Freddie Mac and Walker & Dunlop, LLC.

 

17.                   Approval Letter (for Hartland, Wisconsin branch office of Walker & Dunlop, LLC), dated September 10, 2012, by Freddie Mac to Walker & Dunlop, LLC

 

18.                   Approval Letter (for Weston, Florida branch office of Walker & Dunlop, LLC), dated September 11, 2012, by Freddie Mac to Walker & Dunlop, LLC

 

19.                   Freddie Mac Program Plus and Seniors Housing Amended and Restated Multifamily Selling and Servicing Agreement, executed by Walker & Dunlop, LLC as of November 1, 2012.

 

20.                   Letter agreement dated December 20, 2013 re New Term Facility by and among Freddie Mac, Walker & Dunlop, LLC and Wells Fargo Bank, National Association

 

 

21.                   Approval Letter (for Dallas, Texas branch office of Walker & Dunlop, LLC), dated May 5, 2015, by Freddie Mac to Walker & Dunlop, LLC

 

22.                   Agreement Regarding Extension of Mandatory Funding date dated August 27, 2015 between Freddie Mac and Walker & Dunlop, LLC

 

23.                   Approval Letter (for Birmingham, Alabama branch office of Walker & Dunlop, LLC), dated September 3, 2015, by Freddie Mac to Walker & Dunlop, LLC

 

24.                   Agreement Regarding Extension of Mandatory Funding Date, dated August 1, 2016, between Freddie Mac and Walker & Dunlop, LLC

 

25.                   Agreement Regarding Extension of Mandatory Funding Date dated August 22, 2017 between Freddie Mac and Walker & Dunlop, LLC

 

26.                   Evaluation Services Agreement dated August 28, 2018 between Green River Capital, LLC, Freddie Mac and Walker & Dunlop, LLC

 

 

Schedule 2

 

WD Capital Freddie Mac Contracts

 

1.                          Master Agreement, dated as of March 30, 2007, by and between Freddie Mac and CWCapital LLC.

 

2.                          Approval Letter (re: Master Agreement, dated March 30, 2007, for Targeted Affordable Housing Loans), dated April 12, 2007, by Freddie Mac to CWCapital LLC.

 

3.                          Approval Letter (re: Targeted Affordable Housing Loans), dated April 12, 2007, by Freddie Mac to CWCapital LLC.

 

4.                          Approval Letter (re: Freddie Mac Program Plus Approval), dated October 10, 2007, by Freddie Mac to CWCapital LLC.

 

5.                          Approval Letter (for Atlanta, GA branch of CWCapital LLC), dated October 12, 2007, by Freddie Mac to CWCapital LLC.

 

6.                          First Amendment to Master Agreement, dated as of April 1, 2008, by and between Freddie Mac and CWCapital LLC.

 

7.                          Expedited Funding Agreement, dated as of August 5, 2008, by and between Freddie Mac and CWCapital LLC.

 

8.                          Expedited Funding Agreement dated as of November 7, 2008 between Freddie Mac and CWCapital LLC.

 

9.                          Approval Letter (re: CWCapital LLC acquisition of Sierra Capital Partners, Inc.), dated June 30, 2009, by Freddie Mac to CWCapital LLC.

 

10.                   Letter, dated July 16, 2009, re Transfer of Servicing Agreement (Loans from Sierra Capital Partners, Inc. to CWCapital LLC), by Freddie Mac to CWCapital LLC

 

11.                   Targeted Affordable Housing Selling and Servicing Agreement executed by CWCapital LLC as of July 8, 2010.

 

12.                   Letter dated August 5, 2010 re Dunwoody Place Apartments and Master Agreement requirements/Letter of Credit

 

13.                   Approval Letter (re: CWCapital LLC, CW Financial Services LLC, Galaxy Acquisition LLC and Fortress Investment Group-Transfer of Stock), dated August 10, 2010, by Freddie Mac to CWCapital LLC.

 

14.                   Modification to Master Agreement, dated as of January   , 2011, by and between Freddie Mac and CWCapital LLC.

 

15.                   Approval Letter (re: Freddie Mac National Seniors Housing Designation Approval), dated September 7, 2011, by Freddie Mac to CWCapital LLC.

 

16.                   Freddie Mac Program Plus and Seniors Housing Multifamily Selling and Servicing Agreement executed by CWCapital LLC as of September 7, 2011.

 

17.                   Approval Letter (re: Princeton, New Jersey branch), dated January 11, 2012, by Freddie Mac to CWCapital LLC.

 

18.                   First Amendment to Custodial Agreement dated September 4, 2012 by and between CWCapital LLC, Walker & Dunlop, LLC, and Freddie Mac.

 

19.                   Assignment and Assumption Agreement, dated September 4, 2012, by and between CWCapital LLC and Walker & Dunlop, LLC.

 

 

Schedule 3

 

List of Approved Drafts

 

1.                          $300,000,000.00 Amended and Restated Credit Agreement dated as of November 7, 2018 by and among the Lenders referred to therein, as Lenders, Wells Fargo Bank, National Association, as Administrative Agent, and Walker & Dunlop, Inc., as Borrower (the “Credit Agreement”)

 

2.                          Amended and Restated Guarantee and Collateral Agreement dated as of November 7, 2018 by and among Walker & Dunlop, Inc., as Borrower, and Walker & Dunlop Capital LLC, Walker & Dunlop, LLC, Walker & Dunlop Multifamily, Inc., and W&D BE, Inc., each as Subsidiary Guarantors, and Wells Fargo Bank, National Association, as Administrative Agent (the “Guarantee and Collateral Agreement”).

 

 

Schedule 4

 

Organizational Chart of Loan Parties

 

 

 

EXHIBIT A

 

Copies of Approved Drafts

 

[See attached.]

 

 

Exhibit VII

 

Form of Investor Agency Consent

 

Not Applicable

 

[Exhibit VII to Amended and Restated Guarantee and Collateral Agreement]

 

 

Exhibit VIII

 

Form of Ginnie Mae Agency Acknowledgment

 

[to be attached]

 

[Exhibit VIII to Amended and Restated Guarantee and Collateral Agreement]

 

 

November 7, 2018

 

Wells Fargo Bank, National Association, as Administrative Agent

MAC D1109-019

1525 West W.T. Harris Boulevard

Charlotte, North Carolina 28262

Attention of: Syndication Agency Services

 

Walker & Dunlop Capital, LLC

Walker & Dunlop, LLC

7501 Wisconsin Avenue — Suite 1200E

Bethesda, MD 20814

 

Ladies and Gentleman:

 

The Government National Mortgage Association (“Ginnie Mae”) has been asked to review an Amended and Restated Credit Agreement (the “Credit Agreement”) and an Amended and Restated Guarantee and Collateral Agreement (the “Guarantee and Collateral Agreement”) each dated November, 2018 (collectively, the “Agreement”) to be executed among other documents, between Walker & Dunlop, Inc., a Maryland corporation (“WDINC”) as “Borrower” thereunder, by Walker & Dunlop, LLC, a Delaware limited liability company (“WDLLC”), Walker & Dunlop Capital, LLC, a Massachusetts limited liability company formerly known as CW Capital LLC (“WD Capital”), and Walker & Dunlop Multifamily, Inc., a Delaware corporation (“WD Multifamily”), each as “Guarantors” thereunder, the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the “Agent”) whereby such lenders will make a $300,000,000 term loan (the “Facility”) to WDINC, as Borrower, and guaranteed by Guarantors as provided in the Agreements.

 

Presently, WDLLC and WD Capital are parties to certain “Ginnie Mae Agreement” respecting “Ginnie Mae Designated Loans” (as such terms are defined in the Credit Agreement and so referred to herein).

 

Pursuant to the terms of the Guarantee and Collateral Agreement, each of the Guarantors will provide guarantees of the Borrower’s obligations under the Facility, pledge and grant a security interest in certain of its assets to the Agent, to secure the Borrower’s obligations under the Facility and pledge the equity (with certain exceptions) in certain of its majority-owned subsidiaries, including WD Multifamily, WDLLC, and WD Capital to secure the Borrower’s obligations under the Facility.

 

We note that Ginnie Mae is not a party to these Agreements, is not bound by these Agreements, and that Ginnie Mae’s rights as to collateral backing Ginnie Mae-guaranteed securities is not affected in any way by these Agreements.

 

We have reviewed the Agreements referenced above, including, without limitation, the provisions of Section 8.03 of the Guarantee and Collateral Agreement, and Ginnie Mae has no objection to the Agreements being executed by the parties.

 

If you have any questions relating to the forgoing, please let me know.

 

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
Gregory Keith
    
	
 
    	
Chief Risk Officer
    

 

 

Schedule I

 

Subsidiary Guarantors

 

	
Name of Company
    	
 
    	
Jurisdiction of incorporation
    	
 
    	
Taxpayer identification
   number
    	
 
    	
Location of Chief
   Executive Office
    
	
Walker & Dunlop   Multifamily, Inc.
    	
 
    	
Delaware
    	
 
    	
52-1572893
    	
 
    	
7501 Wisconsin Avenue,   Suite 1200E  

Bethesda, MD 20814
    
	
Walker & Dunlop, LLC
    	
 
    	
Delaware
    	
 
    	
80-0312140
    	
 
    	
7501 Wisconsin Avenue,   Suite 1200E  

Bethesda, MD 20814
    
	
Walker & Dunlop Capital,   LLC
    	
 
    	
Massachusetts
    	
 
    	
02-0590657
    	
 
    	
7501 Wisconsin Avenue,   Suite 1200E  

Bethesda, MD 20814
    
	
W&D BE, Inc.
    	
 
    	
Delaware
    	
 
    	
47-3077389
    	
 
    	
7501 Wisconsin Avenue,   Suite 1200E  

Bethesda, MD 20814
    

 

[Schedule I to Guarantee and Collateral Agreement]

 

 

Schedule II

 

Pledged Securities

 

Pledged Equity Interests

 

	
Name of Loan Party
    	
 
    	
Name of Equity Holder
    	
 
    	
Class and Series
    	
 
    	
Percentage of Ownership
   Interests of such Class and
   Series
    	
 
    
	
Walker & Dunlop, Inc.
    	
 
    	
Public Company
    	
 
    	
Common Stock, $0.01 par   value per share Preferred Stock, $0.01 par value per share
    	
 
    	
N/A
    	
 
    
	
Walker & Dunlop Multifamily, Inc.
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Common Stock, $1.00 par   value per share
    	
 
    	
100
    	
%
    
	
Walker & Dunlop, LLC
    	
 
    	
Walker &   Dunlop Multifamily, Inc.
    	
 
    	
Units of equity ownership   interest
    	
 
    	
100
    	
%
    
	
Walker & Dunlop Capital, LLC
    	
 
    	
Walker &   Dunlop, LLC
    	
 
    	
Units of equity   ownership interest
    	
 
    	
100
    	
%
    
	
W&D BE, Inc.
    	
 
    	
Walker &   Dunlop, LLC
    	
 
    	
Common Stock, $0.01 par   value per share
    	
 
    	
100
    	
%
    

 

 

Equity Interests of Excluded Subsidiaries, Persons that are not Subsidiaries, or other Persons not required to be pledged under this Agreement

 

	
Name of Loan Party
    	
 
    	
Name of Equity Holder
    	
 
    	
Class and Series
    	
 
    	
Percentage of Ownership
   Interests of such Class and
   Series
    	
 
    
	
W&D Interim Lender LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
W&D Interim Lender   II LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
W&D Interim Lender   III, Inc.
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Common Stock, $0.01 par   value per share
    	
 
    	
100
    	
%
    
	
W&D Interim Lender IV,   LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
W&D Interim Lender   V, Inc.
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Common Stock, $0.01 par   value per share
    	
 
    	
100
    	
%
    
	
Walker &   Dunlop Commercial Mortgage Manager, LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
Walker &   Dunlop Commercial Property Funding, LLC
    	
 
    	
Walker &   Dunlop Commercial Mortgage Manager, LLC
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
Walker &   Dunlop Commercial Property Funding I, LLC
    	
 
    	
Walker &   Dunlop Commercial Property Funding, LLC
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
Walker &   Dunlop Commercial Property Funding I WF, LLC
    	
 
    	
Walker &   Dunlop Commercial Property Funding I, LLC
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
Walker &   Dunlop Commercial Property Funding I CS, LLC
    	
 
    	
Walker &   Dunlop Commercial Property Funding I, LLC
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
Walker &   Dunlop Commercial Property Funding I CB, LLC
    	
 
    	
Walker &   Dunlop Commercial Property Funding I, LLC
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    

 

 

	
Name of Loan Party
    	
 
    	
Name of Equity Holder
    	
 
    	
Class and Series
    	
 
    	
Percentage of Ownership
   Interests of such Class and
   Series
    	
 
    
	
W&D HAB Investor,   LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
Walker &   Dunlop Investment Sales, LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
75
    	
%
    
	
WDIS, Inc.
    	
 
    	
Walker &   Dunlop Investment Sales, LLC
    	
 
    	
Common Stock, $0.01 par   value per share
    	
 
    	
100
    	
%
    
	
W&D RPS HoldCo, LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
WD-ILP JV Investor, LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
452 Glenwood Dyer Road,   LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
444 Glenwood Dyer Road,   LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
447 East 192nd Street, LLC
    	
 
    	
Walker &   Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
Walker &   Dunlop Investment Management, LLC
    	
 
    	
Walker & Dunlop, Inc.
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    
	
JCR Capital Investment   Corporation
    	
 
    	
Walker &   Dunlop Investment Management, LLC
    	
 
    	
Common Stock, $0.01 par   value per share
    	
 
    	
100
    	
%
    
	
JCR Capital Investment   Company, LLC
    	
 
    	
Walker &   Dunlop Investment Management, LLC
    	
 
    	
Membership Interest
    	
 
    	
100
    	
%
    

 

Pledged Debt

 

1.              Secured Negotiable Promissory Note for $2,861,613.15, dated as of August 29, 2017, by KM Capital, Inc. in favor of Walker & Dunlop, Inc.

 

2.              Walker & Dunlop, Inc.’s 15% Participation Interest, among Colfin Texas Portfolio Funding, LLC (“Colfin”) and Walker & Dunlop Commercial Property Funding, LLC, with respect to a mezzanine loan in the principal amount of $5,377,000, evidenced by a Promissory Note, dated as of July 30, 2014, by AMG REATA, LLC in favor of Colfin

 

 

Schedule III

 

Intellectual Property

 

None.

 

[Schedule III to Guarantee and Collateral Agreement]

 

 

Schedule IV

 

Commercial Tort Claims and Letter of Credit Rights

 

None.

 

[Schedule IV to Guarantee and Collateral Agreement]

 

 

Schedule V

 

Deposit Accounts

 

	
Type of Account
   (Deposit or
   Securities)
    	
 
    	
Financial institution
    	
 
    	
Account number
    	
 
    	
Account purpose
    	
 
    	
Ending balance as
   of September 30,
   2018
    	
 
    
	
Walker &   Dunlop, LLC Investable
    	
 
    	
PNC Bank 

101 S. Fifth Street 

Louisville, KY 40202
    	
 
    	
XXXX
    	
 
    	
Operating
    	
 
    	
$
    	
7,470,893.11
    	
 
    
	
Walker &   Dunlop Inc. 

Investable
    	
 
    	
PNC Bank 

1900 E 9th Street 

Cleveland, OH 44114
    	
 
    	
XXXX
    	
 
    	
Operating
    	
 
    	
$
    	
119,934.17
    	
 
    
	
Walker &   Dunlop, LLC Money Market Account
    	
 
    	
PNC Bank 

1900 E 9th Street 

Cleveland, OH 44114
    	
 
    	
XXXX
    	
 
    	
Operating
    	
 
    	
$
    	
135,964,343.11
    	
 
    
	
Walker &   Dunlop, LLC 

Operating
    	
 
    	
Bank of America 

MA1-225-02-04 

225 Franklin Street 

2nd Floor 

Boston, MA 02110
    	
 
    	
XXXX
    	
 
    	
Operating
    	
 
    	
$
    	
14,594,035.42
    	
 
    

 

[Schedule V to Guarantee and Collateral Agreement]

 

 

Schedule V.2

 

Excluded Deposit Accounts and Securities Accounts

 

	
Type of Account
   (Deposit or
   Securities)
    	
 
    	
Financial institution
    	
 
    	
Account number
    	
 
    	
Account purpose
    	
 
    	
Ending balance as
   of September 30,
   2018
    	
 
    
	
W&D BE, Inc. 

DDA - Deposit
    	
 
    	
PNC Bank 

101 S. Fifth Street 

Louisville, KY 40202
    	
 
    	
XXXX
    	
 
    	
Operating  

(less than $50,000 therefore,   excluded subject to the insignificant account exclusion)
    	
 
    	
$
    	
0
    	
 
    
	
Walker &   Dunlop 

Multifamily Inc. Investable
    	
 
    	
PNC Bank 

101 S. Fifth Street 

Louisville, KY 40202
    	
 
    	
XXXX
    	
 
    	
Operating  

(less than $50,000 therefore,   excluded subject to the insignificant account exclusion)
    	
 
    	
$
    	
4,567.99
    	
 
    
	
Walker &   Dunlop, LLC Controlled Disbursement
    	
 
    	
PNC Bank 

1900 E 9th Street 

Cleveland, OH 44114
    	
 
    	
XXXX
    	
 
    	
Bank Controlled Account   — Zero-Balance Account Used for Cutting Checks
    	
 
    	
$
    	
0
    	
 
    
	
Walker &   Dunlop, LLC 

Controlled Disbursement
    	
 
    	
Bank of America 

MA1-225-02-04 

225 Franklin Street 

2nd Floor 

Boston, MA 02110
    	
 
    	
XXXX
    	
 
    	
Bank Controlled Account   — Zero-Balance Account Used for Cutting Checks
    	
 
    	
$
    	
0
    	
 
    
	
Walker &   Dunlop, LLC 

as agent for 

Good Faith Deposit
    	
 
    	
PNC Bank 

101 S. Fifth Street 

Louisville, KY 40202
    	
 
    	
XXXX
    	
 
    	
Restricted Cash —   Borrowers’ Good Faith Deposits
    	
 
    	
$
    	
15,572,338.65
    	
 
    
	
Walker &   Dunlop, LLC 

Payroll Account
    	
 
    	
PNC Bank 

101 S. Fifth Street 

Louisville, KY 40202
    	
 
    	
XXXX
    	
 
    	
Restricted - Payroll
    	
 
    	
$
    	
101,262.01
    	
 
    
	
Walker &   Dunlop, LLC Funding Account
    	
 
    	
Capital One Bank, N.A. 

Ten Post Office Square 

Boston, MA 02109
    	
 
    	
XXXX
    	
 
    	
Funding Account for Warehousing   Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
0
    	
 
    

 

 

	
Type of Account
   (Deposit or
   Securities)
    	
 
    	
Financial institution
    	
 
    	
Account number
    	
 
    	
Account purpose
    	
 
    	
Ending balance as
   of September 30,
   2018
    	
 
    
	
Walker &   Dunlop, LLC Operating
    	
 
    	
Wells Fargo Bank, N.A. 
   301 South College Street 

Charlotte, NC 28202
    	
 
    	
XXXX
    	
 
    	
Netting Account for Warehousing   Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
318,837.55
    	
 
    
	
Walker &   Dunlop, LLC 

DDA - Deposit
    	
 
    	
MUFG Union Bank, N.A. 

3151 East Imperial   Highway 

Brea, CA 92821
    	
 
    	
XXXX
    	
 
    	
Netting Account for Warehousing   Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
216,138.18
    	
 
    
	
Walker &   Dunlop, LLC DFHA Lender Only Account
    	
 
    	
Capital One Bank, N.A. 

Ten Post Office Square 

Boston, MA 02109
    	
 
    	
XXXX
    	
 
    	
Settlement Account for   Warehousing Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
0
    	
 
    
	
Walker &   Dunlop, LLC DFHA Clearing Account
    	
 
    	
Capital One Bank, N.A. 

Ten Post Office Square 

Boston, MA 02109
    	
 
    	
XXXX
    	
 
    	
Netting Account for Warehousing   Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
48,067.60
    	
 
    
	
Walker &   Dunlop, LLC Lender’s Only Account
    	
 
    	
Capital One Bank, N.A. 

Ten Post Office Square 

Boston, MA 02109
    	
 
    	
XXXX
    	
 
    	
Settlement Account for   Warehousing Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
0
    	
 
    
	
Walker &   Dunlop, LLC Collateral Proceeds Account
    	
 
    	
Capital One Bank, N.A. 

Ten Post Office Square 

Boston, MA 02109
    	
 
    	
XXXX
    	
 
    	
Netting Account for Warehousing   Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
507,854.98
    	
 
    

 

 

	
Type of Account
   (Deposit or
   Securities)
    	
 
    	
Financial institution
    	
 
    	
Account number
    	
 
    	
Account purpose
    	
 
    	
Ending balance as
   of September 30,
   2018
    	
 
    
	
Walker &   Dunlop, LLC Repayment Account
    	
 
    	
TD Bank, N.A. 

Deposit Operations   Dept. 

PO Box 1377 

Lewiston, ME 04243
    	
 
    	
XXXX
    	
 
    	
Settlement Account for   Warehousing Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
15.00
    	
 
    
	
Walker &   Dunlop, LLC Operating Account
    	
 
    	
TD Bank, N.A.

Deposit Operations   Dept. 

PO Box 1377 

Lewiston, ME 04243
    	
 
    	
XXXX
    	
 
    	
Netting Account for Warehousing   Line  

(Permitted Warehouse Collateral   Account)
    	
 
    	
$
    	
407,144.16
    	
 
    
	
Walker &   Dunlop, LLC Funding Account
    	
 
    	
Bank of America 

MA1-225-02-04 

225 Franklin Street 

2nd Floor 

Boston, MA 02110
    	
 
    	
XXXX
    	
 
    	
Funding Account for Warehousing   Line  

(Permitted Warehouse Collateral Account)
    	
 
    	
$
    	
9,396.35
    	
 
    
	
Walker &   Dunlop, LLC 

Flex Fund Health Care
    	
 
    	
PNC Bank 

101 S. Fifth Street 

Louisville, KY 40202
    	
 
    	
XXXX
    	
 
    	
Restricted — Employee   Flex Funds
    	
 
    	
$
    	
191,263.75
    	
 
    
	
Walker &   Dunlop, LLC 

Securities Account
    	
 
    	
Bank of America 

225 Franklin Street 

Boston, MA 02110
    	
 
    	
XXXX
    	
 
    	
Bank Controlled — Cash   Collateral
    	
 
    	
$
    	
8,623.49
    	
 
    
	
Walker &   Dunlop, LLC Custodial Securities Clearing Account
    	
 
    	
Capital One Bank, N.A. 

Ten Post Office Square 

Boston, MA 02109
    	
 
    	
XXXX
    	
 
    	
Bank Controlled —   Securities Account 

(Agency-related   Account)
    	
 
    	
$
    	
0
    	
 
    
	
Walker &   Dunlop, LLC 

As Cust Under DUS   Reserve AGMT (Collateral Account)
    	
 
    	
US Bank 

One Federal Street 

Boston, MA 02110
    	
 
    	
XXXX
    	
 
    	
Bank Controlled —   Securities Account 

(Agency-related   Account)
    	
 
    	
$
    	
107,870,164.44
    	
 
    
	
Walker &   Dunlop Capital, LLC 

Citibank CSPCA Full   Recourse
    	
 
    	
US Bank 

One Federal Street 

Boston, MA 02110
    	
 
    	
XXXX
    	
 
    	
Bank Controlled —   Securities Account 

(Agency-related   Account)
    	
 
    	
$
    	
773,899.73
    	
 
    

 

 

	
Type of Account
   (Deposit or
   Securities)
    	
 
    	
Financial institution
    	
 
    	
Account number
    	
 
    	
Account purpose
    	
 
    	
Ending balance as
   of September 30,
   2018
    	
 
    
	
Walker &   Dunlop Capital, LLC 

Citibank CSPCA Top Loss
    	
 
    	
US Bank 

One Federal Street 

Boston, MA 02110
    	
 
    	
XXXX
    	
 
    	
Bank Controlled —   Securities Account 

(Agency-related   Account)
    	
 
    	
$
    	
3,129,792.72
    	
 
    
	
Walker &   Dunlop Capital, LLC 

Freddie Mac Custody   Account
    	
 
    	
US Bank 

One Federal Street 

Boston, MA 02110
    	
 
    	
XXXX
    	
 
    	
Bank Controlled —   Securities Account 

(Agency-related   Account)
    	
 
    	
$
    	
1,154,960.00
    	
 
    

 

 

Schedule VI

 

Securities Accounts

 

None.

 

[Schedule VI to Amended and Restated Guarantee and Collateral Agreement]EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

BLACKSTONE / GSO SECURED LENDING FUND 

as the Initial Borrower 
  

 
 REVOLVING CREDIT
AGREEMENT 
  
  

BANK OF AMERICA, N.A., 
 as the
Administrative Agent, the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, 
 and 

the other Lenders from time to time party hereto 
  

 
 November 6,
2018 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 DEFINITIONS
	  			
			
	 1.1
	 	Defined Terms	  	 	1	 
			
	 1.2
	 	Other Definitional Provisions	  	 	33	 
			
	 1.3
	 	Exchange Rates; Currency Equivalents	  	 	33	 
			
	 1.4
	 	Letter of Credit Amounts	  	 	34	 
			
	 1.5
	 	Times of Day	  	 	34	 
			
	 1.6
	 	Schedules and Exhibits	  	 	34	 
			
	 1.7
	 	References to Agreements, Laws, Etc.	  	 	34	 
			
	 SECTION 2.
	 	 REVOLVING CREDIT LOANS AND LETTERS OF CREDIT
	  			
			
	 2.1
	 	The Lender Commitment	  	 	34	 
			
	 2.2
	 	Revolving Credit Commitment	  	 	39	 
			
	 2.3
	 	Manner of Borrowing	  	 	40	 
			
	 2.4
	 	Minimum Loan Amounts	  	 	44	 
			
	 2.5
	 	Funding	  	 	44	 
			
	 2.6
	 	Interest	  	 	45	 
			
	 2.7
	 	Determination of Rate	  	 	45	 
			
	 2.8
	 	Letters of Credit	  	 	45	 
			
	 2.9
	 	Addition of Qualified Borrowers, Payment of the Borrower Guaranty and Qualified Borrower Note	  	 	52	 
			
	 2.10
	 	Use of Proceeds, Letters of Credit and Borrower Guaranties	  	 	53	 
			
	 2.11
	 	Fees	  	 	54	 
			
	 2.12
	 	Unused Commitment Fee	  	 	54	 
			
	 2.13
	 	Increase in the Maximum Commitment Amount	  	 	55	 
			
	 2.14
	 	Extension of Stated Maturity Date	  	 	56	 
			
	 2.15
	 	Borrower Appointment	  	 	57	 
			
	 SECTION 3.
	 	 PAYMENT OF OBLIGATIONS
	  			
			
	 3.1
	 	Revolving Credit Notes	  	 	57	 
			
	 3.2
	 	Payment of Obligations	  	 	58	 
			
	 3.3
	 	Payment of Interest	  	 	58	 
			
	 3.4
	 	Payments on the Obligations	  	 	59	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 3.5
	 	Voluntary Prepayments	  	 	60	 
			
	 3.6
	 	Reduction or Early Termination of Lender Commitments	  	 	61	 
			
	 3.7
	 	Lending Office	  	 	61	 
			
	 SECTION 4.
	 	 CHANGE IN CIRCUMSTANCES
	  			
			
	 4.1
	 	Increased Cost and Reduced Return; Change in Law	  	 	61	 
			
	 4.2
	 	Limitation on Types of Loans	  	 	63	 
			
	 4.3
	 	Illegality	  	 	63	 
			
	 4.4
	 	Unavailability of Alternate Currency	  	 	64	 
			
	 4.5
	 	Treatment of Affected Loans	  	 	64	 
			
	 4.6
	 	Compensation	  	 	65	 
			
	 4.7
	 	Taxes	  	 	65	 
			
	 4.8
	 	Requests for Compensation	  	 	69	 
			
	 4.9
	 	Survival	  	 	69	 
			
	 4.10
	 	Replacement of Lenders	  	 	70	 
			
	 4.11
	 	Euro Event	  	 	70	 
			
	 4.12
	 	LIBOR Successor Rate	  	 	70	 
			
	 SECTION 5.
	 	 SECURITY
	  			
			
	 5.1
	 	Liens and Security Interest	  	 	72	 
			
	 5.2
	 	The Collateral Accounts; Investor Demand Notices	  	 	73	 
			
	 5.3
	 	Lender Offset	  	 	75	 
			
	 5.4
	 	Agreement to Deliver Additional Collateral Documents	  	 	76	 
			
	 5.5
	 	Subordination	  	 	76	 
			
	 SECTION 6.
	 	 CONDITIONS PRECEDENT TO LENDING
	  			
			
	 6.1
	 	Obligations of the Lenders	  	 	77	 
			
	 6.2
	 	Conditions to all Loans and Letters of Credit	  	 	79	 
			
	 6.3
	 	Conditions to Qualified Borrower Loans and Letters of Credit	  	 	79	 
			
	 SECTION 7.
	 	 REPRESENTATIONS AND WARRANTIES
	  			
			
	 7.1
	 	Organization and Good Standing	  	 	81	 
			
	 7.2
	 	Authorization and Power	  	 	81	 
			
	 7.3
	 	No Conflicts or Consents	  	 	81	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 7.4
	 	Enforceable Obligations	  	 	81	 
			
	 7.5
	 	Priority of Liens	  	 	82	 
			
	 7.6
	 	Financial Condition	  	 	82	 
			
	 7.7
	 	Full Disclosure	  	 	82	 
			
	 7.8
	 	No Default	  	 	82	 
			
	 7.9
	 	No Litigation	  	 	82	 
			
	 7.10
	 	Intentionally Omitted	  	 	82	 
			
	 7.11
	 	Taxes	  	 	83	 
			
	 7.12
	 	Principal Office; Jurisdiction of Formation	  	 	83	 
			
	 7.13
	 	ERISA	  	 	83	 
			
	 7.14
	 	Compliance with Law	  	 	83	 
			
	 7.15
	 	Environmental Matters	  	 	83	 
			
	 7.16
	 	Investor Commitments and Contributions	  	 	83	 
			
	 7.17
	 	Fiscal Year	  	 	84	 
			
	 7.18
	 	Margin Stock	  	 	84	 
			
	 7.19
	 	Investment Company Act	  	 	84	 
			
	 7.20
	 	No Defenses	  	 	84	 
			
	 7.21
	 	Organizational Structure	  	 	85	 
			
	 7.22
	 	Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws	  	 	85	 
			
	 7.23
	 	[Reserved]	  	 	85	 
			
	 7.24
	 	Investor Commitments	  	 	85	 
			
	 7.25
	 	Beneficial Ownership Certification	  	 	85	 
			
	 SECTION 8.
	 	 AFFIRMATIVE COVENANTS OF THE BORROWERS
	  			
			
	 8.1
	 	Financial Statements, Reports and Notices	  	 	86	 
			
	 8.2
	 	Payment of Taxes	  	 	88	 
			
	 8.3
	 	Maintenance of Existence and Rights	  	 	88	 
			
	 8.4
	 	Notice of Default	  	 	88	 
			
	 8.5
	 	Other Notices	  	 	88	 
			
	 8.6
	 	Compliance with Loan Documents and Constituent Documents	  	 	89	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 8.7
	 	Operations and Properties	  	 	89	 
			
	 8.8
	 	Books and Records; Access	  	 	89	 
			
	 8.9
	 	Compliance with Law	  	 	89	 
			
	 8.10
	 	Insurance	  	 	90	 
			
	 8.11
	 	Authorizations and Approvals	  	 	90	 
			
	 8.12
	 	Maintenance of Liens	  	 	90	 
			
	 8.13
	 	Further Assurances	  	 	90	 
			
	 8.14
	 	Collateral Accounts	  	 	90	 
			
	 8.15
	 	Investor Financial and Rating Information	  	 	90	 
			
	 8.16
	 	[Reserved]	  	 	90	 
			
	 8.17
	 	Environmental Compliance	  	 	90	 
			
	 8.18
	 	Confirmation of Unused Commitments	  	 	91	 
			
	 8.19
	 	Investment Period	  	 	91	 
			
	 8.20
	 	Covenant to Call Capital	  	 	91	 
			
	 8.21
	 	[Reserved]	  	 	91	 
			
	 8.22
	 	Notices to Defaulting Investors	  	 	91	 
			
	 8.23
	 	ERISA	  	 	91	 
			
	 8.24
	 	Investment Company Act	  	 	91	 
			
	 SECTION 9.
	 	 NEGATIVE COVENANTS OF THE BORROWERS
	  			
			
	 9.1
	 	Mergers, Etc.	  	 	91	 
			
	 9.2
	 	Negative Pledge	  	 	92	 
			
	 9.3
	 	Fiscal Year and Accounting Method	  	 	92	 
			
	 9.4
	 	Constituent Documents	  	 	92	 
			
	 9.5
	 	Transfer of Interests; Admission of Investors	  	 	93	 
			
	 9.6
	 	Commitments	  	 	94	 
			
	 9.7
	 	ERISA Compliance	  	 	95	 
			
	 9.8
	 	Dissolution	  	 	95	 
			
	 9.9
	 	Compliance with Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws	  	 	96	 
			
	 9.10
	 	Limitations on Distributions	  	 	96	 

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 9.11
	 	Limitation on Indebtedness	  	 	96	 
			
	 9.12
	 	Limitation on Withdrawals From the Collateral Account	  	 	96	 
			
	 9.13
	 	Demand Notices	  	 	97	 
			
	 9.14
	 	Deposits to the Collateral Accounts	  	 	97	 
			
	 SECTION 10.
	 	 EVENTS OF DEFAULT
	  			
			
	 10.1
	 	Events of Default	  	 	97	 
			
	 10.2
	 	Remedies Upon Event of Default	  	 	100	 
			
	 10.3
	 	Performance by the Administrative Agent	  	 	102	 
			
	 10.4
	 	Qualified Borrower Defaults	  	 	102	 
			
	 SECTION 11.
	 	 AGENTS
	  			
			
	 11.1
	 	Appointment	  	 	102	 
			
	 11.2
	 	Delegation of Duties	  	 	103	 
			
	 11.3
	 	Exculpatory Provisions	  	 	103	 
			
	 11.4
	 	Reliance on Communications	  	 	104	 
			
	 11.5
	 	Notice of Default	  	 	104	 
			
	 11.6
	 	Non-Reliance on the Agents and the Lenders	  	 	104	 
			
	 11.7
	 	Indemnification	  	 	105	 
			
	 11.8
	 	Agents in Individual Capacity	  	 	105	 
			
	 11.9
	 	Successor Agent	  	 	105	 
			
	 11.10
	 	Reliance by the Borrowers	  	 	106	 
			
	 11.11
	 	Administrative Agent May File Proofs of Claim	  	 	107	 
			
	 11.12
	 	Delivery of Notices to the Lenders	  	 	107	 
			
	 SECTION 12.
	 	 MISCELLANEOUS
	  			
			
	 12.1
	 	Amendments	  	 	107	 
			
	 12.2
	 	Sharing of Offsets	  	 	110	 
			
	 12.3
	 	Sharing of Collateral	  	 	110	 
			
	 12.4
	 	Waiver	  	 	111	 
			
	 12.5
	 	Payment of Expenses; Indemnity	  	 	111	 
			
	 12.6
	 	Notice	  	 	112	 
			
	 12.7
	 	Governing Law	  	 	115	 

  
 v 

 TABLE OF CONTENTS 

(continued) 
  

							
			
	 	 	 	  	Page	 
	 12.8
	 	Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury	  	 	115	 
			
	 12.9
	 	Invalid Provisions	  	 	115	 
			
	 12.10
	 	Entirety	  	 	115	 
			
	 12.11
	 	Parties Bound; Assignment	  	 	115	 
			
	 12.12
	 	Lender Default	  	 	119	 
			
	 12.13
	 	Maximum Interest	  	 	119	 
			
	 12.14
	 	Headings	  	 	119	 
			
	 12.15
	 	Survival	  	 	119	 
			
	 12.16
	 	Full Recourse	  	 	119	 
			
	 12.17
	 	Availability of Records; Confidentiality	  	 	119	 
			
	 12.18
	 	USA Patriot Act Notice	  	 	120	 
			
	 12.19
	 	Multiple Counterparts	  	 	120	 
			
	 12.20
	 	Judgment Currency	  	 	120	 
			
	 12.21
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	121	 

  
 vi 

 TABLE OF CONTENTS 

(continued) 
  

 SCHEDULES 
  

			
	SCHEDULE I:	  	Borrower Information
	SCHEDULE II:	  	Lender Commitments
	SCHEDULE III:	  	Specified Times

 EXHIBITS 
  

			
	EXHIBIT A:  	    	Form of Borrowing Base Certificate
	EXHIBIT B:	    	Form of Note
	EXHIBIT C:	    	Form of Borrower Security Agreement
	EXHIBIT D:	    	Form of Borrower Pledge of Collateral Account
	EXHIBIT E:	    	Form of Request for Borrowing
	EXHIBIT F:	    	Form of Prepayment Notice
	EXHIBIT G:	    	Form of Rollover/Conversion Notice
	EXHIBIT H:	    	Form of Assignment and Acceptance Agreement
	EXHIBIT I:	    	Form of Qualified Borrower Promissory Note
	EXHIBIT J:	    	Form of Request for Letter of Credit
	EXHIBIT K:	    	Form of Borrower Guaranty
	EXHIBIT L:	    	[Reserved]
	EXHIBIT M:	    	Form of Responsible Officer’s Certificate
	EXHIBIT N:	    	[Reserved.]
	EXHIBIT O:	    	Form of Joinder Agreement
	EXHIBIT P:	    	Form of Extension Request
	EXHIBIT Q:	    	[Reserved.]
	EXHIBIT R:	    	[Reserved.]
	EXHIBIT S:	    	[Reserved.]
	EXHIBIT T:	    	[Reserved.]
	EXHIBIT U:	    	Form of Facility Increase Request
	EXHIBIT V:	    	[Reserved.]
	EXHIBIT W:	    	Form of Compliance Certificate

  
 i 

 REVOLVING CREDIT AGREEMENT 

THIS REVOLVING CREDIT AGREEMENT (this “Credit Agreement”) is dated as of November 6, 2018, by and among
BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust (the “Initial Borrower” and, collectively with any Qualified Borrowers that join the Credit Facility, each, a “Borrower” and
collectively, the “Borrowers”), BANK OF AMERICA, N.A. (“Bank of America”), as the Administrative Agent and the Letter of Credit Issuer, as the Sole Lead Arranger (the “Sole Lead
Arranger”) and as a Lender (in such capacity, the “Initial Lender”), and each of the other financial institutions from time to time party hereto as Lenders (together with Bank of America, the
“Lenders”, and each, a “Lender”). 
 A. The Initial Borrower has requested that the Lenders
make loans and cause the issuance of letters of credit for the purpose of financing the Borrowers’ investment activities, providing working capital or for other purposes permitted under the Constituent Documents, and all related documentation,
including the Subscription Agreements and any related Side Letters, of the Borrowers; and 
 B. The Lenders are willing to lend funds and to
cause the issuance of letters of credit upon the terms and subject to the conditions set forth in this Credit Agreement. 
 NOW,
THEREFORE, in consideration of the mutual promises herein contained and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 Section 1. DEFINITIONS 
 1.1
Defined Terms. For the purposes of this Credit Agreement, unless otherwise expressly defined, the following terms shall have the respective meanings assigned to them in this Section 1 or in the Section or recital
referred to: 
 “Adequately Capitalized” means “adequately capitalized” within the meaning of Section 2(o)(1)(B)(i)
of the Bank Holding Company Act of 1956, as amended from time to time and any successor statute or statutes, and regulations promulgated thereunder. 

“Adjusted LIBOR” means, for any LIBOR Loan for any Interest Period therefor, an interest rate per annum (rounded upwards, if
necessary, to the next 1/100 of 1.0%) equal to the quotient obtained by dividing: (a) LIBOR for the applicable Interest Period; by (b) one (1) minus the LIBOR Reserve Requirement for such LIBOR Loan for such Interest Period, if applicable.

 “Administration Agreement” means the Administration Agreement, dated as of October 1, 2018, between the Initial Borrower and
the Administrator, as the same may be amended, restated, modified, supplemented or amended and restated from time to time. 
 “Administrative
Agent” means Bank of America, until the appointment of a successor “Administrative Agent” pursuant to Section 11.9 hereof and, thereafter, shall mean such successor Administrative Agent. 

  
 1 

 “Administrator” means GSO Capital Partners LP, a Delaware limited partnership. 

“Affiliate” of any Person means any other Person that, directly or indirectly, controls or is controlled by, or is under common
control with, such Person. For the purpose of this definition, “control” and the correlative meanings of 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 and policies of a Person, whether through the ownership of voting shares or partnership interests or by contract or otherwise. 

“Agency Services Address” means the address for the Administrative Agent set forth in Section 12.6 hereof,
or such other address as may be identified by written notice from the Administrative Agent to the Borrowers and the other Agents. 

“Agents” means, collectively, the Administrative Agent, the Sole Lead Arranger, the Letter of Credit Issuer and any successors and
assigns in such capacities. 
 “Alternate Currency” means (a) any of the following: Canadian Dollars, Pounds Sterling, Euros,
Australian Dollars and Yen, (b) any other non-US Dollar currency requested by a Borrower and approved by the Administrative Agent in its sole discretion, and (c) following the occurrence of a Euro
Event, the common currency of any member state of the European Union requested by a Borrower and approved by the Administrative Agent in its reasonable discretion. 

“Alternate Currency Liability” means the Dollar Equivalent of the aggregate outstanding principal amount of all Loans and the portion
of the Letter of Credit Liability, which in each case is denominated in an Alternate Currency. 
 “Alternate Currency Sublimit”
means an amount equal to fifty percent (50%) of the Maximum Commitment Amount. 
 “Anti-Corruption Laws” means any applicable
anti-bribery and anti-corruption laws, regulations and rules, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, in particular the prohibitions against paying, offering, promising or giving anything of value, either directly
or indirectly, to a Government Official for the purpose of influencing an act or decision in such Government Official’s official capacity, or inducing such Government Official to use his or her influence with a government, political party,
state-owned enterprise, or public international organization, or to receive any improper advantage in relation to the business of the Initial Borrower. 

“Anti-Money Laundering Laws” means applicable Law in any jurisdiction in which the Initial Borrower is located or doing business that
relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. 

“Applicable Lending Office” means, for each Lender and for each Type of Loan, the “lending office” of such Lender (or of an
Affiliate of such Lender) designated for such Type of Loan on the signature pages hereof or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrowers
by written notice in accordance with the terms hereof as the office by which such Type of Loans are to be made and maintained. 

  
 2 

 “Applicable Margin” has the meaning set forth in the applicable Fee Letter. 

“Applicable Requirement” means each of the following requirements: 

(a) if such Investor or such Investor’s Credit Provider or Sponsor shall be a Rated Investor, such Investor or such Investor’s Credit Provider or
Sponsor, as applicable, shall have a Rating of BBB-/Baa3 or higher; and 
 (b) the following, as applicable: 

(i) if such Investor or such Investor’s Credit Provider, as applicable, is a Bank Holding Company, it shall have Adequately Capitalized
status or better; 
 (ii) if such Investor or such Investor’s Credit Provider, as applicable, is an insurance company, it shall have a
Best’s Financial Strength Rating of A- or higher; and 
 (iii) if such Investor or such
Investor’s Credit Provider, as applicable, is a Pension Plan Investor, or the trustee or nominee of a Pension Plan Investor, or a Governmental Plan Investor, or the Responsible Party with respect to a Governmental Plan Investor, the Pension
Plan Investor or Governmental Plan Investor, as applicable, shall have a minimum Funding Ratio based on the Rating of its Sponsor or Responsible Party, as applicable, as follows: 

 

					
	Responsible Party or Sponsor Rating	  	Minimum Funding Ratio	 
	 A-/A3 or higher
	  	 	No minimum	 
	 BBB+/Baa1 or lower
	  	 	90	%. 

 The first Rating indicated in each case above is the S&P Rating and the second Rating indicated in each case above is the
Moody’s Rating. In the event that the S&P and Moody’s Ratings are not equivalent, the Applicable Requirement shall be based on the lower of the two. If any such Person has only one Rating, from either S&P or Moody’s, then that
Rating shall apply. 
 “Application for Letter of Credit” means an application for a standby letter of credit by, between and among
the applicable Borrower, on the one hand, and the Letter of Credit Issuer, on the other hand, substantially in a form provided by the Letter of Credit Issuer (and customarily used by it in similar circumstances) and conformed to the terms of this
Credit Agreement, either as originally executed or as it may from time to time be supplemented, modified, amended, renewed, or extended which form is completed to the reasonable satisfaction of the Letter of Credit Issuer; provided that to
the extent that the terms of such Application for Letter of Credit are inconsistent with or otherwise more onerous than the terms of this Credit Agreement, the terms of this Credit Agreement shall control. 

“Assignee” is defined in Section 12.11(c) hereof. 

  
 3 

 “Assignment and Acceptance Agreement” means the agreement contemplated by
Section 12.11(c) hereof, pursuant to which any Lender assigns all or any portion of its rights and obligations hereunder, which agreement shall be substantially in the form of Exhibit H. 

“Australian Dollars” means lawful currency of Australia. 

“Available Commitment” means, on any date of determination, the lesser of: (a) the Maximum Commitment Amount and (b) the
Borrowing Base minus, in either case, the FX Reserve Amount, if any, in effect at such time; provided that the Available Commitment will always be calculated in US Dollars. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by
the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Bank Holding Company” means a “bank holding company” as defined in Section 2(a) of the Bank Holding Company Act
of 1956, as amended from time to time and any successor statute or statutes, or a non-bank subsidiary of such bank holding company. 

“Bank of America” is defined in the preamble to this Credit Agreement. 

“Basel III” means, collectively, those certain agreements on capital and liquidity standards contained in “Basel III: A Global
Regulatory Framework for More Resilient Banks and Banking Systems,” “Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring” and “Guidance for National Authorities Operating the
Countercyclical Capital Buffer,” each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time to time) and “Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools,” as
published by the Basel Committee on Banking Supervision in January 2013 (as revised from time to time) and, in each case, as implemented by a Lender’s primary U.S. federal bank regulatory authority. 

“BBSY” means, with respect to any Loan denominated in Australian Dollars, the Bank Bill Swap Reference Bid Rate or a comparable or
successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be reasonably designated by the Administrative
Agent from time to time) at the Specified Time and for a period comparable to the applicable Interest Period of the requested Loan. 

“Beneficial Ownership Certification” means, for a “legal entity customer” (as such term is defined in the Beneficial
Ownership Regulation), a certification regarding beneficial ownership to the extent required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding
Beneficial Owners of Legal Entity Customers included as Appendix A to the Beneficial Ownership Regulation. 

  
 4 

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

“Best’s Financial Strength Rating” means a “Best’s Financial Strength Rating” by A.M. Best Company. 

“Borrower” and “Borrowers” are defined in the preamble to this Credit Agreement. 

“Borrower Guaranty” and “Borrower Guaranties” are defined in Section 2.9(c) hereof.

 “Borrower Party” is defined in Section 11.1(a) hereof. 

“Borrower Security Agreement” means a security agreement, substantially in the form of Exhibit C hereto, made by the Initial
Borrower, pursuant to which the Initial Borrower pledges and assigns by way of security a security interest and Lien in and on the Collateral described therein in favor of the Administrative Agent (for the benefit of the Secured Parties), as the
same may be amended, restated, modified or supplemented from time to time. 
 “Borrowing” means a disbursement made by the Lenders
of any of the proceeds of the Loans, and “Borrowings” means the plural thereof. 
 “Borrowing Base” means,
on any date of determination, the sum of (i) 90% of the aggregate Uncalled Commitment of all Included Investors, as it may be reduced by all applicable Concentration Limits, (ii) 65% of the aggregate Uncalled Commitment of all Designated Investors
that are not HNW Investors or Special HNW Aggregation Investors, as it may be reduced by all applicable Concentration Limits, (iii) 50% of the aggregate Uncalled Commitment of all Designated Investors that are HNW Investors, as it may be reduced by
all applicable Concentration Limits, and (iv) 50% of the aggregate Uncalled Commitment of all Special HNW Aggregation Investors, as it may be reduced by all applicable Concentration Limits, minus in each case, the FX Reserve Amount, if any, in
effect at such time. 
 “Borrowing Base Certificate” means a certificate substantially in the form of Exhibit A hereto which
includes the information for each Investor and a calculation of the Available Commitment (including, for the avoidance of doubt, the FX Reserve Amount) as indicated by Exhibit A hereto. 

“Borrowing Base Deficit” means, as of any date, the amount by which the Dollar Equivalent of the Principal Obligations exceeds the
Available Commitment as of such date. 
 “Borrowing Base Investors” means the Included Investors and the Designated Investors,
collectively. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to
close under the Laws of, or are in fact closed in, the State of New York, the State of North Carolina, or, to the extent applicable, the city of London, England and: 

(a) if such day relates to any interest rate settings as to a LIBOR Loan denominated in US Dollars, any fundings, disbursements, settlements
and payments in US Dollars in respect of any such LIBOR Loan, or any other dealings in US Dollars to be carried out pursuant to this Credit Agreement in respect of any such LIBOR Loan, means any such day that is also a day on which dealings in
Dollar deposits are conducted by and between banks in the London interbank eurodollar market; 

  
 5 

 (b) if such day relates to any interest rate settings as to a LIBOR Loan denominated in
Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such LIBOR Loan, or any other dealings in Euro to be carried out pursuant to this Credit Agreement in respect of any such LIBOR Loan, means a TARGET Day; 

(c) if such day relates to any interest rate settings as to a LIBOR Loan denominated in a currency other than US Dollars or Euro, means any
such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for such currency; or 

(d) if such day relates to any fundings, disbursements, settlements and payments in a currency other than US Dollars or Euro in respect of a
LIBOR Loan denominated in a currency other than US Dollars or Euro, or any other dealings in any currency other than US Dollars or Euro to be carried out pursuant to this Credit Agreement in respect of any such LIBOR Loan (other than any interest
rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency. 

“Canadian Dollars” means lawful currency of Canada. 

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee
which, in accordance with Generally Accepted Accounting Principles, is or should be accounted for as a capital lease on the balance sheet of that Person and the amount of such obligation shall be the capitalized amount thereof determined in
accordance with Generally Accepted Accounting Principles. 
 “Capitalized Interest Loan” is defined in
Section 3.3(d) hereof. 
 “Capitalized Unused Commitment Fee Loans” is defined in
Section 2.12(b) hereof. 
 “Cash Collateral Account” means a segregated, interest bearing deposit account
held at the Administrative Agent for the purposes of holding Cash Collateral that is subject to documentation in form and substance reasonably satisfactory to the Administrative Agent and the Letter of Credit Issuer (which documents are hereby
consented to by the Lenders). 
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for
the benefit of the Letter of Credit Issuer and the Lenders, as collateral for the Letter of Credit Liability, cash or deposit account balances in a Cash Collateral Account. Derivatives of the term “Cash Collateralize” shall have
corresponding meanings. 
 “Cash Control Event” shall occur if, on any date of determination, (a) a mandatory prepayment is
required pursuant to Section 2.1(e) of this Credit Agreement as a result of the then outstanding Dollar Equivalent of the Principal Obligations exceeding the Available Commitment, irrespective of whether such prepayment has
become due and payable under the grace periods afforded in Section 2.1(e) of this Credit Agreement (including as a result of the issuance of a Demand Notice 

  
 6 

 
that has not yet been funded by the Investors); or (b) a mandatory prepayment will be required pursuant to Section 2.1(e) of this Credit Agreement with the passage
of time as a result of an event which has occurred with respect to a Borrowing Base Investor which event would make such Investor an Excluded Investor after an applicable grace period provided in Section 2.1(d) of this
Credit Agreement shall expire. 
 “CDOR” means with respect to any Loan denominated in Canadian Dollars and for a particular
Interest Period, the simple average of the rates shown on the display referred to as the “CDOR Page” (or any display substituted therefor) published by Reuters (or any successor source from time to time) with respect to the banks and other
financial institutions named in such display at the Specified Time for Canadian bankers’ acceptances, as determined by the Administrative Agent. If such rate does not appear on the Reuters Screen CDOR Page (or any display substituted therefor)
as provided in the preceding sentence, CDOR on any day shall be calculated as the simple average of the rates for such Interest Period applicable to Canadian Dollar bankers’ acceptances of, and as quoted by, the Schedule I Banks (as published
by the Canadian Bankers Association), as of the Specified Time. 
 “Certificate of Statutory Trust” shall mean the Certificate of
Trust of the Initial Borrower, filed on March 26, 2018 with the Delaware Secretary of State, Division of Corporations, as amended, modified, supplemented or restated from time to time. 

“Closing Date” means the date hereof; provided that all of the conditions precedent set forth in
Section 6.1 hereof shall be satisfied or waived by the Lenders. 
 “Collateral” is defined in
Section 5.1 hereof. 
 “Collateral Account” is defined in Section 5.2(a)
hereof and “Collateral Accounts” means, where the context may require, all Collateral Accounts, collectively. 

“Collateral Account Pledge” means a collateral account pledge, as amended, modified, supplemented or restated from time to time,
substantially in the form attached hereto as Exhibit D, pursuant to which the Initial Borrower pledges and assigns by way of security to the Administrative Agent, for the benefit of the Secured Parties, a security interest
and Lien in and on its right, title and interest in and to all amounts held in or credited to the account into which the applicable Investors are required to deposit Contributions, as more fully described in Section 5.2 hereof in order to
secure the Initial Borrower’s Obligations. 
 “Collateral Documents” is defined in Section 5.1
hereof. 
 “Commitment” means the “Capital Commitment” (as defined in the Trust Agreement) of the Investors to the Initial
Borrower; “Commitments” means, where the context may require, all Commitments, collectively. 
 “Commitment Fee
Rate” has the meaning set forth in the applicable Fee Letter. 
 “Commitment Period” means the period commencing on the
Closing Date and ending on the Maturity Date. 

  
 7 

 “Competitor” means any investment vehicle, Affiliate thereof or Person whose primary
business is the management of investment vehicles (including funds of funds or co-investment vehicles focused on achieving diversified exposure to alternative investment vehicles), excluding any commercial or
investment bank (including any commercial or investment bank that sponsors investment vehicles); provided that any investment vehicle sponsored by a commercial bank shall be deemed a Competitor. 

“Compliance Certificate” is defined in Section 8.1(b) hereof. 

“Concentration Limits” means, with respect to each Investor classification, the following concentration limits calculated as a
percentage of the aggregate Unused Commitments of all Borrowing Base Investors: 
  

					
	 Investor
Classification1
	  	Concentration Limit
(per Investor)	 	Concentration Limit
(in aggregate)
	 Rated Included Investor (dependent on applicable ratings below)

	 AAA/Aaa
	  	25.0%	 	N/A
	 AA+/Aa1 to AA-/Aa3
	  	20.0%	 	N/A
	 A+/A1 to A-/A3
	  	15.0%	 	N/A
	 BBB+/Baa1 to BBB-/Baa3
	  	10.0%	 	N/A
	 Other Concentration Limits

	 Non-Rated Included Investor
	  	10.0% - 25.0%	 	N/A
	 Corporate Designated Investor
	  	5.0%	 	N/A
	 Foreign Sovereign Designated Investor
	  	5.0%	 	20.0%
	 Fund-of-Funds
Designated Investor
	  	3.0%	 	15.0%
	 Institutional Designated Investors
	  	N/A	 	35.0%
	 Special HNW Aggregation Investors
	  	100%	 	N/A
	 Other HNW Aggregation Investors
	  	1.0% - 10.0%	 	N/A
	 Individual HNW Investor
	  	1.0%	 	N/A

  

	1 	 The first Rating indicated in each case is the S&P Rating and the second Rating indicated in each case
above is the Moody’s Rating. In the event that the Ratings are not equivalent, the Applicable Requirement shall be based on the lower of the two Ratings. In the event an Investor has only one rating, that Rating shall apply.

  
 8 

 provided, that for purposes of calculating the above Concentration Limits for any Investor, each
Investor and its investing affiliates shall be treated as a single Investor. For purposes of this definition, (a) “Corporate Designated Investor” means any Designated Investor that is not a Foreign Sovereign Designated
Investor, a Fund-of-Funds Designated Investor, an HNW Investor or an HNW Aggregation Investor, (b) “Foreign Sovereign Designated Investor” means
any Designated Investor that is a foreign sovereign government or any agency, instrumentality or political subdivision of a foreign sovereign government,
(c) “Fund-of-Funds Designated Investor” means any Designated Investor that is a fund-of-funds, (d) “Institutional Designated Investor” means any Designated Investor that is an Institutional Investor, (e) “Other HNW Aggregation Investors”
means any Designated Investor that is a HNW Aggregation Investor and that is not, for avoidance of doubt, a Special HNW Aggregation Investor and (f) “Individual HNW Designated Investor” means any Designated Investor that is a
HNW Investor that is a natural person or that is an investment vehicle or family office where all of the beneficial owners thereof are exclusively natural persons. 

“Confidential Information” means, at any time, all data, reports, interpretations, forecasts and records containing or otherwise
reflecting information concerning any Borrower, any Investor or any Affiliate of such Person which is not available to the general public, together with analyses, compilations, studies or other documents, which contain or otherwise reflect such
information made available by or on behalf of any Borrower, any Investor or any such Affiliate pursuant to this Credit Agreement orally or in writing to any Agent or any Lender or their respective attorneys, certified public accountants or agents,
but not any data or information that: (a) was or became generally available to the public at or prior to such time (unless divulged by an Agent or a Lender or such Agent’s or such Lender’s respective attorneys, certified public
accountants or agents); or (b) was or became available to an Agent or a Lender or to such Agent’s or Lender’s respective attorneys, certified public accountants or agents on a non-confidential
basis from the Borrowers or any Investor or any other source at or prior to such time other than as a result of a prohibited (insofar as the relevant Agent or Lender is aware) disclosure by such other source. 

“Constituent Documents” means, for any Person, its constituent or organizational documents, including: (a) in the case of the
Initial Borrower, the Certificate of Statutory Trust, the Trust Agreement and bylaws; (b) in the case of any other statutory trust, the related certificate of statutory trust, trust agreement and bylaws; (c) in the case of any limited
partnership, exempted limited partnership, joint venture, trust or other form of business entity, the limited partnership, exempted limited partnership, joint venture or other applicable agreement of formation and any agreement, statement,
instrument, filing or notice with respect thereto filed in connection with its formation with the secretary of state, Registrar of Exempted Limited Partnerships or other department in the jurisdiction of its formation, in each case as amended from
time to time; (d) in the case of any limited liability company, the articles of formation, the articles of association, and operating agreement for such Person; and (e) in the case of a corporation or an exempted company, the certificate,
memorandum or articles of incorporation, memorandum and articles of association and/or the bylaws (as applicable) for such Person, in each such case as it may be restated, modified, amended or supplemented from time to time. 

  
 9 

 “Continue”, “Continuation”, and
“Continued” shall refer to the continuation pursuant to a Rollover of a LIBOR Loan from one Interest Period to the next Interest Period. 

“Contribution” means the capital contributions made by the Investors to the Initial Borrower with respect to their Unused Commitments;
“Contributions” means, where the context may require, all Contributions, collectively. 
 “Controlled Group”
means: (a) the controlled group of corporations as defined in Section 1563 of the Internal Revenue Code; or (b) the group of trades or businesses under common control as defined in Section 414(c) of the Internal Revenue Code, in
each case of which the Initial Borrower is a part. 
 “Conversion Date” means any LIBOR Conversion Date, Reference Rate Conversion
Date, or Daily LIBOR Conversion Date, as applicable. 
 “Conversion Notice” is defined in Section 2.3(c)
hereof. 
 “Convert”, “Conversion”, and “Converted” shall refer to a conversion
pursuant to Section 2.3(c) or Section 4 hereof of one Type of Loan into another Type of Loan. 

“Cost of Funds” means, with respect to a Loan, the actual cost to a Lender of funding or maintaining such Loan for the relevant
Interest Period. 
 “Cost of Funds Rate” means a rate per annum notified by the applicable Lender as soon as practicable after the
occurrence of the events specified in Section 4.2 hereof which expresses as a percentage rate the actual Cost of Funds to such Lender of funding Loans from whatever source it may reasonably select for the applicable
Interest Period. 
 “Credit Agreement” means this Revolving Credit Agreement, of which this Section 1
forms a part, together with all amendments, modifications and restatements hereof, and supplements and attachments hereto. 
 “Credit
Facility” means the Loans and Letters of Credit provided to the Borrowers by the Lenders under the terms and conditions of this Credit Agreement. 

“Credit Provider” means a Person providing a guaranty or other credit support, in form and substance reasonably acceptable to the
Administrative Agent, of the obligations of a Borrowing Base Investor to make Contributions. 
 “Currency” means US Dollars or any
Alternate Currency. 
 “Current Party” is defined in Section 12.12 hereof. 

“Daily LIBOR” means for each day during any Interest Period, the London interbank offered rate administered by ICE (or any other
person that takes over the administration of such rate) for deposits in US Dollars with a term equivalent to one month, as published on the applicable Bloomberg screen page (or such other commercially available source providing such
quotations as may be reasonably designated by the Administrative Agent from time to time) at the Specified Time, changing when and as such rate changes. 

  
 10 

 “Daily LIBOR Conversion Date” is defined in Section 2.3(c)
hereof. 
 “Debt Limitations” means the limitations set forth in Section 9.11 hereof. 

“Debtor Relief Laws” means any applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, fraudulent
conveyance, reorganization, or similar laws affecting the rights, remedies, or recourse of creditors generally, including, without limitation, the United States Bankruptcy Code and all amendments thereto, as are in effect from time to time during
the term of the Loans or while any Letter of Credit is in effect or any Obligation is outstanding or any Lender or Letter of Credit Issuer has any commitment to extend credit hereunder. 

“Default Rate” means (a) when used with respect to any overdue Obligations, other than LIBOR Loans or Letter of Credit fees, an
interest rate equal to (i) the Reference Rate plus (ii) the Reference Rate Applicable Margin, if any, applicable to Reference Rate Loans plus (iii) 2% per annum, (b) when used with respect to any overdue LIBOR Loan, an interest rate
equal to the interest rate (including any Applicable Margin) otherwise applicable to such Loan plus 2% per annum, and (c) when used with respect to any overdue Letter of Credit fees, a rate equal to the Applicable Margin plus 2% per annum. 

“Defaulting Lender” means any Lender that: (a) has failed to make its Pro Rata Share of any disbursement required to be made in
respect of any Loan within three (3) Business Days of when due; (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days
of the date when due, unless the subject of a good faith dispute; (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding; (d) has notified the Borrowers, any Agent or any Lender in writing that it does
not intend to comply with any of its funding obligations under this Credit Agreement or has made a public statement that it does not intend to comply with its funding obligations under this Credit Agreement (unless such writing or public statement
relates to such Lender’s obligation to fund a Loan hereunder or a loan under any such other credit agreement 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); (e) has, or has an entity that controls such Lender that has, become the subject of a bankruptcy or
insolvency proceeding; or (f) has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action; 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. 

  
 11 

 “Demand Notice” means the issuance of a “Drawdown Notice” (as defined in
the Subscription Agreements of the Initial Borrower) to the Investors for the making of Contributions pursuant to and in accordance with the Constituent Documents of the Initial Borrower; “Demand Notices” means, where the
context may require, all Demand Notices, collectively. 
 “Deposit Account Control Agreement” means the deposit account control
agreement among the Initial Borrower, the Administrative Agent and the Depository, as the same may be amended, modified, supplemented or restated from time to time. 

“Depository” means State Street Bank and Trust Company or any replacement thereof which is an Eligible Institution. 

“Designated Investor” means an Investor that (a) is approved in writing as a Designated Investor by the Lenders, in their sole
discretion, and (b) in respect of which, except as otherwise determined by the Lenders, there has been delivered to the Administrative Agent: 
  

	 	(i)	 a true and correct copy of the Subscription Agreement executed and delivered by or on behalf of such Investor
which shall be acceptable to the Administrative Agent in its reasonable discretion (to the extent such Subscription Agreement contains material changes or any errors or discrepancies from the applicable approved form previously provided to the
Administrative Agent), together with the Initial Borrower’s countersignature(s) accepting such Subscription Agreement, and any Constituent Documents of the Initial Borrower executed and delivered by or on behalf of such Investor;

  

	 	(ii)	 a true and correct copy of any Side Letter executed by or on behalf of such Investor, which shall be acceptable
to the Administrative Agent in its reasonable discretion; and 

  

	 	(iii)	 if such Investor’s Subscription Agreement or any Constituent Document of the Initial Borrower was signed
by the Initial Borrower or any Affiliate thereof as an attorney-in-fact on behalf of such Investor, the Administrative Agent shall have received either (A) a copy
of the power of attorney or other documentation substantiating the authority of the Initial Borrower (or Affiliate thereof) to sign on behalf of such Investor, such documentation to be in form and substance reasonably acceptable to the
Administrative Agent (it being understood and agreed that any power of attorney given by any Investor to the Initial Borrower (or Affiliate thereof) under the Constituent Documents as of the Closing Date is in form and substance reasonably
acceptable to the Administrative Agent for purposes of executing any Constituent Document), or (B) a written opinion (addressed to the Administrative Agent) of the Investor’s counsel (or of the Initial Borrower’s counsel, who may
assume the Investor’s existence and the Investor’s authorization, execution and delivery of the applicable power of attorney for this purpose and make such other assumptions as are reasonably acceptable to the Administrative Agent) in form
and substance satisfactory to the Administrative Agent in its reasonable discretion, that such attorney-in-fact has duly executed and delivered such Subscription
Agreement or Constituent Document, as the case may be, on behalf of such Investor, and that such Subscription Agreement or Constituent Document, as the case may be, is as binding upon such Investor as if the Investor had itself signed the same;

  
 12 

 provided that (1) any Designated Investor in respect of which an Exclusion Event
has occurred shall thereupon no longer be a Designated Investor until such time as all Exclusion Events in respect of such Investor shall have been cured to the satisfaction of the Administrative Agent in its sole discretion; and (2) each
approval under clause (a) and each restoration under clause (1) of this proviso shall be subject to the satisfaction of such initial or ongoing conditions as may reasonably be specified by the Administrative Agent at the time
of initial inclusion of such Investor as a Designated Investor. The Designated Investors as of the Closing Date are those specified as being Designated Investors on the Borrowing Base Certificate attached hereto as Exhibit A, as in effect on
the Closing Date. If a Designated Investor would not be a Designated Investor but for the guaranty of its Credit Provider as contemplated in the definition of “Credit Provider”, such Designated Investor shall provide evidence satisfactory
to the Administrative Agent of such guaranty. 
 “Distribution” is defined in Section 9.10 hereof. 

“Dollar Equivalent” means, at any time on any date of determination: (a) with respect to any amount denominated in US Dollars,
such amount; and (b) with respect to any amount denominated in an Alternate Currency, the equivalent amount thereof in US Dollars as reasonably determined by the Administrative Agent or the Letter of Credit Issuer, as applicable, at such time
on the basis of the Spot Rate as of the most recent Revaluation Date for the purchase of US Dollars with such Alternate Currency. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in
any EEA Member Country which is subject to the supervision of an EEA Resolution Authority and subject to the Bail-In Legislation; (b) any entity established in an EEA Member Country which
is a parent of an institution described in clause (a) of this definition; or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this
definition and is subject to consolidated supervision with its parent. 
 “EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution
Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial
Institution. 
 “Eligible Assignee” means: (a) a Lender; (b) an Affiliate of a Lender, or (c) subject to the
provisions of Section 12.11(c) hereof, any other Person; provided that neither the Initial Borrower nor any Affiliate of the Initial Borrower shall qualify as an Eligible Assignee; and provided,
further, that it shall not be unreasonable for the Borrowers to withhold consent to any assignment which (i) could reasonably be expected to create additional obligations of or risk to any Borrower or (ii) is to be made to a person
that is a fiduciary with respect to the assets of any ERISA Investor or would result in a nonexempt prohibited transaction under ERISA or Section 4975 of the Internal Revenue Code (taking into consideration all remedial actions provided for
herein). 

  
 13 

 “Eligible Institution” means State Street Bank and Trust Company or any depository
institution, organized under the laws of the United States or any state, having capital and surplus in excess of $200,000,000, the deposits of which are insured by the Federal Deposit Insurance Corporation to the fullest extent permitted by law and
which is subject to supervision and examination by federal or state banking authorities; provided that such institution also must have a short-term unsecured debt rating of at least P-1 from Moody’s and
at least A-1 from S&P. If such depository institution publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder, as from
time to time in effect. 
 “ERISA Investor” means an Investor that is: (a) an “employee benefit plan” (as such
term is defined in Section 3(3) of ERISA) subject to Part 4 of Title I of ERISA; (b) any “plan” defined in and subject to Section 4975 of the Internal Revenue Code; (c) a group trust, as described in Revenue
Ruling 81-100, as amended; or (d) a partnership or commingled account of an employee benefit plan or plan described in (a) or (b) above, or any other entity whose assets include or are deemed to
include Plan Assets. 
 “EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Euro Event” is defined in Section 4.11 hereof. 

“Euros” mean the single, legal currency of the Participating Member States. 

“Event of Default” is defined in Section 10.1 hereof. 

“Excluded Investor” is defined in Section 2.1(d) hereof. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income, franchise Taxes (imposed in lieu of net income Taxes), and branch profits Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision
thereof) under the Laws of which such Recipient, as the case may be, is organized, maintains its Applicable Lending Office or otherwise is resident for Tax purposes, or (ii) that are Other Connection Taxes, (b) any Tax imposed by reason of
the failure of a Tax Indemnified Party to comply with Section 4.7(e) hereof, (c) any withholding Taxes imposed pursuant to FATCA, and (d) any U.S. federal withholding Taxes imposed on amounts payable to or for the
account of a Lender with respect to an applicable interest in a Loan or Lender Commitment pursuant to a Law in effect on the date on which (i) such Lender acquires such interest in the Loan or Lender Commitment (other than pursuant to an
assignment request by a Borrower under Section 4.10 hereof) or (ii) such Lender changes its Applicable Lending Office, except in each case to the extent that, pursuant to Section 4.7 hereof,
amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Lender Commitment or to such Lender immediately before it changed its Applicable
Lending Office. 

  
 14 

 “Exclusion Event” is defined in Section 2.1(d) hereof.

 “Extension Fee” has the meaning set forth in the applicable Fee Letter. 

“Extension Request” means a written request by the Initial Borrower substantially in the form attached hereto as Exhibit P to
extend the initial Stated Maturity Date in accordance with Section 2.14 hereof. 
 “Facility Increase” is
defined in Section 2.13(a) hereof. 
 “Facility Increase Request” means a notice substantially in the form
attached hereto as Exhibit U pursuant to which the Initial Borrower requests an increase of the Maximum Commitment Amount in accordance with Section 2.13 hereof. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code and any current or future regulations or official
interpretations thereof (and any similar amendments thereto or successor provisions that are not materially more onerous to comply with), any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code, any
intergovernmental agreements entered into in connection with the implementation of such Sections and any law, rule, regulation, official agreement or other guidance implementing any such intergovernmental agreement. 

“Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day; provided that if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent. 
 “Federal Reserve
Act” means the Federal Reserve Act of 1913, as amended to the date hereof and from time to time hereafter, and any successor statute. 

“Fee Letter” means each Fee Letter between the Initial Borrower and the Administrative Agent or any Lender, as each may be amended,
supplemented or otherwise modified from time to time. 
 “Funding Ratio” means (a) for a Governmental Plan Investor or other
pension plan not covered by clause (b) below, the total fair market value of the assets of the plan divided by the actuarial present value of the plan’s total benefit liabilities, as reported in such plan’s most recent audited
financial statements and (b) for a Pension Plan Investor, the funding target attainment percentage reported on Schedule SB to the Form 5500 or the funded percentage for monitoring the plan’s status reported on Schedule MB to the Form 5500,
as applicable, as reported on the most recent Form 5500 filed by such plan with the U.S. Department of Labor. 
 “FX Reserve
Amount” means, at any time of determination, the product of (a) the FX Reserve Percentage and (b) the Dollar Equivalent of the sum of the aggregate outstanding principal amount of Loans and the undrawn stated amount of
all outstanding Letters of Credit, in each case denominated in an Alternate Currency at such time. 

  
 15 

 “FX Reserve Percentage” means, as of any date of determination and for each
Alternate Currency, a percentage determined in the reasonable discretion of the Administrative Agent to account for foreign exchange volatility, in each case using a methodology that is sufficient to cover the
3-month foreign exchange exposure of the Lenders at such date of determination at a ninety-five percent (95%) confidence interval as calculated using Bloomberg BGN source data on the FXFM screen of Bloomberg
(or such other screen as may from time to time be in effect); provided that any such percentage may be reset for any particular Alternate Currency in connection with the delivery of any Borrowing Base Certificate hereunder or on any
Revaluation Date in the reasonable discretion of the Administrative Agent if necessary to account for foreign exchange volatility. As of the Closing Date, the FX Reserve Percentage for the below Alternate Currencies is as follows: 

 

					
	 Euro
	  	 	8.06	% 
	 Sterling
	  	 	11.24	% 
	 Canadian Dollar
	  	 	7.30	% 
	 Japanese Yen
	  	 	8.04	% 
	 Australian Dollars
	  	 	9.49	% 

 “Generally Accepted Accounting Principles” means those generally accepted accounting principles and
practices that are recognized as such by the American Institute of Certified Public Accountants or by the Financial Accounting Standards Board or through other appropriate boards or committees thereof, and that are consistently applied for all
periods, after the Closing Date, so as to properly reflect the financial position of the applicable Person, except that any accounting principle or practice required to be changed by the Financial Accounting Standards Board (or other appropriate
board or committee of the said Board) in order to continue as a generally accepted accounting principle or practice may be so changed. 

“Government Official” means an official, employee, instrumentality, or agent of a government, political party, state-owned enterprise,
or public international organization. 
 “Governmental Authority” means any foreign governmental authority, the United States of
America, any State of the United States of America, and any subdivision of any of the foregoing, and any agency, department, commission, board, authority or instrumentality, bureau or court having or reasonably claiming to have jurisdiction over any
Borrower, any Agent, any Lender or the Letter of Credit Issuer, or any of their respective businesses, operations, assets, or properties. 

“Governmental Plan Investor” means an Investor that is a pension plan as defined in Section 3(3) of ERISA and that is also a
governmental plan as defined in Section 3(32) of ERISA. 

  
 16 

 “Guaranty Obligations” means, with respect to any Person, without duplication, any
obligations guaranteeing any Indebtedness of any other Person in any manner, whether direct or indirect, and including, without limitation, any obligation, whether or not contingent: (a) to purchase any such Indebtedness or other obligation or
any property constituting security therefor; (b) to advance or provide funds or other support for the payment or purchase of such Indebtedness or obligation or to maintain working capital, solvency or other balance sheet condition of such other
Person (including, without limitation, maintenance agreements, comfort letters, take or pay arrangements, put agreements or similar agreements or arrangements) for the benefit of the holder of Indebtedness of such other Person; (c) to lease or
purchase property, securities or services primarily for the purpose of assuring the owner of such Indebtedness of the ability of the primary obligor to make payment of such primary obligation; or (d) to otherwise assure or hold harmless the
owner of such Indebtedness or obligation against loss in respect thereof; provided, however, that the term Guaranty Obligations shall not include (w) endorsements of instruments for deposit or collection in the ordinary course of
business, (x) deposits or other obligations to secure the performance of bids, trade contracts (other than for borrowed money), (y) contingent obligations under customary “carve outs” in
non-recourse loan documentation, including, but not limited to, environmental indemnities, guarantees of environmental indemnities and guarantees of non-recourse
carve-outs which are usual and customary in like transactions involving incurrence of such obligations or liabilities made by subsidiaries of such Person, and (z) other contingent obligations and liabilities which are not shown as indebtedness
in the financial statements of the Borrowers, including but not limited to completion guaranties. The amount of any Guaranty Obligation of any guaranteeing person shall be deemed to be the maximum amount for which such guaranteeing person may be
liable pursuant to the terms of the instrument embodying such Guaranty Obligation, unless such maximum amount for which such guaranteeing person may be liable is not stated or determinable, in which case the amount of such Guaranty Obligation shall
be such guaranteeing person’s maximum reasonable anticipated liability in respect thereof as determined by such Person in good faith. 

“Hedging Agreements” means, collectively, interest rate protection agreements, foreign currency exchange agreements, commodity
purchase or option agreements or other interest or exchange rate or commodity price hedging agreements. 
 “HNW Aggregation
Investors” means, collectively, Investors which are dedicated feeder funds established by a Person other than the Investment Advisor, the Administrator and/or any of their respective Affiliates and with their knowledge, primarily to
facilitate the participation of certain HNW Investors in the Initial Borrower, and each individually, a “HNW Aggregation Investor”. 

“HNW Investor” means an Investor that is a domestic or international individual Investor (or group of individuals organized as a trust
or family office) or an entity owned, controlled or established by a domestic or international individual Investor (or group of individuals organized as a trust or family office). For the avoidance of doubt, “HNW Investors” shall not
include Special HNW Aggregation Investors. 
 “ICE” means ICE Benchmark Administration Limited (or any successor thereto if ICE
Benchmark Administration Limited is no longer making LIBOR available). 

  
 17 

 “Included Investor” means an Investor (a) that either (i) meets the
Applicable Requirement and at the request of the Initial Borrower has been approved in writing as an Included Investor by the Administrative Agent, in its reasonable discretion (which approval shall not be unreasonably withheld, provided that the
failure, after using commercially reasonable efforts, to obtain approval for such Investor shall be deemed reasonable per se) (a “Rated Included Investor”), or (ii) does not meet the Applicable Requirement but at
the request of the Initial Borrower has been approved in writing as an Included Investor by all of the Lenders, in their sole discretion (a “Non-Rated Included Investor”); and (b) in respect of which,
except as otherwise determined by the Lenders, there has been delivered to the Administrative Agent: 
  

	 	(i)	 a true and correct copy of the Subscription Agreement executed and delivered by or on behalf of such Investor
which shall be acceptable to the Administrative Agent in its reasonable discretion (to the extent such Subscription Agreement contains material changes or any errors or discrepancies from the applicable approved form previously provided to the
Administrative Agent), together with the Initial Borrower’s countersignature(s) accepting such Subscription Agreement, and any Constituent Documents of the Initial Borrower executed and delivered by or on behalf of such Investor;

  

	 	(ii)	 a true and correct copy of any Side Letter executed by or on behalf of such Investor, which shall be acceptable
to the Administrative Agent in its reasonable discretion; and 

  

	 	(iii)	 if such Investor’s Subscription Agreement or any Constituent Document of the Initial Borrower was signed
by the Initial Borrower or any Affiliate thereof as an attorney-in-fact on behalf of such Investor, the Administrative Agent shall have received either (A) a copy
of the power of attorney or other documentation substantiating the authority of the Initial Borrower (or Affiliate thereof) to sign on behalf of such Investor, such documentation to be in form and substance reasonably acceptable to the
Administrative Agent (it being understood and agreed that any power of attorney given by any Investor to the Initial Borrower (or Affiliate thereof) under the Constituent Documents as of the Closing Date is in form and substance reasonably
acceptable to the Administrative Agent for purposes of executing any Constituent Document), or (B) a written opinion (addressed to the Administrative Agent) of the Investor’s counsel (or of the Initial Borrower’s counsel, who may
assume the Investor’s existence and the Investor’s authorization, execution and delivery of the applicable power of attorney for this purpose and make such other assumptions as are reasonably acceptable to the Administrative Agent) in form
and substance satisfactory to the Administrative Agent in its reasonable discretion, that such attorney-in-fact has duly executed and delivered such Subscription
Agreement or Constituent Document, as the case may be, on behalf of such Investor, and that such Subscription Agreement or Constituent Document, as the case may be, is as binding upon such Investor as if the Investor had itself signed the same;

  
 18 

 provided that (1) any Included Investor in respect of which an Exclusion Event
has occurred shall thereupon no longer be an Included Investor until such time as all Exclusion Events in respect of such Investor shall have been cured, (x) in the case of any Rated Included Investor, to the satisfaction of the Administrative
Agent in its sole discretion and (y) in the case of any Non-Rated Included Investor, to the satisfaction of all of the Lenders in their sole discretion; and (2) each approval of a Rated Included
Investor or a Non-Rated Included Investor and each restoration under clause (1) of this proviso shall be subject to the satisfaction of such initial or ongoing conditions as may reasonably be
specified by the Administrative Agent at the time of initial inclusion of such Investor as an Included Investor. The Included Investors as of the Closing Date are those specified as being Included Investors on the Borrowing Base Certificate attached
hereto as Exhibit A, as in effect on the Closing Date. If an Included Investor would not be an Included Investor but for the guaranty of its Credit Provider as contemplated in the definition of “Credit Provider”, the Initial
Borrower shall provide evidence satisfactory to the Administrative Agent of such guaranty. 
 “Increase Effective Date” is defined
in Section 2.13(b) hereof. 
 “Indebtedness” of any Person means, without duplication: (a) all
obligations of such Person for borrowed money or with respect to advances of any kind held by such Person; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are
customarily made; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with
suppliers entered into in the ordinary course of business); (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business); (e)
all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been assumed; (f) all Guaranty Obligations of such Person in respect of Indebtedness of others; (g) all obligations of such Person under: (i) Capital Leases; and
(ii) any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product of such Person where such transaction
is considered borrowed money indebtedness for U.S. federal tax purposes but is classified as an operating lease in accordance with Generally Accepted Accounting Principles; (h) all obligations of such Person to repurchase any securities which
repurchase obligation is related to the issuance thereof; (i) all net obligations of such Person in respect of or under Hedging Agreements; (j) all obligations, contingent or otherwise, of such Person as an account party in respect of
letters of credit and instruments of a like nature or of such Person in respect of bankers’ acceptances; and (k) the aggregate amount of uncollected accounts receivable of such Person subject at such time to a sale of receivables (or
similar transaction) regardless of whether such transaction is effected without recourse to such Person or in a manner that would not be reflected on the balance sheet of such Person in accordance with Generally Accepted Accounting Principles. The
Indebtedness of any Person shall include the Indebtedness of any partnership or unincorporated joint venture or similar entity for which such Person is legally obligated unless made non-recourse to such Person
by written agreement reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing, Indebtedness shall not include obligations and liabilities which are not shown as obligations or liabilities on the financial statements of such
Person. 
 “Indemnitee” is defined in Section 12.5(b) hereof. 

  
 19 

 “Initial Borrower” is defined in the preamble to this Credit Agreement. 

“Initial Lender” is defined in the preamble to this Credit Agreement. 

“Initial Notice Period” is defined in Section 10.2 hereof. 

“Initial Payment Date” is defined in Section 10.2 hereof. 

“Institutional Investor” means any Investor that is not a HNW Investor, a HNW Aggregation Investor or a Special HNW Aggregation
Investor. 
 “Interest Option” means either (a) LIBOR or (b) the Reference Rate. 

“Interest Payment Date” means: (a) with respect to any Reference Rate Loan, either (i) the LIBOR Conversion Date (if such
Reference Rate Loan is converted into a LIBOR Loan pursuant to Section 2.3(c) and the accrued interest is not capitalized as provided in Section 2.3(c)) or (ii) the twelfth (12th) calendar day of each calendar month (or the next succeeding Business Day if such day is not a Business Day) following the last day of each Interest Period for the interest accruing during the
preceding Interest Period; (b) with respect to any LIBOR Loan in respect of which the applicable Borrower has selected Daily LIBOR, the twelfth (12th) calendar day of each calendar month (or
the next succeeding Business Day if such day is not a Business Day) following the last day of each Interest Period for the interest accruing during the preceding Interest Period; (c) with respect to any other LIBOR Loan (i) in respect of
which the applicable Borrower has selected a one-month or three-month Interest Period, the last day of such Interest Period for such LIBOR Loan (or the next succeeding Business Day if such day is not a
Business Day), and (ii) in respect of which the applicable Borrower has selected a six-month, or subject to availability, twelve-month Interest Period, the day of the month corresponding to the Borrowing
date of such LIBOR Loan occurring each third calendar month during such Interest Period for such LIBOR Loan (or the next succeeding Business Day if such day is not a Business Day); (d) the Maturity Date; and (e) the date of any prepayment of
any Loan made hereunder, as to the amount prepaid. 
 “Interest Period” means (a) with respect to any Reference Rate Loan,
(i) initially the period commencing on (and including) the date of the initial purchase or funding of such Loan (or the related Reference Rate Conversion Date pursuant to Section 2.3(c) hereof) and ending on (and
including) the last calendar day of such month and (ii) thereafter, each period commencing on (and including) the first calendar day of the succeeding calendar month and ending on (and including) the last calendar day of such month;
(b) with respect to any LIBOR Loan in respect of which the applicable Borrower has selected Daily LIBOR, (i) initially the period commencing on (and including) the date of the initial purchase or funding of such Loan (or the related LIBOR
Conversion Date pursuant to Section 2.3(c) hereof) and ending on (and including) the last calendar day of such month and (ii) thereafter, each period commencing on (and including) the first calendar day of the
succeeding calendar month and ending on (and including) the last calendar day of such month; and (c) with respect to any other LIBOR Loan, the period commencing on (and including) the date of the initial purchase or funding of such Loan (or the
related LIBOR Conversion Date pursuant to Section 2.3(c) hereof) and ending on (but excluding) the corresponding date one month, three months, six months or, subject to confirmation of availability by the applicable Lenders
(i.e., a rate for such Interest Period is available for quotation under LIBOR), twelve months, as designated by the applicable Borrower in the applicable Request for Borrowing; provided that: 

  
 20 

 (A) any Interest Period that would otherwise end on a day that is not a
Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the preceding Business Day; 

(B) any Interest Period which begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (A) above, end on the last Business Day of the applicable calendar month; and 

(C) in the case of any Interest Period for any Loans which commences before the Maturity Date and would otherwise end on a date
occurring after the Maturity Date, such Interest Period shall end on (but exclude) such Maturity Date and the duration of each Interest Period which commences on or after the Maturity Date shall be of such duration as shall be selected by the
applicable Lender in its sole discretion. 
 “Internal Revenue Code” means the United States Internal Revenue Code of 1986, as
amended. 
 “Investment” means an investment made by the Initial Borrower. 

“Investment Advisor” means GSO Asset Management LLC, a Delaware limited liability company. 

“Investment Advisory Agreement” means the Investment Advisory Agreement, dated as of October 1, 2018, between the Initial
Borrower and the Investment Advisor, as the same may be amended, restated, modified, supplemented or amended and restated from time to time. 

“Investment Exclusion Event” means the exclusion or excuse of any Investor from participating in a particular Investment pursuant to
either (a) such Investor’s Side Letter or (b) such Investor’s Subscription Agreement, in each case, where (i) the Investor is entitled to such exclusion or excuse under the applicable Subscription Agreement or the applicable
Side Letter (i.e., the Initial Borrower has no discretion to permit or prevent such exclusion or excuse) or (ii) the failure to so exclude or excuse such Investor could, in the reasonable determination of the Initial Borrower, reasonably be
expected to result in a material adverse effect under the applicable Constituent Documents. 
 “Investment Period” means the
“Initial Drawdown Period” as that term is defined in the Trust Agreement. 
 “Investor” means any Person that is listed as
such on the Borrowing Base Certificate attached hereto as Exhibit A (or on a revised Borrowing Base Certificate delivered to the Administrative Agent in accordance with Section 8.1(h) hereof) and incorporated herein
by reference or is admitted to the Initial Borrower as a shareholder in accordance with the terms of the Initial Borrower’s Constituent Documents; “Investors” means all of such Persons, collectively. 

“Investor Information” is defined in Section 12.17 hereof. 

  
 21 

 “Joinder Agreement” means an agreement contemplated by
Section 12.11(e) hereof, pursuant to which a new lender joins the Credit Facility as a Lender. 
 “Judgment
Currency” is defined in Section 12.20 hereof. 
 “KYC Compliant” means any Person who
has satisfied all requests for information from the Lenders (through the Administrative Agent, as permitted) as may be reasonably required for the Lenders to comply with “know-your-customer” and other anti-terrorism, anti-money laundering
and similar rules and regulations and related policies and who would not result in any Lender being non-compliant with any such rules and regulations and related policies were such Person to enter into a
banking relationship with such Lender. 
 “Laws” means, collectively, all international, foreign, Federal, state and local laws,
statutes, treaties, rules, guidelines, directives, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law; provided that notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and all regulations, rules, guidelines, requests or directives thereunder or
issued in connection therewith relating to capital and liquidity requirements and (b) all regulations, rules, guidelines, requests or directives promulgated or issued by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “change in Law”, regardless of the date enacted, adopted
or issued. 
 “Lender Commitment” means, for each Lender, the amount set forth opposite its name on Schedule II or on its
respective Assignment and Acceptance Agreement or Joinder Agreement, as the same may be reduced from time to time by the Initial Borrower, pursuant to Section 3.6 hereof, or by further assignment by such Lender pursuant to
Section 12.11(c) hereof. The Lender Commitments shall be denominated in US Dollars. 
 “Lenders” means
Bank of America and each of the other lending institutions that shall become a Lender hereunder pursuant to Section 12.11(c) or Section 12.11(e) hereof. 

“Letter of Credit” means any letter of credit issued by the Letter of Credit Issuer pursuant to Section 2.8
hereof either as originally issued or as the same may, from time to time, be amended or otherwise modified or extended. 
 “Letter of Credit
Issuer” means Bank of America, or any Lender or Affiliate of such Lender so designated, and which accepts such designation, by the Administrative Agent and approved by the Initial Borrowers 

“Letter of Credit Liability” means the sum of (a) the aggregate undrawn stated amount of all outstanding Letters of Credit
plus (b) the aggregate amount drawn under all Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one of them, has not yet received payment or reimbursement (in the form of a conversion of such liability to
Loans, or otherwise) as required by Section 2.8 hereof. 

  
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 “Letter of Credit Sublimit” means an amount equal to fifty percent (50%) of the
Maximum Commitment Amount at the time of issuance of any Letter of Credit; provided, however, that Letters of Credit denominated in an Alternate Currency shall comply with the sublimit set forth in the definition of “Alternate Currency
Sublimit”. 
 “LIBOR” means, for any LIBOR Loan: 

(a) denominated in US Dollars, at the option of the applicable Borrower, either (x) Daily LIBOR or (y) the rate per
annum equal to the London interbank offered rate administered by ICE (or any Person that takes over administration of such rate) or a comparable or successor rate which rate is approved by the Administrative Agent and the Initial Borrower in their
commercially reasonable discretion, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be reasonably designated by the Administrative Agent from time to time) at the
Specified Time, for deposits in US Dollars (for delivery on the first day of the applicable Interest Period) with a term equivalent to such Interest Period; 

(b) denominated in a LIBOR Quoted Currency (other than US Dollars), the rate per annum equal to LIBOR or a comparable or
successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be reasonably designated by the Administrative
Agent from time to time and approved by the Initial Borrower in their commercially reasonable discretion) at the Specified Time, for deposits in the relevant Currency (for delivery on the first day of the applicable Interest Period) with a term
equivalent to such Interest Period; 
 (c) denominated in Canadian Dollars, CDOR; 

(d) denominated in Australian Dollars, BBSY; and 

(e) denominated in any other Non-LIBOR Quoted Currency, the rate per annum as
designated with respect to such Alternate Currency at the time such Alternate Currency is approved by the Administrative Agent and the Lenders; 

provided that, if more than one rate is published by Bloomberg (or such other commercially available source providing
quotations of LIBOR or CDOR, as applicable, as designated by the Administrative Agent from time to time), the applicable rate shall be the arithmetic mean of all such rates (rounded upwards if necessary to the nearest 1/100 of 1%). If for any reason
the rate specified in any of the preceding clauses (i) through (iv) is not available, then “LIBOR” shall mean the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which, as determined by the
Administrative Agent in accordance with its customary practices, deposits in the applicable Currency in an amount comparable to the Loans then requested are being offered to leading banks at the Specified Time: (x) in the case of Loans
denominated in an Alternate Currency, on the date that is two (2) Business Days prior to the date such rate shall apply for settlement in 

  
 23 

 
immediately available funds by leading banks in the London or Canadian interbank market, as applicable, for a period equal to the Interest Period selected, or (y) in the case of Loans
denominated in US Dollars, (I) on the same day such rate shall apply for settlement in immediately available funds by leading banks in the London interbank market for a period equal to one month if such rate is to replace the rate specified in
clause (a)(x) above or (II) on the date that is two (2) Business Days prior to the date such rate shall apply for settlement in immediately available funds by leading banks in the London interbank market for a period equal to the Interest
Period selected if such rate is to replace the rate specified in clause (a)(y) above; provided, further that LIBOR shall, in no event, exceed the Reference Rate; provided, further that, to the extent a comparable or
successor rate is approved by the Administrative Agent in connection with any rate set forth in this definition, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such
market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent and as notified to the Borrowers. If the calculation of
LIBOR (or any applicable LIBOR Successor Rate adopted together with LIBOR Successor Rate Conforming Changes pursuant to Section 4.12 hereof) results in a LIBOR rate of less than zero (0), LIBOR or such LIBOR Successor Rate,
as applicable, shall be deemed to be zero (0) for all purposes under the Loan Documents. 
 “LIBOR Conversion Date”
is defined in Section 2.3(c) hereof. 
 “LIBOR Cutoff” means the Specified Time. 

“LIBOR Loan” means a Loan that bears interest at a rate based on LIBOR. 

“LIBOR Quoted Currency” means each of the following currencies: US Dollars, Euros, Pounds Sterling and Yen, in each case as long as
there is a published LIBOR rate with respect thereto. 
 “LIBOR Reserve Requirement” means, at any time, the maximum rate at which
reserves (including, without limitation, any marginal, special, supplemental or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor
thereto) by member banks of the Federal Reserve System against: (a) “Eurocurrency liabilities” (as such term is used in Regulation D); (b) any category of liabilities which includes deposits by reference to which Adjusted LIBOR is
to be determined; or (c) any category of extensions of credit or other assets which include LIBOR Loans. LIBOR shall be adjusted automatically on and as of the effective date of any change in the LIBOR Reserve Requirement. Each determination by
the Administrative Agent of the LIBOR Reserve Requirement shall, in the absence of manifest error, be conclusive and binding. 
 “LIBOR Successor
Rate” is defined in Section 4.12(a) hereof. 
 “LIBOR Successor Rate Conforming Changes”
means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Reference Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may
be mutually agreed by the Administrative Agent and the Initial Borrower, to reflect the adoption of such LIBOR Successor Rate and to permit the administration 

  
 24 

 
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is
not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent and the Initial Borrower mutually agree). 

“Lien” means any lien, mortgage, security interest, security assignment, charge, tax lien, pledge, encumbrance, or conditional sale or
title retention arrangement, or any other interest in property designed to secure the repayment of indebtedness, whether arising by agreement or under common law, any statute, law, contract, or otherwise. 

“Loan Documents” means this Credit Agreement, the Notes (including any renewals, extensions,
re-issuances and refundings thereof), each of the Collateral Documents, each Assignment and Acceptance, each Borrower Guaranty, each Fee Letter and such other agreements and documents, and any amendments or
supplements thereto or modifications thereof that are executed or delivered pursuant to the terms of this Credit Agreement or any of the other Loan Documents and any additional documents delivered in connection with any such amendment, supplement or
modification that the parties thereto agree shall constitute a “Loan Document” hereunder. 
 “Loans” means the groups of
LIBOR Loans and Reference Rate Loans made by the Lenders to the Borrowers pursuant to the terms and conditions of this Credit Agreement and certain other related amounts specified in Section 2.8(g)(i),
Section 2.9(f), Section 3.3(c) and Section 3.3(d) hereof shall be treated as Loans pursuant to Section 2.8(g)(i),
Section 2.9(f), Section 3.3(c) and Section 3.3(d) hereof, respectively). 

“Margin Stock” has the meaning assigned thereto in Regulation U. 

“Material Adverse Effect” means a material adverse effect on (a) the rights of, or benefits available to, the Lenders under the
Loan Documents; (b) the Borrowers’ ability to pay the Obligations when due in accordance with the terms of the Loan Documents; (c) the Borrowers’ (taken as a whole) ability to perform its material obligations under any Loan
Document to which it is a party; (d) the legality, validity, binding effect or enforceability of any Loan Document; (e) the ability of the Initial Borrower to issue Demand Notices; or (f) the obligations of the Borrowing Base
Investors under the Initial Borrower’s Constituent Documents to make Contributions with respect to their Unused Commitments. 
 “Material
Amendment” is defined in Section 9.4 hereof. 
 “Maturity Date” means the earliest of:
(a) the Stated Maturity Date; (b) the date upon which the Administrative Agent declares the Obligations due and payable after the occurrence of an Event of Default; (c) 30 days prior to the termination of the Initial Borrower’s
Constituent Documents; (d) 30 days prior to the date on which the Initial Borrower’s ability to call Contributions for the purpose of repaying the Obligations is terminated and (e) the date upon which the Initial Borrower terminates all of
the Lender Commitments pursuant to Section 3.6 hereof or otherwise. 
 “Maximum Commitment Amount” means
$200,000,000, as the same may be reduced pursuant to Section 3.6 hereof or increased pursuant to Section 2.13 hereof.  

  
 25 

 “Maximum Rate” means, on any day, the highest rate of interest (if any) permitted by
applicable Law on such day. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Non-Excluded Taxes” means all Taxes, other than Excluded Taxes, imposed on or with respect to
any payment made by or on account of any obligation of any Borrower under any Loan Document. 

“Non-LIBOR Quoted Currency” means any currency other than a LIBOR Quoted Currency. 

“Non-Rated Included Investor” is defined in the definition of “Included Investor”.

 “Notes” means the promissory notes provided for in Section 3.1 hereof, and all promissory notes
delivered in substitution or exchange therefor, as such notes may be amended, restated, reissued, extended or modified, and the Qualified Borrower Notes; and “Note” means any one of the Notes. 

“Obligations” means all present and future indebtedness, obligations, and liabilities of the Borrowers to the Lenders, and all
renewals and extensions thereof (including, without limitation, Loans, Letters of Credit, or both), or any part thereof, arising pursuant to this Credit Agreement (including, without limitation, the indemnity provisions hereof) or represented by the
Notes and each Borrower Guaranty, and all interest accruing thereon, and attorneys’ fees incurred in the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect, fixed,
contingent, joint, several, or joint and several; together with all indebtedness, obligations and liabilities of the Borrowers to the Lenders evidenced or arising pursuant to any of the other Loan Documents, and all renewals and extensions thereof,
or any part thereof.    For purposes of any Collateral Document, so long as the Credit Facility is in effect, “Obligations” shall also include (x) any liability of any Borrower to any Lender (or Affiliate thereof)
under (i) any interest rate, currency and commodity swap agreement, cap agreement or collar agreement, (ii) any other agreement or arrangement with a Lender (or Affiliate thereof) designed to protect such Borrower against fluctuations in
interest rates, currency exchange rates or commodity prices or (iii) any option of such Borrower to enter into any of the foregoing and (y) all liabilities to any Lender under or in connection with any arrangement of any Borrower with any
Lender (or Affiliate thereof) in respect of overdraft protection, corporate credit cards, corporate purchase cards, automated clearing house services and other treasury, depositary and cash management services. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Operating Company” means an “operating company”, a “venture capital operating company” or a “real estate
operating company”, each as defined in the Plan Asset Regulations. 
 “Other Claims” is defined in
Section 5.5 hereof. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a
result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

  
 26 

 “Other Taxes” is defined in Section 4.7(c) hereof. 

“Participant” is defined in Section 12.11(b) hereof. 

“Participant Register” is defined in Section 12.11(b) hereof. 

“Participating Member State” means any member state of the European Union that adopts or has adopted (and has not ceased to adopt) the
Euro as its lawful currency in accordance with legislation of the European Union relating to the Economic and Monetary Union. 
 “Patriot
Act” is defined in Section 12.18 hereof. 
 “Pending Demand Notice” means any Demand Notice
that has been issued to Investors and that has not yet been (a) cancelled or withdrawn or (b) funded by the applicable Investor, but with respect to which such Investor is not in default under the terms of the Initial Borrower’s
Constituent Documents beyond any notice and cure period specified therein, where applicable. 
 “Pension Plan Investor” means an
ERISA Investor that is an “employee pension benefit plan” within the meaning of Section 3(2) of ERISA and is subject to Title IV of ERISA. 

“Permitted Liens” is defined in Section 9.2 hereof. 

“Permitted RIC Distributions” means, with respect to each taxable year, any Distributions determined by the Initial Borrower in good
faith to be required to be made in order to maintain the Initial Borrower’s tax status under Section 851 of the Internal Revenue Code or to avoid the payment of any tax imposed under Section 852(b)(1), Section 852(b)(3) or
Section 4982 of the Internal Revenue Code. 
 “Person” means an individual, sole proprietorship, joint venture, association,
trust, estate, business trust, corporation, exempted company, limited liability company, nonprofit corporation, partnership, exempted limited partnership, sovereign government or agency, instrumentality, or political subdivision thereof, or any
similar entity or organization. 
 “Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), including any single-employer plan or multiemployer plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA, respectively), that is subject to Title IV of ERISA or
Section 412 of the Internal Revenue Code, each as established or maintained for employees of any Borrower or any member of the Controlled Group. 

“Plan Asset Regulations” means 29 C.F.R. §2510.3-101, et seq., as modified by
Section 3(42) of ERISA, as the same may be amended from time to time. 
 “Plan Assets” means “plan assets” within
meaning of the Plan Asset Regulations. 

  
 27 

 “Potential Default” means any condition, act or event which, with the giving of
notice or lapse of time or both, would become an Event of Default. 
 “Pounds Sterling” means the lawful currency of the United
Kingdom. 
 “Prepayment Notice” is defined in Section 3.5 hereof. 

“Prime Rate” means, for any date, a per annum rate equal to the rate of interest announced from time to time by the Administrative
Agent to its prime customers as its “prime rate” for such date. The Prime Rate may be, but is not intended to be, the lowest rate of interest charged by the Administrative Agent, any Lender or Letter of Credit Issuer or any other financial
institution in connection with extensions of credit to borrowers. 
 “Principal Obligations” means, on any date of determination,
the sum, without duplication, of (a) the aggregate outstanding principal amount of the Loans plus (b) the Letter of Credit Liability. 

“Pro Rata Share” means, with respect to each Lender, the percentage obtained from the fraction: (a) (i) the numerator of which is
the Lender Commitment of such Lender; and (ii) the denominator of which is the aggregate Lender Commitments of all Lenders; or (b) in the event the Lender Commitments have been terminated: (i) the numerator of which is the Lender
Commitment of such Lender as in effect immediately prior to such termination; and (ii) the denominator of which is the aggregate Lender Commitments of all Lenders as in effect immediately prior to such termination. 

“Proceedings” is defined in Section 7.9 hereof. 

“Proposed Amendment” is defined in Section 9.4 hereof. 

“Qualified Borrower” is defined in Section 2.9(a) hereof. 

“Qualified Borrower Note” is defined in Section 2.9(d) hereof. 

“Rated Included Investor” is defined in the definition of “Included Investor”. 

“Rated Investor” means any Investor that has a Rating (or that has a Credit Provider, Sponsor or Responsible Party that has a Rating).
In the event an Investor, its Credit Provider, Sponsor or Responsible Party has more than one Rating, from S&P or Moody’s, then the lowest of such Ratings shall be the applicable Rating. In the event an Investor has only one rating, that
Rating will apply. 
 “Rating” means, for any Person, its senior unsecured debt rating (or equivalent thereof, such as, but not
limited to, a corporate credit rating, issuer rating/insurance financial strength rating (for an insurance company), general obligation rating or credit enhancement program (for a governmental entity), or revenue bond rating (for an educational
institution or a governmental entity)) from either S&P or Moody’s. 
 “Recipient” means (a) the Administrative Agent,
(b) any Lender and (c) any Letter of Credit Issuer, as applicable. 

  
 28 

 “Reference Rate” means the greatest of: (a) the Prime Rate, (b) the
Federal Funds Rate plus fifty (50) basis points, and (c) Adjusted LIBOR (based on Daily LIBOR) plus one hundred (100) basis points. Each change in the Reference Rate shall become effective without prior notice to any Borrower
automatically as of the opening of business on the day of such change in the Reference Rate. 
 “Reference Rate Applicable Margin”
has the meaning set forth in the applicable Fee Letter. 
 “Reference Rate Conversion Date” is defined in
Section 2.3(c) hereof. 
 “Reference Rate Loan” means a Loan made hereunder with respect to which
the interest rate is calculated by reference to the Reference Rate. 
 “Register” is defined in
Section 12.11(f) hereof. 
 “Regulation D,” “Regulation T,” “Regulation
U” and “Regulation X” means Regulation D, T, U or X, as the case may be, of the Board of Governors of the Federal Reserve System, from time to time in effect, and shall include any successor regulation relating
to reserve requirements or margin requirements, as the case may be, applicable to member banks of the Federal Reserve System. 
 “Request for
Borrowing” is defined in Section 2.3 hereof. 
 “Request for Letter of Credit” is defined in
Section 2.8(b) hereof. 
 “Required Lenders” means, at any time: (a) Lenders (other than the
Defaulting Lenders) holding an aggregate Pro Rata Share of greater than fifty percent (50%) of the Lender Commitments (excluding the Lender Commitments of any Defaulting Lenders); or (b) at any time that the Lender Commitments are zero (0),
Lenders (other than the Defaulting Lenders) owed an aggregate Pro Rata Share of greater than fifty percent (50%) of the Obligations outstanding at such time; provided that if at any time there is only one Lender party hereto, then
“Required Lenders” shall mean such Lender. 
 “Required Payment Time” means, (a) promptly on demand but in no event
later than two (2) Business Days following such demand, to the extent such funds are available in a Collateral Account and credited to or held for the Initial Borrower; and (b) otherwise within fifteen (15) Business Days of demand, to
the extent that it is necessary for the Initial Borrower to issue Demand Notices (and the Initial Borrower will issue such Demand Notices and the Initial Borrower shall make such payment promptly after the Contributions relating to such Demand
Notices are received). 
 “Responsible Officer” means any President, Chief Operating Officer, Senior Managing Director, General
Counsel, Managing Director, Chief Compliance Officer, Director, Chief Financial Officer, Executive Vice President, Vice President, Secretary, Assistant Secretary, Treasurer, Assistant Treasurer, Chief Legal Officer or other duly authorized officer,
manager or director of (a) a corporation or an exempted company, (b) the general partner of a limited partnership or an exempted limited partnership or if such general partner is itself a limited partnership or an exempted limited
partnership, its general partner, or (c) a limited liability company or the managing member thereof. 

  
 29 

 “Responsible Party” means, for any Governmental Plan Investor: (a) if the state
under which the Governmental Plan Investor operates is obligated to fund the Governmental Plan Investor and is liable to fund any shortfalls, the state; and (b) otherwise, the Governmental Plan Investor itself. 

“Revaluation Date” means: (a) each date of the making of any Loan or an issuance, amendment, renewal or extension of a Letter of
Credit; (b) the date of any Exclusion Event; and (c) each other date on which any of the Administrative Agent, the Letter of Credit Issuer or a Borrower shall reasonably request (which may not be more than once in any calendar month). 

“RIC Distribution Notice” means a written notice setting forth the calculation of any Permitted RIC Distribution with respect to the
Initial Borrower and certifying that the Initial Borrower remains a “regulated investment company” under Subchapter M of the Internal Revenue Code. 

“Rollover” means the renewal of all or any part of any LIBOR Loan upon the expiration of the Interest Period with respect thereto,
pursuant to Section 2.3 hereof. 
 “Rollover Notice” is defined in
Section 2.3(b) hereof. 
 “S&P” means Standard & Poor’s Financial Services LLC and any
successor thereto. 
 “Sanctioned Country” means a country or territory that is the subject or target of Sanctions (which includes,
at the time of this Credit Agreement, Crimea, Cuba, Iran, North Korea, and Syria). 
 “Sanctioned Person” means a Person that is
(a) currently the subject or target of Sanctions or (b) located, organized or resident in a Sanctioned Country. 

“Sanctions” means any sanctions administered or enforced by the United States government, including, without limitation, the U.S.
Department of State, the U.S. Department of the Treasury, OFAC, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority. 

“Scheduled Unavailability Date” is defined in Section 4.12(a) hereof. 

“Secured Parties” means the Agents, the Lenders and the Letter of Credit Issuers. 

“Securities Exchange Act” means the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter,
and any successor statute. 
 “Side Letter” means any side letter executed by or on behalf of an Investor with the Initial Borrower
with respect to such Investor’s rights and/or obligations under its Subscription Agreement or the Initial Borrower’s Constituent Documents. 

“Sole Lead Arranger” is defined in the preamble to this Credit Agreement. 

“Solvent” means, with respect to the Initial Borrower, as of any date of determination, that as of such date: 

  
 30 

 (a) the fair value of the assets of the Initial Borrower and the aggregate Unused
Commitments are greater than the total amount of liabilities, including contingent liabilities, of the Initial Borrower; 
 (b) the fair
value of the assets of the Initial Borrower and the aggregate Unused Commitments are not less than the amount that will be required to pay the probable liability of the Initial Borrower on its debts as they become absolute and matured; 

(c) the Initial Borrower does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such
debts or liabilities become absolute and matured; and 
 (d) the Initial Borrower is not engaged in a business or transaction, and is not
about to engage in a business or transaction, for which its assets and the aggregate Unused Commitments would constitute unreasonably small capital. 

For the purposes of this definition, the amount of contingent liabilities (such as litigation, guarantees, and pension plan liabilities) at
any time shall be computed as the amount which, in light of all the facts and circumstances existing at the time, represents the amount which can be reasonably expected to become an actual or matured liability. 

“Special HNW Aggregation Investor” means an aggregation vehicles sourced by Merrill Lynch Alternative Investments, JPMorgan Private
Bank, Morgan Stanley, or any other well-known private wealth management firm approved by the Administrative Agent in its sole discretion, subject to organizational documentation that is reasonably acceptable to Administrative Agent. 

“Special HNW Aggregation Investor Letter Agreements” means the letter agreement(s) by and among the applicable Special HNW Aggregation
Investor(s) and the Administrative Agent, as amended, restated, supplemented or modified from time to time in accordance with the terms thereof. 

“Specified Time” means the applicable day and time determined in accordance with Schedule III. 

“Sponsor” means, for any Pension Plan Investor, a sponsor as that term is understood under ERISA, specifically, the entity that
established the plan and is responsible for the maintenance of the plan and, in the case of a plan that has a sponsor and participating employers, the entity that has the ability to amend or terminate the plan. 

“Spot Rate” for an Alternate Currency on any Revaluation Date means the spot rate for the purchase of such Alternate Currency with US
Dollars as set forth on the applicable Bloomberg screen page at the Specified Time on such Revaluation Date. In the event that such rate does not appear on the applicable Bloomberg screen page, the Spot Rate with respect to such Alternate Currency
shall be determined by reference to such other publicly available service for displaying exchange rates as the Administrative Agent or the Letter of Credit Issuer may determine, in their reasonable discretion; provided, that if at the time of
any such Revaluation Date, for any reason, no such Spot Rate is being quoted, the Administrative Agent or Letter of Credit Issuer may obtain such spot rate from another commercially available source reasonably designated by the Administrative Agent
or Letter of Credit Issuer. 

  
 31 

 “Stated Maturity Date” means November 6, 2019, subject to extension as set
forth in Section 2.14 hereof. 
 “Subscription Agreement” means a Subscription Agreement substantially in
the form of the applicable subscription agreement previously provided to the Administrative Agent executed by an Investor in connection with the subscription for an equity interest in the Initial Borrower, as amended, restated, supplemented or
otherwise modified from time to time. “Subscription Agreements” means, where the context may require, all Subscription Agreements, collectively. 

“TARGET Day” means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system
(or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. 

“Tax Credit” means a credit against, relief or remission for, or repayment of any Non-Excluded
Taxes or Other Taxes. 
 “Tax Indemnified Parties” means, collectively, the Lenders and the Agents; and “Tax Indemnified
Party” means any of the foregoing. 
 “Tax Payment” means either the increase in a payment made by a Borrower to a Tax
Indemnified Party under Section 4.7(a) hereof or a payment under the indemnity in Section 4.7(d) hereof. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Transfer” means
to assign, convey, exchange, pledge, sell, set-off, transfer or otherwise dispose. 
 “Trust
Agreement” means the Second Amended and Restated Agreement and Declaration of Trust of the Initial Borrower, dated as of October 1, 2018, as the same may be amended, restated, modified, supplemented or amended and restated from
time to time. 
 “Type of Loan” means a LIBOR Loan or a Reference Rate Loan. 

“UCC” means the Uniform Commercial Code as adopted in the State of New York and any other state from time to time, which governs
creation or perfection (and the effect thereof) of security interests in any collateral for the Obligations. 
 “Uncalled
Commitment” means, with respect to any Investor at any time, such Investor’s Unused Commitment minus any portion of such Investor’s Unused Commitment that is subject to a Pending Demand Notice. 

“Unused Commitment” means, with respect to any Investor at any time, such Investor’s undrawn capital commitment under the Initial
Borrower’s Constituent Documents. 
 “Unused Portion” is defined in Section 2.12(a) hereof. 

  
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 “Upfront Fee” means the upfront fees payable to the Lenders in connection with their
initial Lender Commitments on the Closing Date or any increases pursuant to Section 2.13 herein, as set forth in the applicable Fee Letter. 

“US Dollars” and the sign “$” means lawful currency of the United States of America. 

“Write-Down and Conversion Powers” means, with respect to any
EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the
applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

“Yen” means lawful currency of Japan. 

1.2 Other Definitional Provisions. 

(a) All terms defined in this Credit Agreement shall have the above-defined meanings when used in the Notes or any other Loan
Documents or any certificate, report or other document made or delivered pursuant to this Credit Agreement, unless otherwise defined in such other document. 

(b) Defined terms used in the singular shall import the plural and vice versa. 

(c) The words “hereof,” “herein,” “hereunder,” and similar terms when used in this Credit
Agreement shall refer to this Credit Agreement as a whole and not to any particular provisions of this Credit Agreement. 

(d) “Including” and similar terms shall be deemed to be followed by “without limitation” unless in fact
followed by “without limitation” or a similar term. 
 (e) In the computation of periods of time from a specified
date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and
including.” 
 (f) Any reference to the Administrator or the Investment Advisor shall be deemed to be a reference to any
successor thereto. 
 1.3 Exchange Rates; Currency Equivalents. Loans and Letters of Credit shall be available to the
Borrowers in the applicable currencies specified herein, provided that, for purposes of determining the remaining Available Commitment, the Principal Obligations shall always be calculated in US Dollars by converting the Principal Obligations in an
Alternate Currency into its Dollar Equivalent. The Administrative Agent or the Letter of Credit Issuer shall, as of each Revaluation Date, determine the applicable Spot Rates to be used for making such calculations. Such Spot Rates shall become
effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. 

  
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 1.4 Letter of Credit Amounts. Unless otherwise specified, all references herein to
the amount of a Letter of Credit at any time shall be deemed to mean the Dollar Equivalent of the maximum face amount of such Letter of Credit available to be drawn at such time after giving effect to all increases thereof contemplated by such
Letter of Credit or the documentation related thereto, whether or not such maximum face amount is in effect at such time. 
 1.5
Times of Day. Unless otherwise specified in the Loan Documents, time references are to time in the city of New York, New York. 

1.6 Schedules and Exhibits. All references in this Credit Agreement to any schedule or exhibit hereto shall mean such
schedule or exhibit, as applicable, as the same may be amended, amended and restated, supplemented, replaced or otherwise modified from time to time in accordance with the terms of this Credit Agreement. Each of the schedules and exhibits to this
Credit Agreement may be modified from time to time as matters set forth in such schedule or exhibit, as applicable, are updated or modified in accordance with the terms of this Credit Agreement. 

1.7 References to Agreements, Laws, Etc. Unless otherwise expressly provided herein, (a) references to Constituent
Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are permitted by any Loan Document and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing
or interpreting such Law. 
 Section 2. REVOLVING CREDIT LOANS AND LETTERS OF CREDIT 

2.1 The Lender Commitment. 

(a) Committed Amount. Subject to the terms and conditions herein set forth, the Lenders agree, during the Commitment
Period to (i) extend to the Borrowers a revolving line of credit and (ii) participate in Letters of Credit issued by the Letter of Credit Issuer for the account of the Borrowers. 

(b) Limitation on Borrowings and Re-borrowings. Except as provided in clause
(c) below, the Lenders shall not be required to advance any Borrowing or Rollover, if: 
 (i) after giving effect to
such Borrowing or Rollover: (x) the Dollar Equivalent of the Principal Obligations would exceed the Available Commitment or (y) the Alternate Currency Liability would exceed the Alternate Currency Sublimit; provided that the
foregoing restrictions with respect to Rollovers shall apply only to the extent of the amount such Rollover exceeds the Available Commitment or the Alternate Currency Sublimit as of such date, as applicable; or 

(ii) an Event of Default or, to any Borrower’s or the Administrative Agent’s knowledge, Potential Default under
Section 10.1(a), (e), (f), (g), (h), (i), (j), (o) or (p) exists. 

  
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 (c) Exceptions to Limitations. Conversions to Reference Rate Loans
and Rollovers shall be permitted in the situations described in clauses (i) and (ii) of Section 2.1(b) above, in each case, unless the Administrative Agent has otherwise accelerated the Obligations or
exercised other rights that terminate the Lender Commitments under Section 10.2 hereof. 
 (d)
Exclusion Events. If any of the following events (each, an “Exclusion Event”) shall occur with respect to any Borrowing Base Investor (or, if applicable, the Sponsor, Responsible Party, or Credit Provider of such
Investor), (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body) (such Investor hereinafter referred to as an “Excluded Investor”), such Investor shall no longer be a Borrowing Base Investor until such time as all Exclusion Events in respect of such
Investor, shall have been cured in accordance with the definition of Included Investor or Designated Investor, as applicable: 

(i) it shall: (A) apply for or consent to the appointment of a receiver, trustee, custodian, intervenor, or liquidator of
itself or of all or a substantial part of its assets; (B) file a voluntary petition as debtor in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (C) make a general assignment for the benefit of
creditors; (D) file a petition or answer seeking reorganization or an arrangement with creditors or take advantage of any Debtor Relief Laws; (E) file an answer admitting the material allegations of, or consent to, or default in answering,
a petition filed against it in any bankruptcy, reorganization, or insolvency proceeding; or (F) take personal, partnership, limited liability company, corporate or trust action, as applicable, for the purpose of effecting any of the foregoing;

 (ii) (A) an involuntary case or other proceeding shall be commenced against it, seeking liquidation, reorganization
or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) days; or (B) an order, order for relief, judgment, or decree shall be entered by any court of
competent jurisdiction or other competent authority approving a petition seeking such Investor’s (or its Sponsor’s, Responsible Party’s or Credit Provider’s, as applicable) reorganization or appointing a receiver, custodian,
trustee, intervenor, or liquidator of such Person or of all or substantially all of its assets; 
 (iii) other than in
connection with an Investment Exclusion Event, such Investor shall (x) repudiate or declare unenforceable its obligation to make Contributions with respect to its Unused Commitment to the capital of the Initial Borrower pursuant to a Demand
Notice, (y) shall otherwise disaffirm any material provision of its Subscription Agreement or the applicable Constituent Documents, 

  
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or (z) give any written notice to the Initial Borrower that (1) it may not fund future Contributions (other than in connection with an Investment Exclusion Event) or comply with the
provisions of its Subscription Agreement or the applicable Constituent Documents or (2) it intends to withdraw, retire or resign (excluding any right to do so which is documented in such Investor’s Side Letter, but including any written
notice that it intends to exercise such right) from the Initial Borrower; 
 (iv) other than in connection with an Investment
Exclusion Event, such Investor shall fail to make a Contribution with respect to its Unused Commitment when required pursuant to a Demand Notice for a period of ten (10) Business Days beyond the initial due date therefor (without regard to any
cure or notice periods provided under the applicable Constituent Documents or such Investor’s Subscription Agreement or Side Letter), or, to the Initial Borrower’s knowledge, shall otherwise be in default under or in breach of any material
provision of its Subscription Agreement (or related Side Letter) or the applicable Constituent Documents, and such other default or breach shall continue for a period of ten (10) Business Days; provided that, any Special HNW Aggregation
Investor or HNW Aggregation Investor in the Initial Borrower shall only be subject to exclusion from the Borrowing Base under this clause in the event that its underlying interestholders holding 10% or more of such Investor’s total Commitment
to the Initial Borrower fail to make a contribution to such Investor within ten (10) Business Days of the initial due date therefor (without regard to any cure or notice periods provided under such Special HNW Aggregation Investor’s or HNW
Aggregation Investor’s Constituent Documents); 
 (v) any representation or warranty made by such Investor under the
applicable Constituent Documents, its Subscription Agreement (or related Side Letter), or any guaranty or related document executed by such Investor’s Credit Provider shall prove to be untrue or inaccurate in any material respect, as of the
date on which such representation or warranty is made and such circumstance remains uncured for five (5) Business Days after the earlier of (A) the Administrative Agent’s delivery of notice thereof to the Initial Borrower and
(B) the Initial Borrower’s actual knowledge of such circumstance; 
 (vi) such Investor shall Transfer (other than
any Transfer comprised of a pledge or other encumbrance which is covered by clause (vii) below) its interest in the Initial Borrower and be released from its obligation under the applicable Constituent Documents to make Contributions,
provided that if such Investor shall Transfer less than all of its interest in the Initial Borrower, only the Transferred portion shall be subject to exclusion; 

(vii) such Investor shall encumber its interest in the Initial Borrower, provided that if such Investor shall encumber
less than all of its interest in the Initial Borrower, only the encumbered portion shall be subject to exclusion; and provided further that, if the Initial Borrower delivers evidence that such encumbrance will not materially affect the
creditworthiness of the Investor or the obligation of the Investor under the applicable Constituent Documents and Subscription Agreement to fund Contributions with respect to its Unused Commitment, the Administrative Agent (in consultation with the
Lenders) will evaluate such evidence in good faith to determine if a waiver of the exclusion is reasonable, but such waiver shall be in the sole discretion of the Administrative Agent; 

  
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 (viii) in the case of any such Investor that is a Rated Included Investor
(or its Sponsor, Responsible Party or Credit Provider, as applicable), it shall fail to maintain the Applicable Requirement for such Investor required in the definition of “Applicable Requirement” in Section 1
hereof; 
 (ix) in the case of any such Investor that is a Non-Rated Included
Investor or a Designated Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable), the failure to observe or maintain any terms or conditions required by the Administrative Agent in writing in connection with such
Investor’s becoming a Non-Rated Included Investor or a Designated Investor (including, for the avoidance of doubt, with respect to any Designated Investor that is a Special HNW Aggregation Investor, the
failure of such Investor to maintain the agreements, covenants or representations contained in, or otherwise violate the terms of, any applicable Special HNW Aggregation Investor Letter); 

(x) in the case of any such Investor that is a Non-Rated Included Investor or a
Designated Investor, the occurrence of any circumstance or event that would reasonably be expected to impair, impede or jeopardize the obligation of such Investor to fulfill its obligations to make Contributions under its Subscription Agreement or
the applicable Constituent Documents; 
 (xi) in the case of any Non-Rated Included
Investor (or its Credit Provider), to the Initial Borrower’s knowledge, such Investor shall fail to maintain a net worth (determined in accordance with Generally Accepted Accounting Principles) of at least seventy-five percent (75%) of the net
worth (or, if calculated instead, net assets) of such Investor, measured as of the date of the most recent financial statements of such Investor prior to its initial designation as an Included Investor; 

(xii) such Investor shall withdraw, retire or resign from the Initial Borrower; 

(xiii) the Initial Borrower fails to deliver to the Administrative Agent, from time to time upon the request of the
Administrative Agent pursuant to Section 8.18 hereof, a certificate setting forth for such Investor the remaining amount of its Unused Commitment which it is obligated to fund; 

(xiv) there is a material breach or written repudiation by such Investor’s Credit Provider of its obligations under its
guaranty of the obligations of such Investor or the occurrence of any event contemplated by clause (i), (ii), (viii) or (ix) of this Section 2.1(d) with respect to such Credit Provider; 

  
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 (xv) the Initial Borrower cancels, reduces, excuses, terminates or abates
the Unused Commitment of such Investor without the prior written consent of the Lenders, provided that if an Investor is excused or precluded from a specific Contribution in accordance with the terms of the applicable Constituent Documents or Side
Letter (including any Investment Exclusion Event) or its Unused Commitment is otherwise reduced or abated, the portion of the Unused Commitment so excused, precluded, reduced or abated will be excluded from the Available Commitment but such Investor
will not be deemed to be subject to an Exclusion Event; 
 (xvi) the Unused Commitment of such Investor ceases to be
Collateral other than through the actions of the Administrative Agent or the Lenders; 
 (xvii) such Investor becomes listed
on any list published by OFAC (or Her Majesty’s Treasury or any other comparable regulatory body having jurisdiction over any Lender) as a Person with whom dealings are prohibited under OFAC regulations (or those of Her Majesty’s Treasury
or any other comparable regulatory body having jurisdiction over any Lender) or, to the actual knowledge of the Initial Borrower or any Agent (without making any inquiry), such Investor’s funds used in connection with this transaction are
derived from illegal or suspicious activities; 
 (xviii) with respect to any
Non-Rated Included Investor, the Administrative Agent is unable to obtain annual updated financial information for such Investor or such Investor’s Credit Provider within thirty (30) days after
written request from the Administrative Agent to the Initial Borrower to the extent such financial information is not otherwise publicly available; 

(xix) such Investor shall be (i) a director or executive officer (within the meaning of the Sarbanes-Oxley Act of 2002) or
a full-time employee of The Blackstone Group L.P., (ii) a current spouse of any individual described in the foregoing clause (i) or (iii) an entity (including a family office but excluding The Blackstone Group L.P. or any Affiliate thereof)
that an individual described in the foregoing clause (i) or (ii) uses for the purpose of making personal investments; 

(xx) to the Initial Borrower’s knowledge, any final judgment or decree for the payment of money which in the aggregate
exceeds twenty percent (20%) of the net worth (or, if calculated instead, net assets) of such Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable) shall be rendered against such Person, and (A) any such judgment or
decree shall not be discharged, paid, bonded or vacated within thirty (30) days, (B) enforcement proceedings shall be commenced by any creditor on any such judgment or decree and shall not be stayed or (C) a reputable insurance company
shall provide written notice of its refusal of coverage or defense with respect thereto; 
 (xxi) in the case of any such HNW
Investor that is a natural person, such HNW Investor is deceased; 

  
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 (xxii) in the case of any such Investor that is a Special HNW Aggregation
Investor, its administrator or sponsor (or such other administrator or sponsor acceptable to the Administrative Agent in its sole discretion) ceases to serve as the administrator or sponsor for such Investor; or 

(xxiii) such Investor amends its Side Letter in any way (including pursuant to any “most favored nations” clause)
that the Administrative Agent determines would materially impair the Lenders’ collateral rights. 
 (e) Mandatory
Prepayment/Excess Loans Outstanding. If, on any day: 
 (i) the Dollar Equivalent of the aggregate Principal Obligations
exceeds the Available Commitment (including, without limitation, as a result of an Exclusion Event) or the aggregate Alternate Currency Liability exceeds the Alternate Currency Sublimit; or 

(ii) the Dollar Equivalent of the aggregate Principal Obligations of the Borrowers exceeds the maximum amount of Indebtedness
permitted to be incurred under the Constituent Documents of the Borrowers; 
 then the applicable Borrower shall pay, on or
before the Required Payment Time following the earlier of actual knowledge thereof or notice from the Administrative Agent, such excess to the Administrative Agent, for the benefit of the Secured Parties, in immediately available funds (except to
the extent any such excess is addressed by Section 2.1(g) hereof). The Initial Borrower hereby agrees that the Administrative Agent may withdraw from any Collateral Account amounts therein credited to or held for the
Initial Borrower any Contributions deposited therein for the benefit of the Initial Borrower and apply the same to the Principal Obligations owing by the Initial Borrower until such time as the payment obligations of this
Section 2.1(e) have been satisfied in full. 
 (f) [Reserved]. 

(g) Excess Letters of Credit Outstanding. If any excess calculated pursuant to Section 2.1(e)
hereof is attributable to undrawn Letters of Credit, the applicable Borrower shall pay such excess to the Administrative Agent, for the account of the Letter of Credit Issuer, when required pursuant to the terms of
Section 2.1(e) hereof for deposit into the Cash Collateral Account, as security for such portion of the Obligations of such Borrower. Unless otherwise required by law, upon the earlier to occur of: (i) a change in
circumstances such that the Dollar Equivalent of the aggregate Principal Obligations of the Borrowers no longer exceeds the Available Commitment (so long as no Event of Default or Potential Default has occurred and is continuing); or (ii) the
full and final payment of the Obligations and the expiration or termination of all Letters of Credit, the Administrative Agent shall return to the applicable Borrower(s) any amounts remaining in the Cash Collateral Account. 

2.2 Revolving Credit Commitment. Subject to the terms and conditions herein set forth, each Lender severally agrees, on any
Business Day, during the Commitment Period, to make Loans in US Dollars or in one or more other Alternate Currencies to each of the Borrowers at any 

  
 39 

 
time and from time to time in an aggregate Dollar Equivalent principal amount at any one time outstanding up to such Lender’s Lender Commitment at any such time; provided that, after
making any such Loans: (a) the Dollar Equivalent of such Lender’s Principal Obligations would not exceed such Lender’s Lender Commitment; (b) the Dollar Equivalent of the Principal Obligations would not exceed the Available
Commitment; and (c) the Alternate Currency Liability would not exceed the Alternate Currency Sublimit; provided, further, that Reference Rate Loans shall only be available in US Dollars. Subject to the foregoing limitation, the
conditions set forth in Section 6 hereof and the other terms and conditions hereof, the Borrowers may borrow, repay without penalty or premium, and re-borrow hereunder, during the
Commitment Period. Each Borrowing pursuant to this Section 2.2 shall be funded in accordance with Section 2.5 hereof. No Lender shall be obligated to fund any Loan if the interest rate applicable
thereto under Section 2.6 hereof would exceed the Maximum Rate in effect with respect to such Loan. 
 2.3
Manner of Borrowing. Each Borrowing hereunder shall be made by a single Borrower (it being understood and agreed that any Qualified Borrower’s Obligations shall be guaranteed by the Initial Borrower in accordance with
Section 2.9 hereof). The applicable Borrower shall give the Administrative Agent notice at the Agency Services Address of the date of each requested Borrowing hereunder, which notice may be by telephone, if confirmed in
writing, facsimile, electronic mail, or other written communication substantially in the form of Exhibit E attached hereto (a “Request for Borrowing”). Each Request for Borrowing: (a) shall be furnished to the
Administrative Agent no later than the Specified Time; and (b) must specify: (i) the amount of such Borrowing; (ii) the Interest Option; (iii) in the case of a request for LIBOR Loans, the Interest Period therefor and currency
(which shall be, subject to Section 2.2 hereof, US Dollars or an Alternate Currency); and (iv) including a confirmation that such Borrowing will be secured (either directly or indirectly) by a first priority, exclusive security interest
and Lien (subject to Permitted Liens), granted to the Secured Parties, in and on 100% of the Unused Commitments of all Investors, which can be satisfied by checking the box next to such confirmation in a Request for Borrowing. If multiple Borrowers
are requesting a Borrowing on the same date, then a separate Request for Borrowing shall be submitted by each applicable Borrower (or such Request for borrowing shall specify the respective amounts being requested by each applicable Borrower). Any
Request for Borrowing received by the Administrative Agent after the Specified Time shall be deemed to have been given by the applicable Borrower on the next succeeding Business Day. No Request for Borrowing shall be required to be delivered in
connection with any Borrowing under Section 2.8(g)(i), 2.9(f), 2.12(b), 3.3(c) or 3.3(d) hereof. 

(a) Request for Borrowing. Each Request for Borrowing shall be substantially in the form attached hereto as Exhibit
E (with blanks appropriately completed in conformity herewith and signed by a Responsible Officer of the applicable Borrower), shall be delivered to the Agency Services Address, and shall be deemed to constitute a representation and warranty by
the applicable Borrower providing such Request for Borrowing (and, additionally, it is agreed by each other Borrower that it shall also be deemed to constitute a representation and warranty by each such Borrower as to itself) that the conditions
(other than the qualification that any condition is satisfactory to the Administrative Agent or its counsel) specified in Sections 6.1 (with respect to the initial advance under this Credit Agreement), 6.2 and 6.3 hereof (with
respect to the initial advance under this Credit Agreement to a Qualified Borrower) have been satisfied on and as of the date of the applicable Borrowing, and that: 

  
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 (i) The representations and warranties herein (other than those in
Section 7.8 hereof, which shall be replaced with the condition in Section 2.3(a)(ii) below) and in the other Loan Documents are true and correct in all material respects on and as of the date of
such Request for Borrowing, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of
Default or a Potential Default or to the extent such representations and warranties relate to an earlier or specific date); 

(ii) No Event of Default or, to its knowledge, Potential Default under Section 10.1(a), (e),
(f), (g), (h), (i), (j), (o) or (p) exists and is continuing at such date; 

(iii) Other than as disclosed to the Administrative Agent in writing, the Borrowers have no knowledge or reason to believe any
Investor would be entitled to exercise an excuse or exemption right (including any Investment Exclusion Event) under the Initial Borrower’s Constituent Documents, any Subscription Agreement or any Side Letter with respect to any Investment
being acquired in whole or in part with any proceeds of the related Loan (provided, that if the Borrowers have disclosed a potential excuse or exemption right (including any Investment Exclusion Event) to the Administrative Agent in writing, the
excused portion of the applicable Investor’s or Investors’ Unused Commitment shall be excluded from the calculation of the Available Commitment with respect to the applicable Borrowing, but the requesting Borrower(s) shall not be
prohibited from Borrowing upon satisfaction of the other conditions therefor); and 
 (iv) After giving effect to such
Borrowing (i) the Dollar Equivalent of the Principal Obligations as of such date will not exceed the Available Commitment as of such date and (ii) the Alternate Currency Liability as of such date will not exceed the Alternate Currency
Sublimit as of such date. 
 Each Request for Borrowing shall be revocable, subject to
Section 2.3(h) and Borrowers’ compliance with Section 4.6 hereof. 

(b) Rollovers. No later than the Specified Time, the applicable Borrower shall give the Administrative Agent written
notice at the Agency Services Address (which notice may be via fax, electronic mail, or by telephone, if confirmed in writing promptly thereafter) substantially in the form of Exhibit G attached hereto (the “Rollover
Notice”) whether it desires to renew a LIBOR Loan (other than a LIBOR Loan bearing interest based on Daily LIBOR). The Rollover Notice shall also specify the length of the Interest Period selected by the applicable Borrower with respect
to such Rollover. Each Rollover Notice shall be revocable, subject to the applicable Borrowers’ compliance with Section 4.6 hereof and the provisions of this paragraph. If the applicable Borrower fails to timely give
the Administrative Agent the Rollover Notice with respect to any LIBOR Loan, such Borrower shall be deemed to have elected to continue such LIBOR Loan as a LIBOR Loan with an Interest Period of one (1) month commencing on the expiration of the
preceding Interest Period. 

  
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 (c) Conversions. Any Borrower shall have the right, with respect to:
(i) any Reference Rate Loan, on any Business Day (a “LIBOR Conversion Date”), to convert such Reference Rate Loan to a LIBOR Loan; (ii) any LIBOR Loan denominated in US Dollars, on any Business Day (a
“Reference Rate Conversion Date”), to convert such LIBOR Loan to a Reference Rate Loan; or (iii) any Reference Rate Loan or LIBOR Loan denominated in US Dollars (other than a LIBOR Loan bearing interest based on Daily
LIBOR), on any Business Day (a “Daily LIBOR Conversion Date”), to convert such Loan to a LIBOR Loan bearing interest based on Daily LIBOR; provided that the applicable Borrower shall, on such Conversion Date, make the
payments required by Section 4.6 hereof, if any, in either case, by giving the Administrative Agent written notice at the Agency Services Address (which notice may be via fax, electronic mail, or by telephone (if confirmed
in writing promptly thereafter)) substantially in the form of Exhibit G attached hereto (a “Conversion Notice”) of such selection no later than the Specified Time. Each Conversion Notice shall be revocable, provided
that the Borrowers shall indemnify each Lender against any loss or expense (other than loss of margin or spread) actually incurred by such Lender, either directly or indirectly. Notwithstanding the foregoing, upon the Borrowing of each Reference
Rate Loan hereunder (including, for the avoidance of doubt, in connection with any Borrowing related to the drawing under a Letter of Credit under Section 2.8(g) hereof), the applicable Borrower shall be deemed to have
simultaneously delivered to the Administrative Agent (i) a Conversion Notice to convert such Reference Rate Loan to a LIBOR Loan bearing interest based on Daily LIBOR and with a LIBOR Conversion Date that is three (3) Business Days after
such date of Borrowing and (ii) a notice that it elects to capitalize the interest due on such Reference Rate Loan as of the related LIBOR Conversation Date pursuant to Section 3.3(d) hereof unless, in the case of any
such Borrowing of a Reference Rate Loan, the applicable Borrower provides notice in the related Request for Borrowing that they elect not to convert such Reference Rate Loan into a LIBOR Loan. 

(d) Lender Funding Shall be Proportional. Except to the extent provided in
Section 2.3(g) or 2.8(f), each Lender shall make each requested Loan in accordance with its Pro Rata Share thereof. 

(e) Interest Periods. No more than a total of fifteen (15) LIBOR Loans may be outstanding hereunder at any one time
during the Commitment Period. 
 (f) Administrative Agent Notification of the Lenders. The Administrative Agent shall
promptly notify each Lender (and will use good faith efforts to make such notification on the day such notice is timely received from the applicable Borrower(s)) of the receipt of a Request for Borrowing, a Conversion Notice or a Rollover Notice,
the amount of the Borrowing and the amount of such Lender’s share of the applicable Loans, the date the Borrowing is to be made, the Interest Option and currency, the Interest Period selected, if applicable, and the applicable rate of interest.

  
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 (g) Loan Allocations. In accordance with
Section 2.8(f), the Letter of Credit Issuer may participate exclusively in the Letter of Credit Liability. As a result of such exclusive participation, the aggregate Principal Obligations may from time to time be allocated
among the Lenders in proportions other than their Pro Rata Share. As a result, and notwithstanding anything herein to the contrary, the funding of Loans by the Lenders shall be allocated as provided in this Section 2.3(g).
If at any time a Borrowing is requested when there is no Letter of Credit Liability outstanding and the existing Loans are allocated in accordance with each Lender’s Pro Rata Share, such Loan shall be funded by each Lender in accordance with
its Pro Rata Share. If at any time a Borrowing is requested at a time when there is Letter of Credit Liability outstanding or if the Loans are not currently allocated among all Lenders in accordance with their Pro Rata Share, the Administrative
Agent shall allocate the funding of such Borrowing on a nonratable basis to the Lenders until the Dollar Equivalent of the aggregate Principal Obligations are again allocated among all Lenders in accordance with their Pro Rata Share; the purpose of
such nonratable allocation being to keep each Lender in a utilized position as close to its Pro Rata Share as possible. In addition, (i) in the event that a Borrower seeks to obtain the issuance of a Letter of Credit pursuant to
Section 2.8 but the Commitment of the Lender that is the Letter of Credit Issuer is insufficient to support such issuance, the Administrative Agent shall reallocate Loans to the other Lenders so as to create sufficient
available Commitment from the Letter of Credit Issuer for the relevant Letter of Credit (and to the extent the Letter of Credit Issuer has an insufficient Commitment to cover such Letter of Credit, then ratably from the other Lenders that
participate in such excess Letter of Credit amount pursuant to Section 2.8(c)), provided that (A) such Borrower will be liable in all respects for any breakage or other costs in accordance with
Section 4.6 resulting from such reallocation, and (B) any such reallocation pursuant to this Section 2.3(g) which requires a Lender to make a funding shall be subject to the notice and timing
provisions with respect to Loans set forth in Section 2.3 and (ii) in the event a Letter of Credit Issuer funds a drawing under a Letter of Credit and such drawing is not reimbursed by the relevant Borrower as set
forth in Section 2.8(g), resulting in the aggregate Principal Obligations then being funded in the Currency of such Letter of Credit among the Lenders other than in accordance with their Pro Rata Share, then so long as no
Event of Default or, to the knowledge of any Borrower, Potential Default shall have occurred and be continuing, on the next Interest Payment Date or the next date of a Rollover or Conversion with respect to such Loan, as applicable, the
Administrative Agent shall reallocate Loans to the other Lenders so that all Principal Obligations are funded by the Lenders as close as reasonably possible to their Pro Rata Share, provided that any such reallocation pursuant to this
Section 2.3(g) which requires a Lender to make a funding shall be subject to the Administrative Agent giving advance notice sufficient to comply with the applicable time period in Section 2.3 to each such Lender. 

(h) Revocability of Requests for Borrowing. Requests for Borrowings for Reference Rate Loans shall be irrevocable. Each
Request for Borrowing for LIBOR Loans completed and signed by the applicable Borrower in accordance with Section 2.3(a) shall be revocable by such Borrower so long as such revocation is received by the Administrative Agent
no later than one (1) Business Day prior to the requested date of the Borrowing; provided that the Borrowers shall indemnify each Lender against any loss or expense (other than loss of margin or spread) actually incurred by such Lender,
either directly or indirectly, as a result of any failure by the applicable Borrower to complete such Borrowing, including, without limitation, any loss or expense (other than loss of margin or spread) reasonably incurred by the Administrative Agent
or any Lender, either directly or indirectly, by reason of the liquidation or reemployment of funds acquired by such Lender 

  
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(including funds obtained by issuing promissory notes or obtaining deposits or loans from third parties) in order to fund such Borrowing except to the extent such loss or expense is due to the
gross negligence or willful misconduct of such Person. A certificate of the Administrative Agent or applicable Lender setting forth the amount of any such cost, loss or expense, and the basis for the determination thereof and the calculation
thereof, shall be delivered to the applicable Borrower and shall, in the absence of a manifest error, be conclusive and binding. 
 2.4
Minimum Loan Amounts. Each Loan shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000 (or, if applicable, the Dollar Equivalent of such amounts) (or such other amounts as reasonably agreed
by the Administrative Agent); provided that in addition to the foregoing, a Reference Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the total Lender Commitments or that is required to finance the
reimbursement of a Letter of Credit under Section 2.8(g) hereof or that is equal to the amount of any interest payment or unused commitment fees that are permitted to be capitalized as a Capitalized Interest Loan or a
Capitalized Unused Commitment Fee Loan, as applicable, in accordance with Section 2.12(b) or Section 3.3(d) hereof, as applicable. 

2.5 Funding. Subject to fulfillment of all applicable conditions set forth herein, by no later than the Specified Time, each
Lender shall wire-transfer the proceeds of its Pro Rata Share of each Borrowing in immediately available funds to the Administrative Agent for the account of the applicable Borrower for value and, upon fulfillment of all applicable conditions set
forth herein, by no later than the Specified Time, the Administrative Agent shall (i) if the account specified in the related Request for Borrowing is maintained with the Administrative Agent, deposit such proceeds, in immediately available
funds, into such account, and (ii) otherwise, initiate a wire transfer of such proceeds to the account specified in the related Request for Borrowing. The failure of any Lender to advance the proceeds of its Pro Rata Share of any Borrowing
required to be advanced hereunder shall not relieve any other Lender of its obligation to advance the proceeds of its Pro Rata Share of any such Borrowing required to be advanced hereunder. Absent contrary written notice from a Lender, the
Administrative Agent may assume that each Lender has made its Pro Rata Share of the requested Borrowing available to the Administrative Agent on the applicable borrowing date, and the Administrative Agent may, in reliance upon such assumption (but
is not required to), make available to the applicable Borrower a corresponding amount. If a Lender fails to make its Pro Rata Share of any requested Borrowing available to the Administrative Agent on the applicable borrowing date, then the
Administrative Agent may recover the applicable amount: (a) from such Lender, on demand, together with interest at the Federal Funds Rate for the period commencing on the date the amount was made available to the applicable Borrower by the
Administrative Agent and ending on (but excluding) the date the Administrative Agent recovers the amount from such Lender; or (b) if such Lender fails to pay such amount within three (3) Business Days of the Administrative Agent’s
demand, then from the applicable Borrower by the Required Payment Time; together with interest at a rate per annum equal to the rate applicable to the requested Borrowing for the period commencing on the borrowing date and ending on (but excluding)
the date the Administrative Agent recovers the amount from such Borrower. The liabilities and obligations of each Lender hereunder shall be several and not joint, and neither the Administrative Agent nor any Lender shall be responsible for the
performance by any other Lender of its obligations hereunder. Any payment by a Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. Each
Lender hereunder shall be liable to the Borrowers only for the amount of its respective Lender Commitment. 

  
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 2.6 Interest. 

(a) LIBOR. The unpaid principal amount of each LIBOR Loan shall bear interest at a rate per annum which shall be equal
to the Adjusted LIBOR plus the Applicable Margin for the applicable Interest Period. 
 (b) Reference Rate. The unpaid
principal amount of each Reference Rate Loan shall bear interest at a rate per annum which shall from day to day be equal to the Reference Rate in effect from day to day plus the Reference Rate Applicable Margin. 

(c) Change in Rate; Past Due Amounts; Calculations of Interest. Interest on the unpaid principal balance of
(i) each LIBOR Loan shall be calculated on the basis of the actual days elapsed in a year consisting of 360 days (provided that LIBOR Loans denominated in Pounds Sterling or Australian Dollars shall be calculated on the basis of the actual days
elapsed in a year consisting of 365 days (or 366 days, as the case may be)) and (ii) each Reference Rate Loan (other than when the Reference Rate is calculated based off LIBOR) shall be calculated on the basis of the actual days elapsed in a
year consisting of 365 days (or 366, as the case may be). If any principal of, or interest on, the Obligations is not paid when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), then (in lieu of the interest
rate provided in Section 2.6(a) or (b) above, as applicable) such overdue amount shall bear interest at the Default Rate until such amount is paid. If any fee payable under this Credit Agreement or any Fee
Letter is not paid when due, such overdue amount shall bear interest at a per annum rate equal to the Default Rate until such amount is paid. 

2.7 Determination of Rate. The Administrative Agent shall calculate each interest rate applicable to LIBOR Loans and Reference
Rate Loans hereunder in accordance with the terms set forth in this Credit Agreement. The Administrative Agent shall give prompt notice to each Borrower and to the Lenders of each rate of interest so calculated, and its calculation thereof shall be
conclusive and binding in the absence of manifest error. 
 2.8 Letters of Credit. 

(a) Letter of Credit Commitment. Subject to the terms and conditions hereof, on any Business Day during the Commitment
Period, the Letter of Credit Issuer shall issue Letters of Credit in such aggregate face amounts and currencies as any Borrower may request; provided that: (i) on the date of issuance, the Dollar Equivalent of the Letter of Credit
Liability (after giving effect to the issuance of any such Letter of Credit) will not exceed an amount equal to the lesser of: (A) the remainder of: (1) the Available Commitment as of such date minus (2) the Dollar Equivalent
of the Principal Obligations (excluding the Letter of Credit Liability) as of such date and (B) the Letter of Credit Sublimit on such date; (ii) the expiry date of each Letter of Credit shall not be later than the earlier of
(A) twelve (12) months after the date of issuance without the Administrative Agent’s and the Letter of Credit Issuer’s consent, in their sole discretion, or (B) thirty (30) 

  
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days prior to the Stated Maturity Date, provided, however, that (1) a Borrower may request, and the Letter of Credit Issuer shall issue, a Letter of Credit that has extension
provisions for an automatic extension for twelve (12) months from the initial expiry date thereof or any future expiry date, so long as such Letter of Credit permits the Letter of Credit Issuer to elect not to extend the Letter of Credit for
any such additional period by written notice to such Borrower and beneficiary at least thirty (30) days prior to the relevant expiry date, and (2) the Letter of Credit Issuer may issue one or more Letters of Credit with expiry dates later
than the date set forth in the foregoing clause (B), so long as the Borrowers, with respect to any Letter of Credit with an expiry date beyond the Stated Maturity Date, obtain the Letter of Credit Issuer’s consent, in their sole
discretion, and Cash Collateralize such Letter(s) of Credit (in the Currency of such Letter(s) of Credit unless otherwise consented to by all Lenders in their sole discretion) at least thirty (30) calendar days prior to the Stated Maturity Date
in an amount equal to the undrawn stated amount of the applicable Letter of Credit (it being understood that, without the consent of the Letter of Credit issuer in its sole discretion, no Letter of Credit shall mature beyond or be extended beyond
the date that is 364 days after the Stated Maturity Date); and (iii) the Letter of Credit Issuer shall be under no obligation to issue any Letter of Credit if, after the Closing Date (A) any order, judgment or decree of any Governmental
Authority or arbitrator shall by its terms purport to enjoin or restrain the Letter of Credit Issuer from issuing such Letter of Credit, or any Law applicable to the Letter of Credit Issuer or any request or directive (whether or not having the
force of law) from any Governmental Authority with jurisdiction over the Letter of Credit Issuer shall prohibit, or request that the Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in
particular or shall impose upon the Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the
Closing Date or shall impose upon the Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Letter of Credit Issuer in good faith deems material to it and for which the Letter of
Credit Issuer is not reimbursed hereunder, (B) the applicable Borrower has not provided the information necessary for the Letter of Credit Issuer to complete the form of Letter of Credit, or (C) the issuance of such Letter of Credit would
violate applicable Laws or one or more policies of the Letter of Credit Issuer applicable to Letters of Credit generally. 

(b) Request for Letter of Credit. Each request for a Letter of Credit (a “Request for Letter of
Credit”) shall be submitted to the Administrative Agent and the Letter of Credit Issuer by the applicable Borrower in substantially the form attached hereto as Exhibit J (with blanks appropriately completed in conformity
herewith) on or before the Specified Time, including a confirmation that such Letter of Credit will be secured (either directly or indirectly) by a first priority, exclusive security interest and Lien (subject to Permitted Liens), granted to the
Secured Parties, in and on the Collateral. If multiple Borrowers are requesting the issuance of Letters of Credit on the same date, then a separate Request for Letter of Credit shall be submitted by each applicable Borrower. No Request for Letter of
Credit shall be valid hereunder for any purpose unless it shall have been accompanied or preceded by the information and other documents required to be delivered in accordance with this Section. Upon each such application, the applicable Borrower
shall be deemed to have automatically made to the Administrative Agent, each Lender, and the Letter of Credit Issuer the following representations and warranties (and, additionally, it is agreed by each other Borrower that it shall also be deemed to
constitute a representation and warranty by each such Borrower as to itself) that: 

  
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 (i) As of the date of the issuance of the Letter of Credit requested, the
representations and warranties herein and in the other Loan Documents (other than those in Section 7.8 hereof, which shall be replaced with the condition in Section 6.2(b) hereof) are true and
correct in all material respects on and as of the date of such issuance, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the
Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or specific date) and that all other conditions (other than the qualification that any
condition is satisfactory to the Administrative Agent or its counsel) specified in Sections 6.1 (with respect to the initial extension of credit under this Credit Agreement), 6.2 and 6.3 hereof (with respect to the initial
extension of credit under this Credit Agreement to a Qualified Borrower) have been satisfied; 
 (ii) (A) The Dollar
Equivalent of the Letter of Credit Liability (after giving effect to the issuance of the requested Letter of Credit) will not exceed the lesser of: (x) the remainder of: (1) the Available Commitment as of such date; minus
(2) the Dollar Equivalent of the Principal Obligations (excluding the Letter of Credit Liability) as of such date; and (y) the Letter of Credit Sublimit on such date; and (B) the Alternate Currency Liability (after giving effect to
the issuance of the requested Letter of Credit) will not exceed the Alternate Currency Sublimit on such date; 
 (iii) Other
than as disclosed to the Administrative Agent in writing, the Borrowers have no knowledge or reason to believe any Investor would be entitled to exercise an excuse or exemption right under the Initial Borrower’s Constituent Documents, any Side
Letter or any Subscription Agreement with respect to any Investment which is related to the applicable Letter of Credit (or is otherwise not participating in such Investment); provided, that if the Borrowers have disclosed a potential excuse
or exemption right or other non-participation to the Administrative Agent in writing, the excused portion of the applicable Investor’s Unused Commitment shall be excluded from the calculation of the
Available Commitment with respect to the applicable Letter of Credit, but the requesting Borrower(s) shall not be prohibited from having the applicable Letter of Credit issued upon satisfaction of the other conditions therefor; and 

(iv) Not more than fifteen (15) issued but undrawn Letters of Credit are then outstanding. 

(c) Further Information. Each Request for Letter of Credit shall be accompanied or preceded by: (A) a Borrowing
Base Certificate dated the date of such Request for Letter of Credit (which can be satisfied by attaching the required information and calculations to such Request for Letter of Credit); (B) an Application for Letter of Credit; and (C) such
documents as are required to satisfy any applicable conditions precedent as provided in Sections 6.1 (with respect to the initial advance under this Credit Agreement), 6.2 and 6.3 (with respect to the initial extension of credit
under this Credit Agreement to a Qualified Borrower), as applicable, all of which shall be delivered directly to the Letter of Credit Issuer. 

  
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 (d) Notification of Lenders; Notification of the Administrative
Agent. The Letter of Credit Issuer shall promptly (but in any event prior to 3:00 p.m. (New York time) on the date of issuance) notify the Administrative Agent of the issuance of any Letter of Credit and provide a copy of each issued Letter of
Credit to the Administrative Agent (as well as any renewals, amendments or cancellations). The Administrative Agent shall promptly notify each Lender of such issuance of a Letter of Credit and the terms of the requested Letter of Credit. 

(e) Request for Letter of Credit Revocable. Each Letter of Credit hereunder shall be issued on behalf of a Borrower.
Each Request for Letter of Credit completed and signed by the applicable Borrower(s) in accordance with Section 2.8(b) hereof shall be revocable by such Borrower so long as such revocation is received by the
Administrative Agent and Letter of Credit Issuer prior to such Borrower’s approval of the requested Letter of Credit pursuant to Section 2.8(h) hereof but in any event prior to the actual issuance of the requested
Letter of Credit by the Letter of Credit Issuer; provided that the Borrowers shall indemnify the Letter of Credit Issuer against any loss or expense (other than loss of margin or spread) actually and reasonably incurred by such Letter of
Credit Issuer, either directly or indirectly, as a result of such revocation or any failure by the specified beneficiary of such Letter of Credit to accept such Letter of Credit, including, without limitation, any loss or expense (other than loss of
margin or spread) reasonably incurred by the Letter of Credit Issuer, either directly or indirectly by reason of the liquidation or reemployment of funds acquired by the Letter of Credit Issuer in order to issue such Letter of Credit except
to the extent such loss or expense is due to the gross negligence or willful misconduct of the Letter of Credit Issuer. A certificate of the Letter of Credit Issuer setting forth the amount of any such cost, loss or expense, and the basis for the
determination thereof and the calculation thereof, shall be delivered to the applicable Borrower(s) and shall, in the absence of a manifest error, be conclusive and binding. 

(f) Exclusive Participation by the Letter of Credit Issuer. Each Letter of Credit will be exclusively participated in by
the Letter of Credit Issuer to the extent the Letter of Credit Issuer’s Commitment is sufficient to support the requested issuance of such Letter of Credit, such that when there is a drawing under a Letter of Credit, only the applicable Letter
of Credit Issuer will have an obligation to fund such drawing except to the extent the Letter of Credit Issuer’s Commitment is insufficient to support the amount of such Letter of Credit, in which case, the other Lenders shall participate
ratably in such excess amount. The Letter of Credit Issuer (and the other Lenders to the extent of their respective participation in a Letter of Credit, if applicable) shall have: (i) the right to receive from the Administrative Agent its Pro
Rata Share of any reimbursement of the amount of each draft drawn under each Letter of Credit, including any interest payable with respect thereto; (ii) the right to receive from the Administrative Agent its Pro Rata Share of the Letter of
Credit fee pursuant to the applicable Fee Letter; (iii) the right to receive from the Administrative Agent its additional costs pursuant to Section 4.1 hereof; and (iv) the obligation to pay to the Administrative
Agent or the Letter of Credit Issuer, as the case may be, in immediately available funds, its Pro Rata Share of any unreimbursed drawing under a Letter of Credit. 

  
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 (g) Payment of Letter of Credit. 

(i) In consideration of the issuance by the Letter of Credit Issuer of the Letters of Credit for the account of a Borrower,
such Borrower hereby authorizes, empowers, and directs the Administrative Agent, for the benefit of the Secured Parties and the Letter of Credit Issuer, to disburse directly, as a Borrowing hereunder by such Borrower, to the Letter of Credit Issuer,
with notice to such Borrower, in immediately available funds (in the Currency of such Letter of Credit unless otherwise consented to by all Lenders in their sole discretion), an amount equal to the stated amount of each draft drawn under each such
Letter of Credit plus all interest, reasonable costs and expenses, and fees due to the Letter of Credit Issuer pursuant to this Credit Agreement in respect of Letters of Credit issued for the benefit of such Borrower. To the extent Lenders
other than the Letter of Credit Issuer are participants in any Letter of Credit and subject to receipt of notice from the Administrative Agent, each such Lender shall pay to the Administrative Agent such Lender’s Pro Rata Share of the amount to
be disbursed by the Administrative Agent to the Letter of Credit Issuer on the Business Day on which the Letter of Credit Issuer honors any such draft or incurs or is owed any such interest, costs, expenses or fees, whereupon the Administrative
Agent shall disburse such Lender’s payment to the Letter of Credit Issuer. By no later than 4:00 p.m. (New York time) on the date of any disbursement under a Letter of Credit, the Administrative Agent shall promptly notify the Borrower on whose
behalf the applicable Letter of Credit was issued of the disbursement by the Letter of Credit Issuer with respect to such draft and any such payments made by the Lenders pursuant to this Section 2.8(g)(i); provided
that the failure to give such notice will not affect the validity of such disbursement by the Letter of Credit Issuer or any such payments by the Lenders. Any such payments made by the Lenders to the Administrative Agent on account of a Letter of
Credit shall be deemed a Reference Rate Loan (or, in the case of any such Loan in an Alternate Currency, a LIBOR Loan) to the applicable Borrower, and such Borrower shall be deemed to have given to the Administrative Agent, in accordance with the
terms and conditions of Section 2.3(a) hereof, a Request for Borrowing with respect to such Loan; and such payments shall be made without regard to the minimum and multiple amounts specified in
Section 2.4 hereof. The Administrative Agent and the Lenders may conclusively rely on the Letter of Credit Issuer as to the amount due the Letter of Credit Issuer by reason of any draw under a Letter of Credit or due the
Letter of Credit Issuer under any Application for Letter of Credit. The obligations of a Lender to make payments to the Administrative Agent for the account of the Letter of Credit Issuer under this Section 2.8(g)(i) shall
be irrevocable, shall not be subject to any qualification or exception whatsoever, and shall, irrespective of the satisfaction of the conditions to the making of any Loans or issuance of any Letter of Credit described in Sections 2.1,
2.3, 6.1, 6.2 and/or 6.3 hereof, as applicable, be honored in accordance with this Section 2.8(g)(i) under all circumstances, including, without limitation, any of the

  
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following circumstances: (A) any lack of validity or enforceability of such Letter of Credit, this Credit Agreement or any of the other Loan Documents; (B) the existence of any claim,
counterclaim, setoff, defense or other right which any Borrower may have at any time against a beneficiary named in a Letter of Credit or any transferee of a beneficiary named in a Letter of Credit (or any Person for whom any such transferee may be
acting), the Administrative Agent, the Letter of Credit Issuer, any Lender, or any other Person, whether in connection with this Credit Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including
any underlying transactions between the account party and beneficiary named in any Letter of Credit); (C) any draft, demand, certificate or any other document presented under a Letter of Credit having been determined to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect or any loss or delay in the transmission or otherwise of any document required in order to make a draw under a Letter of Credit; (D) any
payment by the Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the Letter of Credit Issuer under such
Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other
representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; (E) the surrender or impairment of any security for the
performance or observance of any of the terms of any of the Loan Documents; or (F) the occurrence of any Event of Default or Potential Default. 

(ii) If a Lender fails to make available to the Administrative Agent any amount required of such Lender under
Section 2.8(g)(i) hereof, then the Letter of Credit Issuer may recover such amount: (a) from such Lender, on demand, together with interest at the Federal Funds Rate for the period commencing on the date such amount
was due from such Lender and ending on (but excluding) the date the Letter of Credit Issuer recovers such amount from such Lender; or (b) if such Lender fails to pay such amount upon the Letter of Credit Issuer’s demand, then from the
applicable Borrower by the Required Payment Time; together with interest at the Reference Rate for the period commencing on the date such amount was due from the applicable Lender under Section 2.8(g)(i) hereof and ending
on (but excluding) the date the Letter of Credit Issuer recovers such amount from such Borrower. 
 (h) Borrower
Inspection. The applicable Borrower shall have the right to examine any Letter of Credit (or amendment thereto) prior to the issuance thereof and shall promptly notify the Letter of Credit Issuer of any claim of noncompliance with such
Borrower’s instructions, irregularity or any other comments thereto. Such Borrower shall be conclusively deemed to have waived any such claim against the Letter of Credit Issuer and its correspondents unless such notice is given as aforesaid.

  
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 (i) Role of Letter of Credit Issuer. Each of the Lenders and the
Borrowers agrees that, in paying any drawing under a Letter of Credit, the Letter of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of
Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuer, the Administrative Agent nor any of the respective
correspondents, participants or assignees of the Letter of Credit Issuer in the absence of gross negligence or willful misconduct shall be liable to any Lender for: (i) any action taken or omitted in connection herewith at the request or with
the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit. The
applicable Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not preclude
any Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any agreement. None of the Letter of Credit Issuer, the Administrative Agent, nor any of the respective correspondents,
participants or assignees of the Letter of Credit Issuer, shall be liable or responsible for any of the matters described in clauses (A) through (F) of Section 2.8(g)(i) hereof. In
furtherance and not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, and the Letter of Credit Issuer shall not be responsible
for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason. 
 (j) Acceleration of Undrawn Amounts. Should the Administrative Agent demand payment of
the Obligations hereunder prior to the Maturity Date pursuant to Section 10.2 hereof, the Administrative Agent, by written notice to the Borrowers, may take one or more of the following actions: (i) declare the
obligation of the Letter of Credit Issuer to issue Letters of Credit hereunder terminated, whereupon such obligation shall forthwith terminate without any other notice of any kind; or (ii) declare the outstanding Letter of Credit Liability to
be forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived, and demand that each Borrower Cash Collateralize, as security for its Obligations, an amount equal to the aggregate
undrawn stated amount of all Letters of Credit issued for the account of any member of such Borrower and outstanding at the time such notice is given. Unless otherwise required by law, upon the full and final payment of the outstanding Obligations
and termination and expiration of all Letters of Credit, the Administrative Agent shall return to each such Borrower its ratable share of any amounts remaining in the Cash Collateral Account. 

(k) Minimum Letter of Credit Amounts. Each Letter of Credit shall be in an amount which is not less than $500,000 (or
such lesser amount as the Administrative Agent and the Letter of Credit Issuer may agree to in writing). 

  
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 2.9 Addition of Qualified Borrowers, Payment of the Borrower Guaranty and Qualified
Borrower Note. 
 (a) In order for an entity to be approved as a Qualified Borrower: (i) the Initial Borrower must
obtain the consent of the Administrative Agent, such consent not to be unreasonably withheld; provided that the Administrative Agent shall approve such entity as a Qualified Borrower, subject to satisfaction of
Section 6.3(h), unless such entity is formed or organized, as applicable, in a jurisdiction in which the applicable Lenders cannot make Loans or the Letter of Credit Issuer cannot issue Letters of Credit; (ii) such
entity shall be one in which the Initial Borrower owns a direct or indirect ownership interest, or through which the Initial Borrower may acquire an investment, the indebtedness of which entity can be guaranteed by the Initial Borrower pursuant to
the terms of its Constituent Documents (such entity, a “Qualified Borrower”); and (iii) the provisions of this Section 2.9 and Section 6.3 hereof shall be satisfied.

 (b) Upon the satisfaction of the requirements of subsection (a) above, the Qualified Borrower shall be bound
by the terms and conditions of this Credit Agreement as if it were a Qualified Borrower hereunder. Each such Qualified Borrower shall be severally liable for its Obligations hereunder. 

(c) The Initial Borrower shall provide to the Administrative Agent and each of the Lenders an unconditional guaranty of payment
substantially in the form of Exhibit K attached hereto (the “Borrower Guaranty”, and such guaranties, collectively, the “Borrower Guaranties”), enforceable against the Initial Borrower for the
payment of a Qualified Borrower’s debt or obligation to the Lenders. 
 (d) Each Qualified Borrower shall execute and
deliver a promissory note, substantially in the form of Exhibit I attached hereto (a “Qualified Borrower Note”), payable to the Administrative Agent, for the benefit of the Secured Parties in the principal amount of
its related Obligations. 
 (e) [Reserved]. 

(f) In consideration of the Lenders’ agreement to advance funds to a Qualified Borrower pursuant to Sections 2.2
and 2.3 hereof, to cause Letters of Credit to be issued for the account of a Qualified Borrower pursuant to Section 2.8 hereof, and to accept the applicable Borrower Guaranties in support thereof, the Initial
Borrower hereby authorizes, empowers, and directs the Administrative Agent, for the benefit of the Secured Parties, within the limits of the Available Commitment, to disburse directly to the Lenders, with notice to the Initial Borrower, in
immediately available funds, an amount equal to the amount due and owing under any Qualified Borrower Note or any Borrower Guaranty, together with all interest, reasonable costs and expenses and fees due to the Lenders pursuant thereto, as a
Borrowing hereunder by the Initial Borrower, in the event the Administrative Agent shall have not received payment of such Obligations when due. The Administrative Agent will promptly notify the Initial Borrower of any disbursement made to the
Lenders pursuant to the terms hereof; provided that the failure to give such notice shall not affect the validity of the disbursement, and the Administrative Agent shall provide 

  
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the Lenders with notice thereof. Any such disbursement made by the Administrative Agent to the Lenders shall be deemed to be a LIBOR Loan pursuant to Section 2.3 hereof
in the amount so paid, and the Initial Borrower shall be deemed to have given to the Administrative Agent in accordance with the terms and conditions of Section 2.3 hereof, a Request for Borrowing with respect thereto, and
such disbursements shall be made without regard to the minimum and multiple amounts specified in Section 2.4 hereof. The Administrative Agent may conclusively rely on the Lenders as to the amount of any such Obligations due
to the Lenders, absent manifest error. 
 (g) If a Qualified Borrower has no Obligations outstanding (including any Loans or
Letters of Credit issued for its benefit), such Qualified Borrower shall be permitted to withdraw from the Credit Facility as a Qualified Borrower upon ten (10) days advance written notice (or such shorter period reasonably acceptable to the
Administrative Agent) to the Administrative Agent. Upon request of such withdrawing Qualified Borrower, the Administrative Agent will return or destroy any Qualified Borrower Note issued by such Qualified Borrower. Notwithstanding any withdrawal by
a Qualified Borrower, such Qualified Borrower (and the Initial Borrower pursuant to the applicable Borrower Guaranty) shall remain liable for any amounts due to the Secured Parties pursuant to Sections 4 and 12.5 of this Credit
Agreement from such Qualified Borrower, which provisions shall survive any withdrawal by a Qualified Borrower and the termination of this Credit Agreement. 

2.10 Use of Proceeds, Letters of Credit and Borrower Guaranties. 

(a) The proceeds of the Loans and the Letters of Credit shall be used solely to provide working capital or for other purposes
permitted under the applicable Borrower’s Constituent Documents and all related documentation (including the Initial Borrower’s Subscription Agreements and Side Letters). Each Borrower agrees to respond promptly to any reasonable requests
for information related to its use of Loan and Letter of Credit proceeds to the extent required by any Lender in connection with such Lender’s determination of its compliance with Section 23A of the Federal Reserve Act (12 U.S.C. §
371c) and the Federal Reserve Board’s Regulation W (12 C.F.R. Part 223). No Borrower shall use the proceeds of any Borrowing hereunder to purchase securities (as defined in the Federal Reserve Board’s Regulation W (12 C.F.R. Part
223.3(ff)) from Merrill Lynch, Pierce, Fenner & Smith Incorporated or any Affiliate thereof. In connection with each Request for Borrowing hereunder, the requesting Borrower shall be deemed to have represented and warranted to the
Administrative Agent on the date of such Borrowing that, to its actual knowledge, as of the date of the requested Borrowing, the proceeds of such Borrowing will not be used by such Borrower to, directly or indirectly, either (x) purchase
securities (as defined in the Federal Reserve Board’s Regulation W (12 C.F.R. Part 223.3(ff)) issued by any Lender or Affiliate thereof or (y) invest in any fund sponsored by a Lender or Affiliate thereof. For the avoidance of doubt,
notwithstanding anything to the contrary herein, it is acknowledged that no Borrower shall have increased costs, collateral requirements or additional fees imposed in connection with any such Lender’s compliance obligations under
Section 23A of the Federal Reserve Act and Regulation W, except to the extent that such costs, requirements or fees are a direct result of such Borrower’s breach of this Section 2.10. 

  
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 (b) [Reserved]. 

(c) Neither the Lenders nor the Agents shall have any liability, obligation, or responsibility whatsoever with respect to the
applicable Borrower’s use of the proceeds of the Loans, the Letters of Credit or execution and delivery of the Borrower Guaranties, and neither the Lenders nor the Agents shall be obligated to determine whether or not such Borrower’s use
of the proceeds of the Loans or the Letters of Credit are for purposes permitted under its Constituent Documents, all related documentation (including the Initial Borrower’s Subscription Agreements and Side Letters) or the Constituent Documents
of the Initial Borrower. Nothing, including, without limitation, any Borrowing, any Rollover, any issuance of any Letter of Credit, or acceptance of any other document or instrument, shall be construed as a representation or warranty, express or
implied, to any party by the Lenders or the Agents as to whether any investment by a Borrower is permitted by the terms of its Constituent Documents or the Constituent Documents of the Initial Borrower. 

2.11 Fees. The Borrowers shall pay the Upfront Fees to the Lenders and, to the Administrative Agent, fees in consideration of
the arrangement and administration of the Lender Commitments, which fees shall be payable in amounts and on the dates set forth in the applicable Fee Letter. 

2.12 Unused Commitment Fee. 

(a) In addition to the payments provided for in Section 3 hereof, the Borrowers shall pay or cause to
be paid to the Administrative Agent, for the account of each Lender, according to its Pro Rata Share, an unused commitment fee on the average daily amount of the Maximum Commitment Amount less the Principal Obligations outstanding on such
date (the “Unused Portion”), during the immediately preceding calendar month calculated on the basis of actual days elapsed in a year consisting of 360 days at the Commitment Fee Rate, payable in arrears on the twelfth (12th) calendar day of the first calendar month (or the next succeeding Business Day if such day is not a Business Day) of each calendar quarter for the unused commitment fees accruing during the
preceding calendar quarter. For purposes of this Section 2.12, the fee shall be calculated on an average daily basis and shall be payable in US Dollars. The Administrative Agent will bill the Borrowers for unused commitment
fees due and payable pursuant to this Section 2.12 for all Lenders. The Borrowers and the Lenders acknowledge and agree that the unused commitment fees payable hereunder are bona fide unused commitment fees and are
intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. 

(b) Notwithstanding anything in this Credit Agreement to the contrary, if the Initial Borrower notifies the Administrative
Agent not later than the Specified Time that it elects to capitalize such fees as a Loan, then the amount of such fees shall be capitalized and deemed to be a Loan under this Credit Agreement (each such Loan, a “Capitalized Unused
Commitment Fee Loan”); provided that such fees shall be automatically capitalized and deemed to be a Loan under this Credit Agreement to the extent the Administrative Agent has not delivered a written invoice setting forth such
fees to the Initial Borrower by 9:00 a.m. (New York time) at least four (4) Business Days prior to such 

  
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payment date; provided further that on any such payment date for unused commitment fees pursuant to Section 2.12(a) above, (i) no Event of Default or
Potential Default shall have occurred and be continuing, (ii) each of the representations and warranties set forth herein and in the other Loan Documents shall be true and correct in all material respects on and as of such date, with the same
force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed to the Administrative Agent and do not constitute an Event of Default or Potential Default or to the extent such
representations and warranties expressly relate to an earlier or specific date), and (iii) after giving effect to such Capitalized Unused Commitment Fee Loan, the Dollar Equivalent of the Principal Obligations will not exceed the Available
Commitment. The initial Capitalized Unused Commitment Fee Loan hereunder shall be a new Loan bearing interest based on Daily LIBOR. Any subsequent Capitalized Unused Commitment Fee Loan, unless otherwise specified by the Initial Borrower in writing,
shall become part of the initial Capitalized Unused Commitment Fee Loan, on the same terms and conditions as such initial Capitalized Unused Commitment Fee Loan. 

2.13 Increase in the Maximum Commitment Amount. 

(a) Request for Increase. Provided there exists no Event of Default or Potential Default, and subject to compliance with
the terms of this Section 2.13, upon delivery of a Facility Increase Request to the Administrative Agent (which shall promptly notify the Lenders), the Borrowers may request an increase in the Maximum Commitment Amount to
an aggregate amount not exceeding $400,000,000. Such increase may be effected in one or more requested increases, in an amount equal to at least $25,000,000 or increments of $5,000,000 in excess thereof (or such lesser amounts as agreed to by the
Administrative Agent) (each such increase shall be referred to herein as a “Facility Increase”). At the time of sending such Facility Increase Request, the Borrowers (in consultation with the Administrative Agent) shall
specify the time period within which each applicable Lender is requested to respond to such request. 
 (b) Effective Date
and Allocations. The Administrative Agent and the Borrowers shall determine the effective date of any Facility Increase (the “Increase Effective Date”), which shall be a Business Day. The Administrative Agent shall
promptly notify the Borrowers and the Lenders of the final allocation of each such increase and the applicable Increase Effective Date. On any Increase Effective Date with respect to any Facility Increase (whether pursuant to a new Lender joining
the Credit Facility or an existing Lender increasing its Lender Commitment), the Administrative Agent shall reallocate the outstanding Loans (including any Loans made by any new or increasing Lender pursuant to this
Section 2.13) in accordance with Section 2.3 such that, after giving effect thereto, all Principal Obligations are funded by the Lenders as close as reasonably possible to their Pro Rata Share. For
the avoidance of doubt, such reallocation may require the reallocation of Loans from an existing Lender to a new or increasing Lender. In connection with any such reallocation of the outstanding Loans, (i) the Administrative Agent shall give
advance notice sufficient to comply with the applicable time period in Section 2.3 to each Lender that is required to fund any amount or receive any partial repayment in connection therewith and (ii) the applicable
Lender or Lenders shall fund such amounts up to their respective shares of the Loans being reallocated and the 

  
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Administrative Agent shall remit to any applicable Lender its applicable portion of such funded amount if necessary to give effect to the reallocation of such Loans. In connection with such
repayment made with respect to such reallocation (to the extent such repayment is required), the applicable Borrowers shall pay (x) all interest due on the amount repaid to the date of repayment on the immediately following Interest Payment
Date and (y) any amounts due pursuant to Section 4.6 as a result of such reallocation occurring on any date other than an Interest Payment Date. 

(c) Conditions to Effectiveness of Increase. The following are conditions precedent to such increase: 

(i) the Initial Borrower shall have delivered to the Administrative Agent a Facility Increase Request signed by a Responsible
Officer on behalf of such Borrower certifying and attaching the resolutions adopted by or on behalf of each Borrower approving or consenting to such increase; 

(ii) on or prior to the proposed date of such Facility Increase, the Initial Borrower shall have paid to the Administrative
Agent: (A) the applicable Upfront Fee, and (B) to the extent invoiced at least two (2) Business Days prior to the required payment date, all others fees due and owing hereunder or under any other Loan Document; 

(iii) if requested by any applicable Lender, the Initial Borrower shall execute a Note payable to such Lender (or, in the case
of a Qualified Borrower, to the Administrative Agent) reflecting the Facility Increase; 
 (iv) on the Increase Effective
Date, (x) an existing Lender or Lenders shall increase its Lender Commitment to support any Facility Increase, in its sole discretion, and/or (y) an additional Lender or Lenders shall have joined the Credit Facility in accordance with
Section 12.11(e) and, after giving effect thereto, the aggregate Lender Commitments of such increasing and additional Lenders shall be at least equal to the amount of such Facility Increase; and 

(v) if so requested by the Administrative Agent prior to the Increase Effective Date, the Borrowers shall have delivered to the
Lenders a new or updated Beneficial Ownership Certification, as applicable, in relation to each Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation. 

For the avoidance of doubt, any Facility Increase shall be on the same terms as contained herein with respect to the Credit Facility. No Lender
shall be required to commit to, nor shall any Lender have any preemptive right, to provide any portion of any Facility Increase. On each Increase Effective Date, Schedule II hereof shall be automatically updated to reflect the corresponding
increase in the Lender Commitments. 
 2.14 Extension of Stated Maturity Date. The Borrowers shall have an option to extend
the Stated Maturity Date then in effect for two (2) additional consecutive terms not longer than 364 days each, subject to satisfaction of the following conditions precedent: 

  
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 (a) the Administrative Agent and the extending Lenders shall consent to such
extension in their sole discretion; 
 (b) the Borrowers shall have paid the Extension Fee to the Administrative Agent; 

(c) no Event of Default or Potential Default shall have occurred and be continuing on the date on which notice is given in
accordance with the following clause (d) or on the then applicable Stated Maturity Date; and 
 (d) the Borrowers
shall have delivered an Extension Request with respect to the Stated Maturity Date to the Administrative Agent not less than thirty (30) days prior to the Stated Maturity Date then in effect, or such shorter period reasonably acceptable to the
Administrative Agent (which shall be promptly forwarded by the Administrative Agent to each Lender). 
 To the extent any Lender does not consent to extend
its Lender Commitment under this Section 2.14, the Obligations outstanding to such Lender as of the then effective Stated Maturity Date shall be due and payable to such Lender on such date; provided that, at the discretion of the
Administrative Agent and the Initial Borrower, such non-extending Lender may be required to assign on the Stated Maturity Date all or part of its Lender Commitment to one or more extending Lenders (or new
Lenders) who have consented to increase their Lender Commitments and have agreed to such extended Stated Maturity Date. Upon the payment of amounts due under the prior sentence to the non-extending Lender
(and, if requested by the Administrative Agent and the Initial Borrower, such aforementioned assignment), such non-extending Lender shall cease to be a Lender hereunder. 

2.15 Borrower Appointment. Each Qualified Borrower hereby irrevocably appoints the Initial Borrower as its agent for all
purposes relevant to this Credit Agreement and each of the other Loan Documents, including (a) the giving and receipt of notices, b) the execution and delivery of all documents, instruments and certificates contemplated herein and all
modifications hereto, and (c) unless otherwise provided in the applicable notice of borrowing, the receipt of the proceeds of any Loans made by the Lenders to any such Qualified Borrower hereunder. Any acknowledgment, consent, direction,
certification or other action which might otherwise be valid or effective only if given or taken by such Qualified Borrowers, or by each Qualified Borrower acting singly, shall be valid and effective if given or taken only by the Initial Borrower
whether or not any such other Qualified Borrower joins therein. Any notice, demand, consent, acknowledgment, direction, certification or other communication delivered to the Initial Borrower in accordance with the terms of this Credit Agreement
shall be deemed to have been delivered to each related Qualified Borrower. 
 Section 3. PAYMENT OF OBLIGATIONS 

3.1 Revolving Credit Notes. The Administrative Agent may request that Loans made under this Credit Agreement be evidenced by the
separate promissory notes of the Initial Borrower. In such event, the Initial Borrower shall execute and deliver a promissory note payable to each Lender in the amount of the Lender Commitments of such Lender. Any such note issued by the

  
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Initial Borrower shall be substantially in the form of Exhibit B attached hereto (with blanks appropriately completed in conformity herewith). The Initial Borrower agrees, from time to
time, upon the request of a Lender, to reissue a new Note, in accordance with the terms and in the form heretofore provided, to such Lender, in renewal of and substitution for the Note previously issued by such Borrower to such Lender, and such
previously issued Note shall be returned to such Borrower marked “replaced”. 
 3.2 Payment of Obligations. The
unpaid principal amount of the Obligations outstanding on the Maturity Date, together with all accrued but unpaid interest thereon and any other outstanding Obligations, shall be due and payable on the Maturity Date. 

3.3 Payment of Interest. 

(a) Interest. Interest on each Borrowing and any portion thereof shall commence to accrue in accordance with the terms
of this Credit Agreement and the other Loan Documents as of the date of the disbursal or wire transfer of such Borrowing by the Administrative Agent, consistent with the provisions of Section 2.5 hereof, notwithstanding
whether any Borrower received the benefit of such Borrowing as of such date and even if such Borrowing is held in escrow pursuant to the terms of any escrow arrangement or agreement. When a Borrowing is disbursed by wire transfer pursuant to
instructions received from the applicable Borrower in accordance with the related Request for Borrowing, then such Borrowing shall be considered made at the time of the transmission of the wire, rather than the time of receipt thereof by the
receiving bank. With regard to the repayment of the Loans, interest shall continue to accrue on any amount repaid until such time as the repayment has been received in federal or other immediately available funds by the Administrative Agent to the
Administrative Agent’s account described in Section 3.4 hereof, or any other account of the Administrative Agent which the Administrative Agent designates in writing to the Borrowers. 

(b) Interest Payment Dates. Accrued and unpaid interest on the Obligations (i) shall be due and payable in the
Currency of the related Obligations (unless otherwise consented to in writing by the Lenders in their sole discretion) in arrears on each Interest Payment Date, and on the Maturity Date, (ii) shall be due and payable on each other date of any
reduction of the Principal Obligations hereunder (solely with respect to the portion of the Principal Obligations so prepaid), and (iii) with respect to any Obligation with respect to which any Borrower is in default, shall be due and payable
at any time and from time to time following such default upon demand by the Administrative Agent. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law. 
 (c) Direct Disbursement. If, at any time, the Administrative Agent or the
Letter of Credit Issuer shall not have received on the date due, any payment of interest upon the Loans (other than as provided in Section 3.3(d) hereof), or any fee described herein, the Administrative Agent may direct the
disbursement to the Lenders of funds from the amounts credited to or held for the Initial Borrower in a Collateral Account to the extent available therein for payment of any such amount; provided that, the amount so debited

  
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from any Collateral Account shall not exceed the amount so owing by such Borrower. Thereafter, if the amount so available in a Collateral Account is not sufficient for the full payment of such
amounts due from such Borrower, the Administrative Agent may, without prior notice to or the consent of the Initial Borrower, within the limits of the Available Commitment, disburse to the Lenders or the Letter of Credit Issuer, in accordance with
the terms hereof, in immediately available funds an amount equal to the interest or fee due to the Lenders, which disbursement shall be deemed to be a Reference Rate Loan (or a LIBOR Loan with respect to an Alternate Currency) to the applicable
Borrower pursuant to Section 2.3 hereof, and such Borrower shall be deemed to have given to the Lenders in accordance with the terms and conditions of Section 2.3 hereof a Request for Borrowing
with respect thereto. After any disbursement of funds from a Collateral Account to the Lenders as contemplated in this Section 3.3(c), the Administrative Agent shall promptly deliver written notice of such disbursement to
the Initial Borrower; provided that the failure of the Administrative Agent to give such notice will not affect the validity of such disbursement, and the Administrative Agent shall provide the Lenders with notice thereof. 

(d) Capitalization of Interest and Fees. Notwithstanding anything in this Credit Agreement to the contrary, if the
Initial Borrower notifies the Administrative Agent no later than the Specified Time, that it elects to capitalize such interest or fees, as applicable, then the amount of such interest or fees shall be capitalized and deemed to be a Loan under this
Credit Agreement (each such Loan, a “Capitalized Interest Loan”); provided that such interest or fees shall be automatically capitalized and deemed to be a Loan under this Credit Agreement to the extent the
Administrative Agent has not delivered a written invoice setting forth such interest or fees to the Initial Borrower by 9:00 a.m. (New York time) at least four (4) Business Days prior to such payment date; provided further that on
any such Interest Payment Date or Letter of Credit fee payment date, as applicable, (i) no Event of Default or Potential Default shall have occurred and be continuing, (ii) each of the representations and warranties set forth herein and in
the other Loan Documents shall be true and correct in all material respects on and as of such date, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed
to the Administrative Agent in writing and do not constitute an Event of Default or to the extent such representations and warranties expressly relate to an earlier or specific date), and (iii) after giving effect to such Capitalized Interest
Loan, the Dollar Equivalent of the Principal Obligations will not exceed the Available Commitment. Unless otherwise specified by the Initial Borrower in writing, any such Capitalized Interest Loan shall be either (i) a LIBOR Loan, if the
applicable Lender can consolidate such Loan with an existing LIBOR Loan or (ii) a Reference Rate Loan (provided that such Reference Rate Loans shall be automatically converted into LIBOR Loans in accordance with
Section 2.3(c) hereof). Such Loan will not be subject to the minimum and multiple amount limitations in Section 2.4 hereof. 

3.4 Payments on the Obligations. All payments of principal of, and interest on, the Obligations under this Credit Agreement by
the applicable Borrowers to or for the account of the Lenders, or any of them, shall be made without condition or deduction for any counterclaim, defense or recoupment by the applicable Borrower for receipt by the Administrative Agent on the
relevant due date therefor in federal or other immediately available funds to the Administrative Agent at account number 001291068205 at Bank of America, N.A., ABA No. 026 009 593, 

  
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account name: Bilateral Clearing, reference: “GSO Secured Lending Fund”, or any other account of the Administrative Agent that the Administrative Agent designates in writing to the
Borrowers. Funds received after 1:00 p.m. (New York time) shall be treated for all purposes as having been received by the Administrative Agent on the first Business Day next following receipt of such funds. Except as provided in Sections
2.3(g), 2.14 and 12.11 hereof, each Lender shall be entitled to receive its Pro Rata Share of each payment received by the Administrative Agent hereunder for the account of the Lenders on the Obligations. Each payment received by
the Administrative Agent hereunder for the account of a Lender shall be promptly distributed by the Administrative Agent to such Lender. If any payment to be made by any Borrower shall come due on a day other than a Business Day, payment shall be
made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. The Administrative Agent and each Lender hereby agree that payments to the Administrative Agent by each
Borrower of principal of, and interest on, the Obligations of such Borrower to or for the account of the Lenders in accordance with the terms of this Credit Agreement, the Notes and the other Loan Documents shall constitute satisfaction of such
Borrower’s obligations with respect to any such payments, and the Administrative Agent shall indemnify, and each Lender shall hold harmless, such Borrower from any claims asserted by any Lender in connection with the Administrative Agent’s
duty to distribute and apportion such payments to the Lenders in accordance with this Section 3.4. At all times when no Event of Default has occurred and is continuing, all payments made by a Borrower on the Obligations
shall be credited as directed by the applicable Borrower. At all times when an Event of Default has occurred and is continuing, all payments made by a Borrower on the Obligations (including all amounts received by the Administrative Agent pursuant
to the exercise of remedies hereunder or under any Collateral Document) shall be credited, to the extent of the amount thereof, in the following manner: (a) first, against all costs, expenses and other fees (including attorneys’
fees) arising under the terms hereof or under any Collateral Document; (b) second, against the amount of interest accrued and unpaid on the Obligations of such Borrower as of the date of such payment; (c) third, against all
principal due and owing on the Obligations of such Borrower as of the date of such payment; (d) fourth, to all other amounts constituting any portion of the Obligations of such Borrower, other than the portion of the Obligations
described in the last sentence of the definition of “Obligations” and (e) fifth, to all other amounts constituting any portion of the Obligations of such Borrower pursuant to the last sentence of the definition of
“Obligations”. 
 3.5 Voluntary Prepayments. The Borrowers may, without premium or penalty, with written notice to
the Administrative Agent by the Specified Time, which notice shall be substantially in the form of Exhibit F hereto (a “Prepayment Notice”), prepay the principal of the Obligations then outstanding, in whole or in
part, at any time or from time to time; provided that (a) any partial prepayment shall be in the minimum amount of $1,000,000 or a higher integral multiple of $100,000 (or, if applicable, the Dollar Equivalent of such amounts) (or such other
amounts as reasonably agreed by the Administrative Agent) and (b) if any Borrower shall prepay the principal of any LIBOR Loan (other than a Loan bearing interest at Daily LIBOR) on any date other than the last day of the applicable Interest
Period applicable thereto, such Borrower shall make the payments required by Section 4.6 hereof. Any payment received after 1:00 p.m. New York time shall be treated for all purposes as having been received by the Administrative Agent on
the first Business Day next following receipt of such amount. 

  
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 3.6 Reduction or Early Termination of Lender Commitments. The Initial Borrower
may terminate the Lender Commitments, or from time to time reduce the Maximum Commitment Amount, by giving prior written notice to the Administrative Agent (which notice may be by telephone, if confirmed in writing promptly thereafter, by fax,
electronic mail or other written communication) of such termination or reduction three (3) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Initial Borrower in such notice): (a) in
the case of complete termination of the Lender Commitments, upon prepayment by the applicable Borrowers of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of
Section 3.5 hereof; or (b) in the case of a reduction of the Maximum Commitment Amount, upon prepayment of the amount by which the Dollar Equivalent of the Principal Obligations exceeds the reduced Available Commitment
resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.5 hereof; provided that the Maximum Commitment Amount may not be
terminated or reduced such that the Available Commitment would be less than the aggregate stated amount of outstanding Letters of Credit. Notwithstanding the foregoing: (i) any reduction of the Maximum Commitment Amount shall be in an amount
equal to $5,000,000 or multiples thereof; and (ii) in no event shall a reduction by the Initial Borrower reduce the Maximum Commitment Amount to less than $50,000,000 (except for a termination of all the Lender Commitments). Promptly after
receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment Amount shall reduce the Lender Commitments of the Lenders on a pro rata basis. 

3.7 Lending Office. Each Lender may: (a) designate its principal office or a branch, subsidiary or Affiliate of such Lender
as its Applicable Lending Office (and the office to whose accounts payments are to be credited) for any Loan; and (b) change its Applicable Lending Office from time to time by notice to the Administrative Agent and the Borrowers. Each Lender
shall be entitled to fund all or any portion of any Loan in any manner it reasonably deems appropriate, consistent with the provisions of Section 2.5 hereof, but for the purposes of this Credit Agreement such Lender shall,
regardless of such Lender’s actual means of funding, be deemed to have funded each Loan in accordance with the Interest Option selected from time to time by the applicable Borrower for such Interest Period. 

Section 4. CHANGE IN CIRCUMSTANCES 

4.1 Increased Cost and Reduced Return; Change in Law. 

(a) Subject to Section 4.1(b) hereof, if any Lender or Letter of Credit Issuer determines that as a
result of the (i) introduction of after the date hereof, or if later, with respect to any Lender or Letter of Credit Issuer, after the date such Person became a Lender or Letter of Credit Issuer hereunder, or any change in, or in the
interpretation by any Governmental Authority of, any Law or (ii) the compliance, application or implementation by such Lender or Letter of Credit Issuer (or its Applicable Lending Office) of the foregoing clause (i), there shall be any
increase in the cost to such Lender of agreeing to make or making, funding or maintaining Loans or (as the case may be) issuing or participating in Letters of Credit by virtue of the participation arrangement provided in
Section 2.8(f) hereof, or a reduction in the amount received or receivable by such Lender or Letter of Credit Issuer in connection with any of the foregoing (excluding for purposes

  
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of this Section 4.1(a) any such increased costs or reduction in amount resulting from (i) Excluded Taxes, Non-Excluded Taxes
or Other Taxes covered by Section 4.7 hereof, (ii) changes in the basis of taxation of net income or gross income by the United States or any foreign jurisdiction or any political subdivision of either thereof under
the Laws of which such Lender or Letter of Credit Issuer is organized or has its Applicable Lending Office or has a present or former connection, and (iii) reserve requirements utilized in the determination of Adjusted LIBOR, then from time to
time upon demand of such Lender or Letter of Credit Issuer (with a copy of such demand to the Administrative Agent), the applicable Borrowers shall pay to such Lender or Letter of Credit Issuer such additional amounts (subject to
Section 4.8 hereof and without duplication of amounts paid or payable under this Section 4.1(a) or Section 4.7 hereof) as will compensate such Lender or Letter of Credit
Issuer for such increased cost or reduction by the Required Payment Time (provided that such amounts shall be consistent with amounts that such Lender or Letter of Credit Issuer, as applicable, is generally charging other borrowers similarly
situated to the Borrowers; it being understood that the amount of such increased cost or reduced return between similarly situated borrowers may be different after consideration of facility pricing, structure, usage patterns, capital treatment and
banking relationship). 
 (b) Change in Law: Reduced Return. Subject to this Section 4.1(b),
if any Lender or Letter of Credit Issuer determines that (i) the introduction after the date hereof, or if later, with respect to any Lender or Letter of Credit Issuer, after the date such Person became a Lender or Letter of Credit Issuer
hereunder, of any Law regarding capital adequacy or any change therein, or in the interpretation by any Governmental Authority thereof, or (ii) the compliance, application or implementation by such Lender or Letter of Credit Issuer (or its
Applicable Lending Office) with the foregoing clause (i), has the effect of reducing the rate of return on the capital of such Lender or Letter of Credit Issuer or any entity controlling such Lender or Letter of Credit Issuer as a consequence
of such Lender’s or Letter of Credit Issuer’s obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender’s, Letter of Credit Issuer’s or entity’s desired return on
capital), then from time to time upon demand of such Lender or Letter of Credit Issuer (with a copy of such demand to the Administrative Agent), the applicable Borrowers shall (subject to Section 4.8 hereof) pay to such
Lender or Letter of Credit Issuer such additional amounts as will compensate such Lender or Letter of Credit Issuer for such reduction by the Required Payment Time (provided that such amounts shall be consistent with amounts that such Lender or
Letter of Credit Issuer, as applicable, is generally charging other borrowers similarly situated to the Borrowers; it being understood that the amount of such increased cost or reduced return between similarly situated borrowers may be different
after consideration of facility pricing, structure, usage patterns, capital treatment and banking relationship). 
 (c)
Notice. The applicable Borrowers shall not be required to compensate the applicable Lender or Letter of Credit Issuer pursuant to this Section 4.1 for any increased costs or reductions incurred more than one hundred
eighty (180) days prior to the date such Lender or Letter of Credit Issuer notifies the applicable Borrowers of such Lender’s intention to claim compensation pursuant to this Section 4.1; provided, that, if
the circumstance giving rise to such increased cost or reduction is retroactive, then such one hundred eighty (180) day period referenced above shall be extended to include the period of retroactive effect. Each Lender and Letter of Credit
Issuer agrees to designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the good faith judgment of such Lender or Letter of Credit Issuer, be otherwise
disadvantageous to it. 

  
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 4.2 Limitation on Types of Loans. If the Administrative Agent reasonably
determines in connection with any request for a LIBOR Loan or Conversion to or Continuation thereof that: (a) deposits in the applicable currency are not being offered to banks in the applicable offshore market for the applicable amount and
Interest Period of such LIBOR Loan; (b) adequate and reasonable means do not exist for determining LIBOR for such LIBOR Loan; or (c) LIBOR for such LIBOR Loan does not adequately and fairly reflect the cost to the Lenders of funding such
LIBOR Loan, the Administrative Agent will promptly notify the Borrowers and all Lenders. Thereafter, the obligation of the Lenders to make or maintain LIBOR Loans in the applicable currency shall be suspended until the Administrative Agent revokes
such notice. Upon receipt of such notice, the Borrowers may revoke any pending Request for Borrowing, Conversion or Continuation of such LIBOR Loans or, failing that, with respect to a Loan in US Dollars, will be deemed to have Converted such
Request for Borrowing of LIBOR Loans into a Request for Borrowing for Reference Rate Loans and, with respect to a Loan in Alternate Currency, will be deemed to have Converted such Request for Borrowing of LIBOR Loans into a Request for Borrowing for
such Loans based on the Cost of Funds Rate for the applicable Alternate Currency, if available. 
 4.3 Illegality. 

(a) If any Lender reasonably determines that any Law adopted after the date hereof or if later, with respect to any Lender,
after the date such Lender became a Lender hereunder, has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Applicable Lending Office to make, maintain or fund LIBOR Loans in any applicable
currency (including, for the avoidance of doubt, any Non-LIBOR Quoted Currency) or to determine or charge interest rates based upon the applicable LIBOR, then, on notice thereof by such Lender to the Borrowers
through the Administrative Agent, any obligation of such Lender to make or Continue such Loans or to Convert to such Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to
such determination no longer exist. Upon the prepayment of any such Loans, the applicable Borrower shall also pay interest on the amount so prepaid. Each Lender agrees to designate a different Applicable Lending Office if such designation will avoid
the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender or result in increased taxes to any Borrower. 

(b) In the event that the Initial Borrower, Lender or Agent obtains actual knowledge that the Initial Borrower “directly
or indirectly, or acting through or in concert with one or more persons, owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities” (within the meaning of 12 U.S.C. § 375b(9)(F) and Regulation O
of the Board of Governors of the Federal Reserve System) of any Lender, of a Bank Holding Company of which any Lender is a subsidiary, or of any subsidiary of a Bank Holding Company of which any Lender is a subsidiary, and such circumstance causes

  
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the applicable Lender to be in violation of Regulation O, the Initial Borrower, the Administrative Agent and such Lender shall cooperate in good faith to find a solution or remedy that would
permit the applicable Lender to be in compliance with Regulation O, including if necessary such Lender assigning its Lender Commitment to a new Lender in accordance with Section 12.11(c) hereof (provided that such Lender
shall not be required to accept less than the full amount of the Obligations due and owing to such Lender on the date of such assignment). In the event that after thirty (30) days the Initial Borrower, the Administrative Agent and the
applicable Lender have not satisfactorily remedied such circumstance and caused such Lender to be in compliance with Regulation O or such Lender has not been able to assign its Lender Commitment in accordance with
Section 12.11(c) hereof, then the applicable Borrowers shall repay all Obligations due and owing to such Lender within fifteen (15) Business Days and, upon receipt of such payment, the applicable Lender will resign
from the Credit Facility and its Lender Commitment shall be extinguished in all respects. 
 4.4 Unavailability of Alternate
Currency. If before the LIBOR Cutoff a Lender notifies the Administrative Agent that any Alternate Currency requested is not readily available to it in the amount required, then the Administrative Agent will give notice to the relevant Borrower
to that effect by the LIBOR Cutoff. In this event, any Lender that gives notice pursuant to this Section 4.4 will be required to participate in the Loan in US Dollars (in an amount equal to such Lender’s pro rata share
of such Loan or, in respect of a Rollover, an amount equal to such Lender’s pro rata share of the Rollover that is due to be made) and its participation will be treated as a separate Loan denominated in US Dollars during that Interest Period.

 4.5 Treatment of Affected Loans. If the obligation of any Lender to make or to Continue a LIBOR Loan, or to Convert Loans
into such Type of Loan, shall be suspended pursuant to Section 4.2 or 4.3 hereof, such Lender’s applicable LIBOR Loans shall be automatically Converted (and re-denominated
into US Dollars, if applicable) into Reference Rate Loans on the last day(s) of the then current Interest Period(s) for such Loans (or, in the case of a Conversion required by Section 4.3 hereof or this
Section 4.5, on such earlier date as such Lender may specify to the Borrowers with a copy to the Administrative Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in
Section 4.2 or Section 4.3 hereof that gave rise to such Conversion no longer exist: 

(a) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that
would otherwise be applied to such Lender’s Loans shall be applied instead to its Converted Loans; and 
 (b) all Loans
that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made instead as Reference Rate Loans, and all Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Reference Rate Loans. 

If such Lender gives notice to the Borrowers (with a copy to the Administrative Agent) that the circumstances specified in
Section 4.2 or Section 4.3 hereof that gave rise to the Conversion of such Lender’s Loans pursuant to this Section 4.5 no longer exist (which such Lender agrees to do
promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other 

  
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Lenders are outstanding, such Lender’s Reference Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans
to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts and Interest Periods) in accordance with their respective Lender
Commitments. 
 4.6 Compensation. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
applicable Borrower shall promptly compensate such Lender for any cost or expense actually incurred by it (other than loss of margin or spread) as a result of: 

(a) any Conversion, payment or prepayment by such Borrower of any LIBOR Loan on a day other than the last day of the Interest
Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); provided that no Borrower shall be required to pay any of the foregoing amounts to the Lenders due to a prepayment pursuant to clause
(b) of Section 2.5 hereof as a result of a Lender failing to make its share of any requested Borrowing; or 

(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan, and including, without
limitation, the failure of any condition precedent specified in Section 6 hereof to be satisfied) to prepay, borrow, or Continue or Convert any LIBOR Loan or Reference Rate Loan on the date or in the amount notified by the
Borrowers including any loss or expense (other than loss of margin or spread) arising from the liquidation of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. 

The applicable Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

4.7 Taxes. 

(a) Payments Free of Taxes. Any and all payments by any Borrower to or for the account of a Tax Indemnified Party under
any Loan Document shall be made free and clear of and without deduction for any and all present or future Taxes with respect thereto, unless required by Law. If any Borrower or the Administrative Agent shall be required by any Laws to deduct or
withhold any Taxes from or in respect of any sum payable under any Loan Document to or for the account of a Tax Indemnified Party: (i) in the event that the applicable Borrower is required to deduct or withhold
Non-Excluded Taxes, the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section 4.7), such Tax Indemnified Party receives an amount equal to the sum it would have received had no such deductions of Non-Excluded Taxes been made, (ii) the applicable
Borrowers or the Administrative Agent shall make such deductions of Taxes, and (iii) the applicable Borrowers or the Administrative Agent shall pay the full amount deducted to the Governmental Authority in accordance with applicable Laws. 

  
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 (b) Notice of Non-Excluded
Taxes. The Borrowers shall promptly, upon becoming aware that a Borrower must deduct or withhold any non-United States federal Tax on a payment under a Loan Document (or that there is any change in the
rate or the basis of a non-United States federal Tax required to be deducted or withheld), notify the Administrative Agent accordingly. Similarly, any other Tax Indemnified Party shall notify the
Administrative Agent on becoming so aware in respect of a payment payable to such Tax Indemnified Party. If the Administrative Agent receives such notification from a Tax Indemnified Party it shall notify the Borrowers. 

(c) Other Taxes. In addition, each Borrower agrees to pay any and all present and future stamp duty, stamp duty reserve
tax, stamp duty land tax, court or documentary taxes and any other similar excise or property taxes or charges or levies or penalties that arise from any payment made by it under any Loan Document or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, any Loan Document to which it is a party other than any “prohibited transaction” excise tax arising from any Lender’s violation of applicable law and/or use of Plan Assets
to fund any portion of any Loan under any Loan Document (hereinafter referred to as “Other Taxes”); provided that the Borrowers shall not be responsible hereunder to pay any such Other Taxes imposed on any assignment
(except to the extent requested by a Borrower pursuant to Section 4.10 hereof) or participation. 

(d) Indemnification. (i) Each Borrower agrees to indemnify each Tax Indemnified Party for (A) the full amount
of Non-Excluded Taxes and Other Taxes (including any Non-Excluded Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this
Section 4.7) paid by such Tax Indemnified Party, and (B) any liability (including penalties, interest or reasonable expenses, including reasonable legal expenses incurred in the enforcement of this Credit Agreement
against the Administrative Agent or the Borrowers, but excluding any penalties, interest or expenses attributable to the gross negligence or willful misconduct of any Tax Indemnified Party or any of their affiliates) arising therefrom or with
respect thereto, in each case whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under this
Section 4.7(d) shall be made by the Required Payment Time. Nothing in this Section 4.7(d) shall require the Borrowers to indemnify the Tax Indemnified Parties to the extent that the Non-Excluded Taxes, Other Taxes or liabilities are or will be compensated for under Section 4.7(a) hereof. A certificate as to the amount of such payment or liability delivered to a
Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(ii) Each Tax Indemnified Party (other than the Administrative Agent) shall indemnify the applicable Borrower and the
Administrative Agent against any Excluded Taxes and any and all related losses, claims, liabilities, penalties, interest and reasonable expenses (including the fees, charges and disbursements of any counsel for such Borrower or the Administrative
Agent, as applicable) incurred by or asserted against such Borrower or the Administrative Agent, as applicable, by the relevant Governmental Authority for not properly withholding such Excluded Taxes, except to the extent that any such amount or
payment (A) results from the gross negligence or willful misconduct of such Borrower or the Administrative Agent, as applicable, (B) with respect to penalties or interest, results from such

  
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Borrower’s or the Administrative Agent’s failure to promptly notify the applicable Tax Indemnified Party under Section 4.7(b) hereof, or (C) represents an
amount required to be deducted or withheld from additional amounts payable for Non-Excluded Taxes under Section 4.7(a) hereof. The agreements in this
Section 4.7(d) hereof shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, any other Tax Indemnified Party, and the repayment, satisfaction or
discharge of all other Obligations. 
 (e) Prescribed Forms. 

(i) Each Tax Indemnified Party, on or prior to the date on which such Person becomes a Tax Indemnified Party hereunder (and
from time to time thereafter upon the request of a Borrower or the Administrative Agent, but only to the extent that such Person is legally entitled to do so), shall deliver to the Borrowers and the Administrative Agent two duly completed copies of
(A) a properly completed and valid Internal Revenue Service Form W-9 or applicable successor form, (B) a properly completed and valid Internal Revenue Service Form
W-8BEN or W-8BEN-E, or applicable successor form, (I) claiming eligibility of such Tax Indemnified Party for a complete
exemption from U.S. federal withholding Tax pursuant to the benefits of an income tax treaty to which the United States is a party, or (II) accompanied by a certificate for the “portfolio interest” rule of Section 881(c) of the
Internal Revenue Code, in a form reasonably satisfactory to the Borrowers and the Administrative Agent, stating that such Tax Indemnified Party is not (x) a “bank” within the meaning of Section 881(c)(3)(A) of the Internal
Revenue Code, (y) a “10 percent shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code or (z) a controlled foreign corporation receiving interest from a related person within
the meaning of Section 881(c)(3)(C) of the Internal Revenue Code, (C) a properly completed and valid Internal Revenue Service Form W-8ECI, or an applicable successor form, (D) to the extent such
Tax Indemnified Party is not the beneficial owner, a properly completed and valid Internal Revenue Service Form W-8IMY, or any applicable successor form, together with all required attachments, evidencing a
complete exemption from U.S. federal withholding Tax, or (E) such other documentary evidence satisfactory to the Borrowers and the Administrative Agent establishing that such Tax Indemnified Party is entitled to a complete exemption from U.S.
federal withholding Tax. 
 (ii) Any Tax Indemnified Party that is entitled to an exemption from or reduction of withholding
Tax with respect to payments made under any Loan Document shall deliver to the applicable Borrower and the Administrative Agent, at the time or times reasonably requested by such Borrower or the Administrative Agent, such properly completed and duly
executed documentation reasonably requested by such Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Tax Indemnified Party, if reasonably requested
by any Borrower or the Administrative Agent, shall deliver such other documentation prescribed by 

  
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applicable law or reasonably requested by such Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent to determine whether or not such Tax Indemnified Party
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth
in clause (e)(i) above or clause (e)(iii) below) shall not be required if in such Tax Indemnified Party’s reasonable judgment such completion, execution or submission would subject such Tax Indemnified Party to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Tax Indemnified Party. 

(iii) If a payment made to a Tax Indemnified Party under any Loan Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Tax Indemnified Party fails to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), (A) such Tax Indemnified
Party shall deliver to the Borrowers and the Administrative Agent a certification signed by the chief financial officer, principal accounting officer, treasurer or controller, and (B) such Tax Indemnified Party shall deliver to the Borrowers
and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such other documentation reasonably requested by the Borrowers and the Administrative Agent sufficient for the Borrowers and the Administrative Agent to comply with their obligations
thereunder and to determine that such Tax Indemnified Party has complied with such applicable reporting requirements or to determine the amount to deduct and withhold from such payment. Solely for purposes of this subparagraph (iii),
“FATCA” shall include any amendments made to FATCA after the date of this Credit Agreement. 
 If such Person fails to deliver the above forms, or
other documentation, that otherwise would have entitled such Person to a complete exemption from U.S. federal withholding tax on payments of interest, then the Borrowers and the Administrative Agent may withhold from any interest payment to such
Person an amount equivalent to the applicable withholding tax imposed by the Internal Revenue Code, without reduction. Each Tax Indemnified Party agrees that if any form or certification it previously delivered expires or become obsolete or
inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability to do so. 

(f) Selection of Lending Office. If any Borrower is or is likely to be required to pay additional amounts to or for the
account of any Tax Indemnified Party pursuant to this Section 4.7, then such Tax Indemnified Party will agree to use reasonable efforts to change the jurisdiction of its Applicable Lending Office, if applicable, so as to
eliminate or reduce any such additional payment which may thereafter accrue if such change, in the good faith judgment of such Tax Indemnified Party, is not otherwise materially disadvantageous to such Tax Indemnified Party. 

  
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 (g) Evidence of Payment. Within thirty (30) days after the date
of any payment of Taxes under a Loan Document by any Borrower, such Borrower shall furnish to the Administrative Agent the original or a certified copy of a receipt evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (h) Tax Refunds and Credits. Each Tax
Indemnified Party agrees that if such Person determines in its sole discretion exercised in good faith that it subsequently recovers or receives a Tax Credit attributable to a Tax Payment (including the payment of additional amounts by any Borrower
pursuant to this Section 4.7), such Person shall promptly pay such Borrower such Tax Credit (but only to the extent of the Tax Payments made with respect to the Taxes giving rise to such Tax Credit), net of all out-of-pocket expenses (including Taxes) of such Person and without interest (other than any interest paid by the relevant Governmental Authority with respect to such Tax
Credit); provided that if, due to subsequent adjustment of such Tax Credit, such Person is required to repay such amount to the relevant Governmental Authorities, such Borrower agrees to repay such Person, as the case may be, the amount
required to be repaid, plus any interest imposed by the Governmental Authority in respect thereof. 
 4.8 Requests for Compensation.

 (a) Certificate. If requested by the Borrowers in connection with any demand for payment pursuant to
Section 4.1, 4.6 or 4.7 hereof, a Lender shall provide to the Borrowers with a copy to the Administrative Agent, a certificate setting forth in reasonable detail the basis for such demand, the amount required
to be paid by the Borrowers to such Lender and satisfaction of the condition set forth in subsection (b) below. Such certificate shall, in the absence of manifest error, be conclusive and binding. 

(b) No Duplication. Any amount payable by the Borrowers on account of Section 4.1, 4.6,
or 4.7 hereof shall not be duplicative of: (i) any amount paid under any other such sections, or (ii) any amounts included in the calculation of the LIBOR or the Reference Rate. 

(c) Refund. Any amount determined to be paid by any Borrower in error pursuant to Section 4.1,
4.6, or 4.7 hereof shall be, if no Event of Default or Potential Default has occurred and is continuing, promptly refunded to such Borrower, or applied to amounts owing by such Borrower hereunder, as such Borrower may elect. 

4.9 Survival. Without prejudice to the survival of any other agreement of the Borrowers hereunder, all of the Borrowers’
obligations under this Section 4 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the
Letters of Credit and the Lender Commitments or the termination of this Credit Agreement or any provision hereof. Each Lender shall notify the Borrowers of any event occurring after the termination of this Credit Agreement entitling such Lender to
compensation under Section 4.1, 4.6 or 4.7 hereof as promptly as practicable, but in any event within one hundred eighty (180) days, after such Lender obtains actual knowledge thereof; if any Lender fails
to give such notice within one hundred eighty (180) days after it obtains actual knowledge of such an event, such Lender shall, with respect to compensation payable under Section 4.1, 4.6, or 4.7 hereof, only
be entitled to payment for such compensation relating to the period from and after the date one hundred eighty (180) days prior to the date that such Lender does give such notice. 

  
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 4.10 Replacement of Lenders. If any Lender (a) requests compensation
under this Section 4, (b) becomes a Defaulting Lender or (c) does not provide its consent to an amendment, modification or waiver that requires the consent of each Lender or each affected Lender, as applicable, and
such amendment, modification or waiver receives the consent of the Required Lenders, then, if there is no Event of Default, the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 12.11 hereof), all of its interests, rights and obligations under this
Credit Agreement and the related Loan Documents to an Eligible Assignee who agrees to assume such obligations; provided that: 

(a) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under this Section 4) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the applicable Borrower (in the case of all other amounts); 
 (b) in the case of any such assignment
resulting from a claim for compensation under this Section 4, such assignment will result in a reduction in such compensation or payments thereafter; 

(c) such assignment does not conflict with applicable Law; and 

(d) a Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 
 4.11
Euro Event. In the event that the Euro is no longer used as the common currency of the European Union (such event, a “Euro Event”), each Borrower shall, in its sole discretion, either: (a) repay all Euro
denominated Loans made to it (and Cash Collateralize all Euro denominated Letters of Credit issued for its account) in US Dollars or an Alternate Currency other than Euro (in either case based on the applicable Spot Rate on the date of such
repayment) and/or (b) convert such Loans to (or replace such Letters of Credit with those denominated in) US Dollars or an Alternate Currency other than Euro, in each case within thirty (30) days of such Euro Event. 

4.12 LIBOR Successor Rate. (a) Notwithstanding anything to the contrary in this Credit Agreement or any other Loan
Document, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrowers) that the
Required Lenders (as applicable) have determined, that: 
 (i) adequate and reasonable means do not exist for ascertaining
LIBOR for any requested Interest Period, including, without limitation, because LIBOR is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

  
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 (ii) the administrator of LIBOR or a Governmental Authority having
jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled
Unavailability Date”); or 
 (iii) syndicated loans currently being executed, or that include language similar
to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; 

then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as
applicable, (x) the Administrative Agent shall notify the Borrowers and the Lenders and (y) the Administrative Agent and the Initial Borrower may amend this Credit Agreement to replace LIBOR with an alternate benchmark rate (including any
mathematical or other adjustments to the benchmark, if any, incorporated therein), giving due consideration to any evolving or then existing convention for similar syndicated credit facilities denominated in US Dollars for such alternative
benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate Conforming Changes and any such amendment shall become effective at 5:00 p.m. (New York time) on the
fifth (5th) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Initial Borrower unless, prior to such time, Lenders comprising the
Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment. 

(b) If no LIBOR Successor Rate has been determined and the circumstances under Section 4.12(a)(i)
exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent shall promptly so notify the Borrowers and the Lenders. Thereafter, (i) the obligation of the Lenders to make or maintain LIBOR Loans shall be
suspended (to the extent of the affected LIBOR Loans or Interest Periods) and (ii) the Adjusted LIBOR component shall no longer be utilized in determining the Reference Rate. Upon receipt of such notice, the Borrowers may revoke any pending
Request for Borrowing of, or Rollover Notice or Conversion Notice for the conversion to or Continuation of, LIBOR Loans (to the extent of the affected LIBOR Loans or Interest Periods) or, failing that, the applicable Borrower(s) will be deemed to
have converted each such LIBOR Loan to a Reference Rate Loan pursuant to Section 2.3(f) (subject to the foregoing clause (ii)). 

Notwithstanding any other provision of this Credit Agreement, any definition of LIBOR Successor Rate shall provide that in no event shall such
LIBOR Successor Rate be less than zero (0) for purposes of this Credit Agreement. 

  
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 Section 5. SECURITY 

5.1 Liens and Security Interest. 

(a) Commitment and Demand Notices. Subject to the terms of its Borrower Security Agreement, the Initial Borrower will
grant, by way of pledge and assignment by way of security to the Administrative Agent for the benefit of the Secured Parties, a security interest and Lien in and to all of the collateral described therein, whether now owned or hereafter acquired or
arising, including (i) its right under its Constituent Documents, any applicable Side Letters and Subscription Agreements to issue Demand Notices and receive Contributions with respect to the Unused Commitment of its Investors, (ii) its
rights under its Constituent Documents, any applicable Side Letters and Subscription Agreements to enforce payment of Contributions with respect to the Unused Commitments of its Investors, duly called in accordance with the terms of its Constituent
Documents, any applicable Side Letters and Subscription Agreements and (iii) all of its other remedies, to the extent related to the foregoing, in each case, for purposes of repaying its Obligations. 

(b) Collateral Accounts. Subject to the terms of the applicable Collateral Documents, as additional collateral, the
Initial Borrower shall pledge and assign to the Administrative Agent, for the benefit of the Secured Parties, a security interest and Lien in and on its right, title and interest in and to all amounts held in or credited to the applicable Collateral
Account constituting Contributions to the Initial Borrower to secure its Obligations. 
 (c) Reliance. The Initial
Borrower agrees that the Administrative Agent and each Lender has entered into this Credit Agreement, extended credit hereunder and at the time of each Loan or each issuance of a Letter of Credit, will make such Loan or issue such Letter of Credit
in reasonable reliance on the obligations of the Investors to fund their respective Unused Commitments as shown in their Subscription Agreements delivered in connection herewith and in accordance with the Initial Borrower’s Constituent
Documents and accordingly during the continuance of an Event of Default, subject to the limitations in Section 10.2 hereof, such Unused Commitments may be enforced in the name of the Initial Borrower by the Administrative
Agent, on behalf of the Secured Parties, pursuant to the terms of the Loan Documents, directly against the Investors without further action by the Initial Borrower and notwithstanding any compromise of any such Unused Commitment by the Initial
Borrower as provided in 6 Del. C. §17-502(b)(1); provided that in no event shall any Investor be required to fund Contributions to any Person other than the Initial Borrower (it being understood
that each Investor shall be required to fund Contributions to an account in the name of the Initial Borrower). 
 The collateral security
set forth in subsections (a) and (b) of this Section 5.1 shall be collectively referred to herein as the “Collateral”. The security agreements, assignments, collateral assignments
and any other documents and instruments from time to time executed and delivered pursuant to this Credit Agreement to grant a security interest in the Collateral, including, without limitation, the Borrower Security Agreement, the Collateral Account
Pledges and any documents or instruments amending or supplementing the same, shall be collectively referred to herein as the “Collateral Documents.” 

  
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 5.2 The Collateral Accounts; Investor Demand Notices. 

(a) The Collateral Accounts. The Initial Borrower shall establish an account at the Depository, which account shall be
established prior to the Closing Date, and such account (and any replacement thereof in the name of the Initial Borrower) shall be subject to a Collateral Account Pledge and a Deposit Account Control Agreement and specified on Schedule I
hereto, as amended, restated, modified or supplemented from time to time (each a “Collateral Account” and, collectively, the “Collateral Accounts”). The Initial Borrower shall direct all Contributions
received by it into the applicable Collateral Account. 
 (b) [Reserved]. 

(c) Use of and Location of the Collateral Accounts. The Initial Borrower may withdraw funds from a Collateral Account
only in compliance with Section 9.12 hereof. If the Depository with respect to a Collateral Account ceases to be an Eligible Institution, the Initial Borrower shall have thirty (30) days following notice from the
Administrative Agent (or by such later date that is reasonably acceptable to the Administrative Agent) to move such Collateral Account to a replacement Depository that is an Eligible Institution. If a Depository for a Collateral Account terminates
the Deposit Account Control Agreement, the Initial Borrower shall open a new collateral account that is subject to a new Deposit Account Control Agreement (or, if the Depository is the Administrative Agent, an acknowledgment from the Depository)
with a replacement Depository within thirty (30) days of such termination (or by such later date that is reasonably acceptable to the Administrative Agent). 

(d) Investor Demand Notices. The Initial Borrower irrevocably appoints the Administrative Agent in the name of the
Initial Borrower, upon the occurrence and during the continuation of an Event of Default (but subject to the final paragraph of Section 10.2 hereof), to make all Demand Notices. During the continuation of an Event of
Default, except as otherwise provided in the final paragraph of Section 10.2 hereof, any Investor Demand Notice not issued by the Administrative Agent or at the direction of the Administrative Agent shall be void. The
Initial Borrower shall promptly deliver to the Administrative Agent any notice to its Investors to amend, delay or rescind any Demand Notice at any time prior to the payment due date thereof. 

(e) No Liability of Administrative Agent or Lenders. Notwithstanding anything to the contrary herein contained, it is
expressly understood and agreed that neither the Administrative Agent nor the Lenders undertake any duties, responsibilities, or liabilities with respect to the Demand Notices issued by the Initial Borrower. Neither the Administrative Agent nor the
Lenders shall be required to refer to the Constituent Documents of the Initial Borrower, the Collateral Account Pledges, the Subscription Agreements, or take any other action with respect to any other matter that might arise in connection with the
foregoing. Neither the Administrative Agent nor the Lenders have any duty to determine or inquire into any happening or occurrence or any performance or failure of performance of the Initial Borrower or any of the Investors. Neither the
Administrative Agent nor any Lender has any duty to inquire into the use, purpose, or reasons for the making of any Demand Notice or the investment or use of the proceeds thereof. 

  
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 (f) Investor Demand Notices; Investor Demand Notices by Administrative
Agent. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent shall have the right, at any time during the continuation of such Event of Default, to direct the Initial Borrower to withdraw funds credited
to or held from a Collateral Account, for the purpose of paying amounts not paid when due hereunder or under any other Loan Document (after the passage of any applicable grace period); provided that promptly after any disbursement of funds
from any such account to the Lenders, as contemplated in this Section 5.2(f), the Administrative Agent shall deliver a written notice of such disbursement to the Initial Borrower. Subject to the final paragraph of
Section 10.2 hereof, the Administrative Agent, on behalf of the Lenders, is hereby authorized, in the name of the Initial Borrower, at any time or from time to time during the existence of an Event of Default, to issue one
or more Demand Notices in order to pay the Obligations of the Initial Borrower. With or without such general notification, when an Event of Default exists, the Administrative Agent, on behalf of the Lenders may, subject to
Section 10.2 hereof: (i) initiate one or more Demand Notices to the Investors of the Initial Borrower in order to pay the Loans or the Letter of Credit Liability then due and owing by the Initial Borrower, or both;
(ii) take or bring in the Initial Borrower’s name, all steps, actions, suits, or proceedings deemed by the Administrative Agent necessary or desirable to effect possession or collection of payments of the capital contributions with respect
to the Unused Commitments which are called to repay the Obligations of the Initial Borrower; (iii) complete any contract or agreement of the Initial Borrower to enforce payment to the Initial Borrower with respect to the Unused Commitments
pursuant to Demand Notices duly delivered in accordance with the applicable Constituent Documents, any applicable Side Letters and Subscription Agreements to repay the Obligations of the Initial Borrower; (iv) compromise any claims related to
the payment of Contributions with respect to the Unused Commitments which are called to repay the Obligations; or (v) exercise any other right, privilege, power, or remedy provided to the Initial Borrower under and in accordance with its
Constituent Documents, any Side Letters and Subscription Agreements, as applicable, with respect to the payment of Contributions with respect to the Unused Commitments which are called to repay the Obligations of the Initial Borrower. The
Administrative Agent, on behalf of the Lenders, shall be granted an irrevocable power of attorney by the Initial Borrower to carry out the aforementioned acts and to exercise the aforementioned powers during the continuance of an Event of Default
(subject to the final paragraph of Section 10.2 hereof). Regardless of any provision hereof, in the absence of gross negligence or willful misconduct by the Administrative Agent or the Lenders, neither the Administrative
Agent nor the Lenders shall be liable for failure to collect or for failure to exercise diligence in the collection, possession, or any transaction concerning, all or part of the Demand Notices or the Unused Commitments or sums due or paid thereon,
nor shall they be under any obligation whatsoever to anyone by virtue of the security interests and Liens relating to the Collateral, subject to the Internal Revenue Code. The Administrative Agent shall give the Initial Borrower notice of actions
taken pursuant to this Section 5.2(f) concurrently with, or promptly after, the taking of such action, but its failure to give such notice shall not affect the validity of such action, nor shall such failure give rise to
defenses to the Initial Borrower’s obligations hereunder. 

  
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 (g) Additional Action by the Administrative Agent. During the
existence of an Event of Default, issuance by the Administrative Agent on behalf of the Lenders of a receipt to any Person obligated to pay any Contribution for the purposes of repaying the Obligations shall be a full and complete release,
discharge, and acquittance to such Person to the extent of any amount so paid to a Collateral Account for the direct or indirect, by way of collateral assignment, benefit of the applicable Secured Parties. In furtherance of the foregoing, the
Administrative Agent, on behalf of the Lenders, is hereby authorized and empowered, during the existence of an Event of Default, on behalf of the Initial Borrower, to endorse the name of the Initial Borrower upon any check, draft, instrument,
receipt, instruction, or other document or items, including, but not limited to, all items evidencing payment upon a Contribution of any Person to the Initial Borrower coming into the Administrative Agent’s possession, and to receive and apply
the proceeds therefrom in accordance with the terms hereof. The Administrative Agent, on behalf of the Lenders, is hereby granted an irrevocable power of attorney, which is coupled with an interest and given by way of security to secure the
performance of the Obligations, to execute all checks, drafts, receipts, instruments, instructions, or other documents, agreements, or items on behalf of the Initial Borrower either before or after demand of payment of the Obligations but only
during the existence of an Event of Default (and subject to Section 10.2 hereof), as shall be deemed by the Administrative Agent to be necessary or advisable, in the sole discretion, reasonably exercised, of the
Administrative Agent, to protect the security interests and Liens in (and priority thereof) the Commitments for the repayment of the Obligations secured thereby, and neither the Administrative Agent nor the Lenders, in the absence of gross
negligence and willful misconduct, shall incur any liability in connection with or arising from its exercise of such power of attorney. Notwithstanding anything to the contrary herein or in any other Loan Document, in no event shall the
Administrative Agent (or any Lender) be permitted to require any Investor to fund its Contributions other than to an account in the name of the Initial Borrower. 

The application by the Lenders of such funds shall, unless the Administrative Agent shall agree otherwise in writing, be the
same as set forth in Section 3.4 hereof. The Initial Borrower acknowledges that all funds so transferred for its benefit into the applicable Collateral Account shall be the property of the Initial Borrower subject to the
security interest of the Administrative Agent therein for the Obligations secured thereby. 
 (h) No Representations.
Neither the Administrative Agent nor the Lenders shall be deemed to make at any time any representation or warranty as to the validity of any Demand Notice nor shall the Administrative Agent or the Lenders be accountable for the Initial
Borrower’s use of the proceeds of any Contribution. 
 5.3 Lender Offset. In addition to the rights granted to the
Administrative Agent and the Lenders under Section 5.2 hereof, each Borrower hereby grants to each Lender a right of offset, to secure repayment of the Obligations of such Borrower when due to the Secured Parties (after the
passage of any applicable grace period), upon any and all monies, securities, or other property of such Borrower and the proceeds therefrom, now or hereafter held or received by or in transit to the Lenders, from or for the account of such Borrower,
whether for safekeeping, custody, pledge, transmission, collection, or otherwise, and also upon any and all deposits (general or specified) and credits of such Borrower and any and all claims of such Borrower, against the Lenders at any

  
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time existing. The Lenders are hereby authorized at any time and from time to time during the existence of an Event of Default, without notice to the applicable Borrower, to offset, appropriate,
apply, and enforce such right of offset against any and all items referred to above against the Obligations of such Borrower. Each Borrower shall be deemed directly indebted to the Lenders in the full amount of its Obligations, and the Lenders shall
be entitled to exercise the rights of offset provided for above. The rights of the Lenders under this Section 5.3 are subject to Section 12.2 hereof. The Administrative Agent, and the Lenders, as
applicable, shall give the Borrowers prompt notice of any action taken pursuant to this Section 5.3, but failure to give such notice shall not affect the validity of such action or give rise to any defense in favor of the
Borrowers with respect to such action. 
 5.4 Agreement to Deliver Additional Collateral Documents. The Initial Borrower shall
deliver such security agreements, financing statements, financing change statements, assignments, notices and other acknowledgments and other collateral documents (all of which security agreements shall be deemed part of the Collateral Documents),
in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative Agent acting on behalf of the Lenders may reasonably request from time to time for the purpose of granting to, or maintaining or perfecting in favor of
the Lenders, security interests in the Collateral with respect to which the Initial Borrower is granting a security interest to the Administrative Agent, together with other assurances of the enforceability of the Lenders’ Liens and assurances
of due recording and documentation of the Collateral Documents or copies thereof, as the Administrative Agent may reasonably require to avoid material impairment of the Liens and security interests (or the priority thereof) granted or purported to
be granted pursuant to this Section 5. 
 5.5 Subordination. During the occurrence and continuation
of an Event of Default, if there are any Obligations outstanding under the Credit Facility, the Initial Borrower shall not make any payments or advances of any kind, directly or indirectly, on any debts and liabilities to any Investor whether now
existing or hereafter arising and whether direct, indirect, several, joint and several, or otherwise, and howsoever evidenced or created (collectively, the “Other Claims”), unless such payments or advances are first applied,
directly or indirectly, to such Obligations. All Other Claims, together with all liens, security interests, and all other encumbrances or charges on assets securing the payment of all or any portion of the Other Claims shall at all times during the
continuance of an Event of Default, if there are any Obligations outstanding under the Credit Facility, be subordinated to and inferior in right and in payment to the Obligations and all liens, security interest, and all other encumbrances or
charges on assets securing all or any portion of the Obligations, and the Borrowers agree to take any actions reasonably requested by the Administrative Agent as are necessary to provide for such subordination between it and any other Borrower,
inter se, including but not limited to including provisions for such subordination in the documents evidencing the Other Claims. Notwithstanding the foregoing, there shall be no other restriction or limitation on the right of the
Investment Advisor or Administrator (or Affiliate of any thereof) to receive management or other fees (including incentive management fees) or expenses payable to the Investment Advisor or Administrator (or such Affiliate) under or pursuant to the
Investment Advisory Agreement and Administration Agreement except as set forth in Section 9.10 hereof. 

  
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 Section 6. CONDITIONS PRECEDENT TO LENDING. 

6.1 Obligations of the Lenders. The obligation of the Lenders to enter into this Credit Agreement shall not become effective
until the date on which (i) the Administrative Agent shall have received each of the following documents and (ii) each of the other conditions listed below is satisfied or waived: 

(a) Credit Agreement. This Credit Agreement, duly executed and delivered by the Initial Borrower; 

(b) Security Agreement. The Borrower Security Agreement, duly executed and delivered by the Initial Borrower; 

(c) Collateral Account. 

(i) The Collateral Account Pledge, duly executed and delivered by the Initial Borrower; and 

(ii) The Deposit Account Control Agreement, duly executed and delivered by the Initial Borrower and the Depository, in form and
substance reasonably acceptable to the Administrative Agent in its reasonable discretion. 
 (d) Notes. The Notes,
duly executed and delivered by the Initial Borrower to each requesting Lender in accordance with Section 3.1 hereof (for the avoidance of doubt, Bank of America has not requested any Note as of the Closing Date); 

(e) Financing Statements. 

(i) Searches of UCC filings (or their equivalent) in each jurisdiction where a filing would need to be made in order to perfect
the Secured Parties’ first priority security interest (subject to any Permitted Liens) in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens (other than Permitted Liens) exist on the
Collateral, or, if necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all security interests and other rights of any Person in any Collateral previously granted; and 

(ii) UCC financing statement(s) satisfactory to the Administrative Agent with respect to the Collateral in the Administrative
Agent’s sole discretion, to perfect the first priority security interest (subject to any Permitted Liens) of the Administrative Agent (on behalf of the Secured Parties) in the Collateral. 

(f) Responsible Officer Certificates. A certificate from a Responsible Officer of the Initial Borrower, substantially in
the form of Exhibit M; 
 (g) The Initial Borrowers’ Constituent Documents. True and complete copies of
the Constituent Documents of the Initial Borrower, together with certificates of existence and good standing (or other similar instruments) of the Initial Borrower, in each case as in effect on the date hereof (or, in the case of a good standing
certificate, dated as of a recent date) and in each case satisfactory to the Administrative Agent in its sole discretion; 

  
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 (h) Authority Documents. Certified resolutions (or the equivalent in
the applicable jurisdiction) on behalf of the Initial Borrower authorizing the entry into the transactions contemplated herein and in the other Loan Documents to which the Initial Borrower is a party; 

(i) Incumbency Certificate. A signed certificate of a Responsible Officer of the Initial Borrower who shall certify the
names of the Persons authorized, on the date hereof, to sign each of the Loan Documents to which it is a party and the other documents or certificates to be delivered pursuant to the Loan Documents by or on behalf of the Initial Borrower, together
with the true signatures of each such Person. The Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior certificate and submitting the signatures of the Persons
named in such further certificate; 
 (j) Opinions. A favorable opinion or opinions of (i) Simpson
Thacher & Bartlett LLP, New York counsel to the Initial Borrower and (ii) Richards, Layton & Finger, P.A., Delaware counsel to the Initial Borrower, each in form and substance reasonably satisfactory to the Administrative
Agent and its counsel, dated as of the Closing Date; and 
 (k) Fees; Costs and Expenses. Payment of all fees and
other amounts due and payable on or prior to the date hereof, including pursuant to any applicable Fee Letters, and, to the extent invoiced at least two (2) Business Days prior to the date hereof, reimbursement or payment of all reasonable
expenses required to be reimbursed or paid by the Initial Borrower hereunder, including the reasonable fees and disbursements invoiced through the date hereof of the Administrative Agent’s special counsel, Cadwalader, Wickersham & Taft
LLP, which may be deducted from the proceeds of such initial Borrowing; 
 (l) Special HNW Aggregation Investor Letter
Agreement and Special Investor Letter Agreement. An executed Special HNW Aggregation Investor Letter Agreement from each Special HNW Aggregation Investor (or its administrator on its behalf), in each case in favor of the Administrative Agent,
which addresses certain restrictions including material amendments to any Special HNW Aggregation Investor’s Constituent Documents, in form and substance acceptable to the Administrative Agent in its sole discretion; and 

(m) “Know Your Customer” Information and Documents. Such information and documentation as is requested
by the Lenders so that the Initial Borrower has become KYC Compliant. 

  
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 6.2 Conditions to all Loans and Letters of Credit. The obligation of the Lenders to
advance each Borrowing (including, without limitation, the initial Borrowing) or to cause the issuance of Letters of Credit (including, without limitation, the initial Letter of Credit) hereunder is subject to the conditions precedent that: 

(a) Representations and Warranties. The representations and warranties (other than those in
Section 7.8 hereof, which shall be replaced with the condition in Section 6.2(b) below) set forth herein and in the other Loan Documents are true and correct in all material respects on and as of
the date of the advance of such Borrowing or issuance of such Letter of Credit, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed to the Lenders and
do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or other specific date); 

(b) No Default. No event shall have occurred and be continuing, or would result from the Borrowing or issuance of such
Letter of Credit, which constitutes an Event of Default or a Potential Default under Section 10.1(a), (e), (f), (g), (h), (i), (j), (o) or (p) of this Credit
Agreement; 
 (c) Request for Borrowing. The Administrative Agent shall have received a Request for Borrowing or
Request for Letter of Credit; and 
 (d) Application. In the case of a Letter of Credit, the Letter of Credit Issuer
shall have received an Application for Letter of Credit executed by the applicable Borrower. 
 6.3 Conditions to Qualified
Borrower Loans and Letters of Credit. The obligation of the Lenders to advance a Borrowing to a Qualified Borrower, or of the Letter of Credit Issuer to issue a Letter of Credit for the account of a Qualified Borrower, is subject to the
conditions that, on or prior to the first such credit extension: 
 (a) Qualified Borrower Note. The Administrative
Agent shall have received a duly executed Qualified Borrower Note, as applicable, complying with the terms and provisions hereof; 

(b) Authorizations of Qualified Borrower. The Administrative Agent shall have received from such Qualified Borrower
appropriate evidence of the authorization of such Qualified Borrower approving the execution, delivery and performance of the Qualified Borrower Note, duly adopted by such Qualified Borrower, as required by law or agreement, and accompanied by a
certificate of an authorized Person of such Qualified Borrower stating that such authorizations are true and correct, have not been altered or repealed and are in full force and effect; 

(c) Incumbency Certificate. The Administrative Agent shall have received from such Qualified Borrower a signed
certificate of the appropriate Person of such Qualified Borrower which shall certify the names of the Persons authorized to sign the Qualified Borrower Note and the other documents or certificates to be delivered pursuant to the terms hereof by such
Qualified Borrower, together with the true signatures of each such Person; 

  
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 (d) Qualified Borrowers’ Constituent Documents. True and
complete copies of the Constituent Documents of such Qualified Borrower, together with certificates of existence and good standing (or other similar instruments) of such Qualified Borrower, as in effect on the date such Qualified Borrower joins the
Credit Facility and as reasonably satisfactory to the Administrative Agent; 
 (e) The Borrower Guaranty. The
Administrative Agent shall have received from the Initial Borrower a duly executed Borrower Guaranty complying with the terms and provisions hereof; 

(f) Opinion of Counsel to Qualified Borrower. The Administrative Agent shall have received a favorable opinion of
counsel for such Qualified Borrower, in form and substance reasonably satisfactory to the Administrative Agent and addressed to the Administrative Agent for the benefit of the Lenders; 

(g) Opinion of Counsel to the Initial Borrower. The Administrative Agent shall have received a favorable opinion of
counsel for the Initial Borrower, in form and substance reasonably satisfactory to the Administrative Agent and the Lenders and addressed to the Administrative Agent for the benefit of the Lenders, that the subject Borrower Guaranty: (i) has
been duly authorized, executed and delivered by the Initial Borrower, and (ii) is a valid and binding obligation and agreement of the Initial Borrower, enforceable in accordance with its terms, except to the extent that it may be limited by
bankruptcy, insolvency, moratorium and other laws affecting creditors’ rights generally, and by general equitable principles (whether considered in a proceeding in equity or at law). The Initial Borrower hereby directs such counsel to prepare
and deliver such legal opinion to the Administrative Agent for the benefit of the Lenders; 
 (h) “Know Your
Customer” Information and Documents. Unless otherwise consented to in writing by the Administrative Agent, (i) true and complete copies of the articles of incorporation or the certificate of formation and operating agreement of such
Qualified Borrower, (ii) the name and address of each Person that has an ownership interest in such Qualified Borrower and the percentage of such Qualified Borrower owned by such Person, (iii) the name of each director of such Qualified
Borrower, (iv) to the extent available, the most recent audited financial statements for such Qualified Borrower or the most recent audited annual report of such Qualified Borrower and (v) if such Qualified Borrower qualifies as a
“legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Qualified Borrower; 

(i) Fees, Costs and Expenses. Payment of all fees and other invoiced amounts due and payable by any Borrower on or prior
to the date of such Borrowing or issuance of a Letter of Credit and, to the extent invoiced at least two (2) Business Days prior to the required payment date, reimbursement or payment of all reasonable expenses required to be reimbursed or paid
by any Borrower hereunder, including the reasonable fees and disbursements invoiced through the date of such extension of credit of the Administrative Agent’s special counsel, Cadwalader, Wickersham & Taft LLP, which, in each case, may
be deducted from the proceeds of such Borrowing; and 

  
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 (j) Additional Information. The Administrative Agent shall have
received such other information and documents as may reasonably be required by the Administrative Agent and its counsel. 
 Section 7.
REPRESENTATIONS AND WARRANTIES 
 To induce the Lenders to make the Loans and cause the issuance of Letters of Credit hereunder, each
Borrower hereby represents and warrants (each as to itself) to the Agents and the Lenders that: 
 7.1 Organization and Good
Standing. Each Borrower is duly formed, validly existing and, except where such failure would not result in a Material Adverse Effect, in good standing under the laws of its jurisdiction of formation, and in each case such Borrower has the
requisite power and authority to own its properties and assets and to carry on its business as now conducted, and each Borrower, except where such failure would not result in a Material Adverse Effect, is qualified to do business in every
jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification. 
 7.2
Authorization and Power. Each Borrower has the requisite power and authority to execute, deliver and perform its obligations under this Credit Agreement, the Notes, any applicable Constituent Documents, the Subscription Agreements and
each of the other Loan Documents to be executed by it, as the case may be; each Borrower is duly authorized to, and has taken all action necessary to authorize it to, execute, deliver and perform its obligations under this Credit Agreement, the
Notes, the applicable Constituent Documents, the Subscription Agreements and each of the other Loan Documents to which it is a party. 

7.3 No Conflicts or Consents. None of the execution and delivery of this Credit Agreement or the other Loan Documents to which
it is a party, the consummation of any of the transactions herein or therein contemplated, or the compliance with the terms and provisions hereof or with the terms and provisions thereof, will contravene or conflict, in any material respect, with
any provision of law, statute or regulation to which each Borrower is subject or any material judgment, license, order or permit applicable to such Borrower or any material indenture, mortgage, deed of trust or other material agreement or instrument
to which such Borrower is a party or by which such Borrower may be bound, or to which such Borrower may be subject. No material consent, approval, authorization or order of any court or Governmental Authority or third party is required in connection
with the execution and delivery by any Borrower of the Loan Documents to which it is a party or to consummate the transactions contemplated hereby or thereby, except (a) the consents, approvals, authorizations, filings and notices that have
been obtained or made and are in full force and effect and (b) the filings and regulations referred to in Section 6.1(e) hereof. 

7.4 Enforceable Obligations. This Credit Agreement, the Notes and the other Loan Documents to which each Borrower is a party are
the legal and binding obligations of such Borrower, enforceable against it in accordance with their respective terms, subject to Debtor Relief Laws and general equitable principles (whether considered a proceeding in equity or at law). 

  
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 7.5 Priority of Liens. Subject to compliance with Sections 6.1(e)(ii)
and 8.12 hereof, Collateral Documents to which it is a party create, as security for the Obligations of the Initial Borrower, valid and enforceable security interests in and Liens on all of the Collateral in which the Initial Borrower has any
right, title or interest, in favor of the Administrative Agent for the benefit of the Secured Parties, and such Liens are prior to all other Liens on the Collateral (other than Permitted Liens), except as enforceability may be limited by Debtor
Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law). Such security interests in and Liens on the Collateral in which the Initial Borrower has any right, title or interest shall (subject to Permitted
Liens) be superior to and prior to the rights of all third parties in such Collateral, and, other than in connection with any future change in Law or in the Initial Borrower’s name, identity or structure, or its jurisdiction of organization, as
the case may be, no further recordings or filings are or will be required in connection with the creation, perfection or enforcement of such security interests and Liens, other than the filing of continuation statements, financing change statements
or their equivalent in accordance with applicable Law. Each Lien referred to in this Section 7.5 is and shall be the sole and exclusive Lien (other than Permitted Liens) on the Collateral in which the Initial Borrower has
any right, title or interest. 
 7.6 Financial Condition. The Initial Borrower has delivered to the Administrative Agent
copies of the financial statements and reports, if any, required to be delivered in Section 8.1 hereof on the Closing Date. The Initial Borrower is Solvent. 

7.7 Full Disclosure. There is no fact that such Borrower has not disclosed to the Administrative Agent in writing which could
reasonably be expected to have a Material Adverse Effect. No information heretofore furnished by such Borrower, in connection with this Credit Agreement, the other Loan Documents or any transaction contemplated hereby (or, to the extent such
information was provided to a Borrower by an Investor, to the knowledge of such Borrower) contains any untrue statement of material fact that could reasonably be expected to result in a Material Adverse Effect. 

7.8 No Default. No event has occurred and is continuing which constitutes an Event of Default or a Potential Default. 

7.9 No Litigation. As follows: (a) for purposes of this representation and warranty as of the Closing Date, there are no
material actions, suits, investigations or legal, equitable, arbitration or administrative proceedings in any court or before any arbitrator or governmental authority (“Proceedings”) pending, or to the knowledge of such
Borrower threatened, against any Borrower, other than any such Proceeding that is disclosed in writing by such Borrower to the Administrative Agent before the Closing Date, and (b) for purposes of this representation and warranty as of the date
of the advance of any Borrowing or the issuance of any Letter of Credit, there are no such Proceedings pending, or to the knowledge of such Borrower threatened, against such Borrower, other than any such Proceeding that would not be reasonably
likely to have a Material Adverse Effect. 
 7.10 Intentionally Omitted. 

  
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 7.11 Taxes. Except, in each case, as would not (individually or in the
aggregate) be reasonably likely to result in a Material Adverse Effect, all Tax returns required to be filed by any Borrower in any jurisdiction have been filed and all Taxes (including mortgage recording Taxes), assessments, fees, and other
governmental charges upon such Borrower or upon any of its properties, income or franchises have been paid prior to the time that such Taxes, assessments, fees or charges become delinquent (other than any Tax, assessment, fee or charge which is
currently being contested in good faith). To the knowledge of any Borrower, there is no proposed tax assessment against any Borrower or any basis for such assessment that is material and is not being contested in good faith. 

7.12 Principal Office; Jurisdiction of Formation. As of the Closing Date, (a) each of the principal office, chief executive
office and principal place of business of the Initial Borrower are correctly listed on Schedule I hereto and the Initial Borrower has maintained such principal office, chief executive office and principal place of business at such location(s)
since its formation and (b) the jurisdiction of formation of the Initial Borrower is correctly listed on Schedule I hereto, and the Initial Borrower is not organized under the laws of any other jurisdiction. 

7.13 ERISA. Assuming that no portion of the assets used by any Lender in connection with the transactions contemplated under the
Loan Documents constitutes Plan Assets, the execution, delivery and performance of this Credit Agreement and the other Loan Documents by the Initial Borrower which is a party hereto and thereto, and the borrowing and repayment of amounts under this
Credit Agreement by the Initial Borrower, do not and will not constitute a non-exempt “prohibited transaction” under Section 406(a) of ERISA or Section 4975(c)(1)(A)—(D) of the
Internal Revenue Code. 
 7.14 Compliance with Law. Such Borrower is in compliance with all laws, rules, regulations, orders,
and decrees which are applicable to it or its properties, except where non-compliance would not be reasonably likely to have a Material Adverse Effect. 

7.15 Environmental Matters. There have been no past, and there are no pending or, to the knowledge of such Borrower, threatened,
claims, complaints, notices, or governmental inquiries against such Borrower regarding any alleged violation of, or potential liability under, any environmental laws that could reasonably be expected to have a Material Adverse Effect. Such
Borrower’s properties are in compliance with all environmental laws and related licenses and permits, except where non-compliance would not be reasonably likely to have a Material Adverse Effect. No
conditions exist at, on or under any property now owned or leased by such Borrower or existed at, on or under any property previously owned or leased by such Borrower at the last date so owned or leased that, in either case, could give rise to
liability under any environmental law that could reasonably be expected to have a Material Adverse Effect. 
 7.16 Investor
Commitments and Contributions. All the Investors in the Initial Borrower on the date hereof are set forth on the Borrowing Base Certificate attached hereto as Exhibit A and incorporated herein by reference (or on a revised subsequent
Borrowing Base Certificate delivered to the Administrative Agent in accordance with Section 8.1(h) hereof), and the Commitment of each Investor is set forth on the Borrowing Base Certificate attached hereto as Exhibit
A (or on any such revised Borrowing Base Certificate). No Demand Notices have been delivered to any Investors other than any that have been disclosed, or will be disclosed pursuant to Section 8.1(c) hereof, in writing
to the Administrative Agent. The applicable Subscription Agreement (and any related Side Letter) and the Initial Borrower’s Constituent Documents set 

  
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forth each Investor’s entire agreement regarding its Commitment. As of the date hereof, the aggregate amount of the Commitments of the Investors; and the aggregate Unused Commitments that
could be subject to a Demand Notice are set forth on the Borrowing Base Certificate attached hereto as Exhibit A. Each Side Letter for the Investors as set forth on the Borrowing Base Certificate attached hereto as Exhibit A (or on any
such revised Borrowing Base Certificate) has been provided to the Administrative Agent on or prior to the Closing Date or the date such Investor first becomes a Borrowing Base Investor hereunder. 

7.17 Fiscal Year. The fiscal year of the Initial Borrower is the calendar year, or in the case of the first and last fiscal
years of the Initial Borrower, the fraction thereof commencing on the effective date or ending on the date on which winding up of the Initial Borrower is completed, as the case may be. 

7.18 Margin Stock. Neither the execution and delivery by the Borrowers of the Loan Documents nor the consummation of the
transactions contemplated therein, nor performance of and compliance with the terms and provisions thereof by the Borrowers will or will cause any Lender to violate Regulation T, U or X or any other regulation of the Board of Governors of the
Federal Reserve System applicable to Margin Stock or to violate Section 7 of the Securities Exchange Act, in each case as now in effect or as the same may hereafter be in effect. 

7.19 Investment Company Act. 

(a) The Initial Borrower has elected to be regulated as a “business development company” within the meaning of the
Investment Company Act. 
 (b) The business and other activities of the Initial Borrower, including the making of the Loans
and the issuance of the Letters of Credit hereunder to the Initial Borrower, the application of the proceeds and repayment thereof by the Initial Borrower and the consummation of the transactions contemplated by the Loan Documents, do not result in
a material violation or breach in any respect of the provisions of the Investment Company Act or any rules, regulations or orders issued by the United States Securities and Exchange Commission thereunder, in each case, that are applicable to the
Initial Borrower. 
 7.20 No Defenses. No Responsible Officer of the Initial Borrower has actual knowledge of any default or
circumstance which with the passage of time and/or giving of notice would constitute an event of default by the Initial Borrower under its Constituent Documents or any Subscription Agreement which would constitute a defense to the obligations of any
Investor to make Contributions to the Initial Borrower in accordance with such Investor’s Subscription Agreement or the Initial Borrower’s Constituent Documents and has no actual knowledge of any claims of offset or any other claims of any
Investor against the Initial Borrower which would or could materially and adversely affect the obligations of such Investor to make Contributions and fund Demand Notices in accordance with such Investor’s Subscription Agreement (and any
related Side Letters) or the Initial Borrower’s Constituent Documents other than, in each case, that which has been disclosed in writing by the Initial Borrower to the Administrative Agent. 

  
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 7.21 Organizational Structure. The information contained in Schedule I
(as updated by the Borrowers in writing to the Administrative Agent from time to time) is accurate in all material respects. 
 7.22
Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. No Borrower and no Person or Persons owning 50% or more of a Borrower (a) is a Sanctioned Person; (b) to each Borrower’s knowledge is under investigation for
an alleged breach of Sanctions by a governmental authority that enforces Sanctions; or (c) will fund any repayment of the Obligations with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any
Lender or any other party to this Credit Agreement to be in breach of any Sanctions. To each Borrower’s knowledge, no Investor is a Sanctioned Person. To the knowledge of each Borrower, no Investor’s funds used in connection with this
transaction are derived from illegal or suspicious activities. Each Borrower has policies and procedures in place that are reasonably designed to comply with all applicable Anti-Money Laundering Laws, Anti-Corruption Laws and Sanctions. No Borrower,
to its knowledge, is under investigation for any alleged breach of Anti-Money Laundering Law or Anti-Corruption Law by any Governmental Authority that enforces Anti-Money Laundering Laws or Anti-Corruption Laws. Each Borrower is in compliance in all
material respects with all applicable Anti-Money Laundering Laws and all applicable Anti-Corruption Laws. 
 7.23 [Reserved]. 

7.24 Investor Commitments. Other than as disclosed in writing to the Administrative Agent, no Investor has (a) been excused
from funding any Contribution, (b) requested in writing to be permitted to withdraw from the Initial Borrower, (c) been precluded from participating in any Investment, (d) elected not to participate in any Investment in accordance
with the Initial Borrower’s Constituent Documents, or (e) informed the Initial Borrower in writing of its intent to transfer its interest in the Initial Borrower. 

7.25 Beneficial Ownership Certification. As of the Closing Date, to the best of the applicable Responsible Officer’s
knowledge, the information included in such Borrower’s Beneficial Ownership Certification, to the extent such certification is required to have been provided, is complete and correct in all respects. 

Section 8. AFFIRMATIVE COVENANTS OF THE BORROWERS 

So long as the Lenders have any commitment to lend hereunder or to cause the issuance of any Letters of Credit hereunder, and until the
performance and payment in full of the Obligations (other than Letter of Credit Obligations that have been fully cash collateralized and contractual Obligations that by their terms survive termination of this Credit Agreement) under this Credit
Agreement and the other Loan Documents, each Borrower agrees (as to itself) that, unless the Administrative Agent shall otherwise consent in writing based upon the approval of the Required Lenders (unless the approval of the Administrative Agent
alone or a different number of the Lenders is expressly permitted below): 

  
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 8.1 Financial Statements, Reports and Notices. The Initial Borrower shall
deliver to the Administrative Agent (and the Administrative Agent shall provide to the Lenders promptly upon receipt) each of the following: 

(a) Financial Reports. 

(i) Annual Reports. Within one hundred and twenty (120) days after the end of each fiscal year of the Initial
Borrower, or as soon as delivered to the Investors, a report setting forth, as of the end of such fiscal year, the Initial Borrower’s audited balance sheet and income statement, prepared in accordance with Generally Accepted Accounting
Principles, except where determined by the Administrator that such Generally Accepted Accounting Principles would not reflect the activities of a statutory trust, as more particularly provided in the Constituent Documents of the Initial Borrower,
together with the unqualified opinion of a firm of nationally-recognized independent certified public accountants; and 

(ii) Quarterly Reports. As soon as available, but no later than sixty (60) days after the end of each of the first
three (3) fiscal quarters of the Initial Borrower, or as soon as practical thereafter, but in no event later than when such statements and reports are distributed to Investors, a copy of the capital statements as of the end of such fiscal
quarter as delivered to Investors. 
 (b) Compliance Certificate. As soon as available, but no later than two
(2) Business Days following the delivery of any quarterly financial reports are delivered pursuant to Section 8.1(a)(ii) hereof or any annual audited financial reports are delivered pursuant to
Section 8.1(a)(i) hereof, a compliance certificate substantially in the form of Exhibit W hereto (the “Compliance Certificate”), and (i) stating whether any Event of Default or, to such
Responsible Officer’s knowledge, any Potential Default has occurred and is continuing; (ii) stating whether the Initial Borrower is in compliance with the Debt Limitations contained in Section 9.11 hereof and
containing the calculations evidencing such compliance; (iii) stating that, to the Initial Borrower’s actual knowledge, no Exclusion Event has occurred with respect to any Borrowing Base Investor or if one has occurred, the nature of such
Exclusion Event (it being understood and agreed that no Borrower shall have any obligation to monitor the Rating or net worth of any Investor, which shall not in any way limit the Initial Borrower’s obligation to report any related Exclusion
Event to the extent it has actual knowledge thereof); and (iv) setting forth (or attaching, as applicable): (A) in the case of a Compliance Certificate delivered in connection with a fiscal quarter-end
report, a copy of any Investment information delivered by the Initial Borrower to its Investors generally on a quarterly basis; (B) in the case of a Compliance Certificate delivered in connection with a fiscal
year-end report, a copy of any Investment information delivered by the Initial Borrower), to its Investors generally on an annual basis; (C) the aggregate Unused Commitments of the Investors and,
separately, the aggregate Unused Commitments of the Borrowing Base Investors; (D) the changes, if any, in the names or notice information for any Investor; (E) a listing of all new and substitute Investors who have not satisfied each of
the applicable requirements set forth in Section 9.5(d) hereof, if any; (F) a listing of all Investors who have been declared defaulting Investors under Section 7.1(c) of the Trust Agreement as of the end of such
quarter, if any; and (G) a listing of the amounts and dates of any Demand Notices made upon Investors as of the end of such quarter; 

  
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 (c) Investor Demand Notices. (i) Promptly following the issuance
thereof, a copy of the form of each Demand Notice delivered to the Investors of the Initial Borrower; and (ii) to the extent not previously reported pursuant to this Section 8.1(c) or
Section 8.1(b) or 8.15 hereof, a report of all Investors failing to fund their Contributions within ten (10) Business Days of when such Contributions are initially due pursuant to the related Demand Notice
therefor (other than in connection with an Investment Exclusion Event), delivered promptly thereafter (but in no event later than the close of business of the fifth (5th) Business Day following
such tenth (10th) Business Day), along with documentation of all Contributions, if any, received in the Collateral Accounts as of the end of such Business Day with respect to such Investors and
thereafter on any Business Day when such information changes; 
 (d) Notice of Certain Withdrawals. Promptly, but no
later than three (3) Business Days following receipt thereof, copies of any notice of withdrawal by any Investor of the Initial Borrower pursuant to the Initial Borrower’s Constituent Documents; 

(e) Notice of Action to Terminate. No later than the next Business Day after becoming aware of any proposed vote of the
Investors for approval, or similar action to be taken, to terminate or dissolve any Borrower pursuant to the applicable Constituent Documents, notice of any such vote or other similar action; 

(f) Funding Deficiencies. No later than ten (10) days after becoming aware thereof, notice of any material funding
deficiencies with respect to any Plan; 
 (g) [Reserved]; 

(h) Borrowing Base Certificates. The Initial Borrower shall provide to the Administrative Agent a revised Borrowing Base
Certificate certified by a Responsible Officer of the Initial Borrower to be true and correct in all material respects setting forth a calculation of the Available Commitment in reasonable detail as of such date: (i) in connection with the
delivery of each quarterly Compliance Certificate in accordance with Section 8.1(b) hereof; (ii) in connection with any new Borrowing or issuance of Letter of Credit (which can be satisfied by attaching the required
information and calculations to the related Request for Borrowing or Request for Letter of Credit, as applicable); (iii) within two (2) Business Days following the issuance of Demand Notices to Investors (delivered to the Administrative Agent
along with the copies of the form of such Demand Notices and calculated after giving effect to the related Contributions requested by such Demand Notices); (iv) promptly following the admission of any Investor as such delivery is required pursuant
to Section 9.5(d) hereof; and (v) promptly following the occurrence of any Exclusion Event and a Borrower obtaining actual knowledge thereof (calculated after giving effect thereto). 

  
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 (i) Other Reporting. Promptly following the delivery to the Investors
of the Initial Borrower, copies of all other financial statements and reports from time to time prepared by the Initial Borrower and furnished to its Investors generally and that are material to the interests of the Lenders; 

(j) Know Your Customer Information. Promptly following any request therefor by the Administrative Agent, or any Lender
through the Administrative Agent, (i) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the Patriot Act or
other applicable Anti-Money Laundering Laws and Anti-Corruption Laws, or (ii) information and documentation to update the Beneficial Ownership Certification (if any) for such Borrower to the extent required by the Beneficial Ownership
Regulation; and 
 (k) Other Information. Such other information concerning the business, properties, or financial
condition of such Borrower (as the Administrative Agent shall reasonably request, and which information is not otherwise subject to confidentiality restrictions with third parties. 

8.2 Payment of Taxes. Except, in each case, as would not (individually or in the aggregate) result in a Material Adverse Effect,
such Borrower will, and will require each Borrower to, file, or cause to be filed, all Tax returns required to be filed by it in any jurisdiction, and pay all Taxes (including mortgage recording Taxes), assessments, fees, and other governmental
charges or levies imposed upon it or upon any of its properties, income or franchises prior to the time that such Taxes, assessments, fees, charges or levies become delinquent; provided that no Borrower shall be required to pay any such Tax,
assessment, fee charge, or levy if and so long as the amount, applicability, or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate reserves therefor have been established. 

8.3 Maintenance of Existence and Rights. Subject to the provisions of the Loan Documents, such Borrower will preserve and
maintain its existence and all of its rights, privileges, and franchises necessary in the normal conduct of its business and in accordance with all valid regulations and orders of any Governmental Authority the failure of which would reasonably be
expected to result in a Material Adverse Effect. 
 8.4 Notice of Default. Such Borrower will furnish to the Administrative
Agent, promptly upon becoming aware (and in no event later than the next Business Day after obtaining actual knowledge at all times when any Principal Obligations are outstanding, and within three (3) Business Days, at all times when no
Principal Obligations are outstanding) of the existence of any condition or event which constitutes an Event of Default or a Potential Default, a written notice specifying the nature and period of existence thereof and the action which such Borrower
is taking or proposes to take with respect thereto. 
 8.5 Other Notices. 

(a) Prior to or simultaneously with any delivery of a Request for Borrowing, the applicable Borrower shall disclose in writing
to the Administrative Agent all material Proceedings pending, or to the knowledge of such Borrower, threatened against the Borrowers which could reasonably be expected to have a Material Adverse Effect. 

  
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 (b) The applicable Borrowers will, promptly upon receipt of knowledge
thereof, notify the Administrative Agent of any of the following events if such event would reasonably be expected to result in a Material Adverse Effect: (i) any change in the financial condition or business of any Borrower; (ii) any
default under any material agreement, contract, or other instrument to which any Borrower is a party or by which any of its properties are bound, or any acceleration of the maturity of any material Indebtedness owing by a Borrower; (iii) any
uninsured claim against or affecting a Borrower or any of its properties; and (iv) the commencement of, and any material determination in any Proceeding affecting any Borrower. 

(c) [Reserved]. 

(d) The Administrative Agent shall provide any written disclosure or written notice received from the Borrowers under this
Section 8.5 to the Lenders promptly upon receipt. 
 8.6 Compliance with Loan Documents and Constituent
Documents. Unless otherwise approved in accordance with the terms of this Credit Agreement (which approval, by such terms, may require more or fewer Lenders than the Required Lenders), such Borrower will promptly comply with any and all
covenants and provisions applicable to it of this Credit Agreement, the Notes, and all of the other Loan Documents executed by it. Such Borrower will use the proceeds of any Demand Notice only for such purposes as are permitted by its Constituent
Documents. 
 8.7 Operations and Properties. Such Borrower will act in accordance with its Constituent Documents in managing
or operating its assets, properties, business, and investments so as not to have a Material Adverse Effect. 
 8.8 Books and
Records; Access. Following five (5) Business Days prior written notice, the Borrowers will give any representative of any Agent or the Lenders, or any of them, access during ordinary business hours to, and permit such representative to
examine, copy, or make excerpts from, any and all books, records, and documents in the possession of the Borrowers and relating to their affairs; provided that, so long as no Event of Default exists, any such inspection, which shall be at the
Borrowers’ expense, shall be conducted no more than once in any twelve (12) month period. The right of inspection described in this Section 8.8 shall not apply to any information regarding customers (as defined by
Title V of the Gramm-Leach-Bliley Act of 1999, as amended, and applicable implementing regulations) of any Borrower to the extent any such Borrower is prohibited from providing such information by Title V of the Gramm-Leach-Bliley Act of 1999, as
amended, and the applicable implementing regulations thereunder. 
 8.9 Compliance with Law. Such Borrower will comply in all
material respects with all material laws, rules, regulations, and all orders of any Governmental Authority, including, without limitation, ERISA, if applicable, except where the failure to comply would not reasonably be expected to result in a
Material Adverse Effect. Each Borrower shall maintain policies and procedures reasonably designed to ensure compliance with applicable Sanctions. 

  
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 8.10 Insurance. Such Borrower will maintain insurance in respect of its properties
and business against such loss or damage as is customary in the case of Persons engaged in the same or similar businesses and similarly situated, except where the failure to maintain could not reasonably be expected to result in a Material Adverse
Effect. 
 8.11 Authorizations and Approvals. Such Borrower will promptly obtain, from time to time at its own expense, all
such material governmental licenses, authorizations, consents, permits and approvals as may be required to enable such Borrowers to comply with their respective obligations hereunder, under the other Loan Documents to which it is a party and its
Constituent Documents. 
 8.12 Maintenance of Liens. The Initial Borrower will perform all such acts and execute all such
documents as the Administrative Agent may reasonably request in order to enable the Secured Parties to file and record every instrument that the Administrative Agent may reasonably deem necessary in order to perfect and maintain the Administrative
Agent’s first priority security interests (subject to any Permitted Liens) in and Liens on the Collateral and otherwise to preserve and protect the rights of the Secured Parties in respect of such security interests and Liens. 

8.13 Further Assurances. The Initial Borrower will take any and all such other action as the Administrative Agent may, from time
to time, reasonably deem necessary or proper in connection with this Credit Agreement or any of the other Loan Documents, the obligations of the Initial Borrower hereunder or thereunder for better assuring and confirming unto the Lenders all or any
part of the security for any of such obligations. 
 8.14 Collateral Accounts. The Initial Borrower shall ensure that, at all
times, the Administrative Agent shall have electronic monitoring access to its Collateral Account. 
 8.15 Investor Financial and
Rating Information. The Initial Borrower will promptly notify the Administrative Agent in writing (but in no event later than five (5) Business Days) upon obtaining actual knowledge of: (a) any decline in the Rating of any
Borrowing Base Investor, or decline in the capital status of any Investor that is a Bank Holding Company, where such change results in an Exclusion Event; (b) notice of any portion of a Borrowing Base Investor’s Unused Commitment that has
been excused, precluded, reduced or abated (including in connection with any Investment Exclusion Event) and will be excluded from the Available Commitment pursuant to the proviso in Section 2.1(d)(xv) hereof; and
(c) any other Exclusion Event with respect to a Borrowing Base Investor. 
 8.16 [Reserved]. 

8.17 Environmental Compliance. Such Borrower will use and operate all of the facilities and properties owned directly by it in
material compliance with all environmental laws, keep all necessary permits, approvals, certificates, licenses and other authorizations relating to environmental matters in effect and remain in material compliance therewith, and handle all hazardous
materials in material compliance with all applicable environmental laws, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

  
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 8.18 Confirmation of Unused Commitments. If at any time the Administrative
Agent reasonably believes that a certification delivered by the Initial Borrower with respect to the Unused Commitment of an Investor or the Investors is inaccurate in any material respect, the Administrative Agent shall have the right to request
that the Initial Borrower obtain such certification directly from the Investor or the Investors and that the Initial Borrower provide a certification to the Administrative Agent confirming the amount of the Unused Commitments of its Investors within
ten (10) Business Days of such request. 
 8.19 Investment Period. The Initial Borrower shall give prompt written notice
to the Administrative Agent of the termination of the Investment Period. 
 8.20 Covenant to Call Capital. During each twelve
(12)-month period commencing on the first day after the end of the Initial Closing Period (as defined in the Trust Agreement), the Initial Borrower will request that all Investors fund at least one (1) Demand Notice, unless such requirement is
otherwise waived in writing by the Administrative Agent. The Initial Borrower shall give prompt written notice to the Administrative Agent informing it of the occurrence of the first day after the end of the Initial Closing Period. 

8.21 [Reserved].
 8.22
Notices to Defaulting Investors. At all times when an Event of Default has occurred and is continuing and any Investor has failed to fund any Contributions when due or otherwise defaulted on any of its obligations to the Initial Borrower,
then the Initial Borrower shall exercise its available remedies as to such Investor only with the written consent of the Administrative Agent, at the direction of the Required Lenders. 

8.23 ERISA. Such Borrower agrees to use commercially reasonable efforts to promptly provide notice to the Administrative Agent
in writing if such Borrower has reason to believe that the assets of such Borrower constitute Plan Assets. 
 8.24 Investment
Company Act. The Initial Borrower will maintain its status as a “business development company” under the Investment Company Act. 

Section 9. NEGATIVE COVENANTS OF THE BORROWERS 

So long as the Lenders have any commitment to lend hereunder or to cause the issuance of any Letters of Credit hereunder, and until payment and
performance in full of the Obligations (other than Letter of Credit Obligations that have been fully cash collateralized and contractual Obligations that by their terms survive termination of this Credit Agreement) under this Credit Agreement and
the other Loan Documents, each Borrower agrees (as to itself) that, unless the Administrative Agent shall otherwise consent in writing, based upon the approval of the Required Lenders (unless the approval of the Administrative Agent alone or a
different number of the Lenders is expressly permitted below): 
 9.1 Mergers, Etc. Except as otherwise provided in the Loan
Documents, such Borrower shall not take any actions (a) to merge or consolidate with or into any Person, unless a Borrower is the surviving entity, or (b) except as permitted by clause (a), that will dissolve or terminate such
Borrower. 

  
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 9.2 Negative Pledge. Such Borrower shall not create, permit or suffer to exist
any Lien (whether such interest is based on common law, statute, other law or contract) upon the Collateral, other than the following (“Permitted Liens”): (a) to the Administrative Agent, for the benefit of the Secured
Parties; (b) Liens of the Depository holding any Collateral Account which arise as a matter of law on items in the course of collection or encumbering deposits or other similar liens (including the right of
set-off); and (c) non-consensual Liens, if any, imposed on the property of any Borrower not yet delinquent or being contested in good faith by appropriate
proceedings. 
 9.3 Fiscal Year and Accounting Method. Such Borrower shall not change its fiscal year or its method of
accounting, other than in accordance with the terms of its Constituent Documents. 
 9.4 Constituent Documents. Except as
otherwise provided in this Credit Agreement, the Initial Borrower shall not alter, amend, modify, terminate, or change any provision of its Trust Agreement, if any such Proposed Amendment (hereinafter defined) would (a) affect the Initial
Borrower’s or the Investors’ (as applicable) debts, duties, obligations, and liabilities, or the rights, titles, security interests, Liens, powers and privileges of the Initial Borrower (as applicable), in any case, relating to any Demand
Notices, Commitments or Contributions, including any Investor’s obligation to fund Contributions with respect to its Unused Commitment, (b) have a Material Adverse Effect on the rights, titles, first priority security interests (subject to
any Permitted Liens) and Liens, and powers and privileges of the Lenders hereunder or (c) remove or reduce (or affect in a similar manner) the Debt Limitations imposed on the Initial Borrower (each a “Material
Amendment”). With respect to any proposed alteration, amendment, modification, termination or change (each, a “Proposed Amendment”) to the Trust Agreement, the Initial Borrower shall notify the
Administrative Agent of such proposal (except as provided below). The Administrative Agent shall determine, in its sole commercially reasonable discretion (i.e., the determination of the other Lenders shall not be required) and on its good faith
belief, whether such Proposed Amendment to the Trust Agreement would constitute a Material Amendment within three (3) Business Days of the date on which it is deemed to have received such notification in accordance with
Section 12.6 hereof and shall promptly notify the Initial Borrower of its determination. If the Administrative Agent determines that the Proposed Amendment is a Material Amendment, the approval of the Required Lenders will
be required (unless the approval of all Lenders is otherwise required consistent with the terms of this Credit Agreement), and the Administrative Agent shall promptly notify the Lenders of such request for such approval, distributing, as
appropriate, the Proposed Amendment and any other relevant information provided by the Initial Borrower. Subject to Section 12.1 hereof, the Lenders shall have ten (10) Business Days from the date of such notice from
the Administrative Agent to deliver their approval or denial thereof; provided that such Lender shall be deemed to have consented to any such Material Amendment to the extent such Lender does not provide an express approval or denial thereof
within such ten (10) Business Day period. If the Administrative Agent determines that the Proposed Amendment is not a Material Amendment, the Initial Borrower may make such amendment without the consent of the Lenders. Notwithstanding the
foregoing, the Initial Borrower may, without the consent of the Administrative Agent or the Lenders (and without submitting the Proposed Amendment to the Administrative Agent for determination as described above), amend the Trust Agreement:
(i) to cure any ambiguity, correct or supplement any provision of the Trust Agreement which is 

  
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incomplete or inconsistent with any other provision thereof (the effect of which shall be immaterial to the Lenders), correct any printing, stenographic or clerical error or effect changes of an
administrative or ministerial nature which do not materially increase the authority of the Initial Borrower or adversely affect the rights of the Lenders or to fix any other obvious error or any other error or omission of a technical or immaterial
nature; (ii) to admit new Investors in accordance with Section 9.5(b) below; (iii) to reflect transfers of interests in the Initial Borrower in accordance with Section 9.5(a) below and
any action permitted under Section 9.6 hereof; and (iv) to reflect any withdrawals in accordance with Section 9.5(f) below; provided that the Initial Borrower shall promptly provide to
the Administrative Agent a copy of any such executed amendment which does not require the consent of the Administrative Agent or the Lenders. 

9.5 Transfer of Interests; Admission of Investors. 

(a) Transfers by Investors. The Initial Borrower will, promptly upon receipt thereof, deliver a copy to the
Administrative Agent of any notice from any Investor in the Initial Borrower of such Investor’s bona fide intention to Transfer all or a portion of any interest in the Initial Borrower under its Constituent Documents, and will, promptly upon
receipt thereof, deliver to the Administrative Agent copies of any assignment agreement, Subscription Agreement and other documentation delivered to, or required of such Investor by, the Initial Borrower in connection with such Transfer. 

(b) Admission of Investors. Any admission of an assignee of an interest in the Initial Borrower as a substitute Investor
and any admission of a Person as a new Investor of the Initial Borrower will be subject to compliance with OFAC and the requirements of Section 9.5(d) below. The Initial Borrower will, promptly upon receipt thereof, deliver
to the Administrative Agent copies of any Subscription Agreement, Side Letter and other documentation delivered to, or required of such Investor by, the Initial Borrower promptly following such admission. 

(c) [Reserved]. 

(d) Documentation and Funding Requirements; Amendment of the Borrowing Base Certificate. The Initial Borrower will
require that any existing Investor that is an assignee will provide confirmation of its obligations under its Subscription Agreement with respect to any increase in its Commitment relating to such assignment. If any substitute Investor to which an
assignment of an interest in the Initial Borrower is made by a Borrowing Base Investor is not designated as a Borrowing Base Investor by the Administrative Agent, with the same or greater Unused Commitment as the assignor Investor and if the
transferring Investor is released from its obligation to fund Contributions under the applicable Constituent Documents, the calculation described in Section 2.1(e) hereof will be made prior to the effectiveness of such
substitution or assignment, as applicable, but taking into consideration the Commitments of the Investors as if such substitution or assignment will have occurred, and to the extent such substitution or assignment would cause a mandatory prepayment
event, then the Initial Borrower will initiate a Demand Notice for the purpose of making such prepayment, and such assignor or assignee Investor must fund its share of the Demand Notice prior to such substitution or assignment. In the event any
Person is admitted as an additional or substitute Investor, the Initial Borrower will promptly deliver to the Administrative Agent a revised Borrowing Base Certificate to this Credit Agreement, containing the name of each Investor in the Initial
Borrower and such Investor’s Commitment. The Borrowing Base Certificate shall 

  
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specify whether or not an Investor satisfied the conditions set forth in the definition of “Included Investor” or “Designated Investor”, as applicable. The Initial Borrower
shall use reasonable best efforts to give the Administrative Agent at least five (5) Business Days’ prior written notice to any transfer of an interest in the Initial Borrower if such transferring Investor is being released from its
obligations, provided that in the event the Initial Borrower fails to deliver such (5) Business Days’ notice and as a result the Administrative Agent is unable to determine whether such transferee Investor satisfies the requirements
of “Included Investor” or “Designated Investor” prior to the effective date of the transfer, then such transferee Investor shall be deemed not to have satisfied such requirements until such time as the Administrative Agent can
make such determination in accordance with the definition of “Included Investor” or “Designated Investor” and the Initial Borrower shall make any resulting mandatory prepayment pursuant to Section 2.1(e)
hereof prior to the consummation of such transfer. 
 (e) [Intentionally Omitted]. 

(f) Notice of Withdrawals. The Initial Borrower shall not permit any Investor to withdraw its interest in the Initial
Borrower without the prior written consent of the Administrative Agent in its sole discretion unless (i) such withdrawal is in accordance with the terms of the Initial Borrower’s Constituent Documents or the applicable Side Letter or
Subscription Agreement (i.e., the Investor is permitted to withdraw without the discretion of the Initial Borrower or where the Initial Borrower has the discretion to permit such withdrawal because, in the reasonable determination of the Initial
Borrower, the failure to permit such withdrawal could reasonably be expected to result in a material adverse effect under the Initial Borrower’s Constituent Documents) and (ii) the Initial Borrower complies with the mandatory prepayment
provisions of Section 2.1(e) hereof, if applicable, prior to the effectiveness of such withdrawal. 

(g) [Reserved.] 

(h) Other Transfers of Unused Commitments. The Initial Borrower shall not cause Contributions to be made or Commitments
to be transferred to (i) any Affiliate or (ii) directly to any Investment. 
 9.6 Commitments. The Initial Borrower
shall not: (a) except in connection with a Transfer or withdrawal of an Investor in accordance with Section 9.5 hereof, cancel, reduce, excuse, or abate the Unused Commitment of any Investor other than (i) in
accordance with the Initial Borrower’s Constituent Documents or the applicable Subscription Agreement or Side Letter under circumstances where the Initial Borrower has no discretion (i.e., the applicable Investor is entitled to such
cancellation, reduction, excuse or abatement under the terms of the Initial Borrower’s Constituent Documents or the applicable Subscription Agreement or Side Letter) or where the Initial Borrower has the discretion to permit such cancellation,
reduction, excuse or abatement under the terms of the Initial Borrower’s Constituent Documents or the applicable Subscription Agreement or Side Letter because, in the reasonable determination of the Initial Borrower, the failure to do so could
reasonably be expected to result in a material adverse effect under the Initial Borrower’s Constituent Documents and (ii) upon advance prepayment of any amounts that will become due in accordance with
Section 2.1(e) hereof after giving effect to such 

  
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cancellation, reduction, excuse, or abatement; or (b) relieve, delay, postpone, compromise or abate any Investor from the making of any Contribution under the Initial Borrower’s
Constituent Documents or the applicable Subscription Agreement or Side Letter, other than (i) in accordance with the Initial Borrower’s Constituent Documents or the applicable Subscription Agreement or Side Letter under circumstances where
the Initial Borrower has no discretion (i.e., the applicable Investor is entitled to such relief, delay, postponement, compromise or abatement under the terms of the Initial Borrower’s Constituent Documents or the applicable Subscription
Agreement or Side Letter) or where the Initial Borrower has the discretion to permit such relief, delay, postponement, compromise or abatement under the terms of the Initial Borrower’s Constituent Documents or the applicable Subscription
Agreement or Side Letter because, in the reasonable determination of the Initial Borrower, the failure to do so could reasonably be expected to result in a material adverse effect under the Initial Borrower’s Constituent Documents and
(ii) upon advance prepayment of any amounts that will become due in accordance with Section 2.1(e) hereof after giving effect to such relief, delay, postponement, compromise or abatement. The Initial Borrower shall
promptly provide the Administrative Agent notice of any other reduction of any Investor’s Uncalled Commitment. The Initial Borrower shall not agree to any amendment or modification (including, without limitation, any waiver) of any Side Letter
or any new Side Letter which, in either case, would have a Material Adverse Effect on the right, title, security interest and Liens of the Lenders without the prior written consent of the Administrative Agent (it being understood and agreed that any
provisions in Side Letters in existence on the Closing Date that the Initial Borrower is required to grant to a particular Investor pursuant to a most favored nations clause shall not require the Administrative Agent’s consent to the extent
such provisions are included in Side Letters after the Closing Date, although such inclusion may result in such Investor not being approved as a Borrowing Base Investor). The Initial Borrower shall promptly provide any such new or amended Side
Letter to the Administrative Agent. Notwithstanding any of the foregoing, if an Investor has the right under the Initial Borrower’s Constituent Documents or the applicable Subscription Agreement or Side Letter or such excuse is reasonably
required by applicable law to be excused from an Investment, the Initial Borrower shall be permitted to excuse such Investor from its Contribution with respect to such Investment and any obligations incurred with respect to such Investment, so long
as any resulting prepayment to become due in accordance with Section 2.1(e) hereof as a result of such excuse is made prior to giving effect thereto. 

9.7 ERISA Compliance. Such Borrower shall not permit the imposition of a lien on the assets of such Borrower or any member of
its Controlled Group under Section 303(k) or Section 4068 of ERISA which, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. Such Borrower shall not take any action that would cause it to
fail to meet an exception under the Plan Asset Regulations which prevents the assets of such Borrower from being subject to Title I of ERISA, which would result in a non-exempt prohibited transaction under
Section 406(a) of ERISA or Section 4975(c)(1)(A)-(D) of the Internal Revenue Code. 
 9.8 Dissolution. Except as
permitted by Section 9.1 hereof, without the prior written consent of all Lenders (in their sole discretion), the Initial Borrower shall not take any action to terminate or dissolve. 

  
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 9.9 Compliance with Sanctions, Anti-Corruption Laws and Anti-Money Laundering
Laws. No Borrower shall directly or, to the knowledge of such Borrower, indirectly use the proceeds of any Loan hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person
(a) for the purpose of funding any activities or business of or with a Sanctioned Person, to the extent such transactions would be prohibited by Sanctions if conducted by Persons subject to U.S. jurisdiction, (b) in any manner that would
be prohibited by Sanctions or would otherwise cause a Lender to be in breach of any Sanctions, or (c) in any manner that would violate Anti-Corruption Laws. 

9.10 Limitations on Distributions. The Initial Borrower will not make, pay or declare any Distribution (as defined below) at any
time except as permitted pursuant to the Initial Borrower’s Constituent Documents; provided, however, that at any time during the continuance of an Event of Default or, to the knowledge of the Initial Borrower, a Potential Default under
Section 10.1(a), (h) or (i) hereof, no Distributions (other than Permitted RIC Distributions, provided that the Initial Borrower delivers a RIC Distribution Notice to the Administrative Agent at least five
(5) days prior to any such Permitted RIC Distribution (or such shorter period agreed to by the Administrative Agent)) shall be permitted to be made, paid or declared if there are any Obligations outstanding under this Credit Facility;
provided further, that during the existence of an Event of Default under Section 10.1(a), (h) or (i) hereof, or where the Administrative Agent has accelerated the unpaid balance of the
Obligations of the Borrowers pursuant to Section 10.2 hereof, the Initial Borrower shall not make, pay or declare any Permitted RIC Distribution, or withdraw Permitted RIC Distributions from the Collateral Account.
“Distribution” means any distributions (whether or not in cash) on account of any partnership interest or other equity interest in the Initial Borrower, including as a dividend or other distribution and on account of the
purchase, redemption, retirement or other acquisition of any such partnership interest or other equity interest. For the avoidance of doubt, (i) for so long as no Event of Default has occurred and is continuing, each Investor shall be entitled
to receive Distributions to which it is entitled under the Initial Borrower’s Constituent Documents and Subscription Agreement; and (ii) there shall be no limitation on the right of the Investment Advisor, the Administrator or any of their
respective Affiliates to receive management or other fees or expenses under the Investment Advisory Agreement and Administration Agreement. 

9.11 Limitation on Indebtedness. The Borrowers shall not incur Indebtedness in an aggregate amount which would violate the
limitations on Indebtedness imposed on such Borrowers in the applicable Constituent Documents (including, without limitation, in the case of the Initial Borrower, Section 3.5 of the Trust Agreement) and, if applicable, under the Investment
Company Act (collectively, the “Debt Limitations”). 
 9.12 Limitation on Withdrawals From the Collateral
Account. Without the prior written consent of the Administrative Agent, no Borrower will make or cause the making of any withdrawal or transfer of funds from the Collateral Account if: (i) an Event of Default has occurred and is continuing;
(ii) a Potential Default has occurred and is continuing unless such withdrawal shall be applied first, to the payment of any amounts then due and payable by such Borrower under this Credit Agreement and thereafter to cure any other such
Potential Default; (iii) a mandatory prepayment is required pursuant to Section 2.1(e) hereof as a result of the Dollar Equivalent of the Principal Obligations exceeding the Available Commitment, irrespective of
whether such prepayment has become due and payable under the grace periods afforded in Section 2.1(e) hereof, unless such withdrawal shall be applied to such prepayment; or (iv) a mandatory prepayment will be required
pursuant to Section 2.1(e) hereof with the passing of time as a result of an event with respect to a Borrowing Base Investor which event will make such Investor an Excluded Investor after an applicable grace period provided
in Section 2.1(d) hereof shall expire unless such withdrawal shall be applied to such prepayment; provided that, notwithstanding the foregoing, the Initial Borrower may withdraw Permitted RIC Distributions from the
Collateral Account at all times, except as set forth in Section 9.10 hereof. 

  
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 9.13 Demand Notices. The Initial Borrower shall not issue any Demand Notice or
otherwise request, notify, or demand that any Investor fund any Demand Notice if doing so would create a Borrowing Base Deficit, unless the proceeds thereof shall be used in payment of the Obligations of the Initial Borrower such that, after giving
effect to such payment, no Borrowing Base Deficit will exist. 
 9.14 Deposits to the Collateral Accounts. Such Borrower shall
not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Collateral Account cash or cash proceeds other than Contributions; provided that, in the event any deposit is made into a Collateral Account by the
Initial Borrower that does not consist of Contributions or the proceeds thereof as the result of a good faith error, the Initial Borrower shall promptly notify the Administrative Agent of such error and, so long as no Cash Control Event has occurred
and is continuing, transfer such amounts out of such Collateral Account to correct such error within two (2) Business Days of obtaining knowledge thereof. 

Section 10. EVENTS OF DEFAULT 

10.1 Events of Default. An “Event of Default” shall exist if any one or more of the following events
(herein collectively called “Events of Default”) shall occur and be continuing (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) (i) any Borrower shall fail to pay when due any principal of its Obligations, including any failure to pay any amount
required to be paid by it under Section 2.1(e) hereof; or (ii) any Borrower shall fail to pay when due any interest on its Obligations or any fee, expense, indemnity or other payment required to be paid by it
hereunder, and such failure under this clause (ii) shall continue for three (3) Business Days following the date the Administrative Agent notifies the applicable Borrower in writing of such failure (except for the failure to pay its
Obligations in full on the Maturity Date, for which no notice shall be required, and except for the failure to prepay any amount required to be paid by it under Section 2.1(e) hereof, for which no additional notice shall be
required); 
 (b) any representation or warranty made by or on behalf of the Borrowers (in each case, as applicable) under
this Credit Agreement, or any of the other Loan Documents executed by any one or more of them, or in any certificate or statement furnished or made to the Lenders or any one of them by the Borrowers (in each case, as applicable) pursuant hereto, in
connection herewith or with the Loans, or in connection with any of the other Loan Documents, shall prove to be untrue or inaccurate in any material respect as of the date on which such representation or warranty is made and the adverse effect of
the failure of such representation or warranty shall not have been cured within thirty (30) days after written notice thereof is delivered to the Borrowers by the Administrative Agent; 

  
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 (c) default shall occur in the performance of: (i) any of the covenants
or agreements contained herein (other than the covenants contained in Sections 2.1(e), 2.10, 8.1(a), (b), (c), (d), (h), (i), (j), 8.4, 8.5, 8.8, 8.12,
8.15, 8.18, the first sentence of 8.20, 8.22 and Sections 9.1 through 9.6 and 9.8 through 9.14 hereof) by the Borrowers; or (ii) the covenants or agreements of the Borrowers
contained in any other Loan Documents executed by such Person, and, in each case, such default shall continue uncured to the satisfaction of the Administrative Agent for a period of thirty (30) days after the earlier of: (x) written notice
thereof has been given by the Administrative Agent to the Borrowers; or (y) the Administrative Agent has been notified or should have been notified of such default pursuant to Section 8.4 or
Section 8.5 hereof; provided that if such default is not susceptible of being cured with diligence within said thirty (30) day period, but, in the reasonable determination of the Administrative Agent, is
susceptible of being cured within an additional period, then such period shall be extended for such additional period of time, not to exceed an additional thirty (30) days, as may reasonably be necessary to cure the same; provided,
further, that the applicable Borrower commences such cure within such thirty (30) day period and diligently prosecutes the same until its completion; 

(d) default shall occur in the performance of any of the covenants or agreements of the Borrowers contained in
Section 2.1(e) hereof, Section 2.10 hereof, or any one of Sections 9.1 through 9.14 hereof (other than covenants or agreements contained in the second sentence of
Section 9.7); 
 (e) default shall occur in the performance of any one of the covenants contained
in Section 8.1(a), (b), (c), (d), (h), (i), (j), 8.4, 8.5, 8.8, 8.12, 8.15, 8.18, the first sentence of 8.20 or 8.22 hereof
and such default shall continue uncured for five (5) Business Days (or, solely in the case of Section 8.22 hereof, ten (10) Business Days) after written notice thereof has been given by the Administrative Agent to
the Borrowers; 
 (f) other than in compliance with the provisions of the Loan Documents, any of the Loan Documents executed
by the Initial Borrower: (i) shall cease, in whole or in material part, to be legal, valid, binding agreements enforceable against the Initial Borrower, as the case may be, in accordance with the terms thereof; (ii) shall in any way be
terminated or become or be declared ineffective or inoperative except in accordance with its terms thereof; or (iii) shall in any way whatsoever cease to give or provide the respective first priority Liens (subject to any Permitted Liens),
security interest, rights, titles, interest, remedies, powers, or privileges intended to be created thereby (other than, in each case, solely as the result of an action or failure to act on the part of the Administrative Agent); provided that if any
of the events set forth in the foregoing clauses (i), (ii) and (iii) occurs as a result of a change in any applicable Law, the Initial Borrower shall have thirty (30) days from the date thereof to cure a default
arising under this Section 10.1(f) to the reasonable satisfaction of the Administrative Agent; 

(g) default shall occur with respect to the payment of any recourse Indebtedness or guaranty obligations of the Initial
Borrower in an aggregate amount equal to or greater than $50,000,000, and such default shall continue for more than the applicable period of grace or cure, if any; or any such Indebtedness shall become due before its stated maturity by acceleration
of the maturity thereof; 

  
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 (h) the Initial Borrower or the Investment Advisor or the Administrator
shall: (i) apply for or consent to the appointment of a receiver, trustee, custodian, intervenor, or liquidator of itself or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy or admit in writing that
it is unable to pay its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any Debtor
Relief Laws; (v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (vi) take partnership, limited
liability company or corporate action for the purpose of effecting any of the foregoing; 
 (i) an order, order for relief,
judgment or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition seeking reorganization of the Initial Borrower or appointing a receiver, custodian, trustee, intervenor, or liquidator of
the Initial Borrower, or of all or substantially all of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of sixty (60) days; 

(j) any final judgment(s) for the payment of money in excess of an aggregate amount equal to $50,000,000 shall be rendered
against the Initial Borrower, and such judgment is not stayed, discharged or vacated after a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of the Initial Borrower to enforce any such judgment, unless such judgment is covered by insurance or bonded or unless it is being appealed and such Borrower has posted a bond or cash collateral; 

(k) the Initial Borrower shall make an Investment in violation of its Constituent Documents; 

(l) the issuance to the Initial Borrower of any administrative order by any Governmental Authority under any environmental law,
or the issuance to the Initial Borrower of any injunctive order by any court under any environmental law, which results in a Material Adverse Effect; 

(m) the assets of any Borrower shall be treated as Plan Assets within the meaning of Section 3(42) of ERISA and conditions
give rise to a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A)-(C) of the Internal Revenue Code subjecting the Administrative Agent and/or Lenders to any tax
or penalty on prohibited transactions imposed under Section 4975 of the Internal Revenue Code or Section 502(i) of ERISA; 

(n) the Administrator (or an Affiliate thereof) shall cease to be the administrator of the Initial Borrower, or the
Administrator shall withdraw or be removed as the administrator of the Initial Borrower; 

  
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 (o) two or more Investors having Commitments aggregating, at any one time,
ten percent (10%) or greater of the total Commitments of Investors shall default in their obligation to fund any portion of their Unused Commitments under their Subscription Agreement and/or the applicable Constituent Document within ten
(10) Business Days of when due pursuant to the applicable Demand Notice, without regard to any cure or notice periods contained in the applicable Constituent Documents; provided that, for purposes of this provision, an HNW Aggregation
Investor and Special HNW Aggregation Investor will be considered one Investor regardless of how many of such HNW Aggregation Investor’s and Special HNW Aggregation Investor’s, as applicable, underlying interest holders default;
provided further that, to the extent any HNW Aggregation Investor or Special HNW Aggregation Investor has an underlying interestholder that has defaulted on its obligation to fund such HNW Aggregation Investor or Special HNW
Aggregation Investor, as applicable, then only such default portion shall count toward the ten percent (10%) threshold above and such HNW Aggregation Investor or Special HNW Aggregation Investor, as applicable, shall be counted as such defaulted
Investor; 
 (p) Blackstone BGSL Holdings LLC or any Affiliate thereof through which Blackstone BGSL Holdings LLC makes its
investment in the Initial Borrower shall: (i) repudiate, challenge, or declare unenforceable its Commitment or its obligation to make Contributions to the capital of the Initial Borrower pursuant to a Demand Notice or shall otherwise disaffirm
the provisions of the Initial Borrower’s Constituent Documents; (ii) fail to timely fund any portion of its Unused Commitment within three (3) Business Days of when due pursuant to the applicable Demand Notice; or (iii) shall be
in default in its obligations thereunder in its capacity as a shareholder (or the equivalent thereof), and such default in this clause (iii) shall continue uncured beyond any cure or grace period under the terms of the applicable
Constituent Document; 
 (q) (i) the Investment Advisor (or an Affiliate thereof) shall not be acting in the capacity of
the “Adviser” as set forth in the Investment Advisory Agreement; or (ii) the Administrator or the Investment Advisor shall cease to be directly or indirectly controlled by, or under common control with, The Blackstone Group L.P.; 

(r) except as permitted by Section 9.1 hereof, an event shall occur that causes a dissolution or
liquidation of the Initial Borrower; 
 (s) [Reserved]; or 

(t) any Borrower Guaranty (other than a Borrower Guaranty with respect to a Qualified Borrower which has withdrawn from the
Credit Facility pursuant to Section 2.9(g)) or any material provision thereof shall cease to be in full force and effect, or the Initial Borrower providing such guaranty or any other Person acting by or on behalf of the
Initial Borrower shall deny or disaffirm such Borrower’s obligations under such Borrower Guaranty. 
 10.2 Remedies Upon
Event of Default. If an Event of Default shall have occurred and be continuing, then the Administrative Agent may (or shall if so directed by the Required Lenders): (a) suspend the Lender Commitments of the Lenders until such Event of Default is
cured or waived; (b) terminate the Lender Commitment of the Lenders hereunder; (c) declare the principal of, and all interest then accrued on, the Obligations to be forthwith due and payable (including the

  
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obligation to deliver Cash Collateral pursuant to Section 2.1(g) hereof), whereupon the same shall forthwith become due and payable without presentment, demand, protest,
notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind (other than notice of such declaration) all of which the Borrowers hereby expressly waive, anything contained herein or in any other Loan Document
to the contrary notwithstanding; (d) exercise any right, privilege, or power set forth in Sections 5.2 and 5.3 hereof, including, but not limited to, the initiation of Demand Notices of the Commitments (subject to the following
paragraph); or (e) without notice of default or demand, pursue and enforce any of the Administrative Agent’s or the Lenders’ rights and remedies under the Loan Documents, or otherwise provided under or pursuant to any applicable Law
or agreement; provided that the Administrative Agent may select which remedies to exercise unless otherwise directed by the Required Lenders, in which case the Administrative Agent will exercise such remedies as directed by the Required
Lenders, and provided further that if any Event of Default specified in Section 10.1(h) or 10.1(i) hereof shall occur, the principal of, and all interest on, the Obligations shall thereupon become due and
payable concurrently therewith, without any further action by the Administrative Agent or the Lenders, or any of them, and without presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice
of any kind, all of which each of the Borrowers hereby expressly waives. Notwithstanding anything to the contrary contained in this Credit Agreement or any other Loan Document, in no event shall the Administrative Agent (or any Secured Party) be
permitted to require any Investor to fund its Contributions other than to an account in the name of the Initial Borrower. 
 Notwithstanding
anything to the contrary herein, upon the occurrence and during the continuance of an Event of Default (other than those described in Section 10.1(f), (h), (i), (n), (q) or (r)), if such
Event of Default can be cured by the funding of Unused Commitments, then prior to the Administrative Agent, on behalf of the Lenders, exercising its right to issue Demand Notices to the Investors or exercising any other remedy provided for herein,
the Administrative Agent shall be required to give five (5) Business Days written notice (the “Initial Notice Period”) of its intention to exercise such remedies and, if, at any time prior to or during such Initial
Notice Period, the Initial Borrower shall issue a Demand Notice to their Investors sufficient to cure such Event of Default, then the Administrative Agent and the Lenders shall not exercise such remedies until the Business Day following the Initial
Payment Date (as defined below); provided, that: (i) such Demand Notice as issued by the Initial Borrower must require the Investors to fund their related Contribution within ten (10) Business Days after the date of such Demand
Notice (such tenth (10th) Business Day being the “Initial Payment Date”); (ii) the Initial Borrower directs all Contributions received by it into the applicable Collateral
Account; and (iii) the Initial Borrower directs the Depository that such Contributions and other payments by the Investors in the Initial Borrower, together with any other funds held for or credited to the Initial Borrower in a Collateral
Account, shall be withdrawn by the Administrative Agent to prepay the Obligations of the Initial Borrower in their entirety; provided, further that nothing in this Section 10.2 shall prohibit the
Administrative Agent or any Lender from exercising any remedies it may have with respect to (i) any Collateral Account and taking any such actions as may be required to protect their rights in a bankruptcy proceeding or (ii) any Event of
Default pursuant to Section 10.1(f), (h), (i), (n), (q) or (r) or any other Event of Default that shall have occurred and be continuing that cannot be cured by the
funding of Unused Commitments or which was triggered by the failure of the Initial Borrower to issue a Demand Notice upon its Investors following a mandatory prepayment event pursuant to Section 2.1(e) hereof and/or make
such mandatory prepayment following the receipt of such related Contributions, in each case, as required by this Credit Agreement. 

  
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 10.3 Performance by the Administrative Agent. Should the Borrowers fail to
perform any covenant, duty, or agreement contained herein or in any of the Loan Documents to which it is a party, and such failure continues beyond any applicable cure period, the Administrative Agent may (pursuant to such Loan Documents, including
any collateral assignments therein to the Administrative Agent), but shall not be obligated to, perform or attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, the Borrowers shall, at the request of the
Administrative Agent, promptly pay any amount expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent at its designated Agency Services Address, together with interest thereon at the Default Rate
from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly understood that neither the Agents nor the Lenders assume any liability or responsibility for the performance of any duties of the Borrowers, or any related
Person hereunder or under any of the Loan Documents or other control over the management and affairs of the Borrowers, or any related Person, nor by any such action shall the Agents or the Lenders be deemed to create a partnership arrangement with
any Borrower, or any related Person. 
 10.4 Qualified Borrower Defaults. Notwithstanding any provision in this Credit
Agreement to the contrary, if an Event of Default or a Potential Default relating solely to a Qualified Borrower shall occur, upon the payment of all Obligations of such Qualified Borrower hereunder: (a) such Event of Default or Potential
Default shall be deemed to be cured and (b) such Qualified Borrower shall withdraw from the Credit Facility in accordance with Section 2.9(g) hereof; provided, however, that such withdrawal shall not be
required to the extent any such Event of Default or Potential Default has been cured or waived and is no longer continuing. 
 Section 11. AGENTS

 11.1 Appointment. 

(a) Authority of the Administrative Agent. Each Lender hereby irrevocably appoints, designates and authorizes each Agent
to take such action on its behalf under the provisions of this Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms hereof and of the other Loan
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the other Loan Documents, no Agent shall not have any duties or responsibilities, except those
expressly set forth herein and therein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any of the other Loan
Documents, or shall otherwise exist against such Agent. The provisions of this Section 11 are solely for the benefit of the Agents and the Lenders and none of the Borrowers or any Affiliate of the foregoing (each, a
“Borrower Party”) or any Investor or its Affiliates shall have any rights as a third-party beneficiary of the provisions hereof (except for the provisions that explicitly relate to the Borrowers in
Section 11.10 hereof). In performing its functions and duties under this Credit Agreement and the other Loan Documents, each Agent shall act solely as an agent of the applicable Lenders and does not assume and shall not be
deemed to have assumed any obligation or relationship of agency or trust with or for any Borrower Party. 

  
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 (b) Release of Collateral. The Secured Parties irrevocably authorize
the Administrative Agent, at the Administrative Agent’s option and in its sole discretion, to release any security interest in or Lien on any Collateral granted to or held by the Administrative Agent: (i) upon termination of this Credit
Agreement and the other Loan Documents, termination of the Lender Commitments and payment in full of all of the Obligations, including all fees and indemnified costs and expenses that are then due and payable pursuant to the terms of the Loan
Documents; (ii) pursuant to any express provision of any Loan Document and (iii) if approved by the Lenders pursuant to the terms of Section 12.1. Upon the request of the Administrative Agent, the Lenders will
confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section 11.1(b). 

11.2 Delegation of Duties. Each Agent may execute any of its duties hereunder or under the other Loan Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of legal counsel, accountants, and other professionals selected by such Agent concerning all matters
pertaining to such duties. No Agent shall be responsible to any Lender for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable
care, nor shall it be liable for any action taken or suffered in good faith by it in accordance with the advice of such Persons. 
 11.3
Exculpatory Provisions. No Agent nor any of its affiliates, nor any of their respective officers, directors, employees, agents or attorneys-in-fact, shall be
liable to any Lender for any action lawfully taken or omitted to be taken by it or such Person under or in connection herewith or in connection with any of the other Loan Documents (except for its or such Person’s own gross negligence or
willful misconduct) or be responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any of the Borrower Parties contained herein or in any of the other Loan Documents or in any certificate,
report, document, financial statement or other written or oral statement referred to or provided for herein, or received by such Agent under or in connection herewith or in connection with the other Loan Documents, or enforceability or sufficiency
therefor of any of the other Loan Documents, or for any failure of a Borrower Party to perform its obligations hereunder or thereunder. No Agent shall be responsible to any Lender for the effectiveness, genuineness, validity, enforceability,
collectibility or sufficiency of this Credit Agreement, or any of the other Loan Documents or for any representations, warranties, recitals or statements made herein or therein or made by any Borrower Party in any written or oral statement or in any
financial or other statements, instruments, reports, certificates or any other documents in connection herewith or therewith furnished or made by such Agent to the Lenders or by or on behalf of the Borrower Parties to such Agent or any Lender or be
required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or therein or as to the use of the proceeds of the Loans or of the existence or possible
existence of any Potential Default or Event of Default or to inspect the properties, books or records of the Borrower Parties. The Agents are not trustees for the Lenders and owe no fiduciary duty to the Lenders hereunder and/or pursuant to the
Borrower Security Agreements, which is governed by New York law. Each Lender recognizes and agrees that the Administrative Agent shall not be required to determine independently whether the conditions described in
Section 6.2(a) or 6.2(b) hereof have been satisfied and, when the Administrative Agent disburses funds to any Borrower, or causes Letters of Credit to be issued or accepts any Borrower Guaranties, it may rely fully
upon statements contained in the relevant requests by any Borrower. 

  
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 11.4 Reliance on Communications. Each Agent shall be entitled to rely, and
shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, email, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by
it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to any of the Borrower Parties, independent accountants and
other experts selected by such Agent with reasonable care). The Administrative Agent may deem and treat each Lender as the owner of its interests hereunder for all purposes unless an Assignment and Acceptance Agreement shall have been delivered to
the Administrative Agent in accordance with Section 12.11(c) hereof. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Credit Agreement or under any of the other
Loan Documents unless it shall first receive such advice or concurrence of the Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it
by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or under any of the other Loan Documents in accordance with a request of the
Required Lenders (or to the extent specifically required, all the Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and assigns). 

11.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any
Potential Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender or a Borrower Party referring to the Loan Document, describing such Potential Default or Event of Default and stating that such notice
is a “notice of default.” In the event that the Administrative Agent receives such a notice, Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such
Potential Default or Event of Default as shall be reasonably directed by the Required Lenders and as is permitted by the Loan Documents. 

11.6 Non-Reliance on the Agents and the Lenders. Each Lender expressly acknowledges that
no Agent nor any of its affiliates nor any of their respective officers, directors, employees, agents or attorneys-in-fact has made any representations or warranties to
it and that no act by any Agent or any affiliate thereof hereinafter taken, including any review of the affairs of any Borrower Party, shall be deemed to constitute any representation or warranty by such Agent to any Lender. Each Lender represents
to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, assets,
operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties and made its own decision to make its Loans hereunder and enter into this Credit Agreement. Each Lender also represents that it will,
independently and without reliance upon any Agent 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 analysis, appraisals and decisions in taking

  
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or not taking action under this Credit Agreement, and to make such investigation as it deems necessary to inform itself as to the business, assets, operations, property, financial and other
conditions, prospects and creditworthiness of the Borrower Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no Agent shall have any duty or
responsibility to provide any Lender with any credit or other information concerning the business, operations, assets, property, financial or other conditions, prospects or creditworthiness of the Borrower Parties which may come into the possession
of such Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 

11.7 Indemnification. The Lenders agree to, jointly and severally, indemnify each Agent in its capacity as such (to the extent
not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to their respective Pro Rata Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following payment in full of the Obligations) be incurred by such Agent in its capacity as such in any way
relating to or arising out of this Credit Agreement or the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under
or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the gross negligence, fraud or willful misconduct of such Agent. If any indemnity furnished to an Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional
indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished. The agreements in this Section 11.7 shall survive the payment of the Obligations. 

11.8 Agents in Individual Capacity. With respect to the Loans made and Letters of Credit issued (as applicable) and all
obligations owing to it, each Agent acting in its individual capacity shall have the same rights and powers under this Credit Agreement as any Lender and may exercise the same as though it were not an agent, and the terms
“Lender” and “Lenders” shall include such Agent in its individual capacity. Each Agent acting in its individual capacity and its affiliates may make loans to, accept deposits from and generally engage
in any kind of business with any Borrower as though such Agent were not an agent hereunder and without any duty to account therefor to the other Lenders. 

11.9 Successor Agent. 

(a) The Administrative Agent may, (i) with the written consent of the Borrowers in their sole discretion, or
(ii) upon the declaration that the Obligations are immediately due and payable pursuant to Section 10.2 hereof upon the occurrence of an Event of Default, resign upon twenty (20) days written notice to the Lenders
and the Borrowers. In addition, the Required Lenders may remove the Administrative Agent upon twenty (20) days written notice to the Administrative Agent and Borrowers (i) for gross negligence, fraud or willful misconduct or (ii) if
the Administrative Agent ceases to be a Lender hereunder. Upon any such resignation or removal of the Administrative Agent, the Required Lenders shall have the right to appoint a successor Administrative Agent (subject,

  
 105 

 
except when an Event of Default of the type described in Section 10.1(a), (h) or (i) hereof (or any other Event of Default which has continued uncured
for a period of thirty (30) days) exists, to the consent of the Borrowers, such consent not to be unreasonably withheld). If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such
appointment, within sixty (60) days after the notice of resignation, then the retiring Administrative Agent shall select a successor Administrative Agent (subject, except when an Event of Default of the type described in
Section 10.1(a), (h) or (i) hereof (or any other Event of Default which has continued uncured for a period of thirty (30) days) exists, to the consent of the Borrowers, not to be unreasonably
withheld); provided that such successor is an Eligible Assignee (or if no Eligible Assignee shall have been so appointed by the retiring Administrative Agent and shall have accepted such appointment, then the Lenders shall perform all
obligations of the retiring Administrative Agent hereunder until such time, if any, as a successor Administrative Agent shall have been appointed and shall have accepted such appointment as provided for above). Prior to the occurrence and
continuance of an Event of Default pursuant to Section 10.1(a) hereof that has not been cured within sixty (60) days, in no event may any Competitor be appointed successor Administrative Agent hereunder.  

(b) Any other Agent may, at any time, resign upon twenty (20) days’ written notice to the Lenders and the Borrowers
and, if no successor Agent is appointed prior to the effective date of the resignation of such Agent, such Agent may appoint, after consulting with the Lenders and subject (except when an Event of Default of the type described in
Section 10.1(a), (h) or (i) hereof (or any other Event of Default which has continued uncured for a period of thirty (30) days) exists to the consent of the Borrowers, a successor Agent from any of
the Lenders. If any such Agent ceases to be a Lender hereunder, it shall, without any further action, cease to be an Agent. 

(c) Upon the acceptance of any appointment as an Agent hereunder by a successor, such successor Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent, and shall assume the duties and obligations of such retiring or removed Agent, and the retiring or removed Agent shall be discharged from its
duties and obligations as Agent under this Credit Agreement and the other Loan Documents and the provisions of this Section 11.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
an Agent under this Credit Agreement. 
 11.10 Reliance by the Borrowers. Each Borrower shall be entitled to rely upon, and to
act or refrain from acting on the basis of, any notice, statement, certificate, waiver or other document or instrument delivered by an Agent to such Borrower so long as such Agent is purporting to act in its respective capacity as an Agent pursuant
to this Credit Agreement, and such Borrower shall not be responsible or liable to any Lender (or to any Participant or Assignee), or as a result of any action or failure to act (including actions or omissions which would otherwise constitute
defaults hereunder) which is based upon such reliance upon such Agent. Such Borrower shall be entitled to treat each Agent as a properly authorized Agent pursuant to this Credit Agreement until such Borrower shall have received notice of
resignation, and such Borrower shall not be obligated to recognize any successor Agent until such Borrower shall have received written notification satisfactory to it of the appointment of such successor. 

  
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 11.11 Administrative Agent May File Proofs of Claim. In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Borrower, the Secured Parties acknowledge and agree that the
Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit Liability shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on Borrower Parties) shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a)
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter of Credit Liability and all other Obligations that are owing and unpaid and to file such other documents as may be
necessary or advisable in order to have the claims of the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts
due the Secured Parties hereunder) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other
property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Secured Party, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other
amounts due the Administrative Agent hereunder. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Secured Party or to authorize the Administrative Agent to
vote in respect of the claim of any Secured Party in any such proceeding. 
 11.12 Delivery of Notices to the Lenders.
Promptly upon receipt of any written notice, report or information from the Borrowers under the Loan Documents, the Administrative Agent will provide copies of such notice, report or information to the Lenders in a time and manner reasonable under
the circumstances. 
 Section 12. MISCELLANEOUS 

12.1 Amendments. Except as may otherwise be provided in this Credit Agreement, neither this Credit Agreement (including the
exhibits hereto) nor any other Loan Document to which any Borrower is a party (other than any Fee Letter, which may be amended, waived, discharged or terminated in accordance with its terms), nor any of the terms hereof or thereof, may be amended,
waived, discharged or terminated, unless such amendment, waiver, discharge, or termination is in writing and signed by the Administrative Agent (based upon the approval of the Required Lenders), or the Required Lenders, on the one hand, and such
Borrower on the other hand (other than, in the case of this Credit Agreement, any Qualified Borrower); provided that no such amendment, waiver, discharge, or termination shall, without the consent of: 

  
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 (a) each Lender affected thereby: 

(i) increase the amount or extend the term of the Lender Commitment of such Lender (other than an increase of the Maximum
Commitment Amount pursuant to Section 2.13 hereof, an extension of the Stated Maturity Date pursuant to Section 2.14 hereof or a termination of Lender Commitments or a decrease of the Maximum
Commitment Amount, in either case, pursuant to Section 3.6 hereof), decrease the amount of fees (or any other payments) payable to such Lender, or accelerate the obligations of such Lender to advance its portion of any
Borrowing, as contemplated in Section 2.5 hereof or issue or participate in any Letter of Credit, as contemplated in Section 2.8 hereof; 

(ii) extend the time for payment for the principal of or interest on the Obligations (other than an extension pursuant to
Section 2.14 hereof), or fees or costs, or reduce the principal amount of the Obligations (except as a result of the application of payments or prepayments), or reduce the rate of interest borne by the Obligations (other
than as a result of waiving the applicability of the Default Rate), or otherwise affect the terms of payment of the principal of or any interest on the Obligations or fees or costs hereunder; and 

(iii) release all or any material portion of the Collateral, except as otherwise contemplated herein or in the Collateral
Documents, except in connection with the transfer or withdrawal of interests in the Borrowers permitted hereunder. 
 (b) all
Lenders: 
 (i) except as otherwise provided by Section 9.5 hereof, permit the cancellation, excuse
or reduction of the Commitment of any Borrowing Base Investor; 
 (ii) amend the definition of “Applicable
Requirement”, “Available Commitment”, “Borrowing Base”, “Concentration Limit”, “Designated Investor”, “Exclusion Event”, “FX Reserve Amount”, “Included Investor”,
“Lender Commitment”, “Loan”, “Maximum Commitment Amount”, “Obligations”, “Principal Obligations”, “Special HNW Aggregation Investor”, “Stated Maturity Date”, “Uncalled
Commitment” or “Unused Commitment”, other than (A) a decrease of the Maximum Commitment Amount pursuant to Section 3.6 hereof or an increase of the Maximum Commitment Amount pursuant to
Section 2.13 hereof and (B) an extension of the Stated Maturity Date pursuant to Section 2.14 hereof; 

  
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 (iii) change the percentages specified in the definition of Required Lenders
herein or any other provision hereof specifying the number or percentage of the Lenders which is required to amend, waive or modify any rights hereunder or otherwise make any determination or grant any consent hereunder; 

(iv) except in a transaction permitted by this Credit Agreement, consent to the assignment or transfer by any Borrower of any
of its rights and obligations under (or in respect of) the Loan Documents; or 
 (v) amend the terms of this
Section 12.1. 
 The Administrative Agent agrees that it will promptly notify each Lender and the Letter of Credit
Issuer of any proposed waiver, modification or amendment to any Loan Document, and deliver drafts of any such proposed waiver, modification or amendment to each Lender and the Letter of Credit Issuer prior to the effectiveness of such proposed
waiver, modification or amendment. Notwithstanding the above: (A) no provision of Section 11 hereof may be amended or modified without the consent of the Administrative Agent; (B) no provisions of
Section 2.8 hereof may be waived, amended or modified without the consent of the Letter of Credit Issuer; and (C) Section 8 and Section 9 hereof specify the
requirements for waivers of the affirmative covenants and negative covenants listed therein, and any amendment to a provision of Section 8 or Section 9 hereof shall require the consent of the
Lenders or the Administrative Agent that are specified therein as required for a waiver thereof. For the avoidance of doubt, the Administrative Agent and the Borrowers may amend this Credit Agreement at any time to replace LIBOR with a LIBOR
Successor Rate pursuant to Section 4.12 hereof, and such amendment shall not require the consent of any other Person. Any amendment, waiver or consent not specifically addressed in this
Section 12.1 or otherwise shall be subject to the approval of Required Lenders. 
 Notwithstanding the fact that
the consent of all the Lenders is required in certain circumstances as set forth above: (1) each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans or the Letters of Credit, and each Lender
acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersede the unanimous consent provisions set forth herein; (2) the Required Lenders may consent to allow a Borrower to use Cash Collateral in the context of a
bankruptcy or insolvency proceeding; and (3) the Administrative Agent may, with the consent of the Borrowers, agree to the modification or waiver of any of the other terms of this Credit Agreement or any other Loan Document or consent to any
action or failure to act by any Borrower, if such modification, waiver, or consent is of an administrative nature. If the Administrative Agent shall request the consent of any Lender to any amendment, change, waiver, discharge, termination, consent
or exercise of rights covered by this Credit Agreement, such Lender shall use best efforts in good faith to give such consent or denial thereof in writing within ten (10) Business Days of the making of such request by the Administrative Agent,
as the case may be, but if such Lender is unable to respond within such time, such Lender shall be deemed to have denied its consent to the request. 

Notwithstanding anything to the contrary herein, Schedule A to any Borrower Guaranty may be amended to identify additional Qualified Borrowers
(which, for the avoidance of doubt, have been approved by the Administrative Agent pursuant to Section 2.9(a) hereof) without the consent of any Lender or other Agent. 

  
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 Notwithstanding anything to the contrary herein, if following the Closing Date, the
Administrative Agent and the Initial Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature, in each case, in any provision of this Credit Agreement or any other Loan Document, then the
Administrative Agent and the Initial Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to this Credit Agreement or any other Loan Document if the
same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof.     

Notwithstanding anything to the contrary herein, any Deposit Account Control Agreement or Collateral Account Pledge may be amended, waived,
discharged or terminated by the Administrative Agent in order to (i) assist with any transfer to a new Depository which is an Eligible Institution in accordance with this Credit Agreement or to otherwise reflect any change in the account number
with an existing Depository or (ii) to fix an obvious error or any error or omission of a technical or immaterial nature, in either case, without any further action or consent of any other party to this Credit Agreement or any other Loan
Document if the same is, in the reasonable determination of the Administrative Agent, not materially adverse to the Lenders. 
 12.2
Sharing of Offsets. Each Lender and the Administrative Agent agrees that if it shall, through the exercise of any right of counterclaim, offset, banker’s lien or otherwise, receive payment of a portion of the aggregate amount of
principal, interest and fees due to such Lender hereunder which constitutes a greater proportion of the aggregate amount of principal, interest and fees then due to such Lender hereunder than the proportion received by any other Lender in respect of
the aggregate amount of principal, interest and fees due with respect to such other Lenders under this Credit Agreement, then such Lender shall purchase participations in the Obligations under this Credit Agreement held by such other Lenders so that
all such recoveries of principal, interest and fees with respect to this Credit Agreement, the Notes and the Obligations thereunder held by the Lenders shall be pro rata according to each Lender’s Lender Commitment (determined as of the
date hereof and regardless of any change in any Lender’s Lender Commitment caused by such Lender’s receipt of a proportionately greater or lesser payment hereunder). 

12.3 Sharing of Collateral. To the extent permitted by applicable law, each Lender and the Administrative Agent, in its capacity
as a Lender, agrees that if it shall, through the receipt of any proceeds from a Demand Notice or the exercise of any remedies under any Collateral Documents, receive or be entitled to receive payment of a portion of the aggregate amount of
principal, interest and fees due to it under this Credit Agreement which constitutes a greater proportion of the aggregate amount of principal, interest and fees then due to such Lender under this Credit Agreement than the proportion received by any
other Lender in respect of the aggregate amount of principal, interest and fees due with respect to any Obligations to such Lender under this Credit Agreement, then such Lender or the Administrative Agent, in its capacity as a Lender, as the case
may be, shall purchase participations in the Obligations under this Credit Agreement held by such other Lenders so that all such recoveries of principal, interest and fees with respect to this Credit Agreement, the Notes and the Obligations
thereunder held by the Lenders shall be pro rata according to each Lender’s Lender Commitment (determined as of the date hereof and regardless of any change in any Lender’s Lender Commitment caused by such Lender’s receipt of a
proportionately greater or lesser payment hereunder). Each Lender hereby authorizes and directs the Administrative Agent to coordinate and implement the sharing of collateral contemplated by this Section 12.3 prior to the
distribution of proceeds from Demand Notices or proceeds from the exercise of remedies under the Collateral Documents prior to making any distributions of such proceeds to each Lender or the Administrative Agent, in their respective capacity as the
Lenders. 

  
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 12.4 Waiver. No failure to exercise, and no delay in exercising, on the part
of the Agents or the Lenders, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other further exercise thereof or the exercise of any other right. The rights of the Agents and the
Lenders hereunder and under the Loan Documents shall be in addition to all other rights provided by law. No modification or waiver of any provision of this Credit Agreement, the Notes or any of the other Loan Documents, nor consent to departure
therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the
same, similar or other instances without such notice or demand. Subject to Section 12.1 hereof, the Administrative Agent acting on behalf of all Lenders, and the Initial Borrower may from time to time enter into agreements
amending or changing any provision of this Credit Agreement or the rights of the Lenders or the Borrowers hereunder, or may grant waivers or consents to a departure from the due performance of the obligations of the Borrowers hereunder, any such
agreement, waiver or consent made with such written consent of the Administrative Agent being effective to bind all the Lenders, except as provided in Section 12.1 hereof. A waiver on any one or more occasions shall not be
construed as a bar to or waiver of any right or remedy on any future occasion. 
 12.5 Payment of Expenses; Indemnity. 

(a) The Initial Borrower agrees to pay (within thirty (30) days after the receipt of written notice from the
Administrative Agent) (i) all out-of-pocket costs and expenses of the Administrative Agent (including, without limitation, the reasonable fees and expenses of one
designated law firm in each applicable jurisdiction acting as counsel to the Administrative Agent) reasonably and actually incurred by it in connection with the negotiation, preparation, execution and delivery of this Credit Agreement, the Notes,
and the other Loan Documents and any and all amendments, modifications, waivers and supplements thereof or thereto and (ii) if an Event of Default exists, all
out-of-pocket costs and expenses of the Administrative Agent and the Lenders (including, without limitation, the reasonable attorneys’ fees of the Administrative
Agent’s and the Lenders’ legal counsel) reasonably incurred by them in connection with the preservation and enforcement of the Administrative Agent’s and the Lenders’ rights under this Credit Agreement, the Notes, and the other
Loan Documents. 
 (b) The Initial Borrower agrees to indemnify each of the Agents and the Lenders and their respective
directors, officers, employees, attorneys and agents (each such Person, including, without limitation, each of the Agents and the Lenders, being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any
and all losses, claims, actions, judgments, suits, disbursements, penalties, damages (other than consequential damages), liabilities and related expenses and counsel fees and expenses (including, without limitation, the counsel fees and expenses
incurred in the enforcement of any Loan Documents against any Borrower), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of: 

  
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 (i) the execution, delivery and enforcement of this Credit Agreement or any
other Loan Document or any agreement or instrument contemplated thereby; 
 (ii) the use or misuse of the proceeds of the
Loans; 
 (iii) the fraudulent actions or misrepresentations of any Borrower or its Affiliates in connection with the
transactions contemplated by this Credit Agreement and the other Loan Documents, or any breach by any Borrower of its obligations under this Credit Agreement or any other Loan Document; or 

(iv) any claim, litigation, investigation or proceeding relating to any of the foregoing or relating to any transaction
contemplated hereby, whether or not any Indemnitee is a party thereto; 
 provided that such indemnity shall not, as to any
Indemnitee, apply to any such losses, claims, actions, judgments, suits, disbursements, penalties, damages, liabilities or related expenses as determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from
gross negligence, fraud, bad faith or willful misconduct of such Indemnitee or from any dispute between or among the Indemnitees and not involving any Borrower; provided further that this Section 12.5(b) shall
not apply with respect to Taxes other than any Taxes that represent losses, claims, damages or like items arising from any non-Tax claim. 

(c) WITHOUT LIMITATION OF AND SUBJECT TO THE FOREGOING, THE INITIAL BORROWER INTENDS AND AGREES THAT THE FOREGOING INDEMNITIES
SHALL APPLY TO EACH INDEMNITEE WITH RESPECT TO ALL CLAIMS, DAMAGES, LOSSES, LIABILITIES, AND EXPENSES (INCLUDING, WITHOUT LIMITATION, THE REASONABLE FEES AND EXPENSES OF COUNSEL) WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE
OR CLAIMS OF NEGLIGENCE OF SUCH OR ANY OTHER INDEMNITEE OR ANY STRICT LIABILITY OR CLAIMS OF STRICT LIABILITY. 
 (d) The
provisions of this Section 12.5 shall survive termination of this Credit Agreement, and shall remain operative and in full force and effect regardless of the expiration of the Commitment Period, the consummation of the
transactions contemplated hereby, the repayment of the Loans, the occurrence of the Maturity Date, the invalidity, illegality, or unenforceability of any term or provision of this Credit Agreement or any other Loan Document, or any investigation
made by or on behalf of the Lenders. All amounts due under this Section 12.5 shall be payable promptly on written demand therefor. 

12.6 Notice. 

(a) Notices Generally. Any notice, demand, request or other communication which any party hereto may be required or may
desire to give hereunder shall be in writing (except where telephonic instructions or notices are expressly authorized herein to be given) and shall be deemed to be effective: (a) if by hand delivery, telecopy or other facsimile transmission,
on the day and at the time on which delivered to such party at the address or fax numbers specified below; (b) if by mail, on the day which it is received after 

  
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being deposited, postage prepaid, in the United States registered or certified mail, return receipt requested, addressed to such party at the address specified below; (c) if by FedEx or
other internationally recognized express mail service, on the next Business Day following the delivery to such express mail service, addressed to such party at the address set forth below; (d) if by telephone, on the day and at the time
communication with one of the individuals named below occurs during a call to the telephone number or numbers indicated for such party below; or (e) if by email, as provided in Section 12.6(b) hereof: 

If to the Initial Borrower: 
 At the address
specified with respect thereto on Schedule I hereto. 
 With a copy to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attention:           Mary B. Touchstone, Esq. 

Telephone:         (212) 455-2549 

Fax:                    (212) 455-2502 
 Email:
                mtouchstone@stblaw.com 
 If to a Qualified Borrower: 

At the address specified in its 

related Qualified Borrower Note. 
 If to the
Administrative Agent: 
 Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 

Charlotte, NC 28255 
 Attention:
Jose Liz-Moncion 
 Telephone: (980) 387-1124 

Fax: (312) 453-6498 

Email: jose.liz-moncion@baml.com 
 With a copy
to: 
 Cadwalader, Wickersham & Taft LLP 

227 W Trade Street 
 Charlotte, NC
28202 
 Attention: Wesley Misson 

Telephone: (704) 348-5355 

Fax: (704) 348-5200 

Email: wesley.misson@cwt.com 

  
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 If to the Lenders or any other Agent: 

At the address specified with respect thereto on Schedule II hereto or on the Assignment and Acceptance Agreement of such Lender or
Agent. 
 Any party may change its address for purposes of this Credit Agreement by giving notice of such change to the other parties
pursuant to this Section 12.6. With respect to any notice received by the Administrative Agent from any Borrower or any Investor not otherwise addressed herein, the Administrative Agent shall notify the Lenders promptly of
the receipt of such notice, and shall provide copies thereof to the Lenders. 
 (b) Electronic Communication. Notices
and other communications to the Lenders and the Letter of Credit Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or the Letter of Credit Issuer pursuant to Section 2 hereof if such Lender or the Letter of Credit
Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving such notices by electronic communication. Any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to
have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

Notwithstanding the foregoing, (i) delivery by posting to Intralinks or any similar secure website which is available to
the Administrative Agent shall be an acceptable form of delivery for any report, statement or copy of Investor Demand Notices required of the applicable Borrowers pursuant to Section 8.1(a), 8.1(b)(iv)(A) and
(B), 8.1(c)(i) or 8.1(i) hereof, so long as such posting is accompanied by a notice delivered via email in accordance with the procedures for electronic communications set forth in this clause (b) and (ii) documents
required to be delivered pursuant to Section 8.1 or 8.5 (to the extent any such documents are included in materials otherwise filed with the United States Securities and Exchange Commission) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date on which such documents are posted on a publicly available website maintained by or on behalf of the United States Securities and Exchange Commission for access
to documents filed in the EDGAR database. 

  
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 12.7 Governing Law. This Credit Agreement and all of the other Loan Documents
shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
 12.8 Choice of Forum;
Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury. Any suit, action or proceeding against any Borrower with respect to this Credit Agreement, the Notes or the other Loan Documents or any judgment entered by any court
in respect thereof, may be brought in the courts of the State of New York, or in the United States Courts located in the Borough of Manhattan in New York City, pursuant to Section 5-1402 of the New York
General Obligations Law, as the Lenders in their sole discretion may elect and each party hereto hereby submits to the non-exclusive jurisdiction of such courts for the purpose of any such suit, action or
proceeding. Each party hereto hereby irrevocably consents to the service of process in any suit, action or proceeding in said court by the mailing thereof by registered or certified mail, postage prepaid, to such party’s address set forth in
Section 12.6 hereof. Each party hereto hereby irrevocably waives any objections which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Credit Agreement
or the Notes brought in the courts located in the State of New York, Borough of Manhattan in New York City, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS CREDIT AGREEMENT, THE NOTES OR ANY OF THE OTHER LOAN DOCUMENTS, WHICH WAIVER IS INFORMED AND VOLUNTARY. 

12.9 Invalid Provisions. If any provision of this Credit Agreement is held to be illegal, invalid, or unenforceable under
present or future laws effective during the term of this Credit Agreement, such provision shall be fully severable and this Credit Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a
part of this Credit Agreement, and the remaining provisions of this Credit Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Credit Agreement,
unless such continued effectiveness of this Credit Agreement, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. If any provision of this Credit Agreement shall conflict with or be
inconsistent with any provision of any of the other Loan Documents, then the terms, conditions and provisions of this Credit Agreement shall prevail. 

12.10 Entirety. The Loan Documents embody the entire agreement between the parties and supersede all prior agreements and
understandings, if any, relating to the subject matter hereof and thereof. 
 12.11 Parties Bound; Assignment. 

(a) Parties Bound. The provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns, except that, except as expressly permitted hereby, no Borrower may assign or otherwise transfer any of its respective rights under this Credit Agreement without the prior written consent of all the
Lenders. 

  
 115 

 (b) Participations. Any Lender may at any time grant to one or more
banks or other institutions (each a “Participant”) a participating interest in its Lender Commitment or any or all of its Loans; provided that (i) such Lender has provided prior written notice to the Borrowers,
(ii) any such participation shall be in a minimum amount of $5,000,000, and, if in a greater amount, in integral multiples of $5,000,000 (or such Lender’s entire remaining Commitment) and (iii) prior to the occurrence and continuance
of an Event of Default pursuant to Section 10.1(a) hereof that has not been cured within sixty (60) days, no such participation shall be granted to any Competitor. In the event of any such grant by a Lender of a
participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and the Borrowers and each Agent shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Credit Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the
Obligations including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Credit Agreement. The voting rights of each Participant shall be limited to (i) reductions or increases in the
amount, or altering the term, of the Lender Commitment of such Participant and (ii) changes to the Maturity Date or interest rate. The Borrowers agree that each Participant shall be entitled to the benefits of
Section 4 and Section 5.3 hereof with respect to its participating interest; provided that in no event shall the Borrowers be obligated to pay to such Participant amounts greater than those
the Borrowers would have been required to pay to the granting Lender in the absence of such participation; and provided, further, that the Participant shall have complied with the obligations of such sections as though such Participant were a
Lender (including the requirements under Section 4.7(e) (it being understood that the documentation required under Section 4.7(e) shall be delivered to the participating Lender)). An assignment or
other transfer which is not permitted by subsection (c) below shall be given effect for purposes of this Credit Agreement only to the extent of a participating interest which is permitted in accordance with this subsection (b).
Each Lender that sells a participating interest in any Loan, Lender Commitment or other interest to a Participant shall, as agent of the Borrowers solely for the purpose of this Section 12.11(b), record in book entries
maintained by such Lender the name and the amount of the participating interest of each Participant entitled to receive payments in respect of such participating interests (the “Participant Register”). The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this
Credit Agreement, notwithstanding notice to the contrary. 
 (c) Assignments. With the prior written consent of the
Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) and with the prior written consent of the Initial Borrower (such consent not to be unreasonably withheld, conditioned or delayed, and such consent of the
Borrowers not to be required for assignments to another existing Lender or during the existence of an Event of Default of the type described in Section 10.1(a), (h) or (i) hereof, or any other Event of
Default which has continued uncured for a period of thirty (30) days), any Lender may (at its expense) at any time assign to one or more Eligible Assignees (an “Assignee”) all, or a proportionate part of all (in a
constant, not varying, percentage), of its rights and obligations under this Credit Agreement, and such Assignee shall assume such rights and obligations, pursuant to an Assignment and Acceptance Agreement; provided that: 

  
 116 

 (i) this Section 12.11(c) shall not restrict an
assignment or other transfer by any Lender to a Federal Reserve Bank, but no such assignment to a Federal Reserve Bank shall release the assigning Lender from its obligations hereunder; 

(ii) except in the case of an assignment to another Lender, or the assignment of all of a Lender’s rights and obligations
under this Credit Agreement, any assignment shall be in a minimum amount of $5,000,000, and, if in a greater amount, in integral multiples of $5,000,000 (or such Lender’s entire remaining Lender Commitment); provided that, no
Lender shall have a Lender Commitment of less than $5,000,000 following any such assignment (unless the assigning Lender shall have assigned all of its rights and obligations under this Credit Agreement); 

(iii) prior to the occurrence and continuance of an Event of Default pursuant to Section 10.1(a)
hereof that has not been cured within sixty (60) days, the assignee shall not be a Competitor; 
 (iv) the assignee
shall provide any required documentation under Section 4.7 of this Credit Agreement; and 
 (v) the
parties to each such assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance Agreement, the Assignee shall pay to the transferor Lender an amount equal to the purchase price agreed between such transferor Lender
and such Assignee, and the transferor Lender shall deliver payment of a processing and recordation fee of $5,000 to the Administrative Agent. 

(d) Consequences of Assignment. Upon execution and delivery of such Assignment and Acceptance Agreement and payment by
such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be a Lender party to this Credit Agreement and shall have all the rights and obligations of
a Lender with a Lender Commitment as set forth in such Assignment and Acceptance Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be
required. 
 (e) Addition of Lenders. With the prior written consent of the Administrative Agent in its sole
discretion, at the request of the Borrowers, a new lender may join the Credit Facility as a Lender by delivering a Joinder Agreement to the Administrative Agent, and such new Lender shall assume all rights and obligations of a Lender under this
Credit Agreement and the other Loan Documents; provided that: 
 (i) the Lender Commitment of the new Lender shall be
in addition to the Lender Commitment of the existing Lenders in effect on the date of such new Lender’s entry into the Credit Facility and the Maximum Commitment Amount shall be increased in a corresponding amount; 

  
 117 

 (ii) the Lender Commitment of the new Lender shall be in a minimum amount of
$5,000,000, and, if in a greater amount, in integral multiples of $1,000,000 (in each case, or such lesser amount agreed to by the Borrowers and the Administrative Agent in writing); 

(iii) the new Lender shall provide any required documentation under Section 4.7 hereof; and 

(iv) the parties shall execute and deliver to the Administrative Agent a Joinder Agreement, the Borrowers shall execute such
new Notes as the Administrative Agent or any Lender may reasonably request, and the new Lender shall deliver payment of a processing and recordation fee of $3,500 to the Administrative Agent. 

(f) Register of Lenders. The Administrative Agent shall maintain at its principal offices in New York or at such other
location as the Administrative Agent shall designate in writing to each Lender and the Borrowers, a copy of each Assignment and Acceptance Agreement and Joinder Agreement delivered to and accepted by it and a register for the recordation of the
names and addresses of the Lenders, the amount of each Lender’s Pro Rata Share of the Lender Commitments and the Loans, and the name and address of each Lender’s agent for service of process in the State of New York (the
“Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each person or entity whose name is
recorded in the Register as a Lender hereunder for all purposes of this Credit Agreement. The Register shall be available for inspection and copying by any Borrower or any Lender during normal business hours upon reasonable prior notice to the
Administrative Agent. A Lender may change its address and its agent for service of process upon written notice to the Administrative Agent, which notice shall be effective upon actual receipt by the Administrative Agent, which receipt will be
acknowledged by the Administrative Agent upon request. Upon receipt of any Assignment and Acceptance Agreement or Joinder Agreement, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been completed, fully-executed and
is substantially in the form of Exhibit H attached hereto or if such Joinder Agreement has been completed, fully-executed and is substantially in the form of Exhibit O attached hereto: (i) accept such an Assignment and Acceptance
Agreement or Joinder Agreement; (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrowers. 

(g) Disclosure of Information. Any Lender may furnish any information concerning any Borrower Party in the possession of
such Lender from time to time to assignees and participants (including prospective assignees and participants), subject, however, to the provisions of Section 12.17 hereof. 

  
 118 

 12.12 Lender Default. If any Lender becomes a Defaulting Lender, then, in
addition to the rights and remedies that may be available to the Administrative Agent, the Lenders, or the Borrowers at law or in equity, such Lender’s right to vote on matters related to this Credit Agreement, and to participate in the
administration of the Loans, the Letters of Credit and this Credit Agreement, shall be suspended during the pendency of such failure or refusal or other event that caused such Lender to be a Defaulting Lender. The Administrative Agent shall have the
right, but not the obligation, in its sole discretion, to acquire at par all of such Lender’s Lender Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that the Administrative Agent does not
exercise its right to so acquire all of such Lender’s interests, then each Lender that is not a Defaulting Lender (a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion
to acquire (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) at par such Defaulting Lender’s Lender Commitment, including its Pro Rata Share in the outstanding
Obligations under this Credit Agreement. 
 12.13 Maximum Interest. Regardless of any provision contained in any of the Loan
Documents, in no event shall the rate of interest payable by any Borrower with respect to any Loan exceed the Maximum Rate. 
 12.14
Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit Agreement. 

12.15 Survival. All representations and warranties made by the Borrowers herein shall survive delivery of the Notes, the making
of the Loans and the issuance of Letters of Credit. 
 12.16 Full Recourse. Notwithstanding anything in this Credit Agreement
or the Loan Documents to the contrary, the payment and performance of the Obligations of each Borrower shall, subject to Section 3.1 hereof, be fully recourse to such Borrower and its properties and assets, as applicable.
Notwithstanding anything in this Credit Agreement and the Loan Documents to the contrary, the Obligations shall not be recourse to any Investor or any Investments. 

12.17 Availability of Records; Confidentiality. (a) The Borrowers acknowledge and agree that the Administrative Agent may
provide to the Lenders, and that the Administrative Agent and each Lender may provide to any other Lender, any Affiliate of a Lender or Participant or Assignee or proposed Participant or Assignee or any other Person as deemed necessary or
appropriate in any Lender’s reasonable judgment, originals or copies of this Credit Agreement, all Loan Documents and all other documents, certificates, opinions, letters of credit, reports, and other material information of every nature or
description, and may communicate all oral information, at any time submitted by or on behalf of any Borrower or received by the Administrative Agent or a Lender in connection with the Loans, the Letter of Credit Liability, the Lender Commitments or
any Borrower; provided that, prior to any such delivery or communication, the Lender, Affiliate of a Lender, Participant, or Assignee, or proposed Participant or Assignee or such other Person, as the case may be, shall agree to preserve the
confidentiality of all data and information which constitutes Confidential Information; (b) the Borrowers, the Administrative Agent and the Lenders (i) acknowledge and agree that (x) the identities of the Investors, any structural or
financial information delivered by the Investors, the amounts of their respective Commitments and details regarding their investments under the Constituent Documents (collectively, the “Investor

  
 119 

 
Information”) have been and will be delivered on a confidential basis; and (y) information with respect to Investments has been and will be delivered on a confidential
basis; (ii) acknowledge and agree that such Investor Information and information with respect to Investments are Confidential Information; and (iii) agree that such Investor Information and information with respect to Investments shall be
subject to the provisions of this Section 12.17; and (c) anything herein to the contrary notwithstanding, the provisions of this Section 12.17 shall not preclude or restrict any such party
from disclosing any Confidential Information: (i) with the prior written consent of any Borrower; (ii) upon the order of or pursuant to the rules and regulations of any Governmental Authority or regulatory body having or reasonably
claiming to have jurisdiction over such party; (iii) in connection with any audit by an independent public accountant of such party, provided such auditor thereto agrees to be bound by the provisions of this
Section 12.17; (iv) to examiners or auditors of any applicable Governmental Authority which examines such party’s books and records while conducting such examination or audit; (v) to the Lenders’ respective
attorneys, certified public accountants or agents, provided that such recipient has been advised of the confidential nature of such information and been instructed to keep such information confidential; (vi) as otherwise specifically
required by applicable Laws or by any subpoena or similar legal process; (vii) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to any Loan Document or the
enforcement of rights thereunder; (viii) to the extent such information (A) becomes publicly available other than as a result of a breach of this Section 12.17 or (B) becomes available to such Person on a non-confidential basis from a source other than the Borrowers; or (ix) which relates to the tax treatment and tax structure of the transactions contemplated hereby, including, without limitation, all materials
of any kind (including opinions or other tax analyses) that are provided to such Person relating to such tax treatment and tax structure, to taxing authorities. Notwithstanding the termination of this Credit Agreement, each Lender agrees to hold
Confidential Information in accordance with its internal document retention policies and procedures for two (2) years following the termination of this Credit Agreement, which policies and procedures, as of the date hereof, provide that
information considered confidential shall be held on a confidential basis. 
 12.18 USA Patriot Act Notice. Each Lender and
each Agent (for itself and not on behalf of any Lender) hereby notifies each Borrower that pursuant to the requirements of Title III of the USA PATRIOT Act of 2001, as amended (the “Patriot Act”), it is required to obtain,
verify and record information that identifies each Borrower, which information includes the name and address of each Borrower and other information that will allow such Lender or such Agent, as applicable, to identify each Borrower in accordance
with the Patriot Act. 
 12.19 Multiple Counterparts. This Credit Agreement may be executed in any number of counterparts, all
of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Credit Agreement by signing any such counterpart. Delivery of an executed counterpart hereof, or a signature page hereto, by
facsimile or in a .pdf or similar file shall be effective as delivery of a manually executed original counterpart thereof. 
 12.20
Judgment Currency. Subject to Section 3.1 hereof, each Borrower agrees to indemnify and hold harmless the Agents and the Lenders from and against any loss incurred by any of them as a result of any judgment or
order being given or made for an amount due from such Borrower under or in connection with this Credit Agreement or any other Loan Document and such judgment or order being paid or payable in a currency other than the applicable currency (the

  
 120 

 
“Judgment Currency”) as a result of any variation as between (i) the rate of exchange at which the applicable currency amount is converted into the Judgment Currency
for the purpose of such judgment or order, and (ii) the rate of exchange at which the relevant indemnified party is able to purchase the applicable currency with the amount of the Judgment Currency actually received by such Person. The
foregoing indemnity shall constitute separate and independent obligations of the Borrowers and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any
premiums and costs of exchange payable in connection with the purchase of, or conversion of, the relevant currency. 
 12.21
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement
or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or Letter of Credit Issuer that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may
be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any Lender or Letter of Credit Issuer that is an EEA Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such
EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect
to any such liability under this Credit Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such
liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGES FOLLOW. 

  
 121 

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

			
	INITIAL BORROWER:
	
	 BLACKSTONE / GSO SECURED LENDING

FUND, a Delaware statutory trust

		
	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Chief Compliance Officer, Chief Legal
		 	          Officer and Secretary

 BAML – Bx/GSO SLF – Revolving Credit Agreement 

 
			
	ADMINISTRATIVE AGENT, SOLE LEAD ARRANGER, LETTER OF CREDIT ISSUER AND LENDER:
	
	BANK OF AMERICA, N.A., as Administrative Agent, Sole Lead Arranger, Letter of Credit Issuer and a Lender
		
	By:	 	 /s/ Jose Liz-Moncion

		 	Name: Jose Liz-Moncion
		 	Title: Director

 BAML – Bx/GSO SLF – Revolving Credit Agreement 

 SCHEDULE I 

Borrower Information 
  

																	
	 NAME 
	  	
TYPE
OF
CREDIT
PARTY
	  	
JURISDICTION
OF
FORMATION
	  	 TYPE
OF
ENTITY
	  	
PRINCIPAL
OFFICE
AND
CHIEF
EXECUTIVE
OFFICE 
	  	 PRINCIPAL
PLACE
OF
BUSINESS
	  	 NOTICE ADDRESS
	  	
CONSTITUENT
DOCUMENTS
	  	
COLLATERAL
ACCOUNT

	Blackstone / GSO Secured Lending Fund	  	Initial Borrower	  	Delaware	  	Statutory Trust	  	 345 Park Avenue
 31st Floor
 New York, NY

10154
	  	New York	  	 345 Park Avenue
 31st Floor

New York, NY
 10154

Attn: Matt Skurbe; Andrew Jordan; and Angelina Perkovic
 Email:
GSOTreasury@blackstone.com; skurbe@Blackstone.com; Angelina.Perkovic@gsocap.com; Andrew.Jordan@gsocap.com
	  	(i) Second Amended and Restated Agreement and Declaration of Trust, dated as of October 1, 2018; and (ii) By-Laws, dated as of July 31, 2018	  	

 SCHEDULE II 

Lender Commitments 
  

					
	 Lender Name
	  	Commitment	 
	 Bank of America, N.A.
	  	$	200,000,000	 

 SCHEDULE III 

Time Tables 
  

					
	 	  	Loans/Letters of Credit in Dollars	  	 Loans/Letters of Credit in an

Alternate Currency

	Delivery of Request for Borrowing at Reference Rate	  	By 11:00 a.m. on the date of Borrowing	  	N/A
			
	Delivery of Request for Borrowing at LIBOR rate (other than Daily LIBOR)	  	 3 Business Days prior to date of Borrowing

at 11:00 a.m.
	  	 4 Business Days prior to date of Borrowing

at 11:00 a.m.

			
	Delivery of Request for Borrowing at Daily LIBOR rate	  	By 11:00 a.m. on the date of Borrowing	  	N/A
			
	Delivery of Conversion Notice from Reference Rate to LIBOR rate (other than Daily LIBOR)	  	 3 Business Days

prior to LIBOR rate Conversion Date

at 9:00 a.m.
	  	N/A
			
	Delivery of Conversion Notice from Reference Rate to Daily LIBOR rate	  	By 9:00 a.m. on the Reference Rate Conversion Date	  	N/A
			
	Delivery of Conversion Notice from LIBOR rate to Reference Rate	  	 By 9:00 a.m.

on the Reference Rate Conversion Date
	  	N/A
			
	Delivery of Conversion Notice from LIBOR rate (other than Daily LIBOR) to Daily LIBOR	  	By 9:00 a.m. on the Reference Rate Conversion Date	  	N/A

					
			
	 	  	Loans/Letters of Credit in Dollars	  	 Loans/Letters of Credit in an

Alternate Currency

	Delivery of Rollover Notice	  	 3 Business Days

prior to termination of each Interest Period

at 9:00 a.m.
	  	 4 Business Days

prior to termination of each Interest Period

at 9:00 a.m.

		
	Delivery of Request for Letter of Credit	  	5 Business Days prior to requested date of issuance (in the case of an issuance by a local branch office of the Letter of Credit Issuer in the United States) or 7 Business Days (in the case of an issuance
by a local branch office of the Letter of Credit Issuer outside of the United States) at 2:00 p.m.
		
	Determination of Daily LIBOR	  	on such day at approximately 11:00 a.m. (London time)
		
	Determination of LIBOR	  	2 Business Days prior to first day of Interest Period at approximately 11:00 a.m. (London time)
			
	Determination of CDOR	  	N/A	  	 2 Business Days prior to first day of Interest Period at approximately

10:00 a.m. (Toronto Time)

			
	Determination of BBSY	  	N/A	  	 2 Business Days prior to first day of Interest Period at approximately

10:30 a.m. (Melbourne, Australia time)

		
	Determination of interest rate if LIBOR is unavailable	  	The date such rate shall apply for settlement in immediately available funds by leading banks in the London interbank market for a period equal to the Interest Period selected at approximately 11:00 a.m.
(London time)
		
	LIBOR Cutoff	  	2 Business Days prior to first day of Interest Period at approximately 11:00 a.m. (London time)

					
			
	 	  	Loans/Letters of Credit in Dollars	  	 Loans/Letters of Credit in an

Alternate Currency

	Voluntary Prepayments of LIBOR Loans (other than Daily LIBOR)	  	 3 Business Days prior to date of prepayment

at 11:00 a.m.
	  	 4 Business Days prior to date of prepayment

at 11:00 a.m.

			
	Voluntary Prepayments of Loans bearing interest at Daily LIBOR	  	By 11:00 a.m. on the date of prepayment	  	N/A
			
	Voluntary Prepayments of Reference Rate Loans	  	By 11:00 a.m. on the date of prepayment	  	N/A
		
	Funding by Lenders of Lender Percentage of Borrowings at LIBOR rate (other than Daily LIBOR or Reference Rate)	  	The date specified in the Request for Borrowing at 11:00 a.m.
		
	Funding by Lenders of Lender Percentage of Borrowings at Daily LIBOR rate or Reference Rate	  	The date specified in the Request for Borrowing at 1:00 p.m.
		
	 Deposit by
 Administrative Agent of proceeds of
Borrowings at LIBOR rate (other than Daily LIBOR or Reference Rate) into Borrower’s account
	  	The requested Borrowing date at 1:00 p.m.
		
	 Deposit by
 Administrative Agent of proceeds of
Borrowings at Daily LIBOR rate or Reference Rate into Borrower’s account
	  	The requested Borrowing date at 3:00 p.m.

					
			
	 	  	Loans/Letters of Credit in Dollars	  	 Loans/Letters of Credit in an

Alternate Currency

	Spot Rate Determination	  	11:00 a.m. New York time
		
	Notice of election to capitalize unused commitment fees	  	9:00 a.m. (New York time) three (3) Business Days prior to any payment date for unused commitment fees pursuant to Section 2.12(a)
		
	Notice of election to capitalize interest or Letter of Credit fees	  	9:00 a.m. (New York time) three (3) Business Days prior to any Interest Payment Date, or date on which Letter of Credit fees are payable, as applicable

 EXHIBIT A 

FORM OF BORROWING BASE CERTIFICATE 

[DATE] 
 Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 
 Charlotte, NC 28255 

Attention: Jose Liz-Moncion 
 Telephone: (980) 387-1124 
 Fax: (312) 453-6498 

Email: jose.liz-moncion@baml.com 
  

	 	RE:	 That certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO
Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower (the “Initial Borrower”), Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead
Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to
time, the “Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

Ladies and Gentlemen: 
 The undersigned certifies
in his/her capacity as a Responsible Officer of the Initial Borrower, and not in his/her individual capacity, that attached hereto as Exhibit A is a calculation of the Available Commitment that is true and correct in all material respects as
of the date hereof. 
 [Signature page(s) follow] 

  
 A-1 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Borrowing Base
Certificate as of the date first written above. 
  

			
	INITIAL BORROWER:
	
	BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust
		
	By:	 	
                 

		 	Name:
		 	Title:

  
 A-2 

 EXHIBIT B 

FORM OF NOTE 
 [DATE]

  

			
	Up to $[                    ]	  	New York, New York

 1. FOR VALUE RECEIVED, the undersigned BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust (the
“Maker”), hereby unconditionally promises to pay [LENDER NAME], as a Lender (as defined below) under the Credit Agreement referred to below (the “Payee”), at the principal office of the
Administrative Agent in New York, New York, or such other office as the Administrative Agent designates, the principal sum of [                    ]
and 00/100 DOLLARS ($[                    ]), or, if less, the unpaid principal amount of the Loans and Letters of Credit made by the Payee to the
Maker under the Credit Agreement, together with accrued interest thereon, in the currency of the related Loan or Letter of Credit (or such other currency as is requested by the Maker and agreed by the Payee in its sole discretion), as applicable, on
the Maturity Date or as otherwise provided in the Credit Agreement. 
 Capitalized terms not defined herein shall have the meanings assigned to such terms
in that certain Revolving Credit Agreement (as amended, modified, supplemented or restated from time to time, the “Credit Agreement”), dated as of November 6, 2018, by and among the Maker, Bank of America, N.A., as the
administrative agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the
“Lenders”). 
 2. The unpaid principal amount of this promissory note (this “Note”) shall be payable in
accordance with the terms of Sections 3.2 and 3.4 of the Credit Agreement. 
 3. The unpaid principal amount of this Note shall bear interest from the date
of borrowing until maturity in accordance with Sections 2.6 and 12.13 of the Credit Agreement. Interest on this Note shall be payable in accordance with Sections 3.3, 3.4 and 12.13 of the Credit Agreement. 

4. All Borrowings, Letters of Credit and Rollovers hereunder, and all payments made with respect thereto, may be recorded by the Payee from time to time on
grid(s) which may be attached hereto or the Payee may record such information by such other method as the Payee may generally employ; provided, however, that failure to make any such entry shall in no way reduce or diminish the
Maker’s obligations hereunder. The aggregate unpaid amount of all Borrowings, Letters of Credit and Rollovers set forth on the grid(s) which may be attached hereto shall, absent manifest error, be rebuttably presumptive evidence of the unpaid
principal amount of this Note. 
 5. This Note has been executed and delivered pursuant to the Credit Agreement and is one of the “Notes” referred
to therein. This Note evidences Loans and Letters of Credit made under the Credit Agreement to the Maker and the holder of this Note shall be entitled to the benefits provided in the Credit Agreement. Reference is hereby made to the Credit Agreement
for a statement of: (a) the obligation of the Lenders to make advances thereunder; (b) the prepayment rights and obligations of the Maker; (c) the collateral for the repayment of this Note; and (d) the events upon which the
maturity of this Note may be accelerated. The Maker may borrow, repay and reborrow hereunder upon the terms and conditions specified in the Credit Agreement. 

  
 B-1 

 6. If this Note, or any installment or payment due hereunder, is not paid when due, whether on the Maturity
Date or by acceleration, or if it is collected through a bankruptcy, probate or other court, whether before or after the Maturity Date, the Maker agrees to pay all
out-of-pocket costs of collection, including, but not limited to, reasonable attorneys’ fees and expenses incurred by the holder hereof and costs of appeal as
provided in the Credit Agreement. If any principal of, or interest on, the Obligations evidenced by this Note is not paid when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise) such overdue amount shall bear
interest at the Default Rate until paid as provided in the Credit Agreement. 
 7. The Maker and all sureties, endorsers, guarantors and other parties ever
liable for payment of any sums payable pursuant to the terms of this Note waive demand, presentment for payment, protest, notice of protest, notice of acceleration (except as specified in Section 10.2 of the Credit Agreement), notice of intent
to accelerate, diligence in collection, the bringing of any suit against any party, and any notice of or defense on account of any extensions, renewals, partial payment, or any releases or substitutions of any security, or any delay, indulgence, or
other act of any trustee or any holder hereof, whether before or after maturity. 
 8. This Note shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. 
 9. Reference is hereby made to Section 12.16 of the Credit Agreement, the provisions of
which are hereby incorporated by reference in this Note as if fully set forth herein, for the payment and performance of the Maker’s obligations hereunder. 

10. Subject to Section 3.1 of the Credit Agreement and the Borrower Security Agreement of the Maker, the Maker acknowledges and agrees that all
obligations under this Note shall constitute the several obligations of the Maker, and the Administrative Agent and the Lenders may enforce all obligations of the Maker only against the Maker up to the Obligations incurred by the Maker in accordance
with the Credit Agreement. Except as permitted under Section 12.11 of the Credit Agreement, this Note may not be assigned to any other Person. 

[Remainder of Page Intentionally Left Blank 

Signature Page(s) Follow] 

  
 B-2 

 Executed on the date first written above. 

 

			
	MAKER:
	
	BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust
		
	By:	 	
                     
               

		 	Name:
		 	Title:

  
 B-3 

 EXHIBIT C 

FORM OF BORROWER SECURITY AGREEMENT 

This Borrower Security Agreement (as the same may be further amended, modified, supplemented, restated or amended and restated from
time to time, this “Security Agreement”) is executed and delivered as of [DATE] by BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust (“Borrower”), in favor of
BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”), for the benefit of the Secured Parties (hereinafter defined). Unless otherwise defined herein, capitalized terms herein shall have the
definition and meaning assigned to such terms in the Credit Agreement (as defined below). 
 R E C I T A L S 

A. Formation. Borrower is existing or formed, as applicable, pursuant to the Certificate of Statutory Trust, the Trust Agreement and
bylaws of the Borrower (as the same may be restated, modified, amended, amended and restated, or supplemented from time to time, the “Constituent Documents”). 

B. Demand Notices. Pursuant to the Constituent Documents, and any applicable Side Letters and Subscription Agreements, Borrower may
issue one or more Demand Notices upon Borrower’s Investors (the “Demand Notices”) to make Contributions to the capital of Borrower with respect to the Unused Commitments of Borrower’s Investors subject to certain
limitations specified in the Constituent Documents, such Side Letters and Subscription Agreements (the “Contributions”). 

C. Credit Agreement. Borrower has entered into that certain Revolving Credit Agreement, dated as of November 6, 2018 (as the same
may be amended, modified, supplemented, or amended and restated from time to time, the “Credit Agreement”), by and among Borrower, Bank of America, N.A., as the Administrative Agent, the Sole Lead Arranger, the Letter of
Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as Lenders. To secure Borrower’s obligations under the Credit Agreement, Borrower has agreed to pledge to the Administrative Agent, for the benefit
of the Secured Parties, a security interest and Lien in and on the Collateral (as defined below). 
 NOW THEREFORE, in consideration
of the mutual promises herein contained and for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower has agreed to enter into, execute and deliver this Security Agreement in favor of the Administrative Agent,
for the benefit of the Secured Parties. 
 1. Collateral and Obligations. In order to secure the Obligations of Borrower (the “Secured
Obligations”): 

  
 C-1 

 a. Borrower, to the extent of its interest, hereby grants to the Administrative Agent, for
the benefit of the Secured Parties, a security interest and Lien in and on, whether now owned or hereafter acquired or arising, the following (by way of pledge and, as applicable, assignment by way of security), in each case, solely for purposes of
securing the payment and performance of the Secured Obligations: (A) the rights of Borrower under the Constituent Documents, and any applicable Side Letters and Subscription Agreements to issue Demand Notices for Contributions to Borrower and
the rights of Borrower to receive Contributions with respect to the Unused Commitments of Borrower’s Investors, (B) Borrower’s rights under the Constituent Documents, and any applicable Side Letters and Subscription Agreements to
enforce payment of Contributions with respect to the Unused Commitments of Borrower’s Investors, duly called in accordance with the terms of the Constituent Documents, and any applicable Side Letters and Subscription Agreements and
(C) Borrower’s rights, titles, interests and privileges under the Constituent Documents, and any applicable Side Letters and Subscription Agreements in and to the Unused Commitments of Borrower’s Investors and Contributions relating
thereto whether now owned or hereafter acquired; 
 For the avoidance of doubt, no security interest in or lien on the Investments, the
capital account or the Shares (as defined in the Trust Agreement) of any Investor in Borrower is being created or granted by this Security Agreement. 

b. Notwithstanding anything to the contrary herein or in any other Loan Document, in no event shall the security interest created or granted by
this Security Agreement be deemed to permit the Administrative Agent, for the benefit of the Secured Parties, or any Secured Party to require any of Borrower’s Investors to make payments in respect of their Unused Commitments to any account
other than an account in the name of Borrower. 
 c. The collateral described above in clause (a)
shall be, collectively, the “Collateral.” 
 The Administrative Agent, in its discretion, without in any
manner impairing any of its rights and powers hereunder, may, at any time and from time to time, without further consent of or notice to Borrower, and with or without valuable consideration, file this Security Agreement or a photocopy hereof, or any
financing statement with respect hereto. 
 2. Demand Notices. In order that the Administrative Agent may monitor the Collateral, Borrower shall not
issue any Demand Notice or otherwise request, notify, or demand that any Investor in Borrower make any Contribution, without delivering to the Administrative Agent (which delivery may be via facsimile or
e-mail) promptly following the delivery of the Demand Notices to any applicable Person, a copy of the form of Demand Notice in accordance with Section 8.1(c) of the Credit Agreement. During the
continuance of an Event of Default, except as permitted by Section 10.2 of the Credit Agreement, any Demand Notice not issued by the Administrative Agent or at the direction of the Administrative Agent in accordance with this
Section 2 shall be void. Borrower shall promptly deliver to the Administrative Agent any notice to its Investors to amend, delay or rescind Demand Notices at any time prior to the payment due date
thereof. Borrower shall direct all Contributions received by it into the applicable Collateral Account. 
 3. No Duty. Notwithstanding anything to the
contrary herein contained, it is expressly understood and agreed that neither the Administrative Agent nor any Secured Party shall undertake any duties, responsibilities, or liabilities with respect to Demand Notices issued by Borrower.

  
 C-2 

 
Neither the Administrative Agent nor any Secured Party shall be required to refer to the Constituent Documents or take any other action with respect to any other matter which might arise in
connection with the Constituent Documents or any Demand Notice. Neither the Administrative Agent nor any Secured Party shall have any duty to determine or inquire into any happening or occurrence or any performance or failure of performance of
Borrower or any applicable Investor. Neither the Administrative Agent nor any Secured Party has any duty to inquire into the use, purpose, or reasons for the making of any Demand Notice issued by Borrower or with respect to the investment or the use
of the proceeds thereof. 
 4. Further Assurances. In order to secure further the payment and the performance of the Secured Obligations, Borrower
shall execute such forms, authorizations, documents and instruments, and do such other things, as the Administrative Agent shall reasonably request, in order to require that all Contributions received by it are deposited into the applicable
Collateral Account as and when Demand Notices are made pursuant to the Constituent Documents, and any applicable Side Letters and Subscription Agreements. Subject to Section 10.2 of the Credit Agreement, the Administrative Agent, on behalf of
the Secured Parties, is hereby authorized, in the name of Borrower, at any time upon the occurrence and during the continuation of an Event of Default (used herein as defined in the Credit Agreement) and solely for the purpose of repaying the
Secured Obligations, to notify any or all parties obligated to Borrower, directly or indirectly, with respect to the Collateral to make all payments due or to become due thereon to an account in the name of Borrower or to initiate one or more Demand
Notices in order to pay the Secured Obligations or for any other purpose contemplated by the Credit Agreement. With or without such general notification, upon the occurrence and during the continuation of an Event of Default, subject to
Section 10.2 of the Credit Agreement, the Administrative Agent, on behalf of the Secured Parties, may solely for the purposes of repaying the Secured Obligations: (i) initiate one or more Demand Notices in accordance with the terms of the
Constituent Documents, and any applicable Side Letters and Subscription Agreements in order to pay the Secured Obligations then due and owing or Cash Collateralize outstanding Letters of Credit, or both, (ii) take or bring in Borrower’s
name all steps, actions, suits, or proceedings deemed by the Administrative Agent necessary or desirable to effect possession or collection of payments of the Contributions with respect to the Unused Commitments which are called to repay the Secured
Obligations; (iii) complete any contract or agreement of Borrower to enforce payment to Borrower of Contributions with respect to the Unused Commitments pursuant to Demand Notices duly delivered in accordance with the Constituent Documents, and
any applicable Side Letters and Subscription Agreements to repay the Secured Obligations; (iv) compromise any claims related to the payment of Contributions with respect to the Unused Commitments which are called to repay the Secured
Obligations; or (v) exercise any other right, privilege, power, or remedy provided to Borrower under and in accordance with the Constituent Documents, and any applicable Side Letters and Subscription Agreements, as applicable, with respect to
the payment of Contributions with respect to the Unused Commitments which are called to repay the Secured Obligations. Regardless of any provision hereof, in the absence of gross negligence, fraud or willful misconduct by the Administrative Agent,
the Administrative Agent shall not be liable for any failure to collect or exercise diligence in the collection, possession or any transaction concerning, all or part of the Collateral or sums due or paid thereon, nor shall the Administrative Agent
be under any obligation whatsoever to anyone by virtue of the security interests and Liens granted herein, subject to the Internal Revenue Code. 

  
 C-3 

 5. Collateral Issues. Upon the occurrence and during the continuation of an Event of Default,
issuance by the Administrative Agent, on behalf of the Secured Parties, of a receipt to any Person obligated to pay any Contributions to Borrower for purposes of repaying the Secured Obligations shall be a full and complete release, discharge and
acquittance of such Person to the extent of any amount so paid to the applicable account in the name of Borrower, so long as such amount shall not be invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a
trustee, receiver or any other Person under any insolvency law, state or federal law, common law or equitable doctrine. In furtherance of the foregoing, the Administrative Agent, on behalf of the Secured Parties, is hereby authorized and empowered,
during the continuation of an Event of Default, on behalf of Borrower to endorse the name of Borrower upon any check, draft, instrument, receipt, instruction or other document or item, including, but not limited to, all items evidencing payment upon
a Contribution of any Person to Borrower coming into the Administrative Agent’s possession, and to receive and apply the proceeds therefrom to the Secured Obligations in accordance with the terms of the Credit Agreement. 

6. Power of Attorney. The Administrative Agent, on behalf of the Secured Parties, is hereby granted a power of attorney exercisable upon the occurrence
and during the continuance of an Event of Default, but subject to Section 10.2 of the Credit Agreement, which power shall be irrevocable during the term of this Security Agreement and is coupled with an interest and given by way of security to
secure the performance of the Secured Obligations owed herein: (i) to execute, deliver and perfect all documents and do all things that the Administrative Agent considers to be reasonably required to carry out the acts and exercise the powers
set forth in Section 4(i) through (v) hereof; and (ii) to execute all checks, drafts, receipts, instruments, instructions or other documents, agreements or items on behalf of Borrower as shall be deemed by the Administrative Agent to
be necessary or advisable, in its sole discretion, reasonably exercised solely to protect the security interests and liens herein granted or for the repayment of the Secured Obligations, and the Administrative Agent shall not incur any liability in
connection with or arising from the exercise of such power of attorney, except as a result of gross negligence or willful misconduct. Notwithstanding anything to the contrary herein, in no event shall the Administrative Agent be permitted to require
any Investor in Borrower to fund its Capital Contributions other than to an account in the name of Borrower. 
 7. No Representations. The
Administrative Agent shall not be deemed to make at any time any representation or warranty as to the validity of any Demand Notice nor shall it be accountable for Borrower’s use of the proceeds of any Demand Notice. 

8. Representations, Warranties, Covenants and Acknowledgments. Borrower hereby represents and warrants to the Administrative Agent, for the
benefit of the Secured Parties, and covenants and agrees with the Administrative Agent, for the benefit of the Secured Parties, as follows: 

a. Except for the rights of the Administrative Agent under the Loan Documents, that Borrower is the sole legal and equitable owner and holder
of the Commitments, the Contributions, the Collateral and the right to make Demand Notices and has the authority to execute this Security Agreement, and this Security Agreement constitutes the legal, valid and binding obligation of Borrower
enforceable in accordance with the terms hereof, subject to Debtor Relief Laws and to general principles of equity; 

  
 C-4 

 b. [Reserved]; 

c. That, except for Permitted Liens, Borrower has not heretofore transferred, assigned, pledged, hypothecated or granted any security interest
in all or any portion of the Collateral to any party other than the Administrative Agent or another party under the Loan Documents; that it has the full right and power to make the transfer, pledge and assignment and grant the security interests
granted hereby; that, to the extent required by the Constituent Documents, all of Borrower’s Investors have been or will be notified of, and approved and consented to, the transfer, pledge and assignment contained herein; and that this Security
Agreement is effective to accomplish the transfer, pledge and assignment and grant of the security interests granted hereby; 
 d. That
Borrower has received direct or indirect benefit from the loans evidenced by the Credit Agreement; and that the grant of the security interest in the Collateral hereunder was a condition to the granting of such loans; 

e. That Borrower shall, at its sole cost and expense, execute and deliver any financing statements or other documents which the Administrative
Agent reasonably requests to protect or perfect the assignment, pledge, transfer and grant of the security interest made herein; 
 f.
Neither the Administrative Agent nor any Secured Party shall be responsible in any way for any depreciation in the value of the Collateral nor have any duty or responsibility whatsoever to take any steps to preserve any rights of Borrower in the
Collateral or under the Constituent Documents, in each case except as a result of its own gross negligence or willful misconduct; 
 g. That
except as provided in the Credit Agreement, Borrower shall not sell, mortgage, hypothecate, assign or otherwise transfer its interest in the Collateral, or any portion thereof or interest therein; 

h. Upon the occurrence and during the continuance of an Event of Default, but subject to Section 10.2 of the Credit Agreement, that the
Administrative Agent, on behalf of the Secured Parties, for purposes of repaying the Secured Obligations then due and owing, is authorized and empowered in the name of Borrower to make one or more Demand Notices (to the extent of the Unused
Commitments of Borrower’s Investors and the other applicable limitations in the Constituent Documents, and any applicable Side Letters and Subscription Agreements), without the necessity of any further action by Borrower; and 

i. That Borrower shall not (directly or indirectly): (i) issue any Demand Notices other than as contemplated in the Credit Agreement;
(ii) suspend, reduce, abate, cancel, assume, withdraw, defer or terminate the Commitment of any Investor under the Constituent Documents, and any applicable Side Letters or Subscription Agreements of Borrower other than as provided in the
Credit Agreement; or (iii) excuse any Investor from making any Contribution pursuant to the Constituent Documents, and any applicable Side Letters or Subscription Agreements of Borrower if the proceeds from the related Demand Notice are to be
applied to the Secured Obligations other than as contemplated in the Credit Agreement. 

  
 C-5 

 9. Remedies Upon Event of Default. 

a. During the continuance of an Event of Default, but subject to Section 10.2 of the Credit Agreement, the Administrative Agent, on behalf
of the Secured Parties, shall have the following rights with respect to the Collateral solely for purposes of repaying the Secured Obligations: 

i. To sell the Collateral or any part thereof, upon giving at least ten (10) days’ prior notice to Borrower of the time and place of
sale (which notice Borrower and the Administrative Agent agree is commercially reasonable), for cash or upon credit or for future delivery, with Borrower hereby waiving all rights, if any, of marshalling the Collateral and any other security for the
Secured Obligations, and at the option and in the complete discretion of the Administrative Agent, either: 
 A. at public sale; or 

B. at private sale, in which event such notice shall also contain the terms of the proposed sale, and Borrower shall have until the time of
such proposed sale in which to redeem the Collateral or to procure a purchaser willing, ready and able to purchase the Collateral on terms more favorable to Borrower, the Administrative Agent and the holders of the Notes, and if such a purchaser is
so procured, then the Administrative Agent shall sell the Collateral to the purchaser so procured; 
 ii. To bid for and to acquire, unless
prohibited by applicable Law, free from any redemption right, the Collateral, or any part thereof, and, if Lenders are then the holders of the Secured Obligations or any participation or other interest therein, in lieu of paying cash therefor, the
Administrative Agent, on behalf of the Secured Parties, may make settlement for the selling price by crediting the net selling price, if any, after deducting all costs and expenses of every kind, upon the outstanding principal amount of the Secured
Obligations, in such order and manner as the Administrative Agent, on behalf of the Secured Parties, in its discretion, may deem advisable. The Administrative Agent, for the benefit of the Secured Parties, upon so acquiring the Collateral, or any
part thereof, shall be entitled to hold or otherwise deal with or dispose of the same in any manner not prohibited by applicable law; and 

iii. To enforce any other remedy available to the Administrative Agent, on behalf of the Secured Parties, at law or in equity. 

From time to time the Administrative Agent may, but shall not be obligated to, postpone the time and change the place of any
proposed sale of any of the Collateral for which notice has been given as provided above if, in the judgment of the Administrative Agent, such postponement or change is necessary or appropriate in order that the provisions of this Security Agreement
applicable to such sale may be fulfilled or in order to obtain more favorable conditions under which such sale may take place. The Administrative Agent shall give Borrower reasonable notice of such change. 

  
 C-6 

 b. In case of any sale by the Administrative Agent of any of the Collateral on credit, which
may be elected at the option and in the complete discretion of the Administrative Agent, on behalf of the Secured Parties, the Collateral so sold may be retained by the Administrative Agent, for the benefit of the Secured Parties, until the selling
price is paid by the purchaser, but neither the Administrative Agent nor the Secured Parties shall incur any liability in case of failure of the purchaser to take up and pay for the Collateral so sold. In case of any such failure, the Collateral so
sold may be again similarly sold. After deducting all reasonable costs or expenses of every kind (including, without limitation, the reasonable attorneys’ fees and legal expenses incurred by the Secured Parties), the Administrative Agent shall
apply the residue of the proceeds of any sale or sales, if any, to pay the principal of and interest upon the Secured Obligations in accordance with the Credit Agreement. The excess, if any, shall be paid to Borrower. Neither the Administrative
Agent nor the Secured Parties shall incur any liability as a result of the sale of the Collateral at any private sale or sales. 
 c. The
Administrative Agent and the Secured Parties shall have all rights, remedies and recourse granted in the Credit Agreement, the other Loan Documents, this Security Agreement and any other instrument executed to provide security for or in connection
with the payment and performance of the Secured Obligations or existing at common law or equity (including specifically those granted by the UCC), and such rights and remedies: (i) shall be cumulative and concurrent; (ii) may be pursued
separately, successively or concurrently against Borrower and any other party obligated with respect to the Secured Obligations, or against the Collateral, or any of such Collateral, or any other security for the Secured Obligations, or any of them,
at the sole discretion of the Administrative Agent on behalf of the Secured Parties; (iii) may be exercised as often as occasion therefor shall arise, it being agreed by Borrower that the exercise or failure to exercise any of the same shall in
no event be construed as a waiver or release thereof or of any other right, remedy or recourse; and (iv) are intended to be, and shall be, non-exclusive. 

d. Notwithstanding a foreclosure upon any of the Collateral or exercise of any other remedy by the Administrative Agent, on behalf of the
Secured Parties, in connection with an Event of Default Borrower shall not exercise any rights or remedies with respect to the Collateral or any other security for the Secured Obligations until the Secured Obligations have been paid in full to the
Secured Parties and are fully performed and discharged, unless otherwise requested in writing to do so by the Administrative Agent. 
 e. All
recitals in any instrument of assignment or any other instrument executed by the Administrative Agent on behalf of the Secured Parties or any Secured Party incident to the sale, transfer, assignment or other disposition or utilization of the
Collateral or any part thereof hereunder shall be full proof of the matters stated therein and no other proof shall be required to establish full legal propriety of the sale or other action taken by the Administrative Agent or the Secured Parties or
of any fact, condition or thing incident thereto, and all prerequisites of such sale or other action shall, absent manifest error, be presumed conclusively to have been performed or to have occurred; provided that any such sale or other action shall
be subject to any applicable provisions of the Constituent Documents, and any applicable Side Letters and Subscription Agreements. 

  
 C-7 

 10. Notices. Any notice, demand, request or other communication which any party hereto may be
required or may desire to give hereunder shall be given in the manner provided in the Credit Agreement. 
 Any notice required hereunder
shall be deemed commercially reasonable if given at least ten (10) days prior to the event giving rise to the requirement of such notice, including but not limited to, notices of a private or public sale. 

11. Binding Effect; Miscellaneous. 
 a.
This Security Agreement shall be binding upon and inure to the benefit of and be enforceable by the undersigned and their respective successors and permitted assigns. 

b. Section headings are for convenience only and shall in no way affect the interpretation of this Security Agreement. This Security Agreement
may be executed in any number of counterparts, each of which shall be an original, and such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart hereof, or a signature page hereto, by facsimile
or in a .pdf or similar file shall be effective as delivery of a manually executed original counterpart thereof. 
 c. No delay or omission
on the part of the Administrative Agent or any Secured Party in exercising any right hereunder shall operate as a waiver of any such right or any other right. A waiver on any one or more occasions shall not be construed as a bar to or waiver of any
right or remedy on any future occasion. 
 d. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK. 
 e. Any suit, action or proceeding against Borrower with respect to this Security Agreement or any
judgment entered by any court in respect thereof, may be brought in the courts of the State of New York, or in the United States Courts located in the Borough of Manhattan in New York City, pursuant to Section 5-1402 of the New York General Obligations Law, as the Administrative Agent in its sole discretion may elect and each party hereto hereby submits to the
non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. Each party hereto hereby irrevocably consents to the service of process in any suit, action or proceeding in
said court by the mailing thereof by registered or certified mail, postage prepaid, to such party’s address set forth in the Credit Agreement. Each party hereto hereby additionally irrevocably waives any objections which it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Security Agreement brought in the courts located in the State of New York, Borough of Manhattan in New York City, and each hereby further irrevocably
waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH
THIS SECURITY AGREEMENT, WHICH WAIVER IS INFORMED AND VOLUNTARY. 

  
 C-8 

 f. The remedies given to the Administrative Agent on behalf of the Secured Parties hereunder
are cumulative and in addition to any and all other rights which the Administrative Agent or the Secured Parties may have against Borrower or any other Person or firm, at law or in equity, including exoneration and subrogation, or by virtue of any
other agreement. 
 g. This Security Agreement and the provisions set forth herein shall continue until payment in full of the Secured
Obligations (other than indemnity and contractual obligations which by their terms survive termination of the Credit Agreement), and the Administrative Agent’s and the Secured Parties’ rights hereunder shall not be released, diminished,
impaired, reduced or adversely affected by: (i) the renewal, extension, modification, amendment or alteration of the Credit Agreement, this Security Agreement or any other Loan Document or any related document or instrument in accordance with
the terms thereof; (ii) any adjustment, indulgence, forbearance or compromise that might be granted or given by the Administrative Agent or the Secured Parties to any primary or secondary obligor or in connection with any security for the
Secured Obligations; (iii) any full or partial release of any of the foregoing; or (iv) notice of any of the foregoing. 
 h.
Neither the Administrative Agent nor the Lenders have assumed, and nothing contained herein shall be declared to have imposed upon the Administrative Agent or the Secured Parties, any of Borrower’s duties or obligations, except that the
Administrative Agent and the Secured Parties shall be bound by the provisions of the Constituent Documents, and any applicable Side Letters and Subscription Agreements in exercising rights or remedies thereunder assigned to the Administrative Agent
hereunder. 
 i. On the full, final, and complete satisfaction of the Secured Obligations (other than indemnity and contractual obligations
which by their terms survive termination of the Credit Agreement), this Security Agreement shall automatically be of no further force or effect. Thereafter, upon request, the Administrative Agent, on behalf of the Secured Parties, shall promptly
provide Borrower, at its sole expense, a written confirmation of release of its obligations hereunder and of the Collateral. 
 j. The
Administrative Agent shall be entitled at any time to file this Security Agreement or a carbon, photographic, or other reproduction of this Security Agreement, as a financing statement, but the failure of the Administrative Agent to do so shall not
impair the validity or enforceability of this Security Agreement. Borrower hereby irrevocably authorizes Administrative Agent at any time and from time to time to file in any jurisdiction any initial financing statements and amendments thereto
without the requirement for Borrower’s signature thereon that (i) specify the Collateral (as described herein) regardless of whether any particular asset comprised in the Collateral falls within

  
 C-9 

 
the scope of Article 9 of the Uniform Commercial Code of such jurisdiction, and (ii) contain any other information required by Article 9 of the Uniform Commercial Code of such jurisdiction
for the sufficiency or filing office acceptance of any financing statement or amendment. Borrower agrees to furnish any such information to the Administrative Agent promptly upon request. 

k. The provisions of Section 12.16 of the Credit Agreement are hereby incorporated by reference. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.

 SIGNATURE PAGE(S) FOLLOW(S). 

  
 C-10 

 Executed as of the date first above written. 

 

			
	BORROWER:
	
	BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust
		
	By:	 	
                     
           

		 	Name:
		 	Title:

  
 C-11 

			
	ACKNOWLEDGED AND ACCEPTED:
	
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	
                     
           

		 	Name:
		 	Title:

  
 C-12 

 EXHIBIT D 

FORM OF BORROWER PLEDGE OF COLLATERAL ACCOUNT 

Dated as of [DATE] 
 For value
received, BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust (the “Pledgor”), hereby pledges to BANK OF AMERICA, N.A. (the “Administrative Agent”), as agent for the benefit
of the Secured Parties under the Credit Agreement (as defined below), and grants to the Administrative Agent, as agent for the benefit of the Secured Parties, solely for purposes of repaying the Secured Obligations (as defined below), a Lien, claim,
encumbrance upon and security interest in all of the Pledgor’s rights, title and interest (whether now existing or hereafter created or arising) in and to the following (the “Collateral”): (i) Account Number
[•], at [DEPOSITORY NAME] (the “Depository”), ABA No. [•], and any extensions or renewals thereof, if the account is one which may be extended or renewed, and any
successor or substitute accounts (such account or accounts and any extensions or renewals thereof being hereinafter called the “Collateral Account”), together with (ii) all sums or other property now or at any time
hereafter on deposit therein, credited to the Collateral Account, or payable thereon, all proceeds and products thereof, and all instruments, documents, certificates, and other writings evidencing the Collateral Account, on the terms and provisions
of this Pledge of Collateral Account (this “Pledge”). For the avoidance of doubt, no security interest in or Lien on the Investments or the capital account or the Share (as defined in the Trust Agreement) of any Investor in
Pledgor is being created or granted by this Pledge. 
 1. Reference is made to that certain Revolving Credit Agreement, dated as of November 6, 2018, by
and among the Pledgor, Bank of America, N.A., as the Administrative Agent, the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as Lenders (as the same may be
modified, amended, supplemented or restated from time to time, the “Credit Agreement”). Unless otherwise defined herein, capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit
Agreement. 
 2. This Pledge shall, with respect to any amounts held in or credited to the Collateral Account constituting Contributions to the Pledgor
(“Contribution Amounts”), secure the payment and the performance of the Pledgor’s Secured Obligations under (and as defined in) the Security Agreement executed by the Pledgor (the “Secured
Obligations”). 
 3. This Pledge, together with the Deposit Account Control Agreement with respect to the Collateral Account, shall, upon the
execution and delivery hereof and thereof by the parties thereto, give the Administrative Agent “control” of the Collateral Account within the meaning of Article 9 of the Uniform Commercial Code as in effect in the State of New York from
time to time (the “UCC”). 
 4. During the occurrence and continuation of any Event of Default or a mandatory prepayment which is
then required pursuant to Section 2.1(e) of the Credit Agreement, the Administrative Agent shall be permitted to send notice to the Depository and take exclusive control of the Collateral Account; provided that if a
mandatory prepayment has occurred and is continuing (which has not matured into an Event of Default), the Administrative Agent shall not withdraw from the amounts in the Collateral Account that are credited to or held for the Pledgor an amount in
excess of the Principal Obligations then due and owing by the Pledgor under the Credit Agreement. 

  
 D-1 

 5. So long as either the Credit Agreement remains outstanding or the Secured Obligations or any part thereof
remain unpaid (other than Letters of Credit which have been fully cash collateralized and indemnity and contractual obligations which by their terms survive termination of the Credit Agreement), the Pledgor hereby covenants and agrees: 

a. from time to time to promptly execute and deliver to the Administrative Agent all such other assignments, pledges, certificates, passbooks,
supplemental writings, and financing statements and do all other acts or things as the Administrative Agent may reasonably request in order to more fully evidence and perfect the security interest herein created; 

b. to promptly furnish the Administrative Agent with any information or writings which the Administrative Agent may reasonably request
concerning the Collateral Account; 
 c. to promptly notify the Administrative Agent of any material and adverse change in any fact or
circumstance warranted or represented by the Pledgor herein or in any other writing furnished by the Pledgor to the Administrative Agent in connection with the Collateral Account; 

d. to promptly notify the Administrative Agent of any claim, action, or proceeding affecting title to the Collateral Account, or any part
thereof, or the security interest granted therein pursuant to this Pledge, and, at the reasonable request of the Administrative Agent, appear in and defend any such action or proceeding; and 

e. to pay to the Administrative Agent the amount of any reasonable court costs and reasonable attorney’s fees assessed by a court and
incurred by the Administrative Agent in connection with a default hereunder pursuant to Section 12.5 of the Credit Agreement. 
 6. So long as either
the Credit Agreement remains outstanding or the Secured Obligations or any part thereof remain unpaid (other than Letters of Credit which have been fully cash collateralized and indemnity and contractual obligations which by their terms survive
termination of the Credit Agreement), the Pledgor hereby covenants and agrees that except as permitted under the Credit Agreement without the prior written consent of the Administrative Agent, the Pledgor will not: 

a. create any other security interest specifically in, mortgage, or otherwise encumber, or assign the Collateral Account, or any part thereof,
or permit the same to be or become subject to any Lien, attachment, execution, sequestration, other legal or equitable process, or any encumbrance of any kind or character, except (i) the Lien created pursuant to this Pledge, the Deposit
Account Control Agreement or the other Loan Documents, (ii) any offset rights or banker’s Liens inuring to the benefit of the Depository, but only to the extent such offset rights or banker’s Liens are permitted pursuant to the terms
of the Loan Documents, (iii) Liens created pursuant to any financing statement which may have been filed by the Administrative Agent, as agent under the Credit Agreement, covering the Collateral Account and (iv) other Permitted Liens; or

  
 D-2 

 b. request, make or allow to be made any withdrawals from the Collateral Account except as
provided in the Credit Agreement. 
 7. Should any funds required by the Credit Agreement or by this Pledge to be deposited into the Collateral Account be
received by the Pledgor, such funds shall immediately upon receipt become subject to the Lien hereof and while in the hands of the Pledgor be segregated from all other funds of the Pledgor and be held in trust for the Administrative Agent, for the
benefit of the Secured Parties. The Pledgor shall have no control over such funds except to immediately direct such funds for ultimate transfer into the Collateral Account. 

8. The Administrative Agent’s or the Secured Parties’ rights hereunder shall not be released, diminished, impaired, reduced or adversely affected by:

 a. any adjustment, indulgence, forbearance or compromise that might be granted or given by the Administrative Agent, on behalf of the
Secured Parties, or any Secured Party to any primary or secondary obligor or in connection with any security for the Secured Obligations; 

b. any full or partial release of any security for the Secured Obligations except upon the payment in full of the Secured Obligations; 

c. any other action taken or omitted to be taken by the Administrative Agent, on behalf of the Secured Parties, or any Secured Party in
connection with the Secured Obligations, whether or not such action or omission prejudices the Pledgor or increases the likelihood that the Collateral Account will be applied to the applicable Secured Obligations; or 

d. notice of any of the foregoing. 
 9. The
Administrative Agent, in its discretion, without in any manner impairing any rights and powers of the Secured Parties hereunder, may, at any time and from time to time, without further consent of or notice to the Pledgor, and with or without
valuable consideration: 
 a. release any Person primarily or secondarily liable in respect of the Secured Obligations or any security
therefor; 
 b. renew, extend or accept partial payments upon, release or permit substitutions for or withdrawals of, any security (other
than the Collateral Account) at any time directly or indirectly, immediately or remotely, securing the payment of the Secured Obligations or any part thereof; and 

  
 D-3 

 c. release or pay to the Pledgor, or any other Person otherwise entitled thereto, any amount
paid or payable in respect of any such other direct or indirect security for the Secured Obligations, or any part thereof. 
 10. Should any Person other
than the Pledgor have heretofore executed or hereafter execute, in favor of the Administrative Agent, for the benefit of the Secured Parties, or any Secured Party, any deed of trust, mortgage, or security agreement, or have heretofore pledged or
hereafter pledge any other property to secure the payment of the Secured Obligations, or any part thereof, the exercise by the Administrative Agent, for the benefit of the Secured Parties, or any Secured Party of any right or power conferred upon
any of them in any such instrument, or by any such pledge, shall be wholly discretionary with the Administrative Agent and each Secured Party, and the exercise or failure to exercise any such right or power shall not impair or diminish the
Administrative Agent’s or the Secured Parties’ rights, titles, interest, Liens, and powers existing hereunder. 
 11. The Pledgor hereby authorizes
the Administrative Agent, during the existence and continuance of an Event of Default (but subject to Section 10.2 of the Credit Agreement), to receive, take, endorse, assign, deliver, accept and deposit, in the Administrative Agent’s or
the Pledgor’s name, any and all checks, notes, drafts, or other instruments payable to the Pledgor evidencing payments that are required pursuant to the terms of the Credit Agreement to be deposited into the Collateral Account. 

12. During the existence and continuance of an Event of Default (but subject to Section 10.2 of the Credit Agreement), the Administrative Agent, on behalf
of the Secured Parties, in addition to any other remedies it may have, may do one or more of the following: 
 a. declare the principal of,
and all interest then accrued on Secured Obligations immediately due and payable; 
 b. demand payment and performance of all due and payable
Secured Obligations of the Pledgor from the Contribution Amounts of the Pledgor with respect to the Secured Obligations incurred by the Pledgor in the Collateral Account; and 

c. withdraw Contribution Amounts of the Pledgor from the Collateral Account and apply all or any portion of such Contribution Amounts to the
Secured Obligations of the Pledgor with respect to the Secured Obligations incurred by the Pledgor as described in paragraph 16 hereof. 
 13. The Pledgor
hereby authorizes the Administrative Agent during the existence and continuance of an Event of Default (but subject to Section 10.2 of the Credit Agreement), and so long as any part of the Secured Obligations remains outstanding: 

a. to withdraw, collect, and receive any and all Contribution Amounts of the Pledgor from the Collateral Account and apply all or any portion
of such Contribution Amounts to the Secured Obligations of the Pledgor; 

  
 D-4 

 b. to surrender or present for notation of withdrawal the passbook, certificate, or other
documents issued to the Pledgor in connection with the Collateral Account for the purpose provided in clause (a) above; and 
 c. to
exercise any other rights or take any other actions specified herein or in the Credit Agreement. 
 14. The Collateral Account shall at all times remain
subject to the Deposit Account Control Agreement. 
 15. Neither the Administrative Agent nor any Secured Party shall be liable for any loss of interest on
or any penalty or charge assessed against funds in, payable on, or credited to the Collateral Account as a result of the Administrative Agent or any Secured Party exercising any of its rights or remedies under this Pledge, except for gross
negligence or willful misconduct by the Administrative Agent or such Lender. 
 16. During the existence and continuance of an Event of Default, the
Administrative Agent shall be entitled to apply any and all funds received by it hereunder that constitute Contributions toward payment and performance of the due and payable Secured Obligations in such order and manner as is provided in the Credit
Agreement. Upon full and final payment of the Secured Obligations (except Letters of Credit which have been fully cash collateralized and indemnity and contractual obligations which by their terms survive termination of the Credit Agreement), the
rights of the Administrative Agent in and to the Collateral Account hereunder will be deemed to be released and of no further force and effect and, upon written request, the Administrative Agent, on behalf of the Secured Parties shall provide the
Pledgor a written confirmation of release of its obligations hereunder and of the Collateral. 
 17. All rights, titles, interests, Liens, and remedies of
the Administrative Agent and the Secured Parties hereunder are cumulative of each other and of every other right, title, interest, Lien, or remedy which the Administrative Agent, on behalf of the Secured Parties, or the Secured Parties may otherwise
have at law or in equity or under any other contract or other writing for the enforcement of the security interest herein or the collection of the Secured Obligations, and the exercise of one or more rights or remedies shall not prejudice or impair
the concurrent or subsequent exercise of other rights or remedies. Should the Pledgor have heretofore executed or hereafter execute any other security agreement in favor of the Administrative Agent, on behalf of the Secured Parties, or the Secured
Parties, the security interest therein created and all other rights, powers, and privileges vested in the Secured Parties by the terms thereof shall exist concurrently with the security interest created herein. 

18. Should any part of the Secured Obligations be payable in installments, the acceptance by the Administrative Agent at any time and from time to time of
partial payment of the aggregate amount of all installments then matured shall not be deemed to be a waiver of any default then existing. No waiver by the Administrative Agent, on behalf of the Secured Parties, or the Secured Parties of any default
shall be deemed to be a waiver of any other subsequent default, nor shall any such waiver by the Administrative Agent, on behalf of the Secured Parties, or the Secured Parties be deemed to be a continuing waiver. No delay or omission by the
Administrative Agent, on behalf of the Secured Parties, or the Secured Parties in exercising any right or power hereunder, or under 

  
 D-5 

 
any other writings executed by the Pledgor or any other obligor as security for or in connection with the Secured Obligations, shall impair any such right or power or be construed as a waiver
thereof or any acquiescence therein, nor shall any single or partial exercise of any such right or power preclude other or further exercise thereof, or the exercise of any other right or power of the Administrative Agent, on behalf of the Secured
Parties, or the Secured Parties hereunder or under such other writings. 
 19. No provision herein or in any promissory note, instrument, or any other Loan
Document evidencing the Secured Obligations shall require the payment or permit the collection of interest in excess of the maximum permitted by law. If any excess of interest in such respect is provided for herein or in any such promissory note,
instrument, or any other Loan Document, the provisions of this paragraph shall govern, and the Pledgor shall not be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by law. The intention of the
parties being to conform strictly to the usury Laws now in force, all promissory notes, instruments, and other Loan Documents evidencing the Secured Obligations shall be held subject to reduction to the amount allowed under said usury Laws as now or
hereafter construed by the courts having jurisdiction. 
 20. The Pledgor hereby represents and warrants that: 

a. subject to the Administrative Agent’s rights hereunder and under the Deposit Account Control Agreement and the other Loan Documents and
any Permitted Liens, the Pledgor is the sole owner of the Contributions made for its benefit that are on deposit in the Collateral Account (it being understood that the Collateral Account is in the name of the Pledgor) on the date hereof and has
authority to execute and deliver this Pledge; 
 b. except for any financing statement which may be filed by the Administrative Agent, in its
capacity as agent under the Credit Agreement or in connection with any Permitted Liens, no financing statement covering the Collateral Account, or any part thereof, has been filed with any filing office; 

c. except for this Pledge and any Permitted Liens, no other assignment, pledge or security agreement has been executed by the Pledgor with
respect to the Collateral Account; and 
 d. the Collateral Account is not as of the date hereof subject to any Lien or offset of any person,
firm, or corporation other than (i) the Secured Parties, (ii) the Depository and (iii) the holder of any Permitted Liens. 
 21. THIS PLEDGE
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. REGARDLESS OF ANY PROVISION IN ANY OTHER AGREEMENT, FOR PURPOSES OF THE UNIFORM COMMERCIAL CODE, NEW YORK SHALL BE DEEMED TO BE THE
DEPOSITORY’S JURISDICTION (WITHIN THE MEANING OF SECTION 9-304 OF THE UCC). 
 22. This Pledge shall be binding
on and inure to the benefit of the Pledgor and the Administrative Agent and their respective successors and permitted assigns. 
 [Remainder
of Page Intentionally Left Blank 
 Signature Page(s) Follow] 

  
 D-6 

 Executed as of the date above written. 

 

			
	PLEDGOR:
	
	BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust
		
	By:	 	
                     
       

		 	Name:
		 	Title:

  
 D-7 

			
	ACKNOWLEDGED AND AGREED:
	
	ADMINISTRATIVE AGENT:
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	
                     
           

		 	Name:
		 	Title:

  
 D-8 

 EXHIBIT E 

FORM OF REQUEST FOR BORROWING 

[DATE] 
 Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 
 Charlotte, NC 28255 

Attention: Jose Liz-Moncion 
 Telephone: (980) 387-1124 
 Fax: (312) 453-6498 

Email: jose.liz-moncion@baml.com 
  

	 	Re:	 That certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO
Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower, Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and
the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the “Credit Agreement”).
Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

 Ladies and Gentlemen: 

This Request for Borrowing is executed and delivered by the undersigned (the “Borrower(s)”) to the Administrative Agent
pursuant to Section 2.3 of the Credit Agreement.2 
 The Borrower(s) hereby
request that the Lenders make a Borrowing pursuant to the Credit Agreement as follows: 
  

					
	(i)	  	Name of Borrower or Qualified Borrower (if applicable):	  	[Borrower/QB Borrower Name]
			
	(ii)	  	Amount and Currency of Borrowing:	  	$[Amount][Currency]
			
	(iii)	  	Date of Borrowing:	  	[Date]
			
	(iv)	  	Type of Borrowing:	  	[Reference Rate (U.S. $ Only)][Daily LIBOR (U.S. $ Only)][LIBOR Loan with [one week][one-month][three-month][six-month][twelve-month] Interest
Period]3
			
	(v)	  	Use of Proceeds:	  	Use of proceeds complies with Section 2.10 of the Credit Agreement
			
	(vi)	  	If requesting a Reference Rate Loan, check only if you do not elect to automatically convert such Loan to a LIBOR Loan:	  	         Do not Convert to a LIBOR Loan
			
	(vii)	  	Payment Instructions:	  	  

  

	2 	 If multiple Borrowers will be requesting a Borrowing on the same day, a separate Request for Borrowing will be
submitted by each applicable Borrower (or such Request for Borrowing shall specify the respective amounts being requested by each applicable Borrower). 

	3 	 [Select applicable interest period.] 

  
 E-1 

 In connection with the Borrowing requested herein, the Borrower(s) hereby represent and
warrant to the Administrative Agent for the benefit of the Lenders that: 
 (a) On and as of the date of the Borrowing
requested herein, the representations and warranties set forth in Section 7 of the Credit Agreement (other than the representations and warranties contained in Section 7.8 of the Credit Agreement) and in the other Loan Documents are true
and correct in all material respects on and as of the date of this Request for Borrowing, and will be true and correct in all material respects immediately after the Borrowing requested herein, with the same force and effect as if made on and as of
such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and
warranties relate to an earlier or other specific date); 
 (b) No Event of Default or, to any Borrower’s knowledge,
Potential Default under Section 10.1(a), (e), (f), (g), (h), (i), (j), (o) or (p) of the Credit Agreement exists and is continuing on and as of the date hereof or will exist on the date of the Borrowing requested herein; 

(c) Other than as disclosed to the Administrative Agent in writing, the Borrowers have no knowledge or reason to believe any
Investor would be entitled to exercise an excuse or exemption right (including any Investment Exclusion Event) under the Initial Borrower’s Constituent Documents, and any Subscription Agreement or any Side Letter with respect to any Investment
being acquired in whole or in part with any proceeds of the Borrowing requested herein (provided that if the Borrowers have disclosed a potential excuse or exemption right (including any Investment Exclusion Event) to the Administrative Agent in
writing, the excused portion of the applicable Investor’s or Investors’ Unused Commitment shall be excluded from the calculation of the Available Commitment with respect to the Borrowing required herein, but the requesting Borrower(s)
shall not be prohibited from Borrowing upon satisfaction of the other conditions therefor); 
 (d) After giving effect to the
Borrowing requested herein (i) the Dollar Equivalent of the Principal Obligations on and as of the date of such Borrowing will not exceed the Available Commitment on and as of such date and (ii) the Alternate Currency Liability on and as
of the date of such Borrowing will not exceed the Alternate Currency Sublimit on and as of such date; 
 (e) The Borrowing
requested herein will be secured (either directly or indirectly) by a first priority, exclusive security interest and Lien (subject to Permitted Liens), granted to the Administrative Agent, for the benefit of the Secured Parties, in and on all of
the Unused Commitments and the other applicable Collateral as provided in Section 5.1 of the Credit Agreement; and 

  
 E-2 

 (f) The calculation of the Available Commitment attached hereto as
Exhibit A, which constitutes an updated Exhibit A to the Credit Agreement, is true and correct in all material respects as of the date hereof. In the event that any of the relevant information on such Exhibit A changes between the date
hereof and the date of the Borrowing, the Borrower(s) shall promptly deliver to the Administrative Agent corrections thereto. 
 [Remainder
of Page Intentionally Left Blank 
 Signature Page(s) Follow] 

  
 E-3 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Request for Borrowing as
of the date first written above. 
  

			
	BORROWER:
	
	BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust
		
	By:	 	  

		 	Name:
		 	Title:
	
	[[QUALIFIED BORROWER
	
	By: [                    ], a
[                    ], as its
[                    ]
		
	By:	 	
                     
           

		 	Name:
		 	Title:]

  
 E-4 

 EXHIBIT A TO REQUEST FOR BORROWING 

[Updated Available Commitment Calculations to be Attached] 

[Exhibit A to Request for Borrowing] 

 EXHIBIT F 

FORM OF PREPAYMENT NOTICE 

[DATE] 
 Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 
 Charlotte, NC 28255 

Attention: Jose Liz-Moncion 
 Telephone: (980) 387-1124 
 Fax: (312) 453-6498 

Email: jose.liz-moncion@baml.com 
  

	 	RE:	 That certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO
Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower, Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and
the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the “Credit Agreement”).
Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

 Ladies and Gentlemen: 

This Prepayment Notice is executed and delivered by the undersigned (the “Borrower”) pursuant to Section 3.5 of
the Credit Agreement. 
 The Borrower hereby gives notice that it will, in whole or in part, prepay the Principal Obligations outstanding
under the Credit Agreement, and in connection therewith sets forth below the terms on which such prepayment is to be made: 
  

	1.	 Date of Prepayment:4
                                        
                                        

  

	2.	 Principal Amount of Prepayment5:
                                        
                    

 

	4 	 Prepayments of LIBOR Loans (other than Daily LIBOR rate Loans) denominated in US Dollars require notice by
11:00 a.m. New York time at least three (3) Business Days prior to the prepayment date. Prepayments of LIBOR Loans denominated in an Alternate Currency require notice by 11:00 a.m. New York time at least four (4) Business Days prior to the
prepayment date. Prepayments of Daily LIBOR rate Loans and Reference Rate Loans require notice by 11:00 a.m. New York time on the prepayment date. 

	5 	 Partial prepayment shall be in the minimum amount of $1,000,000 or a higher integral multiple of $100,000 (or,
if applicable, the Dollar Equivalent of such amounts). 

  
 F-1 

					
	 3.  Type of Loan to be prepaid:
	  	☐ LIBOR Loan6	  	
		  	☐ Reference Rate Loan (U.S. $ Only)	  	

 In connection with the above referenced prepayment, the Borrower hereby acknowledges that any payment received
by the Administrative Agent after 1:00 p.m. New York time on any Business Day shall be treated for all purposes as having been received by the Administrative Agent on the first Business Day next following receipt of such amount. 

[Remainder of Page Intentionally Left Blank 

Signature Page(s) Follow] 
  

 

	6 	 If prepaid on any date other than the last day of the applicable Interest Period (other than a prepayment of
any Loan bearing interest at Daily LIBOR), such prepayment shall include any amounts required by Section 4.6 of the Credit Agreement. 

  
 F-2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Prepayment Notice as of
the date first written above. 
  

			
	BORROWER:
	
	 BLACKSTONE / GSO SECURED LENDING

FUND, a Delaware statutory trust

		
	By: 	 	                            
		 	Name:
		 	Title:
	
	[[QUALIFIED BORROWER
	
	 By: [                    ], a
[                    ], as its

[                    ]

		
	By: 	 	 
		 	Name:
		 	Title:]

  
 F-3 

 EXHIBIT G 

FORM OF NOTICE FOR ROLLOVER/CONVERSION 

[DATE] 
 Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 
 Charlotte, NC 28255 

Attention: Jose Liz-Moncion 
 Telephone: (980) 387-1124 
 Fax: (312) 453-6498 

Email: jose.liz-moncion@baml.com 
  

	 	RE:	 That certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO
Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower, Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and
the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the “Credit Agreement”).
Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

 Ladies and Gentlemen: 

This Notice for [Rollover][Conversion] is executed and delivered by the undersigned (the “Borrower”) pursuant to
Section [2.3(b)] [2.3(c)] of the Credit Agreement. 
 The Borrower hereby gives notice that it requests a [Rollover] [Conversion] of a Loan
outstanding under the Credit Agreement, and in connection therewith sets forth below the terms on which such [Rollover] [Conversion] is requested to be made: 
  

					
	 1. 
 2.
	  	 Date of [Rollover] [Conversion]:
                                         
                                         
                                         
      
  
 Principal Amount of [Rollover] [Conversion]:
                                         
                                         
                          

		
	3.	  	Type of Loan converted from (if applicable):
                                         
                                         
                            
		
	4.	  	Type of Loan converted to (if applicable):
                                         
                                         
                                 
			
	5.	  	Interest Option:	  	 ☐ Daily LIBOR (U.S. $ Only)
 ☐ LIBOR
Loan with [[one week][one-month][three-month]

[six-month][twelve-month]]7 Interest
Period
 ☐ Reference Rate Loan (U.S. $ Only)

  

	7 	 [Select applicable interest period.] 

  
 G-1 

 In connection with the [Rollover][Conversion] requested herein, the Borrower hereby
represents and warrants to the Administrative Agent for the benefit of the Lenders that: 
 (a) [No Event of Default or, to any
Borrower’s knowledge, Potential Default under Section 10.1(a), (e), (f), (g), (h), (i), (j), (o) or (p) of the Credit Agreement exists and is continuing as of the date hereof, or will exist on the date of the [Rollover][Conversion]
requested herein;] 
 (b) [After giving effect to the requested [Rollover][Conversion]: (i) the Dollar Equivalent of the Principal
Obligations will not exceed the Available Commitment and (ii) the Alternate Currency Liability will not exceed the Alternate Currency Sublimit, in each case on and as of the date of such [Rollover][Conversion]8; and] 
 (c) The calculation of the Available Commitemnt attached hereto as Exhibit
A, which constitutes an updated Exhibit A to the Credit Agreement, is true and correct in all material respects as of the date hereof. In the event that any of the relevant information on such Exhibit A changes between the date hereof and
the date of the [Rollover] [Conversion], the Borrower shall promptly deliver to the Administrative Agent corrections thereto. 
 [Remainder
of Page Intentionally Left Blank 
 Signature Page(s) Follow] 

 

	8 	 The restrictions in clauses (a) and (b) are subject, in the case of Rollovers or Conversions to Reference
Rate Loans, to the exceptions set forth in Section 2.1(c) of the Credit Agreement. The restrictions in clause (b) with respect to Rollovers shall apply only to the extent of the amount such Rollover exceeds the Available Commitment or the
Alternate Currency Sublimit, as applicable. 

  
 G-2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Notice as of the date
first written above. 
  

			
	BORROWER:
	
	 BLACKSTONE / GSO SECURED LENDING

FUND, a Delaware statutory trust

		
	By: 	 	                                
    
		 	Name:
		 	Title:
	
	[[QUALIFIED BORROWER]
	
	 By: [                    ], a
[                    ], as its

[                    ]

		
	By: 	 	 
		 	Name:
		 	Title:]

  
 G-3 

 EXHIBIT A 

[Revised Available Commitment Calculations to be Attached] 

  
 G-4 

 EXHIBIT H 

FORM OF LENDER ASSIGNMENT AND ACCEPTANCE AGREEMENT 

[DATE] 
 This ASSIGNMENT AND
ACCEPTANCE AGREEMENT (this “Assignment and Acceptance”) is made as of the date hereof between the assignor designated on Schedule I hereto (the “Assignor”) and the assignee designated on Schedule I
hereto (the “Assignee”). 
 1. Reference is made to that certain Revolving Credit Agreement, dated as of November 6, 2018, by
and among Blackstone / GSO Secured Lending Fund, a Delaware statutory trust, as Initial Borrower, Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter of Credit
Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the “Credit
Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 2. The Assignor
hereby irrevocably sells and assigns to the Assignee, without recourse and without representation or warranty except as expressly set forth herein, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the
Assignor, an undivided interest in and to the Assignor’s rights and obligations under the Credit Agreement and the other Loan Documents as of the Assignment Effective Date (as defined below) equal to the percentage interest specified on
Schedule I hereto of all outstanding rights and obligations under the Credit Agreement and the other Loan Documents. After giving effect to such sale and assignment, the Assignee’s Lender Commitment and the amount of the Loans owing to the
Assignee will be as set forth on Schedule I hereto. 
 3. The Assignor: (a) represents and warrants that it is the legal and beneficial owner of the
interest being assigned by it hereunder and that such interest is free and clear of any adverse claim; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in
or in connection with the Loan Documents (except this Assignment and Acceptance) or the execution (other than by the Assignor), legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any other instrument or
document furnished pursuant thereto, or the accuracy and completeness of any document furnished hereunder; and (c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrowers or any
Investor or the performance or observance by any Loan Party of any of its obligations under the Loan Documents or any other instrument or document furnished pursuant thereto. 

4. The Assignee: (a) confirms that it has received a copy of the Credit Agreement and the other Loan Documents (except for copies of other Lenders’
Assignment and Acceptance Agreements which are available to the Assignee upon request), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance;
(b) agrees that it will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it shall 

  
 H-1 

 
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any other Loan Document; (c) confirms that it is an
Eligible Assignee (and by its countersignature hereto, if required pursuant to the terms of the definition of the term “Eligible Assignee” in the Credit Agreement, the Initial Borrower hereby also confirms the Assignee is an Eligible
Assignee); (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement and the other Loan Documents as are delegated to the Administrative
Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (e) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are
required to be performed by it as a Lender; and (f) attaches (or has delivered to the Administrative Agent, the Initial Borrower and the Assignor) completed and signed copies of any forms that may be required by the United States Internal
Revenue Service (together with any additional supporting documentation required pursuant to applicable Treasury Department regulations or such other evidence satisfactory to the Initial Borrower and the Administrative Agent) in order to certify the
Assignee’s complete exemption from United States withholding taxes with respect to any payments or distributions made or to be made to the Assignee in respect of the Loans or under the Credit Agreement. 

5. [Reserved.] 
 6. Following the execution of this Assignment and
Acceptance, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this Assignment and Acceptance (the “Assignment Effective Date”)
shall be the date recited above, unless otherwise specified on Schedule I hereto. 
 7. Upon such execution of this Assignment and Acceptance and delivery to
the Administrative Agent, as of the Assignment Effective Date: (a) the Assignee shall be a party (as a Lender) to the Credit Agreement and the other Loan Documents and, to the extent provided in this Assignment and Acceptance, have the rights
and obligations of a Lender thereunder; and (b) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations (as a Lender) under the Credit Agreement and the other Loan
Documents (other than rights under the provisions of the Loan Documents relating to indemnification or the payment of fees, costs and expenses, to the extent such rights relate to the time prior to the Assignment Effective Date). 

8. Upon such acceptance and recording by the Administrative Agent, from and after the Assignment Effective Date, the Administrative Agent shall make all
payments under the Credit Agreement and the other Loan Documents in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest, fees and indemnities with respect thereto) to the Assignee. The Assignor
and the Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Assignment Effective Date directly, between themselves. 

9. The Assignor and the Assignee shall exchange such consideration for the assignments contemplated hereunder and shall make all appropriate adjustments in
payments under the Credit Agreement for periods prior to the Assignment Effective Date as they shall deem appropriate, directly between themselves. 

  
 H-2 

 10. This Assignment and Acceptance embodies the entire agreement between the parties and supersedes all
prior agreements and understanding, if any, relating to the subject matter of this Assignment and Acceptance. 
 11. The provisions of this Assignment and
Acceptance shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 12. THIS ASSIGNMENT AND
ACCEPTANCE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 13. This Assignment and Acceptance
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 taken together shall constitute one and the same agreement.
Delivery of an executed counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file shall be effective as delivery of a manually executed original counterpart of this Assignment and Acceptance. 

[Remainder of Page Intentionally Left Blank 

Signature Page(s) Follow] 

  
 H-3 

 IN WITNESS WHEREOF, the Assignor and Assignee have caused this Assignment and Acceptance to
be executed by their officers thereunto duly authorized as of the date specified thereon. 
  

	
	ASSIGNOR:
	
	[ASSIGNOR SIGNATURE BLOCK]

  
 H-4 

 
	
	ASSIGNEE:
	
	[ASSIGNEE SIGNATURE BLOCK]

  
 H-5 

			
	ACCEPTED AND APPROVED:
	
	 BANK OF AMERICA, N.A.,
as Administrative Agent

		
	By:	 	
                     
                            

	Name:
	Title:

  
 H-6 

			
	ACKNOWLEDGED AND AGREED:
	
	INITIAL BORROWER:
	
	BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust
		
	By:	 	
                     
                                

		 	Name:
		 	Title:

  
 H-7 

 SCHEDULE I TO LENDER ASSIGNMENT AND ACCEPTANCE AGREEMENT 

 

					
	 Assignor’s Lender Commitment prior to Assignment Effective Date:
	  	$	     	 
	 Percentage of Assignor’s Lender Commitment assigned:
	  	 	    	% 
	 Assignee’s Lender Commitment:
	  	$	     	 
	 Aggregate outstanding principal amount of Loans assigned to Assignee [Break out by currency if
Loans in Alternate Currency are outstanding]:
	  	$	     	 
	 Aggregate outstanding Letter of Credit Liability assigned to Assignee [Break out by currency if
Letters of Credit in Alternate Currency are outstanding]:
	  	$	     	 
	 Assignment Effective Date (if other than date of Assignment and Acceptance Agreement):
	  			

 Assignor: 
 [name] 

[address] 
 Attention: 

Phone: 
 Fax: 

email: 
 Assignee: 

[name] 
 [address] 

Attention: 
 Phone: 

Fax: 
 email: 

  
 H-I-1 

 EXHIBIT I 

FORM OF QUALIFIED BORROWER PROMISSORY NOTE 

[DATE] 
  

			
	Up to $[                    ]	  	New York, New York

 1. FOR VALUE RECEIVED, the undersigned [NAME OF QUALIFIED BORROWER], a [FORM OF LEGAL ENTITY] (the
“Maker”), hereby unconditionally promises to pay BANK OF AMERICA, N.A., as the administrative agent (the “Administrative Agent”) for each of the Lenders (as defined below) under the Credit
Agreement referred to below (the “Payee”), at the principal office of the Administrative Agent in New York, New York or such other office as the Administrative Agent designates, the principal sum of
[                                ] Dollars
($[                                ]), or, if less, the unpaid principal amount of the
Loans and Letters of Credit made by the Lenders to the Maker under the Credit Agreement, together with accrued interest thereon, in the currency of the related Loan or Letter of Credit (or such other currency as is requested by the Maker and agreed
by the Payee in its sole discretion), as applicable, on the Maturity Date or as otherwise provided in the Credit Agreement. 
 2. Capitalized terms not
defined herein shall have the meanings assigned to such terms in that certain Revolving Credit Agreement (as amended, modified, supplemented or restated from time to time, the “Credit Agreement”), dated as of November 6,
2018, by and among Blackstone / GSO Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower, the Administrative Agent (the “Administrative Agent”), and the other financial institutions from time to time
party thereto as lenders (the “Lenders”). 
 3. The unpaid principal amount of this promissory note (this
“Note”) shall be payable in accordance with the terms of Sections 3.2 and 3.4 of the Credit Agreement. 
 4. The unpaid principal
amount of this Note shall bear interest from the date of borrowing until maturity in accordance with Sections 2.6 and 12.13 of the Credit Agreement. Interest on this Note shall be payable in accordance with Sections 3.3, 3.4 and 12.13 of the Credit
Agreement. 
 5. All Borrowings, Letters of Credit and Rollovers hereunder, and all payments made with respect thereto, may be recorded by the Payee from
time to time on grid(s) which may be attached hereto or the Payee may record such information by such other method as the Payee may generally employ; provided, however, that failure to make any such entry shall in no way reduce or
diminish the Maker’s obligations hereunder. The aggregate unpaid amount of all Borrowings, Letters of Credit and Rollovers set forth on the grid(s) which may be attached hereto shall, absent manifest error, be rebuttably presumptive evidence of
the unpaid principal amount of this Note. 
 6. This Note has been executed and delivered pursuant to the Credit Agreement and is one of the
“Qualified Borrower Notes” referred to therein. This Note evidences Loans and Letters of Credit made under the Credit Agreement to the Maker and the holder of this Note shall be entitled to the benefits provided in the Credit
Agreement. Reference is hereby made to the Credit Agreement for a statement of: (a) the obligation of the Lenders to make advances thereunder; (b) 

  
 I-1 

 
the prepayment rights and obligations of the Maker; and (c) the events upon which the maturity of this Note may be accelerated. The Maker may borrow, repay and reborrow hereunder upon the
terms and conditions specified in the Credit Agreement. The repayment of this Note is secured by a guaranty of the Initial Borrower. Notwithstanding the foregoing, should any of the events described in Section 10.1(h) or 10.1(i) of the Credit
Agreement occur with respect to the Maker, then the principal of or accrued interest on this Note shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Maker.

 7. If this Note, or any installment or payment due hereunder, is not paid when due, whether on the Maturity Date or by acceleration, or if it is collected
through a bankruptcy, probate or other court, whether before or after the Maturity Date, the Maker agrees to pay all out-of-pocket costs of collection, including, but
not limited to, reasonable attorneys’ fees and expenses incurred by the holder hereof and costs of appeal as provided in the Credit Agreement. If any principal of, or interest on, the Obligations evidenced by this Note is not paid when due
(whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), such overdue amount shall bear interest at the Default Rate until paid as provided in the Credit Agreement. 

8. The Maker and all sureties, endorsers, guarantors and other parties ever liable for payment of any sums payable pursuant to the terms of this Note, waive
demand, presentment for payment, protest, notice of protest, notice of acceleration (except as specified in Section 10.2 of the Credit Agreement), notice of intent to accelerate, diligence in collection, the bringing of any suit against any
party, and any notice of or defense on account of any extensions, renewals, partial payment, or any releases or substitutions of any security, or any delay, indulgence, or other act of any trustee or any holder hereof, whether before or after
maturity. 
 9. This Note shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

10. Reference is hereby made to Section 12.16 of the Credit Agreement, the provisions of which are hereby incorporated by reference in this Note as if
fully set forth herein, for the payment and performance of the Maker’s obligations hereunder. 
 11. By its execution hereof, the Maker hereby agrees to
be bound by the terms and conditions of the Credit Agreement as a Qualified Borrower as if it were a signature party thereto. 
 12. The Maker’s address
for notices pursuant to Section 12.6 of the Credit Agreement is specified below the Maker’s signature on the following page. 
 13. The Maker
acknowledges and agrees that all obligations under this Note shall constitute the several obligations of the Maker. Except as permitted under Section 12.11 of the Credit Agreement, this Note may not be assigned to any other Person. 

[Remainder of Page Intentionally Left Blank 

Signature Page(s) Follow] 

  
 I-2 

 Executed on the date first written above. 

 

			
	MAKER:
	
	[QUALIFIED BORROWER], a [                    ]
	
	By: [                    ], a
[                    ], as its
[                    ]
		
	By:	 	          

		 	Name:
		 	Title:
	
	Address:
	[address]
	
	Attention:
	Telephone:
	Fax:

  
 I-3 

 EXHIBIT J 

FORM OF REQUEST FOR LETTER OF CREDIT 

[DATE] 
 Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 
 Charlotte, NC 28255 

Attention: Jose Liz-Moncion 
 Telephone: (980) 387-1124 
 Fax: (312) 453-6498 

Email: jose.liz-moncion@baml.com 
  

	RE:	 That certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO
Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower, Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and
the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the “Credit Agreement”).
Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

 Ladies and Gentlemen: 

This Request for Letter of Credit is executed and delivered by the undersigned (the “Borrower”) to the Administrative
Agent and the Letter of Credit Issuer, pursuant to Section 2.8(b) of the Credit Agreement.9 

The Borrower has previously or contemporaneously executed and delivered to the Administrative Agent and the Letter of Credit Issuer an
Application for Letter of Credit in the form of Schedule 1 hereto dated [DATE]. 
 The Borrower hereby requests that the
Letter of Credit Issuer issue a Letter of Credit, substantially in the form of Schedule 2 attached hereto, as follows: 
  

							
				
		 	Stated Amount and Currency:	 	  
	 	
				
		 	Beneficiary Name:	 	  
	 	
				
		 	Beneficiary Address:	 	  
	 	
				
		 	Expiry Date:	 	  
	 	

  
  

	9 	 If multiple Borrowers will be requesting a Letter of Credit on the same day, a separate Request for Letter of
Credit will be submitted by each applicable Borrower. 

  
 J-1 

			
	Use of Proceeds:	  	☐ Complies with 2.10 of the Credit Agreement

 In connection with the issuance of the Letter of Credit requested herein, the Borrower hereby represents and
warrants to the Administrative Agent for the benefit of the Lenders and the Letter of Credit Issuer that: 
  

	 	(a)	 On and as of the date of the issuance of the Letter of Credit requested herein, the representations and
warranties set forth in Section 7 of the Credit Agreement (other than the representations and warranties contained in Section 7.8 of the Credit Agreement) and in the other Loan Documents are true and correct in all material respects on and
as of the date of this Request for Letter of Credit, and will be true and correct in all material respects immediately after the issuance of the Letter of Credit requested herein, with the same force and effect as if made on and as of such date
(except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate
to an earlier or other specific date); 

  

	 	(b)	 No Event of Default or, to any Borrower’s knowledge, Potential Default under Section 10.1(a), (e),
(f), (g), (h), (i), (j), (o) or (p) of the Credit Agreement exists and is continuing on and as of the date hereof or will exist on the date of the issuance of the Letter of Credit requested herein; 

 

	 	(c)	 Other than as disclosed to the Administrative Agent in writing, the Borrowers have no knowledge or reason to
believe any Investor would be entitled to exercise an excuse or exemption right under the Initial Borrower’s Constituent Documents, any Subscription Agreement or any Side Letter with respect to any Investment related to the Letter of Credit
requested herein (or is otherwise not participating in such Investment); provided that if the Borrowers have disclosed a potential excuse or exemption right or other non-participation to the Administrative
Agent in writing, the excused portion of the applicable Investor’s or Investors’ Unused Commitment shall be excluded from the calculation of the Available Commitment with respect to the requested Letter of Credit, but the requesting
Borrower shall not be prohibited from having such Letter of Credit issued upon satisfaction of the other conditions therefor; 

  

	 	(d)	 After giving effect to the issuance of the Letter of Credit requested herein, (i) the Dollar Equivalent of
the Letter of Credit Liability as of such date will not exceed the lesser of (A) the remainder of: (x) the Available Commitment as of such date, minus (y) the Dollar Equivalent of the Principal Obligations (excluding the Letter
of Credit Liability) as of such date; and (B) the Letter of Credit Sublimit as of such date; and (ii) the Alternate Currency Liability as of such date will not exceed the Alternate Currency Sublimit as of such date; 

 

	 	(e)	 The Letter of Credit requested herein will be secured (either directly or indirectly) by a first priority,
exclusive security interest and Lien (subject to Permitted Liens), granted to the Administrative Agent, for the benefit of the Secured Parties, in and on all of the Unused Commitments and the other applicable Collateral as provided in
Section 5.1 of the Credit Agreement; and 

  
 J-2 

	 	(f)	 The calculation of the Available Commitment attached hereto as Exhibit A, which constitutes an updated
Exhibit A to the Credit Agreement, is true and correct in all material respects as of the date hereof. In the event that any of the relevant information on such Exhibit A changes between the date hereof and the date of the issuance of the
requested Letter of Credit, the Borrower shall promptly deliver to the Administrative Agent corrections thereto. 

[Remainder of Page Intentionally Left Blank; 

Signature Page(s) Follow] 

  
 J-3 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Request for Letter of
Credit as of the date first written above. 
  

			
	BORROWER:
	
	BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust
		
	By:	 	
                     
                   

		 	Name:
		 	Title:
	
	[[QUALIFIED BORROWER]
	
	By: [                    ], a
[                    ], as its
[                    ]
		
	By:	 	          

		 	Name:
		 	Title:]

 Request for Letter of Credit 

 EXHIBIT A TO REQUEST FOR LETTER OF CREDIT 

[Updated Available Commitment Calculations to be Attached] 

  
 [Exhibit A to Request for
Letter of Credit] 

 SCHEDULE 1 TO REQUEST FOR LETTER OF CREDIT 

APPLICATION FOR LETTER OF CREDIT 

  
 J-Sch. 1-1 

							
	[ LOGO]	  	[address]	  	APPLICATION FOR STANDBY LETTER OF CREDIT
	  	  

	  	(Place)	  	(Date)

  

					
		  	☐ SWIFT (Full details)	  	
	WE REQUEST YOU TO ESTABLISH BY	  	☐ Telex (Full details)	  	AN IRREVOCABLE DOCUMENTARY STANDBY LETTER OF CREDIT ON THE FOLLOWING
TERMS AND CONDITIONS:
	  	☐ Telex (Prime details only)
		  	☐ Airmail	  	

  

			
	IN FAVOR OF	  	  

		  	(Name and Address)
	FOR ACCOUNT OF	  	  

		  	(Name and Address)
	AMOUNT	  	                                      
                                         
          AVAILABLE BY DRAFTS AT SIGHT ON
[                    ]

 ACCOMPANIED BY THE FOLLOWING DOCUMENTS
MARKED X: 
  

					
	☐ DOCUMENT REQUIRED: SIGNED STATEMENT BY INDIVIDUAL(S) PURPORTING TO
BE AUTHORIZED OFFICER(S) OF THE BENEFICIARY AS FOLLOWS: (PLEASE SUPPLY
THE EXACT WORDING OF THE
STATEMENT)                                     
                                         
                  
	
	  

	
	  

	
	  

	
	  

	☐ OTHER DOCUMENT(S):
	
	  

	
	  

	
	  

	
	  

	PARTIAL DRAWINGS	  	☐ PERMITTED	  	☐ NOT PERMITTED
	
	EXPIRY DATE:
		  	
                 

	SPECIAL INSTRUCTIONS:
	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

 THE OPENING OF THIS CREDIT IS
SUBJECT TO THE TERMS AND CONDITIONS AS SET FORTH IN THE STANDBY
LETTER OF CREDIT AGREEMENT APPEARING ON THE REVERSE HEREOF TO WHICH
WE AGREE, AND/OR, IF OUR CONTINUING AGREEMENT IS LODGED WITH YOU,
SUBJECT TO THE TERMS AND PROVISIONS SET FORTH THEREIN. 

 

	
	  
 (Name of
Applicant)

	
	 BY:

	
	  

	(Name/Title of Signatory/-ies)

  
 J-Sch. 1-2 

 STANDBY LETTER OF CREDIT AGREEMENT 

TO: [                    ] 

In consideration of your opening at our request a standby letter of credit, the terms of which appear on the reverse hereof, we hereby agree with you as
follows: 
  

	1.	 Subject to the terms of the Credit Agreement, (i) we will pay you upon demand in lawful money of [the
United States of America][                        ] all monies paid by you under or pursuant to said letter of credit, together
with interest, commission and all customary charges; and (ii) we also authorize you to charge any of our accounts with you for all monies so paid or for which you become liable under said letter of credit and we agree at least one day before
the same is due to provide you with funds to meet all disbursements or payments of any kind or character, together with commission, interest and charges which you have paid or to which you are entitled under or pursuant to said letter of credit.

  

	2.	 Neither you nor your correspondents shall be in any way responsible for performance by any beneficiary of its
obligations to us, nor for the form, sufficiency, correctness, genuineness, authority of person signing, falsification or legal effect of any documents called for under said letter of credit if such documents on their face appear to be in order.

  

	3.	 Subject to the law and customs and practices existing in the area where the beneficiary is located, said letter
of credit shall be subject to, and performance by you, your correspondent and the beneficiary thereunder shall be governed by the International Standby Practices, International Chamber of Commerce Publication No. 590 (“ISP98”).

  

	4.	 It is agreed that all directions and correspondence relating to the said letter of credit are to be sent at our
risk and that you do not assume any responsibility for any inaccuracy, interruption, error or delay in transmission or delivery by post, telex or other electronic medium, or for any inaccuracy of translation. 

 

	5.	 The undersigned agree that at all times now and hereafter they will indemnify and save you harmless from and
against all loss or damage to you arising in connection with said letter of credit, unless due to negligence or willful misconduct on your part, and all costs, charges and expenses and all actions or suits, whether groundless or otherwise, including
counsel fees, it being the purpose of this agreement to fully protect you in the premises. 

  

	6.	 The execution, delivery and performance of this agreement, and the appointment of the undersigned to execute
this agreement on behalf of the Applicant, are within the Applicant’s (or each Applicant’s) power and have been duly authorized by all necessary action. 

  
 J-Sch. 1-3 

 SCHEDULE 2 TO REQUEST FOR LETTER OF CREDIT 

FORM OF LETTER OF CREDIT 

IRREVOCABLE LETTER OF CREDIT NO. [    ] 

[Date of Issuance] 
  

	To:	 [Name of Beneficiary] 

	 	[Address	 of Beneficiary] 

Ladies and Gentlemen: 
 At the request and for
the account of [Borrower Name] (the “Account Party”) pursuant to that certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO Secured Lending Fund, a Delaware statutory trust, as
the Initial Borrower, Bank of America, N.A., as the Administrative Agent, the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as Lenders (as the same may be modified,
amended, supplemented or restated from time to time, the “Credit Agreement”), we hereby establish this Irrevocable Letter of Credit (the “Letter of Credit”) in your favor to secure the obligations of
the Account Party under [                                ] in accordance with the
following terms and conditions: 
  

	(1)	 Expiration. This Letter of Credit shall automatically expire at the close of business on the earliest
of: 

  

	 	(a)	 [Date], but such expiration date shall be automatically extended without amendment for a period of one
(1) year from the present or any future expiration date, but in no event later than                     , unless, at least 30 days before any
expiration date, we notify you by registered mail or overnight courier service at the above address, that this Letter of Credit is not extended beyond the current expiration date; and 

 

	 	(b)	 our receipt of your certificate in the form of Annex A-1 hereto
appropriately completed, together with this Letter of Credit. 

 In the event such expiration date shall not be a Business Day (as
hereinafter defined) then this Letter of Credit shall expire on the next succeeding Business Day. 
  

	(2)	 Stated Amount. The aggregate amount available under this Letter of Credit shall be
[U.S.$[                                        ]
([                                ] United States Dollars)] [other applicable
currency], which amount as from time to time reduced as provided in paragraph 3 is hereinafter referred to as the “Stated Amount.” 

  

	(3)	 Reductions in the Stated Amount. The Stated Amount shall be reduced automatically from time to time upon
our honoring of a demand for payment hereunder by an amount equal to the amount of such payment. The Stated Amount may also be reduced from time to time at your written directions in the form of Annex A-2
hereto. 

  
 J-Sch. 2-1 

	(4)	 Documents To Be Presented. Funds under this Letter of Credit are available to you against a certificate
signed by you in the form of Annex A-3 hereto appropriately completed (a “Drawing”). 

  

	(5)	 Method and Notice of Presentment. The certificate referenced in paragraph 4 (a “demand for
payment”) may be delivered to us in person, by mail, by an express delivery service, or by telecopy to our fax number: [        ]. A demand for payment shall be presented during our business hours on a
Business Day prior to the expiration hereof at our office at Bank of America, N.A., [1000 West Temple Street, Mail Code:
CA9-705-07-05, Los Angeles, CA 90012-1514, Fax No. (213), 240-6989, Tel. No. (213) 240-6986], attention: [Standby Letter of Credit Department] . As used herein, “Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day on which the New York
Stock Exchange is closed or Banks in New York or Charlotte, North Carolina are authorized to close. 

  

	(6)	 Time and Method for Payment. 

 

	 	(a)	 If a demand for payment is made on a Business Day to us prior to 2:00 p.m. in strict conformity with the terms
and conditions hereof, payment shall be made to you, not later than [3:30] p.m. on the third succeeding Business Day (or fifth succeeding Business Day if the account is outside the United States) or such later date as you may specify in such demand
for payment. All times referenced herein are as of New York, New York time. 

  

	 	(b)	 Unless otherwise agreed, payment under this Letter of Credit shall be made in immediately available funds to
such bank accounts specified by you in the demand for payment. 

  

	(7)	 Transferability. This Letter of Credit is transferable. Transfer of this Letter of Credit is subject to
our receipt of your instructions in the form attached hereto as Annex A-4 accompanied by the original Letter of Credit and all amendment(s), if any. Costs or expenses of such transfer shall be for your
account. 

  

	(8)	 GOVERNING LAW AND CUSTOMS. TO THE EXTENT CONSISTENT WITH THE EXPRESS PROVISIONS HEREOF, THIS LETTER OF
CREDIT SHALL BE GOVERNED BY THE INTERNATIONAL STANDBY PRACTICES—ISP98 (“ISP98”), AND TO THE EXTENT CONSISTENT WITH THE EXPRESS PROVISIONS HEREOF AND NOT GOVERNED BY THE ISP98, THIS LETTER OF CREDIT SHALL BE GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK. 

  

	(9)	 Irrevocability. This Letter of Credit shall be irrevocable. 

 

	(10)	 No Negotiation. A demand for payment under this Letter of Credit shall be presented directly to us and
shall not be negotiated to or by any third party. 

  
 J-Sch. 2-2 

	(11)	 Address for Communications. Communications with respect to this Letter of Credit shall be in writing and
shall be addressed to us at the addresses referenced in paragraph 5, specifically referred thereon to our Irrevocable Letter of Credit No.
[                    ]. 

  

	(12)	 Complete Agreement. This Letter of Credit, including Annex A-1
through A-4 hereto, sets forth in full the terms of our undertaking. Reference in this Letter of Credit to other documents or instruments is for identification purposes only and such reference shall not modify
or affect the terms hereof or cause such documents or instruments to be deemed incorporated herein. 

  
 J-Sch. 2-3 

 We hereby agree with you to honor your demand for payment presented in strict compliance
with the terms and conditions of this Letter of Credit. 
  

			
	Very truly yours,
	
	BANK OF AMERICA, N.A.
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-Sch. 2-4 

 ANNEX A-1 

TERMINATION CERTIFICATE REPAYMENT 

Re: Irrevocable Letter of Credit No.
[                    ] 
 The
undersigned, a duly authorized officer of [                    ] (the “Beneficiary”), hereby certifies to Bank of America,
N.A. (the “Bank”), with reference to Irrevocable Letter of Credit No.
[                            ] (the “Letter of Credit”, and any capitalized term used
herein and not defined shall have its respective meaning as set forth in the Letter of Credit) issued by the Bank in favor of the Beneficiary, that the Account Party is not required to maintain the Letter of Credit at this time. 

The Letter of Credit is attached hereto and being surrendered to you herewith. 

IN WITNESS WHEREOF, the Beneficiary has executed and delivered this Certificate as of the          day
of                     , 20    . 
  

			
	[BENEFICIARY]
		
	By:	 	
                     
       

		 	Name:
		 	Title:

  
 J-Ex. A-1 

 ANNEX A-2 

REDUCTION CERTIFICATE 
 Re:
Irrevocable Letter of Credit No. [                    ] 

The undersigned, a duly authorized officer of
[                                ] (the “Beneficiary”), hereby
certifies to Bank of America, N.A. (the “Bank”), with reference to Irrevocable Letter of Credit No. [            ] (the “Letter of Credit”,
and any capitalized term used herein and not defined shall have its respective meaning as set forth in the Letter of Credit) issued by the Bank in favor of the Beneficiary, that the Stated Amount of the Letter of Credit shall permanently be reduced
to [U.S. $] [or other applicable currency]                                . 

IN WITNESS WHEREOF, the Beneficiary has executed and delivered this Certificate as of the      day of
                        , 20    . 

 

			
	[BENEFICIARY]
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 J-Ex. A-2 

 ANNEX A-3 

CERTIFICATE FOR DRAWING 

Re: Irrevocable Letter of Credit No.
[                        ] 

The undersigned, a duly authorized officer of
[                        ] (the “Beneficiary”), hereby demands payment in the amount of [U.S. $][or other
applicable currency][                ] (the “Drawing”) from Bank of America, N.A. (the “Bank”), under Irrevocable Letter
of Credit No. [                ] (the “Letter of Credit”, any capitalized term used herein and not defined shall have its respective meaning as
set forth in the Letter of Credit) issued by the Bank in favor of the Beneficiary. 
 The undersigned hereby certifies that: 

1. The Beneficiary is making this Drawing by reason of: [select (a) or (b), as applicable] 

(a) [pursuant to the terms of the [            ] dated
[                    ], between the Beneficiary and
[                    ] (the
“[                    ] Agreement”); or] 

(b) [The Beneficiary has received a notice of Non-Renewal from Bank of America, N.A.
and has not received a replacement Letter of Credit acceptable to the Beneficiary]. 
 2. The Beneficiary has not issued a certificate in the
form of Annex A-1 to the Letter of Credit. 
 3. The Drawing does not exceed the Stated Amount less
any previous Drawing. 
 4. The proceeds of this Drawing shall be applied solely in accordance with the terms of the
[                    ] Agreement. 
 5.
(a) Payment of this demand for payment is requested on or before 2:00 p.m., the third Business Day succeeding (or, if the account specified below is outside the United States, five Business Days after) the Business Day on which this Certificate is
received or deemed to have been received by the Bank in accordance with paragraph 5 of the Letter of Credit. 
 (b) Payment
of this demand for payment shall be made to the Beneficiary by credit to the following account: 
 [Beneficiary] 

[Account Information] 

  
 J-Ex. A-3 

 IN WITNESS WHEREOF, the Beneficiary has executed and delivered this Certificate for Drawing
as of the         day of                     , 20      . 

 

			
	[BENEFICIARY]
		
	By:	 	
                 

		 	 Name:
 Title:

  
 J-Ex. A-4 

 ANNEX A-4 

TRANSFER FORM 

                          
  , 200     
 Bank of America N.A. 

[333 S. Beaudry Avenue, 19th Floor 

Los Angeles, CA 90017 
 Mail Code
CA9-703-19-23] 
 Re: Irrevocable
Standby Letter of Credit No.              
 We request you to transfer all of our rights as
beneficiary under the Letter of Credit referenced above to the transferee, named below: 
  

	
	  

 Name of Transferee 
  

	
	  

 Address 
 By this transfer all
our rights as the original beneficiary, including all rights to make drawings under the Letter of Credit, go to the transferee. The transferee shall have sole rights as beneficiary, whether existing now or in the future, including sole rights to
agree to any amendments, including increases or extensions or other changes. All amendments will be sent directly to the transferee without the necessity of consent by or notice to us. 

We enclose the original letter of credit and any amendments thereto. Please indicate your acceptance of our request for the transfer by endorsing the letter
of credit and sending it to the transferee with your customary notice of transfer. 
 For your transfer fee of $250.00 

 

	*	 Enclosed is our check for
$                                     

 

	*	 You may debit my/our Account
No.                             

We also agree to pay you on demand any expenses which may be incurred by you in connection with this transfer. 

  
 J-Ex. A-5 

			
	 The signature and title at the right conform with those shown in our files as authorized to sign for the beneficiary. Policies
governing signature authorization as required for withdrawals from customer accounts shall also be applied to the authorization of signatures on this form. The authorization of the Beneficiary’s signature and title on this form also acts to
certify that the authorizing financial institution (i) is regulated by a U.S. federal banking agency; (ii) has implemented anti-money laundering policies and procedures that comply with applicable requirements of law, including a Customer
Identification Program (CIP) in accordance with Section 326 of the USA PATRIOT Act; (iii) has approved the Beneficiary under its anti-money laundering compliance program; and (iv) acknowledges that Bank of America, N.A. is
relying on the foregoing certifications pursuant to 31 C.F.R. Section 103.121 (b)(6).
  

NAME OF BANK
  

AUTHORIZED SIGNATURE AND TITLE

 
 PHONE NUMBER
	  	  
  

NAME OF TRANSFEROR
  

NAME OF AUTHORIZED SIGNER AND TITLE
  

AUTHORIZED SIGNATURE

  
 J-Ex. A-6 

 EXHIBIT K 

FORM OF BORROWER GUARANTY 

[DATE] 
 1. In connection with the Credit
Agreement (as defined below), the undersigned (the “Borrower”), hereby irrevocably, unconditionally and absolutely guarantees, in favor of Bank of America, N.A., as the Administrative Agent for each of the Lenders (as defined
below) (collectively, the “Creditor”), the prompt payment when due of all interest, principal, fees, expenses and other amounts now or hereafter represented by, or arising in connection with: (a) those certain Qualified
Borrower Notes (each, a “Qualified Borrower Note”), payable to the Creditor by each Qualified Borrower identified on Schedule A annexed hereto (as amended from time to time pursuant to paragraph 11 below) (collectively, the
“Qualified Borrower”), including without limitation all liabilities and indebtedness represented or evidenced by any promissory note given in renewal, extension, modification or substitution of or for the Qualified Borrower
Note; and (b) all Obligations (as defined in the Credit Agreement) of the Qualified Borrower (collectively, the “Guaranteed Debt”) in accordance with the terms of this Borrower Guaranty (this “Borrower
Guaranty”). This is an unconditional guaranty of payment, and not a guaranty of collection, and the Creditor may enforce the Borrower’s obligations hereunder pursuant to Section 2.9(c) of the Credit Agreement without first
suing, or enforcing its rights or remedies against the Qualified Borrower or any other obligor, or enforcing or collecting any present or future collateral security for the Guaranteed Debt. 

2. Reference is made to that certain Revolving Credit Agreement, dated as of November 6, 2018, by and among the Borrower, Bank of America, N.A., as the
Administrative Agent, the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended,
supplemented or restated from time to time, the “Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

3. The Borrower hereby waives notice of: (a) acceptance of this Borrower Guaranty; (b) the extension of credit by the Creditor to the Qualified
Borrower; (c) the occurrence of any breach or default by the Qualified Borrower in respect of the Guaranteed Debt; (d) the sale or foreclosure on any collateral for the Guaranteed Debt; (e) the transfer of the Guaranteed Debt to any
third party to the extent permitted under the Credit Agreement and to the extent that such notice is not required under the Credit Agreement; and (f) all other notices, in each case, except as otherwise required under the Credit Agreement. 

4. The Borrower hereby agrees and acknowledges that its obligations hereunder shall not be released or discharged by the following: (a) the renewal,
extension, modification or alteration of any Qualified Borrower Note, the Guaranteed Debt or any related document or instrument; (b) any forbearance or compromise granted to the Qualified Borrower by the Creditor; (c) the insolvency,
bankruptcy, liquidation or dissolution of the Qualified Borrower; (d) the invalidity, illegality or unenforceability of all or any part of the Guaranteed Debt; (e) the full or partial release of the Qualified Borrower or any other obligor;
(f) the release, surrender, exchange, subordination, 

  
 K-1 

 
deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral for the Guaranteed Debt; (g) the
failure of the Creditor properly to obtain, perfect or preserve any security interest or Lien in any such collateral; (h) the failure of the Creditor to exercise diligence, commercial reasonableness or reasonable care in the preservation,
enforcement or sale of any such collateral; provided that such acknowledgment shall not be a waiver of the Creditor’s obligations to sell collateral in a commercially reasonable manner to the extent required under the Loan Documents or
applicable laws; and (i) any other act or omission of the Creditor or the Qualified Borrower which would otherwise constitute or create a legal or equitable defense in favor of a Borrower (other than a defense of payment or performance). 

5. Notwithstanding anything to the contrary in this Borrower Guaranty, until the Guaranteed Debt has been paid in full, the Borrower hereby irrevocably waives
all rights it may have at law or in equity (including, without limitation, any law subrogating the Borrower to the rights of the Creditor) to seek contribution, indemnification, or any other form of reimbursement from the Qualified Borrower, any
other guarantor, or any other Person now or hereafter primarily or secondarily liable for any obligations of the Qualified Borrower to the Creditor, for any disbursement made by the Borrower under or in connection with this Borrower Guaranty or
otherwise. 
 6. The Borrower represents and warrants that it has received or will receive direct or indirect benefit from the making of this Borrower
Guaranty and the creation of the Guaranteed Debt, that the Borrower is familiar with the financial condition of the Qualified Borrower and the value of any collateral security for the Guaranteed Debt and that the Creditor has made no representations
or warranties to the Borrower in order to induce the Borrower to execute this Borrower Guaranty. 
 7. If the Qualified Borrower is or shall hereafter be
liable to the Creditor for any obligation, indebtedness or liability other than the Guaranteed Debt, and the Creditor should collect or receive any payments, funds or distributions which are not specifically required, by law or agreement, to be
applied to the Guaranteed Debt, then the Creditor may, in its sole discretion, apply such payments, funds or distributions to indebtedness of the Qualified Borrower other than the Guaranteed Debt; provided that any payment or distribution
made by the Borrower pursuant to this Borrower Guaranty shall be applied to the Guaranteed Debt. 
 8. This Borrower Guaranty shall continue to be effective
or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Debt is rescinded or must otherwise be returned by the Creditor, upon the insolvency, bankruptcy, reorganization, or dissolution of the Qualified Borrower or
otherwise, all as though such payment had not been made. 
 9. This Borrower Guaranty has been executed and delivered pursuant to the Credit Agreement and is
one of the “Borrower Guaranties” referred to therein. This Borrower Guaranty may be amended only by a written instrument executed by the Borrower and the Creditor. 

10. This Borrower Guaranty shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

  
 K-2 

 11. Schedule A to this Borrower Guaranty may be amended by the Borrower from time to time, without the
consent of any Lender or Agent, to identify additional Qualified Borrowers (which have been approved by the Administrative Agent pursuant to Section 2.9(a) of the Credit Agreement) the obligations of which will become subject to this Borrower
Guaranty. Such amendment shall be in the form of Schedule B annexed hereto. 
 12. Any suit, action or proceeding against the Borrower with respect to this
Borrower Guaranty or any judgment entered by any court in respect hereof, may be brought in the courts of the State of New York, or in the United States Courts located in the Borough of Manhattan in New York City, pursuant to Section 5-1402 of the General New York Obligations Law, as the Creditor in its sole discretion may elect and the Borrower, and by acceptance hereof, the Creditor hereby submits to the non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. The Borrower, and by acceptance hereof, the Creditor hereby irrevocably consents to the service of process in any
suit, action or proceeding in said court by the mailing thereof by registered or certified mail, postage prepaid, to such party’s address listed in the Credit Agreement. The Borrower, and by acceptance hereof, the Creditor hereby irrevocably
waives any objections which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Borrower Guaranty brought in the courts located in the State of New York, Borough of Manhattan in
New York City, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. THE BORROWER, AND BY ITS ACCEPTANCE HEREOF THE CREDITOR, EACH HEREBY
WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS BORROWER GUARANTY, WHICH WAIVER IS INFORMED AND VOLUNTARY. 
 13.
Upon the full, final and complete satisfaction of the Guaranteed Debt, this Borrower Guaranty shall be of no further force or effect and shall be automatically released. Thereafter, upon request, the Creditor shall reasonably provide the Borrower,
at the Borrower’s sole expense, a written confirmation of release of its obligations hereunder in form reasonably satisfactory to the Borrower. 
 14.
Reference is hereby made to Section 12.16 of the Credit Agreement, the provisions of which are hereby incorporated by reference in this Borrower Guaranty, as if fully set forth herein, for the payment and performance of the Borrower’s
obligations hereunder. 
 [Remainder of Page Intentionally Left Blank 

Signature Page(s) Follow] 

  
 K-3 

 Executed as of the date first above written. 

 

			
	BORROWER:
	
	BLACKSTONE / GSO SECURED LENDING FUND,
    a Delaware statutory trust
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 K-4 

			
	ACCEPTED AND APPROVED:
	
	 BANK OF AMERICA, N.A.,

    as Administrative Agent

		
	By:	 	              

		 	Name:
		 	Title:

  
 K-5 

 SCHEDULE A TO BORROWER GUARANTY 

LIST OF QUALIFIED BORROWERS 

  
 K-A-1 

 SCHEDULE B TO BORROWER GUARANTY 

FORM OF AMENDMENT FOR QUALIFIED BORROWER ADDITION 

The undersigned is a duly authorized [TITLE] of [NAME OF BORROWER]. 

Reference is made to that certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO Secured Lending
Fund, a Delaware statutory trust, as the Initial Borrower (the “Initial Borrower”), Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter
of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the
“Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

The Initial Borrower has designated the following entity as a Qualified Borrower for all purposes under the Credit Agreement and the Borrower
Guaranty: 
 [NAME OF QUALIFIED BORROWER], a [FORM OF LEGAL ENTITY]. 

Upon execution of this Amendment for Qualified Borrower Addition (this “Amendment”), the Borrower Guaranty shall be,
and be deemed to be, modified and amended in accordance herewith and the obligations, duties and liabilities of the Initial Borrower shall hereafter be determined, exercised and enforced in accordance with the Borrower Guaranty as so amended and
modified by this Amendment, and all the terms and conditions of this Amendment shall be and be deemed to be part of the terms and conditions of the Borrower Guaranty for any and all purposes. Except as modified and expressly amended by this
Amendment, the Borrower Guaranty is in all respects ratified and confirmed, and all the terms and provisions thereof shall be and remain in full force and effect. 

[Remainder of Page Intentionally Left Blank 

Signature Page(s) Follow] 

  
 K-B-1 

 Executed as of the date first above written. 

 

			
	INITIAL BORROWER:
	
	BLACKSTONE / GSO SECURED LENDING FUND, a Delaware statutory trust
		
	By:	 	
                     
        

		 	Name:
		 	Title:

  
 L-1 

 EXHIBIT M 

FORM OF RESPONSIBLE OFFICER’S CERTIFICATE 

[DATE] 
 The undersigned is a
duly authorized [TITLE] of [Name of Borrower]. 
 Reference is made to that certain Revolving Credit Agreement, dated as of November 6,
2018, by and among Blackstone / GSO Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower, Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the
Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the
“Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

In connection with Section 6.1(f) of the Credit Agreement, I hereby certify, in my capacity as a Responsible Officer of the [Borrower],
on the date hereof that: 
 (i) All of the representations and warranties made by the [Borrower] set forth in Section 7
of the Credit Agreement (other than the representations and warranties contained in Section 7.8 of the Credit Agreement) and the other Loan Documents to which the [Borrower] is a party are true and correct in all material respects on and as of
the date of such Loan Documents with the same force and effect as if made on and as of the date hereof (except to the extent such representations and warranties expressly relate to an earlier or other specified date); [and] 

(ii) No Event of Default or, to my knowledge as a Responsible Officer of the [Borrower], Potential Default exists and is
continuing on and as of the date hereof; [and] 
 (iii) [Based on the representations made by each Investor in its
Subscription Agreement, the underlying assets of the Initial Borrower should not constitute Plan Assets of any such ERISA Investor.]10 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK. 

SIGNATURE PAGE FOLLOWS. 

 

	10 	 [Only to be included in the Responsible Officer’s Certificate of the Initial Borrower if the Initial
Borrower has one or more ERISA Investors.] 

  
 M-1 

 Executed as of the date hereof. 

 

			
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Responsible Officer’s Certificate of [Name of Borrower] 

 EXHIBIT O 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT (this “Joinder”) is made as of
            , 20    . 
 Reference is made to that certain
Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower, Bank of America, N.A., as the Administrative Agent (the
“Administrative Agent”), the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same
may be modified, amended, supplemented or restated from time to time, the “Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

The “Additional Lender” referred to on Schedule 1 hereto agrees as follows: 

The Additional Lender agrees to become a Lender and to be bound by the terms of the Credit Agreement as a Lender pursuant to
Section 12.11(e) of the Credit Agreement. 
 The Additional Lender: (a) confirms that it has received a copy of the Credit
Agreement and the other Loan Documents (except for copies of other Lenders’ Assignment and Acceptance Agreements which are available to the Additional Lender upon request), and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Joinder; (b) agrees that it will, independently and without reliance upon the Administrative Agent 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 the Credit Agreement or any other Loan Document; (c) appoints and authorizes the Administrative Agent to take such action as agent on its
behalf and to exercise such powers and discretion under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental
thereto; (d) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender; (e) attaches (or confirms it has delivered to the
Administrative Agent) completed and signed copies of any forms that may be required by the United States Internal Revenue Service (together with any additional supporting documentation required pursuant to applicable Treasury Department regulations
or such other evidence satisfactory to the Borrowers and the Administrative Agent) in order to certify the Additional Lender’s complete exemption from United States withholding taxes with respect to any payments or distributions made or to be
made to the Additional Lender in respect of the Loans or under the Credit Agreement; (f) confirms that it is an Eligible Assignee; and (g) acknowledges that one or more conditions precedent to the making of any Loan or the issuance of any
Letter of Credit may have been waived in connection with any such action and agrees to be bound thereby. 
 Following the execution of this
Joinder, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this Joinder (the “Effective Date”) shall be the date recited above, unless otherwise
specified on Schedule 1 hereto. 

  
 O-1 

 Upon such execution and delivery, as of the Effective Date, the Additional Lender shall be a
party to the Credit Agreement and the other Loan Documents and have the rights and obligations of a Lender thereunder. 
 This Joinder shall
be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
 This Joinder may be executed in any
number of counterparts, all of which when taken together shall constitute one and the same agreement and any of the parties hereto may execute this Credit Agreement by signing such counterpart. Delivery of an executed counterpart of this Joinder, or
a signature page hereto, by facsimile or in a .pdf or similar file shall be effective as delivery of a manually executed original counterpart of this Joinder. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK. 

SIGNATURE PAGE(S) FOLLOW(S). 

  
 O-2 

 IN WITNESS WHEREOF, the Additional Lender has caused this Joinder to be executed by
its officers thereunto duly authorized as of the date specified thereon. 
  

			
	[ADDITIONAL LENDER]
		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
 O-3 

			
	Accepted and Approved:
	
	BANK OF AMERICA, N.A.,
	as Administrative Agent and Sole Lead Arranger
		
	By:	 	  

		 	Name:
		 	Title:

  
 O-4 

			
	Acknowledged and Approved:
	
	 BLACKSTONE / GSO SECURED

LENDING FUND, a Delaware statutory trust

		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
 O-5 

 SCHEDULE 1 

to 
 JOINDER 

 

					
	 Additional Lender’s Lender Commitment:
	  	$	     	 
	 Total Lender Commitment after giving effect to this Joinder:
	  	$	     	 
	 Effective Date (if other than date of Joinder):
	  			

  

			
	Additional	  	Lender:
	 [name]
 [address]

Attention:
 Telephone:

Facsimile:
 Email:

  
 O-6 

 EXHIBIT P 

FORM OF EXTENSION REQUEST 

[DATE] 
 Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 
 Charlotte, NC 28255 

Attention: Jose Liz-Moncion 
 Telephone: (980) 387-1124 
 Fax: (312) 453-6498 

Email: jose.liz-moncion@baml.com 
 RE: That certain Revolving
Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower (the “Initial Borrower”), Bank of America, N.A., as the
Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the
“Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the “Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such
terms in the Credit Agreement. 
 Ladies and Gentlemen: 

This facility extension request (this “Facility Extension Request”) is executed and delivered by the Initial Borrower
to the Administrative Agent pursuant to Section 2.14 of the Credit Agreement. 
 The Initial Borrower hereby requests an extension of
the Stated Maturity Date to [        ], 20[    ] (the “Facility Extension”), such Facility Extension to be effective on [DATE]. 

In connection with the Facility Extension requested herein, the Initial Borrower hereby represents, warrants and certifies (as to itself and
any Qualified Borrower) to the Administrative Agent for the benefit of the Lenders that: 
 (a) On and as of the date of this Facility
Extension Request, the representations and warranties set forth in Section 7 of the Credit Agreement (other than the representations and warranties contained in Section 7.8 of the Credit Agreement) and in the other Loan Documents are true
and correct in all material respects on and as of the date of this Facility Extension Request, and will be true and correct in all material respects immediately after the Facility Extension requested herein, with the same force and effect as if made
on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations
and warranties relate to an earlier or other specific date); and 

  
 P-1 

 (b) No Event of Default or, to any Borrower’s knowledge, Potential Default exists and
is continuing on and as of the date hereof or will exist on the date of the Facility Extension requested herein or on the date of the initial Stated Maturity Date. 

In the event that between the date hereof and the date of the Facility Extension, any event should occur which could reasonably be expected to
have a Material Adverse Effect, the Initial Borrower shall promptly notify the Administrative Agent. 
 [Remainder of Page Intentionally Left
Blank. 
 Signature Page(s) Follow.] 

  
 P-2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Facility Extension
Request as of the date first written above. 
  

			
	INITIAL BORROWER:
	
	 BLACKSTONE / GSO SECURED LENDING

FUND, a Delaware Statutory Trust

		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 P-3 

 EXHIBIT U 

FORM OF FACILITY INCREASE REQUEST 

[DATE] 
 Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 
 Charlotte, NC 28255 

Attention: Jose Liz-Moncion 

Telephone: (980) 387-1124 

Fax: (312) 453-6498 

Email: jose.liz-moncion@baml.com 
  

	Re:	 That certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO
Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower (the “Initial Borrower”), Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead
Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the “Lenders”) (as the same may be modified, amended, supplemented or restated from time to
time, the “Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

Ladies and Gentlemen: 
 This facility increase
request (this “Request”) is executed and delivered by the Initial Borrower to the Administrative Agent pursuant to Section 2.13 of the Credit Agreement. 

The Initial Borrower hereby requests an increase in the Maximum Commitment in the amount of $[___] (the “Facility
Increase”), such Facility Increase to be effective on [DATE]. 
 In connection with the Facility Increase requested
herein, the Initial Borrower hereby represents, warrants and certifies (as to itself and any Qualified Borrowers) to the Administrative Agent for the benefit of the Lenders that: 

(1) On and as of the date of this Request, the representations and warranties set forth in Section 7 of the Credit Agreement (other than
the representations and warranties contained in Section 7.8 of the Credit Agreement) and in the other Loan Documents are true and correct in all material respects on and as of the date of this Request, and will be true and correct in all
material respects immediately after the Facility Increase requested herein, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the
Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or other specific date); 

  
 U-1 

 (2) No Event of Default or, to any Borrower’s knowledge, Potential Default exists and
is continuing on and as of the date hereof or will exist on the date of the Facility Increase requested herein; 
 (3) Attached hereto as
Annex I is a true and correct copy of the resolutions adopted by each Borrower approving or consenting to this Request, as is required pursuant to the Credit Agreement; and 

(4) After giving effect to the Facility Increase, the Maximum Commitment will not exceed $400,000,000. 

In the event that between the date hereof and the date of the Facility Increase, any event should occur which could reasonably be expected to
have a Material Adverse Effect, the Initial Borrower shall promptly notify the Administrative Agent. 
 Remainder of Page Intentionally Left
Blank. 
 Signature Page(s) Follow. 

  
 U-2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Request as of the date
first written above. 
  

			
	INITIAL BORROWER:
	
	 BLACKSTONE / GSO SECURED LENDING

FUND, a Delaware statutory trust

		
	By:	 	
                     
               

		 	Name:
		 	Title:

  
 U-3 

 ANNEX 1 TO FACILITY INCREASE REQUEST 

Resolutions 
 [To be
attached] 

  
 U-I-1 

 EXHIBIT W 

FORM OF COMPLIANCE CERTIFICATE 

[DATE] 
 Reference is made
to that certain Revolving Credit Agreement, dated as of November 6, 2018, by and among Blackstone / GSO Secured Lending Fund, a Delaware statutory trust, as the Initial Borrower (the “Initial Borrower”), Bank of America,
N.A., as the Administrative Agent (the “Administrative Agent”), the Sole Lead Arranger, the Letter of Credit Issuer and a Lender, and the other financial institutions from time to time party thereto as lenders (the
“Lenders”) (as the same may be modified, amended, supplemented or restated from time to time, the “Credit Agreement”). Capitalized terms not defined herein shall have the meanings assigned to such
terms in the Credit Agreement. 
 Pursuant to Section 8.1(b) of the Credit Agreement, the undersigned hereby
certifies in his capacity as a Responsible Officer of the Initial Borrower, with respect to the Initial Borrower, on the date hereof, that: 

(a) no Event of Default or, to the actual knowledge of such Responsible Officer, Potential Default has occurred and is
continuing on and as of the date hereof; 
 (b) the Initial Borrower is in compliance with the Debt Limitations set forth in
Section 9.11 of the Credit Agreement and attached hereto as Schedule I are the calculations evidencing such compliance; 

(c) to the actual knowledge of such Responsible Officer, no Exclusion Event has occurred with respect to any Borrowing Base
Investor [other than [describe the nature of any Exclusion Event]]; 
 (d) attached hereto as Schedule II is a copy of
any Investment information delivered by the Initial Borrower to its Investors generally on a [quarterly]11[annual]12 basis since the date of
the most recent Compliance Certificate (or, if there is none, the Closing Date) that has not been previously furnished to the Administrative Agent; 

(e) attached hereto as Schedule III is a listing of the aggregate Unused Commitments of the Investors and, separately,
the aggregate Unused Commitments of the Borrowing Base Investors; 
 (f) attached hereto as Schedule IV is a listing
of (i) the changes, if any, in the names or notice information for any Investor of the Initial Borrower, (ii) a listing of all new and substitute Investors, if any, of the Initial Borrower who have not satisfied each of the applicable
requirements set forth in Section 9.5(d) of the Credit Agreement and (iii) a listing of all Investors, if any, that have been declared defaulting Investors under Section 7.1(c) of the Trust Agreement by the
Initial Borrower as of the end of the preceding fiscal quarter; and 
  

	11 	 [To be included if Compliance Certificate is delivered in connection with a fiscal quarter-end report by the Initial Borrower.] 

	12 	 [To be included if Compliance Certificate is delivered in connection with a fiscal year-end report by the Initial Borrower.] 

  
 W-1 

 (g) attached hereto as Schedule V is a listing of the amounts and
dates of any Demand Notices made upon Investors during the preceding fiscal quarter. 

  
 W-2 

 IN WITNESS WHEREOF, the undersigned has delivered this Compliance Certificate as of the date
set forth above. 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 W-3 

 SCHEDULE I 

Covenant Calculations13 

Set forth below are the calculations and information, applicable to the Initial Borrower, relating to testing compliance with Section 9.11 (including,
each component of such calculations) (capitalized terms in the calculations below shall have the meanings set forth in the applicable Constituent Documents): 

Section 9.11 Limitation on Indebtedness. The Borrowers shall not incur Indebtedness in an aggregate amount which would violate the limitations on
Indebtedness imposed on such Borrowers in the applicable Constituent Documents (including, without limitation, in the case of the Initial Borrower, Section 3.5 of the Trust Agreement) and, if applicable, under the Investment Company Act
(collectively, the “Debt Limitations”). 
  

					
	 1.  Total Indebtedness* (senior securities representing indebtedness within the
meaning of Section 18(g) of the Investment Company Act of 1940, as amended)
	  	$	                    _	 
	 2.  Total Assets* (total assets, less all liabilities not represented by senior
securities within the meaning of Section 18(g) and 18(h) of the Investment Company Act of 1940, as amended)
	  	$	                     	 
	 3.  The Ratio of Line 2 to Line 1
	  	 	         :         	 
	 Is Line 3 greater than or equal to 1.5:1.0?
	  	 

	[YES (in
compliance)]
/ [NO (not in
compliance)]	 
 
 
 

  

	*	 Measured as of the date of the most recent incurrence of such indebtedness. 

 

	13 	 Please refer to the relevant provisions of the applicable Constituent Documents for additional information
regarding calculation of each of these limitations. 

  
 W-Sch I-1 

 SCHEDULE II 

Investment Information 

[See attached.][None.] 

  
 W-Sch II-1 

 SCHEDULE III 

Unused Commitments 
  

	1.	 Aggregate Unused Commitments of Investors:
$                     

  

	2.	 Aggregate Unused Commitments of Borrowing Base Investors:
$                     

  
 W-Sch III-1 

 SCHEDULE IV 

Investor Information 
 1. Changes in
the name/ notice information of any Investor: 
  

									
	 Investor
	  	 Previous Name
	  	 New Name
	  	 Previous Notice
Information
	  	 New Notice
Information

 

	2.	 The new and substitute Investors who have not satisfied each of the applicable requirements set forth in
Section 9.5(d) of the Credit Agreement: 

  

	3.	 Investors that have been declared defaulting Investors under Section 7.1(c) of the Trust Agreement by the
Initial Borrower as of the end of the preceding fiscal quarter: 

  
 W-Sch IV-1 

 SCHEDULE V 

Demand Notices 

[See attached.][None. [If no demand notices]] 

  
 W-Sch V-1

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