Document:

EX-10.4

 Exhibit 10.4 

LOAN SALE AGREEMENT 
 between

 ORCC FINANCING IV LLC 

as Seller 
 and 

OWL ROCK CLO VII, LLC 
 as
Purchaser 
 Dated as of July 26, 2022 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	1	 
		
	 SECTION 1.1 Definitions
	  	 	1	 
		
	 SECTION 1.2 Other Terms
	  	 	3	 
		
	 SECTION 1.3 Computation of Time Periods
	  	 	3	 
		
	 SECTION 1.4 Interpretation
	  	 	3	 
		
	 SECTION 1.5 References
	  	 	3	 
		
	ARTICLE II CONVEYANCES OF TRANSFERRED ASSETS	  	 	4	 
		
	 SECTION 2.1 Conveyances
	  	 	4	 
		
	 SECTION 2.2 [Reserved]
	  	 	5	 
		
	 SECTION 2.3 [Reserved]
	  	 	5	 
		
	 SECTION 2.4 Actions Pending Completion of Conveyance
	  	 	6	 
		
	 SECTION 2.5 Indemnification
	  	 	6	 
		
	 SECTION 2.6 Assignment of Rights and Indemnities
	  	 	7	 
		
	ARTICLE III CONSIDERATION AND PAYMENT	  	 	7	 
		
	 SECTION 3.1 Purchase Price
	  	 	7	 
		
	 SECTION 3.2 Payment of Purchase Price
	  	 	7	 
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	 	7	 
		
	 SECTION 4.1 Seller’s Representations and Warranties
	  	 	7	 
		
	ARTICLE V COVENANTS OF THE SELLER	  	 	10	 
		
	 SECTION 5.1 Covenants of the Seller
	  	 	10	 
		
	ARTICLE VI MISCELLANEOUS PROVISIONS	  	 	11	 
		
	 SECTION 6.1 Amendments, Etc.
	  	 	11	 
		
	 SECTION 6.2 Governing Law: Submission to Jurisdiction; Waiver of Jury Trial
	  	 	12	 
		
	 SECTION 6.3 Notices
	  	 	13	 
		
	 SECTION 6.4 Severability of Provisions
	  	 	13	 
		
	 SECTION 6.5 Further Assurances
	  	 	13	 
		
	 SECTION 6.6 No Waiver; Cumulative Remedies
	  	 	13	 
		
	 SECTION 6.7 Counterparts
	  	 	14	 
		
	 SECTION 6.8 Non-Petition
	  	 	14	 
		
	 SECTION 6.9 Transfer of Seller’s Interest
	  	 	14	 

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 6.10 Binding Effect; Third-Party Beneficiaries and Assignability
	  	 	14	 
		
	 SECTION 6.11 Merger and Integration
	  	 	14	 
		
	 SECTION 6.12 Headings
	  	 	14	 

  
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 This LOAN SALE AGREEMENT, dated as of July 26, 2022 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Agreement”), between ORCC FINANCING IV LLC, a Delaware limited liability company, as seller (in such capacity, the “Seller”) and OWL ROCK CLO VII, LLC, a
Delaware limited liability company, as purchaser (in such capacity, the “Purchaser”). 
 WITNESSETH: 

WHEREAS, on and after the date hereof, the Seller wishes to sell, transfer, and otherwise convey, to the Purchaser, without recourse except to
the extent specifically provided herein, and the Purchaser wishes to purchase all right, title and interest of the Seller (whether now owned or hereafter acquired or arising, and wherever located) in and to the Loan Assets (as defined below)
mutually agreed by the Seller and the Purchaser; and 
 WHEREAS, it is the Seller’s and the Purchaser’s intention that the
conveyance of the Transferred Assets (as defined below) under each assignment agreement and this Agreement is a “true sale” for all purposes, such that, upon payment of the purchase price therefor, the Transferred Assets will constitute
property of the Purchaser from and after the applicable transfer date; 
 NOW, THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the Purchaser and the Seller as follows: 
 ARTICLE I

 DEFINITIONS 

SECTION 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings (such meanings to be
equally applicable to both the singular and plural forms of the terms defined). All capitalized terms used herein but not defined herein shall have the respective meanings specified in, or incorporated by reference into, the Indenture and Security
Agreement, dated as of July 26, 2022 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”), by and among the Purchaser, as Issuer, and State Street Bank and Trust Company, as
collateral trustee (in such capacity, the “Collateral Trustee”). 
 “Agreement” has the meaning set forth
in the preamble hereto. 
 “Convey” means to sell, transfer, assign, or otherwise convey assets hereunder (each such
conveyance being herein called a “Conveyance”). 
 “Excluded Amounts” means, with respect to the Loan
Assets, (i) any amount that is attributable to the reimbursement of payment by or on behalf of the Seller of any taxes, fee or other charge imposed by any governmental authority on any Loan Asset, (ii) any interest or fees (including
origination, agency, structuring, management or other up-front fees) that are for the account of the Seller, (iii) any escrows relating to Taxes, insurance and other amounts in connection with Loan Assets
which are held in an escrow account for the benefit of the obligor 

  
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and the secured party pursuant to escrow arrangements under the related underlying instruments, (iv) to the extent paid using amounts other than proceeds of the Loan Assets and proceeds of
Loans, as applicable, any amount paid in respect of reimbursement for expenses owed in respect of any Loan Asset pursuant to the related underlying instrument or (v) any amount paid to the Purchaser in error. 

“Indorsement” has the meaning specified in Section 8-102(a)(11) of the UCC, and
“Indorsed” has a corresponding meaning. 
 “Loan Asset” means each commercial loan identified on Schedule A
hereto 
 “Proceeds” has the meaning set forth in Section 4.1(n). 

“Purchase Price” has the meaning set forth in Section 3.1(a). 

“Purchaser” has the meaning set forth in the preamble hereto. 

“Related Property” means, with respect to any Loan Asset, the property identified in clauses (i) – (iii) below, and all
accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights, copyright licenses, equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment
property, letter-of-credit rights, accessions, proceeds and other property consisting of, arising out of, or related to any of the following (in each case, excluding the
Retained Interest and Excluded Amounts): 
 i. all monies due, to become due or paid in respect of such Loan Asset, on and after the date
hereof (other than accrued and unpaid interest due with respect to the period prior to the date hereof), including but not limited to all collections on such Loan Asset, and other recoveries thereon, in each case as they arise after the date hereof;

 ii. any liens, security interests, property or assets designated and pledged or mortgaged as collateral to secure repayment of such Loan
Asset, including, without limitation, Underlying Documents, mortgaged property and/or a pledge of the stock, membership or other ownership interests in the related obligor or its subsidiaries; and 

iii. all income and proceeds of the foregoing. 

“Retained Interest” means, with respect to any Loan Asset, (a) all of the obligations, if any, of the agent(s) under the
documentation evidencing such Loan Asset and (b) the applicable portion of the interests, rights and obligations under the documentation evidencing such Loan Asset that relate to such portion(s) of the indebtedness and interest in other
obligations that are owned by another lender. 
 “Seller” has the meaning set forth in the preamble hereto. 

“Transferred Asset” means each asset, including any Loan Asset (including, if any, the Participation thereof), Conveyed by
the Seller to the Purchaser hereunder, including with respect to each such asset, all Related Property; provided that the foregoing will exclude the Retained Interest and the Excluded Amounts. 

  
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 SECTION 1.2 Other Terms. All accounting terms not specifically defined herein
shall be construed in accordance with generally accepted accounting principles. All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as defined in such Article 9. 

SECTION 1.3 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.” 

SECTION 1.4 Interpretation. In this Agreement, unless a contrary intention appears: 

(i) reference to any Person includes such Person’s successors and assigns; 

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

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

(iv) unless otherwise stated, reference to any time means New York time; 

(v) references to “writing” include printing, typing, lithography, electronic or other means of reproducing words in
a visible form; 
 (vi) reference to any agreement, document or instrument means such agreement, document or instrument as
amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and reference to any promissory note includes any promissory note that is an extension or renewal thereof or
a substitute or replacement therefor; 
 (vii) reference to any requirement of law means such requirement of law as amended,
modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any section or other provision of any requirement of law means that provision of
such requirement of law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision; and 

(viii) references to “including” mean “including, without limitation”. 

SECTION 1.5 References. 

All Section references (including references to the Preamble), unless otherwise indicated, shall be to Sections (and the Preamble) in this
Agreement. 

  
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 ARTICLE II 

CONVEYANCES OF TRANSFERRED ASSETS 

SECTION 2.1 Conveyances. 

(a) On the terms and subject to the conditions set forth in this Agreement, the Seller Conveys to the Purchaser without recourse, and the
Purchaser accepts such Conveyance, on the date hereof, all of the Seller’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in and to each Loan Asset on the Schedule A as of the date hereof
and the Related Property, together with all proceeds of the foregoing. 
 (b) It is the express intent of the Seller and the Purchaser
that each Conveyance of Transferred Assets by the Seller to the Purchaser pursuant to this Agreement be construed as an absolute sale of such Transferred Assets by the Seller to the Purchaser providing Purchaser with the full risks and benefits of
ownership of the Transferred Assets. Further, it is not the intention of the Seller and the Purchaser that any Conveyance be deemed a grant of a security interest in the Transferred Assets by the Seller to the Purchaser to secure a debt or other
obligation of the Seller. However, to protect the Purchaser’s rights in the event that, notwithstanding the intent of the parties expressed herein, the Conveyances hereunder are characterized as secured financings and not as sales, the Seller
hereby grants to the Purchaser, a first priority security interest (subject only to Permitted Liens) in, to and under all of the Seller’s right, title and interest in, to and under, whether now owned or hereafter acquired, such Transferred
Assets and all proceeds of the foregoing to secure an obligation of the Seller to pay over and transfer to the Purchaser any and all distributions received by the Seller (other than Excluded Amounts) in relation to the Transferred Assets from time
to time, whether in cash or in kind, so that the Purchaser will receive all distributions under, proceeds of and benefits of ownership of the Transferred Assets and to secure all other obligations of the Seller hereunder. If the Conveyances
hereunder shall be characterized as secured financings and not as sales, the Purchaser and its assignees (including the Collateral Agent for the benefit of the Secured Parties) shall have, with respect to such Transferred Assets and other related
rights, in addition to all the other rights and remedies available to the Purchaser and its assignees (including the Collateral Agent for the benefit of the Secured Parties) hereunder and under the underlying instruments, all the rights and remedies
of a secured party under any applicable UCC. 
 (c) The Seller and the Purchaser shall, to the extent consistent with this Agreement, take
such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Transferred Assets to secure a debt or other obligation, such security interest would be deemed to be a first priority perfected
security interest in favor of the Purchaser under applicable law and will be maintained as such throughout the term of this Agreement. The Seller represents and warrants that the Transferred Assets are being transferred with the intention of
removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code. The Purchaser assumes all risk relating to nonpayment or failure by the obligors to make any distributions owed by them under the Transferred Assets.
Except with respect to the representations, warranties and covenants expressly stated in this Agreement, the Seller assigns each Transferred Asset “as is,” and makes no covenants, representations or warranties regarding the Transferred
Assets. 

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

(e) The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents and take all
actions as may be reasonably necessary or as the Purchaser may request, in order to perfect or protect the interest of the Purchaser in the Transferred Assets Conveyed hereunder or to enable the Purchaser to exercise or enforce any of its rights
hereunder. Without limiting the foregoing, the Seller will, in order to accurately reflect the Conveyances contemplated by this Agreement, execute and file such financing or continuation statements or amendments thereto or assignments thereof (as
permitted pursuant hereto) or other documents or instruments as may be reasonably necessary or as requested by the Purchaser and mark its records noting the Conveyance to the Purchaser of the Transferred Assets. The Seller hereby authorizes the
Purchaser to file and, to the fullest extent permitted by applicable law the Purchaser shall be permitted to sign (if necessary) and file, initial financing statements, continuation statements and amendments thereto and assignments thereof without
further acts of the Seller; provided that the description of collateral contained in such financing statements shall be limited to only Transferred Assets. Carbon, photographic or other reproduction of this Agreement or any financing
statement shall be sufficient as a financing statement. 
 (f) Each of the Seller and the Purchaser agree that prior to the time of
Conveyance of any Loan Assets hereunder, the Purchaser has no rights to or claim of benefit from any Loan Asset (or any interest therein) owned by the Seller. 

(g) The Transferred Assets acquired, transferred to and assumed by the Purchaser from the Seller shall include the Seller’s entitlement
to any surplus or responsibility for any deficiency that, in either case, arises under, out of, in connection with, or as a result of, the foreclosure upon or acceleration of any such Transferred Assets (other than Excluded Amounts). 

SECTION 2.2 [Reserved]. 

SECTION 2.3 [Reserved]. 

  
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 SECTION 2.4 Actions Pending Completion of Conveyance. 

(a) Pending the receipt of any required consents to, and the effectiveness of, the sale of any Loan Assets from the Seller to the Purchaser on
the date hereof in accordance with the applicable underlying instrument, the Seller hereby sells to the Purchaser a 100% participation in such Loan Asset and its related right, title and interest (each, a “Participation”). The
Participations will not include any rights that are not permitted to be participated pursuant to the terms of the underlying instruments. Such sale of the Participations shall be without recourse to the Seller (including with regard to
collectability), and shall constitute an absolute sale of each such Participation. Each of the Participations has the following characteristics: 

(i) the Participation represents an undivided participating interest in 100% of the underlying Loan Asset and its proceeds
(including the Proceeds); 
 (ii) the Seller does not provide any guaranty of payments to the holder of the Participation or
other form of recourse (except as otherwise expressly provided in the representations and warranties set forth in Article IV) or credit support; 

(iii) the Participation represents a pass through of all of the payments made on the Loan Asset (including the Proceeds) and
will last for the same length of time as such Loan Asset except that each Participation will terminate automatically upon the settlement of the assignment of the underlying right, title and interest of the related Loan Asset from the Seller to the
Purchaser; and 
 (iv) the Seller holds title in such participated Loan Assets for the benefit of the Purchaser and shall
exercise the same care in the administration of the participated Loan Assets as it would exercise for loans held for its own account. 
 (b)
Each party hereto shall use commercially reasonable efforts to, as soon as reasonably practicable after the Closing Date, cause the Purchaser to become a lender under the underlying instrument with respect to the Seller’s interest in each
Transferred Asset and take such action as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of the underlying instrument and consistent with the terms of this Agreement. 

(c) Pending completion of the assignment of the Seller’s interest in each Transferred Asset in accordance with the applicable underlying
instruments, to the extent feasible under applicable law, the Seller shall comply with any written instructions provided to the Seller by or on behalf of the Purchaser with respect to voting rights to be exercised by holders of such Transferred
Assets and shall refrain from taking any action with respect to the participated Loan Assets other than as instructed by the Purchaser, other than with respect to any voting rights that are not permitted to be participated pursuant to the terms of
the applicable underlying instrument (and such restrictions, requirements or prohibitions are hereby incorporated by reference as if set forth herein). 

SECTION 2.5 Indemnification. 

(a) The Seller hereby agrees to indemnify the Purchaser and its successors, transferees, and assigns (including each Secured Party) or any of
such Person’s respective shareholders, officers, employees, agents or Affiliates (each of the foregoing Persons being individually called an “Indemnified Party”) against, and hold each Indemnified Party harmless from, any and
all costs, losses, claims, damages, liabilities and related expenses (including the reasonable and documented out-of-pocket fees, charges and disbursements of any
outside counsel for any Indemnitee) (all of the foregoing being collectively called “Indemnified Amounts”) 

  
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incurred by any Indemnified Party or awarded against any Indemnified Party in favor of any Person (including the Seller) other than such Indemnified Party arising out of the fraud, bad faith or
willful misconduct on the part of the Seller with respect to this Agreement; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Indemnified Amounts (i) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the fraud, bad faith or willful misconduct of such Indemnified Party or (ii) the uncollectability of any Loan Asset due to an Obligor’s failure to pay any
amounts due under the applicable loan agreement in accordance with its terms. 
 (b) If the Seller has made any payment pursuant to this
Section 2.5 and the recipient thereof later collects any payments from others (including insurance companies) in respect of such amounts or is found in a final and nonappealable judgment by a court of competent jurisdiction
not to be entitled to such indemnification, then the recipient agrees that it shall promptly repay to the Seller such amounts collected. 

SECTION 2.6 Assignment of Rights and Indemnities. The Seller acknowledges that, pursuant to the Indenture, the Purchaser shall
assign all of its right, title and interest in, to and under this Agreement, including its rights of indemnity granted hereunder, to the Collateral Trustee, for the benefit of the Secured Parties. Upon such assignment, (a) the Collateral
Trustee, for the benefit of the Secured Parties, shall have all rights of the Purchaser hereunder and may in turn assign such rights, and (b) the obligations of the Seller under Section 2.5 and
Section 2.6 shall inure to the Collateral Trustee, for the benefit of the Secured Parties. The Seller agrees that, upon such assignment, the Collateral Trustee, for the benefit of the Secured Parties, may enforce directly,
without joinder of the Purchaser, the indemnities set forth in Section 2.5 and Section 2.6. 

ARTICLE III 

CONSIDERATION AND PAYMENT 

SECTION 3.1 Purchase Price. The purchase price (the “Purchase Price”) for each Loan Asset Conveyed by the Seller
to the Purchaser shall be a dollar amount at least equal to the Fair Market Value of such Loan Asset Conveyed as of such date. 

SECTION 3.2 Payment of Purchase Price. The Purchase Price, along with any fees from origination of the applicable Loan
Asset, for the Transferred Assets Conveyed from the Seller to the Purchaser shall be paid in cash in immediately available funds. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Seller’s Representations and Warranties. The Seller represents and warrants to the Purchaser as of
the Closing Date: 
 (a) Existence, Qualification and Power. The Seller (i) is duly organized, validly existing and in good
standing under the laws of its jurisdiction of organization, (ii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into this Agreement
and to carry out the transactions 

  
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contemplated thereby and (iii) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and
operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a material adverse effect on the Purchaser. 

(b) Authorization; No Contravention. The execution, delivery and performance of the Seller and the consummation of the transactions
contemplated by this Agreement do not and will not (i) violate (1) any provision of any law or any governmental rule or regulation applicable to it, (2) any of its organizational documents or (3) any order, judgment or decree of any
court or other agency of government binding on it or its properties (except where the violation could not reasonably be expected to have a material adverse effect on the Purchaser); (ii) conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any of its contractual obligations (except where the violation could not reasonably be expected to have a material adverse effect on the Purchaser); (iii) result in or require the creation or
imposition of any Lien upon any of its properties or assets (other than any Liens created under the Indenture in favor of the Collateral Trustee for the benefit of the Secured Parties); or (iv) require any approval of its stockholders, members
or partners or any approval or consent of any other Person. 
 (c) Governmental Authorization; Other Consents. The execution,
delivery and performance by the Seller and the consummation of the transactions contemplated by this Agreement do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any governmental
authority, except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to the Collateral Trustee for filing and/or recordation, as of the Closing Date. 

(d) No Adverse Proceeding; Title. There is no litigation, adverse proceeding or investigation pending or threatened against the Seller,
before any governmental authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that
would reasonably be expected to have a material adverse effect on the Purchaser. The Seller is not (A) in violation of any applicable laws that, individually or in the aggregate, could reasonably be expected to have a material adverse effect on
the Purchaser or (B) subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau,
agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a material adverse effect on the Purchaser. 

(e) Good and Marketable Title. The Seller owns and has good and marketable title to the Transferred Assets and free and clear of any
lien (other than the liens in favor of the Collateral Trustee for the benefit of the Secured Parties pursuant to the Indenture and inchoate liens arising by operation of law, Permitted Liens or any lien that will be released prior to or
contemporaneously with the applicable Conveyance) and there are no financing statements naming the Seller as debtor and covering the Transferred Assets other than any financing statements in favor of the Collateral Trustee for the benefit of the
Secured Parties pursuant to the Indenture, Permitted Liens or any lien that will be released prior to or contemporaneously with the Conveyance. 

  
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 (f) Backup Security Interest. In the event that, notwithstanding the intent of the
parties, the Conveyances hereunder shall be characterized as loans and not as sales, then: 
 (i) this Agreement creates a
valid and continuing lien and security interest on the Seller’s right, title and interest in and to the Transferred Assets in favor of the Purchaser and the Collateral Trustee, as assignee, for the benefit of the Secured Parties, which security
interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected by filing a UCC financing statement under such article), and is enforceable as such against creditors of and purchasers from the Seller;

 (ii) the Transferred Assets are comprised of interests in instruments, security entitlements, general intangibles,
accounts, certificated securities, uncertificated securities, securities accounts, deposit accounts, supporting obligations, insurance, investment property and proceeds (each as defined in the UCC) and such other categories of collateral under the
UCC as to which the Seller has complied with its obligations as set forth herein; 
 (iii) the Seller has received all
consents and approvals required by the terms of any Loan Asset to the sale and granting of a security interest in the Loan Assets hereunder to the Purchaser and the Collateral Trustee, as assignee on behalf of the Secured Parties; the Seller has
taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in that portion of the
Transferred Assets in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; 

(iv) none of the underlying promissory notes that constitute or evidence the Loan Assets has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser and the Collateral Trustee, as assignee on behalf of the Secured Parties; and 

(v) with respect to a Transferred Asset that constitutes a “certificated security,” such certificated security has
been delivered to the Collateral Trustee, or will be delivered to the Collateral Trustee and, if in registered form, has been specially Indorsed to the Collateral Trustee or in blank by an effective Indorsement or has been registered in the name of
the Collateral Trustee upon original issue or registration of transfer by the Seller of such certificated security, in each case, promptly upon receipt; provided that any file-stamped document,
promissory note and certificates relating to any Loan Asset shall be delivered as soon as they are reasonably available; and in the case of an uncertificated security, by (A) causing the Collateral Trustee to become the registered owner of such
uncertificated security and (B) causing such registration to remain effective. 
 (g) Fair Consideration; No Avoidance for Loan
Asset Payments. With respect to each Transferred Asset sold hereunder, the Seller sold such Transferred Asset to the Purchaser in exchange for payment, made in accordance with the provisions of this Agreement, in an amount which constitutes fair
consideration and reasonably equivalent value. Each such Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by the Seller to the Purchaser and, accordingly, no such sale is or may
be voidable or subject to avoidance under the Bankruptcy Code and the rules and regulations thereunder. 

  
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 (h) Adequate Capitalization; No Insolvency. As of such date it is, and after giving
effect to any Conveyance it will be, solvent and it is not entering into this Agreement or consummating any transaction contemplated hereby with any intent to hinder, delay or defraud any of its creditors. 

(i) True Sale. Each Transferred Asset sold hereunder shall have been sold by the Seller to the Purchaser in a “true sale.”

 (j) Notice to Agents and Obligors. The Seller will direct any agent, administrative agent or obligor for any Loan Asset included
in the Transferred Assets to remit all payments and collections with respect to such Loan Asset directly to the relevant Collection Account. 

(k) Proceeds. The Seller acknowledges that all Collections received by it or its Affiliates with respect to the Transferred Assets
(other than Excluded Amounts) (the “Proceeds”) Conveyed to the Purchaser are held and shall be held in trust for the benefit of the Purchaser and its assignees until deposited into the Interest Collection Subaccount or the
Principal Collection Subaccount. The Seller shall promptly remit to the Purchaser or the Purchaser’s designee any payment or any other sums relating to, or otherwise payable on account of, the Transferred Assets (other than Excluded Amounts)
that the Seller receives after the Closing Date. 
 ARTICLE V 

COVENANTS OF THE SELLER 

SECTION 5.1 Covenants of the Seller. The Seller hereby covenants and agrees with the Purchaser that, from the date hereof until
the termination of this Agreement, unless the Purchaser otherwise consents in writing: 
 (a) Deposit of Collections. The Seller shall
transfer, or cause to be transferred, all Collections (if any) it receives in respect of the Loan Assets (other than Excluded Amounts) to the Collateral Trustee promptly following the date such Collections are received by the Seller. 

(b) Books and Records. The Seller shall maintain proper books of record and account of the transactions contemplated hereby, in which
full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions contemplated hereunder. 

(c) Accounting of Purchases. Other than for consolidated accounting purposes, the Seller will not account for or treat the transactions
contemplated hereby in any manner other than as a sale of the Transferred Assets by the Seller to the Purchaser; provided that solely for federal income tax reporting purposes, the Purchaser is treated as a “disregarded entity” of
the sole owner of the Seller and, therefore, the Conveyance of Transferred Assets by the Seller to the Purchaser hereunder will not be recognized. 

  
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 (d) Liens. The Seller shall not create, incur, assume or permit to exist any Lien on
or with respect to any of its rights in the Transferred Assets (other than the liens in favor of the Collateral Trustee for the benefit of the Secured Parties pursuant to the Indenture, Permitted Liens and any lien that will be released prior to or
contemporaneously with the applicable Conveyance). For the avoidance of doubt, this Section 5.1(d) shall not apply to any property retained by the Seller and not Conveyed or purported to be Conveyed hereunder. 

(e) Change of Name, Etc. The Seller shall not change its name, or name under which it does business, in any manner that would make any
financing statement or continuation statement filed by the Seller or Purchaser pursuant hereto (or by the Collateral Trustee on behalf of the Seller or Purchaser) or change its jurisdiction of organization, unless the Seller shall have given the
Purchaser at least 30 days prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements and, in the case of a change in jurisdiction, new financing statements.
The Seller shall do or cause to be done, all things necessary to preserve and keep in full force and effect its existence, its material rights and its material privileges, obligations, licenses and franchises for so long as any Participations remain
outstanding pursuant to Section 2.4. 
 (f) Sale Characterization. The Seller shall not make statements or
disclosures, or treat the transactions contemplated by this Agreement (other than for consolidated accounting purposes) in any manner other than as a true sale or absolute assignment of the title to and sole record and beneficial ownership interest
of the Transferred Assets Conveyed or purported to be Conveyed hereunder; provided that the Seller may consolidate the Purchaser and/or its properties and other assets for accounting purposes in accordance with GAAP if any consolidated
financial statements of the Seller contain footnotes that the Transferred Assets have been sold to the Purchaser. 
 (g) Expenses.
The Seller shall pay its operating expenses and liabilities from its own assets. 
 (h) Commingling. The Seller shall not, and shall
not permit any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute Collections of any Loan Asset into the Interest Collection Subaccount or the Principal Collection Subaccount. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 

SECTION 6.1 Amendments, Etc. This Agreement and the rights and obligations of the parties hereunder may not be amended,
supplemented, waived or otherwise modified except in an instrument in writing signed by the Purchaser and the Seller and permitted under the Indenture; provided that the prior written consent of a Majority of the Controlling Class is required
with respect to any amendments or modifications that could have a Material Adverse Effect on the Holders of the Debt. Any reconveyance executed in accordance with the provisions hereof shall not be considered an amendment or modification to this
Agreement. 

  
 -11- 

 SECTION 6.2 Governing Law: Submission to Jurisdiction; Waiver of Jury Trial.

 (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW
ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 

(b) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY
FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT,
EACH PARTY, FOR ITSELF, IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY AND TO THE FULLEST EXTENT IT IS LEGALLY PERMITTED TO DO SO (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY
DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN
ACCORDANCE WITH SECTION 6.3 AND (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 
 (c) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE PURCHASER/SELLER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED
TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS
RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS
WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 6.2 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS

  
 -12- 

 
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 SECTION 6.3 Notices. All notices and
other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including electronic communication) and shall be personally delivered or sent by certified or registered mail (return receipt requested), by overnight
delivery service (with all charges paid), by electronic mail (“e-mail”) or by hand delivery, to the intended party at the address of such party set forth below: 

 

	 	(a)	 in the case of the Purchaser, as provided under the Indenture; 

 

	 	(b)	 in the case of the Seller: 

ORCC FINANCING IV LLC 
 399 Park
Avenue, Floor 38 
 New York, NY 10022 

Attention: Jonathan Lamm 
 E-mail Address: jonathan.lamm@blueowl.com with a copy to legal@owlrock.com 
 All such notices and correspondence shall be
deemed given (a) if sent by certified or registered mail, three (3) Business Days after being postmarked, (b) if sent by overnight delivery service or by hand delivery, when received at the above stated addresses or when delivery is
refused and (c) if sent by e-mail, when received. 
 SECTION 6.4 Severability of
Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the
remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

SECTION 6.5 Further Assurances. The Purchaser and the Seller each agree that at any time and from time to time, at its expense and
upon reasonable request of the Collateral Trustee, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is necessary or desirable to perfect and protect the Conveyances and
security interests granted or purported to be granted by this Agreement or to enable the Collateral Trustee or any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect to any Transferred Assets.

 SECTION 6.6 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Purchaser,
the Seller or the Collateral Trustee, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privilege provided by law. 

  
 -13- 

 SECTION 6.7 Counterparts. This Agreement may be executed in two or more
counterparts including telecopy transmission thereof (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart
of a signature page to this Agreement by facsimile or e-mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. The parties agree that this
Agreement may be electronically signed and that such electronic signatures appearing on the Agreement are the same as handwritten signatures for purposes of validity, enforceability and admissibility. 

SECTION 6.8 Non-Petition. The Seller covenants and agrees that, prior to the date
that is one year (or, if longer, any applicable preference period) and one day after the payment in full of all Debt (other than contingent reimbursement and indemnification obligations which are unknown, unmatured and for which no claim has been
made), no party hereto shall institute against, or join any other Person in instituting against, the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under any federal, state
or foreign bankruptcy or similar law. This Section 6.8 shall survive termination of the Agreement. 
 SECTION 6.9 Transfer of
Seller’s Interest. With respect to each transfer of a Transferred Asset, (a) the Purchaser shall, as to each Transferred Asset, be a party to the relevant underlying instruments and have the rights and obligations of a
lender thereunder, and (b) the Seller shall, to the extent provided in this Agreement, and the applicable underlying instruments, relinquish its rights and be released from its obligations, as to each Transferred Asset. The obligors or agents
on the Transferred Asset were or will be notified of the transfer of the Transferred Asset to the Purchaser to the extent required under the applicable underlying instruments. The Collateral Trustee will have possession of the related underlying
instrument (including the underlying promissory notes, if any). 
 SECTION 6.10 Binding Effect; Third-Party Beneficiaries and Assignability. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. The Collateral Trustee, for the
benefit of the Secured Parties, and the Collateral Trustee are each intended by the parties hereto to be an express third-party beneficiary of this Agreement. Notwithstanding anything to the contrary contained
herein, this Agreement may not be assigned by the Purchaser or the Seller without the prior written consent of the Collateral Trustee. 

SECTION 6.11 Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. 

SECTION 6.12 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 

  
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 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -15- 

 IN WITNESS WHEREOF, the Purchaser and the Seller each have caused this Loan Sale Agreement
to be duly executed by their respective officers as of the day and year first above written. 
  

			
	ORCC FINANCING IV LLC, as Seller
		
	By:	 	/s/ Jonathan Lamm
		 	Name: Jonathan Lamm
		 	Title: Authorized Signatory
	
	OWL ROCK CLO VII, LLC, as Purchaser
		
	By:	 	/s/ Donald J. Puglisi
		 	Name: Donald J. Puglisi
		 	Title: President

  
 [Signature Page to the
Loan Sale Agreement] 

 Schedule A 

SCHEDULE OF LOAN ASSETS 

[see attached] 

															
	 ORCC FINANCING IV Asset Purchase July 26, 2022

 
	 
	 Company
	  	 Facility
	  	Purchased Par	 	  	Price	 	 	Cash Purchase
Price	 
	 BP Veraison Holdings, LLC (BP Veraison Buyer, LLC)
	  	Initial Term Loan	  	$	9,210,000.00	 	  	 	98.50	% 	 	$	9,071,850.00	 
	 Endries Acquisition, Inc.
	  	Initial Term Loan	  	$	9,620,000.00	 	  	 	100.00	% 	 	$	9,620,000.00	 
	 Gaylord Chemical Company, L.L.C.
	  	Initial Term Loan	  	$	8,790,000.00	 	  	 	99.25	% 	 	$	8,724,075.00	 
	 Individual FoodService Holdings, LLC
	  	Initial Term Loan	  	$	5,970,000.00	 	  	 	99.25	% 	 	$	5,925,225.00	 
	 Integrity Marketing Acquisition, LLC
	  	Initial Term Loan	  	$	9,620,000.00	 	  	 	100.00	% 	 	$	9,620,000.00	 
	 Lazer Spot Holdings, Inc.
	  	Initial Term Loan	  	$	9,620,000.00	 	  	 	100.00	% 	 	$	9,620,000.00	 
	 Litera Bidco LLC
	  	Tranche B Term Loan	  	$	9,210,000.00	 	  	 	100.00	% 	 	$	9,210,000.00	 
	 Apptio, Inc.
	  	Term Loan	  	$	7,500,000.00	 	  	 	100.00	% 	 	$	7,500,000.00	 
	 InterOperability Bidco, Inc.
	  	Initial Term A-1 Loan	  	$	4,525,939.91	 	  	 	99.37	% 	 	$	4,497,426.49	 
	 InterOperability Bidco, Inc.
	  	Initial Term A-2 Loan	  	$	4,684,060.09	 	  	 	99.37	% 	 	$	4,654,550.51	 
	 Zenith Energy U.S. Logistics Holdings, LLC
	  	Initial Term Loan	  	$	563,432.03	 	  	 	100.00	% 	 	$	563,432.03	 
	 Douglas Products and Packaging Company LLC
	  	Term Loan	  	$	14,000,000.00	 	  	 	99.00	% 	 	$	13,860,000.00	 
		  		  	  
	  
	 	  				 	  
	  
	 
	 Totals
	  		  	$	93,313,432.03	 	  				 	$	92,866,559.03EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 
 OWL ROCK
CLO VII, LLC, 
 as Borrower 

STATE STREET BANK AND TRUST COMPANY, 

as Loan Agent 
 STATE STREET BANK
AND TRUST COMPANY, 
 as Collateral Trustee 

and 
 EACH OF THE CLASS A-L1 LENDERS PARTY HERETO 
  

 
 CLASS A-L1 CREDIT AGREEMENT 
  

 
 Dated
July 26, 2022 

 TABLE OF CONTENTS 
  

							
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01.
	 	Defined Terms	  	 	1	 
	 Section 1.02.
	 	Terms Generally	  	 	3	 
	 Section 1.03.
	 	Conflict between Transaction Documents	  	 	3	 
		
	 ARTICLE II THE CLASS A-L1 LOANS
	  	 	3	 
			
	 Section 2.01.
	 	Commitments of the Class A-L1 Lenders	  	 	3	 
	 Section 2.02.
	 	Class A-L1 Loan Notes	  	 	4	 
	 Section 2.03.
	 	Principal; Interest Rate	  	 	5	 
	 Section 2.04.
	 	Withholding	  	 	5	 
	 Section 2.05.
	 	Register	  	 	5	 
	 Section 2.06.
	 	Additional Class A-L1 Loans	  	 	6	 
	 Section 2.07.
	 	Conversion	  	 	6	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	7	 
			
	 Section 3.01.
	 	Representations and Warranties	  	 	7	 
	 Section 3.02.
	 	Several Representations and Covenants of Each Class A-L1 Lender	  	 	8	 
		
	 ARTICLE IV CONDITIONS
	  	 	12	 
			
	 Section 4.01.
	 	Closing Date	  	 	12	 
		
	 ARTICLE V THE LOAN AGENT AND THE COLLATERAL TRUSTEE
	  	 	12	 
			
	 Section 5.01.
	 	Appointment	  	 	12	 
	 Section 5.02.
	 	Certain Duties and Responsibilities	  	 	13	 
	 Section 5.03.
	 	Compensation	  	 	13	 
	 Section 5.04.
	 	Resignation and Removal; Appointment of a Successor	  	 	14	 
	 Section 5.05.
	 	Acceptance of Appointment by Successor	  	 	15	 
	 Section 5.06.
	 	Loan Agent Criteria	  	 	15	 
	 Section 5.07.
	 	Merger, Conversion, Consolidation or Succession to Business of the Loan Agent	  	 	15	 
	 Section 5.08.
	 	Account	  	 	15	 
		
	 ARTICLE VI CLASS A-L1 LOAN EVENT OF
DEFAULT
	  	 	16	 
			
	 Section 6.01.
	 	Class A-L1 Loan Event of Default	  	 	16	 
	 Section 6.02.
	 	Rights Under Indenture; Remedies Cumulative	  	 	16	 

  
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	 ARTICLE VII MISCELLANEOUS
	  	 	17	 
			
	 Section 7.01.
	 	Notices	  	 	17	 
	 Section 7.02.
	 	Waivers; Amendments	  	 	17	 
	 Section 7.03.
	 	Successors and Assigns	  	 	18	 
	 Section 7.04.
	 	Survival	  	 	19	 
	 Section 7.05.
	 	Counterparts; Integration; Effectiveness	  	 	19	 
	 Section 7.06.
	 	Severability	  	 	20	 
	 Section 7.07.
	 	Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial Right	  	 	20	 
	 Section 7.08.
	 	Benefits of Indenture	  	 	21	 
	 Section 7.09.
	 	Headings	  	 	21	 
	 Section 7.10.
	 	Recourse against Certain Parties	  	 	21	 
	 Section 7.11.
	 	Limited-Recourse Obligations	  	 	21	 
	 Section 7.12.
	 	Non-Petition	  	 	22	 
	 Section 7.13.
	 	Prohibition on Commencement of Proceedings	  	 	22	 
	 Section 7.14.
	 	Appointment of Collateral Trustee	  	 	22	 
	 Section 7.15.
	 	Acknowledgment of Indenture Provisions	  	 	23	 
	 Section 7.16.
	 	USA Patriot Act Notice	  	 	23	 
	 Section 7.17.
	 	Payments Pro Rata	  	 	23	 
	 Section 7.18.
	 	Confidential Information	  	 	23	 
			
	 SCHEDULE I
	 	CLASS A-L1 LENDER INFORMATION	  			
			
	 EXHIBIT A
	 	FORM OF ASSIGNMENT AND ACCEPTANCE	  			
	 EXHIBIT B
	 	FORM OF CLASS A-L1 LOAN NOTE	  			

  

  
 -ii- 

 CLASS A-L1 CREDIT AGREEMENT, dated as of
July 26, 2022 (as amended, restated, supplemented or modified from time to time, this “Agreement”), among: 

(1) Owl Rock CLO VII, LLC, a Delaware limited liability company (the “Borrower”); 

(2) each of the CLASS A-L1 LENDERS party hereto; 

(3) State Street Bank and Trust Company, a Massachusetts trust company , as agent for the
Class A-L1 Lenders (in such capacity, together with its successors in such capacity, the “Loan Agent”); and 

(4) State Street Bank and Trust Company, a Massachusetts trust company , as Collateral Trustee under the Indenture (as defined
herein) (the “Collateral Trustee”). 
 WHEREAS, the Borrower and the Collateral Trustee are party to an Indenture, dated as
of July 26, 2022 (and as may be further modified and supplemented and in effect from time to time, the “Indenture”), pursuant to which the Borrower has authorized and issued one or more Classes of Debt (as defined in the
Indenture); 
 WHEREAS, the Borrower wishes to borrow from the Class A-L1 Lenders, and the Class A-L1 Lenders wish to lend to the Borrower, term loans maturing on July 20, 2033, in an aggregate principal amount of U.S.$75,000,000, under and in accordance with the terms set forth in this
Agreement (the “Class A-L1 Loans”), which loans will rank pari passu with the Class A-1 Notes issued under the Indenture and the Class A-L2 Loans incurred under the Class A-L2 Credit Agreement; and 

WHEREAS, the Borrower has, under and in accordance with the terms of the Indenture, Granted (as defined in the Indenture) to the Collateral
Trustee, for the benefit and security of the Class A-L1 Lenders and the other Secured Parties (as defined in the Indenture) specified therein, as their respective interests may appear, all of its right,
title and interest in and to all of the Assets. 
 NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01. Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings ascribed
thereto in the Indenture. As used in this Agreement, the following terms shall have the meanings specified below: 
 “Additional
Class A-L1 Lender” has the meaning specified in Section 2.06(a). 

 “Additional Class A-L1
Loan” has the meaning specified in Section 2.06(a). 
 “Additional Incurrence Date”
means the date of issuance of any Additional Class A-L1 Loans pursuant to Section 2.06. 

“Advisors” has the meaning specified in Section 3.02(e). 

“Assignment and Acceptance” means an assignment and acceptance entered into by a
Class A-L1 Lender and an assignee of such Class A-L1 Lender substantially in the form of Exhibit A. 

“Class A-L1 Lenders” means each Person who is a lender hereunder (including any
Additional Class A-L1 Lender) or who becomes a lender hereunder by virtue of assignment via an Assignment and Acceptance. 

“Class A-L1 Loan” has the meaning specified in the Recitals. For the avoidance of
doubt, references to “Class A-L1 Loans” include any Additional Class A-L1 Loans. 

“Class A-L1 Loan Event of Default” has the meaning specified in
Section 6.01. 
 “Class A-L1 Loan Note” means a note
signed by the Borrower substantially in the form of Exhibit B. 
 “Code” means the United States Internal Revenue
Code of 1986, as amended, and the Treasury regulations promulgated thereunder. 
 “Conforming Amendment” means (a) an
amendment to this Agreement to make corresponding changes to this Agreement to reflect any changes to the Indenture effected pursuant to Article VIII of the Indenture and (b) amendments to remove conflicts or inconsistencies with the Indenture
as determined by the Collateral Manager. 
 “CRS” means the OECD Standard for Automatic Exchange of Financial Account
Information – Common Reporting Standard, as amended from time to time, including any implementing legislation or related regulations or guidance notes. 

“Default” means any condition or event that constitutes a Class A-L1 Loan Event
of Default or that, with the giving of notice or lapse of time or both, would, unless cured or waived, become a Class A-L1 Loan Event of Default. 

“FATCA” means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations
thereof, any agreement entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, or any fiscal or regulatory legislation, guidance
notes, rules or practices adopted pursuant to any such intergovernmental agreement. 
 “Governmental Authority” means the
government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

  
 2 

 “Register” has the meaning specified in
Section 2.05. 
 Section 1.02. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof and (d) all references herein to Articles, Sections, Exhibits
and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. 
 Section 1.03.
Conflict between Transaction Documents. If there is any conflict between this Agreement and the Indenture or any other Transaction Document, this Agreement, the Indenture and such other Transaction Document shall be interpreted and construed,
if possible, so as to avoid or minimize such conflict but, to the extent (and only to the extent) of such conflict, the Indenture shall prevail and control and in any other case this Agreement shall prevail and control. It is understood and agreed
that matters under the Indenture that require the consent of, or any act by, all or any portion of the Class A Debt (as a whole, as opposed to the Class A-1 Lenders alone) shall be governed
exclusively by the Indenture (including as amended or supplemented from time to time), notwithstanding the fact that such matters are also addressed herein. The parties hereto acknowledge that the
Class A-L1 Loans made under this Agreement are the “Class A-L1 Loan” referred to in the Indenture. 

ARTICLE II 
 THE CLASS A-L1 LOANS 
 Section 2.01. Commitments of the Class A-L1 Lenders. 
 (a) Subject to the terms and conditions set forth in
Section 4.01 herein, each Class A-L1 Lender as of the Closing Date agrees to make a Class A-L1 Loan to the Borrower on the Closing
Date in an amount equal to the amount set forth opposite such Class A-L1 Lender’s name on Schedule I attached hereto. The initial aggregate principal amount of all Class A-L1 Loans made hereunder shall be U.S.$75,000,000. In addition, on any Additional Incurrence Date, each Class A-L1 Lender with respect to Additional Class A-L1 Loans shall fund its Class A-L1 Loan in the applicable amount. No amount borrowed and consequently repaid or prepaid hereunder can be re-borrowed. 

  
 3 

 (b) Subject to the terms and conditions set forth in Section 3.01
herein, each Class A-L1 Lender shall fund its Class A-L1 Loans by wire transfer of immediately available funds by 10:00 a.m., New York time, on the Closing
Date or applicable Additional Incurrence Date, to the account set forth on Schedule I attached hereto. 
 Section 2.02. Class
A-L1 Loan Notes. 
 (a) The Borrower shall, if requested by any
Class A-L1 Lender, (i) sign a Class A-L1 Loan Note in the name of such Class A-L1 Lender, dated the Closing
Date or applicable Additional Incurrence Date and (ii) deliver such Class A-L1 Loan Note to the Loan Agent on behalf of such Class A-L1 Lender for
delivery by the Loan Agent to such Class A-L1 Lender. 
 (b) Notwithstanding anything to the
contrary contained above in this Section 2.02 or elsewhere in this Agreement, Class A-L1 Loan Notes shall be delivered only to
Class A-L1 Lenders that at any time specifically request the delivery of such Class A-L1 Loan Notes. No failure of any
Class A-L1 Lender to request or obtain a Class A-L1 Loan Note evidencing its Class A-L1 Loans shall affect or in
any manner impair the obligations of the Borrower to pay the Class A-L1 Loans incurred by the Borrower that would otherwise be evidenced thereby in accordance with the requirements of this Agreement, and
shall not in any way affect the security therefor provided pursuant to the Indenture. At any time (including, without limitation, to replace any Class A-L1 Loan Note that has been destroyed or lost) when
any Class A-L1 Lender requests the delivery of a Class A-L1 Loan Note to evidence any of its Class A-L1 Loans, the
Borrower shall promptly execute and deliver to such Class A-L1 Lender the requested Class A-L1 Loan Note in the appropriate amount or amounts to evidence such Class A-L1 Loans; provided that, in the case of a substitute or replacement Class A-L1 Loan Note, the Borrower shall have received from such requesting Class A-L1 Lender (i) an affidavit of loss or destruction and (ii) a customary lost/destroyed Class A-L1 Loan Note indemnity, in each case, in form and
substance reasonably acceptable to the Borrower and such requesting Class A-L1 Lender, and duly executed by such requesting Class A-L1 Lender. 

(c) As a condition to the repayment in full of any Class A-L1 Loans, the Loan Agent or the
Collateral Trustee may require the related Class A-L1 Lender to present and surrender its Class A-L1 Loan Note on or prior to such repayment; provided
that if the Borrower and the Loan Agent shall have received (i) an affidavit of loss or destruction or an undertaking thereafter to surrender such Class A-L1 Loan Note and (ii) a customary
lost/destroyed Class A-L1 Loan Note indemnity, in each case, in form and substance reasonably acceptable to the Borrower, the Loan Agent and such requesting
Class A-L1 Lender, and duly executed by such requesting Class A-L1 Lender, then such final payment shall be made without presentation or surrender. Except as
otherwise required by applicable law, any Money deposited with the Loan Agent in trust for any payment on any Class A-L1 Loan and remaining unclaimed for two years after such amount has become due and
payable shall be paid to the Borrower on Issuer Order; and the Lender of such Class A-L1 Loan shall thereafter, as an unsecured general creditor, look only to the Borrower for payment of such amounts and
all liability of the Loan Agent with respect to such trust Money (but only to the extent of the amounts so paid to the Borrower) shall thereupon cease. 

  
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 Section 2.03. Principal; Interest Rate. 

(a) Principal of the Class A-L1 Loans, including mandatory and optional principal prepayments,
shall be paid by the Borrower in part or in whole at the times and in the manner set forth in the Indenture, including (x) in connection with the Borrower’s repayment of such Obligations pursuant to Section 2.8 of the Indenture,
(y) in connection with a repayment, redemption or Refinancing of the Class A-L1 Loans pursuant to Article IX of the Indenture, or (z) otherwise, in accordance with the Priority of Payments.
Unless principal on a Class A-L1 Loan becomes due and payable at an earlier date by acceleration, prepayment or otherwise, all unpaid principal of the
Class A-L1 Loans shall be due and payable on the Stated Maturity. 
 (b) Interest shall accrue
on each Class A-L1 Loan or portion thereof which remains unpaid at the applicable Interest Rate and shall be due and payable at the times and in the manner set forth in the Indenture. 

(c) Each repayment, redemption, and prepayment of a Loan shall be subject to the terms of the Indenture (including the subordination
provisions set forth in Article XIII thereof and the Priority of Payments set forth in Section 11.1 thereof). Without limiting the generality of the foregoing, the Class A-L1 Loans shall comprise and
be a part of the Class A Debt and, as such, shall be subject to the terms and conditions of the Indenture applicable to the Class A Debt, and shall have the rights afforded in the Indenture to the Class A Debt (to the extent of the
component thereof consisting of the Class A-L1 Loans). 
 Section 2.04.
Withholding. 
 (a) If any amount is required to be deducted or withheld from any payment to any Lender, such amount shall reduce the
amount otherwise distributable to such Lender. The Loan Agent is hereby authorized to withhold or deduct from amounts otherwise distributable to any Lender sufficient funds for the payment of any tax that is legally required to be withheld or
deducted (but such authorization shall not prevent the Loan Agent from contesting any such tax in appropriate Proceedings and legally withholding payment of such tax, pending the outcome of such Proceedings). The amount of any withholding tax
imposed with respect to any Lender shall be treated as cash distributed to such Lender at the time it is deducted or withheld by the Borrower or the Loan Agent, as applicable, and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to a distribution, the Loan Agent may in its sole discretion withhold such amounts in accordance with this Section 2.04. If any Lender wishes to apply for a refund of any such withholding
tax, the Loan Agent shall reasonably cooperate with such Lender in making such claim so long as such Lender agrees to reimburse the Loan Agent for any out-of-pocket
expenses incurred 
 Section 2.05. Register. 

(a) The Borrower shall cause to be kept a register (the “Register”) in which, subject to such reasonable procedures as it may
prescribe, the Borrower shall provide for the recording and registering of the following information with respect to each Class A-L1 Lender: 

(i) the name, notice details, wiring instructions and taxpayer identification number of such
Class A-L1 Lender, together with the names of the authorized representatives of such Class A-L1 Lender and their mailing address, electronic mail address,
telephone and facsimile numbers; 

  
 5 

 (ii) the Aggregate Outstanding Amount of
Class A-L1 Loans funded by such Class A-L1 Lender, and the interest thereon; and 

(iii) the Closing Date or applicable Additional Incurrence Date with respect to the
Class A-L1 Loans of such Class A-L1 Lender. 
 The
Collateral Trustee is hereby appointed “Registrar” for the purpose of registering and recording the information described in clauses (i), (ii) and (iii) above. 

The Collateral Trustee shall update the information contained in the Register upon notice from the Loan Agent of (i) the transfer of any Class A-L1 Loan, (ii) the funding of any Additional Class A-L1 Loan and (iii) the receipt of written notice from the Borrower or the applicable Class A-L1 Lender confirming a change in the notice details or the authorized representatives of any Class A-L1 Lender. 

Absent manifest error, the information contained in the Register will be conclusive evidence of the rights and obligations of each Class A-L1 Lender with respect to the Class A-L1 Loans held by such Class A-L1 Lender. 

On the Closing Date, on the date of each amendment hereto and from time to time upon request from the Registrar under the Indenture, the
Registrar shall provide to the Borrower and the Collateral Manager a copy of the information contained in the Register and, upon request at any time by a Class A-L1 Lender, the Registrar shall provide
such Class A-L1 Lender a copy of the information contained in the Register relating to the Class A-L1 Loans held by such
Class A-L1 Lender. 
 Section 2.06. Additional Class A-L1 Loans. 
 (a) On any Business Day and upon satisfaction of the conditions to such
incurrence set forth in Section 2.4 of the Indenture, the Borrower may incur additional Class A-L1 Loans hereunder (each an “Additional
Class A-L1 Loan”). The existing Class A-L1 Lenders shall have the first opportunity to make each Additional Class A-L1 Loan in such amounts as are necessary to preserve (as closely as reasonably practicable taking into consideration minimum denomination requirements) their pro rata holdings of Class A-L1 Loans or, if they decline, additional Persons (each an “Additional Class A-L1 Lender”) may deliver a signature page and
become Class A-L1 Lenders for all purposes hereunder. 
 (b) Any Additional Class A-L1 Loans issued pursuant to this Section 2.06 shall constitute Class A-L1 Loans for all purposes hereunder and under the Indenture
and shall be subject to the terms of this Agreement and the Indenture as if such Additional Class A-L1 Loans had been incurred on the Closing Date, except that (for the avoidance of doubt) interest shall
accrue with respect to any Additional Class A-L1 Loans from the applicable Additional Incurrence Date. 

Section 2.07. Conversion. For the avoidance of doubt, the Lenders may not convert or exchange any portion of the Class A-L1 Loans into Notes. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.01. Representations and Warranties. (a) The Borrower represent, warrants and covenants to the Class A-L1 Lenders, the Loan Agent, the Collateral Manager and the Collateral Trustee that: 

(i) It is a limited liability company duly formed and validly existing and in good standing under the law of the State of
Delaware. 
 (ii) It has the power to execute and deliver this Agreement and the Indenture and to perform its obligations
under this Agreement and the Indenture and has taken all necessary action to authorize such execution, delivery and performance. 

(iii) Assuming (A) that all representations and warranties of the Class A-L1
Lenders in this Agreement are true and correct and assuming compliance by each such Class A-L1 Lender with applicable transfer restriction provisions and other provisions herein and in the Indenture and
(B) that all representations and warranties of all of the holders of the Notes in the Indenture (whether deemed or delivered in any representation letter required under the Indenture) are true and correct and assuming compliance by each holder
of Notes with applicable transfer restriction provisions and other provisions in the Indenture, (x) such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional
documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets, (y) all governmental and other consents that are
required to have been obtained by it with respect to the execution, delivery and performance of this Agreement and the Indenture have been obtained and are in full force and effect and all conditions of any such consents have been complied with, and
(z) it is not required to register as an investment company under the Investment Company Act. 
 (iv) Its obligations
under this Agreement and the Indenture constitute its legal, valid and binding obligations, enforceable against it in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or other similar
laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

(v) Neither it, nor any of its subsidiaries, directors or officers (i) are the target of any sanctions enforced by the
United States government (including, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions authority) (collectively
“Sanctions”) and (ii) will knowingly use any payments made pursuant to this Agreement or the Indenture, (x) to fund or facilitate any activities of or business with any person who, at the time of such funding or
facilitation, is the target of Sanctions, (y) to fund or facilitate any activities of or business with any country or territory that is the target or subject of comprehensive, country-wide or territory-wide Sanctions, including, without
limitation, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk and Luhansk regions of Ukraine or (z) in any other manner that will result in a violation of Sanctions by any party to this Agreement. 

  
 7 

 (b) The Loan Agent hereby represents and warrants that: 

(i) the Loan Agent is a trust company with trust powers under the laws of the Commonwealth of Massachusetts, and has the
requisite power and authority to execute, deliver and perform its obligations hereunder and is duly eligible and qualified to act as Loan Agent hereunder; 

(ii) this Agreement has been duly authorized, executed and delivered by the Loan Agent, and constitutes the valid and binding
obligation of the Loan Agent, enforceable against it in accordance with its terms except (A) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (B) that the remedy of specific performance and
injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefore may be brought; and 

(iii) neither the execution or delivery by the Loan Agent of this Agreement or the Indenture, nor performance by the Loan Agent
of its obligations hereunder and thereunder requires the consent or approval of, the giving of notice to or the registration or filing with any United States federal or New York state agency or other governmental body under any United States federal
or New York state regulation or law, having jurisdiction over the banking or trust powers of the Loan Agent. 
 Section 3.02.
Several Representations and Covenants of Each Class A-L1 Lender. Each Class A-L1 Lender severally represents and warrants (as to itself
only) to the Borrower, the Loan Agent, the Collateral Manager and the Collateral Trustee, as of the date hereof, as of the date each transferee becomes a Class A-L1 Lender in accordance with
Section 7.03 hereof and as of the date of each Class A-L1 Loan, and covenants as follows: 

(a) It has the power to execute and deliver this Agreement and to perform its obligations under this Agreement and has taken all necessary
action to authorize such execution, delivery and performance. 
 (b) Its obligations under this Agreement constitute its legal, valid and
binding obligations, enforceable against it in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

  
 8 

 (c) Its execution and delivery of this Agreement and its performance of its obligations
hereunder do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction
binding on or affecting it or any of its assets, except in each case for any violation or conflict as would not have a material and adverse effect on its performance of its obligations hereunder. 

(d) It is not required to register as an investment company under the 1940 Act. 

(e) Such Class A-L1 Lender is capable of evaluating the merits and risks of an investment in the Class A-L1 Loans. Such Class A-L1 Lender is able to bear the economic risks of an investment in the Class A-L1 Loans,
including the loss of all or a substantial part of its investment under certain circumstances. Such Class A-L1 Lender has had access to such information concerning the parties to the Transaction Documents
and the Class A-L1 Loans as it deems necessary or appropriate to make an informed investment decision, including an opportunity to ask questions and receive information from the parties to the Transaction
Documents, and it has received all information that it has requested concerning its purchase of the Class A-L1 Loans. Such Class A-L1 Lender has, to the extent
it deems necessary, consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisers (its “Advisors”) with respect to its lending of Class A-L1
Loans. 
 Such Class A-L1 Lender has made its own independent investment decision (including
decisions regarding the suitability of any transaction) based upon its own judgment, any advice received from its Advisors, and its review of the Transaction Documents, which it has read and understands, and not upon any view, advice or
representations (whether written or oral) of any party to the Transaction Documents and (ii) hereby reconfirms its decision to make an investment in the Class A-L1 Loans to the extent such decision
was made prior to the receipt of the final Offering Circular. No party to a Transaction Document is acting as a fiduciary or financial or investment adviser to such Class A-L1 Lender. No party to a
Transaction Document has given such Class A-L1 Lender any assurance or guarantee as to the expected or projected performance of the Class A-L1 Loans. Such Class A-L1 Lender understands that the Class A-L1 Loans will be highly illiquid. Such Class A-L1 Lender is prepared to
hold the Class A-L1 Loans for an indefinite period of time or until maturity. 
 (f) Such Class A-L1 Lender is a QIB/QP. 
 (g) Such Class A-L1
Lender is acquiring the Class A-L1 Loans as principal for its own account and not for sale in connection with any distribution thereof. Such Class A-L1 Lender
was not formed solely for the purpose of investing in the Class A-L1 Loans and is not a (i) partnership, (ii) common trust fund or (iii) special trust, pension fund or retirement plan in which
the partners, beneficiaries or participants, as applicable, may designate the particular investments to be made. Such Class A-L1 Lender agrees that it will not hold such
Class A-L1 Loans for the benefit of any other person and will be the sole beneficial owner thereof for all purposes and that, except pursuant to a written agreement with the Borrower requiring compliance
with the provisions of the Indenture and this Agreement applicable to the transfer of an interest in such Class A-L1 Loans, it will not sell participation interests in the
Class A-L1 Loans or enter into any other arrangement pursuant to which any other person will be entitled to a beneficial interest in the distributions on the
Class A-L1 Loans and further that the Class A-L1 Loans made by it constitute an investment of no more than 40% of such
Class A-L1 Lender’s assets. 

  
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 (h) 

(i) Either (i) such Class A-1L Lender is not, and is not acting on behalf of,
a Benefit Plan Investor, or (ii) such Class A-1L Lender’s acquisition, holding and disposition of Class A-1L Loans (or any interest therein) will not
constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, and if it is a governmental, church,
non-U.S. or other plan which is subject to any Other Plan Law, its acquisition, holding and disposition of such Class A-1L Loans (or any interest therein) will not
constitute or result in a violation of any Other Plan Law. If such Class A-1L Lender becomes a Non-Permitted ERISA Holder, it agrees to act in accordance with
Section 2.12 of the Indenture. 
 (i) Such Class A-L1 Lender agrees to treat the Class A-L1 Loans as indebtedness of the Borrower for U.S. federal, state and local income tax purposes and will take no action inconsistent with such treatment unless required by law. 

(i) Each Lender will provide the Borrower or its agents with any correct, complete and accurate information or documentation
that may be required for the Borrower to comply with FATCA and the CRS and to prevent the imposition of U.S. federal withholding tax under FATCA on payments to or for the benefit of the Borrower. In the event such Lender fails to provide such
information or documentation, or to the extent that its ownership of Class A-L1 Loans would otherwise cause the Borrower to be subject to any tax under FATCA, (A) the Borrower (and any agent acting
on its behalf) is authorized to withhold amounts otherwise distributable to the Lender as compensation for any amounts withheld from payments to or for the benefit of the Borrower as a result of such failure or such ownership, and (B) to the
extent necessary to avoid an adverse effect on the Borrower as a result of such failure or such ownership, the Borrower will have the right to compel the Lender to sell its Class A-L1 Loans and, if such
person does not sell its Class A-L1 Loans within 10 Business Days after notice from the Borrower or its agents, the Borrower will have the right to sell such
Class A-L1 Loans at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account, in addition to other related costs and
charges, any taxes incurred by the Borrower in connection with such sale) to such person as payment in full for such Class A-L1 Loan. The Borrower may also assign each such
Class A-L1 Loan a separate securities identifier in the Borrower’s sole discretion. Each Lender agrees that the Borrower, the Collateral Trustee and/or their agents or representatives may
(1) provide any information and documentation concerning its investment in its Class A-L1 Loan to the U.S. Internal Revenue Service and any other relevant tax authority and (2) take such other
steps as they deem necessary or helpful to ensure that the Borrower complies with FATCA and the CRS. 
 (ii) Each Lender will
provide the Borrower and the Collateral Trustee with certifications necessary to establish that it is not subject to withholding tax under FATCA. 

(iii) Each Class A-L1 Lender acknowledges that the Borrower has the right,
hereunder, to compel any beneficial owner of an interest in any Class A-L1 Loans that fails to comply with the foregoing requirements to sell its interest in such
Class A-L1 Loans, or to sell such interest on behalf of such owner following the procedures and timeframe relating to Non-Permitted Holders specified in
Section 2.12 of the Indenture. 

  
 10 

 (iv) Such Class A-L1 Lender
agrees to timely furnish the Issuer, the Loan Agent, the Collateral Trustee or their respective agents with any tax forms or certifications (including, without limitation, IRS Form W-9, an applicable IRS Form W-8 (together with all applicable attachments), or any successors to such IRS forms) that the Issuer, the Loan Agent or their respective agents reasonably request in order to (A) make payments to the Lender
without, or at a reduced rate of, withholding, (B) qualify for a reduced rate of withholding in any jurisdiction from or through which they receive payments, and (C) satisfy reporting and other obligations under the Code, Treasury
regulations, or any other applicable law or regulation, and will update or replace such tax forms or certifications in accordance with their terms or subsequent amendments. Such Lender acknowledges that the failure to provide, update or replace any
such tax forms or certifications may result in the imposition of withholding or back-up withholding on payments to the beneficial owner, or to the Issuer. Amounts withheld by the Issuer or its agents that are,
in their sole judgment, required to be withheld pursuant to applicable tax laws will be treated as having been paid to such Lender by the Issuer. 

(v) Such Class A-L1 Lender represents that, if it is not a United States Tax
Person, (i) either it (A) is not a bank (or an entity affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of
the Code) or (B) has provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Borrower are effectively connected with the conduct of a trade or business in the
United States and includible in its gross income and (ii) it is not, and will not be, a member of an “expanded group” (within the meaning of the Section 385 Rules) that includes a domestic corporation (as determined for U.S.
federal income tax purposes) if (A) such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns Preferred
Shares and (B) the Borrower is a “controlled partnership” (within the meaning of the regulations issued under Section 385 of the Code) with respect to such expanded group. 

(j) If such Class A-L1 Lender becomes a Non-Permitted
Holder, it agrees to act in accordance with Section 2.12 of the Indenture. 
 (k) Each
Class A-L1 Lender acknowledges that the Borrower may receive a list of Class A-L1 Lenders from the Registrar. 

(l) Each Class A-L1 Lender agrees that (i) any sale, pledge or other transfer of the Class A-L1 Loans (or any interest therein) made in violation of the transfer restrictions set forth herein or made based upon any false or inaccurate representation made by such
Class A-L1 Lender or a transferee will be null and void ab initio and of no force or effect and (ii) none of the parties to the Transaction Documents has any obligation to recognize any sale, pledge
or other transfer of the Class A-L1 Loans (or any interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation. 

  
 11 

 (m) It will comply with the provisions of the Indenture applicable to it as a Holder. 

(n) [Reserved]. 
 (o) Such Class A-L1 Lender understands that, to the extent required by the Borrower, as determined by the Borrower or the Collateral Manager on behalf of the Borrower, the Borrower may, upon notice to the Loan Agent,
impose additional transfer restrictions on the Class A-L1 Loans to comply with the USA PATRIOT Act and other similar laws or regulations, including, without limitation, requiring each transferee of Class A-L1 Loans to make such representations to the Borrower as may be required in connection with such compliance. 

(p) Such Class A-L1 Lender understands and acknowledges that the Collateral Management Agreement
contains certain limitations on the potential liability of the Collateral Manager. 
 (q) Such
Class A-L1 Lender (i) understands and acknowledges that the Borrower has, under and in accordance with the terms of the Indenture, Granted (as defined in the Indenture) to the Collateral Trustee, for
the benefit and security of the Class A-L1 Lenders and the other Secured Parties (as defined in the Indenture) specified therein, as their respective interests may appear, all of its right, title and
interest in and to all of the Collateral Obligations (as defined in the Indenture) and other Assets and (ii) acknowledges and agrees to the terms of the Indenture, including (without limitation) the sale and acquisition provisions thereunder.

 (r) Such Class A-1 Lender acknowledges that it has no expectation that its extension of
credit under this Agreement would be treated as the purchase of a “security” under the U.S. securities laws and that it is not extending credit in reliance on, or expectation of, any protection that may be provided by such securities laws.

 ARTICLE IV 

CONDITIONS 

Section 4.01. Closing Date. The obligations of the Class A-L1 Lenders to make Class A-L1 Loans on the Closing Date shall not become effective until the time on the Closing Date that (x) the Indenture and this Agreement are executed and delivered and (y) the Class A-L1 Loans have been assigned ratings of “AAA (sf)” by S&P. 
 ARTICLE V

 THE LOAN AGENT AND THE COLLATERAL TRUSTEE 

Section 5.01. Appointment. Each of the Class A-L1 Lenders hereby irrevocably appoints
the Loan Agent as its agent and authorizes the Loan Agent to take such actions on its behalf and to exercise such powers as are delegated to the Loan Agent by the terms hereof, together with such actions and powers as are reasonably incidental
thereto. 

  
 12 

 Section 5.02. Certain Duties and Responsibilities. 

(a) Each of the Loan Agent and the Collateral Trustee undertake to perform such duties and only such duties as are specifically set forth in
this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Loan Agent or the Collateral Trustee, and the Loan Agent and the Collateral Trustee shall satisfy those duties expressly set forth herein so long
as it acts in good faith and without gross negligence or willful misconduct. 
 (b) Each of the rights, protections, benefits, immunities
and indemnities afforded to the Collateral Trustee under the Indenture, shall also apply to the Loan Agent and the Collateral Trustee under this Agreement, mutatis mutandis. 

(c) Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or
affording protection to the Loan Agent and the Collateral Trustee shall be subject to the provisions of this Section 5.02. 

Section 5.03. Compensation. 

(a) The Borrower agrees, subject to Section 5.03(b): 

(i) to pay to the Loan Agent on each Payment Date reasonable compensation, as set forth in a separate fee schedule, for all
services rendered by it hereunder subject to the terms of the Indenture (including the Priority of Payments set forth in Section 11.1 thereof); 

(ii) except as otherwise expressly provided herein, to reimburse each of the Loan Agent and the Collateral Trustee in a timely
manner upon its request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Loan Agent or the Collateral Trustee, as
applicable, in accordance with any provision of this Agreement or the Indenture (including the reasonable compensation and expenses and disbursements of its agents and legal counsel, except any such expense, disbursement or advance as may be
attributable to its gross negligence, willful misconduct or bad faith); and 
 (iii) to indemnify the Loan Agent and the
Collateral Trustee and their respective officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or expense incurred without gross negligence, willful misconduct or bad faith on their part, arising out of
or in connection with the acceptance or administration of any of the Loan Agent’s or Collateral Trustee’s, as applicable, obligations or duties under this Agreement or the Indenture, including the out-of-pocket costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder or the enforcement of the
Borrower’s obligations hereunder. 
 (b) Any amounts payable to the Loan Agent or the Collateral Trustee pursuant to this Agreement
shall constitute Administrative Expenses, payable on each Payment Date only to the extent that funds are available for such purpose in accordance with the Priority of Payments, and any such amounts not paid on or prior to any Payment Date shall
remain outstanding and shall be payable on the next Payment Date on which funds are available for such purpose pursuant to the Priority of Payments. 

  
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 (c) The provisions of this Section 5.03 shall survive the
termination of this Agreement and the removal or resignation of the Loan Agent or the Collateral Trustee (to the extent of any fees or indemnified liabilities, costs, expenses and other amounts arising or incurred prior to, or arising out of actions
or omissions occurring prior to, such termination, resignation or removal). 
 Section 5.04. Resignation and Removal; Appointment of
a Successor. 
 (a) No resignation or removal of the Loan Agent and no appointment of a successor Loan Agent pursuant to this
Section 5.04 shall become effective until the acceptance of appointment by the successor Loan Agent pursuant to Section 5.05. 

(b) Subject to Section 5.04(a), the Loan Agent may resign at any time by giving not less than 30 days’ written
notice thereof to the Borrower, the Collateral Manager, the Class A-L1 Lenders and the Rating Agency. Upon receiving such notice of resignation, the Borrower shall promptly appoint a successor loan agent
satisfying the requirements of Section 5.06 by written instrument, in duplicate, executed by an Authorized Officer of the Borrower, one copy of which shall be delivered to the Loan Agent so resigning and one copy to the
successor Loan Agent, together with a copy to each Class A-L1 Lender and the Collateral Manager; provided that such successor Loan Agent shall be appointed only upon the Act of a Majority of the Class A-L1 Lenders. If no successor Loan Agent shall have been appointed and an instrument of acceptance by a successor Loan Agent shall not have been delivered to the Loan Agent within 30 days after the giving
of such notice of resignation, the resigning Loan Agent or any Class A-L1 Lender, on behalf of itself and all others similarly situated, may petition any court of competent jurisdiction for the
appointment of a successor Loan Agent satisfying the requirements of Section 5.06. 
 (c) The Loan Agent may be
removed at any time by Act of a Majority of the Class A-L1 Lenders (with the consent of the Collateral Manager), delivered with 30 days’ notice to the Loan Agent, the Collateral Trustee, the
Collateral Manager and the Borrower. In addition, if at any time the Loan Agent shall breach its obligations hereunder or under the Indenture, or shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or
liquidator of the Loan Agent or of its property shall be appointed or any public officer shall take charge or control of the Loan Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation then, in any such
case (subject to Section 5.04(a)), (i) the Borrower may, by written direction, remove the Loan Agent, or (ii) any Class A-L1 Lender may, on behalf of itself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Loan Agent and the appointment of a successor Loan Agent. 

(d) If the Loan Agent shall be removed or become incapable of acting, or if a vacancy shall occur in the office of the Loan Agent for any
reason (other than resignation), the Borrower, by written instrument, shall promptly appoint a successor Loan Agent. If the Borrower shall fail to appoint a successor Loan Agent within 30 days after such removal or incapability or the occurrence of
such vacancy, a successor Loan Agent may be appointed by a Majority of the Class A-L1 Lenders by written instrument delivered to the Borrower and the retiring Loan Agent. The successor Loan Agent so
appointed shall, forthwith upon its acceptance of such appointment, become the successor Loan Agent. If no successor Loan Agent shall have been so appointed by the Borrower or a Majority of the Class A-L1
Lenders and shall have accepted appointment in the manner hereinafter provided, the Loan Agent or any Class A-L1 Lender may, on behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Loan Agent. 

  
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 (e) The Borrower shall give prompt notice of each resignation and each removal of the Loan
Agent and each appointment of a successor Loan Agent to the Collateral Trustee, the Collateral Manager, the Rating Agency, at the addresses appearing in Section 14.3 of the Indenture, and to each
Class A-L1 Lender, as their names and addresses appear in the Register. Each notice shall include the name and address of the successor Loan Agent. If the Borrower fails to provide any such notice within
10 days after acceptance of appointment by the successor Loan Agent, the successor Loan Agent shall cause such notice to be given at the expense of the Borrower. 

(f) The Collateral Trustee shall be removed and replaced as a party to this Agreement automatically upon the removal and replacement of the
Collateral Trustee pursuant to the Indenture. 
 Section 5.05. Acceptance of Appointment by Successor. Every successor Loan
Agent appointed hereunder shall execute, acknowledge and deliver to the Borrower and the retiring Loan Agent an instrument accepting such appointment. Upon delivery of the required instrument, the resignation or removal of the retiring Loan Agent
shall become effective and such successor Loan Agent, without any other act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of the retiring Loan Agent; provided that upon request of the Borrower or
a Majority of the Class A-L1 Lenders or the successor Loan Agent, such retiring Loan Agent shall, upon payment of its fees and expenses then unpaid, execute and deliver an instrument transferring to such
successor Loan Agent all the rights, powers, duties and obligations of the retiring Loan Agent. 
 Section 5.06. Loan Agent
Criteria. The Loan Agent, and any entity appointed as a successor Loan Agent, shall be a Eligible Institution. If at any time the Loan Agent shall cease to be an Eligible Institution, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article V. 
 Section 5.07. Merger, Conversion, Consolidation or Succession to Business of the
Loan Agent. Any organization or entity into which the Loan Agent may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Loan Agent shall
be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Loan Agent, shall be the successor of the Loan Agent hereunder, without the execution or filing of any paper or any further act
on the part of any of the parties hereto. 
 Section 5.08. Account. The Loan Agent shall establish a segregated non-interest bearing account in the name of the Loan Agent for the benefit of the Lenders (the “Lender Account”) to which payments made by the Borrower for payment of
Class A-L1 Loans shall be deposited upon receipt for further payment to the Lenders. Amounts in the Lender Account shall remain uninvested. 

  
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 ARTICLE VI 

CLASS A-L1 LOAN EVENT OF DEFAULT 

Section 6.01. Class A-L1 Loan Event of Default. 

(a) If an Event of Default under Section 5.1 of the Indenture shall have occurred and be continuing (such occurrence, a “Class A-L1 Loan Event of Default”), the Borrower shall immediately notify the Collateral Trustee, the Loan Agent and each Class A-L1 Lender thereof in writing. 

(b) Upon the occurrence of a Class A-L1 Loan Event of Default and the acceleration of the
Borrower’s obligations under the Indenture pursuant to the terms of Section 5.2 of the Indenture, the unpaid principal amount of the Class A-L1 Loans, together with the interest accrued thereon
and all other amounts payable by the Borrower hereunder in respect of the Class A-L1 Loans, shall automatically become immediately due and payable by the Borrower hereunder, subject to and in accordance
with the applicable provisions of the Indenture, without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by the Borrower; provided that upon the rescission or annulment of the related
Event of Default and acceleration under the Indenture in accordance with the terms thereof, any such acceleration shall automatically be rescinded and annulled for all purposes hereunder; provided, however, that no such action shall
affect any subsequent Default or Class A-L1 Loan Event of Default or impair any right consequent thereon. Each Lender agrees and acknowledges that the remedies for an Event of Default hereunder are
governed exclusively by, and subject to the terms and conditions of, the Indenture, and that such rights and remedies shall be limited to the right of the Class A-L1 Lenders, as holders of Class A-L1 Loans, following an Event of Default under the Indenture. 
 Section 6.02. Rights
Under Indenture; Remedies Cumulative. 
 (a) Remedies for an Event of Default are granted to the Collateral Trustee for the benefit of
the Secured Parties under the Indenture. Each of the Class A-L1 Lenders agrees and acknowledges that the remedies for an Event of Default hereunder are governed by, and subject to the terms and conditions
of, the Indenture. 
 (b) No course of dealing between the Borrower and any Class A-L1 Lender
and no delay or failure in exercising any rights hereunder or under the Indenture in respect thereof shall operate as a waiver of any of the rights of any Class A-L1 Lender. 

(c) Each Class A-L1 Lender hereby acknowledges and agrees that any Money collected by the
Collateral Trustee with respect to the Class A-L1 Loans pursuant to Article V of the Indenture and any Money that may then be held or thereafter received by the Collateral Trustee with respect to the Class A-L1 Loans hereunder shall be applied in accordance with the Priority of Payments. 

  
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 ARTICLE VII 

MISCELLANEOUS 

Section 7.01. Notices. All notices and other communications provided for herein (including each consent, notice, direction or
request) shall be sufficient for every purpose hereunder if given in accordance with the applicable provisions of Sections 14.3 and 14.4 of the Indenture to the applicable parties at the following addresses: 

(a) if to the Borrower, the Collateral Trustee or the Collateral Manager, at its address, email or fax number set forth in the Indenture; 

(b) if to the Loan Agent, at its address or fax number set forth on Schedule I attached hereto or at such other address as shall be
designated by the Loan Agent in a notice to the Borrower, each Class A-L1 Lender, the Collateral Trustee and the Collateral Manager; 

(c) if to any Class A-L1 Lender, at its address or fax number set forth on Schedule I
attached hereto (in the case of any initial Class A-L1 Lender) or in the Assignment and Acceptance delivered by it; or at such other address as shall be designated by a
Class A-L1 Lender in a notice to the Borrower, the Loan Agent, the Collateral Trustee and the Collateral Manager; and 

(d) if to the Rating Agency, in the manner specified in the Indenture. 

All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the
date of receipt. 
 In all instances where a notice is delivered to the Loan Agent pursuant to the Indenture, the Loan Agent shall promptly
deliver such notice to the Class A-L1 Lenders. 
 Section 7.02. Waivers;
Amendments. 
 (a) Each waiver of any provision of this Agreement and consent to any departure by the Borrower therefrom shall be
effective only in the specific instance and for the purpose for which given. The making of a Class A-L1 Loan shall not be construed as a waiver of any Event of Default, regardless of whether the
Collateral Trustee, the Loan Agent, any Class A-L1 Lender or any Holder may have had notice or knowledge of such Event of Default at the time. 

(b) This Agreement may only be waived, discharged, amended or modified in writing by the Borrower, the Loan Agent and the Collateral Trustee
if, as certified by the Collateral Manager, (i) all conditions precedent provided in the Indenture, including any applicable consent requirements, are satisfied with respect thereto, mutatis mutandis (for which purpose, references to the
Collateral Trustee or the Collateral Trustee in the Indenture will be deemed to refer to the Loan Agent and/or the Collateral Trustee, as applicable) and (ii) after giving effect to such amendment, this Agreement is not inconsistent with any
term of the Indenture in any material respect. For the avoidance of doubt, no consent of the Lenders shall be required in connection with a Conforming Amendment other than to the extent required pursuant to Article VIII of the Indenture. Each Lender
hereby directs and authorizes the Collateral Trustee and the Loan Agent 

  
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to enter into any such Conforming Amendment. Other than to the extent required pursuant to Article VIII of the Indenture, the Borrower shall not enter into any waiver, amendment or modification
of this Agreement if any Class A-L1 Loans could be materially and adversely affected thereby unless the Borrower has received written consent of a Majority of the
Class A-L1 Loans. 
 (c) A failure or delay in exercising any right, power or privilege in
respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the
exercise of any other right, power or privilege. 
 (d) The Borrower shall provide notice to the Rating Agency of any waiver, amendment or
modification of this Agreement. 
 (e) Subject to Section 2.06 hereof and Section 2.4 of the Indenture and subject to the
satisfaction of the conditions specified therein, a Conforming Amendment to this Agreement shall be made for the purpose of facilitating the incurrence of any Additional Loans. 

(f) Any such waiver and any such amendment, supplement or modification pursuant to this Section 7.02 shall apply equally to each of the
Lenders and shall be binding upon the Borrower, the Lenders, the Loan Agent, the Collateral Trustee and all future holders of the Class A-L1 Loans. In the case of any waiver, the Borrower, the Lenders,
the Collateral Trustee and the Loan Agent shall be restored to their former position and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing, to the extent
so provided herein; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 

Section 7.03. Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
transferees. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and transferees) any legal or equitable right, remedy or claim under or by
reason of this Agreement. Any purported transfer not in compliance with this Section 7.03 shall be null and void. 

(b) The Borrower may not assign or delegate any of their rights or obligations under this Agreement without the prior consent of each Class A-L1 Lender, the Loan Agent and the Collateral Trustee; provided that each Class A-L1 Lender and the Loan Agent each hereby acknowledge that, pursuant
to the terms of the Collateral Administration Agreement, the Borrower has granted the Collateral Manager the right to take certain actions hereunder on its behalf. 

(c) Each Class A-L1 Lender may transfer to one or more transferees all or a portion of its Class A-L1 Loans and the related rights and obligations under this Agreement if (A) with respect to any transfer by a Class A-L1 Lender of less than all of its Class A-L1 Loans, after giving effect to such transfer, each of the transferor and the transferee shall hold Class A-L1 Loans in minimum denominations of $250,000
and integral multiples of $1.00 in excess thereof, (B) all applicable conditions precedent to the transfer of the relevant Class A-L1 Loan specified herein

  
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and in the Indenture have been satisfied, (C) the parties to such transfer have executed and delivered to the Loan Agent (with a copy to the Collateral Trustee) a duly completed Assignment
and Acceptance and the Borrower shall have consented to such transfer (such consent not to be unreasonably withheld), and (D) the Class A-L1 Lender effecting the transfer has paid a sum sufficient to
Borrower (as determined in the Borrower’s reasonable discretion) as may be necessary to cover any tax or other governmental charge payable by Borrower in connection with such transfer. Upon acceptance and recording pursuant to
Section 7.03(d), from and after the effective date specified in each Assignment and Acceptance, (x) the transferee thereunder shall be a party hereto, (y) the Collateral Trustee shall be notified of such transfer
and shall update the Register to reflect such transfer, and (z) to the extent of the interest transferred by such Assignment and Acceptance, the transferee shall have the rights and obligations of a
Class A-L1 Lender under this Agreement, and the transferring Class A-L1 Lender thereunder shall, to the extent of the interest transferred by such Assignment
and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the transferring Class A-L1 Lender’s rights and obligations
under this Agreement and in respect of Class A-L1 Loans, such Class A-L1 Lender shall cease to be a party hereto). 

(d) Upon its receipt of a duly completed Assignment and Acceptance executed by a transferring
Class A-L1 Lender and a transferee, the Loan Agent shall accept such Assignment and Acceptance and shall notify the Collateral Trustee, which shall record the
Class A-L1 Lender identification and amount transferred in the Register. No transfer shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this
paragraph. 
 (e) The Borrower shall provide notice to the Rating Agency of any assignment of this Agreement by any of the Borrower, the
Loan Agent or the Collateral Trustee. 
 Section 7.04. Survival. All covenants, agreements, representations and warranties made
by the Borrower, the Loan Agent and each Class A-L1 Lender herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or the Indenture shall be
considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Class A-L1 Loans, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Collateral Trustee, the Loan Agent or any Class A-L1 Lender may have had notice or knowledge of any Event of Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as any Class A-L1 Loan or any amount payable under this Agreement or the
Indenture in respect of any Class A-L1 Loan is outstanding and unpaid. 
 Section 7.05.
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Agreement and the Indenture constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Loan Agent and when the Loan Agent shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by fax or electronic message shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 Section 7.06. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any respect in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability in such matter without affecting the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 7.07. Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial Right. 

(a) THIS AGREEMENT AND ALL DISPUTES ARISING THEREFROM OR RELATING THERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED IN ALL RESPECT
(WHETHER IN CONTRACT OR IN TORT) BY THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF
THE STATE OF NEW YORK. 
 (b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE CLASS A-L1 LOANS, THIS AGREEMENT OR THE INDENTURE, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH FEDERAL OR NEW YORK STATE
COURT. THE BORROWER AND THE LOAN AGENT HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THAT THEY MAY LEGALLY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE BORROWER AND THE LOAN AGENT IRREVOCABLY
CONSENT TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO IT AT THE OFFICE OF THE BORROWER’S PROCESS AGENT SET FORTH IN SECTION 7.2 OF THE INDENTURE. EACH PARTY HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 

(c) Each party (other than the Loan Agent) to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 7.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

  
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 (d) EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS THEY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES
HERETO. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR SUCH PARTIES ENTERING INTO THIS AGREEMENT OR ACCEPTING ANY OF THE
BENEFITS OF THE CLASS A-L1 LOANS. 
 Section 7.08. Benefits of Indenture. Each of the Class A-L1 Lenders hereby acknowledges and approves the pledge and assignment by the Borrower of all of its right, title and interest in, to and under this Agreement to the Collateral Trustee for the benefit
and security of the Secured Parties pursuant to the Indenture. 
 Section 7.09. Headings. Article and section headings and the
table of contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 7.10. Recourse against Certain Parties. No recourse under or with respect to any obligation, covenant or agreement of any Class A-L1 Lender or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any incorporator, stockholder, Affiliate, officer, member,
manager, partner, employee or director of such Class A-L1 Lender, as such, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any statute or otherwise; it being
expressly agreed and understood that the agreements of such Class A-L1 Lender contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or
in connection herewith are, in each case, solely the corporate obligations of such Class A-L1 Lender, and that no personal liability whatsoever shall attach to or be incurred by any incorporator,
stockholder, Affiliate, officer, member, manager, partner, employee or director of such Class A-L1 Lender, as such, or any of them, under or by reason of any of the obligations, covenants or agreements of
such Class A-L1 Lender contained in this Agreement or in any other such instrument, document or agreement, or which are implied therefrom, and that any and all personal liability of every such
incorporator, stockholder, Affiliate, officer, employee, member, manager, partner or director of such Class A-L1 Lender for breaches by such Class A-L1 Lender
of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this
Agreement. The provisions of this Section 7.10 shall survive the termination of this Agreement. 

Section 7.11. Limited-Recourse Obligations. The Class A-L1 Loans and all obligations
of the Borrower under this Agreement are limited-recourse obligations of the Borrower. The Class A-L1 Loans are payable solely from the Assets and other assets pledged by the Borrower under the Indenture.
Upon realization of the Assets and such other assets and the application of the proceeds thereof in accordance with the Indenture, any outstanding obligations of the Borrower hereunder shall be extinguished and shall not thereafter revive. None of
the 

  
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Collateral Manager, the Collateral Trustee, the Loan Agent, any of their respective affiliates, security holders (including shareholders), members, partners, officers, directors or employees, or
the security holders (including shareholders), members, partners, officers, directors, employees or incorporators of the Borrower, or any other person or entity will be obligated to make payments on the
Class A-L1 Loans. Consequently, the Class A-L1 Lenders must rely solely on amounts received in respect of the Assets and other assets pledged under the
Indenture for the payment of principal thereof and interest thereon. This section shall survive the termination of this Agreement. 

Section 7.12. Non-Petition. Notwithstanding any other provision of this Agreement, neither
the Loan Agent, in its own capacity, nor any Class A-L1 Lender may, prior to the date which is one year and one day (or, if longer, the applicable preference period plus one day) after the payment in full
of all Class A-L1 Loans and Notes, institute against, or join any other Person in instituting against, the Borrower any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
proceedings, or other proceedings under U.S. federal or state bankruptcy or similar laws. Nothing in this Section 7.12 shall preclude, or be deemed to estop, the Loan Agent or any
Class A-L1 Lender (i) from taking any action prior to the expiration of the aforementioned one year and one day (or longer) period in (A) any case or proceeding voluntarily filed or commenced by
the Borrower or (B) any involuntary insolvency proceeding filed or commenced by a Person other than the Loan Agent or a Class A-L1 Lender, or (ii) from commencing against the Borrower or any of
their properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding, subject to Section 7.11. This Section 7.12 shall survive
the termination of this Agreement. 
 Section 7.13. Prohibition on Commencement of Proceedings. Each Class A-L1 Lender acknowledges and agrees as follows: 
 (a) (i) the express terms of the Indenture
govern the rights of the Class A-L1 Lenders to direct the commencement of a Proceeding against any Person, (ii) the Indenture contains limitations on the rights of the
Class A-L1 Lenders to direct the commencement of any such Proceeding, and (iii) each Class A-L1 Lender shall comply with such express terms if it seeks to
direct the commencement of any such Proceeding; 
 (b) there are no implied rights under the Indenture to direct the commencement of any
such Proceeding; and 
 (c) notwithstanding any provision of the Indenture, the Notes, this Agreement, the Collateral Management Agreement,
the Collateral Administration Agreement or any other agreement, the Borrower shall not be under any duty or obligation of any kind to the holders of the Class A-L1 Loans, or any of them, to institute any
legal or other proceedings of any kind, against any person or entity, including, without limitation, the Collateral Trustee, the Collateral Manager, the Collateral Administrator, the Loan Agent, or the Calculation Agent. 

Section 7.14. Appointment of Collateral Trustee. The Class A-L1 Lenders hereby
appoint the Collateral Trustee to act exclusively as the agent for purposes of perfection of a security interest in the Assets and to act as specified in the Indenture and the other Transaction Documents to which the Collateral Trustee is a party.
The duties and obligations of the Collateral Trustee under this Section 7.14 shall be as set forth in the Indenture. 

  
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 Section 7.15. Acknowledgment of Indenture Provisions. The Class A-L1 Lenders hereby acknowledge and agree to the provisions of the Indenture expressly applicable to the Class A-L1 Lenders. 

Section 7.16. USA Patriot Act Notice. The Class A-L1 Lenders hereby notify the
Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), they are required to obtain, verify
and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Class A-L1 Lenders to identify the Borrower
in accordance with the Patriot Act. 
 Section 7.17. Payments Pro Rata. The Loan Agent agrees that promptly after its receipt of
each payment from or on behalf of the Borrower in respect of any Class A-L1 Loan hereunder and pursuant to the Indenture, it shall distribute such payment to each Lender pro rata, based on its
percentage of the Class A-L1 Loan with respect to which such payment was received. 

Section 7.18. Confidential Information. 

(a) The Collateral Trustee, the Loan Agent, and each Class A-L1 Lender will maintain the
confidentiality of all Confidential Information in accordance with procedures adopted by such Person in good faith to protect Confidential Information of third parties delivered to such Person; provided that such Person may deliver or
disclose Confidential Information to: (i) such Person’s directors, trustees, managers, officers, employees, agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the
terms of this Section 7.18 and to the extent such disclosure is reasonably required for the administration of this Agreement and the Indenture, the matters contemplated hereby or the investment represented by the Class A-L1 Loans; (ii) such Person’s legal advisors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the
terms of this Section 7.18 and to the extent such disclosure is reasonably required for the administration of this Agreement and the Indenture, the matters contemplated hereby or the investment represented by the Class A-L1 Loans; (iii) any other Holder, or any of the other parties to this Agreement, the Indenture, the Collateral Management Agreement or the Collateral Administration Agreement; (iv) except for
Specified Obligor Information, any Person of the type that would be, to such Person’s knowledge, permitted to acquire Class A-L1 Loans in accordance with Section 7.03 hereof
or to which such Person sells or offers to sell any such Class A-L1 Loans or any part thereof or is proposing in good faith a transaction relating thereto; (v) [reserved]; (vi) any federal or state or
other regulatory, governmental or judicial authority having jurisdiction over such Person; (vii) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to
information about the investment portfolio of such Person, reinsurers and liquidity and credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section 7.18;
(viii) the Rating Agency (subject to Sections 14.16 and 14.17 of the Indenture); (ix) any other Person with the consent of the Borrower and the Collateral Manager; or (x) any other Person to which such delivery or disclosure may
be necessary or appropriate (A) to effect compliance with any law, rule, regulation or order applicable to such Person, (B) in response to any subpoena or other legal process (unless prohibited by applicable law, rule, order or decree or
other requirement having the force of law), (C) in connection with any litigation to which such 

  
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Person is a party (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (D) if an Event of Default has occurred and is continuing, to the
extent such Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Class A-L1 Loans or
the Indenture or (E) in the Collateral Trustee’s or the Loan Agent’s performance of its obligations under this Agreement, the Indenture, the Collateral Administration Agreement or other transaction document related thereto; and
provided that delivery to the Class A-L1 Lenders by the Collateral Trustee, the Loan Agent or the Collateral Administrator of any report of information required by the terms of this Agreement or the
Indenture to be provided to Holders shall not be a violation of this Section 7.18. Each Class A-L1 Lender agrees, except as set forth in clauses (vi), (vii) and (x) above,
that it shall use the Confidential Information for the sole purpose of making an investment in the Class A-L1 Loans or administering its Class A-L1 Loan; and
that, the Collateral Trustee and the Loan Agent shall neither be required nor authorized to disclose to Holders any Confidential Information in violation of this Section 7.18. In the event of any required disclosure of the
Confidential Information by such Lender, such Lender will, by its lending of the Class A-L1 Loan, be deemed to have agreed to use reasonable efforts to protect the confidentiality of the Confidential
Information. Each Class A-L1 Lender agrees to be bound by and to be entitled to the benefits of this Section 7.18. 

(b) For the purposes of this Section 7.18, (A) “Confidential Information” means information
delivered to the Collateral Trustee, the Loan Agent, the Collateral Administrator or any Holder of Class A-L1 Loans by or on behalf of the Borrower in connection with and relating to the transactions
contemplated by or otherwise pursuant to this Agreement or the Indenture (including, without limitation, information relating to Obligors); provided that such term does not include information that: (i) was publicly known or otherwise
known to the Collateral Trustee, the Loan Agent, the Collateral Administrator or such Holder prior to the time of such disclosure; (ii) subsequently becomes publicly known through no act or omission by the Collateral Trustee, the Loan Agent,
the Collateral Administrator, such Holder or any Person acting on behalf of the Collateral Trustee, the Loan Agent, the Collateral Administrator or such Holder, as applicable; (iii) otherwise is known or becomes known to the Collateral Trustee,
the Loan Agent, the Collateral Administrator or any Holder other than (x) through disclosure by the Borrower, the Collateral Manager or any of their Affiliates, as applicable, or (y) to the knowledge of the Collateral Trustee, the Loan
Agent, the Collateral Administrator or such Holder, as the case may be, in each case after reasonable inquiry, as a result of the breach of a fiduciary duty to the Borrower or a contractual duty to the Borrower, the Collateral Manager or any of
their Affiliates, as applicable; or (iv) is allowed to be treated as non-confidential by consent of the Borrower; and (B) “Specified Obligor Information” means Confidential Information
relating to Obligors that is not otherwise included in the Monthly Reports or Distribution Reports or the disclosure of which would be prohibited by applicable law or the Underlying Documents relating to such Obligor’s Collateral Obligation.

 (c) Notwithstanding the foregoing, the Collateral Trustee, the Loan Agent and the Collateral Administrator may disclose Confidential
Information to the extent disclosure thereof may be required by law or by any regulatory or Governmental Authority and the Collateral Trustee, the Loan Agent and the Collateral Administrator may disclose on a confidential basis any Confidential
Information to its agents, attorneys and auditors in connection with the performance of its responsibilities hereunder. 

  
 24 

 (d) Notwithstanding anything herein to the contrary, the Collateral Manager, the Borrower,
the Collateral Trustee, the Loan Agent, the Collateral Administrator, the Initial Purchaser, the Retention Holder, the Holders and beneficial owners of the Class A-L1 Loans and each employee,
representative or other agent of those Persons, may disclose to any and all Persons, without limitation of any kind, the U.S. tax treatment and tax structure of the transactions contemplated by this Agreement and the Indenture and all materials of
any kind, including opinions or other tax analyses, that are provided to those Persons. This authorization to disclose the U.S. tax treatment and tax structure does not permit disclosure of information identifying the Collateral Manager, the
Borrower, the Collateral Trustee, the Loan Agent, the Collateral Administrator, the Initial Purchaser or any other party to the transactions contemplated by this Agreement, the Indenture, the Offering or the pricing (except to the extent such
information is relevant to U.S. tax structure or tax treatment of such transactions). 
 [Signature Pages Follow] 

  
 25 

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

			
	 OWL ROCK CLO VII, LLC, as Borrower

		
	 By:
	 	 /s/ Donald J. Puglisi

		 	 Name: Donald J. Puglisi

		 	 Title: President

 [Signature Page to Class A-L1 Credit Agreement] 

 
			
	 STATE STREET BANK AND TRUST COMPANY,

as Loan Agent

		
	By:	 	/s/ Scott Berry
		 	Name: Scott Berry
		 	Title: Vice President
	
	 STATE STREET BANK AND TRUST COMPANY,

as Collateral Trustee under the Indenture

		
	By:	 	/s/ Scott Berry
		 	Name: Scott Berry
		 	Title: Vice President

 [Signature Page to Class A-L1 Credit Agreement] 

 
			
	KEYBANK N.A., as Class A-L1 Lender
		
	By:	 	/s/ Richard Andersen
		 	Name: Richard Andersen
		 	Title: Senior Vice President

 [Signature Page to Class A-L1 Credit Agreement] 

 SCHEDULE I 

CLASS A-L1 LENDER INFORMATION 

 

							
	 Name of Class A-L1

Lender
	  	Funded
Amount	 	  	 Addresses for Notices

	 KeyBank N.A.
	  	$	75,000,000	 	  	1000 S. McCaslin Boulevard, Superior, CO 80027

 LOAN AGENT INFORMATION 

Loan Agent 
 STATE STREET BANK AND TRUST COMPANY. 

State Street Bank and Trust Company 
 1776 Heritage Drive 

Mail Code: JAB0527, North Quincy, Massachusetts 02171 
 Attention:
Owl Rock CLO VII, LLC 
 Account for Funding of Class A-L1 Loans: 

 

			
	Bank Name:	  	State Street Bank
	ABA#:	  	011-000-028
	Account#:	  	11925021
	Account Name:	  	Owl Rock CLO VII, LLC ORUA

  
 Sch I-1 

 EXHIBIT A 

FORM OF ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Class A-L1 Credit Agreement dated as of July 26, 2022 (as modified
and supplemented and in effect from time to time, the “Class A-L1 Credit Agreement”) among Owl Rock CLO VII, LLC, a Delaware limited liability company (the “Borrower”),
the Class A-L1 Lenders party thereto (the “Lenders”) and State Street Bank and Trust Company, as loan agent (in such capacity, the “Loan Agent”) and as Collateral Trustee
under the Indenture (as defined below) (in such capacity, the “Collateral Trustee”), relating to the Class A-L1 Loan made thereunder and secured under the Indenture entered into by and
between the Borrower and the Collateral Trustee, dated as of July 22, 2022 (and as may be further modified and supplemented and in effect from time to time, the “Indenture”). Terms used but not defined herein have the
respective meanings given to such terms in (or incorporated by reference in) the Class A-L1 Credit Agreement. 

The Assignor named on the signature pages hereof (the “Assignor”) hereby sells and assigns to the Assignee named on the
signature pages hereof (the “Assignee”), and the Assignee hereby purchases and assumes from the Assignor, effective as of the Assignment Date set forth below, the interests set forth below (the “Assigned Interest”)
in the Assignor’s rights and obligations under the Class A-L1 Credit Agreement, including, without limitation, the interests set forth below in the
Class A-L1 Loan held by (and outstanding principal amount of the Class A-L1 Loan held by) the Assignor on the Assignment Date. The Assignee hereby acknowledges
receipt of a copy of the Class A-L1 Credit Agreement and the Indenture. From and after the Assignment Date (A) the Assignee shall be a party to and be bound by the provisions of the Class A-L1 Credit Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (B) the Assignor shall, to the extent of the Assigned Interest,
relinquish its rights and be released from its obligations under the Class A-L1 Credit Agreement. The Assignor hereby represents and warrants to the Assignee that, as of the Assignment Date, the Assignor
owns the Assigned Interest free and clear of any lien or other encumbrance (other than any liens granted to the Collateral Trustee under the Indenture). The Assignee hereby makes to the Assignor, the Borrower, the Collateral Manager and the
Collateral Trustee all of the representations and warranties, and agrees to comply with the applicable covenants of the Class A-L1 Lenders, set forth in Section 3.02 of the Class A-L1 Credit Agreement. 
 Each of the parties hereby covenants and agrees that so long as the
Assignee is a registered Lender: 
 (1) it waives any right to set-off or to appropriate and apply
any and all deposits and any other indebtedness at any time held or owing thereby to or for the credit or the account of the Assignee against and on account of the obligations and liabilities of the Assignee to the Assignor under this Assignment and
Acceptance; and 
 (2) notwithstanding anything to the contrary herein, no provision of this Assignment and Acceptance adversely affecting
the rights or duties of the Assignee may be amended or waived without the written consent of the Assignee. 

  
 A-1 

 This Assignment and Acceptance shall be governed by, and construed in accordance with, the
law of the State of New York. 
 Legal Name of Assignor: 

Legal Name of Assignee: 
 Assignee’s Address for Notices:

 Fax No.: 
 Details of electronic messaging system: Payment
Instructions: 
 Federal Taxpayer ID No. of Assignee: 

Effective Date of Assignment (“Assignment Date”): 
  

					
	 	  	 Amount Assigned
	  	 Amount Retained

	 Outstanding Principal Amount of Class A-L1
Loan:
	  	U.S.$[•]	  	U.S.$[•]

 The terms set forth above are hereby agreed to: 
  

			
	[Name of Assignor], as Assignor
		
	By:	 	 
		 	Name:
		 	Title:
	
	[Name of Assignee], as Assignee
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-2 

 EXHIBIT B 

FORM OF CLASS A-L1 LOAN NOTE 

Maximum Principal Amount: $[•] 
 Issuance Date: [•]

 Stated Maturity: [•] 
 FOR VALUE
RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to [•] or its registered assigns (the “Class A-L1 Lender”), in accordance with the provisions of the Class A-L1 Credit Agreement (as hereinafter defined), the principal amount of the Class A-L1 Loan made by the Class A-L1
Lender to the Borrower under that certain Class A-L1 Credit Agreement, dated as of July 26, 2022 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Class A-L1 Credit Agreement”; the terms defined therein being used herein as therein defined), by and among the Borrower, the Loan Agent, the Collateral Trustee and the Class A-L1 Lenders from time to time party thereto. 
 The Borrower promises to pay interest on the
unpaid principal amount of the Class A-L1 Loan made by the Class A-L1 Lender from the date of such Class A-L1 Loan
until such principal amount is paid in full, at such interest rates and at such times as provided in the Class A-L1 Credit Agreement. All payments of principal and interest shall be made to the Class A-L1 Lender in U.S. dollars in immediately available funds. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, from the due date thereof until the date of actual
payment (and before as well as after judgment) computed at the per annum rate set forth in the Class A-L1 Credit Agreement. 

This Note is the Class A-L1 Loan Note referred to in the
Class A-L1 Credit Agreement and is entitled to the benefits thereof and of the Indenture. This Class A-L1 Loan Note may be prepaid in whole or in part subject
to the terms and conditions provided in the Class A-L1 Credit Agreement and, upon the occurrence and continuation of a Class A-L1 Loan Event of Default
specified in the Class A-L1 Credit Agreement and acceleration of the Borrower’s obligations pursuant to Section 5.2 of the Indenture, all amounts then remaining unpaid on this Class A-L1 Loan Note shall become immediately due and payable as provided in the Class A-L1 Credit Agreement. The
Class A-L1 Lender may attach schedules to this Class A-L1 Loan Note and endorse thereon the date, amount and type of its
Class A-L1 Loans and payments with respect thereto. 
 The Borrower, for themselves and their
respective successors and assigns, hereby waive diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this
Class A-L1 Loan Note, except for any applicable notices expressly provided for in the Class A-L1 Credit Agreement. In the event of any conflict between the
provisions of this Note and those of the Class A-L1 Credit Agreement, the provisions of the Class A-L1 Credit Agreement shall prevail. 

[Signature Page Follows] 

  
 B-1 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW
YORK. 
  

			
	OWL ROCK CLO VII, LLC, as Borrower
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-2

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