Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 AMENDMENT
NO. 4 
 TO 
 FIFTH AMENDED AND
RESTATED CREDIT AGREEMENT 
 THIS AMENDMENT NO. 4 TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated
as of March 9, 2018, is entered into among GLADSTONE BUSINESS LOAN, LLC, as Borrower (the “Borrower”), GLADSTONE MANAGEMENT CORPORATION, as Servicer (the “Servicer”), KEYBANK NATIONAL ASSOCIATION
(“KeyBank”), ALOSTAR BANK OF COMMERCE, ING CAPITAL LLC, FIRST NATIONAL BANK OF PENNSYLVANIA (as successor in interest to Newbridge Bank), CHEMICAL BANK (as successor in interest to Talmer Bank and Trust) and STERLING BANK, as
Lenders (collectively, the “Lenders”) and as Managing Agents (in such capacity, collectively the “Managing Agents”), SANTANDER BANK, N.A., as an exiting Lender (the “Exiting Lender”) as an exiting
Managing Agent (the “Exiting Managing Agent”) and KeyBank, as Administrative Agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed thereto in the “Credit Agreement” referred to below. 
 PRELIMINARY STATEMENTS 

A. Reference is made to that certain Fifth Amended and Restated Credit Agreement dated as of May 1, 2015 by and among the Borrower, the
Servicer, the Lenders, the Managing Agents and the Administrative Agent (as amended, modified, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”). 

B. The parties hereto have agreed to amend certain provisions of the Credit Agreement upon the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments to the Credit Agreement. Upon
satisfaction of the conditions precedent set forth in Section 3 hereof: 
 (a) the Credit Agreement
is hereby amended, as shown in the conformed copy thereof attached hereto as Exhibit A; 
 (b) (i) the Exiting Lender
and Exiting Managing Agent shall no longer be a Lender or Managing Agent, as applicable, under the Credit Agreement or any of the other Transaction Documents, (ii) the Exiting Lender’s Commitment and its obligations in its capacity as a
Lender under the Credit Agreement or any of the other Transaction Documents shall terminate, and (iii) the Exiting Managing Agent’ obligations in its capacity as a Managing Agent under the Credit Agreement or any of the other Transaction
Documents shall terminate; 

 (c) Each of the parties hereto hereby waive (i) any notice or timing
requirements and (ii) any requirements with respect to the pro rata application of any reduction or termination of Lenders’ Commitments, in each case, set forth in the Credit Agreement with respect to the payment of all outstanding
Obligations to be made by the Borrower to the Exiting Lender and Exiting Managing Agent. 
 SECTION 2. Representations and
Warranties. The Borrower and the Servicer each hereby represents and warrants to each of the other parties hereto, that: 

(a) this Amendment constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms;
and 
 (b) on the date hereof, before and after giving effect to this Amendment, other than as amended or waived pursuant to
this Amendment, no Early Termination Event or Unmatured Termination Event has occurred and is continuing. 
 SECTION 3. Conditions
Precedent. This Amendment shall become effective on the first Business Day (the “Effective Date”) on which (i) the Administrative Agent or its counsel has received counterpart signature pages of this Amendment, executed by
each of the Borrower, the Servicer, each Lender and Managing Agent, and the Administrative Agent and by the Exiting Lender and Exiting Managing Agent, and (ii) the Exiting Lender and Exiting Managing Agent shall have received a payment in full
of all outstanding Obligations owing to it, as evidenced by the confirmed release from escrow of its signature page referenced in clause (i) above. On the Effective Date, each applicable Lender shall make advances among themselves (through the
Administrative Agent) so that after giving effect thereto the Advances Outstanding will be held by the Lenders in accordance with each Lender’s applicable Pro-Rata Share based on the amended Commitments.
Each Lender agrees to wire immediately available funds to the Administrative Agent in accordance with this paragraph as may be required by the Administrative Agent in connection with the foregoing. The Advances so made by each Lender whose Pro-Rata Share of the Commitment has increased shall be deemed to be a purchase of a corresponding amount of the Advances of the Lenders whose Pro-Rata Share of the Commitment
have decreased and shall not be considered an assignment for purposes of Section 11.1. 
 SECTION 4. Reference
to and Effect on the Transaction Documents. 
 (a) Upon the effectiveness of this Amendment, (i) each reference in
the Credit Agreement to “this Credit Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended or
otherwise modified hereby, and (ii) each reference to the Credit Agreement in any other Transaction Document or any other document, instrument or agreement executed and/or delivered in connection therewith, shall mean and be a reference to the
Credit Agreement as amended or otherwise modified hereby. 
 (b) Except as specifically amended, terminated or otherwise
modified above, the terms and conditions of the Credit Agreement, of all other Transaction Documents and any other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and are
hereby ratified and confirmed. 

  
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 (c) The execution, delivery and effectiveness of this Amendment shall not operate
as a waiver of any right, power or remedy of the Administrative Agent, any Managing Agent or any Lender under the Credit Agreement or any other Transaction Document or any other document, instrument or agreement executed in connection therewith, nor
constitute a waiver of any provision contained therein, in each case except as specifically set forth herein. 
 SECTION 5. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 6. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. 

SECTION 7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute
a part of this Amendment for any other purpose. 
 SECTION 8. Fees and Expenses. The Borrower hereby confirms its agreement to pay on
demand all reasonable costs and expenses of the Administrative Agent, Managing Agents or Lenders in connection with the preparation, execution and delivery of this Amendment and any of the other instruments, documents and agreements to be executed
and/or delivered in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent, Managing
Agents or Lenders with respect thereto. 
 [Signature Pages Follow] 

 

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

			
	GLADSTONE BUSINESS LOAN, LLC
		
	By:	 	 /s/ Bob Marcotte

		 	Name: Bob Marcotte
		 	Title: President
	
	GLADSTONE MANAGEMENT CORPORATION
		
	By:	 	 /s/ David Gladstone

		 	Name: David Gladstone
		 	Title: CEO

 Signature Page to Amendment No. 4 

 
			
	KEYBANK NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	 /s/ Philip Turner

		 	Name: Philip Turner
		 	Title: EVP
	
	KEYBANK NATIONAL ASSOCIATION, as a Lender and a Managing Agent
		
	By:	 	 /s/ Philip Turner

		 	Name: Philip Turner
		 	Title: EVP

 Signature Page to Amendment No. 4 

 
			
	ALOSTAR BANK OF COMMERCE, as a Lender and a Managing Agent
		
	By:	 	 /s/ Daryn Véney

		 	Name: Daryn Véney
		 	Title: Vice President

 Signature Page to Amendment No. 4 

 
			
	ING CAPITAL LLC, as a Lender and a Managing Agent
		
	By:	 	 /s/ Patrick Frisch

		 	Name: Patrick Frisch
		 	Title: Managing Director

  

			
	ING CAPITAL LLC, as a Lender and a Managing Agent
		
	By:	 	 /s/ Grace Fu

		 	Name: Grace Fu
		 	Title: Director

 Signature Page to Amendment No. 4 

 
			
	FIRST NATIONAL BANK OF PENNSYLVANIA, as a Lender and a Managing Agent
		
	By:	 	 /s/ Charles W. Jones

		 	Name: Charles W. Jones
		 	Title: Senior Vice President

 Signature Page to Amendment No. 4 

 
			
	SANTANDER BANK, N.A., as an Exiting Lender and an Exiting Managing Agent
		
	By:	 	 /s/ Pierre A Desbiens

		 	Name: Pierre A Desbiens
		 	Title: SVP

 Signature Page to Amendment No. 4 

 
			
	CHEMICAL BANK, as a Lender and a Managing Agent
		
	By:	 	 /s/ Robert Rosati

		 	Name: Robert Rosati
		 	Title: Managing Director

 Signature Page to Amendment No. 4 

 
			
	STERLING BANK, as a Lender and a Managing Agent
		
	By:	 	 /s/ James Gerkvaks

		 	Name: James Gerkvaks
		 	Title: Senior Managing Director

 Signature Page to Amendment No. 4 

 EXHIBIT A 

 Execution Version 

Conformed Copy incorporating (i) Amendment No. 1 dated October 9, 2015, 

(ii) Amendment No. 2 dated August 18, 2016, (iii) Amendment No. 3 dated August 24, 2017 and Amendment No. 4 dated
March 9, 2018 
  
  

 
 FIFTH AMENDED AND RESTATED 

CREDIT AGREEMENT 
 Dated as of
May 1, 2015 
 Among 

GLADSTONE BUSINESS LOAN, LLC 

as the Borrower 
 GLADSTONE
MANAGEMENT CORPORATION 
 as the Servicer 

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO 

as Lenders 
 THE FINANCIAL
INSTITUTIONS FROM TIME TO TIME PARTY HERETO 
 as Managing Agents 

and 
 KEYBANK NATIONAL ASSOCIATION

 as the Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	Certain Defined Terms	  	 	1	 
	 Section 1.2
	 	Other Terms	  	 	42	 
	 Section 1.3
	 	Computation of Time Periods	  	 	42	 
	 Section 1.4
	 	Interpretation	  	 	42	 
		
	 ARTICLE II ADVANCES
	  	 	43	 
	 Section 2.1
	 	Advances	  	 	43	 
	 Section 2.2
	 	Procedures for Advances	  	 	44	 
	 Section 2.3
	 	Optional Changes in Facility Amount; Prepayments	  	 	46	 
	 Section 2.4
	 	Principal Repayments; Extension of Term	  	 	48	 
	 Section 2.5
	 	The Notes	  	 	49	 
	 Section 2.6
	 	Interest Payments	  	 	49	 
	 Section 2.7
	 	Fees	  	 	50	 
	 Section 2.8
	 	Settlement Procedures	  	 	51	 
	 Section 2.9
	 	Collections and Allocations	  	 	54	 
	 Section 2.10
	 	Payments, Computations, Etc.	  	 	54	 
	 Section 2.11
	 	Breakage Costs	  	 	55	 
	 Section 2.12
	 	Increased Costs; Capital Adequacy; Illegality	  	 	55	 
	 Section 2.13
	 	Taxes	  	 	56	 
	 Section 2.14
	 	Revolver Loan Funding	  	 	58	 
	 Section 2.15
	 	Replacement of Lenders	  	 	60	 
	 Section 2.16
	 	Discretionary Sales of Loans	  	 	60	 
		
	 ARTICLE III CONDITIONS OF EFFECTIVENESS AND ADVANCES
	  	 	62	 
	 Section 3.1
	 	Conditions to Effectiveness and Advances	  	 	62	 
	 Section 3.2
	 	Additional Conditions Precedent to All Advances	  	 	63	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	64	 
	 Section 4.1
	 	Representations and Warranties of the Borrower	  	 	64	 
		
	 ARTICLE V GENERAL COVENANTS OF THE BORROWER
	  	 	68	 
	 Section 5.1
	 	Covenants of the Borrower	  	 	68	 
	 Section 5.2
	 	Hedging Agreement	  	 	73	 
		
	 ARTICLE VI SECURITY INTEREST
	  	 	73	 
	 Section 6.1
	 	Security Interest	  	 	73	 
	 Section 6.2
	 	Remedies	  	 	74	 
	 Section 6.3
	 	Release of Liens	  	 	75	 
	 Section 6.4
	 	Assignment of the Purchase Agreement	  	 	76	 
		
	 ARTICLE VII ADMINISTRATION AND SERVICING OF LOANS
	  	 	76	 
	 Section 7.1
	 	Appointment of the Servicer	  	 	76	 

  
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	 Section 7.2
	 	Duties and Responsibilities of the Servicer	  	 	76	 
	 Section 7.3
	 	Authorization of the Servicer	  	 	78	 
	 Section 7.4
	 	Collection of Payments	  	 	79	 
	 Section 7.5
	 	Servicer Advances	  	 	80	 
	 Section 7.6
	 	Realization Upon Defaulted Loans or Charged-Off Loans	  	 	80	 
	 Section 7.7
	 	Optional Repurchase of Transferred Loans	  	 	81	 
	 Section 7.8
	 	Representations and Warranties of the Servicer	  	 	81	 
	 Section 7.9
	 	Covenants of the Servicer	  	 	83	 
	 Section 7.10
	 	Payment of Certain Expenses by Servicer	  	 	84	 
	 Section 7.11
	 	Reports	  	 	85	 
	 Section 7.12
	 	Annual Statement as to Compliance	  	 	86	 
	 Section 7.13
	 	Limitation on Liability of the Servicer and Others	  	 	86	 
	 Section 7.14
	 	The Servicer Not to Resign	  	 	86	 
	 Section 7.15
	 	Access to Certain Documentation and Information Regarding the Loans	  	 	87	 
	 Section 7.16
	 	Merger or Consolidation of the Servicer	  	 	87	 
	 Section 7.17
	 	Identification of Records	  	 	88	 
	 Section 7.18
	 	Servicer Termination Events	  	 	88	 
	 Section 7.19
	 	Appointment of Successor Servicer	  	 	91	 
	 Section 7.20
	 	Market Servicing Fee	  	 	92	 
		
	 ARTICLE VIII EARLY TERMINATION EVENTS
	  	 	92	 
	 Section 8.1
	 	Early Termination Events	  	 	92	 
	 Section 8.2
	 	Remedies	  	 	94	 
		
	 ARTICLE IX INDEMNIFICATION
	  	 	95	 
	 Section 9.1
	 	Indemnities by the Borrower	  	 	95	 
	 Section 9.2
	 	Indemnities by the Servicer	  	 	97	 
		
	 ARTICLE X THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS
	  	 	98	 
	 Section 10.1
	 	Authorization and Action	  	 	98	 
	 Section 10.2
	 	Delegation of Duties	  	 	99	 
	 Section 10.3
	 	Exculpatory Provisions	  	 	99	 
	 Section 10.4
	 	Reliance	  	 	100	 
	 Section 10.5
	 	Non-Reliance on Administrative Agent, Managing Agents and Other Lenders	  	 	101	 
	 Section 10.6
	 	Reimbursement and Indemnification	  	 	101	 
	 Section 10.7
	 	Administrative Agent and Managing Agents in their Individual Capacities	  	 	101	 
	 Section 10.8
	 	Successor Administrative Agent or Managing Agent	  	 	102	 
		
	 ARTICLE XI ASSIGNMENTS; PARTICIPATIONS
	  	 	102	 
	 Section 11.1
	 	Assignments and Participations	  	 	102	 
		
	 ARTICLE XII MISCELLANEOUS
	  	 	105	 
	 Section 12.1
	 	Amendments and Waivers	  	 	105	 
	 Section 12.2
	 	Notices, Etc.	  	 	106	 

  
 ii 

							
	 Section 12.3
	 	No Waiver, Rights and Remedies	  	 	106	 
	 Section 12.4
	 	Binding Effect	  	 	106	 
	 Section 12.5
	 	Term of this Agreement	  	 	106	 
	 Section 12.6
	 	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE	  	 	107	 
	 Section 12.7
	 	WAIVER OF JURY TRIAL	  	 	107	 
	 Section 12.8
	 	Costs, Expenses and Taxes	  	 	107	 
	 Section 12.9
	 	No Proceedings	  	 	108	 
	 Section 12.10
	 	Recourse Against Certain Parties	  	 	108	 
	 Section 12.11
	 	Protection of Security Interest; Appointment of Administrative Agent as Attorney-in-Fact	  	 	108	 
	 Section 12.12
	 	Confidentiality	  	 	110	 
	 Section 12.13
	 	Execution in Counterparts; Severability; Integration	  	 	111	 
	 Section 12.14
	 	Amendment and Restatement	  	 	111	 
	 Section 12.15
	 	Future Amendment Contemplated	  	 	111	 
	 Section 12.16
	 	Patriot Act	  	 	111	 
	 Section 12.17
	 	Defaulting Lenders	  	 	111	 

 EXHIBITS 
  

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

 SCHEDULES 
  

			
	SCHEDULE I	  	Schedule of Documents
	SCHEDULE II	  	Loan List
	SCHEDULE III	  	Approved Pricing Service
	SCHEDULE IV	  	Diversity Score Table

  
 iii 

 THIS FIFTH AMENDED AND RESTATED CREDIT AGREEMENT is made as of May 1, 2015, among:

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

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

(3) Each financial institution from time to time party hereto as a “Lender” (whether on the signature pages hereto or in a Joinder
Agreement), and as Swingline Lender and their respective successors and assigns (collectively, the “Lenders”); 
 (4)
Each financial institution from time to time party hereto as a “Managing Agent” (whether on the signature pages hereto or in a Joinder Agreement) and their respective successors and assigns (collectively, the “Managing
Agents”); and 
 (5) KEYBANK NATIONAL ASSOCIATION, as “Administrative Agent” and its respective successors and assigns
(the “Administrative Agent”). 
 IT IS AGREED as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Certain Defined Terms. 

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

(b) As used in this Agreement and its exhibits, the following terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined). 
 “Additional Amount” is defined in
Section 2.13. 
 “Adjusted Eurodollar Rate” means, for any Settlement Period, an interest rate per annum equal
to the quotient, expressed as a percentage and rounded upwards (if necessary), to the nearest 1/100 of 1%, (i) the numerator of which is equal to the LIBO Rate for such Settlement Period and (ii) the denominator of which is equal to 100%
minus the Eurodollar Reserve Percentage for such Settlement Period; provided, however, that in no event shall such interest rate be less than zero. 

“Adjusted Purchased Loan Balance” means as of any date of determination and for any Transferred Loan, the Purchased Loan
Balance of such Loan as of such date minus the Excess Concentration Amount allocated to such Loan. 

  
 1 

 “Administrative Agent” is defined in the preamble hereto. 

“Advances” means collectively the Revolver Advances and the Swing Advances. 

“Advances Outstanding” means, on any day, the aggregate principal amount of Advances outstanding on such day, after giving
effect to all repayments of Advances and makings of new Advances on such day. 
 “Adverse Claim” means, a lien, security
interest, pledge, charge, encumbrance or other right or claim of any Person. 
 “Affected Party” is defined in
Section 2.12(a). 
 “Affiliate” with respect to a Person, means any other Person controlling,
controlled by or under common control with such Person, including without limitation, when “Affiliate” is used by or with regard to Borrower or Originator, any entities under the control or management of Gladstone Management Corporation,
or any successor entity; provided, however, that when used with respect to any Person which is an Obligor in respect of a Loan, “Affiliate” shall not mean any of the Borrower, the Servicer or the Originator if the Servicer,
the Borrower or the Originator acquires voting securities of such Obligor in the ordinary course of its business (for avoidance of doubt, such Obligor may be a “Control Affiliate” pursuant to the definition thereof). For purposes of this
definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” or “controlled” have meanings correlative to the foregoing. 

“Agent’s Account” means account number 325760051913 at KeyBank N.A., ABA number 021300077, account name KeyBank National
Association 
 “Aggregate Adjusted Purchased Loan Balance” means on any day, the sum of the Adjusted Purchased Loan
Balances of all Eligible Loans included as part of the Collateral on such date. 
 “Aggregate Outstanding Loan Balance”
means on any day, the sum of the Outstanding Loan Balances of all Eligible Loans included as part of the Collateral on such date. 

“Aggregate Purchased Loan Balance” means on any day, the sum of the Purchased Loan Balances of all Eligible Loans included as
part of the Collateral on such date. 
 “Agreement” or “Credit Agreement” means this Fifth Amended and
Restated Credit Agreement, dated as of May 1, 2015, as hereafter amended, modified, supplemented or restated from time to time. 

“AloStar” AloStar Bank of Commerce, in its capacity either as a Lender or in its individual capacity, as applicable, and its
successors or assigns. 
 “Amortization Period” means the period beginning on the Termination Date and ending on the
Maturity Date. 

  
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 “Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to the Borrower or the Servicer from time to time concerning or relating to bribery or corruption. 

“Applicable Law” means, for any Person, all existing and future applicable laws, rules, regulations (including proposed,
temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including, without limitation, usury laws, the Federal Truth in
Lending Act, Regulation Z, Regulation W, Regulation U and Regulation B of the Federal Reserve Board, the Foreign Corrupt Practices Act and the USA PATRIOT Act), and applicable judgments, decrees, injunctions, writs, orders, or line action of any
court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 
 “Applicable
Margin” means (i) 2.85% per annum during the Revolving Period, and (ii) 3.25% thereafter. 
 “Approved Dealer”
means a broker-dealer registered under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof. 

“Approved Officer” means David Gladstone, Terry Brubaker, Robert Marcotte, Nicole Schaltenbrand and any other individual
satisfactory to the Administrative Agent and the Required Lenders, as determined in their reasonable discretion. 
 “Approved
Pricing Service” means a pricing or quotation service as set forth in Schedule III or any other pricing or quotation service approved by the Board of Directors of the Originator and designated in writing to the Administrative Agent.

 “Approved Valuation Service” means, any of (i) Standard & Poor’s Securities Evaluations, Inc., (ii)
Murray, Devine and Company, (iii) Houlihan Lokey, (iv) Duff & Phelps LLC, (v) Lincoln Advisors, (vi) Stout Risius Ross, (vii) Alvarez & Marsal, (viii) Valuation Research Corporation and (ix) each
other valuation service provider approved by the Administrative Agent from time to time in its reasonable discretion. 
 “Assignment
and Acceptance” is defined in Section 11.1(b). 
 “Availability” means, on any day, an
amount equal to the lesser of: 
 (a) the amount by which the Borrowing Base exceeds the sum of (i) Advances Outstanding and
(ii) an amount equal to 50% of the aggregate unfunded commitments under the Revolver Loans on such day, and 
 (b) the amount by which
the Facility Amount exceeds the sum of (i) Advances Outstanding and (ii) the aggregate unfunded commitments under the Revolver Loans on such day; provided, however, that following the Termination Date, the Availability shall
be zero. 
 “Available Collections” is defined in Section 2.8(a). 

  
 3 

 “Backup Servicer” means The Bank of New York Mellon, in its capacity as Backup
Servicer under the Backup Servicing Agreement, together with its successors and assigns. 
 “Backup Servicer Expenses”
means the out-of-pocket expenses to be paid to the Backup Servicer under the Backup Servicing Agreement. 

“Backup Servicer Fee” means the fee to be paid to the Backup Servicer as set forth in the Backup Servicing Agreement. 

“Backup Servicing Agreement” means the Amended and Restated Backup Servicing Agreement, dated as of May 15, 2009 among
the Borrower, the Servicer, the Administrative Agent and the Backup Servicer, as the same may from time to time be further amended, restated, supplemented, waived or modified. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §§
101, et seq.), as amended from time to time. 
 “Base Rate” means, on any date, a fluctuating rate of
interest per annum equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 1.0% or (c) the LIBO Rate; provided, however, that in no event shall such interest rate be less than zero. 

“Bass Berry Opinion” means the “non-consolidation” opinion letter of Bass
Berry Sims PLC delivered on May 1, 2015, as such opinion letter may be modified, supplemented, replaced or confirmed in any subsequent opinion letter covering such subject matter delivered to the Administrative Agent. 

“Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA in respect of which the Borrower or
any ERISA Affiliate of the Borrower is, or at any time during the immediately preceding six years was, an “employer” as defined in Section 3(5) of ERISA. 

“Borrower” means Gladstone Business Loan, LLC, a Delaware limited liability company, or any permitted successor thereto. 

“Borrowing Base” means on any date of determination, an amount equal to the sum of (A) the lesser of: 

(a) the Aggregate Purchased Loan Balance minus the Required Equity Investment as of such date; and 

  
 4 

 (b) the sum, for each Eligible Loan as of such date, of the products of
(i) its Adjusted Tier 1 Purchased Loan Balance and its Tier 1 Advance Rate, (ii) its Adjusted Tier 2 Purchased Loan Balance and its Tier 2 Advance Rate, and (iii) its Adjusted Tier 3 Purchased Loan Balance Loan and its Tier 3 Advance
Rate; 
 plus, (B) any amounts of cash and cash equivalents held in the Collection Account less the sum of the aggregate accrued but unpaid
Servicing Fee, Revolver Loan Funding Fee, Interest and Commitment Fee. 
 The capitalized terms used in this definition of “Borrowing Base” shall
have the following meanings: 
  

			
	Tier 1 Definitions: (Tier 1 only includes First Lien Loans, First Lien Qualifying Covenant-Lite Loan and First Out Loans)
		
	“Adjusted Tier 1 Purchased Loan Balance”	  	For any Eligible Loan, its Tier 1 Purchased Loan Balance minus the applicable Allocated Excess Concentration Loan Amount.
		
	“Tier 1 Advance Rate”	  	For (i) First Lien Qualifying Covenant-Lite Loans, 58%, otherwise (ii) 62%.
		
	“Tier 1 Leverage Ratio”	  	For each Eligible Loan, shall mean the lower of the Leverage Ratio and 4.25.
		
	“Tier 1 Percentage”	  	For (i) First Lien Qualifying Covenant-Lite Loans, 100%, and (ii) First Lien Loans and First Out Loans, the percentage obtained by dividing (x) the Tier 1 Leverage Ratio by (y) the Leverage Ratio.
		
	“Tier 1 Purchased Loan Balance”	  	For each Eligible Loan, the product of the Purchased Loan Balance and the Tier 1 Percentage; provided, however, that, for any Eligible Loan which does not have positive TTM EBITDA, the “Tier 1 Purchased Loan Balance” shall
be zero.
	
	Tier 2 Definitions: (Tier 2 only includes First Lien Loans, First Out Loans, Second Lien Loans, Second Lien Qualifying Covenant-Lite Loans and Last Out Loans)
		
	“Adjusted Tier 2 Purchased Loan Balance”	  	For any Eligible Loan, its Tier 2 Purchased Loan Balance minus the applicable Allocated Excess Concentration Loan Amount.
		
	“Tier 2 Advance Rate”	  	For (i) Second Lien Qualifying Covenant-Lite Loans, 48%, otherwise (ii) 52%.
		
	“Tier 2 Leverage Ratio”	  	 For each Eligible Loan, shall be determined as follows:
  

(a) For First Lien Loans and First Out Loans, the Tier 2 Leverage Ratio shall mean the lower of (i) the higher of (A) the
Leverage Ratio minus 4.25 and (B) zero, and (ii) 5.50 minus 4.25.
  

(b) For Second Lien Loans and Last Out Loans, the Tier 2 Leverage Ratio shall mean 5.50 minus the Senior Leverage
Ratio.

  
 5 

			
	“Tier 2 Percentage”	  	 Means:
  

(a) for Second Lien Qualifying Covenant-Lite Loans, 100%;
  

(b) for First Lien Loans and First Out Loans, the percentage obtained by dividing (x) the applicable Tier 2 Leverage Ratio by
(y) the Leverage Ratio;
  
 (c) for Second Lien Loans and Last
Out Loans, (i) if the Senior Leverage Ratio is greater than or equal to 5.50, then a value of 0, (ii) if the Leverage Ratio is less than or equal to 5.50, then a value of 100%, and (iii) otherwise, the percentage obtained by dividing
(A) the applicable Tier 2 Leverage Ratio by (B) the Leverage Ratio minus the Senior Leverage Ratio.

		
	“Tier 2 Purchased Loan Balance”	  	For each Eligible Loan, the product of the Purchased Loan Balance and the Tier 2 Percentage; provided, however, that, for any Eligible Loan which does not have positive TTM EBITDA, the “Tier 2 Purchased Loan Balance” shall
be zero.
	
	Tier 3 Definitions: (Tier 3 includes First Lien Loans, First Out Loans, Second Lien Loans, Last Out Loans and Mezzanine Loans)
		
	“Adjusted Tier 3 Purchased Loan Balance”	  	For any Eligible Loan, its Tier 3 Purchased Loan Balance minus the applicable Allocated Excess Concentration Loan Amount.
		
	“Tier 3 Advance Rate”	  	35%.
		
	“Tier 3 Leverage Ratio”	  	 For each Eligible Loan, shall be determined as follows:
  

(a) For First Lien Loans and First Out Loans, the Tier 3 Leverage Ratio shall mean the higher of (A) the Leverage Ratio minus
5.50, and (B) zero.
  
 (b) For Second Lien and Last Out Loans,
the Tier 3 Leverage Ratio shall mean (x) the Leverage Ratio minus (y) the higher of the applicable Senior Leverage Ratio and 5.50.

  
 6 

			
	“Tier 3 Percentage”	  	 Means:
  

(a) for First Lien Loans and First Out Loans, the percentage obtained by dividing (x) the applicable Tier 3 Leverage Ratio by (y) the Leverage
Ratio;
  
 (b) for Second Lien and Last Out Loans, (i) if the Senior Leverage Ratio
is greater than or equal to 5.50, then a value of 100%, (ii) if the Leverage Ratio is less than or equal to 5.50 then a value of zero, and (iii) otherwise, the percentage obtained by dividing (A) the applicable Tier 3 Leverage Ratio by
(B) the Leverage Ratio minus the Senior Leverage Ratio; and
  
 (c) for
Mezzanine Loans, 100%.

		
	“Tier 3 Purchased Loan Balance”	  	For each Eligible Loan, the product of the Purchased Loan Balance and the Tier 3 Percentage; provided, however, that, for any Eligible Loan which does not have positive TTM EBITDA, the “Tier 3 Purchased Loan Balance” shall
be zero.

 “Allocated Excess Concentration Loan Amount” means, as to any Eligible Loan, the Excess Concentration Loan
Amount of such Eligible Loan allocated to the Tier 1 through Tier 3 Purchased Loan Balances of such Eligible Loan in the following order of priority until such Excess Concentration Loan Amount has been fully allocated: 

(i) first, to its Tier 3 Purchased Loan Balance until such Tier 3 Purchased Loan Balance is zero; then 

(ii) to its Tier 2 Purchased Loan Balance until such Tier 2 Purchased Loan Balance is zero; and then 

(iii) to its Tier 1 Purchased Loan Balance until such Tier 1 Purchased Loan Balance is zero. 

“Senior Funded Debt” means, with respect to any Eligible Loan, the portion of the Total Funded Debt of the Obligor of such loan that is
senior in priority and right of repayment of such Eligible Loan. 
 “Senior Leverage Ratio” means, for any Eligible Loan, the ratio of the
Senior Funded Debt to TTM EBITDA of the Obligor of such Eligible Loan. 
 “Borrowing Base Test” means as of any date, a
determination that (a) the lesser of (i) the Borrowing Base and (ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding. 

  
 7 

 “Borrower Notice” means a written notice, in the form of Exhibit A, to be
used for each borrowing, repayment of each Advance or termination or reduction of the Facility Amount or Prepayments of Advances. 

“Breakage Costs” is defined in Section 2.11. 

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

“Change-in-Control” means, with respect to
any entity, the date on which (i) any Person or “group” acquires any “beneficial ownership” (as such terms are defined under Rule 13d-3 of, and Regulation 13D under, the Securities
Exchange Act of 1934, as amended), either directly or indirectly, of membership interests or other equity interests or any interest convertible into any such interest in such entity having more than fifty percent (50%) of the voting power for the
election of managers of such entity, if any, under ordinary circumstances, or (ii) (with regard to the Borrower, except in connection with any Discretionary Sale) an entity sells, transfers, conveys, assigns or otherwise disposes of all or
substantially all of the assets of such entity. 
 “Charged-Off Loan” means any
Loan (i) that is 120 days past due with respect to any interest or principal payment, (ii) for which an Insolvency Event has occurred with respect to the related Obligor or (iii) that is or should be written off as uncollectible by
the Servicer in accordance with the Credit and Collection Policy. 
 “Charged-Off
Ratio” means, with respect to any Settlement Period, the percentage equivalent of a fraction, calculated as of the Determination Date for such Settlement Period, (i) the numerator of which is equal to the aggregate Outstanding Loan
Balance of all Loans that became Charged-Off Loans during such Settlement Period and (ii) the denominator of which is equal to the sum of (A) the Aggregate Outstanding Loan Balance as of the first
day of such Settlement Period and (B) the Aggregate Outstanding Loan Balance as of the last day of such Settlement Period divided by 2. 

“Chemical Bank” means Chemical Bank, in its capacity either as a Lender or in its individual capacity, as applicable, and its
successors or assigns. 
 “Closing Date” means May 19, 2003. 

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

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

  
 8 

 (ii) any Related Property securing the Transferred Loans, including all proceeds
from any sale or other disposition of such Related Property; 
 (iii) the Loan Documents relating to the Transferred Loans;

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

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

(vii) all Hedge Collateral; 

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

(ix) all income and Proceeds of the foregoing. 

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

“Collateral Custodian Expenses” means the
out-of-pocket expenses to be paid to the Collateral Custodian under the Custody Agreement. 

“Collateral Custodian Fee” means the fee to be paid to the Collateral Custodian as set forth in the Custody Agreement. 

“Collateral Quality Test” means as of any date, a set of tests that are satisfied so long as each of the following are
satisfied: (i) the Weighted Average Spread on the Transferred Loans is equal to or greater than 5.0% as of such date, (ii) the Weighted Average Life of the Transferred Loans is equal to or less than 57 months as of such date,
(iii) the weighted average Risk Rating of the portfolio of Transferred Loans shall not be less than B-/ B3/4 by S&P, Moody’s or the Servicer’s risk rating model, respectively, (iv) the
Diversity Score for the Transferred Loans is greater than or equal to 10 as of such date and (v) the Required Minimum Obligors Test is being satisfied. 

“Collection Account” is defined in Section 7.4(e). 

  
 9 

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

 “Collections” means (a) all cash collections or other cash proceeds of a Transferred Loan received by or on behalf
of the Borrower by the Servicer or Originator from or on behalf of any Obligor in payment of any amounts owed in respect of such Transferred Loan, including, without limitation, Interest Collections, Principal Collections, Deemed Collections,
Insurance Proceeds, and all Recoveries, (b) all amounts received by the Buyer (as defined in the Purchase and Sale Agreement) in connection with the repurchase of an Ineligible Loan pursuant to Section 6.1 of the Purchase Agreement,
(c) all amounts received by the Administrative Agent in connection with the purchase of a Transferred Loan pursuant to Section 7.7, (d) all payments received pursuant to any Hedging Agreement or Hedge Transaction, and
(e) interest earnings in the Collection Account. 
 “Commitment” means (a) for KeyBank, the commitment of such
Lender to fund Advances to the Borrower in an amount not to exceed $65,000,000, (b) for ING, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $45,000,000, (c) for Chemical Bank, the commitment of such Lender
to fund Advances to the Borrower in an amount not to exceed $25,000,000, in each case as such amount may be modified in accordance with the terms hereof; (d) for FNBP, the commitment of such Lender to fund Advances to the Borrower in an amount
not to exceed $10,000,000, in each case as such amount may be modified in accordance with the terms hereof, (e) for AloStar, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $10,000,000, (f) for
Sterling, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $35,000,000, in each case as such amount may be modified in accordance with the terms hereof and (g) with respect to any Person who becomes a
Lender pursuant to an Assignment and Acceptance or a Joinder Agreement, the commitment of such Person to fund Advances to the Borrower in an amount not to exceed the amount set forth in such Assignment and Acceptance or Joinder Agreement, as such
amount may be modified in accordance with the terms hereof. 
 “Commitment Make-Whole Fee” is defined in that certain Fee
Letter, dated as of the Effective Date, between the Borrower and the Administrative Agent. 
 “Commitment Termination Date”
means January 15, 2021, or such later date to which the Commitment Termination Date may be extended (if extended) in the sole discretion of the Lenders in accordance with the terms of Section 2.4(b). 

“Contractual Obligation” means, with respect to any Person, means any provision of any securities issued by such Person or
any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject. 

  
 10 

 “Control Affiliate” means any Obligor in which the Originator, the Borrower or
any Affiliate of the Borrower holds or acquires voting securities of such Obligor, in an amount such that the Originator, the Borrower or any Affiliate of the Borrower, or any or all of them jointly, would then have “control” of such
Obligor, as defined in Section 2(a)(9) of the 1940 Act. 
 “Controlled Transaction” means a Loan, the Obligor of which
is a Control Affiliate. 
 “Covenant-Lite Loan” means a Loan lacking traditional financial covenants requiring minimum
interest or other debt service coverage or specifying maximum levels of leverage or other similar “maintenance” tests. 

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

“Custody Agreement” means the Custodial Agreement, dated as of the Closing Date among the Borrower, the Servicer, the
Originator, the Administrative Agent and the Collateral Custodian, as amended by that certain Amendment No. 1 to Custodial Agreement dated as of September 28, 2004, that certain Amendment No. 2 to Custodial Agreement dated as of
May 15, 2009 and as the same may from time to time be further amended, restated, supplemented, waived or modified. 

  
 11 

 “Deemed Collections” means, on any day, the aggregate of all amounts Borrower
shall have been deemed to have received as a Collection of a Transferred Loan. Borrower shall be deemed to have received a Collection in an amount equal to the unpaid balance (including any accrued interest thereon) of a Transferred Loan if at any
time the Outstanding Loan Balance of any such Loan is either (i) reduced as a result of any discount or any adjustment or otherwise by Borrower (other than receipt of cash Collections) or (ii) reduced or canceled as a result of a setoff in
respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction). 

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

“Default Rate” means a rate equal to the sum of (i) the Base Rate plus (ii) 2.0% plus (iii) the Applicable Margin.

 “Default Ratio” means, with respect to any Settlement Period, the percentage equivalent of a fraction, calculated as of
the Determination Date for such Settlement Period, (a) the numerator of which is equal to the aggregate Outstanding Loan Balance of all Transferred Loans (excluding Charged-Off Loans) included as part of
the Collateral that became Defaulted Loans during such Settlement Period and (b) the denominator of which is equal to (i) the sum of (x) the Aggregate Outstanding Loan Balance as of the first day of such Settlement Period and
(y) the Aggregate Outstanding Loan Balance as of the last day of such Settlement Period divided by (ii) two. 

“Defaulted Loan” means any Transferred Loan (a) as to which, (x) a default as to the payment of principal and/or
interest has occurred and is continuing for a period of thirty-two (32) consecutive days with respect to such Loan (without regard to any grace period applicable thereto, or waiver thereof) or (y) a
default not set forth in clause (x) has occurred and the holders of such Loan have accelerated all or a portion of the principal amount thereof as a result of such default, (b) as to which a default as to the payment of principal and/or
interest has occurred and is continuing on another debt obligation of the same Obligor which is senior or pari passu in right of payment to such Loan, (c) as to which the Obligor or others have instituted proceedings to have the Obligor
adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such issuer has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless in the case of clauses
(b) and (c), the Loan is a Current Pay Loan or a DIP Loan, in which case such Loan shall not be deemed a Defaulted Loan), (d) that the Servicer has in its reasonable commercial judgment otherwise declared to be a Defaulted Loan or (e) that
has a Risk Rating of “Ca,” “CC” or “1” or below by Moody’s, S&P or the Servicer, respectively. 

  
 12 

 “Defaulting Lender” means, subject to Section 12.17,
any Lender that (a) has failed to (i) fund all or any portion of its Advances within two Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in
writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing)
has not been satisfied, or (ii) pay to the Administrative Agent, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Swing Advances) within two Business
Days of the date when due, (b) has notified the Borrower, the Administrative Agent or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless
such writing or public statement relates to such Lenders’ obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent,
together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to
confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of
such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, other than via an Undisclosed Administration, (i) become the subject of a proceeding under any
Insolvency Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or
disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such
Lender shall be deemed to be a Defaulting Lender (subject to Section 12.17) upon delivery of written notice of such determination to the Borrower, the Swingline Lender and each Lender. 

“Deposit Account Control Agreement” means each of (i) a letter agreement, substantially in the form of
Exhibit L, among the Borrower, the Administrative Agent and the bank maintaining the Collection Account with respect to control of the Collection Account, as amended by Amendment No. 1 to Deposit Account Control
Agreement dated as of May 15, 2009, and as the same may be further amended, modified, supplemented, restated or replaced by a successor agreement in form and substance reasonably acceptable to the Administrative Agent from time to time,
(ii) the Deposit Account Control Agreement dated as of May 15, 2009 with respect to the Operating Account among the Borrower, the bank maintaining the Operating Account and the Administrative Agent, as the same may be amended, modified,
supplemented, restated or replaced by a successor agreement in form and substance reasonably acceptable to the Administrative Agent from time to time and (iii) any letter agreement, substantially in the form of
Exhibit L or otherwise in form and substance reasonably acceptable to the Administrative Agent, among the Borrower, the Administrative Agent and the bank maintaining any Lock-Box
Account. 

  
 13 

 “Derivatives” means any exchange-traded or over-the-counter (i) forward, future, option, swap, cap, collar, floor, foreign exchange contract, any combination thereof, whether for physical delivery or cash settlement, relating to any interest
rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity,
commodity price or commodity index, (ii) any similar transaction, contract, instrument, undertaking or security, or (iii) any transaction, contract, instrument, undertaking or security containing any of the foregoing. 

“Determination Date” means the last day of each Settlement Period. 

“DIP Loan” means a Transferred Loan, the Obligor of which is a debtor-in-possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code (a “Debtor”) organized under the laws of the
United States or any state therein, the terms of which have been approved by an order of a court of competent jurisdiction, which order provides that (i) such DIP Loan is secured by liens on otherwise unencumbered property of the Debtor’s
bankruptcy estate pursuant to 364(c)(2) of the Bankruptcy Code, (ii) such DIP Loan is secured by liens of equal or senior priority on property of the Debtor’s estate that is otherwise subject to a lien pursuant to Section 364(d) of
the Bankruptcy Code, (iii) such DIP Loan is secured by junior liens on property of the Debtor’s bankruptcy estate already subject to a lien encumbered assets (so long as such DIP Loan is a fully secured claim within the meaning of
Section 506 of the Bankruptcy Code), or (iv) if the DIP Loan or any portion thereof is unsecured, the repayment of such DIP Loan retains priority over all other administrative expenses pursuant to Section 364(c)(1) of the Bankruptcy
Code; provided that, in the case of the origination or acquisition of any DIP Loan, none of the Borrower or the Servicer have actual knowledge that the order set forth above is subject to any pending contested matter or proceeding (as such terms are
defined in the Federal Rules of Bankruptcy Procedure) or the subject of an appeal or stay pending appeal. 
 “Discretionary
Sale” is defined in Section 2.16. 
 “Discretionary Sale Notice” is defined in
Section 2.16. 
 “Discretionary Sale Settlement Date” means the Business Day specified by the
Borrower to the Administrative Agent in a Discretionary Sale Notice as the proposed settlement date of a Discretionary Sale. 

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

  
 14 

 “Drawn Amount” means, at any time, the sum of (i) Advances Outstanding and
(ii) the Revolver Loan Unfunded Commitment Amount at such time. 
 “Early Termination Event” is defined in
Section 8.1. 
 “EBITDA” means, with respect to any Obligor of a Loan, the consolidated net
income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent excluded in the definition of “EBITDA” in the relevant Loan Documents relating to the applicable Loan)) for the relevant period plus the
following to the extent deducted in calculating such consolidated net income: (i) consolidated interest charges for such period; (ii) the provision for Federal, state, local and foreign income taxes payable for such period;
(iii) depreciation and amortization expense for such period; and (iv) such other adjustments included in the definition of “EBITDA” (or similar defined term used for the purposes contemplated herein) in the relevant Loan
Documents relating to the applicable Loan, provided, that such adjustments are usual and customary and substantially comparable to market terms for substantially similar debt of other similarly situated borrowers at the time such
relevant agreements are entered into as reasonably determined in good faith by the Servicer or the Borrower. 
 “EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which
is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition
and is subject to consolidated supervision with its parent; 
 “EEA Member Country” means any of the member states of the
European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority
or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means May 1, 2015. 

“Eligible Assignee” means a Person (a) that is a Lender or an Affiliate of a Lender or (b) who is approved by
(i) the Administrative Agent (such approval not to be unreasonably withheld or delayed) and (ii) unless an Unmatured Termination Event or Early Termination Event shall have occurred and be continuing, the Borrower (such approval not to be
unreasonably withheld or delayed); provided that, notwithstanding any of the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or subsidiaries. 

“Eligible Loan” means, on any date of determination, each Loan which satisfies each of the following requirements: 

(i) the Loan is evidenced by a promissory note that has been duly authorized and that, together with the related Loan
Documents, is in full force and effect and constitutes the legal, valid and binding obligation of the Obligor of such Loan to pay the stated amount of the Loan and interest thereon, and the related Loan Documents are enforceable against such Obligor
in accordance with their respective terms; 

  
 15 

 (ii) the Loan (a) was originated in accordance with the terms of the Credit
and Collection Policy, (b) arose in the ordinary course of the Originator’s business from the lending of money to the Obligor thereof and (c) the origination of such Loan by the Originator, and the sale and transfer of any interests
in such Loan to the Borrower or any Affiliate of the Borrower, and the ongoing maintenance of such interests, shall not cause the Originator to violate the RIC/BDC Requirements in any material respect (taking into account any exemptive relief
available to the Originator); 
 (iii) the Loan is not a Defaulted Loan; 

(iv) the Obligor of such Loan has executed all appropriate documentation required by the Originator; 

(v) the Loan, together with the Loan Documents related thereto, is a “general intangible”, an “instrument”,
an “account”, or “chattel paper” within the meaning of the UCC of all jurisdictions that govern the perfection of the security interest granted therein; 

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

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

(x) the Loan, together with the related Loan Documents, is fully assignable; 

(xi) the Loan was documented and closed in accordance with the Credit and Collection Policy, including the relevant opinions
and assignments, and there is only one current original promissory note; 
 (xii) the Loan and all Related Property with
respect to such Loan are free of any Liens except for Permitted Liens; 

  
 16 

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

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

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

(xvii) if such Loan is a PIK Loan, such Loan shall pay a minimum of eight percent (8.0%) per annum current interest in cash, on
at least a quarterly basis; 
 (xviii) the Loan is not a loan or extension of credit made by the Originator or one of its
subsidiaries to an Obligor for the purpose of making any principal, interest or other payment on such Loan necessary in order to keep such Loan from becoming delinquent; 

(xix) the Loan has not been amended or subject to a deferral or waiver the effect of which is to (A) reduce the amount
(other than by reason of the repayment thereof) or extend the time for payment of principal or (B) reduce the rate or extend the time of payment of interest (or any component thereof), in each case without the consent of the Required Lenders;
provided, however, that such consent shall not be required for an amendment, deferral or waiver that is a Permitted Loan Amendment, so long as the Loan to be so amended, deferred or waived (1) is not a Defaulted Loan and
(2) has not incurred and is not anticipated to incur a breach of a material financial covenant; 
 (xx) if such Loan is
a Revolver Loan, it shall be secured by a first priority, perfected security interest on certain assets of the Obligor which shall include, without limitation, accounts receivable and inventory; 

(xxi) if such Loan is a Revolver Loan, the revolving credit commitment of the Borrower to the applicable Obligor thereunder
shall have a term to maturity of three years or less; 
 (xxii) if such Loan is a Fixed Rate Loan which is not subject to a
Hedging Transaction, the interest rate charged on such Loan shall be equal to or greater than 9.0%; 
 (xxiii) such Loan is
not a Structured Finance Obligation; 
 (xxiv) such Loan is not an equity security, and does not by its terms permit the
payment obligation of the Obligor thereunder to be converted into or exchanged for equity capital of such Obligor; 
 (xxv)
such Loan is not an obligation whose repayment is subject to or derived from (a) the value of other loans, securities and/or financial instruments or (b) the value of bonds insuring against loss arising from natural catastrophes; 

  
 17 

 (xxvi) such Loan will not be accompanied by additional consideration which would
cause the Borrower to be deemed to own 5.0% or more of the voting securities of any publicly registered issuer or any securities that are immediately convertible into or immediately exercisable or exchangeable for 5.0% or more of the voting
securities of any publicly registered issuer, as determined by the Servicer; 
 (xxvii) the financing of such Loan by the
Lenders does not contravene Regulation U of the Federal Reserve Board, nor require the Lenders to undertake reporting thereunder which it would not otherwise have cause to make; 

(xxviii) if such security or loan is a Real Estate Loan, there is full recourse to the Obligor for principal and interest
payments; 
 (xxix) such Loan does not contain a confidentiality provision that restricts the ability of the Administrative
Agent, on behalf of the Secured Parties, to exercise its rights under the Transaction Documents, including, without limitation, its rights to review the Loan, the related Loan File or the Originator’s credit approval file in respect of such
Loan; provided, however, that a provision which requires the Administrative Agent or other prospective recipient of confidential information to maintain the confidentiality of such information shall not be deemed to restrict the
exercise of such rights; 
 (xxx) the Obligor of which is not the Servicer, an Affiliate of the Borrower, the Originator or
the Servicer or any other person whose investments are primarily managed by the Servicer or any Affiliate of the Servicer, unless such Loan is approved by the Required Lenders (for avoidance of doubt, the term “Affiliate” as used in this
clause (xxx) does not include an entity which is a “Control Affiliate”); 
 (xxxi) the Servicer shall have in
respect of such Loan calculated, (i) on or prior to the date on which such Loan became a Transferred Loan, and (ii) at least once per calendar quarter, within thirty Business Days after the date the Servicer provides the quarterly
valuations for its serviced portfolio, each of the following, in each case in accordance with the applicable Loan Documents for such Loan: EBITDA, Total Funded Debt, TTM EBITDA and each of the ratios required to be computed hereunder utilizing those
three terms in the classification of such Loan hereunder; 
 (xxxii) such Loan is not a Covenant-Lite Loan, unless such Loan
is a Qualifying Covenant-Lite Loan, in which case it shall not be ineligible pursuant solely to the operation of this clause (xxxii); 

(xxxiii) the proceeds of such Loan are not used to finance construction projects or activities in the form of a traditional
construction loan where the only collateral for the loan is the project under construction and draws are made on the loan specifically to fund construction in progress; and 

(xxxiv) such Loan shall be a (A) First Lien Loan, (B) First Out Loan, (C) First Lien Qualifying Covenant-Lite
Loan, (D), Second Lien Loan, (E) Last Out Loan, (F) Second Lien Qualifying Covenant-Lite Loan or (G) Mezzanine Loan. 

  
 18 

 “Eligible Obligor” means, on any day, any Obligor that satisfies each of the
following requirements: 
 (i) such Obligor’s principal office and any Related Property are located in Canada or the
United States or any territory of the United States; 
 (ii) no other Loan of such Obligor is a Defaulted Loan; 

(iii) such Obligor is not the subject of any Insolvency Event, with the exception of an Obligor with regard to a DIP Loan; 

(iv) such Obligor is not a Governmental Authority; 

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

(vi) such Obligor is not an Affiliate of the Borrower, the Servicer or the Originator (for avoidance of doubt, the term
“Affiliate” as used in this clause (vi) does not include an entity which is a “Control Affiliate”). 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means (a) any corporation that is a member of the same
controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower; (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with
the Borrower or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause (a) above or any trade or business described in clause
(b) above. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar Disruption Event” means, with respect to any Advance as to which Interest accrues or is to accrue at a rate based
upon the Adjusted Eurodollar Rate, any of the following: (a) a determination by a Lender that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain
United States dollars in the London interbank market to make, fund or maintain any Advance; (b) the inability of any Lender to obtain timely information for purposes of determining the Adjusted Eurodollar Rate; (c) a determination by a
Lender that the rate at which deposits of United States dollars are being offered to such Lender in the London interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining any Advance; or (d) the
inability of a Lender to obtain United States dollars in the London interbank market to make, fund or maintain any Advance. 

“Eurodollar Reserve Percentage” means, on any day, the then applicable percentage (expressed as a decimal) prescribed by the
Federal Reserve Board (or any successor) for determining maximum reserve requirements applicable to “Eurocurrency Liabilities” pursuant to 

  
 19 

 
Regulation D or any other then applicable regulation of the Federal Reserve Board (or any successor) that prescribes reserve requirements applicable to “Eurocurrency Liabilities” as
presently defined in Regulation D. The Adjusted Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the Eurodollar Reserve Percentage. 

“Excess Concentration Limits” means, as of any date of determination, the following limits on the amount of Purchased
Loan Balance of all Eligible Loans which may be included in the Borrowing Base, as contemplated by the definition of Excess Concentration Loan Amount: 

(a) the Aggregate Adjusted Purchased Loan Balance of Fixed Rate Loans which are not subject to a Hedge Transaction shall not exceed 20% of the
Aggregate Purchased Loan Balance; 
 (b) the Aggregate Adjusted Purchased Loan Balance of Fixed Rate Loans (whether subject to a Hedge
Transaction or not) shall not exceed 40% of the Aggregate Purchased Loan Balance; 
 (c) the Aggregate Adjusted Purchased Loan Balance of
Eligible Loans that have remaining terms to maturity greater than 84 months (measured as of the most recent Reporting Date) shall not exceed 15% of the Aggregate Purchased Loan Balance; 

(d) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans which are not (i) First Lien Loans, (ii) First Lien Qualifying
Covenant-Lite Loans or (iii) First Out Loans shall not exceeds 60% of the Aggregate Purchased Loan Balance; 
 (e) the Aggregate
Adjusted Purchased Loan Balance of Eligible Loans which are participation interests shall not exceed 10% of the Aggregate Purchased Loan Balance; 

(f) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans which are DIP Loans shall not exceed 10% of the Aggregate Purchased Loan
Balance; 
 (g) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans which have an Risk Rating of CCC+/Caa1/3
(S&P/Moody’s/Servicer) or below shall not exceed 15% of the Aggregate Purchased Loan Balance; 
 (h) the Aggregate Adjusted
Purchased Loan Balance of Eligible Loans included as part of the Collateral which are Revolver Loans shall not exceed 15% of the Aggregate Purchased Loan Balance; 

(i) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans which are PIK Loans shall not exceed 25% of the Aggregate Purchased Loan
Balance; 
 (j) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans that are Current Pay Loans shall not exceed 10% of the
Aggregate Purchased Loan Balance; 
 (k) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans that are Real Estate Loans shall not
exceed 5% of the Aggregate Purchased Loan Balance; 

  
 20 

 (l) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans for which the applicable
Eligible Obligors are domiciled in any single State shall not exceed 40% of the Aggregate Purchased Loan Balance; 
 (m) the Aggregate
Adjusted Purchased Loan Balance of Eligible Loans to a single Obligor shall not exceed an amount equal to the greater of (a) $20,000,000 and (b) the product of (A) 10% and (B) the Aggregate Purchased Loan Balance; provided, that, for
purposes of calculating this clause (m), all Loans included in the Collateral or to become part of the Collateral the Obligor of which is an Affiliate of another Obligor shall be aggregated with all Loans of such other Obligor; 

(n) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans to the ten (10) Obligors having the largest Purchased Loan Balances,
in the aggregate, shall not exceed an amount equal to 75% of the Aggregate Purchased Loan Balance; provided, that, for purposes of calculating this clause (n), all Loans included in the Collateral or to become part of the Collateral the Obligor of
which is an Affiliate of another Obligor shall be aggregated with all Loans of such other Obligor; 
 (o) the Aggregate Adjusted Purchased
Loan Balance of Eligible Loans included as part of the Collateral for which no Trust Receipt (as defined in the Custody Agreement) has been received shall not exceed 10% of the Aggregate Purchased Loan Balance; 

(p) the Aggregate Adjusted Purchased Loan Balance of Loans which are not priced by an Approved Valuation Service on a quarterly basis and have
not been so priced by Approved Valuation Service for a period in excess of 135 days from the last day of the fiscal quarter during which such Loans became Transferred Loans (other than those Loans which have a long term credit rating from S&P or
Moody’s and have a quoted price by a financial institution rated at least A-1/P-1 that makes a market in such Loan, which shall be expressly excluded from this
subsection (p)) shall not exceed 0% of the Aggregate Purchased Loan Balance; 
 (q) the Aggregate Adjusted Purchased Loan Balance of Eligible
Loans that are Mezzanine Loans shall not exceed 5% of the Aggregate Purchased Loan Balance; 
 (r) the Aggregate Adjusted Purchased Loan
Balance of Eligible Loans which are any of (i) PIK Loans, (ii) DIP Loans, (iii) Mezzanine Loans or (iv) Current Pay Loans shall not, in the aggregate, exceed 25% of the Aggregate Purchased Loan Balance; 

(s) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans that are Qualifying Covenant-Lite Loans shall not exceed 10% of the
Aggregate Purchased Loan Balance; 
 (t) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans that arise in connection with a
Controlled Transaction shall not exceed 15% of the Aggregate Purchased Loan Balance; 
 (u) the Aggregate Adjusted Purchased Loan Balance of
Eligible Loans for which the Servicer has not calculated, at least once per calendar quarter within five Business Days after the date the Servicer provides the quarterly valuations for its serviced portfolio, each of the

  
 21 

 
following, in each case in accordance with the applicable Loan Documents for such corresponding Eligible Loan: EBITDA, Total Funded Debt, TTM EBITDA and each of the ratios required to be computed
hereunder utilizing those three terms in the classification of such Loan hereunder, shall not exceed 10% of the Aggregate Purchased Loan Balance; 

(v) the Aggregate Adjusted Purchased Loan Balance of Eligible Loans as to which the Obligor’s principal office and any Related Property
are located in Canada shall not exceed 5% of the Aggregate Purchased Loan Balance; 
 (w) the Aggregate Adjusted Purchased Loan Balance of
the Non-Qualified Loans shall not exceed 15% of the Aggregate Purchased Loan Balance; 
 (x) the
Aggregate Adjusted Purchased Loan Balance of Excess Leverage Loans (whether Non-Qualified Loans or not) shall not exceed 25% of the Aggregate Purchased Loan Balance; 

(y) for all Excess Leverage Loans (whether Non-Qualified Loans or not) for which the ratio, expressed
as a percentage of the Fair Market Value of such Loan to the Outstanding Loan Balance of such Loan shall be less than 80%, an amount equal to the amount of the Aggregate Adjusted Purchased Loan Balance of such Excess Leverage Loans causing such
Loans to have a Total Funded Debt to TTM EBITDA ratio of greater than 6.0x; and 
 (z) the Aggregate Adjusted Purchased Loan Balance of Loans
which bear interest which is due and payable less frequently than quarterly (except for PIK Loans) shall not exceed 10% of the Aggregate Purchased Loan Balance. 

For purposes of calculating the Excess Concentration Amount, all Loans included in the Collateral or to become part of the Collateral the Obligor of which is
an Affiliate of another Obligor shall be aggregated with all Loans of such other Obligor. 
 “Excess Concentration Loan
Amount” means, with respect to each Eligible Loan included as part of the Collateral, as of any date of determination, the amount to be subtracted from the Purchased Loan Balance of such Eligible Loan resulting in an Adjusted Purchased Loan
Balance satisfying all Excess Concentration Limits for all Adjusted Purchased Loan Balances of all Eligible Loans, as allocated in the reasonable business judgment of the Borrower, or the Servicer on its behalf. For purposes of clarity, the Excess
Concentration Loan Amounts shall be calculated without duplication under the limits set forth above in paragraphs (a)-(z) in the definition of “Excess Concentration Limits.” In determining the effect of any single Loan on the Excess
Concentration Loan Amount, the Servicer may determine, in its discretion, which of such applicable paragraphs (a)-(z) to utilize. 

“Excess Leverage Loan” shall mean any Eligible Loan having a Total Funded Debt to TTM EBITDA ratio of greater than 6.0x. 

“Facility Amount” means, at any time and as reduced or increased from time to time, pursuant to the terms of this Agreement
the aggregate dollar amount of Commitments of all the Lenders, as of the date of determination; provided, however, that on or after the Termination Date, the Facility Amount shall be equal to the amount of Advances outstanding. As of
the Effective Date, the Facility Amount is $190,000,000. The Facility Amount may be increased up to a total of $265,000,000 in accordance with the provisions of Section 2.3(c). 

  
 22 

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

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

“Fee Letter” means any letter agreement in respect of fees among the Borrower, the Originator and the Administrative Agent or
any Managing Agent, as any such letter may be amended or modified and in effect from time to time. 
 “First Lien Loan”
means a Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets (net of any real estate) of the respective Obligors obligated in respect thereof, and which has the
most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings, provided, however, that, in the case of accounts receivable and inventory (and the
proceeds thereof), such lien and security interest may be second in priority to a Permitted Working Capital Lien; and further provided, that, as of any date of determination, the ratio of the principal amount of the Loan secured by such Permitted
Working Capital Lien to TTM EBITDA of the Obligor is less than or equal to 1.0x, otherwise, such Loan will be deemed to be a Second Lien Loan. For the avoidance of doubt, in no event shall a First Lien Loan include a Last Out Loan, unless 100% of
the interests in both the First Out Loan and the Last Out Loan are held by the Borrower or the Borrower and its Affiliates, in accordance with that certain exemptive order granted by the SEC to the Originator in July 2012 to the extent that such
order remains applicable to Originator and its Affiliates. 
 “First Lien Qualifying Covenant-Lite Loan” means a First Lien
Loan which is a Qualifying Covenant-Lite Loan. 

  
 23 

 “First Out Loan” means a Loan that (a) constitutes an Eligible Loan which
is a First Lien Loan, (b) is secured on a pari passu basis with a Last Out Loan by a perfected, first priority security interest in all or substantially all of the assets of the related Obligor, and (c) following the occurrence of a
specified event or trigger under the applicable Loan Documents, will be paid in full prior to the payment of any portion of the related Last Out Loan issued by the same Obligor, in accordance with a specified priority of payment; provided,
however, that if (i) the Borrower holds 100% of the interests in both the First Out Loan and related Last Out Loan of an Obligor, or (ii) 100% of the interests in both the First Out Loan and the related Last Out Loan of an Obligor are
held by the Borrower and its Affiliates, in accordance with that certain exemptive order granted by the SEC to the Originator in July 2012 to the extent that such order remains applicable to Originator and its Affiliates, then in either case, both
Loans will be considered to be First Lien Loans provided all other requirements of this definition are satisfied. 
 “Fixed Rate
Loan” means a Transferred Loan that bears interest at a fixed rate. 
 “Floating Rate Loan” means a Transferred
Loan that bears interest at a floating rate. 
 “FNBP” means First National Bank of Pennsylvania, in its capacity either as
a Lender or in its individual capacity, as applicable, and its successors or assigns. 
 “Fronting Exposure” means, at any
time there is a Defaulting Lender, with respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of outstanding Swing Advances made by the Swingline Lender other than Swing Advances as to which such Defaulting
Lender’s participation obligation has been reallocated to other Lenders. 
 “Funding Date” means any day on which an
Advance is made in accordance with and subject to the terms and conditions of this Agreement. 
 “Funding Request” means a
Borrower Notice requesting an Advance and including the items required by Section 2.2. 
 “GAAP”
means generally accepted accounting principles as in effect from time to time in the United States. 
 “Governmental
Authority” means, with respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person (including any supra-national body exercising such powers or functions, such as the European Union or
the European Central Bank). 
 “Group Advance Limit” means, for each Lender Group, the sum of the Commitments of the
Lenders in such Lender Group. 
 “Guarantor Event of Default” means the occurrence of any “Event of Default”
under and as defined in the Performance Guaranty. 

  
 24 

 “Hedge Breakage Costs” means, for any Hedge Transaction, any amount payable by
the Borrower for the early termination of that Hedge Transaction or any portion thereof. 
 “Hedge Collateral” is defined
in Section 5.2(b). 
 “Hedge Counterparty” means (i) KeyBank, (ii) ING or (iii) any
other Lender that has been approved in writing by the Administrative Agent (which approval shall not be unreasonably withheld). 

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

“Indemnified Amounts” is defined in Section 9.1. 

“Indemnified Party” is defined in Section 9.1. 

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

“Ineligible Loan” is defined in the Purchase Agreement. 

“ING” means ING Capital LLC, in its capacity either as a Lender or in its individual capacity, as applicable, and its
successors or assigns. 

  
 25 

 “Insolvency Event” means, with respect to a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such
Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts
become due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Insolvency Laws” means the
Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the
rights of creditors generally. 
 “Insolvency Proceeding” means any case, action or proceeding before any court or
Governmental Authority relating to an Insolvency Event. 
 “Insurance Policy” means, with respect to any Loan included in
the Collateral, an insurance policy covering physical damage to or loss to any assets or Related Property of the Obligor securing such Loan. 

“Insurance Proceeds” means any amounts payable or any payments made, to the Borrower or to the Servicer on its behalf under
any Insurance Policy. 
 “Interest” means, for each Settlement Period and each Advance outstanding during such Settlement
Period, the product of: 
  

			
	 IR x P x
	  	 AD
 360

 where 
  

	 	IR    =	the Interest Rate applicable to such Advance, resetting as and when specified herein; 

  

	 	P      =	the principal amount of such Advance on the first day of such Settlement Period, or if such Advance was first made during such Settlement Period, the principal amount of such Advance on the day such Advance is made; and

  

	 	AD  =	the actual number of days in such Settlement Period, or if such Advance was first made during such Settlement Period, the actual number of days beginning on the day such Advance was first made through the end of such
Settlement Period; 

  
 26 

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

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

“Interest Coverage Ratio” means with respect to any Settlement Period, the percentage equivalent of a fraction, calculated as
of the Determination Date for such Settlement Period, (a) the numerator of which is equal to the aggregate Interest Collections for such Settlement Period and (b) the denominator of which is equal to the aggregate amount payable pursuant
to Section 2.8(a)(ii), (iv), (v) and (vii) hereunder. 
 “Interest Rate” means for any Settlement Period and any
Advance: 
 (a) a rate per annum equal to the Adjusted Eurodollar Rate plus the Applicable Margin; provided, however, that the
Interest Rate shall be the Base Rate plus the Applicable Margin if a Eurodollar Disruption Event occurs; and, provided, further, that the Interest Rate for the first two (2) Business Days following any Advance made by a Lender
shall be the Base Rate plus the Applicable Margin unless such Lender has received at least two (2) Business Days’ prior notice of such Advance; or 

(b) notwithstanding anything in clause (a) to the contrary, following the occurrence and during the continuation of an Early Termination
Event, the Interest Rate for all Advances shall be a rate equal to the Default Rate; or 
 (c) for a Swing Advance, a rate equal to the Base
Rate plus the Applicable Margin. 
 “Interest Reset Date” means the Business Day which is two Business Days prior to the
first day of each Settlement Period. 
 “Investment” means, with respect to any Person, any direct or indirect loan,
advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, excluding the acquisition of assets pursuant to the Purchase Agreement and excluding commission, travel and
similar advances to officers, employees and directors made in the ordinary course of business. 
 “Joinder Agreement” means
a joinder agreement substantially in the form set forth in Exhibit D hereto pursuant to which a new Lender Group becomes party to this Agreement. 

“KeyBank” means KeyBank National Association, in its capacity as a Lender, as a Managing Agent and as Administrative Agent,
and its successors or assigns. 

  
 27 

 “Key Man Event” means (i) the failure to have at least two Approved
Officers serving in the capacity of executive officers of the Originator and actively involved in the operation of the Originator and (ii) such failure shall have continued for 180 consecutive days or more. 

“Last Out Loan” means a Loan that (a) constitutes an Eligible Loan which is a First Lien Loan, (b) is secured on a
pari passu basis with a First Out Loan by a perfected, first priority security interest in all or substantially all of the assets of the related Obligor, and (c) following the occurrence of a specified event or trigger under the applicable Loan
Documents, will be paid only after all or a portion of the related First Out Loan issued by the same Obligor has been paid in full, in accordance with a specified priority of payment; provided, however, that if (i) the Borrower
holds 100% of the interests in both the Last Out Loan and related First Out Loan of an Obligor, or (ii) 100% of the interests in both the Last Out Loan and the related First Out Loan of an Obligor are held by the Borrower and its Affiliates, in
accordance with that certain exemptive order granted by the SEC to the Originator in July 2012 to the extent that such order remains applicable to Originator and its Affiliates, then in either case, both Loans will be considered to be First Lien
Loans provided all other requirements of the definition of a First Lien Loan are satisfied. 
 “Lender Group” means any
group consisting of a Lender and its related Managing Agent. 
 “Lenders” is defined in the preamble hereto. 

“Leverage Ratio” means, for any Eligible Loan, the ratio of Total Funded Debt to TTM EBITDA of such Eligible Loan. 

“LIBO Rate” means, for any Settlement Period and any Advance, an interest rate per annum equal to: 

(i) the ICE Benchmark Administration Limited London interbank offered rate per annum for deposits in Dollars for a period equal to one month as
displayed in the Bloomberg Financial Markets System (or such other page on that service or such other service designated by the ICE Benchmark Administration Limited interbank offered rate for the display of such Administration’s London
interbank offered rate for deposits in Dollars) as of 11:00 a.m., (London time) on the applicable Interest Reset Date; provided, however, that 

(ii) if the Administrative Agent determines that the relevant foregoing sources are unavailable for the relevant Settlement Period, LIBO Rate
shall mean the rate of interest reasonably determined by the Administrative Agent to be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rate per annum at which the Administrative Agent could borrow funds if it were to
do so by asking for and then accepting interbank offers on the applicable Interest Reset Date in the London interbank market for Dollars as of 11:00 a.m. (New York City time) for delivery on the first day of such Settlement Period, for a period
comparable to such Settlement Period in an amount comparable to the principal amount of such Advance; and 
 provided, further,
however, that in no event shall such interest rate be less than zero. 

  
 28 

 “Lien” means, with respect to any Collateral, (a) any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind in respect of such Collateral, or (b) the interest of a vendor or lessor under any conditional sale agreement, financing loan or other title retention agreement relating to such
Collateral. 
 “Liquidation Expenses” means, with respect to any Defaulted Loan or
Charged-Off Loan, the aggregate amount of out-of-pocket expenses reasonably incurred by the Borrower or on behalf of the Borrower
by the Servicer (including amounts paid to any subservicer) in connection with the repossession, refurbishing and disposition of any related assets securing such Loan including the attempted collection of any amount owing pursuant to such Loan. 

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

“Loan File” means, with respect to any Loan, each of the Loan Documents related thereto. 

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

“Lock-Box” means a post office box to which Collections are remitted for retrieval by
a Lock-Box Bank and deposited by such Lock-Box Bank into a Lock-Box Account. 

“Lock-Box Account” means an account, subject to a Deposit Account Control Agreement,
maintained in the name of the Borrower for the purpose of receiving Collections at a Lock-Box Bank. 

“Lock-Box Bank” means any of the banks or other financial institutions holding one or
more Lock-Box Accounts. 
 “Managing Agent” means, as to any Lender, the financial
institution identified as such on the signature pages hereof or in the applicable Assignment and Acceptance or Joinder Agreement. 

“Mandatory Prepayment” is defined in Section 2.4(a). 

“Market Servicing Fee” is defined in Section 7.20. 

  
 29 

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

“Material Adverse Effect” means, with respect to any event or circumstance, an event or circumstance which would have or
would be reasonably expected to have a material adverse effect on (a) the business, condition (financial or otherwise), operations, performance or properties of the Servicer or the Borrower, (b) the validity, enforceability or
collectibility of this Agreement or any other Transaction Document or any Liquidity Agreement or the validity, enforceability or collectibility of the Loans, (c) the rights and remedies of the Administrative Agent or any Secured Party under
this Agreement or any Transaction Document or any Liquidity Agreement or (d) the ability of the Borrower or the Servicer to perform its obligations under this Agreement or any other Transaction Document, or (e) the status, existence,
perfection, priority, or enforceability of the Administrative Agent’s or Secured Parties’ interest in the Collateral. 

“Maturity Date” means the earlier of (i) April 15, 2022 and (ii) the date that is the fifteen-month
anniversary of the Termination Date. The Advances Outstanding will be due and payable in full on the Maturity Date. 
 “Maximum
Lawful Rate” is defined in Section 2.6(d). 
 “Mezzanine Loan” means a Loan or any
assignment of, or participation interest or other interest in, a Loan that is not a First Lien Loan, First Out Loan, First Lien Qualifying Covenant-Lite Loan, Second Lien Loan, Last Out Loan or Second Lien Qualifying Covenant-Lite Loan. 

“Monthly Report” is defined in Section 7.11(a). 

“Moody’s” means Moody’s Investors Service, Inc., and any successor thereto. 

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

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

“1940 Act” is defined in Section 4.1(x). 

“Net Worth” means, with respect to the Performance Guarantor, the total of net assets (determined in accordance with GAAP)
plus Subordinated Debt (determined in accordance with GAAP, but excluding for purposes of testing compliance with Section 7.18(a)(xiv) the impact of the election of ASC 825 or similar accounting guideline with respect to determining the fair
value of the debt of the Performance Guarantor on a consolidated basis (for avoidance of doubt, the intent of this language is to cause the debt of the Performance Guarantor to be valued at par value rather than fair value)), less the total amount
of any intangible assets, including without limitation, goodwill. 

  
 30 

 “Non-Defaulting Lender” means, at any
time, each Lender that is not a Defaulting Lender at such time. 
 “Non-Qualified
Loans” shall mean Excess Leverage Loans, (i) the Obligor of which does not have a TTM EBITDA of at least $50,000,000, or (ii) the market value of which is not determined by either (x) the bid price of at least one Approved
Dealer, (y) if such Loan is traded on an exchange, the closing price most recently posted on such exchange, or (z) a price designated by an Approved Pricing Service. 

“Non-Renewing Lender” is defined in Section 2.4(b). 

“Notes” is defined in Section 2.5(a). 

“Obligations” means all loans, advances, debts, liabilities and obligations, for monetary amounts owing by the Borrower to
the Lenders, the Administrative Agent, the Managing Agents or any of their assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or
non-contingent, and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of this Agreement, any other Transaction Document or any Fee
Letter delivered in connection with the transactions contemplated by this Agreement, or any Hedging Agreement, as amended or supplemented from time to time, whether or not evidenced by any separate note, agreement or other instrument. This term
includes, without limitation, all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), Breakage Costs, Hedge Breakage Costs, fees, including, without limitation,
any and all arrangement fees, loan fees, facility fees, and any and all other fees, expenses, costs or other sums (including attorney costs) chargeable to the Borrower under any of the Transaction Documents or under any Hedging Agreement. 

“Obligor” means, with respect to any Loan, the Person or Persons obligated to make payments pursuant to such Loan, including
any guarantor thereof. 
 “Officer’s Certificate” means a certificate signed by any officer of the Borrower or the
Servicer, as the case may be, and delivered to the Administrative Agent. 
 “Operating Account” means the Borrower’s
operating account number 138831 at The Bank of New York Mellon Trust Company, N.A. or such other account subject to a Deposit Account Control Agreement and maintained at such bank as may be consented to from time to time by the Administrative Agent
in its reasonable discretion. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the
Borrower or the Servicer, as the case may be, and who shall be reasonably acceptable to the Administrative Agent. 

“Originator” means Gladstone Capital Corporation, a Maryland corporation. 

  
 31 

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

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

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

“Performance Guarantor” is defined in the Performance Guaranty. 

“Performance Guaranty” means the Amended and Restated Performance Guaranty dated as of July 19, 2004, by the Originator
in favor of the Borrower and the Administrative Agent, as amended by that certain Amendment No. 1 to Amended and Restated Performance Guaranty dated as of even date herewith and as the same may from time to time be further amended, restated,
supplemented, waived or modified. 
 “Permitted Investments” means any one or more of the following types of investments:

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

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

(e) commercial paper rated at least A-1 by S&P and P-1 by
Moody’s; and 
 (f) demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of
depository institutions or trust companies incorporated under the laws of the United States or any state thereof (or domestic branches of any foreign bank) and subject to supervision and examination by federal or state banking or depository
institution authorities; provided, however that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such depository institution or trust company shall be at least A-1 by S&P and P-1 by Moody’s. 

  
 32 

 “Permitted Liens” means (i) Liens created pursuant to the Transaction
Documents in favor of the Administrative Agent, as agent for the Secured Parties, (ii) Liens created under the Loan Documents in favor of the Originator and its assigns, or (iii) Permitted Working Capital Liens. 

“Permitted Loan Amendment” shall mean, as to an otherwise Eligible Loan, an amendment to the applicable Loan Documents
(a) the effect of which is to extend the time for payment of principal due solely to the scheduled maturity of such Loan or (b) that changes the interest rate, provides for interest only payments, changes the principal payments or
principal amortization period, and/or otherwise changes the maturity date for such Eligible Loan, in each case, other than as provided in clause (a) above (e.g., a shortening of the maturity date or an extension of the maturity date coupled
with a change in the principal amortization period); provided, that any such amendment described in this clause (b) must be (A) consistent with prudent lending practices and then current market conditions, as reasonably
determined by Borrower, and (B) necessary, in Borrower’s good faith judgment, to prevent the prepayment of such Eligible Loan and (C) has been consented to by the Administrative Agent (which consent, for avoidance of doubt, may be in
the form of an electronic communication) in its reasonable discretion; provided, that, if notice of any amendment described in this clause (b) shall have been given to the Administrative Agent and each Lender (which notice, for
avoidance of doubt, may be in the form of an electronic communication), and no response shall have been received from the Administrative Agent within three (3) Business Days, the Administrative Agent shall be deemed to have consented to such
amendment. 
 “Permitted Working Capital Lien” means, with respect to an Obligor that is a borrower under a First Lien
Loan, a security interest granted to secure a working capital loan for such Obligor in the accounts receivable and/or inventory (and the proceeds thereof) of such Obligor and any of its subsidiaries that are guarantors of such working capital loan;
provided, that (i) such First Lien Loan has a junior priority lien on such accounts receivable and/or inventory (and the proceeds thereof), and (ii) such working capital facility is not secured by any other assets of such Obligor
and does not benefit from any standstill rights or other similar creditor rights agreements (other than customary rights) with respect to any other assets of such Obligor. 

“Person” means an individual, partnership, corporation (including a statutory trust), limited liability company, joint stock
company, trust, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity. 

“PIK Loan” means a Loan to an Obligor, which provides for a portion of the interest that accrues thereon to be added to the
principal amount of such Loan for some period of the time prior to such Loan requiring the cash payment of interest on a monthly or quarterly basis. 

“Post-Termination Revolver Loan Advances” means an advance by the Lenders, made on or following the Revolver Loan Funding
Date, which may be used for the sole purpose of funding committed advances requested by Obligors under the Revolver Loans. 
 “Prime
Rate” means the rate publicly announced by KeyBank from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. 

  
 33 

 
The Prime Rate is not intended to be the lowest rate of interest charged by KeyBank in connection with extensions of credit to debtors. 

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

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

“Pro-Rata Share” means, with respect to any Lender on any day, the percentage
equivalent of a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Group Advance Limit of the related Lender Group. 

“Purchase Agreement” means the Second Amended and Restated Purchase and Sale Agreement dated as of May 1, 2015, between
the Originator and the Borrower and as the same may from time to time be amended, restated, supplemented, waived or modified. 

“Purchase Date” is defined in the Purchase Agreement. 

“Purchased Loan Balance” means as of any date of determination and any Transferred Loan, the lesser of (i) the
Outstanding Loan Balance of such Loan as of such date and (ii) the Fair Market Value of such Loan. 
 “Purchasing
Lender” is defined in Section 11.1(b). 
 “Qualified Institution” is defined in
Section 7.4(e). 
 “Qualifying Covenant-Lite Loan” means a Covenant-Lite Loan (a) the
Obligor of which has a TTM EBITDA of at least $50,000,000 and (b) the market value of which is determined by either (x) the bid price of at least one Approved Dealer, (y) if such Loan is traded on an exchange, the closing price most
recently posted on such exchange or (z) a price designated by an Approved Pricing Service. 
 “Real Estate Loan” means
a Transferred Loan that is secured primarily by a mortgage, deed of trust or similar lien on commercial real estate (other than hotels, restaurants and casinos) or residential real estate. 

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

  
 34 

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

“Register” is defined in Section 11.1(d). 

“Regulatory Change” is defined in Section 2.12(a). 

“Related Property” means, with respect to a Loan, any property or other assets of the Obligor thereunder pledged as
collateral to the Originator to secure the repayment of such Loan. 
 “Replacement Lender” is defined in
Section 2.15. 
 “Reporting Date” means the date that is two (2) Business Days prior to each
Payment Date. 
 “Repurchase Price” means for any Transferred Loan purchased by the Servicer pursuant to
Section 7.7, an amount equal to the outstanding principal balance of such Loan as of the date of purchase, plus all accrued and unpaid interest on such Loan. 

“Required Equity Investment” means the minimum amount of equity investment in the Borrower which shall be maintained by the
Originator, in the form of Eligible Loans and/or cash having an outstanding principal balance at all times prior to the Termination Date of an amount equal to the greater of (i) $100,000,000 or (ii) the sum of the Purchased Loan Balances of the
Eligible Loans made to the six Obligors having the largest Purchased Loan Balances. For purposes of calculating the Required Equity Investment, all Loans included in the Collateral or to become part of the Collateral the Obligor of which is an
Affiliate of another Obligor shall be aggregated with all Loans of such other Obligor. 
 “Required Lenders” means at a
particular time, Lenders with Commitments (including, for this purpose, Non-Renewing Lenders, who shall be deemed to have Commitments equal to their Lender Group’s Advances Outstanding at such time) in
excess of 66 2/3 % of the Facility Amount. The Commitments and any outstanding Advances of any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Required Minimum Obligors Test” means a test (a) which shall not apply if the Aggregate Outstanding Loan Balance is
less than $100,000,000 and (b) is satisfied if, if the Aggregate Outstanding Loan Balance is (i) between $100,000,000 and $150,000,000, there shall be no fewer than 20 Obligors included in the Collateral and (ii) $150,000,001 or more,
there shall be no fewer than 25 Obligors included in the Collateral. 
 “Required Reports” means collectively, the Monthly
Report, the Servicer’s Certificate, the annual and quarterly financial statements of the Servicer, the Originator or the Borrower and the quarterly valuation reports, in each case, required to be delivered to the Borrower, the Managing Agents,
the Administrative Agent and/or the Backup Servicer pursuant to Section 7.11 hereof. 

  
 35 

 “Responsible Officer” means, as to the Borrower, David Gladstone, Terry
Brubaker, Michael LiCalsi, Robert Marcotte, Jay Beckhorn or Nicole Schaltenbrand and as to any other Person, any officer of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. The Borrower may designate other Responsible Officers from time to time by notice to the
Administrative Agent. 
 “Revolver Loan” means each Loan with respect to which the Borrower has a revolving credit
commitment to advance amounts to the applicable Obligor during a specified term. 
 “Revolver Loan Funding” is defined in
Section 2.14. 
 “Revolver Loan Funding Account” is defined in
Section 2.14. 
 “Revolver Loan Funding Account Shortfall” means, on any date, the amount, if
any, by which the Revolver Loan Unfunded Commitment Amount at such time exceeds the aggregate amount on deposit in the Revolver Loan Funding Accounts. 

“Revolver Loan Funding Account Surplus” means, on any date, the amount, if any, by which the amount on deposit in the
Revolver Loan Funding Accounts exceeds the Revolver Loan Unfunded Commitment Amount at such time. 
 “Revolver Loan Funding
Date” means the Termination Date, if Revolver Loans are outstanding on such date. 
 “Revolver Loan Funding Fee”
is defined in Section 2.14. 
 “Revolver Loan Unfunded Commitment Amount” means, at any time, the
aggregate unfunded commitments under the Revolver Loans at such time. 
 “Revolving Period” means the period commencing on
the Effective Date and ending on the day immediately preceding the Termination Date. 
 “RIC/BDC Requirements” means the
requirements the Performance Guarantor must satisfy to maintain its status as a “business development company,” within the meaning of the 1940 Act, and its election to be treated as a “regulated investment company” under the
Code. 
 “Risk Rating” means, with respect to any Loan at any time, if the Obligor under such Loan is at such time
(i) rated by both S&P and Moody’s, the lower of such ratings, (ii) rated by either S&P or Moody’s, such rating or (iii) not rated by either S&P or Moody’s, the rating determined by the Servicer’s risk
rating model. 
 “Rolling Three-Month Charged-Off Ratio” means, for any day, the
rolling three period average Charged-Off Ratio for the three immediately preceding Settlement Periods. 

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

  
 36 

 “S&P” means Standard & Poor’s Ratings Services, a division of
The McGraw-Hill Companies, Inc. and any successor thereto. 
 “Sanctions” means economic or financial sanctions or trade
embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State. 

“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person subject to Sanctions by virtue of operating or being organized or resident in a Sanctioned Country or
(c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Santander” means Santander Bank, N.A., in its capacity either as a Lender or in its individual capacity, as applicable, and
its successors or assigns. 
 “Scheduled Payment” means, on any Determination Date, with respect to any Loan, each monthly
payment (whether principal, interest or principal and interest) scheduled to be made by the Obligor thereof after such Determination Date under the terms of such Loan. 

“Second Lien Qualifying Covenant Lite Loan” means a Second Lien Loan which is a Qualifying Covenant-Lite Loan. 

“Second Lien Loan” means a Loan (other than a First Lien Loan) that is entitled to the benefit of a first and/or second lien
and first and/or second priority perfected security interest on all or substantially all of the assets of the respective Obligors. For the avoidance of doubt, Last Out Loans are considered Second Lien Loans. 

“Secured Party” means (i) each Lender, (ii) each Managing Agent, and (iii) each Hedge Counterparty that is
either a Lender or an Affiliate of a Lender if that Affiliate executes a counterpart of this Agreement agreeing to be bound by the terms of this Agreement applicable to a Secured Party. 

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

“Servicer Advance” means an advance of Scheduled Payments made by the Servicer pursuant to
Section 7.5. 
 “Servicer Termination Event” is defined in
Section 7.18. 
 “Servicer’s Certificate” is defined in
Section 7.11(b). 

  
 37 

 “Servicing Duties” means those duties of the Servicer which are enumerated in
Section 7.2. 
 “Servicing Fee” means, for each Payment Date, an amount equal to the sum of the
products, for each day during the related Settlement Period, of (i) the Outstanding Loan Balance of each Loan as of the preceding Determination Date, (ii) the applicable Servicing Fee Rate, and (iii) a fraction, the numerator of which
is 1 and the denominator of which is 360. 
 “Servicing Fee Limit Amount” means, for each Payment Date, an amount equal to
50% of the Servicing Fee for the related Settlement Period. 
 “Servicing Fee Rate” means a rate equal to 1.50% per annum.

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

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

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

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

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

“Subordinated Debt” means any debt (i) that is subordinated in right of payment to other debt of the Performance
Guarantor and (ii) does not require any payment or prepayment of principal thereon prior to the Maturity Date. 

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

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

“Swap Breakage and Indemnity Amounts” means any early termination payments, taxes, indemnification payments and any other
amounts owed to a Hedge Counterparty under a Hedging Agreement that do not constitute monthly payments. 
 “Swing Advance”
means an Advance made by the Swingline Lender pursuant to Section 2.1(b). 
 “Swing Prepayment Amount” is defined in
Section 12.17(e). 
 “Swingline Lender” means KeyBank, in its capacity as lender of Swing Advances hereunder. 

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

“Termination Notice” is defined in Section 7.18. 

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

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

  
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 “Transferred Loans” means each Loan that is acquired or in which an interest is
acquired by the Borrower under the Purchase Agreement and all Loans received by the Borrower in respect of the Required Equity Investment. Any Transferred Loan that is (i) repurchased or reacquired by the Originator pursuant to the terms of
Section 6.1 of the Purchase Agreement, (ii) purchased by the Servicer pursuant to the terms of Section 7.7 or (iii) otherwise released from the lien of this Agreement pursuant to
Section 6.3 shall not be treated as a Transferred Loan for purposes of this Agreement (provided, that the purchase or repurchase of any Defaulted Loan or Charged-Off Loan shall
not alter such Transferred Loan’s status as a Defaulted Loan or Charged-Off Loan for purposes of calculating ratios for periods occurring prior to the purchase or repurchase of such Transferred Loan).

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

“TTM EBITDA” means, with respect to any Obligor, as of any particular date, the EBITDA of such Obligor for the preceding
twelve-month period. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the specified
jurisdiction or, if no jurisdiction is specified, the State of New York. 
 “Undisclosed Administration” means in relation
to a Lender or its parent company the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where
such person is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed. 

“United States” means the United States of America. 

“Unmatured Termination Event” means an event that, with the giving of notice or lapse of time, or both, would become an Early
Termination Event. 
 “Unreimbursed Servicer Advances” means, at any time, the amount of all previous Servicer Advances (or
portions thereof) as to which the Servicer has not been reimbursed as of such time pursuant to Section 2.8 and that the Servicer has determined in its sole discretion will not be recoverable from Collections with respect to
the related Transferred Loan. 
 “Unused Fee” means, for any Settlement Period, an amount equal to (x) 1.00% per annum on
the daily unused amount of the Commitments if the average unused amount during such Settlement Period is more than sixty-five percent (65%), (y) 0.75% per annum on the daily unused amount of the Commitments if the average unused amount during such
Settlement Period is more than fifty percent (50%) and equal to or less than sixty-five percent (65%) and (z) 0.50% per annum on the daily unused amount of the Commitments if the average unused amount during such Settlement Period is equal to or
less than fifty percent (50%). 

  
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 “Weighted Average Fixed Coupon” means, as of any date of determination, the
number, expressed as a percentage, obtained by summing the products obtained by multiplying the cash interest coupon of each Fixed Rate Loan (excluding Defaulted Loans) as of such date by the Outstanding Loan Balance of such Loans as of such date,
dividing such sum by the aggregate Outstanding Loan Balance of all such Fixed Rate Loans and rounding up to the nearest 0.01%. For the purpose of calculating the Weighted Average Fixed Coupon, all Fixed Rate Loans that are not currently paying cash
interest shall have an interest rate of 0%. 
 “Weighted Average Floating Spread” means, as of any date of determination,
the number, expressed as a percentage, obtained by summing the products obtained by multiplying, in the case of each Floating Rate Loan (excluding Defaulted Loans) on an annualized basis, the Spread of such Loans (including commitment, letter of
credit and all other fees), by the Outstanding Loan Balance of such Loans as of such date and dividing such sum by the aggregate Outstanding Loan Balance of all such Floating Rate Loans and rounding the result up to the nearest 0.01%; provided that
the Spread of any Revolver Loan which is not fully funded shall be the sum of: 
 (a) the product of (1) the Spread
payable on the funded portion of such Revolver Loan and (2) the percentage equivalent of a fraction the numerator of which is equal to the funded portion of such Revolver Loan and the denominator of which is equal to the commitment amount of
such Revolver Loan; plus 
 (b) the product of (1) the scheduled amounts (other than interest) of commitment fee, unused
fee and/or facility fee payable on the unfunded portion of such Revolver Loan less any withholding tax, if any, on such fees and (2) the percentage equivalent of a fraction the numerator of which is equal to the Revolver Loan Unfunded
Commitment Amount of such Revolver Loan and the denominator of which is equal to the aggregate commitment amount of such Revolver Loan. 

“Weighted Average Life” means, with respect to the Transferred Loans as of any determination date, (i) the quotient
obtained by dividing (A) the sum of the amounts calculated for each month (beginning with the month in which such determination is being made and ending with the month in which the last principal payment is scheduled to be received with respect
to the Transferred Loans), which amount for each such month shall be equal to the product of (x) the scheduled principal payment amount for the Transferred Loans for such month, multiplied by (y) the number of months that such month occurs
from the month in which such determination date occurs (e.g., the month in which such determination date occurs shall have a value of 1, the month occurring immediately after the month in which such determination date occurs shall have a value of 2
etc.) by (B) the total amount of all scheduled principal payments to be received under the Transferred Loans as of such determination date, divided by (ii) 12. 

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

  
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 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule. 
 Section 1.2 Other Terms.

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

Section 1.4 Interpretation. 

In each Transaction Document, unless a contrary intention appears: 

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

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

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

  
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 ARTICLE II 

ADVANCES 

Section 2.1 Advances. 

(a) Revolver Advances. On the terms and conditions hereinafter set forth, the Borrower may, by delivery of a Funding Request to the
Administrative Agent and each Managing Agent, from time to time on any Business Day during the Revolving Period, at its option, request that the Lenders make advances (each, an “Advance”) to it in an amount which, at any time, shall
not exceed the Availability in effect on the related Funding Date; provided, however, that the Borrower may not, without the consent of each Lender, request more than five (5) Advances per calendar month Such Funding Request shall be delivered
not later than 12:00 noon (New York City time) on the date which is two (2) Business Days prior to the requested Funding Date. Upon receipt of such Funding Request, each Managing Agent shall promptly forward such Funding Request to its related
Lenders, and the applicable portion of the Advance will be made by the Lenders in such Lender Group in accordance with their Pro-Rata Shares. Notwithstanding anything contained in this
Section 2.1 or elsewhere in this Agreement to the contrary, no Lender shall be obligated to make any Advance in an amount that would result in the aggregate Advances then funded by such Lender exceeding its Commitment then
in effect. The obligation of each Lender to remit its Pro-Rata Share of any such Investment shall be several from that of each other Lender, and the failure of any Lender to so make such amount available to
the Borrower shall not relieve any other Lender of its obligation hereunder. Each Advance to be made hereunder shall be made ratably among the Lender Groups in accordance with their Group Advance Limits. 

(b) Swing Advances. In addition to the foregoing, the Swingline Lender shall from time to time on any Business Day during the Revolving
Period (but not more than three (3) times per calendar month), upon the request of the Borrower by delivery of a Funding Request to the Administrative Agent, if the conditions precedent in Article III have been satisfied, make Swing Advances to
the Borrower in an aggregate principal amount at any time outstanding not exceeding $10,000,000; provided that, immediately after such Swing Advance is made, the aggregate principal amount of all Revolver Advances and Swing Advances shall not exceed
the lesser of the Facility Amount or the Borrowing Base at such time, nor shall the aggregate Advances Outstanding of the Swingline Lender exceed its Commitment. Each Swing Advance under this Section 2.1(b) shall be in an aggregate principal
amount of $2,000,000 or any larger multiple of $1,000,000. Within the foregoing limits, the Borrower may borrow under this Section 2.1(b), prepay and reborrow under this Section 2.1(b) at any time before the Termination Date. Solely for
purposes of calculating fees under Section 2.7, Swing Advances shall not be considered a utilization of an Advance of the Swingline Lender or any other Lender hereunder. At any time, upon the request of the Swingline Lender, each Lender other
than the Swingline Lender shall, on the third Business Day after such request is made, purchase a participating interest in Swing Advances in an amount equal to its Applicable Percentage of such Swing Advances. On such third Business Day, each
Lender will immediately transfer to the Swingline 

  
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Lender, in immediately available funds, the amount of its participation. Whenever, at any time after the Swingline Lender has received from any such Lender its participating interest in a Swing
Advance, the Administrative Agent receives any payment on account thereof, the Administrative Agent will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment received by the Administrative Agent is required to be returned, such Lender will return to the
Administrative Agent any portion thereof previously distributed by the Administrative Agent to it. Each Lender’s obligation to purchase such participating interests shall be absolute and unconditional and shall not be affected by any
circumstance, including: (i) any set-off, counterclaim, recoupment, defense or other right which such Lender or any other Person may have against the Swingline Lender requesting such purchase or any other
Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or the termination of the Commitments; (iii) any adverse change in the condition (financial, business or otherwise) of the Borrower, the Performance
Guarantor, the Servicer or any other Person; (iv) any breach of this Agreement by any Loan Party or any other Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. The
Borrower may, concurrent with the delivery of a Funding Request for a Swing Advance under this Section 2.1(b) or at any time thereafter, deliver a Funding Request for a Revolver Advance pursuant to
Section 2.1(a) and direct that all or any portion of such Revolver Advance be wired or credited to Swing Lender immediately on the Funding Date of such Revolver Advance to prepay any Swing Advance then outstanding. 

Section 2.2 Procedures for Advances. 

(a) In the case of the making of any Advance, the repayment of any Advance, or any termination, increase or reduction of the Facility Amount
and prepayments of Advances, the Borrower shall give the Administrative Agent a Borrower Notice. Each Borrower Notice shall specify the amount (subject to Section 2.1 hereof) of Advances to be borrowed or repaid and the
Funding Date or repayment date (which, in all cases, shall be a Business Day) and whether such Advance is a Revolver Advance or a Swing Advance. 

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

(c) No later than 10:00 a.m. (New York City time) five (5) Business Days prior to the proposed Funding Date for a Revolver Advance (or
such shorter period of time or later date as may be agreed to by the Required Lenders), the Borrower shall notify (i) the Collateral Custodian by delivery to the Collateral Custodian of written notice of such proposed Funding Date, and
(ii) the Administrative Agent by delivery to the Administrative Agent of a credit report and transaction summary for each Loan that is the subject of the proposed Advance setting forth the credit underwriting by the Originator of such Loan,
including without limitation a description of the Obligor and the proposed loan transaction in the form of Exhibit M hereto; provided that, in the case of Advances funding Revolver Loans, the requirements of this
Section 2.2(c) shall apply only with respect to the first Advance to be made with respect to each such Revolver Loan. By 5:00 p.m. (New York City time) on the next Business Day, the Administrative Agent shall

  
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use its best efforts to confirm to the Borrower the receipt of such items and whether it has reviewed such items and found them to be complete and in proper form. If the Administrative Agent
makes a determination that the items are incomplete or not in proper form, it will communicate such determination to the Borrower. Failure by the Administrative Agent to respond to the Borrower by 5:00 on the day the related Funding Request is
delivered by the Borrower shall constitute an implied determination that the items are incomplete or not in proper form. The Borrower will take such steps requested by the Administrative Agent to correct the problem(s). In the event of a delay in
the actual Funding Date due to the need to correct any such problems, the Funding Date shall be no earlier than three (3) Business Days after the day on which the Administrative Agent confirms to the Borrower that the problems have been
corrected. 
 (d) No later than 11:00 a.m. (New York, New York time) one (1) Business Day prior to the proposed Funding Date for a
Revolver Advance (or such shorter period of time or later date as may be agreed to by the Required Lenders), the Administrative Agent, each Managing Agent and the Collateral Custodian, as applicable, shall receive or shall have previously received
the following: 
 (i) a Borrower Notice in the form of Exhibit A; 

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

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

Each Funding Request for a Revolver Advance shall specify the aggregate amount of the requested Advance, which shall be in an amount equal to at least
$1,000,000. 
 (e) No later than 12:00 noon (New York, New York time) on the Business Day proposed for a Swing Advance, the Administrative
Agent shall receive or shall have previously received the following: 
 (i) a Borrower Notice in the form of Exhibit A; and 

(ii) a wire disbursement and authorization form. 

(f) Each Funding Request shall be accompanied by (i) a Borrower Notice, depicting the outstanding amount of Advances under this Agreement
and representing that all conditions precedent for a funding have been met, including a representation by the Borrower that the requested Advance shall not, on the Funding Date thereof, exceed the Availability on such day, (ii) a calculation of
the Borrowing Base as of the applicable Funding Date (which calculation may, for avoidance of doubt, take into account Loans which will become Transferred Loans on or prior to such Funding Date), (iii) an updated Loan List including each Loan that
is subject to the requested Advance, (iv) the proposed Funding Date, and (v) wire transfer instructions for the Advance; provided, however, the Funding Request for a Swing Advance shall be required to contain only the information described
in Section 2.2(e)(i) and (ii) above. A Funding Request 

  
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shall be irrevocable when delivered; provided however, that if the Borrowing Base calculation delivered pursuant to clause (ii) above includes a Loan which does not become a
Transferred Loan on or before the applicable Funding Date as anticipated, and the Borrower cannot otherwise make the representations required pursuant to clause (i) above, the Borrower shall revise the Funding Request accordingly, and shall pay
any loss, cost or expense incurred by any Lender in connection with the broken funding evidenced by such revised Funding Request. 
 (g) On
the Funding Date following the satisfaction of the applicable conditions set forth in this Section 2.2 and Article III, the Lenders shall make available to the Administrative Agent at its address listed beneath its
signature on its signature page to this Agreement (or on the signature page to the Joinder Agreement pursuant to which it became a party hereto), for deposit to the account of the Borrower or its designee in same day funds, at the account specified
in the Funding Request, an amount equal to such Lender’s ratable share of the Advance then being made (except that in the case of a Swing Advance, the Swingline Lender will make available to the Borrower the amount of any such Swing Advance).
Each wire transfer of an Advance to the Borrower shall be initiated by the applicable Lender no later than 3:00 p.m. (New York, New York time) on the applicable Funding Date. 

Section 2.3 Optional Changes in Facility Amount; Prepayments. 

(a) The Borrower shall be entitled at its option, on any Payment Date prior to the occurrence of an Early Termination Event, to reduce the
Facility Amount in whole or in part; provided that the Borrower shall give prior written notice of such reduction to the Administrative Agent and each Managing Agent as provided in paragraph (b) of this Section 2.3 and that any partial
reduction of the Facility Amount shall be in an amount equal to $3,000,000 with integral multiples of $500,000 above such amount. The Lenders hereby agree that, unless otherwise agreed by the Lenders, the Commitment of each Lender shall be reduced
ratably in proportion to any such reduction in the Facility Amount. Any request for a reduction or termination pursuant to this Section 2.3 shall be irrevocable. Any reduction of the Facility Amount prior to the
two-year anniversary of the Effective Date shall be accompanied by a payment of the applicable Commitment Make-Whole Fee. 

(b) From time to time during the Revolving Period, but not more often than three times in any calendar month, the Borrower may prepay any
portion or all of the Advances Outstanding, other than with respect to Mandatory Prepayments, by delivering to the Administrative Agent and each Managing Agent a Borrower Notice (i) in the case of any partial prepayment, at least two
(2) Business Days prior to the date of such repayment and (ii) in the case of any prepayment in full, at least thirty (30) Business Days prior to the date of such prepayment (or, in each case, such later time as the applicable
Lenders, in their respective sole discretion, may agree), specifying the date and amount of the prepayment and certifying that, following such prepayment, the Borrower will be in compliance with the terms of this Agreement; provided, that no such
reduction shall be given effect unless the Borrower has complied with the terms of any Hedging Agreement requiring that one or more Hedge Transactions be terminated in whole or in part as the result of any such prepayment of the Advances
Outstanding, and the Borrower has paid all Hedge Breakage Costs owing to the relevant Hedge Counterparty for any such termination. If any Borrower Notice relating to any prepayment is given, the amount specified in such Borrower Notice shall be due
and payable on 

  
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the date specified therein, together with accrued Interest to the payment date on the amount prepaid and any Breakage Costs (including Hedge Breakage Costs) related thereto. Any partial
prepayment by the Borrower of Advances hereunder, other than with respect to Mandatory Prepayments, shall be in a minimum amount of $500,000 with integral multiples of $100,000 above such amount. Any amount so prepaid may, subject to the terms and
conditions hereof, be reborrowed during the Revolving Period. A Borrower Notice relating to any such prepayment shall be irrevocable when delivered. Each such optional prepayment shall be applied first to any Swing Line Advances outstanding and then
to prepay ratably the Revolver Advances. 
 (c) Subject to the terms and conditions set forth herein, the Borrower shall have the right, at
any time from the Effective Date until the Commitment Termination Date, to increase the Facility Amount by an amount up to $110,000,000 (for a total maximum Facility Amount of $250,000,000). The following terms and conditions shall apply to any such
increase: (i) any such increase shall be obtained from existing Lenders or from other Eligible Assignees, in each case in accordance with the terms set forth below; (ii) the Commitment of any Lender may not be increased without the prior
written consent of such Lender; (iii) any increase in the Facility Amount shall be in a minimum principal amount of (x) if such increase shall be obtained from existing Lenders, $5,000,000 (or such lower amount as may be consented to by
the Administrative Agent) and (y) if such increase shall be obtained from Eligible Assignees who are not Lenders hereunder, $15,000,000 (or such lower amount as may be consented to by the Administrative Agent); (iv) the Borrower and Lenders
shall execute an acknowledgement (or in the case of the addition of a bank or other financial institution not then a party to this Agreement, a Joinder Agreement) in form and content satisfactory to the Administrative Agent to reflect the revised
Commitments and Facility Amount (the Lenders do hereby agree to execute such acknowledgement (or Joinder Agreement) without delay unless the acknowledgement purports to (A) increase the Commitment of a Lender without such Lender’s consent
or (B) amend this Agreement or the other Transaction Documents other than as provided for in this Section 2.3); (v) the Borrower shall execute such promissory notes as are necessary to reflect the increase in or
creation of the Commitments; (vi) if any Advances are outstanding at the time of any such increase, the Borrower shall make such payments and adjustments on the Advances (including payment of any break-funding amount owing under
Section 2.11 hereof) as necessary to give effect to the revised commitment percentages and outstandings of the Lenders; (vii) the Borrower may solicit commitments from Eligible Assignees that are not then a party to
this Agreement so long as such Eligible Assignees are reasonably acceptable to the Administrative Agent and execute a Joinder Agreement in form and content satisfactory to the Administrative Agent; (viii) the conditions set forth in
Section 3.2 shall be satisfied in all material respects; (ix) after giving effect to any such increase in the Facility Amount, no Unmatured Early Termination Event or Early Termination Event shall have occurred;
(x) the Borrower shall have provided to the Administrative Agent, at least 30 days prior to such proposed increase in the Facility Amount, written evidence demonstrating pro forma compliance with Section 8.1(q) of this
Agreement after giving effect to such proposed increase, such evidence to be satisfactory in the sole discretion of the Administrative Agent. The amount of any increase in the Facility Amount hereunder shall be offered first to the existing Lenders,
and in the event the additional commitments which existing Lenders are willing to take shall exceed the amount requested by the Borrower, such excess shall be allocated in proportion to the commitments of such existing Lenders willing to take
additional commitments. If the amount of the additional commitments requested by the Borrower shall exceed the additional commitments which the existing Lenders 

  
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are willing to take, then the Borrower may invite other Eligible Assignees reasonably acceptable to the Administrative Agent to join this Agreement as Lenders hereunder for the portion of
commitments not taken by existing Lenders, provided that such Eligible Assignees shall enter into such joinder agreements to give effect thereto as the Administrative Agent and the Borrower may reasonably request. Unless otherwise agreed by the
Administrative Agent and the Lenders, the terms of any increase in the Facility Amount shall be the same as those in effect prior to any increase; provided, however, that should the terms of the increase agreed to be other than those
in effect prior to the increase, then the Transaction Documents shall, with the consent of the Administrative Agent and the Lenders, be amended to the extent necessary to incorporate any such different terms. Notwithstanding any of the foregoing,
the Lenders hereby agree that, from the Effective Date until such date as the Commitment of KeyBank is reduced to $75,000,000 (whether by assignment or otherwise), any syndication of the Facility Amount shall be effected pursuant to an assignment of
the Commitment of KeyBank to the applicable Lender to the extent required to reduce such Commitment of KeyBank to $75,000,000. 

Section 2.4 Principal Repayments; Extension of Term. 

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

(b) The Borrower may, at any time within 365 days, but no later than 45 days, prior to the then current Commitment Termination Date, by written
notice to the Administrative Agent, make written requests for the Lenders to extend the Commitment Termination Date for an additional revolving period, which extension may be documented as part of a broader amendment to this Agreement or on a
stand-alone basis. The Administrative Agent will give prompt notice to each Managing Agent of its receipt of such request, and each Managing Agent shall give prompt notice to each of the Lenders in its related Lender Group of its receipt of such
request for extension of the Commitment Termination Date. Each Lender shall make a determination, in its sole discretion and after a full credit review, not less than fifteen (15) days following receipt of such request as to whether or not it
will agree to extend the Commitment Termination Date; provided, however, that the failure of any Lender to make a timely response to the Borrower’s request for extension of the Commitment Termination Date shall be deemed to
constitute a refusal by such Lender to extend the Commitment Termination Date. In the event that at least one Lender agrees to extend the Commitment Termination Date, the Borrower, the Servicer, the Administrative Agent and the extending Lenders
shall enter into such documents as the Administrative Agent and such extending Lenders and may deem necessary or appropriate to reflect such extension, and all reasonable costs and expenses incurred by such Lenders and the Administrative Agent
(including reasonable attorneys’ fees) shall be paid by the Borrower. In the event that any Lender declines the request to extend the Commitment Termination Date (each such Lender being referred to herein, from and after the date of the
documented extension of the Commitment Termination Date (the “Renewal Date”) by the consenting Lenders as a “Non-Renewing Lender”), and the Commitment of such Non-Renewing Lender is not assigned to another Person in accordance with the terms of Article XI prior to the 

  
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Renewal Date, (i) such Non-Renewing Lender’s Commitment shall be reduced to an amount equal at all times to such
Non-Renewing Lender’s Advances outstanding (declining as such amount is paid down), (ii) the Facility Amount shall be reduced by an amount equal to each such
Non-Renewing Lender’s Commitment on the Renewal Date, (iii) the Group Advance Limits of the applicable Lender Groups shall be reduced by an amount equal to the applicable Non-Renewing Lender’s Commitment on the Renewal Date, and (iv) the Borrower shall, to the extent such Non-Renewing Lender shall not previously have been paid
pursuant to Section 2.8, repay in full all Advances made by such Non-Renewing Lender and other Obligations owing to such Non-Renewing Lender
under this Agreement on or before such Non-Renewing Lender’s original Commitment Termination Date (without giving effect to any extension thereof). 

(c) All repayments of any Advance or any portion thereof shall be made together with payment of (i) all Interest accrued and unpaid on the
amount repaid to (but excluding) the date of such repayment, (ii) any and all Breakage Costs, and (iii) all Hedge Breakage Costs and any other amounts payable by the Borrower under or with respect to any Hedging Agreement. 

Section 2.5 The Notes. 

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

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

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

  
 49 

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

Section 2.7 Fees. 

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

(b) The Borrower shall pay to the Servicer from the Collection Account on each Payment Date, monthly in arrears in accordance with
Section 2.8, the Servicing Fee. 
 (c) The Backup Servicer shall be entitled to receive from the Collection Account
on each Payment Date, monthly in arrears in accordance with Section 2.8, the Backup Servicing Fee. 
 (d) The
Collateral Custodian shall be entitled to receive from the Collection Account on each Payment Date, monthly in arrears in accordance with Section 2.8, the Collateral Custodian Fee. 

  
 50 

 Section 2.8 Settlement Procedures. 

On each Payment Date, the Servicer on behalf of the Borrower shall pay for receipt by the applicable Lender no later than 11:00 a.m. (New York
City time) to the following Persons, from (i) the Collection Account, to the extent of available funds, (ii) Servicer Advances, and (iii) amounts received in respect of any Hedge Agreement during such Settlement Period (the sum of
such amounts described in clauses (i), (ii) and (iii), minus any amounts required to be deposited to the Revolver Loan Funding Accounts in accordance with Section 2.14 below being the “Available
Collections”) the following amounts in the following order of priority: 
 (a) During the Revolving Period, and in each case unless
otherwise specified below, applying Interest Collections first, and then Principal Collections: 
 (i) FIRST, to the
Borrower, the aggregate amount of fees (including up-front, continuing or success fees) received in respect of the Transferred Loans; 

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

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

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

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

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

  
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to the extent that (i) the Termination Date has not occurred and (ii) Advances Outstanding exceed the Facility Amount due to one or more Lenders becoming
Non-Renewing Lenders, to each Managing Agent on behalf of such Non-Renewing Lenders only, pro rata in accordance with their Advances Outstanding; 

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

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

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

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

(i) FIRST, unless an Early Termination Event shall have occurred and be continuing, to the Borrower, the aggregate
amount of fees (including up-front, continuing or success fees) received in respect of the Transferred Loans; 

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

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

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

  
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 (v) FIFTH, to the extent not paid by the Servicer, to the Collateral
Custodian in an amount equal to any accrued and unpaid Collateral Custodian Fee and Collateral Custodian Expenses, if any, for the payment thereof; 

(vi) SIXTH, to the Servicer, in an amount equal to (A) if the Servicer is Gladstone Management Corporation or any
of its Affiliates, its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period, up to the Servicing Fee Limit Amount for such Settlement Period, for the payment thereof and (B) otherwise, its accrued and unpaid Servicing
Fees to the end of the preceding Settlement Period for the payment thereof; 
 (vii) SEVENTH, to the Administrative
Agent for payment to each Managing Agent, on behalf of the related Lenders, in an amount equal to any accrued and unpaid Interest, Unused Fee and Revolver Loan Funding Fee for such Payment Date; 

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

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

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

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

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

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

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

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

Section 2.9 Collections and Allocations. 

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

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

Section 2.10 Payments, Computations, Etc. 

(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower or the Servicer on behalf of the Borrower
hereunder shall be paid or deposited in accordance with the terms hereof no later than 10:00 a.m. (New York City time) on the day when due in lawful money of the United States in immediately available funds to the Agent’s Account. The Borrower
shall, to the extent permitted by law, pay to the Secured Parties interest on all amounts not paid or deposited when due hereunder at a rate of interest equal to 2.0% per annum above the Base Rate plus the Applicable Margin, payable on demand;
provided, however, that such interest rate shall not at any time exceed the Maximum Lawful Rate. All computations of interest and all computations of the Interest Rate and other fees hereunder shall be made on the basis of a year of
360 days for the actual number of days (including the first but excluding the last day) elapsed. 

  
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 (b) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be. 

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

Section 2.11 Breakage Costs. 

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

  
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Party’s capital as a consequence of its obligations under a Transaction Document, or to reduce the amount of any sum received or receivable by an Affected Party under a Transaction Document
or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the applicable Managing Agent, Borrower shall pay to the Administrative Agent, for payment to the applicable
Managing Agent for the benefit of the relevant Affected Party, such amounts charged to such Affected Party or such amounts to otherwise compensate such Affected Party for such increased cost or such reduction. For avoidance of doubt,
“Regulatory Change” shall include the compliance, whether commenced prior to or after the date hereof, by any Affected Party with the requirements of (i) the final rule titled Risk-Based Capital Guidelines; Capital Adequacy
Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues, adopted by the United States bank regulatory
agencies on December 15, 2009, or any rules, regulations, guidance, interpretations or directives promulgated or issued in connection therewith by such agency (whether or not having force of law), (ii) the Dodd-Frank Wall Street Reform and
Consumer Protection Act adopted by Congress on July 21, 2010, or any existing or future rules, regulations, guidance, interpretations or directives from the United States bank regulatory agencies relating thereto (whether or not having the
force of law), and (iii) the July 1988 paper or the June 2006 paper prepared by the Basel Committee on Banking Supervision as set out in the publication entitled: “International Convergence of Capital Measurements and Capital Standards: a
Revised Framework”, as updated from time to time, or any rules, regulations, guidance, interpretations or directives promulgated or issued in connection therewith by the United States bank regulatory agencies (whether or not having force of
law) or any other request, rule, guideline or directive promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel II or Basel III. 
 (b) If as a result of any event or circumstance similar to those described in clause
(a) of this Section 2.12, an Affected Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement or other similar support or financing to such Affected
Party in connection with this Agreement or the funding or maintenance of Advances hereunder, then within ten days after demand by such Affected Party, the Borrower shall pay to such Affected Party such additional amount or amounts as may be
necessary to reimburse such Affected Party for any such amounts paid by it. 
 (c) In determining any amount provided for in this section,
the Affected Party may use any reasonable averaging and attribution methods. Any Affected Party making a claim under this section shall submit to the Borrower a certificate as to such additional or increased cost or reduction, which certificate
shall be subject to Section 12.12(a) and shall calculate in reasonable detail any such charges and shall be conclusive absent demonstrable error; provided, however. 

Section 2.13 Taxes. 

(a) All payments made by the Borrower in respect of any Advance and all payments made by the Borrower under this Agreement will be made free
and clear of and without deduction or withholding for or on account of any Taxes, unless such withholding or deduction is 

  
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required by law. In such event, the Borrower shall pay to the appropriate taxing authority any such Taxes required to be deducted or withheld and the amount payable to each Lender or the
Administrative Agent (as the case may be) will be increased (such increase, the “Additional Amount”) such that every net payment made under this Agreement after deduction or withholding for or on account of any Taxes (including,
without limitation, any Taxes on such increase) is not less than the amount that would have been paid had no such deduction or withholding been deducted or withheld. The foregoing obligation to pay Additional Amounts, however, will not apply with
respect to, and the term “Additional Amount” shall be deemed not to include net income or franchise taxes imposed on a Lender, any Managing Agent or the Administrative Agent, respectively, with respect to payments required to be made by
the Borrower or Servicer on behalf of the Borrower under this Agreement, by a taxing jurisdiction in which such Lender, such Managing Agent or the Administrative Agent is organized, conducts business or is paying taxes as of the Effective Date (as
the case may be). If a Lender, any Managing Agent or the Administrative Agent pays any Taxes in respect of which the Borrower is obligated to pay Additional Amounts under this Section 2.13(a), the Borrower shall promptly
reimburse such Lender or Administrative Agent in full. 
 (b) The Borrower will indemnify each Lender, each Managing Agent and the
Administrative Agent for the full amount of Taxes in respect of which the Borrower is required to pay Additional Amounts (including, without limitation, any Taxes imposed by any jurisdiction on such Additional Amounts) paid by such Lender, Managing
Agent or the Administrative Agent (as the case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; provided, however, that such Lender, Managing Agent or the Administrative
Agent, as appropriate, making a demand for indemnity payment, shall provide the Borrower, at its address set forth under its name on the signature pages hereof, with a certificate from the relevant taxing authority or from a Responsible Officer of
such Lender, Managing Agent or the Administrative Agent stating or otherwise evidencing that such Lender, Managing Agent or the Administrative Agent has made payment of such Taxes and will provide a copy of or extract from documentation, if
available, furnished by such taxing authority evidencing assertion or payment of such Taxes. This indemnification shall be made within ten days from the date such Lender, Managing Agent or the Administrative Agent (as the case may be) makes written
demand therefor. 
 (c) Within 30 days after the date of any payment by the Borrower of any Taxes, the Borrower will furnish to the
Administrative Agent, the Managing Agent or the Lender, as applicable, at its address set forth under its name on the signature pages hereof, appropriate evidence of payment thereof. 

(d) If a Lender is not created or organized under the laws of the United States or a political subdivision thereof, such Lender shall, to the
extent that it may then do so under Applicable Laws, deliver to the Borrower with a copy to the Administrative Agent (i) within 15 days after the date hereof, or, if later, the date on which such Lender becomes a Lender hereof two (or such
other number as may from time to time be prescribed by Applicable Laws) duly completed copies of IRS Form W-8EC1 or Form W-8BEN or any successor forms or other
certificates or statements that may be required from time to time by the relevant United States taxing authorities or Applicable Laws), as appropriate, to permit the Borrower to make payments hereunder for the account of such Lender, as the case may
be, without deduction or withholding 

  
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of United States federal income or similar Taxes and (ii) upon the obsolescence of or after the occurrence of any event requiring a change in, any form or certificate previously delivered
pursuant to this Section 2.13(d), two copies (or such other number as may from time to time be prescribed by Applicable Laws) of such additional, amended or successor forms, certificates or statements as may be required
under Applicable Laws to permit the Borrower to make payments hereunder for the account of such Lender, without deduction or withholding of United States federal income or similar Taxes. 

(e) For any period with respect to which a Lender has failed to provide the Borrower with the appropriate form, certificate or statement
described in clause (d) of this section (other than if such failure is due to a change in law occurring after the date of this Agreement), such Lender, as the case may be, shall not be entitled to indemnification under clauses
(a) or (b) of this section with respect to any Taxes. 
 (f) Within 30 days of the written request of the Borrower therefor,
the Administrative Agent, the Managing Agent or the Lender, as appropriate, shall execute and deliver to the Borrower such certificates, forms or other documents that can be furnished consistent with the facts and that are reasonably necessary to
assist the Borrower in applying for refunds of Taxes remitted hereunder; provided, however, that the Administrative Agent, the Managing Agent and the Lender shall not be required to deliver such certificates forms or other documents if
in their respective sole discretion it is determined that the delivery of such certificate, form or other document would have a material adverse effect on the Administrative Agent, the Managing Agent or the Lender and provided further,
however, that the Borrower shall reimburse the Administrative Agent, the Managing Agent or the Lender for any reasonable expenses incurred in the delivery of such certificate, form or other document. 

(g) If, in connection with an agreement or other document providing liquidity support, credit enhancement or other similar support or financing
to the Lenders in connection with this Agreement or the funding or maintenance of Advances hereunder, the Lenders are required to compensate a bank or other financial institution in respect of Taxes under circumstances similar to those described in
this section then within ten days after demand by the Lenders, the Borrower shall pay to the Lenders such additional amount or amounts as may be necessary to reimburse the Lenders for any amounts paid by them. 

Section 2.14 Revolver Loan Funding. 

(a) Upon the occurrence of a Revolver Loan Funding Date, each Lender shall make an advance (each, a “Revolver Loan Funding”)
in an amount equal to such Lender’s ratable share of the aggregate outstanding unfunded commitments under the Revolver Loans. Upon receipt of the proceeds of such Revolver Loan Funding, the Administrative Agent shall deposit such funds into
segregated accounts (each, a “Revolver Loan Funding Account”), in its name, referencing the name of such Lender, and maintained at a Qualified Institution. Each Lender hereby grants to the Administrative Agent full power and
authority, on its behalf, to withdraw funds from the applicable Revolver Loan Funding Account at the time of, and in connection with, the funding of any Post-Termination Revolver Loan Advances to be made to the Borrower, and to deposit to the
related Revolver Loan Funding Account any funds received in respect of each relevant Lender’s ratable share of principal payments under Section 2.8 hereof, all in accordance with the terms of

  
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and for the purposes set forth in this Agreement. The deposit of monies in such Revolver Loan Funding Account by any Lender shall not constitute an Advance (and such Lender shall not be entitled
to interest on such monies except as provided in clause (d) below) unless and until (and then only to the extent that) such monies are used to make Post-Termination Revolver Loan Advances pursuant to the first sentence of clause (b) below.
On each Payment Date from and after the Revolver Loan Funding Date, the Borrower shall pay the Administrative Agent, for the benefit of the Lenders, a fee (the “Revolver Loan Funding Fee”) equal to the sum of (i) the LIBO Rate
for such Settlement Period plus (ii) 3.0%, multiplied by the weighted average amount on deposit in the Revolver Loan Funding Accounts during the applicable Settlement Period, calculated on the basis of a year of 360 days for the actual number of
days elapsed. 
 (b) From and after the establishment of a Revolver Loan Funding Account with respect to any Lender, and until the earlier of
(i) the reduction to zero of all outstanding commitments in respect of Revolver Loans and (ii) one year following the Revolver Loan Funding Date, all Post-Termination Revolver Loan Advances to be made by such Lender hereunder shall be made
by withdrawing funds from the applicable Revolver Loan Funding Account. On each Business Day during such time, the Administrative Agent shall, (i) if a Revolver Loan Funding Account Shortfall exists, deposit the lesser of (A) the amount
allocable to the repayment of principal to the Lenders and (B) the Revolver Loan Funding Account Shortfall and (ii) if a Revolver Loan Funding Account Surplus exists, pay to the applicable Managing Agent, on behalf of each Lender, such
Lender’s ratable share of the Revolver Loan Funding Account Surplus. Until the earlier of (i) the reduction to zero of all outstanding commitments in respect of Revolver Loans and (ii) one year following the Revolver Loan Funding
Date, all remaining funds then held in such Revolver Loan Funding Account (after giving effect to any Post-Termination Revolver Loan Advances to be made on such date) shall be paid by the Administrative Agent to the applicable Managing Agent, on
behalf of such Lender, and thereafter all payments made in respect of the Loans (whether or not originally funded from such Lender’s Revolver Loan Funding Account) shall be paid directly to the applicable Managing Agent, on behalf of such
Lender, in accordance with the terms of Section 2.8. 
 (c) The Administrative Agent may, its sole discretion,
advance funds withdrawn from the Revolver Loan Funding Accounts to (i) the Borrower or (ii) the applicable Obligor directly, on behalf of the Borrower, and in either case, such funds shall be used solely for the purpose of funding advances
requested by an Obligor under a Revolver Loan. 
 (d) Proceeds in a Revolver Loan Funding Account shall be invested, at the written direction
of the applicable Lender (or the applicable Managing Agent on its behalf) to the applicable Revolver Loan Funding Account bank, only in investments which constitute Permitted Investments. The investment earnings with respect to a Revolver Loan
Funding Account shall accrue as the Lender and Revolver Loan Funding Account bank shall agree. The Administrative Agent shall direct the Revolver Loan Funding Account bank to pay all such investment earnings from the relevant account directly to the
applicable Managing Agent, for the account of the applicable Lender. 

  
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 (e) Notwithstanding anything herein to the contrary, none of the Administrative Agent, the other
Managing Agents, the other Purchasers nor the Revolver Loan Funding Account bank shall have any liability for any loss arising from any investment or reinvestment made by it with respect to a Revolver Loan Funding Account in accordance with, and
pursuant to, the provisions hereof. 
 Section 2.15 Replacement of Lenders. 

If (a) any Lender requests compensation under Section 2.12 or reimbursement under
Section 2.13, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.12 or under
Section 2.13, or (b) any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,
without recourse (in accordance with and subject to the restrictions set forth in Section 11.1(b)), all of its interests, rights (other than its existing rights to payments pursuant to Section 2.12
or reimbursement under Section 2.13) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender) (a “Replacement Lender”); provided that
(i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal amount of the portion of the Loan owed to it, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (in the case of such outstanding principal and accrued interest) and from the
Borrower (in the case of all other amounts), and (iii) in the case of a requirement by Borrower to replace a Lender based on such Lender’s claim for compensation under Section 2.12 or reimbursement under
Section 2.13, the resulting assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by
such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

Section 2.16 Discretionary Sales of Loans. 

On any Discretionary Sale Settlement Date, the Borrower shall have the right to prepay all or a portion of the Advances Outstanding in connection with the sale
and assignment by the Borrower of, and the release of the Lien by the Administrative Agent over, one or more Transferred Loans, in whole but not in part (and expressly excluding any sale of a Transferred Loan from the Borrower to the Originator
required under the Purchase Agreement) (a “Discretionary Sale”), subject to the following terms and conditions and subject to the other restrictions contained herein: 

(a) any Discretionary Sale shall be made by the Borrower in a transaction (A) arranged by the Servicer (or, if a Successor Servicer shall
have been appointed pursuant to Section 7.19, arranged by the Borrower with the approval of the Administrative Agent) in accordance with the customary management practices of prudent institutions which manage financial assets similar to the
Transferred Loans for their own account or for the account of others, (B) reflecting arm’s-length market terms, (C) in which the Borrower makes no representations, warranties or covenants and
provides no indemnification for the benefit of any other party to the Discretionary Sale (other than any representations, warranties or covenants relating to the Borrower’s ownership of or clean title to the Transferred Loans that are the
subject 

  
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of the Discretionary Sale that are standard and customary in connection with such a sale or for which the Originator has agreed to fully indemnify the Borrower), (D) of which the Administrative
Agent and the Required Lenders shall have received 2 Business Days’ (or such shorter period as the Required Lenders shall consent to) written notice (such notice, a “Discretionary Sale Notice”) which notice shall provide a
description of the terms of the Discretionary Sale, and (E) if occurring after the Termination Date, which the Required Lenders shall have approved in writing (which approval shall not be unreasonably withheld or delayed); 

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

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

(d) on the related Discretionary Sale Settlement Date, the Administrative Agent shall have received into the Collection Account, in immediately
available funds, an amount (i) other than as described in clause (ii) below, equal to the sum of (A) the portion of the Advances Outstanding to be prepaid so that the requirements of Section 2.16(b) shall
have been satisfied as of such Discretionary Sale Settlement Date plus (B) an amount equal to all unpaid Interest attributable to that portion of the Advances Outstanding to be paid in connection with the Discretionary Sale plus
(C) any Breakage Costs owed in connection with the payment and (ii) in the case of a sale of (x) Defaulted Loans or Charged-Off Loans in accordance with Section 7.7, or (y) any
Transferred Loans following the end of the Revolving Period, equal to the proceeds of such Discretionary Sale. 
 In connection with any Discretionary Sale,
following receipt by the Administrative Agent of the amounts referred to in Section 2.16(d) above (receipt of which shall be confirmed to the Administrative Agent), there shall be released to the Borrower (for further sale
to a purchaser) without recourse, representation or warranty of any kind all of the right, title and interest of the Administrative Agent and the Secured Parties in, to and under the portion of the Collateral subject to such Discretionary Sale and
such portion of the Collateral so released shall be released from any Lien and the Loan Documents (subject to the requirements set forth above in this Section 2.16). 

  
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 In connection with any Discretionary Sale, on the related Discretionary Sale Settlement Date, the Administrative
Agent on behalf of the Secured Parties shall (i) execute such instruments of release with respect to the portion of the Collateral to be released to the Borrower, in recordable form if necessary, in favor of the Borrower as the Servicer on
behalf of the Borrower may reasonably request, (ii) deliver any portion of the Collateral to be released to the Borrower in its possession to the Borrower and (iii) otherwise take such actions, as are determined by the Borrower or Servicer
to be reasonably necessary and appropriate to release the Lien on the portion of the Collateral to be released to the Borrower and release and deliver to the Borrower such portion of the Collateral to be released to the Borrower. 

 

	 	Section 2.17	Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 ARTICLE III 

CONDITIONS OF EFFECTIVENESS AND ADVANCES 

Section 3.1 Conditions to Effectiveness and Advances. 

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

  
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 (a) This Agreement and all other Transaction Documents or counterparts hereof or thereof shall
have been duly executed by, and delivered to, the parties hereto and thereto and the Administrative Agent shall have received such other documents, instruments, agreements and legal opinions as any Managing Agent shall reasonably request in
connection with the transactions contemplated by this Agreement, on or prior to the Effective Date, each in form and substance satisfactory to the Administrative Agent. 

(b) Each Managing Agent shall be satisfied with the results of the due diligence review performed by it and each Lender shall have received all
necessary internal approvals. 
 (c) The Borrower shall have paid all fees required to be paid by it on the Effective Date, including all
fees required hereunder and under the Fee Letters to be paid as of such date, and shall have reimbursed each Lender and the Administrative Agent for all fees, costs and expenses related to the transactions contemplated hereunder and under the other
Transaction Documents, including the legal and other document preparation costs incurred by any Lender and/or the Administrative Agent. 

(d) The Required Equity Investment shall be maintained. 

The Administrative Agent shall promptly notify each Lender of the satisfaction or waiver of the conditions set forth above. 

Section 3.2 Additional Conditions Precedent to All Advances. 

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

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

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

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

(c) Before and after giving effect to such borrowing and to the application of proceeds therefrom the Collateral Quality Test shall be
satisfied, as calculated on such date; 
 (d) Before and after giving effect to such borrowing and to the application of proceeds therefrom
the Borrowing Base Test shall be satisfied, as calculated on such date; 

  
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 (e) No (i) claim has been asserted or proceeding commenced challenging enforceability or
validity of any of the Transaction Documents or (ii) material claim has been asserted or proceeding commenced challenging enforceability or validity of any of the Loan Documents, in each case, excluding any instruments, certificates or other
documents relating to Loans that were the subject of prior Advances; 
 (f) There shall have been no Material Adverse Change with respect to
the Borrower or the Servicer since the preceding Advance; 
 (g) Such Advance shall not cause the aggregate amount of Advances Outstanding to
increase by more than $40,000,000 during the 32-day period ending on the related Funding Date of such Advance; provided, that the foregoing amount set forth in this clause (g) may be increased
(i) upon no less than 32 days prior written notice from the Borrower to the Administrative Agent or (ii) by the Administrative Agent in its sole discretion; and 

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

REPRESENTATIONS AND WARRANTIES 

Section 4.1 Representations and Warranties of the Borrower. 

The Borrower represents and warrants as follows: 

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

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

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

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

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

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

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

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

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

  
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 (l) Agreements Enforceable. This Agreement and each Transaction Document to which the
Borrower is a party constitute the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with their respective terms, except as such enforceability may be limited by Insolvency Laws and except as such
enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (m) No Liens. The
Collateral is owned by the Borrower free and clear of any Liens except for Permitted Liens as provided herein, and the Administrative Agent, as agent for the Secured Parties, has a valid and perfected first priority security interest in the
Collateral then existing or thereafter arising, free and clear of any Liens except for Permitted Liens. No effective financing statement or other instrument similar in effect covering any Collateral is on file in any recording office except such as
may be filed in favor of the Administrative Agent relating to this Agreement or reflecting the transfer of the Collateral from the Originator to the Borrower. 

(n) Security Interest. The Borrower has granted a security interest (as defined in the UCC) to the Administrative Agent, as agent for
the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law. All filings (including, without limitation, such UCC filings) as are necessary in any jurisdiction to perfect the interest of the Administrative Agent as
agent for the Secured Parties, in the Collateral have been made. 
 (o) Location of Offices. The Borrower’s jurisdiction of
organization, principal place of business and chief executive office and the office where the Borrower keeps all the Records is located at the address of the Borrower referred to in Section 12.2 hereof (or at such other
locations as to which the notice and other requirements specified in Section 5.1(m) shall have been satisfied). 

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

(t) Separate Entity. The Borrower is operated as an entity with assets and liabilities distinct from those of the Originator and any
Affiliates thereof (other than the Borrower), and the Borrower hereby acknowledges that the Administrative Agent and the Lenders are entering into the transactions contemplated by this Agreement in reliance upon the Borrower’s identity as a
separate legal entity from the Originator and from each such other Affiliate of the Originator. 

  
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 (u) Investments. Except for Supplemental Interests or Supplemental Interests that convert
into an equity interest in any Person, the Borrower does not own or hold directly or indirectly, any capital stock or equity security of, or any equity interest in, any Person. 

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

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

(ii) The business and other activities of the Borrower, including but not limited to, the making of the Advances by the
Lenders, the application of the proceeds and repayment thereof by the Borrower and the consummation of the transactions contemplated by the Transaction Documents to which the Borrower is a party do not now and will not at any time result in any
violations, with respect to the Borrower, of the provisions of the 1940 Act or any rules, regulations or orders issued by the SEC thereunder. 

(y) Government Regulations. The Borrower is not engaged in the business of extending credit for the purpose of “purchasing” or
“carrying” any “margin security,” as such terms are defined in Regulation U of the Federal Reserve Board as now and from time to time hereafter in effect (such securities being referred to herein as “Margin
Stock”). The Borrower owns no Margin Stock, and no portion of the proceeds of any Advance hereunder will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock, for the purpose of reducing or retiring
any Indebtedness that was originally incurred to purchase or carry any Margin Stock or for any other purpose that might cause any portion of such proceeds to be considered a “purpose credit” within the meaning of Regulation T, U or X of
the Federal Reserve Board. The Borrower will not take or permit to be taken any action that might cause any Transaction Document to violate any regulation of the Federal Reserve Board. 

(z) Eligibility of Loans. As of the Effective Date, (i) the Loan List and the information contained in the Borrower Notice
delivered pursuant to Sections 2.1 and 2.2 is an accurate and complete listing in all material respects of all the Loans that are part of the Collateral as of the Effective Date, and the information contained therein with respect to
the identity of such Loans and the amounts owing thereunder is true and correct in all material respects as of such date and (ii) each such Loan is an Eligible Loan. On each Funding Date, the Borrower shall be deemed to represent and warrant
that any additional Loan referenced on the related Borrower Notice delivered pursuant to Sections 2.1 and 2.2 is an Eligible Loan. 

  
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 (aa) Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in
effect policies and procedures designed to ensure compliance by the Borrower and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower and its officers and employees and, to the knowledge
of the Borrower, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower or the Servicer or (b) to the knowledge of the Borrower, any of the
directors, officers or employees of the Borrower or the Servicer, or any agent of the Borrower or the Servicer that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. None of
the Transactions will violate any Anti-Corruption Law or Sanctions that are applicable to the Borrower or the Servicer. Neither the Borrower nor any Affiliate of the Borrower is (1) a Person that resides or has a place of business in a country
or territory named on such lists or which is designated as a Non-Cooperative Jurisdiction by the Financial Action Task Force on Money Laundering (“FATF”), or whose subscription funds are transferred
from or through such a jurisdiction; (2) a “Foreign Shell Bank” within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a
physical presence and an acceptable level of regulation and supervision; or (3) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Section 311
or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns. 
 ARTICLE V 

GENERAL COVENANTS OF THE BORROWER 

Section 5.1 Covenants of the Borrower. 

The Borrower hereby covenants that: 

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

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

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

(f) Indebtedness. The Borrower shall not create, incur, assume or suffer to exist any Indebtedness or other liability whatsoever, except
(i) obligations incurred under this Agreement, under any Hedging Agreement required by Section 5.2(a), or the Purchase Agreement, or (ii) liabilities incident to the maintenance of its existence in good standing.

 (g) Guarantees. The Borrower shall not become or remain liable, directly or indirectly, in connection with any Indebtedness or
other liability of any other Person, whether by guarantee, endorsement (other than endorsements of negotiable instruments for deposit or collection in the ordinary course of business), agreement to purchase or repurchase, agreement to supply or
advance funds, or otherwise. 
 (h) Investments. The Borrower shall not make or suffer to exist any loans or advances to, or extend
any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Person except for purchases
of Loans and Supplemental Interests pursuant to the Purchase Agreement, or for investments in Permitted Investments in accordance with the terms of this Agreement. 

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

(j) Distributions. The Borrower may not declare or pay or make, directly or indirectly, any distribution (whether in cash or other
property) with respect to any Person’s equity interest in the Borrower (collectively, a “Distribution”); provided, however, if no Early Termination Event has occurred and is continuing or will occur as a result
thereof, the Borrower may make Distributions, including, without limitation, distributions in cash to its members so as to permit the Performance Guarantor to make distributions in cash to the holders of its capital stock to the extent necessary to
comply with all applicable RIC/BDC Requirements and to avoid excise taxes imposed on RICs. 
 (k) Agreements. The Borrower shall not
amend or modify (i) the provisions of its limited liability company agreement or (ii) the Purchase Agreement without the consent of the Administrative Agent and prior written notice to each Managing Agent, or issue any power of attorney
except to the Administrative Agent or the Servicer. 

  
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 (l) Separate Existence. The Borrower shall: 

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

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

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

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

(vi) Take or refrain from taking, as applicable, each of the activities specified or assumed in the Bass Berry Opinion, upon
which the conclusions expressed therein are based. 
 (vii) Maintain the effectiveness of, and continue to perform under the
Purchase Agreement and the Performance Guaranty, such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Purchase Agreement or the Performance Guaranty, or give any consent, waiver, directive or approval
thereunder or waive any default, action, omission or breach under the Purchase Agreement or the Performance Guaranty or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of the Administrative Agent and each
Managing Agent. 

  
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 (m) Change of Name or Jurisdiction of Borrower; Records. The Borrower (x) shall not
change its name or jurisdiction of organization, without 30 days’ prior written notice to the Administrative Agent and (y) shall not move, or consent to the Servicer or Collateral Custodian moving, the Loan Documents without 30 days’
prior written notice to the Administrative Agent and (z) will promptly take all actions required of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent as agent for the
Secured Parties (except for Permitted Liens) in all Collateral, and such other actions as the Administrative Agent may reasonably request, including but not limited to delivery of an Opinion of Counsel. 

(n) ERISA Matters. The Borrower will not (a) engage or permit any ERISA Affiliate to engage in any prohibited transaction for which
an exemption is not available or has not previously been obtained from the United States Department of Labor; (b) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the
Code, or funding deficiency with respect to any Benefit Plan other than a Multiemployer Plan; (c) fail to make any payments to a Multiemployer Plan that the Borrower or any ERISA Affiliate may be required to make under the agreement relating to
such Multiemployer Plan or any law pertaining thereto; (d) terminate any Benefit Plan so as to result in any liability; or (e) permit to exist any occurrence of any reportable event described in Title IV of ERISA. 

(o) Originator Collateral. With respect to each item of Collateral acquired by the Borrower, the Borrower will (i) acquire such
Collateral pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect and more fully evidence the Borrower’s ownership of such Collateral, including, without limitation,
(A) filing and maintaining, effective financing statements (Form UCC-1) naming the Originator as seller/debtor and the Borrower as purchaser/creditor in all necessary or appropriate filing offices, and
filing continuation statements, amendments or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, including, without
limitation, Assignments of Mortgage, and (iii) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to this Agreement in the
Collateral. 
 (p) Transactions with Affiliates. The Borrower will not enter into, or be a party to, any transaction with any of its
Affiliates or Control Affiliates, except (i) the transactions permitted or contemplated by this Agreement, including, without limitation, Controlled Transactions, (ii) the Purchase Agreement and any Hedging Agreements, and (iii) other
transactions (including, without limitation, transactions related to the use of office space or computer equipment or software by the Borrower to or from an Affiliate or Control Affiliate) (A) in the ordinary course of business,
(B) pursuant to the reasonable requirements of the Borrower’s business, (C) upon fair and reasonable terms that are no less favorable to the Borrower than could be obtained in a comparable
arm’s-length transaction with a Person not an Affiliate or Control Affiliate of the Borrower, and (D) not inconsistent with the factual assumptions set forth in the Bass Berry Opinion, as such
assumptions may be modified in any subsequent opinion letters delivered to the Administrative Agent pursuant to Section 3.2 or otherwise. It is 

  
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understood that any compensation arrangement for any officer or employee shall be permitted under clause (iii)(A) through (C) above if such arrangement has been expressly
approved by the managers of the Borrower in accordance with the Borrower’s limited liability company agreement. 
 (q) Change in the
Transaction Documents. The Borrower will not amend, modify, waive or terminate any terms or conditions of any of the Transaction Documents to which it is a party, without the prior written consent of the Administrative Agent. 

(r) Credit and Collection Policy. The Borrower will (a) comply in all material respects with the Credit and Collection Policy in
regard to each Loan and the Related Property included in the Collateral, and in regard to compliance with Loan Documents, including determinations with respect to the enforcement of its rights thereunder, and (b) furnish to the Administrative
Agent and each Managing Agent, at least 20 days prior to its proposed effective date, prompt notice of any material changes in the Credit and Collection Policy. The Borrower will not agree or otherwise permit to occur any material change in the
Credit and Collection Policy, which change would impair the collectibility of any Loan or otherwise adversely affect the interests or remedies of the Administrative Agent or the Secured Parties under this Agreement or any other Transaction Document,
without the prior written consent of the Administrative Agent (in its sole discretion). 
 (s) Extension or Amendment of Loans. The
Borrower will not, except as otherwise permitted in Section 7.4(a) extend, amend or otherwise modify, or permit the Servicer on its behalf to extend, amend or otherwise modify, the terms of any Loan. 

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

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

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

(u) Compliance with Anti-Corruption Laws. The Borrower will, and will require the Servicer to, maintain in effect and enforce policies
and procedures designed to ensure compliance by the Borrower, the Servicer and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower will not request any Advance, and the Borrower
shall not use, and shall procure that its directors, officers, employees 

  
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and agents shall not use, the proceeds of any Advance (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value,
to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner
that would result in the violation of any Sanctions applicable to the Borrower. 
 Section 5.2 Hedging Agreement. 

(a) If at any time the aggregate Purchased Loan Balances of Fixed Rate Loans exceeds 20% of the Aggregate Purchased Loan Balance, the Borrower
shall, with respect only to such Purchased Loan Balance of Fixed Rate Loans aggregating in excess of 20% of the Aggregate Purchased Loan Balance, enter into and maintain a Hedge Transaction with a Hedge Counterparty which Hedge Transaction shall:
(i) be in the form of (A) interest rate caps having a notional amount equal to the Purchased Loan Balance of such Fixed Rate Loans and an amortization schedule that provides for payments through a date which is within three (3) months
of the maturity of the applicable Fixed Rate Loans or (B) such other form as shall be approved by the Managing Agents and (ii) shall provide for payments to the Borrower to the extent that the LIBO Rate shall exceed a rate agreed upon
between the Managing Agents and the Borrower. 
 (b) As additional security hereunder, the Borrower hereby assigns to the Administrative
Agent, as agent for the Secured Parties, all right, title and interest of the Borrower in any and all Hedging Agreements, any and all Hedge Transactions, and any and all present and future amounts payable by a Hedge Counterparty to the Borrower
under or in connection with its respective Hedging Agreement and Hedge Transaction(s) (collectively, the “Hedge Collateral”), and grants a security interest to the Administrative Agent, as agent for the Secured Parties, in the Hedge
Collateral. The Borrower acknowledges that, as a result of that assignment, the Borrower may not, without the prior written consent of the Administrative Agent, exercise any rights under any Hedging Agreement or Hedge Transaction, except for the
Borrower’s right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower’s obligations under Section 5.2(a) hereof. Nothing herein shall have the effect of releasing the Borrower
from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of the Administrative Agent or any Secured Party for the performance by the Borrower of any such obligations. 

ARTICLE VI 
 SECURITY
INTEREST 
 Section 6.1 Security Interest. 

As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time,
acceleration or otherwise, of the Obligations, the Borrower hereby assigns, pledges and grants to the Administrative Agent, as agent for the Secured Parties, a lien on and security interest in all of the Borrower’s right, title and interest in,
to and under (but none of its obligations under) the Collateral, whether now existing or owned or hereafter arising or acquired by the Borrower, and wherever located. The 

  
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assignment under this Section 6.1 does not constitute and is not intended to result in a creation or an assumption by the Administrative Agent, the Managing Agents or
any of the Secured Parties of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (a) the
Borrower shall remain liable under the Transferred Loans to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the
Administrative Agent, as agent for the Secured Parties, of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral, and (c) none of the Administrative Agent, the Managing
Agents or any Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative Agent, the Managing Agents or any Secured Party be obligated to perform any of the obligations or
duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

Section 6.2 Remedies. 

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

  
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 Section 6.3 Release of Liens. 

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

(b) Upon any request for a release of certain Loans in connection with a proposed Discretionary Sale, if, upon application of the proceeds of
such transaction in accordance with Section 2.8, the requirements of Section 2.16 shall have been met, the Administrative Agent as agent for the Secured Parties will, to the extent requested by the Borrower or the Servicer on behalf of the
Borrower, release its interest in such Loan and any Supplemental Interests related thereto. In connection with any such release on or after the occurrence of the above, the Administrative Agent, as agent for the Secured Parties, will execute and
deliver to the Borrower or the Servicer on behalf of the Borrower any termination statements and any other releases and instruments as the Borrower or the Servicer on behalf of the Borrower may reasonably request in order to effect the release of
such Loan and Supplemental Interest; provided, that, the Administrative Agent as agent for the Secured Parties will make no representation or warranty, express or implied, with respect to any such Loan or Supplemental Interest in connection with
such sale or transfer and assignment. 
 (c) Upon receipt by the Administrative Agent of the Proceeds of a repurchase of an Ineligible Loan
(as such term is defined in the Purchase Agreement) by the Originator pursuant to the terms of Section 6.1 of the Purchase Agreement, the Administrative Agent, as agent for the Secured Parties, shall be deemed to have automatically released its
interest in such Ineligible Loan and any Supplemental Interests related thereto without any further action on its part. In connection with any such release on or after the occurrence of such repurchase, the Administrative Agent, as agent for the
Secured Parties, will execute and deliver to the Borrower or the Servicer on behalf of the Borrower any releases and instruments as the Borrower or the Servicer on behalf of the Borrower may reasonably request in order to effect the release of such
Ineligible Loan and Supplemental Interest. 
 (d) Upon receipt by the Administrative Agent of the Proceeds of a purchase of a Transferred
Loan by the Servicer pursuant to the terms of Section 7.7, the Administrative Agent, as agent for the Secured Parties, shall be deemed to have automatically released its interest in such Transferred Loan and any
Supplemental Interests related thereto without any further action on its part. In connection with any such release on or after the occurrence of such purchase, the 

  
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Administrative Agent, as agent for the Secured Parties, will execute and deliver to the Borrower or the Servicer on behalf of the Borrower any releases and instruments as the Borrower or the
Servicer on behalf of the Borrower may reasonably request in order to effect the release of such Transferred Loan and Supplemental Interest. 

Section 6.4 Assignment of the Purchase Agreement. 

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

ARTICLE VII 

ADMINISTRATION AND SERVICING OF LOANS 

Section 7.1 Appointment of the Servicer. 

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

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

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

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

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

(viii) preserving and maintaining its existence, rights, licenses, franchises and privileges as a corporation in the
jurisdiction of its organization, and qualifying and remaining qualified in good standing as a foreign corporation and qualifying to and remaining authorized and licensed to perform obligations as Servicer (including enforcement of collection of
Transferred Loans on behalf of the Borrower, Lenders, each Hedge Counterparty and the Collateral Custodian) in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification would
materially adversely affect (A) the rights or interests of the Borrower, Lenders, each Hedge Counterparty and the Collateral Custodian in the Transferred Loans, (B) the collectibility of any Transferred Loan, or (C) the ability of the
Servicer to perform its obligations hereunder; and 

  
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 (ix) notifying the Borrower, each Managing Agent and the Administrative Agent of
any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim that is or is threatened to be (1) asserted by an Obligor with respect to any Transferred Loan; or (2) reasonably expected to have a Material
Adverse Effect; and 
 (c) The Borrower and Servicer hereby acknowledge that the Secured Parties, the Administrative Agent and the
Collateral Custodian shall not have any obligation or liability with respect to any Transferred Loans, nor shall any of them be obligated to perform any of the obligations of the Servicer hereunder. 

Section 7.3 Authorization of the Servicer. 

(a) Each of the Borrower, each Managing Agent, on behalf of itself and the related Lenders, the Administrative Agent and each Hedge
Counterparty hereby authorizes the Servicer (including any successor thereto) to take any and all reasonable steps in its name and on its behalf necessary or desirable and not inconsistent with the pledge of the Transferred Loans to the Lender, each
Hedge Counterparty, and the Collateral Custodian, in the determination of the Servicer, to collect all amounts due under any and all Transferred Loans, including, without limitation, endorsing any of their names on checks and other instruments
representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Transferred Loans and, after the
delinquency of any Transferred Loan and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof, to the same extent as the Originator could have done if it had continued
to own such Loan; provided, however, that the Servicer may not execute any document in the name of, or which imposes any direct obligation on, any Lender. The Borrower shall furnish the Servicer (and any successors thereto) with any powers of
attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder, and shall cooperate with the Servicer to the fullest extent in order to ensure the collectibility of the
Transferred Loans. In no event shall the Servicer be entitled to make the Borrower, any Lender, any Managing Agent, any Hedge Counterparty, the Collateral Custodian or the Administrative Agent a party to any litigation without such party’s
express prior written consent, or to make the Borrower a party to any litigation (other than any routine foreclosure or similar collection procedure) without the Administrative Agent’s consent. 

(b) After an Early Termination Event has occurred and is continuing, at the Administrative Agent’s direction, the Servicer shall take such
action as the Administrative Agent may deem necessary or advisable to enforce collection of the Transferred Loans; provided, however, that the Administrative Agent may, at any time that an Early Termination Event has occurred and is
continuing, notify any Obligor with respect to any Transferred Loans of the assignment of such Transferred Loans to the Administrative Agent and direct that payments of all amounts due or to become due to the Borrower thereunder be made directly to
the Administrative Agent or any servicer, collection agent or lock-box or other account designated by the Administrative Agent and, upon such notification and at the expense of the Borrower, the Administrative
Agent may enforce collection of any such Transferred Loans and adjust, settle or compromise the amount or payment thereof. The Administrative Agent shall give written notice to any Successor Servicer of the Administrative Agent’s actions or
directions pursuant to this Section 7.3(b), and no Successor Servicer shall take any actions pursuant to this Section 7.3(b) that are outside of its Credit and Collection Policy. 

  
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 Section 7.4 Collection of Payments. 

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

(e) Establishment of the Collection Account. The Borrower or the Servicer on its behalf shall cause to be established, on or before the
Closing Date, and maintained in the name of the Borrower and assigned to the Administrative Agent as agent for the Secured Parties, with an office or branch of a depository institution or trust company organized under the laws of the United States
or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank) a segregated corporate trust account (the “Collection Account”) for the purpose of receiving Collections from the Collateral;
provided, however, that at all times such depository institution or trust company shall be a depository institution organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any
domestic branch of a foreign bank), (i) (A) that has either (1) a long-term unsecured debt rating of A- or better by S&P and A-3 or better by Moody’s
or (2) a short-term unsecured debt rating or certificate of deposit rating of A-1 or better by S&P or P-1 or better by Moody’s, (B) the parent
corporation of which has either (1) a long-term unsecured debt rating of A- or better by S&P and A-3 or better by Moody’s or (2) a short-term
unsecured debt rating or certificate of deposit rating of A-1 or better by S&P and P-1 or better by Moody’s or (C) is otherwise acceptable to the
Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation (any such depository institution or trust company, a “Qualified Institution”). 

  
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 (f) Adjustments. If (i) the Servicer makes a deposit into the Collection Account in
respect of a Collection of a Loan in the Collateral and such Collection was received by the Servicer in the form of a check that is not honored for any reason or (ii) the Servicer makes a mistake with respect to the amount of any Collection and
deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check or mistake. Any Scheduled
Payment in respect of which a dishonored check is received shall be deemed not to have been paid. 
 Section 7.5 Servicer
Advances. 
 For each Settlement Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and
payable pursuant to a Loan included in the Collateral during such Settlement Period was not received prior to the end of such Settlement Period, the Servicer may, but shall not be obligated to, make an advance in an amount up to the amount of such
delinquent Scheduled Payment (or portion thereof) to the extent that the Servicer reasonably expects to be reimbursed for such advance; in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued
Interest on any Advance the Settlement Period of which ends on such day, the Servicer may make an advance in the amount necessary to pay such Interest (in either case, any such advance, a “Servicer Advance”). Notwithstanding the
preceding sentence, any Successor Servicer will not be obligated to make any Servicer Advances. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 11:00 a.m. (New York City time) on the related Payment Date,
in immediately available funds. 
 Section 7.6 Realization Upon Defaulted Loans or
Charged-Off Loans. 
 The Servicer will use reasonable efforts to repossess or otherwise
comparably convert the ownership of any Related Property with respect to a Defaulted Loan or Charged-Off Loan and will act as sales and processing agent for Related Property that it repossesses. The Servicer
will follow the practices and procedures set forth in the Credit and Collection Policy in order to realize upon such Related Property. Without limiting the foregoing, the Servicer may sell any such Related Property with respect to any Defaulted Loan
or Charged-Off Loan to the Servicer or its Affiliates for a purchase price equal to the then fair market value thereof; any such sale to be evidenced by a certificate of a Responsible Officer of the Servicer
delivered to the Administrative Agent identifying the Defaulted Loan or Charged-Off Loan and the Related Property, setting forth the sale price of the Related Property and certifying that such sale price is
the fair market value of such Related Property. In any case in which any such Related Property has suffered damage, the Servicer will not expend funds in connection with any repair or toward the repossession of such Related Property unless it
reasonably determines that such repair and/or repossession will increase the Recoveries by an amount greater than the amount of such expenses. The Servicer will remit to the Collection Account the Recoveries received in connection with the sale or
disposition of Related Property with respect to a Defaulted Loan or Charged-Off Loan. 

  
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 Section 7.7 Optional Repurchase of Transferred Loans. 

(a) The Servicer may, at any time, notify the Borrower and the Administrative Agent that it (or its assignee) is requesting to purchase any
Transferred Loan with respect to which the Borrower or any Affiliate of the Borrower has received notice of the related Obligor’s intention to prepay such Transferred Loan in full within a period of not more than sixty (60) days from the
date of such notification. 
 (b) Either of the Originator or the Servicer (or its assignee) may, at its sole option, with respect to any
Transferred Loan that it determines, in the exercise of its reasonable discretion, will likely become a Defaulted Loan or a Charged-Off Loan, or that has become a Defaulted Loan or a Charged-Off Loan, notify the Borrower and the Administrative Agent that it is requesting to purchase each such Transferred Loan. 

(c) The Servicer (or its assignee) may request purchase of a Transferred Loan pursuant to paragraph (a) or (b) above, and
the Originator may request purchase of a Transferred Loan pursuant to paragraph (b) above, by providing five (5) Business Days’ prior written notice to Borrower and the Administrative Agent. The Borrower may agree to such
purchase with the consent of the Administrative Agent (which consent shall not be unreasonably withheld). With respect to any such purchase of a Transferred Loan, the party providing the required written notice shall, on the date of purchase, either
(i) remit to the Borrower in immediately available funds an amount equal to the Repurchase Price therefor or (ii) in the case of a purchase of a Transferred Loan by the Originator, cause an entry to be made in the books of the Borrower to
show a reduction in the Originator’s equity investment in the Borrower by an amount equal to the Repurchase Price for such Transferred Loan. Upon each purchase of a Transferred Loan pursuant to this Section 7.7, the
Borrower shall automatically and without further action be deemed to transfer, assign and set-over to the purchaser thereof all the right, title and interest of the Borrower in, to and under such Transferred
Loan and all monies due or to become due with respect thereto, all proceeds thereof and all rights to security for any such Transferred Loan, and all proceeds and products of the foregoing, free and clear of any Lien created pursuant to this
Agreement, all of the Borrower’s right, title and interest in such Transferred Loan, including any related Supplemental Interests. Each Lender shall receive five (5) Business Days’ notice of any repurchase that results in a prepayment
of all or a portion of any Advance. 
 (d) The Borrower shall, at the sole expense of the party purchasing any Transferred Loan, execute such
documents and instruments of transfer as may be prepared by such party and take such other actions as shall reasonably be requested by such party to effect the transfer of the related Transferred Loan pursuant to this
Section 7.7. 
 Section 7.8 Representations and Warranties of the Servicer. 

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

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

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

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

(e) No Consent. No consent, approval, authorization, order, registration, filing, qualification, license or permit of or with any
Governmental Authority having jurisdiction over the Servicer or any of its properties is required to be obtained by or with respect to the Servicer in order for the Servicer to enter into this Agreement or perform its obligations hereunder. 

(f) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer, enforceable against the
Servicer in accordance with its terms, except as such enforceability may be limited by (i) applicable Insolvency Laws and (ii) general principles of equity (whether considered in a suit at law or in equity). 

(g) No Proceeding. There are no proceedings or investigations pending or threatened against the Servicer, before any Governmental
Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that might (in the reasonable
judgment of the Servicer) have a Material Adverse Effect. 
 (h) Reports Accurate. All Servicer Certificates, Monthly Reports,
information, exhibits, financial statements, documents, books, Servicer Records or other reports furnished or to be furnished by the Servicer to the Administrative Agent or a Lender in connection with this Agreement are and will be accurate, true
and correct in all material respects. 

  
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 Section 7.9 Covenants of the Servicer. 

The Servicer hereby covenants that: 

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

(c) Obligations with Respect to Loans. The Servicer will duly fulfill and comply with all material obligations on the part of the
Borrower to be fulfilled or complied with under or in connection with each Loan and will do nothing to impair the rights of the Borrower or the Administrative Agent as agent for the Secured Parties or of the Secured Parties in, to and under the
Collateral. 
 (d) Preservation of Security Interest. The Servicer on behalf of the Borrower will execute and file (or cause the
execution and filing of) such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the interest of the Administrative Agent as agent
for the Secured Parties in, to and under the Collateral. 
 (e) Enforcement of Rights. The Servicer shall not permit any Person
appointed by it to a position of control with respect to the Obligor of a Transferred Loan to take or permit to be taken (to the extent within his or her control) any action which shall have (a) caused an equitable subordination of such
Transferred Loan to another allowed claim under Section 510(c) of the Bankruptcy Code and (b) resulted in a loss to the Lenders that is not fully satisfied by or through the assertion of all available claims against the Borrower and
through the liquidation of all available Collateral. Each of the parties agrees that under no circumstance shall a violation of this covenant give rise to a recourse obligation of the Servicer. 

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

  
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 (g) Credit and Collection Policy. The Servicer will (i) comply in all material
respects with the Credit and Collection Policy in regard to each Transferred Loan and the Related Property included in the Collateral, and in regard to compliance with the Loan Documents, including determinations with respect to the enforcement of
the Borrower’s rights thereunder and (ii) furnish to each Managing Agent and the Administrative Agent, at least 20 days prior to its proposed effective date, prompt notice of any material change in the Credit and Collection Policy. The
Servicer will not agree or otherwise permit to occur any material change in the Credit and Collection Policy, which change would impair the collectibility of any Transferred Loan or otherwise adversely affect the interests or remedies of the
Administrative Agent or the Secured Parties under this Agreement or any other Transaction Document, without the prior written consent of the Required Lenders (in their sole discretion). 

(h) Early Termination Events. The Servicer will furnish to each Managing Agent and the Administrative Agent, as soon as possible and in
any event within three (3) Business Days after the occurrence of each Early Termination Event or Unmatured Termination Event, a written statement setting forth the details of such event and the action that the Servicer proposes to take with
respect thereto. 
 (i) Extension or Amendment of Loans. The Servicer will not, except as otherwise permitted in
Section 7.4(a), extend, amend or otherwise modify the terms of any Transferred Loan. 
 (j) Other. The
Servicer will furnish to the Borrower, any Managing Agent and the Administrative Agent such other information, documents records or reports respecting the Transferred Loans or the condition or operations, financial or otherwise of the Servicer as
the Borrower, such Managing Agent or the Administrative Agent may from time to time reasonably request in order to protect the respective interests of the Borrower, such Managing Agent, the Administrative Agent or the Secured Parties under or as
contemplated by this Agreement. 
 Section 7.10 Payment of Certain Expenses by Servicer. 

The Servicer, so long as it is an Affiliate of the Borrower, will be required to pay all expenses incurred by it in connection with its
activities under this Agreement, including fees and disbursements of legal counsel and independent accountants, Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this Agreement, and all other fees
and expenses not expressly stated under this Agreement for the account of the Borrower. In consideration for the payment by the Borrower of the Servicing Fee, the Servicer will be required to pay all reasonable fees and expenses owing to any bank or
trust company in connection with the maintenance of the Collection Account and the Backup Servicer Fee pursuant to the Backup Servicing Agreement and the Collateral Custodian Fee pursuant to the Custody Agreement. The Servicer shall be required to
pay such expenses for its own account and shall not be entitled to any payment therefor other than the Servicing Fee. 

  
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 Section 7.11 Reports. 

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

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

(c) Annual Reporting. The Servicer shall deliver, within 180 days after the close of each of its respective fiscal years, audited,
unqualified, consolidated financial statements of The Gladstone Companies, Ltd. (which shall include balance sheets, statements of income and retained earnings and statements of cash flows) and supplementary information to include consolidating
balance sheets and income statements, for such fiscal year certified in a manner acceptable to the Administrative Agent by independent public accountants acceptable to the Administrative Agent. The provisions of this paragraph (c) shall not
apply to any Successor Servicer, including the Backup Servicer. 
 (d) Quarterly Reporting. The Servicer shall deliver, within 45 days
after the close of each quarterly period of each of its respective fiscal years, balance sheets as at the close of each such period and statements of income and retained earnings and a statement of cash flow for the period from the beginning of such
fiscal year to the end of such quarter, all certified by its respective chief financial officer. The provisions of this paragraph (d) shall not apply to any Successor Servicer, including the Backup Servicer. 

(e) [Reserved]. 
 (f)
Quarterly Valuation Reports. The Borrower will, at least once per calendar quarter and within thirty Business Days after the date the Servicer provides the quarterly valuations for its serviced portfolio received from the Originator pursuant
to Section 5.1(l) of the Purchase Agreement, submit to the Backup Servicer, each Managing Agent and the Administrative Agent a report showing the calculation of the quarterly valuations for the Transferred Loans. Except as otherwise set forth
in the Backup Servicing Agreement, the Backup Servicer shall have no duty to review any of the financial information set forth in such valuation reports. 

(g) Financial Statements of the Originator and Borrower. The Borrower and Originator will submit to the Backup Servicer, each Managing
Agent and the Administrative Agent, (i) within 45 days after the close of each quarterly period of each respective fiscal year, unaudited consolidating financial statements for such quarterly period, and (ii) within 90 days after the close
of each respective fiscal year, unaudited consolidating financial statements for such fiscal year. 

  
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 Section 7.12 Annual Statement as to Compliance. 

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

Section 7.13 Limitation on Liability of the Servicer and Others. 

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

Section 7.14 The Servicer Not to Resign. 

The Servicer shall not resign from the obligations and duties hereby imposed on it except upon its determination that (i) the performance
of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that it could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination
permitting the resignation of the Servicer shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Borrower and the Administrative Agent. No such resignation shall become effective until a
Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in according with the terms of this Agreement. 

  
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 Section 7.15 Access to Certain Documentation and Information Regarding the Loans.

 The Borrower or the Servicer, as applicable, shall provide to the Administrative Agent and each Managing Agent access to the Loan
Documents and all other documentation regarding the Loans included as part of the Collateral and the Related Property, such access being afforded without charge but only (i) upon reasonable prior notice, (ii) during normal business hours
and (iii) subject to the Servicer’s normal security and confidentiality procedures. From and after (x) the Effective Date and periodically thereafter at the discretion of the Administrative Agent (but in no event limited to fewer than
twice per calendar year), the Administrative Agent, on behalf of and with the input of each Managing Agent, may review the Borrower’s and the Servicer’s collection and administration of the Loans in order to assess compliance by the
Servicer with the Servicer’s written policies and procedures, as well as with this Agreement and may conduct an audit of the Transferred Loans, Loan Documents and Records in conjunction with such a review, which audit shall be reasonable in
scope and shall be completed in a reasonable period of time and (y) the occurrence, and during the continuation of an Early Termination Event, the Administrative Agent and each Managing Agent may review the Borrower’s and the
Servicer’s collection and administration of the Transferred Loans in order to assess compliance by the Servicer with the Servicer’s written policies and procedures, as well as with this Agreement, which review shall not be limited in scope
or frequency, nor restricted in period. The Administrative Agent may also conduct an audit (as such term is used in clause (x) of this Section 7.15) of the Transferred Loans, Loan Documents and Records in
conjunction with such a review. The Borrower shall bear the cost of such reviews and audits. 
 Section 7.16 Merger or
Consolidation of the Servicer. 
 The Servicer shall not consolidate with or merge into any other Person or convey or transfer its
properties and assets substantially as an entirety to any Person unless: 
 (i) the Person formed by such consolidation or
into which the Servicer is merged or the Person that acquires by conveyance or transfer the properties and assets of the Servicer substantially as an entirety shall be, if the Servicer is not the surviving entity, organized and existing under the
laws of the United States or any State or the District of Columbia and shall expressly assume, by an agreement supplemental hereto, executed and delivered to the Borrower and the Administrative Agent in form satisfactory to the Borrower and the
Administrative Agent, the performance of every covenant and obligation of the Servicer hereunder (to the extent that any right, covenant or obligation of the Servicer, as applicable hereunder, is inapplicable to the successor entity, such successor
entity shall be subject to such covenant or obligation, or benefit from such right, as would apply, to the extent practicable, to such successor entity); 

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

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

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

Section 7.18 Servicer Termination Events. 

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

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

  
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 (v) the Servicer shall fail to service the Transferred Loans in accordance with
the Credit and Collection Policy; 
 (vi) an Insolvency Event shall occur with respect to the Servicer; 

(vii) the Servicer agrees to materially alter the Credit and Collection Policy without the prior written consent of the
Required Lenders; 
 (viii) any financial or asset information reasonably requested by the Administrative Agent or any
Managing Agent as provided herein is not provided as requested within five (5) Business Days (or such longer period as the Administrative Agent or such Managing Agent may consent to) of the receipt by the Servicer of such request; 

(ix) the rendering against the Servicer of a final judgment, decree or order for the payment of money in excess of U.S.
$5,000,000 (individually or in the aggregate) and the continuance of such judgment, decree or order unsatisfied and in effect for any period of 30 consecutive days without a stay of execution; 

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

(xi) any Guarantor Event of Default shall occur; 

(xii) any Material Adverse Change occurs in the financial condition of the Servicer or a material adverse change occurs with
regard to the collectibility of the Transferred Loans, taken as a whole; 
 (xiii) any Change-in-Control of the Servicer is made without the prior written consent of the Borrower and the Administrative Agent; 

(xiv) the Performance Guarantor shall fail to maintain a minimum Net Worth equal to the sum of (i) of $205,000,000 plus
(ii) 50% of any equity and Subordinated Debt issued by the Performance Guarantor after the Effective Date minus (iii) 50% of any equity and Subordinated Debt retired or redeemed by the Performance Guarantor after the Effective Date; provided that,
in no event shall the minimum Net Worth be less than $205,000,000; 
 (xv) the Performance Guarantor shall fail to satisfy
the RIC/BDC Requirements; 
 (xvi) the Performance Guarantor shall fail to maintain “asset coverage” (as defined in
and determined pursuant to Section 18 of the 1940 Act) of at least 200% (or such higher percentage as may be set forth in Section 18 of the 1940 Act); provided, that for purposes of testing compliance with this Section 7.18(a)(xvi)
the impact of the 

  
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election of ASC 825 or similar accounting guideline with respect to determining the fair value of the debt of the Performance Guarantor on a consolidated basis shall be excluded (for avoidance of
doubt, the intent of this language is to cause the debt of the Performance Guarantor to be valued at par value rather than fair value)); or 

(xvii) the Performance Guarantor shall pay any cash dividends; provided that the Performance Guarantor shall be
permitted to pay cash dividends if the Servicer shall have caused the Performance Guarantor to have delivered a certificate to the Administrative Agent, substantially in the form of Exhibit G hereto, at least 10 Business Days prior to the
making of any such cash dividend to the effect that: 
 (A) the amount of the declared dividend has been determined in good
faith by the Board of Directors of the Performance Guarantor on the basis of the most current financial projections of the Performance Guarantor then available for the Related Period (as defined in Exhibit G hereof); 

(B) the amount of the declared dividend does not exceed the sum of (i) the net investment income and the net capital gain
projected to be realized by the Performance Guarantor for the Related Period based on the financial projections referred to in clause (A) above, and (ii) the amounts deemed by the Performance Guarantor to be considered as having been paid
during the prior year in accordance with Section 855(a) of the Code (together clauses (i) and (ii) comprising the “Projected Available Amount”); and 

(C) to the extent the declared dividend referred to in clause (B) above exceeds the sum of (i) the net investment
income and the net capital gain actually realized by the Performance Guarantor for the Related Period, plus (ii) the amounts deemed by Performance Guarantor to be considered as having been paid during the prior year in accordance with
Section 855(a) of the Code (the “Excess Payment”); then the proposed dividend to be declared by the Performance Guarantor for the immediately ensuing Related Period shall be reduced by any positive amount resulting from the
following calculation: (x) the ensuing Related Period’s proposed declared dividend plus the Excess Payment minus (y) the ensuing Related Period’s Projected Available Amount. 

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

  
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 Section 7.19 Appointment of Successor Servicer. 

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

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

(c) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of the
Servicer under this Agreement and shall pass to and be vested in the Successor Servicer, and, without limitation, the Successor Servicer is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such
transfer of servicing rights. The Servicer agrees to cooperate with the Successor Servicer in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing on the Collateral. 

(d) Upon the Backup Servicer receiving notice that it is required to serve as the Successor Servicer hereunder pursuant to the foregoing
provisions of this Section 7.19, the Backup Servicer will promptly begin the transition to its role as Successor Servicer. 

  
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 (e) The Backup Servicer shall be entitled to receive its Transition Costs incurred in
transitioning to Servicer. 
 Section 7.20 Market Servicing Fee. 

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

ARTICLE VIII 
 EARLY
TERMINATION EVENTS 
 Section 8.1 Early Termination Events. 

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

(a) the Borrower shall fail to (i) make payment of any amount required to be made under the terms of this Agreement and such failure shall
continue for more than two (2) Business Days; or (ii) repay all Advances Outstanding on or prior to the Maturity Date; or 
 (b)
the Borrowing Base Test shall not be met, and such failure shall continue for more than two (2) Business Days; or 
 (c) (i) the
Borrower shall fail to perform or observe in any material respect any other covenant or other agreement of the Borrower set forth in this Agreement and any other Transaction Document to which it is a party, or (ii) the Originator shall fail to
perform or observe in any material respect any term, covenant or agreement of such Originator set forth in any other Transaction Document to which it is a party, in each case when such failure continues unremedied for more than fifteen
(15) days after the first to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to such Person by the Administrative Agent, any Managing Agent or the Collateral Custodian
and (ii) the date on which such Person becomes or should have become aware thereof; or 
 (d) any representation or warranty made or
deemed made hereunder shall prove to be incorrect in any material respect as of the time when the same shall have been made; or 
 (e) an
Insolvency Event shall occur with respect to the Borrower or the Originator; or 
 (f) a Servicer Termination Event occurs; or 

(g) any Change-in-Control of the Borrower or Originator occurs;
or 
 (h) the Borrower or the Servicer defaults in making any payment required to be made under any material agreement for borrowed money to
which either is a party and such default is not cured within the relevant cure period; or 

  
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 (i) the Administrative Agent, as agent for the Secured Parties, shall fail for any reason to have
a valid and perfected first priority security interest in any of the Collateral; or 
 (j) (i) a final judgment for the payment of money
in excess of (A) $10,000,000 shall have been rendered against the Originator or (B) $250,000 against the Borrower by a court of competent jurisdiction and, if such judgment relates to the Originator, such judgment, decree or order shall continue
unsatisfied and in effect for any period of 30 consecutive days without a stay of execution, or (ii) the Originator or the Borrower, as the case may be, shall have made payments of amounts in excess of $10,000,000 or $250,000, respectively, in
settlement of any litigation; or 
 (k) the Borrower or the Servicer agrees or consents to, or otherwise permits to occur, any amendment,
modification, change, supplement or recession of or to the Credit and Collection Policy in whole or in part that could have a material adverse effect upon the Transferred Loans or interest of any Lender, without the prior written consent of the
Required Lenders; or 
 (l) any Material Adverse Change occurs with respect to the Borrower, the Originator or the Servicer; or 

(m) the Rolling Three-Month Default Ratio shall exceed 7.5%; or 

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

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

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

(q) on the Determination Dates falling in August, November, February and May, the Interest Coverage Ratio does not equal or exceed 200% and
such failure continues on the next succeeding Determination Date; or 
 (r) the Required Equity Investment shall not be maintained, and such
failure shall continue unremedied for a period of five Business Days; or 
 (s) a Key Man Event occurs; or 

(t) during the Revolving Period, the Required Diversity Test shall not be satisfied; 

then, and in any such event, the Administrative Agent shall, at the request, or may with the consent, of the Required Lenders, by notice to the Borrower
declare the Termination Date to have occurred, without demand, protest or future notice of any kind, all of which are hereby expressly waived by the Borrower, and all Advances Outstanding and all other amounts owing

  
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by the Borrower under this Agreement shall be accelerated and become immediately due and payable, provided, that in the event that the Early Termination Event described in subsection
(e) herein has occurred, the Termination Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. Upon its receipt of written notice thereof, the
Administrative Agent shall promptly notify each Lender of the occurrence of any Early Termination Event. 
 Section 8.2
Remedies. 
 (a) Upon any such declaration or automatic occurrence of the Termination Date as specified under
Section 8.1, no further Advances will be made, and the Administrative Agent and the other Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise, all rights and remedies
provided under the UCC of each applicable jurisdiction and other Applicable Laws, including the right to sell the Collateral, which rights and remedies shall be cumulative. The Administrative Agent and the other Secured Parties agree that the sale
of the Collateral shall be conducted in good faith and in accordance with commercially reasonable practices. 
 (b) Upon any such declaration
or automatic occurrence of the Termination Date as specified under Section 8.1, the Borrower and the Servicer hereby agree that they will, at the expense of Borrower or, if such Termination Date occurred as a result of a
Servicer Termination Event, at the expense of the initial Servicer or any Affiliate of the initial Servicer if appointed as Successor Servicer hereunder, and upon request of the Administrative Agent, forthwith, (i) assemble all or any part of
the Collateral as directed by the Administrative Agent, and make the same available to the Administrative Agent, at a place to be designated by the Administrative Agent, and (ii) without notice except as specified below, sell the Collateral or
any part thereof in one or more parcels at a public sale in accordance with commercially reasonable practices. If there is no recognizable public market for sale of any portion of Collateral, then a private sale of that Collateral may be conducted
only on an arm’s length basis and in accordance with commercially reasonable practices. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to the Borrower of the time and place of any
public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The
Administrative Agent, may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. All cash
Proceeds received by the Administrative Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral (after payment of any amounts incurred by the Administrative Agent or any of the Secured Parties
in connection with such sale) shall be deposited into the Collection Account and applied against all or any part of the Obligations pursuant to Section 2.8. 

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

  
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 ARTICLE IX 

INDEMNIFICATION 

Section 9.1 Indemnities by the Borrower. 

(a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify
the Administrative Agent, the Managing Agents, the Backup Servicer, any Successor Servicer, the Collateral Custodian, any Secured Party or its assignee and each of their respective Affiliates and officers, directors, employees, members and agents
thereof (collectively, the “Indemnified Parties”), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys’ fees and disbursements
(all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by, any such Indemnified Party or other non-monetary damages of any such Indemnified
Party any of them arising out of or as a result of this Agreement, excluding, however, Indemnified Amounts to the extent finally judicially determined by a court of competent jurisdiction to have been resulting from the gross negligence or willful
misconduct on the part of any Indemnified Party. Without limiting the foregoing, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from: 

(i) any Loan treated as or represented by the Borrower to be an Eligible Loan that is not at the applicable time an Eligible
Loan; 
 (ii) reliance on any representation or warranty made or deemed made by the Borrower, the Servicer (or one of its
Affiliates) or any of their respective officers under or in connection with this Agreement, which shall have been false or incorrect in any material respect when made or deemed made or delivered; 

(iii) the failure by the Borrower or the Servicer (or one of its Affiliates) to comply with any term, provision or covenant
contained in this Agreement or any agreement executed in connection with this Agreement, or with any Applicable Law with respect to any Loan comprising a portion of the Collateral, or the nonconformity of any Loan, the Related Property with any such
Applicable Law or any failure by the Originator, the Borrower or any Affiliate thereof to perform its respective duties under the Loans included as a part of the Collateral; 

(iv) the failure to vest and maintain vested in the Administrative Agent a first priority perfected security interest in the
Collateral; 
 (v) the failure to file, or any delay in filing, financing statements or other similar instruments or
documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any Collateral whether at the time of any Advance or at any subsequent time and as required by the Transaction Documents; 

  
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 (vi) any dispute, claim, offset or defense (other than the discharge in
bankruptcy of the Obligor) of the Obligor to the payment of any Loan included as part of the Collateral that is, or is purported to be, an Eligible Loan (including, without limitation, (A) a defense based on the Loan not being a legal, valid
and binding obligation of such Obligor enforceable against it in accordance with its terms or (B) the equitable subordination of such Loan); 

(vii) any failure of the Borrower or the Servicer (if the Originator or one of its Affiliates) to perform its duties or
obligations in accordance with the provisions of this Agreement or any failure by the Originator, the Borrower or any Affiliate thereof to perform its respective duties under the Transferred Loans; 

(viii) any products liability claim or personal injury or property damage suit or other similar or related claim or action of
whatever sort arising out of or in connection with merchandise or services that are the subject of any Loan included as part of the Collateral or the Related Property included as part of the Collateral; 

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

(xii) any failure by the Borrower to give reasonably equivalent value to the Originator in consideration for the transfer by
the Originator to the Borrower of any Transferred Loan or the Related Property or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including, without limitation,
any provision of the Bankruptcy Code, or 
 (xiii) the failure of the Borrower, the Originator or any of their respective
agents or representatives to remit to the Servicer or the Administrative Agent, Collections on the Collateral remitted to the Borrower or any such agent or representative in accordance with the terms hereof or the commingling by the Borrower or any
Affiliate of any collections. 
 (b) Any amounts subject to the indemnification provisions of this Section 9.1
shall be paid by the Borrower to the applicable Indemnified Party within two (2) Business Days following the Administrative Agent’s demand therefor. 

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

(e) The parties hereto agree that the provisions of Section 9.1 shall not be interpreted to provide recourse to the
Borrower against loss by reason of the bankruptcy or insolvency (or other credit condition) of, or default by, an Obligor on, any Transferred Loan. 

Section 9.2 Indemnities by the Servicer. 

(a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Servicer hereby agrees to indemnify
each Indemnified Party, forthwith on demand, from and against any and all Indemnified Amounts (calculated without duplication of Indemnified Amounts paid by the Borrower pursuant to Section 9.1 above) awarded against or
incurred by any such Indemnified Party by reason of any acts, omissions or alleged acts or omissions of the Servicer, including, but not limited to (i) any representation or warranty made by the Servicer under or in connection with any
Transaction Documents to which it is a party, any Monthly Report, Servicer’s Certificate or any other information or report delivered by or on behalf of the Servicer pursuant hereto, which shall have been false, incorrect or misleading in any
material respect when made or deemed made, (ii) the failure by the Servicer to comply with any Applicable Law, (iii) the failure of the Servicer to comply with its duties or obligations in accordance with the Agreement or (iv) any
litigation, proceedings or investigation against the Servicer, excluding, however, (a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, and (b) under any
Federal, state or local income or franchise taxes or any other Tax imposed on or measured by income (or any interest or penalties with respect thereto or arising from a failure to comply therewith) required to be paid by such Indemnified Party in
connection herewith to any taxing authority. The provisions of this indemnity shall run directly to and be enforceable by an injured party subject to the limitations hereof. If the Servicer has made any indemnity payment pursuant to this
Section 9.2 and such payment fully indemnified the recipient thereof and the recipient thereafter collects any payments from others in respect of such Indemnified Amounts, the recipient shall repay to the Servicer an amount
equal to the amount it has collected from others in respect of such indemnified amounts. 
 (b) If for any reason the indemnification
provided above in this Section 9.2 is unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then Servicer shall contribute to the amount paid or payable to such Indemnified Party as
a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and Servicer on the other hand but also the relative fault of such
Indemnified Party as well as any other relevant equitable considerations. 

  
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 (c) The obligations of the Servicer under this Section 9.2 shall
survive the resignation or removal of the Administrative Agent or any Managing Agents and the termination of this Agreement. 
 (d) The
parties hereto agree that the provisions of this Section 9.2 shall not be interpreted to provide recourse to the Servicer against loss by reason of the bankruptcy or insolvency (or other credit condition) of, or default by,
the related Obligor, on any Transferred Loan. 
 (e) The Servicer shall not be permitted to liquidate any of the Collateral to pay any
indemnification payable by the Servicer pursuant to this Section 9.2. 
 ARTICLE X 

THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS 

Section 10.1 Authorization and Action. 

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

(b) Each Lender hereby designates and appoints the Managing Agent for such Lender’s Lender Group as its Managing Agent hereunder, and
authorizes such Managing Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Managing Agents by the terms of this Agreement together with such powers as are reasonably incidental thereto. No Managing
Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the
applicable Managing Agent shall be read into this Agreement or otherwise exist for the applicable Managing Agent. In performing its functions and duties hereunder, each Managing Agent shall act solely as agent for the Lenders in the related Lender
Group and does not assume 

  
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nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. No Managing Agent shall be required to take any
action that exposes it to personal liability or that is contrary to this Agreement or Applicable Law. The appointment and authority of each Managing Agent hereunder shall terminate at the indefeasible payment in full of the Obligations. 

Section 10.2 Delegation of Duties. 

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

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

Section 10.3 Exculpatory Provisions. 

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

  
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with, this Agreement or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any
failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article III. No Managing Agent shall be under any obligation to the Administrative Agent or any Secured Party to ascertain or
to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Borrower. No Managing Agent shall be deemed to have knowledge
of any Early Termination Event unless such Managing Agent has received notice of such Early Termination Event, in a document or other written communication titled “Notice of Early Termination Event” from the Borrower, the Administrative
Agent or a Secured Party. 
 (c) None of the Administrative Agent, any Managing Agent or any Lender shall be deemed to have any fiduciary
relationship with the Borrower or the Servicer under this Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities creating any such fiduciary relationship shall be inferred from or in connection with this
Agreement except as otherwise provided herein or under Applicable Law. 
 Section 10.4 Reliance. 

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

  
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interests of the Lenders in its Lender Group. Each Managing Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Lenders in
such Managing Agent’s Lender Group and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders in such Managing Agent’s Lender Group. 

Section 10.5 Non-Reliance on Administrative Agent, Managing Agents and Other Lenders.

 Each Secured Party expressly acknowledges that neither the Administrative Agent, any other Secured Party nor any of their respective
officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative Agent or any other Secured Party hereafter taken,
including, without limitation, any review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent or any other Secured Party. Each Secured Party represents and warrants to the
Administrative Agent and to each other Secured Party that it has and will, independently and without reliance upon the Administrative Agent or any other Secured Party and based on such documents and information as it has deemed appropriate, made its
own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower and made its own decision to enter into this Agreement. 

Section 10.6 Reimbursement and Indemnification. 

The Lenders agree to reimburse and indemnify the Administrative Agent, and the Lenders in each Lender Group agree to reimburse the Managing
Agent for such Lender Group, and their respective officers, directors, employees, representatives and agents ratably according to their Commitments, as applicable, to the extent not paid or reimbursed by the Borrower (i) for any amounts for
which the Administrative Agent, acting in its capacity as Administrative Agent, or any Managing Agent, acting in its capacity as a Managing Agent, is entitled to reimbursement by the Borrower hereunder and (ii) for any other expenses incurred
by the Administrative Agent, in its capacity as Administrative Agent, or any Managing Agent, acting in its capacity as a Managing Agent, and acting on behalf of the related Lenders, in connection with the administration and enforcement of this
Agreement and the other Transaction Documents. 
 Section 10.7 Administrative Agent and Managing Agents in their Individual
Capacities. 
 The Administrative Agent, each Managing Agent and each of their respective Affiliates may make loans to, accept
deposits from and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as though the Administrative Agent or such Managing Agent, as the case may be, were not the Administrative Agent or a Managing Agent, as
the case may be, hereunder. With respect to the acquisition of Advances pursuant to this Agreement, the Administrative Agent, each Managing Agent and each of their respective Affiliates shall have the same rights and powers under this Agreement as
any Lender and may exercise the same as though it were not the Administrative Agent or a Managing Agent, as the case may be, and the terms “Lender” “Lender” “Lenders” and “Lenders” shall include the
Administrative Agent or a Managing Agent, as the case may be, in its individual capacity. 

  
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 Section 10.8 Successor Administrative Agent or Managing Agent. 

(a) The Administrative Agent may, upon 5 days’ notice to the Borrower and the Secured Parties, and the Administrative Agent will, upon the
direction of all of the Lenders resign as Administrative Agent. If the Administrative Agent shall resign, then the Required Lenders during such 5-day period shall appoint from among the Secured Parties a
successor agent. If for any reason no successor Administrative Agent is appointed by the Required Lenders during such 5-day period, then effective upon the expiration of such
5-day period, the Secured Parties shall perform all of the duties of the Administrative Agent hereunder and the Borrower shall make all payments in respect of the Obligations or under any Fee Letter delivered
by the Borrower to the Administrative Agent and the Secured Parties directly to the applicable Managing Agents, on behalf of the Lenders in the applicable Lender Group and for all purposes shall deal directly with the Secured Parties. After any
retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of Article IX and Article X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative
Agent under this Agreement. 
 (b) Any Managing Agent may, upon 5 days’ notice to the Borrower, the Administrative Agent and the related
Lenders, and any Managing Agent will, upon the direction of all of the related Lenders resign as a Managing Agent. If a Managing Agent shall resign, then the related Lenders during such 5-day period shall
appoint from among the related Lenders a successor Managing Agent. If for any reason no successor Managing Agent is appointed by such Lenders during such 5-day period, then effective upon the expiration of
such 5-day period, such Lenders shall perform all of the duties of the related Managing Agent hereunder. After any retiring Managing Agent’s resignation hereunder as a Managing Agent, the provisions of
Article IX and Article X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Managing Agent under this Agreement. 

ARTICLE XI 

ASSIGNMENTS; PARTICIPATIONS 

Section 11.1 Assignments and Participations. 

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

(b) Any Lender may at any time and from time to time assign to one or more Persons (“Purchasing Lenders”) all or any part of
its rights and obligations under this Agreement pursuant to an assignment agreement, substantially in the form set forth in Exhibit C hereto (the “Assignment and Acceptance”) executed by such Purchasing Lender and such
selling Lender with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed). In addition, except with respect to an assignment to an Affiliate of such Lender, so long as no Early Termination Event or
Unmatured Termination Event has occurred and is continuing at such time, the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required prior to the effectiveness of any such assignment; provided, that the
Borrower shall be deemed to have consented to any such assignment unless it 

  
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shall object thereto by written notice to the Administrative Agent and the assigning Lender within ten (10) Business Days after having received written notice thereof. Each assignee of a
Lender must be an Eligible Assignee and must agree to deliver to the Administrative Agent, promptly following any request therefor by the Managing Agent for its Lender Group, an enforceability opinion in form and substance satisfactory to such
Managing Agent. Upon delivery of the executed Assignment and Acceptance to the Administrative Agent, such selling Lender shall be released from its obligations hereunder to the extent of such assignment. Thereafter the Purchasing Lender shall for
all purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender under this Agreement to the same extent as if it were an original party hereto and no further consent or action by Borrower, the Lenders or
the Administrative Agent shall be required. The Lenders agree that any assignments arranged by the Borrower or any of its Affiliates occurring (i) between the Effective Date and the date on which KeyBank’s Commitment is reduced to
$75,000,000 or less shall be offered to KeyBank, and if accepted by it in its sole discretion, shall be made by KeyBank alone, and (ii) thereafter, unless the Lenders shall otherwise agree, shall be offered to the Lenders ratably, and if
accepted by each Lender in its sole discretion, shall be made by the Lenders ratably. Notwithstanding the foregoing, no assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates, (B) to any Defaulting Lender or
(C) a natural person. 
 (c) By executing and delivering an Assignment and Acceptance, the Purchasing Lender thereunder and the selling
Lender thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such selling Lender makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document
furnished pursuant hereto; (ii) such Purchasing Lender confirms that it has received a copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into such Assignment and Acceptance; (iii) such Purchasing Lender will, independently and without reliance upon the Administrative Agent or any Managing Agent, the selling Lender or any other Lender and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such Purchasing Lender and such selling Lender confirm that
such Purchasing Lender is an Eligible Assignee; (v) such Purchasing Lender appoints and authorizes each of the Administrative Agent and the applicable Managing Agent to take such action as agent on its behalf and to exercise such powers under
this Agreement as are delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such Purchasing Lender agrees that it will perform in accordance with their terms all of the obligations
which by the terms of this Agreement are required to be performed by it as a Lender. 
 (d) The Administrative Agent shall maintain at its
address referred to herein a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of, each Advance owned by
each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Lenders, the Borrower and the Managing Agents may treat each Person whose
name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Lenders, any Managing Agent or the Borrower at any reasonable time and from time to time upon reasonable
prior notice. 

  
 103 

 (e) Subject to the provisions of this Section 11.1, upon their receipt
of an Assignment and Acceptance executed by a selling Lender and a Purchasing Lender, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit C hereto, accept such
Assignment and Acceptance, and the Administrative Agent shall then (i) record the information contained therein in the Register and (ii) give prompt notice thereof to each Managing Agent. 

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

  
 104 

 ARTICLE XII 

MISCELLANEOUS 

Section 12.1 Amendments and Waivers. 

Except as provided in this Section 12.1, no amendment, waiver or other modification of any provision of this
Agreement shall be effective without the written agreement of the Borrower, the Administrative Agent, the Swingline Lender, the Managing Agents and the Required Lenders; provided, however, that (i) without the consent of the
Lenders in any Lender Group (other than the Lender Group to which such Lenders are being added), the Administrative Agent, the Swingline Lender and the applicable Managing Agent may, with the consent of Borrower, amend this Agreement solely to add
additional Persons as Lenders hereunder, (ii) any amendment of this Agreement that is solely for the purpose of increasing the Commitment of a specific Lender or increase the Group Advance Limit of the related Lender Group may be effected with
the written consent of the Borrower, the Administrative Agent and the affected Lender, and (iii) the consent of each Lender shall be required to: (A) extend the Commitment Termination Date for such Lender, or the date of any payment or
deposit of Collections by the Borrower or the Servicer, (B) reduce the amount (other than by reason of the repayment thereof) or extend the time of payment of Advances Outstanding or reduce the rate or extend the time of payment of Interest (or
any component thereof), (C) reduce any fee payable to the Administrative Agent, the Swingline Lender or any Managing Agent for the benefit of the Lenders, (D) amend, modify or waive any provision of the definition of Required Lenders or
Sections 2.11, 11.1(b), 12.1, 12.9, or 12.10, (E) consent to or permit the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement, (F) amend or waive any Servicer
Termination Event or Early Termination Event, (G) change the definition of “Borrowing Base,” “Charged-Off Ratio,” “Default Ratio,” “Eligible Loan” or
“Settlement Date,” or (H) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (G) above in a manner that would circumvent the intention of the
restrictions set forth in such clauses. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right
to approve or disapprove any amendment, waiver, or consent hereunder (and any amendment, waiver, or consent which by its terms requires the consent of all Lenders may be effected with the consent of all Lenders other than Defaulting Lenders)
provided that, without in any way limiting Section 12.17, any such amendment, waiver, or consent that would increase or extend the term of the Commitment or Advances of such Defaulting Lender, extend the date fixed for the
payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting
Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, shall require the consent of such Defaulting Lender. 

Notwithstanding anything to the contrary, unless signed by the Administrative Agent and the Swingline Lender, no amendment, waiver or consent
shall affect the rights or duties of the Administrative Agent or the Swingline Lender, as applicable, under this Agreement or any other Loan Document. 

  
 105 

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

Section 12.2 Notices, Etc. 

All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by
electronic mail or facsimile copy) and mailed, sent by overnight courier, transmitted or hand delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party’s Assignment and
Acceptance or Joinder Agreement or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of (a) notice by
mail, five days after being deposited in the United States mail, first class postage prepaid, (b) notice by courier mail, when it is officially recorded as being delivered to the intended recipient by return receipt, proof of delivery or
equivalent, or (c) notice by facsimile copy, when verbal communication of receipt is obtained, except that notices and communications pursuant to this Article XII shall not be effective until received with respect to any notice sent by
mail. 
 Section 12.3 No Waiver, Rights and Remedies. 

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

Section 12.5 Term of this Agreement. 

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

  
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 Section 12.6 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE.

 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE SECURED PARTIES,
THE BORROWER AND THE ADMINISTRATIVE AGENT HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AND EACH SECURED PARTY HEREBY
WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH
COURT. 
 Section 12.7 WAIVER OF JURY TRIAL. 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE SECURED PARTIES, THE BORROWER AND THE ADMINISTRATIVE AGENT WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

Section 12.8 Costs, Expenses and Taxes. 

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

  
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 (b) The Borrower shall pay on demand any and all stamp, sales, excise and other taxes and fees
payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement, the other documents to be delivered hereunder or any agreement or other document providing liquidity support, credit enhancement
or other similar support to the Lender in connection with this Agreement or the funding or maintenance of Advances hereunder. 
 (c) The
Borrower shall pay on demand all other costs, expenses and taxes (excluding income taxes) (“Other Costs”), including, without limitation, all reasonable costs and expenses incurred by the Administrative Agent or any Managing Agent
in connection with periodic audits of the Borrower’s or the Servicer’s books and records, which are incurred as a result of the execution of this Agreement. 

Section 12.9 No Proceedings. 

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

Section 12.10 Recourse Against Certain Parties. 

(a) No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Administrative Agent or any Secured Party as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any manager or
administrator of such Person or any incorporator, affiliate, stockholder, officer, employee or director of such Person or of the Borrower or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute or otherwise. 
 (b) The provisions of this Section 12.10 shall
survive the termination of this Agreement. 
 Section 12.11 Protection of Security Interest; Appointment of Administrative Agent
as Attorney-in-Fact. 
 (a) The Borrower shall, or
shall cause the Servicer to, cause this Agreement, all amendments hereto and/or all financing statements and continuation statements and any other necessary documents covering the right, title and interest of the Administrative Agent as agent for
the Secured Parties and of the Secured Parties to the Collateral to be promptly recorded, registered and filed, and at all time to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to
preserve and protect the right, title and interest of the Administrative Agent as agent for the Secured Parties hereunder to all property comprising the Collateral. The Borrower shall deliver or, shall cause the Servicer to deliver, to the
Administrative Agent file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. The Borrower and the Servicer shall cooperate
fully in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this Section 12.11. 

  
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 (b) The Borrower agrees that from time to time, at its expense, it will promptly execute and
deliver all instruments and documents, and take all actions, that may reasonably be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the security interest granted to the
Administrative Agent, as agent for the Secured Parties, in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce their rights and remedies hereunder. 

(c) If the Borrower or the Servicer fails to perform any of its obligations hereunder after five Business Days’ notice from the
Administrative Agent, the Administrative Agent or any Lender may (but shall not be required to) perform, or cause performance of, such obligation; and the Administrative Agent’s or such Lender’s reasonable costs and expenses incurred in
connection therewith shall be payable by the Borrower (if the Servicer that fails to so perform is the Borrower or an Affiliate thereof) as provided in Article IX, as applicable. The Borrower irrevocably authorizes the Administrative Agent
and appoints the Administrative Agent as its attorney-in-fact to act on behalf of the Borrower, (i) to execute on behalf of the Borrower as debtor and to file
financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Collateral and (ii) to file a carbon,
photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to
maintain the perfection and priority of the interests of the Lenders in the Collateral. This appointment is coupled with an interest and is irrevocable. 

(d) Without limiting the generality of the foregoing, Borrower will, not earlier than six (6) months and not later than three
(3) months prior to the fifth anniversary of the date of filing of the financing statement referred to in Section 3.1 or any other financing statement filed pursuant to this Agreement or in connection with any Advance
hereunder, unless the Collection Date shall have occurred: 
 (i) execute and deliver and file or cause to be filed an
appropriate continuation statement with respect to such financing statement; and 
 (ii) deliver or cause to be delivered to
the Administrative Agent an opinion of the counsel for Borrower, in form and substance reasonably satisfactory to the Administrative Agent, confirming and updating the opinion delivered pursuant to Section 3.1 with respect
to perfection and otherwise to the effect that the Collateral hereunder continues to be subject to a perfected security interest in favor of the Administrative Agent, as agent for the Secured Parties, subject to no other Liens of record except as
provided herein or otherwise permitted hereunder, which opinion may contain usual and customary assumptions, limitations and exceptions. 

  
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 Section 12.12 Confidentiality. 

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

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

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

  
 110 

 Section 12.13 Execution in Counterparts; Severability; Integration. 

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

This Agreement amends and restates in its entirety that certain Third Amended and Restated Credit Agreement dated as of May 15, 2009,
among the Borrower, the Servicer, the lenders party thereto, the managing agents named therein, and KeyBank National Association, as administrative agent. 

Section 12.15 Future Amendment Contemplated. 

The parties to this Agreement hereby acknowledge that the Borrower intends to request a further amendment of this Agreement permitting non-revolving lenders to execute Joinder Agreements and to make advances hereunder. Any such amendment shall be in form and substance satisfactory to the Borrower, the Servicer, the Lenders, the Administrative Agent
and any non-revolving lenders becoming parties hereto, and shall be subject to the requirements of Section 12.1 hereof, including, without limitation, the consent of the existing Lenders. 

Section 12.16 Patriot Act. 

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

Section 12.17 Defaulting Lenders. Notwithstanding anything contained in this Agreement, if any Lender
becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 

(a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 12.1. 

  
 111 

 (b) Defaulting Lender Waterfall. Until such time as the Default Excess with respect to
such Defaulting Lender shall have been reduced to zero, except as otherwise provided in this Section 12.17, any payment of principal, interest, fees, or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and including any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to
Section 12.17), shall be deemed paid to and redirected by such Defaulting Lender to be applied at such time or times as may be determined by the Administrative Agent as follows: 

first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; 

second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Swingline Lender hereunder; 

third, as the Borrower may request (so long as no Early Termination Event exists), to the funding of any Advance in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; 

fourth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to
satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this Agreement; 
 fifth, to
the payment of any amounts owing to the Lenders or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Swingline Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; 
 sixth, so long as no Early Termination Event exists, to the payment
of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and 
 seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if
(x) such payment is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made at a time when the conditions set forth in
Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Advances of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment
of any Advances of such Defaulting Lender until such time as all Advances and funded and unfunded participations in Swing Advances are held by the Lenders pro rata in accordance with the Commitments without giving effect to
Section 12.17(d). 
 (c) Unused Fee. No Defaulting Lender shall be entitled to receive any Unused Fee for
any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

  
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 (d) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such
Defaulting Lender’s participation in Swing Advances shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such
Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 3.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the
Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 2.17, no reallocation hereunder shall constitute a waiver or release of
any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 
 (e) Repayment of Swing
Advances. If the reallocation described in Section 12.17(d) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, prepay
Swing Advances in an amount equal to the Swingline Lender’s Fronting Exposure (the “Swing Prepayment Amount”). Borrower shall pay the Swing Prepayment Amount within forty-five (45) days of written demand from the
Administrative Agent; provided, however, upon the occurrence of an Early Termination Event, the Swing Prepayment Amount, if any, shall be immediately due and payable by Borrower. 

(f) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the Swingline Lender agree in writing that a Lender is no
longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase
at par that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances and funded and unfunded participations in Swing Advances to be held pro rata
by the Lenders in accordance with the Commitments (without giving effect to Section 12.17(d)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect
to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

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

  
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 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 114 

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

					
	 BORROWER:
	 	 GLADSTONE BUSINESS LOAN, LLC

			
		 	 By
	 	
		 		 	  

		 		 	 Title: President

		
		 	 Gladstone Business Loan, LLC

1521 Westbranch Drive, Suite 100

McLean, Virginia 22102

Attention: President

Facsimile No.: (703) 287-5801

Phone No.: (703) 287-5800

		
	 SERVICER:
	 	 GLADSTONE MANAGEMENT CORPORATION

			
		 	 By
	 	
		 		 	  

		 		 	 Title: Chairman

		
		 	 Gladstone Management Corporation

1521 Westbranch Drive, Suite 100

McLean, Virginia 22102

Attention: Chairman

Facsimile No.: (703) 287-5801

Phone No.: (703) 287-5800

	
	[SIGNATURES CONTINUED ON FOLLOWING PAGE]

  
 S-1 

			
	LENDER, SWINGLINE LENDER, MANAGING AGENT and LEAD ARRANGER:	  	KEYBANK NATIONAL ASSOCIATION
		
		  	
By                  
                                         
                         

		  	        Title
		  	  
 Specialty Finance and
Syndications
 1000 South McCaslin Blvd.

Superior, CO 80027

Attention: Richard Andersen

Facsimile No.: (216) 370-9166

Telephone No.: (720) 304-1247

E-mail: LAS.Operations.KEF@key.com

 
 with a copy to:

 
 KEYBANK NATIONAL ASSOCIATION

Specialty Finance Lending

120 Vantis, Suite 300

Aliso Viejo, CA. 92656

Attention: Rian Emmett

Phone:      (949) 356-1900

Facsimile: (216) 357-6708

	
	[SIGNATURES CONTINUED ON FOLLOWING PAGE]

  
 S-2 

					
	LENDER and MANAGING AGENT:	 	CHEMICAL BANK
			
		 	 By
	 	  

		 		 	 Title

		 	  
 17900
Haggerty Road
 Livonia, MI 48152

Attention: Robert Rosati

Phone: (734) 805-4601

Facsimile: (248) 649-2305

 
 With a copy to:

 
 17900 Haggerty Road

Livonia, MI 48152

Attention: Howard Ellerbe

Phone: (248) 244-6967

Facsimile: (734) 805-4615

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  
 S-3 

					
	 LENDER and MANAGING AGENT:
	 	 ING CAPITAL LLC

			
		 	 By
	 	  

		 		 	 Title

		 	  
 1325 Avenue
of the Americas
 New York, NY 10019

Attention: Patrick Frisch

Phone: (646) 424-6912

Facsimile: (646) 424-6919

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  
 S-4 

							
	ADMINISTRATIVE AGENT	 		 	      KEYBANK NATIONAL ASSOCIATION

							
				
		 		 	By	 	  

							
		 		 		 	Title
			
		 		 	 KEYBANK NATIONAL ASSOCIATION

Specialty Finance and Syndications
 1000 South McCaslin Blvd.

Superior, CO 80027
 Attention: Richard Andersen

Facsimile No.: (216) 370-9166

Telephone No.: (720) 304-1247

E-mail: LAS.Operations.KEF@key.com

  
 S-5 

 [Exhibits and Schedules under separate cover] 

  
 S-1EX-10.1

 Exhibit 10.1 
  

 
  

DEBTOR IN POSSESSION CREDIT AND SECURITY AGREEMENT 

dated as of March 12, 2018 

by and among 
 OREXIGEN
THERAPEUTICS, INC. 
 as Borrower, 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as DIP Administrative Agent, 

and 
 the DIP Lenders
Party Hereto 
  
  

 

 Table of Contents 

 

							
	 	  	Page	 
	ARTICLE 1 – DEFINITIONS	  	 	1	 
			
	 Section 1.1
	 	Certain Defined Terms	  	 	1	 
			
	 Section 1.2
	 	Accounting Terms and Determinations	  	 	15	 
			
	 Section 1.3
	 	Other Definitional and Interpretive Provisions	  	 	15	 
		
	ARTICLE 2 – DIP FACILITY	  	 	16	 
			
	 Section 2.1
	 	DIP Facility	  	 	16	 
			
	 Section 2.2
	 	Availability of Funds	  	 	16	 
			
	 Section 2.3
	 	DIP Lender Notes	  	 	17	 
			
	 Section 2.4
	 	Fees	  	 	17	 
			
	 Section 2.5
	 	Use of New Money Loan Proceeds	  	 	18	 
			
	 Section 2.6
	 	[Reserved]	  	 	18	 
			
	 Section 2.7
	 	Restrictions on Use of Funds	  	 	18	 
			
	 Section 2.8
	 	Maximum Interest	  	 	19	 
			
	 Section 2.9
	 	Maturity and Repayment	  	 	19	 
			
	 Section 2.10
	 	Books and Records	  	 	20	 
			
	 Section 2.11
	 	Interest Rate	  	 	20	 
			
	 Section 2.12
	 	Default Interest Rate	  	 	20	 
			
	 Section 2.13
	 	Voluntary Prepayment	  	 	20	 
			
	 Section 2.14
	 	Mandatory Prepayment	  	 	21	 
			
	 Section 2.15
	 	Advance by the DIP Administrative Agent	  	 	22	 
			
	 Section 2.16
	 	Sharing of Setoffs	  	 	22	 
			
	 Section 2.17
	 	Taxes	  	 	23	 
		
	ARTICLE 3 – REPRESENTATIONS AND WARRANTIES	  	 	26	 
			
	 Section 3.1
	 	Organization and Governmental Authorization; No Contravention	  	 	26	 
			
	 Section 3.2
	 	Binding Effect	  	 	26	 
		
	ARTICLE 4 – BUDGET	  	 	27	 
			
	 Section 4.1
	 	Budget	  	 	27	 
			
	 Section 4.2
	 	Budget Tests	  	 	28	 
			
	 Section 4.3
	 	Budget Permitted Deviation	  	 	28	 
		
	ARTICLE 5 – AFFIRMATIVE COVENANTS	  	 	28	 
			
	 Section 5.1
	 	[Reserved]	  	 	28	 
			
	 Section 5.2
	 	Agreed Covenants	  	 	28	 
			
	 Section 5.3
	 	363 Sale Milestones	  	 	29	 

							
			
	 Section 5.4
	 	Delivery of Information	  	 	29	 
			
	 Section 5.5
	 	Conduct of Subsidiaries	  	 	29	 
			
	 Section 5.6
	 	Additional Covenants	  	 	30	 
			
	 Section 5.7
	 	Chapter 11 Filings	  	 	30	 
		
	 ARTICLE 6 – NEGATIVE COVENANTS
	  	 	30	 
		
	 ARTICLE 7 – CONDITIONS
	  	 	31	 
			
	 Section 7.1
	 	Conditions to Interim DIP Facility	  	 	31	 
			
	 Section 7.2
	 	Conditions to Full Availability	  	 	32	 
			
	 Section 7.3
	 	Conditions to All DIP Loans	  	 	32	 
		
	ARTICLE 8 – PRIORITY OF DIP LIENS; SECURITY AGREEMENT	  	 	33	 
			
	 Section 8.1
	 	Generally	  	 	33	 
			
	 Section 8.2
	 	Priority	  	 	34	 
			
	 Section 8.3
	 	Identification of Collateral	  	 	35	 
			
	 Section 8.4
	 	Perfection and Maintenance of Liens	  	 	35	 
			
	 Section 8.5
	 	Costs of Perfection and Enforcement	  	 	35	 
			
	 Section 8.6
	 	Further Assurances	  	 	36	 
			
	 Section 8.7
	 	Adequate Protection Obligations	  	 	36	 
		
	ARTICLE 9 – DIP EVENTS OF DEFAULT	  	 	37	 
			
	 Section 9.1
	 	DIP Events of Default	  	 	37	 
			
	 Section 9.2
	 	Remedies	  	 	40	 
			
	 Section 9.3
	 	Terminated Use of Cash Collateral	  	 	41	 
			
	 Section 9.4
	 	Setoff Rights	  	 	41	 
			
	 Section 9.5
	 	Application of Proceeds	  	 	41	 
			
	 Section 9.6
	 	Waivers	  	 	42	 
			
	 Section 9.7
	 	Injunctive Relief	  	 	42	 
			
	 Section 9.8
	 	Marshaling; Payments Set Aside	  	 	42	 
		
	ARTICLE 10 – DIP ADMINISTRATIVE AGENT	  	 	43	 
			
	 Section 10.1
	 	Appointment and Authorization	  	 	43	 
			
	 Section 10.2
	 	Removal of the DIP Administrative Agent	  	 	43	 
			
	 Section 10.3
	 	DIP Administrative Agent and Affiliates	  	 	43	 
			
	 Section 10.4
	 	Exculpatory Provisions	  	 	43	 
			
	 Section 10.5
	 	Liability of the DIP Administrative Agent	  	 	44	 
			
	 Section 10.6
	 	Indemnification	  	 	45	 
			
	 Section 10.7
	 	Right to Request and Act on Instructions	  	 	45	 
			
	 Section 10.8
	 	Credit Decision	  	 	46	 

  
 ii 

							
			
	 Section 10.9
	 	Agency for Perfection	  	 	46	 
			
	 Section 10.10
	 	Notice of Default	  	 	46	 
			
	 Section 10.11
	 	Resignation of the DIP Administrative Agent; Successor DIP Administrative Agent	  	 	46	 
		
	 ARTICLE 11 – EXPENSES AND INDEMNITY
	  	 	47	 
			
	 Section 11.1
	 	Expenses; Indemnity	  	 	47	 
			
	 Section 11.2
	 	Indemnification by the Borrower	  	 	48	 
			
	 Section 11.3
	 	Waiver of Consequential Damages, Etc.	  	 	48	 
			
	 Section 11.4
	 	Payments	  	 	49	 
			
	 Section 11.5
	 	Survival	  	 	49	 
		
	 ARTICLE 12 – MISCELLANEOUS
	  	 	49	 
			
	 Section 12.1
	 	Notices	  	 	49	 
			
	 Section 12.2
	 	Severability	  	 	52	 
			
	 Section 12.3
	 	Headings	  	 	52	 
			
	 Section 12.4
	 	GOVERNING LAW; SUBMISSION TO JURISDICTION	  	 	52	 
			
	 Section 12.5
	 	WAIVER OF JURY TRIAL	  	 	53	 
			
	 Section 12.6
	 	NO ORAL AGREEMENTS, ENTIRE AGREEMENT	  	 	53	 
			
	 Section 12.7
	 	Counterparts; Integration	  	 	53	 
			
	 Section 12.8
	 	No Strict Construction	  	 	54	 
			
	 Section 12.9
	 	Modification of Prepetition Note Documents	  	 	54	 
			
	 Section 12.10
	 	Reinstatement	  	 	54	 
			
	 Section 12.11
	 	Successors and Assigns	  	 	54	 
			
	 Section 12.12
	 	USA PATRIOT Act Notification	  	 	54	 
			
	 Section 12.13
	 	Incorporation of Chapter 11 Orders by Reference	  	 	54	 
			
	 Section 12.14
	 	Voting Requirements; Amendments and Waivers	  	 	54	 
			
	 Section 12.15
	 	Participations and Assignments	  	 	55	 
			
	 Section 12.16
	 	No Fiduciary Duty	  	 	57	 

 SCHEDULES 

Schedule 1(A): Schedule of DIP Lenders and Commitment Amounts 

Schedule 1(B): DIP Lenders’ Holdings of Prepetition Secured Notes 

Schedule 2: List of First Day Motions 
 Schedule 3: Real Property
Leases of Borrower 
 Schedule 4: Schedule of Intellectual Property 

  
 iii 

 EXHIBITS 

Exhibit A: Initial Budget 
 Exhibit B: Form of Notice of Borrowing

 Exhibit C: Letter Agreement with Orexigen Therapeutics Ireland Limited 

Exhibit D: KEIP/KERP Term Sheet 
 Exhibit E: Form of
Administrative Questionnaire 
 Exhibit F: Form of Assignment and Assumption 

Exhibit G: Form of U.S. Tax Compliance Exhibits 

  
 iv 

 DEBTOR IN POSSESSION CREDIT AND SECURITY AGREEMENT 

THIS DEBTOR IN POSSESSION CREDIT AND SECURITY AGREEMENT (as the same may be amended, supplemented, restated or
otherwise modified from time to time, this “Agreement”) is dated as of March 12, 2018, by and among OREXIGEN THERAPEUTICS, INC., a Delaware corporation, as the borrower (the “Borrower”), WILMINGTON
TRUST, NATIONAL ASSOCIATION (“Wilmington Trust”), as agent (in such capacity, including any successor thereto in such capacity, the “DIP Administrative Agent”), and each of the lenders party hereto and
listed on Schedule 1(A), and any Person who becomes a lender hereto after the date hereof (each a “DIP Lender”, and collectively, the “the DIP Lenders”). The Borrower, the DIP Administrative Agent, and
the DIP Lenders are sometimes referred to herein individually as a “Party” and collectively as “Parties” to this Agreement. 

RECITALS 

WHEREAS, on the date hereof (the “Petition Date”), the Borrower filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (the “Chapter 11 Case,” Case No.         ) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”)
and is continuing to operate its businesses and manage its properties as a debtor and a debtor in possession under sections 1107 and 1108 of the Bankruptcy Code. 

WHEREAS, the Borrower is a party to that certain Indenture, dated as of March 21, 2016 (as amended from time to
time, the “Prepetition Indenture”), among the Borrower, as borrower, and U.S. Bank National Association, as indenture trustee (the “Prepetition Trustee”) and collateral agent (the “Prepetition Collateral
Agent”), pursuant to which the Borrower issued $165,000,000 in principal amount of secured notes (the “Prepetition Secured Notes”). The Borrower, the Prepetition Guarantors, and Prepetition Collateral Agent are parties to
that certain Security Agreement dated as of March 21, 2016 (the “Prepetition Security Agreement”). The DIP Lenders are beneficial Holders (as defined in the Prepetition Indenture) of the Prepetition Secured Notes in the amounts
set forth in Schedule 1(B). The Prepetition Indenture, the Prepetition Security Agreement and all instruments and documents executed at any time in connection therewith, shall be referred collectively as the “Prepetition Note
Documents.” 
 WHEREAS, the Borrower has requested that the DIP Lenders enter into this Agreement to provide
the Borrower with a debtor-in-possession credit facility in the principal amount of up to $70,000,000, and the DIP Lenders have agreed to provide the debtor-in-possession credit facility to the Borrower subject to, and on the terms and conditions of, (i) this Agreement, (ii) the Chapter 11 Orders (as defined
below), when entered, and (iii) sections 364(c)(1), 364(c)(2), 364(c)(3) and 364(d) of the Bankruptcy Code. 
 NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the Borrower, the DIP Lenders and the DIP Administrative Agent agree as follows: 

AGREEMENT 

ARTICLE 1 – DEFINITIONS 

Section 1.1 Certain Defined Terms. In addition to the terms defined elsewhere in this
Agreement, for all purposes of this Agreement, the following terms have the following meanings: 
 “363
Sale” means a sale of all or substantially all of the Borrower’s assets as approved by the 363 Sale Order. 

 “363 Sale Milestones” shall have the meaning given to such term
in Section 5.3. 
 “363 Sale Order” means an order entered by the Bankruptcy
Court approving the 363 Sale, which order shall be reasonably satisfactory to the DIP Administrative Agent and the Required DIP Lenders. 

“Additional Funding Amount” shall have the meaning given to such term in
Section 2.15. 
 “Adequate Protection Liens” shall have the meaning given to such
term in Section 8.7(a). 
 “Administrative Questionnaire” means an Administrative
Questionnaire in the form of Exhibit E or another form reasonably acceptable to the DIP Administrative Agent. 

“Affiliate” means, with respect to any Person, (a) any Person that directly or indirectly controls such
Person, (b) any Person which is controlled by or is under common control with such controlling Person, and (c) each of such Person’s (other than, with respect to any DIP Lender, any DIP Lender’s) officers or directors (or Persons
functioning in substantially similar roles) and the spouses, parents, descendants and siblings of such officers, directors or other Persons. As used in this definition, the term “control” of a Person means the possession, directly or
indirectly, of the power to vote five percent (5%) or more of any class of voting securities of such Person or to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
contract or otherwise. 
 “Agent Parties” shall have the meaning given to such term in
Section 12.1(d). 
 “Agreed Covenants” means except for such exceptions expressly
approved by the Required DIP Lenders in writing, the following covenants (i) from the Prepetition Indenture: 4.02 (Maintenance of Office or Agency), 4.03 (Appointments to Fill Vacancies in Trustee’s Office), 4.05 (Maintenance of Existence
and Maintenance of Properties), 4.07 (Stay Extension and Usury Laws), 4.09 (Further Instruments and Acts), 4.11 (Tax Matters), 4.12 (Limitation on the Incurrence of Additional Indebtedness) (provided that the DIP Facility shall be “Permitted
Indebtedness” thereunder), 4.13 (Limitations on the Prepayments, Etc. of Indebtedness) (provided that the any payments made with respect to the DIP Facility or as approved by the Bankruptcy Court with the consent of the Required DIP
Lenders shall not be subject to such provision), 4.14 (Restricted Payments), 4.15 (Asset Sales) (provided that the 363 Sale or any other sale approved by the Bankruptcy Court with the consent of the Required DIP Lenders shall not be subject
to such provision ), 4.16 (Conduct of Business), 4.17 (Liens) (provided that the DIP Facility and the Liens and Super-priority Claims granted in connection with the DIP Facility shall not be subject to such provision), 4.18 (Limitation on
Certain Restrictions on Subsidiaries) (provided that the DIP Facility and the Liens and Super-priority Claims granted in connection with the DIP Facility shall not be subject to such provision), 4.19 (Covenant to Guarantee Obligations and
Give Security), 4.20 (Maintenance of Insurance), 4.21 (Notes to Rank Senior) (provided that the DIP Facility and the Liens and Super-priority Claims granted in connection with the DIP Facility shall not be subject to such provision), 4.22
(Impairment of Security Interest) (provided that the DIP Facility and the Liens and Super-priority Claims granted in connection with the DIP Facility shall not be subject to such provision), 4.23 (Security Interests; Further Assurances and
Post-Closing Covenants) (provided that the DIP Facility and the Liens and Super-priority Claims granted in connection with the DIP Facility shall not be subject to such provision); and (ii) from the Prepetition Security Agreement:
Sections 4.1 (Title; Consent), 4.2 (Validity of Security Interest), 4.3 (Defense of Claims) (provided that the DIP Facility and the Liens and Super-priority Claims granted in connection with the DIP Facility shall not be subject to such
provision), 4.5 (Chief Executive Office; Change of Name; Jurisdiction of Organization, etc.), 4.6 (Due Authorization and Issuance), and 4.7 (Pledged Collateral) (provided that the DIP Facility and the 

  
 2 

 
Liens and Super-priority Claims granted in connection with the DIP Facility shall not be subject to such provision). 

“Agreement” shall have the meaning given to such term in the preamble. 

“Applicable Law” means as to any Person, all applicable Laws binding upon such Person or to which such a
Person is subject. 
 “Applicable Percentage” means, with respect to any DIP Lender at any time, fraction
(expressed as a percentage) (carried out to the second decimal place) (a) the numerator of which is the sum of (i) the outstanding principal amount of such DIP Lender’s DIP Loans at such time and (ii) such DIP Lender’s New
Money Loan Commitment at such time and (b) the denominator of which is the sum (i) the aggregate outstanding principal amount of all DIP Loans at such time and (ii) the aggregate amount of all New Money Loan Commitments outstanding at
such time. As to each DIP Lender, if the commitment of each DIP Lender to make DIP Loans has been terminated pursuant to Section 2.1, 2.9, 2.13 or Section 9.2 or if the New Money Loan
Commitments have expired, then the Applicable Percentage of each DIP Lender shall be determined based on the Applicable Percentage of such DIP Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable
Percentage of each DIP Lender is set forth opposite the name of such DIP Lender on Schedule 1(B) or in the Assignment and Assumption pursuant to which such DIP Lender becomes a party hereto, as applicable. 

“Asset Sale Incentives” shall have the meaning given to such term in the KEIP/KERP Term Sheet. 

“Asset Sale Proceeds” shall have the meaning given to such term in the KEIP/KERP Term Sheet. 

“Assignee” shall have the meaning given to such term in Section 12.15(b). 

“Assignment and Assumption” means an assignment and assumption entered into by a DIP Lender and an assignee
of such DIP Lender under Section 12.15(b) (with the consent of any party whose consent is required by Section 12.15(b)), in substantially the form of Exhibit F or any other form
approved by the DIP Administrative Agent. 
 “Auction” means an auction of all or substantially all of the
Borrower’s assets to be held in accordance with the Bidding Procedures and Bidding Procedures Order. 

“Availability Period” means the period during which DIP Loans shall be available hereunder, which period
shall commence on the Closing Date and end on the Maturity Date, and which availability shall be subject to all of the terms and conditions of this Agreement and the Chapter 11 Orders, including that no DIP Event of Default has occurred and is
continuing, 
 “Avoidance Actions” means all valid claims, objections, challenges, causes of actions, or
choses in action, including without limitation, claims of causes of action pursuant to sections 502(d), 544, 545, 547, 548, 549, 550, 551, 553(b) or 724(a) of the Bankruptcy Code or applicable non-Bankruptcy
Law. 
 “Bankruptcy Case” means the voluntary Chapter 11 case to be filed by the Borrower in the Bankruptcy
Court for the District of Delaware (the “Bankruptcy Court”) on or around March 12, 2018. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as the same
may be amended, modified or supplemented from time to time, and any successor statute thereto. 

  
 3 

 “Bid Deadline” shall have the meaning given to such term in
Section 5.3(c). 
 “Bidding Procedures” means the bidding procedures governing
the 363 Sale, as approved by the Bankruptcy Court pursuant to the Bidding Procedures Order and any other order of the Bankruptcy Court affecting the 363 Sale. 

“Bidding Procedures Order” means an order of the Bankruptcy Court approving the Bidding Procedures for the
363 Sale, scheduling the date for an Auction of all or substantially all of the Borrower’s assets, scheduling the hearing to consider approval of the 363 Sale, establishing related objection and other deadlines, and approving related notices
and forms, in form and substance satisfactory to the DIP Administrative Agent and the Required DIP Lenders. 

“Borrower” shall have the meaning given to such term in the preamble. 

“Borrower Materials” shall have the meaning given to such term in Section 12.1(e).

 “Budget” means (i) the initial budget projecting operations for the ensuing thirteen (13) week
period, including cash flow, forecasts of receipts, and disbursements, attached hereto as Exhibit A, and (ii) each weekly subsequent thirteen (13) week cash flow forecast of receipts and disbursements (in substantially the
same format as the prior monthly cash flow forecast of receipts and disbursements) submitted by the Borrower to the DIP Administrative Agent no less frequently than once every two (2) weeks commencing on the Wednesday of the fourth (4th) week following the Petition Date. All references herein to the “Budget” shall mean as it is subject to the Net Receipt Permitted Deviation and the Disbursements Permitted Deviation. 

“Budget Test Period” means each week, commencing on the Petition Date, during which the Borrower’s
compliance with each Budget shall be tested in accordance with terms of this Agreement and the Chapter 11 Orders. 

“Business Day” means (i) any day except a Saturday, Sunday or other day on which either the New York
Stock Exchange is closed, or on which commercial banks in New York are authorized by law to close and (ii) with respect to all notices, determinations, fundings and payments in connection with the LIBO Rate or any Loans, the term “Business
Day” shall mean any day which is a Business Day described in clause (i) and which is also a day for trading by and between banks in Dollar deposits in the London interbank market. 

“Carve-Out” means all DIP Obligations (and the repayment thereof),
Prepetition Secured Notes Protection, DIP Liens other liens and security interests, and Super-priority Claims of the DIP Administrative Agent and the DIP Lenders securing the DIP Facility and DIP Obligations shall be subject to and subordinate to a
carve out for payment of (a) all fees required to be paid pursuant to 28 U.S.C. § 1930(a)(6) and any fees payable to the Clerk of the Bankruptcy Court that are (i) incurred prior to the Maturity Date, and (ii) included in the
Budget for the period prior to the Maturity Date; plus (b) all fees and expenses of Professionals that are (i) incurred prior to the Maturity Date and which have not been paid prior to the Maturity Date, (ii) allowed either
prior to or after the Maturity Date, and (iii) included in the amounts scheduled as “Restructuring Professional Fees Incurred” in the Budget; plus (c) all fees and expenses of Professionals incurred and allowed after the
occurrence of the Maturity Date, in an amount not to exceed $3,500,000; plus (d) an amount not to exceed $500,000 to fund the Borrower’s costs and expenses (other than Professional fees and expenses included in the preceding clause
(c)) to conclude the Chapter 11 Case through a plan process, structured or other case dismissal, case conversion or otherwise; plus (e) all amounts necessary to fund the Borrower’s “Key Employee Retention Plan,” pursuant
to the KEIP/KERP Term Sheet (subject to and as approved by the Bankruptcy Court); plus (f) an amount 

  
 4 

 
necessary to fund the Operational Incentive (as defined in the KEIP/KERP Term Sheet) and Asset Sale Incentives (as defined in the KEIP/KERP Term Sheet) under the “Key Employee Incentive
Plan,” equal to one percent (1%) of Asset Sale Proceeds (as defined in the KEIP/KERP Term Sheet) generated from a sale of the Borrower’s assets that generated Asset Sale Proceeds of at least $40,000,000 and not more than $80,000,000,
pursuant to the KEIP/KERP Term Sheet (subject to and as approved by the Bankruptcy Court); plus (g) all fees required to be paid pursuant to 28 U.S.C. § 1930(a)(6) and any fees payable to the Clerk of the Bankruptcy Court after the
Maturity Date. 
 “Cash Collateral” shall have the meaning given to such term in section 363(a) of the
Bankruptcy Code. 
 “Casualty Event” means, with respect to any property (including any interest in
property) of the Borrower, any loss of, damage to, destruction of, or condemnation or other taking of, such property for which Borrower receives insurance proceeds, proceeds of a condemnation award or other compensation. 

“Change in Control” means any of the following events: (a) any Person or two or more Persons acting in
concert shall have acquired beneficial ownership, directly or indirectly, of, or shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation, will result in its or their acquisition of
or control over, voting stock of the Borrower (or other securities convertible into such voting stock) representing twenty percent (20%) or more of the combined voting power of all voting stock of the Borrower, or (b) the occurrence of a
“Change in Control” or terms of similar import under any document or instrument governing or relating to Debt of or equity in such Person. As used herein, “beneficial ownership” shall have the meaning provided in Rule 13d-3 of the SEC under the Securities Exchange Act of 1934. 
 “Change in
Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental
Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Chapter 11 Case” shall have the meaning given to such term in the recitals. 

“Chapter 11 Orders” means, collectively, the Interim DIP Order and, once entered by the Bankruptcy Court, the
Final DIP Order, as the same may be amended, modified or otherwise supplemented from time to time in compliance with this Agreement. 

“Closing Date” means the date on or about the Interim DIP Order Entry Date on which the specified portion of
the New Money Loan Commitments is made available for borrowings under the DIP Facility, which shall be no later than three (3) Business Days after the Interim DIP Order Entry Date, subject to satisfaction (or waiver by the Required DIP Lenders
and the DIP Administrative Agent) of the applicable conditions precedent set forth herein. 
 “Collateral”
means all real and personal property of the Borrower and its estate of any kind or nature whatsoever, tangible or mixed, now existing or hereafter acquired or created, whether existing 

  
 5 

 
before or arising after the commencement of the Bankruptcy Case, including: (a) Accounts; (b) money of every kind; (c) Intellectual Property; (d) Chattel Paper; (e) Commercial
Tort Claims; (f) Deposit Accounts; (g) Documents: (h) Electronic Chattel Paper; (i) Equipment; (j) Fixtures; (k) General Intangibles; (l) Goods; (m) Instruments; (n) Inventory; (o) Investment Property; (p) Letter-of-Credit Rights; (q) Payment Intangibles; (r) Promissory Notes; (s) Securities Entitlements; (t) Securities Accounts; (u) Software;
(v) Supporting Obligations; (w) Tangible Chattel Paper; (x) all other personal property not otherwise described in clauses (a) through (w) above; and (y) all accessions to, substitutions and replacements for and proceeds and
products of the foregoing, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating
to any of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing. Notwithstanding the foregoing, the term “Collateral” and the component definitions thereof shall not include and,
this Agreement shall not, at any time, constitute a grant of security interest in (i) the Excluded Capital Stock (as defined in the Prepetition Indenture) or (ii) any Excluded Avoidance Actions. For avoidance of doubt
“Collateral” includes all Pledged Collateral under the Prepetition Security Agreement. 

“Communications” shall have the meaning given to such term in Section 12.1(d). 

“Debt” of a Person means at any date, without duplication, (a) all obligations of such Person for
borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts
payable arising and paid on a timely basis and in the Ordinary Course of Business, (d) all capital leases of such Person, (e) all non-contingent obligations of such Person to reimburse any bank or
other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument, (f) all equity securities of such Person subject to repurchase or redemption other than at the sole option of such Person,
(g) all obligations secured by a Lien on any asset of such Person, whether or not such obligation is otherwise an obligation of such Person, (h) “earnouts”, purchase price adjustments, profit sharing arrangements, deferred
purchase money amounts and similar payment obligations or continuing obligations of any nature of such Person arising out of purchase and sale contracts, (i) all Debt of others guaranteed by such Person,
(j) off-balance sheet liabilities and/or pension plan or multiemployer plan liabilities of such Person, (k) obligations arising under non-compete agreements,
and (l) obligations arising under bonus, deferred compensation, incentive compensation or similar arrangements, other than those arising in the Ordinary Course of Business. Without duplication of any of the foregoing, Debt of the Borrower shall
include the DIP Loans. 
 “Debtor Party” means, collectively, the Borrower, the Prepetition Guarantors, and
each corporation, partnership, limited partnership, limited liability company or other legal entity whose consent or authorization is required for the Borrower to enter into, and perform its obligations under, this DIP Facility or the Prepetition
Secured Notes. 
 “Default” means the occurrence or existence of any event, circumstance, state of facts or
condition which, but for the giving of any required notice, the expiration of any applicable grace or cure period or the satisfaction of any other condition precedent, would constitute a DIP Event of Default hereunder. 

“Defaulting DIP Lender” shall have the meaning given to such term in Section 2.15.

 “Deficiency” means, with respect to the Budget, if at any time the projected disbursements of the
Borrower for any Budget Test Period exceeds (i) the projected net receipts to be collected for the Budget Test Period and (ii) the remaining availability of the New Money Loan Commitments. 

  
 6 

 “Deposit Account” means a “deposit account” (as
defined in Article 9 of the UCC), an investment account, or other account in which funds are held or invested for credit to or for the benefit of the Borrower. 

“Designation Rights” means, with respect to any Real Property Lease, the sole, exclusive, and continuing
right to select, identify and designate a Real Property Lease shall be either: (i) rejected or (ii) assumed and assigned in connection with a 363 Sale or otherwise, including, without limitation, to whom it shall be assigned (including
(a) which may be a purchaser or a purchaser’s Affiliate in a 363 Sale, or (b) any designated assignment to a third party which may, at the election of the Required DIP Lenders, involve a consensual agreement with such third party to
waive its claims and terminate the Real Property Lease in lieu of assigning it), and, as to which the Borrower, upon such election, shall take such actions as may be reasonably required to effectuate such termination. 

“DIP Administrative Agent” shall have the meaning given to such term in the preamble. 

“DIP Administrative Agent Account” means the account designated from time to time in writing as the “DIP
Administrative Agent Account” by the DIP Administrative Agent to the other parties hereto. 
 “DIP
Collateral” shall have the meaning given to such term in Section 8.1. 
 “DIP
Event of Default” shall have the meaning given to such term in Section 9.1. 

“DIP Facility” shall have the meaning given to such term in Section 2.1. 

“DIP Lender” and “DIP Lenders” have the meanings given to such term in the
preamble. 
 “DIP Lender Note” shall have the meaning given to such term in
Section 2.3. 
 “DIP Liens” shall have the meaning given to such term in
Section 8.1. 
 “DIP Loans” means, collectively, all New Money Loans and Roll-Up Loans. 
 “DIP Loan Documents” means this Agreement, any DIP
Lender Notes, the Security Documents, the Fee Letter and all other documents, instruments and agreements related to the DIP Obligations and heretofore executed, executed concurrently herewith or executed at any time and from time to time hereafter,
as any or all of the same may be amended, supplemented, restated or otherwise modified from time to time. 
 “DIP
Loan Transfer” shall have the meaning given to such term in Section 12.15(b). 

“DIP Obligations” means the Borrower’s agreement to the prompt payment in full when due (whether at
stated maturity, by acceleration or otherwise, including amounts that would become due but for the operation of the automatic stay) of all obligations and all fees, indemnification payments, premium and other amounts whatsoever, whether direct or
indirect, absolute or contingent, now or hereafter from time to time owing or existing to the DIP Lenders or the DIP Administrative Agent under this DIP Facility or any of the DIP Loan Documents, including all interest, fees, premium and expenses
accrued or incurred subsequent to the commencement of any bankruptcy or insolvency proceeding with respect to the Borrower, whether or not such interest, fees, premium or expenses are enforceable or allowed as a claim in such proceeding. 

  
 7 

 “DIP Secured Parties” means, collectively, the DIP
Administrative Agent and the DIP Lenders. 
 “Disbursements Permitted Deviation” shall have the meaning
given to such term in Section 4.2(b).  
 “Dollars” or
“$” means the lawful currency of the United States of America. 
 “Eligible Subscriber”
means a Person who beneficially owns (or whose affiliates beneficially own) Prepetition Secured Notes issued under the Prepetition Indenture who (x) is (or derives its interest from) a legal owner of Prepetition Notes in which such Eligible
Subscriber (or its designated Affiliate (including funds under common management)) owns a beneficial interest and has executed this Agreement and (y) commits to fund its portion of the New Money Loans in the amount of its New Money Loan
Commitment set forth on Schedule 1(A) or set forth on the Assignment and Assumption pursuant to which it became a party hereto. 

“Excluded Avoidance Actions” shall mean all claims and causes of action pursuant to sections 545, 548, 549
and 724(a) of the Bankruptcy Code and all proceeds thereof. 
 “Excluded Taxes” means any of the following
Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any DIP Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a DIP Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of
such DIP Lender with respect to an applicable interest in a DIP Loan or New Money Loan Commitment pursuant to a law in effect on the date on which (i) such DIP Lender acquires such interest in the DIP Loan or New Money Loan Commitment, or
(ii) such DIP Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such DIP Lender’s assignor immediately
before such DIP Lender became a party hereto or to such DIP Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(g) and
(d) any withholding Taxes imposed under FATCA. It is understood and agreed, for the avoidance of doubt, that any U.S. Federal withholding tax imposed on a Foreign Lender (including an assignee or participant) as a result of a Change in Law or
regulation or interpretation thereof occurring after the time such Foreign Lender became a party to this Agreement shall not be an Excluded Tax. 

“Existing Primed DIP Secured Obligations” means the pre-petition
obligations and Liens securing the Prepetition Secured Notes and other pre-petition secured obligations of the Borrower including foreign exchange, currency and interest rate hedged obligations. 

“Extraordinary Receipt” means any cash in excess of $125,000 received by or paid to or for the account of the
Borrower not in the Ordinary Course of Business, including, tax refunds, pension plan reversions, proceeds of insurance, condemnation awards (and payments in lieu thereof), indemnity payments (including in connection with any acquisition) and any
purchase price adjustments (including in connection with any acquisition). 
 “FATCA” means
sections 1471 through 1474 of the Internal Revenue Code of 1986, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future
regulations or official interpretations thereof, any agreements entered into pursuant to section 1471(b)(1) of the Internal Revenue Code of 1986 

  
 8 

 
and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
sections of the Internal Revenue Code of 1986. 
 “Fee Letter” means that certain Fee Letter, dated as of
the date hereof, between the Borrower and the DIP Administrative Agent. 
 “Final DIP Order” means an order
of the Bankruptcy Court, satisfactory to the DIP Administrative Agent and the Required DIP Lenders in their sole discretion, approving the DIP Loan Documents and granting the Super-priority Claim status and Liens described in Article 8 on a
final basis, which Final DIP Order (i) shall have been entered upon an application or motion of the Borrower satisfactory in form and substance to DIP Administrative Agent and the Required DIP Lenders in all material respects, on such prior
notice to such Parties as may in each case be entitled to notice under the Bankruptcy Code, (ii) shall be in full force and effect, and (iii) shall not have been stayed, reversed, modified or amended in any respect; and, if the Final DIP
Order is the subject of a pending appeal in any respect, neither the making of any DIP Loan nor the performance by the Borrower of any of its obligations hereunder or under any of the other the DIP Loan Documents or under any other instrument or
agreement related thereto shall be the subject of a presently effective stay pending appeal. 
 “Final DIP Order
Entry Date” means the date on which the Bankruptcy Court enters the Final DIP Order. 
 “First Day
Motions” means those motions listed in Schedule 2. 
 “First Day Orders” means
orders of the Bankruptcy Court granting the First Day Motions. 
 “Foreign Lender” means (i) if the
Borrower is a U.S. Person, a DIP Lender that is not a U.S. Person, and (ii) if the Borrower is not a U.S. Person, a DIP Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for
tax purposes. 
 “GAAP” means United States generally accepted accounting principles applied on a
consistent basis during the periods involved. 
 “General Intangible” means any “general
intangible” as defined in Article 9 of the UCC, and any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter of
credit rights, letters of credit, money, and oil, gas or other minerals before extraction, but including payment intangibles and software. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof,
and any agency, department or Person exercising executive, legislative, judicial regulatory or administrative functions of or pertaining to government and any corporation or other Person owned or controlled (through stock or capital ownership or
otherwise) by any of the foregoing, whether domestic or foreign. 
 “Holders” mean the beneficial holders
of Prepetition Secured Notes under the Prepetition Indenture. 
 “Indemnified Liabilities” shall have the
meaning given to such term in Section 11.2. 

  
 9 

 “Indemnified Taxes” means (a) Taxes, other than Excluded
Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any DIP Loan Document and (b) to the extent not otherwise described in (a) Other Taxes. 

“Indemnitee” shall have the meaning given to such term in Section 11.2. 

“Intellectual Property” means with respect to any Person, all United States and foreign patents, patent
applications and like protections, including improvements, divisions, continuation, renewals, reissues, extensions and continuations in part of the same, trademarks, trade names, trade styles, trade dress, service marks, logos and other business
identifiers and, to the extent permitted under Applicable Law, any applications therefore, whether registered or not, and the goodwill of the business of such Person connected with and symbolized thereby, copyright rights, copyright applications,
copyright registrations and like protections in each work of authorship and derivative works, whether published or unpublished, technology, know-how and processes, operating manuals, trade secrets, clinical
and non-clinical data, computer hardware and software, rights to unpatented inventions and all applications and licenses therefor, used in or necessary for the conduct of business by such Person and all claims
for damages by way of any past, present or future infringement of any of the foregoing, including, without limitation, the Intellectual Property identified on Schedule 4 hereto. 

“Interest Payment Date” means each monthly anniversary of the Closing Date until the Maturity Date. To the
extent any such date is not a Business Day, the Interest Payment Date shall be the next succeeding Business Day. 

“Interest Period” means each period commencing on a LIBOR Reset Date and ending on the day immediately
preceding the then-next succeeding LIBOR Reset Date. 
 “Interim DIP Facility” shall have the meaning given
to such term in Section 2.2(a). 
 “Interim DIP Facility Maturity Date” shall
have the meaning given to such term in Section 2.2(a). 
 “Interim DIP Order”
means an order of the Bankruptcy Court, satisfactory to the DIP Administrative Agent and the Required DIP Lenders in their sole discretion, approving, on an interim basis, the Interim DIP Facility. 

“Interim DIP Order Entry Date” means the date on which the Bankruptcy Court enters the Interim DIP Order.

 “Interim Period” means the period commencing on the Closing Date and ending on the earlier of the Final
DIP Order Entry Date or the Maturity Date. 
 “Investment” means any investment in any Person, whether by
means of acquiring (whether for cash, property, services, securities or otherwise), making or holding Debt (including any intercompany Debt), securities, capital contributions, loans, time deposits, advances, guarantees or otherwise. The amount of
any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs
with respect thereto. 
 “KEIP/KERP Term Sheet” means the term sheet attached hereto as Exhibit
D. 

  
 10 

 “Laws” means any and all federal, state, provincial,
territorial, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, codes, injunctions, permits, governmental agreements and governmental restrictions, whether now or hereafter in effect,
which are applicable to the Borrower, this Agreement or the DIP Facility in any particular circumstance. 
 “Lender
Affiliated Parties” shall have the meaning given to such term in Section 12.16. 

“LIBO Rate” shall mean, for any Interest Period, the greater of (i) the rate per annum determined by the
DIP Administrative Agent by reference to the ICE Benchmark Administration London Interbank Offered Rate for deposits in Dollars for a term of one (1) month (as set forth on the applicable Bloomberg screen page or by such other commercially
available source providing such quotations as may be designated by the DIP Administrative Agent from time to time) at approximately 11:00 a.m., London, England time, on the second full Business Day preceding the first day of such Interest
Period; provided, however, that to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the LIBO Rate shall be the interest rate per annum determined by the DIP Administrative
Agent to be the average of the rates per annum at which the DIP Administrative Agent is offered deposits in Dollars by major banks in the London interbank market in London, England at approximately 11:00 a.m., London, England time, two
(2) Business Days prior to the first day of such Interest Period and (ii) 1.00% per annum. 
 “LIBOR Reset
Date” means the Closing Date and the first Business Day of each calendar month occurring thereafter. 

“Lien” means, with respect to any asset, a lien, charge, pledge, security interest, encumbrance, right of
first refusal, preemptive right or other restriction of any kind, in respect of such asset. 
 “Litigation”
means any action, suit or proceeding before any court, mediator, arbitrator or Governmental Authority. 
 “Loan
Repayment Funds” shall have the meaning given to such term in Section 2.14(a). 

“Major Decision” shall have the meaning given to such term in Section 12.14(b).

 “Material Adverse Effect” means that the matter in question could reasonably be anticipated to
materially and adversely affect (a) the Borrower’s ability to perform its obligations under any of the DIP Loan Documents, (b) the Borrower’s ability to operate in conformance with then current Budget, (c) the cash flow or
marketability of the Collateral, either presently or as contemplated to be operated, constructed, used, leased or configured pursuant to Budget, (d) enforceability of any DIP Loan Document or the perfection or priority of any Lien created under
any DIP Loan Document, or (e) the business operations, economic performance, assets or condition (financial or otherwise) of the Borrower; provided, that the filing or continuation of the Bankruptcy Case shall not be deemed to have a
Material Adverse Effect. 
 “Maturity Date” means the earliest to occur of the Interim DIP Facility
Maturity Date, the closing of the 363 Sale, the occurrence of a DIP Event of Default and the expiration of any applicable cure period, and July 31, 2018. 

“Maximum Lawful Rate” shall have the meaning given to such term in Section 2.8.

 “Net Receipt Permitted Deviation” shall have the meaning given to such term in
Section 4.2(a). 

  
 11 

 “Net Receipts” means the collection by the Borrower of gross
revenue less amounts set off by wholesalers for (i) prompt pay, (ii) wholesaler fees, (iii) returns, (iv) chargebacks and (v) other adjustments and miscellaneous receipts in the ordinary course of business consistent with past
practice. 
 “New Money Loan” shall have the meaning given to such term in
Section 2.1. 
 “New Money Loan Commitments” means the commitments of the DIP
Lenders under, and subject to, this Agreement and the Chapter 11 Orders to advance the Borrower a maximum of $35,000,000 of New Money Loans. The New Money Loan Commitment of each DIP Lender is set forth on Schedule 1(A) or in the
Assignment and Assumption pursuant to which such DIP Lender assumed its New Money Loan Commitment. 
 “Notice of
Borrowing” means a written notice substantially in the form of Exhibit B. 
 “Ordinary
Course of Business” means, in respect of any transaction involving the Borrower, the ordinary course of business of the Borrower, as conducted by the Borrower in accordance with past practices. 

“Orexigen Ireland” means Orexigen Therapeutics Ireland Limited. 

“Orexigen Ireland Agreement” shall have the meaning given to such term in
Section 2.14(a). 
 “Other Connection Taxes” means with respect to any Recipient,
Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced by any DIP Loan Document, or sold or assigned an interest in any DIP Loan or DIP Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any DIP Loan Document, except
any such Taxes that are Other Connection Taxes imposed with respect to an assignment pursuant to an Assignment and Assumption. 

“Party” and “Parties” shall have the meanings given to such terms in the preamble. 

“Participant” shall have the meaning given to such term in Section 12.15(a). 

“Participant Register” shall have the meaning given to such term in
Section 12.15(a). 
 “Perfection Documents” shall have the meaning given to such
term in Section 8.4(c). 
 “Permitted Exceptions” means (i) a valid, non-avoidable and enforceable Lien that is perfected subsequent to the Petition Date as permitted by section 546(b) of the Bankruptcy Code, or (ii) a valid, non-avoidable
and enforceable Lien that was senior to the Liens securing the Prepetition Secured Notes on the Petition Date. 

“Person” means any natural person, corporation, limited liability company, professional association, limited
partnership, general partnership, joint stock company, joint venture, association, 

  
 12 

 
company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority. 

“Personal Property” means all of the Borrower’s personal property, accounts, equipment, goods,
inventory, and fixtures on or hereafter located upon, attached to, and/or used or required to be used in connection with the operation of the business of the Borrower, including the following types of property, as defined in Article 9 of the Uniform
Commercial Code: Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Electronic Chattel Paper, Equipment, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter of Credit Rights, and Supporting Obligations.

 “Platform” shall have the meaning given to such term in Section 12.1(d). 

“Pledged Collateral” shall have the meaning given to such term in the Prepetition Security Agreement. 

“Petition Date” shall have the meaning given to such term in the recitals to this Agreement. 

“Prepetition Collateral Agent” shall have the meaning given to such term in the recitals to this Agreement.

 “Prepetition Guarantor” shall have the meaning given to such term in the Prepetition Indenture. 

“Prepetition Indenture” shall have the meaning given to such term in the recitals to this Agreement. 

“Prepetition Liens” mean the Liens securing the obligations of the Borrower under the Prepetition Note
Documents. 
 “Prepetition Note Documents” shall have the meaning given to such term in the recitals to
this Agreement. 
 “Prepetition Secured Notes” shall have the meaning given to such term in the recitals to
this Agreement. 
 “Prepetition Secured Notes Protection” shall have the meaning given to such term in
Section 8.7. 
 “Prepetition Security Agreement” shall have the meaning given to
such term in the recitals to this Agreement. 
 “Prepetition Trustee” shall have the meaning given to such
term in the recitals to this Agreement. 
 “Professionals” mean professionals retained by the Borrower and
any official committee of unsecured creditors or equityholders appointed in the Chapter 11 Case, other than ordinary course professionals. 

“Proposed Budget” shall have the meaning given to such term in Section 4.1(a). 

“Proposed Budget Objection” shall have the meaning given to such term in
Section 4.1(a). 

  
 13 

 “Public Lender” shall have the meaning given to such term in
Section 12.1(e). 
 “Real Property Leases” shall have the meaning given to such
term in Section 8.1(d). 
 “Recipient” means (a) the DIP Administrative
Agent, or (b) any DIP Lender, as applicable. 
 “Reconciliation Report” means the weekly report
delivered by the Borrower to the DIP Administrative Agent (for distribution to the DIP Lenders) on the third (3rd) Business Day of the immediately following week detailing the actual and budgeted
results for such week on a cumulative basis by line item in the Budget and the cash receipts, together with a reasonably detailed written explanation of all Net Receipt Permitted Deviations and Disbursements Permitted Deviation, which report shall
be in form and substance satisfactory to the DIP Lenders and the Borrower. 
 “Register” shall have the
meaning given to such term in Section 12.15(c). 
 “Related Parties” means, with
respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Required DIP Lenders” means, as of any date of determination, DIP Lenders having New Money Loan Commitments
and DIP Loans outstanding representing more than 50% of the sum of all New Money Loan Commitments and all DIP Loans outstanding at such time. 

“Required Holders” means Holders of a majority of the outstanding amount of the Prepetition Secured Notes as
of the date of determination. 
 “Roll-Up Facility” shall have the
meaning given to such term in Section 2.1. 

“Roll-Up Lender” means each DIP Lender that has a New Money Loan
Commitment. 
 “Roll-Up Loan” shall have the meaning given to such
term in Section 2.2(a). 
 “Roll-Up Loan
Percentage” means, with respect to any Roll-Up Lender at any time, the ratio (expressed as a percentage) (i) the numerator of which is equal to the unused New Money Loan Commitment of such Roll-Up Lender at such time and (ii) the denominator of which is equal to the aggregate unused New Money Loan Commitments of all Roll-Up Lenders at such time. 

“Securities Account” means a “securities account” (as defined in Article 9 of the UCC), an
investment account, or other account in which investment property or securities are held or invested for credit to or for the benefit of the Borrower. 

“Security Document” shall have the meaning given to such term in Section 8.4(a).

 “Stated Rate” shall have the meaning given to such term in Section 2.8. 

“Subsidiary” means any direct or indirect subsidiary of the Borrower. 

“Super-priority Claim” means a claim against the Borrower in the Chapter 11 Case that is expressly granted
pursuant to this Agreement and the Final DIP Order that is a super-priority, administrative expense claim pursuant to section 364(c)(1) of the Bankruptcy Code and which has priority, unless otherwise expressly indicated in this Agreement, over any
or all administrative expenses 

  
 14 

 
and other claims of the kind specified in, or otherwise arising or ordered under, any sections of the Bankruptcy Code (including sections 105, 326, 328, 330, 331, 503(b), 507(a), 507(b), 546(c)
and/or 726 thereof), and that is subject only to the Carve-Out and relative priorities of such claims as expressly set forth herein and in the Final DIP Order. 

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

“Trustee” means U.S. Bank in its capacity as trustee under the Prepetition Indenture. 

“UCC” means the Uniform Commercial Code of the State of Delaware or of any other state the laws of which are
required to be applied in connection with the perfection of security interests in any DIP Collateral. 
 “United
States” and “U.S.” mean the United States of America. 
 “Upfront Fee” shall have
the meaning given to such term in Section 2.4(a). 
 “U.S. Bank” means U.S. Bank
National Association, Trustee and Collateral Agent under the Prepetition Indenture (as such terms are defined therein). 

“U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Internal Revenue Code of 1986. 
 “U.S. Tax Compliance
Certificate” has the meaning specified in Section 2.17(g). 
 “Wilmington
Trust” shall have the meaning given to such term in the preamble. 
 “Withholding Agent” means the
Borrower and the DIP Administrative Agent. 
 Section 1.2 Accounting Terms and
Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder (including determinations made pursuant to the exhibits hereto) shall be made, and all financial
statements required to be delivered hereunder shall be prepared in accordance with GAAP applied on a basis consistent with the most recent audited financial statements of the Borrower delivered to the DIP Administrative Agent and each of the DIP
Lenders on or prior to the Closing Date. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be
made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Debt or other liabilities of the Borrower or any Subsidiary
of the Borrower at “fair value”, as defined therein. 
 Section 1.3 Other
Definitional and Interpretive Provisions. References in this Agreement to “Articles”, “Sections”, “Annexes”, “Exhibits”, or “Schedules” shall be to Articles, Sections, Annexes, Exhibits or
Schedules of or to this Agreement unless otherwise specifically provided. Any term defined herein may be used in the singular or plural. “Include”, “includes” and “including” shall be deemed to be followed by
“without limitation”. Except as otherwise specified or limited herein, references to any Person or Party include the successors and permitted assigns of such Person or Party. References “from” or “through” any date
mean, unless otherwise specified, “from and including” or “through and including”, respectively. Unless otherwise specified herein, the settlement of all payments and fundings hereunder 

  
 15 

 
between or among the Parties hereto shall be made in lawful money of the United States and in immediately available funds. References to any statute or act shall include all related current
regulations and all amendments and any successor statutes, acts and regulations. References to any statute or act, without additional reference, shall be deemed to refer to federal statutes and acts of the United States. References to any agreement,
instrument or document shall include all schedules, exhibits, annexes and other attachments thereto. As used in this Agreement, the meaning of the term “material” or the phrase “in all material respects” is intended to refer to
an act, omission, violation or condition which reflects or could reasonably be expected to result in a Material Adverse Effect. References to capitalized terms that are not defined herein, but are defined in the UCC, shall have the meanings given
them in the UCC. All references herein to times of day shall be references to daylight or standard time, as applicable. 
 ARTICLE 2
– DIP FACILITY 
 Section 2.1 DIP Facility. During the Availability Period,
subject to Section 2.2, the DIP Lenders agree to and shall make available to the Borrower: (i) new money term loans in an aggregate amount of up to $35,000,000 (collectively, the “New Money Loans”),
(ii) Roll-Up Loans in an aggregate amount of $35,000,000 (the “Roll-Up Facility”), and (iii) the Upfront Fee, which shall be approved by the
Interim DIP Order and deemed fully earned on the Closing Date and shall be paid in-kind on the Closing Date by being capitalized and added ratably to the outstanding principal amount of each DIP Lender’s
DIP Loans on the Closing Date (in the same percentage as such DIP Lender’s pro rata share of the New Money Loan Commitments on the Closing Date and as set forth on Schedule 1(A) hereto) and shall constitute DIP Loan principal for
all purposes under this Agreement and the Chapter 11 Orders (collectively, the “DIP Facility”). During the Availability Period, subject to Section 2.2, the DIP Lenders shall make the New Money Loans (in an
aggregate principal amount at any one time outstanding not to exceed the sum of the New Money Loan Commitments as in effect on the Closing Date) available to Borrower from time to time in incremental amounts in the discretion of the Borrower. DIP
Loans may not be repaid and re-borrowed by the Borrower. The amount of each DIP Lender’s New Money Loan Commitment shall be automatically and permanently reduced by the amount of each New Money Loan
funded by such DIP Lender pursuant to this Section 2.1, immediately upon the funding thereof. 

Section 2.2 Availability of Funds. 

(a) Interim DIP Facility. During the Interim Period, subject to compliance with the terms, conditions
and covenants in this Agreement, the Interim DIP Order and the Budget, the Interim DIP Facility, in the aggregate amount of up to $15,350,000, shall be made available to the Borrower and shall consist of the following (collectively, the
“Interim DIP Facility”): (i) The maximum amount of New Money Loans available to be drawn by the Borrower under the DIP Facility shall be $7,500,000, which may be borrowed in one or more draws in accordance with the initial Budget;
(ii) the maximum amount of Roll-Up Loans (as defined below) available to be drawn by the Borrower under the DIP Facility shall be $7,500,000, which the Roll-Up
Lenders shall be deemed to have made to the Borrower at the same time and in the same amount as each New Money Loan is borrowed under clause (i) of this Section 2.2(a), and which shall be
rolled-up on a final basis pursuant to the Interim DIP Order; and (iii) the Upfront Fee in the amount of $350,000. Roll-Up Loans under the Interim DIP Facility
shall be deemed to have been made to the Borrower by rolling-up an equal amount of Prepetition Secured Notes into DIP Loans (each, a “Roll-Up Loan”).
Each Roll-Up Loan deemed made pursuant to clause (ii) of this Section 2.2(a) shall be deemed made by each Roll-Up Lender in an amount
equal to such Roll-Up Lender’s Roll-Up Loan Percentage of such Roll-Up Loan. All DIP Loans made (or deemed made) under the
Interim DIP Facility shall be due and payable on the date that is the earliest to occur of (i) thirty (30) calendar days after the Interim DIP Order Entry Date (unless such date is extended by the Required DIP Lenders), and (ii) the
occurrence of a DIP Event of Default and the expiration of any applicable cure period, unless the 

  
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Final DIP Order approving the DIP Facility in form and substance satisfactory to the Required DIP Lenders and the DIP Administrative Agent shall have been entered by the Bankruptcy Court on or
before such date (the “Interim DIP Facility Maturity Date”). 
 (b) Full
Availability. On the Final DIP Order Entry Date, subject to compliance with the terms, conditions and covenants in this Agreement, the Chapter 11 Orders and the Budget, (i) the full remaining amount of the New Money Loan Commitments shall
be available to the Borrower during the Availability Period in one or more borrowings, and (ii) the full amount of the $35,000,000 Roll-Up Facility shall be available to the Borrower, less the aggregate
amount of the Roll-Up Loans deemed borrowed under the Interim DIP Facility, and effective immediately upon the entry of the Final DIP Order, each Roll-Up Lender shall be
deemed to have made a Roll-Up Loan to the Borrower in an amount equal to such Roll-Up Lender’s Roll-Up Loan Percentage of
the remaining amount of the Roll-Up Facility. 
 (c) Borrowing
Notice; Delivery of Funds. Each request for a New Money Loan shall be submitted to the DIP Administrative Agent in writing not less than three (3) Business Days prior to the date upon which funding of such New Money Loan is sought by the
Borrower, and shall be in the form of a Notice of Borrowing appropriately completed and signed by an officer of the Borrower. Each Notice of Borrowing shall specify (i) the requested date of the borrowing (which shall be a Business Day), (ii)
the principal amount of New Money Loans to be borrowed and (iii) the wiring information of the account of the Borrower to which the proceeds of such borrowing are to be disbursed. Following receipt of a Notice of Borrowing, the DIP
Administrative Agent shall promptly notify each DIP Lender of its ratable amount of the New Money Loans requested. Each DIP Lender shall make the amount of its New Money Loan available to the Administrative Agent in immediately available funds to
the Administrative Agent’s Account not later than 2:00 p.m. (Eastern time) on the Business Day specified in the applicable Notice of Borrowing. Upon satisfaction of the applicable conditions set forth in Section 7.3,
the DIP Administrative Agent shall make all funds so received available to the Borrower in like funds by wire transfer of such funds to the account of the Borrower specified in the applicable Notice of Borrowing. Notwithstanding anything to the
contrary contained herein, there shall be no more than one (1) borrowing of New Money Loans in any calendar week. 

Section 2.3 DIP Lender Notes. Upon the written request of a DIP Lender, the portion of the
DIP Facility provided by such DIP Lender shall be evidenced by a promissory note executed by the Borrower and delivered by the Borrower to the requesting DIP Lender (each as amended, restated, renewed or replaced from time to time, a “DIP
Lender Note”). 
 Section 2.4 Fees. The Borrower shall pay the following fees, all
of which shall be DIP Obligations: 
 (a) Upfront Fee. As provided in
Section 2.2, on the Closing Date, the Borrower shall pay the DIP Lenders a fee equal to one (1) percent of the aggregate amount of New Money Loan Commitments (i.e., $350,000) (the “Upfront Fee”). The
Upfront Fee shall be deemed fully earned on the Closing Date and shall be paid in-kind on the Closing Date by being capitalized and added ratably to the outstanding principal amount of each DIP Lender’s
DIP Loans on the Closing Date (in the same percentage as such DIP Lender’s pro rata share of the New Money Loan Commitments on the Closing Date and as set forth on Schedule 1(A) hereto) and shall constitute DIP Loan principal for all purposes
under this Agreement and the Chapter 11 Orders. Once paid, the Upfront Fee shall be nonrefundable. 

  
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 (b) Agency Fees. The Borrower shall pay to the DIP
Administrative Agent, for its own account, fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when due and shall not be refundable for any reason whatsoever and will be in addition to the reimbursement
of the DIP Administrative Agent’s out-of-pocket expenses in accordance with Section 11.1. 

Section 2.5 Use of New Money Loan Proceeds. Subject to the terms and conditions herein, the
proceeds of the New Money Loans included in the DIP Facility (including the Interim DIP Facility) shall be used in accordance with the terms of the Budget, including: (i) to pay (a) all reasonable fees due to the DIP Lenders and the DIP
Administrative Agent, (b) all professional fees and expenses (including the reasonable fees and expenses of their attorneys (including counsel for The Baupost Group, LLC, Quinn Emanuel Urquhart & Sullivan, LLP, and counsel for the 1992
Funds, Brown Rudnick LLP and counsel to the DIP Administrative Agent, Arnold & Porter Kaye Scholer LLP and Duane Morris LLP) and financial advisors), incurred by the DIP Lenders and the DIP Administrative Agent) and financial advisors,
incurred by the DIP Lenders and the DIP Administrative Agent, including those incurred in connection with the preparation, negotiation, documentation and court approval of the DIP Facility, and (c) adequate protection payments as set forth in
Section 8.7; (ii) to pay the Upfront Fee; and (iii) to provide working capital, and for other general corporate purposes of the Borrower (including to market and sell certain assets of the Borrower not included in the
363 Sale), and to pay administration costs of the Chapter 11 Case and claims or amounts approved by the Bankruptcy Court as set forth in the Budget. 

Section 2.6 [Reserved]. 

Section 2.7 Restrictions on Use of Funds. No portion of the Borrower’s Cash Collateral
and other cash, if any, the DIP Facility, the DIP Collateral or the Carve-Out may be used: 

(a) for any purpose that is prohibited under the Bankruptcy Code or a Chapter 11 Order; 

(b) to finance in any way: (i) any adversary action, contested matter, suit, arbitration, proceeding,
application, motion, objection or other Litigation of any type adverse to the interests of any or all of the DIP Administrative Agent, the DIP Lenders, the Trustee, or the Holders or their respective rights and remedies under DIP Loan Documents, the
Interim DIP Order, the Final DIP Order or the Prepetition Note Documents, or (ii) any other action which with the giving of notice or passing of time would result in a DIP Event of Default under the DIP Loan Documents; 

(c) for the payment of fees, expenses, interest or principal under the Prepetition Note Documents (other than
the inclusion of the Roll-Up Loans in the DIP Facility and the permitted adequate protection payments as set forth in Section 8.7); 

(d) to make any distribution under a plan of reorganization in the Chapter 11 Case; 

(e) to make any payment in settlement of any claim, action or proceeding, before any court, arbitrator or other
governmental body without the prior written consent of the Required DIP Lenders; 
 (f) for any purpose or in
any manner not approved in the Budget or by the Required DIP Lenders; and/or 
 (g) to finance in Orexigen
Ireland in any way, directly or indirectly. 

  
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 Section 2.8 Maximum Interest. In no event shall
the interest charged with respect to the DIP Loan or any other DIP Obligations of the Borrower under any DIP Loan Document exceed the maximum amount permitted under the laws of the State of New York. Notwithstanding anything to the contrary herein
or elsewhere, if at any time the rate of interest payable hereunder or under any DIP Lender Note or other DIP Loan Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any Applicable Law to be
charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the
Stated Rate is less than the Maximum Lawful Rate, the Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have
been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate,
in which event this provision shall again apply. In no event shall the total interest received by the DIP Lenders exceed the amount which they could lawfully have received had the interest been calculated for the full term hereof at the Maximum
Lawful Rate. If, notwithstanding the prior sentence, the DIP Lenders have received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the DIP Loan or to other
amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to the Borrower. In computing interest payable with reference to the Maximum Lawful
Rate, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. 

Section 2.9 Maturity and Repayment. 

(a) All DIP Obligations, to the extent not already paid or satisfied, shall be repaid in full (subject to the Carve-Out), and the New Money Loan Commitments shall terminate on the Maturity Date. 

(b) Any confirmation, conversion or dismissal order entered in the Chapter 11 Case shall not discharge or
otherwise affect in any way any of the DIP Obligations of the Borrower to the DIP Administrative Agent and the DIP Lenders under the DIP Facility and the DIP Loan Documents, other than after the payment in full and in cash, to the DIP Lenders and
the DIP Administrative Agent of all DIP Obligations (subject to the Carve-Out) under the DIP Facility and the DIP Loan Documents on or before the effective date of a plan of reorganization or any conversion or
dismissal order and the termination of the New Money Loan Commitments. 
 (c) All payments by the Borrower of
the DIP Obligations shall be made without set-off, recoupment or counterclaim. If any payment hereunder or under any of the DIP Loan Documents becomes due and payable on a day other than a Business Day, such
payment shall be extended to the next succeeding Business Day, and such extension of time shall be reflected in computing interest thereon. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the
DIP Administrative Agent, for the account of the respective DIP Lenders to which such payment is owed, to the DIP Administrative Agent’s Account in Dollars and in immediately available funds not later than 12:00 Noon (Eastern time) on the
date specified herein. The Administrative Agent will promptly distribute to each DIP Lender its applicable share of such payment in like funds as received. At the discretion of the DIP Administrative Agent, any payments received before
12:00 Noon (Eastern time) on any date shall be deemed received by the DIP Administrative Agent on such date, and any payments received at or after 12:00 Noon (Eastern time) on any date shall be deemed received by the DIP Administrative
Agent on the next succeeding Business Day. 

  
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 (d) If any DIP Lender makes available to the Administrative Agent
funds for any New Money Loan to be made by such DIP Lender as provided in the foregoing provisions of this Article 2, and such funds are not made available to the Borrower by the DIP Administrative Agent because the conditions to the
applicable New Money Loans set forth in Article 7 are not satisfied or waived in accordance with the terms hereof, the DIP Administrative Agent shall return such funds (in like funds as received from such DIP Lender) to such DIP Lender,
without interest, within one (1) Business Day. 
 (e) The obligations of the DIP Lenders hereunder to
make New Money Loans, and the obligations of the DIP Lenders to make payments hereunder, are several and not joint. The failure of any DIP Lender to make any New Money Loan or to make any payment hereunder on any date required hereunder shall not
relieve any other applicable DIP Lender of its corresponding obligation to do so on such date, and no DIP Lender shall be responsible for the failure of any other DIP Lender to so make its New Money Loan or to make its payment hereunder. 

(f) Except as otherwise expressly provided herein, each borrowing of a DIP Loan, each payment or prepayment of
principal of any DIP Loan, each payment of interest on the DIP Loans, and each reduction of the New Money Loan Commitments shall be allocated pro rata among the applicable DIP Lenders. 

Section 2.10 Books and Records. The Borrower agrees that the DIP Administrative Agent’s
and the DIP Lenders’ books and records showing the DIP Obligations and the transactions pursuant to this Agreement and the other DIP Loan Documents shall be admissible in any action or proceeding arising therefrom, and shall constitute
rebuttably presumptive proof thereof, irrespective of whether any DIP Obligation is also evidenced by a DIP Lender Note or other instrument. Such books and records shall be deemed correct, accurate, and binding on the Borrower and an account stated
(except for corrections of errors discovered by the DIP Administrative Agent or the DIP Lenders, as applicable) in the absence of bad faith, gross negligence, manifest error, or other evidence to the contrary. In the event a timely written notice of
objection is given by the Borrower, only the items to which exception is expressly made will be considered to be disputed by the Borrower. In the event of any conflict between the records maintained by a DIP Lender and the DIP Administrative Agent,
the latter shall control in the absence of manifest error. 
 Section 2.11 Interest Rate.
Interest shall accrue on the principal balance of the DIP Loans, from time to time, based on a 360 day year and charged for the actual number of days outstanding. The Borrower shall pay interest and default interest monthly in arrears in cash on
each Interest Payment Date for the Interest Period ending immediately prior to such Interest Payment Date. All DIP Loans outstanding under the DIP Facility shall bear interest for each Interest Period at a rate per annum equal to the LIBO Rate for
such Interest Period plus 10.00% per annum. 
 Section 2.12 Default Interest Rate. During
the continuance of a DIP Event of Default, outstanding DIP Obligations shall bear interest at a rate equal to 2% per annum above the non-default interest rate indicated in
Section 2.11 above and such interest shall be payable monthly in arrears in cash on each Interest Payment Date. 

Section 2.13 Voluntary Prepayment. The Borrower may, upon irrevocable written notice from the
Borrower to the DIP Administrative Agent, at any time, (i) prepay the DIP Loans and/or (ii) reduce the New Money Loan Commitments, in each case in full but not in part; provided that such notice must be received by the DIP
Administrative Agent not later than 12:00 p.m. (Eastern time) three (3) Business Days prior to the date of any prepayment of DIP Loans or reduction of New Money Loan Commitments, 

  
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as applicable. Any prepayment of the DIP Loans shall be accompanied by all accrued interest on the amount prepaid. 

Section 2.14 Mandatory Prepayment. 

(a) Asset Dispositions. Promptly upon, but in no event more than two (2) Business Days after,
receipt by the Borrower of net cash proceeds from any asset disposition of DIP Collateral, the Borrower shall prepay the DIP Obligations in an amount equal to 100% of the net cash proceeds so received, provided that the Borrower shall not sell
assets outside the ordinary course of business unless such sale is approved by the Required DIP Lenders in their sole discretion and by the Bankruptcy Court. Promptly upon, but in no event more than two (2) Business Days after, receipt by
Orexigen Ireland of net cash proceeds from any disposition of assets of Orexigen Ireland, then (i) Orexigen Ireland shall, or the Borrower shall cause Orexigen Ireland to, apply 100% of the net cash proceeds so received to repay intercompany
debt owing from Orexigen Ireland to the Borrower (“Loan Repayment Funds”), and (ii) promptly upon receipt by the Borrower of the Loan Repayment Funds, but in no event more than two (2) Business Days thereafter, the
Borrower shall prepay the DIP Obligations in an amount equal to 100% of the Loan Repayment Funds; provided that the Orexigen Ireland shall not sell assets outside the ordinary course of business unless such sale is approved by the Required
DIP Lenders in their sole discretion. Orexigen Ireland and the Borrower shall enter into an agreement, attached hereto as Exhibit C, to be effective as of the Closing Date requiring that any sale of assets outside the ordinary course
of business by Orexigen Ireland shall be for cash, except as may be approved by the Required DIP Lenders in writing, and containing other terms respecting any such sale and the application of Loan Repayment Funds as set forth in this
Section 2.14(a) (the “Orexigen Ireland Agreement”). The DIP Administrative Agent, for the benefit of the DIP Lenders, shall be a third-party beneficiary of such agreement. 

(b) Casualty Events and Extraordinary Receipts. The Borrower shall promptly, but in no event more than
two (2) Business Days after receipt of such funds (i) prepay the DIP Obligations (subject to the Carve-Out) in an amount equal to 100% of such proceeds received by the Borrower from Casualty Events
with respect to DIP Collateral and (ii) prepay the DIP Obligations in an amount equal to 100% of all other Casualty Events or Extraordinary Receipts (subject to the Carve-Out) with any excess proceeds
from Casualty Events above the DIP Obligations to be used to repay obligations and amounts as may be required under the Prepetition Indenture. 

(c) Incurrence of Indebtedness. Promptly, but in no event more than two (2) Business Days after the
incurrence or issuance by the Borrower of any indebtedness (other than ordinary course trade debt and insurance premium financing consistent with prior practice), the Borrower shall prepay the DIP Obligations in an amount equal to 100% of such net
cash proceeds so received; provided that the Borrower shall not incur or issue additional post-petition indebtedness or grant or request authority to grant any Lien or security interest to secure post-petition indebtedness unless the amount
of such debt shall be sufficient to pay (and shall be used to pay) the DIP Obligations in full in cash and, to the extent the net cash proceeds so received do not pay in full in cash all obligations under the Prepetition Indenture, such indebtedness
shall be junior, subject and subordinate, in all respects to all rights, title, interests, Liens, claims, liabilities and obligations under the Prepetition Note Documents. 

(d) Equity Issuances. The Borrower promptly, but in no event more than two (2) Business Days after
any equity issuance shall prepay the DIP Obligations in an amount equal to 100% of the net cash proceeds of such equity issuance with any excess above the DIP Obligations to be used to repay obligations and amounts under the Prepetition Secured
Notes. 

  
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 (e) Notice to DIP Administrative Agent; Application of
Payments. 
 (i) The Borrower shall deliver to the DIP Administrative Agent, at least three
(3) Business Days prior to each prepayment required under this Section 2.14, a certificate signed by an executive officer of the Borrower setting forth in reasonable detail the calculation of the amount of such
prepayment and the reason for such prepayment. Each notice of prepayment shall specify the prepayment date and the principal amount of DIP Loans to be prepaid. 

(ii) All prepayment made pursuant to this Section 2.14 shall be applied in
accordance with Section 9.5. 
 Section 2.15 Advance by the DIP
Administrative Agent. If the DIP Administrative Agent has received written notice from any DIP Lender on or prior to one (1) Business Day before the funding date requested in a Notice of Borrowing that such DIP Lender does not intend to
fund all or any portion of its New Money Loan Commitment on the funding date requested in the applicable Notice of Borrowing (such DIP Lender, a “Defaulting DIP Lender”), the DIP Administrative Agent shall notify the DIP Lenders and
the non-Defaulting DIP Lenders shall fund a corresponding amount pro rata according to their respective New Money Loan Commitments on such funding date to the DIP Administrative Agent Account, for remittance
to the account of Borrower specified in the applicable Notice of Borrowing. If the Borrower provides written notice to the DIP Administrative Agent that any DIP Lender did not fund all or any of its New Money Loan Commitment, the non-Defaulting DIP Lenders shall fund a corresponding amount pro rata to the DIP Administrative Agent Account (for remittance to the account of the Borrower specified in the applicable Notice of Borrowing)
according to their respective New Money Loan Commitments within two (2) Business Days after receipt of the Borrower’s notice. Upon the non-Defaulting DIP Lenders’ funding of any or all of a
Defaulting DIP Lender’s New Money Loan Commitment to the Borrower (such portion of a Defaulting DIP Lender’s New Money Loan Commitment funded by a DIP Lender being referred to herein as an “Additional Funding Amount”), (a)
such non-Defaulting DIP Lenders shall be deemed to have purchased a New Money Loan Commitment equal to the Additional Funding Amount it funded (which shall reduce dollar-for-dollar the amount of the New Money Loan Commitment of the Defaulting DIP Lender), and if such funding occurs under the Interim Facility, such non-Defaulting
DIP Lenders shall also be deemed to have made a Roll-Up Loan equal to the amount of such Additional Funding Amount it funded (which Roll-Up Loan shall be deemed to have rolled-up an equal amount of its Prepetition Secured Notes), (b) the interest in the DIP Loans of the Defaulting DIP Lender to the extent of the Additional Funding Amount funded by the
non-Defaulting DIP Lenders and its rights hereunder (but not its liability in respect thereof or under the DIP Loan Documents or this Agreement to the extent the same relate to the period prior to the date of
the funding of the Additional Funding Amount by the non-Defaulting DIP Lenders) shall terminate and (c) each DIP Lender shall promptly execute all documents reasonably requested to effectuate the
foregoing. 
 Section 2.16 Sharing of Setoffs. If any DIP Lender shall, by exercising any
right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its DIP Loans or other DIP Obligations hereunder resulting in such DIP Lender receiving payment of a proportion of the aggregate amount
of its DIP Loans and accrued interest thereon or other such obligations greater than its pro rata share thereof as provided herein, then the DIP Lender receiving such greater proportion shall (a) notify the Administrative Agent in
writing of such fact and (b) purchase (for cash at face value) participations in the DIP Loans and such other DIP Obligations of the other DIP Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such
payments shall be shared by the DIP Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective DIP Loans and other amounts owing them; provided that: 

  
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 (a) if any such participations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(b) the provisions of this Section 2.16 shall not be construed to apply to
(x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a DIP Lender as consideration for the assignment of or sale of a participation in any of its DIP
Loans or New Money Loan Commitments to any assignee or participant. 
 Section 2.17 Taxes.

 (a) Defined Terms. For purposes of this Section 2.17, term
“Applicable Law” includes FATCA. 
 (b) Payments Free of Taxes. Any and all payments by or
on account of any obligation of the Borrower under any DIP Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an
applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full
amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or
withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding
been made. 
 (c) Payment of Other Taxes by Borrower. The Borrower shall timely pay to the relevant
Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(d) Indemnification by Borrower. The Borrower shall indemnify each Recipient, within ten
(10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17) payable or paid by such
Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a DIP Lender (with a copy to the DIP Administrative Agent), or by the DIP Administrative Agent on its own behalf or on behalf
of a DIP Lender, shall be conclusive absent manifest error. 
 (e) Indemnification by the Lenders.
Each DIP Lender shall severally indemnify the DIP Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such DIP Lender (but only to the extent that the Borrower has not
already indemnified the DIP Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such DIP Lender’s failure to comply with the provisions of
Section 12.15(a) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such DIP Lender, in each case, that are payable or paid by the DIP Administrative Agent in connection
with any DIP Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not 

  
 23 

 
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any DIP Lender by the DIP
Administrative Agent shall be conclusive absent manifest error. Each DIP Lender hereby authorizes the DIP Administrative Agent to set off and apply any and all amounts at any time owing to such DIP Lender under any DIP Loan Document or otherwise
payable by the DIP Administrative Agent to the DIP Lender from any other source against any amount due to the DIP Administrative Agent under this paragraph (e). 

(f) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a
Governmental Authority pursuant to this Section 2.17, the Borrower shall deliver to the DIP Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the DIP Administrative Agent. 

(g) Status of Lenders. (i) Any DIP Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any DIP Loan Document shall deliver to the Borrower and the DIP Administrative Agent, at the time or times reasonably requested by the Borrower or the DIP Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the DIP Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any DIP Lender, if reasonably
requested by the Borrower or the DIP Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the DIP Administrative Agent as will enable the Borrower or the DIP
Administrative Agent to determine whether or not such DIP Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in paragraphs (g)(ii)(A), (ii)(B) and (ii)(D) of this Section 2.17) shall not be required if in the DIP Lender’s reasonable
judgment such completion, execution or submission would subject such DIP Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such DIP Lender. (ii) Without limiting the generality
of the foregoing: 
 (A) any DIP Lender that is a U.S. Person shall deliver to the Borrower and the DIP
Administrative Agent on or about the date on which such DIP Lender becomes a DIP Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the DIP Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
DIP Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a DIP Lender under this Agreement (and from time to time thereafter upon the reasonable request of
the Borrower or the DIP Administrative Agent), whichever of the following is applicable: 
 (1) in the case
of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any DIP Loan Document, executed copies of IRS
Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect 

  
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to any other applicable payments under any DIP Loan Document, IRS Form W-8BEN or IRS
Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty; 
 (2) executed copies of IRS
Form W-8ECI; 
 (3) in the case of a Foreign Lender claiming
the benefits of the exemption for portfolio interest under section 881(c) of the Internal Revenue Code of 1986, (x) a certificate substantially in the form of Exhibit G-1 to the effect
that such Foreign Lender is not a “bank” within the meaning of section 881(c)(3)(A) of the Internal Revenue Code of 1986, a “10 percent shareholder” of the Borrower within the meaning of section 871(h)(3)(B) of the
Internal Revenue Code of 1986, or a “controlled foreign corporation” related to the Borrower as described in section 881(c)(3)(C) of the Internal Revenue Code of 1986 (a “U.S. Tax Compliance
Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, substantially in the form of Exhibit G-2 or Exhibit
G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a
partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner; 
 (C) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the DIP Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes
a DIP Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the DIP Administrative Agent), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from
or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the DIP Administrative Agent to determine the withholding or
deduction required to be made; and 
 (D) if a payment made to a DIP Lender under any DIP Loan Document
would be subject to U.S. federal withholding Tax imposed by FATCA if such DIP Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in section 1471(b) or 1472(b) of the Internal Revenue
Code of 1986, as applicable), such DIP Lender shall deliver to the Borrower and the DIP Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the DIP Administrative Agent such
documentation prescribed by Applicable Law (including as prescribed by section 1471(b)(3)(C)(i) of the Internal Revenue Code of 1986) and such additional documentation reasonably requested by the Borrower or the DIP Administrative Agent as may
be necessary for the Borrower and the DIP Administrative Agent to comply with their obligations under FATCA and to determine that such DIP Lender has complied with such DIP Lender’s obligations under FATCA or to determine the amount, if any, to
deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

  
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 Each DIP Lender agrees that if any form or certification it
previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the DIP Administrative Agent in writing of its legal inability to do so. 

(h) Treatment of Certain Refunds. If any Party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i) Survival. Each Party’s obligations under this Section 2.17 shall
survive the resignation or replacement of the DIP Administrative Agent or any assignment of rights by, or the replacement of, a DIP Lender, the termination of the New Money Loan Commitments and the repayment, satisfaction or discharge of all
obligations under any DIP Loan Document. 
 ARTICLE 3 – REPRESENTATIONS AND WARRANTIES 

To induce the DIP Administrative Agent and the DIP Lenders to enter into this Agreement and to provide the DIP Facility, the
Borrower hereby represents and warrants to the DIP Administrative Agent and DIP Lenders, on the Closing Date and on each date the Borrower submits a Notice of Borrowing that: 

Section 3.1 Organization and Governmental Authorization; No Contravention.
Subject to the entry of the Chapter 11 Orders, the execution, delivery and performance by the Borrower of the DIP Loan Documents are within its powers, have been duly authorized by all necessary action pursuant to its organizational documents,
require no further action by or in respect of, or filing with, any Governmental Authority and do not violate, conflict with or cause a breach or a default under (a) any Law applicable to the Borrower or any of the organizational documents of
the Borrower, or (b) any agreement or instrument binding upon it, except for such violations, conflicts, breaches or defaults as could not, with respect to this clause (b), individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 3.2 Binding Effect. Subject to the entry of the Chapter
11 Orders, each of the DIP Loan Documents and the DIP Obligations constitute the Borrower’s legal, valid and binding obligation, enforceable against it in accordance with its terms. 

  
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 ARTICLE 4 – BUDGET 

Until payment and satisfaction in full of all DIP Obligations and termination of this Agreement and the New Money Loan
Commitments, the Borrower covenants and agrees as follows: 
 Section 4.1 Budget. 

(a) Budget and Approvals. Attached hereto as Exhibit A is the initial Budget, which has
been approved by the Required DIP Lenders. Commencing on the Wednesday of the fourth (4th) week following the Petition Date, the Borrower shall deliver to the DIP Administrative Agent no less
frequently than once every two (2) weeks (x) an updated budget (each a “Proposed Budget”) reflecting weekly cash flow forecasts of receipts and disbursements for such Budget period (in substantially the same format as the prior
monthly cash flow forecast of receipts and disbursements), together with (i) a comparison of actual and forecast results from and after the week of March 3, 2018, (ii) a schedule of any changes in the assumptions used in preparing the
Budget, (iii) a breakdown of the amount of fees and expenses paid to restructuring professionals, (iv) the calculation of the revised gross to net receipts and disbursements, (v) the details of compensation-related expenses paid,
(vi) a roll forward of current assets; and (vii) a comparison to the immediately previous Budget; and (y) the latest weekly TRx volume showing Contrave vs. original budget forecast and Qsymia vs. Saxenda vs. Belviq. Each Proposed
Budget shall be subject to review and approval by the Required DIP Lenders before being deemed an approved Budget. Three (3) Business Days after delivery of a Proposed Budget, unless the DIP Administrative Agent (acting at the written direction
of the Required DIP Lenders) delivers a written, good faith, objection to the Borrower (a “Proposed Budget Objection”) setting forth specific objections to the Proposed Budget, such Proposed Budget shall be deemed approved by the
Required DIP Lenders and shall become the new Budget. If the DIP Administrative Agent (acting at the written direction of the DIP Lenders) shall have timely delivered a Proposed Budget Objection to the Borrower, the prior approved Budget shall
continue in place and the Required DIP Lenders and the Borrower shall negotiate in good faith to resolve the objections set forth in the Proposed Budget Objection. Upon resolution of the objections set forth in the Proposed Budget Objection, such
Proposed Budget shall become the new Budget. 
 (b) Payment of Allowed Professional Fees Prior to the
Maturity Date. Any payment or reimbursement made prior to the occurrence of the Maturity Date in respect of any allowed Professional fees shall not reduce the Carve-Out. 

(c) Payment of Carve-Out on or After the Maturity Date. Any
payment made on or after the occurrence of the Maturity Date in respect of any allowed fees and expenses of Professionals shall permanently reduce the Carve-Out on a dollar-for-dollar basis. Any funding of the Carve-Out shall be added to, and made a part of, the DIP Obligations secured by the DIP Collateral and shall be otherwise
entitled to the protections granted under the Chapter 11 Orders, the DIP Loan Documents, the Bankruptcy Code, and Applicable Law. 

(d) Budget Covenants. 

(i) The Borrower shall not, directly or indirectly, (A) use any proceeds of the DIP Loans in a manner or
for a purpose other than those consistent with this Agreement and the Chapter 11 Orders; or (B) permit a disbursement causing any deviation from the Budget other than the Permitted Deviations. 

  
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 (ii) Prior to the occurrence of a DIP Event of Default, the
Borrower shall be permitted to pay fees and expenses of Professionals solely to the extent that such fees and expenses are in accordance with the Budget and authorized to be paid under sections 330 and 331 of the Bankruptcy Code (other than any
Professionals whose fees are not subject to such provisions) pursuant to an order of the Bankruptcy Court, as the same may be due and payable. Subject to the Chapter 11 Orders, upon the occurrence of a DIP Event of Default (subject to all applicable
grace periods set forth in this Agreement and the Chapter 11 Orders), the right of the Borrower to pay Professional fees and expenses shall terminate, other than as provided with respect to the Carve-Out. 

Section 4.2 Budget Tests. Compliance with the Budget shall be tested for the first week and
each subsequent week on a cumulative basis beginning on the Petition Date. During each Budget Test Period, the Borrower will not permit: 

(a) the actual aggregate amount of Net Receipts collected to be less than, in the first Budget Test Period,
beginning on Monday of the first week following the Petition Date, and for all subsequent Budget Test Periods, to be less than 85% of the aggregate budgeted amount for such Budget Test Period set forth in the Budget and each previous Budget Test
Period set forth in the Budget (“Net Receipt Permitted Deviation”); provided that the DIP Administrative Agent (at the written direction of the Required DIP Lenders) may authorize the Borrower in writing to exceed the Net
Receipt Permitted Deviation for any Budget Test Period; or 
 (b) the actual aggregate amount of
disbursements set forth in the Budget to be more than 115% of the aggregate budgeted amount for such Budget Test Period set forth in the Budget and each previous Budget Test Period set forth in the Budget (excluding the fees and expenses of the DIP
Administrative Agent and DIP Lenders that are required to be reimbursed under the other provisions of this Agreement) (“Disbursements Permitted Deviation”); provided that the DIP Administrative Agent (at the written direction
of the Required DIP Lenders) may authorize the Borrower in writing to exceed the Disbursements Permitted Deviation for any Budget Test Period. 

Section 4.3 Budget Permitted Deviation. The Borrower shall deliver a weekly Reconciliation
Report to the DIP Administrative Agent. In addition, the Borrower shall notify the DIP Administrative Agent in writing as soon as reasonably practicable if the Borrower anticipates that it will violate the Net Receipt Permitted Deviation or the
Disbursements Permitted Deviation for any Budget Test Period. 
 ARTICLE 5 – AFFIRMATIVE COVENANTS 

Until payment and satisfaction in full of all DIP Obligations and termination of this Agreement and the New Money Loan
Commitments, the Borrower further covenants and agrees as follows: 
 Section 5.1
[Reserved] 
 Section 5.2 Agreed Covenants. The provisions of the Agreed Covenants
of the Prepetition Indenture, together with all related definitions and ancillary provisions, all as in effect from time to time, are hereby incorporated herein by reference mutatis mutandis and shall be deemed to
continue in effect (with any amendments, modifications or waivers thereof) for the benefit of the DIP Lenders and the Borrower, as applicable. The Borrower covenants and agrees that it shall perform and observe each of the covenants set forth in the
Agreed Covenants of the Prepetition Indenture as if (a) each reference therein to “Lender” and similar expressions were references to the DIP Lender under this DIP Facility, (b) each reference therein to “Default” or
“Event of Default” and similar expressions were references to “Default” or “DIP Event of Default”, respectively, under this Agreement and the DIP Facility and (c) each reference 

  
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to “Agreement” were references to this Agreement and the DIP Facility. Notwithstanding anything to the contrary, Borrower shall not be required to comply with any Agreed Covenant to the
extent that (i) the Required DIP Lenders have granted the Borrower an exception thereto in writing, (ii) compliance would conflict, or otherwise be inconsistent, with any provisions of this Agreement, the Chapter 11 Orders, any other
orders of the Bankruptcy Court, or the Bankruptcy Code, or (iii) the cost of compliance is not included in the Budget and the Required DIP Lenders shall have failed to agree to modify the Budget or otherwise make funds available to fund the
cost of compliance therewith. 
 Section 5.3 363 Sale Milestones. The Borrower shall comply
with the following milestones in connection with the 363 Sale (collectively, the “363 Sale Milestones”): 

(a) As promptly as possible but in no event later than three (3) Business Days after the Petition Date,
the Borrower shall file a motion seeking the entry of an order (i) approving the 363 Sale pursuant to section 363 of the Bankruptcy Code and (ii) establishing and approving the Bidding Procedures; 

(b) Within twenty-one (21) calendar days after the 363 Sale motion
has been filed, the Bankruptcy Court (subject to its availability) shall enter the Bidding Procedures Order. The Bidding Procedures Order shall specify, among other things, that (i) the Prepetition Trustee (upon the direction of the Required
Holders) shall have the unconditional right to credit bid for any and all assets offered for sale by the Borrower at the Auction and (ii) that any other bids at the Auction must provide sufficient cash consideration to pay off the DIP
Obligations in cash and in full; 
 (c) The Bidding Procedures Order shall provide that bids shall be due
within forty-five (45) calendar days after entry of the Bidding Procedures Order (the “Bid Deadline”); 

(d) Within three (3) Business Days after the Bid Deadline, the Borrower shall have commenced the Auction
pursuant to the Bidding Procedures Order; 
 (e) Within ten (10) Business Days after the Bid Deadline,
the Bankruptcy Court (subject to its availability) shall have entered an order approving the 363 Sale; and 

(f) Upon the later of (i) twenty-five (25) calendar days after entry of the 363 Order; and
(ii) five (5) calendar days after all necessary regulatory approvals are completed, the Borrower shall have consummated the 363 Sale. 

(g) The Bidding Procedures Order, the Bidding Procedures, the Auction procedures, any definitive purchase or
sale agreement with respect to the assets of the Borrower (including, but not limited to, any stalking horse purchase or sale agreement) and the 363 Sale order shall each be in form and substance satisfactory to the Required Holders and the Required
DIP Lenders in their sole discretion.. 
 Section 5.4 Delivery of Information. The Borrower
shall deliver to the DIP Administrative Agent, the DIP Lenders, and their respective counsel (i) written notification, no later than the following Business Day, if the Borrower’s cash balance at the close of business on any Business Day
shall be less than $2,000,000 and (ii) any and all information and developments in connection with any proposed transaction or change in control and any other event or condition which is reasonably likely to have a Material Adverse Effect on
the Borrower, the DIP Loans or the Chapter 11 Case, including the progress of any proposed or confirmed Chapter 11 plan of reorganization. 

Section 5.5 Conduct of Subsidiaries. The Borrower shall not directly or indirectly, engage in

  
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any line of business other than those businesses engaged in on the Petition Date, and businesses reasonably related thereto, or to take any actions outside the ordinary course of business. 

Section 5.6 Additional Covenants. The DIP Facility shall be subject to the following financial
covenants: 
 (a) The proceeds of the DIP Loans and all proceeds of DIP Collateral shall be used by the
Borrower solely for the purposes of and up to the amounts set forth in the Budget (subject to the Net Receipt Permitted Deviation and the Disbursements Permitted Deviation). For the avoidance of doubt, none of the proceeds of the DIP Loans or DIP
Collateral shall be transferred to Orexigen Ireland. 
 (b) If at any time there is a Deficiency, the
Borrower shall promptly, but in no event later than three (3) Business Days after it reasonably believes a Deficiency exists, notify the DIP Administrative Agent in writing thereof. 

Section 5.7 Chapter 11 Filings. The Borrower shall deliver to the DIP Administrative Agent,
the DIP Lenders, and their respective counsel promptly after the same is available, copies of all pleadings, motions, applications, judicial information, financial information and other documents filed by or on behalf of the Borrower with the
Bankruptcy Court in the Chapter 11 Case, or distributed by or on behalf of the Borrower to any official committee appointed in the Chapter 11 Case. 

ARTICLE 6 – NEGATIVE COVENANTS 

The Borrower further covenants and agrees that, so long as any DIP Lender shall have any New Money Loan Commitment hereunder
or any DIP Loan or other DIP Obligation remains outstanding, it shall not: 
 (a) Create or permit to exist
(i) any administrative expense, unsecured claim, or other claim or Lien on the DIP Collateral, or apply to the Bankruptcy Court for authority to do so, except for the Carve-Out or as may be incurred in
the Ordinary Course of Business or included in the Budget, and (ii) any obligation to make adequate protection payments, or otherwise provide adequate protection, other than the Prepetition Secured Notes Protection. 

(b) Make any change, amendment or modification, or any application or motion for any change, amendment or
modification, to any Chapter 11 Order, other than as agreed in writing by the Required DIP Lenders and the DIP Administrative Agent. 

(c) Make any payment of principal or interest or otherwise on account of any prepetition Debt or payables,
other than the Prepetition Secured Notes Protection or as provided for in a First Day Order and included in the Budget. 

(d) Declare or make any dividend, payment or other distribution directly or indirectly of cash or a non-cash asset on account of equity or ownership interests. 
 (e) File
with the Bankruptcy Court a motion to approve, or otherwise seek approval of or pay, any incentive or retention plan, except as otherwise as agreed in writing by the Required DIP Lenders. 

(f) Advance funds to Orexigen Ireland without the consent of the Required DIP Lenders and approval of the
Bankruptcy Court. 

  
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 (g) File a motion or otherwise seek to assume or assign a Real
Property Lease without the consent of the Required DIP Lenders. 
 ARTICLE 7 – CONDITIONS 

Section 7.1 Conditions to Interim DIP Facility. The obligation of the DIP Administrative
Agent and DIP Lenders to make the Interim DIP Facility available to the Borrower shall be subject to the prior or concurrent satisfaction by the Borrower (unless waived by the Required DIP Lenders and the DIP Administrative Agent, subject to
Section 12.14(b)) of each of the following: 
 (a) The Chapter 11 Case shall have
been commenced in the Bankruptcy Court and all of the First Day Orders and all related pleadings to be entered at the time of commencement of the Chapter 11 Case or shortly thereafter shall have been reviewed in advance by the DIP Lenders and the
DIP Administrative Agent and shall be in form and substance acceptable to the Required DIP Lenders and the DIP Administrative Agent in their sole discretion. 

(b) The Bankruptcy Court shall have (i) entered the Interim DIP Order which Interim DIP Order shall be in
form and substance satisfactory to the sole discretion of the Required DIP Lenders and the DIP Administrative Agent, and (ii) authorized, confirmed and approved all terms and provisions of this DIP Facility and related DIP Loan Documents. 

(c) The Borrower shall be in compliance in all material respects with the Interim DIP Order. 

(d) All First Day Orders entered by the Bankruptcy Court, including but not limited to, pertaining to cash
management, and all other motions and documents filed or to be filed with, and submitted to, the Bankruptcy Court in connection therewith shall be in form and substance satisfactory to the Required DIP Lenders and the DIP Administrative Agent in
their sole discretion. 
 (e) The DIP Lenders and the DIP Administrative Agent shall have been granted,
pursuant to the Interim DIP Order, a perfected, first priority Lien on all DIP Collateral and shall have received UCC, tax and judgment Lien searches, and other appropriate evidence, evidencing the absence of any other Liens on the DIP collateral,
except the Liens securing the Prepetition Secured Notes and the Permitted Exceptions. 
 (f) The Borrower
shall deliver a UCC-1 financing statement for filing by the DIP Administrative Agent (or the Required DIP Lenders) under the Uniform Commercial Code in the jurisdiction or organization of the Borrower. 

(g) The Required DIP Lenders shall be satisfied that the Borrower has complied with all other closing
conditions, including by (i) delivering evidence of authority and (ii) obtaining and delivering evidence of any material third party and governmental consents necessary in connection with the DIP Facility, the financing thereunder and related
transactions. 
 (h) The Borrower and the transactions contemplated by this Agreement shall be in compliance
with all Applicable Laws. 
 (i) The DIP Lenders and the DIP Administrative Agent shall have received prior
to the Closing Date all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, 

  
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including the USA PATRIOT Act, in each case satisfactory to each DIP Lender and the DIP Administrative Agent. 

(j) The Borrower shall have executed and delivered to the DIP Administrative Agent the DIP Loan Documents
evidencing the DIP Loans made and to be made under the DIP Facility. 
 (k) The Borrower shall have delivered
a fully executed copy of the Orexigen Ireland Agreement to the DIP Administrative Agent. 
 (l) The DIP
Administrative Agent shall have received all fees payable under the Fee Letter and all other amounts due and payable to the DIP Administrative Agent, the DIP Lenders and their respective Affiliates on or prior to the Closing Date, including, to the
extent invoiced prior to the Closing Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. In
addition, the DIP Administrative Agent shall have received a fully executed copy of the Fee Letter. 
 For purposes of
determining compliance with the conditions specified in this Section 7.1, each DIP Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or
other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a DIP Lender unless the DIP Administrative Agent shall have received written notice from such DIP Lender prior to the proposed Closing Date
specifying its objection thereto. 
 Section 7.2 Conditions to Full Availability. In order
for the Borrower to borrow New Money Loans not included in the Interim DIP Facility, not later than thirty (30) calendar days following the Interim DIP Order Entry Date (unless such date is extended by the Required DIP Lenders), the Final DIP
Order shall have been entered by the Bankruptcy Court (and which shall be in form substantially consistent with this Agreement with such changes or modifications from the Interim DIP Order as are approved by the Required DIP Lenders and the DIP
Administrative Agent). 
 Section 7.3 Conditions to All DIP Loans. Unless otherwise
indicated below, the obligation of the DIP Lenders to make each DIP Loan (including the Interim DIP Facility) shall be subject to the prior or concurrent satisfaction by the Borrower (unless waived by the Required DIP Lenders) of each of the
following: 
 (a) The Interim DIP Order or the Final DIP Order, as the case may be, shall be in full force
and effect, and shall not (in whole or in part) have been reversed, modified, amended, stayed, vacated, appealed or subject to a stay pending appeal or otherwise challenged or subject to any challenge. 

(b) All “Conditions to Interim DIP Facility” set forth in Section 7.1 shall
have been satisfied (unless waived by the Required DIP Lenders) in a manner satisfactory to the Required DIP Lenders and the DIP Administrative Agent. 

(c) The Borrower shall be in compliance with the Interim DIP Order (prior to entry of the Final DIP Order), the
Final DIP Order and the DIP Facility. 
 (d) The DIP Administrative Agent and the DIP Lenders shall have
received (i) all periodic updates required under the Budget, (ii) the Reconciliation Report, and (iii) all other deliverables pursuant to the DIP Loan Documents on a timely basis. 

  
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 (e) All costs, fees, expenses (including (i) the fees and
disbursements of Quinn, Emanuel, Urquhart & Sullivan, LLP as counsel to certain of the DIP Lenders and certain other Holders, (ii) Brown Rudnick, LLP as counsel to the 1992 Funds, (iii) Arnold & Porter Kaye Scholer LLP as
counsel to the DIP Administrative Agent, and (iv) local counsel of the DIP Lenders and DIP Administrative Agent, in connection with the administration of the DIP facility and any other matter related to the DIP Facility or the Chapter 11 Case,
other reasonable legal fees and disbursements, any other compensation contemplated herein and in the DIP Loan Documents, and any amounts owed to the Trustee or Prepetition Collateral Agent payable under the Prepetition Note Documents shall have been
paid to the extent due and the Borrower shall have complied in all respects with all of its other obligations to the DIP Administrative Agent and the DIP Lenders. 

(f) Except as disclosed in writing, since the Petition Date no event that constitutes a Material Adverse Effect
in the operations, assets, revenues, financial condition, profits or prospects of the Borrower (other than by virtue of the commencement or continuation of the Chapter 11 Case) shall have occurred. 

(g) No trustee, examiner or receiver shall have been appointed or designated with respect to the Borrower or
its properties or assets and no motion filed by a Debtor Party, or any other Person other than a Debtor Party that is not contested in good faith by the Borrower, shall be pending seeking any such relief or seeking any other relief in the Bankruptcy
Court to exercise control over DIP Collateral. 
 (h) There shall exist no claim, action, suit,
investigation, Litigation or proceeding, pending or threatened in any court or before any arbitrator or governmental instrumentality (i) which relates to the DIP Facility or the transactions contemplated thereby and (ii) which is not disclosed
in a schedule to the DIP Loan Documents. 
 (i) No DIP Event of Default has occurred and is continuing. 

(j) The representations and warranties of the Borrower contained herein or any other DIP Loan Document, or
which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of the date hereof (unless such representation is expressly limited to a prior date). 

(k) No notice shall exist of any challenge by a Debtor Party or by any Person other than a Debtor Party that is
not contested in good faith by the Borrower, of any priority, Super-priority Claim, DIP Lien, Lien, Prepetition Lien, claim, right or remedy of the DIP Administrative Agent, the DIP Lenders, the Trustee, the Prepetition Collateral Agent, or the
Holders with respect to the DIP Collateral, Pledged Collateral, or other property, or assets of the Borrower or with respect to this DIP Facility and/or any Chapter 11 Order. 

(l) Receipt by the DIP Administrative Agent of a Notice of Borrowing within the time period contemplated by
Section 2.2(c). 
 (m) Satisfaction of any other condition reasonably requested by
the Required DIP Lenders that arises out of or is related to the use of funds under the DIP Facility. 
 ARTICLE 8 – PRIORITY OF
DIP LIENS; SECURITY AGREEMENT 
 Section 8.1 Generally. To secure payment of the DIP
Obligations, subject to the Chapter 11 Orders, the Borrower hereby grants to the DIP Administrative Agent, for the benefit of the DIP Lenders, 

  
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liens upon, and security interest in, subject to the Carve-Out and priorities set forth in Section 8.2 (collectively, the
“DIP Liens”), in and to the following, now existing or hereafter acquired (collectively, the “DIP Collateral”): 

(a) the Collateral; 

(b) all funds of the Borrower on deposit from time to time; 

(c) all Personal Property (including all Intellectual Property); 

(d) Designation Rights with respect to all real property leases (“Real Property Leases”),
including, without limitation, the Real Property Lease described on Schedule 3; 
 (e) all
proceeds of Avoidance Actions other than Excluded Avoidance Actions, subject to the entry of the Final DIP Order; and 

(f) and all products, proceeds, replacements, substitutions, accessions and additions of any of the foregoing.

 Section 8.2 Priority. The Borrower hereby covenants, represents and warrants that, upon
entry of the Chapter 11 Orders and subject to the Carve-Out and Excluded Avoidance Actions, at all times: 

(a) all DIP Obligations, including all DIP Loans under the DIP Facility, shall pursuant to Bankruptcy Code
section 364(c)(1), constitute allowed Super-priority Claims in the Chapter 11 Case, which Super-priority Claims are superior to all other Super-priority Claims and other claims against the Borrower in the Chapter 11 Case, including, for the
avoidance of doubt, the Super-priority Claim granted as adequate protection in respect of the Prepetition Secured Notes; 

(b) all DIP Obligations, including all DIP Loans under the DIP Facility, and the DIP Liens against the DIP
Collateral securing the DIP Obligations shall: 
 (i) pursuant to section 364(c)(2) of the Bankruptcy Code,
constitute valid, fully perfected and enforceable, senior first priority DIP Liens on all DIP Collateral that is not subject to an existing valid, fully perfected and enforceable Lien or valid Liens in existence as of the Petition Date that are
perfected subsequent to the Petition Date pursuant to section 546(b) of the Bankruptcy Code, including all cash advanced as New Money Loans and all products and proceeds of the New Money Loans; provided, that such DIP Liens shall be
immediately junior to any Liens perfected subsequent to the Petition Date pursuant to section 546(b) of the Bankruptcy Code to the extent such Liens have priority over the Liens securing the Prepetition Secured Notes; 

(ii) pursuant to section 364(c)(3) of the Bankruptcy Code, constitute valid, fully perfected and enforceable,
junior priority DIP Liens on all DIP Collateral encumbered by Permitted Exceptions, which DIP Liens shall be immediately junior to the Liens underlying the Permitted Exceptions and senior to all other Liens on such DIP Collateral (including the
Prepetition Liens, Adequate Protection Liens and Existing Primed DIP Secured Obligations); and 
 (iii)
pursuant to Bankruptcy Code section 364(d), constitute valid, fully perfected, enforceable, first priority, priming DIP Liens on all DIP Collateral subject to a Lien as of the Petition Date, and which shall be senior to all Existing Primed DIP
Secured Obligations 

  
 34 

 
(including Prepetition Liens) and Adequate Protection Liens; provided, that such DIP Liens shall be immediately junior to any Liens underlying the Permitted Exceptions. 

Section 8.3 Identification of Collateral. No submission by the Borrower to the DIP
Administrative Agent of a schedule or other particular identification of DIP Collateral shall be necessary to grant to the DIP Administrative Agent a DIP Lien upon, or to vest in the DIP Administrative Agent security title to and a security interest
in each and every item of DIP Collateral now existing or hereafter created or acquired, but rather such Lien, security title and security interest shall vest in the DIP Administrative Agent immediately upon the creation or acquisition or any item of
DIP Collateral hereafter created or acquired, without the necessity for any other or further action by any the Borrower or by the DIP Administrative Agent. 

Section 8.4 Perfection and Maintenance of Liens. 

(a) The DIP Liens securing the DIP Obligations shall be effective and perfected automatically and without
further action by the DIP Administrative Agent, DIP Lenders or Borrower pursuant to and upon entry of the Interim DIP Order (with respect to the Interim DIP Facility) and the Final DIP Order. No filing or registration of any kind shall be required
in order to perfect the DIP Liens granted herein or in any other Security Document. Nevertheless, the DIP Administrative Agent or the Required DIP Lenders may elect, from an abundance of caution and in order to remove uncertainty, to file or record
all such financing statements, mortgages, deeds of trust, deeds to secure debt, pledge agreements, affidavits, security agreements, fixture filings, assignments, memoranda or other documents, instruments or evidences of perfection with respect to
the DIP Collateral as the DIP Administrative Agent or the Required DIP Lenders may deem appropriate (collectively referred to herein as the “Security Documents”), and no such filing or recording shall in any manner alter, diminish
or otherwise limit the automatic perfection of all DIP Liens granted by the Chapter 11 Orders. 
 (b) In
order to further evidence and perfect DIP Liens, the Borrower agrees that it shall execute and deliver to the DIP Administrative Agent all such Security Documents as the DIP Administrative Agent or the Required DIP Lenders may from time to time
reasonably request. 
 (c) The Borrower authorizes the DIP Administrative Agent (or its designee) to prepare
and record or file all such notices or instruments of perfection as may be necessary or desirable, in the sole discretion of the DIP Administrative Agent or the Required DIP Lenders, to establish, perfect and maintain the DIP Liens upon the DIP
Collateral including Uniform Commercial Code financing statements (collectively referred to herein as the “Perfection Documents”). 

(d) The Borrower hereby appoints the DIP Administrative Agent as its true and lawful attorney-in-fact (without requiring the DIP Administrative Agent to act as such), which power shall be coupled with an interest and irrevocable, for the limited purpose to
prepare and record or file any Security Documents or Perfection Documents, and to perform all other acts that the DIP Administrative Agent deems appropriate, to establish, perfect, maintain and continue the DIP Liens upon the DIP Collateral. 

Section 8.5 Costs of Perfection and Enforcement. The Borrower shall reimburse the DIP
Administrative Agent for the payment of all costs, expenses and taxes of any kind or character incurred in connection with filing, recording or enforcing the Security Documents or the Perfection Documents, with all such costs and expenses being
automatically added to the principal amount of the DIP Loans. 

  
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 Section 8.6 Further Assurances. Without limiting
any other provisions hereof or in any of the other DIP Loan Documents, upon request by the DIP Administrative Agent or the Required DIP Lenders, the Borrower will make, execute and deliver or cause to be made, executed and delivered to the DIP
Administrative Agent and, where appropriate, cause to be recorded or filed, as applicable, and from time to time thereafter to be re-recorded or refiled, as applicable, at such time and in such offices and
places as shall be deemed necessary by the DIP Administrative Agent or the Required DIP Lenders, any and all such instruments of further assurance, certificates and other documents as may, in the opinion of the DIP Administrative Agent or the
Required DIP Lenders, be necessary or desirable in order to effectuate, complete, or perfect, or to continue and preserve, the operation and effect of this Agreement, the Security Documents and the DIP Liens. 

Section 8.7 Adequate Protection Obligations. Pursuant to the Chapter 11 Orders, the
Prepetition Collateral Agent, for the benefit of the Holders, shall be granted the following protection (as may be amended from time to time with the approval of the Bankruptcy Court, the “Prepetition Secured Notes Protection”)
pursuant to sections 361, 507, 363(e) and 364(d)(1) of the Bankruptcy Code or otherwise, in connection with: (a) (i) the priming of the Prepetition Liens securing the Prepetition Secured Notes to be effectuated by the DIP Liens and DIP
Facility, (ii) the use of the Pledged Collateral (including Cash Collateral), and (iii) all of the other transactions contemplated by the DIP Facility, and (b) for any diminution in the value of the
pre-petition Liens of the Prepetition Collateral Agent, for the benefit of the Holders, whether or not such diminution in value results from the sale, lease or use by the Borrower of the Pledged Collateral
securing the Existing Primed DIP Secured Obligations (including Cash Collateral), the priming of the Prepetition Liens securing the Prepetition Secured Notes or the stay of enforcement of any Prepetition Lien securing the Prepetition Secured Notes
arising from sections 105 or 362 of the Bankruptcy Code, or otherwise: 
 (a) Adequate Protection
Liens. The Prepetition Collateral Agent shall be granted for the benefit of the Holders, effective and perfected as of the Interim DIP Order Entry Date and without the necessity of the execution of mortgages, deeds of trust, security agreements,
pledge agreements, control agreements, financing statements or other agreements, a valid and perfected security interest in and lien on all assets of the Borrower and in the same relative priority and to the same extent, priority, enforceability,
unavoidability and validity applicable to the respective Prepetition Secured Parties’ Prepetition Liens in the Pledged Collateral, which liens and security interests are junior and subordinate only to (i) the
Carve-Out, (ii) the DIP Liens, (iii) the DIP Obligations, (iv) the Super-priority Claims of the DIP Administrative Agent, and (v) the Permitted Exceptions (“Adequate Protection
Liens”). 
 (b) Super-priority Claim. Pursuant to and upon the entry of the Interim DIP
Order, the Prepetition Collateral Agent, on behalf of the Holders, shall be granted, subject to the Carve-Out, an allowed Super-priority Claim junior only to the Super-priority Claim of the DIP Administrative
Agent and any Permitted Exceptions; provided that the Trustee and the Prepetition Collateral Agent and Holders shall not receive or retain any payments, property or other amounts in respect of such Super-priority Claim unless and until the
DIP Obligations have indefeasibly been paid in cash in full. 
 (c) Fees and Expenses. The Borrower
shall make current cash payments payable under the Prepetition Note Documents to the Trustee or the Prepetition Collateral Agent for all professional fees and expenses incurred by the Trustee or Prepetition Collateral Agent in connection with
enforcement of the Prepetition Note Documents and the Chapter 11 Case, subject to the delivery of a Fee Notice, as defined in, and in the manner set forth in the Interim DIP Order. 

  
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 (d) Financial Reporting. The Borrower shall
(a) provide the Trustee and its advisors with unaudited quarterly financial statements within sixty (60) calendar days after the conclusion of each quarter, and (b) shall provide the Trustee with any other reporting as reasonably
required by the Required DIP Lenders. 
 (e) The Borrower shall consent to the appointment of any successor
Trustee designated by the Required Holders. 
 ARTICLE 9 – DIP EVENTS OF DEFAULT 

Section 9.1 DIP Events of Default. The occurrence of any of the following events shall
constitute a DIP Event of Default: 
 (a) The Borrower shall fail to pay (i) any principal of the DIP
Loans when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; or (ii) within three (3) Business Days, any interest on the DIP Loans,
fees or other sums due hereunder or under the Fee Letter, when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment. 

(b) The Borrower shall fail to comply with the Agreed Covenants or any of the other terms and conditions of the
DIP Loan Documents, or the Chapter 11 Orders; provided, that, the Borrower shall not be required to comply with any Agreed Covenant to the extent that (i) the Required DIP Lenders have granted the Borrower an exception thereto in
writing, (ii) compliance would conflict, or otherwise be inconsistent, with any provisions of this Agreement, the Chapter 11 Orders, any other orders of the Bankruptcy Court, or the Bankruptcy Code, or (iii) the cost of compliance is not
included in the Budget and the Required DIP Lenders shall have failed to agree to an amendment to the Budget or to otherwise make funds available to fund the cost of compliance therewith. 

(c) Any of the 363 Sale Milestones shall not have been timely satisfied, except as otherwise consented to in
writing by the Required DIP Lenders. 
 (d) The Chapter 11 Case shall be dismissed or converted to a Chapter
7 case under the Bankruptcy Code. 
 (e) A trustee, examiner or receiver with enlarged powers shall be
appointed or designated on a final basis in the Chapter 11 Case. 
 (f) Except as expressly set forth in the
Interim DIP Order, the Final DIP Order or this Agreement, the Borrower (1) incurs any additional post-petition Debt (other than ordinary course trade Debt and insurance premium financing consistent with prior practice) or (2) grants or
requests authority to grant any Lien or security interest to secure such post-petition Debt. 
 (g) Any
Chapter 11 Order shall be amended, supplemented, stayed, reversed, vacated or otherwise modified (or the Borrower shall apply for authority to do so) without the written consent of the Required DIP Lenders or any Chapter 11 Order shall cease to be
in full force and effect. 

  
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 (h) The Final DIP Order Entry Date shall not have occurred
(subject to the Bankruptcy Court’s availability) within thirty (30) calendar days after the Interim DIP Order Entry Date (unless such date is extended by the Required DIP Lenders). 

(i) A Debtor Party shall take any action, including the filing of an application, in support of any of
(a) through (g) hereof, or any Person other than the Borrower shall do so and such application is not contested in good faith by the Borrower. 

(j) A Debtor Party shall file a motion seeking, or the Bankruptcy Court shall enter, an order
(i) approving payment of any pre-petition claim other than (x) as provided for in a First Day Order and included in the Budget or (y) otherwise consented to by the Required DIP Lenders in
writing, (ii) granting relief from the automatic stay applicable under section 362 of the Bankruptcy Code to any holder of any security interest to permit foreclosure on any assets having a book value in excess of $100,000 in the aggregate or
to permit other actions that would have a Material Adverse Effect on the Borrower or its estate, or (iii) approving any settlement or other stipulation not approved by the Required DIP Lenders and not included in the Budget with any secured
creditor of the Borrower providing for payments as adequate protection (other than the adequate protection payments as set forth in Section 8.7), or otherwise to such secured creditor. 

(k) The Bankruptcy Court shall enter an order granting relief from the automatic stay to the holder of any
security interest in any material asset of the Borrower. 
 (l) Any material contract is rejected or
otherwise terminated or any material property of the Borrower is sold, in each instance, without the prior written consent of the Required DIP Lenders. 

(m) A Debtor Party files a motion without the express written consent of the Required DIP Lenders or any Person
other than a Debtor Party shall do so and such application is not contested in good faith by the Borrower and such motion is granted, to obtain additional financing from a Party other than the DIP Lenders under section 364(d) of the Bankruptcy Code
or to use Cash Collateral of a DIP Lender under section 363(c) of the Bankruptcy Code. 
 (n) Entry of an
order by the Bankruptcy Court terminating or modifying the exclusive right of the Borrower to file a chapter 11 plan pursuant to section 1121 of the Bankruptcy Code, without the prior written consent of the Required DIP Lenders. 

(o) The Borrower shall support any other Person’s opposition of any motion made in the Bankruptcy Court by
the DIP Administrative Agent or the DIP Lenders seeking confirmation of the amount of the DIP Lenders’ claims or the validity and enforceability of the Liens in favor of the DIP Administrative Agent. 

(p) (i) Any Debtor Party shall seek to, shall support, acquiesce in, or not challenge (in any such case by way
of any motion or other pleading filed with the Bankruptcy Court or on behalf of the Borrower) any other Person’s motion to, disallow in whole or in part the DIP Lenders’ claims in respect of the DIP Obligations or to challenge the validity
and enforceability of the Liens in favor of the DIP Administrative Agent or contest any material provision of any DIP Loan Documents, (ii) such Liens and/or Super-priority claims shall otherwise cease to be valid, perfected and enforceable in
all respects, or (iii) or any provision of any DIP Loan Documents shall cease to be effective. 

  
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 (q) Any judgments which are in the aggregate in excess of
$250,000 (not covered by insurance), as to any post-petition obligation shall be rendered against the Borrower and the enforcement thereof shall not be stayed. 

(r) (i) Any Debtor Party shall file any pleading or proceeding which could reasonably be expected to result in
an impairment of the rights or interests of the DIP Administrative Agent or the DIP Lenders or (ii) entry of an order of the Bankruptcy Court with respect to any pleading or proceeding brought by any other Person which results in such
impairment of the rights or interests of the DIP Administrative Agent or the DIP Lenders. 
 (s) The Borrower
shall fail to execute and deliver to the DIP Administrative Agent any agreement, financing statement, trademark filing, copyright filing, mortgages, notices of lien or similar instruments or other documents that the DIP Administrative Agent or the
Required DIP Lenders may reasonably request from time to time to more fully evidence, confirm, validate, perfect, preserve and enforce the DIP Liens created in favor of the DIP Secured Parties. 

(t) With respect to other Debt of the Borrower, the Borrower shall fail to pay at maturity, or within any
applicable period of grace, any obligation for Debt in excess of $250,000 or fail to observe or perform any material term, covenant or agreement (other than any such obligation with respect to which the Bankruptcy Code prohibits the Borrower from
complying with such obligation or permits the Borrower not to comply with such obligation) contained in any agreement by which it is bound, evidencing or securing Debt in excess of $100,000 for such period of time as would permit (assuming the lapse
of time and/or giving of appropriate notice if required and assuming such breach has not been cured within the applicable grace period thereunder) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity
thereof. 
 (u) There shall occur, in any single event or in a series of events (related of unrelated) any
damage to, or loss, theft or destruction of, any DIP Collateral in an amount greater than $1,000,000 that is not covered by insurance. 

(v) (i) Any Debtor Party shall attempt to invalidate, reduce or otherwise impair the Liens or security
interests of the DIP Administrative Agent and/or the DIP Lenders, claims or rights against such Person or to subject any DIP Collateral to assessment pursuant to section 506(c) of the Bankruptcy Code, (ii) any Lien or security interest created
by the Chapter 11 Orders with respect to DIP Collateral shall, for any reason, cease to be valid or (iii) any action is commenced by the Borrower which contests the validity, perfection or enforceability of any of the liens and security
interests of the DIP Administrative Agent and/or the DIP Lenders created by the Chapter 11 Orders. 
 (w) Any
Debtor Party takes any action that would adversely affect the rights, remedies, claims, liens or recovery of the DIP Lenders and/or the Prepetition Collateral Agent and the Trustee (on behalf of the Holders). 

(x) Any Person, including, but not limited to, the Debtor Parties, files a plan of reorganization or a motion
to sell all or substantially all of the Borrower’s assets, in either case, without the express prior written consent of the Required DIP Lenders (other than as contemplated under this Agreement). 

(y) The Borrower or Orexigen Ireland executes or enters into a definitive purchase or sale agreement with
respect to the assets of the Borrower (including, but not limited to, any stalking horse purchase or sale agreement), or otherwise pursues any sale transaction, in either 

  
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case, without the express prior written consent of the Required DIP Lenders, other than as contemplated under this Agreement and any 363 Sale Order. 

(z) The Borrower transfers any assets to Orexigen Ireland outside the Ordinary Course of Business without the
written consent of the Required DIP Lenders. 
 Section 9.2 Remedies. 

(a) Immediately upon the occurrence and during the continuation of a DIP Event of Default, the DIP
Administrative Agent may, in its sole discretion, and at the direction of the Required DIP Lenders shall (without further notice or grace period, unless required by Applicable Law), take any or all of the following actions: 

(i) declare all DIP Obligations to be immediately due and payable; 

(ii) declare the termination, reduction or restriction of any remaining New Money Loan Commitments, to the
extent any such New Money Loan Commitments remain; 
 (iii) terminate the DIP Facility as to any future
liability or obligation of the DIP Administrative Agent and the DIP Lenders, but without affecting any of the DIP Obligations, DIP Liens or Super-priority Claims; 

(iv) declare a termination, reduction or restriction on the ability of the Borrower to use any Cash Collateral
derived solely from the proceeds of DIP Collateral (any such declaration shall be made to the Borrower, the official committee of unsecured creditors of the Borrower (if applicable) and the United States Trustee; 

(v) exercise the rights of a secured party upon default under the UCC; and/or 

(vi) exercise any and all rights and remedies available under any of the Prepetition Note Documents, including
judicial or non-judicial foreclosure or public or private sale of any of the Collateral. 

(b) Following five (5) Business Days’ notice of such DIP Event of Default to the Borrower, any
official committee of unsecured creditors (if applicable), and the Office of the U.S. Trustee, unless such DIP Event of Default is cured within such time or an order of the Bankruptcy Court is entered to the contrary, the DIP Administrative Agent
and the DIP Lenders shall have relief from the automatic stay to exercise remedies under the DIP Loan Documents, the Chapter 11 Orders, and Applicable Law, subject to the Carve-Out. 

(c) The Borrower and the DIP Lenders hereby irrevocably authorize the DIP Administrative Agent, upon the
direction of the Required DIP Lenders, to (a) credit bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the DIP Collateral at any sale thereof conducted under the provisions of
the Bankruptcy Code of the United States, including under section 363 of the Bankruptcy Code of the United States or any similar laws in any other jurisdictions to which the Borrower is subject, or (b) credit bid and in such manner purchase
(either directly or through one or more acquisition vehicles) all or any portion of the DIP Collateral at any other sale or foreclosure conducted by the DIP Administrative Agent (whether by judicial action or otherwise) in accordance with Applicable
Law. In connection with any such credit bid and purchase, the DIP Obligations owed to the DIP Lenders shall be entitled to be, and shall be, credit bid on a ratable basis (with DIP Obligations with respect to contingent or

  
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unliquidated claims being estimated for such purpose if the fixing or liquidation thereof would not unduly delay the ability of the DIP Administrative Agent to credit bid and purchase at such
sale or other disposition of the DIP Collateral and, if such claims cannot be estimated without unduly delaying the ability of the DIP Administrative Agent to credit bid, then such claims shall be disregarded, not credit bid, and not entitled to any
interest in the asset or assets purchased by means of such credit bid) and the DIP Lenders whose DIP Obligations are credit bid shall be entitled to receive interests (ratably based upon the proportion of their DIP Obligations credit bid in relation
to the aggregate amount of DIP Obligations so credit bid in the asset or assets so purchased (or in the capital stock of the acquisition vehicle or vehicles that are used to consummate such purchase). Upon request by the DIP Administrative Agent or
the Borrower at any time, the DIP Lenders will confirm in writing the DIP Administrative Agent’s authority to release any such liens on particular types or items of DIP Collateral pursuant to this Section 9.2(c). 

(d) The DIP Lenders acknowledge that, subject to payment in full in cash of the DIP Obligations, the
Prepetition Collateral Agent (upon the direction of the Required Holders) may credit bid all or any portion of the Pledged Collateral that is subject to a senior lien in favor of the Prepetition Collateral Agent (for the benefit of the Holders)
offered for sale in accordance with the procedures in the preceding clause (c), and that any other bids must include sufficient cash to pay off the DIP Facility in cash in full. 

Section 9.3 Terminated Use of Cash Collateral. Following five (5) Business Days’
notice of a DIP Event of Default to the Borrower, any official committee of unsecured creditors (if applicable), and the Office of the U.S. Trustee, unless such DIP Event of Default is cured within such time or an order of the Bankruptcy Court is
entered to the contrary, without limitation of any of the remedies set forth in this Agreement and the other DIP Loan Documents, the Borrower shall have no right to use or seek to use any Cash Collateral in which the DIP Administrative Agent, DIP
Lenders, or Prepetition Collateral Agent has an interest, other than in connection with funding and/or reserving amounts to fund the Carve-Out. 

Section 9.4 Setoff Rights. During the continuance of any DIP Event of Default, each DIP
Lender is hereby authorized by the Borrower at any time or from time to time, with reasonably prompt subsequent notice to the Borrower (any prior or contemporaneous notice being hereby expressly waived) to set off and to appropriate and to apply any
and all (a) balances held by such DIP Lender at any of its offices for the account of the Borrower (regardless of whether such balances are then due to the Borrower), and (b) other property at any time held or owing by such DIP Lender to
or for the credit or for the account of the Borrower or any of its Subsidiaries, against and on account of any of the DIP Obligations. 

Section 9.5 Application of Proceeds. 

(a) Notwithstanding anything to the contrary contained in this Agreement, following the occurrence and during
the continuance of a DIP Event of Default, the DIP Administrative Agent shall apply any and all payments received by the DIP Administrative Agent in respect of the DIP Obligations, and any and all proceeds of DIP Collateral received by the DIP
Administrative Agent, in the following order: first, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to the DIP Administrative Agent with respect to this Agreement, the other DIP Loan
Documents or the DIP Collateral; second, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to any DIP Lender with respect to this Agreement, the other DIP Loan Documents or the DIP Collateral;
third, to accrued and unpaid interest on the DIP Loans; fourth, to the unpaid principal of the DIP Loans; fifth, to any other indebtedness or obligations of the Borrower owing to the DIP Administrative Agent
or any DIP Lender under the DIP Loan Documents. Any balance remaining shall be delivered to the 

  
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Borrower or to whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. In carrying out the foregoing, (i) amounts received shall be
applied in the numerical order provided until exhausted prior to the application to the next succeeding category, and (ii) each of the Parties entitled to receive a payment in any particular category shall receive an amount equal to its pro
rata share of amounts available to be applied pursuant thereto for such category. 

Section 9.6 Waivers. 

(a) No failure or delay by the DIP Administrative Agent or any DIP Lender in exercising any right, remedy,
power or privilege under this Agreement, any other DIP Loan Document or the Chapter 11 Orders, shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The remedies provided in this Agreement, the other DIP Loan Documents, and the Chapter 11 Orders, are cumulative and not exclusive of any remedies provided by Applicable Law. 

(b) Without limiting the generality of anything contained in this Agreement or the other DIP Loan Documents,
the Borrower agrees that if a DIP Event of Default has occurred and is continuing (i) the DIP Administrative Agent shall not be subject to any “one action” or “election of remedies” law or rule, and (ii) all DIP Liens
and other rights, remedies or privileges provided to the DIP Administrative Agent shall remain in full force and effect until the DIP Administrative Agent has exhausted all remedies against the DIP Collateral such that that the DIP Obligations shall
have been satisfied in full. 
 (c) Nothing contained herein or in any other DIP Loan Document shall be
construed as requiring the DIP Administrative Agent to, following the occurrence and continuation of a DIP Event of Default, resort to any part of the DIP Collateral for the satisfaction of any of the Borrower’s obligations under the DIP Loan
Documents in preference or priority to any other DIP Collateral, and the DIP Administrative Agent may seek satisfaction out of all of the DIP Collateral or any part thereof, in its absolute discretion in respect of the Borrower’s obligations
under the DIP Loan Documents. In addition, the DIP Administrative Agent shall have the right from time to time to partially foreclose upon any DIP Collateral in any manner and for any amounts secured by the DIP Loan Documents then due and payable as
determined by the DIP Administrative Agent in its sole discretion. Notwithstanding one or more partial foreclosures, any unforeclosed DIP Collateral shall remain subject to the DIP Liens, DIP Loan Documents and Chapter 11 Orders to secure payment of
the remaining DIP Obligations. 
 Section 9.7 Injunctive Relief. The Parties acknowledge
and agree that, in the event of a breach or threatened breach of the Borrower’s obligations under any DIP Loan Documents, the DIP Administrative Agent and the DIP Lenders may have no adequate remedy in money damages and, accordingly, shall be
entitled to seek an injunction (including a temporary restraining order, preliminary injunction, writ of attachment, or order compelling an audit) against such breach or threatened breach, including maintaining any cash management and collection
procedure described herein. However, no specification in this Agreement of a specific legal or equitable remedy shall be construed as a waiver or prohibition against any other legal or equitable remedies in the event of a breach or threatened breach
of any provision of this Agreement. The Borrower waives, to the fullest extent permitted by law, the requirement of the posting of any bond in connection with such injunctive relief. 

Section 9.8 Marshaling; Payments Set Aside. Neither the DIP Administrative Agent nor any DIP
Lender shall be under any obligation to marshal any assets in payment of any or all of the DIP 

  
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Obligations. To the extent that the Borrower makes any payment or the DIP Administrative Agent enforces the DIP Liens or the DIP Administrative Agent or any DIP Lender exercises its right of set-off, and such payment or the proceeds of such enforcement or set-off is subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be
repaid by anyone, then to the extent of such recovery, the DIP Obligations or part thereof originally intended to be satisfied, and all DIP Liens, rights and remedies therefore, shall be revived and continued in full force and effect as if such
payment had not been made or such enforcement or set-off had not occurred. 
 ARTICLE 10
– DIP ADMINISTRATIVE AGENT 
 Section 10.1 Appointment and Authorization. Each DIP
Lender hereby irrevocably appoints Wilmington Trust to act on its behalf as the DIP Administrative Agent hereunder and under the other DIP Loan Documents and authorizes the DIP Administrative Agent to enter into each of the DIP Loan Documents to
which it is a party (other than this Agreement) on its behalf and to take such actions as the DIP Administrative Agent on its behalf and to take such actions and exercise such powers under the DIP Loan Documents as are delegated to the DIP
Administrative Agent by the terms thereof, together with all such powers as are reasonably incidental thereto. The provisions of this Article 10 are solely for the benefit of the DIP Administrative Agent and the DIP Lenders and the Borrower
shall have no rights as a third-party beneficiary of any of the provisions hereof. The DIP Administrative Agent shall not have, by reason hereof or any of the other DIP Loan Documents, a fiduciary relationship in respect of any DIP Lender or any
other Person. It is understood and agreed that the use of the term “agent” herein or in any other DIP Loan Documents (or any other similar term) with reference to the DIP Administrative Agent is not intended to connote any fiduciary or
other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
The DIP Administrative Agent may perform any of its duties hereunder, or under the DIP Loan Documents, by or through its agents or employees. 

Section 10.2 Removal of the DIP Administrative Agent. The DIP Administrative Agent may be
removed only upon fifteen (15) days’ prior written notice by the Required DIP Lenders to the DIP Administrative Agent and the Borrower. Upon the effective date of such removal, the DIP Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other DIP Loan Documents. After the removal of the DIP Administrative Agent hereunder, the provisions of this Article 10 and Article 11 shall continue in effect for the
benefit of such removed DIP Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the removed DIP Administrative
Agent was acting as DIP Administrative Agent hereunder and under the other DIP Loan Documents. 

Section 10.3 DIP Administrative Agent and Affiliates. The DIP Administrative Agent, if it is
a DIP Lender, and in its capacity as such, shall have the same rights and powers under the DIP Loan Documents as any other DIP Lender and may exercise or refrain from exercising the same as though it were not the DIP Administrative Agent, and the
DIP Administrative Agent and its Affiliates may lend money to, invest in and generally engage in any kind of business with the Borrower or Affiliate of the Borrower as if it were not the DIP Administrative Agent hereunder. 

Section 10.4 Exculpatory Provisions. The duties of the DIP Administrative Agent shall be
mechanical and administrative in nature. The DIP Administrative Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any DIP Lender. Nothing in this Agreement or any of the DIP Loan Documents is intended to or
shall be construed to impose upon the DIP Administrative Agent any obligation in respect of this Agreement or any of the DIP Loan Documents except as expressly set forth herein or therein. Without limiting the generality of the foregoing, the DIP
Administrative Agent: 

  
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 (a) shall not be subject to any fiduciary or other implied
duties, regardless of whether a Default or DIP Event of Default has occurred and is continuing; 
 (b) shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other DIP Loan Documents that the DIP Administrative Agent, as applicable, is
required to exercise as directed in writing by the Required DIP Lenders (or such other number or percentage of the DIP Lenders as shall be expressly provided for herein or in the other DIP Loan Documents); provided that the DIP Administrative
Agent shall not be required to take any action that, in its respective opinion or the opinion of its counsel, may expose the DIP Administrative Agent to liability or that is contrary to any DIP Loan Document or Applicable Law; 

(c) shall not, except as expressly set forth herein and in the other DIP Loan Documents, have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the DIP Administrative Agent or any of its Affiliates in
any capacity; and 
 (d) shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing (including, but not limited to, any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have
been signed, sent or otherwise authenticated by the proper Person. The DIP Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a DIP Loan, that by its terms must be fulfilled to the satisfaction of a DIP Lender, the DIP Administrative Agent may presume that such condition
is satisfactory to such DIP Lender unless the DIP Administrative Agent shall have received written notice to the contrary from such DIP Lender prior to the making of such DIP Loan. The DIP Administrative Agent may consult with legal counsel (who may
be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

Section 10.5 Liability of the DIP Administrative Agent. 

(a) Neither the DIP Administrative Agent nor any of its Related Parties shall be liable to any DIP Lender or
any other Person for any action taken or not taken by it (i) with the consent or at the request of the Required DIP Lenders (or such other number or percentage of the DIP Lenders as shall be necessary, or as the DIP Administrative Agent shall
believe in good faith shall be necessary, under the circumstances as provided in Section 12.14 and Section 9.2) or (ii) in the absence of its own gross negligence or willful misconduct, as
determined by a final and non-appealable judgment of a court of competent jurisdiction. Neither the DIP Administrative Agent nor any of its Related Parties shall be responsible for or have any duty to
ascertain, inquire into or verify (a) any statement, warranty or representation made in connection with any DIP Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements specified in
any DIP Loan Document; (c) the satisfaction of any condition specified in any DIP Loan Document; (d) the validity, effectiveness, sufficiency or genuineness of any DIP Loan Document, any Lien purported to be created or perfected thereby or
any other instrument or writing furnished in connection therewith; (e) the existence or non-existence of any Default or DIP Event of Default; (f) the financial condition of the Borrower; or
(g) the creation, perfection or priority of any Lien purported to be created by any DIP Loan Document. The DIP Administrative Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, statement, or other
writing 

  
 44 

 
(which may be a bank wire, telex, facsimile or electronic transmission or similar writing) believed by it to be genuine or to be signed by the proper Party or Parties. The DIP Administrative
Agent shall not be liable for any apportionment or distribution of payments made by it in good faith and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any DIP Lender to whom
payment was due and payable but not made, shall be to recover from other the DIP Lenders any payment in excess of the amount to which they are determined to be entitled (and such other the DIP Lenders hereby agree to return to such DIP Lender any
such erroneous payments received by them). 
 (b) Notwithstanding anything to the contrary contained herein
or otherwise, it is hereby acknowledged and agreed by each of the parties hereto that the DIP Administrative Agent shall not (i) be deemed to be a party to any Prepetition Note Document or have any duties, responsibilities or obligations
thereunder or in respect thereof and (ii) shall not be deemed to be an agent or other fiduciary for any Holder or other Person in respect of the Prepetition Note Documents or the indebtedness and other obligations owing thereunder. 

Section 10.6 Indemnification. Each DIP Lender shall, in accordance with their respective
Applicable Percentages, indemnify the DIP Administrative Agent and its Related Parties (to the extent not reimbursed by the Borrower) upon demand against any and all Indemnified Liabilities; provided that no DIP Lender shall be liable for any
portion of such Indemnified Liabilities resulting from the DIP Administrative Agent’s (or its Related Party’s, as applicable) gross negligence or willful misconduct as determined by a final and
non-appealable judgment of a court of competent jurisdiction. If any indemnity furnished to the DIP Administrative Agent for any purpose shall, in the opinion of the DIP Administrative Agent, be insufficient
or become impaired, the DIP Administrative Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against even if so directed by the DIP Lenders until such additional indemnity is furnished. Without limitation
of the foregoing, each DIP Lender shall reimburse the DIP Administrative Agent upon demand for its Applicable Percentage of any costs or out-of-pocket expenses incurred
by the DIP Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights
or responsibilities under, this Agreement, any other DIP Loan Document, or any document contemplated by or referred to herein, to the extent that the DIP Administrative Agent is not reimbursed for such expenses by or on behalf of the Borrower;
provided that such reimbursement by the DIP Lenders shall not affect the Borrower’s continuing reimbursement obligations with respect thereto Each DIP Lender hereby authorizes the DIP Administrative Agent to set off and apply any and all
amounts at any time owing to such DIP Lender under any DIP Loan Document or otherwise payable by the DIP Administrative Agent to such DIP Lender from any source against any amount due to the DIP Administrative Agent under this
Section 10.6. The undertaking in this Section 10.6 shall survive termination of the New Money Loan Commitments, the payment of all other DIP Obligations and the resignation and/or replacement of
the DIP Administrative Agent. 
 Section 10.7 Right to Request and Act on Instructions. The
DIP Administrative Agent may at any time request instructions from the DIP Lenders or Required DIP Lenders, as applicable, pursuant to the terms of this Agreement or any other DIP Loan Document, with respect to any actions or approvals which by the
terms of this Agreement or of any of the DIP Loan Documents, the DIP Administrative Agent is permitted or desires to take or to grant (or to not take or not grant), and if such instructions are requested, the DIP Administrative Agent shall be
absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under any liability whatsoever to any Person for refraining from any action or withholding any approval under any of the DIP Loan Documents until it
shall have received such instructions from the DIP Lenders or Required DIP Lenders, as applicable. Without limiting the foregoing, no DIP Lender shall have any right of action whatsoever against the DIP Administrative Agent 

  
 45 

 
as a result of the DIP Administrative Agent acting or refraining from acting under this Agreement or any of the other DIP Loan Documents in accordance with the instructions of the DIP Lenders or
Required DIP Lenders, as applicable, and, notwithstanding the instructions of DIP Lenders or Required DIP Lenders, as applicable, the DIP Administrative Agent shall have no obligation to take any action if it believes, in good faith, that such
action would violate Applicable Law or expose the DIP Administrative Agent to any liability for which it has not received satisfactory indemnification in accordance with the provisions of this Agreement. 

Section 10.8 Credit Decision. Each DIP Lender acknowledges that it has, independently and
without reliance upon the DIP Administrative Agent or any other DIP Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each DIP Lender also
acknowledges that it will, independently and without reliance upon the DIP Administrative Agent or any other DIP Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking any action under the DIP Loan Documents or Chapter 11 Orders. 

Section 10.9 Agency for Perfection. The DIP Administrative Agent and each DIP Lender hereby
appoint each other DIP Lender as agent for the purpose of perfecting the DIP Liens in DIP Collateral which, in accordance with the UCC, can be perfected by possession or control. If any DIP Lender (other than the DIP Administrative Agent) obtains
possession or control of any such DIP Collateral, such DIP Lender shall notify the DIP Administrative Agent in writing thereof, and, promptly upon the DIP Administrative Agent’s request therefor, shall deliver such DIP Collateral to the DIP
Administrative Agent or in accordance with the DIP Administrative Agent’s reasonable instructions or transfer control to the DIP Administrative Agent in accordance with the DIP Administrative Agent’s reasonable instructions. Each DIP
Lender agrees that it will not have any right individually to enforce or seek to enforce any Security Document or to realize upon any DIP Collateral unless instructed to do so by the DIP Administrative Agent (or consented to by the DIP
Administrative Agent), it being understood and agreed that such rights and remedies may be exercised only by the DIP Administrative Agent. 

Section 10.10 Notice of Default. The DIP Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or DIP Event of Default unless the DIP Administrative Agent shall have received written notice from a DIP Lender or the Borrower referring to this Agreement, describing such Default or DIP Event
of Default and stating that such notice is a “notice of default.” The DIP Administrative Agent will promptly notify each DIP Lender of its receipt of any such notice. The DIP Administrative Agent shall take such action with respect to such
Default or DIP Event of Default as may be requested by the DIP Lenders or Required DIP Lenders, as applicable pursuant to the terms of this Agreement, in accordance with the terms hereof. Unless and until the DIP Administrative Agent has received
any such request, the DIP Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or DIP Event of Default as it shall deem advisable or in the best interests of the
DIP Lenders. 
 Section 10.11 Resignation of the DIP Administrative Agent; Successor DIP
Administrative Agent. 
 (a) The DIP Administrative Agent may at any time give notice of its resignation
to the DIP Lenders and the Borrower. Upon receipt of any such notice of resignation, the DIP Lenders shall have the right to appoint a successor DIP Administrative Agent. If no such successor shall have been so appointed by the DIP Lenders and shall
have accepted such appointment within ten (10) Business Days after the retiring the DIP Administrative Agent gives notice of its resignation, then such resignation shall nonetheless become effective in accordance with such notice of resignation
from the DIP Administrative Agent and, from and following delivery of such notice, 

  
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(i) the retiring DIP Administrative Agent shall be discharged from its duties and obligations hereunder and under the other DIP Loan Documents, and (ii) all payments, communications and
determinations provided to be made by, to or through the DIP Administrative Agent shall instead be made by or to each DIP Lender directly, until such time as the DIP Lenders appoint a successor DIP Administrative Agent as provided for herein. 

(b) Upon the acceptance of a successor’s appointment as the DIP Administrative Agent pursuant to clause
(a) above, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) DIP Administrative Agent (other than any rights to indemnity payments or other amounts owed to the
retiring DIP Administrative Agent as of the effective date of its resignation), and the retiring the DIP Administrative Agent shall be discharged from all of its duties and obligations hereunder and under the other DIP Loan Documents (if not already
discharged therefrom as provided above in this Section 10.11). The fees payable by the Borrower to a successor DIP Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between
the Borrower and such successor. After the retiring the DIP Administrative Agent’s resignation hereunder and under the other DIP Loan Documents, the provisions of this Article and all indemnity and expense reimbursement provisions herein
applicable to the DIP Administrative Agent shall continue in effect for the benefit of such retiring DIP Administrative Agent and its sub-agents in respect of any actions taken or omitted to be taken by any of
them while the retiring the DIP Administrative Agent was acting or was continuing to act as the DIP Administrative Agent. 

(c) The DIP Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other DIP Loan Document by or through any one or more sub-agents appointed by the DIP Administrative Agent. The DIP Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article 10 shall apply to any such sub-agent and to the Related Parties of the DIP Administrative Agent and any such sub-agent, and shall apply to the activities as such DIP Administrative Agent. The DIP
Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the DIP Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

ARTICLE 11 – EXPENSES AND INDEMNITY 

Section 11.1 Expenses; Indemnity. 

(a) The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the DIP Administrative Agent (including, but not limited to, the fees and expenses of Arnold & Porter Kaye Scholer LLP and Duane Morris LLP, as counsel to the DIP
Administrative Agent), the DIP Lenders (including, but not limited to, the fees and expenses incurred by Quinn Emanuel Urquhart & Sullivan, LLP, as counsel to certain of the DIP Lenders and certain of the Holders, local counsel to the DIP
Lenders, and Brown Rudnick, LLP, as counsel to the 1992 Funds) and their respective Affiliates (including, in each case, the reasonable fees, charges and disbursements of counsel and advisors for such Persons, including local counsel to such persons
in any relevant jurisdiction), in connection with the preparation, negotiation, execution, delivery and administration of the DIP Facility and the DIP Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), or related to the Chapter 11 Case and (ii) all documented out-of-pocket
expenses incurred by the DIP Administrative Agent and the DIP Lenders (including, in each case, the fees, charges and disbursements of counsel (including local 

  
 47 

 
counsel to such persons in any relevant jurisdiction) and advisors for the DIP Lenders) in connection with the enforcement or protection of its rights (A) relating to or arising out of, in
connection with or the result of the DIP Facility and the DIP Loan Documents, (B) relating to or arising out of, in connection with, or as a result of, the DIP Loans made hereunder, including all such documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such DIP Loans, or (C) relating to or arising out of, in connection
with or the result of the commencement, defense, conduct of, intervention in, or the taking of any other action (including preparation for and/or response to any subpoena or document request) related to the DIP Facility, the DIP Loan Documents or
the DIP Loans in any action, litigation, investigation, or proceeding. The indemnification provided under this Section 11.1(a) to each DIP Lender shall extend to (i) any entity which serves as a manager or investment
advisor to such DIP Lender and (ii) all officers, directors and employees of such a manager or advisor, regardless of whether such persons or entities are otherwise considered to be Affiliates under the definition of that term in this
agreement.
 Section 11.2 Indemnification by the Borrower. The Borrower shall indemnify the
DIP Administrative Agent (and any sub-agent thereof), each DIP Lender and each Related Party of any of the foregoing persons (each such Person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities, costs and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from
all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower) arising out of, in connection with, or as a result
of (i) the execution or delivery of any DIP Loan Documents or any agreement or instrument contemplated hereby or thereby, the performance by the Parties hereto of their respective obligations hereunder or thereunder, the consummation of the
transactions contemplated hereby or thereby, or, in the case of the DIP Administrative Agent (and any sub-agent thereof) and its related Parties only, the administration of the DIP Facility and the DIP Loan
Documents, (ii) any DIP Loan or the use or proposed use of the proceeds therefrom, (iii) any breach or violation by the Borrower of its obligations under, or any misrepresentation by the Borrower contained in, this DIP Facility or the
other DIP Loan Documents, or (iv) any other action or inaction by, or matter which is the responsibility of, the Borrower, or (v) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory, whether brought by or on behalf of any Person (including the Borrower), and regardless of whether any Indemnitee is a Party thereto (collectively, the “Indemnified Liabilities”);
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities, costs or related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, if the Borrower has obtained a final and nonappealable judgment in their favor on such indemnification claim by such Indemnitee as determined by a court of
competent jurisdiction. This provision shall not apply with respect to taxes other than any taxes that represent losses, claims, damages, etc. arising from any non-tax claim. It is understood and agreed that
the indemnification obligations under the Prepetition Note Documents shall survive the Closing Date and the repayment of the DIP Loans and exercise of any remedies in connection therewith and shall continue as indemnification obligations hereunder
following the Closing Date or exercise of any such remedies subject to the terms hereof and thereof. 

Section 11.3 Waiver of Consequential Damages, Etc. To the fullest extent permitted by
Applicable Law, no Party or any beneficiary hereof shall assert, and each Party and beneficiary hereto hereby waives, any claim against any Indemnitee or any other Party, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other DIP Loan Document or any agreement or 

  
 48 

 
instrument contemplated hereby, the transactions contemplated hereby or thereby, any DIP Loan or the use of the proceeds thereof, or the Chapter 11 Orders. 

Section 11.4 Payments. All amounts due under Section 11.1 and
Section 11.2 shall be payable promptly after demand therefor; provided that all requests for payment or reimbursement of fees and expenses shall be subject to the delivery of a Fee Notice, as defined in, and in the manner
set forth in the Interim DIP Order. 
 Section 11.5 Survival. Each Party’s obligations
under Section 11.1 and Section 11.2 shall survive the termination of the DIP Loan Documents and payment of the obligations hereunder. 

ARTICLE 12 – MISCELLANEOUS 

Section 12.1 Notices. 

(a) Any notice, request, demand, consent, confirmation or other communication hereunder shall be in writing and
shall be deemed received (i) when personally delivered to the Person or department if one is designated, (ii) one (1) Business Day following the date deposited with a national overnight courier, fees prepaid, (iii) three (3) calendar
days following the date deposited with U.S. certified or registered mail, return receipt requested, postage prepaid, (iv) when sent by facsimile (except that, if not given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next Business Day for the recipient) or (v) when sent by electronic mail, to the extent provided in clause (b) below, and addressed in each such case to the applicable Parties at their
respective addresses set forth below (or in the case of a Person that becomes a DIP Lender after the date thereof, in its Administrative Questionnaire in the form attached hereto as Exhibit E) or such other single address as a Party
may designate in a written notice given as herein provided (except that a change of address notice shall not be effective until actually received by the other Parties). 

If to Borrower: 

Orexigen Therapeutics, Inc. 
 3344 North Torrey
Pines Court, Suite 200 
 La Jolla, CA, 92037 
 Attn:
    Tom Lynch 
 Facsimile: (858) 875-8650 

Email: tlynch@orexigen.com 
 with a copy (which
will not constitute notice) to: 
 Hogan Lovells US LLP 
 875
Third Avenue 
 New York, NY 10022 
 Attn:
    Christopher R. Donoho, III 
      Christopher R. Bryant 

Facsimile: (212) 918-3000 

Email: chris.donoho@hoganlovells.com 

    christopher.bryant@hoganlovells.com 

  
 49 

 If to any DIP Lender: 

Quinn Emanuel Urquhart &Sullivan LLP 
 865 S. Figueroa
Street, 10th Floor 
 Los Angeles, CA 90017 

Attn:     Eric Winston 

     Bennett Murphy 

Facsimile: (213) 443-3100 

Email: ericwinston@quinnemanuel.com 

    bennettmurphy@quinnemanuel.com 

and 
 1992 Funds 

40 West 57th Street - 32nd Floor 
 New York, NY 10019 

Attn:     Damon P. Meyer 
 Facsimile: (646) 344-4747 
 Email: damon.meyer@highbridge.com 

and 
 Brown Rudnick, LLP 

Seven Times Square 
 New York, NY 10036 

Attn:     Robert J. Stark 

    Steven B. Levine 

Facsimile: (617) 289-0418 

Email: slevine@brownrudnick.com 

    rstark@brownrudnick.com 

and 
 Nineteen77 Global Multi-Strategy Alpha Master
Limited 
 c/o UBS O’Connor LLC 
 1 North Wacker Drive, 32
Floor 
 Chicago, IL 60606 
 Attn:
    Joseph Workman 
  Andrew Martin 

Email: joseph.workman@ubs.com 

andy.martin@ubs.com 

If to DIP Administrative Agent: 

Wilmington Trust, National Association, 

50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 
 Attn:
    Josh James 
 Telephone:(612) 217-5637 

Telecopy:(612) 217-5651 

Email: jjames@wilmingtontrust.com 

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

Arnold & Porter Kaye Scholer LLP 

250 West 55th Street 
 New York,
NY 10019-9710 
 Attn: Alan Glantz and Tyler Nurnberg 

Telephone: (212) 836-7253; (312) 583-2323 

Facsimile: (212) 836-6763; (312) 583-2530 

Email: alan.glantz@arnoldporter.com 

tyler.nurnberg@arnoldporter.com 

(b) Notices and other communications to the DIP Administrative Agent and any DIP Lenders hereunder may be
delivered or furnished by electronic communication (including email and Internet or intranet websites, including the Platform) pursuant to procedures approved by the DIP Administrative Agent, provided that the foregoing shall not apply to
notices to the DIP Administrative Agent or any DIP Lender pursuant to Article 2 if such Person has notified the DIP Administrative Agent in writing that it is incapable of receiving notices under such Article 2 by electronic
communication. The DIP Administrative Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of
such procedures may be limited to particular notices or communications. Unless the DIP Administrative Agent otherwise prescribes, (A) notices and other communications sent to an e-mail address shall be
deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgment), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business
Day for the recipient, and (B) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (A) of notification that such notice or communication is available and identifying the website address therefor. 

(c) Each Party understands that the distribution of material through an electronic medium is not necessarily
secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence of
the transmitting Party, as determined by a final, non-appealable judgment of a court of competent jurisdiction. 

(d) The Borrower agrees that the DIP Administrative Agent may, but shall not be obligated to, make the
Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, IntraLinks, Syndtrak or a substantially similar electronic transmission system (the “Platform”). The Platform is provided
“as is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express,
implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent
Party in connection with the Communications or the Platform. In no event shall the DIP Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any DIP Lender or any
other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, or the DIP Administrative

  
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Agent’s transmission of communications through the Platform. “Communications” means, collectively, any notice, demand, communication, information, document or other material
that the Borrower provides to the DIP Administrative Agent pursuant to any DIP Loan Document or the transactions contemplated therein which is distributed to the DIP Administrative Agent or any DIP Lender by means of electronic communications
pursuant to this Section, including through the Platform. 
 (e) The Borrower hereby acknowledges that
(a) the DIP Administrative Agent will make available to the DIP Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on a
Platform and (b) certain of the DIP Lenders may be “public-side” lenders (i.e., lenders that do not wish to receive material non-public information with respect to the Borrower, its Subsidiaries
or their respective securities) (each, a “Public Lender”). The Borrower hereby agrees to review and make all Borrower Materials that the Borrower intends to be made available to Public Lenders clearly and conspicuously designated as
“PUBLIC”. By designating Borrower Materials as “PUBLIC”, the Borrower authorizes such Borrower Materials to be made available to a portion of the Platform designated “Public Investor,” which is intended to contain only
information that is either publicly available or not material information (though it may be sensitive and proprietary) with respect to the Borrower, its Subsidiaries or their respective securities for purposes of United States federal and state
securities laws. Notwithstanding the foregoing, the Borrower shall not be under any obligation to mark any Borrower Materials “PUBLIC.” The Borrower agrees that (i) any DIP Loan Documents and notifications of changes of terms of the
DIP Loan Documents (including term sheets), (ii) any financial statements delivered pursuant hereto will be deemed to be “public-side” Borrower Materials and may be made available to Public Lenders. 

Section 12.2 Severability. In the event any provision of or obligation under this Agreement
or any other DIP Loan Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby. 
 Section 12.3 Headings. Headings and
captions used in this Agreement and all other DIP Loan Documents (including the Exhibits, Schedules and Annexes hereto and thereto, if any) are included for convenience of reference only and shall not be given any substantive effect. 

Section 12.4 GOVERNING LAW; SUBMISSION TO JURISDICTION. 

(a) THIS AGREEMENT AND EACH OTHER DIP LOAN DOCUMENT, AND ALL MATTERS RELATING HERETO OR THERETO OR ARISING THEREFROM
(WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.  

(b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE BANKRUPTCY COURT SHALL HAVE EXCLUSIVE JURISDICTION (OR IF THE
BANKRUPTCY COURT DOES NOT HAVE OR DOES NOT EXERCISE JURISDICTION, ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION LOCATED IN THE BOROUGH OF MANHATTAN IN THE STATE OF NEW YORK) TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY
PARTIES HERETO PERTAINING TO THE AGREEMENT OR ANY OF THE OTHER DIP LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY  

  
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OF THE OTHER DIP LOAN DOCUMENTS; PROVIDED THAT EACH PARTY ACKNOWLEDGES THAT ANY APPEALS FROM THE BANKRUPTCY COURT MAY HAVE TO BE HEARD BY A COURT OTHER THAN THE BANKRUPTCY COURT;
PROVIDED, FURTHER, THAT NOTHING IN THE AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE DIP ADMINISTRATIVE AGENT OR ANY DIP LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE DIP
COLLATERAL OR ANY OTHER SECURITY FOR THE DIP OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE DIP ADMINISTRATIVE AGENT OR ANY DIP LENDER. EACH PARTY HERETO EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN
ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS, AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL
OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
 Section 12.5 WAIVER OF JURY TRIAL. THE
BORROWER, DIP ADMINISTRATIVE AGENT AND EACH DIP LENDER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND EACH OTHER DIP LOAN DOCUMENT, AND ALL MATTERS
RELATING HERETO OR THERETO, AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. THE BORROWER, DIP ADMINISTRATIVE AGENT AND EACH DIP LENDER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER
INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER DIP LOAN DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. THE BORROWER, DIP ADMINISTRATIVE
AGENT AND EACH DIP LENDER WARRANTS AND REPRESENTS THAT THEY HAVE HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. 

Section 12.6 NO ORAL AGREEMENTS, ENTIRE AGREEMENT. ORAL AGREEMENTS OR COMMITMENTS TO LEND MONEY, EXTEND
CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT, INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT, ARE NOT ENFORCEABLE UNDER THE BANKRUPTCY CODE. TO PROTECT THE BORROWER, DIP ADMINISTRATIVE AGENT AND DIP LENDERS FROM MISUNDERSTANDING OR
DISAPPOINTMENT, ALL AGREEMENTS REACHED BY THE BORROWER, DIP ADMINISTRATIVE AGENT AND DIP LENDERS CONCERNING SUCH MATTERS ARE CONTAINED IN THIS AGREEMENT, THE OTHER DIP LOAN DOCUMENTS, AND THE CHAPTER 11 ORDERS (ONCE ENTERED), WHICH COLLECTIVELY
COMPRISE A COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN THE BORROWER, DIP ADMINISTRATIVE AGENT AND DIP LENDERS. THIS AGREEMENT EMBODIES THE ENTIRE AGREEMENT AND UNDERSTANDING BETWEEN THE PARTIES AND SUPERSEDES ALL PRIOR AGREEMENTS AND
UNDERSTANDINGS (ORAL OR WRITTEN), INCLUDING ALL TERM SHEETS NEGOTIATED AMONG THE PARTIES OR PROPOSED BY ONE OR MORE PARTIES, RELATING TO THE SUBJECT MATTER HEREOF. 

Section 12.7 Counterparts; Integration. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and 

  
 53 

 
hereto were upon the same instrument. Signatures by facsimile or by electronic mail delivery of an electronic version of any executed signature page shall bind the applicable Parties. 

Section 12.8 No Strict Construction. The Parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 

Section 12.9 Modification of Prepetition Note Documents. Nothing herein is intended to or
shall modify waive or amend any obligations of the Borrower or any DIP Lender under the Prepetition Indenture or the rights, relative priority or interests of the Trustee (on behalf of the Holders) under the Prepetition Indenture. 

Section 12.10 Reinstatement. This Agreement shall remain in full force and effect and
continue to be effective or to be reinstated, as the case may be, if at any time payment and performance of the DIP Obligations, or any part thereof, is, pursuant to Applicable Law, rescinded or reduced in amount, or must otherwise be restored or
returned by any obligee of the DIP Obligations, whether as a fraudulent preference reviewable transaction or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded,
reduced, restored or returned, the DIP Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

Section 12.11 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the Borrower and the DIP Administrative Agent and each DIP Lender and their respective successors and permitted assigns. 

Section 12.12 USA PATRIOT Act Notification. The DIP Administrative Agent (for itself and not
on behalf of any DIP Lender) and each DIP Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information and documentation that identifies the Borrower,
which information includes the name and address of the Borrower and such other information that will allow the DIP Administrative Agent or such DIP Lender, as applicable, to identify the Borrower in accordance with the USA PATRIOT Act. 

Section 12.13 Incorporation of Chapter 11 Orders by Reference. Each of the Borrower, the DIP
Administrative Agent, and the DIP Lenders agrees that any reference contained herein to the Chapter 11 Orders include all terms, conditions, and provisions of such Chapter 11 Order and that the Chapter 11 Order is incorporated herein for all
purposes. To the extent there is any inconsistency between the terms of this Agreement and the terms of the Chapter 11 Orders, the terms of the Chapter 11 Orders shall govern. 

Section 12.14 Voting Requirements; Amendments and Waivers. 

(a) The DIP Administrative Agent shall have all necessary power, right and obligation to take any and all
action of the type specified in this Agreement or any other DIP Loan Document as being within the DIP Administrative Agent’s or DIP Lender’s right, powers or discretion, except (i) with respect to a Major Decision, the DIP
Administrative Agent shall only act only in accordance with directions from all the DIP Lenders, and (ii) with respect to all other events that under the terms of the DIP Loan Documents expressly require the consent, approval or

  
 54 

 
agreement of the DIP Lenders or Required DIP Lenders, as applicable, the DIP Administrative Agent shall only act in accordance with such terms. 

(b) This DIP Facility and the DIP Loan Documents constitute the entire agreement between the Parties hereto,
and no modification, waiver, amendment, discharge or change of this DIP Facility or any DIP Loan Document nor any provision hereof or thereof shall be valid unless the same is in writing and signed by the Required DIP Lenders and acknowledged by the
DIP Administrative Agent (or executed by the DIP Administrative Agent with the consent of the Required DIP Lenders) and the Borrower; provided that, (a) the DIP Administrative Agent may amend, modify or supplement any provision unless
such action expressly requires the consent of the DIP Lenders or Required DIP Lenders or constitutes a Major Decision and (b) no amendment, waiver or consent shall, unless in writing and signed by all the DIP Lenders, do any of the following:
(i) reduce the principal of, or interest on, the DIP Loans or any fees due hereunder or any other amount due hereunder or under any other DIP Loan Document; (ii) postpone any date fixed for any payment of principal of, or interest on, the
DIP Loans or any fees due hereunder or under any other DIP Loan Document; (iii) release any of the DIP Collateral or subordinate the DIP Liens and DIP Super-priority Claim from their respective priorities as provided hereunder or under the
Interim DIP Order or Final DIP Order; (iv) increase the DIP Facility amount; (v) release any guaranty of the DIP Facility; (vi) change the definition of “DIP Lenders” or “Required DIP Lenders” or a requirement for
approval thereof; (vii) modify any requirement that all repayments be applied pro rata to the DIP Lenders in this Agreement (vii) advance any New Money Loans after a DIP Event of Default; (viii) permit any payment of prepetition Debt
other than as contemplated in the First Day Orders or by this Agreement; (ix) change the amount of the New Money Loan Commitment of any DIP Lender (it being understood that no amendment, modification, termination, waiver or consent with respect
to any condition precedent, covenant, mandatory prepayment or Default shall constitute a change in the individual New Money Loan Commitment of any DIP Lender); (x) amend or modify the provisions of Section 2.1 hereof
concerning the mechanics of making and allocating the Roll-Up Loans; (xi) amend, modify or waive Section 2.14, Sections 7.1(a), (b), (c), (d), (e), (i) or (j),
Sections 7.3(a), (e), (g) or (i), or Section 8.7, or (xii) change or seek to change any provisions of the Chapter 11 Orders concerning any of the foregoing (the foregoing items (i) through (xii) are
collectively known as “Major Decisions”); and, provided further, that (i) no amendment, waiver or consent shall affect the rights or duties of the DIP Administrative Agent under this Agreement or any DIP Loan
Document, unless such amendment, waiver or consent is in writing and is executed by the DIP Administrative Agent in addition to the DIP Lenders whose consent is required as set forth above; and (ii) the terms of the Fee Letter may not be
amended or waived other than by a writing executed only by all of the parties thereto. 

Section 12.15 Participations and Assignments. 

(a) DIP Lender Participations. Any DIP Lender may, without the consent of, or notice to, the DIP
Administrative Agent at any time or times and without the Borrower’s consent, grant any participation in its share of the DIP Facility to one or more Persons not an Affiliate of the Borrower (each a “Participant”). In the event
of any such grant by a DIP Lender of a participation to a Participant, such DIP Lender shall remain responsible for the performance of its obligations hereunder, and the DIP Administrative Agent shall continue to deal solely and directly with such
DIP Lender in connection with such DIP Lender’s rights and obligations hereunder, and the DIP Administrative Agent shall have no obligation to communicate with, give any notice to, make any payment to or take any direction from, any
Participant. For the avoidance of doubt, and without limitation, the Borrower agrees that each Participant shall be entitled to the benefits of Section 2.17 (subject to the requirements and limitations therein, including
the requirements under Section 2.17(g) (it being understood that the documentation required under Section 2.17(g) shall be delivered 

  
 55 

 
to the participating DIP Lender)) to the same extent as if it were a DIP Lender; provided that such Participant shall not be entitled to receive any greater payment under
Section 2.17, with respect to any participation, than its participating DIP Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that
occurs after the Participant acquired the applicable participation. Each DIP Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a
register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the DIP Loans or other obligations under the DIP Loan Documents (the “Participant
Register”); provided that no DIP Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
commitments or its other obligations under any DIP Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, or other obligation is in registered form under section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such DIP Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the DIP Administrative Agent (in its capacity as DIP Administrative Agent) shall have
no responsibility for maintaining a Participant Register. 
 (b) DIP Lender Assignments. Any DIP
Lender may, with the prior written consent of the DIP Administrative Agent (which consent shall not be (x) unreasonably withheld or delayed or (y) required if the Assignee is a DIP Lender, an Affiliate of a DIP Lender or a Person co-managed by the same management company or advisory firm as a DIP Lender), at any time or times and without the Borrower’s consent, make an assignment of its pro rata share of the DIP Facility to an
Eligible Lender (as defined in the Prepetition Note Documents) (such assignment a “DIP Loan Transfer”) not an affiliate of the Borrower (such assignee, an “Assignee”) subject to the following conditions:
(i) the Assignee shall execute and deliver to the DIP Administrative Agent, for its approval, acceptance and recording in the Register maintained by the DIP Administrative Agent, an Assignment and Assumption, together with (x) a processing
and recordation fee of $5,000 (unless waived by the DIP Administrative Agent in its sole discretion) for the DIP Administrative Agent’s own account (except that (A) no such processing and recordation fee shall be payable in the case of an
Assignee which is an Affiliate of the assigning DIP Lender or which is otherwise co-managed by the same management company or advisory firm as the assigning DIP Lender and (B) such processing and
recordation fee shall be $3,500 (and not $5,000) in the case of an Assignee which is an existing DIP Lender that is not an Affiliate of the assigning DIP Lender and that is not co-managed by the same
management company or advisory firm as the assigning DIP Lender), (y) to the extent such Assignee is not already a DIP Lender, an Administrative Questionnaire, and (z) to the extent such Assignee is not already a DIP Lender, any applicable tax
forms required to be provided under this Agreement; (ii) the principal amount of any assigned New Money Loan Commitment shall be not less than all of such DIP Lender’s pro rata share of the DIP Loans; and (iii) each such DIP
Loan Transfer shall be to an Eligible Subscriber or its designated affiliate (including funds under common management). Upon such execution, delivery, approval, acceptance and recording, from and after the effective date of such assignment,
(1) Assignee thereunder shall be a Party to this Agreement and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such assignment, have the rights and obligations of a DIP Lender hereunder and (2) the
assigning DIP Lender thereunder shall to the extent that rights and obligations hereunder have been assigned by it pursuant to such assignment, relinquish its rights and be released from its obligations under this Agreement arising from and after
the date of such assignment. Notwithstanding the foregoing, the DIP Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any DIP Lender or prospective DIP Lender is an Eligible Lender or

  
 56 

 
Eligible Subscriber (or designated affiliate (including funds under common management) thereof), and may conclusively rely on an Assignment and Assumption that is executed and delivered by an
assignee DIP Lender that such assignee DIP Lender is an Eligible Lender or Eligible Subscriber (or designated affiliate (including funds under common management) thereof) or (y) have any liability with respect to or arising out of any
assignment of DIP Loans or any other portion of the DIP Facility to a Person that is not an Eligible Lender or Eligible Subscriber (or designated affiliate (including funds under common management) thereof). 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses
of the DIP Lenders, and the New Money Loan Commitments of, and principal amounts (and stated interest) of the DIP Loans owing to, each DIP Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, absent manifest error, and the Borrower, the DIP Administrative Agent and the DIP Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a DIP Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any DIP Lender at any reasonable time and from time to time upon reasonable prior notice. 

(d) Borrower Assignments. The Borrower may not assign this Agreement or any of its rights or obligations
hereunder without the prior written consent of each DIP Lender and the DIP Administrative Agent. 

Section 12.16 No Fiduciary Duty. The DIP Administrative Agent, each DIP Lender and their
respective Affiliates (collectively, the “Lender Affiliated Parties”), may have economic interests that conflict with those of the Borrower, and the Borrower acknowledges and agrees (a) nothing in the DIP Loan Documents or
otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Lender Affiliated Parties and the Borrower, its stockholders or its Affiliates; (b) the transactions contemplated by
the DIP Loan Documents are arms’-length commercial transactions between the Lender Affiliated Parties, on the one hand, and the Borrower, on the other; (c) in connection therewith and with the process leading to such transaction each of
the Lender Affiliated Parties is acting solely as a principal and not the agent or fiduciary of the Borrower, its management, stockholders, creditors or any other Person; (d) none of the Lender Affiliated Parties has assumed an advisory or
fiduciary responsibility in favor of the Borrower with respect to the transactions contemplated hereby or the process leading thereto (regardless of whether any of the Lender Affiliated Parties or any of their respective Affiliates has advised or is
currently advising the Borrower on other matters) or any other obligation to the Borrower except the obligations expressly set forth in the DIP Loan Documents; (e) the Borrower has consulted its own legal and financial advisors to the extent it
deemed appropriate; (f) the Borrower is responsible for making its own independent judgment with respect to such transactions and the process leading thereto; and (g) the Borrower will not claim that any of the Lender Affiliated Parties
has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower, in connection with such transaction or the process leading thereto. 

[SIGNATURE PAGES FOLLOW] 

  
 57 

 (Signature Page to the Debtor in Possession Credit and Security
Agreement) 
 IN WITNESS WHEREOF, intending to be legally bound, and intending that this Agreement
constitute an agreement executed under seal, each of the Parties have caused this Agreement to be executed under seal the day and year first above mentioned. 
  

			
	BORROWER:	  	 OREXIGEN THERAPEUTICS, INC.
  

By:      /s/ Michael A.
Narachi                                        
        
 Name: Michael A. Narachi

Title:   President and Chief Executive Officer
  

By:      /s/ Thomas P.
Lynch                                        
            
 Name: Thomas P. Lynch

Title:   EVP, Chief Administrative Officer, General Counsel &

            Secretary

		
	DIP ADMINISTRATIVE AGENT:	  	 WILMINGTON TRUST, NATIONAL ASSOCIATION, as
 DIP
Administrative Agent
  

By:                         
                                         
                        

Name:
 Title:

			
	DIP LENDERS:	  	 BAUPOST GROUP SECURITIES, L.L.C.
  

By:      /s/ Gregory
Ciongoli                                        
            
 Name: Gregory Ciongoli

Title:   Partner

		  	  
 ECOR1 CAPITAL FUND, L.P.

 
 By:      /s/ Oleg
Nodelman                                        
                
 Name: Oleg Nodelman

Title:   Managing Director
  

ECOR1 CAPITAL FUND QUALIFIED, L.P.
  

By:      /s/ Oleg
Nodelman                                        
                
 Name: Oleg Nodelman

Title:   Managing Director
  

1992 MSF INTERNATIONAL LTD
 By: Highbridge
Capital Management LLC, as trading manager
  

By:      /s/ Jason
Hempel                                        
                    
 Name: Jason
Hempel
 Title:   Managing Director
  

1992 TACTICAL CREDIT MASTER FUND, L.P.
 By:
Highbridge Capital Management LLC, as trading manager
  

By:      /s/ Jason
Hempel                                        
                    
 Name: Jason
Hempel
 Title:   Managing Director
  

NINETEEN77 GLOBAL MULTI-STRATEGY ALPHA MASTER LIMITED

By: UBS O’Connor LLC, its investment advisor
  

By:      /s/ Jason
Workman                                        
                
 Name: Jason Workman

Title:   Assistant General Counsel
  

By:      /s/ Andrew
Martin                                        
                  
 Name: Andrew Martin

Title:   Managing Director

  
 2 

 Schedule 1 

DIP Lenders 
 New Money
Loan Commitments 
  
  

Part A — New Money Loan Commitments 
  

									
	 DIP Lender
	  	New Money Loan
Commitment	 	  	Percentage	 
	 Baupost Group Securities, L.L.C.
	  	$	21,169,355	 	  	 	60.5	% 
	 EcoR1 Capital Fund, L.P.
	  	$	915,927	 	  	 	2.6	% 
	 EcoR1 Capital Fund Qualified, L.P.
	  	$	4,164,718	 	  	 	11.9	% 
	 1992 MSF International Ltd
	  	$	1,340,726	 	  	 	3.8	% 
	 1992 Tactical Credit Master Fund, L.P.
	  	$	352,823	 	  	 	1.0	% 
	 Nineteen77 Global Multi-Strategy Alpha Master Limited
	  	$	7,056,451	 	  	 	20.2	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	35,000,000	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

 Part B — Applicable Percentages 

 

					
	 DIP Lender
	  	Applicable
Percentage	 
	 Baupost Group Securities, L.L.C.
	  	 	60.5	% 
	 EcoR1 Capital Fund, L.P.
	  	 	2.6	% 
	 EcoR1 Capital Fund Qualified, L.P.
	  	 	11.9	% 
	 1992 MSF International Ltd
	  	 	3.8	% 
	 1992 Tactical Credit Master Fund, L.P.
	  	 	1.0	% 
	 Nineteen77 Global Multi-Strategy Alpha Master Limited
	  	 	20.2	% 
		  	  
	  
	 
	 Total
	  	 	100	% 
		  	  
	  
	 

  
 3 

 Schedule 2 

List of First Day Motions 
  

	1.	 Motion to Continue Prepetition Cash Management System 

 

	2.	 Motion to Pay Prepetition Claims of Critical Vendors 

 

	3.	 Motion to Continue Prepetition Customer Programs 

 

	4.	 Motion to Continue Employee Related Programs and Pay Prepetition Employee Wages 

 

	5.	 Motion to Continue Prepetition Insurance Programs 

 

	6.	 Motion to Obtain Post-Petition Financing 

 

	7.	 Motion to Pay Prepetition Taxes and Regulatory Fees 

 

	8.	 Motion to Retain Kurtzman Carson Consultants LLC as Claims and Noticing Agent 

 

	9.	 Motion to Provide Adequate Protection to Utility Providers 

 

	10.	 Motion to Establish Notice and Objection Procedures for Transfer of Equity Securities 

 Schedule 3 

Real Property Leases of Borrower 

Borrower is a party to that certain Office Lease dated as of December 7, 2007, as amended, concerning the lease of office space in the
two buildings located at 3344 and 3366 North Torrey Pines Court, La Jolla, CA 92037, of a total of 29,935 rentable and 27,524 usable square feet divided as follows: 9,628 rentable square feet of space on the first (1st) floor of the 3344 Building [Suite 100]; 12,601 rentable square feet of space on the second (2nd) floor of the 3344 building [Suite 200]; and
7,706 rentable square feet on the third (3rd) floor of the 3366 Building [Suites 301, 310, 320 and 322]. The lease terminates on February 29, 2020. 

 Schedule 4 

Schedule of Intellectual Property 

 Exhibit A 

Initial Budget 

[ATTACHED] 

  
 A-1 

 Exhibit B 

Form of Notice of Borrowing 

_______________, 2018 
  

                       
          

                       
          

                       
          

                       
          

                       
          
  

	 	RE:	 Notice of Borrowing under Debtor in Possession Credit and Security Agreement

 Ladies and Gentlemen: 

This Notice of Borrowing is delivered to you pursuant to Section 2.2(c) of the Debtor in Possession
Credit and Security Agreement dated                    , 2018 (the “DIP Loan Agreement”), by and among Orexigen Therapeutics, Inc.,
a Delaware corporation (the “Borrower”), Wilmington Trust, National Association, as the DIP Administrative Agent, and each of the DIP Lenders from time to time party thereto (as may be amended from time to time, the “DIP
Loan Agreement”). 
 Unless otherwise defined herein, capitalized terms used herein shall have the meanings given
to such terms in the DIP Loan Agreement. 
 The Borrower hereby requests a New Money Loan as follows: 

 

					
	 Loan Amount Requested:
	  	$___________	  	
	 Requested Funding Date (which shall be a Business Day):
	  	___________, 2018	  	
	 Wiring Instructions:
	  	___________	  	

 The Borrower hereby certifies that (i) on the date of, and after giving effect to, the
New Money Loan requested hereby, no Default or DIP Event of Default has occurred and is continuing; (ii) on the date of, and after giving effect to, the New Money Loan requested hereby, all of the representations and warranties of the Borrower
contained in Article 3 of the DIP Loan Agreement are true and correct; (iii) the proceeds of the New Money Loan requested hereby will be used in accordance with the approved Budget, the terms of the DIP Loan Agreement and each Chapter 11 Order that
has been entered as of the date hereof; and (iv) all conditions applicable to the making of this New Money Loan set forth in Article 7 of the DIP Loan Agreement have been satisfied. 

IN WITNESS WHEREOF, Borrower has caused this Notice of Borrowing to be executed and delivered as of the date first written
above. 
  

	
	OREXIGEN THERAPEUTICS, INC.
	
	
By:                      
                                         
                                 

	 Name:

Title:

  
 B-1 

 Exhibit C 

Letter Agreement with Orexigen Therapeutics Ireland Limited 

[ATTACHED] 

  
 C-1 

 OREXIGEN THERAPEUTICS, INC. 

3344 North Torrey Pines Court 

Suite 200 
 La Jolla, CA 92037 

March 12, 2018 
 Orexigen Therapeutics Ireland Limited 

2nd Floor 
 Palmerston House, 

Fenian Street 
 Dublin 2 

Ireland 
  

	Re:	 Asset Dispositions by Orexigen Therapeutics Ireland Limited (“Orexigen
Ireland”) 

 Ladies and Gentlemen: 

Reference is hereby made to that certain Debtor in Possession Credit and Security Agreement, dated March 12, 2018 (the
“DIP Loan Agreement”), between Orexigen Therapeutics, Inc. (as the “Borrower”), and the DIP Administrative Agent and DIP Lenders named therein. Capitalized terms used and not otherwise defined in this letter (the
“Letter Agreement”) shall have the meanings assigned to such terms in the DIP Loan Agreement, a copy of which has been provided to Orexigen Ireland (together with the Borrower, the “Parties” to this Letter
Agreement) 
 Pursuant to Section 2.14(a) of the DIP Loan Agreement, the Borrower has agreed to
certain mandatory repayment terms upon any disposition of assets by Orexigen Ireland, for the benefit of the DIP Administrative Agent and the DIP Lenders. 

In light of the foregoing, the Parties hereby agree as follows: 

 

	 	1.	 Orexigen Ireland shall not sell assets outside the ordinary course of business unless such sale is approved by
the Required DIP Lenders in their sole discretion. 

  

	 	2.	 Promptly upon, but in no event more than two (2) Business Days after receipt by Orexigen Ireland of net
cash proceeds from any disposition of assets of Orexigen Ireland, Orexigen Ireland shall apply 100% of the net cash proceeds so received to repay intercompany debt owing from Orexigen Ireland to the Borrower (such funds the “Loan Repayment
Funds”). 

  

	 	3.	 Any sale of assets outside the ordinary course of business by Orexigen Ireland shall be for cash, except as
may be approved, in writing, by the Required DIP Lenders. Any such sale shall be subject to, and any document respecting such sale shall include a provision requiring the application of the Loan Repayment Funds as set forth in paragraph 1 above and
Section 2.14(a) of the DIP Loan Agreement. 

  

	 	4.	 Promptly upon receipt by the Borrower of the Loan Repayment Funds, but in no event more than two
(2) business days thereafter, the Borrower shall prepay the DIP Obligations in an amount equal to 100% of the Loan Repayment Funds. 

  
 C-2 

	 	5.	 The DIP Administrative Agent, for the benefit of the DIP Lenders, is a third-party beneficiary of this Letter
Agreement. 

  

	 	6.	 This Letter Agreement shall be effective as of the Closing Date (as defined in the DIP Loan Agreement).

  

	 	7.	 No term or provision of the DIP Loan Agreement is amended, waived, modified or supplemented by this Letter
Agreement, and each term and provision of the DIP Loan Agreement remains in full force and effect. 

  

	 	8.	 This Letter Agreement shall be governed by, and shall be construed and enforced in accordance with the laws of
the state of New York, without regard to conflicts of law principles. 

  

	 	9.	 This Letter Agreement may be executed and delivered in multiple counterparts, each of which, when so executed
and delivered, shall be an original, but such counterparts shall together constitute but one and the same instrument and agreement. A facsimile or Portable Document Format copy of a signature shall have the same force and effect as an original
signature. 

  

	 	10.	 EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE BANKRUPTCY COURT SHALL HAVE EXCLUSIVE JURISDICTION (OR
IF THE BANKRUPTCY COURT DOES NOT HAVE OR DOES NOT EXERCISE JURISDICTION, ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION LOCATED IN THE BOROUGH OF MANHATTAN IN THE STATE OF NEW YORK) TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG
ANY PARTIES HERETO PERTAINING TO THE AGREEMENT OR ANY OF THE OTHER DIP LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER DIP LOAN DOCUMENTS; PROVIDED THAT EACH PARTY ACKNOWLEDGES THAT ANY
APPEALS FROM THE BANKRUPTCY COURT MAY HAVE TO BE HEARD BY A COURT OTHER THAN THE BANKRUPTCY COURT; PROVIDED, FURTHER, THAT NOTHING IN THE AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE DIP ADMINISTRATIVE AGENT OR ANY DIP LENDER
FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE DIP COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE DIP ADMINISTRATIVE AGENT OR ANY DIP
LENDER. EACH PARTY HERETO EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE OR FORUM NON CONVENIENS, AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 

  
 C-3 

 Please sign a counterpart of this Letter Agreement in the place indicated below,
whereupon this Letter Agreement shall become a binding agreement. 
  

			
	 Very truly yours,
  

OREXIGEN THERAPEUTICS, INC.

		
	 By:
	 	 /s/ Michael A. Narachi

	 Name:
	 	 Michael A. Narachi

	 Title:
	 	 President and Chief Executive Officer

		
	 By:
	 	 /s/ Thomas P. Lynch

		 	 Name: Thomas P. Lynch

Title: EVP, Chief Administrative Officer, General Counsel & Secretary

  

			
	OREXIGEN THERAPEUTICS IRELAND LIMITED
		
	 By:
	 	 /s/ Thomas P. Lynch

		 	 Name: Thomas P. Lynch

Title: Director

		
	 By:
	 	 /s/ Philip N. Roberts

		 	 Name: Philip N. Roberts
 Title:
Director

 Accepted: 

Wilmington Trust, National Association 

By:                     
                                         
    
 Name: 

Title: 

  
 C-4 

 Exhibit D 

KEIP/KERP Term Sheet 

[ATTACHED] 

  
 D-1 

 KEY EMPLOYEE INCENTIVE PLAN TERM SHEET 

 

			
	 KEIP Objective
	  	 The Orexigen Therapeutics, Inc. Key Employee Incentive Plan (the “KEIP”) is designed to provide incentive payments
to certain employees (“Participating Employees”) of Orexigen Therapeutics, Inc. (the “Company”) to encourage the achievement of certain performance targets, and to maximize the value of the estate.

 
 This program, which will cover the Q1-Q4 Fiscal Year 2018 period, is to replace the Company’s pre-petition Q1-Q2 Retention Plan for Participating Employees, as well
as replace the normal 2018 annual bonus, any severance arrangements and long-term incentives.

		
	 Participating Employees
	  	 The Participating Employees are:
  

•   Michael Narachi, Chief Executive Officer

 

•   Thomas Cannell, Chief Operating Officer

 

•   Peter Flynn, Head of Global Development

 

•   Monica Forbes, Acting Chief Financial Officer

 

•   Thomas Lynch, Chief Administrative Officer

 

•   Stephen Moglia, Chief Accounting Officer

		
	 Incentives Payments
	  	 Operational Incentives
  

Operational Incentive payments will be measured based on operating disbursements from the cumulative budget through the completion of the
bankruptcy process. Only the Acting Chief Financial Officer and the Chief Accounting Officer (“Participating Finance Employees”) are eligible for the Operational Incentives.

 
 Asset Sale Incentives

 
 Asset Sale Incentives will be paid in connection with the
sale of the Company’s assets if such sale takes place during Fiscal Year 2018. Such incentives may be offset based on the following: transaction value, asset sale/distribution of proceeds, stalking horse bid price (if applicable), milestones
related to the Company’s liquidation, the recovery rate of creditors, and wind down cash flows.
  

For the Participating Finance Employees, the Operational Incentive will be deducted from the Asset Sale Incentive.

  
 D-2 

			
	 Structure of Payment
	  	 Operational Incentives
  

Participating Finance Employees will receive a one-time payout equal to three-months of their base
salary if operating disbursements during the bankruptcy process are no more than 115% of the cumulative budget through the completion of the bankruptcy process.

 
 Asset Sale Incentives

 
 The Asset Sale Incentives will be based on a percentage of the proceeds
from the asset sale (whether in one or a series of asset sales and fully-paid up license) (the “Asset Sale Proceeds”) as outlined below. Collectively, the Participating Employees will receive an allocated portion of an aggregate payout
equal to a percentage of Asset Sale Proceeds (the “Incentive Payout”). Allocation of the Incentive Payout to individual Participating Employees will be determined by the Company’s Compensation Committee; provided, however, if the
Asset Sale Proceeds do not exceed $80 million, the Chief Executive Officer is not eligible to participate in the Incentive Payout, and such Incentive Payout shall be reallocated among the other Participating Employees, as determined by the
Compensation Committee.
  
 In the event of the involuntary
termination of employment of a Participating Employee by the Company for cause or voluntary termination of employment by a Participating Employee for any reason, the amount of the Incentive Payout allocated for such departing Participating Employee
may be reallocated among the other Participating Employees, as determined by the Compensation Committee of the company.
  

Asset Sale Incentives are uncapped to motivate achievement of maximum sale value.

		  	

  

					
	 Asset Sale Proceeds
	  	Incentive
Payout	 
	 $0 - $40m
	  	 	0	% 
	 $40 - $80m
	  	 	1	% 
	 $80m - $120m
	  	 	1.5	% 
	 $120m - $165m
	  	 	2.0	% 
	 $165m and higher
	  	 	2.5	% 

  

			
		  	 In the event of an asset sale funded in part or in whole by a “credit bid”, the Asset Sale Proceeds will include
the portion of the sale proceeds covered by such “credit bid”.

  
 D-3 

			
	Effect of Termination of Employment	  	 Upon the involuntary termination of employment of a Participating Employee by the Company for cause or voluntary termination
of employment by an Participating Employee for any reason, the right to any amounts under the KEIP that may be owed to such Participating Employee will be forfeited on the date of such employment termination and such Participating Employee will have
no further rights under the KEIP.
  
 Upon the involuntary
termination of employment of a Participating Employee without cause, the Participating Employee will be paid pro-rata based on actual performance during the measurement period and for death and disability. If
an asset sale is to occur within 12 weeks of the Participating Employee’s involuntary termination without cause, the Participating Employee is eligible to receive what they should have received if still employed at the time of the asset
sale.

		
	 Performance
 Measurement

Period
	  	 Operational Incentive:
  

Operational Incentive payments will be measured based on operating disbursements from the cumulative budget through the completion of the
bankruptcy process.
  
 Asset Sale Incentive:

 
 Covers asset sale for Fiscal Year 2018 Q1 through Q4
period.

		
	Payout Period	  	 Operational Incentive is paid out upon the end of the bankruptcy process. Asset Sale Incentive is paid out on close of the
asset sale.

  
 D-4 

 KEY EMPLOYEE RETENTION PLAN TERM SHEET 

 

			
	 KERP Objective
	  	 The Orexigen Therapeutics, Inc. Key Employee Retention Plan (the “KERP”) is designed to retain key employees (“Non-Insiders”) of Orexigen Therapeutics, Inc. (the “Company”) in their current roles over the near term while providing them with financial stability.

 
 Currently, the Company’s pre-petition Q1-Q2 incentive plan will be cancelled, which would leave Non-Insiders with a base salary as their only means of
compensation. This program, which covers the Q1-Q4 Fiscal Year 2018 period, is designed to bring the Non-Insiders’ compensation closer to market by providing
guaranteed pay contingent upon remaining employed through the vesting period.

		
	 Participating Employees
	  	 Participating employees will include approximately 66 Non-Insiders employed by the
Company, as determined by the Chief Executive Officer of the Company.

		
	 Timing of Payments
	  	 Payments will be available to Non-Insiders from the implementation of the KERP
until the Company sells its assets or emerges from bankruptcy (the “Vesting Period”).

		
	 Payments
	  	 The collective funds reserved for the KERP will not exceed $3,115,000 (“Collective Funds”).

 
 Non-Insiders will
be able to obtain an amount equal to three-months of the Non-Insider’s base salary.
  

In the event of the involuntary termination of employment of a Non-Insider by the Company for cause or
voluntary termination of employment by a Non-Insider for any reason, the amount of the Collective Funds allocated for such departing Non-Insider may be allocated to
another Non-Insider(s), as determined by the Chief Executive Officer of the Company.

		
	 Structure of Payment
	  	 The amount of payment received by each of the Non-Insiders will be based solely on
their employment with the Company. No other performance metrics will be included.

		
	Effect of Termination of Employment	  	 Award will be forfeited if a Non-Insider resigns voluntarily or is terminated for
cause.
 Awards would be 100% paid for involuntary termination without cause during the Vesting Period.

  
 D-5 

 Exhibit E 

ADMINISTRATIVE QUESTIONNAIRE 
  

							
	 Deal Name:
	  	Orexigen Therapeutics, Inc.	  		  	
	 Agent Address:
	  	 Wilmington Trust, N.A
	  	 Return To:
	  	 Loan Agency Middle Admin

		  	 50 South Sixth Street
	  	 Phone:
	  	 612-217-5649

		  	 Suite 1290
	  	 Fax:
	  	 612-217-5651

		  	 Minneapolis, MN 55402
	  	 E-mail:
	  	 LoanAgency@WilmingtonTrust.com

 LENDER INFORMATION: 
  

	
	Legal Name of Lender:
	Legal Address:
	Fund Manager:

 ADMINISTRATIVE/OPERATIONS/NOTICES CONTACTS: 
  

					
	 	  	 Primary Contact
	  	 Secondary Contact

	 Name:
	  		  	
	 Company:
	  		  	
	 Title:
	  		  	
	 Address:
  
	  		  	
	 Phone:
	  		  	
	 Fax:
	  		  	
	 E-Mail Address:
	  		  	

 CREDIT CONTACTS: 
  

					
	 	  	 Primary Contact
	  	 Secondary Contact

	 Name:
	  		  	
	 Company:
	  		  	
	 Title:
	  		  	
	 Address:
  
	  		  	
	 Phone:
	  		  	

  
 E-1 

	
	Fax:
	E-Mail Address:

 INTRALINKS CONTACTS: 
  

	
	 Name:

	 Phone:

	 E-mail Address:

 

	 Name:

	 Phone:

	 E-mail Address:

 

	 Name:

	 Phone:

	 E-mail Address:

 DOMESTIC WIRE INSTRUCTIONS: 
  

	
	 Currency:

	 Bank Name:

	 Swift/Routing No.:

	 Account Name:

	 Account No.:

	 FCC Account Name:

	 FCC Account No.:

	 Attention:

 FOREIGN WIRE INSTRUCTIONS: 
  

	
	 Currency:

	 Bank Name:

	 Swift/Routing No.:

	 Account Name:

	 Account No.:

	 FCC Account Name:

	 FCC Account No.:

	 Attention:

	 Reference:

  

	
	 Currency:

	 Bank Name:

	 Swift/Routing No.:

	 Account Name:

	 Account No.:

	 FCC Account Name:

	 FCC Account No.:

  
 E-2 

	
	 Attention:

	 Reference:

  

	
	 Currency:

	 Bank Name:

	 Swift/Routing No.:

	 Account Name:

	 Account No.:

	 FCC Account Name:

	 FCC Account No.:

	 Attention:

	 Reference:

 TAX FORM PROVIDED: 
 W-9         ☐ 

W-8BEN ☐ 

W-8IMY ☐ 

W-8ECI  ☐ 

W-8EXP ☐ 

Other      ☐ 

  
 E-3 

 Exhibit F 

FORM OF ASSIGNMENT AND ACCEPTANCE 

This Assignment and Acceptance (“Assignment and Acceptance”) is dated as of the Effective Date set forth
below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below, receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard Terms and
Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of
the Assignor’s rights and obligations as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such
outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor
(in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any
way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty by the Assignor. 

1. Assignor: ______________________________ 

2. Assignee: ______________________________ [and is an Affiliate of [identify Lender]] 

3. Borrower: Orexigen Therapeutics, Inc., a Delaware corporation (the “Borrower”) 

4. DIP Administrative Agent: Wilmington Trust, National Association, as the DIP Administrative Agent (the “Administrative
Agent”) 
 5. Credit Agreement: The Debtor In Possession Credit Agreement dated as of March 12, 2018 (as amended,
restated, amended and restated, supplemented or otherwise modified from time-to-time, the “Credit Agreement”) among the Borrower, the DIP Lenders from
time to time party thereto and the DIP Administrative Agent. 

  
 F-1 

 6. Assigned Interest: 

 

																									
	
Assignor[s]1
	  	Assignee[s]2	 	  	Aggregate New
Money Loan
Commitments
for all Lenders3	 	  	Aggregate
Amount
of DIP Loans
for all
Lenders	 	  	Amount of
New Money
Loan
Commitments
Assigned4	 	  	Amount
of DIP Loans
Assigned	 	  	Applicable
Percentage
of
Aggregate
New Money
Loan
Commitments/
DIP
Loans
Assigned5	 
		  				  	$	____________	 	  				  	$	______	 	  				  	 	_________	% 
		  				  	$	____________	 	  				  	$	______	 	  				  	 	_________	% 

 [7. Trade Date: __________________]6 

Effective Date: __________________, 20__7 

 
  

	1 	 List each Assignor, as appropriate. 

	2 	 List each Assignee, as appropriate. 

	3 	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take
into account any payments or prepayments made between the Trade Date and the Effective Date. 

	4 	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take
into account any payments or prepayments made between the Trade Date and the Effective Date. 

	5 	 Set forth, to at least 9 decimals, as a percentage of the New Money Loan Commitments/DIP Loans of all DIP
Lenders thereunder. 

	6 	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined
as of the Trade Date. 

	7 	 To be inserted by the Administrative Agent and which shall be the Effective Date of recordation of transfer in
the Register therefor. 

  
 F-2 

 The terms set forth in this Assignment and Acceptance are hereby agreed to: 

 

	
	 ASSIGNOR
  

[NAME OF ASSIGNOR]

	
	
By:                      
                                         
                                 

	
Name:                      
                                         
                           

	
Title:                      
                                         
                             

  

	
	 ASSIGNEE
  

[NAME OF ASSIGNEE]

	
	
By:                      
                                         
                                 

	
Name:                      
                                         
                           

	
Title:                      
                                         
                             

 [Consented to and]8 Accepted: 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 
 as DIP
Administrative Agent 

	
	
	
By:                      
                                         
                           

	
Name:                      
                                         
                     

	
Title:                      
                                         
                       

  
  

	8 	 To be added when the consent of the DIP Administrative Agent is required by the terms of the Credit Agreement.

  
 F-3 

 ANNEX 1 TO ASSIGNMENT AND ACCEPTANCE 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ACCEPTANCE 

1. Representations and Warranties. 

1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the
Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other DIP Loan
Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the DP Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates
or any other Person obligated in respect of any DIP Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any DIP Loan
Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a DIP Lender under the Credit Agreement, (ii) it meets all requirements of
an Eligible Lender and Eligible Subscriber (or its designated affiliate (including funds under common management)) under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after
the Effective Date, it shall be bound by the provisions of the Credit Agreement as a DIP Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a DIP Lender thereunder, (iv) it has received a copy of the
Credit Agreement, together with copies of the most recent financial statements delivered pursuant to the Credit Agreement, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the DIP Administrative Agent or any DIP Lender, and
(v) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will,
independently and without reliance on the DIP Administrative Agent, the Assignor or any other DIP Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the DIP Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the DIP Loan Documents are required to be performed by it as a DIP Lender. 

2. Payments. From and after the Effective Date, the DIP Administrative Agent shall make all payments in respect of
[the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued up to but excluding the Effective Date and to [the][the relevant] Assignee for amounts
which have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Acceptance shall
be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of
an executed counterpart of a signature page of this Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed by, and
construed in accordance with, the laws of the State of New York. 

  
 F-4 

 EXHIBIT G-1 

[FORM OF] 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Debtor in Possession Credit and Security Agreement
dated                    , 2018 (the “Credit Agreement”), by and among Orexigen Therapeutics, Inc., a Delaware corporation (the
“Borrower”), Wilmington Trust, National Association, as the DIP Administrative Agent, and each of the DIP Lenders from time to time party thereto. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record and beneficial owner of the DIP Loan(s) (as well as any DIP Lender Note(s) evidencing such DIP Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Internal Revenue Code of 1986, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code of 1986 and (iv) it is not a controlled foreign corporation related to
the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code of 1986. 
 The undersigned has
furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and
the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

	
	 [NAME OF DIP LENDER]

 

	
By:                  
                                         
                               

	 Name:

	 Title:

 Date: ________ __, 20[    ] 

  
 G-1-1 

 EXHIBIT G-2 

[FORM OF] 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Debtor in Possession Credit and Security Agreement dated
                    , 2018 (the “Credit Agreement”), by and among Orexigen Therapeutics, Inc., a Delaware corporation (the
“Borrower”), Wilmington Trust, National Association, as the DIP Administrative Agent, and each of the DIP Lenders from time to time party thereto. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation,
neither the undersigned nor any of its direct or indirect partners/members is 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
Internal Revenue Code of 1986, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code of 1986 and (v) none of its direct or
indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code of 1986. 

The undersigned has furnished its participating DIP Lender with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such DIP Lender and (2) the undersigned shall have at all times furnished such DIP Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them
in the Credit Agreement. 
  

	
	 [NAME OF PARTICIPANT]

	
	
By:                  
                                         
                               

	 Name:

	 Title:

 Date: ________ __, 20[    ] 

  
 G-2-1 

 EXHIBIT G-3 

[FORM OF] 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Debtor in Possession Credit and Security Agreement dated
                    , 2018 (the “Credit Agreement”), by and among Orexigen Therapeutics, Inc., a Delaware corporation (the
“Borrower”), Wilmington Trust, National Association, as the DIP Administrative Agent, and each of the DIP Lenders from time to time party thereto. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, (iii) it is not a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code of 1986, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Internal Revenue Code of 1986. 
 The undersigned has furnished its participating DIP Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable). By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such DIP Lender in writing, and (2) the undersigned shall have at all times furnished such
DIP Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them
in the Credit Agreement. 
  

	
	 [NAME OF PARTICIPANT]

	
	
By:                  
                                         
                               

	 Name:

	 Title:

 Date: ________ __, 20[    ] 

  
 G-3-1 

 EXHIBIT G-4 

[FORM OF] 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Debtor in Possession Credit and Security Agreement dated
                    , 2018 (the “Credit Agreement”), by and among Orexigen Therapeutics, Inc., a Delaware corporation (the
“Borrower”), Wilmington Trust, National Association, as the DIP Administrative Agent, and each of the DIP Lenders from time to time party thereto. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record owner of the DIP Loan(s) (as well as any DIP Lender Note(s) evidencing such DIP Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such
DIP Loan(s) (as well as any DIP Lender Note(s) evidencing such DIP Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other DIP Loan Document, neither the undersigned nor any of its direct or indirect
partners/members is 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 Internal Revenue Code of 1986, (iv) none of its direct or
indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code of 1986 and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code of 1986. 
 The
undersigned has furnished the DIP Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest
exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform the Borrower and the DIP Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the DIP Administrative Agent with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them
in the Credit Agreement. 
  

	
	 [NAME OF DIP LENDER]

	
	
By:                  
                                         
                               

	 Name:

	 Title:

 Date: ________ __, 20[    ] 

  
 G-4-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]