Document:

EX-4.2

 Exhibit 4.2 
  

 
 TPG RE FINANCE TRUST CLO ISSUER, L.P.,

 Issuer, 
 TPG RE FINANCE TRUST
GENPAR, INC., 
 General Partner, 

AND 
 U.S. BANK NATIONAL
ASSOCIATION, 
 Trustee 

INDENTURE 
 Dated as of
December 18, 2014 
  
  

 TABLE OF CONTENTS 
  

							
	Page	 
	ARTICLE I	 
	
	DEFINITIONS	 
			
	 Section 1.1
	  	Definitions	  	 	2	 
			
	 Section 1.2
	  	Assumptions as to Pledged Obligations	  	 	37	 
	
	ARTICLE II	 
	
	THE NOTES	 
			
	 Section 2.1
	  	Forms Generally	  	 	38	 
			
	 Section 2.2
	  	Forms of Notes	  	 	38	 
			
	 Section 2.3
	  	Authorized Amount	  	 	39	 
			
	 Section 2.4
	  	Purchase Price Adjustment Notes; Additional Notes	  	 	39	 
			
	 Section 2.5
	  	Execution, Authentication, Delivery and Dating	  	 	41	 
			
	 Section 2.6
	  	Registration, Registration of Transfer and Exchange	  	 	42	 
			
	 Section 2.7
	  	Mutilated, Defaced, Destroyed, Lost or Stolen Note	  	 	49	 
			
	 Section 2.8
	  	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	  	 	50	 
			
	 Section 2.9
	  	Persons Deemed Owners	  	 	53	 
			
	 Section 2.10
	  	Definitive Notes	  	 	53	 
			
	 Section 2.11
	  	Notes Beneficially Owned by Non-Permitted Holders or in Violation of ERISA Representations	  	 	53	 
			
	 Section 2.12
	  	Deduction or Withholding from Payments on Notes; No Gross Up	  	 	54	 
			
	 Section 2.13
	  	Commitment Fees	  	 	54	 
	
	ARTICLE III	 
	
	CONDITIONS PRECEDENT; CERTAIN PROVISIONS RELATING TO COLLATERAL	 
			
	 Section 3.1
	  	Conditions to Issuance of Notes on Closing Date	  	 	54	 
			
	 Section 3.2
	  	Custodianship; Delivery of Collateral Obligations and Eligible Investments	  	 	57	 
	
	ARTICLE IV	 
	
	SATISFACTION AND DISCHARGE	 
			
	 Section 4.1
	  	Satisfaction and Discharge of Indenture	  	 	58	 
			
	 Section 4.2
	  	Application of Trust Money	  	 	59	 
			
	 Section 4.3
	  	Repayment of Monies Held by Paying Agent	  	 	60	 

  
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	ARTICLE V	 
	
	REMEDIES	 
			
	 Section 5.1
	  	Events of Default	  	 	60	 
			
	 Section 5.2
	  	Acceleration of Maturity; Rescission and Annulment	  	 	61	 
			
	 Section 5.3
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	62	 
			
	 Section 5.4
	  	Remedies	  	 	64	 
			
	 Section 5.5
	  	Optional Preservation of Assets	  	 	66	 
			
	 Section 5.6
	  	Trustee May Enforce Claims without Possession of Notes	  	 	67	 
			
	 Section 5.7
	  	Application of Money Collected	  	 	67	 
			
	 Section 5.8
	  	Limitation on Suits	  	 	68	 
			
	 Section 5.9
	  	Unconditional Rights of Class A Noteholders to Receive Principal and Interest	  	 	68	 
			
	 Section 5.10
	  	Restoration of Rights and Remedies	  	 	68	 
			
	 Section 5.11
	  	Rights and Remedies Cumulative	  	 	69	 
			
	 Section 5.12
	  	Delay or Omission Not Waiver	  	 	69	 
			
	 Section 5.13
	  	Control by Majority of Class A Notes	  	 	69	 
			
	 Section 5.14
	  	Waiver of Past Defaults	  	 	69	 
			
	 Section 5.15
	  	Undertaking for Costs	  	 	70	 
			
	 Section 5.16
	  	Waiver of Stay or Extension Laws	  	 	70	 
			
	 Section 5.17
	  	Sale of Assets	  	 	70	 
			
	 Section 5.18
	  	Action on the Notes	  	 	71	 
	
	ARTICLE VI	 
	
	THE TRUSTEE	 
			
	 Section 6.1
	  	Certain Duties and Responsibilities	  	 	71	 
			
	 Section 6.2
	  	Notice of Default	  	 	73	 
			
	 Section 6.3
	  	Certain Rights of Trustee	  	 	73	 
			
	 Section 6.4
	  	Not Responsible for Recitals or Issuance of Notes	  	 	76	 
			
	 Section 6.5
	  	May Hold Notes	  	 	76	 
			
	 Section 6.6
	  	Money Held in Trust	  	 	76	 
			
	 Section 6.7
	  	Compensation and Reimbursement	  	 	76	 
			
	 Section 6.8
	  	Corporate Trustee Required; Eligibility	  	 	77	 
			
	 Section 6.9
	  	Resignation and Removal; Appointment of Successor	  	 	78	 
			
	 Section 6.10
	  	Acceptance of Appointment by Successor	  	 	79	 
			
	 Section 6.11
	  	Merger, Conversion, Consolidation or Succession to Business of Trustee	  	 	79	 
			
	 Section 6.12
	  	Co-Trustees	  	 	79	 

  
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	 Section 6.13
	  	Certain Duties of Trustee Related to Delayed Payment of Proceeds	  	 	80	 
			
	 Section 6.14
	  	Authenticating Agents	  	 	81	 
			
	 Section 6.15
	  	Withholding	  	 	81	 
			
	 Section 6.16
	  	Representative for Class A Noteholders Only; Agent for the Holders of the Partnership Interests	  	 	82	 
			
	 Section 6.17
	  	Representations and Warranties of the Bank	  	 	82	 
	
	ARTICLE VII	 
	
	COVENANTS	 
			
	 Section 7.1
	  	Payment of Principal and Interest	  	 	83	 
			
	 Section 7.2
	  	Maintenance of Office or Agency	  	 	83	 
			
	 Section 7.3
	  	Money for Note Payments to Be Held in Trust	  	 	83	 
			
	 Section 7.4
	  	Existence of Issuer; Issuer Subsidiaries; General Partner	  	 	85	 
			
	 Section 7.5
	  	Protection of Assets	  	 	90	 
			
	 Section 7.6
	  	Opinions as to Assets	  	 	92	 
			
	 Section 7.7
	  	Performance of Obligations	  	 	92	 
			
	 Section 7.8
	  	Negative Covenants	  	 	92	 
			
	 Section 7.9
	  	Statement as to Compliance	  	 	94	 
			
	 Section 7.10
	  	Issuer May Consolidate, etc., Only on Certain Terms	  	 	94	 
			
	 Section 7.11
	  	Successor Substituted	  	 	96	 
			
	 Section 7.12
	  	No Other Business	  	 	96	 
			
	 Section 7.13
	  	Reporting	  	 	96	 
			
	 Section 7.14
	  	Calculation Agent	  	 	96	 
			
	 Section 7.15
	  	Certain Tax Matters	  	 	97	 
			
	 Section 7.16
	  	Representations Relating to Security Interests in the Assets	  	 	98	 
			
	 Section 7.17
	  	Acknowledgement of Collateral Manager Standard of Care	  	 	100	 
			
	 Section 7.18
	  	Management of Defaulted Assets	  	 	100	 
			
	 Section 7.19
	  	Defaulted Asset Notification	  	 	100	 
			
	 Section 7.20
	  	Rating Cooperation	  	 	100	 
			
	 Section 7.21
	  	Tax and Loan Restructurings	  	 	101	 
			
	 Section 7.22
	  	Cooperation for Future Sales	  	 	101	 
			
	 Section 7.23
	  	Extraordinary Expenses	  	 	102	 
	
	ARTICLE VIII	 
	
	SUPPLEMENTAL INDENTURES	 
			
	 Section 8.1
	  	Supplemental Indentures without Consent of Holders of Notes	  	 	102	 

  
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	 Section 8.2
	  	Supplemental Indentures with Consent of Holders of Notes	  	 	104	 
			
	 Section 8.3
	  	Execution of Supplemental Indentures	  	 	106	 
			
	 Section 8.4
	  	Effect of Supplemental Indentures	  	 	107	 
			
	 Section 8.5
	  	Reference in Notes to Supplemental Indentures	  	 	107	 
	
	ARTICLE IX	 
	
	REDEMPTION OF NOTES	 
			
	 Section 9.1
	  	Redemptions Generally	  	 	107	 
			
	 Section 9.2
	  	Mandatory Redemption; Redemption Following a Tax Event; Optional Redemption	  	 	107	 
			
	 Section 9.3
	  	Redemption Procedures	  	 	109	 
			
	 Section 9.4
	  	Notes Payable on Redemption Date	  	 	110	 
	
	ARTICLE X	 
	
	ACCOUNTS, ACCOUNTINGS AND RELEASES	 
			
	 Section 10.1
	  	Collection of Money	  	 	110	 
			
	 Section 10.2
	  	Collection Accounts	  	 	110	 
			
	 Section 10.3
	  	Payment Account; Custodial Account; Reserve Account; Contribution Account	  	 	112	 
			
	 Section 10.4
	  	Cap Counterparty Collateral Account	  	 	114	 
			
	 Section 10.5
	  	Reinvestment of Funds in Accounts; Reports by Trustee	  	 	115	 
			
	 Section 10.6
	  	Accountings	  	 	116	 
			
	 Section 10.7
	  	Release of Assets	  	 	118	 
			
	 Section 10.8
	  	Reports by Independent Accountants	  	 	119	 
			
	 Section 10.9
	  	Reserved	  	 	120	 
			
	 Section 10.10
	  	Procedures Relating to the Establishment of Accounts Controlled by the Trustee	  	 	120	 
	
	ARTICLE XI	 
	
	APPLICATION OF MONIES	 
			
	 Section 11.1
	  	Disbursements of Monies from Payment Account	  	 	120	 
	
	ARTICLE XII	 
	
	SALE OF COLLATERAL OBLIGATIONS	 
			
	 Section 12.1
	  	Sales of Collateral Obligations	  	 	122	 
			
	 Section 12.2
	  	Conditions Applicable to All Purchase and Sale Transactions	  	 	123	 
			
	 Section 12.3
	  	Appraisal of Assets	  	 	127	 

  
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	ARTICLE XIII	 
	
	NOTEHOLDERS’ RELATIONS	 
			
	 Section 13.1
	  	Standard of Conduct	  	 	128	 
	
	ARTICLE XIV	 
	
	MISCELLANEOUS	 
			
	 Section 14.1
	  	Form of Documents Delivered to Trustee	  	 	128	 
			
	 Section 14.2
	  	Acts of Holders	  	 	129	 
			
	 Section 14.3
	  	Notices, etc., to Trustee, the Issuer, the General Partner, the Limited Partner, the Collateral Manager and the Paying Agent	  	 	129	 
			
	 Section 14.4
	  	Notices to Holders; Waiver	  	 	130	 
			
	 Section 14.5
	  	Effect of Headings and Table of Contents	  	 	131	 
			
	 Section 14.6
	  	Successors and Assigns	  	 	131	 
			
	 Section 14.7
	  	Separability	  	 	131	 
			
	 Section 14.8
	  	Benefits of Indenture	  	 	131	 
			
	 Section 14.9
	  	Legal Holidays	  	 	132	 
			
	 Section 14.10
	  	Governing Law	  	 	132	 
			
	 Section 14.11
	  	Submission to Jurisdiction	  	 	132	 
			
	 Section 14.12
	  	Counterparts	  	 	132	 
			
	 Section 14.13
	  	Acts of Issuer	  	 	132	 
			
	 Section 14.14
	  	Confidential Information	  	 	132	 
			
	 Section 14.15
	  	Liability of Issuer, General Partner and Issuer Subsidiaries	  	 	134	 
			
	 Section 14.16
	  	Waiver of Jury Trial	  	 	134	 
			
	 Section 14.17
	  	Escheat	  	 	134	 
			
	 Section 14.18
	  	Records	  	 	134	 
	
	ARTICLE XV	 
	
	ASSIGNMENT OF Collateral Management AGREEMENT	 
			
	 Section 15.1
	  	Assignment of Collateral Management Agreement	  	 	135	 
	
	ARTICLE XVI	 
	
	CAP Agreements	 
			
	 Section 16.1
	  	Cap Agreements	  	 	135	 

  
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	Schedule 1	  	  –  	  	List of Initial Values and Stable Values
			
	Schedule 2	  	  –  	  	List of Committed Draws
			
	Schedule 3	  	  –  	  	List of Approved Appraisal Firms
			
	Schedule 4	  	  –  	  	List of Specified Obligations
			
	Schedule 5	  	  –  	  	Loan Adjustment Factor Definitions
			
	Schedule 6	  	  –  	  	Collateral Pool
			
	Schedule 7	  	  –  	  	Visible Discounts
			
	Schedule 8	  	  –  	  	Initial Issuer Subsidiaries
			
	Schedule 9	  	  –  	  	Monthly Report
			
	Exhibit A	  	  –  	  	Form of Class A Notes
			
	Exhibit B	  	  –  	  	Forms of Transfer and Exchange Certificates
					
		  		  	 B1
	  	  –  	  	Form of Transferor Certificate for Transfer of Rule 144A Global Note or Certificated Note to Regulation S Global Note or Certificated Note
					
		  		  	 B2
	  	  –  	  	Form of Transferor Certificate for Transfer of Rule 144A Global Note or Regulation S Global Note to Rule 144A Global Note or Certificated Note
					
		  		  	B3	  	  –  	  	Form of Transferor Certificate for Transfer of Certificated Note to Rule 144A Global Note
					
		  		  	B4	  	  –  	  	Form of Transferee Certificate of Rule 144A Global Note
					
		  		  	B5	  	  –  	  	Form of Transferee Certificate of Regulation S Global Note
					
		  		  	B6	  	  –  	  	Form of Transferee Certificate of Certificated Note
			
	Exhibit C	  	  –  	  	Form of Note Owner Certificate
			
	Exhibit D	  	  –  	  	Form of Draw Request
			
	Exhibit E	  	  –  	  	Form of Intercompany Note

  

  
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 INDENTURE, dated as of December 18, 2014, among TPG RE FINANCE TRUST CLO ISSUER, L.P., an
exempted limited partnership registered in the Cayman Islands (the “Issuer”), TPG RE FINANCE TRUST GENPAR, INC. (the “General Partner” of the Issuer), and U.S. BANK NATIONAL ASSOCIATION, as trustee (herein, together
with its permitted successors in the trusts hereunder, the “Trustee”). 
 PRELIMINARY STATEMENTS 

The Issuer is duly authorized to execute and deliver this Indenture to provide for the Class A Notes issuable as provided in this
Indenture. Except as otherwise provided herein, all covenants and agreements made by the Issuer herein are for the benefit and security of the Holders of the Class A Notes and the Trustee (collectively the “Secured Parties”).
The Issuer is entering into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 

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

GRANTING CLAUSE 
 The Issuer
hereby Grants to the Trustee, for the benefit and security of the Noteholders and the other Secured Parties, all of its right, title and interest in, to and under the following property, in each case, whether now owned or existing, or hereafter
acquired or arising, and wherever located: 
 (a) the Collateral Obligations (listed, as of the Execution Date, in
Schedule I to the Master Purchase Agreement) acquired by the Issuer pursuant to the Master Purchase Agreement, all other Transferred Property, and all payments thereon or with respect thereto; 

(b) each of the Accounts, all Eligible Investments purchased with funds on deposit therein, and all income from the
investment of funds therein; 
 (c) the equity interests in, and the debt obligations of, each Issuer Subsidiary and all
payments and rights thereunder; 
 (d) the Collateral Management Agreement, each Cap Agreement, the Note Purchase Agreement,
the Master Purchase Agreement and the other Transaction Documents and all payments and rights thereunder; 
 (e) all
Cash or Money delivered to the Trustee (or its bailee) for the benefit of the Secured Parties; 
 (f) all accounts,
chattel paper, deposit accounts, financial assets, general intangibles, payment intangibles, instruments, investment property, letter-of-credit rights and supporting
obligations (as such terms are defined in the UCC); 
 (g) any other property otherwise delivered to the Trustee by or
on behalf of the Issuer (whether or not constituting Collateral Obligations or Eligible Investments); 
 (h) all Equity
Securities and all payments thereon and rights in respect thereof; and 

 (i) all proceeds (as defined in the UCC) and products, in each case, with
respect to the foregoing (the assets referred to in clauses (a) through this clause (i) are collectively referred to as the “Assets”); 

provided that such Grant and the term “Assets” shall not include any Excluded Interest. 

To the extent that, under applicable law, the Assets shall be deemed to be the property of the General Partner (whether or not on behalf of
the Issuer), the General Partner hereby Grants to the Trustee, for the benefit and security of the Secured Parties, all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising,
each of the Assets on the same terms and conditions, and for the same purposes, as the Grants of the Issuer made pursuant to above Grant. 

The above Grants are made in trust to secure the Class A Notes and the Issuer’s obligations to the Secured Parties under this
Indenture and the other Transaction Documents (the “Secured Obligations”). Each of the Class A Notes is secured equally and ratably without prejudice, priority or distinction between any Class A Note and any other
Class A Note by reason of difference in time of issuance or otherwise, except as expressly provided in this Indenture. The above Grants are made to secure, (i) in accordance with the priorities set forth in the Priority of
Payments, the payment of all amounts due on the Class A Notes in accordance with their terms, (ii) the payment of all Administrative Expenses and all other sums payable in respect of the Secured Obligations under this Indenture, and
(iii) compliance with the provisions of this Indenture, all as provided herein. The foregoing Grants shall, for the purpose of determining the property subject to the lien of this Indenture, be deemed to include any securities and any
investments granted to the Trustee by or on behalf of the Issuer, whether or not such securities or investments satisfy the criteria set forth in the definitions of “Collateral Obligation” or “Eligible Investments,” as the case
may be. For the avoidance of doubt, the Partnership Interests are not Secured Obligations hereunder and neither the General Partner nor any limited partner are Secured Parties hereunder. 

The Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform its duties
expressly stated herein in accordance with the provisions hereof. 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. Except as otherwise specified herein or as the context may otherwise require, the following terms shall
have the respective meanings set forth below for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such
terms. The word “including” shall mean “including without limitation.” All references in this Indenture to designated “Articles,” “Sections,” “Subsections” and other subdivisions are to the
designated articles, sections, subsections and other subdivisions of this Indenture. The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any
particular article, section, subsection or other subdivision. 
 “140 West Rebate Payment”: The meaning specified in the
Fee Letter. 
 “Accelerated Payment Date”: The meaning specified in Section 11.1(b). 

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

 “Accountants’ Report”: An agreed-upon procedure report of the firm or firms appointed by the Issuer pursuant to
Section 10.8(a). 
 “Accounts”: Each of the Payment Account, the Collection Account, the Reserve Account, the Custodial
Account, the Contribution Account, the Expense Reserve Account and each Cap Counterparty Collateral Account (if any). 
 “Account
Control Agreement”: An account control agreement with respect to the Accounts dated as of the Execution Date among the Issuer, acting by TPG RE Finance Trust GenPar, Inc. as its general partner, the Trustee and the Bank, as securities
intermediary, as amended from time to time. 
 “Act of Holders”: The meaning specified in Section 14.2. 

“Actual Capitalized Balances”: The meaning specified in the Master Purchase Agreement. 

“Additional Funding”: The meaning specified in Section 2.4(b). 

“Additional Notes”: Additional Class A Notes issued pursuant to Section 2.4(b) and the Note Purchase Agreement. 

“Additional Redemption Amount”: In connection with any redemption of the Class A Notes pursuant to Section 9.2(b), (c),
(d) or (e): 
 (a) zero if (1) the Redemption Date is after January 1, 2016, (2) on the date of such redemption,
the Portfolio O/C Ratio Test is not satisfied or (3) the aggregate interest payments on the Class A Notes through and including such Redemption Date is greater than or equal to the Class A Minimum Amount; and 

(b) otherwise, an amount equal to the excess of (1) the Class A Minimum Amount over (2) the aggregate interest
payments paid on the Class A Notes through and including such Redemption Date. 
 “Additional Specified Obligation”:
Each Specified Collateral Obligation identified as an “Additional Specified Obligation” on Schedule 4 hereto. 

“Additional Tax”: The meaning specified in Section 7.21. 

“Adjusted Appraised Value”: With respect to any Collateral Obligation, the excess of (a) its Appraised Value over
(b) the sum of (i) the aggregate principal amount of all other obligations of the underlying obligors with respect to such Collateral Obligation that are secured, on a senior basis to such Collateral Obligation, by the same collateral as
such Collateral Obligation and (ii) the product of (x) the aggregate principal amount of all other obligations of the underlying obligors with respect to such Collateral Obligation that are secured, on a pari passu basis with such
Collateral Obligation, by the same collateral as such Collateral Obligation and (y) a fraction, the numerator of which is (A) the amount described in clause (ii)(x) and the denominator of which is (B) the sum of (I) the amount
described clause (ii)(x) and (II) the par amount of such Collateral Obligation. 
 “Adjusted Initial Principal
Amount”: An amount equal to: 

  
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 (a) the Initial Principal Amount; plus 

(b) the aggregate principal amount of Class A Notes issued in connection with the Purchase Price Adjustment (if any);
minus 
 (c) the aggregate principal amount of Class A Notes repaid in connection with the Purchase Price
Adjustment (if any); minus 
 (d) the aggregate principal amount of Class A Notes repaid on the initial Payment
Date (if any) with proceeds of the 140 West Rebate Payment. 
 “Administrative Expenses”: All of the following: 

(1) filing fees and registration fees (if any) payable by (A) the Issuer and (B) the Issuer Subsidiaries (including,
without limitation, the registered office and annual return fees of the Issuer and the Issuer Subsidiaries); 
 (2) any due
and unpaid Trustee Fee and Trustee Expenses (other than any indemnities owned in connection therewith); 
 (3) any accrued
and unpaid Servicing Fee and other amounts payable to the Servicer under the Servicing Agreement (other than any indemnities owed in connection therewith); 

(4) any accrued and unpaid Collateral Management Fee and other amounts payable to the Collateral Manager under the Collateral
Management Agreement (other than any indemnities owed in connection therewith); 
 (5) Petition Expenses; 

(6) any accrued and unpaid Commitment Fees due to the Committed Purchaser under the Note Purchase Agreement; 

(7) any fees and expense reimbursements payable to any agent with respect to Collateral Obligations (other than indemnities);

 (8) the deferred purchase price agreed to be paid by the Issuer to the Seller under Section 3.3 of the Master
Purchase Agreement; and 
 (9) any other due and unpaid regular scheduled administrative expenses of the Issuer permitted to
be incurred hereunder, 
 provided that (A) Extraordinary Expenses shall not constitute Administrative Expenses, and (B) amounts due in
respect of actions taken on or before the Closing Date shall not be payable as Administrative Expenses but shall be payable only from the Expense Reserve Account pursuant to Section 10.3(e). 

“Affected Class”: The Class A Notes, if the Holders of the Class A Notes do not receive 100% of the aggregate
amount of principal, interest, commitment fee and other amounts that would otherwise be payable to such Class on any Payment Date as a result of the occurrence of any Tax Event. 

“Affiliate” or “Affiliated”: With respect to a Person, (a) any other Person who, directly or
indirectly, is in control of, or controlled by, or is under common control with, such Person or (b) any other Person who is a director, officer or employee (i) of such Person, (ii) of any subsidiary or parent company

  
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of such Person or (iii) of any Person described in clause (a) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (x) to vote
more than 50% of the securities having ordinary voting power for the election of directors of any such Person or (y) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; provided
that no Person to which TPG RE Finance Trust Management, L.P. (or any direct or indirect parent thereof or any direct or indirect subsidiary of any such direct or indirect parent) provides investment or management advisory services (other than
Clover REIT or the Issuer), no portfolio company of any such Person and no Obligor with respect to any Collateral Obligation shall be considered an Affiliate of TPG RE Finance Trust Management, L.P. (or any direct or indirect parent thereof), Clover
REIT, the Issuer or the General Partner. 
 “Agent Members”: Members of, or participants in, DTC, Euroclear or Clearstream.

 “Aggregate Additional Note Funding Limit”: As of any date, the least of: 

(a) the then-current aggregate amount of the Commitments at such date; 

(b) the Net Unfunded Amount at such date; and 

(c) an amount equal to (1) the Expected Additional Funding Amount at such date minus (2) the aggregate amount
then on deposit in the Reserve Account minus (3) to the extent such Expected Additional Funding Amount relates to Reverse Participated Collateral Obligations that are Delayed Draw Collateral Obligations, the portions of such Expected
Additional Funding Amount that the Seller, as holder of the related Reverse Participation, is obligated to fund under the Master Purchase Agreement minus (4) to the extent such Expected Additional Funding Amount relates to Participated
Collateral Obligations that are Delayed Draw Collateral Obligations, the portions of such Expected Additional Funding Amount that the respective holders of the related participation interests are obligated to fund under the related Participation
Agreements; 
 provided that the Aggregate Additional Note Funding Limit on any date shall (if it is less than U.S.$500,000 on such date) be
increased to the lower of (x) U.S.$500,000 and (y) the Net Unfunded Amount at such date. 
 “Aggregate Capitalized
Balance”: As of any date of determination, the aggregate of the Capitalized Balance for each Collateral Obligation that is not a Defaulted Asset as of such date. 

“Aggregate Outstanding Amount”: With respect to the Class A Notes as of any date, the aggregate principal amount of the
Class A Notes Outstanding on such date, as such amount may be increased from time to time by the issuance of Additional Notes or decreased from time to time by payments of principal in accordance with the Priority of Payments. 

“Aggregate Principal Balance”: As of any date of determination, an amount equal to: 

(a) the aggregate of the Principal Balance for every Collateral Obligation that is not a Defaulted Asset; plus 

(b) the sum, for every Collateral Obligation that is a Defaulted Asset, of the product of the Loan Adjustment Factor for such
Defaulted Asset and its Principal Balance; plus 
 (c) the aggregate amount of all cash proceeds of issuances of
Additional Notes that have not yet been applied to fund Additional Fundings; plus  

  
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 (d) the aggregate amount of Collateral Principal Collections then on deposit in
the Collection Account; minus 
 (e) the amount of any Extraordinary Expenses owing by the Issuer together with the
amount of reserves that the Issuer would be required to set aside on its books in respect of Extraordinary Expenses in accordance with GAAP (but excluding any such Extraordinary Expenses that, at the time, are treated as Deemed Expense Notes); 

provided that, for purposes of calculating the Portfolio O/C Ratio, the Aggregate Principal Balance will exclude any Visible Discounts. 

“Allocated Stabilized Asset Value”: For any Collateral Obligation in connection with any Partial Sale in relation to such
Collateral Obligation, the portion of the Initial Value or Stable Value, as the case may be, of any Collateral Obligation that is attributable to the portion of the collateral securing such Collateral Obligation that was transferred in any Partial
Sale of such Collateral Obligation, calculated based on the most recent Appraised Value of such Collateral Obligation. 

“Applicable Margin”: 2.75% per annum. 

“Applicable Rate”:

(a) LIBOR (if available); 
 (b) if
LIBOR is unavailable, the Prime Rate (if available); and 
 (c) if LIBOR and the Prime Rate are unavailable, an interest rate index selected
by the Collateral Manager in a commercially reasonable manner that is acceptable to Holders of a Majority of the Class A Notes. 

“Appraisal”: With respect to any Collateral Obligation, an appraisal of the value of the real property securing the Full
Outstanding Amount of such Collateral Obligation (determined, for the avoidance of doubt, excluding property sold or otherwise released in connection with all prior Partial Sales relating to such Collateral Obligation) either (a) prepared
pursuant to the terms of such Collateral Obligation or (b) conducted by an Approved Appraisal Firm selected by the Collateral Manager. “Appraised” has a correlative meaning. 

“Appraised Obligation”: A Collateral Obligation that has been Appraised at any time after the Closing Date. 

“Appraised Value”: The value of the real property securing an Appraised Obligation determined by an Appraisal. 

“Approved Appraisal Firm”: For any Collateral Obligation, any of the following firms selected by the Collateral Manager: 

(a) any of the requisite appraisal firm(s) (if any) set forth in the Underlying Instruments relating to such Collateral
Obligation; 
 (b) any of the firms identified in Schedule 3 hereto; or 

  
 -6- 

 (c) any other firm of independent qualified appraisers of U.S. commercial real
estate loans selected by the Collateral Manager and consented to by the Holders of at least a Majority of the Class A Notes (which consent will not be unreasonably withheld or delayed). 

“Arrangement Fee”: The a structuring and arranging fee paid by the Issuer to DB or one of its Affiliates pursuant to the Fee
Letter. 
 “Arrangement Fee Rebate”: The meaning specified in the Fee Letter. 

“Assets”: The meaning assigned in the Granting Clause hereof. 

“Authenticating Agent”: With respect to the Notes, the Person designated by the Trustee to authenticate such Notes on behalf
of the Trustee pursuant to Section 6.14. 
 “Authorized Denominations”: The Class A Notes shall be issued in
minimum denominations of U.S.$250,000 and integral multiples of U.S.$1.00 in excess thereof. 
 “Authorized Officer”: With
respect to the Issuer, any Officer of the General Partner on behalf of the Issuer or any other Person who is authorized to act for the Issuer (or the General Partner on behalf of the Issuer) in matters relating to, and binding upon, the Issuer. With
respect to the Collateral Manager, any Officer, employee, member or agent of the Collateral Manager who is authorized to act for the Collateral Manager in matters relating to, and binding upon, the Collateral Manager with respect to the subject
matter of the request, certificate or order in question. With respect to the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer. Each party may receive and accept a certification of the
authority of any other party as conclusive evidence of the authority of any person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary. 

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

“Bank”: U.S. Bank National Association, a national banking association with trust powers (including any organization or
entity succeeding to all or substantially all of the corporate trust business of U.S. Bank National Association), in its individual capacity and not as Trustee, and any successor thereto. 

“Bankruptcy Code”: The U.S. Bankruptcy Code (Title 11 of the United States Code, as amended from time to time (or any
successor statute)). 
 “Bankruptcy Subordination Agreement”: The meaning specified in Section 5.4(d)(ii). 

“Benefit Plan Investor”: Any “employee benefit plan” (as defined in Section 3(3) of Title I of ERISA) that is
subject to the fiduciary responsibility provisions of Title I of ERISA; any “plan” as defined in Section 4975(e) of the Code that is subject to Section 4975 of the Code; or any entity whose underlying assets are treated as “plan
assets” (for purposes of ERISA or Section 4975 of the Code) by reason of any such employee benefit plan’s or plan’s investment in the entity. 

“Blocker Subsidiary”: The meaning specified in Section 7.4(c). 

  
 -7- 

 “Board of Directors”: The directors of the General Partner duly appointed by the
members of the General Partner pursuant to the memorandum and articles of association of the General Partner. 
 “Board
Resolution”: With respect to the Issuer, a duly passed resolution of the Board of Directors of the General Partner with respect to the Issuer. 

“Borrower”: For any Collateral Obligation, the borrower of (or, if there are more than one borrowers of such Collateral
Obligation, a collective reference to all such borrowers of) such Collateral Obligation. 
 “Business Day”: Any day other
than (i) a Saturday or a Sunday or (ii) a day on which commercial banks are authorized or required by applicable law, regulation or executive order to close in Chicago, Illinois, New York, New York, St. Paul, Minnesota or in the city in
which the principal Corporate Trust Office of the Trustee is located or, for any final payment of principal, in the relevant place of presentation. 

“Buyer True-Up Payment Amount”: The meaning specified in the Master Purchase
Agreement. 
 “Calculation Agent”: The meaning specified in Section 7.14. 

“Calculation Date”: The last day of a Due Period. 

“Cap Agreement”: An interest rate cap agreements between the Issuer, acting by TPG RE Finance Trust GenPar, Inc. as its
general partner, and a Cap Counterparty meeting the requirements of Section 16.1, as amended from time to time. 
 “Cap
Counterparty”: Any one or more institutions entering into or guaranteeing a Cap Agreement with the Issuer, including any permitted assignee or successor under such Cap Agreement. 

“Cap Counterparty Collateral Account”: An account established pursuant to Section 10.5. 

“Cap Counterparty Credit Support”: As of any date of determination, any Cash or Cash equivalents on deposit in, or otherwise
to the credit of, a Cap Counterparty Collateral Account. 
 “Cap Collateral Assets”: Amounts deposited into a Cap
Counterparty Collateral Account, and payments of principal and interest on Eligible Investments purchased with amounts deposited into such Cap Counterparty Collateral Account, unless and to the extent applied to the obligations of the related Cap
Counterparty thereunder. 
 “Capitalized Balance”: With respect to each Collateral Obligation as of any date of
determination, the Principal Balance of such Collateral Obligation plus the aggregate amount of any accrued but unpaid interest thereon plus the aggregate amount of any accrued interest that has been added to the principal balance
thereof in lieu of being paid in cash. 
 “Cash”: Such coin or currency of the United States of America as at the time
shall be legal tender for payment of all public and private debts. 
 “CEA”: The United States Commodity Exchange Act of
1936, as amended. 

  
 -8- 

 “Certificate of Authentication”: The meaning specified in Section 2.1. 

“Certificated Note”: The meaning specified in Section 2.2(b)(ii). 

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

 “Class A Minimum Amount”: An amount equal to the product of (a) the Adjusted Initial Principal Amount of the
Class A Notes and (b) 0.025. 
 “Class A Minimum Amount Trigger Date”: The meaning specified in Section 2.8. 

“Class A Minimum Payment”: The meaning specified in Section 2.8. 

“Class A Notes”: The Class A Senior Secured Floating Rate Notes issued pursuant to this Indenture. 

“Clean-Up Redemption Date”: The meaning specified in Section 9.2(c). 

“Clean-Up Redemption”: The meaning specified in Section 9.2(c). 

“Clearing Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

 “Clearing Corporation”: Each of (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity
included within the meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC. 

“Clearing Corporation Security”: Securities which are in the custody of or maintained on the books of a Clearing Corporation
or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee. 

“Clearstream”: Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy of
Luxembourg. 
 “Closing Date”: The date on which all of the conditions precedent for the issuance of the Class A Notes
set forth under Section 3.1 hereof have been satisfied. 
 “Clover REIT”: TPG RE Finance Trust, Inc., a Maryland
corporation. 
 “Code”: The United States Internal Revenue Code of 1986, as amended from time to time, and any U.S.
Treasury regulations and other authoritative guidance promulgated thereunder. 
 “Collateral Interest Collections”: With
respect to any Due Period or Calculation Date, without duplication, the sum of: 
 (i) all payments of interest and other
income received by the Issuer during the related Due Period on the Collateral Obligations and Eligible Investments, including the accrued interest received in connection with a sale thereof during the related Due Period; 

(ii) all principal and interest payments received by the Issuer during the related Due Period on Eligible Investments purchased
with Collateral Interest Collections; 

  
 -9- 

 (iii) all amendment and waiver fees, late payment fees and other fees received by
the Issuer during the related Due Period, except for those in connection with (a) the lengthening of the maturity of the related Collateral Obligation or (b) the reduction of the par of the related Collateral Obligation as determined by
the Collateral Manager at its discretion (with notice to the Trustee); 
 (iv) all commitment fees and other similar fees
received by the Issuer during such Due Period in respect of Delayed Draw Collateral Obligations; 
 (v) all payments received
with respect to the Cap Agreements (if any), including all payments received as a result of the amendment or termination of a Cap Agreement but excluding Cap Collateral Assets (and any such payments on Cap Agreements received or to be received
after such Calculation Date but on or prior to 10:00 a.m. New York time the immediately succeeding Payment Date will be deemed received in respect of the preceding Due Period and included in the calculation of Collateral Interest Collections
received in such Due Period); 
 (vi) the portion of Sale Proceeds received in respect of interest on the Collateral
Obligations; and 
 (vii) all other amounts required to be treated as “Collateral Interest Collections” hereunder,

 provided that (1) any such amounts distributed by the Servicer to the Issuer pursuant to Section 3.1 of the Master Co-Lender Agreement during any Due Period shall be deemed to be received by the Issuer during such Due Period, and (ii) any amounts received in respect of any Defaulted Asset (or any Equity Security received in
exchange for a Defaulted Asset) will constitute (A) Collateral Principal Collections (and not Collateral Interest Collections) until the aggregate of all recoveries in respect of such Defaulted Asset since it became a Defaulted Asset equals the
outstanding Principal Balance of such Collateral Obligation when it became a Defaulted Asset, and then (B) Collateral Interest Collections thereafter. 

“Collateral Management Agreement”: The Collateral Management Agreement, dated as of the Execution Date, between the Issuer,
acting by TPG RE Finance Trust GenPar, Inc. as its general partner, and the Collateral Manager, as amended from time to time. 

“Collateral Management Fee”: The collateral management fee payable on each Payment Date pursuant to Section 7 of the
Collateral Management Agreement, in an amount equal to 0.075% per annum of the par amount of the Collateral Obligations owned by the Issuer on the Calculation Date immediately preceding such Payment Date. 

“Collateral Manager”: TPG RE Finance Trust Management, L.P., a Delaware limited partnership, until a successor Person shall
have become the Collateral Manager pursuant to the provisions of the Collateral Management Agreement, and thereafter “Collateral Manager” shall mean such successor Person. 

“Collateral Manager Notes”: The meaning assigned to such term in the Collateral Management Agreement. 

“Collateral Obligation”: A loan identified on the Loan Asset List, together with all rights in the Transferred Property
relating to such loan. For the avoidance of doubt, “Collateral Obligations” hereunder are referred to as “Loan Assets” in the Master Purchase Agreement. 

  
 -10- 

 “Collateral Pool”: A pool of Collateral Obligations identified on Schedule 6.

 “Collateral Principal Collections”: With respect to any Due Period or Calculation Date, all amounts received by the
Issuer during the related Due Period that do not constitute Collateral Interest Collections, including the Arrangement Fee Rebate (if any), Contributions (except Contributions received in anticipation of Additional Fundings), all proceeds of the 140
West Rebate Payment and the cash proceeds of each Defaulted Asset Exchange, but excluding (I) proceeds of sales of Additional Notes and Contributions held by the Issuer in anticipation of Additional Fundings and (II) Cap Collateral Assets;
provided that any such amounts distributed by the Servicer to the Issuer pursuant to Section 3.1 of the Master Co-Lender Agreement during any Due Period shall be deemed to have been received by the
Issuer. 
 “Collection Account”: The account established pursuant to Section 10.2(a) and designated as the “Collection
Account”. 
 “Commitment”: For the Committed Purchaser at any time, an amount equal to the Net Unfunded Amount at such
time. 
 “Commitment Fee”: A fee that shall accrue on the Commitment of the Committed Purchaser under the Note Purchase
Agreement for each day from and including the Closing Date to the Commitment Termination Date at a rate per annum equal to 0.25%. 

“Commitment Termination Date”: The date the Commitments terminate, expire or are permanently reduced to zero (which, for the
avoidance of doubt, shall be no later than the last day of the Draw Period). 
 “Committed Purchaser”: At any time, the
Person with an obligation to purchase Additional Notes under the Note Purchase Agreement at such time. 
 “Committed Purchaser
Note”: The meaning specified in Section 2.2(b). 
 “Confidential Information”: The meaning specified in Section
14.14(b). 
 “Contribution”: The meaning specified in Section 10.3(d). 

“Contribution Account”: The meaning specified in Section 10.3(d). 

“Contributor”: The meaning specified in Section 10.3(d). 

“Controlling Person”: Any person (other than a Benefit Plan Investor) who has discretionary authority or control with respect
to the assets of the Issuer or any person who provides investment advice for a fee (direct or indirect) with respect to such assets, or any “affiliate” (within the meaning of 29 C.F.R.
§ 2510.3-101) of any such person. 
 “Corporate Trust Office”: The
principal corporate trust office of the Trustee at which this Indenture is administered, currently located at (i) for Note transfer purposes and presentment and surrender by courier of the Notes for final payment thereon, 111 Filmore Avenue,
St. Paul, Minnesota 55107-2292, Attention: Corporate Trust Services—TPG RE Finance Trust CLO Issuer, L.P., email: TPGRECLODRAW@usbank.com, (ii) for custodial purposes with respect to the Instruments, 1133 Rankin Street, Suite 100, St.
Paul, Minnesota 55107, Attention: Bondhold Services – TPG RE Finance Trust CLO Issuer, L.P., (iii) for custodial purposes with respect to the Certificated Securities, 190 LaSalle 

  
 -11- 

 
Street, 8th Floor, Chicago, Illinois 60603, Attention: TPG RE Finance Trust CLO Issuer, L.P., and (iv) for all other purposes, 190
LaSalle Street, 8th Floor, Chicago, Illinois 60603, Attention: TPG RE Finance Trust CLO Issuer, L.P., e-mail: david.depue@usbank.com, facsimile: 1-866-350-5581 or in each case such other address as the Trustee may designate from time to time by notice to the Holders, the
Collateral Manager and the Issuer, or the principal corporate trust office of any successor Trustee. 
 “CPO”: The meaning
specified in Section 16.1. 
 “CTA”: The meaning specified in Section 16.1. 

“Cured Obligation”: A Collateral Obligation that was once a Defaulted Asset but no longer meets the criteria specified in
clause (a) through (d) in the definition of “Defaulted Asset”. 
 “Custodial Account”: The custodial account
established pursuant to Section 10.3(b) and designated as the “Custodial Account”. 
 “Custodian”: The meaning
specified in the first sentence of Section 3.2(a) with respect to items of collateral referred to therein, and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities Intermediary. 

“DB”: Deutsche Bank AG, New York Branch. 

“Deemed Expense Notes”: The meaning specified in Section 7.23. 

“Default”: Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event
of Default. 
 “Defaulted Asset”: Any Collateral Obligation: 

(a) for which the Borrower has defaulted in the payment of principal (if such default has continued for more than three
(3) months) or interest (unless the Majority of the Class A Notes have waived such default or agreed to forebear from enforcing remedies arising from such default); or 

(b) that has been accelerated; or 

(c) in respect of which the lenders have foreclosed on the underlying security; or 

(d) that has been amended without the consent of a Majority of the Class A Notes if such amendment constitutes a Major
Decision, 
 provided that: 

(1) a Collateral Obligation shall only continue to be a Defaulted Asset so long as such Collateral Obligation continues to meet
the criteria in clauses (a) through (d) above; and 
 (2) a Specified Collateral Obligation shall not constitute a
Defaulted Asset under clause (d) above at any time during the first three months after the Closing Date (or, in the case of any Additional Specified Collateral Obligation, the first five months after the Closing Date) unless (x) the terms
of such Specified Collateral Obligation are amended during such period, (y) such change was not approved by a Majority of the Class A Notes and (z) such amendment is likely to have a materially worse effect on the economic value of
such Specified Obligation than the terms of amendments to such Specified Obligation that were reasonably contemplated by the lenders on such Specified Obligation as at the Closing Date. 

  
 -12- 

 “Defaulted Asset Exchange”: The meaning specified in Section 12.1(b). 

“Definitive Note”: The meaning specified in Section 2.10(b). 

“Delayed Draw Collateral Obligations”: A loan with respect to which a lender may be obligated to make or otherwise fund
future advances to a Borrower. 
 “Deliver” or “Delivered” or “Delivery”: The taking of
the following steps: 
 (i) in the case of each Certificated Security (other than a Clearing Corporation Security) or
Instrument, 
 (a) causing the delivery of such Certificated Security or Instrument to the Custodian registered in the name
of the Trustee or its affiliated nominee or endorsed to the Trustee or in blank; 
 (b) causing the Trustee to continuously
indicate on its books and records that such Certificated Security or Instrument is credited to the applicable Account; and 

(c) causing the Custodian to maintain continuous possession of such Certificated Security or Instrument; 

(ii) in the case of each Uncertificated Security (other than a Clearing Corporation Security), 

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

(a) causing the relevant Clearing Corporation to credit such Clearing Corporation Security to the securities account of the
Custodian, and 
 (b) causing the Custodian to continuously indicate on its books and records that such Clearing Corporation
Security is credited to the applicable Account; 
 (iv) in the case of each security issued or guaranteed by the United
States of America or agency or instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (“FRB”) (each such security, a “Government
Security”), 
 (a) causing the creation of a Security Entitlement to such Government Security by the credit of such
Government Security to the securities account of the Custodian at such FRB, and 

  
 -13- 

 (b) causing the Custodian to continuously indicate on its books and records that
such Government Security is credited to the applicable Account; 
 (v) in the case of each Security Entitlement not governed
by clauses (i) through (iv) above, 
 (a) causing a Securities Intermediary (x) to indicate on its books and
records that the underlying Financial Asset has been credited to the Custodian’s securities account, (y) to receive a Financial Asset from a Securities Intermediary or acquiring the underlying Financial Asset for a Securities Intermediary,
and in either case, accepting it for credit to the Custodian’s securities account or (z) to become obligated under other law, regulation or rule to credit the underlying Financial Asset to a Security Intermediary’s securities account,

 (b) causing such Securities Intermediary to make entries on its books and records continuously identifying such Security
Entitlement as belonging to the Custodian and continuously indicating on its books and records that the Custodian is credited to one of the Custodian’s Accounts, which shall at all times be securities accounts, and 

(c) causing the Custodian to continuously indicate on its books and records that such Security Entitlement (or all rights and
property of the Custodian representing such Security Entitlement) is credited to the applicable Account; 
 (vi) in the case
of Cash or Money, 
 (a) causing the delivery of such Cash or Money to the Custodian, 

(b) causing the Custodian to treat such Cash or Money as a Financial Asset maintained by such Custodian for credit to the
applicable Account in accordance with the provisions of Article 8 of the UCC, and 
 (c) causing the Custodian to
continuously indicate on its books and records that such Cash or Money is credited to the applicable Account; and 
 (vii) in
the case of each general intangible (including any participation interest in which the participation interest is not represented by an Instrument), (a) causing the filing of a Financing Statement in the office of the Recorder of Deeds in the
District of Columbia, Washington, DC, and in the jurisdiction in which the General Partner is located and (b) causing the registration of the security granted under this Indenture in the Register of Mortgages and Charges of the Issuer at the
Issuer’s registered office in the Cayman Islands. 
 In addition, the Collateral Manager on behalf of the Issuer will obtain any and all consents
required by the underlying instruments relating to any such general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is rendered ineffective under Section 9-406 of the UCC). 
 “Depository Event”: The meaning specified in Section
2.10(a). 

  
 -14- 

 “Discretionary Sale”: Any sale, grant of a Participation Interest or other
disposition of a Collateral Obligation pursuant to Section 12.1(a) or (b). 
 “Disposition Proceeds”: Proceeds received
with respect to sales of Collateral Obligations, Eligible Investments and Equity Securities and the termination of any Cap Agreement, in each case, net of reasonable
out-of-pocket expenses and disposition costs in connection with such sales. 

“Dissolution Expenses”: The amount of fees and expenses reasonably likely to be incurred in connection with the discharge of
this Indenture, the liquidation of the Assets and the dissolution of the Issuer, as reasonably certified by the Collateral Manager or the Issuer, based in part on fees and expenses incurred by the Trustee and the liquidator of the Issuer and
reported to the Collateral Manager. 
 “Distribution Report”: The meaning specified in Section 10.6(b). 

“Draw Failure”: The meaning specified in Section 2.4(e). 

“Draw Period”: The period from the Closing Date through the earlier of (a) the date on which the Unfunded Amount has
been terminated or irrevocably reduced to zero and (b) the Stated Maturity. 
 “Draw Request”: The meaning
specified in Section 2.4(b). 
 “Drawing”: The meaning specified in Section 2.4(b). 

“DTC”: The Depository Trust Company, its nominees, and their respective successors. 

“Due Date”: Each date on which any payment is due on a Pledged Obligation in accordance with its terms. 

“Due Period”: Each period beginning on and including the day following the last day of the immediately preceding Due
Period (or, in the case of the initial Due Period, beginning on the Closing Date) and ending at the close of business on the third Business Day preceding the Payment Date in the calendar month following the month in which such Due Period
begins. The “Due Period” with respect to any Interest Period shall be the Due Period that begins in the month in which such Interest Period begins. 

“Eligible Investment Required Ratings”: A short-term credit rating of “P-1”
from Moody’s and “A-1” from S&P or, if no short-term rating exists, a long-term credit rating of at least “Aaa” from Moody’s and “AAA” from S&P. 

“Eligible Investments”: (a) Cash or (b) any United States dollar investment that, at the time it is Delivered to the
Trustee (directly or through an intermediary or bailee), is one or more of the following obligations or securities: 
 (i)
direct Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and expressly guaranteed by the United States of America or any agency or instrumentality of the United States of America the
obligations of which are expressly backed by the full faith and credit of the United States of America and which satisfy the Eligible Investment Required Ratings with respect to S&P and Moody’s; 

  
 -15- 

 (ii) demand and time deposits in, certificates of deposit of, trust accounts
with, bankers’ acceptances issued by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States of America (including the Bank) or any state thereof and subject to supervision and
examination by federal and/or state banking authorities, in each case payable within 183 days of issuance, so long as the commercial paper and/or the debt obligations of such depository institution or trust company at the time of such investment or
contractual commitment providing for such investment have the Eligible Investment Required Ratings (or, in the case of the principal depository institution in a holding company system, the commercial paper or debt obligations of such holding company
have the Eligible Investment Required Ratings, such holding company guarantees such obligation of the depository institution or trust company and such guarantee satisfies the current S&P criteria applicable to such guarantee); and 

(iii) money market funds domiciled outside of the United States which funds have, at all times, credit ratings of “Aaa-mf” by Moody’s and “AAAm” by S&P, respectively; 
 provided that: 

(1) Eligible Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise
specifically provided herein and shall include only such obligations or securities, other than those referred to in clause (iii) above, and mature (or are putable at par to the issuer thereof) on or prior to Business Day prior to the Payment
Date following the date of purchase; 
 (2) Eligible Investments purchased with funds in the Reserve Account shall mature (or
be putable at par to the issuer thereof) on the Business Day immediately following the date of purchase thereof; and 
 (3)
none of the foregoing obligations or securities shall constitute Eligible Investments if (a) such obligation or security has an “f,” “r,” “p,” “pi,” “q,” “sf” or “t”
subscript assigned to its rating by S&P or “sf” subscript assigned to its rating by Moody’s, (b) all, or substantially all, of the remaining amounts payable thereunder consist of interest and not principal payments,
(c) such obligation or security is purchased at a price greater than 100% of the principal or face amount thereof, (e) in the Collateral Manager’s sole judgment, such obligation or security is subject to material non-credit related risks or (d) payments with respect to such obligations or securities or proceeds of disposition are subject to withholding taxes (other than taxes imposed that may be imposed on fees with
respect to such obligation or taxes under FATCA) by any jurisdiction unless the payor is required to make “gross-up” payments that cover the full amount of any such withholding tax on an after-tax basis. 
 Eligible Investments may include, without limitation, those investments for which the
Trustee or an Affiliate of the Trustee is the obligor or depository institution, or provides services and receives compensation. 

“Enforcement Event”: A declaration of acceleration (including any automatic acceleration) of the maturity of the Notes has
occurred following an Event of Default, which shall continue unless (x) such Event of Default has been cured or waived or (y) such declaration of acceleration has been rescinded or annulled as provided in this Indenture. 

  
 -16- 

 “Ensuing Payment Date”: The meaning specified in the Section 2.8(a). 

“Entitlement Holder”: The meaning specified in Section 8-102(a)(7) of the UCC. 

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

“Equity Security”: Any security or debt obligation which at the time of acquisition, conversion or exchange does not satisfy
the requirements of a Collateral Obligation and is not an Eligible Investment. 
 “ERISA”: The United States Employee
Retirement Income Security Act of 1974, as amended from time to time. 
 “Euroclear”: Euroclear Bank S.A./N.V., as operator
of the Euroclear System. 
 “Event of Default”: The meaning specified in Section 5.1. 

“Exchange Act”: The United States Securities Exchange Act of 1934, as amended from time to time. 

“Excluded Interest”: The meaning specified in the Master Purchase Agreement. 

“Execution Date”: December 18, 2014. 

“Expected Additional Funding Amount”: As of any date, the aggregate amount of Additional Fundings under all Delayed Draw
Collateral Obligations that have then been requested by the Borrowers thereof (and not yet funded by the Issuer) and all Additional Fundings that the Collateral Manager reasonably expects that the Issuer will be required to make within the 15 days
following such date. 
 “Expense Reserve Account”: The trust account established pursuant to Section
10.3(e). 
 “Extraordinary Expenses”: All amounts owed by the Issuer on account of (i) taxes, (ii) indemnification
obligations, (iii) judgments or (iv) other legal obligations and other obligations of the Issuer, in the case of this clause (iv), not incurred in the ordinary course of business or not expressly permitted to be incurred under the
Transaction Documents. For the avoidance of doubt, amounts owing in respect of the Class A Notes, the Commitment Fee, the Trustee Fee, the Collateral Management Fee, the Servicing Fee and Petition Expenses and any fees and expense
reimbursements payable to any agent with respect to Collateral Obligations shall not constitute Extraordinary Expenses. 

“Failed Drawing Amount”: The meaning specified in Section 2.4(e). 

“Failed Drawing Fee”: $50,000.00. 

“FATCA”: Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any
agreement entered into pursuant to section 1471(b) of the Code, any applicable intergovernmental agreement entered into in connection with the implementation of such sections of the Code, any legislation, rules, guidance notes or practices adopted
pursuant to any such intergovernmental agreement or any analogous provisions of non-U.S. law. 

  
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 “FATCA Compliance”: Compliance with FATCA (including, but not limited to, as
necessary so that no tax will be imposed or withheld thereunder in respect of payments to or for the benefit of the Issuer). 
 “Fee
Letter”: The Fee Letter dated as of the Execution Date between the Issuer and DB (or one of its Affiliates) relating to the issuance of the Class A Notes and the other transactions contemplated hereby. 

“Final Purchase Price Determination Date”: The meaning specified in the Master Purchase Agreement. 

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

“Financing Statements”: The meaning specified in Section 9-102(a)(39) of the UCC.

 “Full Outstanding Amount”: For any Collateral Obligation at any time, the aggregate principal or par amount of the
entire Underlying Instrument, including portions thereof that are owned or held by Persons other than the Issuer. 

“GAAP”: The meaning specified in Section 6.3(j). 

“General Partner”: TPG RE Finance Trust GenPar, Inc., a Cayman Islands exempted corporation, and any successor that shall
have become the general partner of the Issuer pursuant to the applicable provisions of the Partnership Agreement. 
 “General
Partnership Interests”: The general partnership interests of the Issuer owned by the General Partner issued pursuant to the Partnership Agreement. 

“Global Notes”: Any Regulation S Global Notes or Rule 144A Global Notes. 

“Grant” or “Granted”: To grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and grant
a security interest in and right of setoff against, deposit, set over and confirm. A Grant of the Pledged Obligations, or of any other instrument, shall include all rights, powers and options (but none of the obligations) of the granting party
thereunder, including, the immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Pledged Obligations, and all other Monies payable thereunder, to give and receive notices and
other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be
entitled to do or receive thereunder or with respect thereto. 
 “Hanover Street Capital”: Hanover Street Capital, a
Delaware limited liability company. 
 “HERF Collateral Obligation”: A Collateral Obligation; provided that, if such
Collateral Obligation is part of a Collateral Pool, then such HERF Collateral Obligation shall be such Collateral Pool. 
 “Herf
Index Number”: On any date, an amount equal to (a) one divided by (b) the Sum Squared Loan Balance on such date. 

“Holder”: With respect to any Note, the Person whose name appears on the Register as the registered holder of such Note. 

  
 -18- 

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

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

Any pricing service, certified public accountant or legal counsel that is required to be Independent of another Person under this Indenture
must satisfy the criteria above with respect to the Issuer and the Collateral Manager. 
 “Initial Class A
Noteholder”: Deutsch Bank AG, New York Branch or one of its Affiliates. 
 “Initial Principal Amount”: The
principal amount of Class A Notes issued on the Closing Date, being $1,366,483,314.02. 
 “Initial Value”: With
respect to each Collateral Obligation at any time, the “Initial Value” for such Collateral Obligation set forth on Schedule 1 hereto; provided that: 

(a) if such Collateral Obligation has been the subject of one or more Partial Sales at or prior to such time, the Initial Value
at such time shall be reduced by the Allocated Stabilized Asset Value for each such Partial Sale; and 
 (b) if such
Collateral Obligation is at any time the subject of an Appraisal, then the “Initial Value” of such Collateral Obligation shall be updated at the time of such Appraisal to reflect the results thereof. 

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

“Interest Determination Date”: For each Interest Period, the date that is two Business Days prior to the first day of
the calendar month in which such Interest Period commences. When used with respect to an Interest Determination Date, “Business Day” shall mean any day on which banks are open for dealing in foreign currency and exchange in London.

  
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 “Interest Period”: Each period commencing on the 15th day of a calendar month
and ending on the 15th day of the immediately succeeding calendar month, with the initial Interest Period to commence on December 18, 2014 and end on January 15, 2015. 

“Interest Rate”: For each Interest Period, an interest rate per annum equal to the sum of (a) the Applicable Rate,
determined as of the Interest Determination Date for such Interest Period, and (b) the Applicable Margin.
 “Interim Loan
Administration Services Agreement”: The Interim Loan Administration Services Agreement, dated as of December 18, 2014, by and among the Seller, Deutsche Bank Trust Company Americas, Deutsche Bank AG, New York Branch, the Issuer, the
Issuer Subsidiaries thereto and the applicable Servicers. 
 “Interim Servicing Agreement”: The Interim Servicing
Agreement, dated as of December 18, 2014, by and among the Seller, Deutsche Bank Trust Company Americas, Deutsche Bank AG, New York Branch, the Issuer, the Issuer Subsidiaries party thereto and the applicable Servicers. 

“Investment Advisers Act”: The Investment Advisers Act of 1940, as amended from time to time. 

“Investment Company Act”: The Investment Company Act of 1940, as amended from time to time. 

“Issuer”: TPG RE Finance Trust CLO Issuer, L.P., until a successor Person shall have become the Issuer pursuant to the
applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. 
 “Issuer
Order”: A written order dated and signed in the name of the Issuer (which written order may be a standing order) by (i) an Authorized Officer of the Issuer or (ii) in the case of any Issuer Order delivered pursuant to Article X
hereof or to the extent otherwise permitted herein, by the Collateral Manager by an Authorized Officer thereof, on behalf of the Issuer or (iii) in the case of any Issuer Order instructing the Trustee to withdraw funds from the Reserve Account
to fund Additional Fundings on Delayed Draw Collateral Obligations pursuant to Section 10.3(c) hereof, by the Servicer by an Authorized Officer thereof, on behalf of the Issuer. 

“Issuer Subsidiaries”: The meaning specified in Section 7.4(c). 

“Issuer Subsidiary Funding and Security Agreements”: The meaning specified in Section 7.4(d). 

“Legal Final Maturity”: December 15, 2044. 

“LIBOR”: With respect to each Interest Period and each Interest Determination Date, the rate per annum (rounded upwards, if
necessary, to the nearest 1/1,000 of 1%) calculated by Calculation Agent as set forth below: 
 (a) The rate for deposits in U.S. Dollars for
a one-month period that appears on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00 a.m., London time, on such Interest Determination Date. 

  
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 (b) If such rate does not appear on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00
a.m., London time, on the applicable Interest Determination Date, the Calculation Agent shall request the principal London office of any four major reference banks in the London interbank market selected by the Calculation Agent to provide such
reference bank’s offered quotation to prime banks in the London interbank market for deposits in United States dollars for a one month period as of 11:00 a.m., London time, on such Interest Determination Date in a principal amount of not less
than U.S.$1,000,000 that is representative for a single transaction in the relevant market at the relevant time. If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two such
quotations are so provided, the Calculation Agent shall request any three major banks in New York City selected by the Calculation Agent to provide such bank’s rates for loans in U.S. Dollars to leading European banks for a one-month period as of 11:00 a.m., New York City time, on such Interest Determination Date in a principal amount not less than U.S.$1,000,000 that is representative for a single transaction in the relevant market at
the relevant time. If at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates. If fewer than two rates are so provided, or if LIBOR is unavailable for any reason or the Calculation Agent is unable to use LIBOR for
any reason, then, for such period for which LIBOR is unavailable or for which the Calculation Agent is otherwise unable to use LIBOR, LIBOR shall not be the Applicable Rate. 

“Lien”: With respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or
security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Limited Partnership Interests”: The limited partnership interests of the Issuer issued pursuant to the Partnership
Agreement. 
 “Loan Asset List”: The meaning specified in the Master Purchase Agreement. 

“Loan Factor”: With respect to each HERF Collateral Obligation on any date: 

(a) the Capitalized Balance of such HERF Collateral Obligation on such date; divided by 

(b) the Aggregate Capitalized Balance of all Collateral Obligations on such date. 

For the avoidance of doubt, for purpose of this definition, Sag Harbor A and Sag Harbor B (Loan IDs 1017 and 1077) combined
shall be deemed to be one Collateral Obligation and The Nomad 2 and The Nomad 2 Mezz (Loan IDs 1015 and 1076) combined shall be deemed to be one Collateral Obligation. 

“Loan Restructuring”: The meaning specified in Section 7.21(b). 

“London Banking Day”: A day on which commercial banks are open for business (including dealings in foreign exchange and
foreign currency deposits) in London, England. 
 “LTV”: For any Collateral Obligation at any time, an amount (expressed as
a percentage) equal to: 

  
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 (a) the Principal Balance of such Collateral Obligation plus the aggregate
principal amount of all other obligations of the underlying obligors with respect to such Collateral Obligations that are secured, on a senior or a pari passu basis with such Collateral Obligation, by the same collateral as such Collateral
Obligation; divided by 
 (b) the Underlying Asset Value with respect to such Collateral Obligation. 

For purposes of this definition, (x) references to a Collateral Obligation at any time will include, for the avoidance of doubt, all
portions of such Collateral Obligation that are owned by any entity other than the Issuer at such time (including pursuant to a Reverse Participation or any other Participation Interest); and (y) if the Issuer owns both senior and mezzanine
debt of the same Obligor, all other senior and mezzanine debt of such Obligor will be treated as pari passu debt. 
 “Major
Decision”: Any amendment, waiver, consent or other modification of any Underlying Instrument with respect to a Collateral Obligation that: 

(i) forgives, increases or reduces the principal amount of such Collateral Obligation (other than in connection with reallocations permitted
under the relevant Underlying Instruments), or reduces the interest rate with respect to such Collateral Obligation; 
 (ii) forgives,
waives, reduces or extends any accrued interest, exit fee or other fee with respect to such Collateral Obligation; 
 (iii) extends or waives
or otherwise changes (A) the maturity date of such Collateral Obligation or (B) any stated payment date for principal of or interest on such Collateral Obligation (other than in each case in accordance with the relevant Underlying
Instrument, and other than extensions in the imposition of any default rate); 
 (iv) releases any Obligor or other party from liability
under the relevant Underlying Instruments (other than (x) upon payment of the obligations under such Collateral Obligation in full in accordance with the terms of the relevant Underlying Instruments or (y) as otherwise provided under the
terms of the relevant Underlying Instruments); (v) releases, substitutes or exchanges any material portion of the collateral given as security for such Collateral Obligation (other than (x) as expressly provided in (and subject to the
applicable conditions set forth in) the relevant Underlying Instruments, or (y) upon payment of the relevant obligations in full in accordance with the terms of such Underlying Instruments); 

(vi) subordinates the lien of any of the Underlying Instruments to any mortgage or other monetary encumbrance (unless the subordination is to a
lien or encumbrance in favor of the Issuer or otherwise is expressly required pursuant to the terms of the Underlying Instrument); 
 (vii)
with respect to any Delayed Draw Collateral Obligation, increases the commitments of the Issuer thereunder or extends the date of the availability of the Issuer’s advances under any Underlying Instrument (other than extensions that are
exercisable by the counterparties thereunder pursuant to the terms thereof); 
 (viii) converts or exchanges such Collateral Obligations for
any other indebtedness, or cross-defaults such Collateral Obligations with any other indebtedness; 
 (ix) waives the requirement that the
applicable agent shall have received net sales proceeds in an amount greater than or equal to the applicable Minimum Release Price with respect to the sale of any portion of a mortgaged property, unless the excess of the applicable Minimum Release
Price over the net sales proceeds received in connection with any such individual sale is less than five percent (5%) of the applicable Minimum Release Price; 

  
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 (x) (a) approves the initial Minimum Release Prices proposed with respect to a Collateral
Obligation if (I) the distribution of such Minimum Release Prices across portions of the underlying collateral is not commercially reasonable or (II) the aggregate of all such Minimum Release Prices is less than the product of (x) 1.20 and
(y) the maximum loan amount that may be advanced pursuant to the Underlying Instruments applicable to such Collateral Obligation, and/or (b) modifies a previously adopted Minimum Release Price schedule in a manner that reduces the
aggregate sum of the Minimum Release Prices by five percent (5%) or more; 
 (xi) permits any transfer or encumbrance of a mortgaged property
or transfer or encumbrance of direct or indirect ownership interests in any Borrower (except as expressly permitted to such Borrower in the Underlying Instruments), permits any assumption of the Collateral Obligations, consents to the assignment or
transfer by any Borrower or other Obligor under an Underlying Instrument of its rights or obligations thereunder, consents to a change in the “key man” or “sponsor” under any Underlying Instrument, consents to any dissolution,
liquidation or consolidation or merger of any Borrower, or modifies any of the terms and conditions of the Underlying Instruments concerning any of the foregoing; 

(xii) amends the pro rata payment provisions set forth in any Underlying Instrument; 

(xiii) waives the existence of any event of default and/or rescinds any acceleration of any Collateral Obligation that is attributable to
(I) a payment event of default, (II) a material event of default that is not a payment event of default, and/or (III) an event of default resulting from the occurrence of the maturity date and/or an insolvency event; 

(xiv) grants any approval to any Borrower to amend its construction budget and/or annual budget (or to incur expenditures in excess thereof) in
a manner that increases the total amount of such budget by five percent (5%) or more (as measured against the last such budget approved by the lenders with respect to such Collateral Obligation, but excluding any increases resulting from
year-over-year increases in non-discretionary costs that such Borrower must incur to comply with legal requirements and the Underlying Instruments (e.g. taxes, insurance costs, ground lease payments, etc.));

 (xv) permits any change in the order or priority of any use of funds and/or distribution of amounts received under any Underlying
Instrument, or modifies any of the terms and conditions of the Underlying Instruments concerning any of the foregoing; 
 (xvi) waives any of
the following conditions to a Borrower’s receipt of an advance by the Issuer (to the extent the same constitute a condition precedent to such Borrower’s receipt of such advance) with respect to any Collateral Obligation: (A) receipt
of construction consultant’s advice with respect to such draw request; (B) receipt of AIA Form G702/G703 or an equivalent reporting form provided by such Borrower pursuant to the Underlying Instrument; (C) the receipt of lien waivers
in accordance with the terms of the Underlying Instrument, except to the extent that the amount covered by such lien waivers not delivered does not exceed the sum of (I) the amount of lien waivers that such Borrower is not required to deliver
under the Underlying Instrument, and (II) $100,000 for any single payee or $250,000 in the aggregate of such waivers outstanding at any point in time; (D) the lack of an event of default with respect to such Collateral Obligation; (E) the
receipt of required title letters and/or endorsements, or (F) any of the conditions to the receipt of the final advance under the Underlying Instrument; 

(xvii) consents to a material change to any business plan; 

  
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 (xviii) materially modifies any of the provisions or requirements set forth in any of the
Underlying Instruments relating to any guarantor of the obligations of the relevant Borrower with respect to such Collateral Obligation, the guaranty provided by any such guarantor or any guaranty of completion or other guaranty or similar credit
enhancement delivered by any guarantor with respect to a Collateral Obligation, including, but not limited to, any provisions or requirements relating to a replacement guarantor and financial covenants and financial requirements of any guarantor;

 (xix) approves the extension of any required milestones to be achieved by the Borrower under such Collateral Obligation (as the same may
have been previously extended in accordance with this clause (xix)) by more than ninety (90) days (in the aggregate, whether pursuant to one or more extensions); 

(xx) amends any Underlying Instrument in a manner that imposes new, additional or greater restrictions on transfers of such Collateral
Obligation; 
 (xxi) waives the requirement of any Borrower to fund a shortfall that exceeds $500,000 under a Collateral Obligation; 

(xxii) agrees to accept payments in any currency other than as specified in the Underlying Instruments, or modifies any of the terms and
conditions of the Underlying Instruments in a manner permitting the counterparty thereunder to make payments in an additional or different currency; 

(xxiii) modifies the definition of “Required Lenders” or any other provision in the Underlying Instruments relating to a Collateral
Obligation specifying the number or percentage of interest holders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder without the consent of the applicable interest holders; or 

(xxiv) amends any Underlying Instrument in a manner that would have the effect of circumventing the requirement set forth in the definition of
“Defaulted Asset” that the Issuer obtain the consent of a Majority of the Class A Notes to any amendment described in any of the foregoing clauses (i) – (xxiii). 

“Majority”: 

(a) With respect to the Class A Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Class A Notes; and

 (b) with respect to the Partnership Interests, the registered holders of more than 50% of the aggregate amount (measured on the basis of
the partnership percentages as described in the Partnership Agreement) of the Partnership Interests. 
 “Mandatory
Redemption”: The meaning specified in Section 9.2(a). 
 “Master Co-Lender
Agreement”: That certain Master Co-Lender Agreement, dated as of the Execution Date, by and between the Buyer, acting by TPG RE Finance Trust GenPar, Inc. as its general partner, the Seller and
Deutsche Bank Trust Company Americas and Deutsche Bank AG, New York Branch, in their collective capacity as the Agents. 
 “Master
Purchase Agreement”: The Master Purchase, Sale and Participation Agreement, dated as of the Execution Date, as amended from time to time in accordance with the terms thereof, by and between the Seller and the Issuer, acting by TPG RE
Finance Trust GenPar, Inc. as its general partner, and certain other parties. 

  
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 “Maturity”: With respect to any Note, the date on which the unpaid principal of
such Note becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Merging Entity”: The meaning specified in Section 7.10. 

“Minimum Release Price”: With respect to any Collateral Obligation, the lowest amount for which a Borrower is permitted to
sell the portion of a mortgaged property pursuant to the relevant Underlying Instrument. 
 “Money”: The meaning specified
in Section 1-201(24) of the UCC. 
 “Monthly Report”: The meaning specified in
Section 10.6(a). 
 “Moody’s”: Moody’s Investors Service, Inc. and any successor thereto. 

“Net Unfunded Amount”: At any time: 

(a) the Unfunded Amount at such time; minus 

(b) the sum (without duplication) of (1) the aggregate amount on deposit in the Reserve Account at such time; plus
(2) for each Reverse Participated Collateral Obligation that is a Delayed Draw Collateral Obligation at such time, the portion of the unfunded amount thereof that is subject to the related Reverse Participation held by the Seller; plus
(3) for each Participated Collateral Obligation that is a Delayed Draw Collateral Obligation at such time, the portion of the unfunded amount thereof that is subject to the related Participation Interest held by a Person other than the Issuer.

 “Non-Permitted Holder”: Any Holder or beneficial owner that (i) in
the case of a Rule 144A Global Note, is not a QIB, (ii) in the case of a Regulation S Global Note, is a U.S. person, (iii) in the case of a Certificated Note, is a U.S. person that is not a QIB, and, in each case, that is not made pursuant
to an applicable exemption under the Securities Act and the Investment Company Act, (iv) in the case of any Note, for which the representations made or deemed to be made by such person for purposes of ERISA, Section 4975 of the Code or
applicable similar laws in any representation letter or transfer certificate, or by virtue of deemed representations, are or become untrue or (v) that fails or is unable to comply with the Noteholder Reporting Obligations or otherwise prevent
the Issuer from achieving FATCA Compliance. 
 “Noteholder” or “Noteholders”: With respect to any Note,
the Person(s) whose name(s) appear(s) on the Register as the registered holder(s) of such Note. 
 “Noteholder Reporting
Obligations”: The meaning specified in Section 2.6(j)(ii). 
 “Note Level LTV Multiplier”: At any
time, a fraction: 
 (a) the numerator of which is the Aggregate Outstanding Amount of the Class A Notes at such time;
and 

  
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 (b) the denominator of which is the Aggregate Principal Balance of all of the
Collateral Obligations at such time (including the aggregate amount of Deemed Expense Notes outstanding at such time). 
 “Note
Purchase Agreement”: The Note Purchase Agreement dated as of the Execution Date among the Issuer, acting by TPG RE Finance Trust GenPar, Inc. as its general partner, and the Committed Purchaser, as amended from time to time. 

“Notes”: The Class A Notes. 

“Obligor”: The obligor under a loan, the issuer under a bond or note, or a guarantor for any such party, as the case may be.

 “Offer”: The meaning specified in Section 10.7(c). 

“Officer”: With respect to the Seller and any corporation, any director, the Chairman of the Board of Directors, the
President, any Vice President, the Secretary, an Assistant Secretary, the Treasurer or an Assistant Treasurer of such entity or any Person authorized by such entity; with respect to any partnership, any general partner thereof or any Person
authorized by such entity; with respect to a limited liability company, any member thereof or any Person (including any specified officer) authorized by such entity; and with respect to the Trustee, any Trust Officer. 

“offshore transaction”: The meaning specified in Regulation S. 

“Opinion of Counsel”: A written opinion addressed to the Trustee and, if required by the terms hereof, the Issuer, in form
and substance reasonably satisfactory to the Trustee, of a nationally or internationally recognized law firm or an attorney admitted to practice (or law firm, one or more of the partners of which are admitted to practice) before the highest court of
any State of the United States or the District of Columbia (or the Cayman Islands, in the case of an opinion relating to the laws of the Cayman Islands) in the relevant jurisdiction, which attorney (or law firm) may, except as otherwise expressly
provided in this Indenture, be counsel for the Issuer or the Collateral Manager, as the case may be, and which firm or attorney, as the case may be, shall be reasonably satisfactory to the Trustee. Whenever an Opinion of Counsel is required
hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory, which opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to the Trustee and, if required
by the terms hereof, the Issuer or shall state that the Trustee and, if applicable, the Issuer shall be entitled to rely thereon. 

“Optional Redemption”: The meaning specified in Section 9.2(d). 

“Optional Redemption Date”: The meaning specified in Section 9.2(d). 

“Optional Redemption Direction”: The meaning specified in Section 9.2(d). 

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

“Organization Documents”: Collectively, the Partnership Agreement, the certificate of registration of exempted limited
partnership of the Issuer, the memorandum and articles of incorporation of the General Partner, the certificate of incorporation of the General Partner, the limited liability company agreement of the Limited Partner and the certificate of formation
of the Limited Partner. 
 “Other Subsidiaries”: The meaning specified in Section 7.4(c). 

  
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 “Outstanding”: As of any date of determination, all of the Notes theretofore
authenticated and delivered under this Indenture, except: 
 (i) Notes theretofore canceled by the Registrar or delivered to
the Registrar for cancellation or registered in the Register on the date the Trustee provides notice to Holders pursuant to Section 4.1 that this Indenture has been discharged; 

(ii) Notes or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably
deposited with the Trustee or any Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided that if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant
to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (iii) Notes in exchange for or in lieu
of which other Notes have been authenticated and delivered pursuant to this Indenture, unless proof satisfactory to the Trustee is presented that any such Notes are held by a Protected Purchaser; and 

(iv) Notes alleged to have been mutilated, defaced, destroyed, lost or stolen for which replacement Notes have been issued as
provided in Section 2.7, 
 provided that, in determining whether the Holders of the requisite Aggregate Outstanding Amount have given any
request, demand, authorization, direction, notice, consent or waiver hereunder or under the Collateral Management Agreement, (I) any Notes owned by (x) the Issuer or any other obligor upon the Notes will be disregarded and deemed not to be
Outstanding and (y) in the case of a vote on the removal of the Collateral Manager for “cause”, the approval of a successor Collateral Manager if the appointment of the Collateral Manager is being terminated pursuant to the Collateral
Management Agreement for “cause” or the waiver of any event constituting “cause”, Collateral Manager Notes shall be disregarded and deemed not to be Outstanding, except that, in the case of clauses (x) and (y), in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes a Trust Officer of Trustee has actual knowledge to be so owned shall be so disregarded, and
(II) Notes so owned that have been pledged in good faith shall be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not
the Issuer, any other obligor upon the Notes or, in the case of clause (I)(y) above, a Person referred to in the definition of “Collateral Manager Notes”. 

“Overcollateralization Tests”: Collectively, the Portfolio O/C Ratio Test and the Underlying Aggregate Asset O/C Ratio Test.

 “Partial Sale”: In relation to any Collateral Obligation, the occurrence of a sale or other release of a portion (but
not all) of the collateral securing such Collateral Obligation, whether in one transaction or in a series of transactions. 

“Participant”: A Person to which the Issuer has granted a Participation Interest in accordance with the terms of this
Indenture. 
 “Partnership Agreement”: The limited partnership agreement of the Issuer, as amended from time to time. 

“Partnership Interests”: Collectively, the General Partnership Interests and Limited Partnership Interests. 

  
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 “Participated Collateral Obligation”: At any time, a Collateral Obligation in
which the Issuer has granted a Participation Interest (other than a Reverse Participation) to any Person. 
 “Participation
Agreement”: Any agreement (other than the Master Purchase Agreement) pursuant to which the Issuer, acting by TPG RE Finance Trust GenPar, Inc. as its general partner, grants a Participation Interest in any Collateral Obligation. 

“Paying Agent”: Any Person authorized by the Issuer to pay the principal of or interest on any Notes on behalf of the Issuer
as specified in Section 7.2. 
 “Payment Account”: The payment account of the Trustee established pursuant to Section
10.3(a). 
 “Payment Date”: The 15th day of each calendar month (or,
if any such day is not a Business Day, the next succeeding Business Day), commencing in January 2015. The “Payment Date” with respect to any Interest Period or Due Period shall be Payment Date in the calendar month in which such
Interest Period or Due Period ends, as applicable. 
 “PBGC”: The United States Pension Benefit Guaranty Corporation. 

“Permitted Liens”: With respect to the Assets: (i) security interests, liens and other encumbrances created pursuant to
the Transaction Documents, (ii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of
any Obligor under the related facility, (iii) security interests, liens and other encumbrances, if any, which have priority over first priority perfected security interests in the Collateral Obligations or any portion thereof under the UCC or
any other applicable law, and (iv) Liens consisting of Reverse Participations or Participation Interests. 
 “Person”:
Any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental entity or authority or other entity. 

“Petition Expenses”: The meaning specified in Section 5.4(d)(i). 

“Plan Asset Regulations”: The regulations promulgated at 29 C.F.R.
§ 2510.3-101, as modified by Section 3(42) of ERISA. 
 “Pledged
Obligations”: As of any date of determination, the Collateral Obligations, the Eligible Investments and any Equity Security which forms part of the Assets that have been Granted to the Trustee. 

“Portfolio O/C Ratio”: As of any date of determination, an amount (expressed as a percentage) equal to: 

(a) the Aggregate Principal Balance, divided by 

(b) the Aggregate Outstanding Amount of the Class A Notes (including the aggregate amount of Deemed Expense Notes at such date). 

“Portfolio O/C Ratio Test”: A test that is satisfied on any date of determination if the Portfolio O/C Ratio is greater than
or equal to the Required Portfolio O/C Level on such date. 

  
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 “Prime Rate”: As at any Interest Determination Date, the rate of interest
most recently published in The Wall Street Journal as the “Prime Rate.” If more than one “Prime Rate” is published in The Wall Street Journal for any such day, the average of such “Prime Rates” shall be used, and
such average shall be rounded up to the nearest one-eighth of one percent (0.125%). If The Wall Street Journal has ceased to publish the “Prime Rate”, then until the Wall Street Journal resumes
publishing a “Prime Rate” the Prime Rate shall not be the Applicable Rate. 
 “Principal Balance”: With respect
to each Collateral Obligation, as of any date of determination, the outstanding principal balance of such Collateral Obligation or, with respect to Delayed Draw Collateral Obligations, the outstanding principal balance of the drawn portion of such
Delayed Draw Collateral Obligation (excluding, for the avoidance of doubt, any portion of the principal balance of any Collateral Obligation that has been sold after the Closing Date) and excluding the aggregate amount of accrued but unpaid interest
thereon. 
 “Priority of Payments”: Collectively, the Ordinary Priority of Payments and the Acceleration Priority of
Payments. 
 “Proceeding”: Any suit in equity, action at law or other judicial or
non-judicial enforcement or administrative proceeding. 
 “Protected Purchaser”:
The meaning specified in Section 8-303 of the UCC. 
 “Purchase Price
Adjustment”: The meaning specified in the Master Purchase Agreement. 
 “QIB”: A Qualified Institutional Buyer.

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

“Qualified Participation”: A Participation Interest in a Collateral Obligation granted by the Issuer that meets each of the
following criteria at all times when such Participation Interest is outstanding: 
 (i) the Issuer is a lender of record on such Collateral
Obligation; 
 (ii) the aggregate participation in such Collateral Obligation that have been granted by the Issuer to any one or more
participants does not exceed the principal amount or commitment with respect to which the Issuer is the lender of record on such Collateral Obligation; 

(iii) such Participation Interest does not grant, in the aggregate, to the Participant in such Participation a greater interest than the Issuer
holds in such Collateral Obligation; 
 (iv) the entire purchase price for such Participation Interest is paid in full in Cash (without the
benefit of financing from the Issuer) at the time of the Issuer’s granting thereof, except in respect of any unfunded commitment under a Delayed Draw Collateral Obligation; 

(v) the Participation Interest provides the participant all of the economic benefit and risk of the whole or part of the Collateral Obligation
that is the subject of such Participation Interest (and, for the avoidance of doubt, the tenor of the Participation Interest shall be coextensive with the tenor of such Collateral Obligation); 

  
 -29- 

 (vi) such Participation Interest is documented under a Participation Agreement that is
(x) customary for loan participation transactions among institutional market participants in the relevant market; and (y) governed by New York law; 

(vii) (A) in the case of any Participation Interest with respect to a Delayed Draw Collateral Obligation, the Participant is incorporated
or organized under the laws of the United States (or any state thereof) or any U.S. branch of a bank incorporated or organized outside the United States, and (B) in the case of any other Participation Interest, is incorporated or organized
under the laws of (x) the Cayman Islands or (y) any country that is a member of the Organization for Economic Cooperation and Development; 

(viii) the granting of such Participation Interest and the Issuer’s performance of its obligations in respect thereof will not give rise
to a Tax Event hereunder; and 
 (ix) the related Participation Agreement provides that such Participation Interest may not be sub-divided or transferred without the prior written consent of the Issuer. 
 “Record
Date”: As to any applicable Payment Date, one Business Day prior to such Payment Date. 
 “Redemption Date”: Any
Business Day specified for a redemption of Notes pursuant to Section 9.2. 
 “Redemption Price”: With respect to the
Class A Notes, (a) an amount equal to 100% of the Aggregate Outstanding Amount thereof, plus (b) accrued and unpaid interest to the Redemption Date, plus (c) an amount equal to accrued but unpaid Commitment Fees to
the Redemption Date, plus (d) the Additional Redemption Amount (if any); provided that 100% of the Holders of the Class A Notes may elect to receive less than the full Redemption Price that would otherwise be payable on such
Class in which case such lesser amount will be the Redemption Price. 
 “Register” and “Registrar”:
The respective meanings specified in Section 2.6(a). 
 “Registered”: In registered form for U.S. federal income tax
purposes and issued after July 18, 1984. 
 “Regulation S”: Regulation S, as amended, under the Securities Act. 

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

“Remedies Event”: The occurrence and during the continuance of: 

(a) any event described under clauses (a), (b) or (c) of the definition of “Event of Default” that results from
a failure to apply, on any Payment Date or Redemption Date, available amounts in accordance with the Priority of Payments; 

(b) any event described under clause (e) of the definition of “Event of Default” that results from a willful
breach by the Issuer of its covenants, representations or warranties under this Indenture or by the Collateral Manager of its covenants, representations or warranties under this Indenture or the Collateral Management Agreement; or 

  
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 (c) any event described under clauses (d), (f) or (g) of the definition of
“Event of Default”. 
 “Required Portfolio O/C Level”: On any date of determination, the Required O/C Level set
forth in the table below corresponding to the Herf Index Number as of such date: 
  

					
	Herf Index Number	  	Required O/C Level	 
	 Higher than 5
	  	 	133	% 
	 Higher than 4 and less than or equal to 5
	  	 	160	% 
	 Higher than 3 and less than or equal to 4
	  	 	188	% 
	 Higher than 2 and less than or equal to 3
	  	 	225	% 
	 Higher than 1 and less than or equal to 2
	  	 	300	% 
	 Equal to 1
	  	 	Sequential	 

 “Required Underlying Aggregate Asset O/C Ratio”: Initially, 190%; provided that if, on
any date, the Underlying Aggregate Asset O/C Ratio is less than 190%, then the Required Underlying Aggregate Asset O/C Ratio shall be increased to 224% until the first date thereafter on which the Underlying Aggregate Asset O/C Ratio is at least
equal to 224%, at which time the Required Underlying Aggregate Asset O/C Ratio shall be reduced to 190%. For the avoidance of doubt, the Required Underlying Aggregate Asset O/C Ratio shall increase (and thereafter be subject to reduction) pursuant
to the preceding sentence on each date on which the Underlying Aggregate Asset O/C Ratio is less than 190%. 
 “Reserve
Account”: The trust account established pursuant to Section 10.3(c). 
 “Restricted Person”: (a) Apollo Global
Management, LLC, The Blackstone Group L.P., The Carlyle Group, L.P., Colony Capital, LLC, Fortress Investment Group LLC, Kohlberg Kravis Roberts & Co. L.P., Lone Star Investment Advisors, LLC, Oaktree Capital Management, L.P., Starwood
Capital Group Management, L.L.C., Starwood Real Estate Securities, LLC, (b) any fund or account sponsored, managed or advised by any Person named in clause (a), (c) any Affiliate of any Person named in clause (a) or (d) any fund or account
sponsored, managed or advised by any Affiliate of any Person named in clause (a). 
 “Reverse Participated Collateral
Obligation”: At any time, a Collateral Obligation in which the Issuer has granted a Reverse Participation to the Seller pursuant to the Master Purchase Agreement. 

“Reverse Participation”: The meaning assigned to such term in the Master Purchase Agreement. 

“Reverse Participation Percentage”: At any time in respect of a Reverse Participated Collateral Obligation, the
“Applicable Portion” then held by the Seller in such Reverse Participated Collateral Obligation as determined pursuant to the terms specified in the Master Purchase Agreement. 

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

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

“Rule 144A Information”: The meaning specified in Section 7.13. 

“S&P”: Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC
business, and any successor thereto. 
 “Sale”: The meaning specified in Section 5.17. 

“Sale Proceeds”: All proceeds (including accrued interest, if any) received with respect to Assets as a result of sales of
such Assets less any reasonable expenses incurred by the Trustee in connection with such sale or other disposition. 

“Scheduled Distribution”: With respect to any Pledged Obligation, for each Due Date, the scheduled payment of principal
and/or interest due on such Due Date with respect to such Pledged Obligation, determined in accordance with the assumptions specified in Section 1.2. 

“Secured Obligations”: The meaning specified in the Granting Clause. 

“Secured Parties”: The meaning specified in the Preliminary Statement. 

“Securities”: Collectively, the Class A Notes and the Limited Partnership Interests. 

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

“Securities Intermediary”: The meaning specified in Section 8-102(a)(14) of the UCC.

 “Security Entitlement”: The meaning specified in Section 8-102(a)(17) of the
UCC. 
 “Seller”: German American Capital Corporation, a Maryland corporation, together with its successors and assigns.

 “Seller True-Up Payment Amount”: The meaning specified in the Master Purchase
Agreement. 
 “Sequential Amortization Trigger Event”: An event that shall be deemed to occur if the Aggregate Outstanding
Amount of the Class A Notes at any time less than 10% of the Adjusted Initial Principal Amount. 
 “Servicer”:
Initially, (i) with respect to the Interim Loan Administration Services Agreement, Hanover Street Capital, LLC and Situs Asset Management LLC and (ii) with respect to the Interim Servicing Agreement, Hanover Street Capital, LLC and Situs
Holdings LLC, in each case together with its successors and assigns, and any replacement servicer under any successor Servicing Agreement. 

“Servicing Agreement”: Collectively, (i) the Interim Servicing Agreement and (ii) the Interim Loan Administration
Services Agreement, and in each of cases (i) and (ii), any replacement servicing agreement to which a Majority of the Class A Notes provides its prior written consent. 

“Servicing Fee”: A fee that shall be paid by the Issuer to the Servicer on each Payment Date in an amount equal to $5,000 per
annum for each loan being serviced by the Servicer. 

  
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 “Specified Obligation”: Each Collateral Obligation identified as a
“Specified Obligation” on Schedule 4 hereto. 
 “Specified Obligor Information”: The meaning specified in Section
14.14(b). 
 “Stable Value”: With respect to each Delayed Draw Collateral Obligation at any time, the “Stable
Value” for such Delayed Draw Collateral Obligation set forth on Schedule 1 hereto; provided that: 
 (a) if such
Collateral Obligation has been the subject of one or more Partial Sales at or prior to such time, then the “Stable Value” for such Collateral Obligation at such time shall be reduced by the Allocated Stabilized Asset Value for each such
Partial Sale; and 
 (b) if such Collateral Obligation is at any time the subject of an Appraisal, then the “Stable
Value” of such Collateral Obligation shall be updated at the time of such Appraisal to reflect the results thereof. 

“Stabilization Date Collateral Obligation”: A Collateral Obligation that is not a Delayed Draw Collateral Obligation but
(a) has a Stable Value that exceeds its Initial Value and (b) is classified in Schedule 1 as a “Stabilization Date Collateral Obligation”. 

“Standby Directed Investment”: The meaning specified in Section 10.5. 

“Stated Maturity” and “Stated Maturity Date”: With respect to any security, the maturity date specified in
such security or applicable Underlying Instrument; and with respect to the Notes, September 10, 2023. 
 “Subsidiary
Account”: The meaning specified in Section 7.4(e). 
 “Successor Entity”: The meaning specified in Section
7.10(a). 
 “Sum Squared Loan Balance”: On any date, the aggregate sum of the squares of the Loan Factors for each of the
HERF Collateral Obligations on such date. 
 “Tax”: Any present or future tax, levy, impost, duty, charge, assessment,
deduction, withholding or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority other than a stamp, registration, documentation or similar tax. 

“Tax Event”: An event that occurs if (a) a new, or change in any, U.S. or foreign tax statute, treaty, regulation,
judicial decision, or rule or ruling or revenue procedure published by an applicable taxing authority results or will result in (1) the imposition of U.S. federal or non-U.S. net income tax on the Issuer
or (2) any portion of any payment due from any Obligor or the Issuer becoming subject to the imposition of U.S. or foreign withholding tax (other than, in the case of clauses (1) or (2), (i) withholding taxes imposed as a result of the
failure by any Holder to comply with its Noteholder Reporting Obligations, (ii) taxes for which the Issuer is entitled to receive additional amounts (in the case of a payment due to the Issuer), (iii) taxes for which the Issuer is not required,
with respect to such taxes, to pay additional amounts (in the case of a payment due from the Issuer) or (iv) taxes that do not exceed during any 12-month period $1,000,000), or (b) the Issuer fails
to maintain its status as a disregarded entity for U.S. federal income tax purposes). 
 “Tax Redemption”: The meaning
specified in Section 9.2(b). 

  
 -33- 

 “Tax Redemption Date”: The meaning specified in Section 9.2(b). 

“Tax Redemption Direction”: The meaning specified in Section 9.2(b). 

“Total Committed Draws”: With respect to each Delayed Draw Collateral Obligation on any date, the Total Committed Draws for
such Delayed Draw Collateral Obligation set forth on Schedule 2 hereto. The Total Committed Draws for each Delayed Draw Collateral Obligation will be reset in connection with the determination of the Actual Capitalized Balance under the Master
Purchase Agreement. 
 “Transaction”: The Issuer’s issuance of the Notes, the Issuer’s acquisition of the
Collateral Obligations and other Assets and payment of principal, interest and, if applicable, Collateral Management Fees, the execution, delivery and performance of the Transaction Documents by each party thereto and the other transactions
contemplated by the Transaction Documents). 
 “Transaction Documents”: This Indenture, the Notes, the Note Purchase
Agreement, the Master Purchase Agreement, the Account Control Agreement, the Collateral Management Agreement, the Master Co-Lender Agreement, the Servicing Agreement, the Cap Agreements, the Fee Letter and the
Issuer Subsidiary Funding and Security Agreements. 
 “Transfer Agent”: The Person or Persons, which may be the Issuer,
authorized by the Issuer to exchange or register the transfer of Notes. 
 “Transferred Property”: The meaning specified in
the Master Purchase Agreement. 
 “True-Up Payment Date”: The meaning specified in
the Master Purchase Agreement. 
 “Trust Officer”: When used with respect to the Trustee, any officer within the Corporate
Trust Office (or any successor group of the Trustee) including any vice president, assistant vice president or officer of the Trustee customarily performing functions similar to those performed by the persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of such person’s knowledge of and familiarity with the particular subject and in each case having direct responsibility for the administration
of this Indenture. 
 “Trustee”: As defined in the first sentence of this Indenture. 

“Trustee Expenses”: All amounts owing to the Trustee and the Custodian under the Trustee Fee Letter other than Trustee Fees
and indemnities. 
 “Trustee Fee”: As of any date of determination, an amount equal to 0.006% per annum of the aggregate of
the Principal Balances of all Collateral Obligations and Eligible Investments owned by the Issuer on such date. 
 “Trustee Fee
Letter”: The Fee Letter dated December 8, 2014 between the Trustee and the Collateral Manager. 
 “UCC”: The
Uniform Commercial Code as in effect in the State of New York or, if different, the state or district of the United States that governs the perfection of the relevant security interest as amended from time to time. 

“Uncertificated Security”: The meaning specified in Section 8-102(a)(18) of the UCC.

  
 -34- 

 “Underlying Aggregate Asset O/C Ratio”: As of any date of
determination, an amount (expressed as a percentage) equal to: 
 (a) the Weighted Average LTV, multiplied by 

(b) the Note Level LTV Multiplier. 

“Underlying Aggregate Asset O/C Ratio Test”: A test that is satisfied on any date of determination if the Underlying
Aggregate Asset O/C Ratio is greater than or equal to the Required Underlying Aggregate Asset O/C Ratio on such date. 

“Underlying Asset Value”: As of any date of determination: 

(a) with respect to any Collateral Obligations other than a Delayed Draw Collateral Obligation or a Stabilization Date
Collateral Obligation, the Initial Value of such Collateral Obligation; and 
 (b) with respect to any Delayed Draw
Collateral Obligation: 
 (i) from the Closing Date until the first date on which a draw is made on such Delayed Draw Collateral Obligation,
its Initial Value; 
 (ii) during the period in which such Delayed Draw Collateral Obligation is partially (but not fully) drawn, an amount
equal to (1) the Initial Value thereof, plus (2) an amount equal to (I) multiplied by (II), 
 where: 

 

	 	(I)	is equal to (x) the aggregate outstanding principal balance of any Additional Fundings in relation to such Collateral Obligation from the Closing Date through such date of determination divided by (y) the
Total Committed Draws for such Collateral Obligation; and 

  

	 	(II)	is equal to (A) the Stable Value of such Collateral Obligation minus (B) the Initial Value thereof, and 

(iii) during the period in which such Delayed Draw Collateral Obligation is fully drawn, its Stable Value; and 

(c) with respect to any Stabilization Date Collateral Obligation: 

(i) prior to the “Stabilization Date” for such Collateral Obligation identified in Schedule 1, an amount equal to (1) the
Initial Value thereof, plus (2) an amount equal to (I) multiplied by (II), 
 where: 

(I) is equal to (x) the number of days between the Closing Date and the date of determination divided by (y) the number of days
between the Closing Date and such “Stabilization Date”; and 

  
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 (II) is equal to (A) the Stable Value of such Collateral Obligation minus (B) the
Initial Value thereof; 
 (ii) from and after such “Stabilization Date”, the Stable Value of such Collateral Obligation; 

provided that, in the case of each of clauses (a), (b) and (c) above, the “Underlying Asset Value” of any Appraised Obligation will be
its most recent Appraised Value. 
 “Underlying Indebtedness Amount”: For any Collateral Obligation at any time, the
Principal Balance of such Collateral Obligation plus the aggregate principal amount of all other obligations of the underlying obligors with respect to such Collateral Obligations that are secured, on a senior or a pari passu basis with such
Collateral Obligation, by the same collateral as such Collateral Obligation. 
 For purposes of this definition, (x) references to a
Collateral Obligation at any time will include, for the avoidance of doubt, all portions of such Collateral Obligation that are owned by any entity other than the Issuer at such time (including pursuant to a Reverse Participation or any other
Participation Interest); and (y) if the Issuer owns both senior and mezzanine debt of the same Obligor, all other senior and mezzanine debt of such Obligor will be treated as pari passu debt. 

“Underlying Instrument”: The credit agreement, loan agreement, promissory note, assignment agreement, Participation
Agreement, trust agreement, instrument or other agreement pursuant to which a Collateral Obligation has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Collateral Obligation,
or of which the holders of such Collateral Obligation are the beneficiaries, and any instrument evidencing or constituting such Collateral Obligation. 

“Unfunded Amount”: At any date, an amount equal to the aggregate amount of the undrawn portions of all Delayed Draw
Collateral Obligations that the Issuer is or could be obligated to fund at or after such date (for the avoidance of doubt, reduced on a dollar-for-dollar basis by any
permanent reductions in the Issuer’s commitments related to such Delayed Draw Collateral Obligations (by prepayment or otherwise) and funding of borrowings under Delayed Draw Collateral Obligations from time to time with proceeds of Drawings
under the Note Purchase Agreement or Contributions, or both). The Unfunded Amount shall include, in respect of each Reverse Participated Collateral Obligation or Participated Collateral Obligation that is a Delayed Draw Collateral Obligation at any
time, the portion that is subject to, as applicable, the related Reverse Participation held by the Seller at such time or the related Participation Interest held at such time by a Person that is not the Issuer. The “Unfunded Amount” shall
be reset in connection with determination of the Actual Capitalized Balances under the Master Purchase Agreement on the basis of the Final Loan Tape (as defined in the Master Purchase Agreement). 

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

“U.S. Dollar” or “$”: A dollar or other equivalent unit in such coin or currency of the United States of
America as at the time shall be legal tender for all debts, public and private. 
 “U.S. person”: The meaning specified in
Regulation S. 
 “Visible Discounts”: With respect to each Collateral Obligation listed in Schedule 7 at any time, the
lower of (a) the Principal Balance of such Collateral Obligation at such time and (b) the amount opposite the name of such Collateral Obligation in Schedule 7. 

  
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 “Weighted Average LTV”: At any time, an amount equal to: 

(a) the sum of the products for each Collateral Obligation of (1) the LTV of such Collateral Obligation at such time and
(2) the Underlying Indebtedness Amount for such Collateral Obligation at such time; divided by 
 (b) the sum of the
Underlying Indebtedness Amounts for each Collateral Obligation at such time. 
 Section 1.2 Assumptions as to Pledged
Obligations. Unless otherwise specified, the assumptions described below shall be applied in connection with all calculations required to be made pursuant to this Indenture with respect to Scheduled Distributions on any Pledged Obligation, or
any payments on any other assets included in the Assets, with respect to the sale of Collateral Obligations, and with respect to the income that can be earned on Scheduled Distributions on such Pledged Obligations and on any other amounts that may
be received for deposit in the Collection Account. 
 (a) All calculations with respect to Scheduled Distributions on the Pledged Obligations
securing the Notes shall be made on the basis of information as to the terms of each such Pledged Obligation and upon report of payments, if any, received on such Pledged Obligation that are furnished by or on behalf of the issuer of such Pledged
Obligation and, to the extent they are not manifestly in error, such information or report may be conclusively relied upon in making such calculations. 

(b) [Reserved.] 
 (c) For each Due
Period and as of any date of determination, the Scheduled Distribution on any Pledged Obligation (other than a Defaulted Asset, which, except as otherwise provided herein, shall be assumed to have a Scheduled Distribution of zero) shall be the sum
of (i) the total amount of payments and collections to be received during such Due Period in respect of such Pledged Obligation (including the proceeds of the sale of such Pledged Obligation received and, in the case of sales which have not yet
settled, to be received during the Due Period) that, if paid as scheduled, shall be available in the Collection Account at the end of the Due Period and (ii) any such amounts received by the Issuer in prior Due Periods that were not disbursed
on a previous Payment Date. 
 (d) Unless expressly stated herein, references to a Collateral Obligation are references to the portion of the
underlying loan that is owned by the Issuer on the date of determination (and references to the “outstanding principal amount”, “Principal Balance” and “par amount” of such Collateral Obligation, or terms having an
analogous meaning, are to be construed accordingly unless the context otherwise expressly requires). 
 (e) References in Section 11.1
to calculations made on a “pro forma basis” shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments described herein, that precede (in priority of payment) or include the clause in
which such calculation is made. 
 (f) Notwithstanding any other provision of this Indenture to the contrary, all monetary calculations under
this Indenture shall be in U.S. Dollars. 
 (g) Unless otherwise specified, any reference to the fees payable hereunder to an amount
calculated with respect to a period at per annum rate shall be computed on the basis of a 360-day year of twelve 30-day months. Any fees applicable to periods shorter
than or longer than a calendar quarter shall be prorated to the actual number of days within such period. 

  
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 (h) Unless otherwise specified, all other test calculations that evaluate to a percentage shall
be rounded to the nearest ten-thousandth and test calculations that evaluate to a number shall be rounded to the nearest one-hundredth. 

ARTICLE II 
 THE NOTES

 Section 2.1 Forms Generally. The Notes and the Trustee’s or Authenticating Agent’s certificate of
authentication thereon (the “Certificate of Authentication”) shall be in substantially the forms required by this Article, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by the Authorized Officers of the Issuer executing such Notes as
evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

Section 2.2 Forms of Notes. (a) Forms. The forms of the Notes, including the forms of Certificated Notes, Regulation S
Global Notes and Rule 144A Global Notes, shall be as set forth in Exhibit A hereto. 
 (b) Regulation S Global Notes, Rule
144A Global Notes and Certificated Notes. 
 (i) The Class A Notes sold to persons who are not U.S. persons in
offshore transactions in reliance on Regulation S shall each be issued in the form of one permanent global note in definitive, fully registered form without interest coupons substantially in the applicable form of Exhibit A hereto (a
“Regulation S Global Note”), and shall be deposited with the Trustee as custodian for, and registered in the name of a nominee of, DTC for the respective accounts of Euroclear and Clearstream, duly executed by the Issuer and
authenticated by the Trustee as hereinafter provided. 
 (ii) The Class A Notes sold to persons that are QIB (except to
the extent that any such QIB elects to acquire a Certificated Note as provided below) shall each be issued initially in the form of one permanent global note in definitive, fully registered form without interest coupons substantially in the form of
Exhibit A hereto (a “Rule 144A Global Note”), which shall be deposited with the Trustee as custodian for, and registered in the name of a nominee of, DTC, duly executed by the Issuer and authenticated by the Trustee as hereinafter
provided. Any Class A Notes sold to a person that so elects and notifies the Issuer shall be issued in the form of definitive, fully registered notes without coupons substantially in the form of Exhibit A hereto (a “Certificated
Note”), which shall be registered in the name of the beneficial owner or a nominee thereof, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. 

(iii) Additional Notes issued to the Committed Purchaser hereunder shall, upon issuance, be evidenced by a single Certificated
Note held by the Committed Purchaser (the “Committed Purchaser Note”). 

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

(c) Book Entry Provisions. This Section 2.2(c) shall apply only to Global Notes deposited with or on behalf of DTC. 

Agent Members and owners of beneficial interests in Global Notes shall have no rights under this Indenture with respect to any Global Notes
held by the Trustee, as custodian for DTC and DTC may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the absolute owner of such Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of
customary practices governing the exercise of the rights of a Holder of any Note. 
 (d) Certificated Securities. Except as provided
in Section 2.11, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 

Section 2.3 Authorized Amount. Subject to the provisions set forth below, the aggregate principal amount of Class A Notes
that may be authenticated and delivered under this Indenture is limited to U.S.$1,778,056,112.34, except for (i) Class A Notes issued under the Note Purchase Agreement and Section 2.4(a) to pay a Buyer
True-up Payment Amount under the Master Purchase Agreement, and (ii) Class A Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Class A
Notes pursuant to this Indenture. Other than as expressly provided in Section 2.4, no Class A Notes may be issued after the Closing Date. 

Section 2.4 Purchase Price Adjustment Notes; Additional Notes. 

(a) True-Up Amounts. On the True-Up Payment Date, if the
Issuer owes a Buyer True-Up Amount to the Seller under the Master Purchase Agreement: 

(i) the Issuer will issue (and pursuant to the Note Purchase Agreement the Committed Purchaser will be required to purchase at
par) additional Class A Notes in an aggregate amount (as selected by the Issuer in its sole discretion) not exceeding the lesser of (x) the Buyer True-Up Payment Amount and (y) U.S.$30,000,000;
and 
 (ii) to the extent the Buyer True-Up Payment Amount exceeds the amount of
Class A Notes issued under clause (i) above (A) the Issuer will issue (and pursuant to the Note Purchase Agreement the Committed Purchaser will be required to purchase at par) additional Class A Notes in an aggregate amount equal to
70% of such excess and (B) the Issuer will require Contributors to fund Contributions in an aggregate amount equal to 30% of such excess together with such additional amounts as are payable under the Fee Letter in relation to such issuance.

 (b) If the Issuer receives a Seller True-Up Payment Amount pursuant to the Master Purchase
Agreement, the Issuer shall apply 70% of the amount received to repay the outstanding principal of the Class A Notes and will distribute the remainder to the holders of the Limited Partnership Interests. The payments referred to in the
preceding sentence will be made on the second Business Day following the date on which the Issuer receives such Seller True-Up Payment Amount, and such payment will not be made under the Priority of Payments.
If the Issuer receives the 140 West Rebate Payment pursuant to the Fee Letter, the Issuer shall apply 100% of the proceeds received therefrom to repay the outstanding principal of the Class A Notes on the Payment Date occurring in January 2015.

  
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 (c) Additional Notes. Subject to this Section 2.4(c), during the Draw Period, the Issuer
(or the Collateral Manager, on behalf of the Issuer) may, by delivery to the Trustee of an Issuer Order substantially in the form of Exhibit D (a “Draw Request”), request that Additional Notes be issued (each such issuance of
Additional Notes, a “Drawing”), to fund additional borrowings (each, an “Additional Funding”) under Delayed Draw Collateral Obligations that have then been requested by the Borrowers thereof (and not yet funded by
the Issuer) and all Additional Fundings that the Collateral Manager reasonably expects that the Issuer will be required to make within the 15 days following such date; provided that, to the extent amounts are on deposit in the Reserve Account
and such amounts are not less than the Expected Additional Funding Amount as in effect at such time, the Issuer shall not submit a Draw Request. Upon the Trustee’s receipt of any Draw Request (or if such date is not a Business Day, on the next
Business Day), the Trustee shall notify the Committed Purchaser of such Draw Request and the amount of such Additional Funding. Additional Notes issued to the Committed Purchaser in connection with each Drawing will be evidenced, upon the issuance
thereof, by the Committed Purchaser Note, and the Committed Purchaser will note each such issuance, each payment of principal thereon and each exchange made for an interest in a Global Note, on the grid attached to such Note; provided that
failure by the Committed Purchaser to make any such notation shall not impact the issuance of, or the Issuer’s liability for, any Additional Notes issued to the Committed Purchaser. 

(d) Conditions to Drawings. Each issuance of Additional Notes under Section 2.4(c) shall be subject to the satisfaction or waiver by the
Committed Purchaser of the following conditions: 
 (i) at the time of and immediately after giving effect to such Drawing,
no Remedies Event or any event that with the passage of time or the giving of notice or both would be a Remedies Event shall have occurred and be continuing; 

(ii) all representations and warranties made by the Issuer and the Collateral Manager in the Transaction Documents are true and
correct in all material respects, as if repeated on the date of such Drawing with respect to the facts and circumstances then existing (except to the extent that any such representation or warranty expressly refers to a prior specific date); 

(iii) this Indenture and each other applicable Transaction Document is in full force and effect; 

(iv) the Draw Period has not expired; 

(v) in no event may the aggregate principal amount of Additional Notes issued in such Drawing exceed the Aggregate Additional
Note Funding Limit as of such date (determined after giving effect to the amount of Contributions, if any, received by the Issuer to fund the related Additional Fundings); 

(vi) the Issuer (or the Collateral Manager, on the Issuer’s behalf) has provided not less than 3 Business Days’
notice of such Drawing to the Trustee; and 
 (vii) each Drawing shall be in a minimum amount of U.S.$500,000 and increments
of U.S.$1,000 in excess thereof (or, if lower, the Net Unfunded Amount at such date). 

  
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 (e) Deposit to Reserve Account, Etc. Upon receipt of the cash proceeds of each Drawing by
or on behalf of the Issuer, the Trustee shall deposit such proceeds in the Reserve Account and shall instruct the Registrar to make appropriate notations on the Register or on its books and records of the amount of such Additional Notes so issued,
and the Issuer hereby authorizes the Trustee to make such notations on the Register and on its books and records as aforesaid. Further, in accordance with DTC’s procedures, the Trustee, as Registrar, will credit or cause to be credited to the
account of the Committed Purchaser a principal amount of Additional Notes equal to the amount so received from the Committed Purchaser. 

(f) Draw Failures. If the Committed Purchaser defaults in its obligation to purchase Additional Notes in connection with any Drawing (a
“Draw Failure”) as and when required under this Section 2.4 and the Note Purchase Agreement (the par amount of such Additional Notes, the “Failed Drawing Amount”), then (i) the Committed Purchaser shall be
responsible to the Issuer for all liabilities (if any) of the Issuer (including the expenses of the parties hereto) to the Borrower in connection with the related Delayed Draw Collateral Obligation directly resulting from such Draw Failure, and
(ii) at the election of the Issuer (or the Collateral Manager on its behalf), either (A) the Committed Purchaser will be required to assign all of its obligations under the Note Purchase Agreement to a Person that is eligible to purchase
Class A Notes under the terms of the Indenture, or (B) the Issuer may set-off amounts that otherwise would be applied to pay principal of and interest on Class A Notes held by the Committed
Purchaser or any of its Affiliates, any Class A Minimum Payment owing to the Committed Purchaser or any of its Affiliates, any Additional Redemption Amount owing to the Committed Purchaser or its Affiliates, and Commitment Fees accrued under
the Note Purchase Agreement, in each case, when and as the same are due and payable under the Priority of Payments (which set-off the parties agree will be treated for tax purposes as (1) a payment by the
Issuer of the principal, interest, Class A Minimum Payment, Additional Redemption Amount and/or Commitment Fees, as applicable, due to such Committed Purchaser or its applicable Affiliate and (2) a repayment by such Committed Purchaser to
the Issuer, and which shall not accelerate or delay payments to any holder of Class A Notes), in an aggregate amount equal to 125% of the Failed Drawing Amount. In the case where the Issuer elects to exercise its right of set-off as set forth in clause (ii) of the preceding sentence, interest shall accrue on the Failed Drawing Amount (to the extent not reduced by set-off or thereafter
funded by the Committed Purchaser) at a rate per annum equal to 15%, and the Issuer shall be entitled to set off and apply principal of and interest on Class A Notes held by the Committed Purchaser, or any of its Affiliates, any Class A
Minimum Payment owing to the Committed Purchaser or any of its Affiliates, any Additional Redemption Amount owing to the Committed Purchaser or any of its Affiliates and Commitment Fees accrued under the Note Purchase Agreement, when the same are
due and payable under the Priority of Payments, in amounts sufficient to cover such accrued and unpaid interest. Notwithstanding the foregoing, no such assignment will be required, or set-off or interest
accrual permitted, if the Committed Purchaser shall have purchased Additional Notes in an amount equal to the Failed Drawing Amount (i) within two Business Days following its receipt of notice from the Issuer (or the Collateral Manager on its
behalf) of a Draw Failure, or (ii) if later than two Business Days following its receipt of such notice, if the Committed Purchase has paid to the Issuer the Failed Drawing Fee, up to (and including) the second Business Day prior to the date on
which the Issuer is obligated to fund the related Additional Funding. In order to give effect to such set-off rights, the Issuer may also assign each a separate CUSIP number for the Class A Notes to the
Committed Purchaser and to each other Holder of Class A Notes in the Issuer’s sole discretion. 
 Section 2.5 Execution,
Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Issuer by one of its Authorized Officers. The signature of such Authorized Officer on the Notes may be manual or facsimile. 

Notes bearing the manual or facsimile signatures of individuals who were at any time the Authorized Officers of the Issuer shall bind the
Issuer, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes. 

  
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 At any time and from time to time after the execution and delivery of this Indenture, the Issuer
may deliver Notes executed by the Issuer to the Trustee or the Authenticating Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not
otherwise. 
 Each Note authenticated and delivered by the Trustee or the Authenticating Agent upon Issuer Order on the Closing Date shall
be dated as of the Closing Date. All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication. 

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

Section 2.6 Registration, Registration of Transfer and Exchange. (a) The Issuer shall cause to be kept a register (the
“Register”) at the Corporate Trust Office in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes (including the names
and addresses of the Holders and the principal or face amount, which amounts shall include the amounts of any Draws under Section 2.4, (and stated interest) due to each Holder). The Trustee, acting as agent of the Issuer,
is hereby initially appointed “Registrar” for the purpose of maintaining the Register and registering Notes and transfers of such Notes with respect to the Register maintained in the United States as herein provided. Upon any
resignation or removal of the Registrar, the Issuer shall promptly appoint a successor or, in the absence of such appointment, assume the duties of Registrar. The entries in the Register shall be conclusive and binding for all purposes, absent
manifest error, and the Holders, the Issuer, any Paying Agent and the Trustee shall treat each Person whose name is recorded in the Register pursuant to the terms herein as a Holder for all purposes of this Indenture. 

If a Person other than the Trustee is appointed by the Issuer as Registrar, the Issuer shall give the Trustee prompt written notice of the
appointment of a Registrar and of the location, and any change in the location, of the Register, and the Trustee shall have the right to inspect the Register at all reasonable times and to obtain copies thereof and the Trustee shall have the right
to rely upon a certificate executed on behalf of the Registrar by an Officer thereof as to the names and addresses of the Holders of the Notes and the principal or face amounts and numbers of such Notes. Upon request at any time the Registrar shall
provide to the Issuer, the Collateral Manager or any Holder a current list of Holders as reflected in the Register. 

  
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 Subject to this Section 2.6, upon surrender for registration of transfer of any Notes at the
office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any
Authorized Denomination and of a like aggregate principal or face amount. At any time, the Issuer, the Collateral Manager may request a list of Holders from the Trustee and the Trustee shall provide such a list of Holders to the extent such
information is available to the Trustee. 
 At the option of the Holder, Notes may be exchanged for Notes of like terms, in any Authorized
Denominations and of like aggregate principal or face amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and
deliver, the Notes that the Holder making the exchange is entitled to receive. 
 All Notes issued and authenticated upon any registration
of transfer or exchange of Notes shall be the valid obligations of the Issuer evidencing the same debt (to the extent they evidence debt), and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of
transfer or exchange. 
 Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by the Holder thereof or its attorney duly authorized in writing. 

No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Trustee may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature of the transferor and the
transferee. 
 (b) No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or
transfer is exempt from the registration requirements of the Securities Act, is exempt from the registration requirements under applicable state securities laws and will not cause the Issuer to become subject to the requirement that it register as
an investment company under the Investment Company Act. 
 (c) Each purchaser and transferee of Class A Notes or any interest in such
Notes shall be required (or, in the case of a transferee of such Notes represented by an interest in a Global Note, deemed) on each day from the date on which such beneficial owner acquires such Notes or its interest in any such Notes through and
including the date on which such beneficial owner disposes of such Notes or its interest in such Notes to represent and agree that either (A) it is neither a Benefit Plan Investor, nor a governmental, church,
non-U.S. or other plan which is subject to any federal, state, local or non-U.S. law that is substantially similar to the provisions of Title I of ERISA or
Section 4975 of the Code or (B) its purchase, holding and disposition of a Class A Note (or any interest in such a Note) will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation of any
substantially similar law). 
 (d) The Trustee shall not be responsible for ascertaining whether any transfer complies with, or for otherwise
monitoring or determining compliance with, the requirements or terms of the Securities Act, applicable state securities laws, ERISA, the Code or the Investment Company Act; except that if a certificate is specifically required by the terms of this
Section 2.6 to be provided to the Trustee by a prospective transferor or transferee, the Trustee shall be under a duty to receive and examine the same to determine whether it conforms substantially on its face to the applicable requirements of
this Section 2.6. 

  
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 (e) No Class A Note may be sold or transferred to a Restricted Person without the prior
written consent of the Collateral Manager unless an Event of Default has occurred and is continuing. 
 (f) So long as a Global Note remains
Outstanding and is held by or on behalf of DTC, transfers of such Global Note, in whole or in part, shall only be made in accordance with Section 2.2(b) and this Section 2.6(f). 

(i) Transfers in Whole. Subject to clauses (ii) and (iii) of this Section 2.6(f), transfers of a Global Note shall
be limited to transfers of such Global Note in whole, but not in part, to nominees of DTC or to a successor of DTC or such successor’s nominee. 

(ii) Rule 144A Global Note to Regulation S Global Note. If a Holder of a beneficial interest in a Rule 144A Global Note
deposited with DTC wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer its interest in such Rule 144A Global Note to a Person who wishes to take
delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such Holder, provided such Holder or, in the case of a transfer, the transferee is not a U.S. person and is acquiring such interest in an offshore
transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, Euroclear and/or Clearstream, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in
the corresponding Regulation S Global Note. Upon receipt by the Trustee or the Registrar of (A) instructions given in accordance with DTC’s, Euroclear’s and/or Clearstream’s procedures from an Agent Member directing the Trustee
or the Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination applicable to such Holder’s Class A Notes, in an amount equal to the
beneficial interest in the Rule 144A Global Note to be exchanged or transferred, (B) a written order given in accordance with DTC’s, Euroclear’s and/or Clearstream’s procedures containing information regarding the participant
account of DTC and the Euroclear or Clearstream account to be credited with such increase, (C) a certificate in the form of Exhibit B1 attached hereto given by the Holder of such beneficial interest stating that the exchange or transfer of such
interest has been made in compliance with the transfer restrictions applicable to the Rule 144A Global Notes including that the Holder or the transferee, as applicable, is not a U.S. person, and in an offshore transaction pursuant to and in
accordance with Regulation S and (D) a written certification in the form of Exhibit B5 attached hereto given by the transferee in respect of such beneficial interest stating, among other things, that such transferee is a non-U.S. person purchasing such beneficial interest in an offshore transaction pursuant to Regulation S, then the Trustee or the Registrar shall approve the instructions at DTC, Euroclear and/or Clearstream to
reduce the principal amount of the Rule 144A Global Note and to increase the principal amount of the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be exchanged or transferred,
and to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global
Note. 
 (iii) Regulation S Global Note to Rule 144A Global Note. If a Holder of a beneficial interest in a Regulation
S Global Note deposited with DTC wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A Global Note or to transfer its interest in such Regulation S Global Note to a Person who
wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note, such 

  
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Holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange or
transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Note. Upon receipt by the Trustee or the Registrar of (A) instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing
the Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not less than the minimum denomination applicable to such
Holder’s Class A Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase, (B) a certificate in the form of Exhibit B2 attached hereto
given by the Holder of such beneficial interest and stating, among other things, that, in the case of a transfer, the Person transferring such interest in such Regulation S Global Note reasonably believes that the Person acquiring such interest in a
Rule 144A Global Note is a QIB, is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and
(C) a written certification in the form of Exhibit B4 attached hereto given by the transferee in respect of such beneficial interest stating, among other things, that such transferee is a QIB, then the Registrar shall approve the instructions
at DTC, Euroclear and/or Clearstream to reduce, or cause to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the Registrar shall
approve the instruction at DTC, Euroclear and/or Clearstream concurrently with such reduction, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule
144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note. 
 (iv) Transfer and
Exchange of Certificated Note to Certificated Note. If a Holder of a Certificated Note wishes at any time to exchange such Certificated Note for one or more Certificated Notes or transfer such Certificated Note to a transferee who wishes to take
delivery thereof in the form of a Certificated Note, such Holder may effect such exchange or transfer in accordance with this Section 2.6(f)(iv). Upon receipt by the Trustee or the Registrar of (A) a Holder’s Certificated Note properly
endorsed for assignment to the transferee, and (B) a certificate in the form of Exhibit B6, then the Trustee or the Registrar shall cancel such Certificated Note in accordance with Section 2.10, record the transfer in the Register in
accordance with Section 2.6(a) and upon execution by the Issuer authenticate and deliver one or more Certificated Notes bearing the same designation as the Certificated Note endorsed for transfer, registered in the names specified in the assignment
described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Certificated Note surrendered by the transferor), and in Authorized
Denominations. 
 (v) Transfer of Global Notes to Certificated Notes. If a Holder of a beneficial interest in a Global
Note deposited with DTC wishes at any time to exchange its interest in such Global Note for a Certificated Note or to transfer its interest in such Global Note to a Person who wishes to take delivery thereof in the form of a Certificated Note, such
Holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, Euroclear and/or Clearstream, exchange or transfer, or cause the exchange or transfer of, such interest for a Certificated Note. Upon receipt by the
Trustee or the Registrar of (A) certificates substantially in the forms of Exhibit B1 or B2 and Exhibit B6 and (B) appropriate instructions from DTC, Euroclear and/or Clearstream, if required, the Trustee or the Registrar shall approve the
instructions at DTC, Euroclear and/or Clearstream to reduce, or cause to be reduced, the Global Note by the aggregate principal amount of the beneficial interest in the Global Note to be 

  
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transferred or exchanged, record the transfer in the Register in accordance with Section 2.6(a) and upon execution by the Issuer authenticate and deliver one or more Certificated Notes,
registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the
Global Note transferred by the transferor), and in Authorized Denominations. 
 (vi) Transfer of Certificated Notes to
Global Notes. If a Holder of a Certificated Note wishes at any time to exchange its interest in such Certificated Note for a beneficial interest in a Global Note or to transfer such Certificated Note to a Person who wishes to take delivery
thereof in the form of a beneficial interest in a Global Note, such Holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, Euroclear and/or Clearstream, exchange or transfer, or cause the exchange or transfer
of, such Certificated Note for beneficial interest in a Global Note. Upon receipt by the Trustee or the Registrar of (A) a Holder’s Certificated Note properly endorsed for assignment to the transferee; (B) certificates substantially
in the forms of Exhibit B1 and Exhibit B3 attached hereto executed by the transferor and a certificate substantially in the form of either Exhibit B4 or Exhibit B5, as applicable (provided that no such transferor or transferee certificate shall be
required if a Holder of a Certificated Note on the Closing Date that has provided all required certifications to the Issuer upon acquisition thereof wishes to exchange a Certificated Note for a Global Note); (C) instructions given in accordance
with DTC’s, Euroclear’s and/or Clearstream’s procedures from an Agent Member to instruct DTC to cause to be credited a beneficial interest in the Global Notes in an amount equal to the Certificated Notes to be transferred or
exchanged; and (D) a written order given in accordance with DTC’s, Euroclear’s and/or Clearstream’s procedures containing information regarding the participant’s account of DTC to be credited with such increase, the Trustee
or the Registrar shall cancel such Certificated Note in accordance with Section 2.10, record the transfer in the Register in accordance with Section 2.6(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or
cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Global Note equal to the principal amount of the Certificated Note transferred or exchanged. Notwithstanding the
foregoing, the Committed Purchaser may only exchange all or any portion of its interest in the Committed Purchaser Note for an interest in a Global Note (1) on any date, up to the principal amount that was outstanding under such Certificated
Note on the immediately preceding Payment Date (after giving effect to all payments thereon on such Payment Date) and (2) at any time after the first Payment Date following the date on which the Draw Period ends. 

(vii) Other Exchanges. In the event that a Global Note is exchanged for Notes in definitive registered form without
interest coupons pursuant to Section 2.10, such Global Notes may be exchanged for such other Notes only in accordance with such procedures as are substantially consistent with the provisions above (including (A) requirements as to the
recordation of the applicable transfer in the Register, and (B) certification requirements intended to ensure that such transfers are made only to Holders who are QIBs in transactions exempt from registration under the Securities Act or are to
persons who are not U.S. persons who are non-U.S. residents (as determined for purposes of the Investment Company Act), and otherwise comply with Regulation S under the Securities Act, as the case may be), and
as may be from time to time adopted by the Issuer and the Trustee. 
 (g) If Notes are issued upon the transfer, exchange or replacement of
Notes bearing the applicable legends set forth in Exhibit A hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued shall bear such applicable legend, or such applicable legend shall not be removed, as
the case may be, unless there is delivered to the Trustee and the Issuer such 

  
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satisfactory evidence, which may include an Opinion of Counsel acceptable to them, as may be reasonably required by the Issuer (and which shall by its terms permit reliance by the Trustee), to
the effect that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of the Securities Act, the Investment Company Act, ERISA or the Code. Upon
provision of such satisfactory evidence, the Trustee or its Authenticating Agent, at the written direction of the Issuer shall, after due execution by the Issuer authenticate and deliver Notes that do not bear such applicable legend. 

(h) Each Person who becomes a beneficial owner of Class A Notes represented by an interest in a Global Note shall be deemed to have
represented and agreed as follows (except as may be expressly agreed in writing among the Issuer, the Collateral Manager and any Person who acquires such interest on the Closing Date): 

(i) In connection with the purchase of such Class A Notes: (A) none of the Issuer, the Collateral Manager, the
Trustee, or any of their respective Affiliates is acting as a fiduciary or financial or investment advisor for such beneficial owner; (B) such beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon
any advice, counsel or representations (whether written or oral) of the Issuer, the Collateral Manager, the Trustee, or any of their respective Affiliates; (C) such beneficial owner has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment
and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Collateral Manager, the Trustee, or any of their respective Affiliates; (D) such beneficial owner is (1) a Qualified
Institutional Buyer or (2) not a “U.S. person” as defined in Regulation S and is acquiring the Notes in an offshore transaction (as defined in Regulation S) in reliance on the exemption from registration provided by Regulation S;
(E) such beneficial owner is acquiring its interest in such Class A Notes for its own account; (F) such beneficial owner was not formed for the purpose of investing in such Class A Notes; (G) such beneficial owner
understands that the Issuer may receive a list of participants holding interests in the Class A Notes from one or more book-entry depositories; (H) such beneficial owner will hold and transfer at
least the minimum denomination of such Class A Notes; (I) such beneficial owner is a sophisticated investor and is purchasing the Class A Notes with a full understanding of all of the terms, conditions and risks thereof, and is
capable of and willing to assume those risks; (J) such beneficial owner has had access to such financial and other information concerning the Issuer and the Notes as it has deemed necessary or appropriate in order to make an informed investment
decision with respect to its purchase of the Notes, including an opportunity to ask questions of and request information from the Issuer and the Collateral Manager; (K) such beneficial owner shall provide notice of the relevant transfer
restrictions to subsequent transferees; (L) such beneficial owner understands that the Issuer may receive a list of participants holding positions in its Notes from one or more book-entry depositories; (M) it is acquiring the Notes as
principal solely for its own account for investment and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; and (N) no Class A Note may be sold or transferred to a Restricted Person
without the prior written consent of the Collateral Manager unless an Event of Default has occurred and is continuing. 

(ii) On each day from the date on which such beneficial owner acquires its interest in such Class A Notes through and
including the date on which such beneficial owner disposes of its interest in such Class A Notes, that either (A) it is neither a Benefit Plan Investor, nor a governmental, church, non-U.S. or other
plan which is subject to any federal, state, local or non-U.S. law that is substantially similar to the provisions of Title I of ERISA or Section 4975 of the

  
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Code or (B) its acquisition, holding and disposition of a Class A Note (or any interest in such a Note) will not constitute or result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation of any substantially similar law). 
 (iii) Such beneficial owner
understands that such Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, such Notes have not been and shall not be registered or qualified under the
Securities Act or the securities laws of any state or other jurisdiction, and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise transfer such Notes, such Notes may be offered, resold, pledged or otherwise
transferred only in accordance with the provisions of this Indenture and the legend on such Notes. Such beneficial owner acknowledges that no representation has been made as to the availability of any exemption under the Securities Act or any state
or other securities laws for resale of the Notes. Such beneficial owner understands that none of the Issuer or the pool of Assets has been or will be registered under the Investment Company Act, and that the Issuer is exempt from registration as
such by virtue of Section 3(c)(5) of the Investment Company Act. 
 (iv) It is aware that, except as otherwise provided in
this Indenture, the Class A Notes being sold to it, if any, in reliance on Regulation S shall be represented by one or more Regulation S Global Notes, and that beneficial interests therein may be held only through DTC for the respective
accounts of Euroclear or Clearstream. 
 (v) The Holder shall provide notice to each Person to whom it proposes to transfer
any interest in the Notes of the transfer restrictions and representations set forth in Section 2.6, including the Exhibits referenced herein. 

(vi) It is not a member of the public in the Cayman Islands. 

(i) No U.S. person may at any time acquire an interest in a Regulation S Global Note. 

(j) Tax Certifications. 

(i) Each Holder will timely furnish the Issuer and its agents with any tax certifications, information, or documentation
(including, without limitation, IRS Form W-9, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS
Form W-8IMY, IRS Form W-8ECI, or any successors to such IRS forms) that the Issuer or its agents reasonably request (A) to permit the Issuer or its agents (or their
respective Affiliates) to make payments to the Holder without, or at a reduced rate of, deduction or withholding, (B) to enable the Issuer or its agents to qualify for a reduced rate of withholding or deduction in any jurisdiction from or
through which they receive payments, and (C) to enable the Issuer or its agents (or their respective Affiliates) to satisfy reporting and other obligations under any applicable law or regulation, and will update or replace such certifications,
information, and documentation in accordance with its terms or subsequent amendments. Each Holder acknowledges that the failure to provide, update or replace any such certifications, information, and documentation may result in the imposition of
withholding or back-up withholding on payments to the Holder. Amounts withheld pursuant to applicable tax laws will be treated as having been paid to such Holder. 

  
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 (ii) Each Holder will provide the Issuer and its agents with any correct,
complete and accurate information, and will take any other actions, that may be required for the Issuer and its Affiliates to comply with FATCA and/or to avoid the imposition of tax under FATCA on any payment to the Issuer or to or for the benefit
of the Holders, and/or, in the event such Holder fails to provide such information or take such actions or in the event that such Holder’s ownership of any Notes would otherwise cause the Issuer to be subject to withholding tax under FATCA or
otherwise not to comply with FATCA (the “Noteholder Reporting Obligations”), (A) the Issuer (and any agent acting on its behalf, including any Paying Agent and including their respective Affiliates) is authorized to withhold under
FATCA, and (B) to the extent necessary to avoid an adverse effect on the Issuer or its Affiliates or any other Holder as a result of such failure or the Holder’s ownership of Notes, the Issuer will have the right to compel the Holder to
sell its Notes (and to assign its obligations under the Note Purchase Agreement) and, if the Holder does not sell its Notes (and to assign its obligations under the Note Purchase Agreement) within 10 business days after notice from the Issuer or an
agent of the Issuer, to sell such Notes at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account, in addition to other related costs and charges, any taxes
incurred by the Issuer in connection with such sale) to the Holder as payment in full for such Notes and neither the Issuer nor the Trustee will have any liability for any losses that may be incurred by such Holder as a result. The Issuer may also
assign each such Note a separate CUSIP number in the Issuer’s sole discretion. Each Holder is deemed to agree and represent that the Issuer, the Collateral Manager and/or the Trustee or their agents or representatives may (1) provide any
information and documentation provided to them in connection with FATCA and any other information concerning such Holder’s investment in such Notes to the Cayman Islands Tax Information Authority, the U.S. Internal Revenue Service and any other
relevant tax authority and (2) take such other steps as they deem necessary or helpful for the Issuer to comply with FATCA. 
 (k) Any
purported transfer of a Note not in accordance with this Section 2.6 shall be null and void, and shall not be given effect for any purpose whatsoever. 

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

(m) The Trustee and the Issuer shall be entitled to conclusively rely on any transfer certificate delivered pursuant to this Section 2.6
and shall be able to presume conclusively the continuing accuracy thereof, in each case without further inquiry or investigation. 

Section 2.7 Mutilated, Defaced, Destroyed, Lost or Stolen Note. If (a) any mutilated or defaced Note is surrendered to a
Transfer Agent, or if there shall be delivered to the Issuer, the Trustee and the relevant Transfer Agent evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Issuer, the
Trustee and such Transfer Agent, and any agent of the Issuer, the Trustee and such Transfer Agent, such security or indemnity as may be reasonably required by them to save each of them harmless, then, in the absence of notice to the Issuer, the
Trustee or such Transfer Agent that such Note has been acquired by a Protected Purchaser, the Issuer shall execute and, upon Issuer Order, the Trustee shall authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen
Note, a new Note, of like tenor (including the same date of issuance) and equal principal or face amount, registered in the same manner, dated the date of its authentication, bearing interest from the date to which interest has been paid on the
mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding. 

  
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 If, after delivery of such new Note, a Protected Purchaser of the predecessor Note presents for
payment, transfer or exchange such predecessor Note, the Issuer, the Transfer Agent and the Trustee shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and shall be entitled to recover
upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection therewith. 

In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in its discretion may, instead of
issuing a new Note pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered. 
 Upon
the issuance of any new Note under this Section 2.7, the Issuer, the Trustee or the applicable Transfer Agent may require the payment by the Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new Note issued
pursuant to this Section 2.7 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph of
this Section 2.7, to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same Class duly issued hereunder. 

The provisions of this Section 2.7 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes. 
 Section 2.8 Payment of Principal and Interest
and Other Amounts; Principal and Interest Rights Preserved. 
 (a) The Class A Notes shall accrue interest during each Interest
Period at the applicable Interest Rate for such Interest Period, and interest on the Class A Notes shall be payable on each Payment Date in accordance with the Priority of Payments. Interest on the Class A Notes will accrue on the
Aggregate Outstanding Amount thereof (including on the principal amount of any Class A Notes issued under Section 2.4(a) and on Additional Notes issued during such Interest Period) on each day during each Interest Period, provided that
the aggregate amount of interest payable on the Class A Notes on the first Payment Date will be determined as if Class A Notes in an aggregate principal amount equal to the Initial Principal Amount were issued and Outstanding during the
period from December 18, 2014 through the Closing Date notwithstanding that such Class A Notes are not issued until the Closing Date. Interest accrued on the Class A Notes for each Interest Period will be payable in arrears on the
related Payment Date. Interest shall cease to accrue on each Class A Note, or in the case of a partial repayment, on such part, from the date of repayment or the Stated Maturity unless payment of principal is improperly withheld or unless
default is otherwise made with respect to such payments of principal. To the extent lawful and enforceable, interest on the interest on any Class A Note that is not paid when due shall accrue at the Interest Rate until paid as provided herein

 If at any date (the “Class A Minimum Amount Trigger Date”): 

(1) the outstanding principal amount of the Securities is less than 33% of the original face amount of the Securities; 

  
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 (2) the Issuer has sold or participated more than 35% of the aggregate par amount
of the Collateral Obligations in Discretionary Sales during the period between the Closing Date and the first anniversary thereof; and 

(3) the aggregate amount of interest payments made on the Class A Notes through and including such date is less than the
Class A Minimum Amount, 
 then the Issuer shall pay to the Holders of the Class A Notes on the first Payment Date on or immediately following the
Class A Minimum Amount Trigger Date on which funds are available therefor in accordance with the Priority of Payments an amount (the “Class A Minimum Payment”) equal to the excess of (x) the Class A Minimum Amount
over (y) the aggregate interest payments paid on the Class A Notes through and including the first Payment Date on or immediately following the Class A Minimum Amount Trigger Date. 

(b) The principal of the Class A Notes shall mature at par and shall be due and payable on Stated Maturity of the Class A Notes,
unless the unpaid principal of the Class A Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

(c) Except as otherwise expressly set forth herein, payments on the Notes shall be made subject to and in accordance with the Priority of
Payments. 
 (d) As a condition to the payment of principal of and interest on the Class A Notes or any payment on any Partnership
Interests, without the imposition of withholding tax, the Paying Agent shall require certification acceptable to it to enable the Issuer, the Trustee and any Paying Agent to determine their duties and liabilities with respect to any taxes or other
charges that they may be required to deduct or withhold from payments in respect of such Note under any present or future law or regulation of the United States and any other applicable jurisdiction, or any present or future law or regulation of any
political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation. 

(e) Payments in respect of interest on and principal of the Class A Notes shall be made by the Trustee or by a Paying Agent in United
States dollars to DTC or its designee with respect to a Global Note and to the Holder or its nominee with respect to a Certificated Note or a Definitive Note, by wire transfer, as directed by the Holder, in immediately available funds to a United
States dollar account, as the case may be, maintained by DTC or its nominee with respect to a Global Note, and to the Holder or its designee with respect to a Certificated Note or a Definitive Note, provided that (1) in the case of a
Certificated Note or a Definitive Note, the Holder thereof shall have provided written wiring instructions to the Trustee or the applicable Paying Agent, on or before the related Record Date; and (2) if appropriate instructions for any such
wire transfer are not received by the related Record Date, then such payment shall be made by check drawn on a U.S. bank mailed to the address of the Holder specified in the Register. Upon final payment due on the Maturity of a Note, the Holder
thereof shall present and surrender such Note at the Corporate Trust Office of the Trustee on or prior to such Maturity; provided that, if the Trustee and the Issuer shall have been furnished such security or indemnity as may be required by
them to save each of them harmless and an undertaking thereafter to surrender such certificate, then, in the absence of notice to the Issuer or the Trustee that the applicable Note has been acquired by a bona fide purchaser, such final payment shall
be made without presentation or surrender. Neither the Issuer, the Trustee, the Collateral Manager, nor any Paying Agent shall have any responsibility or liability for any aspects of the records maintained by DTC, Euroclear, Clearstream or any of
the Agent Members relating to or for payments made thereby on account of beneficial interests in a Global Note. In the case where any final payment of principal and interest is to be made on the Class A Notes (other than on the Stated Maturity
thereof), the Trustee, in the name and at the expense of the Issuer shall, not more than 30 nor 

  
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less than 10 days prior to the date on which such payment is to be made, mail (by first class mail, postage prepaid) to the Persons entitled thereto at their addresses appearing on the Register a
notice which shall specify the date on which such payment shall be made, the amount of such payment per U.S.$100,000 original principal amount of the Class A Notes, and the place where such Notes may be presented and surrendered for such
payment. 
 (f) Payments of principal to Holders of the Class A Notes shall be made in the proportion that the Aggregate Outstanding
Amount of the Notes of such Class registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on such Record Date. Payments to the holders of the Partnership
Interests from Collateral Interest Collections and Collateral Principal Collections shall be made as determined by the General Partner in accordance with the Partnership Agreement. 

(g) Interest accrued with respect to the Class A Notes shall be calculated on the basis of the actual number of days elapsed in the
applicable Interest Period divided by 360. 
 (h) All reductions in the principal amount of a Note (or one or more predecessor Notes)
effected by payments of installments of principal made on any Payment Date or Redemption Date shall be binding upon all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof, whether or not such payment is noted on such Note. 
 (i) Notwithstanding any other provision of this Indenture or any other
documents to which the Issuer is or may be a party, the obligations of the Issuer under the Notes and this Indenture are limited recourse payable solely from the Assets and following realization of the Assets and application of the proceeds thereof
in accordance with this Indenture, all obligations of and any claims against the Issuer hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against the General
Partner, the Collateral Manager, the Seller, Clover REIT or their respective Affiliates or any Officer, director, manager, employee, shareholder, member, partner or organizer of the Issuer, the General Partner, the Collateral Manager, the Seller,
Clover REIT or their respective Affiliates, or any successors or assigns of any such Person, for any amounts payable under the Notes or (except as otherwise provided herein or in the Collateral Management Agreement) this Indenture. It is understood
that the foregoing provisions of this Section 2.8(i) shall not (x) prevent recourse to the Assets for the sums due or to become due under any security, instrument or agreement which is part of the Assets or (y) constitute a waiver, release
or discharge of any indebtedness or obligation of the Issuer evidenced by the Notes or secured by this Indenture until such Assets have been realized. It is further understood that the foregoing provisions of this Section 2.8(i) shall not limit the
right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall
be asked for or (if obtained) enforced against any such Person or entity. 
 (j) Subject to the foregoing provisions of this
Section 2.8, each Note delivered under this Indenture and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights of unpaid interest and principal (or other applicable amount) that were carried by
such other Note. 

  
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 Section 2.9 Persons Deemed Owners. 

The Issuer, the Trustee, and any agent of the Issuer or the Trustee shall (absent manifest error) treat as the owner of any Note the Person in
whose name such Note is registered on the Register on the applicable Record Date for the purpose of receiving payments of principal of and interest on such Note and on any other date for all other purposes whatsoever (whether or not such Note is
overdue), and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. 

Section 2.10 Definitive Notes. (a) A Global Note deposited with DTC pursuant to Section 2.2 shall
be transferred in the form of a Definitive Note to the beneficial owners thereof only if such transfer complies with Section 2.6 and either (i) DTC notifies the Issuer that it is unwilling or unable to continue as depository for such
Global Note or (ii) at any time DTC ceases to be a Clearing Agency registered under the Exchange Act and, in each case, a successor depository is not appointed by the Issuer within 90 days after such notice (a “Depository
Event”). In addition, the owner of a beneficial interest in a Global Note shall be entitled to receive a Definitive Note in exchange for such interest if such exchange complies with Section 2.6 and an Event of Default has occurred and
is continuing. 
 (b) Any Global Note that is transferable in the form of a Definitive Note to the beneficial owners thereof pursuant to this
Section 2.10 shall be surrendered by DTC to the Trustee’s designated office located in the United States to be so transferred, in whole or from time to time in part, without charge, and the Issuer shall execute and the Trustee shall
authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of definitive physical certificates (pursuant to the instructions of DTC) (each such note, a “Definitive Note”) in
Authorized Denominations. Any Definitive Note delivered in exchange for an interest in a Global Note shall be in registered form and, except as otherwise provided by Section 2.6(g) and (h), bear the legends set forth in Exhibit A and shall be
subject to the transfer restrictions referred to in such legends. 
 (c) Subject to the provisions of paragraph (b) of this
Section 2.10, the Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes. 
 (d) In the event of the occurrence of a Depository Event, the Issuer shall promptly make available to the Trustee
a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. 
 The Definitive Notes shall be in
substantially the same form as the corresponding Global Notes with such changes therein as the Issuer and Trustee shall agree. In the event that Definitive Notes are not so issued by the Issuer to such beneficial owners of interests in Global Notes
as required by Section 2.10(a), the Issuer expressly acknowledges that the beneficial owners shall be entitled to pursue any remedy that the Holder of a Global Note would be entitled to pursue in accordance with Article V of this Indenture (but only
to the extent of such beneficial owner’s interest in the Global Note) as if Definitive Notes had been issued. 
 Section 2.11
Notes Beneficially Owned by Non-Permitted Holders or in Violation of ERISA Representations.(a) Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a beneficial
interest in any Note to a Non-Permitted Holder shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded by the Issuer and the Trustee for
all purposes. 
 (b) If any Non-Permitted Holder shall become the beneficial owner of an interest in
any Note, the Issuer shall, promptly after discovery that such person is a Non-Permitted Holder by the Issuer or the Trustee (and notice to the Issuer by the Trustee if a Trust Officer of the Trustee obtains
actual knowledge), send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder 

  
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transfer its interest in the Notes held by such person to a Person that is not a Non-Permitted Holder within 10 days of the date of such notice. If such Non-Permitted Holder fails to so transfer such Notes, the Issuer (or the Collateral Manager on its behalf) shall have the right, without further notice to the Non-Permitted
Holder, to sell such Notes or interest in such Notes to a purchaser selected by the Issuer (or the Collateral Manager on its behalf) that is a not a Non-Permitted Holder on such terms as the Issuer may choose.
The Issuer, or the Collateral Manager (on its own or acting through an investment bank selected by the Collateral Manager at the Issuer’s expense) acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one
or more brokers or other market professionals that regularly deal in securities similar to the Notes, and selling such Notes to the highest such bidder. However, the Issuer may select a purchaser by any other means determined by it in its sole
discretion. The Holder of each Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder, by its acceptance
of an interest in the Notes, agrees to cooperate with the Issuer, the Collateral Manager and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be
remitted to the Non-Permitted Holder. The terms and conditions of any sale under this subsection shall be determined in the sole discretion of the Issuer (or the Collateral Manager on its behalf), and neither
the Issuer nor the Collateral Manager shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion. 

Section 2.12 Deduction or Withholding from Payments on Notes; No Gross Up. If the Issuer is required to deduct or withhold tax
from, or with respect to, payments to any Holder of the Notes for any Tax, then the Trustee or other Paying Agent, as applicable, shall deduct, or withhold, the amount required to be deducted or withheld and remit to the relevant authority such
amount. Without limiting the generality of the foregoing, the Issuer may withhold any amount that it determines is required to be withheld from any amounts otherwise distributable to any Holder of a Note. The Issuer shall not be obligated to pay any
additional amounts to the Holders of the Notes (or beneficial owners with respect to the Global Notes) as a result of any withholding or deduction for, or on account of, any Tax imposed on payments in respect of the Notes. 

Section 2.13 Commitment Fees. Commitment Fees shall accrue for each day from and including the first day of each Interest Period
to and including the last day of such Interest Period and shall be due and payable on each Payment Date and shall be calculated by the Trustee. The Commitment Fee will constitute Administrative Expenses and shall be paid in accordance with Section
10.2(d). The Commitment Fees shall be computed on the basis of a 360 day year and the actual number of days elapsed. Interest at the Interest Rate shall accrue on the portion of any Commitment Fee payable to the Committed Purchaser that is not paid
when due. 
 ARTICLE III 

CONDITIONS PRECEDENT; CERTAIN PROVISIONS RELATING TO COLLATERAL 

Section 3.1 Conditions to Issuance of Notes on Closing Date. (a) The Notes to be issued on the Closing Date shall be executed
by the Issuer and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer Order and upon receipt by the Trustee of the following: 

(i) Officers’ Certificates of the Issuer and the General Partner Regarding Corporate Matters. An Officer’s
certificate of each of the Issuer and the General Partner (A) evidencing the authorization by Board Resolution of the execution and delivery of this Indenture, the Note Purchase Agreement, the Collateral Management Agreement, the Account
Control Agreement, the Master Purchase Agreement and each of the other Transaction Documents to which it is a 

  
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party and the execution, authentication and delivery of the Notes applied for by it; and specifying the principal amount of the Class A Notes to be authenticated and delivered on the Closing
Date and (B) certifying that (1) the attached copy of the Board Resolution is a true and complete copy thereof, (2) such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and
(3) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon. 

(ii) Governmental Approvals. From each of the Issuer and the General Partner either (A) a certificate of the Issuer
and the General Partner or other official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel of the Issuer and the
General Partner that no other authorization, approval or consent of any governmental body is required for the valid issuance of the Notes, or (B) an Opinion of Counsel of the Issuer and the General Partner that no such authorization, approval
or consent of any governmental body is required for the valid issuance of such Notes except as have been given (provided that the opinions delivered pursuant to Section 3.1(a)(iii) and (iv) may satisfy the requirement). 

(iii) U.S. Counsel Opinions. An opinion of Ropes & Gray LLP, special U.S. counsel to the Collateral Manager,
the Issuer, the General Partner and Clover REIT, dated the Closing Date, in form and substance satisfactory to the Initial Class A Noteholder. 

(iv) Cayman Counsel Opinion. An opinion of Maples and Calder, Cayman Islands counsel to the Issuer, dated the Closing
Date, in form and substance satisfactory to the Initial Class A Noteholder. 
 (v) Officers’ Certificates of
Issuer and the General Partner Regarding Indenture. An Officer’s certificate of the Issuer and the General Partner, to the best of the signing Officer’s knowledge, stating that the Issuer and the General Partner, respectively, is not
in default under this Indenture and in the case of the Issuer, that the issuance of the Notes applied for by it shall not result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its
organizational documents, any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it may be bound
or to which it may be subject; that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for by it have been complied with; and that all expenses due or accrued with respect to the
issuance of the Class A Notes or relating to actions taken on or in connection with the Closing Date have been paid or reserves therefor have been made. The Officer’s certificate of each of the Issuer and General Partner shall also state
that, to the best of the signing Officer’s knowledge, all of its representations and warranties contained herein are true and correct as of the Closing Date. 

(vi) Cap Agreements. Executed copies of any Cap Agreement entered into by the Issuer, if any, on or prior to the Closing
Date. 
 (vii) Transaction Documents. An executed counterpart of each other Transaction Document (all in form and
substance satisfactory to the Initial Class A Noteholder), and evidence satisfactory to the Initial Class A Noteholder that all transactions required to be effected thereunder on or prior to the Closing Date have occurred in accordance
with the terms thereof. 

  
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 (viii) Grant of Collateral Obligations. The Grant pursuant to the Granting
Clause of this Indenture of all of the Issuer’s right, title and interest in and to the Collateral Obligations on the Closing Date and Delivery of such Collateral Obligations (including any promissory note and copies of the applicable loan
agreement or indenture and assignment agreement, in each case to the extent received by the Issuer) as contemplated by Section 3.2 has been effected. 

(ix) Certificate of the Issuer Regarding Assets. A certificate of an Authorized Officer of the Issuer, dated as of the
Closing Date, to the effect that, in the case of each Collateral Obligation pledged to the Trustee for inclusion in the Assets, on the Closing Date and immediately prior to the Delivery thereof on the Closing Date: 

(A) the Issuer is the owner of such Collateral Obligation free and clear of any liens, claims or encumbrances of any nature
whatsoever except for (i) those which are being released on the Closing Date and (ii) those Granted pursuant to this Indenture; 

(B) the Issuer has acquired its ownership in such Collateral Obligation in good faith without notice of any adverse claim (as
such term is defined in Section 8-102(a)(1) of the UCC), except as described in paragraph (A) above; 

(C) the Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral Obligation (or, if any such
interest has been assigned, pledged or otherwise encumbered, it has been released or is being released on the Closing Date) other than interests Granted pursuant to this Indenture; 

(D) the Issuer has full right to Grant a security interest in and assign and pledge such Collateral Obligation to the Trustee;
and 
 (E) upon Grant by the Issuer, the Trustee has a first priority perfected security interest in the Collateral
Obligations and other Assets, except as permitted by this Indenture. 
 (x) Accounts. Evidence of the establishment of
each of the Accounts. 
 (xi) Officers’ Certificates of the Collateral Manager, the Seller, Clover REIT and the
Servicer Regarding Corporate Matters. An Officer’s certificate of each of the Collateral Manager, the Seller, Clover REIT and the Servicer (A) evidencing the authorization by written consent of its members or by Board Resolution, as
applicable, of the execution and delivery of the Transaction Documents it is party to and related transaction documents and (B) certifying that (1) the attached copy of the written consent of its members is a true and complete copy
thereof, (2) such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (3) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated
thereon. 
 (xii) Issuer Order Regarding Assets. The Issuer (or the Collateral Manager on its behalf) has delivered to
the Trustee an Issuer Order identifying all of the Assets to be delivered to the Custodian on the Closing Date under clause (i) of the definition of “Deliver”. 

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

  
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 (b) No Notes shall be issued on the Closing unless the Issuer shall have obtained not less than
$580,281,869.32 from the issuance of its Limited Partnership Interests, and such proceeds are then on deposit in the Collection Account. 

(c) In connection with the execution by the Issuer of the Notes to be issued on the Closing Date, the Trustee shall deliver to the Issuer
(i) an opinion of Miller Mayer, LLP, counsel to the Trustee, and (ii) an opinion of the Trustee’s in-house counsel regarding certain corporate matters with respect to the Trustee, in each case
dated the Closing Date, in form and substance satisfactory to the Issuer. 
 Section 3.2 Custodianship; Delivery of Collateral
Obligations and Eligible Investments. 
 (a) The Issuer, or the Collateral Manager on behalf of the Issuer, shall use commercially
reasonable efforts to deliver or cause to be delivered to a custodian appointed by the Issuer (provided that such custodian has (x) a long-term debt rating of at least “A2” or a short-term debt rating of at least “P-1” by Moody’s and (y) (1) a long-term debt rating of at least “A+” by S&P or (2) a long-term debt rating of at least “A” and a short-term debt rating of at least “A-1” by S&P), which shall be a Securities Intermediary (the “Custodian”), all Assets in accordance the definition of “Deliver.” Initially, the Custodian shall be the Bank.
Any successor custodian shall be a state or national bank or trust company that is not an Affiliate of the Issuer, that has a long-term debt rating of at least “A2” or a short-term debt rating of at least
“P-1” by Moody’s and capital and surplus of at least U.S.$200,000,000 and that is a Securities Intermediary. Subject to the limited right to relocate Pledged Obligations as provided in Section
7.5(b), the Trustee or the Custodian, as applicable, shall hold (i) all Collateral Obligations, Eligible Investments, Cash and other investments purchased in accordance with this Indenture and (ii) any other property of the Issuer
otherwise Delivered to the Trustee or the Custodian, as applicable, by or on behalf of the Issuer, in the relevant Account established and maintained pursuant to Article X; as to which in each case the Issuer shall have entered into the Account
Control Agreement with the Custodian providing, inter alia, that the establishment and maintenance of such Account shall be governed by a law of a jurisdiction satisfactory to the Issuer and the Trustee. If at any time the Custodian fails to
satisfy these requirements, the Issuer shall appoint a successor Custodian within 30 calendar days that is able to satisfy such requirements. Any successor custodian shall, in addition to satisfying the above requirements, be a state or national
bank or trust company that is not an Affiliate of the Issuer and is a Securities Intermediary. 
 (b) Each time that the Collateral Manager
on behalf of the Issuer directs or causes the acquisition of any Eligible Investment or other investments (other than the Collateral Obligations acquired on the Closing Date, which shall be Delivered to the Custodian by the Seller pursuant to the
Master Purchase Agreement), the Collateral Manager (on behalf of the Issuer) shall, if the Eligible Investment or other investment is required to be, but has not already been, transferred to the relevant Account, use commercially reasonable efforts
to cause the Eligible Investment or other investment to be Delivered to the Account in which the funds used to purchase the investment are held in accordance with Article X) for the benefit of the Trustee in accordance with this Indenture. The
security interest of the Trustee in the funds or other property used in connection with the acquisition shall, immediately and without further action on the part of the Trustee, be released. The security interest of the Trustee shall nevertheless
come into existence and continue in the Eligible Investment or other investment so acquired, including all interests of the Issuer in to any contracts related to and proceeds of the Eligible Investments or other investments. 

  
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 ARTICLE IV 

SATISFACTION AND DISCHARGE 

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

(A) all Notes theretofore authenticated and delivered to Holders, other than (1) Notes which have been mutilated, defaced,
destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.7 and (2) Notes for whose payment Money has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such
trust, as provided in Section 7.3, have been delivered to the Trustee for cancellation; or 
 (B) all Notes not
theretofore delivered to the Trustee for cancellation (1) have become due and payable, or (2) shall become due and payable at their Stated Maturity within one year, or (3) are to be called for redemption pursuant to Article IX under
an arrangement satisfactory to the Trustee for the giving of notice of redemption by the Issuer pursuant to Section 9.3 and either (x) the Issuer has irrevocably deposited or caused to be deposited with the Trustee, in trust for such
purpose, Cash or non-callable direct obligations of the United States of America; provided that the obligations are entitled to the full faith and credit of the United States of America or are debt
obligations which are rated “Aaa” by Moody’s and “AAA” by S&P, in an amount sufficient, as recalculated in an agreed-upon procedures report by a firm of Independent certified public accountants which are nationally
recognized, to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable), or to
the respective Stated Maturity or the respective Redemption Date, as the case may be, and shall have Granted to the Trustee a valid perfected security interest in such Eligible Investment that is of first priority or free of any adverse claim, as
applicable, and shall have furnished an Opinion of Counsel with respect thereto or (y) in the event all of the Assets are liquidated following the satisfaction of the conditions specified in Section 5.5(a), the Issuer shall have paid or caused
to be paid all proceeds of such liquidation of the Assets in accordance with the Priority of Payments; and 
 (ii) the Issuer
has paid or caused to be paid all other sums then due and payable hereunder by the Issuer and no other amounts are scheduled to be due and payable by the Issuer other than Dissolution Expenses (it being understood that the requirements of this
clause (ii) may be deemed satisfied as set forth in Section 5.7); and 

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

(b) (i) the Trustee confirms to the Issuer that: 

(A) the Trustee is not holding any Assets (other than (x) the Collateral Management Agreement, the Cap Agreements (if any)
and the Account Control Agreement and (y) Cash in an amount not greater than the Dissolution Expenses); and 
 (B) no
assets (other than Cash in an amount not greater than the Dissolution Expenses) are on deposit in or to the credit of any deposit account or securities account (including any Accounts) established at the Trustee in the name of the Issuer (or the
Trustee for the benefit of the Issuer or any Secured Party); 
 (ii) the Issuer has delivered to the Trustee a certificate
stating that (1) there are no Assets (other than (x) the Collateral Management Agreement, the Cap Agreements (if any) and the Account Control Agreement and (y) Cash in an amount not greater than the Dissolution Expenses) that remain
subject to the lien of this Indenture, and (2) all funds on deposit in the Accounts have been distributed in accordance with the terms of this Indenture or have otherwise been irrevocably deposited with the Trustee for such purpose; and 

(iii) the Issuer has delivered to the Trustee Officer’s certificates and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; 
 (c) In
connection with any certifications by the Issuer as described above, the Trustee shall, upon request, provide to the Issuer in writing (i) a list of all Assets (if any) in the possession of the Trustee (or a statement that no Assets are in its
possession), (ii) the balance (if any) in each Account (or a statement that there are no such balances) and (iii) a list of the nature and type of any expenses (and the amount thereof, if known) for which the Issuer is liable and of which the
Trustee has received written notice or has actual knowledge. 
 (d) Upon the discharge of this Indenture, the Trustee shall give prompt
notice of such discharge to the Issuer, and shall provide such certifications to the Issuer as may be reasonably required by the Issuer in order for the liquidation of the Issuer to be completed. 

Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Collateral
Manager and, if applicable, the Holders, as the case may be, under Sections 2.8, 4.2, 5.4(d), 5.9, 5.18, 6.1, 6.3, 6.6, 6.7, 7.1, 7.3, 13.1, 14.14 and 14.15 shall survive. 

Section 4.2 Application of Trust Money. All Monies deposited with the Trustee pursuant to Section 4.1 shall be held in trust
and applied by it in accordance with the provisions of the Notes and this Indenture, including, without limitation, the Priority of Payments, to the payment of principal and interest (or other amounts with respect to the Partnership Interests),
either directly or through any Paying Agent, as the Trustee may determine; and such Money shall be held in a segregated account identified as being held in trust for the benefit of the Secured Parties. 

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

ARTICLE V 
 REMEDIES

 Section 5.1 Events of Default. “Event of Default,” wherever used herein, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (a) a default for five Business Days in the payment, when due and payable, of any accrued interest
on the Class A Notes or Commitment Fee under the Note Purchase Agreement; provided that, in the case of a failure to disburse due to an administrative error or omission by the Collateral Manager, the Trustee or any paying agent, such
failure continues for seven Business Days after a Trust Officer receives written notice or has actual knowledge of such administrative error or omission; 

(b) a default in the payment of principal, the Class A Minimum Payment (if any) or the Redemption Price in respect of any Class A
Note at its Stated Maturity Date, any Redemption Date (unless the related notice of redemption has been withdrawn) or any other date on which principal of the Class A Notes is required to be paid other than in accordance with the Priority of
Payments; provided that, in the case of a failure to disburse due to an administrative error or omission by the Collateral Manager, the Trustee or any Paying Agent, such failure continues for seven Business Days after a Trust Officer of the
Trustee receives written notice or has actual knowledge of such administrative error or omission; 
 (c) a failure to apply, on any Payment
Date or Redemption Date, available amounts in accordance with the Priority of Payments (other than a default described in clause (a) or (b) above), which failure (x) is the result of the failure to disburse at least U.S.$10,000 and
(y) is incapable of remedy or, if capable of remedy, is not remedied within 30 days after notice of such default or failure has been given to the Issuer by the Trustee or to the Issuer, the Trustee and the Collateral Manager by the Holders of a
Majority of the Class A Notes (or, if such failure can only be remedied on a Payment Date, is not remedied by the later of the 30-day period specified above and the next Payment Date); 

(d) the Issuer, the General Partner or the pool of Assets becoming an investment company required to be registered under the Investment Company
Act; 
 (e) except for any event that constitutes another Event of Default, a default in any material respect in the performance of any
covenant, warranty or other agreement of the Issuer or the General Partner in this Indenture, or the failure of any material representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant to
or in connection with this Indenture to be correct in all material respects when the same will have been made, and such default or breach will continue unremedied, or such representation or warranty will continue to be untrue, for a period of 30
days after notice to the Issuer and the Collateral Manager by the Trustee or to the Issuer, the Collateral Manager and the Trustee by the Holders of at least 25% in aggregate principal amount of the Class A Notes, in each case specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”; 

  
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 (f) the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer
or the General Partner as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the General Partner under the Bankruptcy Code or any other
applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official) of the Issuer, the General Partner or of any substantial part of its respective property or ordering the winding up or liquidation of its
affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (g) the
institution by the partners of the Issuer or the General Partner of Proceedings to have the Issuer or the General Partner adjudicated as bankrupt or insolvent, or the consent by the partners of the Issuer or the General Partner to the institution of
bankruptcy or insolvency Proceedings against the Issuer or the General Partner, or the filing by the Issuer or the General Partner of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or any other similar
applicable law, or the consent by the Issuer or the General Partner to the filing of any such petition or to the appointment in a Proceeding of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Issuer or
the General Partner or of any substantial part of its property, respectively, or the making by the Issuer or the General Partner of an assignment for the benefit of creditors, or the admission by the Issuer or the General Partner in writing of its
inability to pay its debts generally as they become due, or the taking of any action by the Issuer or the General Partner in furtherance of any such action. 

Upon obtaining knowledge of the occurrence of an Event of Default, each of (i) the Issuer, (ii) the General Partner, (iii) the
Trustee and (iv) the Collateral Manager shall notify each other, and the Trustee shall provide the notices of Default required under Section 6.2. 

Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default occurs and is continuing (other than an Event of Default specified in Section 5.1(f) or (g)), the Trustee may,
and shall, upon the written direction of a Majority of the Class A Notes, by notice to the Issuer, declare the principal of all the Class A Notes to be immediately due and payable, and upon any such declaration such principal, together
with all accrued and unpaid interest thereon, and other amounts payable hereunder, shall become immediately due and payable. If an Event of Default specified in Section 5.1(f) or (g) occurs, all unpaid principal, together with all accrued and
unpaid interest thereon, of all the Class A Notes, and other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on the part of the Trustee or any Noteholder. Notwithstanding any other
provision of this Indenture to the contrary, if an Event of Default that is not a Remedies Event has occurred and is continuing, an acceleration of the maturity of the Class A Notes pursuant to this Section 5.2(a) shall cause the distribution
of Collateral Interest Collections and Collateral Principal Collections by the Trustee pursuant to the Acceleration Priority of Payments, but will not permit the Noteholders to require the Issuer to liquidate the Assets. 

(b) At any time after such a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the Money due
has been obtained by the Trustee as hereinafter provided in this Article V, a Majority of the Class A Notes by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if: 

(i) The Issuer has paid or deposited with the Trustee a sum sufficient to pay: 

(A) all unpaid installments of interest and principal then due and payable on the Class A Notes (other than as a result of
such acceleration); 

  
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 (B) all unpaid Administrative Expenses and Extraordinary Expenses of the Issuer
and other sums paid or advanced by the Trustee hereunder; and 
 (ii) all Events of Default, other than the nonpayment of the
interest on or principal of the Class A Notes that has become due solely as a result of acceleration, have (A) been cured or (B) been waived as provided in Section 5.14; 

provided that, with respect to the first declaration of acceleration hereunder (if any), if the Event of Default that gave rise to such declaration of
acceleration of maturity was an Event of Default specified in Section 5.1(a) (other than an Event of Default constituting a Remedies Event), such declaration of acceleration and its consequences shall be automatically rescinded and annulled (without
the need for notice by any Noteholder) if the conditions specified in clauses (i) and (ii) above are satisfied within 5 Business Days of such declaration of acceleration. 

No such rescission described in the preceding paragraph shall affect any subsequent Default or impair any right consequent thereon. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Issuer covenants that if a default shall occur in respect of the payment of any principal of or interest when due and payable on the
Class A Notes, the Issuer shall, upon demand of the Trustee (but, unless the maturity of the Class A Notes has been accelerated following the occurrence of a Remedies Event, only when and as required to be paid pursuant to the Priority of
Payments), pay to the Trustee, for the benefit of the Holder of the Class A Notes, the whole amount, if any, then due and payable on the Class A Notes for principal and interest with interest upon the overdue principal, at the applicable
Interest Rate, and, in addition thereto (if the maturity of the Class A Notes has been accelerated following the occurrence of a Remedies Event), such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 
 If the Issuer
fails to pay such amounts forthwith upon such demand and a Remedies Event has occurred and is then continuing, the Trustee, in its own name and as trustee of an express trust, may, and shall upon written direction of a Majority of the Class A
Notes, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or any other obligor upon the Class A Notes and collect the
Monies adjudged or decreed to be payable in the manner provided by law out of the Assets. 
 If (and only if) a Remedies Event occurs and is
continuing, the Trustee may, and shall upon written direction of the Majority of the Class A Notes, proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall deem most
effectual (if no such direction is received by the Trustee) or as the Trustee may be directed by the Majority of the Class A Notes, to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 

In case there shall be pending Proceedings relative to the Issuer or any other obligor upon the Class A Notes under the Bankruptcy Code
or any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the
Issuer or its property or such other obligor or its property, or in case of any other comparable Proceedings relative to 

  
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the Issuer or other obligor upon the Class A Notes, or the creditors or property of the Issuer or such other obligor, the Trustee, regardless of whether the principal of any Class A
Notes shall then be due and payable as therein expressed or by declaration or otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by
intervention in such Proceedings or otherwise: 
 (a) to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Class A Notes, as applicable, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the
Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a
result of negligence or bad faith) and of the Class A Noteholders or Holders allowed in any Proceedings relative to the Issuer upon the Class A Notes or to the creditors or property of the Issuer; 

(b) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Class A Notes upon the direction of such
Holders, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency Proceedings or person performing similar functions in comparable Proceedings; and 

(c) to collect and receive any Monies or other property payable to or deliverable on any such claims, and to distribute all amounts received
with respect to the claims of the Noteholders and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Class A Noteholders to make payments to the
Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Class A Noteholders to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Class A Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Class A Notes or any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Class A Noteholder in any
such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
 In any Proceedings brought
by the Trustee on behalf of the Holders of the Class A Notes (and any such Proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the
Holders of the Class A Notes. 
 Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or
liquidate the Assets or institute Proceedings in furtherance thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5. 

  
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 Section 5.4 Remedies. 

(a) If (and only if) a Remedies Event shall have occurred and be continuing, and the Class A Notes have been declared due and payable
and such declaration and its consequences have not been rescinded and annulled, the Issuer agrees that the Trustee may, and shall, upon written direction of a Majority of the Class A Notes, to the extent permitted by applicable law, exercise
one or more of the following rights, privileges and remedies: 
 (i) institute Proceedings for the collection of all amounts
then payable on the Class A Notes or otherwise payable under this Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Assets any Monies adjudged due; 

(ii) sell or cause the sale of all or a portion of the Assets or rights or interests therein, at one or more public or private
sales called and conducted in any manner permitted by law and in accordance with Sections 5.5 and 5.17; 
 (iii) institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Assets; 
 (iv)
exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Class A Notes hereunder (including, without limitation, exercising
all rights of the Trustee under the Account Control Agreement); and 
 (v) exercise any other rights and remedies that may be
available at law or in equity; 
 provided that the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance thereof
pursuant to this Section 5.4 except according to the provisions specified in Section 5.5(a). 
 The Trustee may, but need not, obtain
(at the expense of the Issuer) and rely upon an opinion of an Independent investment banking firm of national reputation, or other appropriate advisor concerning the matter, as to the feasibility of any action proposed to be taken in accordance with
this Section 5.4 and as to the sufficiency of the proceeds and other amounts receivable with respect to the Assets to make the required payments of principal of and interest on the Class A Notes, which opinion shall be conclusive evidence
as to such feasibility or sufficiency and the cost of which shall be commercially reasonable. 
 (b) If an Event of Default as described in
Section 5.1(e) hereof shall have occurred and be continuing the Trustee may, and at the written direction of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Class A Notes shall, institute a Proceeding solely to
compel performance of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding. 

(c) Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, any Secured Party may bid for and
purchase the Assets or any part thereof and, upon compliance with the terms of sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability; and any purchaser at any such sale of Assets may,
in paying the purchase Money, deliver to the Trustee for cancellation any of the Class A Notes in lieu of Cash equal to the amount which shall, upon distribution of the net proceeds of such sale, be payable on the Class A Notes so
delivered by such Holder (taking into account the Priority of Payments and Article XIII). Said Notes, in case the amounts payable thereon shall be less than the amount due thereon, shall be returned to the Holders thereof after proper notation has
been made thereon to show partial payment. 

  
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 Upon any sale permitted under Section 5.4(a), whether made under the power of sale hereby given
or by virtue of judicial Proceedings, the receipt of the Trustee, or of the Officer making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase Money, and such
purchaser or purchasers shall not be obliged to see to the application thereof. 
 Any such sale, whether under any power of sale hereby
given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee and the Holders of the Class A Notes, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the
property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against any and all Persons claiming through or under them. 

(d) (i) Notwithstanding any other provision of this Indenture or any other documents to which the Issuer is or may be a party, none of the
Trustee, the Secured Parties or the Holders or beneficial owners of the Notes may, prior to the date which is one year (or if longer, any applicable preference period) and one day after the payment in full of all Notes, institute against, or join
any other Person in instituting against, the Issuer or the General Partner any bankruptcy, reorganization, arrangement, insolvency, winding up, moratorium or liquidation Proceedings, or other Proceedings under Cayman Islands, U.S. federal or state
bankruptcy or similar laws. Notwithstanding anything to the contrary in this Article V, in the event that any Proceeding described in the immediately preceding sentence is commenced against the Issuer or the General Partner, the Issuer or the
General Partner, as applicable, subject to the availability of funds as described in the immediately following sentence, will promptly object to the institution of any such proceeding against it and take all necessary or advisable steps to cause the
dismissal of any such Proceeding (including, without limiting the generality of the foregoing, to timely file an answer and any other appropriate pleading objecting to (i) the institution of any Proceeding to have the Issuer or the General
Partner, as the case may be, adjudicated as bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition or in respect of the Issuer under applicable bankruptcy law or any other
applicable law). The reasonable fees, costs, charges and expenses incurred by the Issuer or the General Partner (including reasonable attorney’s fees and expenses) in connection with taking any such action will constitute “Petition
Expenses” (and, accordingly, Administrative Expenses) hereunder. Any person who acquires a beneficial interest in a Notes shall be deemed to have accepted and agreed to the foregoing restrictions. 

(ii) In the event one or more Holders or beneficial owners of Notes institutes, or joins in the institution of, a proceeding
described in clause (i) above against the Issuer or the General Partner in violation of the prohibition described above, such Holder(s) or beneficial owner(s) will be deemed to acknowledge and agree that such Holder(s) or beneficial owner(s)
will be obligated, on a pro rata basis, to reimburse the Issuer for an amount equal to the aggregate Petition Expenses incurred by the Issuer and the General Partner in connection with such proceeding, and that the Issuer may set-off amounts that otherwise would be applied to pay principal of and interest on the Notes held by such Holder(s) or beneficial owner(s), when and as the same are due and payable under the Priority of Payments,
in an aggregate amount equal to each such Holder’s or beneficial owner’s pro rata share of the aggregate amount of such Petition Expenses. The terms described in the immediately preceding sentence are referred to herein as the
“Bankruptcy Subordination Agreement”. The Bankruptcy Subordination Agreement is intended to constitute a “subordination agreement” within the meaning of Section 510(a) of the Bankruptcy Code). The Trustee shall be entitled
to rely upon an Issuer Order from the Issuer or the Collateral Manager on its behalf with respect to the exercise of the right of set-off set forth in this Section 5.4(d)(ii) with respect to the payment of any
amounts otherwise payable to Holders. 

  
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 (iii) Nothing in this Section 5.4 shall preclude, or be deemed to stop, the
Trustee (A) from taking any action prior to the expiration of the aforementioned period in (1) any case or Proceeding voluntarily filed or commenced by the Issuer or the General Partner or (2) any involuntary insolvency Proceeding
filed or commenced by a Person other than the Trustee, or (B) from commencing against the Issuer or the General Partner or any of their respective properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency,
moratorium or liquidation Proceeding. 
 (iv) The restrictions described in clause (i) of this Section 5.4(d) are a
material inducement for each Holder and beneficial owner of the Notes to acquire such Notes and for the Issuer and the Collateral Manager to enter into this Indenture (in the case of the Issuer) and the other applicable transaction documents and are
an essential term of this Indenture. Any Holder or beneficial owner of Notes, the General Partner or the Issuer may seek and obtain specific performance of such restrictions (including injunctive relief), including, without limitation, in any
bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings under Cayman Islands law, United States federal or state bankruptcy law or similar laws. 

Section 5.5 Optional Preservation of Assets. 

(a) Notwithstanding anything to the contrary herein, if an Event of Default shall have occurred and be continuing, the Trustee shall
retain the Assets securing the Class A Notes intact (except as otherwise expressly permitted or required by Sections 10.7 and 12.1), collect and cause the collection of the proceeds thereof and make and apply all payments and deposits and
maintain all accounts in respect of the Assets and the Notes in accordance with the Priority of Payments set out in Section 11.1(b) and the provisions of Article X, Article XII and Article XIII. 

In addition, notwithstanding anything to the contrary herein, if a Remedies Event shall have occurred and be continuing, the Trustee shall
retain the Assets securing the Class A Notes intact (except as otherwise expressly permitted or required by Sections 10.7 and 12.1), collect and cause the collection of the proceeds thereof and make and apply all payments and deposits and
maintain all accounts in respect of the Assets and the Notes in accordance with the Priority of Payments set out in Section 11.1(b) and the provisions of Article X, Article XII and Article XIII unless: 

(i) the Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of all or any
portion of the Assets (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the amounts then due (or, in the case of interest, accrued) and unpaid on the Class A Notes for principal and
interest, all Extraordinary Expenses and all amounts payable prior to payment of principal on such Class A Notes (including amounts due and owing as Administrative Expenses) and a Majority of the Class A Notes agrees with such
determination; or 
 (ii) the Holders of at least a Majority of the Class A Notes direct the sale and liquidation of the
Assets. 
 The Trustee shall give written notice of the retention of the Assets to the Issuer with a copy to the Collateral Manager. So long
as such Remedies Event is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when one of the conditions specified in clauses (i) and (ii) exists. 

  
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 In the event a liquidation of all or any portion of the Assets is commenced in accordance with
this Section 5.5, all unpaid principal, together with all accrued and unpaid interest thereon, of all the Class A Notes, and other amounts payable under this Indenture, shall automatically become due and payable without any declaration or
other act on the part of the Trustee or any Noteholder. 
 (b) Nothing contained in Section 5.5(a) shall be construed to require the Trustee
to sell the Assets securing the Class A Notes if one of the conditions set forth in clauses (i) and (ii) of Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the
Assets securing the Notes if prohibited by applicable law. 
 (c) In determining whether the condition specified in Section 5.5(a)(i) exists,
the Trustee shall, with the written consent of the Majority of the Class A Notes, request bid prices with respect to each Collateral Obligation in the Assets from two nationally recognized dealers at the time making a market in such obligation
(as identified by the Collateral Manager to the Trustee in writing) and shall compute the anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices for each such obligation. If the Trustee is unable to obtain any bids,
the condition specified in Section 5.5(a)(i) shall be deemed to not exist. For the purposes of making the determinations required pursuant to Section 5.5(a)(i), the Trustee shall apply the standards set forth in Section 6.3(c)(i) or (ii). In
addition, for the purposes of determining issues relating to the execution of a sale or liquidation of all or any portion of the Assets and the execution of a sale or other liquidation thereof in connection with a determination whether the condition
specified in Section 5.5(a)(i) exists, the Trustee may retain (at the Issuer’s expense and for a commercially reasonable fee) and rely on an opinion of an Independent bank of national reputation or other appropriate advisor concerning the
matter. 
 The Trustee shall deliver to the Noteholders and the Collateral Manager a report stating the results of any determination
required pursuant to Section 5.5(a)(i) no later than 10 days after such determination is made. Unless a Majority of the Class A Notes has not consented to the Trustee making a determination pursuant to Section 5.5(c), the Trustee shall make the
determinations required by Section 5.5(a)(i) within 30 days after a Remedies Event (or such longer period as is necessary if the information required to make such determination has not yet been received) or at the request of a Majority of the
Class A Notes at any time during which the Trustee retains the Assets pursuant to Section 5.5(a). 
 Section 5.6 Trustee May
Enforce Claims without Possession of Notes. All rights of action and claims under this Indenture or under any of the Class A Notes may be prosecuted and enforced by the Trustee without the possession of any of the Class A Notes or the
production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be applied as set
forth in Section 5.7. 
 Section 5.7 Application of Money Collected. Any Money collected by the Trustee (after payment of
costs of collection, liquidation and enforcement) with respect to the Notes pursuant to this Article V and any Money that may then be held or thereafter received by the Trustee with respect to the Notes hereunder shall be applied, subject to and in
accordance with the provisions of Section 11.1(b), at the date or dates fixed by the Trustee. Upon the final distribution of all proceeds of any liquidation effected hereunder, then the provisions of Sections 4.1(a), (b) and (c) shall be deemed
satisfied for the purposes of discharging this Indenture pursuant to Article IV. 

  
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 Section 5.8 Limitation on Suits. No Holder of any Note shall have any right to
institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a) such Holder has previously given to the Trustee written notice of a Remedies Event; 

(b) the Holders of not less than 25% of the then Aggregate Outstanding Amount of the Class A Notes shall have made written request to the
Trustee to institute Proceedings in respect of such Remedies Event in its own name as Trustee hereunder and such Holder or Holders have provided the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses
(including reasonable attorneys’ fees and expenses) and liabilities to be incurred in compliance with such request; 
 (c) the Trustee,
for 30 days after its receipt of such notice, request and provision of such indemnity, has failed to institute any such Proceeding; and 

(d) no direction inconsistent with such written request has been given to the Trustee during such 30 day period by a Majority of the
Class A Notes; 
 it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes of the same
Class or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders of Notes of the same Class subject to and in accordance with the Priority of Payments. 

In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of the
Class A Notes, each representing less than a Majority of the Class A Notes, pursuant to this Section 5.8, the Trustee shall act in accordance with the request specified by the group of Holders with the greatest percentage of the
Aggregate Outstanding Amount of the Class A Notes. If the groups represent the same percentage, the Trustee in its sole discretion may determine what action, if any, shall be taken. 

Section 5.9 Unconditional Rights of Class A Noteholders to Receive Principal and Interest. Subject to Sections
2.8(i), 2.13, 5.13 and 6.15, but notwithstanding any other provision in this Indenture, the Holder of any Class A Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such
Class A Note as such principal and interest becomes due and payable in accordance with the Priority of Payments, and, subject to the provisions of Section 5.8, to institute Proceedings for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder. 
 Section 5.10 Restoration of Rights and Remedies. If the
Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Noteholder,
then and in every such case the Issuer, the Trustee and the Noteholder shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the
Trustee and the Noteholder shall continue as though no such Proceeding had been instituted. 

  
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 Section 5.11 Rights and Remedies Cumulative. No right or remedy herein conferred upon
or reserved to the Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 Section 5.12 Delay or Omission Not Waiver. No delay or omission of the Trustee or any Holder of Class A Notes to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein or of a subsequent Event of Default. Every right and remedy given by
this Article V or by law to the Trustee or to the Holders of the Class A Notes may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of the Class A Notes. 

Section 5.13 Control by Majority of Class A Notes. A Majority of the Class A Notes shall have the right
following the occurrence, and during the continuance of, a Remedies Event to cause the institution of and direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee, and to direct the exercise of any
trust, right, remedy or power conferred upon the Trustee; provided that: 
 (a) such direction shall not conflict with any rule of law
or with any express provision of this Indenture; 
 (b) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction; provided that, subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability (unless the Trustee has received the indemnity as set forth in
(c) below); 
 (c) the Trustee shall have been provided with security or indemnity reasonably satisfactory to it; and 

(d) notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Assets shall be by the Holders of Notes secured
thereby representing the requisite percentage of the Aggregate Outstanding Amount of Notes specified in Section 5.5. 

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

(a) in the payment of the principal of any Class A Note (which may be waived with the consent of each Holder of such Class A Note);

 (b) in the payment of interest on the Class A Notes (which may be waived with the consent of the Holders of 100% of the Class A
Notes); or 
 (c) in respect of a provision hereof that under Section 8.2 cannot be modified or amended without the waiver or consent of
the Holder of each Outstanding Note materially and adversely affected thereby (which may be waived with the consent of each such Holder). 

In the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. The Trustee shall promptly give written notice of any such waiver to the Collateral Manager and each Holder. 

  
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 Upon any such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

Section 5.15 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee or Collateral Manager for any action taken, or omitted by
it as Trustee or Collateral Manager, as applicable, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted
by the Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than 10% in Aggregate Outstanding Amount of the Class A Notes, or to any suit instituted by any Noteholder for the enforcement of
the payment of the principal of or interest on any Note on or after the applicable Stated Maturity (or, in the case of redemption, on or after the applicable Redemption Date). 

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

Section 5.17 Sale of Assets. 

(a) The power to effect any sale (a “Sale”) of all or any portion of the Assets pursuant to Sections 5.4 and 5.5 shall
not be exhausted by any one or more Sales as to any portion of such Assets remaining unsold, but shall continue unimpaired until the entire Assets shall have been sold or all amounts secured by the Assets shall have been paid. The Trustee may upon
notice provided as soon as reasonably practicable to the Noteholders, and shall, upon direction of the Holders of Notes representing the requisite percentage of the Aggregate Outstanding Amount of Notes having the power to direct such Sale, from
time to time postpone any Sale by public announcement made at the time and place of such Sale pursuant to Section 5.5. The Trustee hereby expressly waives its rights to any amount fixed by law as compensation for any Sale; provided that
the Trustee and the Collateral Manager shall be authorized to deduct the reasonable costs, charges and expenses incurred by it in connection with such Sale from the proceeds thereof notwithstanding the provisions of Section 6.7. 

(b) The Trustee may bid for and acquire any portion of the Assets in connection with a public Sale thereof, and may pay all or part of the
purchase price by crediting against amounts owing on the Class A Notes or other amounts secured by the Assets, all or part of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses incurred by the Trustee in
connection with such Sale notwithstanding the provisions of Section 6.7. The Class A Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be credited against amounts owing on the
Notes. The Trustee may hold, lease, operate, manage or otherwise deal with any property so acquired in any manner permitted by law in accordance with this Indenture. 

  
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 (c) If any portion of the Assets consists of securities issued without registration under the
Securities Act (“Unregistered Securities”), the Trustee may seek an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with the written consent of a Majority of the Class A Notes, seek a no action
position from the Securities and Exchange Commission or any other relevant federal or State regulatory authorities, regarding the legality of a public or private Sale of such Unregistered Securities. 

(d) The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Assets in
connection with a Sale thereof. In addition, the Trustee is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the Assets in connection with a Sale thereof, and to take all
action necessary to effect such Sale. No purchaser or transferee at such a sale shall be bound to ascertain the Trustee’s authority, to inquire into the satisfaction of any conditions precedent or see to the application of any Monies. 

(e) The Trustee shall provide notice as soon as reasonably practicable of any public Sale to the holders of the Partnership Interests, and the
holders of the Partnership Interests and the Collateral Manager or any Affiliate thereof, shall be permitted to participate in any such public Sale to the extent permitted by applicable law and to the extent such Holders or the Collateral Manager or
their respective Affiliates, as applicable, meet any applicable eligibility requirements with respect to such Sale. 
 Section 5.18
Action on the Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking or obtaining of or application for any other relief under or with respect to this Indenture.
Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion
of the Assets or upon any of the assets of the Issuer. 
 ARTICLE VI 

THE TRUSTEE 

Section 6.1 Certain Duties and Responsibilities. 

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

(i) The duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and the
Trustee shall not be liable except for the performance of such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided that, in the case of any such certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they substantially conform on their face to the requirements of this Indenture and shall promptly, but
in any event within three Business Days in the case of an 

  
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Officer’s certificate furnished by the Collateral Manager, notify the party delivering the same if such certificate or opinion does not conform. If a corrected form shall not have been
delivered to the Trustee within fifteen days after such notice from the Trustee, the Trustee shall so notify the Noteholders. 
 (b) In case
an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions, if any, from a Majority of the Class A Notes, or from the Holders of not less than 25% of the Aggregate Outstanding
Amount of the Class A Notes pursuant to Section 5.4(b), exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this subsection shall not be construed to limit the effect of subsection (a) of this Section 6.1; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it shall be proven
that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in good faith in accordance with an Opinion of Counsel, the direction of the Issuer or the Collateral Manager in accordance with this Indenture and/or a Majority (or such other higher or lower percentage
as may be required by the terms hereof) of the Class A Notes, relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture; 
 (iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or indemnity
satisfactory to it against such risk or liability is not reasonably assured to it unless such risk or liability relates to the performance of its ordinary services, including mailing of notices under Article V, under this Indenture; and 

(v) in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits) even if the Trustee has been advised of the likelihood of such damages and regardless of the form of such action. 

(d) For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Default or Event of Default
described in Sections 5.1(d), (e), (f), (g) or (h) (or a Remedies Event relating to any of the foregoing) unless a Trust Officer assigned to and working in the Corporate Trust Office has actual knowledge thereof or unless written notice of any event
which is in fact such an Event of Default, Default or Remedies Event is received by the Trustee at the Corporate Trust Office, and such notice references the Notes generally, the Issuer, the Assets or this Indenture. For purposes of determining the
Trustee’s responsibility and liability hereunder, whenever reference is made in this Indenture to such an Event of Default, a Default or a Remedies Event, such reference shall be construed to refer only to such an Event of Default, Default or
Remedies Event of which the Trustee is deemed to have notice as described in this Section 6.1. 

  
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 (e) Upon written request, the Trustee and the Registrar at the expense of the Issuer shall
promptly provide to the Issuer, the Collateral Manager or any agent thereof any information specified by such parties regarding the identity of Holders or beneficial owners of the Notes and payments on the Notes that is reasonably available to the
Trustee or the Registrar in their capacity as such, as the case may be, as may be necessary or helpful for the Issuer to comply with FATCA, which shall be used and disclosed solely in furtherance of the Issuer’s FATCA compliance. All
information provided shall be true and correct to the best of the Trustee’s and the Registrar’s knowledge, it being understood that the Trustee and the Registrar shall have no liability for any such disclosure or the accuracy thereof. 

(f) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 6.1. 
 Section 6.2 Notice of
Default. (a) As soon as reasonably practicable (and in no event later than two Business Days) after the occurrence of any Default actually known to a Trust Officer of the Trustee or after any declaration of acceleration has been made or
delivered to the Trustee pursuant to Section 5.2, the Trustee shall give written notice to the Issuer, the Collateral Manager, each Paying Agent and all Holders, as their names and addresses appear on the Register, of all Defaults hereunder
actually known to the Trust Officer of the Trustee, unless such Default shall have been cured or waived. 
 (b) Upon the Trustee receiving
written notice from the Collateral Manager that an event constituting “cause” as defined in the Collateral Management Agreement has occurred, the Trustee shall, not later than one Business Day thereafter, forward such notice to the
Noteholders, as their names and addresses appear in the Register. 
 Section 6.3 Certain Rights of Trustee. Except as otherwise
provided in Section 6.1: 
 (a) the Trustee may request and conclusively rely and shall be fully protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or
parties; 
 (b) any direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Order; 

(c) whenever in the administration of this Indenture the Trustee shall (i) deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s certificate or Issuer Order or (ii) be
required to determine the value of any Assets or funds hereunder or the cash flows projected to be received therefrom, the Trustee may, in the absence of bad faith on its part, rely on reports of nationally recognized accountants (which may or may
not be the Independent accountants appointed by the Issuer pursuant to Section 10.8), investment bankers or other Persons qualified to provide the information required to make such determination, including nationally recognized dealers in
securities of the type being valued, securities quotation services, loan pricing services and loan valuation agents; 
 (d) as a condition to
the taking or omitting of any action by it hereunder, the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by
it hereunder in good faith and in reliance thereon; 

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

(f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but the Trustee, in its discretion, may, and upon the written direction of a Majority of the Class A Notes shall, make such further
inquiry or investigation into such facts or matters as it may see fit or as it shall be directed (which shall be an expense reimbursable as an Administrative Expense), and the Trustee shall be entitled, on reasonable prior notice to the Issuer and
the Collateral Manager, to examine the books and records relating to the Notes and the Assets, personally or by agent or attorney, during the Issuer’s or the Collateral Manager’s normal business hours; provided that (1) the
Trustee shall, and shall cause its agents to, hold in confidence all such information, except (i) to the extent disclosure may be required by law or by any regulatory or governmental authority and (ii) to the extent that the Trustee, in
its sole judgment, may determine that such disclosure is consistent with its obligations hereunder; and (2) the Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the
performance of its responsibilities hereunder; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys; provided that the Trustee shall not be responsible for any misconduct or negligence on the part of any non-Affiliated agent or non-Affiliated attorney appointed with due care by it hereunder; 
 (h) the Trustee shall not be liable for
any action it takes or omits to take in good faith that it reasonably believes to be authorized or within its rights or powers hereunder; 

(i) nothing herein shall be construed to impose an obligation on the part of the Trustee to recalculate, evaluate, verify or independently
determine the accuracy of any report, certificate or information received from the Issuer or the Collateral Manager; 
 (j) to the extent any
defined term hereunder, or any calculation required to be made or determined by the Trustee hereunder, is dependent upon or defined by reference to generally accepted accounting principles (as in effect in the United States)
(“GAAP”), the Trustee shall be entitled to request and receive (and conclusively rely upon) instruction from the Issuer or a firm of nationally recognized accountants which may or may not be the Independent accountants appointed by
the Issuer pursuant to Section 10.8 (and in the absence of its receipt of timely instruction therefrom, shall be entitled to obtain from an Independent accountant at the expense of the Issuer) as to the application of GAAP in such connection,
in any instance; 
 (k) to the extent permitted by applicable law, the Trustee shall not be required to give any bond or surety in respect of
the execution of this Indenture or otherwise; 
 (l) the Trustee shall not be deemed to have notice or knowledge of any matter unless a Trust
Officer assigned to administer the Indenture has actual knowledge thereof or unless written notice thereof is received by the Trustee at the Corporate Trust Office and such notice references the Notes generally, the Issuer or this Indenture; 

  
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 (m) the permissive rights of the Trustee to take or refrain from taking any actions enumerated in
this Indenture shall not be construed as a duty; 
 (n) the Trustee shall not be responsible for delays or failures in performance resulting
from acts beyond its control; 
 (o) in making or disposing of any investment permitted by this Indenture, the Trustee is authorized to deal
with itself (in its individual capacity) or with any one or more of its Affiliates, whether it or such Affiliate is acting as a subagent of the Trustee or for any third person or dealing as principal for its own account. If otherwise qualified,
obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder; 
 (p) the Trustee or its Affiliates are
permitted to receive additional compensation that could be deemed to be in the Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent,
custodian or sub-custodian with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments and (iii) effecting transactions in
certain Eligible Investments. Such compensation is not payable or reimbursable under Section 6.7; 
 (q) to help fight the funding of
terrorism and money laundering activities, the Trustee shall obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee shall ask for the name,
address, tax identification number (if any) and other information that will allow the Trustee to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as
articles of incorporation, an offering memorandum, or other identifying documents to be provided; 
 (r) the Trustee shall not be liable for
the actions or omissions of the Collateral Manager, the Issuer, any Paying Agent (other than the Trustee), any Authenticating Agent (other than the Trustee) and without limiting the foregoing, the Trustee shall not be under any obligation to
monitor, evaluate or verify compliance by the Collateral Manager with the terms hereof or the Collateral Management Agreement, or to verify or independently determine the accuracy of information received by it from the Collateral Manager (or from
any selling institution, agent bank, trustee or similar source) with respect to the Collateral; 
 (s) the Trustee shall not have any
obligation to determine if the conditions specified in the definition of “Deliver” have been complied with; and 
 (t) the Trustee
shall not have any responsibility to the Issuer or the Secured Parties hereunder to make any inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer (or the
Collateral Manager on behalf of the Issuer); provided that the Trustee shall be authorized, upon receipt of an Issuer Order directing the same, to execute any acknowledgment or other agreement with the Independent accountants required for the
Trustee to receive any of the reports or instructions provided for herein, which acknowledgment or agreement may include, among other things, (i) acknowledgements with respect to the sufficiency of the agreed upon procedures to be performed by
the Independent accountants by the Issuer, (ii) releases of claims (on behalf of itself and the Noteholders) and other acknowledgments of limitations of liability in favor of the Independent accountants, or (iii) restrictions or
prohibitions on the disclosure of information 

  
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or documents provided to it by such firm of Independent accountants (including to the Holders). It is understood and agreed that the Trustee will deliver such acknowledgement or other agreement
in conclusive reliance on the foregoing direction of the Issuer, and the Trustee shall make no inquiry or investigation as to, and shall have no obligation in respect of, the sufficiency, validity or correctness of such procedures. Notwithstanding
the foregoing, in no event shall the Trustee be required to execute any agreement in respect of the Independent accountants that the Trustee determines adversely affects it in its individual capacity. 

Section 6.4 Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, other than the
Certificate of Authentication thereon, shall be taken as the statements of the Issuer; and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture (except
as may be made with respect to the validity of the Trustee’s obligations hereunder), the Assets or the Notes. The Trustee shall not be accountable for the use or application by the Issuer of the Notes or the proceeds thereof or any Money paid
to the Issuer pursuant to the provisions hereof. 
 Section 6.5 May Hold Notes. The Trustee, any Paying Agent, Registrar or any
other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any of its Affiliates with the same rights it would have if it were not Trustee, Paying Agent,
Registrar or such other agent. 
 Section 6.6 Money Held in Trust 

Money held by the Trustee hereunder shall be held in trust to the extent required herein. The Trustee shall be under no liability for interest
on any Money received by it hereunder, except in its capacity as the Bank to the extent of income or other gain on investments which are deposits in or certificates of deposit of the Bank in its commercial capacity and income or other gain actually
received by the Trustee on Eligible Investments. 
 Section 6.7 Compensation and Reimbursement. 

(a) The Issuer agrees: 

(i) to pay the Trustee on each Payment Date reasonable compensation as set forth in a separate fee schedule dated on or near
the Closing Date between the Trustee and the Collateral Manager for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(ii) except as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon its request for all
reasonable expenses (including legal fees and expenses), disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including, without limitation, costs incurred by the Trustee in connection with
the Issuer’s obligation to achieve compliance with FATCA, securities transaction charges and the reasonable compensation and expenses and disbursements of its agents and legal counsel and of any accounting firm or investment banking firm
employed by the Trustee pursuant to Sections 5.4, 5.5, 10.8 or any other term of this Indenture, except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith) but with respect to
securities transaction charges, only to the extent any such charges have not been waived during a Due Period due to the Trustee’s receipt of a payment from a financial institution with respect to certain Eligible Investments, as specified by
the Collateral Manager in writing; 

  
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 (iii) to indemnify the Trustee (both in its individual capacity and as Trustee),
the Custodian and their officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or expense incurred without negligence, willful misconduct or bad faith on their part, and arising out of or in connection
with the acceptance or administration of this Indenture, the Assets or the transactions contemplated thereby, including the costs and expenses of defending themselves (including reasonable attorney’s fees and costs) against any claim or
liability in connection with the exercise or performance of any of their powers or duties hereunder and under any other transaction document related hereto; and 

(iv) to pay the Trustee and the Custodian reasonable additional compensation together with their expenses (including reasonable
counsel fees and expenses) for any collection action taken pursuant to Section 6.13 or the exercise or enforcement of remedies pursuant to Article V. 

(b) The Trustee shall receive amounts pursuant to this Section 6.7 in accordance with the Priority of Payments but only to the extent that
funds are available for the payment thereof. Subject to Section 6.9, the Trustee shall continue to serve as Trustee under this Indenture notwithstanding the fact that the Trustee shall not have received amounts due it hereunder; provided
that nothing herein shall impair or affect the Trustee’s rights under Section 6.9. No direction by the Noteholders shall affect the right of the Trustee to collect amounts owed to it under this Indenture. If on any date when an amount
shall be payable to the Trustee pursuant to this Indenture insufficient funds are available for the payment thereof, any portion of such amount not so paid shall be deferred and payable on such later date on which an amount shall be payable and
sufficient funds are available therefor. The Issuer’s obligations under this Section 6.7 shall survive the termination of this Indenture and the resignation or removal of the Trustee pursuant to Section 6.9. 

(c) The Trustee hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer or the General Partner for the non-payment to the Trustee of any amounts provided by this Section 6.7 until at least one year and one day, or if longer the applicable preference period then in effect, after the payment in full of all Notes
issued under this Indenture. 
 (d) To the extent that the entity acting as Trustee is acting as Registrar, Calculation Agent, Paying Agent,
Authenticating Agent, Securities Intermediary or Custodian, the rights, privileges, immunities and indemnities set forth in this Article VI shall also apply to it acting in each such capacity. 

Section 6.8 Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which shall be an
organization or entity organized and doing business under the laws of the United States of America or of any state thereof, classified as a “United States person” as defined in Code section 7701(a)(30), authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or state authority, having (x) a long-term debt rating of at least “A3” or a
short-term debt rating of at least “P-1” by Moody’s, (y) (1) a long-term debt rating of at least “A” by S&P or (2) a long-term debt rating of at least “A-” and a short-term debt rating of at least “A-1” by S&P and (z) an office within the United States. If such organization or entity publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and surplus of such organization or entity shall
be deemed to be its combined capital and surplus as set forth in its most recent published report of condition. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article VI. 
  

  
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 Section 6.9 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article VI shall become effective
until the acceptance of appointment by the successor Trustee under Section 6.10. 
 (b) The Trustee may resign at any time by giving
written notice thereof to the Issuer, the Collateral Manager, the Holders of the Notes not less than 60 days prior to such resignation. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees
(x) classified as a “United States Person” as defined in section 7701(a)(30) of the Code and a “financial institution” as defined in section 1.1441-1 of the Treasury Regulations, and
(y) satisfying the requirements of Section 6.8 by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of which shall be delivered to the Trustee so resigning and one copy to the successor Trustee or
Trustees, together with a copy to each Holder and the Collateral Manager; provided that the Issuer shall not appoint such successor trustee or trustees without the consent of a Majority of the Class A Notes unless (i) the Issuer
gives ten days’ prior written notice to the Holders of such appointment and (ii) a Majority of the Class A Notes do not provide written notice to the Issuer objecting to such appointment (the failure of any such Majority to provide
such notice to the Issuer within ten days of receipt of notice of such appointment from the Issuer being conclusively deemed to constitute hereunder consent to such appointment and approval of such successor trustee or trustees). If no successor
Trustee shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee or any Holder, on behalf of
itself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee satisfying the requirements of Section 6.8. 

(c) The Trustee may be removed at any time by Act of a Majority of Class A Notes delivered to the Trustee and to the Issuer. 

(d) If at any time: 

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

(e) If the Trustee shall be removed or become incapable of acting, or if a vacancy shall occur in the office of the Trustee for any reason
(other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Trustee meeting the requirements of Section 6.8. If the Issuer shall fail to appoint a successor Trustee within 30 days after such removal or incapability
or the occurrence of such vacancy, a successor Trustee meeting the requirements of Section 6.8 may be appointed by a Majority of the Class A Notes by written instrument delivered to the Issuer and the retiring Trustee. The successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or a Majority
of the Class A Notes and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, the retiring Trustee may, or any Holder may, on behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee. 

  
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 (f) The Issuer shall give prompt notice of each resignation and each removal of the Trustee and
each appointment of a successor Trustee by mailing written notice of such event by first class mail, postage prepaid, to the Collateral Manager, to the Holders of the Notes as their names and addresses appear in the Register. Each notice shall
include the name of the successor Trustee and the address of its Corporate Trust Office. If the Issuer fails to mail such notice within ten days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice
to be given at the expense of the Issuer. 
 (g) Any resignation or removal of the Trustee under this Section 6.9 shall be an effective
resignation or removal of the Bank in all capacities under this Indenture. 
 Section 6.10 Acceptance of Appointment by
Successor. Every successor Trustee appointed hereunder shall meet the requirements of Section 6.8 and shall execute, acknowledge and deliver to the Issuer and the retiring Trustee an instrument accepting such appointment. Upon delivery of
the required instruments, the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and
obligations of the retiring Trustee; but, on request of the Issuer or a Majority of the Class A Notes or the successor Trustee, such retiring Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and Money held by such retiring Trustee hereunder. Upon request of any such
successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts. 

Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee. Any organization or entity into which the
Trustee may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under this Article VI, without the execution or filing
of any paper or any further act on the part of any of the parties hereto. In case any of the Notes has been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. 

Section 6.12 Co-Trustees. At any time or times, for the purpose of meeting the
legal requirements of any jurisdiction in which any part of the Assets may at the time be located, the Issuer and the Trustee shall have power to appoint one or more Persons doing business under the laws of the United States of America or of any
state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or state authority, to act as co-trustee, jointly with the Trustee, of all or any part of the Assets, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6 and to make such claims and enforce such
rights of action on behalf of the Holders, as such Holders themselves may have the right to do, subject to the other provisions of this Section 6.12. 

The Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to
appoint a co-trustee. If the Issuer do not join in such appointment within 15 days after the receipt by them of a request to do so, the Trustee shall have the power to make such appointment. 

  
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 Should any written instrument from the Issuer be required by any
co-trustee so appointed, more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Issuer. The Issuer agrees to pay (but only from and to the extent of the Assets), to the extent funds are available therefor under the Priority of Payments, any reasonable fees and expenses in connection with such
appointment. 
 Every co-trustee shall, to the extent permitted by law, but to such extent only, be
appointed subject to the following terms: 
 (a) the Notes shall be authenticated and delivered and all rights, powers, duties and
obligations hereunder in respect of the custody of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; 

(b) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the
appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly as shall be
provided in the instrument appointing such co-trustee; 
 (c) the Trustee at any time, by an
instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee appointed under this Section 6.12, and in case
an Event of Default has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner provided in this Section 6.12; 
 (d)
no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder; 

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

(f) any Act of Holders delivered to the Trustee shall be deemed to have been delivered to each
co-trustee. 
 Section 6.13 Certain Duties of Trustee Related to Delayed Payment of
Proceeds. 
 In the event that in any month the Trustee shall not have received a payment with respect to any Pledged Obligation on its
Due Date, (a) the Trustee shall promptly notify the Issuer and the Collateral Manager in writing and (b) unless within three Business Days (or the end of the applicable grace period for such payment, if longer) after such notice such
payment shall have been received by the Trustee, or the Issuer, in its absolute discretion (but only to the extent permitted by Section 10.2(a)), shall have made provision for such payment satisfactory to the Trustee in accordance with Section
10.2(a), the Trustee shall request the issuer of such Pledged Obligation, the trustee under the related Underlying Instrument or paying agent designated by either of them, as the case may be, to make such payment as soon as practicable after such
request but in no event later than three Business Days after the date of such request. In the event that such payment is not made within such time period, the Trustee, subject to the provisions of clause (iv) of Section 6.1(c), shall take such
action as the Collateral Manager shall direct in writing. Any such action shall be without prejudice to any right to claim a Default or Event of Default 

  
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under this Indenture. In the event that the Issuer or the Collateral Manager requests a release of a Pledged Obligation and/or delivers an additional Collateral Obligation in connection with any
such action under the Collateral Management Agreement or this Indenture, such release and/or substitution shall be subject to Section 10.7 and Article XII of this Indenture, as the case may be. Notwithstanding any other provision hereof, the
Trustee shall deliver to the Issuer or its designee any payment with respect to any Pledged Obligation or any additional Collateral Obligation received after the Due Date thereof to the extent the Issuer previously made provisions for such payment
satisfactory to the Trustee in accordance with this Section 6.13 and such payment shall not be deemed part of the Assets. 

Section 6.14 Authenticating Agents. 

Upon the request of the Issuer, the Trustee shall, and if the Trustee so chooses the Trustee may, appoint one or more Authenticating Agents
with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6, 2.7 and 8.5, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 6.14 shall be deemed to be the
authentication of Notes by the Trustee. 
 Any corporation into which any Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be
the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

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

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

Section 6.15 Withholding. 

If any withholding tax is imposed on the Issuer’s payments under the Notes to any Holder, such tax shall reduce the amount otherwise
payable to such Holder. The Trustee or any Paying Agent is hereby authorized and directed to retain from amounts otherwise payable to any Holder sufficient funds for the payment of any tax that is legally owed or required to be withheld by the
Issuer (but such authorization shall not prevent the Trustee or such Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings) or may be
withheld because of a failure by any Holder to comply with its Noteholder Reporting Obligations and to timely remit such amounts to the appropriate taxing authority. The amount of any withholding tax imposed with respect to any Holder shall be
treated as cash distributed to such Holder at the time it is withheld by the Trustee or any Paying Agent and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a

  
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distribution and the Trustee or any Paying Agent has not received documentation from such Holder showing an exemption from withholding, the Trustee or such Paying Agent shall withhold such
amounts in accordance with this Section 6.15. If any Holder wishes to apply for a refund of any such withholding tax, the Trustee or such Paying Agent shall reasonably cooperate with such Holder in making such claim so long as such Holder
agrees to reimburse the Trustee or such Paying Agent for any out-of-pocket expenses incurred. 

Section 6.16 Representative for Class A Noteholders Only; Agent for the Holders of the Partnership
Interests. 
 With respect to the security interest created hereunder, the delivery of any Asset to the Trustee or the Custodian, as
applicable, is to such Person as representative of the Class A Noteholders and agent for each other Secured Party and the holders of the Partnership Interests. In furtherance of the foregoing, the possession by the Trustee or the Custodian, as
applicable, of any Asset and the endorsement to or registration in the name of the Trustee or Custodian, as applicable, of any Asset are undertaken by such Person in its capacity as representative of the Class A Noteholders and agent for each
other Secured Party and the holders of the Partnership Interests. 
 Section 6.17 Representations and Warranties of the Bank.

 The Bank hereby represents and warrants as follows: 

(a) Organization. The Bank has been duly organized and is validly existing as a national banking association with trust powers under the
laws of the United States of America and has the power to conduct its business and affairs as a trustee, paying agent, registrar, transfer agent, custodian, calculation agent, collateral administrator and securities intermediary. 

(b) Authorization; Binding Obligations. The Bank has the corporate power and authority to perform the duties and obligations of trustee,
registrar, transfer agent, custodian, calculation agent and securities intermediary under this Indenture. The Bank has taken all necessary corporate action to authorize the execution, delivery and performance of this Indenture, and all of the
documents required to be executed by the Bank pursuant hereto. This Indenture has been duly authorized, executed and delivered by the Bank and constitutes the legal, valid and binding obligation of the Bank enforceable against the Bank in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium, liquidation and similar laws affecting the rights of creditors, and subject to equitable principles including without limitation
concepts of materiality, reasonableness, good faith and fair dealing (whether enforcement is sought in a legal or equitable Proceeding), and except that certain of such obligations may be enforceable solely against the Assets. 

(c) Eligibility. The Bank is eligible under Section 6.8 to serve as Trustee hereunder. 

(d) No Conflict. Neither the execution, delivery and performance of this Indenture, nor the consummation of the transactions
contemplated by this Indenture, (i) is prohibited by, or requires the Bank to obtain any consent, authorization, approval or registration with any United States federal or State of New York or other state agency or other governmental body under
any United States federal or State of New York or other state regulation or law having jurisdiction over the banking or trust powers of the Bank. 

  
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 ARTICLE VII 

COVENANTS 

Section 7.1 Payment of Principal and Interest. The Issuer shall duly and punctually pay the principal of and interest on the
Class A Notes, in accordance with the terms of such Notes and this Indenture pursuant to the Priority of Payments. The Issuer shall, to the extent legally permitted and to the extent funds are available pursuant to the Priority of Payments,
duly and punctually pay all required distributions on the Partnership Interests, as directed by the General Partner in accordance with the Partnership Agreement and this Indenture. 

Amounts properly withheld under the Code or other applicable law or pursuant to an agreement with a governmental authority by any Person from
a payment to any Holder shall be considered as having been paid by the Issuer to such Holder for all purposes of this Indenture. 

Section 7.2 Maintenance of Office or Agency. The Issuer hereby appoints the Trustee as a Paying Agent for payments on the Notes
and as Transfer Agent for transfers of the Notes. Notes may be surrendered for registration of transfer or exchange at the Corporate Trust Office of the Trustee or its agent designated for purposes of surrender, transfer or exchange. The Issuer
hereby appoints U.S. Bank National Association, as agent upon whom process or demands may be served in any action arising out of or based on this Indenture or the transactions contemplated hereby. 

The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any
or all of such purposes; provided that (1) the Issuer shall maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the Issuer in respect of such Notes and this Indenture may
be served and, subject to any laws or regulations applicable thereto, an office or agency outside of the United States where Notes may be presented and surrendered for payment; and (2) that no paying agent shall be appointed in a jurisdiction
which subjects payments on the Notes to withholding tax as a result of such appointment. The Issuer shall at all times maintain a duplicate copy of the Register at the Corporate Trust Office. The Issuer shall give written notice as soon as
reasonably practicable to the Trustee and the Holders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 

If at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York, or
outside the United States, or shall fail to furnish the Trustee with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding paragraph) at and notices and demands may be served on the
Issuer, and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office, and the Issuer hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands. 

Section 7.3 Money for Note Payments to Be Held in Trust. 

All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Payment Account shall be
made on behalf of the Issuer by the Trustee or a Paying Agent with respect to payments on the Notes. 
 When the Issuer shall have a Paying
Agent that is not also the Registrar, it shall furnish, or cause the Registrar to furnish, no later than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and
addresses of the Holders and of the certificate numbers of individual Notes held by each such Holder. 

  
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 Whenever the Issuer shall have a Paying Agent other than the Trustee, it shall, on or before the
Business Day next preceding each Payment Date or Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to the
extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee of its
action or failure so to act. Any Monies deposited with a Paying Agent (other than the Trustee) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by such
Paying Agent to the Trustee for application in accordance with Article X. 
 The initial Paying Agent shall be as set forth in
Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer Order with written notice thereof to the Trustee. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository
institution or trust company subject to supervision and examination by federal and/or state and/or national banking authorities. The Issuer shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee and if the Trustee acts as Paying Agent, it hereby so agrees, subject to the provisions of this Section 7.3, that such Paying Agent shall: 

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

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

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

(d) if such Paying Agent is not the Trustee, immediately give the Trustee notice of any default by the Issuer (or any other obligor upon the
Notes) in the making of any payment required to be made; and 
 (e) if such Paying Agent is not the Trustee, during the continuance of any
such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such
Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from
all further liability with respect to such Money. 

  
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 Except as otherwise required by applicable law, any Money deposited with the Trustee or any
Paying Agent in trust for any payment on any Note and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer Order; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment of such amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying Agent with respect to such trust Money shall thereupon cease. The Trustee or
such Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable means of notification of such release of payment, including, but not
limited to, mailing notice of such release to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in Monies due and payable but not claimed is determinable from the records of any Paying
Agent, at the last address of record of each such Holder. 
 Section 7.4 Existence of Issuer; Issuer Subsidiaries; General
Partner. 
 (a) The Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and effect its existence
and rights as an exempted limited partnership registered in the Cayman Islands and shall obtain and preserve its qualification to do business as a foreign limited partnership in each jurisdiction in which such qualifications are or shall be
necessary to protect the validity and enforceability of this Indenture, the Notes or any of the Assets. 
 (b) The Issuer shall not have any
subsidiaries (other than Issuer Subsidiaries). 
 (c) The Issuer may from time to time establish (and subject to clause (i) below
transfer assets to) one or more direct or indirect wholly owned subsidiaries (each, a “Blocker Subsidiary”) that: 

(i) is formed solely for the purpose of holding (directly or through a subsidiary) (i) Defaulted Assets (or assets the
Collateral Manager believes may become Defaulted Assets), (ii) assets that in whole or in part may be treated as equity investments and/or “U.S. real property interests” for U.S. federal income tax purposes, (iii) assets that, alone
or together with other assets directly or indirectly held by Clover REIT may cause Clover REIT to fail to be qualified as a REIT, (iv) assets that are held for sale and (v) proceeds thereof (including any equity workout securities issued
in exchange for any Defaulted Assets or such other assets); 
 (ii) is classified as an association taxable as a corporation
for U.S. federal income tax purposes; and 
 (iii) has constituent documents in form and substance reasonably satisfactory to
the Collateral Manager and the Holders of a Majority of the Class A Notes (it being understood that the constituent documents for the Blocker Subsidiaries in effect on the Closing Date shall be amended and restated on or before January 30,
2015 in a manner reasonably satisfactory to the Collateral Manager and the Holders of a Majority of the Class A Notes). 
 The Issuer
may elect to treat any Blocker Subsidiary as a “taxable REIT subsidiary” for U.S. federal income tax purposes. 
 (d) The Issuer
may also establish from time to time, and transfer to and hold Collateral Obligations through, additional direct or indirect wholly owned subsidiaries that are either “qualified REIT subsidiaries” or other flow-through entities for U.S.
federal income tax purposes (“Other Subsidiaries” and, together with Blocker Subsidiaries, “Issuer Subsidiaries”); provided that the Collateral 

  
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Manager has given not less than 30 days’ prior written notice to the Holders of the Class A Notes thereof (a “Subsidiary Establishment Notice”), attaching to such
Subsidiary Establishment Notice the forms of the constituent documents for such Issuer Subsidiary and any proposed Issuer Subsidiary Funding and Security Agreements. On the Closing Date, the Issuer shall have established the Issuer Subsidiaries, and
such Issuer Subsidiaries shall hold the Collateral Obligations, set forth on Schedule 8. The Issuer shall not establish any such Issuer Subsidiary classified as a corporation for U.S. federal income tax purposes (other than a Blocker Subsidiary,
which the Issuer may establish at any time in accordance with this Indenture and transfer the relevant Assets to such Blocker Subsidiary, and the Issuer will provide the applicable Subsidiary Establishment Notice promptly thereafter) unless the
Issuer has a reasonable, good faith belief that the establishment of such Issuer Subsidiary is necessary or desirable and, in each case, in the best interests of the Issuer, Clover REIT, any Person that Clover REIT may merge with or into, or an up-REIT public company (or any subsidiaries of the foregoing). 
 (e) The Issuer shall ensure that each
Issuer Subsidiary (i) is at all times a direct or indirect wholly owned subsidiary of the Issuer, (ii) obtains debt and equity capital solely from the Issuer (or, in the case of a subsidiary of another Issuer Subsidiary, debt and equity
capital from such Issuer Subsidiary), (iii) such debt and equity capital is provided pursuant to documentation (including loan documentation, security documentation and guarantee agreements) in form and substance reasonably satisfactory to Holders
of a Majority of the Class A Notes (such documents, “Issuer Subsidiary Funding and Security Agreements”); (iv) will not sell, transfer, exchange or otherwise dispose of; or pledge, mortgage, hypothecate or otherwise encumber
(or permit such to occur or suffer such to exist), any part of its assets, except in compliance with the Issuer’s rights and obligations under this Indenture and with such subsidiary’s constituent documents and such Issuer Subsidiary
Funding and Security Agreements, (v) will not have any subsidiaries other than another Issuer Subsidiary, (vi) will comply with the restrictions set forth in Section 7.8(a)(i) (it being understood that any Issuer Subsidiary may dispose of
any Collateral Obligation held by it as if the provisions of Section 12.1 applied to it, mutatis mutandis), (ix), (x), (xi) of this Indenture, (vii) will not incur or guarantee any indebtedness (other than under such Issuer
Subsidiary Funding and Security Agreements and any guarantees of the Class A Notes) and will not otherwise hold itself out as being liable for the debts of any other Person, (viii) will include in its constituent documents (A) a
limitation on its business such that it may only engage in the acquisition of assets permitted under this Indenture and the disposition of such assets and the proceeds thereof to the Issuer (and activities ancillary thereto) and (B) provisions
ensuring the separate existence of such Issuer Subsidiary from any other Person, (ix) from and after January 30, 2015, will have at least one director that is an Independent director from the Collateral Manager that is required to consider
the interests of the Holders with respect to such Issuer Subsidiary and (x) will distribute 100% of the proceeds of the cash acquired by it (net of applicable taxes, and expenses payable by it, and of reasonable reserves for taxes and expenses
which the Issuer Subsidiary may pay) to the Issuer; provided that such Issuer Subsidiary shall not be required to distribute cash to the Issuer to the extent that such Issuer Subsidiary (or the Collateral Manager) reasonably believes that
such distribution would be a distribution described in Section 301(c)(3) of the Code or would otherwise result in the recognition of gain that would be described in section 897 of the Code if such gain were to be recognized by a nonresident alien
individual or foreign corporation for U.S. federal income tax purposes). The provisions of Section 7.4(i) shall apply mutatis mutandis to each Issuer Subsidiary and any subsidiary of an Issuer Subsidiary. 

Each Issuer Subsidiary shall establish at the Custodian one or more segregated securities accounts which shall be held in the name of the
Trustee as Entitlement Holder in trust for the benefit of the Secured Parties (each, a “Subsidiary Account”). All Collateral Interest Collections and all Collateral Principal Collections received by the Trustee with respect to the
Collateral Obligations held by such Issuer Subsidiary shall be deposited into a Subsidiary Account with respect to such Issuer Subsidiary. Such Issuer Subsidiary may, by a written order dated and signed in the name of such Issuer Subsidiary (or by
the Collateral Manager or (in case of any order to withdraw funds to fund Additional Fundings on 

  
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Delayed Draw Obligations) the Servicer, in each case by an Authorized Officer thereof and on behalf of such Issuer Subsidiary) direct the Trustee to invest available funds in any Subsidiary
Account established in respect to such Issuer Subsidiary in Eligible Investments or to apply such available funds to (1) pay the taxes and expenses of such Issuer Subsidiary, (2) pay to the Issuer interest and/or principal under the Issuer
Subsidiary Funding and Security Agreements or distributions on the equity of such Issuer Subsidiary, in each case for deposit into the Collection Account, (3) fund Additional Fundings on Delayed Draw Obligations, (4) be applied to invest
in existing Collateral Obligations that are Defaulted Assets or in any portion of the collateral for a Defaulted Asset that is acquired through foreclosure, power of sale, acceptance of a deed-in-lieu of foreclosure or otherwise, (5) finance the purchase of additional Collateral Obligations pursuant to buysell arrangements in the Master Co-Lender
Agreement, or (6) in accordance with the provisions of Section 16.1 hereunder (which shall apply to any Issuer Subsidiary in the same manner they apply to the Issuer) be remitted to any Cap Counterparty in connection with the Issuer’s
entry into any Cap Agreement in accordance with the terms of this Indenture. The Trustee shall comply with (and shall have no liability for complying with) any such order, and for purposes of Article VI, such order shall have the same effect as if
it came from the Issuer. 
 (f) For all purposes under this Indenture, except as otherwise expressly specified herein, any Collateral
Obligation transferred to or otherwise held by an Issuer Subsidiary shall be treated as if it were an asset owned directly by the Issuer. For such purposes, any distribution of Cash by an Issuer Subsidiary to the Issuer shall be characterized as
Collateral Interest Collections or Collateral Principal Collections to the same extent that such Cash would have been characterized if received directly by the Issuer, and each Issuer Subsidiary shall cause all proceeds of and collections on each
Collateral Obligation owned by such Issuer Subsidiary to be deposited into the applicable Collection Account. Notwithstanding the complete and absolute transfer of a Collateral Obligation to (or ownership of Collateral Obligation by) an Issuer
Subsidiary, for purposes of measuring compliance with the Overcollateralization Tests (1) the Issuer shall be treated as if it owned such Collateral Obligation and (2) the equity interests of the Issuer in such Issuer Subsidiary (and
rights that the Issuer has in any related Issuer Subsidiary Funding and Security Agreements) shall be ignored, provided in each case that there are no legal or contractual restrictions binding on such Issuer Subsidiary that would restrict or
reduce the payments or other distributions from such Issuer Subsidiary to the Issuer in respect of such equity interests and such related Issuer Subsidiary Funding and Security Agreements. 

(g) If the Trustee or any other authorized party takes any action under this Indenture to sell, liquidate or dispose of all or substantially
all of the Assets, the Issuer shall cause each Issuer Subsidiary to sell each Collateral Obligation and all other assets held by such Issuer Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy any related
expenses and tax liabilities, to the Issuer in exchange for the equity interest in such Issuer Subsidiary held by the Issuer. 
 (h) The
General Partner shall, to the maximum extent permitted by applicable law, maintain in full force and effect its existence and rights as an exempted company organized under the laws of the Cayman Islands and shall obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of this Indenture, the Notes or any of the Assets. 

(i) Separate Existence. Except for financial reporting purposes (to the extent consolidated reports including the Issuer or the General
Partner are required by GAAP) and for federal income tax purposes if required by the Code and regulations thereunder, and, to the extent consistent with applicable state tax law, state income and franchise tax purposes, each of the Issuer and the
General Partner shall take all steps necessary to continue its identity as a separate legal entity and to make it apparent to third Persons that it is an entity with assets and liabilities distinct from those of its partners, Affiliates of its
partners or any other Person, and it is not a division of any of its partners, Affiliates or any 

  
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other Person. In that regard and notwithstanding any other provision of this Agreement, so long as any Notes are outstanding or any Commitments are in effect, except as otherwise permitted under
the Transaction Documents, neither the Issuer nor the General Partner shall: 
 (i) engage in any business activity other
than the activities permitted pursuant to the Transaction Documents; 
 (ii) acquire or own any material assets other than
the Assets and assets permitted to be owned by it pursuant to the Transaction Documents, and incidental property as may be necessary for it the operation of its business, and, in the case of the General Partner, the general partnership interests of
the Issuer; 
 (iii) sell, pledge, transfer, assign or otherwise convey the Assets; 

(iv) fail to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization or formation or change its legal structure, or (except as permitted under the Transaction Documents) merge into or consolidate with any Person or to the fullest extent permitted by law, dissolve, terminate or
liquidate in whole or in part or (except as permitted under the Transaction Documents) sell all or substantially all of its assets; 

(v) except as permitted under the Transaction Documents, own any subsidiary or make any investment in any Person; 

(vi) commingle its assets with the assets of any of its Affiliates, or of any other Person; 

(vii) incur any debt, secured or unsecured, direct or contingent, including guaranteeing any obligation (other than, with
respect to the Issuer, the Notes (which Notes shall include any Deemed Expense Notes)), except for trade payables in the ordinary course of its business which are paid when due; 

(viii) fail to pay its debts and liabilities from its assets as the same shall become due; 

(ix) fail to maintain its records, books of account and bank accounts separate and apart from those of any other Person; 

(x) enter into any contract or agreement with any of its partners, members or Affiliates, except for (A) Issuer Subsidiary
Funding and Security Agreements or (B) upon terms and conditions that are commercially reasonable (including limited recourse and non-petition provisions) and substantially similar to those that would be
available on an arm’s-length basis with unrelated third parties; 
 (xi) to the
fullest extent permitted by law, seek its dissolution or winding up in whole or in part; 
 (xii) fail to correct any known
misunderstandings regarding its separate identity from its partners and/or any of its Affiliates or any other Person; 

  
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 (xiii) assume, guarantee, become obligated for, or hold itself out to be
responsible for the debt of another Person or have any of its obligations guaranteed by an Affiliate (in the case of the Issuer, other than the General Partner); 

(xiv) make any loan or advances to any Person (other than, with respect to the Issuer or an Issuer Subsidiary, pursuant to any
Delayed Draw Collateral Obligation or any Issuer Subsidiary Funding and Security Agreement), or hold evidence of indebtedness issued by any other Person (other than the Assets and the other assets or securities permitted to be owned or redeemed by
it under the Transaction Documents); 
 (xv) make any loan or advances to any Affiliate (other than, with respect to the
Issuer, any Issuer Subsidiary), or hold evidence of indebtedness issued by any Affiliate (other than, with respect to the Issuer, any Issuer Subsidiary) or acquire securities issued by any of its Affiliates (other than, with respect to the Issuer,
any Issuer Subsidiary and, with respect to the General Partner, the Issuer), members, partners or shareholders; 
 (xvi) fail
to file its own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a consolidated group filing a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer,
and shall pay any taxes so required to be paid under applicable law; 
 (xvii) fail either to hold itself out to the public
as a legal entity separate and distinct from any other Person (and shall not hold itself out as a division or part of any other Person) or to conduct its business solely in its own name in order not (i) to mislead others as to the identity with
which such other party is transacting business, or (ii) to suggest that it is responsible for the debts of any Person (including any of its Affiliates); 

(xviii) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and
character and in light of its contemplated business operations; 
 (xix) except as may be required by the Code and
regulations thereunder, hold itself out as or be considered as a department or division of any of its Affiliates or of any other Person; 

(xx) fail to maintain separate books and records, showing its assets and liabilities separate and apart from those of any other
Person (other than the General Partner with respect to the Issuer); 
 (xxi) fail to pay its own liabilities and expenses
only out of its own funds; 
 (xxii) fail to pay the salaries of its own employees, if any, in light of its contemplated
business operations; 
 (xxiii) fail to allocate fairly and reasonably any overhead expenses that are shared with an
Affiliate, including paying for office space and services performed by any employee of an Affiliate; 
 (xxiv) fail to use
separate stationery, invoices and checks bearing its own name; 

  
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 (xxv) incur or permit to exist any Liens on any of its assets for the benefit of
any other Person, other than as permitted or required under the Transaction Documents; 
 (xxvi) fail to observe the
applicable corporate formalities of its jurisdiction of organization or fail to comply with this Agreement; 
 (xxvii) have
any obligation to indemnify, and shall not indemnify, its partners; 
 (xxviii) act as an agent of any other Person in any
capacity except pursuant to contractual documents indicating such capacity and only in respect of transactions permitted by the Transaction Documents and matters necessarily incidental thereto; 

(xxix) fail to maintain its books, records, resolutions and agreements as official records; 

(xxx) fail to, at all times, be organized as a single-purpose entity with organizational documents substantially similar to
those in effect on the Closing Date; 
 (xxxi) following the delivery of any “substantive
non-consolidation” opinion letter delivered in connection with the Transaction Documents, fail to conduct its business so that any assumptions made with respect to it in such opinion letter will not
continue to be true and correct in all material respects; 
 (xxxii) fail to cause any partner, manager, officer, agent or
other representative of it to act at all times with respect to it consistently and in furtherance of this Agreement and in its best interests; or 

(xxxiii) form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) other than
as permitted by the Transaction Documents. 
 Failure of either of the Issuer, the General Partner, or any partner on behalf of the Issuer
or the General Partner, as applicable, to comply with any of the foregoing covenants or any other covenants contained in this Agreement shall not affect the status of either of the Issuer or the General Partner as a separate legal entity or the
limited liability of its respective limited partners. 
 The Issuer shall deliver to the Trustee and the Initial Class A Noteholder, on
or prior to January 30, 1015, a customary “non-consolidation” opinion with respect to the Issuer and the General Partner, on one hand, and Clover REIT on the other, in form and substance
reasonably satisfactory to the Initial Class A Noteholder. 
 Section 7.5 Protection of Assets. 

(a) The Issuer, or the Collateral Manager on behalf and at the expense of the Issuer, shall cause the taking of such action by the Issuer
(or by the Collateral Manager if within the Collateral Manager’s control under the Collateral Management Agreement) as is reasonably necessary in order to maintain the perfection and priority of the security interest of the Trustee in the
Assets, provided that the Collateral Manager shall be entitled to rely on any Opinion of Counsel delivered pursuant to Section 7.6 and any Opinion of Counsel with respect to the same subject matter delivered pursuant to Section 3.1(a) to
determine what actions are reasonably necessary, and shall be fully protected in so relying on such an Opinion of Counsel, unless the Collateral Manager has actual knowledge that the procedures described in any such Opinion of Counsel are no longer
adequate to maintain such perfection and priority. The Issuer 

  
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shall from time to time prepare or cause to be prepared, execute, deliver and file all such supplements and amendments hereto and all such Financing Statements, continuation statements,
instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Trustee for the benefit of the Holders of the Class A Notes
hereunder and to: 
 (i) Grant more effectively all or any portion of the Issuer’s right, title and interest in, to and
under the Assets; 
 (ii) maintain, preserve and perfect any Grant made or to be made by this Indenture including, without
limitation, the first priority nature of the lien or carry out more effectively the purposes hereof; 
 (iii) perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations); 

(iv) to the extent that the Collateral Manager (acting in accordance with the standard of care set forth in Section 1 of
the Collateral Management Agreement) reasonably determines that such actions are necessary, and subject to the Master Co-Lender Agreement, enforce any of the Pledged Obligations or other instruments or
property included in the Assets; 
 (v) preserve and defend title to the Assets and the rights therein of the Secured Parties
in the Assets against the claims of all Persons and parties; 
 (vi) deliver or cause to be delivered a United States
Internal Revenue Service Form W-9 of Clover REIT or successor applicable form to each issuer, counterparty, paying agent, as necessary to permit the Issuer to receive payments without withholding; or 

(vii) cause to be paid any and all taxes levied or assessed upon all or any part of the Assets. 

The Issuer shall prepare and file or record any Financing Statement (other than the Financing Statement delivered on the Closing Date),
continuation statement and all other instruments, and take all other actions, required pursuant to this Section 7.5. In connection therewith, the Trustee shall be entitled to receive, at the cost of the Issuer, and conclusively rely upon an
Opinion of Counsel delivered in accordance with Section 7.6 as to the need to file, the dates by which such filings are required to be made and the jurisdiction in which such filings are to be made and the form and content of such filings. The
Issuer further authorizes and shall cause the Issuer’s United States counsel to file a Financing Statement that names the Issuer as debtor and the Trustee, on behalf of the Secured Parties, as secured party and that describes “all assets
in which the debtor now or hereafter has rights” as the Assets in which the Trustee has a Grant. The Issuer (or the Collateral Manager, on behalf of the Issuer) may, by Issuer Order executed by an Authorized Officer, direct the Trustee to cause
the Custodian to deliver to the Collateral Manager any Asset described under clause (i) of the definition of “Deliver” to the extent that the Collateral Manager reasonably determines that possession of such Asset is necessary for the
Issuer or the Collateral Manager to comply with its obligations under this Section 7.5(a), and, subject to Section 7.5(b), the Trustee shall deliver (or cause the Custodian to deliver) such Asset to the Collateral Manager promptly following receipt
of such Issuer Order. The Issuer (or the Collateral Manager, on behalf of the Issuer) shall Deliver such Asset back to the Custodian promptly upon determining that possession of such Asset is no longer necessary for the Issuer or the Collateral
Manager to comply with its obligations under this Section 7.5(a) and shall notify the Trustee of such Delivery. 

  
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 (b) The Trustee shall not, except in accordance with Article V and Section 12.1, as
applicable, permit the removal of any portion of the Assets or transfer any such Assets from the Account to which it is credited, or cause or permit any change in the Delivery made pursuant to Section 3.2 with respect to any Assets, if, after
giving effect thereto, the jurisdiction governing the perfection of the Trustee’s security interest in such Assets is different from the jurisdiction governing the perfection at the time of delivery of the most recent Opinion of Counsel
pursuant to Section 7.6 (or, if no Opinion of Counsel has yet been delivered pursuant to Section 7.6, the Opinion of Counsel delivered at the Closing Date pursuant to Section 3.1(a)) unless the Trustee shall have received an Opinion of
Counsel to the effect that the lien and security interest created by this Indenture with respect to such property and the priority thereof shall continue to be maintained after giving effect to such action or actions. 

(c) The Issuer shall register the security granted under this Indenture in the Register of Mortgages and Charges at the Issuer’s
registered office in the Cayman Islands. 
 Section 7.6 Opinions as to Assets. Within the
six-month period preceding the first anniversary of the Closing Date (and every year thereafter), the Issuer shall furnish to the Trustee an Opinion of Counsel either (i) stating that, in the opinion of
such counsel, such action has been taken (including without limitation with respect to the filing of any Financing Statements and continuation statements) as is necessary to maintain the lien and security interest created by this Indenture and
reciting the details of such action or (ii) describing the filing of any Financing Statements and continuation statements that shall, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture. 

Section 7.7 Performance of Obligations. 

(a) [Reserved.] 
 (b) The
Issuer may, with the prior written consent of a Majority of the Class A Notes (except in the case of the Collateral Management Agreement or the Servicing Agreement, in which case no consent shall be required), contract with other Persons,
including the Collateral Manager, the Trustee for the performance of actions and obligations to be performed by the Issuer hereunder and under the Transaction Documents by such Persons. Notwithstanding any such arrangement, the Issuer shall remain
primarily liable with respect thereto. In the event of such contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions and obligations by the Issuer; and the Issuer shall punctually
perform, and use its commercially reasonable efforts to cause the Collateral Manager, the Trustee and such other Person to perform, all of their obligations and agreements contained in the Collateral Management Agreement, this Indenture or any such
other agreement. 
 (c) The Issuer shall at all times comply in all material respects with all of its obligations under all Transaction
Documents to which it is a party. 
 Section 7.8 Negative Covenants. 

(a) The Issuer and the General Partner shall not, from and after the Closing Date: 

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

  
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 (ii) claim any credit on, make any deduction from, or dispute the enforceability
of payment of the principal or interest payable (or any other amount) in respect of the Notes (other than amounts withheld (x) in accordance with the Code or any applicable laws of the Cayman Islands or other applicable jurisdiction or
(y) pursuant to an agreement with a governmental authority) or assert any claim against any present or future Holder of Notes, by reason of the payment of any taxes levied or assessed upon any part of the Assets, other than as described this
Indenture (including, without limitation, pursuant to Section 2.4(f)); 
 (iii) incur or assume or guarantee any
indebtedness, other than the Notes (which Notes shall include, for the avoidance of doubt, any Deemed Expense Notes) and this Indenture and the transactions contemplated hereby, issue any additional class of securities or issue any additional shares
to any Person other than to Contributors in exchange for Contributions; 
 (iv) (A) permit the validity or effectiveness
of this Indenture or any Grant hereunder to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated (except with respect to liens described in clause (iii) of the definition of “Permitted Liens”),
terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture or the Notes, except as may be permitted hereby or by the Collateral Management Agreement, (B) except as permitted by
this Indenture, permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture and other Permitted Liens) to be created on or extend to or otherwise arise upon or burden any part of
the Assets, any interest therein or the proceeds thereof, or (C) except as permitted by this Indenture, take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the Assets; 

(v) amend the Collateral Management Agreement except pursuant to the terms thereof and Article XV of this Indenture; 

(vi) dissolve or liquidate in whole or in part, except as permitted hereunder or required by applicable law; 

(vii) pay any distributions in respect of the Partnership Interests other than in accordance with the Priority of Payments;

 (viii) permit the formation of any subsidiaries (other than any Issuer Subsidiaries); 

(ix) conduct business under any name other than its own; 

(x) have any employees (other than directors to the extent they are employees); 

(xi) engage in any business with respect to any part of the Assets, except as expressly permitted by this Indenture or the
Collateral Management Agreement; 
 (xii) elect (on IRS Form 8832 or successor form) to be taxable for U.S. federal income
tax purposes as a corporation without the unanimous consent of all Holders; 
 (xiii) make any payments in respect of
Administrative Expenses or Extraordinary Expenses except as otherwise expressly provided herein; 
 (xiv) solicit, advertise
or publish the Issuer’s ability to enter into derivatives (other than Cap Agreements); 

  
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 (xv) register as or become subject to regulatory supervision or other legal
requirements under the laws of any country or political subdivision thereof as a bank, insurance company or finance company; 

(xvi) knowingly take any action that would reasonably be expected to cause it to be treated as a bank, insurance company or
finance company for purposes of (i) any securities law or other filing or submission made to any governmental authority, (ii) any application made to a rating agency or (iii) qualification for any exemption from securities law or any
other legal requirements; and 
 (xvii) hold itself out to the public as a bank, insurance company or finance company. 

(b) Notwithstanding anything to the contrary contained herein, the Issuer shall not, and shall use its commercially reasonable efforts to
ensure that the Collateral Manager acting on the Issuer’s behalf does not, acquire or own any asset, conduct any activity or take any action unless the acquisition or ownership of such asset, the conduct of such activity or the taking of such
action, as the case may be, would not in the commercially reasonable judgment of the Issuer cause the Issuer to be subject to United States federal income tax on a net basis or income tax on a net income basis in any
non-U.S. jurisdiction. 
 (c) The Issuer shall not be party to any agreements (including Cap
Agreements) without including customary “non-petition” and “limited recourse” provisions therein (and shall not amend (except in a manner favorable to the Issuer) or eliminate such
provisions in any agreement to which it is party), except for (i) any agreements related to the purchase and sale of, or grant of Participation Interests in, any Collateral Obligations or Eligible Investments which contain customary (as
determined by the Collateral Manager in its sole discretion) purchase or sale terms or which are documented using customary (as determined by the Collateral Manager in its sole discretion) loan trading documentation and (ii) Underlying
Instruments. 
 (d) The Issuer shall not enter into any agreement amending, modifying or terminating any Transaction Document (other than
this Indenture or the Collateral Management Agreement) without the prior written consent of Holders of a Majority of the Class A Notes. 

Section 7.9 Statement as to Compliance. On or before December 15 in each calendar year, commencing in 2015, or immediately if
there has been a Default under this Indenture, the Issuer shall deliver to the Trustee and the Collateral Manager (to be forwarded, at the cost of the Issuer, by the Trustee to each Noteholder making a written request therefor) an Officer’s
certificate of the Issuer that, having made reasonable inquiries of the Collateral Manager, and to the best of the knowledge, information and belief of the Issuer, there did not exist, as at a date not more than five days prior to the date of the
certificate, nor had there existed at any time prior thereto since the date of the last certificate (if any), any Default hereunder or, if such Default did then exist or had existed, specifying the same and the nature and status thereof, including
actions undertaken to remedy the same, and that the Issuer has complied with all of its obligations under this Indenture or, if such is not the case, specifying those obligations with which it has not complied. 

Section 7.10 Issuer May Consolidate, etc., Only on Certain Terms. The Issuer (the “Merging Entity”) shall not
consolidate or merge with or into any other Person or transfer or convey all or substantially all of its assets to any Person, unless permitted by Cayman Islands law and unless: 

  
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 (a) the Merging Entity shall be the surviving corporation, or the Person (if other than the
Merging Entity) formed by such consolidation or into which the Merging Entity is merged or to which all or substantially all of the assets of the Merging Entity are transferred (the “Successor Entity”) (i) if the Merging Entity
is the Issuer, shall be exempted limited partnership registered in the Cayman Islands or such other jurisdiction approved by a Majority of the Class A Notes; and (ii) in any case shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee and each Holder, the due and punctual payment of the principal of and interest on all Class A Notes issued by the Merging Entity and the performance and observance of every covenant of this Indenture and
each other Transaction Document on its part to be performed or observed, all as provided herein or therein; 
 (b) the Trustee shall have
received notice of such consolidation or merger; 
 (c) if the Merging Entity is not the surviving corporation, the Successor Entity shall
have agreed with the Trustee (i) to observe the same legal requirements for the recognition of such formed or surviving corporation as a legal entity separate and apart from any of its Affiliates as are applicable to the Merging Entity with
respect to its Affiliates and (ii) not to consolidate or merge with or into any other Person or transfer or convey the Assets or all or substantially all of its assets to any other Person except in accordance with the provisions of this
Section 7.10; 
 (d) if the Merging Entity is not the surviving corporation, the Successor Entity shall have delivered to the Trustee,
an Officer’s certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and authority
to assume the obligations set forth in subsection (a) above and to execute and deliver a supplemental indenture hereto for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of
an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy,
reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a Proceeding in equity or at law); if
the Merging Entity is the Issuer, that, immediately following the event which causes such Successor Entity to become the successor to the Issuer, (i) such Successor Entity has title, free and clear of any lien, security interest or charge,
other than the lien and security interest of this Indenture, to the Assets securing all of the Notes, and (ii) the Trustee continues to have a valid perfected first priority security interest in the Assets securing all of the Class A
Notes; and in each case as to such other matters as the Trustee or any Noteholder may reasonably require; 
 (e) immediately after giving
effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (f) the Merging Entity shall have
delivered to the Trustee and each Noteholder an Officer’s certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article VII and that all
conditions in this Article VII relating to such transaction have been complied with and that such transaction will not (i) result in the Merging Entity or Successor Entity becoming subject to United States federal income taxation with respect
to their net income, or (ii) have a material adverse effect on the tax treatment of the Issuer or the tax consequences to the Holders of any Outstanding Class A Notes at the time of issuance, unless the Holders agree by unanimous consent
that no adverse tax consequences will result therefrom to the Merging Entity, Successor Entity or Holders of the Notes (as compared to the tax consequences of not effecting the transaction); and 

  
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 (g) the Merging Entity shall have delivered to the Trustee an Opinion of Counsel stating that
after giving effect to such transaction, the Issuer (or, if applicable, the Successor Entity) will not be required to register as an investment company under the Investment Company Act. 

Section 7.11 Successor Substituted. Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the
assets of the Issuer, in accordance with Section 7.10 in which the Merging Entity is not the surviving corporation, the Successor Entity shall succeed to, and be substituted for, and may exercise every right and power of, and shall be bound by
each obligation and covenant of, the Merging Entity under this Indenture with the same effect as if such Person had been named as the Issuer herein. In the event of any such consolidation, merger, transfer or conveyance, the Person named as the
“Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Article VII may be dissolved, wound up and liquidated at any time thereafter, and such Person
thereafter shall be released from its liabilities as obligor and maker on all the Notes and from its obligations under this Indenture. 

Section 7.12 No Other Business. The Issuer shall not engage in any business or activity other than issuing and selling the
Class A Notes pursuant to this Indenture and acquiring, owning, holding, selling, lending, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Collateral Obligations, the proceeds of the Collateral
Obligations and the other Assets in connection therewith and entering into the Transaction Documents and other agreements specifically contemplated by this Indenture and such other activities which are necessary, suitable or convenient to accomplish
the foregoing or are incidental thereto or connected therewith or ancillary thereto. The Issuer and the General Partner may not amend, or permit the amendment of, the Partnership Agreement without the consent of Holders of a Majority of the
Class A Notes. 
 Section 7.13 Reporting. At any time when the Issuer is not subject to Section 13 or 15(d) of the
Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer shall promptly furnish or cause to be
furnished “Rule 144A Information” to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner, or to the Trustee for delivery to such Holder or beneficial owner or a prospective
purchaser designated by such Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner of such Note with Rule 144A under the Securities Act in connection with the resale of such Note by such
Holder or beneficial owner of such Note, respectively. “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). 

Section 7.14 Calculation Agent. 

(a) The Issuer hereby agrees that for so long as any Class A Notes remain Outstanding there shall at all times be an agent appointed
(which does not control or is not controlled or under common control with the Issuer or its Affiliates or the Collateral Manager or its Affiliates) to calculate LIBOR in respect of each Interest Period (the “Calculation Agent”). The
Issuer hereby appoints the Trustee as Calculation Agent. The Calculation Agent may be removed by the Issuer or the Collateral Manager, on behalf of the Issuer, at any time. If the Calculation Agent is unable or unwilling to act as such or is removed
by the Issuer or the Collateral Manager, on behalf of the Issuer, shall promptly appoint a replacement Calculation Agent which does not control or is not controlled by or under common control with the Issuer or its Affiliates or the Collateral
Manager or its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly appointed. 

  
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 (b) The Calculation Agent shall be required to agree (and the Trustee as Calculation Agent does
hereby agree) that, as soon as possible after 11:00 a.m. London time on each Interest Calculation Date, but in no event later than 11:00 a.m. New York time on the London Banking Day immediately following each Interest Calculation Date, the
Calculation Agent shall calculate the Interest Rate for the Class A Notes for the next Interest Period and the Note Interest Amount for the Class A Notes (in each case, rounded to the nearest cent, with half a cent being rounded upward)
for the next Interest Period, on the related Payment Date. At such time the Calculation Agent shall communicate such rates and amounts to the Issuer, the Trustee, each Paying Agent, the Collateral Manager, Euroclear and Clearstream. The Calculation
Agent shall also specify to the Issuer the quotations upon which the foregoing rates and amounts are based, and in any event the Calculation Agent shall notify the Issuer before 5:00 p.m. (New York time) on every Interest Calculation Date if it
has not determined and is not in the process of determining any such Interest Rate or Note Interest Amount together with its reasons therefor. The Calculation Agent’s determination of the foregoing rates and amounts for any Interest Period
shall (in the absence of manifest error) be final and binding upon all parties. 
 Section 7.15 Certain Tax Matters. 

(a) The Issuer agrees, and each Holder of a Note by its acceptance thereof shall be deemed to agree (i) to treat the Issuer as a
disregarded entity for U.S. Federal income tax purposes (and further agrees not to take any action inconsistent with such treatment) and (ii) to treat the Notes as indebtedness of the Issuer for U.S. Federal, state and local income tax purposes
(and further agrees not to take any action inconsistent with such treatment). 
 (b) The Issuer shall cause each Issuer Subsidiary that is
treated as a corporation for U.S. Federal income tax purposes to prepare and file, or in each case shall hire accountants and the accountants shall cause to be prepared and filed (and, where applicable, delivered to the Issuer or Holders) for each
taxable year of such Issuer Subsidiary any Federal, state and local income tax returns and reports required under the Code, or any tax returns or information tax returns required by any governmental authority which such Issuer Subsidiary are
required to file (and, where applicable, deliver). 
 (c) The Issuer shall provide to each Holder any information that such Holder reasonably
requests in order for such Holder to comply with its U.S. federal, state or local tax and information return and reporting obligations. 

(d) The Issuer will use commercially reasonable efforts to not take or permit any action that would result in the Issuer being treated as a
publicly traded partnership, taxable mortgage pool or otherwise taxable as a corporation for U.S. federal income tax purposes. 
 (e)
Notwithstanding any provision herein to the contrary, the Issuer shall take, and shall cause each Issuer Subsidiary to take, any and all reasonable actions that may be necessary or appropriate to ensure that the Issuer and such Issuer Subsidiary
satisfy any and all withholding and tax payment obligations under Code Sections 1441, 1445, 1446, 1471, 1472, and any other provision of the Code or other applicable law. Without limiting the generality of the foregoing, each of the Issuer and
any Issuer Subsidiary may withhold any amount that it or any advisor retained by the Trustee on its behalf determines is required to be withheld from any amounts otherwise distributable to any Person.    The Issuer (or an agent
acting on its behalf) shall take such reasonable actions, including hiring agents or advisors, consistent with law and its obligations under this Indenture, as are necessary to comply with FATCA, including appointing any agent or representative to
perform due diligence, withholding or reporting obligations of the Issuer pursuant to FATCA, and any other action that the Issuer would be permitted to take under this Indenture in furtherance of complying with FATCA. 

  
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 (f) The Issuer and each Holder of Class A Notes, by their acceptance thereof, agree that OID
with respect to all Class A Notes will be based on the same “prepayment assumptions,” as described in Code Section 1272(a)(6). All fees payable hereunder and pursuant to any ancillary agreements thereof, including the Arrangement Fee
and Commitment Fee, will be treated by the parties as fees for services that do not reduce issue price, as described in Treasury Regulations Section 1.1273-2(g). 

Section 7.16 Representations Relating to Security Interests in the Assets.

(a) The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to the Assets: 

(i) The Issuer owns such Asset free and clear of any lien, claim or encumbrance of any person, other than (x) such as are
created under, or permitted by, this Indenture and the Master Purchase Agreement or (y) any Permitted Lien. 
 (ii)
Other than the security interest Granted to the Trustee pursuant to this Indenture, except as permitted by this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. The
Issuer has not authorized the filing of and is not aware of any Financing Statements against the Issuer that include a description of collateral covering the Assets other than any Financing Statement relating to the security interest granted to the
Trustee hereunder or that has been terminated; and the Issuer is not aware of any judgment, PBGC liens or tax lien filings against the Issuer. 

(iii) All Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of the
UCC), Instruments, general intangibles (as defined in Section 9-102(a)(42) of the UCC), Uncertificated Securities, Certificated Securities or security entitlements to Financial Assets resulting from the
crediting of Financial Assets to a “securities account” (as defined in Section 8-501(a) of the UCC). 

(iv) All Accounts constitute “securities accounts” under Section 8-501(a) of
the UCC. 
 (v) This Indenture creates a valid and continuing security interest (as defined in
Section 1-201(37) of the UCC) in such Assets in favor of the Trustee, for the benefit and security of the Secured Parties, which security interest is prior to all other liens, claims and encumbrances
(except as permitted otherwise in this Indenture), and is enforceable as such against creditors of and purchasers from the Issuer. 
 (b) The
Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder),
with respect to Assets that constitute Instruments: 
 (i) Either (x) the Issuer has caused or shall have caused, within
ten days of the Closing Date, the filing of all appropriate Financing Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Instruments granted to the Trustee, for the
benefit and security of the Secured Parties, hereunder or (y)(A) all original executed copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered to the Trustee or the Issuer has received
written acknowledgement from a custodian that such custodian is holding the mortgage notes or promissory notes that constitute evidence of the Instruments solely on behalf of the Trustee and 

  
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for the benefit of the Secured Parties and (B) none of the Instruments that constitute or evidence the Assets has any marks or notations indicating that they have been pledged, assigned or
otherwise conveyed to any Person other than the Trustee, for the benefit of the Secured Parties. 
 (ii) The Issuer has
received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Trustee of its interest and rights in the Assets that constitute Instruments. 

(c) The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution of
this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to the Assets that constitute Security Entitlements: 

(i) All of such Assets have been and shall have been credited to one of the Accounts which are securities accounts within the
meaning of Section 8-501(a) of the UCC. The Custodian for each Account has agreed to treat all assets credited to such Accounts as Financial Assets. 

(ii) The Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the
Trustee of its interest and rights in the Assets that constitute Security Entitlements. 
 (iii) Either (x) the Issuer
has caused or shall have caused, within ten days of the Closing Date, the filing of all appropriate Financing Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to
the Trustee, for the benefit and security of the Secured Parties, hereunder or (y)(A) the Issuer has delivered to the Trustee a fully executed Account Control Agreement pursuant to which the Custodian has agreed to comply with all instructions
originated by the Trustee relating to the Accounts without further consent by the Issuer or (B) the Issuer has taken all steps necessary to cause the Custodian to identify in its records the Trustee as the person having a Security Entitlement
against the Custodian in each of the Accounts. 
 (iv) The Accounts are not in the name of any person other than the Issuer
or the Trustee. The Issuer has not consented to the Custodian to comply with the Entitlement Order of any person other than the Trustee (and the Issuer prior to a notice of exclusive control being provided by the Trustee). 

(d) The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution of
this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to Assets that constitute general intangibles: 

(i) The Issuer has caused or shall have caused, within ten days of the Closing Date, the filing of all appropriate Financing
Statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Assets granted to the Trustee, for the benefit and security of the Secured Parties, hereunder. 

(ii) The Issuer has received, or shall receive, all consents and approvals required by the terms of the Assets to the pledge
hereunder to the Trustee of its interest and rights in the Assets that constitute general intangibles. 

  
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 Section 7.17 Acknowledgement of Collateral Manager Standard of Care. The Issuer
acknowledges that it shall be responsible for its own compliance with the covenants set forth in this Article VII and that, to the extent the Issuer has engaged the Collateral Manager to take certain actions on its behalf in order to comply with
such covenants, the Collateral Manager shall only be required to perform such actions in accordance with the standard of care set forth in Section 1 of the Collateral Management Agreement (or the corresponding provision of any collateral
management agreement entered into as a result of TPG RE Finance Trust Management, L.P. no longer being the Collateral Manager). The Issuer further acknowledges and agrees that the Collateral Manager shall have no obligation to take any action to
cure any breach of a covenant set forth in this Article VII until such time as an Authorized Officer of the Collateral Manager has actual knowledge of such breach. 

Section 7.18 Management of Defaulted Assets.    The Collateral Manager shall be responsible for the management
of any Defaulted Assets and, subject to the standard of care set forth in Section 1 of the Collateral Management Agreement (or the corresponding provision of any collateral management agreement entered into as a result of TPG RE Finance Trust
Management, L.P. no longer being the Collateral Manager), shall act in a commercially reasonable manner anticipated to maximize the performance, or recoveries from, as the case may be, the Defaulted Assets. 

Section 7.19 Defaulted Asset Notification. 

The Collateral Manager will promptly notify the Issuer and the Trustee (which shall promptly notify the Holders) upon learning (or, in the case
of a Collateral Obligation that is a Defaulted Asset under clause (d) of the definition of “Defaulted Asset”, forming an expectation to the effect specified in such clause (d)) that any Collateral Obligation has become a Defaulted
Asset. 
 Section 7.20 Rating Cooperation. 

The Issuer, the General Partner and the Collateral Manager each agree that if the Initial Class A Noteholder elects (in its sole
discretion) to solicit ratings for the Class A Notes from one or more nationally recognized statistical rating organizations after the Closing Date, the Issuer, the General Partner and the Collateral Manager will each use commercially
reasonable efforts to cooperate with the Initial Class A Noteholder and any such rating agencies (including, without limitation, having discussions with such rating agencies and using commercially reasonable efforts to provide such information
as such rating agencies may reasonably request) in order to obtain such ratings. Unless the Issuer, the General Partner or the Collateral Manager otherwise expressly agree, the Initial Class A Noteholder shall pay any fees and expenses
associated with obtaining any such ratings and to the extent that the Issuer, the General Partner or the Collateral Manager pay any such fees or incur any such expenses, the Initial Class A Noteholder shall reimburse the Issuer, the General
Partner or the Collateral Manager, as applicable, for such fees and expenses. 
 If the Initial Class A Noteholder determines (in its
sole discretion) that any Transaction Document or any Organization Document must be amended or otherwise modified in order to obtain any such ratings and the consent of the Issuer, the General Partner or the Collateral Manager would be required as a
condition to the effectiveness of such amendment or other modification, the Issuer, the General Partner and the Collateral Manager will use commercially reasonable efforts to negotiate the terms of such amendment or modification with the Initial
Class A Noteholder; provided that, for the avoidance of doubt, the Issuer, the General Partner and the Collateral Manager will not be required to consent to any such amendment or modification that would result in a change to the terms of
a Transaction Document or an Organization Document that would be materially adverse to the holders of the Partnership Interests (including, without limitation, any change to the pricing or maturity of any of the Class A Notes or to the Priority
of Payments or any change that may cause Clover REIT to fail to qualify as a REIT or result in other adverse tax consequences to Clover REIT or its equity holders, including causing Clover REIT, the Issuer or any portion of either entity to be
treated as a taxable mortgage pool for U.S. federal income tax purposes). 

  
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 Section 7.21 Tax and Loan Restructurings. 

(a) If a new, or change in any, U.S. federal or foreign tax statute, treaty, regulation, rule, ruling, practice, procedure or judicial decision
or interpretation will subject any Class A Noteholder to any additional tax of any kind with respect to the Class A Notes or change the basis of taxation of payments to such Class A Noteholder in respect thereof and, as a result,
reduce the amount of any sum received or receivable by such Holder in respect of its Class A Notes (whether of principal, interest, the Commitment Fee or any other amount) (an “Additional Tax”), then, upon request of such
Holder, the Issuer, the General Partner, the Collateral Manager and the Class A Noteholders will use commercially reasonable efforts to renegotiate the terms of Transaction Documents and Organization Documents, as applicable, in order to
eliminate (or otherwise reduce in a manner acceptable to the affected Class A Noteholder) the impact of such Additional Tax, it being understood that no such amendment or restructuring will be required if it may cause Clover REIT to fail to
qualify as a REIT or result in other adverse tax consequences to Clover REIT or its equity holders, including causing Clover REIT, the Issuer or any portion of either entity to be treated as a taxable mortgage pool for U.S. federal income tax
purposes. All costs incurred by the Collateral Manager, the Trustee, the Issuer or any of their affiliates in connection with any such amendment or restructuring shall be borne by the affected Class A Noteholders. 

(b) In connection with a sale or transfer of the Class A Notes, the Initial Class A Noteholder shall have the right to require the
Issuer to restructure up to 15% of the Adjusted Initial Principal Amount of the Class A Notes into a loan format (a “Loan Restructuring”) if the Initial Class A Noteholder determines, in its sole discretion, that a Loan
Restructuring is necessary or convenient to effectuate such a sale; provided that any such Loan Restructuring shall not directly or indirectly (x) cause Clover REIT, the Issuer or any portion of either entity to be a taxable mortgage
pool for U.S. federal income tax purposes or (y) otherwise adversely affect Clover REIT, the Issuer or their respective affiliates. The Collateral Manager and the Issuer will use commercially reasonable efforts to cooperate with Initial
Class A Noteholder (and, in connection therewith, provide to prospective investors on a confidential basis any information that DB may reasonably request and that is reasonably available to the person from whom such information has been
requested and be available for meetings, at mutually convenient times and places, with prospective investors) in connection with potential sales of Class A Notes by Initial Class A Noteholder or the conversion of any Class A Notes
into, and sales of, loans by Initial Class A Noteholder. All costs incurred by the Collateral Manager, the Trustee, the Issuer or any of their affiliates in connection with any such Loan Restructuring or any sales by Initial Class A
Noteholder of Class A Notes or loans shall be borne by Initial Class A Noteholder. 
 (c) The parties intend that neither Clover
REIT or any portion thereof nor the Issuer be a “taxable mortgage pool” for U.S. federal income tax purposes, and this Agreement and any ancillary agreements or documentation among one or more of the parties hereto shall be interpreted
consistent with such intent. The parties shall cooperate with each other in good faith to give effect to the provisions of this clause (c). 

Section 7.22 Cooperation for Future Sales. 

Notwithstanding any provision herein to the contrary, the Collateral Manager, the General Partner and the Issuer shall use commercially
reasonable efforts to cooperate (including providing information and meeting with prospective investors) with the Initial Class A Noteholder in connection with potential sales of Class A Notes by the Initial Class A Noteholder and/or
any Loan Restructuring in connection therewith. 

  
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 Section 7.23 Extraordinary Expenses. 

(a) If the Issuer is, or reasonably believes it likely will become, or has knowledge of a claim that has been made or threatened that could
cause it to become, obligated to pay any Extraordinary Expenses (or if the Issuer (or Clover REIT) is otherwise required to set aside reserves on its books in respect of Extraordinary Expenses in accordance with GAAP), it will notify the Holders of
the Class A Notes of the nature and potential amount thereof. The Issuer shall solicit Contributions from Contributors to pay Extraordinary Expenses as and when they become payable by the Issuer. Should the amount of any such Contribution be
greater than the amount actually required to be paid by the Issuer on account of the related Extraordinary Expenses, the Issuer shall rebate the amount so overpaid to the Contributors ratably. All amounts paid to the Issuer by the Contributors (if
any) in connection with Extraordinary Expenses will be used by the Issuer to pay such Extraordinary Expenses. To the extent any Extraordinary Expenses are not paid out of proceeds of Contributions solicited for such purpose (if any) as and when they
become payable by the Issuer, then the Issuer will make payments to the payees of any Extraordinary Expenses under the Priority of Payments as if (x) such payees acquired Additional Notes on the date on which such Extraordinary Expenses became
so payable (“Deemed Expense Notes”) and (y) such Deemed Expense Notes were issued in a par amount equal to the amount of such Extraordinary Expenses. 

(b) Upon the determination by the Issuer (or the Collateral Manager on its behalf) that it will issue any Deemed Expense Notes to any Person
that is not a Holder of Notes, Limited Partnership Interests or otherwise a party to any Transaction Document, the Issuer (or the Collateral Manager on the its behalf) shall solicit from such Person and provide to the Trustee information regarding
the identity of such Person, and other information reasonably requested by the Trustee as may be necessary or helpful for the Trustee to comply with its obligations under the know-your-customer laws and regulations applicable to it. 

(c) If any Deemed Expense Notes have been deemed to have arisen in connection with Extraordinary Expenses, then references in the Priority of
Payments to the Class A Notes shall be deemed to include references to such Deemed Expense Notes; provided that any Deemed Expense Notes shall not be treated as Class A Notes for any other purposes hereunder (including, without
limitation, with respect to any voting rights, determining the “Aggregate Additional Note Funding Limit” and the “Aggregate Outstanding Amount” hereunder) unless expressly stated herein. 

ARTICLE VIII 

SUPPLEMENTAL INDENTURES 

Section 8.1 Supplemental Indentures without Consent of Holders of Notes. 

(a) Without the consent of the Holders of any Class A Notes (except as expressly provided below), the Issuer and the General Partner, when
authorized by Board Resolutions, and with the written consent of the Collateral Manager, at any time and from time to time subject to the requirement provided below in this Section 8.1(a), may enter into one or more indentures supplemental hereto
for any of the following purposes: 
 (i) to evidence the succession of another Person to the Issuer and the assumption by
any such successor Person of the covenants of the Issuer herein and in the Notes; 

  
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 (ii) to add to the covenants of the Issuer, the General Partner or the Trustee
for the benefit of the Secured Parties or to surrender any right or power herein conferred upon the Issuer or the General Partner; 

(iii) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee for the benefit of the Secured
Parties; 
 (iv) to evidence and provide for the acceptance of appointment hereunder by a successor trustee and to add to or
change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9, 6.10, 6.11 and 6.12; 

(v) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better
assure, convey and confirm unto the Trustee any property subject or required to be subjected to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations,
whether pursuant to Section 7.5 or otherwise) or to subject to the lien of this Indenture any additional property; 

(vi) to modify the restrictions on and procedures for resales and other transfers of Class A Notes to reflect any changes
in applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption from registration under the Securities Act or the Investment Company Act or to remove restrictions on resale and transfer to the
extent not required thereunder; 
 (vii) otherwise to correct any inconsistency or cure any ambiguity, omission or errors in
this Indenture; 
 (viii) to take any action advisable, necessary or helpful to prevent the Issuer from becoming subject to
(or to otherwise minimize) withholding or other taxes, fees or assessments, or to reduce the risk that (I) the Issuer may be treated as (A) a publicly traded partnership or taxable mortgage pool for U.S. federal income tax purposes or
(B) otherwise subject to United States federal income tax on a net income basis, or (II) Clover REIT, any person that Clover REIT may merge with or into, or an up-REIT public company (or any
subsidiaries of the foregoing) may be treated as a taxable mortgage pool for U.S. federal income tax purposes; 
 (ix) to
change the name of the Issuer in connection with the change in name or identity of the Collateral Manager or as otherwise required pursuant to a contractual obligation or to avoid the use of a trade name or trademark in respect of which the Issuer
does not have a license; 
 (x) to effect a Loan Restructuring with the written consent of the Initial Class A
Noteholder; 
 (xi) to accommodate the settlement of the Notes in book-entry form through the facilities of DTC or otherwise;

 (xii) (A) with the written consent of the Collateral Manager, to surrender any right or power conferred upon the
Collateral Manager or (B) with the unanimous written consent of the Holders of the Partnership Interests, to surrender any right or power conferred upon the Holders of the Partnership Interests; and 

  
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 (xiii) to take any action necessary or advisable to implement the Bankruptcy
Subordination Agreement; 
 provided that, with respect to any such proposed supplemental indenture, if a Majority of the Class A Notes has
provided written notice to the Trustee at least one Business Day prior to the execution of such supplemental indenture that the Class A Notes would be materially and adversely affected thereby, the Trustee and the Issuer shall not enter into
such supplemental indenture pursuant to the applicable above provision unless subsequently approved in writing by a Majority of the Class A Notes; and provided further that, no supplemental indenture or other modification or
amendment of this Indenture pursuant to this Section 8.1 may become effective without the consent of each Holder of Outstanding Class A Notes unless such supplemental indenture or other modification or amendment will not, in the reasonable
judgment of the Issuer in consultation with Ropes & Gray LLP, or an Opinion of Counsel of other nationally recognized U.S. tax counsel experienced in such matters, as certified by the Issuer to the Trustee (upon which certification the
Trustee may conclusively rely), (i) result in the Issuer being treated a as publicly traded partnership or taxable mortgage pool taxable as a corporation for U.S. federal income tax purposes, (ii) result in the Issuer becoming subject to U.S.
federal income taxation with respect to its net income or (iii) otherwise have a material adverse effect on the tax treatment of the Issuer or the tax consequences to the Holders of any Class of Notes Outstanding at the time of such
supplemental indenture or other modification or amendment. 
 (b) A supplemental indenture entered into for any purpose other than the
purposes provided for in this Section 8.1 shall require the consent of the Holders of Notes as required in Section 8.2. 

Section 8.2 Supplemental Indentures with Consent of Holders of Notes. 

(a) With the prior written consent of the Collateral Manager and the Holders of a Majority of the Class A Notes, the Trustee, the General
Partner and the Issuer may enter into a supplemental indenture to add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of the Class A Notes under
this Indenture; provided that no such supplemental indenture pursuant to this Section 8.2(a) shall, without the consent of each Class A Noteholder materially and adversely affected thereby: 

(i) change the Stated Maturity of the principal of or the due date of any installment of interest on the Class A Notes or
the Commitment Fee on any Class A Note, reduce the principal amount thereof or the rate of interest thereon or the Redemption Price with respect to any Class A Note, or change the earliest date on which Class A Notes may be redeemed,
change the provisions of this Indenture relating to the application of proceeds of any Assets to the payment of principal of or interest on the Class A Notes or change any place where, or the coin or currency in which, the Class A Notes or
the principal thereof or interest, Commitment Fee, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date);

 (ii) change the percentage of the Aggregate Outstanding Amount of the Class A Notes whose consent is required under
this Indenture, including for the authorization of any such supplemental indenture, exercise of remedies under this Indenture or for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder or their
consequences; 
 (iii) impair or adversely affect the Assets except as otherwise permitted in this Indenture; 

  
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 (iv) except as otherwise expressly permitted by this Indenture or the other
Transaction Documents, permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Assets or terminate such lien on any property at any time subject hereto or deprive the Holder of
any Class A Note of the security afforded by the lien of this Indenture; provided that this clause (iv) shall not apply to any supplemental indenture amending the restrictions on the sale of Collateral Obligations set forth in this
Indenture, if such supplemental indenture is otherwise permitted under this Article VIII; 
 (v) modify any of the provisions
of this Article VIII, except (x) to increase the percentage of Outstanding Class A Notes or Partnership Interests the consent of the Holders of which is required for any such action, (y) except with the consent of 100% of the
Outstanding Class A Notes, to increase the percentage of the Class A Notes that may give notice that a proposed modification materially and adversely affects the Class A Notes for any purpose, or (z) to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Class A Note Outstanding and affected thereby; 

(vi) modify the definitions of the terms “Outstanding” or “Majority”; 

(vii) modify the Priority of Payments or any definition of terms used in the Priority of Payments herein; 

(viii) modify any of the provisions of this Indenture in such a manner as to directly affect the manner or procedure for the
calculation of the amount of any payment of interest or principal on any Class A Note or to affect the rights of the Holders of Class A Notes to the benefit of any provisions for the redemption of such Class A Notes contained herein;

 (ix) amend any of the provisions of this Indenture relating to the institution of proceedings for certain events of
bankruptcy, insolvency, receivership or reorganization of the Issuer; 
 (x) modify the restrictions on and procedures for
resales and other transfers of Notes (except as expressly set forth in Section 8.1(a)); and 
 (xi) modify any of the
provisions of this Indenture in such a manner as to impose any liability on a Holder of then Outstanding Notes to any third party (other than any liabilities set forth in this Indenture on the Closing Date). 

(b) It shall not be necessary for any Act of Holders under this Section 8.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act or consent shall approve the substance thereof, so long as the Holders have received a copy of the language to be included in any proposed supplemental indenture. 

  
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 Section 8.3 Execution of Supplemental Indentures. 

(a) At the cost of the Issuer, not later than 15 Business Days prior to the execution of any proposed supplemental indenture pursuant to
Section 8.1 or Section 8.2, the Trustee shall deliver to the Collateral Manager and the Noteholders a notice attaching a copy of such supplemental indenture and indicating the proposed date of execution of such supplemental indenture.
Following such delivery by the Trustee, if any changes are made to such supplemental indenture other than changes of a technical nature or to correct typographical errors or to adjust formatting, then at the request and cost of the Issuer, for so
long as any Notes shall remain Outstanding, not later than five Business Days prior to the execution of such proposed supplemental indenture (provided that the execution of such proposed supplemental indenture shall not in any case occur
earlier than the date 15 Business Days after the initial distribution of such proposed supplemental indenture pursuant to the first sentence of this Section 8.3(a)), the Trustee shall deliver to the Collateral Manager and the Noteholders a copy of
such supplemental indenture as revised, indicating the changes that were made. 
 (b) At the cost of the Issuer, the Trustee shall provide to
the Holders and the Collateral Manager a copy of the executed supplemental indenture after its execution. Any failure of the Trustee to publish or deliver such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture. 
 (c) In executing or accepting the additional trusts created by any supplemental indenture
permitted by this Article VIII or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully protected in relying upon, an Opinion of Counsel
(i) stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied, and (ii) as to whether the interests of any Holder of Class A
Notes would be materially and adversely affected by the modifications set forth in any supplemental indenture or other modification or amendment of this Indenture (it being expressly understood and agreed that the Trustee shall have no obligation to
make any determination as to the satisfaction of the requirements to any supplemental indenture or whether any Class A Notes would be materially and adversely affected thereby). Each such Opinion of Counsel may be supported as to factual
(including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering the opinion, including without limitation an officer’s certificate of the Collateral
Manager; provided that such counsel may not rely solely on an officer’s certificate of the Collateral Manager in delivering such Opinion of Counsel (other than as to factual matters) as to whether the interests of any Holder of
Class A Notes would be materially and adversely affected by the modifications set forth in any supplemental indenture or other modification or amendment of this Indenture. Such determination shall be conclusive and binding on all present and
future Holders. The Trustee shall not be liable for any such determination made in good faith and in reliance upon an Opinion of Counsel delivered to the Trustee as described in this Section 8.3. 

(d) The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise. The Collateral Manager shall not be bound to follow any amendment or supplement to this Indenture unless it has received written notice of such amendment or supplement and a copy of the
amendment or supplement from the Issuer or the Trustee prior to the execution thereof in accordance with the notice requirements of Section 8.1 and Section 8.2. 

(e) Any consent given to a proposed supplemental indenture by the Holder of any Notes shall be irrevocable and binding on all future Holders or
beneficial owners of that Note, irrespective of the execution date of the supplemental indenture. If the Holders of less than the required 

  
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percentage of the Aggregate Outstanding Amount of the relevant Notes consent to a proposed supplemental indenture within 15 Business Days, on the first Business Day following such period, the
Trustee shall provide consents received to the Issuer and the Collateral Manager so that they may determine which Holders have consented to the proposed supplemental indenture and which Holders (and, to the extent such information is available to
the Trustee, which beneficial owners) have not consented to the proposed supplemental indenture. 
 Section 8.4 Effect of
Supplemental Indentures. Upon the execution of any supplemental indenture under this Article VIII, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes;
and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder shall be bound thereby. 
 Section 8.5
Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article VIII may, and if required by the Issuer shall, bear a notice in form approved by the
Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes, so modified as to conform in the opinion of the Issuer to any such supplemental indenture, may be prepared and executed by the Issuer
and authenticated and delivered by the Trustee in exchange for Outstanding Notes. 
 ARTICLE IX 

REDEMPTION OF NOTES 

Section 9.1 Redemptions Generally. Without the prior written consent of Holders of a Majority of the Class A Notes, the
Class A Notes may not be redeemed, refinanced or otherwise repaid other than in accordance with the Priority of Payments and this Article IX. 

Section 9.2 Mandatory Redemption; Redemption Following a Tax Event; Optional Redemption. 

(a) Mandatory Redemption. If an Overcollateralization Test is not satisfied on any Calculation Date, then the Issuer shall apply
available amounts in the Payment Account on the related Payment Date to make payments as required pursuant to the Priority of Payments (a “Mandatory Redemption”) in the manner and to the extent provided therein. 

(b) Tax Event. After the occurrence of a Tax Event, the Issuer will redeem the Class A Notes in whole but not in part on any
Business Day, whether or not a Payment Date (the “Tax Redemption Date”) at their Redemption Price upon receipt by the Trustee and the Issuer of written direction (a “Tax Redemption Direction”) by a Majority of the
Limited Partnership Interests or (if the Class A Notes are an Affected Class) a Majority of the Class A Notes (any such redemption of the Notes in accordance with this Section 9.2(b), a “Tax Redemption”) (provided
that if the Tax Event that has occurred is with respect to any Tax arising under or as a result of FATCA, then Holders of Class A Notes that have not complied with the Noteholder Reporting Obligations (to the extent that the failure to so
comply was the cause of the Tax Event) shall not be considered in determining whether a Majority of Class A Notes has provided direction); provided that, in connection with a Tax Event, the Issuer shall not sell (and the Trustee or the
Custodian, as applicable, shall not be required to release) any Asset unless, as determined pursuant to the procedures set forth in this Article IX, there will be sufficient funds available in the Accounts to pay the Redemption Prices in full on
such Tax Redemption Date in accordance with the Priority of Payments. 

  
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 (c) Clean-Up Redemption. The Issuer will redeem
the Class A Notes in whole but not in part on the Payment Date (the “Clean-Up Redemption Date”) immediately following the first date on which the aggregate outstanding principal amount of
the Class A Notes is less than 2% of the Adjusted Initial Principal Amount (a “Clean-Up Redemption”); provided that the Issuer shall not sell (and the Trustee or the Custodian, as
applicable, shall not be required to release) any Asset unless, as determined pursuant to the procedures set forth in this Article IX, there will be sufficient funds available in the Accounts to pay the Redemption Prices in full on such Clean-Up Redemption Date in accordance with the Priority of Payments. 
 (d) Optional Redemption.
The Issuer may redeem or refinance the Class A Notes in whole but not in part on any Payment Date (the “Optional Redemption Date”) at their Redemption Price upon receipt by the Trustee and the Issuer of written direction (an
“Optional Redemption Direction”) by a Majority of the Limited Partnership Interests (any such redemption of the Notes in accordance with this Section 9.2(d), an “Optional Redemption”): 

(i) prior to January 1, 2016, if and only if the Holders of the Class A Notes have received, in the aggregate,
interest payments (and Payments of Additional Redemption Amounts) aggregating not less than the Class A Minimum Amount through and including such Optional Redemption Date; provided that such restriction will not apply if the Portfolio
O/C Ratio Test is not satisfied at the time of such redemption or refinancing; and 
 (ii) on and after January 1, 2016
(or earlier if the Class A Notes have received, in the aggregate, interest payments aggregating not less than the Class A Minimum Amount), without payment of any Additional Redemption Amounts.     

The Issuer shall not sell (and neither the Trustee nor the Custodian, as applicable, shall be required to release) any Asset unless, as
determined pursuant to the procedures set forth in this Article IX, there will be sufficient funds available in the Accounts to pay the Redemption Prices in full on such Optional Redemption Date in accordance with the Priority of Payments. 

(e) Sales of Assets. In connection with any redemption of the Class A Notes under Section 9.2(b), (c) or (d), the Collateral
Manager shall direct the sale of all or part of the Collateral Obligations and other Assets in an amount sufficient such that the Disposition Proceeds from the sale of Collateral Obligations and Eligible Investments in accordance with the procedures
set forth in this Section 9.2 and all other funds available for such purpose in the Collection Account, the Payment Account and the Contribution Account shall be at least sufficient to pay simultaneously the Redemption Price on all of the
Class A Notes and to pay all Administrative Expenses, all Extraordinary Expenses and other amounts, fees and expenses payable or distributable under the Priority of Payments (including, without limitation, any amounts due to the Trustee) and
the Disposition Proceeds and other available funds are used to the extent necessary to make such redemption. If such Disposition Proceeds and all other funds available for such purpose in the Collection Account, the Payment Account and the
Contribution Account would not be sufficient to redeem the Class A Notes subject to redemption and to pay such fees and expenses, the Class A Notes may not be redeemed. Subject to Section 12.1, the Collateral Manager, in its sole
discretion, may effect the sale of all or any part of the Collateral Obligations or other Assets through the direct sale of such Collateral Obligations or other Assets or by participation or other arrangement. 

(f) Additional Sales Procedures. Notwithstanding anything to the contrary set forth herein, the Class A Notes shall not be redeemed
pursuant to a Tax Redemption, Clean-Up Redemption or Optional Redemption unless, in the case of any redemption that is funded from Disposition Proceeds from the sale of Collateral Obligations and other Assets,
at least five Business Days before the scheduled Redemption Date the Collateral Manager shall have furnished to the Trustee a certificate, in form 

  
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reasonably satisfactory to the Trustee, that the Collateral Manager on behalf of the Issuer has entered into a binding agreement or agreements with a financial or other institution or
institutions to purchase (directly or by participation or other arrangement), not later than the Business Day immediately preceding the scheduled Redemption Date, all or part of the Collateral Obligations and other Assets, in immediately available
funds, at a purchase price at least equal to an amount sufficient, together with the Eligible Investments maturing, redeemable (or putable to the issuer thereof at par) on or prior to the scheduled Redemption Date, any payments to be received in
respect of the Cap Agreements and all other available funds in the Accounts, to pay all Administrative Expenses and other amounts, fees and expenses payable or distributable in accordance with the Priority of Payments and redeem all of the
Class A Notes on the scheduled Redemption Date at the applicable Redemption Price. Any certification delivered by the Collateral Manager pursuant to this Section 9.2(f) shall include (1) the prices of, and expected proceeds from, the sale
(directly or by participation or other arrangement) of any Collateral Obligations, Eligible Investments and/or Cap Agreements and (2) all calculations required by this Section 9.2(f). 

Section 9.3 Redemption Procedures. (a) In the event of a Tax Redemption or an Optional Redemption, the written direction
required as set forth herein shall be provided to the Issuer and the Trustee not later than 30 days prior to the Business Day (or such shorter time period agreed to by the Issuer, the Trustee and the Collateral Manager) on which such redemption is
to be made (which date shall be designated in such notice) and a notice of redemption shall be given by the Trustee not later than 10 Business Days prior to the applicable Redemption Date, to each Holder of Notes to be redeemed. 

(b) All notices of redemption delivered pursuant to Section 9.3(a) shall state: 

(i) the applicable Redemption Date; 

(ii) the Redemption Price of the Notes to be redeemed; 

(iii) that all of the Class A Notes are to be redeemed in full and that interest (and any Commitment Fee) on such
Class A Notes shall cease to accrue on the Business Day specified in the notice; 
 (iv) the place or places where Notes
are to be surrendered for payment of the Redemption Price, which shall be the office or agency of the Issuer to be maintained as provided in Section 7.2; and 

(v) whether the Partnership Interests are to be redeemed in full on such Redemption Date and, if so, the place or places where
the Partnership Interests are to be surrendered for payment of the Redemption Price, which shall be the office or agency of the Issuer to be maintained as provided in Section 7.2 for purposes of surrender. 

The holders of a Majority of the Limited Partnership shall have the option to withdraw any such notice of an Optional Redemption up to and
including the day that is six Business Days prior to such Redemption Date. 
 Notice of redemption shall be given by the Issuer or, upon an
Issuer Order, by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note selected for redemption shall not impair or affect the validity of the redemption of
any other Notes. 

  
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 Section 9.4 Notes Payable on Redemption Date. 

(a) Notice of redemption pursuant to Section 9.3 having been given as aforesaid, the Notes to be redeemed shall, on the Redemption
Date, subject to the right to withdraw any notice of redemption pursuant to Section 9.3(b), become due and payable at the Redemption Price therein specified, and from and after the Redemption Date (unless the Issuer shall default in the payment of
the Redemption Price and accrued interest) all such Class A Notes shall cease to bear interest on the Redemption Date. Upon final payment on a Note to be so redeemed, the Holder shall present and surrender such Note at the place specified in
the notice of redemption on or prior to such Redemption Date; provided that, if there is delivered to the Issuer and the Trustee such security or indemnity as may be required by any of them to save such party harmless and an undertaking
thereafter to surrender such Note, then, in the absence of notice to the Issuer or the Trustee that the applicable Note has been acquired by a Protected Purchaser, such final payment shall be made without presentation or surrender. Payments of
interest on Class A Notes so to be redeemed whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Class A Notes, or one or more predecessor Notes, registered as such at the close of business on
the relevant Record Date according to the terms and provisions of Section 2.8(e). 
 (b) If any Class A Note called for redemption shall
not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest Period the Class A Note remains Outstanding;
provided that the reason for such non-payment is not the fault of such Noteholder. 

ARTICLE X 
 ACCOUNTS,
ACCOUNTINGS AND RELEASES 
 Section 10.1 Collection of Money. Except as otherwise expressly provided herein, the Trustee may
demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Trustee pursuant to this Indenture,
including all payments due on the Pledged Obligations, in accordance with the terms and conditions of such Pledged Obligations. The Trustee shall segregate and hold all such Money and property received by it in trust for the Holders of the Notes and
shall apply it as provided in this Indenture. 
 Section 10.2 Collection Accounts. 

(a) The Trustee shall, on or prior to the Closing Date, establish at the Custodian a segregated securities account, held in the name of
the Trustee as Entitlement Holder in trust for the benefit of the Secured Parties, designated the “Collection Account”, which shall be maintained by the Issuer with the Custodian in accordance with the Account Control Agreement. The
Trustee shall from time to time deposit into the Collection Account, all Collateral Interest Collections and all Collateral Principal Collections (other than Collateral Interest Collections and Collateral Principal Collections with respect to
Collateral Obligations owned by an Issuer Subsidiary, which, as long as such Collateral Interest Collections and Collateral Principal Collections are clearly marked as proceeds with respect to Collateral Obligations owned by an Issuer Subsidiary and
which Issuer Subsidiary owns such Collateral Obligations, shall be deposited to the relevant Issuer Subsidiary Account until their application as permitted under Section 7.4(e)) received by the Trustee. In addition, the Issuer may, but under no
circumstances shall be required to, deposit from time to time such Monies in the Collection Account as it deems, in its sole discretion, to be advisable and to designate them as Collateral Interest Collections or Collateral Principal Collections.
All Monies deposited from time to time in the Collection Account pursuant to this Indenture shall be held by the Trustee as part of the Assets and shall be applied to the purposes provided in this Section 10.2. Subject to Section 10.2(g),
amounts in the Collection Account shall be reinvested pursuant to Section 10.5(a). 

  
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 (b) Within two Business Days of receipt of Collateral Interest Collections or Collateral
Principal Collections on and Sales Proceeds of a Reverse Participated Collateral Obligation, the Issuer shall cause and direct the Trustee to remit to the Seller, from the amounts thereof then on deposit in the Collection Account, the Reverse
Participation Percentage thereof, all in like form received. Pending such remittance, the Issuer shall hold such portion of such Collateral interest Collections, Collateral Principal Collections and Sale Proceeds in trust for the Seller. 

(c) Within two Business Days of receipt of Collateral Interest Collections or Collateral Principal Collections on and Sales Proceeds of a
Participated Collateral Obligation, the Issuer shall cause and direct the Trustee to remit to the applicable participant, from the amounts thereof then on deposit in the Collection Account, the amount of such Collateral Interest Collections,
Collateral Principal Collections or Sales Proceeds attributable to the portion of such Participated Collateral Obligation held in the form of a Participation Interest by such participant, all in like form received. Pending such remittance, the
Issuer shall hold such portion of such Collateral Interest Collections, Collateral Principal Collections and Sale Proceeds in trust for such participant. 

(d) Within two Business Days of receipt of Excluded Interest, the Issuer shall cause and direct the Trustee to remit to the Seller, from the
amounts thereof then on deposit in the Collection Account, all such Excluded Interest, all in like form received. Pending such remittance, the Issuer shall hold such portion of such Collateral interest Collections and Collateral Principal
Collections in trust for the Seller. 
 (e) On or before each Payment Date or Accelerated Distribution Date, prior to the application of
Collateral Interest Collections and Collateral Principal Collections in accordance with the Priority of Payments, the Trustee shall, upon Issuer Order (which may be a standing order), apply available funds in the Collection Account received during
the applicable Due Period to pay Administrative Expenses of the Issuer. In addition, following the payment of such expenses, the Collateral Manager in its sole discretion may, by Issuer Order, direct that not more than U.S.$50,000 on each Payment
Date be retained in the Collection Account for the payment of Administrative Expenses due on future Business Days. 
 (f) The Trustee, within
one Business Day after receipt of any distribution or other proceeds in respect of the Assets which are not Cash, shall so notify or cause the Issuer to be notified and the Issuer shall use its commercially reasonable efforts to, within five
Business Days of receipt of such notice from the Trustee (or as soon as practicable thereafter), sell such distribution or other proceeds for Cash in an arm’s length transaction (which, in the case of a sale to the Collateral Manager or an
Affiliate of the Issuer or the Collateral Manager, shall comply with the conditions set forth in Section 12.2(a)) and deposit the proceeds thereof in the Collection Account; provided that the Issuer (i) need not sell such distributions
or other proceeds if it delivers an Officer’s certificate to the Trustee certifying that such distributions or other proceeds constitute Collateral Obligations, Equity Securities or Eligible Investments or (ii) may otherwise retain such
distribution or other proceeds for up to two years from the date of receipt thereof if it delivers an Officer’s certificate to the Trustee certifying that (x) it shall sell such distribution within such
two-year period and (y) retaining such distribution is not otherwise prohibited by this Indenture. 

(g) The Trustee shall transfer to the Payment Account as applicable, from the Collection Account, for application pursuant to Section 11.1
of this Indenture, on or not later than the Business Day preceding each Payment Date, the amount set forth to be so transferred in the Distribution Report for such Payment Date. 

  
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 Section 10.3 Payment Account; Custodial Account; Reserve Account; Contribution Account;
Expense Reserve Account. 
 (a) Payment Account. The Trustee shall, on or prior to the Closing Date, establish at the Custodian a
segregated securities account which shall be held in the name of the Trustee as Entitlement Holder in trust for the benefit of the Secured Parties, which shall be designated as the “Payment Account”, which shall be maintained by the
Issuer with the Custodian in accordance with the Account Control Agreement. Except as provided in Section 11.1, the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall
be to pay amounts due and payable or distributable on the Notes in accordance with their terms and the provisions of this Indenture and to pay other amounts specified herein, each in accordance with the Priority of Payments. The Issuer shall not
have any legal, equitable or beneficial interest in the Payment Account other than in accordance with the Priority of Payments. Funds in the Payment Account shall not be invested. 

(b) Custodial Account. The Trustee shall, on or prior to the Closing Date, establish at the Custodian a segregated securities account
which shall be held in the name of the Trustee as Entitlement Holder in trust for the benefit of the Secured Parties, which shall be designated as the “Custodial Account”, which shall be maintained by the Issuer with the Custodian in
accordance with the Account Control Agreement. All Collateral Obligations Delivered to the Custodian pursuant to Section 3.2 shall be deposited into the Custodial Account. The only permitted withdrawals from the Custodial Account shall be in
accordance with the provisions of this Indenture. 
 (c) Reserve Account. The Trustee shall, on or prior to the Closing Date,
establish at the Custodian a segregated securities account which shall be held in the name of the Trustee as Entitlement Holder in trust for the benefit of the Secured Parties, which shall be designated as the “Reserve Account”, which
shall be maintained by the Issuer with the Custodian in accordance with the Account Control Agreement. The Trustee shall immediately upon receipt deposit in the Reserve Account all funds and property designated in this Indenture for deposit in the
Reserve Account, including: 
 (A) all proceeds from the issuance of Additional Notes; 

(B) from the Contribution Account, all Contributions to the extent the Collateral Manager, by Issuer Order, directs that such
Contributions be deposited in the Reserve Account to be available to fund Additional Fundings; 
 (C) all amounts received
from the Seller under the Master Purchase Agreement in respect of a Reverse Participated Collateral Obligation that is a Delayed Draw Collateral Obligation to fund the Seller’s obligations in respect of Additional Fundings; 

(D) all amounts received from the applicable participant under any Participation Agreement in respect of a Participated
Collateral Obligation that is a Delayed Draw Collateral Obligation to fund such participant’s obligations in respect of Additional Fundings; and 

(E) amounts required to be deposited in the Reserve Account pursuant to the Priority of Payments. 

The only permitted withdrawals from or application of funds or property on deposit in the Reserve Account shall be: 

  
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 (A) by Issuer Order, to fund Additional Fundings on Delayed Draw Collateral
Obligations (or to transmit such funds to the account of an Issuer Subsidiary for the purpose of funding Additional Fundings on Delayed Draw Obligations held by such Issuer Subsidiary; provided that such funds shall promptly be withdrawn from
such account to fund such Additional Fundings); 
 (B) upon the disposition of a Delayed Draw Collateral Obligation or the
occurrence of any other event that reduces the Unfunded Amount, if after giving thereto, the aggregate amount on deposit in the Reserve Account exceeds the Unfunded Amount (less, for each Reverse Participated Collateral Obligation or Participated
Collateral Obligation that is a Delayed Draw Collateral Obligation at such time, the portion of the unfunded amount thereof that is subject, as applicable, to the related Reverse Participation held by the Seller or the related Participation Interest
held by any Person other than the Issuer), then the excess may, by Issuer Order, be remitted to the Collection Account as Collateral Principal Collections; and 

(C) on the final Payment Date, the aggregate balance on deposit in the Reserve Account shall be remitted to the Collection
Account as Collateral Principal Collections. 
 Amounts in the Reserve Account shall be reinvested pursuant to Section 10.5(a). Any income
earned on amounts deposited in the Reserve Account shall be deposited in the Interest Collection Account as Collateral Interest Collections. 

(d) Contribution Account. The Trustee shall, on or prior to the Closing Date, establish at the Custodian a single, segregated securities
account which shall be held in the name of the Trustee as Entitlement Holder in trust for the benefit of the Secured Parties, which shall be designated as the “Contribution Account” (the “Contribution Account”), which
shall be maintained by the Issuer with the Custodian in accordance with the Account Control Agreement. 
 As provided in this Indenture, the
Issuer may from time to time solicit contributions in Cash (each, a “Contribution”) from a holder of Partnership Interests or any Affiliates thereof (each, a “Contributor”) including, without limitation, (1) to
fund the Issuer’s obligations to pay a Buyer True-up Amount (as defined in the Master Purchase Agreement, (2) to fund Additional Fundings in whole or in part, (3) to fund the Issuer’s
obligations to pay Extraordinary Expenses or other expenses of the Issuer, (4) to cure a breach of an Overcollateralization Test (5) to invest (solely through a Blocker Subsidiary) in existing Collateral Obligations that are Defaulted
Assets or in any portion of the collateral for a Defaulted Asset that is acquired through foreclosure, power of sale, acceptance of a deed-in-lieu of foreclosure or
otherwise, (6) to finance the purchase of additional Collateral Obligations pursuant to buy-sell arrangements in the Master Co-Lender Agreement, or (7) to
finance a contribution to the capital of any Issuer Subsidiary. All Contributions received by the Issuer shall be deposited in the Contribution Account upon receipt. In addition, the Issuer may direct that any amounts payable pursuant to Section
11.1(a)(viii) or Section 11.1(b)(iv) of the Priority of Payments may be deposited in the Contribution Account pending further application by the Issuer. 

The only permitted withdrawals from or application of funds or property on deposit in the Contribution Account shall be, by Issuer Order: 

(A) to be remitted to the Seller to pay a Buyer True-Up Amount; 

(B) to be remitted to the Reserve Account to fund Additional Fundings on Delayed Draw Collateral Obligations; 

(C) to be applied to pay Extraordinary Expenses or the other expenses of the Issuer; 

  
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 (D) to be remitted to the Collection Account to be treated as Collateral
Principal Collections; 
 (E) to be applied (solely through a Blocker Subsidiary) to invest in existing Collateral
Obligations that are Defaulted Assets or in any portion of the collateral for a Defaulted Asset that is acquired through foreclosure, power of sale, acceptance of a
deed-in-lieu of foreclosure or otherwise; 

(F) to finance the purchase of additional Collateral Obligations pursuant to buysell arrangements in the Master Co-Lender Agreement; 
 (G) to be remitted to any Cap Counterparty in connection with the
Issuer’s entry into any Cap Agreement in accordance with the terms of this Indenture; or 
 (H) to finance a
contribution to the capital of any Issuer Subsidiary. 
 No Contribution or portion thereof shall be returned to the Contributor at any time
(other than by operation of the Priority of Payments). Amounts in the Contribution Account shall be reinvested pursuant to Section 10.5(a). Any income earned on amounts deposited in the Contribution Account shall be deposited in the Interest
Collection Account as Collateral Interest Collections. 
 (e) Expense Reserve Account. The Trustee shall, on or prior to the Closing
Date, establish at the Custodian a segregated, securities account which shall be held in the name of the Trustee as Entitlement Holder in trust for the benefit of the Secured Parties, which shall be designated as the “Expense Reserve
Account”, which shall be maintained by the Issuer with the Custodian in accordance with the Account Control Agreement. The Issuer hereby directs the Trustee to deposit $10,000,000.00 to the Expense Reserve Account on the Closing Date. The
Trustee shall apply funds from the Expense Reserve Account, in the amounts and as directed by the Collateral Manager, to pay amounts due in respect of actions taken on or before the Closing. Any income earned on amounts on deposit in the Expense
Reserve Account shall be deposited in the Collection Account as Collateral Interest Collections as it is paid. On the Payment Date in March 2015, all remaining funds in the Expense Reserve Account (after deducting any expenses paid on such Payment
Date) shall be deposited in the Collection Account as Collateral Principal Collections and will be applied to for application under the Priority of Payments on such date. 

Section 10.4 Cap Counterparty Collateral Account. 

If and to the extent that any Cap Agreement is entered into by the Issuer if so permitted under this Indenture and such Cap Agreement requires
the Cap Counterparty to post collateral with respect to such Cap Agreement, the Issuer shall (at the direction of the Collateral Manager), on or prior to the date such Cap Agreement is entered into, direct the Trustee to establish in the name of the
Trustee a segregated, securities account which shall be designated as a Cap Counterparty Collateral Account (each, a “Cap Counterparty Collateral Account”). The Trustee (as directed by the Collateral Manager on behalf of the Issuer)
shall deposit into each Cap Counterparty Collateral Account all collateral required to be posted by a Cap Counterparty and all other funds and property required by the terms of any Cap Agreement to be deposited into the Cap Counterparty Collateral
Account, in accordance with the terms of the related Cap Agreement. The only permitted withdrawals from or application of funds or property on deposit in the Hedge Counterparty Collateral Account shall be, in accordance with the written instructions
of the Collateral Manager, to apply amounts on deposit therein to the obligations of the related Cap Counterparty under such Cap Agreement or to release such amounts to such Cap Counterparty, in each case in accordance with such Cap Agreement. 

  
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 Section 10.5 Reinvestment of Funds in Accounts; Reports by Trustee. 

(a) By Issuer Order (which may be in the form of standing instructions), the Issuer (or the Collateral Manager on behalf of the Issuer)
shall at all times direct the Trustee to, and, upon receipt of such Issuer Order, the Trustee shall, invest all funds on deposit in the Collection Account, the Reserve Account, the Contribution Account, the Expense Reserve Account and the Cap
Counterparty Collateral Account as so directed in Eligible Investments having Stated Maturities no later than 30 days (unless in each case a shorter maturity is required herein). If, prior to the occurrence of an Event of Default, the Issuer shall
not have given any such investment directions, the Trustee shall seek instructions from the Collateral Manager within three Business Days after transfer of any funds to such accounts. If the Trustee does not thereafter receive written instructions
from the Collateral Manager within five Business Days after transfer of such funds to such accounts, it shall invest and reinvest the funds held in such accounts, as fully as practicable, in an investment vehicle (which shall be an Eligible
Investment) designated as such by the Collateral Manager to the Trustee in writing on or before the Closing Date, (such investment, until and as it may be changed from time to time as hereinafter provided, the “Standby Directed
Investment”), until investment instruction as provided in the preceding sentence is received by the Trustee; or, if the Trustee from time to time receives a standing written instruction from the Collateral Manager expressly stating that it
is changing the “Standby Directed Investment” under this Section 10.5(a), the Standby Designated Investment may thereby be changed to an Eligible Investment of the type described in clause (ii) of the definition of “Eligible
Investments” maturing no later than the Business Day immediately preceding the next Payment Date (or such shorter maturities expressly provided herein) as designated in such instruction. After an Event of Default, the Trustee shall invest and
reinvest such Monies as fully as practicable in the Bank’s “US Bank Money Market Deposit Account” or, if no longer available, such similar investment of the type set forth in clause (ii) of the definition of Eligible Investments
maturing not later than the earlier of (i) 30 days after the date of such investment (unless putable at par to the issuer thereof) or (ii) the Business Day immediately preceding the next Payment Date (or such shorter maturities expressly
provided herein). Except to the extent expressly provided otherwise herein, all interest and other income from such investments shall be deposited in the Interest Collection Account, any gain realized from such investments shall be credited to the
Principal Collection Account upon receipt, and any loss resulting from such investments shall be charged to the Principal Collection Account. The Trustee shall not in any way be held liable by reason of any insufficiency of such accounts which
results from any loss relating to any such investment; provided that the foregoing shall not relieve the Bank of its obligations under any security or obligation issued by the Bank or any Affiliate thereof. 

(b) The Trustee agrees to give the Issuer immediate notice if any Account or any funds on deposit in any Account, or otherwise to the credit of
an Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. All Accounts shall remain at all times with the Trustee or a financial institution (x) having a long-term debt rating of at
least equal to “A3” or a short-term debt rating of at least “P-1” by Moody’s and having combined capital and surplus of at least U.S.$200,000,000 and (y) (a) that is a
federal or state-chartered depository institution that has a long-term debt rating of at least “A” by S&P or a long-term debt rating of at least
“A-” by S&P and a short-term debt rating of at least “A-1” by S&P or (b) in segregated trust accounts with the corporate trust
department of a federal or state-chartered deposit institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation Section 9.10(b) that has
(1) a long-term debt rating of at least “A” by S&P or a long-term debt rating of at least “A-” by
S&P and a short-term debt rating of at least “A-1” by S&P, and (2) in the case of accounts holding only Cash, a
long-term debt rating at least equal to “A3” or a short-term debt rating of “P-1” by Moody’s. In addition, if such institution’s rating
falls below the above required Moody’s and S&P ratings, the assets held in such Account shall be moved within 30 calendar days to another institution that is able to satisfy such ratings. 

  
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 (c) The Trustee shall supply, in a timely fashion, to the Issuer, the Collateral Manager and,
upon the direction of the Issuer or the Collateral Manager, the Seller any information regularly maintained by the Trustee that the Issuer or the Collateral Manager may from time to time request in writing with respect to the Pledged Obligations,
the Accounts and the other Assets and provide any other requested information reasonably available to the Trustee by reason of its acting as Trustee hereunder and required to be provided by Section 10.7, to permit the Collateral Manager to
perform its obligations under the Collateral Management Agreement. The Trustee shall promptly forward to the Collateral Manager copies of notices and other writings received by it from the issuer of any Collateral Obligation or from any Clearing
Agency with respect to any Collateral Obligation which notices or writings advise the Holders of such security of any rights that the Holders might have with respect thereto (including, without limitation, requests to vote with respect to amendments
or waivers and notices of prepayments and redemptions) as well as all periodic financial reports, and other communications received from such issuer and Clearing Agencies with respect to such issuer. 

Section 10.6 Accountings. 

(a) Monthly. Not later than the 1st day of each calendar month (or, if such day is not a Business Day, the next succeeding Business
Day), commencing on February 1, 2015, the Issuer shall compile and make available (or cause to be compiled and made available) (including, at the election of the Issuer, via appropriate electronic means) to the Trustee and the Collateral
Manager and, upon written request therefor, to any Holder shown on the Register and, upon written notice to the Trustee substantially in the form of Exhibit C, any beneficial owner of a Note, a monthly report (each a “Monthly
Report”) determined as of the close of business on Calculation Date immediately preceding the Payment Date in each month. The Monthly Report shall contain the information with respect to the Collateral Obligations and Eligible Investments
included in the Assets (based, in part, on information provided by the Collateral Manager) set forth on Schedule 9 hereto. 
 Upon receipt
of each Monthly Report, the Trustee, to the extent it has the information to do so in its possession, shall compare the information contained in such Monthly Report to the information contained in its records with respect to the Assets and shall,
within three Business Days after receipt of such Monthly Report, notify the Issuer and the Collateral Manager if the information contained in the Monthly Report does not conform to the information maintained by the Trustee with respect to the
Assets. In the event that any discrepancy exists, the Trustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within five
Business Days cause the Independent accountants appointed by the Issuer pursuant to Section 10.8 to perform agreed-upon procedures on such Monthly Report and the Trustee’s records to assist the Trustee in determining the cause of such
discrepancy. If the discrepancy results in the discovery of an error in the Monthly Report or the Trustee’s records, the Monthly Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making
all calculations pursuant to this Indenture and notice of any error in the Monthly Report shall be sent as soon as practicable by the Issuer to all recipients of such report. 

(b) Payment Date Accounting. The Issuer shall render (or cause to be rendered) a report (each a “Distribution Report”),
determined as of the close of business on each Calculation Date preceding a Payment Date, and shall make available such Distribution Report (including, at the election of the Issuer, via appropriate electronic means acceptable to each recipient) to
the Trustee, the Collateral Manager and, upon written request therefor, any Holder shown on the Register and, upon written notice to the Trustee in the form of Exhibit C, any beneficial owner of a Note not later than the Business Day preceding the
related Payment Date. The Distribution Report shall contain the following information (based, in part, on information provided by the Collateral Manager): 

  
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 (i) (a) the Aggregate Outstanding Amount of the Class A Notes at the
beginning of the Interest Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Class A Notes, the amount of principal payments to be made on the Class A Notes on the related Payment Date, the Unfunded
Amount, Net Unfunded Amount and the Aggregate Outstanding Amount of the Class A Notes after giving effect to the principal payments, if any, on the related Payment Date and such amount as a percentage of the original Aggregate Outstanding
Amount of the Class A Notes and (b) the amount of payments to be made to the holders of the Partnership Interests on the related Payment Date; 

(ii) (A) the accrued interest (and any related Commitment Fee) for the Class A Notes for such Payment Date;
(B) LIBOR for the Interest Period commencing on such Payment Date; and (C) the Interest Rate for the Class A Notes for the Interest Period commencing on such Payment Date; 

(iii) the amounts payable pursuant to each clause of Section 11.1(a) or, if applicable, each clause of Section 11.1(b) on the
related Payment Date; 
 (iv) for the Collection Account: 

(A) the Balance on deposit in the Collection Account at the end of the related Due Period (or, with respect to the Interest
Collection Account, the next Business Day); 
 (B) the amounts payable from the Collection Account to the Payment Account, in
order to make payments pursuant to Section 11.1(a) and Section 11.1(b) on the next Payment Date; and 
 (C) the Balance
remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and 
 (v)
subject to Section 14.14, such other information as the Trustee or the Collateral Manager may reasonably request, to the extent that such information is reasonably available to the Issuer or is in the possession of the Issuer. 

Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such
amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII. 

(c) Interest Rate Notice. The Trustee shall make available to each Holder of Class A Notes, through publication in the Distribution
Report relating to the Payment Date on which the relevant Interest Period commences, LIBOR and the Interest Rate for the Class A Notes for each Interest Period. 

(d) Failure to Provide Accounting. If the Trustee shall not have received any accounting provided for in this Section 10.7 on the
first Business Day after the date on which such accounting is due to the Trustee, the Issuer shall use all reasonable efforts to cause such accounting to be made by the applicable Payment Date. To the extent the Issuer is required to provide any
information or reports pursuant to this Section 10.7 as a result of the failure to provide such information or reports, the Issuer (with the assistance of the Collateral Manager) shall be entitled to retain an Independent certified public
accountant in connection therewith and the reasonable costs incurred by the Collateral Manager for such Independent certified public accountant shall be paid by the Issuer. 

  
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 (e) Posting Reports. The Issuer may post the information contained in a Monthly Report or
Distribution Report to a password-protected internet site accessible only to the Holders of the Notes, the Trustee and the Collateral Manager. 

(f) Availability of Reports. The Monthly Reports, Distribution Reports, any notices or communications required to be delivered to the
Holders in accordance with this Indenture and copies of all Transaction Documents shall be made available to the Persons entitled to such reports via the Trustee’s website. The Trustee’s website shall initially be located at the following
address: http://www.usbtrustgateway. The Trustee may change the way such statements are distributed. As a condition to access to the Trustee’s internet website, the Trustee may require registration and the acceptance of a disclaimer. The
Trustee shall not be liable for the information it is directed or required to disseminate in accordance with this Indenture. The Trustee shall be entitled to rely on but shall not be responsible for the content or accuracy of any information
provided in the information set forth in the Monthly Report and the Distribution Report and may affix thereto any disclaimer it deems appropriate in its reasonable discretion. Upon written request of any Holder, the Trustee shall also provide such
Holder copies of reports produced pursuant to this Indenture and the Collateral Management Agreement. 
 Section 10.7 Release of
Assets. 
 (a) The Issuer (or the Collateral Manager, on behalf of the Issuer) may, by Issuer Order executed by, or a trade
confirmation prepared by, an Authorized Officer of the Collateral Manager, delivered to the Trustee no later than the settlement date for any sale of an Asset certifying that the sale of such Asset is being made in accordance with Section 12.1
and such sale complies with all applicable requirements of Section 12.1 (which certifications shall be deemed to have been made by the delivery of an Issuer Order or trade confirmation), direct the Trustee to release or cause to be released
such Asset from the lien of this Indenture and, upon receipt of such Issuer Order, or trade confirmation, the Trustee shall deliver (or cause the Custodian to deliver) any such Asset, if in physical form, duly endorsed to the broker or purchaser
designated in such Issuer Order or trade confirmation or, if such Asset is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as specified by the Collateral
Manager in such Issuer Order or trade confirmation; provided that (1) the Trustee may deliver (or cause the Custodian to deliver) any such Asset in physical form for examination in accordance with industry custom; and
(2) notwithstanding the foregoing, the Issuer shall not direct the Trustee to release any Asset pursuant to this Section 10.7(a) following the occurrence and during the continuance of an Event of Default unless (x) such release is in
connection with a sale in accordance with Section12.1 or (y) the liquidation of the Assets has begun or the Trustee has exercised any remedies of a Secured Party pursuant to Section 5.4(a) at the direction of a Majority of the Class A
Notes. 
 (b) If (x) no Event of Default has occurred and is continuing or (y) the release is in connection with a sale in
accordance with Section 12.1 (unless the liquidation of the Assets has begun and the Trustee has exercised any remedies of a Secured Party pursuant to Section 5.4(a) at the direction of a Majority of the Class A Notes), and, in each case,
subject to Article XII hereof, the Trustee shall upon the direction of the Collateral Manager deliver any Pledged Obligation, and release or cause to be released such Asset from the lien of this Indenture, which is set for any mandatory call or
redemption or payment in full to the appropriate Paying Agent on or before the date set for such call, redemption or payment, in each case against receipt of the call or redemption price or payment in full thereof. 

(c) Upon receiving actual notice of any Offer (as defined below) or any request for a waiver, consent, amendment or other modification with
respect to any Collateral Obligation, the Trustee on behalf of the Issuer shall promptly notify the Collateral Manager of any Collateral Obligation that is subject to a tender offer, voluntary redemption, exchange offer, conversion or other similar
action (an 

  
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“Offer”) or such request. Unless the Notes have been accelerated following an Event of Default, the Collateral Manager shall have the exclusive right to direct in writing (upon
which the Trustee may conclusively rely) (x) the Trustee to accept or participate in or decline or refuse to participate in such Offer and, in the case of acceptance or participation, to release from the lien of this Indenture such Collateral
Obligation in accordance with the terms of the Offer against receipt of payment therefor, or (y) the Issuer or the Trustee to agree to or otherwise act with respect to such consent, waiver, amendment or modification. If the Notes have been
accelerated following an Event of Default, the Majority of the Class A Notes shall have the exclusive right to direct in writing (upon which the Trustee may conclusively rely) (x) the Trustee to accept or participate in or decline or
refuse to participate in such Offer and, in the case of acceptance or participation, to release from the lien of this Indenture such Collateral Obligation in accordance with the terms of the Offer against receipt of payment therefor, or (y) the
Issuer or the Trustee to agree to or otherwise act with respect to such consent, waiver, amendment or modification. 
 (d) As provided in
Section 10.2(a), the Trustee shall deposit any proceeds received by it from the disposition of a Pledged Obligation in the Collection Account, unless simultaneously applied to the purchase of additional Eligible Investments as permitted under and in
accordance with the requirements of this Article X. 
 (e) The Trustee shall, upon receipt of an Issuer Order at such time as there are no
Class A Notes Outstanding and all obligations of the Issuer hereunder have been satisfied, release any remaining Assets from the lien of this Indenture. 

(f) Any Asset or amounts that are released pursuant to Section 10.7(a), (b), (c) or (e) shall be released from the lien of this Indenture.

 Section 10.8 Reports by Independent Accountants. 

(a) Prior to the delivery of any reports of accountants required to be prepared to be pursuant to the terms hereof, the Issuer shall
appoint one or more firms of Independent certified public accountants of recognized international reputation for purposes of performing agreed-upon procedures required by this Indenture, which may be the firm of Independent certified public
accountants that performs accounting services for the Issuer or the Collateral Manager. The Issuer may remove any firm of Independent certified public accountants at any time without the consent of any Holder of Notes. Upon any resignation by such
firm or removal of such firm by the Issuer, the Issuer (or the Collateral Manager on behalf of the Issuer) shall promptly appoint by Issuer Order delivered to the Trustee a successor thereto that shall also be a firm of Independent certified public
accountants of recognized international reputation, which may be a firm of Independent certified public accountants that performs accounting services for the Issuer or the Collateral Manager. If the Issuer shall fail to appoint a successor to a firm
of Independent certified public accountants which has resigned within 30 days after such resignation, the Issuer shall promptly notify the Trustee of such failure in writing. If the Issuer shall not have appointed a successor within ten days
thereafter, the Trustee shall promptly notify the Collateral Manager, who shall appoint a successor firm of Independent certified public accountants of recognized international reputation. The fees of such Independent certified public accountants
and its successor shall be payable by the Issuer as an Administrative Expense. 
 (b) Upon the written request of the Trustee, or any Holder
of a Partnership Interest, the Issuer shall cause the firm of Independent certified public accountants appointed pursuant to Section 10.7(a) to provide any Holder of Notes with all of the information required to be provided by the Issuer or pursuant
to Section 7.13 or assist the Issuer in the preparation thereof. 

  
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 Section 10.9 Reserved. 

Section 10.10 Procedures Relating to the Establishment of Accounts Controlled by the Trustee. Notwithstanding
anything else contained herein, the Trustee is hereby directed, with respect to each of the Accounts, to enter into the Account Control Agreement with the Custodian. The Trustee shall have the right to open such subaccounts of any such account as it
deems necessary or appropriate for convenience of administration. 
 ARTICLE XI 

APPLICATION OF MONIES 

Section 11.1 Disbursements of Monies from Payment Account. 

(a) Notwithstanding any other provision in this Indenture, the Notes or any other Transaction Document, but subject to the other
subsections of this Section 11.1, unless an Enforcement Event has occurred and is continuing, on each Payment Date (including the Stated Maturity Date and, if funds become available after the Stated Maturity Date, on any date after the Stated
Maturity Date promptly following the date on which such funds become available), the Trustee shall disburse Collateral Interest Collections and Collateral Principal Collections transferred, if any, from the Collection Account to the Payment Account
pursuant to Section 10.2 in accordance with the following priorities (the “Ordinary Priority of Payments”): 

(i) to pay any accrued and unpaid interest on the Class A Notes; 

(ii) (A) on the first Payment Date, all proceeds of the 140 West Rebate Payment (if any) will be applied to repay
outstanding principal of the Class A Notes, and (B) on the Payment Date occurring in March 2015, all amounts transferred from the Expense Reserve Account to the Collection Account as Collateral Principal Collections; 

(iii) if the Portfolio O/C Ratio Test is not satisfied, the Required Portfolio O/C Level is Sequential or a Sequential
Amortization Trigger Event has occurred, to pay pro rata the outstanding principal amount of Class A Notes: 
 (x) if
the Portfolio O/C Ratio Test is not satisfied, in an amount necessary (determined on a pro forma basis giving effect to the payment of principal of the Class A Notes pursuant to this clause (iii)) to cause the Portfolio O/C Ratio Test to be
satisfied; and 
 (y) if the Required Portfolio O/C Level is Sequential or if a Sequential Amortization Trigger Event has
arisen, until the Class A Notes are paid in full; 
 (iv) if the Underlying Aggregate Asset O/C Ratio is less than the
Required Underlying Aggregate Asset O/C Ratio, to pay pro rata the outstanding principal amount of the Class A Notes in an amount necessary (determined on a pro forma basis giving effect to the payment of principal of the Class A Notes
pursuant to this clause (iv)) to cause the Underlying Aggregate Asset O/C Ratio to equal at least 224%; 
 (v) to pay
(a) if such date is on or after the Clean-Up Call Redemption Date, pro rata, principal of the Class A Notes until the Class A Notes are paid in full, and (b) the Class A Minimum
Payment (if any) to the extent not previously paid; 

  
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 (vi) if the Class A Notes have been paid in full, to the Reserve Account
until the aggregate amount then on deposit in the Reserve Account is equal to the aggregate Unfunded Amount of all Delayed Draw Collateral Obligations on such date (less, for each Reverse Participated Collateral Obligation or Participated
Collateral Obligation that is a Delayed Draw Collateral Obligation at such time, the portion of the unfunded amount thereof that is subject, as applicable, to the related Reverse Participation held by the Seller or the related participation interest
held by any Person other than the Issuer) (which amounts so deposited will serve to reduce the aggregate Commitments on a dollar for dollar basis); 

(vii) at the discretion of the Collateral Manager, to purchase Cap Agreements to the extent otherwise permitted under this
Indenture; and 
 (viii) any remaining amounts shall be paid as the Issuer shall direct. 

(b) If an Enforcement Event has occurred and is continuing, any money collected by the Trustee (in the case of an Enforcement Event resulting
from the occurrence of an Event of Default other than a Remedies Event, excluding any amounts held in the Reserve Account and any proceeds received from the issuance of Additional Notes or from Contributions, in each case, to fund Additional
Fundings) will be applied at the date or dates fixed by the Trustee (each, an “Accelerated Payment Date”), following payment by the Trustee of any Administrative Expenses in accordance with Section 10.2(d) and in the following order
(the “Acceleration Priority of Payments”): 
 (i) to pay any accrued and unpaid interest on the Class A
Notes; 
 (ii) to pay, (x) first, pro rata, principal of the Class A Notes until paid in full; and (y) second,
the Class A Minimum Payment (if any) to the extent not previously paid; 
 (iii) to deposit into the Reserve Account
until the aggregate amount deposited in the Reserve Account under this clause (iii) equals the aggregate Unfunded Amount of all Delayed Draw Collateral Obligations on such date (less, for each Reverse Participated Collateral Obligation
or Participated Collateral Obligation that is a Delayed Draw Collateral Obligation at such time, the portion of the unfunded amount thereof that is subject, as applicable, to the related Reverse Participation held by the Seller or the related
participation interest held by any Person other than the Issuer) (which amounts so deposited will serve to reduce the aggregate Commitments on a dollar for dollar basis); and 

(iv) any remaining amounts shall be paid as the Issuer shall direct. 

(c) If on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements required by
the Distribution Report, the Trustee shall make the disbursements called for in the order and according to the priority set forth under Section 11.1 to the extent funds are available therefor. 

(d) If any Deemed Expense Notes have been deemed to have arisen in connection with Extraordinary Expenses, then references in the Priority of
Payments to the Class A Notes shall be deemed to include references to such Deemed Expense Notes. 
 (e) In the event that a Cap
Counterparty defaults in the payment of its obligations to the Issuer under any Cap Agreement on the date on which any payment is due thereunder, the Trustee shall make a demand on such Cap Counterparty, or any guarantor, if applicable, demanding
payment by 12:30 p.m., New York time, on such date. The Trustee shall give notice as soon as reasonably practicable to the Holders of Notes and the Collateral Manager if such Cap Counterparty continues to fail to perform its obligations for two
Business Days following a demand made by the Trustee on such Cap Counterparty, and shall take such action with respect to such continuing failure as may be directed to be taken pursuant to Section 5.13. 

  
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 ARTICLE XII 

SALE OF COLLATERAL OBLIGATIONS 

Section 12.1 Sales of Collateral Obligations. (a) Subject to the satisfaction of the conditions specified in Sections 12.2 and
12.3 and provided that the maturity of the Class A Notes has not been accelerated, the Collateral Manager, on behalf of the Issuer, may, but will not be required to, direct the Trustee, in writing, to sell, grant a participation in or otherwise
dispose of, and the Trustee (on behalf of the Issuer) shall sell, grant a participation in or otherwise dispose of (in the manner directed by the Collateral Manager) any Collateral Obligation, including any Defaulted Asset. Notwithstanding anything
herein to the contrary, the Issuer (or the Collateral Manager on its behalf) shall sell any Collateral Obligation to the Seller subject to the Seller’s exercise of its repurchase rights set forth in Section 4.1 of the Master Purchase
Agreement, as and when required by the terms thereof. 
 Without limiting the foregoing, provided that the maturity of the Class A
Notes has not been accelerated the Collateral Manager may cause the Issuer to exchange a Defaulted Asset or a Collateral Obligation expected to become a Defaulted Asset for an amount of cash provided by a holder of Limited Partnership Interests or
the Collateral Manager or any of their respective Affiliates (each such exchange, a “Defaulted Asset Exchange”) in an amount equal to the greater of (i) the fair market value of such Defaulted Asset or Collateral Obligation and
(ii) the lesser of (x) its par amount and (y) its Adjusted Appraised Value.    For each Defaulted Asset Exchange, the Collateral Manager shall provide prior written notice to the Holders of the Class A Notes,
specifying in such notice the Adjusted Appraised Value of such Defaulted Asset or Collateral Obligation and its determination of the fair market value thereof. If the Holders of a Majority of the Class A Notes object to the Collateral
Manager’s determination of such fair market value, the consummation of such Defaulted Asset Exchange shall be postponed until the fair market value of such Defaulted Asset or Collateral Obligation shall have been determined by an Approved
Appraisal Firm jointly selected by the Collateral Manager and the Holders of the Class A Notes, acting in good faith (it being understood that the acquiring party may choose not to acquire such Defaulted Asset or Collateral Obligation following
such determination of fair market value). 
 (b) Post-Acceleration Sales. Subject to the satisfaction of the conditions specified in
Sections 12.2 and 12.3, if the prepayment of the Class A Notes has been accelerated, the Collateral Manager, on behalf of the Issuer, may, but will not be required to, direct the Trustee, in writing, to sell, grant a participation in or
otherwise dispose of, and the Trustee (on behalf of the Issuer) shall sell, grant a participation in or otherwise dispose of (in the manner directed by the Collateral Manager), any Collateral Obligation, provided that either: 

(i) after giving effect to such Sale (and any other Sales effected substantially contemporaneously) and the application of the
proceeds thereof, each of the Overcollateralization Tests are satisfied or, if not satisfied, maintained or improved; or 

(ii) Holders of a Majority of the Class A Notes shall have consented to such Sale; 

provided that the restrictions set forth in clauses (i) and (ii) above will not apply if both the retention of such Collateral Obligation by the
Issuer and the contribution of such Collateral Obligation by the Issuer to a Blocker Subsidiary would, in the Issuer’s good faith judgment, create a significant tax exposure. 

  
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 (c) Legal Final Maturity Sales. Subject to clauses (a) and (b) above, if any
Class A Notes are for any reason outstanding on the date that is three months prior to the Legal Final Maturity, the Collateral Manager shall cause all remaining Collateral Obligations to be sold for settlement prior to the Legal Final
Maturity. 
 (d) Tax Redemption; Clean-Up Redemption; Optional Redemption. After the Issuer
has notified the Trustee of a Tax Redemption, Clean-Up Redemption or Optional Redemption, the Collateral Manager shall direct the Trustee to sell (which sale may be through participation or other arrangement)
all or a portion of the Collateral Obligations if the requirements of Article IX are satisfied. If any such sale is made through participation, the Issuer shall use reasonable efforts to cause such participations to be converted to assignments
within six months of the sale. 
 (e) Transfers to Issuer Subsidiaries. The Issuer will use its commercially reasonable efforts to
sell or otherwise transfer to a Blocker Subsidiary any Collateral Obligation that is a Defaulted Asset or that is expected to become a Defaulted Asset, in either case before the continued direct ownership of such Collateral Obligation would cause
the Issuer to incur a material amount of tax liability or adversely affect the Issuer or its direct or indirect equity holders, including before the Collateral Obligation becomes a “U.S. real property interest”. In addition, the Issuer may
transfer to a Blocker Subsidiary or to any other Issuer Subsidiary any of the other assets described in Section 7.4(c). The consideration for the transfer of such assets shall be either an increase in the value of the equity interests of the Issuer
in such Issuer Subsidiary or a note (or loan) issued by such Issuer Subsidiary to the Issuer or a combination of the two, in each case pursuant to an Issuer Subsidiary Funding and Security Agreement, provided that (x) the Issuer shall
pledge its equity interests in such Issuer Subsidiary to secure the Secured Obligations and (y) in a case where any portion of the consideration for the transfer of such assets is a note (or a loan or any other debt instrument) issued by such
Issuer Subsidiary to the Issuer, such Issuer Subsidiary shall grant a security interest in all of its assets to secure such note(s) (or loans or other debt instruments, if any) or the Secured Obligations (or both) and shall take all steps necessary
to ensure that each such security interest constitutes a first priority perfected security interest not subject to equal or prior Liens (the provisions of this clause (y) shall apply mutatis mutandis to any subsidiary of an Issuer
Subsidiary that is issued a note (or loan or other debt instrument) by such Issuer Subsidiary. 
 Section 12.2 Conditions Applicable
to All Purchase and Sale Transactions. 
 (a) Any transaction effected under this Article XII shall be conducted on an arm’s
length basis and, if effected with a Person Affiliated with the Collateral Manager, shall be effected in accordance with the requirements of Section 9 of the Collateral Management Agreement on terms no less favorable to the Issuer than would be
the case if such Person were not so Affiliated, provided that the Trustee shall have no responsibility to oversee compliance with this clause (a) by the other parties. 

(b) Without limiting the other conditions to Discretionary Sales in this Indenture, no Discretionary Sale shall be permitted hereunder unless
either: 
 (i) after giving effect to such Discretionary Sale, (and any other Discretionary Sale effected substantially
contemporaneously) and the application of the proceeds thereof, each of the Overcollateralization Tests are satisfied or, if not satisfied, are maintained or improved; or 

(ii) Holders of a Majority of the Class A Notes shall have consented thereto; 

provided that the restrictions set forth in clauses (i) and (ii) above will not apply if both the retention of such Collateral Obligation by the
Issuer and the contribution of such Collateral Obligation by the Issuer to a Blocker Subsidiary would, in the Issuer’s good faith judgment, create a significant tax exposure. 

  
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 (c) Notwithstanding anything contained in this Article XII to the contrary, the Issuer shall have
the right to effect any sale of any Pledged Obligation (x) that has been consented to by Holders of a Majority of the Class A Notes and (y) of which the Trustee has been notified. 

Section 12.3 Participations. 

(a) To the extent the Issuer desires to (and under the terms of this Indenture the Issuer is otherwise permitted to) sell a Collateral
Obligation, the Issuer may sell such Collateral Obligation by assignment or by granting an undivided participation interest (any such participation interest (excluding any Reverse Participation granted pursuant to the Master Purchase Agreement, a
“Participation Interest”) therein to the transferee as determined by the Collateral Manager in a commercially reasonable manner, provided that sales of Participation Interests after the Closing Date shall be subject to the following
requirements: 
 (i) Such Participation Interest must constitute a Qualified Participation. 

(ii) If such Collateral Obligation is a Delayed Draw Collateral Obligation, the Participation Agreement must provide that,
unless: 
 (A) the Participant is reasonably creditworthy (as determined by the Collateral Manager in good faith and in a
commercially reasonable manner); and 
 (B) if it is publicly rated by Moody’s, Standard & Poor’s or
Fitch, its public debt ratings are at least “Baa2”, “BBB” and “BBB”, respectively, 
 the Participant must
post collateral of a commercially reasonable type and amount in respect of its unfunded obligations under such Participation Agreement into an account of the Issuer (a “Participant Funding Account”) with respect to such Participant with
the Bank. 
 (iii) The ownership of each Participation Interest granted by the Issuer shall be registered on a record of
ownership maintained by the Issuer. The right to receive payments with respect to each such Participation Interest may be transferred only if the transfer is registered on such record of ownership and the transferee is identified as the owner of an
interest in the obligation, and the Issuer shall promptly register any transfer on such record of ownership. Under the terms of each Participation Agreement to which the Issuer is a party as the seller, the Issuer shall treat the registered holder
of each Participation (as recorded on such record of ownership) as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in a Participation or under any Participation Agreement on
the part of any other person or entity. The Trustee, Holders of Class A Notes and Participants shall have the right at any time upon reasonable prior notice and during business hours to inspect such register. 

(iv) Each Participation Agreement shall provide for the following (or substantially similar provisions): 

(A) If the Participation Seller (or other applicable withholding agent) shall be required by law to deduct and withhold Taxes
from sums payable to or with respect to the Participant with respect to any Participation Interest, the Participation Seller or such other withholding agent shall be entitled to do so with respect to the Participant’s interest in such payment
(all withheld amounts being deemed paid to such Participant). 

  
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 (B) The Participant shall agree to indemnify the Participation Seller and the
Trustee against and hold the Participation Seller harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Participation Seller to withhold Taxes from payment
made to the Participant if and to the extent the Participation Seller failed to withhold in reliance upon any representation, certificate, statement, document or instrument made or provided by such Participant to the Participation Seller or its
agent in connection with the obligation of the Seller, indicating that such withholding is not required, and the Participant shall, upon request of the Seller and at its sole cost and expense, defend any claim or action relating to the foregoing
indemnification. 
 (C) The Participant shall represent to the Participation Seller (for the benefit of the underlying
borrowers) that it is not a Non-Exempt Person. Contemporaneously with the execution of the related Participation Agreement and from time to time as necessary during the term of such Participation Agreement,
the Participant shall deliver to the Participation Seller evidence satisfactory to the Participation Seller substantiating that it is not a Non-Exempt Person and that the Participation Seller is not obligated
under applicable law to withhold U.S. federal Taxes on sums paid to it with respect to the underlying Collateral Obligations or otherwise under the relevant Participation Agreement. Without limiting the effect of the foregoing, each party shall
furnish each other party duly executed copies of the applicable Internal Revenue Service Form W-9 and/or W-8 or successor form thereto or other form or statement
(including any replacement form upon the obsolescence or expiration of a form previously provided and, where applicable, any statement certifying eligibility for the “portfolio interest” exemption described in Code sections 871 and 881, as
well as any other reasonably requested information to establish an exemption from the withholding of United States federal tax), as evidence of such party’s exemption from the withholding of United States federal tax with respect to payments
made with respect to the underlying Collateral Obligations or otherwise under the relevant Participant Agreement. Notwithstanding any other provision of this paragraph, if, as a result of any requirement of law or any change therein or in the
interpretation or application thereof enacted or effective after the date hereof, a party is not legally able to deliver any form pursuant to this paragraph, such party shall not be required to deliver such form and shall not be treated as a Non-Exempt Person for purposes of this Agreement. 
 (D) As used in this clause (iv): 

(1) “Non-Exempt Person” means a Person who has not delivered to (or
does not have on file with) to the Participation Seller (or other applicable withholding agent) for the relevant year such duly-executed form(s) or statement(s) as may, from time to time, be prescribed by law to permit the Participation Seller to
make payments to such Person free of any obligation or liability for withholding of U.S. federal taxes. 
 (2)
“Participation Seller” means the Issuer as selling institution in respect of a Participation Interest. 

(3) “Taxes” means any income or other taxes (including withholding taxes), levies, imposts, duties, fees,
assessments or other charges of whatever nature, now or hereafter imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein. 

  
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 (b) If at any time a Participant in a Delayed Draw Collateral Obligation shall not have funded
its share under any such Delayed Draw Collateral Obligation and collateral to fund such amounts is not available in a related Participant Funding Account, then the Issuer shall solicit Contributions from Contributors to fund such amounts. 

(c) If a Participant fails to fund its share of any Delayed Draw Collateral Obligation, the Issuer shall, promptly following such failure to
fund, establish a Participant Funding Account in respect of such Participant (if a Participant Funding Account has not theretofore been established), and all payments to the Issuer by an Obligor in respect of any such Delayed Draw Collateral
Obligation that would otherwise be payable by the Issuer to such Participant shall be diverted to such Participant Funding Account, and any amounts in such Participant Funding Account shall be applied to any future funding obligations in respect of
Delayed Draw Collateral Obligations of such Participant. 
 (d) Upon the occurrence of each borrowing by the Obligor under a Delayed Draw
Collateral Obligation in respect of which the relevant Participant has acquired its Participation Interest, any amounts contained in the related Participant Funding Account shall, as directed by the Issuer in writing, be withdrawn by the Trustee and
applied toward such Participant’s funding obligations under such Participation Interest in accordance with the terms of the related Participation Agreement. 

(e) Upon the occurrence of each repayment or prepayment by the Obligor under the Delayed Draw Collateral Obligation in respect of which the
relevant Participant has acquired its Participation Interest, amounts received by the Issuer that are attributable to such Participant’s Participation Interest shall (x) in the case of any Participant that has failed to fund its share of
any Delayed Draw Collateral Obligation or for which a Participant Funding Account has otherwise been created, be deposited into the related Participant Funding Account for further application under clause (d) above or clause (f) below, and
applied in accordance with clause (d) above or (y) in the case of any other Participant, as directed by the Issuer in writing, be remitted by the Trustee to such Participant. 

(f) When all future funding obligations owing by a Participant to the Issuer under each Participation Agreement shall have been satisfied in
full (as determined in accordance with the terms of such Participation Agreement), all amounts remaining in the related Participant Funding Account shall, as directed by the Issuer in writing, be withdrawn by the Trustee and remitted to such
Participant. 
 (g) If a Participation Interest is sold to an Affiliate of the Issuer, the related Participation Agreement shall contain
provisions in which such Affiliate (A) absolves the Issuer and the Trustee from liability to such Affiliate except for their gross negligence, willful misconduct or bad faith and (B) covenants not to institute bankruptcy, insolvency or
similar proceedings against the Issuer. 
 (h) For purposes of this Indenture, calculations of the Overcollateralization Tests shall be
determined as if the Issuer had sold an assignment of such Collateral Obligation rather than a Participation Interest. 
 (i) All sales of
Participation Interests shall be for Cash. 
 (j) The Issuer shall provide the Trustee with a certified copy of each agreement under which
the Issuer sells a Participation Interest in any Collateral Loan Obligation. Upon receipt of written certification by the Issuer (which may take the form of standing instructions with respect to a specified portion of all payments received on
designated Collateral Obligations) to the effect that specified amounts received by the Issuer from an Obligor do not constitute Collateral Interest Collections or Collateral Principal Collections subject to this Indenture but are required by the
terms of such a Participation Agreement to be paid by the Issuer to the purchaser of a Participation Interest, the Trustee will disburse such amounts to the Person entitled thereto, as directed in such certificate (subject to clause
(ii) above). The Trustee shall have no liability for relying on such certificates absent manifest error. 

  
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 Section 12.4 Appraisal of Assets. 

The Issuer shall obtain Appraisals with respect to Collateral Obligations from time to time as follows: 

(a) If any Collateral Obligation becomes a Defaulted Asset then, upon request from the Servicer or Holders of at least a
Majority of the Class A Notes, the Collateral Manager shall promptly initiate the process of obtaining an Appraisal with respect to such Defaulted Asset pursuant to the terms of such Collateral Obligation or, in its discretion, obtain an
Appraisal from an Approved Appraisal Firm. 
 (b) If Defaulted Assets (measured by Principal Balance) aggregate more than 25%
of the Aggregate Principal Balance of all Collateral Obligations, then, upon request from the Servicer or Holders of at least a Majority of the Class A Notes, the Collateral Manager shall promptly obtain an Appraisal with respect to each
Collateral Obligation (whether or not such Collateral Obligation is a Defaulted Asset at such time). 
 For so long as any of the conditions
specified in clause (a) or (b) above is continuing, upon request from the Servicer or Holders of at least a Majority of the Class A Notes, the Collateral Manager shall obtain updated Appraisals with respect to such Defaulted Asset (in the
case of clause (a)) or with respect to all of the Collateral Obligations (in the case of clause (b)), in each case at least every 6 months. 

Upon a Defaulted Asset becoming a Cured Obligation, the Collateral Manager will, upon the request of a Majority of the Class A Notes,
obtain one additional follow-up Appraisal for such Cured Obligation. 
 The Collateral Manager may,
if it elects, obtain an Appraisal for any Collateral Obligation (whether or not a Defaulted Asset) at any time; provided that: 

(x) in the case of any Appraisal obtained for the purpose of determining the Underlying Asset Value of such Collateral
Obligation, the Collateral Manager shall have given the Holders of the Class A Notes not less than five Business Days’ prior written notice thereof (any such notice, a “Collateral Manager Appraisal Notice”, which notice
shall identify the Collateral Obligations to be so Appraised in connection therewith); and 
 (y) Holders of a Majority of
the Class A Notes may require, by notice to the Collateral Manager given within ten Business Days of their receipt of the related Collateral Manager Appraisal Notice, that the same or lesser number of additional Collateral Obligations (whether
or not Defaulted Assets) also be Appraised at the same time; provided that the Holders of the Class A Notes will be entitled to require the Issuer to obtain Appraisals for a number of additional Collateral Obligations such that the
aggregate number of Appraisals requested under this clause (y) in relation to a Collateral Manager Appraisal Notice are less than or equal to the number of Appraisals elected by the Collateral Manager under such Collateral Manager Appraisal
Notice plus three. All Appraisals requested under this clause (y) shall be conducted at the expense of the Holders of the Class A Notes that requested such Appraisals. 

  
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 ARTICLE XIII 

NOTEHOLDERS’ RELATIONS 

Section 13.1 Standard of Conduct. 

In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Holder under this Indenture, a Holder or
Holders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or any failure by it or
them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Holder, the Issuer, or any other Person, except for any liability to which such Holder may be subject to the extent
the same results from such Holder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture. 

ARTICLE XIV 

MISCELLANEOUS 

Section 14.1 Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an Officer of the Issuer or the Collateral Manager may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Officer knows, or should know that the
certificate or opinion or representations with respect to the matters upon which its certificate or opinion is based are erroneous. Any such certificate of an Officer of the Issuer or the Collateral Manager or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Collateral Manager, the Trustee or any other Person, stating that the information with respect to such factual matters is in the
possession of the Issuer, the Collateral Manager, the Trustee or such other Person, unless such Officer of the Issuer or the Collateral Manager or such counsel knows that the certificate or opinion or representations with respect to such matters are
erroneous. Any Opinion of Counsel may also be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by an Officer of the Issuer stating that the information with respect to such matters is in the
possession of the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture it is
provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to the taking of any action by the Trustee at the request or direction of the Issuer, then notwithstanding that the satisfaction
of such condition is a condition precedent to the Issuer’s right to make such request or direction, the Trustee shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and
continuation of such Default or Event of Default as provided in Section 6.1(d). 

  
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 Section 14.2 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act of Holders” signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture
and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 14.2. 
 (b) The fact and date of
the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee deems sufficient. 
 (c) The
principal amount or face amount, as the case may be, and registered numbers of Notes held by any Person, and the date of its holding the same, shall be proved by the Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder
(and any transferee thereof) of such Note and of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee Issuer in reliance thereon,
whether or not notation of such action is made upon such Note. 
 Section 14.3 Notices, etc., to Trustee, the Issuer, the
General Partner, the Limited Partner, the Collateral Manager and the Paying Agent. 
 (a) Any request, demand, authorization,
direction, order, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 

(i) the Trustee shall be sufficient for every purpose hereunder if in writing and made, given, furnished or filed to and
mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery or by facsimile in legible form, to the Trustee addressed to it at its Corporate Trust Office, facsimile no.: 866-###-####, Attention: Global Corporate Trust Services—TPG RE Finance Trust CLO Issuer, L.P., or at any other address previously furnished in writing to the other
parties hereto by the Trustee; 
 (ii) the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Issuer addressed to it at TPG RE Finance Trust CLO Issuer, L.P., c/o TPG Capital LP,
Attention: Matthew J. Coleman, Esq., email: ########@tpg.com, facsimile no.: (415) ###-####; with a copy to: Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600, Attention:
Alfred O. Rose, Esq., facsimile no.: 617-###-####, email: ######.####@ropesgray.com; and Ropes & Gray LLP, 1211 Avenue of the Americas, New York, NY 10036,
Attention: David Djaha, Esq., facsimile no.: 646-###-####, email: #####.#####@ropesgray.com, or at any other address previously furnished in writing to the other parties
hereto; 

  
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 (iii) the Collateral Manager shall be sufficient for every purpose hereunder if
in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Manager addressed to it at TPG RE Finance Trust CLO Issuer, L.P., c/o TPG Capital LP, Attention:
Matthew J. Coleman, Esq., email: ########@tpg.com, facsimile no.: (415) ###-####; with a copy to: Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600, Attention: Alfred O.
Rose, Esq., facsimile no.: 617-###-####, email: ######.####@ropesgray.com; and Ropes & Gray LLP, 1211 Avenue of the Americas, New York, NY 10036, Attention:
David Djaha, Esq., facsimile no.: 646-###-####, email: #####.#####@ropesgray.com, or at any other address previously furnished in writing to the other parties hereto;
and 
 (iv) the General Partner shall be sufficient for every purpose hereunder if in writing and mailed, first class postage
prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, addressed to the General Partner of TPG RE Finance Trust CLO Issuer, L.P., c/o TPG Capital LP, Attention: Matthew J. Coleman, Esq., email:
########@tpg.com, facsimile no.: (415) ###-####; with a copy to: Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600, Attention: Alfred O. Rose, Esq., facsimile no.: 617-###-####, email: ######.####@ropesgray.com; and Ropes & Gray LLP, 1211 Avenue of the Americas, New York, NY 10036, Attention: David Djaha, Esq., facsimile no.: ###-###-####, email: david.djaha@ropesgray.com, or at any other address previously furnished in writing to the other parties hereto. 

(b) In the event that any provision in this Indenture calls for any notice or document to be delivered simultaneously to the Trustee and any
other person or entity, the Trustee’s receipt of such notice or document shall entitle the Trustee to assume that such notice or document was delivered to such other person or entity unless otherwise expressly specified herein. 

(c) Notwithstanding any provision to the contrary contained herein or in any agreement or document related thereto, any report, statement or
other information required to be provided by the Issuer or the Trustee may be provided by providing access to a website containing such information. 

Section 14.4 Notices to Holders; Waiver. Except as otherwise expressly provided herein, where this Indenture provides for notice
to Holders of any event, 
 (a) such notice shall be sufficiently given to Holders if in writing and mailed, first class postage prepaid, to
each Holder affected by such event, at the address of such Holder as it appears in the Register or, as applicable, in accordance with the procedures at DTC, as soon as reasonably practicable but in any case not earlier than the earliest date and not
later than the latest date, prescribed for the giving of such notice; provided that (1) a Holder may give the Trustee a written notice in a form acceptable to the Trustee that it is requesting that, either as an alternative to or in
addition to notices by mail as aforementioned, notices to it be given by electronic mail or by facsimile transmission and stating the electronic mail address or facsimile number for such transmission and, thereafter, the Trustee shall give notices
to such Holder by electronic mail or facsimile transmission, as so requested, and (2) notices for Holders may also be posted to the Trustee’s internet website; 

  
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 (b) any documents (including reports, notices or supplements indentures) required to be provided
by the Trustee to Holders may be delivered by providing notice of, and access to, the Trustee’s website containing such documents; and 

(c) such notice shall be in the English language. 

Such notices shall be deemed to have been given on the date of such mailing. 

Subject to Section 14.14, the Trustee shall deliver to the Holders any information or notice relating to this Indenture requested to be
so delivered by at least 25% of the Holders of the Class A Notes (by Aggregate Outstanding Amount), at the expense of the Issuer. 

Subject to Section 14.14, the Trustee shall deliver to any Holder of Notes or any Person that has certified to the Trustee in a writing
substantially in the form of Exhibit C to this Indenture that it is the owner of a beneficial interest in a Global Note, any information or notice requested to be so delivered by a Holder or a Person that has made such certification that is
reasonably available to the Trustee and all related costs will be borne by the requesting Holder or Person. 
 Neither the failure to mail
any notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. In case by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity or by reason of any other cause it shall be impracticable to give such notice by mail of any event to Holders when such notice is required to be given pursuant to any provision of this Indenture, then such notification
to Holders as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver. 
 Section 14.5 Effect of Headings and Table of Contents. The Article and Section headings herein (including
those used in cross-references herein) and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 14.6 Successors and Assigns. All covenants and agreements in this Indenture by the Issuer shall bind its respective
successors and assigns, whether so expressed or not. 
 Section 14.7 Separability. Except to the extent prohibited by applicable
law, in case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 14.8 Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the General Partner, the Collateral Manager, the Holders of the Notes and the other Secured Parties any benefit or any legal or equitable right, remedy or claim under this Indenture. 

  
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 Section 14.9 Legal Holidays. In the event that the date of any Payment Date or
Redemption Date or Stated Maturity shall not be a Business Day, then notwithstanding any other provision of the Notes or this Indenture, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the nominal date of any such Payment Date, Redemption Date or Stated Maturity date, as the case may be, and except as provided in the definition of “Interest Period” no interest shall accrue on such payment for the
period from and after any such nominal date.” 
 Section 14.10 Governing Law. 

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

Section 14.11 Submission to Jurisdiction. Each of the parties hereto and, by its acceptance of the Class A Notes, each Holder
of a Class A Note, hereby irrevocably submits to the exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or Proceeding arising out of or relating to the Notes
or this Indenture, and each such party hereby irrevocably agrees that all claims in respect of such action or Proceeding may be heard and determined in such New York State or federal court. Each such party hereby irrevocably waives, to the fullest
extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or Proceeding. Each such party irrevocably consents to the service of any and all process in any action or Proceeding by the mailing or
delivery of copies of such process to it at the office of the Issuer’s agent set forth in Section 7.2 or, in the case of the Trustee, to it at the Corporate Trust Office. Each such party agrees that a final judgment in any such action or
Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

Section 14.12 Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 14.13 Acts
of Issuer. Any report, information, communication, request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or performed by the Issuer shall be effective if given or performed by
the Issuer or by the Collateral Manager on the Issuer’s behalf. 
 Section 14.14 Confidential Information. 

(a) The Trustee and each Holder of Notes will maintain the confidentiality of all Confidential Information in accordance with procedures
adopted by such Person in good faith to protect Confidential Information of third parties delivered to such Person; provided that such Person may deliver or disclose Confidential Information to: (i) such Person’s directors,
trustees, officers, employees, agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.14 and to the extent such disclosure
is reasonably required for the administration of this Indenture, the matters contemplated hereby or the investment represented by the Notes; (ii) such Person’s legal advisors, financial advisors and other professional advisors who agree to
hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.14 and to the extent such disclosure is reasonably required for the administration of this Indenture, the matters
contemplated hereby or the investment represented by the Notes; (iii) any other Holder (except for Specified Obligor Information), or any of the other parties to this Indenture, the Collateral Management Agreement; (iv) except for
Specified Obligor Information, any Person of the type that would be, to such Person’s knowledge, permitted to acquire Notes in accordance with the requirements of Section 2.5 hereof to which such Person sells or
offers to sell any such Note or any part 

  
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thereof; (v) except for Specified Obligor Information, any other Person from which such former Person offers to purchase any security of the Issuer; (vi) any federal or state or other
regulatory, governmental or judicial authority having jurisdiction over such Person; (vii) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to
information about the investment portfolio of such Person, reinsurers and liquidity and credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section 14.14;
(viii) any other Person with the consent of the Issuer and the Collateral Manager; or (ix) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation
or order applicable to such Person, (B) in response to any subpoena or other legal process (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (C) in connection with any litigation to
which such Person is a party (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (D) if an Event of Default has occurred and is continuing, to the extent such Person may reasonably
determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Notes or this Indenture or (E) in the Trustee’s performance of its obligations under this
Indenture or other transaction document related thereto; and provided that delivery to the Holders by the Trustee of any report of information required by the terms of this Indenture to be provided to Holders shall not be a violation of this
Section 14.15. Each Holder of Notes will, by its acceptance of its Note, be deemed to have agreed, except as set forth in clauses (vi), (vii) and (x) above, that it shall use the Confidential Information for the
sole purpose of making an investment in the Notes or administering its investment in the Notes; and that the Trustee shall neither be required nor authorized to disclose to Holders any Confidential Information in violation of this
Section 14.15. In the event of any required disclosure of the Confidential Information by such Holder, such Holder will, by its acceptance of its Note, be deemed to have agreed to use reasonable efforts to protect the
confidentiality of the Confidential Information. Each Holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 14.14. 

(b) For the purposes of this Section 14.14, (A) “Confidential Information” means information
delivered to the Trustee or any Holder of Notes by or on behalf of the Issuer in connection with and relating to the transactions contemplated by or otherwise pursuant to this Indenture (including, without limitation, information relating to
Obligors); provided that such term does not include information that: (i) was publicly known or otherwise known to the Trustee or such Holder prior to the time of such disclosure; (ii) subsequently becomes publicly known through no
act or omission by the Trustee, any Holder or any Person acting on behalf of the Trustee or any Holder; (iii) otherwise is known or becomes known to the Trustee or any Holder other than (x) through disclosure by the Issuer or (y) to
the knowledge of the Trustee or a Holder, as the case may be, in each case after reasonable inquiry, as a result of the breach of a fiduciary duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed to be treated as non-confidential by consent of the Issuer; and (B) “Specified Obligor Information” means Confidential Information relating to obligors, borrowers or issuers of Collateral Obligations that is not
otherwise included in the Monthly Reports or Distribution Reports. 
 (c) Notwithstanding the foregoing, the Trustee may disclose
Confidential Information to the extent disclosure thereof may be required by law or by any regulatory or governmental authority and the Trustee may disclose on a confidential basis any Confidential Information to its agents, attorneys and auditors
in connection with the performance of its responsibilities hereunder. 
 (d) Notwithstanding anything herein to the contrary, the Collateral
Manager, the Issuer, the Trustee, the Seller, the Holders and beneficial owners of the Notes and each employee, representative or other agent of those Persons, may disclose to any and all Persons, without limitation of any kind, the U.S. tax
treatment and tax structure of the transactions contemplated by this Indenture and all materials of any kind, including opinions or other tax analyses, that are provided to those Persons. 

  
 -133- 

 
This authorization to disclose the U.S. tax treatment and tax structure does not permit disclosure of information identifying the Collateral Manager, the Issuer, the Trustee or any other party to
the transactions contemplated by this Indenture or the pricing (except to the extent such information is relevant to U.S. tax structure or tax treatment of such transactions). 

Section 14.15 Liability of Issuer, General Partner and Issuer Subsidiaries Notwithstanding any other terms of this Indenture, the
Notes or any other agreement entered into between, inter alia, the Issuer, any Issuer Subsidiary or otherwise (except to the extent expressly provided in the Issuer Subsidiary Funding and Security Agreements), none of the Issuer or any Issuer
Subsidiary shall have any liability whatsoever to the other or any of the other Issuer Subsidiaries under this Indenture, the Notes, any such agreement or otherwise and, without prejudice to the generality of the foregoing, none of the Issuer or any
Issuer Subsidiary shall be entitled to take any action to enforce, or bring any action or Proceeding, in respect of this Indenture, the Notes, any such agreement or otherwise against the other of the Issuer and any Issuer Subsidiaries. In
particular, prior to the date which is one year (or if longer, any applicable preference period) and one day after the payment in full of all Notes, none of the Issuer or any Issuer Subsidiary shall be entitled to petition or take any other steps
for the winding up or bankruptcy of the other of the Issuer or any other Issuer Subsidiary or shall have any claim in respect to any assets of the other of the Issuer or any other Issuer Subsidiary. 

In addition, notwithstanding any other terms of this Indenture, the Notes or any other agreement entered into among, inter alia, the General
Partner, the Issuer, the Issuer Subsidiaries or otherwise, none of the Issuer or the Issuer Subsidiaries shall have any liability whatsoever to the General Partner under this Indenture, the Notes, any such agreement or otherwise and, without
prejudice to the generality of the foregoing, the General Partner shall not be entitled to take any action to enforce, or bring any action or proceeding, in respect of this Indenture, the Notes, any such agreement or otherwise against the Issuer or
the Issuer Subsidiaries. In particular, prior to the date which is one year (or if longer, any applicable preference period) and one day after the payment in full of all Notes, the General Partner shall not be entitled to petition or take any other
steps for the winding up or bankruptcy of the Issuer or the Issuer Subsidiaries and shall not have any claim in respect to any assets of the Issuer or the Issuer Subsidiaries. 

Section 14.16 Waiver of Jury Trial. The Trustee, the Holders (by their acceptance of Notes), the General Partner and the Issuer
each hereby knowingly, voluntarily and intentionally waives (to the extent permitted by applicable law) any rights it may have to a trial by jury in respect of any litigation based hereon, or arising out of, under, or in connection with, this
Indenture, the Notes or any other related documents, or any course of conduct, course of dealing, statements (whether verbal or written), or actions of the Trustee, the Holders, the General Partner or the Issuer. This provision is a material
inducement for the Trustee and the Issuer to enter into this Indenture. 
 Section 14.17 Escheat. 

In the absence of a written request from the Issuer to return unclaimed funds to the Issuer, the Trustee may from time to time following the
final Payment Date with respect to the Notes deliver all unclaimed funds to or as directed by applicable escheat authorities, as determined by the Trustee in its sole discretion, in accordance with the customary practices and procedures of the
Trustee. Any unclaimed funds held by the Trustee pursuant to this Section 14.19 shall be held uninvested and without any liability for interest. 

Section 14.18 Records. For the term of the Notes, copies of the Partnership Agreement and this Indenture shall be available for
inspection by the Holders of the Notes in electronic form at the office of the Trustee upon prior written request and during normal business hours of the Trustee. 

  
 -134- 

 ARTICLE XV 

ASSIGNMENT OF COLLATERAL MANAGEMENT AGREEMENT 

Section 15.1 Assignment of Collateral Management Agreement. (a) The Issuer hereby acknowledges that its Grant pursuant
to the first Granting Clause hereof includes all of the Issuer’s estate, right, title and interest in, to and under the Collateral Management Agreement, including (i) the right to give all notices, consents and releases thereunder,
(ii) the right to give all notices of termination and to take any legal action upon the breach of an obligation of the Collateral Manager thereunder, including the commencement, conduct and consummation of Proceedings at law or in equity,
(iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided that,
except as otherwise expressly set forth in this Indenture, the Trustee shall not have the authority to exercise any of the rights set forth in clause (i) through (iv) above or that may otherwise arise as a result of the Grant until the
occurrence of an Event of Default hereunder and such authority shall terminate at such time, if any, as such Event of Default is cured or waived. 

(b) The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement, or increase, impair or alter the rights and obligations of the Collateral Manager under the Collateral Management Agreement, nor shall any of the
obligations contained in the Collateral Management Agreement be imposed on the Trustee. 
 (c) Upon the retirement of the Notes, the payment
of all amounts required to be paid pursuant to the Priority of Payments and the release of the Assets from the lien of this Indenture, this assignment and all rights herein assigned to the Trustee for the benefit of the Noteholders shall cease and
terminate and all the estate, right, title and interest of the Trustee in, to and under the Collateral Management Agreement shall revert to the Issuer and no further instrument or act shall be necessary to evidence such termination and reversion.

 (d) The Issuer represents that the Issuer has not executed any other assignment of the Collateral Management Agreement. 

(e) The Issuer agrees that this assignment is irrevocable, and that it shall not take any action which is inconsistent with this assignment or
make any other assignment inconsistent herewith. The Issuer shall, from time to time upon the request of the Trustee, execute all instruments of further assurance and all such supplemental instruments with respect to this assignment as the Trustee
may reasonably specify. 
 (f) The Issuer hereby agrees that the Issuer shall not enter into any agreement amending, modifying or terminating
the Collateral Management Agreement except in accordance with the terms of the Collateral Management Agreement. 
 ARTICLE XVI 

CAP AGREEMENTS 

Section 16.1 Cap Agreements. 

  
 -135- 

 (a) The Issuer may enter into Cap Agreements from time to time on and after the Closing Date
solely for the purpose of managing interest rate and other risks in connection with the Issuer’s issuance of, and making payments on, the Notes, subject to the following limits: 

(1) the aggregate notional amount under all Cap Agreements at any time shall not exceed the lesser of (x) the Aggregate
Principal Balance of all fixed-rate Collateral Obligations at such time and (y) the aggregate outstanding principal amount of all Class A Notes at such time; 

(2) each Cap Agreement shall provide for payments to be made to the Issuer to the extent one month Libor exceeds the strike
rate set forth therein; 
 (3) no Cap Agreement shall require the Issuer to make any payments to the related Cap Counterparty
(or any other Person) after the date on which such Cap Agreement is purchased by the Issuer; and 
 (4) the sole sources of
funds to be used by the Issuer to pay the purchase price for a Cap Agreement shall be (x) amounts expressly available for such purpose under the Priority of Payments and (y) proceeds of Contributions made by the Contributors for such
purpose. 
 In addition, the Issuer shall not be permitted to enter into or amend Cap Agreements unless either (x) the Issuer has
obtained the advice of Ropes & Gray LLP or an Opinion of Counsel of other nationally recognized counsel approved by the Holders of a Majority of the Class A Notes that entering into such cap agreement will not cause the Issuer to be
considered a “commodity pool” as defined in Section 1a(10) of the CEA, or (y) the Issuer will be operated such that the Collateral Manager and/or such other relevant party to the Transaction, as applicable, will be eligible for an
exemption from registration as a “commodity pool operator” (a “CPO”) under the CEA and a “commodity trading advisor” (a “CTA”) under the CEA and all conditions precedent to obtaining such an
exemption have been satisfied or (z) if the Issuer would be considered a commodity pool, (i) the General Partner will have agreed to such action and (ii) the Collateral Manager (or a delegated affiliate) will be the CPO with respect
to the Issuer as a commodity pool and the Collateral Manager (or a delegated affiliate) will at all material times be a registered CPO with respect to the Issuer as a commodity pool as required under the CEA. For so long as the Issuer and, if
applicable, the Collateral Manager are subject to any of clause (x), clause (y) or clause (z) above, the Issuer and, if applicable, the Collateral Manager shall take all action necessary to ensure ongoing compliance with the applicable
exemption from registration or registration requirement, as applicable, under the CEA. The reasonable fees, costs, charges and expenses incurred by the Issuer and the Collateral Manager (including reasonable attorneys’, accountants’ and
other professional fees and expenses) in connection with these requirements shall be paid as Administrative Expenses. 
 The Issuer shall
promptly provide a copy of each Cap Agreement to the Trustee. 
 (b) The Issuer (or the Collateral Manager on its behalf) shall, upon
receiving written notice of the exposure calculated under a credit support annex to any Cap Agreement, if applicable, make a demand to the relevant Cap Counterparty and its credit support provider, if applicable, for securities having a value under
such credit support annex equal to the required credit support amount. 
 (c) All collateral received from a Cap Counterparty under a Cap
Agreement shall be deposited in the Cap Counterparty Collateral Account. 
 (d) If a Cap Counterparty has defaulted in the payment when due
of its obligations to the Issuer under the Cap Agreement, the Collateral Manager shall make a demand on the Cap Counterparty (or its guarantor under the Cap Agreement) with a copy to the Collateral Manager, demanding payment by the close of business
on such date (or by such time on the next succeeding Business Day if such knowledge is obtained after 11:30 a.m., New York time). 

  
 -136- 

 (e) The Issuer (or the Collateral Manager on its behalf) may from time to time terminate Cap
Agreements in its discretion. 
 [Signature page follows] 

  
 -137- 

 IN WITNESS WHEREOF, we have set our hands as of the day and year first written above. 

 

					
	EXECUTED AS A DEED BY
		
		 	TPG RE FINANCE TRUST CLO ISSUER, L.P., as Issuer
			
		 	By:	 	TPG RE FINANCE TRUST GENPAR, INC., its General Partner
			
		 	By:	 	 /s/ Ronald Cami

		 		 	Name: Ronald Cami
		 		 	Title: Vice President
		
		 	In the presence of:
		
		 	  
 Witness:

		
		 	  
 Witness:

		
		 	TPG RE FINANCE TRUST GENPAR, INC.
			
		 	By:	 	 /s/ Ronald Cami

		 		 	Name: Ronald Cami
		 		 	Title: Vice President
		
		 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
			
		 	By:	 	 /s/ Adam Jacobs

		 		 	Name: Adam Jacobs
		 		 	Title: Vice President

 SCHEDULE 1 

Initial Values and Stable Values 
  

															
	 Loan
ID
	  	 Loan
	  	Initial Value
(U.S.$)	 	  	Stable Value
(U.S.$)	 	  	Stabilization
Date	  	 Type

	1001	  	 The Mark 2
	  	 	346,700,000	 	  	 	346,700,000	 	  	11/19/2014	  	
	1002	  	 140 West Street
	  	 	274,000,000	 	  	 	562,000,000	 	  	4/1/2015	  	Stabilization Date Collateral Obligations
	1003	  	 The Chatsworth
	  	 	265,000,000	 	  	 	335,000,000	 	  	10/1/2015	  	Delayed Draw Collateral Obligation
	1004	  	 HFZ The Metro
	  	 	255,000,000	 	  	 	320,000,000	 	  	10/1/2015	  	Delayed Draw Collateral Obligation
	1005	  	 HFZ The Astor
	  	 	215,000,000	 	  	 	320,000,000	 	  	1/1/2016	  	Delayed Draw Collateral Obligation
	1006	  	 HFZ 88 Lexington
	  	 	180,000,000	 	  	 	255,000,000	 	  	1/1/2016	  	Delayed Draw Collateral Obligation
	1007	  	 HFZ Lex Lofts
	  	 	110,000,000	 	  	 	170,000,000	 	  	1/1/2016	  	Delayed Draw Collateral Obligation
	1008	  	 172 Madison 2
	  	 	64,000,000	 	  	 	231,000,000	 	  	4/30/2016	  	Delayed Draw Collateral Obligation
	1010	  	 Ritz Kapalua
	  	 	143,900,000	 	  	 	189,135,833	 	  	1/31/2016	  	Delayed Draw Collateral Obligation
	1011	  	 Ritz North Hills
	  	 	85,000,000	 	  	 	195,000,000	 	  	4/1/2016	  	Delayed Draw Collateral Obligation
	1015	  	 The Nomad 2
	  	 	150,500,000	 	  	 	160,500,000	 	  	9/1/2016	  	Delayed Draw Collateral Obligation
	1016	  	 49 Chambers
	  	 	119,000,000	 	  	 	213,000,000	 	  	2/1/2017	  	Stabilization Date Collateral Obligations
	1017	  	 Sag Harbor A
	  	 	130,000,000	 	  	 	155,000,000	 	  	7/1/2015	  	Delayed Draw Collateral Obligation
	1018	  	 Homewood Suites
	  	 	94,600,000	 	  	 	109,700,000	 	  	12/1/2016	  	Delayed Draw Collateral Obligation
	1019	  	 Tangla Hotel
	  	 	101,000,000	 	  	 	112,000,000	 	  	1/1/2016	  	Stabilization Date Collateral Obligations
	1020	  	 The Wilshire
	  	 	85,800,000	 	  	 	110,800,000	 	  	11/13/2018	  	Delayed Draw Collateral Obligation
	1022	  	 361 Broadway
	  	 	64,000,000	 	  	 	98,000,000	 	  	9/1/2015	  	Delayed Draw Collateral Obligation
	1023	  	 Beachwalk
	  	 	120,100,000	 	  	 	135,000,000	 	  	3/15/2015	  	Delayed Draw Collateral Obligation
	1024	  	 Culver Studios
	  	 	90,000,000	 	  	 	90,000,000	 	  	11/25/2014	  	
	1025	  	 251 Park Avenue South
	  	 	75,000,000	 	  	 	90,000,000	 	  	11/12/2014	  	Delayed Draw Collateral Obligation
	1026	  	 36 Bleecker
	  	 	113,000,000	 	  	 	140,800,000	 	  	5/1/2015	  	Delayed Draw Collateral Obligation
	1027	  	 Time Hotel
	  	 	38,500,000	 	  	 	57,500,000	 	  	1/1/2017	  	Delayed Draw Collateral Obligation
	1028	  	 Hayden Culver City
	  	 	95,000,000	 	  	 	95,000,000	 	  	11/24/2014	  	
	1029	  	 T5 Data Center
	  	 	68,000,000	 	  	 	116,000,000	 	  	10/1/2016	  	Delayed Draw Collateral Obligation

  
 SCH. 1-1 

															
	 Loan
ID
	  	 Loan
	  	Initial Value
(U.S.$)	 	  	Stable Value
(U.S.$)	 	  	Stabilization
Date	  	 Type

	1030	  	 Embassy Suites Newark
	  	 	47,000,000	 	  	 	50,000,000	 	  	11/1/2016	  	Stabilization Date Collateral Obligations
	1031	  	 347 Bowery
	  	 	21,000,000	 	  	 	53,000,000	 	  	4/1/2016	  	Delayed Draw Collateral Obligation
	1033	  	 Saguaro Hotel
	  	 	21,100,000	 	  	 	23,900,000	 	  	11/11/2016	  	Stabilization Date Collateral Obligations
	1034	  	 Hyatt Century City
	  	 	531,100,000	 	  	 	531,100,000	 	  	6/1/2014	  	Delayed Draw Collateral Obligation
	1037	  	 Ryan Ranch Office Park
	  	 	23,000,000	 	  	 	26,000,000	 	  	12/1/2016	  	Stabilization Date Collateral Obligations
	1040	  	 Westway One
	  	 	18,000,000	 	  	 	24,500,000	 	  	12/1/2016	  	Stabilization Date Collateral Obligations
	1041	  	 New Albany Plaza
	  	 	13,900,000	 	  	 	15,900,000	 	  	12/1/2016	  	Stabilization Date Collateral Obligations
	1042	  	 Village Marketplace
	  	 	6,100,000	 	  	 	6,700,000	 	  	12/1/2016	  	Stabilization Date Collateral Obligations
	1045	  	 Shelby Kmart
	  	 	4,825,000	 	  	 	4,825,000	 	  	11/7/2014	  	
	1046	  	 RJBK Building
	  	 	5,450,000	 	  	 	6,000,000	 	  	11/13/2016	  	Stabilization Date Collateral Obligations
	1048	  	 Seneca BILO
	  	 	6,950,000	 	  	 	6,950,000	 	  	11/5/2014	  	
	1050	  	 Park Central Bldg 1
	  	 	23,110,000	 	  	 	23,110,000	 	  	11/10/2014	  	
	1051	  	 Park Central Bldg 10
	  	 	15,410,000	 	  	 	15,410,000	 	  	11/10/2014	  	
	1052	  	 Sample 95 Bus Park
	  	 	12,300,000	 	  	 	12,300,000	 	  	11/10/2014	  	
	1053	  	 Atlantic Bus Center 4B
	  	 	9,500,000	 	  	 	9,500,000	 	  	11/10/2014	  	
	1054	  	 Gateway Center Bldg 8
	  	 	16,500,000	 	  	 	17,700,000	 	  	8/1/2015	  	Stabilization Date Collateral Obligations
	1056	  	 Delta Distribution Ctr
	  	 	85,000,000	 	  	 	85,000,000	 	  	11/12/2014	  	
	1057	  	 Courtyard Lyndhurst
	  	 	37,500,000	 	  	 	42,000,000	 	  	11/1/2017	  	Stabilization Date Collateral Obligations
	1058	  	 Westin Charlotte
	  	 	222,000,000	 	  	 	253,500,000	 	  	11/1/2017	  	Stabilization Date Collateral Obligations
	1059	  	 Brier Creek CorpCtrIV
	  	 	18,000,000	 	  	 	18,000,000	 	  	11/10/2014	  	
	1060	  	 Shoppes at Brier Creek
	  	 	5,900,000	 	  	 	5,900,000	 	  	11/10/2014	  	
	1061	  	 Whitehall OfficeCtr IV
	  	 	22,600,000	 	  	 	26,100,000	 	  	11/1/2016	  	Stabilization Date Collateral Obligations
	1062	  	 Whitehall OfficeCtr V
	  	 	14,100,000	 	  	 	17,300,000	 	  	11/1/2016	  	Stabilization Date Collateral Obligations
	1063	  	 Whitehall OfficeCtr VI
	  	 	11,200,000	 	  	 	15,200,000	 	  	11/1/2016	  	Stabilization Date Collateral Obligations
	1064	  	 Ctr Green Whitehall II
	  	 	1,050,000	 	  	 	1,500,000	 	  	11/1/2016	  	Stabilization Date Collateral Obligations
	1066	  	 Brier Creek CC Land
	  	 	7,200,000	 	  	 	7,200,000	 	  	11/10/2014	  	
	1067	  	 Cary Creek Land
	  	 	27,000,000	 	  	 	27,000,000	 	  	11/10/2014	  	
	1070	  	 135 W. 52nd St.
	  	 	236,000,000	 	  	 	354,000,000	 	  	11/1/2015	  	Delayed Draw Collateral Obligation
	1071	  	 EVOQ Portfolio
	  	 	359,200,000	 	  	 	632,670,000	 	  	Various	  	Delayed Draw Collateral Obligation
	1072	  	 NIP Portfolio
	  	 	111,925,000	 	  	 	178,550,000	 	  	Various	  	Delayed Draw Collateral Obligation
	1073	  	 Paramount Hotel
	  	 	346,000,000	 	  	 	381,000,000	 	  	11/1/2016	  	Stabilization Date Collateral Obligations

  
 SCH. 1-2 

											
	 Loan
ID
	  	 Loan
	  	Initial Value
(U.S.$)	  	Stable Value
(U.S.$)	  	Stabilization
Date	  	 Type

	1076	  	 The Nomad 2 Mezz
	  	See Loan ID 1015	  		  		  	Delayed Draw Collateral Obligation
	1077	  	 Sag Harbor B
	  	See Loan ID 1017	  		  		  	 Delayed Draw

Collateral Obligation

  
 SCH. 1-3 

 SCHEDULE 2 

Total Committed Draws 
  

							
	 Loan ID
	  	 Loan
	  	Total Committed Draws
(U.S.$)	 
	1001	  	 The Mark 2
	  	 	—  	 
	1002	  	 140 West Street
	  	 	—  	 
	1003	  	 The Chatsworth
	  	 	20,859,401	 
	1004	  	 HFZ The Metro
	  	 	5,612,143	 
	1005	  	 HFZ The Astor
	  	 	11,057,987	 
	1006	  	 HFZ 88 Lexington
	  	 	8,813,734	 
	1007	  	 HFZ Lex Lofts
	  	 	7,512,654	 
	1008	  	 172 Madison 2
	  	 	69,929,381	 
	1010	  	 Ritz Kapalua
	  	 	13,465,553	 
	1011	  	 Ritz North Hills
	  	 	54,825,457	 
	1015	  	 The Nomad 2
	  	 	276,273	 
	1016	  	 49 Chambers
	  	 	—  	 
	1017	  	 Sag Harbor A
	  	 	892,223	 
	1018	  	 Homewood Suites
	  	 	375,000	 
	1019	  	 Tangla Hotel
	  	 	—  	 
	1020	  	 The Wilshire
	  	 	1,872,657	 
	1022	  	 361 Broadway
	  	 	19,054,655	 
	1023	  	 Beachwalk
	  	 	10,697,318	 
	1024	  	 Culver Studios
	  	 	—  	 
	1025	  	 251 Park Avenue South
	  	 	3,600,000	 
	1026	  	 36 Bleecker
	  	 	5,110,860	 
	1027	  	 Time Hotel
	  	 	7,166,667	 
	1028	  	 Hayden Culver City
	  	 	—  	 
	1029	  	 T5 Data Center
	  	 	3,974,676	 
	1030	  	 Embassy Suites Newark
	  	 	—  	 
	1031	  	 347 Bowery
	  	 	12,386,250	 
	1033	  	 Saguaro Hotel
	  	 	—  	 
	1034	  	 Hyatt Century City
	  	 	12,673,225	 
	1037	  	 Ryan Ranch Office Park
	  	 	—  	 
	1040	  	 Westway One
	  	 	—  	 
	1041	  	 New Albany Plaza
	  	 	—  	 
	1042	  	 Village Marketplace
	  	 	—  	 
	1045	  	 Shelby Kmart
	  	 	—  	 
	1046	  	 RJBK Building
	  	 	—  	 
	1048	  	 Seneca BILO
	  	 	—  	 
	1050	  	 Park Central Bldg 1
	  	 	—  	 
	1051	  	 Park Central Bldg 10
	  	 	—  	 
	1052	  	 Sample 95 Bus Park
	  	 	—  	 
	1053	  	 Atlantic Bus Center 4B
	  	 	—  	 

  
 SCH. 2-1 

							
	 Loan ID
	  	 Loan
	  	Total Committed Draws
(U.S.$)	 
	1054	  	 Gateway Center Bldg 8
	  	 	—  	 
	1056	  	 Delta Distribution Ctr
	  	 	—  	 
	1057	  	 Courtyard Lyndhurst
	  	 	—  	 
	1058	  	 Westin Charlotte
	  	 	—  	 
	1059	  	 Brier Creek CorpCtrIV
	  	 	—  	 
	1060	  	 Shoppes at Brier Creek
	  	 	—  	 
	1061	  	 Whitehall OfficeCtr IV
	  	 	—  	 
	1062	  	 Whitehall OfficeCtr V
	  	 	—  	 
	1063	  	 Whitehall OfficeCtr VI
	  	 	—  	 
	1064	  	 Ctr Green Whitehall II
	  	 	—  	 
	1066	  	 Brier Creek CC Land
	  	 	—  	 
	1067	  	 Cary Creek Land
	  	 	—  	 
	1070	  	 135 W. 52nd St.
	  	 	42,535,437	 
	1071	  	 EVOQ Portfolio
	  	 	75,308,692	 
	1072	  	 NIP Portfolio
	  	 	17,899,599	 
	1073	  	 Paramount Hotel
	  	 	—  	 
	1076	  	 The Nomad 2 Mezz
	  	 	—  	 
	1077	  	 Sag Harbor B
	  	 	5,672,955	 

  

  
 SCH. 2-2 

 SCHEDULE 4 

Specified Obligations 
  

	1.	The Mark 

  

	2.	Tangla 

  

	3.	The Chatsworth 

  

	4.	Saguaro Hotel 

  

	5.	Village Marketplace 

  

	6.	Courtyard Marriot Lyndhurst 

  

	7.	Shelby Kmart 

  

	8.	Sag Harbor 

  

	9.	361 Broadway 

 Additional Specified Obligations 

 

	1.	The Mark 

  

	2.	The Chatsworth 

 SCHEDULE 5 

Loan Adjustment Factor Definitions 
 For
purposes of determining the “Loan Adjustment Factor” on any date under the Indenture to which this Schedule 5 is attached, the following terms have the meanings assigned below. 

“Adjusted LTV”: For any Collateral Obligation at any time, the sum of: 

(a) the LTV for such Collateral Obligation at such time; and 

(b) 5%; and 
 (c) the product of:

 (1) 5%; and 

(2) the LTV Adjustment for such Collateral Obligation at such time. 

“Aggregate Defaulted Asset Percentage”: At any time, the ratio (expressed as a percentage) of: 

(a) the sum of the Principal Balances of all Defaulted Assets at such time; to 

(b) the sum of the Principal Balances of all of the Collateral Obligations at such time. 

“Excess Default Percentage”: At any time, the greater of: 

(a) zero; and 

(b) the Aggregate Defaulted Asset Percentage at such time minus the Minimum Default Barrier. 

“Initial Weighted Average As Is LTV”: 60.6%. 

“Loan Adjustment Factor”: For any Defaulted Asset at any time, the lower of: 

(a) the LTV Adjustment Factor for such Defaulted Asset at such time; and 

(b) the UPB Adjustment Factor for such Defaulted Asset at such time. 

“LTV Adjustment”: For any Collateral Obligation at any time, the higher of (a) and (b); where: 

(a) is equal to zero; and 
 (b) is
an amount equal to (1) divided by (2), where: 

 (1) is equal to the LTV for such Collateral Obligation at such time less the
Initial Weighted Average As Is LTV; and 
 (2) is equal to 10%. 

“LTV Adjustment Factor”: For any Defaulted Asset at any time: 

(a) the Implied Balance of such Defaulted Asset at such time; divided by 

(b) the Principal Balance of such Defaulted Asset at such time. 

“Minimum Default Barrier”: 15%. 

“Implied Balance”: For any Defaulted Asset at any time, the lower of: 

(a) the Principal Balance of such Defaulted Asset at such time; and 

(b) the product of (1) and (2), which product is divided by (3); where: 

(1) is equal to the Initial Weighted Average As Is LTV; 

(2) is equal to the Principal Balance of such Defaulted Obligation at such time; and 

(3) is equal to the Adjusted LTV at such time. 

“UPB Adjustment Factor”: At any time: 

(a) if the Aggregate Defaulted Asset Percentage is less than the Minimum Default Barrier at such time, 100%; and 

(b) if the Aggregate Defaulted Asset Percentage is greater than or equal to the Minimum Default Barrier at such time, a percentage equal to:

 (1) 90% minus  

(2) the Excess Default Percentage, 

provided that the UPB Adjustment Factor will not be less than 0%. 

 SCHEDULE 6 

Collateral Pools 
 For purposes of the
Indenture to which this Schedule 6 is attached, each Collateral Obligations set forth below shall be deemed to belong to the “Collateral Pool” identified opposite the name of such Collateral Obligation. 

 

					
	 Loan ID
	  	 Collateral Obligation
	  	 Collateral Pool

	1,037	  	 Ryan Ranch Office Park
	  	 Horsham

	1,040	  	 Westway One
	  	 Horsham

	1,041	  	 New Albany Plaza
	  	 Cressida

	1,042	  	 Village Marketplace
	  	 Cressida

	1,045	  	 Shelby Kmart
	  	 Cressida

	1,046	  	 RJBK Building
	  	 Cressida

	1,048	  	 Seneca BILO
	  	 Cressida

	1,050	  	 Park Central Bldg 1
	  	 Skylark

	1,051	  	 Park Central Bldg 10
	  	 Skylark

	1,052	  	 Sample 95 Bus Park
	  	 Skylark

	1,053	  	 Atlantic Bus Center 4B
	  	 Skylark

	1,054	  	 Gateway Center Bldg 8
	  	 Skylark

	1,056	  	 Delta Distribution Ctr
	  	 Skylark

	1,057	  	 Courtyard Lyndhurst
	  	 Imperial

	1,058	  	 Westin Charlotte
	  	 Cutlass

	1,059	  	 Brier Creek CorpCtrIV
	  	 Panther

	1,060	  	 Shoppes at Brier Creek
	  	 Panther

	1,061	  	 Whitehall OfficeCtr IV
	  	 Panther

	1,062	  	 Whitehall OfficeCtr V
	  	 Panther

	1,063	  	 Whitehall OfficeCtr VI
	  	 Panther

	1,064	  	 Ctr Green Whitehall II
	  	 Panther

	1,066	  	 Brier Creek CC Land
	  	 Panther

	1,067	  	 Cary Creek Land
	  	 Panther

	1,073	  	 Paramount Hotel
	  	 Berlinetta

 SCHEDULE 7 

Visible Discounts 
  

					
	Collateral Obligation	  	Visible Discount	 
	 Brier Creek CC Land
	  	$	1,647,834	 
	 Cary Creek Land
	  	$	285,615	 
	 Ctr Green Whitehall II
	  	$	269,988	 
	 Delta Distribution Center
	  	$	2,122,336	 
	 Shelby Kmart
	  	$	239,582	 
	 Village Marketplace
	  	$	308,445	 

 SCHEDULE 8 

Initial Issuer Subsidiaries 
 TPG RE
Finance Trust CLO Issuer Sub, Ltd. 
  

			
	 Loan Number
	  	Loan Name
	 1020
	  	The Wilshire
	 1024
	  	Culver Studios
	 1028
	  	Hayden Culver City
	 1029
	  	T5 Data Center
	 1034
	  	Hyatt Century City
	 1037
	  	Ryan Ranch Office Park
	 1071
	  	EVOQ Portfolio

 TPG RE Finance Trust CLO TRS 1 Corp. 
  

			
	 Loan Number
	  	Loan Name
	 1017
	  	Sag Harbor A
	 1077
	  	Sag Harbor B

 TPG RE Finance Trust CLO TRS 2 Corp. 
  

			
	 Loan Number
	  	Loan Name
	 1026
	  	36 Bleecker

 SCHEDULE 9 

Monthly Report 
 As of the
Calculation Date (unless otherwise noted): 
 (i) Distribution Report. The information contained in the Distribution
Report for the Payment Date related to the Calculation Date of the Monthly Report. 
 (ii) Collections. The amount of
Collateral Interest Collections and Collateral Principal Collections received in the related Due Period. 
 (iii) Eligible
Investments and Cash. The balance of all Eligible Investments and Cash in the Collection Account, the Reserve Account and the Contribution Account. 

(iv) Expenses. The aggregate amount of Administrative Expenses (including the aggregate amount of compensation paid to
the Trustee and servicing compensation paid to the Servicer) and Extraordinary Expenses paid or reserved for on the Issuer’s books (and, in the case of any Deemed Expense Notes, the aggregate amount issued). 

(v) Additional Fundings. The amount of each Additional Funding that was advanced and each Additional Funding that was
requested, and the identity of the Collateral Obligation such Additional Funding relates to. 
 (vi) Principal
Balances. (A) the Aggregate Principal Balance, (B) the aggregate of the Principal Balances of all Collateral Obligations (other than Defaulted Assets) and (B) the aggregate of the Principal Balances the Defaulted Assets, (in each
case immediately before the last Monthly Report and currently). 
 (vii) Unfunded Amount. (A) The Unfunded Amount
of all of the Delayed Draw Collateral Obligations, (B) the Unfunded Amount of each Delayed Draw Collateral Obligation on an individual basis, and (C) the Net Unfunded Amount (with a calculation of each of its underlying components). 

(viii) Prepayments. A listing of each Collateral Obligation that was the subject of a principal prepayment during the
related collection period and the amount of principal prepayment occurring; 
 (ix) Appraised Values. The Appraised
Value of each Appraised Obligation owned by the Issuer or any Issuer Subsidiary, on an individual basis, based on the most recent Appraisal. 

(x) Defaulted Assets. (A) The identity and Principal Balance of each Defaulted Asset that remained a
Defaulted Asset, and each Collateral Obligation that became a Defaulted Asset, (B) the Adjusted Appraised Value of each Defaulted Asset, and (C) the Loan Adjustment Factor for each Defaulted Asset, along with a calculation of each of the
components (including the Adjusted LTV) included in determining such Loan Adjustment Factor (as set forth on Schedule 5 to the Indenture).  

(xi) Delinquencies. The number and aggregate of the Principal Balances of Collateral Obligations (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more and (D) current but specially serviced or in foreclosure (but not an REO property). 

 (xii) Whole Sales. (A) The identity of each Collateral Obligation
that was sold or disposed of pursuant to Section 12 (indicating whether such Collateral Obligation is a Defaulted Asset (as reported in writing to the Trustee by the Collateral Manager), and (B) the amount of proceeds received (or to be
received) from such sale or disposition. 
 (xiii) Partial Sales. (A) The number, identity and related Principal
Balances and Allocated Stabilized Asset Values of each Collateral Obligation that has been subject to a Partial Sale, and (B) the amount of proceeds received (or to be received) in connection with such Partial Sale. 

(xiv) Participations. (A) The identity of each Collateral Obligation in which a Participation Interest was sold
(indicating whether such Collateral Obligation is a Defaulted Asset (as reported in writing to the Trustee by the Collateral Manager), and (B) the portion of the Collateral Obligation subject to the Participation Interest and the amount of
proceeds received (or to be received) in connection therewith. 
 (xv) Portfolio Characteristics. The number, weighted
average remaining term to maturity and weighted average interest rate of the Collateral Obligations. 
 (xvi) REO Property
Recoveries. With respect to any REO property owned by the Issuer or any Issuer Subsidiary, as to which a special servicer determined that all payments or recoveries with respect to the related property have been ultimately recovered during the
related collection period, (A) the related Collateral Obligation, and (B) the aggregate of all liquidation proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to
distributions on the Class A Notes). 
 (xvii) Modifications. (A) The number and related Principal Balances
of any Collateral Obligations amended, modified or extended, on an individual basis, and (B) a listing of each amendment, modification, extension or waiver made with respect to each such Collateral Obligation. 

(xviii) O/C Test Levels and Inputs. A calculation of each of (A) the Portfolio O/C Ration Test and each of its
underlying components, and (B) the Underlying Aggregate Asset O/C Ration Test and each of its underlying components. 

(xix) HERF Index Number. The HERF Index Number and a calculation of each component used to determine the HERF Index
Number. 
 (xx) Events. Whether any Event of Default, Remedies Event, Enforcement Event, Sequential Amortization
Trigger Event or Tax Event has occurred and, if any such event has occurred, whether either such event is continuing. 

(xxi) Issuer Subsidiaries. (A) The identity of each Issuer Subsidiary, (B) the Assets held by such Issuer
Subsidiary, (C) all payments received by such Issuer Subsidiary, and (D) all payments made by such Issuer Subsidiary to the Issuer and to other parties. 

(xxii) Cap Agreements. With respect to each Cap Agreement (A) The identity of the related Cap Counterparty,
(B) the notional amount, purchase price and strike rate (C) all payments received from the related Cap Counterparty. 

 (xxiii) Other Information. Such other information as the Collateral
Manager or the Trustee may reasonably agree to provide.RICH
PHARMACEUTICALS, INC.

2017 STOCK OPTION/STOCK ISSUANCE PLAN

 

Article
One

GENERAL PROVISIONS

I.                  
PURPOSE OF THE PLAN

This
2017 Stock Option/Stock Issuance Plan is intended to promote the interests of Rich Pharmaceuticals, Inc., a Nevada corporation
(the “Corporation”), by providing eligible persons with the opportunity to acquire a proprietary interest,
or otherwise increase their proprietary interest, in the Corporation as an incentive for them to remain in the service of the
Corporation. Capitalized terms herein shall have the meanings assigned to such terms in the attached Appendix.

The
2017 Stock Option/Stock Issuance Plan was adopted by the board of directors of the Corporation on March 30, 2017.

II.               
STRUCTURE OF THE PLAN

A.   
The Plan shall be divided into two (2) separate equity programs:

(i)           
the Option Grant Program under which eligible persons may, at the discretion of the Plan Administrator, be granted stock options
to purchase shares of Common Stock, and

(ii)           
the Stock Issuance Program under which eligible persons may, at the discretion of the Plan Administrator, be issued shares of
Common Stock directly, either through the immediate purchase of such shares or as a bonus for Services rendered to the Corporation
(or any Parent or Subsidiary).

B.    
The provisions of Article One and Article Four shall apply to both equity programs under the Plan and shall accordingly govern
the interests of all persons under the Plan.

C.    
 The Plan in aggregate, including both the Option Grant Program and Stock Issuance Program will have a maximum number of shares
issued not to exceed 600,000,000 shares (subject to adjustment as provided in Article One/Section V(C)).

III.            
ADMINISTRATION OF THE PLAN

A.   
The Plan shall be administered by the Board. However, any or all administrative functions otherwise exercisable by the Board may
be delegated to the Committee. Members of the Committee shall serve for such periods of time as the Board may determine and shall
be subject to removal by the Board at any time. The Board may also at any time terminate the functions of the Committee and reassume
all powers and authority previously delegated to the Committee.

    	 	1	 

    	 	 	 

    

B.    
The Plan Administrator shall have full power and authority (subject to the provisions of the Plan) to establish such rules and
regulations as it may deem appropriate for proper administration of the Plan and to make such determinations under, and issue
such interpretations of, the Plan and any outstanding stock options or stock issuances thereunder as it may deem necessary or
advisable. Decisions of the Plan Administrator shall be final and binding on all parties who have an interest in the Plan or any
stock option or stock issuance thereunder.

C.    
The Plan Administrator shall have full authority to determine, (i) with respect to the stock option grants under the Option Grant
Program, which eligible persons are to receive stock option grants, the time or times when such stock option grants are to be
made, the number of shares to be covered by each such grant, the status of the granted stock option as either an Incentive Option
or a Non-Statutory Option, the time or times at which each stock option is to become exercisable, the vesting schedule (if any)
applicable to the stock option shares and the maximum term for which the stock option is to remain outstanding, and (ii) with
respect to stock issuances under the Stock Issuance Program, which eligible persons are to receive stock issuances, the time or
times when such issuances are to be made, the number of shares to be issued to each Participant, the vesting schedule (if any)
applicable to the issued shares and the consideration to be paid by the Participant for such shares. The Plan Administrator shall
also have fully authority and discretion to:

1.     
correct any defect, supply any omission, or reconcile or clarify any inconsistency in the Plan or any Stock Option Award Agreement
or Stock Issuance Agreement;

2.     
accelerate the vesting, or extend the post-termination exercise term, or waive restrictions, of stock option or stock awards at
any time and under such terms and conditions as it deems appropriate;

3.     
interpret the Plan and any Stock Option Award Agreement or Stock Issuance Agreement;

4.     
make all other decisions relating to the operation of the Plan; and

5.     
grant stock option or stock awards to Employees, non-employee members of the Board or the board of directors of any Parent or
Subsidiary or consultants who are foreign nationals on such terms and conditions different from those specified in the Plan, which
may be necessary or desirable to foster and promote achievement of the purposes of the Plan, and adopt such modifications, procedures,
and/or subplans (with any such subplans attached as appendices to the Plan) and the like as may be necessary or desirable to comply
with provisions of the laws or regulations of other countries or jurisdictions to ensure the viability of the benefits from stock
option or stock awards granted to Optionees or Participants employed in such countries or jurisdictions, or to meet the requirements
that permit the Plan to operate in a qualified or tax efficient manner, and/or comply with applicable foreign laws or regulations.

    	 	2	 

    	 	 	 

    

IV.            
ELIGIBILITY

A.   
The persons eligible to participate in the Plan are as follows:

(i)           
Employees,

(ii)           
non-employee members of the Board or the non-employee members of the board of directors of any Parent or Subsidiary, and

(iii)           
consultants and other independent advisors who provide services to the Corporation (or any Parent or Subsidiary).

V.               
STOCK SUBJECT TO THE PLAN

A.   
The stock issuable under the Plan shall be shares of authorized but unissued or reacquired Common Stock. The maximum number of
shares of Common Stock which may be issued under this Plan is: 600,000,000 shares of Common Stock (the "Share Limit")(subject
to adjustment as provided in Article One/Section V(C)); and

B.    
Shares of Common Stock subject to outstanding stock options shall be available for subsequent issuance under the Plan to the extent
(i) the stock options expire or terminate for any reason prior to exercise in full or (ii) the stock options are cancelled in
accordance with the cancellation/re-grant provisions of Article Two. Unvested shares issued under the Plan and subsequently repurchased
by the Corporation, at the stock option exercise price paid per share, pursuant to the Corporation’s repurchase rights under
the Plan shall be added back to the number of shares of Common Stock reserved for issuance under the Plan and shall accordingly
be available for reissuance through one or more subsequent stock option grants or direct stock issuances under the Plan.

C.    
Should any change be made to the Common Stock by reason of any stock split, stock dividend, recapitalization, combination of shares,
exchange of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of
consideration, appropriate adjustments shall be made to (i) the Share Limit, (ii) the number and/or class of outstanding securities
issuable under the Plan, (iii) the number and/or class of securities available for awards, (iv) the number and/or class of securities
covered by each outstanding award and (v) the number and/or class of securities and the exercise price per share in effect under
each outstanding stock option in order to prevent the dilution or enlargement of benefits thereunder. The adjustments determined
by the Plan Administrator shall be final, binding and conclusive. In no event shall any such adjustments be made in connection
with the conversion of one or more outstanding shares of the Corporation’s preferred stock into shares of Common Stock.
Any adjustment of shares of Common Stock pursuant to this Article One, Section V(C) shall be rounded down to the nearest whole
number of shares of Common Stock. Under no circumstances shall the Corporation be required to authorize or issue fractional shares.
To the extent permitted by applicable law, no consideration shall be provided as a result of any fractional shares not being issued
or authorized.

    	 	3	 

    	 	 	 

    

VI.            
INDEMNIFICATION

To
the maximum extent permitted by applicable law, each member of the Plan Administrator, or of the Board, or any persons (including
without limitation Employees and officers) who are delegated by the Board or Plan Administrator to perform administrative functions
in connection with the Plan, shall be indemnified and held harmless by the Corporation against and from (i) any loss, cost,
liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim,
action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken
or failure to act under the Plan or any award agreement, and (ii) from any and all amounts paid by him or her in settlement
thereof, with the Corporation’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action,
suit, or proceeding against him or her, provided he or she shall give the Corporation an opportunity, at its own expense, to handle
and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Corporation’s
articles of incorporation or bylaws, by contract, as a matter of law, or otherwise, or under any power that the Corporation may
have to indemnify them or hold them harmless.

VII.         
BENEFICIARIES

An
Optionee or Participant may designate one or more beneficiaries with respect to an award by timely filing the prescribed form
with the Corporation. A beneficiary designation may be changed by filing the prescribed form with the Corporation at any time
before the Participant’s or Optionee's death. If no beneficiary was designated or if no designated beneficiary survives
the Participant or Optionee, then after a Participant’s or Optionee's death any vested award(s) shall be transferred or
distributed to the Participant’s or Optionee's estate.

VIII.      
CALIFORNIA PARTICIPANTS

Awards
to California Participants shall also be subject to the following terms regarding the time period to exercise vested stock options
after termination of Service. These additional terms shall apply until such time that the shares of Common Stock are publicly
traded and/or the Corporation is subject to the reporting requirements of the 1934 Act: In the event of termination of an Optionee's
Service, (i) if such termination was for reasons other than death or Disability or cause, the Optionee shall have at least 30
days after the date of such termination to exercise any of his/her vested outstanding stock options (but in no event later than
the expiration of the term of such stock options established by the Plan Administrator as of the award date) or (ii) if such termination
was due to death or Disability, the Optionee shall have at least six months after the date of such termination to exercise any
of his/her vested outstanding stock options (but in no event later than the expiration of the term of such stock options established
by the Plan Administrator as of the award date). 

    	 	4	 

    	 	 	 

    

IX.            
CODE SECTION 409A

Notwithstanding
anything in the Plan to the contrary, the Plan and awards granted hereunder are intended to comply with the requirements of Code
Section 409A and shall be interpreted in a manner consistent with such intention. In the event that any provision of the Plan
or an award agreement is determined by the Plan Administrator to not comply with the applicable requirements of Code Section 409A
or the Treasury Regulations or other guidance issued thereunder, the Plan Administrator shall have the authority to take such
actions and to make such changes to the Plan or an award agreement as the Plan Administrator deems necessary to comply with such
requirements. Each payment to a Participant or Optionee made pursuant to this Plan shall be considered a separate payment and
not one of a series of payments for purposes of Code Section 409A. Notwithstanding the foregoing or anything elsewhere in the
Plan or an award agreement to the contrary, if upon a Participant’s or Optionee's Separation From Service he/she is then
a “specified employee” (as defined in Code Section 409A), then solely to the extent necessary to comply with Code
Section 409A and avoid the imposition of taxes under Code Section 409A, the Corporation shall defer payment of “nonqualified
deferred compensation” subject to Code Section 409A payable as a result of and within six (6) months following such Separation
From Service under this Plan until the earlier of (i) the first business day of the seventh month following the Participant’s
or Optionee's Separation From Service, or (ii) ten (10) days after the Corporation receives written confirmation of the Participant’s
or Optionee's death. Any such delayed payments shall be made without interest. In no event whatsoever shall the Corporation be
liable for any additional tax, interest or penalties that may be imposed on a Participant or Optionee by Code Section 409A or
any damages for failing to comply with Code Section 409A.

X.               
GENERAL

A.   
Electronic Communications. Subject to compliance with applicable law and/or regulations, an award agreement or other
documentation or notices relating to the Plan and/or awards may be communicated to Participants and Optionees by electronic media.

B.    
Unfunded Plan. Insofar as it provides for awards, the Plan shall be unfunded. Although bookkeeping accounts may
be established with respect to Participants or Optionees who are granted awards under this Plan, any such accounts will be used
merely as a bookkeeping convenience. The Corporation shall not be required to segregate any assets which may at any time be represented
by awards, nor shall this Plan be construed as providing for such segregation, nor shall the Corporation or the Plan Administrator
be deemed to be a trustee of stock or cash to be awarded under the Plan.

C.    
Liability of Corporation Plan. The Corporation (or members of the Board or Plan Administrator) shall not be liable
to a Participant or Optionee or other persons as to: (i) the non-issuance or sale of shares of Common Stock as to which the Corporation
has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Corporation's counsel to be
necessary to the lawful issuance and sale of any shares of Common Stock hereunder; and (ii) any unexpected or adverse tax consequence
or any tax consequence expected, but not realized, by any Participant or Optionee or other person due to the grant, receipt, exercise
or settlement of any award granted under this Plan.

D.   
Reformation. In the event any provision of this Plan shall be held illegal or invalid for any reason, such provisions
will be reformed by the Board if possible and to the extent needed in order to be held legal and valid. If it is not possible
to reform the illegal or invalid provisions then the illegality or invalidity shall not affect the remaining parts of this Plan,
and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

    	 	5	 

    	 	 	 

    

E.    
Successor Provision. Any reference to a statute, rule or regulation, or to a section of a statute, rule or regulation,
is a reference to that statute, rule, regulation, or section as amended from time to time, both before and after the date the
Plan was adopted and including any successor provisions.

F.     
Governing Law. This Plan, and (unless otherwise provided in the Stock Option Award Agreement or Stock Issuance Agreement)
all awards, shall be construed in accordance with and governed by the laws of the State of California, but without regard to its
conflict of law provisions. The Plan Administrator may provide that any dispute as to any award shall be presented and determined
in such forum as the Plan Administrator may specify, including through binding arbitration. Unless otherwise provided in the Stock
Option Award Agreement or Stock Issuance Agreement, recipients of an award under the Plan are deemed to submit to the exclusive
jurisdiction and venue of the federal or state courts of California to resolve any and all issues that may arise out of or relate
to the Plan or any related Stock Option Award Agreement or Stock Issuance Agreement.

Article
Two

OPTION GRANT PROGRAM

I.                  
STOCK OPTION TERMS

Each
stock option shall be evidenced by a Stock Option Award Agreement between the Optionee and the Corporation in a form approved
by the Plan Administrator; provided, however, that each such agreement shall comply with the terms specified below. Each
document evidencing an Incentive Option shall, in addition, be subject to the provisions of the Plan applicable to such stock
options. The provisions of the various Stock Option Award Agreements entered into under the Plan need not be identical. The Stock
Option Award Agreement shall also specify whether the stock option is an Incentive Option and if not specified then the stock
option shall be a Non-Statutory Option. Additionally the Stock Option Award Agreement shall specify the number of shares of Common
Stock that are subject to the stock option, set forth the stock option's exercise price (pursuant to the terms specified below),
specify the date when all or any installment of the stock option is to become vested and/or exercisable and specify the term of
the stock option.

A.   
Exercise Price.

1.     
The exercise price per share shall be fixed by the Plan Administrator in accordance with the following provisions:

(i)           
The exercise price per share shall not be less than one hundred percent (100%) of the Fair Market Value per share of Common Stock
on the stock option grant date.

(ii)           
If the person to whom an Incentive Option is granted is a 10% Shareholder, then the exercise price per share shall not be less
than one hundred ten percent (110%) of the Fair Market Value per share of Common Stock on the Incentive Option grant date.

    	 	6	 

    	 	 	 

    

2.     
Unless the terms of the Award and/or the Stock Option Award Agreement provide for cashless exercise, the exercise price shall
become immediately due upon exercise of the stock option and shall, subject to the documents evidencing the stock option, be payable
in cash or check made payable to the Corporation or by a promissory note as described in Section I of Article Four. Should the
Common Stock be registered under Section 12(g) of the 1934 Act at the time the stock option is exercised, then the exercise price
may also be paid as follows:

(i)           
in shares of Common Stock held for the requisite period necessary to avoid a charge to the Corporation’s earnings for financial
reporting purposes and valued at Fair Market Value on the Exercise Date, or

(ii)           
to the extent the stock option is exercised for vested shares, through a special sale and remittance procedure pursuant to which
the Optionee shall concurrently provide irrevocable written instructions to the Corporation to deliver the certificates for
the purchased shares directly to such brokerage firm in order to complete the sale.

Except
to the extent such sale and remittance procedure is utilized, payment of the exercise price for the purchased shares must be made
on the Exercise Date.

 B.    
Exercise and Term of Stock Options. Each stock option shall be exercisable at such time or times, during such period
and for such number of shares as shall be determined by the Plan Administrator and set forth in the documents evidencing the stock
option grant. However, no stock option shall have a term in excess of five (5) years measured from the stock option grant date. 

C.    
Effect of Termination of Service.

1.     
Unless the applicable Stock Option Award Agreement or employment agreement provides otherwise (and in such case, the Stock Option
Award Agreement or employment agreement shall govern as to the consequences of a termination of Service for such stock option
awards subject to the subsection (C)), the following provisions shall govern the exercise of any stock options held by the Optionee
at the time of cessation of Service or death:

(i)           
Should the Optionee cease to remain in Service for any reason other than Disability or death, then the Optionee shall have a period
of three (3) months following the date of such cessation of Service during which to exercise the vested portion of each outstanding
stock option held by such Optionee and all unvested portions of any outstanding stock option award shall be forfeited without
consideration as of the termination of Service date.

    	 	7	 

    	 	 	 

    

(ii)           
Should Optionee’s Service terminate by reason of Disability, then the Optionee shall have a period of twelve (12) months
following the date of such cessation of Service during which to exercise the vested portion of each outstanding stock option held
by such Optionee and all unvested portions of any outstanding stock option award shall be forfeited without consideration as of
the termination of Service date.

(iii)           
If the Optionee dies while holding an outstanding stock option, then the personal representative of his or her estate or the person
or persons to whom the stock option is transferred pursuant to the Optionee’s will or the laws of inheritance shall have
a twelve (12)-month period following the date of the Optionee’s death to exercise the vested portion of such stock option
and all unvested portions of any outstanding stock option award shall be forfeited without consideration as of the date of death.

(iv)           
Under no circumstances, however, shall any such stock option be exercisable after the specified expiration of the stock option
term.

(v)           
During the applicable post-Service exercise period, the stock option may not be exercised in the aggregate for more than the number
of vested shares for which the stock option is exercisable on the date of the Optionee’s cessation of Service. Upon the
expiration of the applicable exercise period or (if earlier) upon the expiration of the stock option term, the stock option shall
terminate and cease to be outstanding for any vested shares for which the stock option has not been exercised.

2.     
The Plan Administrator shall have the discretion, either at the time a stock option is granted or at any time while the stock
option remains outstanding, provided that such time is prior to the forfeiture of the stock option, to:

(i)           
extend the period of time for which the stock option is to remain exercisable following Optionee’s cessation of Service
or death from the limited period otherwise in effect for that stock option to such greater period of time as the Plan Administrator
shall deem appropriate, but in no event beyond the expiration of the stock option term, and/or

(ii)           
permit the stock option to be exercised, during the applicable post-Service exercise period, not only with respect to the number
of vested shares of Common Stock for which such stock option is exercisable at the time of the Optionee’s cessation of Service
but also with respect to one or more additional installments in which the Optionee would have vested under the stock option had
the Optionee continued in Service.

D.   
Shareholder Rights. The holder of a stock option shall have no shareholder rights with respect to the shares subject
to the stock option until such person shall have exercised the stock option, paid the exercise price and any applicable withholding
taxes and become a holder of record of the purchased shares.

    	 	8	 

    	 	 	 

    

E.    
Unvested Shares. The Plan Administrator shall have the discretion to grant stock options which are exercisable for
unvested shares of Common Stock. Should the Optionee cease Service while holding such unvested shares, the Corporation shall have
the right to repurchase, at the exercise price paid per share, all or (at the discretion of the Corporation and with the consent
of the Optionee) any of those unvested shares. The terms upon which such repurchase right shall be exercisable (including the
period and procedure for exercise and the appropriate vesting schedule for the purchased shares) shall be established by the Plan
Administrator and set forth in the document evidencing such repurchase right.

F.     
First Refusal Rights. Until such time as the Common Stock is first registered under Section 12(g) of the 1934
Act, the Corporation shall have the right of first refusal with respect to any proposed disposition by the Optionee (or any successor
in interest) of any shares of Common Stock issued under the Plan. Such right of first refusal shall be exercisable in accordance
with the terms established by the Plan Administrator and set forth in the document evidencing such right.

G.   
Limited Transferability of Stock Options. During the lifetime of the Optionee, the stock option shall be exercisable
only by the Optionee and shall not be assignable or transferable other than by will or by the laws of descent and distribution
following the Optionee’s death.

H.   
Withholding. The Corporation’s obligation to deliver shares of Common Stock upon the exercise of any stock
options granted under the Plan shall be subject to the satisfaction of all applicable federal, state and local income and employment
tax withholding requirements.

II.               
INCENTIVE OPTIONS

The
terms specified below shall be applicable to all Incentive Options. Except as modified by the provisions of this Section II, all
the provisions of the Plan shall be applicable to Incentive Options. Stock options which are specifically designated as Non-Statutory
Options shall not be subject to the terms of this Section II.

A.   
Eligibility. Incentive Options may only be granted to Employees.

B.    
Exercise Price. The exercise price per share shall not be less than one hundred percent (100%) of the Fair Market
Value per share of Common Stock on the stock option grant date.

C.    
Dollar Limitation. The aggregate Fair Market Value of the shares of Common Stock (determined as of the respective
date or dates of grant) for which one or more stock options granted to any Employee under the Plan (or any other stock option
plan of the Corporation or any Parent or Subsidiary) may for the first time become exercisable as Incentive Options during any
one (1) calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the Employee holds two
(2) or more such stock options which become exercisable for the first time in the same calendar year, the foregoing limitation
on the exercisability of such stock options as Incentive Options shall be applied on the basis of the order in which such stock
options are granted. If and to the extent that any shares of Common Stock are issued under a portion of any Incentive Option that
exceeds the $100,000 limitation of Section 422 of the Code, such shares shall not be treated as issued under an Incentive Option
notwithstanding any designation otherwise. Certain decisions, amendments, interpretations and actions by the Plan Administrator
and certain actions by an Employee may cause an Incentive Option to cease to qualify as an Incentive Option pursuant to the Code
and by accepting an Incentive Option the Employee agrees in advance to such disqualifying action taken by either the Employee,
the Plan Administrator or the Corporation.

    	 	9	 

    	 	 	 

    

D.   
10% Shareholder. If any Employee to whom an Incentive Option is granted is a 10% Shareholder, then the stock option
term shall not exceed five (5) years measured from the stock option grant date.

III.            
CORPORATE TRANSACTION

A.   
The shares subject to each stock option outstanding under the Plan at the time of a Corporate Transaction shall automatically
vest in full so that each such stock option shall, immediately prior to the effective date of the Corporate Transaction, become
fully exercisable for all of the shares of Common Stock at the time subject to that stock option and may be exercised for any
or all of those shares as fully vested shares of Common Stock. However, the shares subject to an outstanding stock option shall
not vest on such an accelerated basis if and to the extent: (i) such stock option is assumed by the successor corporation
(or parent thereof) in the Corporate Transaction and the Corporation’s repurchase rights with respect to the unvested stock
option shares are concurrently assigned to such successor corporation (or parent thereof) or (ii) such stock option is to be replaced
with a cash incentive program of the successor corporation which preserves the spread existing on the unvested stock option shares
at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable
to those unvested stock option shares or (iii) the acceleration of such stock option is subject to other limitations imposed by
the Plan Administrator at the time of the stock option grant.

B.    
All outstanding repurchase rights shall also terminate automatically, and the shares of Common Stock subject to those terminated
rights shall immediately vest in full, in the event of any Corporate Transaction, except to the extent: (i) those repurchase rights
are assigned to the successor corporation (or parent thereof) in connection with such Corporate Transaction or (ii) such accelerated
vesting is precluded by other limitations imposed by the Plan Administrator at the time the repurchase right is issued.

C.    
Immediately following the consummation of the Corporate Transaction, all outstanding stock options shall terminate and cease to
be outstanding, except to the extent assumed by the successor corporation (or parent thereof).

D.   
Each stock option which is assumed in connection with a Corporate Transaction shall be appropriately adjusted, immediately after
such Corporate Transaction, to apply to the number and class of securities which would have been issuable to the Optionee in consummation
of such Corporate Transaction, had the stock option been exercised immediately prior to such Corporate Transaction. Appropriate
adjustments shall also be made to (i) the number and class of securities available for issuance under the Plan following the consummation
of such Corporate Transaction and (ii) the exercise price payable per share under each outstanding stock option, provided
the aggregate exercise price payable for such securities shall remain the same.

    	 	10	 

    	 	 	 

    

E.    
The Plan Administrator shall have the discretion, either at the time the stock option is granted or at any time while the stock
option remains outstanding, to provide for the automatic acceleration (in whole or in part) of one or more outstanding stock options
(and the automatic termination of one or more outstanding repurchase rights, with the immediate vesting of the shares of Common
Stock subject to those terminated rights) upon the occurrence of a Corporate Transaction, whether or not those stock options are
to be assumed or replaced (or those repurchase rights are to be assigned) in the Corporate Transaction.

F.     
The Plan Administrator shall also have full power and authority, either at the time the stock option is granted or at any time
while the stock option remains outstanding, to structure such stock option so that the shares subject to that stock option will
automatically vest on an accelerated basis should the Optionee’s Service terminate by reason of an Involuntary Termination
within a designated period (not to exceed eighteen (18) months) following the effective date of any Corporate Transaction in which
the stock option is assumed and the repurchase rights applicable to those shares do not otherwise terminate. Any such stock option
shall remain exercisable for the fully vested stock option shares until the earlier of (i) the expiration of the stock
option term or (ii) the expiration of the one (1)-year period measured from the effective date of the Involuntary Termination.
In addition, the Plan Administrator may provide that one or more of the outstanding repurchase rights with respect to shares held
by the Optionee at the time of such Involuntary Termination shall immediately terminate on an accelerated basis, and the shares
subject to those terminated rights shall accordingly vest.

G.   
The portion of any Incentive Option accelerated in connection with a Corporate Transaction shall remain exercisable as an Incentive
Option only to the extent the applicable One Hundred Thousand Dollar limitation is not exceeded. To the extent such dollar limitation
is exceeded, the accelerated portion of such stock option shall be exercisable as a Non-Statutory Option under the Federal tax
laws.

H.   
The grant of stock options under the Plan shall in no way affect the right of the Corporation to adjust, reclassify, reorganize
or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or
any part of its business or assets.

IV.            
CANCELLATION AND REGRANT OF STOCK OPTIONS

The
Plan Administrator shall have the authority to effect, at any time and from time to time, with the consent of the affected stock
option holders, the cancellation of any or all outstanding stock options under the Plan and to grant in substitution therefor
new stock options covering the same or different number of shares of Common Stock but with an exercise price per share based on
the Fair Market Value per share of Common Stock on the new stock option grant date.

    	 	11	 

    	 	 	 

    

Article
Three

STOCK ISSUANCE PROGRAM

I.                  
STOCK ISSUANCE TERMS

Shares
of Common Stock may be issued under the Stock Issuance Program through direct and immediate issuances without any intervening
stock option grants. Each such stock issuance shall be evidenced by a Stock Issuance Agreement which complies with the terms specified
below.

A.   
Purchase Price.

1.     
The purchase price per share shall be fixed by the Plan Administrator but shall not be less than eighty-five percent (85%) of
the Fair Market Value per share of Common Stock on the issue date. However, the purchase price per share of Common Stock issued
to a 10% Shareholder shall not be less than one hundred and ten percent (110%) of such Fair Market Value.

2.     
Shares of Common Stock may be issued under the Stock Issuance Program for any of the following items of consideration which the
Plan Administrator may deem appropriate in each individual instance:

(i)           
cash or check made payable to the Corporation;

(ii)           
past services rendered to the Corporation (or any Parent or Subsidiary); or

(iii)           
a promissory note as described in Section I of Article Four.

 

B.    
Vesting Provisions.

1.     
Shares of Common Stock issued under the Stock Issuance Program may, in the discretion of the Plan Administrator, be fully and
immediately vested upon issuance or may vest in one or more installments over the Participant’s period of Service or upon
attainment of specified performance objectives.

2.     
Any new, substituted or additional securities or other property (including money paid other than as a regular cash dividend) which
the Participant may have the right to receive with respect to the Participant’s unvested shares of Common Stock by reason
of any stock dividend, stock split, recapitalization, combination of shares, exchange of shares or other change affecting the
outstanding Common Stock as a class without the Corporation’s receipt of consideration shall be issued subject to (i) the
same vesting requirements applicable to the Participant’s unvested shares of Common Stock and (ii) such escrow arrangements
as the Plan Administrator shall deem appropriate.

    	 	12	 

    	 	 	 

    

3.     
The Participant shall have full shareholder rights with respect to any shares of Common Stock issued to the Participant under
the Stock Issuance Program, whether or not the Participant’s interest in those shares is vested. Accordingly, the Participant
shall have the right to vote such shares and to receive any regular cash dividends paid on such shares.

4.     
Should the Participant cease to remain in Service while holding one or more unvested shares of Common Stock issued under the Stock
Issuance Program or should the performance objectives not be attained with respect to one or more such unvested shares of Common
Stock, then those shares shall be immediately surrendered to the Corporation for cancellation, and the Participant shall have
no further shareholder rights with respect to those shares. To the extent the surrendered shares were previously issued to the
Participant for consideration paid in cash or cash equivalent (including the Participant’s purchase-money indebtedness),
the Corporation shall repay to the Participant the cash consideration paid for the surrendered shares and shall cancel the unpaid
principal balance of any outstanding purchase-money note of the Participant attributable to such surrendered shares.

5.     
The Plan Administrator may in its discretion waive the surrender and cancellation of one or more unvested shares of Common Stock
(or other assets attributable thereto) which would otherwise occur upon the non-completion of the vesting schedule applicable
to such shares. Such waiver shall result in the immediate vesting of the Participant’s interest in the shares of Common
Stock as to which the waiver applies. Such waiver may be effected at any time, whether before or after the Participant’s
cessation of Service or the attainment or non-attainment of the applicable performance objectives.

II.               
CORPORATE TRANSACTION

A.   
Upon the occurrence of a Corporate Transaction, all outstanding repurchase rights under the Stock Issuance Program shall terminate
automatically, and the shares of Common Stock subject to those terminated rights shall immediately vest in full, except to the
extent: (i) those repurchase rights are assigned to the successor corporation (or parent thereof) in connection with such Corporate
Transaction or (ii) such accelerated vesting is precluded by other limitations imposed by the Plan Administrator at the time the
repurchase right is issued.

B.    
The Plan Administrator shall have the discretionary authority, exercisable either at the time the unvested shares are issued or
any time while the Corporation’s repurchase rights with respect to those shares remain outstanding, to provide that those
rights shall automatically terminate on an accelerated basis, and the shares of Common Stock subject to those terminated rights
shall immediately vest, in the event the Participant’s Service should subsequently terminate by reason of an Involuntary
Termination within a designated period (not to exceed eighteen (18) months) following the effective date of any Corporate Transaction
in which those repurchase rights are assigned to the successor corporation (or parent thereof).

    	 	13	 

    	 	 	 

    

III.            
SHARE ESCROW/LEGENDS

Unvested
shares may, in the Plan Administrator’s discretion, be held in escrow by the Corporation until the Participant’s interest
in such shares vests or may be issued directly to the Participant with restrictive legends on the certificates evidencing those
unvested shares.

Article
Four

MISCELLANEOUS

I.                  
FINANCING

The
Plan Administrator may permit any Optionee or Participant to pay the stock option exercise price or the purchase price for shares
issued to such person under the Plan by delivering a full-recourse, interest-bearing promissory note payable in one or more installments
and secured by the purchased shares. However, any promissory note delivered by a consultant must be secured by property in addition
to the purchased shares of Common Stock. In no event shall the maximum credit available to the Optionee or Participant exceed
the sum of (i) the aggregate stock option exercise price or purchase price payable for the purchased shares plus (ii) any
federal, state and local income and employment tax liability incurred by the Optionee or the Participant in connection with the
stock option exercise or share purchase.

II.               
EFFECTIVE DATE AND TERM OF PLAN

A.   
The Plan shall become effective when adopted by the Board.

 B.    
The Plan shall terminate upon the earliest of (i) the expiration of the five (5) year period measured from the date the
Plan is adopted by the Board, (ii) the date on which all shares available for issuance under the Plan shall have been issued or
(iii) the termination of all outstanding stock options in connection with a Corporate Transaction. All stock options and unvested
stock issuances outstanding at that time under the Plan shall continue to have full force and effect in accordance with the provisions
of the documents evidencing such stock options or issuances. 

III.            
AMENDMENT OF THE PLAN

A.   
The Board shall have complete and exclusive power and authority to amend or modify the Plan in any or all respects. However, no
such amendment or modification shall adversely affect the rights and obligations with respect to stock options or unvested stock
issuances at the time outstanding under the Plan unless the Optionee or the Participant consents to such amendment or modification.
In addition, certain amendments may require shareholder approval pursuant to applicable laws and regulations.

    	 	14	 

    	 	 	 

    

B.    
To the extent permitted by applicable law, stock options may be granted under the Option Grant Program and shares may be issued
under the Stock Issuance Program which are in each instance in excess of the number of shares of Common Stock then available for
issuance under the Plan, provided any excess shares actually issued under those programs shall be held in escrow until there is
obtained shareholder approval of an amendment sufficiently increasing the number of shares of Common Stock available for issuance
under the Plan. If such shareholder approval is not obtained within twelve (12) months after the date the first such excess issuances
are made, then (i) any unexercised stock options granted on the basis of such excess shares shall terminate and cease to be outstanding
and (ii) the Corporation shall promptly refund to the Optionees and the Participants the exercise or purchase price paid for any
excess shares issued under the Plan and held in escrow, together with interest (at the applicable Short Term Federal Rate) for
the period the shares were held in escrow, and such shares shall thereupon be automatically cancelled and cease to be outstanding.

IV.            
USE OF PROCEEDS

Any
cash proceeds received by the Corporation from the sale of shares of Common Stock under the Plan shall be used for general corporate
purposes.

V.               
WITHHOLDING

The
Corporation’s obligation to deliver shares of Common Stock upon the exercise of any stock options or upon the issuance or
vesting of any shares issued under the Plan shall be subject to the satisfaction of all applicable federal, state and local income
and employment tax withholding requirements.

VI.            
LIMITATIONS ON RIGHTS

A.   
Retention Rights. Neither the Plan nor any award granted under the Plan shall be deemed to give any individual a
right to remain in Service as an Employee, consultant, or non-employee director of the Corporation, a Parent or a Subsidiary or
to receive any future awards under the Plan. The Corporation and its Parents and Subsidiaries reserve the right to terminate the
Service of any person at any time, and for any reason, subject to applicable laws, the Corporation's articles of incorporation
and bylaws and a written employment agreement (if any).

B.    
Regulatory Approvals. The implementation of the Plan, the granting of any stock options under the Plan and the issuance
of any shares of Common Stock (i) upon the exercise of any stock option or (ii) under the Stock Issuance Program shall be subject
to the Corporation’s procurement of all approvals and permits required by regulatory authorities having jurisdiction over
the Plan, the stock options granted under it and the shares of Common Stock issued pursuant to it.

C.    
Clawback Policy. The Corporation may (i) cause the cancellation of any award, (ii) require reimbursement of any
award by a Participant or Optionee and (iii) effect any other right of recoupment of equity or other compensation provided under
this Plan or otherwise in accordance with Corporation policies and/or applicable law (each, a “Clawback Policy”).
In addition, a Participant or Optionee may be required to repay to the Corporation certain previously paid compensation, whether
provided under this Plan or an award agreement or otherwise, in accordance with the Clawback Policy.

VII.         
NO EMPLOYMENT OR SERVICE RIGHTS

Nothing
in the Plan shall confer upon the Optionee or the Participant any right to continue in Service for any period of specific duration
or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining
such person) or of the Optionee or the Participant, which rights are hereby expressly reserved by each, to terminate such person’s
Service at any time for any reason, with or without cause.

    	 	15	 

    	 	 	 

    

APPENDIX

The
following definitions shall be in effect under the Plan:

A.               
Board shall mean the Corporation’s Board of Directors.

B.                
California Participants shall mean a Participant or Optionee whose award under the Plan was issued in reliance on
Section 25102(o) of the California Corporation Code.

C.                
Code shall mean the Internal Revenue Code of 1986, as amended.

D.               
Committee shall mean a committee of two (2) or more Board members appointed by the Board to exercise one or more
administrative functions under the Plan.

E.                
Common Stock shall mean the Corporation’s common stock.

F.                 
Corporate Transaction shall mean either of the following shareholder-approved transactions to which the Corporation
is a party:

(i)           
a merger or consolidation in which securities possessing more than fifty percent (50%) of the total combined voting power of the
Corporation’s outstanding securities are transferred to a person or persons different from the persons holding those securities
immediately prior to such transaction, or

(ii)           
the sale, transfer or other disposition of all or substantially all of the Corporation’s assets in complete liquidation
or dissolution of the Corporation.

G.               
Corporation shall mean Rich Pharmaceuticals, Inc., a Nevada corporation.

H.               
Disability shall mean the inability of the Optionee or the Participant to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted
or can expected to last for a continuous period of not less than twelve (12) months and shall be determined by the Plan Administrator
on the basis of such medical evidence as the Plan Administrator deems warranted under the circumstances.

I.                   
Employee shall mean an individual who is in the employ of the Corporation (or any Parent or Subsidiary), subject
to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance.

J.                  
Exercise Date shall mean the date on which the Corporation shall have received written notice of the stock option
exercise.

    	 	16	 

    	 	 	 

    

K.                  Fair
Market Value per share of Common Stock on any relevant date shall be determined in accordance with the following provisions:

(i)           
If the Common Stock is at the time traded on the Nasdaq National Market, then the Fair Market Value shall be the closing selling
price per share of Common Stock on the date in question, as such price is reported by the National Association of Securities Dealers
on the Nasdaq National Market or any successor system. If there is no closing selling price for the Common Stock on the date in
question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists.

(ii)           
If the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price
per share of Common Stock on the date in question on the Stock Exchange determined by the Plan Administrator to be the primary
market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there
is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling
price on the last preceding date for which such quotation exists.

(iii)       If
the Common Stock is at the time neither listed on any Stock Exchange nor traded on the Nasdaq National Market, then the Fair Market
Value shall be determined by the Plan Administrator after taking into account such factors as the Plan Administrator shall deem
appropriate including the pricing of any recent equity or convertible debt capital raising the Company has completed or is proposed
to complete.

 

K.               
Incentive Option shall mean a stock option which satisfies the requirements of Code Section 422.

L.                
Involuntary Termination shall mean the termination of the Service of any individual which occurs by reason of:

(i)           
such individual’s involuntary dismissal or discharge by the Corporation for reasons other than Misconduct, or

(ii)           
such individual’s voluntary resignation following (A) a change in his or her position with the Corporation which materially
reduces his or her level of responsibility, (B) a reduction in his or her level of compensation (including base salary, fringe
benefits and target bonuses under any corporate-performance based bonus or incentive programs) by more than fifteen percent (15%)
or (C) a relocation of such individual’s place of employment by more than fifty (50) miles, provided and only if such change,
reduction or relocation is effected without the individual’s consent.

M.              
Misconduct shall mean the commission of any act of fraud, embezzlement or dishonesty by the Optionee or Participant,
any unauthorized use or disclosure by such person of confidential information or trade secrets of the Corporation (or any Parent
or Subsidiary), or any other intentional misconduct by such person adversely affecting the business or affairs of the Corporation
(or any Parent or Subsidiary) in a material manner. The foregoing definition shall not be deemed to be inclusive of all the acts
or omissions which the Corporation (or any Parent or Subsidiary) may consider as grounds for the dismissal or discharge of any
Optionee, Participant or other person in the Service of the Corporation (or any Parent or Subsidiary).

    	 	17	 

    	 	 	 

    

N.               
1934 Act shall mean the Securities Exchange Act of 1934, as amended.

O.               
Non-Statutory Option shall mean a stock option that is not an Incentive Option.

P.                 
Option Grant Program shall mean the stock option grant program in effect under the Plan.

Q.               
Optionee shall mean any person to whom a stock option is granted under the Plan.

R.                
Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with
the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination,
stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

S.                 
Participant shall mean any person who is issued shares of Common Stock under the Stock Issuance Program.

T.                
Plan shall mean this Rich Pharmaceuticals, Inc. 2017 Stock Option/Stock Issuance Plan as it may be amended from
time to time.

U.               
Plan Administrator shall mean either the Board or the Committee acting in its capacity as administrator of the Plan.

V.               
Service shall mean the provision of services to the Corporation (or any Parent or Subsidiary) by a person in the
capacity of an Employee, a non-employee member of the board of directors or a consultant, except to the extent otherwise specifically
provided in the documents evidencing the stock option grant.

W.              
Stock Exchange shall mean either the American Stock Exchange or the New York Stock Exchange.

X.               
Stock Issuance Agreement shall mean the written agreement entered into by the Corporation and the Participant at
the time of issuance of shares of Common Stock under the Stock Issuance Program.

Y.               
Stock Issuance Program shall mean the stock issuance program in effect under the Plan.

Z.                
Stock Option Award Agreement shall mean the written agreement described in Article Two, Section I evidencing each
award of a stock option under the Plan.

AA.          
Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain of corporations beginning
with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the
determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one
of the other corporations in such chain.

BB.           
10% Shareholder shall mean the owner of stock (as determined under Code Section 424(d)) possessing more than ten
percent (10%) of the total combined voting power of all classes of outstanding stock of the Corporation (or any Parent or Subsidiary).

    	 	18

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