Document:

EX-10.2

 Exhibit 10.2 

COLLATERAL MANAGEMENT AGREEMENT 

This Agreement, dated as of July 26, 2022 (this “Agreement”), is entered into by and between Owl Rock CLO VII, LLC, a
limited liability company organized under the laws of the State of Delaware, with its registered office at the offices of Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711 (together with successors and assigns
permitted hereunder, the “Issuer”), and Owl Rock Capital Advisors LLC (“ORCA”), a Delaware limited liability company, with its principal offices located at 399 Park Avenue, 38th Floor, New York, NY 10022, as collateral manager (in such capacity, the “Collateral Manager”). Capitalized terms used and not otherwise defined herein have the meanings assigned to
them in the Indenture. 
 WITNESSETH: 

WHEREAS, the Issuer intends to issue Notes pursuant to an indenture and security agreement dated as of July 26, 2022 (the
“Indenture”), among the Issuer and State Street Bank and Trust Company, as collateral trustee (together with any successor collateral trustee permitted under the Indenture, the “Collateral Trustee”); 

WHEREAS, the Issuer intends to incur loans (the “Loans”, and together with the Notes, the “Debt”) pursuant
to the terms of (x) the Class A-L1 Credit Agreement, dated as of July 26, 2022 (the “Class A-L1 Credit Agreement”)
among the Issuer, as borrower, the Collateral Trustee, State Street Bank and Trust Company as loan agent (the “Loan Agent”) and the lenders from time to time party thereto and (y) the
Class A-L2 Credit Agreement, dated as of July 26, 2022 (the “Class A-L2 Credit Agreement”, and together with the Class A-L1 Credit Agreement, the “Credit Agreements”) among the Issuer, as borrower, the Loan Agent, the Collateral Trustee and the lenders from time to time party thereto; 

WHEREAS, the Issuer intends to issue Preferred Shares pursuant to the Issuer’s amended and restated limited liability company agreement
and subject to the Fiscal Agency Agreement, dated as of the Closing Date (the “Fiscal Agency Agreement”), among the Fiscal Agent, the Share Registrar and the Issuer, as amended from time to time in accordance with the terms thereof;

 WHEREAS, the Issuer intends to pledge certain Collateral Obligations, Eligible Investments and Cash (all as defined in the Indenture) and
certain other assets (all as set forth in the Indenture) (collectively, the “Assets”) to the Collateral Trustee as security for its obligations under the Indenture; 

WHEREAS, the Issuer wishes to enter into this Agreement, pursuant to which the Collateral Manager agrees to perform, on behalf of the Issuer,
certain duties with respect to the Assets in the manner and on the terms set forth herein and to perform such additional duties as are consistent with the terms of this Agreement, the Indenture and the Collateral Administration Agreement; and 

WHEREAS, the Collateral Manager has the capacity to provide the services required hereby and is prepared to perform such services upon the
terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto
agree as follows: 

 1. Definitions. 

Terms used herein and not defined below or elsewhere herein shall have the meanings set forth in the Indenture. 

“Agreement” shall mean this Agreement, as amended from time to time. 

“Cause” shall have the meaning set forth in Section 14. 

“Collateral Manager Information” shall have the meaning ascribed to such term in the Offering Circular. 

“Collateral Manager Securities” shall mean any Securities owned by the Collateral Manager, an Affiliate thereof, or any
account, fund, client or portfolio established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager or an Affiliate thereof acts as the investment adviser or with respect to which the Collateral
Manager or an Affiliate thereof exercises discretionary control thereover. 
 “Governing Instruments” shall mean the
memorandum of association, articles of association and by-laws, if applicable, in the case of a corporation, the partnership agreement, in the case of a partnership, the limited liability company agreement and
certificate of formation, in the case of a limited liability company or the trust agreement and (if applicable) certificate of trust, in the case of a trust. 

“Notice of Removal” shall have the meaning set forth in Section 14. 

“Offering Circular” shall mean the final Offering Circular with respect to the Debt. 

“Related Person” shall mean with respect to any Person, the owners of the equity interests therein, directors, officers,
employees, managers, agents and professional advisors thereof. 
 “Responsible Officer” shall mean, with respect to any
Person, any duly authorized director, officer or manager of such Person with direct responsibility for the administration of the applicable agreement and also, with respect to a particular matter, any other duly authorized director, officer or
manager of such Person to whom such matter is referred because of such director’s, officer’s or manager’s knowledge of and familiarity with the particular subject. 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. 

“Termination Notice” shall have the meaning set forth in Section 14. 

2. General Duties and Authorization of the Collateral Manager. 

  
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 The Collateral Manager shall provide services to the Issuer as follows: 

(a) Subject to and in accordance with the applicable terms of the Indenture and the terms of this Agreement, the Collateral Manager agrees to,
and is appointed and authorized by the Issuer to (i) select the Collateral Obligations and Eligible Investments (and other Assets) to be acquired, sold, terminated, tendered or otherwise disposed of by the Issuer, (ii) invest and reinvest
the Assets subject to the Investment Criteria and other conditions and restrictions set forth in the Indenture, (iii) instruct the Collateral Trustee with respect to any acquisition, disposition or tender of, or Offer with respect to, a
Collateral Obligation, Equity Security, Eligible Investment, or other assets received in respect thereof in the open market or otherwise by the Issuer, and (iv) perform all other tasks and take all other actions that any of the Indenture, the
Collateral Administration Agreement or this Agreement specify are to be taken by the Collateral Manager (provided that the Collateral Manager will not be bound to follow any amendment or supplement to the Indenture unless it has consented thereto in
accordance with the Indenture); and the Collateral Manager may, in its sole discretion, take any other action not inconsistent with an action that such agreements specify may be taken by the Collateral Manager. 

(b) The Collateral Manager shall monitor the Assets on behalf of the Issuer on an ongoing basis and will further agree to provide or cause to
be provided to the Issuer all reports, schedules and other data reasonably available to the Collateral Manager that the Issuer is required to prepare and deliver or cause to be prepared and delivered under the Indenture, in such forms and containing
such information required thereby, in reasonably sufficient time for such required reports, schedules and data to be reviewed and delivered by or on behalf of the Issuer to the parties entitled thereto under the Indenture. The obligation of the
Collateral Manager to furnish such reports, schedules and other data is subject to the Collateral Manager’s timely receipt of necessary information, reports, schedules and other data from the Person responsible for the delivery or preparation
thereof (including without limitation, Obligors of the Collateral Obligations, the Rating Agency, the Collateral Trustee and the Collateral Administrator) and to any confidentiality restrictions with respect thereto. 

(c) Without limiting the foregoing, the Issuer authorizes the Collateral Manager to, at any time and subject to and in accordance with this
Agreement, the Indenture and the Loan Sale Agreements: (i) direct the Collateral Trustee to dispose of any or all Assets in the open market or otherwise, (ii) direct the Collateral Trustee to acquire or retain, as security for the Debt in
substitution for or in addition to any Collateral Obligations, Eligible Investments or other Assets, one or more Collateral Obligations, Eligible Investments or other Assets, and (iii) as agent of the Issuer, direct the Collateral Trustee to
take the following actions with respect to any Asset: 
 (A) tender such Assets pursuant to an Offer; 

(B) consent or object to any proposed amendment, modification or waiver with respect to such Asset, including pursuant to an
Offer; 
 (C) retain or dispose of any securities or other property (if other than Cash) received pursuant to an Offer or
with respect to any Asset; 
 (D) waive any default with respect to any Asset; 

(E) vote to accelerate, or to rescind the acceleration of, the maturity of any Asset; or 

  
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 (F) exercise any other rights or remedies with respect to such Asset as
provided in the related Underlying Document or take any other action consistent with the terms of the Indenture and the standard of care set forth in Section 2(f). 

(d) The Issuer hereby irrevocably (except as provided below) appoints the Collateral Manager as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with the performance of its duties provided for in this
Agreement or in the Indenture. The Issuer hereby ratifies and confirms all that such attorney-in-fact (or any substitute) shall lawfully do hereunder and pursuant hereto
and authorizes such attorney-in-fact to exercise full discretion and act for the Issuer in the same manner and with the same force and effect as the managers or officers
of the Issuer might or could do in respect of the performance of such services, as well as in respect of all other things the Collateral Manager deems necessary or incidental to the furtherance or conduct of such services, subject in each case to
the other terms of this Agreement. The Issuer hereby authorizes such attorney-in-fact, in its sole discretion (but subject to applicable law and the provisions of this
Agreement and the Indenture), to take all actions that it considers reasonably necessary and appropriate in respect of the Assets, this Agreement, the Indenture and the other Transaction Documents. This grant of power of attorney is coupled with an
interest, and it shall survive and not be affected by the subsequent dissolution or bankruptcy of the Issuer, except that, notwithstanding anything herein to the contrary, the appointment herein of the Collateral Manager as the Issuer’s agent
and attorney-in-fact shall automatically cease and terminate upon the effective date of any termination of this Agreement, the resignation of the Collateral Manager
pursuant to Section 12 or any removal of the Collateral Manager pursuant to Section 14. 

(e) The Collateral Manager and the Issuer shall take such other action, and furnish such certificates, opinions and other documents, as may be
reasonably requested by the other party hereto in order to effectuate the purposes of this Agreement and to facilitate compliance with applicable laws and regulations and the terms of this Agreement. 

(f) The Collateral Manager will perform its obligations under this Agreement, the Indenture and the Fiscal Agency Agreement with reasonable
care and in good faith using a degree of skill and attention no less than that which the Collateral Manager exercises with respect to comparable assets that it may manage for itself and its other clients and which is consistent with what the
Collateral Manager reasonably believes to be the customary and usual collateral management practices that a prudent collateral manager of national recognition in the United States would use to manage comparable assets for its own account and for the
account of others, except as expressly provided otherwise in this Agreement, the Indenture, the Fiscal Agency Agreement and/or under applicable law; provided that the Collateral Manager shall not be liable for any losses or damages resulting
from any failure to satisfy the foregoing standard of care except to the extent that such failure would result in liability pursuant to Section 10. Without prejudicing the preceding, the Collateral Manager shall follow its
customary standards, policies and procedures in performing its duties under this Agreement, the Indenture and the Fiscal Agency Agreement. 

  
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 3. Brokerage. 

If the Collateral Manager chooses to effect a transaction for the purchase or sale of an Asset through a broker-dealer, the Collateral Manager
shall use commercially reasonable efforts to obtain the best execution for all orders placed with respect to the Assets, considering all circumstances (but, for the avoidance of doubt and without limiting the foregoing, with no obligation to obtain
the lowest price) and in a manner permitted by law. Subject to the preceding sentence, the Collateral Manager may, in the allocation of business, take into consideration research and other brokerage services furnished to the Collateral Manager or
its Affiliates by brokers and dealers which are not Affiliates of the Collateral Manager. Such services may be furnished to the Collateral Manager or its Affiliates in connection with its other advisory activities or investment operations.
Transactions may be executed as part of concurrent authorizations to purchase or sell the same investment for other accounts served by the Collateral Manager or its Affiliates. When these concurrent transactions occur, the objective of the
Collateral Manager (and any of its Affiliates involved in such transactions) shall be to allocate the executions among the accounts in an equitable manner. A more complete description of the Collateral Manager’s policies with respect to the
placement of orders is set forth in the Collateral Manager’s most recent Form ADV, a copy of which has been made available to the Issuer and to the Collateral Trustee. 

4. Additional Activities of the Collateral Manager. 

Nothing herein shall prevent the Collateral Manager or any of its Affiliates from engaging in its customary businesses, or from rendering
services of any kind to the Issuer and its Affiliates, the Collateral Trustee, the Holders or beneficial owners of the Securities or any other Person or entity to the extent permitted by applicable law and not expressly prohibited under the
Indenture. Without prejudice to the generality of the foregoing, the Collateral Manager or any of its Affiliates and any directors, officers, partners, employees and agents of the Collateral Manager or its Affiliates may, among other things, and
subject to any limits specified in the Indenture: 
 (a) serve as directors (whether supervisory or managing), partners, officers, employees,
agents, nominees or signatories for the Issuer, its Affiliates or any issuer of any obligations included in the Assets, to the extent permitted by their Governing Instruments, as from time to time amended, or by any resolutions duly adopted by the
Issuer, its Affiliates or any issuer of any obligations included in the Assets, pursuant to their respective Governing Instruments; 
 (b)
receive fees for services of any nature rendered to the issuer of any obligations included in the Assets; 
 (c) be retained to provide
services to the Issuer or its Affiliates that are unrelated to this Agreement, and be paid therefor; 
 (d) be a secured or unsecured
creditor of, or hold an equity interest in, the Issuer, its Affiliates or any issuer of any obligation included in the Assets; 
 (e) make a
market in any Collateral Obligations or in any Debt; and 
 (f) serve as a member of any “creditors’ committee” or informal
workout group with respect to any obligation included in the Assets which is, has become, or, in the Collateral Manager’s opinion, may become a Defaulted Obligation. 

  
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 It is understood that the Collateral Manager and any of its Affiliates have engaged (and
expect to continue to engage) in other business and have furnished (and expect to continue to furnish) investment management and advisory services to others, including Persons which may have investment policies similar to those followed by the
Collateral Manager with respect to the Assets and which may own obligations or securities of the same class, or which are of the same type, as the Collateral Obligations or the Eligible Investments or other obligations or securities of the Obligors
or Issuer of the Collateral Obligations or the Eligible Investments. The Collateral Manager will be free, in its sole discretion, to make recommendations to others, or effect transactions on behalf of itself or for others, which may be the same as
or different from those effected with respect to the Assets and the Issuer. Nothing in the Indenture or this Agreement shall prevent the Collateral Manager or any of its Affiliates, acting either as principal or agent on behalf of others, from
buying or selling, or from recommending to or directing any other account to buy or sell, at any time, obligations or securities of the same kind or class, or obligations or securities of a different kind or class of the same Obligor or issuer, as
those directed by the Collateral Manager to be purchased or sold on behalf of the Issuer. 
 It is understood that, to the extent permitted
by applicable law, the Collateral Manager, its Affiliates or their respective Related Persons or any member of their families or a Person advised by the Collateral Manager or its Affiliates may have an interest in a particular transaction or in
obligations or securities of the same kind or class, or obligations or securities of a different kind or class of the same Obligor or issuer, as those whose purchase or sale the Collateral Manager may direct under this Agreement. If, in light of
market conditions and investment objectives, the Collateral Manager determines that it would be advisable to purchase or sell the same Collateral Obligation both for the Issuer, and either the proprietary account of the Collateral Manager or any
Affiliate of the Collateral Manager or another client of the Collateral Manager or any Affiliate, the Collateral Manager will allocate such investment opportunities across such Persons for which such opportunities are appropriate in a manner it
deems fair and equitable over time in accordance with (i) its internal conflicts of interest and allocation policies (as such policies and procedures may change from time to time in the sole discretion of the Collateral Manager) and
(ii) any applicable requirements of the Advisers Act. The Issuer agrees that, in the course of managing the Collateral Obligations held by the Issuer, the Collateral Manager may consider its relationships with other clients (including Obligors
and Issuer) and its Affiliates. The Collateral Manager may decline to make a particular investment for the Issuer in view of such relationships. 

Unless the Collateral Manager determines in its sole discretion that such purchase or sale may be appropriate, the Collateral Manager may
refrain from directing the purchase or sale hereunder of securities or obligations of (i) Persons of which the Collateral Manager, its Affiliates or any of its or their officers, directors, partners or employees are directors or officers,
(ii) Persons for which the Collateral Manager or any of its Affiliates acts as financial adviser or underwriter or (iii) Persons about which the Collateral Manager or any of its Affiliates has information which the Collateral Manager deems
confidential or non-public or otherwise might prohibit it from trading such securities or obligations in accordance with applicable law. The Collateral Manager shall not be obligated to utilize with respect to
the Assets any particular investment opportunity of which it becomes aware or to pursue any particular investment strategy. 
 5.
Acquisitions from or Dispositions to the Collateral Manager and Related Parties. 

  
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 Subject to compliance with applicable laws and regulations and subject to this Agreement and
the applicable provisions of the Loan Sale Agreements and the Indenture, the Collateral Manager may direct the Collateral Trustee to acquire a Collateral Obligation from, or sell a Collateral Obligation, Eligible Investment or Equity Security to,
the Collateral Manager, any of its Affiliates or any client for whom the Collateral Manager or any of its Affiliates serve as investment advisor. Any such acquisition by the Issuer shall be for Fair Market Value or as otherwise specified in the
Indenture. 
 6. Records; Confidentiality. 

(a) The Collateral Manager shall maintain appropriate books of account and records relating to services performed hereunder, and such books of
account and records shall be accessible for inspection by a representative of the Issuer, the Collateral Trustee and the Independent accountants appointed by the Collateral Manager on behalf of the Issuer pursuant to Article X of the Indenture
at any time during normal business hours and upon not less than three Business Days’ prior notice. The Collateral Manager shall provide the Issuer with sufficient information and reports to maintain the books and records of the Issuer. 

(b) The Collateral Manager shall keep confidential any and all information obtained in connection with the services rendered hereunder and
shall not disclose any such information to non-affiliated third parties except (i) with the prior written consent of the Issuer, (ii) such information as any Rating Agency shall reasonably request in
connection with its rating of the Debt, (iii) in connection with establishing trading or investment accounts or otherwise in connection with effecting transactions on behalf of the Issuer, (iv) as required by law, regulation, court order
or the rules or regulations of any self-regulating organization, regulatory authority, body or official having jurisdiction over the Collateral Manager, (v) to its professional advisers or (vi) such information as shall have been publicly
disclosed other than in violation of this Agreement. Notwithstanding the foregoing, the Collateral Manager (a) may present summary data with respect to the performance of the Assets in conjunction with presentation of performance statistics of
other funds managed or to be managed by the Collateral Manager or its Affiliates, and may aggregate data with respect to the performance of one or more categories of Assets with similar data of such other funds and (b) may disclose such other
information about the Issuer, the Assets and the Securities as is customarily disclosed by managers of collateralized loan obligations. For purposes of this Section 6, the Holders and beneficial owners of the Securities
shall in no event be considered “non-affiliated third parties.” 
 (c) Notwithstanding
anything in this Agreement or any other Transaction Document to the contrary, the Collateral Manager, the Issuer, the Collateral Trustee and the Holders and beneficial owners of the Securities (and each of their respective employees, representatives
or other agents) may disclose to any and all Persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure (in each case, under applicable federal, state or local law) of the transactions contemplated by this Agreement and
all materials of any kind (including opinions or other tax analyses) that are provided to them relating to such U.S. tax treatment and U.S. tax structure; provided that such U.S. tax treatment and U.S. tax structure shall be kept confidential
to the extent reasonably necessary to comply with applicable U.S. federal or state laws. 

  
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 7. Obligations of the Collateral Manager. 

Unless otherwise specifically required by any provision of this Agreement, any other Transaction Document or applicable law, the Collateral
Manager shall use commercially reasonable efforts to ensure that no action is taken by it, and shall not intentionally or with reckless disregard take any action, which would (a) materially adversely affect the Issuer for purposes of United
States federal or state law or any other law known to the Collateral Manager to be applicable to the Issuer, (b) not be permitted under the Issuer’ Governing Instruments, (c) violate in any material respect any law, rule or regulation
of any governmental body or agency having jurisdiction over the Issuer, including, without limitation, any United States federal, state or other applicable securities law, (d) require registration of the Issuer or the pool of Assets as an
“investment company” under the Investment Company Act or (e) result in the Issuer violating the terms of the Indenture. In connection with the foregoing, but without prejudice to Section 2 hereof, the
Collateral Manager will not be required to make any independent investigation of any facts or laws in connection with its obligations under this Agreement or the conduct of its business generally. If the Collateral Manager is ordered to take any
such action by the Issuer, the Collateral Manager shall promptly notify the Issuer, the Collateral Trustee and the Rating Agency of the Collateral Manager’s judgment that such action would, or would reasonably be expected to, have one or more
of the consequences set forth above and need not take such action unless (i) the action would not have the consequences set forth in clause (c) above and (ii) the Issuer again requests the Collateral Manager to do so and a Majority of
each Class of Debt have consented thereto in writing. Notwithstanding any such request, the Collateral Manager need not take such action unless arrangements satisfactory to it are made to insure or indemnify the Collateral Manager from any
liability it may incur as a result of such action. The Collateral Manager, its partners, their respective partners, and the Collateral Manager’s directors, officers, stockholders and employees shall not be liable to the Issuer, the Collateral
Trustee, the Holders or any other Person, except as provided in Section 10 of this Agreement. Any indemnification or insurance pursuant to this Section 7 that is payable out of the Assets shall be
payable only in accordance with the priorities set forth in Article XI of the Indenture. 
 8. Compensation. 

(a) The Issuer shall pay to the Collateral Manager, for services rendered and performance of its obligations under this Agreement, a fee,
payable in arrears on each Payment Date (including any Redemption Date, other than a Redemption Date in connection with a redemption of Debt in part by Class not occurring on a regularly scheduled Payment Date) in accordance with the Priority
of Payments that consists of (i) an amount equal to 0.15% per annum (calculated on the basis of a 360 day year and the actual number of days elapsed during the related Interest Accrual Period) of the Fee Basis Amount measured as of the first
day of the Collection Period relating to such Payment Date (the “Base Management Fee”) and (ii) an amount equal to 0.25% per annum (calculated on the basis of a 360 day year and the actual number of days elapsed during the
related Interest Accrual Period) of the Fee Basis Amount measured as of the first day of the Collection Period relating to such Payment Date (the “Subordinated Management Fee” and, together with the Base Management Fee, the
“Management Fees”). If any portion of any Management Fee payable on any Payment Date in accordance with the Priority of Payments is not paid in full for any reason, such portion shall be deferred and remain due and payable on
subsequent Payment Dates. 

  
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 (b) The Collateral Manager may, in its sole discretion, waive its rights to receive any
portion of the Management Fees payable on any Payment Date. The Collateral Manager hereby waives its rights to receive all Management Fees until such date as the Collateral Manager notifies the Issuer and the Collateral Trustee that it is revoking
such waiver. 
 (c) If this Agreement is terminated for any reason, or if the Collateral Manager resigns or is removed, the Base Management
Fee and the Subordinated Management Fee will each be prorated for any partial period elapsing from the last Payment Date on which such Collateral Manager was entitled to receive the Base Management Fee and the Subordinated Management Fee to the
effective date of such termination, resignation or removal and shall be immediately due and payable on each Payment Date following the effective date of such termination, resignation or removal in accordance with the Priority of Payments until paid
in full. Otherwise, such Collateral Manager shall not be entitled to any further compensation for further services but shall be entitled to receive any expense reimbursement accrued to the effective date of termination, resignation or removal and
any indemnity amounts owing (or that may become owing) under this Agreement. Any Management Fee, expense reimbursement and indemnities owed to such Collateral Manager or owed to any successor Collateral Manager on any Payment Date shall be paid
pro rata based on the amount thereof then owing to each such Person, subject to the Priority of Payments. 
 (d) The Collateral
Manager shall be responsible for expenses incurred in the performance of its obligations under this Agreement; provided, however, the Issuer will pay or reimburse the Collateral Manager for expenses including fees and out-of-pocket expenses reasonably incurred by the Collateral Manager in connection with the services provided under this Agreement with respect to (i) the costs and
expenses of the Collateral Manager incurred in connection with the negotiation, preparation and execution of this Agreement and all other agreements and matters related to the issuance or incurrence, as applicable, of any Securities; (ii) any
transfer fees necessary to register any Collateral Obligation in accordance with the Indenture; (iii) any fees and expenses in connection with the acquisition, management or disposition of Assets or otherwise in connection with the Securities
or the Issuer (including (a) investment related travel, communications and related expenses, (b) loan processing fees, accounting and legal fees and expenses (including internally allocated expenses) and other expenses of professionals
retained by the Collateral Manager on behalf of the Issuer and (c) amounts in connection with the termination, cancellation or abandonment of a potential acquisition or disposition of any Assets that is not consummated); (iv) any and all taxes,
regulatory and governmental charges that may be incurred or payable by the Issuer; (v) any and all insurance premiums or expenses incurred in connection with the activities of the Issuer by the Collateral Manager; (vi) any and all costs,
fees and expenses incurred in connection with the rating of the Debt or obtaining ratings or credit estimates on Collateral Obligations, and communications with the Rating Agency; (vii) any and all costs, fees and expenses incurred in
connection with the Collateral Manager’s communications with the Holders (including charges related to annual meetings and for preparation of reports); (viii) costs, fees and expenses of one or more firms that provide software databases and
applications for the purpose of modeling, evaluating and monitoring the Assets and the Securities pursuant to a licensing or other agreement; (ix) fees and expenses for services to the Issuer in respect of the Assets relating to asset pricing
and rating services; (x) any and all expenses incurred to comply with any law or regulation related to the activities of the Issuer and, to the extent relating to the Issuer and the Assets, the Collateral Manager; (xi) the fees and
expenses of any independent advisor employed to value or consider Collateral Obligations; (xii) any and all costs, fees and 

  
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expenses incurred in connection with any amendment or supplemental indenture effected (or proposed to be effected) pursuant to the Indenture; (xiii) in the event the Issuer is included in
the consolidated financial statements of the Collateral Manager or its Affiliates, costs and expenses associated with the preparation of such financial statements and other information by the Collateral Manager or its Affiliates to the extent
related to the inclusion of the Issuer in such financial statements; (xiv) any and all costs, fees and expenses incurred in connection with the preparation and audit of the Issuer’s financial statements; (xv) any out-of-pocket costs or expenses incurred by the Collateral Manager in connection with complying with applicable law; and (xvi) as otherwise agreed upon by the Issuer and
the Collateral Manager, to be paid in accordance with the Indenture. In addition, the Issuer will pay or reimburse the costs and expenses (including fees and disbursements of counsel and accountants) of the Collateral Manager and the Issuer incurred
in connection with or incidental to the entering into of this Agreement or any amendment hereto. 
 9. Benefit of the Agreement. 

The Collateral Manager shall perform its obligations hereunder in accordance with the terms of this Agreement and the terms of the Indenture
applicable to it and shall use all reasonable endeavors, in the course of carrying out such obligations, to protect the interests of the Holders as a group. The Collateral Manager agrees that such obligations shall be enforceable at the instance of
the Issuer, the Collateral Trustee, on behalf of the Holders, or the requisite percentage of Holders as provided in the Indenture. 
 10.
Limits of Collateral Manager Responsibility. 
 (a) The Collateral Manager assumes no responsibility under this Agreement other than
to render the services called for hereunder and under the terms of the Indenture applicable to it in good faith and shall not be responsible for any action or inaction of the Issuer or the Collateral Trustee in following or declining to follow any
advice, recommendation or direction of the Collateral Manager. The Collateral Manager, its Affiliates, and their respective Related Persons shall not be liable to the Issuer, the Collateral Trustee, any Holder of Securities, any holder of the
Issuer’s ordinary shares, the Initial Purchaser, any of their respective Affiliates or Related Persons or any other Person for any act, omission, error of judgment, mistake of law, or for any claim, loss, liability, damage, judgements,
assessments, settlement, cost, or other expense (including attorneys’ fees and expenses and court costs) arising out of any investment, or for any other act or omission in the performance of the Collateral Manager’s obligations under or in
connection with this Agreement or the terms of any other Transaction Document applicable to the Collateral Manager, incurred as a result of actions taken or recommended or for any omissions of the Collateral Manager, or for any decrease in the value
of the Assets, except the Collateral Manager will be liable (i) by reason of acts or omissions constituting bad faith, willful misconduct or gross negligence in the performance of its duties under this Agreement and under the terms of the
Indenture or (ii) with respect to the Collateral Manager Information, as of the date made, containing any untrue statement of a material fact or omitting to state a material fact necessary in order to make the statements in the Offering
Circular, in light of the circumstances under which they were made, not misleading (the preceding clauses (i) and (ii) collectively referred to as “Collateral Manager Breaches”). 

  
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 (b) The Collateral Manager shall not be liable for any consequential, punitive, exemplary or
special damages or lost profits under this Agreement or under the Indenture. Nothing contained in this Agreement shall be deemed to waive any liability which cannot be waived under applicable state or federal law or any rules or regulations
thereunder. 
 (c) Indemnity by the Issuer. The Issuer shall indemnify and hold harmless (the Issuer in such case, the
“Indemnifying Party”) the Collateral Manager, its Affiliates, and their respective Related Persons (such parties collectively in such case, the “Indemnified Parties”) from and against any and all losses, claims,
damages, judgments, assessments, costs or other liabilities (collectively, “Losses”) (as Administrative Expenses) and will promptly reimburse each such Indemnified Party for all reasonable fees and expenses incurred by an
Indemnified Party with respect thereto (including, without limitation, reasonable fees and expenses of counsel and costs of collection) (collectively, “Expenses”) (as Administrative Expenses) arising out of or in connection with the
issuance or incurrence, as applicable, of the Securities (including, without limitation, any untrue statement of material fact or alleged untrue statement of material fact contained in the Offering Circular, or any omission or alleged omission to
state in the Offering Circular a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, other than Collateral Manager Information), the transactions contemplated
by the Offering Circular, the Indenture or this Agreement and any acts or omissions of any such Indemnified Party; provided that such Indemnified Party shall not be indemnified for any Losses or Expenses incurred as a result of any Collateral
Manager Breach or any information contained under the headings “U.S. Credit Risk Retention” and “EU/UK Risk Retention Requirements—Description of the Retention Holder” in the Offering Circular as of the date made containing
any untrue statement of a material fact or omitting to state a material fact necessary in order to make the statements in the Offering Circular, in light of the circumstances under which they were made, not misleading. 

(d) Notwithstanding anything contained herein to the contrary, the obligations of the Issuer under this Section 10
shall be limited-recourse obligations of the Issuer, payable solely out of the Assets in accordance with the priorities set forth in Article XI of the Indenture and shall be subject to the terms of Section 22 hereof. 

(e) Notwithstanding anything to the contrary contained in this Agreement, the provisions of this Agreement shall not be construed so as to
provide for the exculpation of the Collateral Manager or the indemnification of the Issuer or the Collateral Manager for any liability (including liability under U.S. federal securities laws), to the extent (but only to the extent) that such
liability may not be waived, modified or limited under applicable law or such indemnification may not be demanded under applicable law, but shall otherwise be construed so as to effectuate the provisions of this Agreement to the fullest extent
permitted by applicable law. 
 (f) In providing services under this Agreement, the Collateral Manager may rely in good faith upon and will
be fully protected and incur no liability for acting at the direction of the Issuer (where such direction has been given without direct advice from the Collateral Manager) or for relying upon advice of nationally recognized counsel, accountants or
other advisers as the Collateral Manager determines, in its sole discretion, is reasonably appropriate in connection with the services provided by the Collateral Manager under this Agreement. 

  
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 (g) An Indemnified Party shall (or with respect to an Indemnified Party other than the
Collateral Manager, the Collateral Manager shall cause such Indemnified Party to) promptly notify the Indemnifying Party if the Indemnified Party receives a complaint, claim, compulsory process or other notice of any loss, claim, damage or liability
giving rise to a claim for indemnification under this Section 10 and give written notice to the Indemnifying Party of such claim within ten (10) days after such claim is made or threatened, which notice shall specify
in reasonable detail the nature of the claim and the amount (or an estimate of the amount) of the claim but failure so to notify the Indemnifying Party (i) shall not relieve such Indemnifying Party from its obligations under paragraph
(a) above unless and to the extent that it did not otherwise learn of such action or proceeding and to the extent such failure results in the forfeiture by the Indemnifying Party of substantial rights and defenses and (ii) shall not, in
any event, relieve the Indemnifying Party for any obligations to any Person entitled to indemnity pursuant to paragraph (a) above other than the indemnification obligations provided for in paragraph (a) above. 

(h) With respect to any claim made or threatened against an Indemnified Party, or compulsory process or request served upon such Indemnified
Party for which such Indemnified Party is or may be entitled to indemnification under this Section 10, such Indemnified Party shall (or with respect to an Indemnified Party other than the Collateral Manager, the Collateral
Manager shall cause such Indemnified Party to), at the Indemnifying Party’s expense: 
 (i) provide the Indemnifying
Party such information and cooperation with respect to such claim as the Indemnifying Party may reasonably require, including, but not limited to, making appropriate personnel available to the Indemnifying Party at such reasonable times as the
Indemnifying Party may request; 
 (ii) cooperate and take all such steps as the Indemnifying Party may reasonably request to
preserve and protect any defense to such claim; 
 (iii) in the event suit is brought with respect to such claim, upon
reasonable prior notice, afford to the Indemnifying Party the right, which the Indemnifying Party may exercise in its sole discretion and at its expense, to participate in the investigation, defense and settlement of such claim; 

(iv) neither incur any material expense to defend against nor release or settle any such claim or make any admission with
respect thereto (other than routine or incontestable admissions or factual admissions the failure to make which would expose such Indemnified Party to unindemnified liability) without the prior written consent of the Indemnifying Party;
provided, that the Indemnifying Party shall have advised such Indemnified Party that such Indemnified Party is entitled to be indemnified hereunder with respect to such claim; and 

(v) upon reasonable prior notice, afford to the Indemnifying Party the right, in its sole discretion and at its sole expense,
to assume the defense of such claim, including, but not limited to, the right to designate counsel and to control all negotiations, litigation, arbitration, settlements, compromises and appeals of such claim; provided, that if the
Indemnifying Party assumes the defense of such claim, it shall not be liable for any fees and expenses of counsel for any Indemnified Party incurred thereafter in connection 

  
 12 

 
with such claim except that if such Indemnified Party reasonably determines that counsel designated by the Indemnifying Party has a conflict of interest, such Indemnifying Party shall pay the
reasonable fees and disbursements of one counsel (in addition to any local counsel) separate from its own counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances; and provided further, that prior to entering into any final settlement or compromise, such Indemnifying Party shall seek the consent of the Indemnified Party and use its
best efforts in the light of the then prevailing circumstances (including, without limitation, any express or implied time constraint on any pending settlement offer) to obtain the consent of such Indemnified Party as to the terms of settlement or
compromise. If an Indemnified Party does not consent to the settlement or compromise within a reasonable time under the circumstances, the Indemnifying Party shall not thereafter be obligated to indemnify the Indemnified Party for any amount in
excess of such proposed settlement or compromise. 
 (i) No Indemnified Party shall, without the prior written consent of the Indemnifying
Party, which consent shall not be unreasonably withheld or delayed, settle or compromise any claim giving rise to a claim for indemnity hereunder, or permit a default or consent to the entry of any judgment in respect thereof, unless such
settlement, compromise or consent includes, as an unconditional term thereof, the giving by the claimant to the Indemnifying Party of a release from liability substantially equivalent to the release given by the claimant to such Indemnified Party in
respect of such claim. 
 (j) In the event that any Indemnified Party waives its right to indemnification hereunder, the Indemnifying Party
shall not be entitled to appoint counsel to represent such Indemnified Party nor shall the Indemnifying Party reimburse such Indemnified Party for any costs of counsel to such Indemnified Party. 

(k) Indemnity by Collateral Manager. The Collateral Manager shall indemnify, defend and hold harmless the Issuer and its Related
Persons from and against any and all Losses and shall reimburse each such Person for all Expenses in investigating, preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation
against the Issuer or any such Related Person (collectively, “Actions”), to the extent that such Action is caused by, or is a direct consequence of, any Collateral Manager Breach; provided that no such indemnity shall be paid
to the extent that such Action was caused by, or arose out of or in connection with, bad faith, willful misconduct, gross negligence or reckless disregard of the Issuer or any Related Person. 

11. No Partnership or Joint Venture. 

The Issuer and the Collateral Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them
such partners or joint venturers or impose any liability as such on either of them. The Collateral Manager’s relation to the Issuer shall be deemed to be solely that of an independent contractor. 

12. Term; Termination. 

  
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 (a) This Agreement shall commence as of the date first set forth above and shall continue in
force until the first of the following occurs: (i) the payment in full of the Debt and the termination of the Indenture in accordance with its terms; (ii) the liquidation of the Assets and the final distribution of the proceeds of such
liquidation pursuant to the terms of the Indenture; or (iii) the termination of this Agreement in accordance with clause (b) or (c) of this Section 12 or Section 14 of this
Agreement. 
 (b) This Agreement may be terminated without cause by the Collateral Manager, and the Collateral Manager may resign upon 90
days’ prior written notice (or such shorter notice as is acceptable to the Issuer) to the Issuer, the Collateral Trustee (who will forward such notice to each Holder), and the Rating Agency; provided, however, that the Collateral
Manager shall have the right to resign immediately upon the effectiveness of any material change in applicable law or regulations which renders the performance by the Collateral Manager of its duties under the Collateral Management Agreement or
under the Indenture to be a violation of such law or regulation. No such termination or resignation shall be effective until the date as of which a successor collateral manager shall have been appointed in accordance with this Agreement and
delivered an instrument of acceptance to the Issuer and the resigned Collateral Manager and the successor collateral manager has effectively assumed all of the Collateral Manager’s duties and obligations pursuant to this Agreement. 

(c) If this Agreement is terminated pursuant to this Section 12, such termination shall be without any further
liability or obligation of either party to the other, except as provided in Sections 8(c), 10, 15 and 22 of this Agreement, which provisions shall survive the termination of this Agreement. 

(d) Promptly after notice of any removal for Cause pursuant to Section 14 hereof or resignation of the Collateral
Manager pursuant to this Section 12 while any Securities are Outstanding, the Issuer shall: 
 (i)
transmit copies of such notice to the Collateral Trustee (who shall forward a copy of such notice to the Holders), the Fiscal Agent and the Rating Agency; and 

(ii) at the direction of a Majority of the Preferred Shares appoint as a successor collateral manager any institution that
(A) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager hereunder, (B) is legally qualified and has the capacity to assume all of the duties, responsibilities
and obligations of the Collateral Manager hereunder and under the applicable terms of the Indenture, (C) does not cause the Issuer or the pool of Assets to become required to register under the Investment Company Act, (D) has been approved
by a Majority of the Controlling Class and a Majority of the Preferred Shares (provided, for the avoidance of doubt, that if a Majority of the Controlling Class or a Majority of the Preferred Shares has nominated such successor, it
shall be deemed to have approved of such successor) and (E) does not by its appointment cause the Issuer to be treated as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or subject to U.S. federal,
state or local income tax on a net income basis (including any tax liability imposed under Section 1446 of the Code). 

  
 14 

 (e) If (i) a Majority of the Preferred Shares fails to nominate a successor within 30
days of initial notice of the resignation or removal of the Collateral Manager or (ii) a Majority of the Controlling Class does not approve the proposed successor nominated by the holders of the Preferred Shares within 10 days of the date
of the notice of such nomination, then a Majority of the Controlling Class shall, within 60 days of the failure described in clause (i) or (ii) of this sentence, as the case may be, nominate a successor Collateral Manager that meets
the criteria set forth in clause (d)(ii) above. If a Majority of the Preferred Shares approves such proposed successor nominated pursuant to the preceding sentence, such nominee shall become the Collateral Manager. If no successor Collateral Manager
is appointed within 90 days (or, in the event of a change in applicable law or regulation which renders the performance by the resigning Collateral Manager of its duties under this Agreement or the Indenture to be a violation of such law or
regulation, within 30 days) following the termination or resignation of the Collateral Manager, any of the Collateral Manager, a Majority of the Preferred Shares and the Majority of the Controlling Class shall have the right to petition a court
of competent jurisdiction to appoint a successor Collateral Manager, in either such case whose appointment shall become effective after such successor has accepted its appointment and without the consent of any Holder of any Securities. 

(f) Any successor Collateral Manager shall be entitled to the Base Management Fee and the Subordinated Management Fee accruing from the
effective date of its appointment. No compensation payable to such successor Collateral Manager shall be greater than such components of the Management Fee without the prior written consent of 100% of the Holders of each Class of Securities,
including Collateral Manager Securities. 
 (g) The Issuer, the Collateral Trustee and the successor collateral manager shall take such
action (or cause the outgoing Collateral Manager to take such action) consistent with this Agreement and the terms of the Indenture applicable to the Collateral Manager, as shall be necessary to effectuate any such succession. Promptly following the
appointment of a successor collateral manager in accordance with the foregoing, the Issuer shall provide written notice thereof to the Rating Agency. 

(h) In the event of removal of the Collateral Manager pursuant to this Agreement by the Issuer, the Issuer shall have all of the rights and
remedies available with respect thereto at law or equity, and, without limiting the foregoing, the Issuer may by notice in writing to the Collateral Manager as provided under this Agreement terminate all the rights and obligations of the Collateral
Manager under this Agreement (except those that survive termination pursuant to Section 12(c) above). Upon expiration of the applicable notice period with respect to termination specified in this
Section 12 or Section 14 of this Agreement, as applicable, all authority and power of the Collateral Manager under this Agreement, whether with respect to the Assets or otherwise, shall
automatically and without further action by any person or entity pass to and be vested in the successor collateral manager upon the appointment thereof. Nevertheless, the Collateral Manager shall take such steps as may be reasonably necessary to
transfer such authority and power. 

  
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 13. Delegation; Assignments; Succession. 

(a) Except as provided in this Agreement, the Collateral Manager may not assign or delegate its rights or responsibilities under this
Agreement without obtaining the consent of the Issuer and the consent of a Majority of the Controlling Class and a Majority of the Preferred Shares (voting separately). 

(b) The Collateral Manager may, without obtaining the consent of any Holder of Securities, but subject to any consent of the Issuer required
for an assignment under the Advisers Act, assign any of its rights or obligations under this Agreement to an Affiliate of the Collateral Manager, to the surviving entity of a merger, consolidation or restructuring of the Collateral Manager, or to
any other entity to which all or substantially all of the assets, or at the time of such transfer, the collateral management business, of the Collateral Manager has been transferred; provided that such Affiliate, successor or transferee
(i) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager pursuant to this Agreement, (ii) has the legal right and capacity to act as Collateral Manager under this
Agreement, (iii) shall not cause any of the Issuer or the pool of Assets to become required to register under the provisions of the 1940 Act and (iv) by its appointment will not cause the Issuer to be treated as a publicly traded
partnership taxable as a corporation for U.S. federal income tax purposes or subject to U.S. federal, state or local income tax on a net income basis. The Collateral Manager shall deliver prior notice to the Rating Agency of any such assignment or
combination. 
 (c) In addition, the Collateral Manager may, without the consent of any Person, delegate to third parties (including without
limitation its Affiliates) the duties assigned to the Collateral Manager under this Agreement, and employ third parties (including without limitation its Affiliates) to render advice (including investment advice), to provide services to arrange for
trade execution and otherwise provide assistance to the Issuer, and to perform any of the Collateral Manager’s duties under this Agreement; provided that the Collateral Manager shall not (i) delegate investment advice
responsibilities, including (without limitation) asset selection, credit review and the negotiation and determination of the acquisition price of a Collateral Obligation to non-affiliates; (ii) be
relieved of any of its duties under this Agreement regardless of the performance of any services by third parties; or (iii) by its appointment cause the Issuer to be treated as a publicly traded partnership taxable as a corporation for U.S.
federal income tax purposes or subject to U.S. federal, state or local income tax on a net income basis. 
 (d) Any assignment by the
Collateral Manager consented to by the Issuer and the required Holders shall bind the assignee hereunder in the same manner as the Collateral Manager is bound. In addition, the assignee shall execute and deliver to the Issuer and the Collateral
Trustee an appropriate agreement naming such assignee as a Collateral Manager. Upon the execution and delivery of such a counterpart by the assignee, the Collateral Manager shall be released from further obligations pursuant to this Agreement,
except with respect to its obligations under Section 10 of this Agreement arising prior to such assignment and except with respect to its obligations under Sections 15 and 22 hereof. 

(e) This Agreement shall not be assigned by the Issuer without the prior written consent of the Collateral Manager, except that the Collateral
Manager agrees and consents to the assignment by the Issuer of this Agreement pursuant to Section 15.1(f) of the Indenture. 

  
 16 

 (f) In the event of any assignment by the Issuer, the Issuer shall (x) use its best
efforts to cause its successor to execute and deliver to the Collateral Manager such documents as the Collateral Manager shall consider reasonably necessary to effect fully such assignment and (y) provide written notice thereof to the Issuer,
each Holder, the Collateral Trustee and the Rating Agency. 
 14. Termination by the Issuer for Cause. 

This Agreement may be terminated, and the Collateral Manager may be removed for Cause (as defined below) upon 30 Business Days’ prior
written notice by the Issuer (a “Termination Notice”) at the direction of either (i) a Majority of the Controlling Class or (ii) a Majority of the Preferred Shares; provided that Collateral Manager Securities
shall be disregarded and have no voting rights with respect to any vote in respect of removal of the Collateral Manager for Cause. Simultaneous with its direction to the Issuer to so remove the Collateral Manager, either (i) a Majority of the
Controlling Class or (ii) a Majority of the Preferred Shares (as applicable) shall give to the Issuer a written statement setting forth the reason for such removal (a “Notice of Removal”) and the Issuer shall deliver a
copy of the Termination Notice and the Notice of Removal to the Collateral Trustee (who shall deliver a copy of such notice to the Holders) within five Business Days of receipt of such written notice. No such termination or removal pursuant to this
Section 14 shall be effective (A) until the date as of which a successor collateral manager shall have been appointed in accordance with Section 12 and have delivered an instrument of
acceptance to the Issuer and the removed Collateral Manager and the successor collateral manager has effectively assumed all of the Collateral Manager’s duties and obligations under this Agreement and the Indenture and (B) unless the
Notice of Removal shall have been delivered to the Issuer as set forth above. 
 For purposes of determining “Cause” with
respect to termination of this Agreement pursuant to this Section 14, such term shall mean any one of the following events: 

(a) the Collateral Manager willfully and intentionally violated or breached any material provision of this Agreement or the Indenture
applicable to it (not including a willful and intentional breach that results from a good faith dispute regarding reasonable alternative courses of action or reasonable interpretation of instructions); 

(b) the Collateral Manager breached any provision of this Agreement or any terms of the Indenture applicable to it (other than as covered by
clause (a) above and it being understood that failure to meet any Concentration Limitation, Collateral Quality Test or Coverage Test is not a breach for purposes of this clause (b)), which breach would reasonably be expected to have a material
adverse effect on any Class of Secured Debt and shall not cure such breach (if capable of being cured) within 60 days after the earlier to occur of a Responsible Officer of the Collateral Manager receiving notice or having actual knowledge of
such breach, unless, if such breach is remediable, the Collateral Manager has taken action commencing the cure thereof within such 60 day period that the Collateral Manager believes in good faith will remedy such breach within 90 days after the
earlier to occur of a Responsible Officer receiving notice or having actual knowledge thereof; 

  
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 (c) the failure of any representation or warranty of the Collateral Manager in
Section 16 hereof to be correct in any material respect when such representation or warranty is made, which failure (i) would reasonably be expected to have a material adverse effect on any Class of Secured Debt
and (ii) if capable of being corrected, is not corrected by the Collateral Manager within 45 days of a Responsible Officer of the Collateral Manager receiving notice of such failure, unless if such failure is remediable, the Collateral Manager
has taken action commencing the cure thereof within such 45-day period that the Collateral Manager believes in good faith will remedy such failure within 90 days after the earlier to occur of a Responsible
Officer receiving notice thereof or having actual knowledge thereof; 
 (d) (A) the Collateral Manager is wound up or dissolved;
(B) there is appointed over the Collateral Manager or a substantial portion of its assets a receiver, administrator, administrative receiver, Collateral Trustee or similar officer; or (C) the Collateral Manager (i) ceases to be able
to, or admits in writing its inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or enters into any composition or arrangement with, its creditors generally; (ii) applies for or consents
(by admission of material allegations of a petition or otherwise) to the appointment of a receiver, Collateral Trustee, assignee, custodian, liquidator or sequestrator (or other similar official) of the Collateral Manager or of any substantial part
of its properties or assets, or authorizes such an application or consent, or proceedings seeking such appointment are commenced without such authorization, consent or application against the Collateral Manager and continue undismissed for 60 days;
(iii) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of material allegations of a petition or otherwise) to the application of any bankruptcy, reorganization, arrangement, readjustment of debt,
insolvency or dissolution, or authorizes such application or consent, or proceedings to such end are instituted against the Collateral Manager without such authorization, application or consent and are approved as properly instituted and remain
undismissed for 60 days or result in adjudication of bankruptcy or insolvency; or (iv) permits or suffers all or any substantial part of its properties or assets to be sequestered or attached by court order and the order remains undismissed for
60 days; 
 (e) the occurrence and continuation of an Event of Default specified under clause (a), (b) or (c) of the
definition of such term that results primarily from any material breach by the Collateral Manager of its duties under this Agreement or under the Indenture which breach or default is not cured within any applicable cure period (excluding any such
Event of Default relating to a good faith dispute with respect to reasonable alternative courses of action or the meaning of any relevant provision under the Transaction Documents or any matter that is in the process of being reconciled in
accordance with the applicable Transaction Documents); or 
 (f) (i) the occurrence of an act by the Collateral Manager that
constitutes fraud or felony criminal activity in the performance of its obligations under this Agreement (as determined pursuant to a final adjudication by a court of competent jurisdiction) or the Collateral Manager being indicted for a felony
criminal offense materially related to its business of providing asset management services or (ii) any Responsible Officer of the Collateral Manager primarily responsible for the performance by the Collateral Manager of its obligations under
this Agreement (in the performance of his or her investment management duties) is indicted for a felony criminal offense materially related to the business of the Collateral Manager providing asset management services and continues to have
responsibility for the performance by the Collateral Manager under this Agreement for a period of thirty (30) days after such indictment. 

  
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 Prior to the effective appointment of any successor collateral manager in accordance with
this Agreement, the event or circumstance giving rise to the removal of the Collateral Manager for Cause described above (other than pursuant to clause (d) of the definition thereof) may be waived by a written approval of both a Majority of the
Controlling Class and a Majority of the Preferred Shares (voting separately) as a basis for termination of this Agreement and removal of the Collateral Manager hereunder; provided that Collateral Manager Securities shall be disregarded
and have no voting rights for purposes of this waiver, it being understood that if all of the Securities of either such Class are Collateral Manager Securities, the approval of a Majority of such Class shall not be required for such
waiver. 
 If any of the events specified in clauses (a) through (f) of this Section 14 shall occur, the
Collateral Manager shall give prompt written notice thereof to the Issuer, the Collateral Trustee (who shall forward such notice to the Holders) and the Rating Agency; provided that if the events specified in clause (d) above shall
occur, the Collateral Manager shall give written notice thereof to the Issuer, the Collateral Trustee (who will forward such notice to the holders of the Securities) and the Rating Agency immediately upon the Collateral Manager’s becoming aware
of the occurrence of such event. In no event will the Collateral Trustee be required to determine whether or not Cause exists to remove the Collateral Manager. 

15. Action Upon Termination. 

(a) From and after the effective date of termination of this Agreement, the Collateral Manager shall not be entitled to compensation for
further services hereunder, but shall be paid all compensation to which it is entitled, and shall receive all other amounts for which it is entitled to reimbursement, all as provided in and subject to Section 8 hereof, and
shall be entitled to receive any amounts owing under Sections 7 and 10 hereof. Upon such termination, the Collateral Manager shall as soon as practicable: 

(i) deliver to and at the direction of the Issuer all property and documents of the Collateral Trustee or the Issuer or
otherwise relating to the Assets then in the custody of the Collateral Manager; and 
 (ii) deliver to the Collateral Trustee
an accounting with respect to the books and records delivered to the Collateral Trustee or the successor collateral manager appointed pursuant to Section 12(d) hereof. 

Notwithstanding such termination, the Collateral Manager shall remain liable for its acts or omissions hereunder as described in
Section 10 arising prior to termination and for any expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising out of a
breach of the representations and warranties made by the Collateral Manager in Section 16(b) hereof or from any failure of the Collateral Manager to comply in all material respects with the provisions of this
Section 15. 
 (b) The Collateral Manager agrees that, notwithstanding any termination, it shall reasonably
cooperate in any Proceeding arising in connection with this Agreement, the Indenture or any of the Assets (excluding any such Proceeding in which claims are asserted against the Collateral Manager or any Affiliate of the Collateral Manager) upon
receipt of appropriate indemnification and expense reimbursement. 

  
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 16. Representations and Warranties. 

(a) The Issuer hereby represents and warrants to the Collateral Manager as follows: 

(i) The Issuer has been duly incorporated and is validly existing under the laws of the State of Delaware, has all requisite
limited liability company power and authority to own its assets and the securities proposed to be owned by it and included in the Assets and to transact the business in which it is presently engaged and is duly qualified under the laws of each
jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance of its obligations under this Agreement, the Indenture or the Securities would require, such qualification, except for failures to be
so qualified, authorized or licensed that would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Issuer. 

(ii) The Issuer has all requisite corporate power and authority to execute, deliver and perform this Agreement, the Indenture
and the Securities and all obligations required hereunder, under the Indenture and the Securities and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, the Indenture and the Securities and the
performance of all obligations imposed upon it hereunder and thereunder. No consent of any other Person including, without limitation, shareholders and creditors of the Issuer, and no license, permit, approval or authorization of, exemption by,
notice or report to, or registration, filing or declaration with, any governmental authority, other than those that may be required under state securities or “blue sky” laws and those that have been or shall be obtained in connection with
the Indenture and the issuance of the Securities, is required by the Issuer in connection with this Agreement, the Indenture or the Securities or the execution, delivery, performance, validity or enforceability of this Agreement, the Indenture or
the Securities or the obligations imposed upon it hereunder or thereunder. This Agreement constitutes, and each instrument or document required hereunder, when executed and delivered hereunder, shall constitute, the legally valid and binding
obligations of the Issuer enforceable against the Issuer in accordance with its terms, subject, as to enforcement, to (a) the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights, as
such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Issuer and (b) general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in
equity). 
 (iii) The execution, delivery and performance of this Agreement and the documents and instruments required
hereunder shall not violate any provision of any existing law or regulation binding on the Issuer, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on or applicable to the Issuer, or the Governing
Instruments of, or any securities issued by, the Issuer or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Issuer is a party or by which the Issuer or any of its assets is or may be bound, the
violation of which would have a material adverse effect on the business, operations, assets or financial condition of the Issuer, and shall not result in or require the creation or imposition of any lien on any of its property, assets or revenues
pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking (other than the lien of the Indenture). 

  
 20 

 (iv) The Issuer is not in violation of its Governing Instruments or in
breach or violation of or in default under the Indenture or any contract or agreement to which it is a party or by which it or any of its assets may be bound, or any applicable statute or any rule, regulation or order of any court, government agency
or body having jurisdiction over the Issuer or its properties, the breach or violation of which or default under which would have a material adverse effect on the validity or enforceability of this Agreement or the performance by the Issuer of its
duties hereunder. 
 (v) True and complete copies of the Indenture and the Issuer’s Governing Instruments have been or,
no later than the Closing Date, will be delivered to the Collateral Manager. In addition, the Issuer acknowledges that it has received Part 2 of the Collateral Manager’s Form ADV filed with the Securities and Exchange Commission, as required by
Rule 204-3 under the Advisers Act, prior to or concurrently with the date of execution of this Agreement. 

The Issuer agrees to deliver a true and complete copy of each and every amendment to the documents referred to in
Section 16(a)(v) above to the Collateral Manager as promptly as practicable after its adoption or execution. 

(b) The Collateral Manager hereby represents and warrants to the Issuer as follows: 

(i) The Collateral Manager is a limited liability company duly organized and validly existing and in good standing under the
law of the State of Delaware and has full power and authority to own its assets and to transact the business in which it is currently engaged and is duly qualified as a limited liability company and is in good standing under the laws of each
jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance of this Agreement would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized
or licensed would not have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager or on the ability of the Collateral Manager to perform its obligations under, or on the validity or
enforceability of, this Agreement and the provisions of the Indenture which are applicable to the Collateral Manager; the Collateral Manager is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended (the
“Advisers Act”). 
 (ii) The Collateral Manager has full power and authority to execute and deliver this
Agreement and perform all obligations required hereunder and under the provisions of the Indenture which are applicable to the Collateral Manager, and the Collateral Manager has taken all necessary action to authorize this Agreement on the terms and
conditions hereof and the execution, delivery and performance of this Agreement and 

  
 21 

 
all obligations required hereunder and under the terms of the Indenture which are applicable to the Collateral Manager. No consent of any other person, including, without limitation, creditors of
the Collateral Manager, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority (other than those already obtained) is required by the
Collateral Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement or the obligations required hereunder or under the terms of the Indenture which are applicable to the
Collateral Manager. This Agreement has been, and each instrument and document required hereunder or under the terms of the Indenture shall be, executed and delivered by a duly authorized officer of the Collateral Manager, and this Agreement
constitutes, and each instrument and document required hereunder or under the terms of the Indenture when executed and delivered by the Collateral Manager hereunder or under the terms of the Indenture shall constitute, the legally valid and binding
obligations of the Collateral Manager enforceable against the Collateral Manager in accordance with their terms, subject, as to enforcement, to (a) the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of
creditors’ rights and (b) general equitable principles (whether considered in a proceeding at law or in equity). 

(iii) The execution, delivery and performance of this Agreement and the terms of the Indenture applicable to the Collateral
Manager and the documents and instruments required hereunder or under the terms of the Indenture shall not violate any provision of any existing law or regulation binding on or applicable to the Collateral Manager, or any order, judgment, award or
decree of any court, arbitrator or governmental authority binding on the Collateral Manager, or the Governing Instruments of, or any securities issued by the Collateral Manager or of any mortgage, indenture, lease, contract or other agreement,
instrument or undertaking to which the Collateral Manager is a party or by which the Collateral Manager or any of its assets is or may be bound, the violation of which would have a material adverse effect on the business operations, assets or
financial condition of the Collateral Manager or its ability to perform its obligations under this Agreement, and shall not result in or require the creation or imposition of any lien on any of its property, assets or revenues pursuant to the
provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 
 (iv) There is
no charge, investigation, action, suit or proceeding before or by any court pending or, to the knowledge of the Collateral Manager, threatened that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the
performance by the Collateral Manager of its duties under, or on the validity or enforceability of, this Agreement or the provisions of the Indenture applicable to the Collateral Manager hereunder. 

(v) The Collateral Manager is authorized to carry on its business in the United States. 

  
 22 

 (vi) The Collateral Manager is not in violation of its Governing Instruments
or in breach or violation of or in default under any contract or agreement to which it is a party or by which it or any of its property may be bound, or any applicable statute or any rule, regulation or order of any court, government agency or body
having jurisdiction over the Collateral Manager or its properties, the breach or violation of which or default under which would have a material adverse effect on the validity or enforceability of this Agreement or the provisions of the Indenture
applicable to the Collateral Manager hereunder, or the performance by the Collateral Manager of its duties hereunder or under the Indenture. 

(vii) The Collateral Manager Information contained in the Offering Circular, as the same may be thereafter amended or
supplemented, as of the date thereof, as of the date of any such amendment or supplement, and as of the Closing Date, is true and correct in all material respects and does not omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 
 The Collateral Manager makes no representation,
express or implied, with respect to the Issuer or the disclosure with respect to the Issuer. 
 17. Observation Rights. 

The Issuer covenants and agrees, if requested in writing by the Collateral Manager and to the extent practicable under the circumstances, to
notify the Collateral Manager of each meeting of the Board of Directors of the Issuer following the receipt of such request by the Issuer and to use commercially reasonable efforts to provide any materials distributed to the Board of Directors in
connection with any such meeting and to afford a representative of the Collateral Manager the opportunity to be present at each such meeting, in person or by telephone at the option of the Collateral Manager. 

18. Notices. 
 Unless
expressly provided otherwise herein, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing (including by telecopy) and shall be deemed to have been duly given, made and received when
delivered against receipt or upon actual receipt, by registered or certified mail, postage prepaid, return receipt requested, by hand delivery, or by courier service or, in the case of telecopy or email notice, when received in legible form,
addressed as set forth below: 
  

	 	(a)	 If to the Issuer: 

Owl Rock CLO VII, LLC 
 c/o
Puglisi & Associates 
 850 Library Avenue 

Suite 204 
 Newark, Delaware
19711 
  

	 	(b)	 If to the Collateral Manager: 

Owl Rock Capital Advisors LLC 

399 Park Avenue, Floor 38 
 New
York, NY 10022 

  
 23 

 Attention: Alan Kirshenbaum 

E-mail Address: alan@owlrock.com with a copy to 

legal@owlrock.com 
  

	 	(c)	 If to the Collateral Trustee: 

State Street Bank and Trust Company 

1776 Heritage Drive 
 Mail Code:
JAB0257 
 North Quincy, Massachusetts 02171 

Attention: Structured Trust and Analytics 

Ref: Owl Rock CLO VII, LLC 

Facsimile: (617) 937-4358 

Telephone: (617) 662-9839 
  

	 	(d)	 If to S&P: 

S&P Global Rating 
 55 Water
Street, 41st Floor 
 New York, New York 10041 

Attention: Structured Credit–CDO Surveillance 
  

	 	(e)	 If to the Holders: 

At their respective addresses set forth on the Register. 

Any party may alter the address, email address or telecopy number to which communications or copies are to be sent by giving notice of such
change of address in conformity with the provisions of this Section 18 for the giving of notice. 
 19. Binding
Nature of Agreement; Successors and Assigns. 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective heirs, personal representatives, successors and assigns as provided herein. The Collateral Manager agrees that its obligations hereunder shall be enforceable, at the instance of the Issuer, on behalf of the Issuer by the Collateral
Trustee under the Indenture, as provided in the Indenture (subject to the rights and defenses of the Collateral Manager and the provisions of Sections 10 and 15 hereunder). The Collateral Manager agrees and consents to the provisions
contained in Article XV of the Indenture. 
 20. Entire Agreement; Amendments. 

This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and
supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The parties hereto hereby acknowledge that any
prior agreement concerning the subject matter hereof has been terminated as of the date hereof and is of no further force or effect (except for provisions in such agreement designated to survive termination). (For the avoidance of doubt, the parties
acknowledge that this Agreement does not govern the relationship of ORCA in its capacity as a Holder.) The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 

  
 24 

 This Agreement may be amended by the parties thereto to (i) correct inconsistencies,
typographical or other errors, defects or ambiguities or (ii) conform the Collateral Management Agreement to the Offering Circular, the Collateral Administration Agreement or the Indenture (as it may be amended from time to time in accordance
with the terms thereof), in each case without the consent of the holders of any Securities and without satisfaction of the S&P Rating Condition. The Collateral Manager will provide notice to the Rating Agency of any such amendment. 

Any other amendment to this Agreement requires the consent of the parties hereto and the approval of a Majority of the Preferred Shares, with
at least ten (10) days’ prior written notice to the Collateral Trustee (who shall forward such notice to the Controlling Class), the Fiscal Agent and the Rating Agency, but without the consent of the holders of any Class of Secured
Debt or satisfaction of the S&P Rating Condition; provided that any such amendment to this Agreement that would (i) modify the definition of the term Cause, (ii) modify the Base Management Fee, including any component of the
Base Management Fee, the method for calculating any component of the Base Management Fee or any definition used in any component of the Base Management Fee or (iii) modify the Class or Classes or the percentage of the Aggregate Outstanding
Amount of any Class that has the right to remove the Collateral Manager, consent to any assignment of this Agreement or nominate or approve any successor Collateral Manager shall, in each case, also require the approval of a Majority of the
Controlling Class and satisfaction of the S&P Rating Condition. 
 21. Conflict with the Indenture. 

In the event that this Agreement requires any action to be taken with respect to any matter and the Indenture requires that a different action
be taken with respect to such matter, and such actions are mutually exclusive, the provisions of the Indenture in respect thereof shall control. 

22. Subordination; Limited Recourse; Non-Petition. 

(a) The Collateral Manager agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be subordinated to
the extent set forth in the Indenture, including Article XI thereof. 
 (b) Notwithstanding any other provision of this Agreement, the
obligations of the Issuer hereunder are, from time to time and at any time, limited recourse obligations of the Issuer, payable solely from the Assets and only to the extent of funds available from time to time and in accordance with the Priority of
Payments, and following exhaustion of the Assets, any claims of the Collateral Manager hereunder shall be extinguished and shall not thereafter revive. The Collateral Manager further agrees (i) not to take any action in respect of any claims
hereunder against any officer, director, employee, shareholder, noteholder or administrator of the Issuer and (ii) not to cause the filing of a petition in bankruptcy against the Issuer for the nonpayment of the fees or other amounts payable by
the Issuer to the Collateral Manager under this Agreement until the payment in full of all Debt issued under the Indenture and the expiration of a period equal to 

  
 25 

 
one year and a day, or, if longer, the applicable preference period, following such payment. Nothing in this Section 22 shall preclude, or be deemed to stop, the
Collateral Manager (x) from taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Issuer, or (B) any involuntary insolvency Proceeding filed or
commenced by a Person other than the Collateral Manager, or (y) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
proceeding. The provisions of this Section 22 shall survive the termination of this Agreement for any reason whatsoever. 

23. Governing Law. 

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

24. Indulgences Not Waivers. 

Neither the failure nor any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. 
 25. Costs and Expenses. 

The reasonable costs and expenses (including the fees and disbursements of counsel and accountants) incurred by the Collateral Manager in
connection with the negotiation and preparation of and the execution of this Agreement, and all matters incident thereto, shall be borne by the Issuer and, unless paid on the Closing Date or shortly thereafter by ORCC or from the proceeds of the
offering of the Securities (to the extent permitted under the Indenture), shall be subject to the Priority of Payments. 
 26. Titles Not
to Affect Interpretation. 
 The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 27. Execution in
Counterparts. 
 This Agreement may be executed in any number of counterparts, which may be effectively delivered by facsimile or other
electronic means or other written form of communication, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement
shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

  
 26 

 28. Provisions Separable. 

In case any provision in this Agreement shall be invalid, illegal or unenforceable as written, such provision shall be construed in the manner
most closely resembling the apparent intent of the parties with respect to such provision so as to be valid, legal and enforceable; provided, however, that if there is no basis for such a construction, such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability and, unless the ineffectiveness of such provision destroys the basis of the bargain for one of the parties to this Agreement, the validity, legality and enforceability
of the remaining provisions hereof or thereof shall not in any way be affected or impaired thereby. 
 29. Number and Gender. 

Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular
or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 30. Jurisdiction and Venue. 

The parties to this Agreement irrevocably submit to the non-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 this Agreement, the Securities or the Indenture, and the parties irrevocably agree that all claims in
respect of such action or proceeding may be heard and determined in such New York state or federal court. The parties to this Agreement irrevocably waive, to the fullest extent they may legally do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding. The parties to this Agreement irrevocably consent to the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it in accordance with
Section 18. The parties agree 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. 

31. Rule 17g-5 Compliance. 

The Collateral Manager agrees that any notice, report, request for satisfaction of the S&P Rating Condition or other information provided
by the Collateral Manager (or any of its respective representatives or advisors) to any Rating Agency hereunder or under the Indenture or the Collateral Administration Agreement for the purposes of undertaking credit rating surveillance of the
Secured Debt shall be provided, substantially concurrently, by the Collateral Manager to the Information Agent for posting on a password-protected website in accordance with the procedures set forth in Section 2A of the Collateral
Administration Agreement and Section 14.16 of the Indenture. 

  
 27 

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

			
	OWL ROCK CAPITAL ADVISORS LLC
		
	By:	 	/s/ Jonathan Lamm
	Name:	 	Jonathan Lamm
	Title:	 	Authorized Signatory
	
	OWL ROCK CLO VII, LLC
		
	By:	 	/s/ Donald J. Puglisi
	Name:	 	Donald J. Puglisi
	Title:	 	PresidentEX-10.3

 Exhibit 10.3 

LOAN SALE AGREEMENT 
 between

 OWL ROCK CAPITAL CORPORATION 

as Seller 
 and 

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

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 SECTION 1.1 Definitions
	  	 	1	 
		
	 SECTION 1.2 Other Terms
	  	 	3	 
		
	 SECTION 1.3 Computation of Time Periods
	  	 	3	 
		
	 SECTION 1.4 Interpretation
	  	 	3	 
		
	 SECTION 1.5 References
	  	 	4	 
		
	 ARTICLE II CONVEYANCES OF TRANSFERRED ASSETS
	  	 	4	 
		
	 SECTION 2.1 Conveyances
	  	 	4	 
		
	 SECTION 2.2 Optional Substitution of Loan Assets; Optional Seller Purchase of Assets
	  	 	6	 
		
	 SECTION 2.3 Assignments
	  	 	6	 
		
	 SECTION 2.4 Actions Pending Completion of Conveyance
	  	 	7	 
		
	 SECTION 2.5 Indemnification
	  	 	8	 
		
	 SECTION 2.6 Assignment of Rights and Indemnities
	  	 	8	 
		
	 ARTICLE III CONSIDERATION AND PAYMENT
	  	 	8	 
		
	 SECTION 3.1 Purchase Price; Substitution Value
	  	 	8	 
		
	 SECTION 3.2 Payment of Purchase Price
	  	 	9	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	9	 
		
	 SECTION 4.1 Seller’s Representations and Warranties
	  	 	9	 
		
	 SECTION 4.2 Reaffirmation of Representations and Warranties by the Seller; Notice of
Breach
	  	 	12	 
		
	 ARTICLE V COVENANTS OF THE SELLER
	  	 	12	 
		
	 SECTION 5.1 Covenants of the Seller
	  	 	12	 
		
	 ARTICLE VI MISCELLANEOUS PROVISIONS
	  	 	13	 
		
	 SECTION 6.1 Amendments, Etc.
	  	 	13	 
		
	 SECTION 6.2 Governing Law: Submission to Jurisdiction; Waiver of Jury Trial
	  	 	13	 
		
	 SECTION 6.3 Notices
	  	 	15	 
		
	 SECTION 6.4 Severability of Provisions
	  	 	15	 
		
	 SECTION 6.5 Further Assurances
	  	 	15	 
		
	 SECTION 6.6 No Waiver; Cumulative Remedies
	  	 	15	 
		
	 SECTION 6.7 Counterparts
	  	 	16	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 6.8 Non-Petition
	  	 	16	 
		
	 SECTION 6.9 Transfer of Seller’s Interest
	  	 	16	 
		
	 SECTION 6.10 Binding Effect; Third-Party Beneficiaries and
Assignability
	  	 	16	 
		
	 SECTION 6.11 Merger and Integration
	  	 	16	 
		
	 SECTION 6.12 Headings
	  	 	16	 

  
 -ii- 

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

WHEREAS, on and after the date hereof, the Seller may, from time to time on each Conveyance Date (as defined below), sell or contribute,
transfer, and otherwise convey, to the Purchaser, without recourse except to the extent specifically provided herein, and the Purchaser may, from time to time on each Conveyance Date, purchase or accept a contribution of all right, title and
interest of the Seller (whether now owned or hereafter acquired or arising, and wherever located) in and to the Loan Assets (as defined below) mutually agreed by the Seller and the Purchaser; and 

WHEREAS, it is the Seller’s and the Purchaser’s intention that the conveyance of the Transferred Assets (as defined below) under
each assignment agreement and this Agreement is a “true sale” or a “true contribution” for all purposes, such that, upon payment of the purchase price therefor or the making of a contribution, the Transferred Assets will
constitute property of the Purchaser from and after the applicable transfer date; 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the Purchaser and the Seller as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms defined). All capitalized terms used herein but not defined herein shall have the respective meanings specified in, or incorporated by reference into, the Indenture and
Security Agreement, dated as of July 26, 2022 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”), by and among the Purchaser, as Issuer, and State Street Bank and Trust Company, as
collateral trustee (in such capacity, the “Collateral Trustee”). 
 “Agreement” has the meaning set forth
in the preamble hereto. 
 “Convey” means to sell, transfer, assign, contribute, substitute or otherwise convey assets
hereunder (each such conveyance being herein called a “Conveyance”). 
 “Conveyance Date” means the date
of a Conveyance, as specified in the applicable Purchase Notice or Notice of Substitution. 

  
 -1- 

 “Excluded Amounts” means, with respect to the Loan Assets, (i) any
amount that is attributable to the reimbursement of payment by or on behalf of the Seller of any taxes, fee or other charge imposed by any governmental authority on any Loan Asset, (ii) any interest or fees (including origination, agency,
structuring, management or other up-front fees) that are for the account of the Seller, (iii) any escrows relating to Taxes, insurance and other amounts in connection with Loan Assets which are held in an
escrow account for the benefit of the obligor and the secured party pursuant to escrow arrangements under the related underlying instruments, (iv) to the extent paid using amounts other than proceeds of the Loan Assets and proceeds of Loans, as
applicable, any amount paid in respect of reimbursement for expenses owed in respect of any Loan Asset pursuant to the related underlying instrument or (v) any amount paid to the Purchaser in error. 

“Indorsement” has the meaning specified in Section 8-102(a)(11) of the UCC, and
“Indorsed” has a corresponding meaning. 
 “Loan Asset” means each commercial loan identified on Schedule A
hereto, and each commercial loan identified on any Purchase Notice. 
 “Optional Seller Purchase” has the meaning set forth
in Section 2.2(a). 
 “Optional Seller Purchase Price” has the meaning set forth in
Section 3.1 (c). 
 “Proceeds” has the meaning set forth in
Section 4.1(n). 
 “Purchase Notice” has the meaning set forth in
Section 2.1(a). 
 “Purchase Price” has the meaning set forth in
Section 3.1(a). 
 “Purchaser” has the meaning set forth in the preamble hereto. 

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

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

iii. all income and proceeds of the foregoing. 

  
 -2- 

 “Retained Interest” means, with respect to any Loan Asset, (a) all of
the obligations, if any, of the agent(s) under the documentation evidencing such Loan Asset and (b) the applicable portion of the interests, rights and obligations under the documentation evidencing such Loan Asset that relate to such
portion(s) of the indebtedness and interest in other obligations that are owned by another lender. 
 “Seller” has the
meaning set forth in the preamble hereto. 
 “Substitute Loan Asset” has the meaning set forth in Section 2.2(a). 

“Substitution” has the meaning set forth in Section 2.2(a). 

“Substitution Value” has the meaning set forth in Section 3.1(b). 

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

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

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

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

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

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

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

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

(v) references to “writing” include printing, typing, lithography, electronic or other means of reproducing words in
a visible form; 

  
 -3- 

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

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

SECTION 1.5 References. 

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

CONVEYANCES OF TRANSFERRED ASSETS 

SECTION 2.1 Conveyances. 

(a) In the event the Purchaser agrees (in accordance with and subject to the requirements of the Indenture) from time to time to acquire one
or more Loan Assets and Related Property from the Seller and the Seller agrees to Convey such Loan Assets and Related Property to the Purchaser, the Purchaser shall deliver written notice thereof to the Collateral Trustee substantially in the form
set forth in Schedule B hereto (each, a “Purchase Notice”), designating the Conveyance Date and attaching a supplement to Schedule A identifying the Loan Assets proposed to be Conveyed and the Purchase Price
with respect to such Conveyance. On the terms and subject to the conditions set forth in this Agreement and the Indenture, the Seller shall Convey to the Purchaser without recourse, and the Purchaser shall accept such Conveyance, on the applicable
Conveyance Date, all of the Seller’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in and to each Loan Asset then reported by the Seller on the Schedule A attached to the related
Purchase Notice and the Related Property, together with all proceeds of the foregoing. For the avoidance of doubt, Schedule A, when delivered in accordance with the terms hereof, shall automatically be deemed to update any previously
delivered Schedule A without the need for action or consent on the part of any Person. Without the need for a Purchase Notice, on the date hereof, the Purchaser agrees to acquire the Loan Assets set forth on Schedule A as of the date
hereof and the Related Property from the Seller and the Seller agrees to Convey such Loan Assets and Related Property to the Purchaser for the applicable Purchase Prices set forth on Schedule A as of the date hereof. 

  
 -4- 

 (b) It is the express intent of the Seller and the Purchaser that each Conveyance of
Transferred Assets by the Seller to the Purchaser pursuant to this Agreement be construed as an absolute sale and/or contribution of such Transferred Assets by the Seller to the Purchaser providing Purchaser with the full risks and benefits of
ownership of the Transferred Assets. Further, it is not the intention of the Seller and the Purchaser that any Conveyance be deemed a grant of a security interest in the Transferred Assets by the Seller to the Purchaser to secure a debt or other
obligation of the Seller. However, to protect the Purchaser’s rights in the event that, notwithstanding the intent of the parties expressed herein, the Conveyances hereunder are characterized as secured financings and not as sales and/or
contributions, the Seller hereby grants to the Purchaser, a first priority security interest (subject only to Permitted Liens) in, to and under all of the Seller’s right, title and interest in, to and under, whether now owned or hereafter
acquired, such Transferred Assets and all proceeds of the foregoing to secure an obligation of the Seller to pay over and transfer to the Purchaser any and all distributions received by the Seller (other than Excluded Amounts) in relation to the
Transferred Assets from time to time, whether in cash or in kind, so that the Purchaser will receive all distributions under, proceeds of and benefits of ownership of the Transferred Assets and to secure all other obligations of the Seller
hereunder. If the Conveyances hereunder shall be characterized as secured financings and not as sales and/or contributions, the Purchaser and its assignees (including the Collateral Agent for the benefit of the Secured Parties) shall have, with
respect to such Transferred Assets and other related rights, in addition to all the other rights and remedies available to the Purchaser and its assignees (including the Collateral Agent for the benefit of the Secured Parties) hereunder and under
the underlying instruments, all the rights and remedies of a secured party under any applicable UCC. 
 (c) The Seller and the Purchaser
shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Transferred Assets to secure a debt or other obligation, such security
interest would be deemed to be a first priority perfected security interest in favor of the Purchaser under applicable law and will be maintained as such throughout the term of this Agreement. The Seller represents and warrants that the Transferred
Assets are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code. The Purchaser assumes all risk relating to nonpayment or failure by the obligors to make any
distributions owed by them under the Transferred Assets. Except with respect to the representations, warranties and covenants expressly stated in this Agreement, the Seller assigns each Transferred Asset “as is,” and makes no covenants,
representations or warranties regarding the Transferred Assets. 
 (d) In connection with this Agreement, the Seller agrees to file (or
cause to be filed) on or prior to the Closing Date, at its own expense, a financing statement or statements with respect to the Transferred Assets Conveyed by the Seller hereunder from time to time meeting the requirements of applicable state law in
the jurisdiction of the Seller’s organization to perfect and protect the interests of the Purchaser created hereby under the UCC against all creditors of, and purchasers from, the Seller, and to deliver a
file-stamped copy of such financing statements or other evidence of such filings to the Purchaser as soon as reasonably practicable after its receipt thereof and to keep such financing statements effective at
all times during the term of this Agreement. 

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

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

SECTION 2.2 Optional Substitution of Loan Assets; Optional Seller Purchase of Assets. 

(a) The Seller may, from time to time in its sole discretion and with the agreement of the Purchaser, substitute for any Collateral Obligation
(each, a “Substitution” and such new Collateral Obligation, a “Substitute Loan Asset”) in accordance with and subject to the requirements of the Indenture, including Section 12.3 thereof. 

(b) The Seller may, from time to time in its sole discretion and with the agreement of the Purchaser, purchase from the Purchaser any
Collateral Obligation or Equity Security in accordance with and subject to the requirements of the Indenture, including Section 12.3 thereof, in which case, the purchase price for such Collateral Obligation or Equity Security shall be a dollar
amount at least equal to the Fair Market Value (or such other price required under the Indenture) and, if such asset is a Loan Asset, the Seller shall update Schedule A to remove such asset effective as of the date such asset is conveyed to the
Seller. 
 SECTION 2.3 Assignments. The Seller and the Purchaser acknowledge and agree that, solely for administrative
convenience, any transfer document or assignment agreement required to be executed and delivered in connection with the transfer of a Transferred Asset in accordance with the terms of the related underlying instruments may reflect that (a) the
Seller (or any Affiliate or third party from whom the Seller or the applicable Affiliate may purchase Transferred Assets) is assigning such Transferred Asset directly to the Purchaser or (b) the Purchaser is acquiring such Transferred Asset at
the closing of such Transferred Asset. 

  
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 SECTION 2.4 Actions Pending Completion of Conveyance. 

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

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

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

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

  
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 SECTION 2.5 Indemnification. 

(a) The Seller hereby agrees to indemnify the Purchaser and its successors, transferees, and assigns (including each Secured Party) or any of
such Person’s respective shareholders, officers, employees, agents or Affiliates (each of the foregoing Persons being individually called an “Indemnified Party”) against, and hold each Indemnified Party harmless from, any and
all costs, losses, claims, damages, liabilities and related expenses (including the reasonable and documented out-of-pocket fees, charges and disbursements of any
outside counsel for any Indemnitee) (all of the foregoing being collectively called “Indemnified Amounts”) incurred by any Indemnified Party or awarded against any Indemnified Party in favor of any Person (including the Seller)
other than such Indemnified Party arising out of the fraud, bad faith or willful misconduct on the part of the Seller with respect to this Agreement; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such Indemnified Amounts (i) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the fraud, bad faith or willful misconduct of such Indemnified Party or (ii) the
uncollectability of any Loan Asset due to an Obligor’s failure to pay any amounts due under the applicable loan agreement in accordance with its terms. 

(b) If the Seller has made any payment pursuant to this Section 2.5 and the recipient thereof later collects any
payments from others (including insurance companies) in respect of such amounts or is found in a final and nonappealable judgment by a court of competent jurisdiction not to be entitled to such indemnification, then the recipient agrees that it
shall promptly repay to the Seller such amounts collected. 
 SECTION 2.6 Assignment of Rights and Indemnities. The Seller
acknowledges that, pursuant to the Indenture, the Purchaser shall assign all of its right, title and interest in, to and under this Agreement, including its rights of indemnity granted hereunder, to the Collateral Trustee, for the benefit of the
Secured Parties. Upon such assignment, (a) the Collateral Trustee, for the benefit of the Secured Parties, shall have all rights of the Purchaser hereunder and may in turn assign such rights, and (b) the obligations of the Seller under
Section 2.5 and Section 2.6 shall inure to the Collateral Trustee, for the benefit of the Secured Parties. The Seller agrees that, upon such assignment, the Collateral Trustee, for the benefit of
the Secured Parties, may enforce directly, without joinder of the Purchaser, the indemnities set forth in Section 2.5 and Section 2.6. 

ARTICLE III 

CONSIDERATION AND PAYMENT 

SECTION 3.1 Purchase Price; Substitution Value. 

(a) The purchase price (the “Purchase Price”) for each Loan Asset Conveyed by the Seller to the Purchaser on each Conveyance
Date shall be a dollar amount at least equal to the Fair Market Value of such Loan Asset Conveyed as of such date. 
 (b) The substitution
value (the “Substitution Value”) for each Substitute Loan Asset Conveyed from the Seller to the Purchaser on each Conveyance Date shall be a dollar amount at least equal to the Fair Market Value (or such greater price as may be
required under the Indenture). 

  
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 SECTION 3.2 Payment of Purchase Price. The Purchase Price, along with any fees
from origination of the applicable Loan Asset, for the Transferred Assets Conveyed from the Seller to the Purchaser shall be paid on the related Conveyance Date (a) by payment in cash in immediately available funds and/or (b) to the extent
not paid in cash, as a capital contribution by the Seller to the Purchaser in respect of the preferred shares of the Purchaser held by the Seller (a “Contribution”). The applicable Purchase Notice shall specify the portions of
the Purchase Price to be paid in cash and as a contribution; provided that, on the Closing Date, the portions of the Purchase Price to be paid in cash and as a contribution will be as set forth on Schedule A. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Seller’s Representations and Warranties. The Seller represents and warrants to the Purchaser as of
the Closing Date and as of each Conveyance Date: 
 (a) Existence, Qualification and Power. The Seller (i) is duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization, (ii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted,
to enter into this Agreement and to carry out the transactions contemplated thereby and (iii) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business
and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a material adverse effect on the Purchaser. 

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

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

(e) Good and Marketable Title. The Seller owns and has good and marketable title to the Transferred Assets Conveyed to the Purchaser on
the applicable Conveyance Date, which Transferred Assets were originated without any fraud or misrepresentation by the Seller or, to the best of the Seller’s knowledge, on the part of the applicable Obligor, and free and clear of any lien
(other than the liens in favor of the Collateral Trustee for the benefit of the Secured Parties pursuant to the Indenture and inchoate liens arising by operation of law, Permitted Liens or any lien that will be released prior to or contemporaneously
with the applicable Conveyance) and there are no financing statements naming the Seller as debtor and covering the Transferred Assets other than any financing statements in favor of the Collateral Trustee for the benefit of the Secured Parties
pursuant to the Indenture, Permitted Liens or any lien that will be released prior to or contemporaneously with the applicable Conveyance. 

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

(ii) the Transferred Assets are comprised of interests in instruments, security entitlements, general intangibles, accounts,
certificated securities, uncertificated securities, securities accounts, deposit accounts, supporting obligations, insurance, investment property and proceeds (each as defined in the UCC) and such other categories of collateral under the UCC as to
which the Seller has complied with its obligations as set forth herein; 

  
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 (iii) the Seller has received all consents and approvals required by the
terms of any Loan Asset to the sale and granting of a security interest in the Loan Assets hereunder to the Purchaser and the Collateral Trustee, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or
authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in that portion of the Transferred Assets in which a security
interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Maryland; 
 (iv) none of the underlying
promissory notes that constitute or evidence the Loan Assets has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser and the Collateral Trustee, as assignee on behalf
of the Secured Parties; and 
 (v) with respect to a Transferred Asset that constitutes a “certificated security,”
such certificated security has been delivered to the Collateral Trustee, or will be delivered to the Collateral Trustee, and, if in registered form, has been specially Indorsed to the Collateral Trustee or in blank by an effective Indorsement or has
been registered in the name of the Collateral Trustee upon original issue or registration of transfer by the Seller of such certificated security, in each case, promptly upon receipt; provided that any
file-stamped document, promissory note and certificates relating to any Loan Asset shall be delivered as soon as they are reasonably available; and in the case of an uncertificated security, by
(A) causing the Collateral Trustee to become the registered owner of such uncertificated security and (B) causing such registration to remain effective. 

(g) Fair Consideration; No Avoidance for Loan Asset Payments. With respect to each Transferred Asset sold or contributed hereunder, the
Seller sold or contributed such Transferred Asset to the Purchaser in exchange for payment, made in accordance with the provisions of this Agreement, in an amount which constitutes fair consideration and reasonably equivalent value. Each such
Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by the Seller to the Purchaser and, accordingly, no such sale is or may be voidable or subject to avoidance under the Bankruptcy
Code and the rules and regulations thereunder. 
 (h) Adequate Capitalization; No Insolvency. As of such date it is, and after giving
effect to any Conveyance it will be, solvent and it is not entering into this Agreement or consummating any transaction contemplated hereby with any intent to hinder, delay or defraud any of its creditors. 

(i) True Sale or True Contribution. Each Transferred Asset sold or contributed hereunder shall have been sold or contributed by the
Seller to the Purchaser in a “true sale” or a “true contribution.” 
 (j) Notice to Agents and Obligors. The
Seller will direct any agent, administrative agent or obligor for any Loan Asset included in the Transferred Assets to remit all payments and collections with respect to such Loan Asset directly to the relevant Collection Account. 

  
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 (k) Proceeds. The Seller acknowledges that all Collections received by it or its
Affiliates with respect to the Transferred Assets (other than Excluded Amounts) (the “Proceeds”) Conveyed to the Purchaser are held and shall be held in trust for the benefit of the Purchaser and its assignees until deposited
into the Interest Collection Subaccount or the Principal Collection Subaccount. The Seller shall promptly remit to the Purchaser or the Purchaser’s designee any payment or any other sums relating to, or otherwise payable on account of, the
Transferred Assets (other than Excluded Amounts) that the Seller receives after the applicable Conveyance Date. 
 SECTION 4.2
Reaffirmation of Representations and Warranties by the Seller; Notice of Breach. On the Closing Date and on each Conveyance Date, the Seller, by accepting the proceeds of the related Conveyance, shall be deemed to have certified
that all representations and warranties described in Section 4.1 are true and correct in all material respects on and as of such day as though made on and as of such day (or if specifically referring to an earlier
date, as of such earlier date). The representations and warranties set forth in Section 4.1 shall survive (a) the Conveyance of the Transferred Assets to the Purchaser, (b) the termination of the rights and
obligations of the Purchaser and the Seller under this Agreement and (c) the termination of the rights and obligations of the Purchaser under the Indenture. Upon discovery by a Responsible Officer of the Purchaser or the Seller of a breach of
any of the foregoing representations and warranties in any material respect, the party discovering such breach shall give prompt written notice to the other and to the Collateral Trustee. 

ARTICLE V 
 COVENANTS OF
THE SELLER 
 SECTION 5.1 Covenants of the Seller. The Seller hereby covenants and agrees with the Purchaser that, from the
date hereof until the termination of this Agreement, unless the Purchaser otherwise consents in writing: 
 (a) Deposit of
Collections. The Seller shall transfer, or cause to be transferred, all Collections (if any) it receives in respect of the Loan Assets (other than Excluded Amounts) to the Collateral Trustee promptly following the date such Collections are
received by the Seller. 
 (b) Books and Records. The Seller shall maintain proper books of record and account of the transactions
contemplated hereby, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions contemplated hereunder. 

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

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

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

(g) Expenses. The Seller shall pay its operating expenses and liabilities from its own assets. 

(h) Commingling. The Seller shall not, and shall not permit any of its Affiliates to, deposit or permit the deposit of any funds that
do not constitute Collections of any Loan Asset into the Interest Collection Subaccount or the Principal Collection Subaccount. 
 (i)
SPE Covenant. The Seller shall not take any action that would cause a violation of Section 7.4 of the Indenture by the Purchaser. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 

SECTION 6.1 Amendments, Etc. This Agreement and the rights and obligations of the parties hereunder may not be amended,
supplemented, waived or otherwise modified except in an instrument in writing signed by the Purchaser and the Seller and permitted under the Indenture; provided that the prior written consent of a Majority of the Controlling Class is required
with respect to any amendments or modifications that could have a Material Adverse Effect on the Holders of the Debt. Any reconveyance executed in accordance with the provisions hereof shall not be considered an amendment or modification to this
Agreement. 
 SECTION 6.2 Governing Law: Submission to Jurisdiction; Waiver of Jury Trial. 

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

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

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

 

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

 

	 	(b)	 in the case of the Seller: 

OWL ROCK CAPITAL CORPORATION 

399 Park Avenue, Floor 38 
 New
York, NY 10022 
 Attention: Jonathan Lamm 

E-mail Address: jonathan.lamm@blueowl.com with a copy to 

legal@owlrock.com 
 All such notices and
correspondence shall be deemed given (a) if sent by certified or registered mail, three (3) Business Days after being postmarked, (b) if sent by overnight delivery service or by hand delivery, when received at the above stated
addresses or when delivery is refused and (c) if sent by e-mail, when received. 

SECTION 6.4 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement. 
 SECTION 6.5 Further Assurances. The Purchaser and the Seller
each agree that at any time and from time to time, at its expense and upon reasonable request of the Collateral Trustee, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is
necessary or desirable to perfect and protect the Conveyances and security interests granted or purported to be granted by this Agreement or to enable the Collateral Trustee or any of the Secured Parties to exercise and enforce its rights and
remedies under this Agreement with respect to any Transferred Assets. 
 SECTION 6.6 No Waiver; Cumulative Remedies. No failure
to exercise and no delay in exercising, on the part of the Purchaser, the Seller or the Collateral Trustee, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privilege provided by law. 

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

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

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

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

  
 -16- 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -17- 

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

			
	 OWL ROCK CAPITAL CORPORATION,

as Seller

		
	 By:
	 	 /s/ Jonathan Lamm

		 	 Name: Jonathan Lamm

		 	 Title: Chief Financial Officer and Chief

Operating Officer

	
	 OWL ROCK CLO VII, LLC,

as Purchaser

		
	 By:
	 	 /s/ Donald J. Puglisi

		 	 Name: Donald J. Puglisi

		 	 Title: President

 [Signature Page to the Loan Sale Agreement] 

 Schedule A 

SCHEDULE OF LOAN ASSETS 

[see attached] 

 ORCC Asset Purchase and Contribution July 26, 2022 

 

																							
	 Company
	  	 Facility
	  	Purchased
Par	 	  	Purchase
Price
(%)	 	 	Purchase Price
(total $)	 	  	Purchase Price
(contribution)	 	  	Purchase Price
(cash)	 
	 3ES Innovation Inc.
	  	Closing Date Term Loan	  	$	3,980,000.00	 	  	 	98.50	% 	 	$	3,920,300.00	 	  	$	3,920,300.00	 	  	$	0.00	 
	 Associations, Inc.
	  	Term Loan A	  	$	9,620,000.00	 	  	 	98.75	% 	 	$	9,499,750.00	 	  	$	9,499,750.00	 	  	$	0.00	 
	 AxiomSL Group, Inc.
	  	Initial Term Loan	  	$	14,000,000.00	 	  	 	98.50	% 	 	$	13,790,000.00	 	  	$	13,790,000.00	 	  	$	0.00	 
	 BCPE Osprey Buyer, Inc.
	  	Initial Term Loan	  	$	9,620,000.00	 	  	 	98.00	% 	 	$	9,427,600.00	 	  	$	9,427,600.00	 	  	$	0.00	 
	 Aramsco, Inc.
	  	Initial Term Loan	  	$	10,131,205.19	 	  	 	99.75	% 	 	$	10,105,877.18	 	  	$	10,105,877.18	 	  	$	0.00	 
	 Hercules Borrower LLC
	  	Initial Term Loan	  	$	4,696,314.67	 	  	 	100.00	% 	 	$	4,696,314.67	 	  	$	4,696,314.67	 	  	$	0.00	 
	 HGH Purchaser, Inc.
	  	Incremental DDTL Tranche A-2 Loan	  	$	9,210,000.00	 	  	 	98.90	% 	 	$	9,108,745.24	 	  	$	9,108,690.00	 	  	$	55.24	 
	 Ideal Tridon Holdings, Inc.
	  	Initial Term Loan	  	$	5,390,000.00	 	  	 	99.75	% 	 	$	5,376,525.00	 	  	$	5,376,525.00	 	  	$	0.00	 
	 Interlerad Medical Systems Incorperated
	  	Initial Term A Loan	  	$	6,390,000.00	 	  	 	99.50	% 	 	$	6,358,050.00	 	  	$	6,358,050.00	 	  	$	0.00	 
	 Lytx, Inc.
	  	Initial Term Loan (2020)	  	$	3,320,000.00	 	  	 	99.00	% 	 	$	3,286,800.00	 	  	$	3,286,800.00	 	  	$	0.00	 
	 MHE Intermediate Holdings, LLC
	  	Initial Term Loan	  	$	11,000,000.00	 	  	 	98.25	% 	 	$	10,807,500.00	 	  	$	10,807,500.00	 	  	$	0.00	 
	 Notorious Topco, LLC
	  	Initial Term Loan	  	$	7,215,813.47	 	  	 	98.25	% 	 	$	7,089,536.73	 	  	$	7,089,536.73	 	  	$	0.00	 
	 Patriot Acquisition Topco S.a r.l.
	  	Initial Term Loan	  	$	4,230,000.00	 	  	 	98.50	% 	 	$	4,166,550.00	 	  	$	4,166,550.00	 	  	$	0.00	 
	 PHM Netherlands Midco B.V.
	  	Initial Term Loan (Second Lien)	  	$	3,980,000.00	 	  	 	97.25	% 	 	$	3,870,550.00	 	  	$	3,870,550.00	 	  	$	0.00	 
	 Project Power Buyer, LLC
	  	Term Loan	  	$	3,570,000.00	 	  	 	100.00	% 	 	$	3,570,000.00	 	  	$	3,570,000.00	 	  	$	0.00	 
	 Shearer’s Foods, LLC
	  	Term Loan (Second Lien)	  	$	3,980,000.00	 	  	 	99.50	% 	 	$	3,960,100.00	 	  	$	3,960,100.00	 	  	$	0.00	 
	 Sonny’s Enterprises, LLC
	  	Initial Term Loan	  	$	5,870,000.00	 	  	 	100.00	% 	 	$	5,870,000.00	 	  	$	2,285,856.42	 	  	$	3,584,143.58	 

																							
	 Company
	  	 Facility
	  	Purchased
Par	 	  	Purchase
Price
(%)	 	 	Purchase Price
(total $)	 	  	Purchase
Price
(contribution)	 	  	Purchase Price
(cash)	 
	 Thunder Purchaser, Inc.
	  	Closing Date Term Loan (First Lien)	  	$	1,580,000.00	 	  	 	98.75	% 	 	$	1,560,250.00	 	  	$	0.00	 	  	$	1,560,250.00	 
	 Troon Golf, L.L.C.
	  	Initial Term Loan	  	$	14,000,000.00	 	  	 	99.50	% 	 	$	13,930,000.00	 	  	$	0.00	 	  	$	13,930,000.00	 
	 Ultimate Baked Goods Midco LLC
	  	Term Loan	  	$	1,660,000.00	 	  	 	97.00	% 	 	$	1,610,200.00	 	  	$	0.00	 	  	$	1,610,200.00	 
	 WU Holdco, Inc.
	  	Initial Term Loan	  	$	9,620,000.00	 	  	 	99.50	% 	 	$	9,571,900.00	 	  	$	0.00	 	  	$	9,571,900.00	 
	 Velocity HoldCo III Inc. (dba VelocityEHS)
	  	Initial Term Loan	  	$	12,000,000.00	 	  	 	97.75	% 	 	$	11,730,000.00	 	  	$	0.00	 	  	$	11,730,000.00	 
	 Apptio, Inc.
	  	Term Loan	  	$	1,620,000.00	 	  	 	100.00	% 	 	$	1,620,000.00	 	  	$	0.00	 	  	$	1,620,000.00	 
	 Peter C. Foy & Associated Insurance Services, LLC
	  	Initial Term Loan	  	$	8,050,000.00	 	  	 	98.50	% 	 	$	7,929,250.00	 	  	$	0.00	 	  	$	7,929,250.00	 
	 Entertainment Benefits Group, LLC
	  	Initial Term Loan	  	$	866,666.67	 	  	 	100.00	% 	 	$	866,666.67	 	  	$	0.00	 	  	$	866,666.67	 
	 Aviation Solutions Midco, LLC (dba STS Aviation)
	  	Initial Term Loan	  	$	10,500,000.00	 	  	 	94.50	% 	 	$	9,922,500.00	 	  	$	0.00	 	  	$	9,922,500.00	 
	 Evolution BuyerCo, Inc. (dba SIAA)
	  	Initial Term Loan	  	$	9,210,000.00	 	  	 	98.50	% 	 	$	9,071,850.00	 	  	$	0.00	 	  	$	9,071,850.00	 
	 OB Hospitalist Group, Inc.
	  	Term B Loan	  	$	9,410,000.00	 	  	 	97.50	% 	 	$	9,174,750.00	 	  	$	0.00	 	  	$	9,174,750.00	 
	 Access CIG, LLC
	  	Initial Loan (Second Lien)	  	$	3,980,000.00	 	  	 	99.00	% 	 	$	3,940,200.00	 	  	$	0.00	 	  	$	3,940,200.00	 
	 IG Investments Holdings, LLC
	  	Closing Date Term Loan	  	$	10,420,000.00	 	  	 	98.00	% 	 	$	10,211,600.00	 	  	$	0.00	 	  	$	10,211,600.00	 
	 BCTO BSI Buyer, Inc. (dba Buildertrend)
	  	Initial Term Loan	  	$	9,210,000.00	 	  	 	99.25	% 	 	$	9,140,925.00	 	  	$	0.00	 	  	$	9,140,925.00	 
	 USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)
	  	Term B Loan	  	$	9,210,000.00	 	  	 	97.50	% 	 	$	8,979,750.00	 	  	$	0.00	 	  	$	8,979,750.00	 

																							
	 Company
	  	 Facility
	  	Purchased
Par	 	  	Purchase
Price
(%)	 	 	Purchase Price
(total $)	 	  	Purchase Price
(contribution)	 	  	Purchase Price
(cash)	 
	 AmSpec Group, Inc. (fka AmSpec Services Inc.)
	  	Term Loan	  	$	6,880,000.00	 	  	 	99.25	% 	 	$	6,828,400.00	 	  	$	0.00	 	  	$	6,828,400.00	 
	 Zenith Energy U.S. Logistics Holdings, LLC
	  	Delayed Draw Term Loan	  	$	4,086,567.97	 	  	 	100.00	% 	 	$	4,086,567.97	 	  	$	0.00	 	  	$	4,086,567.97	 
	 Gerson Lehrman Group, Inc.
	  	Term Loan	  	$	7,960,000.00	 	  	 	99.70	% 	 	$	7,936,120.00	 	  	$	0.00	 	  	$	7,936,120.00	 
	 THG Acquisition, LLC (dba Hilb)
	  	Delayed Draw Term Loan	  	$	8,050,000.00	 	  	 	98.50	% 	 	$	7,929,250.00	 	  	$	0.00	 	  	$	7,929,250.00	 
	 GI Ranger Intermediate, LLC (dba Rectangle Health)
	  	Closing Date Term Loan	  	$	3,240,000.00	 	  	 	97.75	% 	 	$	3,167,100.00	 	  	$	0.00	 	  	$	3,167,100.00	 
	 Lignetics Investment Corp.
	  	Initial Term Loan	  	$	1,470,000.00	 	  	 	97.75	% 	 	$	1,436,925.00	 	  	$	0.00	 	  	$	1,436,925.00	 
		  		  	  
	  
	 	  				 	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals
	  		  	$	259,226,567.97	 	  				 	$	255,548,403.46	 	  	$	111,320,000.00	 	  	$	144,228,403.46	 
		  		  	  
	  
	 	  				 	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 Schedule B 

FORM OF PURCHASE NOTICE 

[Date]                     

 

	To:	 State Street Bank and Trust Company 

as Collateral Trustee 
 1 Iron
Street 
 Boston, Massachusetts 02210 

Attention: Structured Trust and Analytics 
  

	Re:	 Purchase Notice for Conveyance Date of [    ] (the
“Conveyance Date”) 

 Ladies and Gentlemen: 

This Purchase Notice is delivered to you pursuant to Section 2.1(a) of the Loan Sale Agreement, dated as of
July 26, 2022 (together with all amendments, if any, from time to time made thereto, the “Sale Agreement”), between Owl Rock CLO VII, LLC, as purchaser (the “Purchaser”), and Owl Rock Capital Corporation, as
seller (the “Seller”). Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Sale Agreement. 

In accordance with Section 2.1(a) of the Sale Agreement, effective as of the Conveyance Date, the Seller hereby
Conveys to the Purchaser [as a sale for cash for a Purchase Price of $        ] [and] [as a Contribution in the amount of $        ] on the above-referenced Conveyance Date pursuant to the terms and conditions of the Sale Agreement the Loan Assets listed on Schedule A hereto, together with all Related Property and proceeds of the foregoing. 

Please wire the cash portion of the Purchase Price to the Seller pursuant to the Seller’s standing wiring instructions. 

The Seller certifies that all conditions precedent described in Section 6.1 of the Sale Agreement have been
satisfied with respect to such Conveyance. 
 The Seller agrees that if prior to the Conveyance Date any matter certified to herein by it
will not be true and correct in all material respects at such time as if then made, it will promptly so notify the Purchaser and the Collateral Trustee. Except to the extent, if any, that prior to the Conveyance Date the Purchaser shall receive
written notice to the contrary from the Seller, each matter certified to herein shall be deemed once again to be certified by the Seller as true and correct in all material respects at the Conveyance Date as if then made. 

 The Seller has caused this Purchase Notice to be executed and delivered, and the
certification and warranties contained herein to be made, by its duly authorized officer as of the date first written above. 
  

			
		 	Very truly yours,
		
		 	OWL ROCK CAPITAL CORPORATION
		
	By:	 	 
		 	Name: Jonathan Lamm
		 	Title: Authorized Signatory

  

			
		 	Accepted and Agreed
		
		 	OWL ROCK CLO VII, LLC
		
	By:	 	 
		 	Name:
		 	Title:

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