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May 13, 2021

Subscription Documents For
Carlyle Secured Lending III

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DIRECTIONS FOR THE COMPLETION 
OF THE SUBSCRIPTION DOCUMENTS
Prospective investors must complete the Subscription Agreement (the “Subscription Agreement”), the Investor Questionnaire (the “Investor Questionnaire”) and any necessary attachments (the Subscription Agreement, the Investor Questionnaire and all such attachments collectively, the “Subscription Documents”) contained in this package in the manner described below. Capitalized terms not defined herein are used as defined in the Confidential Private Placement Memorandum of Carlyle Secured Lending III, a Delaware statutory trust (the “Company,” “we,” “our” or “us”) (as amended from time to time). For purposes of these Subscription Documents, the “Investor” is the person or entity for whose account the common shares of beneficial interest are being purchased and who must make the representations and warranties set forth in the Subscription Documents. Another person or entity with investment authority may execute the Subscription Documents on behalf of the Investor, but should indicate the capacity in which it is doing so and the name of the Investor. The Company may waive any of the requirements below in its sole discretion, subject to applicable laws.
1.Subscription Agreement: 
Each Investor should fill in the amount of the Investor’s requested capital commitment (“Capital Commitment”), date, print the name of the Investor, sign (and print the name, capacity and title of signatory, if applicable) on the signature page to the Subscription Agreement.
2.Investor Questionnaire:
(a)General Information:  In Section A, each Investor should fill in its name, type of entity (if applicable), address, U.S. tax identification or social security number, contact person(s), telephone and facsimile numbers, email addresses, and the other requested information. If a non-U.S. Investor does not have a U.S. tax identification number, please write “not applicable.”
(b)Supplemental Data:  
Each Investor that is an individual should provide the information and respond to the question in Section B.
Each Investor that is an entity should provide the information and respond to the questions in Section C.
Each Investor that is investing through a broker-dealer or registered investment adviser that is unaffiliated with the Company (a “Platform Investor”) should provide the information and respond to the questions in Section D.
(c)Related Parties, Beneficial Ownership and Nominee Arrangements:  Each Investor should provide the information and respond to the questions in Section E.
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(d)Accredited Investor Status:  Each Investor should check the box or boxes in Section F which are next to the category or categories under which the Investor qualifies as an “accredited investor”.
(e)FINRA Institutional Account Status:  Each Investor should provide the information and respond to the questions in Section G.
(f)Section 894 Benefits:  Each Investor that is a non-U.S. Person should respond to the questions in Section H.
(g)Financing of Acquisition:  Each Investor that is an entity should check the appropriate box in Section I.
(h)Print the name of the Investor and sign (and print name, capacity and title of signatory, if applicable) on the signature page to the Investor Questionnaire.
3.Customer Identification Program:  Documentation Requirements (if the documentation may have previously been submitted, please contact the Company to confirm.)
(a)Formation:
Organized Entities, including Corporations and Limited Liability Companies: provide a certified copy of the applicable charter or organizational document (issued within six months from the reception date) (e.g., certificate of incorporation, articles of association or certificate of formation), including evidence of registration in the jurisdiction of organization (e.g., trade register extract) or operating agreement, and register of shareholders or members (as applicable). Where applicable, and if not already provided in the applicable charter or organizational document, provide a list of the legal representatives and directors (ideally the copy of the official register of directors) and at least two directors (or one, if there is only one director) must provide current (i.e., non-expired) copies of a valid passport or driver’s license containing the person’s full name, photograph and country of citizenship. If the copy of the passport or driver’s license does not contain the individual’s current address, provide an additional government-issued identification document certifying the individual’s name and current address. 
Partnerships: provide a certified copy of the partnership certificate (in the case of limited partnerships) or partnership agreement identifying the general partner(s) and the place of formation, as well as a document identifying authorized signatories and a copy of government-issued photo identification for any person ultimately beneficially owning 10% or more of the equity of the partnership (see (b) below).
Foundations and Endowments: provide a copy of the applicable charter or organizational document (e.g., certificate of incorporation or articles of 
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association), including evidence of registration in the jurisdiction of organization (e.g., trade register extract) and an IRS Non-Profit Determination or 501(c)(3) Letter (or equivalent), if applicable. 
For Government Pension Funds and other Governmental Organizations: provide a copy of the constitutional documents (e.g., enabling legislation, trust agreement, charter) as well as evidence of governmental control and oversight that the subscription has been authorized. 
For Trusts: provide a copy of the trust agreement, certificate of trust or equivalent, a document identifying authorized signatories and proof of identification (as applicable) of the (i) settlor and/or grantor, (ii) trustee(s), and other controlling persons, (iii) trust beneficiaries (who receive 10% or more of the economic benefit of the trust) and (iv) any person ultimately beneficially owning 10% or more of such beneficiaries’ equity, partnership, membership or other similar ownership interest. 
Note: Certified documents listed in this Section 3(a) need to be certified by a director, senior executive officer, company secretary, or general counsel, or by external legal counsel or independent accountant who is familiar with the legal entity and its organizational structure. The certifier must confirm that the document is a true copy of the original. The words “certified true copy” must be included and the document must be signed and dated, and include details of the certifier’s capacity (e.g., lawyer), contact address, telephone number, registration number and stamp (if applicable). We may also request an English translation of any document that is not in English on an as needed basis.
(b)Identification: 
Investors who are natural persons or each natural person who ultimately, directly or indirectly, benefits from 10% or more of the proceeds, or holds 10% or more of the control rights of, Investors that are corporations, partnerships, limited liability companies, and trusts (UBOs as defined in Annex 1): provide (i) a copy of a valid passport or driver’s license containing the person’s full name, photograph and country of citizenship.  If an Investor is using a third party to act on his or her behalf, provide a copy of a valid driver’s license or passport of that third party.  If the copy of the passport or driver’s license of the Investor or third party does not contain the individual’s current address, provide an additional government-issued identification document certifying the individual’s name and current address.1 
If there is no natural person who ultimately, directly or indirectly, benefits from 25% or more of the proceeds, or holds 25% or more of the control rights of, Investors who are not natural persons, provide for each senior management of the entity (e.g., the board of directors): (i) a copy of a valid passport or driver’s 

1 UBOs of a trust include: the trustee(s), settlor(s), protector(s), and each beneficiary.
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license containing the person’s full name, photograph and country of citizenship. If the copy of the passport or driver’s license does not contain the individual’s current address, provide an additional government-issued identification document certifying the individual’s name and current address. 
Upon review of the above documents, the Company may require additional documentation in order to satisfy its requirements for Know Your Customer and Anti-Money Laundering.
4.Tax Forms:  
For U.S. Investors:  Each U.S. Investor is required to fill in and sign and date a Form W-9 in accordance with the instructions to the Form W-9.
For Non-U.S. Investors:  Each non-U.S. investor is required to fill in and sign and date the relevant Form(s) W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP) in accordance with the instructions to such Form(s), and, in the event that any applicable reduction or exemption from U.S. federal withholding tax is claimed, is required to provide all applicable attachments or addendums to claim such exemption or reduction.
5.Evidence of Authorization:  Each Investor must provide satisfactory evidence of authorization, such as a list of authorized agents, and with respect to the individual(s) authorized to sign the Subscription Documents, a valid passport or driver’s license containing the person’s full name, photograph and country of citizenship. If the copy of the passport or driver’s license does not contain the individual’s current address, provide an additional government-issued identification document certifying the individual’s name and current address. 
For Joint Account Holders:  The information listed above should be provided for each individual.
For Corporations:  Generally, Investors that are corporations must submit certified corporate resolutions authorizing the subscription and identifying the corporate officer empowered to sign the Subscription Documents.
For Partnerships:  Partnerships must submit a certified copy of the partnership certificate (in the case of limited partnerships) or partnership agreement identifying the general partners empowered to sign the Subscription Documents and resolutions authorizing the subscription. The general partner of a limited partnership must provide all the documentation noted herein (to the extent applicable) as if it were the Investor.
For Limited Liability Companies:  Limited liability companies must submit a certified copy of the limited liability company operating agreement or certificate of formation identifying the manager or managing member, as applicable, empowered to sign the Subscription Documents and resolutions authorizing the subscription. 
For Trusts:  Trusts must submit a copy of the trust agreement, certificate of trust or equivalent, a document identifying authorized signatories and proof of identification (as applicable) of the 
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(i) settlor and/or grantor, (ii) trustee(s), and other controlling persons, (iii) trust beneficiaries (who receive 10% or more of the economic benefit of the trust) and (iv) any person ultimately beneficially owning 10% or more of such beneficiaries’ equity, partnership, membership or other similar ownership interest.
For Employee Benefit Plans:  Employee benefit plans must submit a certificate of an appropriate fiduciary certifying that the subscription has been authorized and identifying the individual empowered to sign the Subscription Documents.
Employee benefit plans may be requested to furnish other or additional documentation evidencing the authority to invest in the Company.  
For Foundations and Endowments:  Foundations and endowments must submit any related documentation identifying the individual(s) empowered to sign the Subscription Documents and resolutions authorizing the subscription. 
For Government Pension Funds and other Governmental Organizations:  Government pension funds and other governmental organizations must submit documentation identifying the individual empowered to sign the Subscription Documents.
Note:  Certified documents listed in this Section 5 need to be certified by a director, senior executive officer, company secretary, or general counsel, or by external legal counsel or independent accountant who is familiar with the legal entity and its organizational structure. The certifier must confirm that the document is a true copy of the original. The words “certified true copy” must be included and the document must be signed and dated, and include details of the certifier’s capacity (e.g., lawyer), contact address, telephone number, registration number and stamp (if applicable). We may also request an English translation of any document that is not in English on an as needed basis.

6.Delivery of Subscription Documents: 
Completed and executed copies of these Subscription Documents and the Investor Questionnaire, the IRS Form W-9 or W-8 (as applicable), and any required Customer Identification Program documentation should be delivered to the Company electronically (including with respect to any required certified copies) at Carlyle.ai@dstsystems.com as soon as possible.        
    Inquiries regarding subscription procedures (including if the Investor Questionnaire indicates that any Investor’s response to a question requires further information) should be directed to TCGBDC@carlyle.com. 

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SUBSCRIPTION AGREEMENT
Carlyle Secured Lending III
c/o DST Systems, Inc.
STE 219895
430 W 7th Street
Kansas City, MO  64105-1407

Ladies and Gentlemen:
1.Subscription. 
(a)The undersigned (the “Investor”) subscribes for and agrees to purchase common shares of beneficial interest, par value $0.001 per share (“Shares” and each, a “Share”), of Carlyle Secured Lending III (the “Company,” “we,” “our” or “us”) with a capital commitment (“Capital Commitment”) in the amount set forth on the signature page below. The Investor acknowledges and agrees that this subscription (i) is irrevocable on the part of the Investor, (ii) is conditioned upon acceptance by or on behalf of the Company, and (iii) may be accepted or rejected in whole or in part by the Company in its sole discretion. The Investor agrees to adhere to and be bound by all the terms and provisions of the Company’s Confidential Private Placement Memorandum, as amended, restated and/or supplemented from time to time (the “Memorandum”), the Company’s Amended and Restated Declaration of Trust attached hereto as Appendix A, as amended from time to time (the “Declaration”), the Company’s Bylaws attached hereto as Appendix B, as amended from time to time (the “Bylaws”), the Investment Advisory Agreement with Carlyle Global Credit Investment Management L.L.C., our investment adviser (the “Adviser”) attached hereto as Appendix C, as amended from time to time (the “Advisory Agreement”), the Administration Agreement between the Company and Carlyle Global Credit Administration L.L.C., our administrator (the “Administrator”) attached hereto as Appendix D, as amended from time to time (the “Administration Agreement,” and together with the Memorandum, the Declaration, the Bylaws and the Advisory Agreement, each as in the final form provided or made available to the Investor, the “Operative Documents”), together with this Subscription Agreement (the “Subscription Agreement”). Capitalized terms not defined herein are used as defined in the Memorandum. The Investor acknowledges and agrees that (i) the Company expects to enter into separate Subscription Agreements (the “Other Subscription Agreements,” and, together with this Subscription Agreement, the “Subscription Agreements”) with other investors (the “Other Investors,” and together with the Investor, the “Investors”), providing for the sale of Shares to the Other Investors, (ii) the Company reserves the right to enter into Other Subscription Agreements that contain terms and conditions not found in this Subscription Agreement, subject to applicable law, and (iii) this Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the undersigned and the Other Investors are separate sales.  
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(b)The Investor agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable at such times and in such amounts as required by the Company, under the terms and subject to the conditions set forth herein. On each Capital Drawdown Date (as defined below), the Investor agrees to purchase from the Company, and the Company agrees to issue to the Investor, a number of Shares equal to the Drawdown Share Amount (as defined below) at an aggregate price equal to the Drawdown Purchase Price (as defined below); provided, however, that in no circumstance will an Investor be required to purchase Shares for an amount in excess of its Unused Capital Commitment (as defined below).
“Drawdown Purchase Price” shall mean, for each Capital Drawdown Date (as defined below), an amount in U.S. dollars determined by multiplying (i) the aggregate amount of Capital Commitments being drawn down by the Company from all Investors on that Capital Drawdown Date, by (ii) a fraction, the numerator of which is the Unused Capital Commitment (as defined below) of the Investor and the denominator of which is the aggregate Unused Capital Commitments of all Investors that are not Defaulting Investors or Excluded Investors (as defined below).

“Drawdown Share Amount” shall mean, for each Capital Drawdown Date, a number of Shares determined by dividing (i) the Drawdown Purchase Price for that Capital Drawdown Date by (ii) the applicable Per Share Price (as defined below), with the resulting quotient adjusted to the nearest whole number to avoid the issuance of fractional shares.

“Per Share NAV” shall mean, for any Capital Drawdown Date or Catch-Up Date (as defined below), the net asset value per Share, as determined within two (2) Business Days (as defined below) of the date of the Funding Notice (as defined below). 

“Per Share Price” shall mean, for any Capital Drawdown Date or Catch-Up Date (as defined below), the Per Share NAV; provided, that the Per Share Price shall be subject to the limitations of Section 23 under the Investment Company Act of 1940, as amended (the “Investment Company Act”); provided, further, however, in the event that the Per Share NAV is less than zero as of the first Capital Drawdown Date that occurs immediately following the Initial Closing Date (as defined below), then solely for the purpose of such Capital Drawdown Date, the Per Share Price shall be deemed to equal $20.00.

“Unused Capital Commitment” shall mean, with respect to an Investor, the amount of such Investor’s Capital Commitment as of any date reduced by the aggregate amount of contributions made by that Investor at all previous Capital Drawdown Dates and any Catch-Up Date pursuant to Section 1(b) and Section 2(c)(i), respectively.
2.Closings.
(a)The initial closing of subscriptions from unaffiliated investors for an investment in the Company will take place remotely via the exchange of documents and signatures on such date as determined by the Company (such date being the “Initial 
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Closing Date”). The Company will hold additional closings subsequent to the Initial Closing Date (each date on which a subsequent closing is held, a “Subsequent Closing Date”) on or prior to the final closing date on which the Company will accept Subscription Agreements (such date, the “Final Closing Date” and, each of the Initial Closing Date, Subsequent Closing Dates and the Final Closing Date, a “Closing Date”). 
(b)The Investor agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations contained herein, including without limitation the investor questionnaire (the “Investor Questionnaire”). Promptly after the Closing Date, the Company will deliver to the Investor or its representative, if the Investor’s subscription has been accepted, a letter confirming the Company’s acceptance of the Investor’s subscription.
(c)
(i)The Company may enter into Other Subscription Agreements with Other Investors on a Subsequent Closing Date and any Other Investor whose subscription has been accepted at such Subsequent Closing Date is referred to as a “Subsequent Investor.” Notwithstanding the provisions of Sections 1(b) and 3, on one or more dates to be determined by the Company (each, a “Catch-Up Date”), each Subsequent Investor shall be required to purchase from the Company, on no less than eight (8) Business Days’ (as defined below) prior notice, a number of Shares with an aggregate purchase price necessary to ensure that, upon payment of the aggregate purchase price for such Shares by the Subsequent Investor in the aggregate for all Catch-Up Dates, such Subsequent Investor’s Contributed Capital Percentage (as defined below) shall be equal to the Contributed Capital Percentage of all prior Investors (other than any Defaulting Investors, Excluded Investors or any Other Investor who has subscribed on prior Subsequent Closing Dates and has not yet funded the Catch-Up Purchase Price) (the “Catch-Up Purchase Price”). Upon payment of the Catch-Up Purchase Price by the Investor on a Catch-Up Date and payment by Other Investors of the requisite amount, the Company shall issue to each such Subsequent Investor a number of Shares determined by dividing (x) the Catch-Up Purchase Price for such Subsequent Investor minus the Organizational Expense Allocation (as defined below) by (y) the Per Share Price for such Subsequent Investor as of a Catch-Up Date. For the avoidance of doubt, in the event that the Catch-Up Date and a Capital Drawdown Date occur on the same calendar day, such Catch-Up Date (and the application of the provisions of this Section 2(c)) shall be deemed to have occurred immediately prior to the relevant Capital Drawdown Date. 
(ii)For the purposes of this Subscription Agreement:  
(A) “Business Day” has the meaning ascribed to it in Rule 14d-1(g)(3) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
(B)“Contributed Capital Percentage” means, with respect to an Investor, the quotient stated as a percentage determined by dividing (x) the aggregate 
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amount of capital contributions that have been made by such Investor pursuant to Sections 1(b) and 2(c)(i) by (y) such Investor’s Capital Commitment.
(C)“Organizational Expense Allocation” means, with respect to an Investor, the product obtained by multiplying (x) a fraction, the numerator of which is such Investor’s Capital Commitment and the denominator of which is the total capital commitments received by the Company to date by (y) the lesser of (1) the total amount of organizational expenses spent by the Company in connection with the Company’s formation and (2) 0.15% of the Company’s total capital commitments (it being understood that to the extent the Company’s total capital commitments later increase, the Adviser or its affiliates may be reimbursed by the Company for past payments of excess organizational expenses and offering costs relating to the offering of the Shares incurred on or prior to the Final Closing Date (the “Organizational and Offering Costs”) made on the Company’s behalf; provided that the total Organizational and Offering Costs borne by the Company do not exceed 0.15% of total capital commitments; provided, further, that the Adviser or its affiliates may not be reimbursed for payment of excess Organizational and Offering Costs that were incurred more than three years prior to the proposed reimbursement).
(d)At each Capital Drawdown Date following any Subsequent Closing Date, all Investors, including Subsequent Investors, shall purchase Shares in accordance with the provisions of Section 1(b); provided, however, that notwithstanding the foregoing, the definitions of Drawdown Share Amount and Per Share Price and the provisions of Section 3(b), nothing in this Subscription Agreement shall prohibit the Company from issuing Shares to Subsequent Investors whose subscriptions are accepted after the Closing Date at a Per Share Price greater than the Per Share NAV at the time of issuance.
(e)In the event that any Investor is permitted by the Company to make an additional capital commitment to purchase Shares on a date after its initial subscription has been accepted, such Investor will be required to enter into a separate Subscription Agreement with the Company, it being understood and agreed that such separate Subscription Agreement will be considered to be an Other Subscription Agreement for the purposes of this Subscription Agreement.
3.Capital Drawdowns.
(a)Purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a “Capital Drawdown Date”) and shall be made in accordance with the provisions of Section 1(b).  
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(b)The Company shall deliver to the Investor, at least eight (8) Business Days prior to each Capital Drawdown Date, a notice (a “Funding Notice”) setting forth (i) the Capital Drawdown Date, (ii) the Drawdown Purchase Price and (iii) the account to which the Drawdown Purchase Price should be wired. 
(c)The delivery of a Funding Notice to the Investor shall be the sole and exclusive condition to the Investor’s obligation to pay the Drawdown Purchase Price identified in each Funding Notice, and shall represent the Company’s acceptance of the Investor’s irrevocable and ongoing offer to purchase Shares.
(d)On each Capital Drawdown Date, the Investor shall pay the Drawdown Purchase Price to the Company by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Funding Notice.
(e)DST Systems, Inc. will act as transfer agent and registrar for the Shares (the “Transfer Agent”), unless and until either the Company or the Transfer Agent decides to terminate the agreement between the parties.
(f)Reserved.
(g)Notwithstanding anything to the contrary contained in this Subscription Agreement, the Company shall have the right to exclude any Investor (such Investor, an “Excluded Investor”) from purchasing Shares from the Company on any Capital Drawdown Date if, in the reasonable discretion of the Company, there is a substantial likelihood that such Investor’s purchase of Shares at such time would (i) result in a violation of, or noncompliance with, any law or regulation to which such Investor, the Company, the Adviser, any Other Investor or a portfolio company would be subject or (ii) cause the investments of “Benefit Plan Investors” (within the meaning of Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and certain Department of Labor regulations) to be significant and the assets of the Company to be considered “plan assets” under ERISA or Section 4975 of the Code.
(h)“Liquidity Event” shall mean (i) a quotation or listing of the Company’s securities on a stock exchange, including through an initial public offering (an “Exchange Listing”), (ii) a transaction or series of transactions, including, but not limited to, by way of merger, consolidation, share exchange (including by way of an optional exchange of the Company’s shares for shares of a publicly traded BDC), recapitalization, reorganization, or sale of securities, in each case for consideration of either cash and/or publicly listed securities, or (iii) the sale of all or substantially all of the company’s assets to, or other liquidity event with, another entity (it being understood that potential acquirers for purposes of clauses (ii) and (iii) could include counterparties, including but not limited to other business development companies, that are advised by the Adviser or its affiliates).
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4.Pledging.  
(a)Without limiting the generality of the foregoing, the Investor specifically agrees and consents that the Company may, at any time, and without further notice to or consent from the Investor (except to the extent otherwise provided in this Subscription Agreement), pledge, charge or grant security over and, in connection therewith, Transfer (as defined in Section 8(d)(i)) some or all of the Unused Capital Commitments of the Investor, including the Company’s right to deliver Funding Notices or otherwise draw down capital from the Investor pursuant to Section 3 and receive the Drawdown Purchase Price (and any rights, titles, interests, remedies, powers and privileges of the Company related thereto), to lenders, contractual counterparties (including, for the avoidance of doubt, the seller of any Shares or prospective Shares) or other creditors or holders of other obligations or guarantees of the Company, in connection with any indebtedness, guarantee or surety of the Company (such right of the Company with respect to the Investor and Other Investors, collectively, the “Assigned Rights”); provided, that, for the avoidance of doubt, any such grantee’s right to draw down capital shall be subject to the limitations on the Company’s right to draw down capital pursuant to Section 3; provided, further, that, for the avoidance of doubt, the Company may exclude from such Assigned Rights all or a portion of the Assigned Rights of any Investors that are officers or trustees of the Company and certain other persons, to the extent restricted under, or considered by the Board of Trustees of the Company to be necessary or desirable to facilitate compliance with, applicable laws or regulations, including ERISA, the Investment Company Act and the Sarbanes-Oxley Act of 2002, as amended.
(b)In furtherance of Section 4(a) and without limiting the generality of the foregoing, the Investor specifically agrees and consents that the Company may, in each case subject to such other conditions as the Company may reasonably determine, (i) authorize any lender or other creditors or holders of other obligations or guarantees of the Company, including any agent or trustee acting on their behalf, as agent and on behalf of the Company, or in such other capacity as the Company may specify (A) to exercise from time to time Assigned Rights, (B) to issue Funding Notices and to require all or any portion of such Unused Capital Commitment to be contributed to the Company for purposes of paying such funds to a lender or other creditor or holders of other obligations or guarantees, including by payment to an account or accounts pledged to a lender, a creditor or such holder, (C) to exercise any right or remedy of the Company under this Subscription Agreement in respect of any Assigned Rights or in respect of any Funding Notice, capital contributions or Unused Capital Commitment, and (D) to enforce the Investors’ obligations under their respective Subscription Agreements, and (ii) take any other action the Company reasonably determines to be necessary for the purpose of providing such Assigned Rights (collectively, clauses (i) and (ii), the “Lender Powers”); provided, that any exercise of such Lender Powers shall be made in accordance with this Subscription Agreement. In addition, the Company is hereby authorized to provide to or receive from any lender or other creditors or holders of other obligations or guarantees, including any agent or trustee acting on their behalf, financial information related to the Investor, subject to applicable law. 
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(c)To facilitate the Company’s ability to incur and maintain borrowings or other financings or similar obligations and to otherwise make available Assigned Rights and/or the right to exercise any Lender Power for such borrowings or other financings or similar obligations, the Investor acknowledges and agrees that:  (i) in the event of a failure by any Investor to pay all or any portion of the purchase price due from such Investor on any Capital Drawdown Date, in addition to the Lender Powers, the related creditor or lender may issue additional Funding Notices to all other Investors in order to make up any deficiency caused by the failure of such Investor to pay, whose ownership in the Company would be diluted as a result, provided, that no Investor is required to fund more than its Unused Capital Commitments, (ii) its obligation to fund Funding Notices pursuant to Section 3 is irrevocable, and shall be without setoff, counterclaim or defense, including any defense under Section 365(c) of the U.S. Bankruptcy Code, and (iii) it has received full and adequate consideration on the date hereof for its subscription for the Shares, and any defense of non-consideration or similar defenses for its subscription is hereby irrevocably waived, whether in bankruptcy, insolvency, receivership or similar proceedings or otherwise, including any failure or inability of the Company to issue Shares or for any such Shares to have positive value.
(d)Notwithstanding anything herein to the contrary, any lender or other person granted a lien with respect to any of the Assigned Rights and/or the right to exercise any Lender Power shall be intended beneficiary of this Subscription Agreement and shall be entitled to enforce the provisions of this Section 4.
5.Reserved.  
6.Remedies Upon Investor Capital Drawdown Default.  In the event that an Investor fails to pay all or any portion of the purchase price due from such Investor on any Capital Drawdown Date (such amount, together with the full amount of such Investor’s remaining Capital Commitment, a “Defaulted Commitment”) and such default remains uncured for a period of ten (10) Business Days, the Company shall be permitted to declare such Investor to be in default of its obligations under this Subscription Agreement (any such Investor, a “Defaulting Investor”) and shall be permitted to pursue one or any combination of the following remedies:
(a)The Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Capital Drawdown Date or otherwise participating in any future investments in the Company;
(b)Fifty percent (50%) of the Shares then held by the Defaulting Investor shall be automatically transferred on the books of the Company, without any further action being required on the part of the Company or the Defaulting Investor, to the Other Investors (other than any defaulting Other Investor), pro rata in accordance with their respective Capital Commitments; provided, however, that notwithstanding anything to the contrary contained in this Subscription Agreement, no Shares shall be transferred to any Other Investor pursuant to this Section 6(b) in the event that such Transfer (as 
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defined in Section 8(d)(i)) would (x) violate the Securities Act of 1933, as amended (the “Securities Act”), Investment Company Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to the Company or such Transfer (as defined in Section 8(d)(i)), (y) constitute a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or (z) cause all or any portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to extent necessary to avoid the occurrence of the consequences contemplated herein and shall not prevent the Investor from receiving a partial allocation of its pro rata portion of Shares); provided, further, that any Shares that have not been transferred to one or more Other Investors pursuant to the previous proviso shall be allocated among the participating Other Investors pro rata in accordance with their respective Capital Commitments. The mechanism described in this Section 6(b) is intended to operate as a liquidated damage provision, since the damage to the Company and Other Investors resulting from a default by the Defaulting Investor is both significant and not easily susceptible to precise quantification. By entry into this Subscription Agreement, the Investor agrees to this Transfer (as defined in Section 8(d)(i)) and acknowledges that it constitutes a reasonable liquidated damage remedy for any default in the Investor’s obligation of the type described; and  
(c)The Company may pursue any other remedies against the Defaulting Investor available to the Company, subject to applicable law. The Investor understands, and gives full authorization, approval and consent to, the remedies described in this Section 6 and agrees that this Section 6 is solely for the benefit of the Company and shall be interpreted by the Company against a Defaulting Investor in the discretion of the Company. The Investor further agrees that the Investor cannot and will not seek to enforce this Section 6 against the Company or any other investor in the Company.
7.Reserved.  
8.Representations, Warranties and Covenants of the Investor. To induce the Company to accept this subscription, the Investor represents, warrants and covenants as follows: 
(a)This Subscription Agreement has been duly authorized, executed and delivered by the Investor and, upon due authorization, execution and delivery by the Company, will constitute the valid and legally binding agreement of the Investor enforceable in accordance with its terms against the Investor, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other laws of general application relating to or affecting the enforcement of creditors’ rights and remedies, as from time to time in effect; (ii) application of equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (iii) considerations of public policy or the effect of applicable law relating to fiduciary duties.
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(b)The Shares to be acquired hereunder are being acquired by the Investor for the Investor’s own account for investment purposes only and not with a view to resale or distribution.
(c)The Investor understands that the Company (i) intends to file an election to be treated as a business development company under the Investment Company Act and (ii) intends to file an election to be treated as a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes; pursuant to those elections, the Investor will be required to furnish certain information to the Company as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company, the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation § 1.852-7. The Company intends to file a registration statement on Form 10 (the “Form 10 Registration Statement”) for its Shares with the U.S. Securities and Exchange Commission (the “SEC”) under the Exchange Act. The Form 10 Registration Statement is not the offering document pursuant to which the Company is conducting this offering and may not include all information regarding the Company contained in this Memorandum; accordingly, Investors should rely exclusively on information contained in the Operative Documents in making their investment decisions.  
(d)
(i)The Investor understands that the offering and sale of the Shares are intended to be exempt from registration under the Securities Act, applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration provided in Section 4(a)(2) of the Securities Act, exemptions under applicable U.S. state securities laws and exemptions under the laws of any non-U.S. jurisdictions, and it agrees that any Shares acquired by the Investor may not be sold, offered for sale, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of (each, a “Transfer”) in any manner that would require the Company to register the Shares under the Securities Act, under any U.S. state securities laws or under the laws of any non-U.S. jurisdictions. The Investor understands that the Company requires each investor in the Company to be an “accredited investor” as defined in Rule 501(a) of Regulation D of the Securities Act (“Accredited Investor”) and the Investor represents and warrants that it is an Accredited Investor. 
(ii)The Investor understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions and limitations, and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations and other legal requirements applicable to the Investor including, without limitation, the legal requirements of jurisdictions in which the Investor is resident and in which such acquisition is being consummated. Furthermore, the Investor understands that all offerings and sales made outside of the United States will be made pursuant to Regulation S under the Securities Act.
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(e)
(i)The Investor acknowledges and agrees that, prior to a Liquidity Event, the Investor may not Transfer its Capital Commitment or any of its Shares unless (A) the Company provides its prior written consent, (B) the Transfer is made in accordance with applicable securities laws and (C) the Transfer is otherwise in compliance with the transfer restrictions set forth in Appendix E. No Transfer will be effectuated except by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in the Company. 
(ii)In the event of an Exchange Listing, the Investor acknowledges and agrees that it will be subject to a lock-up restriction pursuant to which the Investor will be prohibited from Transferring any of the Shares acquired by it prior to an Exchange Listing during the period commencing on the date of such Exchange Listing and at least one hundred eighty (180) days thereafter (the “Lock-Up Restriction”). The Investor acknowledges and agrees that the specific terms of the Lock-Up Restriction and any other limitations on the sale of the Shares in connection with or following an Exchange Listing will be determined in connection with such Exchange Listing.
(iii)The Investor acknowledges that the Investor is aware and understands that there are other substantial restrictions on the transferability of Shares or Capital Commitment under this Subscription Agreement, the Operative Documents and under applicable law including, but not limited to, the fact that (A) there is no established market for the Shares and it is possible that no public market for the Shares will develop; (B) the Shares are not currently, and the Investor has no rights to require that the Shares be, registered under the Securities Act or the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently registered or unless an exemption from such registration is available; and (C) the Investor may have to hold the Shares herein subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Investor to liquidate its investment in the Company. The Investor understands that legends stating that the Shares have not been registered under the Securities Act or other applicable securities laws and setting out or referring to the restrictions on the transferability and resale of the Shares will be placed on all documents evidencing the Shares. The Investor acknowledges that its overall Capital Commitment and other investments which are not readily marketable are not disproportionate to the Investor’s net worth, it has no need for immediate liquidity in the Investor’s investment in the Shares, has the ability to bear the economic risk of this investment, has the ability to retain its Shares for an indefinite period and at the present time and in the foreseeable future can afford to suffer the complete loss of the Investor’s Shares and Capital Commitment.
(iv)Notwithstanding any other provisions of this Subscription Agreement, the Investor covenants that it will not Transfer all or any part of the Shares or its Capital Commitment (or purport to do so) if such Transfer would cause (A) the 
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Company or the Adviser to be in violation of the U.S. Bank Secrecy Act, as amended, the U.S. Money Laundering Control Act of 1986, as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, or any similar U.S. federal, state or non-U.S. law or regulation; or (B) the Shares to be held by a country, territory, entity or individual currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or any entity or individual that resides or has a place of business in, or is organized under the laws of, a country or territory that is subject to any sanctions administered by OFAC.
(f)The Investor has been furnished and has carefully read this Subscription Agreement, each Operative Document, in each case as amended, restated and/or supplemented through the Closing Date of the Investor’s subscription for Shares, Parts 2A (Brochure) and 2B (Brochure Supplement) of the Form ADV of the Adviser, a current copy of the Proxy Voting Policies and Procedures of the Adviser and, to the extent that the Investor is a natural person, a current copy of the Carlyle Secured Lending III Privacy Notice. The Investor understands that, upon the effectiveness of the Form 10 Registration Statement, the Company will be required to file periodic reports such as Form 10-K, Form 10-Q and Form 8-K with the SEC pursuant to the Exchange Act and that such reports are available to the Investor at the SEC’s website at www.sec.gov or upon request from the Company, and the Investor acknowledges that such reports are incorporated by reference into the Memorandum and it has had an opportunity to review such reports and ask questions of the Company’s management with respect to such reports. The Investor has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares, is able to bear the risks of an investment in the Shares (including loss of its entire investment in the Shares) and understands the risks of, and other considerations relating to, a purchase of Shares, including the matters set forth under the captions “Risk Factors,” “Allocation of Investment Opportunities and Potential Conflicts of Interests,” “Certain BDC Regulatory Considerations,” “Material U.S. Federal Income Tax Considerations” and “Certain ERISA Considerations” in the Memorandum.  
(g)To the full satisfaction of the Investor, the Investor has been furnished any materials the Investor has requested relating to the Company, the offering of Shares or any statement made in the Memorandum, and the Investor has been afforded the opportunity to ask questions of representatives of the Company concerning the terms and conditions of the offering and to obtain any additional information necessary to verify the accuracy of any representations or information set forth in the Memorandum and to make an informed investment decision with respect to an investment in the Company.
(h)Other than as set forth in this Subscription Agreement, the Operative Documents and any separate agreement in writing with the Company executed in conjunction with the Investor’s subscription for Shares, the Investor is not relying, and will not rely with respect to the Shares, upon any other information (including, without limitation, any advertisement, article, notice or other communication published in any 
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newspaper, magazine, website or similar media or broadcast over television or radio, and any seminars or meetings whose attendees have been invited by any general solicitation or advertising), representation or warranty by the Company, its Adviser or any affiliate of the foregoing or any of their respective trustees, directors, officers, employees, partners, shareholders, advisors, attorneys-in-fact, representatives or agents, written or otherwise, in determining to invest in the Company, and expressly acknowledges that no such persons made any representations or warranties to it in connection therewith, and the Investor understands that the information contained in the Memorandum is not intended to convey tax or legal advice. The Investor has consulted to the extent deemed appropriate by the Investor with the Investor’s own advisers as to the financial, tax, legal, accounting, regulatory and related matters concerning an investment in Shares and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment in Shares, and believes that an investment in the Shares is suitable and appropriate for the Investor.
(i)If the Investor is not a natural person, (i) the Investor was not formed or recapitalized for the specific purpose of acquiring any Shares in the Company, (ii) the Investor has the power and authority to enter into this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares, and to perform its obligations hereunder and thereunder and consummate the transactions contemplated hereby and thereby and (iii) the person signing this Subscription Agreement on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares. If the Investor is a natural person, the Investor has all requisite legal capacity to acquire and hold the Shares and to execute, deliver and comply with the terms of each of the documents required to be executed and delivered by the Investor in connection with this subscription for Shares. The execution and delivery by the Investor of, and compliance by the Investor with, this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares does not violate, represent a breach of, or constitute a default under, any instruments governing the Investor, any permit, franchise, judgment, decree, law, statute, order, rule or regulation applicable to the Investor or the Investor’s business or properties, or any agreement to which the Investor is a party or by which the Investor is bound. 
(j)The Investor:  (i) is not registered or required to be registered as an investment company under the Investment Company Act; (ii) has not elected to be regulated as a business development company under the Investment Company Act; and (iii) either (A) is not relying on the exception from the definition of “investment company” under the Investment Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than three percent (3%) of the outstanding voting securities of a business development company.
(k)The Investor understands that the Company is not registered as an investment company under the Investment Company Act, and it acknowledges and agrees 
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that the Company does not intend to register as an investment company under the Investment Company Act.
(l)Representations for Non-U.S. Persons.     
(i)If the Investor is not a “U.S. Person” (as defined in Annex 1 herein) (a “non-U.S. Person”), the Investor has heretofore notified the Company in writing of such status.
(ii)The Investor will notify the Company immediately if the Investor becomes a U.S. Person at any time during which the Investor holds or owns any Shares. 
(iii)The Investor is acquiring the Shares for its own account for investment purposes only and is not subscribing on behalf of, or funding its commitment with funds obtained from, a U.S. Person.
(iv)Except for offers and sales to discretionary or similar accounts held for the benefit or account of a non-U.S. Person by a U.S. dealer or other professional fiduciary, all offers to sell and offers to buy the Shares were made to or by the Investor while the Investor was outside the United States and at the time the Investor’s order to buy the Shares originated (and at the time this Subscription Agreement was executed by the Investor) the Investor was outside the United States.
(m)If the Investor is, or is acting (directly or indirectly) on behalf of, a “Plan”2 which is subject to Title I of ERISA or Section 4975 of the Code, or any provisions of any other U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to those provisions contained in such portions of ERISA or the Code (collectively, “Other Plan Laws”): (1) the Plan has not relied on, and is not relying on, the investment advice of any the Adviser or any of its employees, representatives or affiliates with respect to the Plan’s investment in the Company and the decision to invest in the Company was made by a fiduciary (within the meaning of Section 3(21) of ERISA and the regulations thereunder, or as defined under applicable Other Plan Laws) (a “Fiduciary”) of the Plan which is unrelated to the Adviser or any of its employees, representatives or affiliates and which is duly authorized to make such an investment decision on behalf of the Plan (the “Plan Fiduciary”); (2) the Plan Fiduciary has taken into consideration its fiduciary duties under ERISA or any applicable Other Plan Law, including the diversification 

2 “Plan” is defined to include (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether or not such plan, individual retirement account or other arrangement is subject to Section 4975 of the Code, (iii) a plan, fund or other similar program that is established or maintained outside the United States which provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, (iv) an insurance company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder and (v) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements, pursuant to ERISA or otherwise.
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requirements of Section 404(a)(1)(C) of ERISA (if applicable), in authorizing the Plan’s investment in the Company, and has concluded that such investment is prudent, (3) the Plan’s subscription to invest in the Company and the purchase of Shares contemplated hereby is in accordance with the terms of the Plan’s governing instruments and complies with all applicable requirements of ERISA, the Code and all applicable Other Plan Laws and does not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a similar violation under any applicable Other Plan Laws, and (4) the Plan Fiduciary acknowledges and agrees that (i) neither the Adviser nor any of its employees, representatives or affiliates has acted as a fiduciary with respect to the Plan, (ii) neither the Adviser nor any of its employees, representatives or affiliates will be a fiduciary with respect to the Plan as a result of the Plan’s investment in the Company, pursuant to the provisions of ERISA or any applicable Other Plan Laws, or otherwise, and (iii) the Plan Fiduciary has not relied on, and is not relying on, the investment advice of any such person with respect to the Plan’s investment in the Company. 
(n)The Investor agrees to notify the Company in writing in the event (i) the Investor either becomes or ceases to be a “benefit plan investor” within the meaning of Section 3(42) of ERISA, as modified by 29 CFR 2510.3-101(f)(2) or under any Other Plan Law (a “Benefit Plan Investor”), (ii) the Investor reasonably expects that the Investor will become or cease to be a Benefit Plan Investor, or (iii) if the Investor is an entity that is deemed to hold the assets of any of Plan pursuant to ERISA or any Other Plan Law, the percentage of such Investor’s assets attributable to Plans either increases or decreases. The Investor also agrees to, within fifteen (15) Business Days of the receipt of a written request from the Company, provide a written update to the Company with regard to any of the foregoing. If the Company, in its sole discretion, determines that so doing would be useful in ensuring that equity participation in the Company is not significant within the meaning of 29 CFR 2510.3-101(f), the Company may require any Benefit Plan Investor to transfer some or all of its Shares for fair market value (as determined by the Company in its sole discretion) to an Investor other than a Benefit Plan Investor (whether an existing Investor or a new Investor). The Investor shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any such transfer.
(o)If the investment in the Shares is being made on behalf of an employee benefit plan maintained outside of the United States primarily for the benefit of persons substantially all of whom are nonresident aliens (as described in Section 4(b)(4) of ERISA), (i) there is no provision in the instruments governing such plan or any federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the plan that could in any respect affect the operation of the Company, including operations of the Adviser as contemplated by the Advisory Agreement, or prohibit any action contemplated by the Operative Documents and related disclosure of the Company, including, without limitation, the investments which may be made pursuant to the Company’s investment strategies, the concentration of investments for the Company and the payment by the plan of incentive or other fees, and (ii) the plan’s investment in the Company will not conflict with or violate the instruments governing such plan or any 
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federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the plan.
(p)The Investor was offered the Shares through private negotiations, not through any general solicitation or general advertising. If the Investor is a U.S. Person, the Investor was offered Shares in the U.S. jurisdiction listed in the Investor’s permanent address set forth in the Investor Questionnaire and intends that the securities laws of that U.S. jurisdiction govern the Investor’s subscription.
(q)
(i)Neither the Investor, nor any of its affiliates or direct or indirect beneficial owners:  (A) is a Sanctioned Person3 or incorporated, resident or located in a Sanctioned Country,4 (B) is a person or entity identified as a terrorist organization by the United Nations, United States or European Union or (C) unless otherwise disclosed in writing to the Company prior to the Investor’s subscription for the Shares, is a person who is a senior foreign political figure,5 or any immediate family member6 or close associate7 of a senior foreign political figure as such terms are defined in the footnotes below. The Investor further represents and warrants that the monies used to fund the investment in the Shares (directly or indirectly) are not derived from, invested for the benefit of, or related in any way to:  (I) any Sanctioned Person, (II) any Sanctioned Country, (III) property that is blocked under any laws, orders or regulations administered or enforced by OFAC (“OFAC Regulations”), or that would be blocked under OFAC Regulations if it were in the custody of a U.S. national, (IV) persons, entities, or governments to whom U.S. nationals cannot lawfully export services under export control laws and regulations administered by the U.S. Department of Commerce’s Bureau of Industry and Security, (V) persons, entities, or governments with whom U.S. nationals cannot lawfully engage in transactions under OFAC Regulations, (VI) the governments of, or persons within, any country that has been designated as a “non-cooperative country or territory” by the Financial Action Task Force (“FATF”) on Money Laundering or 

3 A “Sanctioned Person” is defined as any person, entity, or government that is the target of Sanctions, including without limitation (a) any person, entity, or government listed in any Sanctions-related list of designated persons maintained by OFAC, (b) any person or entity operating, organized or resident in a Sanctioned Country or (c) any person or entity owned 50% or more by any such person or entity, or persons or entities, described in the foregoing clause (a) or (b).
4 A “Sanctioned Country” is defined as a country or territory which is the subject or target of any comprehensive Sanctions (as of the Investor’s investment in the Company), Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine.
5 A “senior foreign political figure” is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a senior executive of a non-U.S. government-owned corporation and includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.
6 An “immediate family member” of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children and in-laws.
7 A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of the senior foreign political figure.
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country or financial institution that has been designated by the U.S. Secretary of the Treasury as a “primary money laundering concern” or (VII) any source that the receipt of which, would cause the Company, the Adviser or any Investor to be in violation of Sanctions.8 The Investor further represents and warrants that the Investor: (I) has conducted thorough due diligence with respect to all of its beneficial owners,9 (II) has established the identities of all direct and indirect beneficial owners and the source of each of such beneficial owner’s funds, (III) will retain evidence of any such identities, any such source of funds and any such due diligence and (IV) if it is itself a collective investment flow-through vehicle for unaffiliated third party investors, has implemented controls to monitor, or has engaged an internationally recognized financial institution licensed to provide financial services in FATF cooperative countries to conduct its controls to monitor (x) beneficial owners and ensure such beneficial owners are not Sanctioned Persons, and (y) suspicious activities and ensure that such activities are reported, as required, to appropriate government agencies. Pursuant to anti-money laundering laws and regulations, the Company may be required to collect documentation verifying the Investor’s identity and the source of funds used to acquire Shares before, and from time to time after, acceptance by the Company of this Subscription Agreement, and the Investor warrants that it will make any such documentation available to the Company promptly after any request by the Company for such documentation. The Investor further represents and warrants that the Investor does not know or have any reason to suspect that (x) the monies used to fund the Investor’s investment in the Shares have been or will be derived from or related to any improper, unethical or illegal activities, including, without limitation, money laundering activities, activities that are the target of Sanctions, or activities prohibited by applicable anti-corruption laws and regulations and (y) the proceeds from the Investor’s investment in the Shares will be used to finance any illegal activities.
(ii)The Investor will provide to the Company at any time during the term of the Company such information as the Company determines to be necessary or appropriate (A) to comply with the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to respond to requests for information concerning the identity of the Investor from any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering compliance procedures, or to update such information. The Investor acknowledges and agrees that the Company may share the identity of the Investor with other Investors and prospective Investors.

8 “Sanctions” are defined as any economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by (a) the United States government, (b) the United Nations, (c) the European Union or its participating member states, (d) the United Kingdom, (e) the respective governmental institutions and agencies of any of the foregoing, including without limitation, OFAC, the U.S. Department of State, the United Nations Security Council and/or Her Majesty’s Treasury, or (f) any other government authority having jurisdiction over the Company.
9 With respect to any Investor that is itself an employee benefit plan, employee benefit arrangement or a Government Plan (as defined in herein) with at least 5,000 plan participants, for purposes of this Subscription Agreement, the phrase “beneficial owner” (including any direct or indirect beneficial owner) shall not include (x) the Investor’s plan participants and their beneficiaries or (y) one beneficiary if it is more than 10% of the plan.
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(iii)To comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Investor to the Company and all payments and distributions to the Investor from the Company will only be made in the Investor’s name and to and from a bank account of (1) a bank based or incorporated in or formed under the laws of the United States or (2) a bank that is regulated in and either based or incorporated in or formed under the laws of the United States or another “Approved FATF Country” and that is not a “foreign shell bank” within the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury, as such regulations may be amended from time to time. For purposes of this Subscription Agreement, an “Approved FATF Country” means any country that is approved as a member of the Financial Action Task Force on Money Laundering.
(iv)The representations and warranties set forth in this Section 8(q) shall be deemed repeated and reaffirmed by the Investor to the Company as of each date that the Investor is required to make a capital contribution or other payment to, or receives a distribution from, the Company. If at any time during the term of the Company, the representations and warranties set forth in this Section 8(q) cease to be true, the Investor shall immediately so notify the Company in writing.
(v)The Investor understands and agrees that the Company may not accept any amounts from a prospective Investor if such prospective Investor cannot make the representations and warranties set forth in this Section 8(q). If an existing Investor cannot make these representations or fails to comply with information requests, the Company may require the sale of such Investor’s Shares. The Investor further understands and agrees that the Company may be obligated to “freeze” the Investor’s capital account (e.g., by prohibiting additional capital contributions from the Investor or suspending other rights the Investor may have under the Operative Documents) and the Company may also be required to report such action and to disclose the Investor’s identity to governmental authorities, self-regulatory organizations and financial institutions.
(r)In the event that the Investor is, receives deposits from, makes payments to or conducts transactions relating to, a non-U.S. banking institution (a “Non-U.S. Bank”) in connection with the Investor’s investment in Shares, such Non-U.S. Bank: (1) has a fixed address, other than an electronic address or a post office box, in a country in which it is authorized to conduct banking activities, (2) employs one or more individuals on a full-time basis, (3) maintains operating records related to its banking activities, (4) is subject to inspection by the banking authority that licensed it to conduct banking activities and (5) does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a registered affiliate. The Investor agrees and acknowledges that, among other remedial measures, (A) in order to comply with governmental regulations and/or if the Company determines in its sole discretion that such action is in the best interests of the Company, the Company may “freeze the account” of the Investor, either by prohibiting additional investments by the 
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Investor, segregating assets of the Investor and/or suspending other rights the Investor may have under the Operative Documents and (B) the Company may be required to report such action or the Investor’s failure to comply with information requests or to disclose confidential information relating to the Investor or its beneficial owners (including without limitation, disclosing the Investor’s identity and investment history) to regulatory authorities, self-regulatory organizations and financial institutions, in certain circumstances without notifying the Investor that the information has been so provided.
(s)The Investor acknowledges that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act (“FATCA”) and avoid the imposition of U.S. federal withholding tax, the Company may, from time to time, require further information and/or documentation from the Investor and, if and to the extent required under FATCA, the Investor’s direct and indirect beneficial owners (if any), relating to or establishing any such owner’s identity, residence (or jurisdiction of formation), income tax status, and other required information and may provide or disclose such information and documentation to the U.S. Internal Revenue Service. The Investor agrees that it shall provide such information and documentation concerning itself and its beneficial owners, if any, as and when requested by the Company sufficient for the Company to comply with its obligations under FATCA. The Investor acknowledges that, if the Investor does not provide the requested information and documentation, the Company may, at its sole option and in addition to all other remedies available at law or in equity, prohibit additional investments, decline or delay any redemption requests by the Investor and/or deduct from such Investor’s account and retain amounts sufficient to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company on account of the Investor’s not providing all requested information and documentation in a timely manner. The Investor shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any of the aforementioned actions.
(t)The Investor acknowledges that the Company intends to enter into one or more revolving credit facilities with one or more syndicates of banks or to incur indebtedness in lieu of or in advance of capital contributions. In connection therewith, each Investor hereby agrees to cooperate with the Company and provide financial information and other documentation reasonably and customarily required to obtain such facilities.
(u)None of the information concerning the Investor nor any statement, certification, representation or warranty made by the Investor in this Subscription Agreement or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BENE, W8IMY, W-8ECI or W-8EXP)), as applicable, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading.
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(v)The Investor agrees that the certifications, representations, warranties, covenants and agreements in this Section 8 shall survive the acceptance of this Subscription Agreement, each Capital Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting the foregoing, the Investor agrees to give the Company prompt written notice in the event that any statement, certification, representation or warranty of the Investor contained in this Section 8 or any information provided by the Investor herein or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BENE, W-8IMY, W-8ECI or W-8EXP)), as applicable, ceases to be true at any time following the date hereof.
(w)The Investor agrees to provide such information and execute and deliver such documents as the Company may reasonably request to verify the accuracy of the Investor’s representations and warranties herein or to comply with any law or regulation to which the Company, the Adviser, the Administrator or a portfolio company may be subject. 
(x)The Investor acknowledges and agrees that, pursuant to the Declaration and the Advisory Agreement, the Company and/or the Adviser have the power and discretion to make all investment decisions in accordance with the terms of the Declaration and the Advisory Agreement. Accordingly, the Investor acknowledges that neither the Company, the Adviser nor any affiliate thereof has rendered or will render any investment advice or securities valuation advice to the Investor, and that the Investor is neither subscribing for nor acquiring any Shares in reliance upon, or with the expectation of, any such advice. 
(y)The Investor (i) acknowledges that the Investment Company Act allows a business development company to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met; (ii) acknowledges that the Adviser, as the Company’s sole initial shareholder, has approved a proposal that allows the Company to reduce its asset coverage to 150%; and (iii) agrees that the Company’s asset coverage ratio is 150% as permitted by the Investment Company Act. 
(z)If the Investor is a “banking entity” within the meaning of Section 13(h)(1) of the Bank Holding Company Act of 1956, as amended (the “BHC Act”) (12 U.S.C. § 1851(h)(1)) and applicable implementing regulations, the Investor acknowledges and confirms that: (a) the Investor is not located in the United States or organized under the laws of the United States or of any U.S. state and it is not organized or controlled by a banking entity that is organized under the laws of the United States or any state or other jurisdiction within the United States; (b) the Investor and all relevant personnel of the Investor involved in making the decision to invest in the Company are not located in the United States; (c) the Investor’s investment in the Company will not be accounted for as principal directly or indirectly on a consolidated basis by any branch or affiliate of the Investor that is located in the United States or organized under the laws of 
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the United States or any state or other jurisdiction within the United States; (d) the Investor’s investment in the Company shall not be financed in whole or in part by any branch or affiliate of the Investor that is located in the United States or organized under the laws of the United States or any state or other jurisdiction within the United States; and (e) the Investor is making its investment in the Company pursuant to the authority granted in either Section 4(c)(9) or 4(c)(13) of the BHC Act and is authorized to do so, either because (x) it is a foreign banking organization that is a qualified foreign banking organization under Regulation K of the Board of Governors of the Federal Reserve System or (y) if it is not a foreign banking organization, it meets at least two of the requirements relating to assets, revenues or net income set forth in 12 C.F.R. § 248.13(b)(2)(ii)(B). 
(aa)     The Investor represents and warrants that neither the Investor nor any beneficial owner10 of the Investor’s Shares, has been or is subject to any “disqualifying event” (as defined in Rule 506(d)(1) under the Securities Act) (a “Disqualifying Event”) during the time periods specified therein. The representations and warranties set forth in this Section 8(aa) shall be deemed repeated and reaffirmed by the Investor to the Company as of each subsequent closing of the Company. Furthermore, the Investor agrees to provide the Company with (1) prompt written notice of the occurrence of a 

10 As used in this Section 8(aa), “beneficial owner” or “beneficially own” shall mean “beneficial owner” or “beneficially own” within the meaning of Rule 13d-3 under the Exchange Act.
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Disqualifying Event11 with respect to the Investor or any such beneficial owner and (2) any information, documentation or certifications (including, if requested, a “bad actor” disqualification questionnaire) required by the Company, in its sole discretion, to permit the Company to comply with its obligations pursuant to Rule 506(d) under the Securities Act. 
(bb)     The Investor acknowledges that no federal or state agency, and no agency of any non-U.S. jurisdiction, has passed upon the Shares or made any finding or determination as to the fairness of this investment. The Memorandum has not been filed with the SEC, any self-regulatory agency or with any securities administrator under state securities laws or the laws of any non-U.S. jurisdiction.

11 For purposes of Rule 506(d), promulgated under the Securities Act, a “Disqualifying Event” has occurred with respect to the Investor, or any beneficial owner of the Investor’s Shares, if such person: (i) has been convicted, within ten years before the date hereof (or five years, in the case of issuers, their predecessors and affiliated issuers), of any felony or misdemeanor:  (A) in connection with the purchase or sale of any security; (B) involving the making of any false filing with the SEC; or (C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities; (ii) is subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the date hereof, that, as of the date hereof, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:  (A) in connection with the purchase or sale of any security; (B) involving the making of any false filing with the SEC; or (C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities; (iii) is subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that:  (A) as of the date hereof, bars the person from:  (1) association with an entity regulated by such commission, authority, agency, or officer; (2) engaging in the business of securities, insurance or banking; or (3) engaging in savings association or credit union activities; or (B) constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within ten years before the date hereof; (iv) is subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Advisers Act that, as of the date hereof:  (A) suspends or revokes such person’s registration as a broker, dealer, municipal securities dealer or investment adviser; (B) places limitations on the activities, functions or operations of such person; or (C) bars such person from being associated with any entity or from participating in the offering of any penny stock; (v) is subject to any order of the SEC entered within five years before the date hereof that, as of the date hereof, orders the person to cease and desist from committing or causing a violation or future violation of:  (A) any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Advisers Act, or any other rule or regulation thereunder; or (B) Section 5 of the Securities Act; (vi) is suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade; (vii) has filed (as a registrant or issuer), or was or was named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within five years before the date hereof, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, as of the date hereof, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued; or (viii) is subject to a United States Postal Service false representation order entered within five years before the date hereof, or is, as of the date hereof, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.
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(cc) The execution, delivery and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Investor is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational documents of the Investor, or violate any statute, regulation, law, order, writ, injunction or decree to which the Investor is subject. The Investor has obtained all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit the Investor to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby. 
(dd)     Sullivan & Cromwell LLP acts as U.S. counsel to the Company, the Adviser and their affiliates. The Investor acknowledges that, in connection with this offering of Shares, Sullivan & Cromwell LLP will not represent the Investor or any other investors in the Company in the absence of a clear and explicit written agreement to such effect between Sullivan & Cromwell LLP and such investor. In the absence of such an agreement, Sullivan & Cromwell LLP owes no duties to the Investor or any other investor in the Company (whether or not such counsel has in the past represented, or is currently representing, such Investor or any other investor with respect to other matters). No independent counsel has been retained by the Company, the Adviser or their affiliates to represent investors in the Company.
9.Representations of the Company. To induce the Investor to accept this subscription, the Company represents as follows:
(a)The Company is empowered, authorized and qualified to enter into this Subscription Agreement, the Advisory Agreement and the Administration Agreement, and each of the persons signing this Subscription Agreement, the Advisory Agreement and the Administration Agreement on behalf of the Company has been duly authorized by the Company to do so.
(b)The execution and delivery of this Subscription Agreement, the Advisory Agreement and the Administration Agreement by the Company and the performance of its duties and obligations hereunder and thereunder do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Company is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational documents of the Company, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Company is subject.
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(c)The Company is not in default (nor has any event occurred which with notice, lapse of time, or both, would constitute a default) in the performance of any obligation, agreement or condition contained in this Subscription Agreement, the Advisory Agreement and the Administration Agreement, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement or understanding, or any license, permit, franchise or certificate, to which it is a party or by which it is bound or to which its properties are subject, nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or decree to which it is subject, which default or violation would materially adversely affect the business or financial condition of the Company or impair the Company’s ability to carry out its obligations under this Subscription Agreement or the Advisory Agreement.
(d)There is no litigation, investigation or other proceeding pending or, to the knowledge of the Company, threatened against the Company that, if adversely determined, would materially adversely affect the business or financial condition of the Company or the ability of the Company to perform its obligations under this Subscription Agreement, the Advisory Agreement and the Administration Agreement.
(e)The Shares to be issued and sold by the Company to the Investor hereunder have been duly authorized and, when issued and delivered to the Investor against payment therefore as provided in this Subscription Agreement, will be validly issued, fully paid and non-assessable.
10.Reserved.
11.Public Pension Fund Reform Code of Conduct. If the Investor is a retirement plan established or maintained for its employees (current or former) by the Government of the United States, the government of any State or political subdivision thereof, or by any agency or instrumentality of any of the foregoing (a “Government Plan”), then:
(a)the Company certifies to such Government Plan that, as of the date hereof, all provisions of the Public Pension Fund Reform Code of Conduct adopted by The Carlyle Group, predecessor to The Carlyle Group Inc. (formerly, The Carlyle Group L.P.) (“Carlyle”), on May 14, 2009 (as such Code may be amended, modified or supplemented from time to time, the “Code of Conduct”) are in full force and effect and that Carlyle, after making such inquiries as are required by the Code of Conduct, is in compliance therewith and will continue to remain in compliance with Paragraph 3 thereof throughout the term of the Company. Notwithstanding the foregoing, the Government Plan acknowledges that Paragraphs 19 through 23 of the Code of Conduct are inapplicable to the Company and that conflicts of interest matters are addressed in the Memorandum, as contemplated by Paragraph 24 of the Code of Conduct;
(b)the Government Plan acknowledges and agrees pursuant to Paragraph 15 of the Code of Conduct that confidential or sensitive information about the Government Plan may be disclosed in connection with the activities of the Company;
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(c)the Government Plan acknowledges that (i) the disclosures made by Carlyle pursuant to the Code of Conduct (including, inter alia, disclosures of political contributions by, and certain other information regarding, certain Carlyle personnel, disclosures of third-party compensation paid by Carlyle in connection with an investment by a public pension fund and an annual certificate of Carlyle’s compliance with the Code of Conduct) are made available for review on the Company’s website (http://www.carlyle.com); (ii) such disclosures will be updated regularly and will remain available for review on such website; and (iii) a copy of the Code of Conduct is available upon request;
(d)notwithstanding Section 18 of the Code of Conduct, neither the Company nor Carlyle nor their respective affiliates shall be subject to such Government Plan’s regulations and internal rules and policies that are not otherwise applicable to such person; and
(e)in the event that there has been a finding by any court or governmental body of competent jurisdiction in a final judgment or an admission by Carlyle in a settlement of any lawsuit (provided, for the avoidance of doubt, that the settlement of a lawsuit shall not in and of itself be deemed an admission) that Carlyle has materially violated the Code of Conduct with respect to such Government Plan and such material violation has not been cured (to the extent curable) within sixty (60) calendar days after such finding or admission, then such Government Plan shall be excused from its obligation to purchase additional Shares from the Company in connection with any Funding Notice, provided, that, within seven (7) calendar days after such Government Plan has received such Funding Notice, such Government Plan shall have notified the Company of its intention to exercise such excuse right.
12.Reserved.  
13.Drawdowns and Distributions.  (a) Drawdowns in respect of the Investor’s Shares shall be made from, and cash distributions in respect of the Investor’s Shares shall be made to, the bank account specified in Section A.4 of the Investor Questionnaire; and (b) in-kind distributions to the Investor in respect of its Shares shall be made to the brokerage account specified in Section A.5 of the Investor Questionnaire. The Investor may thereafter specify a different account in writing to the Company upon at least ten (10) Business Days prior written notice, so long as such account is in compliance with the Investor’s representations in paragraphs 2(q)(iii) and 2(r) above.
14.Further Advice and Assurances.  All information which the Investor has provided to the Company, including the information in the Investor Questionnaire, is true, correct and complete as of the date hereof, and the Investor agrees to notify the Company immediately if any representation, warranty or information contained in this Subscription Agreement or any of the information in the Investor Questionnaire, becomes untrue at any time. The Investor agrees to provide such information and execute and deliver such documents with respect to itself and its direct and indirect beneficial owners as the Company may from time to 
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time reasonably request to:  verify the accuracy of the Investor’s representations and warranties herein (including, without limitation, the absence of any Disqualifying Event); otherwise determine the eligibility of the Investor to purchase Shares; establish the identity of the Investor and the direct and indirect participants in its investment in Shares; to the extent applicable, effect any transfer and admission; and/or comply with any law, rule or regulation to which the Company, the Adviser and/or their affiliates may be subject, including, without limitation, compliance with anti-money laundering laws and regulations or for any other reasonable purpose.
15.Power of Attorney. 
(a)The Investor, by its execution hereof as security for its obligations hereunder, hereby irrevocably appoints the Company, with full power of substitution, as the Investor’s true and lawful representative, agent and attorney-in-fact to make, execute, sign, acknowledge, verify, swear to, record, deliver and file, in the Investor’s name, place and stead: 
(i)any and all filings required to be made by the Investor under the Exchange Act with respect to any of the Company’s securities which may be deemed to be beneficially owned by the Investor under the Exchange Act; 
(ii)all certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or pledging arrangement;
(iii)all certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become or to continue as a business development corporation; and
(iv)all other instruments or papers not inconsistent with the terms of this Subscription Agreement which may be required by law to be filed on behalf of the Company.  
(b)With respect to the Investor and the Company, the foregoing power of attorney:
(i)is coupled with an interest and shall be irrevocable;
(ii)may be exercised by the Company either by signing separately as attorney-in-fact for the Investor or, after listing all of the Investors executing an instrument, by a single signature of the Company acting as attorney-in-fact for all of them;
(iii)shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution 
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of the Investor or the assignment by the Investor of the whole or any fraction of its Shares; 
(iv)shall terminate concurrently with the termination of the Capital Commitment; 
(v)shall not revoke any prior powers of attorney executed by the Investor (including any powers of attorney contained in any documents executed pursuant to a power of attorney); and
(vi)may not be used by the Company in any manner that is inconsistent with the terms of this Subscription Agreement and any other written agreement between the Company and the Investor.
16.Indemnity.  
(a)The Investor understands that the information provided herein (including the Investor Questionnaire) will be relied upon by the Company for the purpose of determining the eligibility of the Investor to purchase Shares in the Company. The Investor agrees to provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Investor to purchase Shares in the Company. To the fullest extent permitted under applicable law, the Investor agrees to indemnify and hold harmless the Company, the Adviser, the Administrator, and their affiliates and each partner, member, officer, trustee, director, employee, and agent thereof (each an “Indemnified Person” and together, the “Indemnified Persons”), from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Investor contained in this Subscription Agreement (including the Investor Questionnaire) or in any other document provided by the Investor to the Company or in any agreement executed by the Investor in connection with the Investor’s investment in Shares. 
(b)Any Indemnified Person not being a party to this Subscription Agreement may enforce any indemnity expressly granted to it pursuant to this Agreement in its own right as if it were a party to this Subscription Agreement. 
(c)Notwithstanding any term of this Subscription Agreement, the consent of or notice to any person who is not a party to this Subscription Agreement shall not be required for any termination, rescission or agreement to any variation, waiver, assignment, novation, release or settlement under this Subscription Agreement at any time.
17.Miscellaneous.  This Subscription Agreement is not transferable or assignable by the Investor without the prior written consent of the Company. Any purported assignment of this Subscription Agreement will be null and void without such consent. The cover page and headings of the sections of this Subscription Agreement are inserted for convenience only. When the words or phrases “include” or “including” and words or phrases of similar import 
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are followed by a list of one or more items, such list shall deemed to be illustrative only and shall not be deemed to be an exclusive listing. The word “shall” shall be construed to have the same meaning and effect as the word “will.” The representations and warranties made by the Investor in this Subscription Agreement (including the Investor Questionnaire) shall survive the closing of the transactions contemplated hereby and any investigation made by the Company. The Investor Questionnaire, including without limitation the representations and warranties contained therein, is an integral part of this Subscription Agreement and shall be deemed incorporated by reference herein. This Subscription Agreement may be executed in one or more counterparts, all of which together shall constitute one instrument. For the avoidance of doubt, a person’s execution and delivery of this Subscription Agreement by electronic signature and electronic transmission (jointly, an “Electronic Signature”), including via DocuSign or other similar method, shall constitute the execution and delivery of a counterpart of this Subscription Agreement by or on behalf of such person and shall bind such person to the terms of this Subscription Agreement. The parties hereto agree that this Subscription Agreement and any additional information incidental hereto may be maintained as electronic records. Any person executing and delivering this Subscription Agreement by an Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Subscription Agreement, as may be reasonably requested by the Company.  Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that this Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof. To the fullest extent permitted by law, the sole and exclusive forum for any action, suit or proceeding with respect to this Subscription Agreement shall be a federal or state court located in the state of Delaware, and each party hereto, to the fullest extent permitted by law, hereby irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in, or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, in accordance with Section 20 addressed to the party at the party’s address specified herein or in the Investor Questionnaire. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW. 
18.Amendments and Waivers.  This Subscription Agreement may be amended (either generally or in a particular instance and either retroactively or prospectively) with the consent of the Investor and the Company; provided, that the Company may, in its discretion, waive any representations, warranties or other requirements contained herein.
19.Confidentiality.  The Investor acknowledges that the Memorandum and other information relating to the Company has been submitted to the Investor on a confidential basis for use solely in connection with the Investor’s consideration of the purchase of Shares. 
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The Investor agrees that, without the prior written consent of the Company (which consent may be withheld at the sole discretion of the Company), the Investor shall not (a) reproduce the Memorandum or any other information relating to the Company (including, without limitation any future information provided to the Investor as to the Company’s estimated net asset value or net asset value per share, asset levels, financial performance or other financial or operating results prior to the filing of such information with the SEC), in whole or in part, or (b) disclose the Memorandum or any other such information relating to the Company to any person who is not an officer or employee of the Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood and agreed that if the Investor is a pooled investment fund, it shall only be permitted to disclose the Memorandum or other information related to the Company if the Investor has required its investors to enter into confidentiality undertakings no less onerous than the provisions of this Section 19), except to the extent (1) such information is in the public domain (other than as a result of any action or omission of Investor or any person to whom the Investor has disclosed such information) or (2) such information is required by applicable law or regulation to be disclosed. The Investor further agrees to return the Memorandum and any other information relating to the Company if no purchase of Shares is made or upon the Company’s request therefore. The Investor acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this Section 19 by it, and that in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach.
20.Notice.  All notices, consents, requests, demands, offers, reports, and other communications (collectively, “Notices”) required or permitted to be given pursuant to this Subscription Agreement shall be in writing and shall be given, made or delivered by personal hand-delivery, by facsimile transmission, by electronic mail, or by air courier guaranteeing overnight delivery, addressed as set forth below. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by facsimile transmission or by electronic mail; provided, that if such service or transmission is not on a Business Day or is after normal business hours, then such notice shall be deemed given on the next Business Day. Notice otherwise sent as provided herein shall be deemed given on the next Business Day following timely delivery of such Notice to an air courier guaranteeing overnight delivery.
If to the Company, to:
Carlyle Secured Lending III
1 Vanderbilt Avenue, 36th Floor 
New York, New York  10017
Attention:    Peter Gaunt
E-mail:        TCGBDC@carlyle.com
and, if to the Investor, to the address set forth in the Investor Questionnaire. The Company or the Investor may change its address by giving notices to the other in the manner described herein.
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21.Necessary Acts, Further Assurances.  The parties shall at their own cost and expense execute and deliver such further documents and instruments and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Subscription Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement.
22.No Joint Liability Among the Company, the Adviser, and the Administrator.  The Company shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Adviser or the Administrator under or in connection with this Subscription Agreement. The Adviser shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company or the Administrator under or in connection with this Subscription Agreement. The Administrator shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company or the Adviser under or in connection with this Subscription Agreement. There shall be no joint and several liability of the Company, the Adviser, and the Administrator for any obligation under or in connection with this Subscription Agreement.
23.Independent Nature of Investors’ Obligations and Rights; Third-Party Beneficiaries.  The obligations of the Investor hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by the Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert with respect to such obligations or the transactions contemplated by this Subscription Agreement. This Subscription Agreement is not intended to confer upon any person, other than the parties hereto, except as provided in Sections 4 and 16, any rights or remedies hereunder.

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IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement on the date set forth below.
Date:         Amount of Capital Commitment
$    
INDIVIDUAL, JOINT IN TENANCY, INDIVIDUAL IRA INVESTOR:
    
(Print Name)
    
(Signature)

PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER INVESTOR:
    
(Print Name of Entity)
By:        
(Signature)
        
(Print Name and Title)

Agreed and accepted as of the _____ day of __________:
CARLYLE SECURED LENDING III
						
	By:                 
Name:
Title:
	Amount of Capital Commitment Accepted: 

$  _________________________

[Signature Page to Carlyle Secured Lending III Subscription Agreement]

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INVESTOR QUESTIONNAIRE
Note:  Questions regarding this questionnaire should be directed to TCGBDC@carlyle.com.
A.General Information12
1.Print Full Name of Investor:     Individual or Individual IRA:
    
First    Middle     Last

    
Entity Name
Joint Account Holders:13

    
First    Middle     Last

    
First    Middle     Last
Entity: To assist the Company in preparing its tax filings, please check the category into which you fall:
Partnership    
C-Corporation    
S-Corporation    
Estate    
Grantor Trust    

12 Under the law and regulations of the FATCA, the Organization for Economic Cooperation and Development’s Common Reporting Standard, and any comparable Automatic Exchange of Information regime, participating financial institutions are required to collect certain tax-related information and/or documents from each Investor or account holder.  In certain circumstances we are required to report specific information to the appropriate tax authorities in order to comply with such obligations.
13 If we are to hold the Shares as one or more beneficial owners acting jointly (“Joint Account Holders”), we give each of the representations, warranties, acknowledgements and confirmations in this Subscription Agreement both for ourselves and also separately on behalf of each of the Joint Account Holders, and consequently, where appropriate, references to “we” or “the Investor” shall be deemed to be references to each of the Joint Account Holders set out above as well as to ourselves and we shall provide the Company with all other information and documentation as it may request in relation to said Joint Account Holders prior to accepting our Subscription Agreement (including, without limitation, requiring each Joint Account Holder to complete a separate Investor Questionnaire).
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Trust-EIN (a trust with an
EIN in this format: 12-3456789)    
Trust-SSN (a trust with an
EIN in this format: 123-45-6789)    
IRA-EIN    
IRA-SSN    
Exempt Organization    
LLP    
LLC    
Nominee-EIN    
Nominee-SSN    
Other    
If "Other" was checked, please specify below:
_____________________________________

2.Taxpayer Identification Information (For Joint Account Holders, please provide the appropriate Taxpayer Identification Number for each account holder):    
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	a)U.S. Taxpayer Identification Number or Social Security Number (if any):
                            
                            

	b)U.K. Unique Taxpayer Reference (if known): 
                            
                            

	c)Non-U.S. Taxpayer Identification Number (if any):
                        
                        

d)Country which issued Non-U.S. Taxpayer Identification Number (if any):
                        
                        

	e)
(i)Is the Investor an entity disregarded for U.S. federal income tax purposes?
☐  Yes            ☐  No
(ii)If the answer to the above question is Yes, please provide the Owner’s Name, Tax Country, and Tax ID in the space provided below:
Owner’s Name: _____________________________________
Tax Country: _______________________________________
Tax ID: ______________________________________________

	f)If the Investor’s tax year ends on a date other than December 31, please indicate such date below:
____________________________________

3.Contact Person(s):
For each contact provided below, please select the roles and notifications that each contact should receive. You are able to select multiple roles and notifications that each contact should receive. However, please note by selecting or defaulting to “Access Only/No Emails,” contacts will have inquiry capabilities/Access only and will not receive notifications or additional services assigned to them.
Please mark Primary Contact for investor contacts who should receive access to all documents through the virtual data room established by or on behalf of the Company in connection with the Memorandum.  Primary Contacts, along with Legal Advisor, have authority to make decisions on behalf of the investor.  The Primary Contact defaults to receive all notifications. If a Primary Contact does not wish to receive notifications, please select the Access Only service, or alternatively select only those notices they desire to receive under “Notifications”.  There must be at least one Primary Contact because Primary Contacts are the only role with the authority to change wire instructions.
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Please mark Secondary Contact for contacts who should receive access to all documents through the virtual data room established by or on behalf of the Company in connection with the Memorandum. This role also defaults to receive all notifications.  If the Secondary Contact should not receive notifications, please select the Access Only service, or alternatively select only those notices they should receive under “Notifications.”
Please mark Legal Advisor for contacts who are authorized to send and receive legal documents and information on behalf of the investor.  By selecting this Role, the default notification is Legal Information, but you are also able to select additional services.
Please mark Tax Advisor for contacts who are authorized to send and receive tax documents and information.  By selecting this Role, the default notification is Tax Information, but you are also able to select additional services. 
Please mark Finance Contact for contacts who should receive only Capital Call Notices, Distribution Notices, and Financial Reporting.  By selecting this Role, the default notifications are Capital Call Notices, Distribution Notices, and Financial Reporting, but you are also able to select additional services.

									
	Name:     
Address:     
    
_______________________________________
Telephone:     
Fax:     
E-mail:      
	Role(s):
☐ Primary Contact
☐ Secondary Contact
☐ Tax Advisor
☐ Legal Advisor
☐ Finance Contact
	Notifications:
☐ Capital Call Notices
☐ Distribution Notices
☐ Financial Reporting
☐ Legal Information
☐ Tax Information
☐ Access Only/No Emails

	Name:     
Address:     
    
_______________________________________
Telephone:     
Fax:     
E-mail:      
	Role(s):
☐ Primary Contact
☐ Secondary Contact
☐ Tax Advisor
☐ Legal Advisor
☐ Finance Contact
	Notifications:
☐ Capital Call Notices
☐ Distribution Notices
☐ Financial Reporting
☐ Legal Information
☐ Tax Information
☐ Access Only/No Emails

	Name:     
Address:     
    
_______________________________________
Telephone:     
Fax:     
E-mail:      
	Role(s):
☐ Primary Contact
☐ Secondary Contact
☐ Tax Advisor
☐ Legal Advisor
☐ Finance Contact
	Notifications:
☐ Capital Call Notices
☐ Distribution Notices
☐ Financial Reporting
☐ Legal Information
☐ Tax Information
☐ Access Only/No Emails

	Name:     
Address:     
    
_______________________________________
Telephone:     
Fax:     
E-mail:          
	Role(s):
☐ Primary Contact
☐ Secondary Contact
☐ Tax Advisor
☐ Legal Advisor
☐ Finance Contact
	Notifications:
☐ Capital Call Notices
☐ Distribution Notices
☐ Financial Reporting
☐ Legal Information
☐ Tax Information
☐ Access Only/No Emails

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	Name:     
Address:     
    
_______________________________________
Telephone:     
Fax:     
E-mail:          
	Role(s):
☐ Primary Contact
☐ Secondary Contact
☐ Tax Advisor
☐ Legal Advisor
☐ Finance Contact
	Notifications:
☐ Capital Call Notices
☐ Distribution Notices
☐ Financial Reporting
☐ Legal Information
☐ Tax Information
☐ Access Only/No Emails

	Name:     
Address:     
    
_______________________________________
Telephone:     
Fax:     
E-mail:          
	Role(s):
☐ Primary Contact
☐ Secondary Contact
☐ Tax Advisor
☐ Legal Advisor
☐ Finance Contact
	Notifications:
☐ Capital Call Notices
☐ Distribution Notices
☐ Financial Reporting
☐ Legal Information
☐ Tax Information
☐ Access Only/No Emails

	Name:     
Address:     
    
_______________________________________
Telephone:     
Fax:     
E-mail:          
	Role(s):
☐ Primary Contact
☐ Secondary Contact
☐ Tax Advisor
☐ Legal Advisor
☐ Finance Contact
	Notifications:
☐ Capital Call Notices
☐ Distribution Notices
☐ Financial Reporting
☐ Legal Information
☐ Tax Information
☐ Access Only/No Emails

	Name:     
Address:     
    
_______________________________________
Telephone:     
Fax:     
E-mail:          
	Role(s):
☐ Primary Contact
☐ Secondary Contact
☐ Tax Advisor
☐ Legal Advisor
☐ Finance Contact
	Notifications:
☐ Capital Call Notices
☐ Distribution Notices
☐ Financial Reporting
☐ Legal Information
☐ Tax Information
☐ Access Only/No Emails 

4.Please indicate below if the Investor elects to opt out of the Company’s dividend reinvestment plan.
  Opt Out
An Investor automatically participates in the Company’s dividend reinvestment plan (the “DRIP”), unless the Investor affirmatively elects to opt out of the DRIP by notifying DST Systems, Inc. (the “Plan Administrator”) in writing, including by checking “Yes” to this Question A.4. A participant in the DRIP may terminate its participation in the DRIP at any time by sending a written notice to the Plan Administrator. A participant in the DRIP holding Shares through an intermediary may elect to receive cash by notifying the intermediary (who should be directed to inform the Plan Administrator).  An Investor is free to change this election at any time. If, however, an Investor requests to change its election within 95 days prior to a distribution, the request will be effective only with respect to distributions after the 95-day period.
5.Please indicate in the space below the bank account to which cash distributions to the Investor should be sent (Note that distributions for custodial accounts will be paid to the custodian regardless of response):
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Bank Name:    
Bank Location:    
Account Number:    
Account Name:    
Bank’s Routing No.:    
For further credit to:    
(if any)    
Reference:    

6.Please indicate in the space below the brokerage account to which distributions in-kind to the Investor should be credited securities:
Firm Name:    
Address:    
City:    
State:    
Country:    
Postal Code/Zip:    
Account Name:    
Account Number:    
DTC Number:    
7.Permanent Address of Investor (if different from address for Notices above):
    
    
8.State of Tax Residence of Investor (if different from permanent address):
    
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9.Please check the category which describes the Investor’s source of funds to meet capital calls.14 
Employment Income    
Savings/Deposits    
Sale of Real Estate    
Sale of Shares or Other Investments    
Loans    
Sale of Business    
Business Profits/Dividends    
Other Income Source    

If “Other Income Source” was checked, please describe in sufficient reasonable detail the Investor’s principal business activities below. If the source of funds is contributions by Ultimate Beneficial Owners (as defined in Annex 1), please also describe the source of wealth of each such Ultimate Beneficial Owner. 
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________

B.Supplemental Data for Individuals, Individual IRAs, Joint in Tenancy
1.Is the Investor a U.S. Person as defined in Regulation S under the Securities Act, a copy of which definition is attached hereto as Annex 1 to this Questionnaire?
  Yes          No
2.Please indicate whether the Investor is investing the assets of any retirement plan, employee benefit plan or other similar agreement (such as an IRA or “Keogh” plan):
  Yes          No
If the above question was answered “Yes,” please indicate the type of retirement plan, employee benefit plan or other similar agreement below:  
_____________________________________________________________________
3.Date of Birth of the Investor (MM/DD/YYYY) (For Joint Account Holders, please provide the date of birth for each individual.):    ___________________________

14 Investors that are deemed to be high risk based on Carlyle’s risk assessment procedures will be asked to provide additional corroborating documentation to validate the source of wealth if there are insufficient materials in the public domain.
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C.Supplemental Data for Entities
1.If the Investor is not a natural person, furnish the following supplemental data (natural persons may skip this Section C):
1.a.Jurisdiction of organization and location of domicile: ___________________________
1.b.Date of incorporation/formation: ___________________________
1.c.Nature and intended purpose of business: ___________________________
1.d.Is the Investor (a) a trust any portion of which is treated (under subpart E of part I of subchapter J of chapter 1 of subtitle A of the Code) as owned by a natural person, (b) an organization described in Sections 401(a) or 501 of the Code, (c) a trust permanently set aside or to be used for a charitable purpose, (d) an entity disregarded for U.S. federal income tax purposes and owned (or treated as owned) by any person described in clauses (a) through (c) above, or a natural person or (e) a nominee for any person described in clauses (a) through (d) above or for a natural person?
  Yes          No
1.e.Was the Investor formed, organized, reorganized, capitalized or recapitalized15 for the specific purpose of acquiring Shares?
  Yes          No
1.f.Are shareholders, partners, members or other holders of equity or beneficial interests in the Investor able to decide individually whether to participate, or the extent of their participation, through the Investor in (i) the Investor’s investment in the Company or (ii) particular investments made by the Company (i.e., can shareholders, partners or other holders of equity or beneficial interests in the Investor determine whether their capital will form part of the capital invested by the Investor in the Company)?16
  Yes          No
If the above question was answered “Yes,” please describe the decision making process in the space below: 
    
    
    
    

15 “Reorganized, capitalized or recapitalized” includes new investments made in the Investor solely for the purpose of financing the purchase of a Share and not made pursuant to a prior financing commitment.
16 Investors that are participant-directed defined contribution plans should check “yes” to this question.
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2.Is the Investor (i) an “investment company” registered under the Investment Company Act or (ii) has the Investor elected to be regulated as “business development company” pursuant to Section 54 of the Investment Company Act?
  Yes          No
3.Is the Investor a private investment company which is not registered under the Investment Company Act in reliance on:
Section 3(c)(1) thereof?      Yes      No
Section 3(c)(7) thereof?      Yes      No
4.
4.a.Please indicate whether or not the Investor is, or is acting (directly or indirectly) on behalf of, (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether or not such plan, individual retirement account or arrangement is subject to Section 4975 of the Code, (iii) a plan, fund or other similar program that is established or maintained outside the United States which provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, (iv) an insurance company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder, or (v) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements (each of the foregoing described in clauses (i), (ii), (iii), (iv) and (v) being referred to as a “Plan”).
  Yes          No
4.b.If the answer to Question 4.a. above is “Yes”, please indicate whether or not the Plan Investor is subject to Title I of ERISA or Section 4975 of the Code.
  Yes          No
4.c.If the answer to Question 4.b. above is “Yes”, please indicate what percentage of the Plan’s assets invested in the Company are considered to be the assets of “benefit plan investors” within the meaning of Plan Asset Regulations:17
Percentage: ______

17 “Plan Asset Regulations” shall mean the regulations issued by the U.S. Department of Labor at Section 2510.3 101 of Part 2510 of Chapter XXV, Title 29 of the U.S. Code of Federal Regulations, as amended by Section 3(42) of ERISA, as amended.
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4.d.If the Investor is investing the assets of an insurance company general account, please indicate what percentage of the insurance company general account’s assets invested in the Entities are the assets of “benefit plan investors” within the meaning of Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder:
Percentage: ______
4.e.If answer to Question 4.a. above is “Yes”, please indicate whether or not such Plan is subject to any other federal, state, local, non-U.S. or other laws or regulations that could cause the underlying assets of the Company to be treated as assets of the Plan by virtue of its investment in the Company and thereby subject the Company and the Adviser (or other persons responsible for the investment and operation of the Company’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.
  Yes          No
5.Is the Investor a “BHC Investor”18?  
  Yes          No 
6.Is the Investor directly or indirectly (a) subject to the U.S. Freedom of Information Act, 5 U.S.C. § 552, (“FOIA”), any U.S. state public records access law, or any U.S. state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement that might result in the disclosure of confidential information relating to the Company or (b) subject, by regulation, contract or otherwise, to disclose information concerning the Company to a trading exchange or other market where interests in such person are sold or traded, whether foreign or domestic?
  Yes          No
If the question above was answered “Yes,” please indicate the relevant laws to which the Investor is subject and provide any additional explanatory information in the space below:
    
    
    
    

18 A “BHC Investor” is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly, in business in the United States and which in any case holds Shares for its own account.
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7.Does the Investor qualify as an integral part or a controlled entity of a foreign government for purposes of Section 892 of the Code (for example, certain sovereign wealth funds)?
  Yes          No
    If “Yes,” please furnish an executed copy of form W-8EXP.

D.Supplemental Data for Platform Investors
1.Custodial Arrangement (if applicable):     
    
  Name of Custodian
    
  Custodian Phone Number
    
  Custodian Address
To be completed by the custodian above:
    
  Custodian Tax ID Number
    
  Custodian Account Number
    
  Custodian Authorization
2.Broker/Dealer (if applicable):     
    
  Name of Broker-Dealer or Registered Investment Adviser Firm
    
  Financial Representative Name (First, Middle, Last)
    
  Phone Number
    
  Mailing Address (City, State, ZIP)
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  Advisor/CRD Number
    
  Branch Number
    
  Email Address
    
  Financial Representative Signature    Date (MM/DD/YYYY)
    
  Principal Signature (if applicable)    Date (MM/DD/YYYY)
E.Related Parties, Beneficial Ownership and Nominee Arrangements
1.To the best of the Investor’s knowledge, does the Investor control, or is the Investor controlled by or under common control with, any other investor or prospective investor in the Company?
  Yes          No
If the question above was answered “Yes,” please indicate the name of such other investor in the space below:
____________________________________
2.
2.a.Will any other person or persons have a beneficial interest in the Shares to be acquired hereunder (other than as a shareholder, partner, policy owner or other beneficial owner of equity interests in the Investor)? (By way of example, and not limitation, “nominee” Investors or Investors who have entered into swap or other synthetic or derivative instruments or arrangements with regard to the Shares to be acquired herein would check “Yes”.)
  Yes          No
2.b.Is the Investor acting on behalf of an unrelated third party (e.g., a nominee arrangement)? 
  Yes          No
If the response to either question above was answered “Yes,” please describe the arrangement below:
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____________________________________________________________________________________________________________________________________________________________
2.c.(Natural persons may skip the questions in this Section E.2.c.) 
(A) Does the Investor have one or more Ultimate Beneficial Owners (as defined in Annex 1) who (i) are entitled to 10% or more of the proceeds from this investment or (ii) hold 10% or more of the control rights of the Investor?
  Yes    *      No
(B)Is the Investor or any of the Ultimate Beneficial Owners publicly traded? 
  Yes    *      No
(C)Is the Investor or any of the Ultimate Beneficial Owners a regulated entity? 
  Yes    *      No
*If the response to any of the above questions in 2.c(A)-(C) is “Yes,” please complete the below chart.  

Note: For Investors with complex legal structures, please ensure identification of each Beneficial Owner. In addition, please provide a structure chart illustrating the relationship between the Investor and each identified 10% Beneficial Owner, including direct and indirect ownership and voting percentages, and showing all intermediate legal entities (if any). Where there are one or more entities in a chain of ownership, the Investor must provide either (a) a structure chart, or (b) an ownership register for each entity in the chain together with identification verification information for the top person in the chain. The structure chart needs to be signed and dated by a director or officer (or equivalent) of the Investor.

Further, for verification of identified 10% Beneficial Owners who are natural persons, please provide a copy of a valid passport or driver’s license containing the person’s full name, photograph and country of citizenship. If the copy of the passport or driver’s license does not contain the individual’s current address, provide an additional government-issued identification document certifying the individual’s name and current address. Each signatory of the Subscription Agreement, and at least two of the control persons listed (but if there is only one control person then the one will suffice)19 must provide such documentation.

Further, for each intermediary entity between the Investor and the Ultimate Beneficial Owner, the Investor must also provide (1) the applicable documents noted above with respect to the intermediary entity, (2) a list of directors or persons exercising similar positions; and (3) the address of the registered office or principal place of business, to the extent such information is not available in the charter or organizational documents.

19 If there are no natural person Ultimate Beneficial Owners (i.e., no natural person holds 25% or more of interests in the fund) then we will seek to verify the ID and address of senior management (e.g., all of the board of directors).
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Further, in the case of complex organizational structures with multiple layers of legal entities or other legal arrangements that are deemed to be high risk in accordance with Carlyle’s risk assessment procedures, the Investor will also be asked to provide certified copies of the shareholder register (or equivalent) for itself and each legal entity or other legal arrangement that holds directly or indirectly at 10% or more interest in the Investor.

																					
		Name of Investor and Each 10% Beneficial Owner	Address** of Investor and Each 10% Beneficial Owner	If the Investor or Any of the 10% Beneficial Owners Is Publicly Traded, Please Identify the Exchange	If the Investor or Any of the 10% Beneficial Owners Is a Regulated Entity, Please Identify Regulator and Jurisdiction	Identification Number20	Is the Investor or Any of the 10% Beneficial Owners a Politically Exposed Person (PEP)?

Yes or No21

	Investor						
	10% Beneficial Owner, if applicable						
	10% Beneficial Owner, if applicable						
	10% Beneficial Owner, if applicable*						

* To the extent additional rows are necessary, please attach a separate document to this Investor Questionnaire. 
** Address must include street, city, state/province, and country.

2.d.(Natural persons may skip the questions in this Section E.2.d.)

20 “Identification Number” means, (i) for a U.S. person, social security number; and (ii) for a non-U.S. person, taxpayer identification number, passport number, or number of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.
21 As defined in Annex 1.
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(A) Please identify one individual with significant responsibility for managing the Investor (“Control Person”).22  
Name:                                                 
    Address:                                                    (must include street, city, state/province, country)                    
Date of Birth:                                             
    Tax ID (for a U.S. person, social security number):                                
(B) Is the individual who is designated as the Control Person: (select one)
☐     an executive officer or senior manager, e.g., CEO, CFO, COO, Managing Member, General Partner, President, Vice President, Treasurer; or
☐     any other individual who regularly performs similar functions. 
Note: If appropriate, an individual listed in the 10% Beneficial Owner chart above in D.2.c. may also be listed as the Control Person. For verification of the Control Person, please provide a copy of a valid passport or driver’s license containing the person’s full name, photograph and country of citizenship. If the copy of the passport or driver’s license does not contain the individual’s current address, provide an additional government-issued identification document certifying the individual’s name and current address.
F.Accredited Investor Status
The Investor represents and warrants that the Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and has checked the box or boxes below which are next to the category or categories under which the Investor qualifies as an accredited investor:
FOR INDIVIDUALS, INDIVIDUAL IRAS, JOINT IN TENANCY:
    (A)    A natural person with individual net worth (or joint net worth with spouse or spousal equivalent) in excess of $1 million, excluding the value of the primary residence of such natural person and any indebtedness that is secured by the person’s primary residence, except for the amount of indebtedness that is secured by the person’s primary residence 

22This information is required in accordance with Financial Crimes Enforcement Network (FinCEN) Customer Due Diligence Rule, effective May 11, 2018: https://www.govinfo.gov/content/pkg/FR-2016-05-11/pdf/2016-10567.pdf.
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that exceeds, at the time of the sale of securities, (i) the estimated fair market value of the primary residence or (ii) the amount of indebtedness outstanding sixty (60) days before the sale of securities, other than as a result of the acquisition of the primary residence.
    (B)    A natural person with individual income (without including any income of the Investor’s spouse) in excess of $200,000, or joint income with spouse or spousal equivalent in excess of $300,000, in each of the two (2) most recent years and who reasonably expects to reach the same income level in the current year.
    (C)    A natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status, including Licensed General Securities Representative (Series 7), Licensed Investment Adviser Representative (Series 65) and Licensed Private Securities Offerings Representative (Series 82). 
FOR ENTITIES:
    (A)    An entity, including a grantor trust, in which all of the equity owners are accredited investors (for this purpose, a beneficiary of a trust is not an equity owner, but the grantor of a grantor trust may be an equity owner).
    (B)    A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.
    (C)    An investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or registered pursuant to the laws of a state.
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    (D)    An investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Advisers Act.
    (E)    An insurance company as defined in Section 2(a)(13) of the Securities Act.
    (F)    A broker-dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
    (G)    An investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
    (H)    A business development company as defined in Section 2(a)(48) of the Investment Company Act.
    (I)    A Small Business Investment Company licensed by the Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.
    (J)    A Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act.
    (K)    A private business development company as defined in Section 202(a)(22) of the Advisers Act.
    (L)    A corporation, an organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, Massachusetts or similar business trust, partnership, or limited liability company, in each case not formed for the specific purpose of acquiring Shares, with total assets in excess of $5 million.
    (M)    A trust with total assets in excess of $5 million not formed for the specific purpose of acquiring Shares, whose purchase is directed by a person with such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares.
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    (N)    An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”) if the decision to invest in the Shares is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.
    (O)    A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.
    (P)    An entity, of a type not listed in (A) through (O) above, not formed for the specific purpose of acquiring the Shares offered, owning investments in excess of $5,000,000.
    (Q)    A “family office” as defined in Rule 202(a)(11)(G)1 under the Advisers Act: (i) with assets under management in excess of $5,000,000; (ii) that is not formed for the specific purpose of acquiring the Shares offered; and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.
    (R)    A “family client”, as defined in Rule 202(a)(11)(G)1 under the Advisers Act of a family office meeting the requirements of (Q) above and whose prospective investment in the Company is directed by such family office pursuant to (Q)(iii).
G.FINRA Institutional Account Status 
Is the Investor an “institutional account” under FINRA Rule 4512: (i) a bank, savings and loan association, insurance company or registered investment company; (ii) an 
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investment adviser registered either with the SEC under Section 203 of the Advisers Act or with a state securities commission (or any agency or office performing like functions); or (iii) any other person (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million?
  Yes          No
H.Section 894 Benefits
1.This question is for Non-U.S. Investors only (including Investors acting for beneficial owners that are non-U.S. Persons). If the Investor is a U.S. Investor, please skip this question 1.
2.a.Does the Investor qualify as a pension fund entitled to an exemption from withholding tax on dividends under an applicable tax treaty? 
  Yes          No
If “Yes,” please indicate the relevant treaty below and on an executed copy of form W8BENE.
Applicable Treaty: _____________________________________________
2.b.Does the Investor qualify for a reduced rate of withholding tax on dividends under any applicable tax treaty?
  Yes          No
If “Yes,” please indicate the relevant treaty below and on an executed copy of form W8BENE.
Applicable Treaty: _____________________________________________
2.c.If the Investor is a non-U.S. Person and claiming the benefits of an income tax treaty between the United States and the jurisdiction of residence of the Investor, is the Company treated as fiscally transparent for purposes of the tax laws of such jurisdiction, within the meaning of section 1.894-1(d) of the Treasury Regulations?
  Yes          No
I.Financing of Acquisition
Please indicate whether you are borrowing or are otherwise financing your acquisition of Shares hereunder.  
  Yes          No
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If the above question was answered “Yes,” please indicate the amount financed and what, if any, collateral was given to secure the financing:  
_____________________________________________________________________
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The Investor understands that the foregoing information will be relied upon by the Company for the purpose of determining the eligibility of the Investor to purchase and own Shares in the Company. The representations and warranties set forth in the Subscription Agreement and the information provided in this Investor Questionnaire shall be deemed repeated and reaffirmed by the Investor to the Company as of each date that the Investor is required to make a capital contribution to the Company and the Investor agrees to notify the Company immediately if any representation or warranty contained in this Subscription Agreement or any of the information in this Investor Questionnaire becomes untrue at any time. The Investor agrees to provide, if requested, any additional information that may reasonably be required to substantiate the Investor’s status as an accredited investor or to otherwise determine the eligibility of the Investor to purchase Shares in the Company. The Investor also hereby covenants and agrees that should the Investor become subject to a Disqualifying Event at any time after the date hereof, the Investor shall notify the Company promptly in writing and shall use its best efforts to coordinate with the Company (i) to provide documentation as reasonably requested by the Company related to any such Disqualifying Event and (ii) to implement a remedy to address the Investor’s changed circumstances such that the changed circumstances will not affect in any way the Company’s or its affiliates’ ongoing or future reliance on the Rule 506 exemption under the Securities Act. To the fullest extent permitted by law, the Investor agrees to indemnify and hold harmless the Company, the Adviser, the Administrator and each partner or member thereof, from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Investor contained herein. 

Signatures:
INDIVIDUAL, JOINT IN TENANCY, INDIVIDUAL IRA:
        
(Signature)
        
(Print Name)
PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER:
        
(Name of Entity)
By:         
(Signature)
        
(Print Name and Title)
[Signature Page to Carlyle Secured Lending III Investor Questionnaire]

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Annex 1 to Investor Questionnaire
GLOSSARY OF DEFINED TERMS

A.DEFINITION OF POLITICALLY EXPOSED PERSON
“Politically Exposed Person” or “PEP” means:
(i)natural persons who are or have been entrusted with prominent public functions including: 
(1)heads of state, heads of government, ministers and deputy or assistant ministers; 
(2)state secretaries, senior officials in the executive, legislative, administrative, military or judicial branches of governments (whether elected or not);
(3)members of parliaments or equivalent legislative bodies; 
(4)members of supreme courts, constitutional courts or other high-level judicial bodies whose decisions are not subject to further appeal (except in exceptional circumstances);
(5)senior executives of central banks or audit offices;
(6)ambassadors, chargé d’affaires or foreign representatives, or high-ranking officials in the armed forces;
(7)member of the administrative, management or supervisory bodies of government-owned enterprises;
(8)members of the governing body of a political party; or
(9)senior executives, deputy senior executives or similar function of an international organization;
    None of the categories set out in (1) to (9) above shall be understood as covering middle ranking or more junior officials. The categories above shall, where applicable, include positions at the European Union or international level.
(ii)any corporation, business or other entity that has been formed by, or for the benefit of, a person listed under (i) above;
(iii)any member of the immediate family of a person listed under (i) above, which shall include the following:
(1)spouse;

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(2)any partner considered by national law as equivalent to the spouse;
(3)children and their spouses or partners;
(4)parents; 
(5)siblings; and
(6)in-laws;
and
(iv)any person who is widely and publicly known, or actually known by Carlyle, to maintain a close relationship with a person listed under (i) above, which shall include the following:
(1)a person who is in a position to conduct substantial domestic and international financial transactions on behalf of a person listed under (i) above;
(2)a person that has joint beneficial ownership in the same legal structure or otherwise has joint business interests with a person listed under (i) above; and
(3)a person that has sole beneficial ownership of a legal structure that has been established for the benefit de facto of a person listed under (i) above.

B.DEFINITION OF QUALIFIED FOREIGN PENSION FUND
A “qualified foreign pension fund” is any trust, corporation, or other organization or arrangement that: 
1.is created or organized under the law of a country other than the United States;
2.is established to provide retirement or pension benefits to participants or beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered;
3.does not have a single participant or beneficiary with a right to more than five percent of its assets or income;
4.is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in the country in which it is established or operates; and 

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5.with respect to which, under the laws of the country in which it is established or operates, contributions to such trust, corporation, organization, or arrangement which would otherwise be subject to tax under such laws are deductible or excluded from the gross income of such entity or taxed at a reduced rate, or taxation of any investment income of such trust, corporation, organization or arrangement is deferred or such income is taxed at a reduced rate.
C.DEFINITION OF ULTIMATE BENEFICIAL OWNER
“Ultimate Beneficial Owner”, “Beneficial Owner” or “UBO” means the natural person(s) who ultimately owns or controls the Investor and/or the natural person(s) on whose behalf a transaction or activity is being conducted.  The following non-exhaustive list of natural person(s) qualifies as a UBO for each type of entities as set forth below:
(i)For a limited liability company, public limited company, other than a company listed on a regulated market that is subject to disclosure requirements consistent with European Union law or subject to equivalent international standards which ensure adequate transparency of ownership information or a 100% subsidiary thereof, European public limited company, European cooperative, or other (non-Dutch) legal entity comparable to a limited liability company or a public limited company, each natural person(s) who:
(1)holds a direct or indirect interest of 10% or more in the capital of the entity, through ordinary shares, bearer shares or otherwise;
(2)is a direct or indirect beneficiary of 10% or more of the assets of the entity;
(3)can exercise directly or indirectly 10% or more of the voting rights in the general meeting of the entity;
(4)can exercise actual control over the entity; or
(5)has special control over 10% or more of the assets of the entity.
In the event that no natural person is identified as a UBO of the Investor in accordance with the criteria above, the natural persons in the senior management positions of the Investor (including the statutory board or being an executive member of the statutory board of the Investor) qualify as a UBO.
(ii)For associations, foundations, cooperatives, mutual insurance companies and other comparable legal entities (each, an “Alternative Legal Entity”), each natural person(s) who:

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(1)in case of the liquidation of the Alternative Legal Entity, is directly or indirectly entitled to 10% or more of the assets of the Alternative Legal Entity;
(2)is directly or indirectly entitled to 10% or more of the profits of the Alternative Legal Entity;
(3)regarding decision making regarding changes in the articles of association, is directly or indirectly entitled to a share in the vote of 10% or more; or
(4)can exercise actual control over the Alternative Legal Entity.  
In the event that no person is identified as a UBO of the Investor in accordance with the criteria above, the natural persons in the statutory board or being an executive member of the statutory board (or equivalent) of the Investor qualify as a UBO.
(iii)For partnerships or other comparable legal constructions, each natural person(s) who:
(1)in case of the liquidation of the partnership, is directly or indirectly entitled to 10% or more of the assets of the partnership;
(2)is directly or indirectly entitled to 10% or more of the profits of the partnership;
(3)regarding decision making regarding changes in the partnership agreement or the execution thereof (other than the management of the partnership itself), is directly or indirectly entitled to a share in the vote of 10% or more; or
(4)can exercise actual control over the partnership.
In the event that no person is identified as a UBO of the Investor in accordance with the criteria above and no suspicion of money laundering or terrorist financing activities exists, or if uncertainty remains regarding the identity of the UBO of the Investor, the partners of the partnership (other than silent/limited partners) qualify as a UBO.  
(iv)For trusts or other comparable legal construction, each natural person(s) who:
(1)is the founder or settlor;
(2)is a trustee;
(3)if applicable, is a protector;

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(4)is a beneficiary, or in the event the beneficiaries cannot be ascertained, the group of persons in whose interest the trust has been established or is conducted; or
(5)can exercise actual control over the trust.

D.DEFINITIONS OF UNITED STATES AND “U.S. PERSON”
“United States” means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia.
The term “U.S. Person” means: 
1.Any natural person resident in the United States;
2.Any partnership or corporation organized or incorporated under the laws of the United States;
3.Any estate of which any executor or administrator is a U.S. Person;
4.Any trust of which any trustee is a U.S. Person;
5.Any agency or branch of a foreign entity located in the United States;
6.Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person;
7.Any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and
8.Any partnership or corporation if: (A) organized or incorporated under the laws of any foreign jurisdiction; and (B) formed by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act of 1933, as amended, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) promulgated under the U.S. Securities Act of 1933, as amended) who are not natural persons, estates or trusts.

Notwithstanding the foregoing paragraphs (1) through (8), the following are not “U.S. Persons”:
1.Any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States;

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2.Any estate of which any professional fiduciary acting as executor or administrator is a U.S. Person if: (i) an executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion with respect to the assets of the estate; and (ii) the estate is governed by foreign law;
3.Any trust of which any professional fiduciary acting as trustee is a U.S. Person, if a trustee who is not a U.S. person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. Person;
4.An employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country;
5.Any agency or branch of a U.S. Person located outside the United States if: (i) the agency or branch operates for valid business reasons; and (ii) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and
6.The International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any other similar international organizations, their agencies, affiliates and pension plans.

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APPENDIX A
AMENDED AND RESTATED DECLARATION OF TRUST
(see attached)

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APPENDIX B
BYLAWS
(see attached)

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APPENDIX C
INVESTMENT ADVISORY AGREEMENT
(see attached)

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APPENDIX D
ADMINISTRATION AGREEMENT
(see attached)

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APPENDIX E
TRANSFER RESTRICTIONS
Prior to a Liquidity Event, no Transfer of the Investor’s Capital Commitment or all or any fraction of the Investor’s Shares may be made without (i) registration of the Transfer on the Company books and (ii) the prior written consent of the Company. In any event, the consent of the Company may be withheld (x) if the creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (y) unless, in the opinion of counsel (who may be counsel for the Company or the Investor) satisfactory in form and substance to the Company:

•such Transfer would not violate the Securities Act, the Investment Company Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to the Company or the Shares to be Transferred; and

•such Transfer would not be a “prohibited transaction” under ERISA or the Code or the regulations promulgated thereunder or cause all or any portion of the assets of the Company to constitute “plan assets” under ERISA, certain Department of Labor regulations or Section 4975 of the Code.

The Investor agrees that it will pay all reasonable expenses, including attorneys’ fees, incurred by the Company in connection with any Transfer of its Capital Commitment or all or any fraction of its Shares, prior to the consummation of such Transfer.

Any person that acquires all or any fraction of the Shares of the Investor in a Transfer permitted under this Appendix E shall be obligated to pay to the Company the appropriate portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest. The Investor agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company, it will remain liable for its Capital Commitment and for all payments of any Drawdown Purchase Price required to be made by it (without taking into account the Transfer of all or a fraction of such Shares) prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction thereof, becomes a holder of such Shares.

The Company shall not recognize for any purpose any purported Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in accordance with this Subscription 
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Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable to the transferee and the transferor. 
2Document

EXHIBIT 10.1

INVESTMENT ADVISORY AGREEMENT
This INVESTMENT ADVISORY AGREEMENT (the “Agreement”) is made as of June 21, 2021 by and between Carlyle Secured Lending III, a Delaware statutory trust (the “Company”), and Carlyle Global Credit Investment Management L.L.C., a Delaware limited liability company (the “Adviser”).
WHEREAS, the Company is a newly organized closed-end management investment fund that intends to elect to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and
WHEREAS, the Adviser is an investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); and
WHEREAS, the Company desires to retain the Adviser to furnish investment advisory services to the Company on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services.
NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree as follows: 
1.Duties of the Adviser.
(a)The Company hereby retains the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the Board of Trustees of the Company (the “Board”), for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are set forth in the Company’s filings made with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Investment Company Act, and in the Company’s reports to its shareholders (as the same shall be amended from time to time); (ii) in accordance with all other applicable federal and state laws, rules and regulations, and the Company’s declaration of trust and by-laws as the same shall be amended from time to time; and (iii) in accordance with the Investment Company Act and the applicable rules and regulations thereunder.  Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company; (iii) monitor the Company’s investments; (iv) determine the securities and other assets that the Company will purchase, retain, or sell; (v) perform due diligence on prospective portfolio companies; (vi) assist the Board with its valuation of the Company’s assets, including, if so designated by the Board, performing fair value determinations of the Company’s assets as the Board’s valuation designee; (vii) direct investment professionals of the Adviser to provide managerial assistance to portfolio companies of the Company as requested by the Company, from time to time and (viii) provide the Company with such other investment advisory, research and related services as the Company 

may, from time to time, reasonably require for the investment of its funds.  Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to incur debt financing, the Adviser will arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the Investment Company Act).
(b)The Adviser hereby accepts such retention as investment adviser and agrees during the term hereof to render the services described herein for the compensation provided herein.
(c)This Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Adviser acting in the ordinary course of its business and is not intended to create, and does not create, a partnership, joint venture or any like relationship among the parties hereto (or any other parties). The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.
(d)The Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision of its investment advisory services to the Company and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act and the rules thereunder with respect to the Company’s portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and will surrender promptly to the Company any such records upon the Company’s request, provided that the Adviser may retain a copy of such records.
(e)Subject to the prior approval by the Board and the shareholders of the Company to the extent required under the Investment Company Act, the Adviser is hereby authorized to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Company’s investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject to the oversight of the Adviser and the Company. The Company shall be responsible for any compensation payable to any Sub-Adviser. Any sub-
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advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law.
2.Company’s Responsibilities and Expenses Payable by the Company. 
All investment professionals of the Adviser, and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Company. The Company shall bear all expenses of its operations and transactions, including (without limitation except as noted) those relating to: the Company’s organizational expenses and offering costs relating to the offering of the Company’s common shares of beneficial interest (“Common Shares”) incurred on or prior to the final closing date on which the Company accepts subscription agreements from shareholders of the Company (the “Final Closing Date”) (collectively, the “Organizational and Offering Costs”) (the amount of Organizational and Offering Costs in excess of 0.15% of the Company’s total capital commitments to be paid by the Adviser; it being understood that to the extent the Company’s total capital commitments later increase, the Adviser or its affiliates may be reimbursed by the Company for past payments of excess Organizational and Offering Costs made on the Company’s behalf provided that the total Organizational and Offering Costs borne by the Company do not exceed 0.15% of total capital commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess Organizational and Offering Costs that were incurred more than three years prior to the proposed reimbursement); the costs associated with any offerings of the Company’s Common Shares incurred after the final closing date on which the Company accepts a subscription agreement from a shareholder of the Company; the costs associated with any offerings of the Company’s securities other than the Common Shares; calculating individual asset values and the Company’s net asset value (including the cost and expenses of any independent valuation firms); expenses, including travel expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, expenses of enforcing the Company’s rights; the base management fee and any incentive fees payable under this Agreement; certain costs and expenses relating to distributions paid on the Company’s shares; administration fees payable under the administration agreement (the “Administration Agreement”) between the Company and Carlyle Global Credit Administration L.L.C. (the “Administrator”) and sub-administration agreements, including related expenses; debt service and other costs of borrowings or other financing arrangements; the allocated costs incurred by the Adviser in providing managerial assistance to those portfolio companies that request it; amounts payable to third parties relating to, or associated with, making or holding investments; the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments; transfer agent and custodial fees; costs of hedging; commissions and other compensation payable to brokers or dealers; federal and state registration fees; any U.S. federal, state and local taxes, including any excise taxes; independent trustee fees and expenses; costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting 
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and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing; the costs of any reports, proxy statements or other notices to the Company’s shareholders (including printing and mailing costs), the costs of any shareholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; the costs of specialty and custom software for monitoring risk, compliance and overall portfolio, including any development costs incurred prior to the filing of the Company’s election to be regulated as a BDC; the Company’s fidelity bond; trustees and officers/errors and omissions liability insurance, and any other insurance premiums; indemnification payments; direct fees and expenses associated with independent audits, agency, consulting and legal costs; the Company’s fees and expenses related to any Liquidity Event and/or Exchange Transaction (as such terms are defined in the Company’s private placement memorandum, as amended, restated and/or supplemented from time to time); and all other expenses incurred by either the Administrator or the Company in connection with administering its business, including payments under the Administration Agreement for administrative services that will be equal to an amount that reimburses the Administrator for its costs and expenses and the Company’s allocable portion of overhead incurred by the Administrator in performing its obligations under the Administration Agreement, including, compensation paid to or compensatory distributions received by its officers (including its Chief Financial Officer and Chief Compliance Officer) and any of their respective staff who provide services to the Company, operations staff who provide services to the Company, and any internal audit staff, to the extent internal audit performs a role in the Company’s Sarbanes-Oxley internal control assessment. 
3.Compensation of the Adviser. 
The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth.  The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct.
 
(a)The Base Management Fee shall be calculated at an annual rate of 1.50% of the Company’s gross assets, which for all purposes hereunder shall (i) be determined on a consolidated basis in accordance with generally accepted accounting principles in the United States, (ii) include assets acquired through the incurrence of debt, and (iii) exclude cash and any temporary investments in cash-equivalents, including U.S. government securities and other high-quality investment grade debt investments that mature in 12 months or less from the date of investment; provided, however, the Base Management Fee shall be calculated at an annual rate of 1.00% of the average value of the Company’s gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (A) 200% and (B) the average value of the Company’s net asset value at the end of the two most recently completed calendar quarters; provided, further, that the Adviser shall irrevocably waive its rights to receive any Base Management Fee for quarterly periods ending on or prior to the date of the closing of a Liquidity Event (as defined below).  

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The Base Management Fee will be payable quarterly in arrears.  The Base Management Fee will be calculated based on the average value of the Company’s gross assets at the end of the two most recently completed fiscal quarters. The Base Management Fee will be appropriately adjusted for any share issuances or repurchases during such fiscal quarter, and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.  

For purposes of this Section 3(a):

“Liquidity Event” shall mean (i) an Exchange Listing (as defined below), (ii) a transaction or series of transactions, including, but not limited to, by way of merger, consolidation, share exchange (including by way of an optional exchange of the Company’s shares for shares of a publicly traded BDC), recapitalization, reorganization, or sale of securities, in each case for consideration of either cash and/or publicly listed securities, or (iii) the sale of all or substantially all of the company’s assets to, or other liquidity event with, another entity (it being understood that potential acquirers for purposes of clauses (ii) and (iii) could include counterparties, including but not limited to other business development companies, that are advised by the Adviser or its affiliates).

“Exchange Listing” shall mean shall mean a quotation or listing of the Company’s securities on a stock exchange, including through an initial public offering.
 
(b)    The Incentive Fee shall consist of two parts, as follows, provided that the Adviser shall irrevocably waive its rights to receive any Incentive Fee for quarterly periods ending on or prior to the date on which the value of the Company’s gross assets first exceeds $150,000,000:
 
(i)      One part will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee net investment income for the preceding calendar quarter.  “Pre-Incentive Fee net investment income” means consolidated interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued by the Company during the calendar quarter, minus the Company’s consolidated operating expenses for the quarter (including the Base Management Fee (for the avoidance of doubt, net of any waiver), expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee).  Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash.  Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
 Pre-Incentive Fee net investment income, expressed as a rate of return on the value of the Company’s Net Assets (as defined below) at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 1.50% per quarter (6% annualized).  “Net Assets” as used herein solely for purposes of the Incentive Fee means the Company’s gross assets less 
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consolidated indebtedness, determined in accordance with generally accepted accounting principles in the United States.

The Company’s net investment income used to calculate this part of the Incentive Fee is also included in the amount of its gross assets used to calculate the Base Management Fee.  

The Company will pay the Adviser an Incentive Fee with respect to the Company’s Pre-Incentive Fee net investment income in each calendar quarter as follows:
 
(A)          With the exception of the Capital Gains Fee (as defined and discussed below), no Incentive Fee in any calendar quarter in which the Company’s Pre-Incentive Fee net investment income does not exceed the hurdle rate of 1.50%;

(B)    100% of the Company’s Pre-Incentive Fee net investment income with respect to that portion of such Pre-Incentive Fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized); and
 
(C)    17.5% of the amount of the Company’s Pre-Incentive Fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized).
 
     These calculations will be appropriately pro rated for any period of less than three months and appropriately adjusted for any share issuances or repurchases during the current quarter.
 
(ii)     The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), commencing with the calendar year ending on December 31, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from inception.  If such amount is positive at the end of such year, then the Capital Gains Fee for such year is equal to 17.5% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years.  If such amount is negative, then there is no Capital Gains Fee for such year.  If this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

For purposes of this Section 3(b)(ii):

The “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if positive, between (a) the sales price of each investment in the Company’s portfolio when sold, net of any selling commissions or other selling expenses (the “net sales price”) and (b) the accreted or amortized cost basis of such investment when sold.
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The “cumulative aggregate realized capital losses” are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment when sold.
 
The “aggregate unrealized capital depreciation” is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment as of the applicable Capital Gains Fee calculation date.
  
(iii)    Examples of the Incentive Fee calculation are attached hereto as Annex A.  Such examples are included for illustrative purposes only and are not considered part of this Agreement.

(c)    Notwithstanding anything to the contrary contained in this Agreement, the Company and the Adviser acknowledge and agree that the provisions of this Section 3 shall be of no force and effect unless and until this Agreement has been approved by (i) the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of the Board and the vote of a majority of the Company’s Trustees who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, each in accordance with the requirements of the Investment Company Act (the “Approval Date”).  For the avoidance of doubt, the Adviser shall receive no compensation with respect to services provided hereunder prior to the Approval Date.

4.Covenants of the Adviser.
The Adviser covenants that it will remain registered as an investment adviser under the Advisers Act so long as it is the investment adviser to the Company and the Company maintains its election to be regulated as a BDC under the Investment Company Act or otherwise is an investment company registered under the Investment Company Act. The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.
5.Excess Brokerage Commissions.
The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, 
    -7-

viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s portfolio, and constitutes the best net results for the Company.
6.Limitations on the Employment of the Adviser. 
The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Company, subject to the Adviser’s ability to enter into sub-advisory agreements consistent with the requirements of this Agreement. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Adviser and its affiliates, as directors, trustees, officers, employees, partners, shareholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, shareholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.
7.Responsibility of Dual Trustees, Officers and/or Employees. 
If any person who is a manager, partner, officer or employee of the Adviser or the Administrator is or becomes a trustee, officer and/or employee of the Company and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.
8.Limitation of Liability of the Adviser; Indemnification. 
(a)    The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its sole member) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Company 
    -8-

shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its sole member and the Administrator, each of whom shall be deemed a third party beneficiary hereof) (each, individually, an “Indemnified Party” and collectively, the “Indemnified Parties”) and hold each of them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by any of them in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance in good faith of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company.  The Company’s indemnification of the Indemnified Parties shall, to the extent not in conflict with such insurance policy, be secondary to any and all payment to which any Indemnified Party is entitled from any relevant insurance policy issued to or for the benefit of the Company and its affiliates or any Indemnified Party.  The Company’s indemnification of the Indemnified Parties shall also be secondary to any payment pursuant to any other indemnification obligation of any other relevant entity or person, including under any insurance policy issued to or for the benefit of such other entity or person, in all cases, to the extent not in conflict with the applicable other indemnification or insurance contract.  In the event of payment by the Company under this Agreement and pursuant to its indemnification obligations, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of any Indemnified Party, including the rights of the Indemnified Parties under any insurance policies. 
(b)    For any claims indemnified by the Company under Section 8(a) above, to the fullest extent permitted by law, the Company shall promptly pay expenses (including legal fees and expenses) incurred by any Indemnified Party in appearing at, participating in or defending any action, suit, claim, demand or proceeding in advance of the final disposition of such action, suit, claim, demand or proceeding, including appeals, within 30 days after receipt by the Company of a statement or statements from the Indemnified Party requesting such advance or advances from time to time.  Each Indemnified Parties hereby undertakes to repay any amounts advanced on its behalf (without interest) to the extent that it is ultimately determined that the Indemnified Party is not entitled under this Agreement to be indemnified by the Company.  Such undertaking shall be unsecured and accepted without reference to the financial ability of the Indemnified Parties to make repayment and without regard to the Indemnified Parties’ ultimate entitlement to indemnification under the other provisions of this Agreement. No other form of undertaking shall be required of the Indemnified Parties other than the execution of this Agreement.   
(c)    Notwithstanding the above provisions of this Section 8, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this 
    -9-

Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).
9.Effectiveness, Duration and Termination of Agreement.
(a)This Agreement shall become effective as of the first date above written.  The provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.  Further, notwithstanding the termination or expiration of this Agreement as set forth in this Section 9, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.
(b)This Agreement shall continue in effect for two years from the date hereof and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the vote of the Board and by the vote of a majority of the Company’s Trustees who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act.
(c)This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Trustees or by the Adviser.
(d)This Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act).
10.Notices.
Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.
11.Amendments.
This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the Investment Company Act.
12.Entire Agreement; Governing Law. 
This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof, and in accordance with the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. To the fullest extent permitted by the Investment Company Act and the Advisers Act, as amended, the sole and exclusive forum for 
    -10-

any action, suit or proceeding with respect to this Agreement shall be a federal or state court located in the State of Delaware, and each party hereto, to the fullest extent permitted by law, hereby irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in, or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, by United States mail addressed to the party at its principal office.
13.Disclaimer of Shareholder Liability.
The Adviser understands that the obligations of the Company under this Agreement are not binding upon any trustee or shareholder of the Company personally, but bind only the Company and the Company’s property. The Adviser represents that it has notice of the provisions of the Company’s declaration of trust (as may be amended and/or restated from time to time) disclaiming shareholder liability for acts or obligations of the Company.
[Remainder of page intentionally blank]
    -11-

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

CARLYLE SECURED LENDING III

By:    /s/ Linda Pace______________________
Name:    Linda Pace
Title:    Chief Executive Officer 

CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT L.L.C.

By:    /s/ Joshua Lefkowitz_________________
Name: Joshua Lefkowitz
Title:    Global Credit Chief Legal Officer  
[Signature Page to Investment Advisory Agreement]

ANNEX A
EXAMPLES OF INCENTIVE FEE CALCULATION

The figures provided in the following examples are hypothetical, are presented for illustrative purposes only and are not indicative of actual expenses or returns.
Example 1: Income Related Portion of Incentive Fee (*): 
General Assumptions
Hurdle rate(1) = 1.50%. 
Other expenses (legal, accounting, custodian, transfer agent, etc.)(2) = 0.20%.
The incentive fee calculated below is for a quarterly period following the date on which the value of the Company’s gross assets has first exceeded $150,000,000.(3)

Alternative 1 - Additional Assumption 
Investment income (including interest, dividends, fees, etc.) = 1.25%. 

Prior to a Liquidity Event:
Management fee(4):  None 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 1.050%. 
Pre-incentive net investment income does not exceed hurdle rate, therefore there is no incentive fee.

Following a Liquidity Event:
Management fee(5) = 0.375%. 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 0.675%. 
Pre-incentive net investment income does not exceed hurdle rate, therefore there is no incentive fee. 

Alternative 2 - Additional Assumption 
Investment income (including interest, dividends, fees, etc.) = 2.30%. 

Prior to a Liquidity Event:
Management fee(4):  None 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 2.100%. 
Incentive fee = 17.5% × pre-incentive fee net investment income, subject to the “catch-up”(6)
Incentive fee = 100% × “catch-up” + (17.5% × (pre-incentive fee net investment income – 1.82%)). 
Catch-up = 1.82% – 1.50% = 0.32% 
Incentive fee = (100% × 0.32%) + (17.5% × (2.100% – 1.82%)) 
= 0.320% + (17.5% × 0.280%) 
= 0.320% + 0.049% 
= 0.369%. 

Following a Liquidity Event:
Management fee(5) = 0.375%. 
    A-1

Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 1.725%. 
Incentive fee = 17.5% × pre-incentive fee net investment income, subject to the “catch-up”(6)
= 100% x (1.725%-1.50%)
= 0.225%. 

Alternative 3 - Additional Assumption 
Investment income (including interest, dividends, fees, etc.) = 4.00%. 

Prior to a Liquidity Event:
Management fee(4):  None 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 3.800%. 
Incentive fee = 17.5% × pre-incentive fee net investment income, subject to the “catch-up”(6)
Incentive fee = 100% × “catch-up” + (17.5% × (pre-incentive fee net investment income – 1.82%)). 
Catch-up = 1.82% – 1.50% = 0.32% 
Incentive fee = (100% × 0.32%) + (17.5% × (3.800% – 1.82%)) 
= 0.320% + (17.5% × 1.980%) 
= 0.320% + 0.3465% 
= 0.667%. 

Following a Liquidity Event:
Management fee(7) = 0.333%. 
Pre-incentive fee net investment income 
(investment income – (management fee + other expenses)) = 3.467%. 
Incentive fee = 17.5% × pre-incentive fee net investment income, subject to “catch-up”(6)
Incentive fee = 100% × “catch-up” + (17.5% × (pre-incentive fee net investment income – 1.82%)). 
Catch-up = 1.82% – 1.50%. = 0.32% 
Incentive fee = (100% × 0.32%) + (17.5% × (3.467% – 1.82%)) 
= 0.320% + (17.5% × 1.647%) 
= 0.320% + 0.288% 
= 0.608%. 
__________________________
Notes:
(*)      The hypothetical amount of pre-Incentive Fee net investment income shown is expressed as a rate of return on the value of the Company’s total Net Assets. 
(1)    Represents 6.00% annualized hurdle rate.
(2)     Excludes organizational and offering expenses.
(3)    The Adviser shall irrevocably waive its rights to receive any Incentive Fee for quarterly periods ending on or prior to the date on which the value of the Company’s gross assets first exceeds $150,000,000.
(4)    The Adviser shall irrevocably waive its rights to receive any Base Management Fee for quarterly periods ending on or prior to the date of the closing of a Liquidity Event.
(5)    Represents 1.50% annualized Base Management Fee using leverage up to 1.0x debt to equity.
(6)    The “catch-up” provision, as described in Section 3(b)(i)(A)-(C) above, is intended to provide the Adviser with an Incentive Fee of approximately 17.5% on all of the Company’s pre-Incentive Fee net investment income as if a hurdle rate did not apply when the Company’s net investment income exceeds 1.82% in any calendar quarter.  The “catch-up” portion of our pre-incentive fee net investment income is the portion that exceeds the 1.5% hurdle rate but is less than or equal to approximately 1.82% (that is, 1.5% divided by (1 – 0.175)) in any calendar quarter.
(7)    Represents a blended 1.33% annualized Base Management Fee using leverage of 2.0x debt to equity, which represents 1.50% annualized Base Management Fee on assets financed using leverage up to 1.0x debt to equity and 1.00% annualized Base Management Fee on assets financed using leverage in excess of 1.0x debt to equity.

    A-2

Example 2: Capital Gains Portion of Incentive Fee: 
Alternative 1 - Assumptions
•Year 1: $20 million investment made in Company A (“Investment A”), and $30 million investment made in Company B (“Investment B”).

•Year 2: Investment A sold for $50 million and fair market value (“FMV”) of Investment B determined to be $32 million.

•Year 3: FMV of Investment B determined to be $25 million.

•Year 4: Investment B sold for $31 million.

The capital gains portion of the incentive fee, if any, would be:

•Year 1: None.

•Year 2: $5.25 million capital gains incentive fee, calculated as follows:
$30 million realized capital gains on sale of Investment A multiplied by 17.5%.

•Year 3: None, calculated as follows: (8)
$4.375 million cumulative fee (17.5% multiplied by $25 million ($30 million cumulative capital gains less $5 million cumulative capital depreciation)) less $5.25 million (previous capital gains fee paid in Year 2).

•Year 4: $175,000 capital gains incentive fee, calculated as follows:
$5.425 million cumulative fee ($31 million cumulative realized capital gains ($30 million from Investment A and $1 million from Investment B) multiplied by 17.5%) less $5.25 million (previous capital gains fee paid in Year 2).

Alternative 2 - Assumptions 
•Year 1: $20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”).

•Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million.

•Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million.

•Year 4: FMV of Investment B determined to be $35 million.

•Year 5: Investment B sold for $20 million.

    A-3

The capital gains portion of the incentive fee, if any, would be: 
•Year 1: None.

•Year 2: $4.375 million capital gains incentive fee, calculated as follows:
17.5% multiplied by $25 million ($30 million realized capital gains on sale of Investment A less $5 million unrealized capital depreciation on Investment B). 

•Year 3: $1.225 million capital gains incentive fee, calculated as follows: 
$5.6 million cumulative fee (17.5% multiplied by $32 million ($35 million cumulative realized capital gains less $3 million unrealized capital depreciation)) less $4.375 million (previous capital gains fee paid in Year 2) 

•Year 4: $525,000 capital gains incentive fee, calculated as follows:
$6.125 million cumulative fee (17.5% multiplied by $35 million cumulative realized capital gains) less $5.6 million (previous cumulative capital gains fee paid in Year 2 and Year 3)

•Year 5: None 
$4.375 million cumulative fee (17.5% multiplied by $25 million ($35 million cumulative realized capital gains less $10 million realized capital losses)) less $6.125 million (previous cumulative capital gains fee paid in Years 2, 3 and 4).

________________
Note:  
(8)      If this Agreement is terminated on a date other than December 31 of any year, the Company may pay aggregate Capital Gains Fees that are more than the amount of such fees that would have been payable if this Agreement had been terminated on December 31 of such year.  This would occur if the FMV of an investment declined between the time this Agreement was terminated and December 31.

    A-4

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