Document:

EX-10.6

 Exhibit 10.6 

LOAN FINANCING AND SERVICING AGREEMENT 

dated as of December 21, 2021 

MSD BDC SPV I, LLC 
 as Borrower,

 MSD INVESTMENT, LLC 
 as
Equityholder and as Servicer, 
 THE LENDERS FROM TIME TO TIME PARTIES HERETO, 

DEUTSCHE BANK AG, NEW YORK BRANCH 

as Facility Agent, 
 THE OTHER
AGENTS PARTIES HERETO, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Agent and as Collateral Custodian 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  			
			
	 Section 1.1
	 	Defined Terms	  	 	1	 
	 Section 1.2
	 	Other Definitional Provisions	  	 	49	 
		
	 ARTICLE II THE FACILITY, ADVANCE PROCEDURES AND NOTES
	  			
	 Section 2.1
	 	Advances	  	 	51	 
	 Section 2.2
	 	Funding of Advances	  	 	51	 
	 Section 2.3
	 	Notes	  	 	52	 
	 Section 2.4
	 	Repayment and Prepayments	  	 	52	 
	 Section 2.5
	 	Permanent Reduction of Facility Amount	  	 	53	 
	 Section 2.6
	 	Extension of Revolving Period	  	 	53	 
	 Section 2.7
	 	Calculation of Discount Factor	  	 	53	 
	 Section 2.8
	 	Increase in Facility Amount	  	 	54	 
	 Section 2.9
	 	Defaulting Lenders	  	 	54	 
		
	 ARTICLE III YIELD, UNDRAWN FEE, ETC.
	  			
			
	 Section 3.1
	 	Yield and Undrawn Fee	  	 	55	 
	 Section 3.2
	 	Yield and Undrawn Fee Distribution Dates	  	 	55	 
	 Section 3.3
	 	Yield Calculation	  	 	56	 
	 Section 3.4
	 	Computation of Yield, Fees, Etc.	  	 	56	 
		
	 ARTICLE IV PAYMENTS; TAXES
	  			
			
	 Section 4.1
	 	Making of Payments	  	 	56	 
	 Section 4.2
	 	Due Date Extension	  	 	56	 
	 Section 4.3
	 	Taxes	  	 	56	 

  
 -i- 

							
	 ARTICLE V INCREASED COSTS, ETC.
	  			
			
	 Section 5.1
	 	Increased Costs, Capital Adequacy	  	 	60	 
		
	 ARTICLE VI EFFECTIVENESS; CONDITIONS TO ADVANCES
	  			
			
	 Section 6.1
	 	Effectiveness	  	 	62	 
	 Section 6.2
	 	Advances and Reinvestments	  	 	64	 
	 Section 6.3
	 	Transfer of Collateral Obligations and Permitted Investments	  	 	66	 
		
	 ARTICLE VII ADMINISTRATION AND SERVICING OF COLLATERAL OBLIGATIONS
	  			
			
	 Section 7.1
	 	Retention and Termination of the Servicer	  	 	67	 
	 Section 7.2
	 	Resignation and Removal of the Servicer; Appointment of Successor Servicer	  	 	67	 
	 Section 7.3
	 	Duties of the Servicer	  	 	68	 
	 Section 7.4
	 	Representations and Warranties of the Servicer	  	 	70	 
	 Section 7.5
	 	Covenants of the Servicer and Equityholder	  	 	72	 
	 Section 7.6
	 	Servicing Fees; Payment of Certain Expenses by Servicer	  	 	77	 
	 Section 7.7
	 	Collateral Reporting	  	 	77	 
	 Section 7.8
	 	Notices	  	 	77	 
	 Section 7.9
	 	Procedural Review of Collateral Obligations; Access to Servicer and Servicer’s Records	  	 	77	 
	 Section 7.10
	 	Optional Sales	  	 	78	 
	 Section 7.11
	 	Repurchase or Substitution of Warranty Collateral Obligations	  	 	80	 
	 Section 7.12
	 	Servicing of REO Assets	  	 	81	 
		
	 ARTICLE VIII ACCOUNTS; PAYMENTS
	  			
			
	 Section 8.1
	 	Accounts	  	 	82	 
	 Section 8.2
	 	Excluded Amounts	  	 	84	 
	 Section 8.3
	 	Distributions, Reinvestment and Dividends	  	 	84	 

  
 -ii- 

							
	 Section 8.4
	 	Fees	  	 	88	 
	 Section 8.5
	 	Monthly Report	  	 	88	 
		
	 ARTICLE IX REPRESENTATIONS AND WARRANTIES OF THE BORROWER
	  			
			
	 Section 9.1
	 	Organization and Good Standing	  	 	89	 
	 Section 9.2
	 	Due Qualification	  	 	89	 
	 Section 9.3
	 	Power and Authority	  	 	89	 
	 Section 9.4
	 	Binding Obligations	  	 	89	 
	 Section 9.5
	 	Security Interest	  	 	90	 
	 Section 9.6
	 	No Violation	  	 	91	 
	 Section 9.7
	 	No Proceedings	  	 	91	 
	 Section 9.8
	 	No Consents	  	 	91	 
	 Section 9.9
	 	Solvency	  	 	91	 
	 Section 9.10
	 	Compliance with Laws	  	 	91	 
	 Section 9.11
	 	Taxes	  	 	91	 
	 Section 9.12
	 	Monthly Report	  	 	92	 
	 Section 9.13
	 	No Liens, Etc.	  	 	92	 
	 Section 9.14
	 	Information True and Correct	  	 	92	 
	 Section 9.15
	 	Bulk Sales	  	 	93	 
	 Section 9.16
	 	Collateral	  	 	93	 
	 Section 9.17
	 	Selection Procedures	  	 	93	 
	 Section 9.18
	 	Indebtedness	  	 	93	 
	 Section 9.19
	 	No Injunctions	  	 	93	 
	 Section 9.20
	 	No Subsidiaries	  	 	93	 
	 Section 9.21
	 	ERISA Matters	  	 	93	 
	 Section 9.22
	 	Investment Company Status	  	 	94	 

  
 -iii- 

							
	 Section 9.23
	 	Set-Off, Etc.	  	 	94	 
	 Section 9.24
	 	Collections	  	 	94	 
	 Section 9.25
	 	Value Given	  	 	94	 
	 Section 9.26
	 	Use of Proceeds	  	 	94	 
	 Section 9.27
	 	Separate Existence	  	 	94	 
	 Section 9.28
	 	Transaction Documents	  	 	95	 
	 Section 9.29
	 	EEA/UK Financial Institution	  	 	95	 
	 Section 9.30
	 	Anti-Terrorism, Anti-Money Laundering	  	 	95	 
	 Section 9.31
	 	Anti-Bribery and Corruption	  	 	96	 
	 Section 9.32
	 	Volcker Rule	  	 	96	 
	 Section 9.33
	 	AIFMD	  	 	96	 
		
	 ARTICLE X COVENANTS
	  			
			
	 Section 10.1
	 	Protection of Security Interest of the Secured Parties	  	 	97	 
	 Section 10.2
	 	Other Liens or Interests	  	 	98	 
	 Section 10.3
	 	Costs and Expenses	  	 	98	 
	 Section 10.4
	 	Reporting Requirements	  	 	98	 
	 Section 10.5
	 	Separate Existence	  	 	98	 
	 Section 10.6
	 	Hedging Agreements	  	 	101	 
	 Section 10.7
	 	Tangible Net Worth	  	 	103	 
	 Section 10.8
	 	Taxes	  	 	103	 
	 Section 10.9
	 	Merger, Consolidation, Etc.	  	 	104	 
	 Section 10.10
	 	Deposit of Collections	  	 	104	 
	 Section 10.11
	 	Indebtedness; Guarantees	  	 	104	 
	 Section 10.12
	 	Limitation on Purchases from Affiliates	  	 	104	 
	 Section 10.13
	 	Transaction Documents	  	 	104	 

  
 -iv- 

							
	 Section 10.14
	 	Preservation of Existence	  	 	104	 
	 Section 10.15
	 	Limitation on Investments	  	 	105	 
	 Section 10.16
	 	Distributions	  	 	105	 
	 Section 10.17
	 	Performance of Borrower Assigned Agreements	  	 	105	 
	 Section 10.18
	 	Further Assurances; Financing Statements	  	 	105	 
	 Section 10.19
	 	Obligor Payment Instructions	  	 	106	 
	 Section 10.20
	 	Delivery of Collateral Obligation Files	  	 	106	 
	 Section 10.21
	 	ERISA	  	 	107	 
	 Section 10.22
	 	Risk Retention	  	 	107	 
	 Section 10.23
	 	Proceedings	  	 	109	 
	 Section 10.24
	 	Officer’s Certificate	  	 	109	 
	 Section 10.25
	 	Policies and Procedures for Sanctions	  	 	109	 
	 Section 10.26
	 	Compliance with Sanctions	  	 	109	 
	 Section 10.27
	 	Compliance with Anti-Money Laundering	  	 	110	 
	 Section 10.28
	 	Ineligible Collateral	  	 	110	 
		
	 ARTICLE XI THE COLLATERAL AGENT
	  			
			
	 Section 11.1
	 	Appointment of Collateral Agent	  	 	110	 
	 Section 11.2
	 	Monthly Reports	  	 	110	 
	 Section 11.3
	 	Collateral Administration	  	 	110	 
	 Section 11.4
	 	Removal or Resignation of Collateral Agent	  	 	114	 
	 Section 11.5
	 	Representations and Warranties	  	 	114	 
	 Section 11.6
	 	No Adverse Interest of Collateral Agent	  	 	115	 
	 Section 11.7
	 	Reliance of Collateral Agent	  	 	115	 
	 Section 11.8
	 	Limitation of Liability and Collateral Agent Rights	  	 	115	 
	 Section 11.9
	 	Tax Reports	  	 	118	 

  
 -v- 

							
	 Section 11.10
	 	Merger or Consolidation	  	 	118	 
	 Section 11.11
	 	Collateral Agent Compensation	  	 	119	 
	 Section 11.12
	 	Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations	  	 	119	 
		
	 ARTICLE XII GRANT OF SECURITY INTEREST
	  			
			
	 Section 12.1
	 	Borrower’s Grant of Security Interest	  	 	119	 
	 Section 12.2
	 	Borrower Remains Liable	  	 	121	 
	 Section 12.3
	 	Release of Collateral	  	 	121	 
		
	 ARTICLE XIII EVENTS OF DEFAULT
	  			
			
	 Section 13.1
	 	Events of Default	  	 	121	 
	 Section 13.2
	 	Effect of Event of Default	  	 	124	 
	 Section 13.3
	 	Rights upon Event of Default	  	 	124	 
	 Section 13.4
	 	Collateral Agent May Enforce Claims Without Possession of Notes	  	 	125	 
	 Section 13.5
	 	Collective Proceedings	  	 	125	 
	 Section 13.6
	 	Insolvency Proceedings	  	 	125	 
	 Section 13.7
	 	Delay or Omission Not Waiver	  	 	126	 
	 Section 13.8
	 	Waiver of Stay or Extension Laws	  	 	127	 
	 Section 13.9
	 	Limitation on Duty of Collateral Agent in Respect of Collateral	  	 	127	 
	 Section 13.10
	 	Power of Attorney	  	 	127	 
		
	 ARTICLE XIV THE FACILITY AGENT
	  			
			
	 Section 14.1
	 	Appointment	  	 	128	 
	 Section 14.2
	 	Delegation of Duties	  	 	129	 
	 Section 14.3
	 	Exculpatory Provisions	  	 	129	 
	 Section 14.4
	 	Reliance by Note Agents	  	 	129	 

  
 -vi- 

							
	 Section 14.5
	 	Notices	  	 	130	 
	 Section 14.6
	 	Non-Reliance on Note Agents	  	 	130	 
	 Section 14.7
	 	Indemnification	  	 	131	 
	 Section 14.8
	 	Successor Note Agent	  	 	131	 
	 Section 14.9
	 	Note Agents in their Individual Capacity	  	 	131	 
	 Section 14.10
	 	Borrower Audit	  	 	131	 
	 Section 14.11
	 	Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations	  	 	132	 
	 Section 14.12
	 	Erroneous Payment	  	 	132	 
		
	 ARTICLE XV ASSIGNMENTS
	  			
			
	 Section 15.1
	 	Restrictions on Assignments by the Borrower and the Servicer	  	 	134	 
	 Section 15.2
	 	Documentation	  	 	134	 
	 Section 15.3
	 	Rights of Assignee	  	 	135	 
	 Section 15.4
	 	Assignment by Lenders	  	 	135	 
	 Section 15.5
	 	Registration; Registration of Transfer and Exchange	  	 	135	 
	 Section 15.6
	 	Mutilated, Destroyed, Lost and Stolen Notes	  	 	137	 
	 Section 15.7
	 	Persons Deemed Owners	  	 	137	 
	 Section 15.8
	 	Cancellation	  	 	137	 
	 Section 15.9
	 	Participations; Pledge	  	 	138	 
	 Section 15.10
	 	Reallocation of Advances	  	 	138	 
		
	 ARTICLE XVI INDEMNIFICATION
	  			
			
	 Section 16.1
	 	Borrower Indemnity	  	 	139	 
	 Section 16.2
	 	Servicer Indemnity	  	 	139	 
	 Section 16.3
	 	Contribution	  	 	140	 
	 Section 16.4
	 	After-Tax Basis	  	 	140	 

  
 -vii- 

							
	 ARTICLE XVII MISCELLANEOUS
	  			
			
	 Section 17.1
	 	No Waiver; Remedies	  	 	140	 
	 Section 17.2
	 	Amendments, Waivers	  	 	141	 
	 Section 17.3
	 	Notices, Etc.	  	 	142	 
	 Section 17.4
	 	Costs and Expenses	  	 	142	 
	 Section 17.5
	 	Binding Effect; Survival	  	 	143	 
	 Section 17.6
	 	Captions and Cross References	  	 	143	 
	 Section 17.7
	 	Severability	  	 	143	 
	 Section 17.8
	 	GOVERNING LAW	  	 	143	 
	 Section 17.9
	 	Counterparts	  	 	143	 
	 Section 17.10
	 	WAIVER OF JURY TRIAL	  	 	143	 
	 Section 17.11
	 	No Proceedings	  	 	144	 
	 Section 17.12
	 	Limited Recourse	  	 	144	 
	 Section 17.13
	 	ENTIRE AGREEMENT	  	 	145	 
	 Section 17.14
	 	Confidentiality	  	 	145	 
	 Section 17.15
	 	Non-Confidentiality of Tax Treatment	  	 	146	 
	 Section 17.16
	 	Replacement of Lenders	  	 	146	 
	 Section 17.17
	 	Consent to Jurisdiction	  	 	147	 
	 Section 17.18
	 	Option to Acquire Rating	  	 	147	 
	 Section 17.19
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	147	 
	 Section 17.20
	 	Acknowledgement Regarding Any Supported QFCs	  	 	148	 
		
	 ARTICLE XVIII COLLATERAL CUSTODIAN
	  			
			
	 Section 18.1
	 	Designation of Collateral Custodian	  	 	149	 
	 Section 18.2
	 	Duties of the Collateral Custodian	  	 	149	 

  
 -viii- 

							
	 Section 18.3
	 	Delivery of Collateral Obligation Files	  	 	151	 
	 Section 18.4
	 	Collateral Obligation File Certification	  	 	151	 
	 Section 18.5
	 	Release of Collateral Obligation Files	  	 	152	 
	 Section 18.6
	 	Examination of Collateral Obligation Files	  	 	154	 
	 Section 18.7
	 	Lost Note Affidavit	  	 	154	 
	 Section 18.8
	 	Transmission of Collateral Obligation Files	  	 	154	 
	 Section 18.9
	 	Merger or Consolidation	  	 	155	 
	 Section 18.10
	 	Collateral Custodian Compensation	  	 	155	 
	 Section 18.11
	 	Removal or Resignation of Collateral Custodian	  	 	155	 
	 Section 18.12
	 	Limitations on Liability	  	 	156	 
	 Section 18.13
	 	Collateral Custodian as Agent of Collateral Agent	  	 	157	 

  
 -ix- 

			
	EXHIBIT A	  	Form of Note
	EXHIBIT B	  	Audit Standards
	EXHIBIT C-1	  	Form of Advance Request
	EXHIBIT C-2	  	Form of Reinvestment Request
	EXHIBIT C-3	  	Form of Electronic Asset Approval Request
	EXHIBIT C-4	  	Form of Prepayment Notice
	EXHIBIT C-5	  	Form of Electronic Asset Approval Notice
	EXHIBIT D	  	Form of Monthly Report
	EXHIBIT E	  	Form of Joinder Agreement
	EXHIBIT F-1	  	Authorized Representatives of Servicer
	EXHIBIT F-2	  	Request for Release and Receipt
	EXHIBIT F-3	  	Request for Release of Request for Release and Receipt
	EXHIBIT G-1	  	U.S. Tax Compliance Certificate (Foreign Lender - non-Partnerships)
	EXHIBIT G-2	  	U.S. Tax Compliance Certificate (Foreign Participant - non-Partnerships)
	EXHIBIT G-3	  	U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)
	EXHIBIT G-4	  	U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)
	EXHIBIT H	  	Schedule of Collateral Obligations Certification
		
	SCHEDULE 1	  	Diversity Score Calculation
	SCHEDULE 2	  	Moody’s Industry Classification Group List
	SCHEDULE 3	  	Collateral Obligations
	SCHEDULE 4	  	Credit and Collection Policy
	SCHEDULE 5	  	Account Numbers
		
	ANNEX A	  	Notice Information
	ANNEX B	  	Commitments

  
 -x- 

 LOAN FINANCING AND SERVICING AGREEMENT 

THIS LOAN FINANCING AND SERVICING AGREEMENT is made and entered into as of December 21, 2021, among MSD BDC SPV I, LLC, a Delaware
limited liability company (the “Borrower”), MSD INVESTMENT, LLC, a Maryland limited liability company, as equityholder (in such capacity, together with its successors and permitted assigns in such capacity, the
“Equityholder”), the SERVICER (as hereinafter defined), each LENDER (as hereinafter defined) FROM TIME TO TIME PARTY HERETO, the AGENTS for each LENDER GROUP (as hereinafter defined) from time to time parties hereto (each such
party, in such capacity, together with their respective successors and permitted assigns in such capacity, an “Agent”), U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent and Collateral Custodian (each as hereinafter defined), and
DEUTSCHE BANK AG, NEW YORK BRANCH, as Facility Agent (in such capacity, together with its successors and permitted assigns in such capacity, the “Facility Agent”). 

RECITALS 
 WHEREAS, the Borrower
desires that each Lender extend financing on the terms and conditions set forth herein and also desires to retain the Servicer to perform certain servicing functions related to the Collateral Obligations (as defined herein) on the terms and
conditions set forth herein; and 
 WHEREAS, each Lender desires to extend financing on the terms and conditions set forth herein and the
Servicer desires to perform certain servicing functions related to the Collateral Obligations on the terms and conditions set forth herein. 

NOW, THEREFORE, based upon the foregoing Recitals, the premises and the mutual agreements herein contained, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1 Defined Terms. As used in this Agreement, the following terms have the following meanings: 

“1940 Act” means the Investment Company Act of 1940, as amended from time to time. 

“Account” means the Unfunded Exposure Account, the Principal Collection Account and the Interest Collection Account, together
with any sub-accounts deemed appropriate or necessary by the Securities Intermediary, for convenience in administering such accounts. 

“Account Collateral” has the meaning set forth in Section 12.1(d). 

 “Account Control Agreement” means the Securities Account Control Agreement,
dated as of the Effective Date, by and among the Borrower, as pledgor, the Collateral Agent on behalf of the Secured Parties, as secured party, and the Securities Intermediary. 

“Accrual Period” means, with respect to any Distribution Date, the period from and including the Determination Date for the
immediately prior Distribution Date (or, in the case of the first Distribution Date, from and including the Effective Date) through and including the day preceding the Determination Date for such Distribution Date. 

“Adjusted Aggregate Eligible Collateral Obligation Balance” means, as of any date, the Aggregate Eligible Collateral
Obligation Amount minus the Excess Concentration Amount on such date. 
 “Advance” has the meaning set forth in
Section 2.1(a). 
 “Advance Date” has the meaning set forth in
Section 2.1(a). 
 “Advance Rate” means, with respect to any Eligible Collateral Obligation on
any date of determination, the corresponding percentage for the type of Eligible Collateral Obligation as set forth below: 
  

							
	 Type of Eligible Collateral Obligation
	  	 Priority
Leverage
Multiple

(“LM”)
	  	Advance
Rate	 
	 First Lien Loan
	  	N/A	  	 	67.5	% 
	 Senior Secured Bond
	  	N/A	  	 	65.0	% 
	 FILO Loan
	  	1.00x ≤ LM < 1.50x	  	 	60.0	% 
	 FILO Loan
	  	1.50x ≤ LM < 2.00x	  	 	55.0	% 
	 FILO Loan
	  	2.00x ≤ LM ≤ 2.50x	  	 	50.0	% 
	 DB Tranched Second Lien Loan
	  	N/A	  	 	35.0	% 
	 Second Lien Loan
	  	N/A	  	 	30.0	% 

 As used in this definition, “Priority Leverage Multiple (‘LM’)” means, with respect
to any Collateral Obligation, for the most recent relevant period of time for which the Borrower has received the financial statements of the relevant Obligor, the ratio of (i) Indebtedness of the relevant Obligor that is senior or first out in
terms of payment or lien subordination to Indebtedness of such Obligor held by the Borrower less Unrestricted Cash of the relevant Obligor to (ii) EBITDA of such Obligor. 

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

“Adverse Claim” means any claim of ownership or any Lien, title retention, trust or other charge or encumbrance, or other
type of preferential arrangement having the effect or purpose of creating a Lien, other than Permitted Liens. 
 “Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

  
 -2- 

 “Affected Person” has the meaning set forth in
Section 5.1. 
 “Affiliate” of any Person means any other Person that directly or indirectly
Controls, is Controlled by or is under common Control with such Person (excluding any trustee under, or any committee with responsibility for administering, any employee benefit plan). For the purposes of this definition, “Control” means
the possession, directly or indirectly (including through affiliated entities), of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, provision of management
services, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto. 

“Agent” has the meaning set forth in the Preamble. 

“Agent Account” means an account which is created and maintained on the books and records of the Equityholder or any of its
Affiliates (other than the Borrower) and into which the Obligor of an MSD Agented Loan is directed to remit all payments relating to the applicable Underlying Instruments. 

“Aggregate Eligible Collateral Obligation Amount” means, as of any date, the sum of the Collateral Obligation Amounts for all
Eligible Collateral Obligations. 
 “Aggregate Funded Spread” means, as of any date of determination, the sum of:
(a) in the case of each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that bears interest at a spread over a London interbank offered rate based index,
(i) the sum of (I) the stated interest rate spread on each such Collateral Obligation above such index plus (II) for each such Collateral Obligation that provides for a minimum index amount, the excess, if any, of such minimum index
amount over such index multiplied by (ii) the Collateral Obligation Amount of each such Collateral Obligation, plus (b) in the case of each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only
the required current cash pay interest thereon) that bears interest at a spread over an index other than a London interbank offered rate based index, (A) the excess for each such Collateral Obligation of the sum of such spread for each such
Collateral Obligation and such index for each such Collateral Obligation over the LIBOR Rate for such applicable period of time (which spread or excess may be expressed as a negative percentage) multiplied by (B) the Collateral
Obligation Amount of each such Collateral Obligation plus (c) in the case of each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that is a Fixed Rate
Collateral Obligation, (x) the interest rate for such Collateral Obligation minus the then-applicable LIBOR rate of a period matching the term to maturity of such Collateral Obligation multiplied by (y) the Collateral Obligation Amount of
each such Collateral Obligation. 
 “Aggregate Notional Amount” means, as of any date of determination, an amount equal to
the sum of the notional amounts or equivalent amounts of all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements, each as of such date. 

  
 -3- 

 “Aggregate Unfunded Amount” means, as of any date of determination, the sum
of the unfunded commitments and all other standby or contingent commitments associated with each Variable Funding Asset included in the Collateral as of such date. The Aggregate Unfunded Amount shall not include any commitments under Variable
Funding Assets that have expired, terminated or been reduced to zero, and shall be reduced concurrently (and upon notice thereof to the Facility Agent) with each documented reduction in commitments of the Borrower under such Variable Funding Assets.

 “Agreement” means this Loan Financing and Servicing Agreement (including each annex, exhibit and schedule hereto), as it
may be amended, restated, supplemented or otherwise modified from time to time. 
 “AIF” has the meaning given to the term
under the AIFMD and/or UK AIFM Regulations as relevant. 
 “AIFM” has the meaning given to the term under the AIFMD and/or
UK AIFM Regulations as relevant. 
 “AIFMD” means (a) Directive 2011/61/EU of the European Parliament and of the
Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, as the same may be amended, supplemented, superseded or re-adopted from time to time (whether with or without qualification) and (b) any applicable law of a member state of the European Union implementing the AIFMD. 

“Alternate Base Rate” means a fluctuating rate per annum as shall be in effect from time to time, which rate shall be
at all times equal to the highest of: 
 (a) the rate of interest announced publicly by DBNY in New York, New York, from time to time as
DBNY’s base commercial lending rate; 
 (b) 1⁄2 of
one percent above the Federal Funds Rate; and 
 (c) 0. 

“Amount Available” means, with respect to any Distribution Date, the sum of (a) the amount of Collections with respect
to the related Collection Period (excluding any Collections necessary to settle the acquisition of Eligible Collateral Obligations), plus (b) any investment income earned on amounts on deposit in the Collection Account since the
immediately prior Distribution Date (or since the Effective Date in the case of the first Distribution Date). 
 “Anti-Bribery and
Corruption Laws” has the meaning set forth in Section 9.31(a). 
 “Anti-Money Laundering
Laws” has the meaning set forth in Section 9.30(b). 
 “Applicable Banking Law” means,
for any Person, all existing and future laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to anti-bribery and corruption, the funding of
terrorist activities and money laundering, including the Anti-Money Laundering Laws, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, other applicable anti-bribery and corruption legislation, and Section 326 of the USA Patriot Act.

  
 -4- 

 “Applicable Conversion Rate” means, with respect to Euros or CADs
(x) for an actual currency exchange, the applicable currency Dollar spot rate obtained by the Servicer through customary banking channels, including the Collateral Agent’s own banking facilities or (y) for all other purposes, the
applicable currency Dollar spot rate that appeared on the Bloomberg screen for such currency (i) if such date is a Determination Date, at the end of such day or (ii) otherwise, at the end of the immediately preceding Business Day. 

“Applicable Exchange Rate” means with respect to any Collateral Obligation denominated and payable in Euros or CADs on any
day, the lesser of (a) the applicable currency Dollar spot rate used by the Borrower (as determined by the Servicer) to acquire such currency on the related Cut Off Date and (b) the Applicable Conversion Rate for such currency. 

“Applicable Law” means, for any Person, all existing and future laws, rules, regulations (including temporary and final
income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Official Body applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders of
any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 

“Applicable Margin” means (x) prior to the end of the Revolving Period, 2.15% per annum and (y) from and after the
end of the Revolving Period, 2.275% per annum; provided that after the occurrence of any Event of Default, the Applicable Margin shall be increased by 2.00% per annum. 

“Appraised Value” means, with respect to any Asset Based Loan, the most recently calculated appraised value of the pro
rata portion of the underlying collateral securing such Collateral Obligation as determined by an Approved Valuation Firm. 

“Approved Valuation Firm” means, with respect to any Collateral Obligation, any valuation firm either (a) specified on
the related Asset Approval Request or Reinvestment Request and approved by the Facility Agent and the Borrower or (b) otherwise approved in writing by the Facility Agent in its sole discretion. 

“Asset Approval Notice” means an electronic notice containing the information from Exhibit
C-5 and that provides the approval of the Facility Agent, in its sole discretion, to the acquisition (or incremental pledge) of one or more Collateral Obligations. 

“Asset Approval Request” means an electronic notice to the Facility Agent in the form of an email that (a) either (i) is
in the form of Exhibit C-3 or (ii) notifies the Facility Agent that the information required by Exhibit C-3 has been posted to the relevant data site
and (b) requests the approval of the Facility Agent, in its sole discretion, of one or more Collateral Obligations. 
 “Asset
Based Loan” means any Loan where (i) the underwriting of such Loan was based primarily on the appraised value of the assets securing such Loan and (ii) advances in respect of such Loan are governed by a borrowing base relating to
the assets securing such Loan. 

  
 -5- 

 “Asset Coverage Ratio” means the ratio, determined on a consolidated basis
based on the quarterly financial statements and/or annual financial statements, as applicable, of the Servicer, without duplication, of (a) the fair market value of the total assets of the Servicer and its consolidated Subsidiaries as required
by, and as determined in accordance with, GAAP and Applicable Law and any orders of the Securities and Exchange Commission issued to the Servicer, to be determined by the board of directors of the Servicer and reviewed by its auditors on a quarterly
basis, less all liabilities (other than Indebtedness, including Indebtedness hereunder) of the Servicer and its consolidated Subsidiaries, to (b) the aggregate amount of Indebtedness of the Servicer and its consolidated Subsidiaries, in each
case as determined pursuant to the 1940 Act and any orders of the Securities and Exchange Commission issued to or with respect to the Servicer thereunder, including any exemptive relief granted by the Securities and Exchange Commission with respect
to the indebtedness of any Subsidiary for purposes of the calculation of such ratio under the 1940 Act. 
 “Attaching Leverage
Multiple” means, with respect to any Collateral Obligation for the most recent relevant period of time for which the Borrower has received the financial statements of the relevant Obligor, the ratio of (i) Indebtedness of the relevant
Obligor that is senior in terms of payment or lien subordination to Indebtedness of such Obligor held by the Borrower less Unrestricted Cash of the relevant Obligor to (ii) EBITDA of such Obligor. 

“Assigned Participation Interest” means a Participation Interest in a loan acquired by the Equityholder from affiliated funds
of the Equityholder, and in turn acquired by the Borrower from the Equityholder under the Sale Agreement. 
 “Average Life”
means, as of any day with respect to any Collateral Obligation, the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded up to the nearest one hundredth thereof) from such day to the
respective dates of each successive Scheduled Collateral Obligation Payment of principal on such Collateral Obligation (assuming, for purposes of this definition, the full exercise of any option to extend the maturity date or otherwise lengthen the
maturity schedule that is exercisable without the consent of the Borrower) multiplied by (b) the respective amounts of principal of such Scheduled Collateral Obligation Payments by (ii) the sum of all successive Scheduled Collateral
Obligation Payments of principal on such Collateral Obligation. 
 “Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

  
 -6- 

 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C.
§ 101, et seq., as amended. 
 “Base Rate” for any Advance means a rate per annum equal to
the LIBOR Rate for such Advance or portion thereof; provided, that in the case of 
 (a) any day on or after the first day on which a Lender
shall have notified the Facility Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Official Body asserts that it is unlawful, for such Lender to fund
such Advance at the Base Rate set forth above (and such Lender shall not have subsequently notified the Facility Agent that such circumstances no longer exist), or 

(b) any period in the event the LIBOR Rate is not reasonably available to any Lender for such period, 

subject to Section 17.2, the “Base Rate” shall be a floating rate per annum equal to the Alternate Base Rate in
effect on each day of such period. 
 “Basel III Regulation” means, with respect to any Affected Person, any rule,
regulation or guideline applicable to such Affected Person and arising directly or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision of the Bank of International Settlements:
(i) Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011), (iii) Basel III: The
Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any document supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline
or pronouncement (whether or not having the force of law) of any governmental authority implementing, furthering or complementing any of the principles set forth in the foregoing documents of strengthening capital and liquidity, in each case as from
time to time amended, restated, supplemented or otherwise modified. Without limiting the generality of the foregoing, “Basel III Regulation” shall include Part 6 of the European Union regulation 575/2013 on prudential requirements
for credit institutions and investment firms (the “CRR”) and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial
Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published in May 2018 to comply with the Financial Crimes Enforcement
Network customer due diligence rules. 
 “Beneficial Ownership Regulation” means 31 C.F.R. §1010.230. 

“Benefit Plan Investor” means (a) any “employee benefit plan” (as defined in Section 3(3) of Title I of
ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) any “plan” as defined in Section 4975(e) of the Code that is subject to Section 4975 of the Code, (c) any governmental or other
plan or arrangement that is not subject to ERISA or to Section 4975 of the Code but is subject to any law or restriction substantially similar to Section 406 of ERISA or Section 4975 of the Code or (d) any entity whose underlying
assets include “plan assets” of the foregoing employee benefit plans or plans (within the meaning of the DOL Regulations or otherwise). 

  
 -7- 

 “BHC Act Affiliate” of a party means an “affiliate” (as such term
is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 
 “Borrower” has the meaning set
forth in the Preamble. 
 “Borrower Assigned Agreements” has the meaning set forth in
Section 12.1(c). 
 “Borrowing Base” means, as of any date of determination, (i) the product
of the lower of (a) the Weighted Average Advance Rate and (b) the Maximum Portfolio Advance Rate multiplied by the Adjusted Aggregate Eligible Collateral Obligation Balance plus (ii) the amount of Principal
Collections on deposit in the Principal Collection Account minus (iii) the Aggregate Unfunded Amount plus (iv) the amount on deposit in the Unfunded Exposure Account. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York
or the city in which the offices of the Collateral Agent or Collateral Custodian are located are authorized or obligated by law, executive order or government decree to remain closed; provided that, when used in connection with the LIBOR
Rate, the term “Business Day” shall also exclude any day on which dealings in deposits in Dollars are not carried out in the London interbank market. All references to any “day” or any particular day of any “calendar
month” shall mean a calendar day unless otherwise specified. 
 “CAD” means the lawful money of Canada. 

“Capital Call Line” has the meaning set forth in Section 7.4(q). 

“Capped Fees/Expenses” means, at any time, the Collateral Agent Fees and Expenses and the Collateral Custodian Fees and
Expenses, in an aggregate amount not to exceed $100,000 in any calendar year. 
 “Cause” means, with respect to an
Independent Manager, (i) acts or omissions by such Independent Manager that constitute willful disregard of such Independent Manager’s duties as set forth in the Borrower’s Constituent Documents, (ii) that such Independent
Manager has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Manager, (iii) that such Independent Manager is unable to perform his or her duties
as Independent Manager due to death, disability or incapacity, or (iv) that such Independent Manager no longer meets the definition of “Independent Manager”. 

“Change of Control” means any of (a) the Equityholder shall no longer be the sole equityholder of the Borrower (free and
clear of any liens), (b) any “assignment” (as defined in Section 202(a)(1) of the Investment Advisors Act of 1940) of either (i) the related investment management agreement by the Investment Manager or (ii) the ownership
interests of the Investment Manager and (c) the Investment Manager is no longer the investment manager of the Borrower and the Equityholder. 

  
 -8- 

 “Charges” means (i) all federal, state, county, city, municipal,
local, foreign or other governmental Taxes (including Taxes owed to the PBGC at the time due and payable); (ii) all levies, assessments, charges, or claims of any governmental entity or any claims of statutory lienholders, the nonpayment of
which could give rise by operation of law to a Lien on the Collateral Obligations or any other property of the Borrower and (iii) any such taxes, levies, assessment, charges or claims which constitute a Lien or encumbrance on any property of
the Borrower. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” has the meaning set forth in Section 12.1. 

“Collateral Agent” means U.S. Bank National Association, solely in its capacity as collateral agent hereunder, together with
its successors and permitted assigns in such capacity. 
 “Collateral Agent and Collateral Custodian Fee Letter” means that
certain letter agreement among the Collateral Agent, the Collateral Custodian and the Borrower and hereby acknowledged by the Servicer and the Facility Agent, as the same may be amended, supplemented or otherwise modified by the parties thereto with
the consent of the Facility Agent. 
 “Collateral Agent Fees and Expenses” has the meaning set forth in
Section 11.11. 
 “Collateral Custodian” means U.S. Bank National Association, solely in its
capacity as collateral custodian, together with its successors and permitted assigns in such capacity. 
 “Collateral Custodian Fees
and Expenses” has the meaning set forth in Section 18.10. 
 “Collateral Database” has
the meaning set forth in Section 11.3(a)(i). 
 “Collateral Obligation” means a Loan, a Senior
Secured Bond or a Participation Interest owned by the Borrower, excluding the Retained Interest thereon. 
 “Collateral Obligation
Amount” means for any Collateral Obligation, as of any date of determination, an amount equal to the product of (i) the Discount Factor of such Collateral Obligation at such time multiplied by (ii) the Principal Balance of
such Collateral Obligation at such time; provided, that if the Effective LTV of any Asset Based Loan exceeds (as of such date of determination) the limit for the applicable Loan type set forth below, then the Principal Balance component of
“Collateral Obligation Amount” of such Collateral Obligation will be automatically (and without any action by the Facility Agent) reduced by the amount necessary to cause such Collateral Obligation to comply with the applicable limit set
forth below: 
  

					
	 Asset Based Loan Type (by collateral source)
	  	Effective LTV Limit	 
	 working capital
	  	 	90	% 
	 fixed assets
	  	 	75	% 
	 intellectual property
	  	 	60	% 

 The Collateral Obligation Amount of any Collateral Obligation that ceases to be or otherwise is not an
Eligible Collateral Obligation shall be zero. 

  
 -9- 

 “Collateral Obligation File” means, with respect to each Collateral
Obligation as identified on the related Document Checklist, in each case in English, (i)(A) if the Collateral Obligation includes a note, (x) an original, executed copy of the related promissory note, or (y) in the case of a lost
promissory note, a copy of the executed underlying promissory note accompanied by an original executed affidavit and indemnity endorsed by the Borrower or the prior holder of record either in blank or to the Collateral Agent, in each case with
respect to clause (x) or clause (y) with an unbroken chain of endorsements from each prior holder of such promissory note to the Borrower or to the Collateral Agent, or in blank, or (B) in the case of a noteless Collateral Obligation,
a copy of each executed document or instrument evidencing the assignment of such Collateral Obligation to the Borrower, (ii) paper or electronic copies of the related loan agreement, guaranty, security agreement, intercreditor agreement or any
other material agreement (as determined by the Servicer in its reasonable discretion), (iii) paper or electronic copies of the file-stamped (or the electronic equivalent of) UCC financing statements and
continuation statements (including amendments or modifications thereof) authorized by the Obligor thereof or by another Person on the Obligor’s behalf in respect of such Collateral Obligation or evidence that such financing statements have been
submitted for filing, in each case only to the extent reasonably available to the Servicer, and (iv) any other document included on the related Document Checklist that is reasonably requested by any Agent and reasonably available to the
Servicer. 
 “Collateral Obligation Schedule” means the list of Collateral Obligations set forth on
Schedule 3, as the same may be updated by the Borrower (or the Servicer on behalf of the Borrower) from time to time. 

“Collateral Quality Tests” means, collectively or individually as the case may be, the Minimum Diversity Test, the Minimum
Weighted Average Spread Test, the Minimum Weighted Average Coupon Test and the Maximum Weighted Average Life Test. 
 “Collection
Account” means, collectively, the Principal Collection Account and the Interest Collection Account. 
 “Collection
Period” means, with respect to the first Distribution Date, the period from and including the Effective Date to and including the Determination Date preceding the first Distribution Date; and thereafter, the period from but excluding the
Determination Date preceding the previous Distribution Date to and including the Determination Date preceding the current Distribution Date. 

“Collections” means the sum of all Interest Collections and all Principal Collections received with respect to the
Collateral. 
 “Commitment” means, for each Lender, (a) prior to the Facility Termination Date, the commitment of such
Lender to make Advances to the Borrower in an amount not to exceed, in the aggregate, the amount set forth opposite such Lender’s name on Annex B or pursuant to the assignment executed by such Lender and its assignee(s) and delivered pursuant
to Article XV or pursuant to a Joinder Agreement executed and delivered pursuant to Article XV (as such Commitment may be reduced as set forth in Section 2.5 or increased as set forth in
Section 2.8), and (b) on and after the earlier to occur of (i) the Facility Termination Date and (ii) the end of the Revolving Period, such Lender’s pro rata share of all Advances outstanding.

  
 -10- 

 “Connection Income Taxes” means Other Connection Taxes that are imposed on
or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Constituent
Documents” means, for any Person, its constituent or organizational documents, including: (a) in the case of any limited partnership, joint venture, trust or other form of business entity, the limited partnership agreement, joint
venture agreement, articles of association or other applicable certificate or agreement of registration or formation and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation with the secretary of
state or other department in the state or jurisdiction of its formation; (b) in the case of any limited liability company, the certificate or articles of formation and operating agreement for such Person; (c) in the case of a corporation
or exempted company, the certificate or articles of incorporation or association and the bylaws for such Person or its memorandum and articles of association; and (d) in the case of any trust, the trust deed, declaration of trust or equivalent
establishing such trust, in each such case as it may be restated, modified, amended or supplemented from time to time. 
 “Corporate
Trust Office” means the applicable designated corporate trust office of the Collateral Agent or the Collateral Custodian, as applicable, specified on Annex A hereto, or such other address within the United States as it may designate
from time to time by notice to the Facility Agent. 
 “Covered Entity” means any of the following: 

(a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); 

(b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or 

(c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

“Covered Party” has the meaning set forth in Section 17.20. 

“Credit and Collection Policy” means the credit and collection policies and practices (including underwriting parameters) of
the Servicer relating to Collateral Obligations set forth as Schedule 4, as the same may be modified, amended or supplemented from time to time in compliance with Section 7.5(j). 

“Critical Component” means, in respect of a weapons system referred to in the definition of Prohibited Defense Asset, a
component used specifically in the production of the weapons system or plays a direct role in the lethality of the weapons system. 

“Cut-Off Date” means, with respect to each Collateral Obligation, the date such
Collateral Obligation becomes part of the Collateral. 
 “DBNY” means Deutsche Bank AG, New York Branch, and its
successors. 

  
 -11- 

 “DB Tranched Second Lien Loan” means any portion of a Loan that is deemed
by the Facility Agent to be not a First Lien Loan and is synthetically tranched as such by the Facility Agent. 
 “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“Defaulted Collateral Obligation” means any Collateral Obligation as to which any one of the following events has occurred:

 (a) any Scheduled Collateral Obligation Payment or part thereof is unpaid more than the shorter of (i) two (2) Business Days beyond
the grace period (if any) permitted by the related Underlying Instrument and (ii) five (5) Business Days past the applicable due date; 

(b) an Insolvency Event occurs with respect to the Obligor thereof (unless the related Loan is a DIP Loan); 

(c) the occurrence of a default as to the payment of principal, interest and/or unutilized/commitment fees (as applicable) has occurred and is
continuing for longer than the shorter of (i) two (2) Business Days beyond the grace period (if any) permitted by the related underlying instrument and (ii) five (5) Business Days past the applicable due date with respect to another debt
obligation of the same Obligor secured by the same collateral which is either (x) full recourse or (y) senior to or pari passu with in right of payment to such Collateral Obligation and, in the case of this clause (y), is in
an amount in excess of $100,000; 
 (d) such Collateral Obligation has (x) a rating by Standard & Poor’s of “CC”
or below or “SD” or (y) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or, in each case, had such ratings before they were withdrawn by Standard & Poor’s or
Moody’s, as applicable, unless the related Loan is a DIP Loan; 
 (e) a Responsible Officer of the Servicer or the Borrower has actual
knowledge that such Collateral Obligation is pari passu or junior in right of payment as to the payment of principal and/or interest to another debt obligation of the same Obligor which has (i) a rating by Standard & Poor’s
of “CC” or below or “SD” or (ii) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD”, and in each case such other debt obligation remains outstanding
(provided that both the Collateral Obligation and such other debt obligation are full recourse obligations of the applicable Obligor); 

(f) a Responsible Officer of the Servicer or the Borrower has received notice or has actual knowledge that a default has occurred under the
Underlying Instruments, any applicable grace period has expired and the holders of such Collateral Obligation have accelerated the repayment of such Collateral Obligation (but only until such default is cured or waived) in the manner provided in the
Underlying Instruments; 
 (g) with respect to any Related Collateral Obligation, an Affiliate of the Borrower that owns the related Variable
Funding Asset fails to comply with any funding obligation under such Variable Funding Asset; or 

  
 -12- 

 (h) (i) the Servicer determines, in its sole discretion, in accordance with the Credit
and Collection Policy, that all or a portion of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status or (ii) the Borrower or the Equityholder
makes a realized loss or write-down on such Collateral Obligation in the Borrower’s or the Equityholder’s financial statements. 

“Defaulting Lender” means any Lender that (i) has failed to fund any portion of the Advances required to be funded by it
hereunder within one (1) Business Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay to the Facility Agent, the Collateral Agent or any other Lender any other amount required to be paid by it hereunder
to such applicable Person within three (3) Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Servicer, the Facility Agent, any Agent, the Collateral Agent or
any other Lender that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under
this Agreement or generally under other agreements in which it commits or is obligated to extend credit, (iv) has failed, within one (1) Business Day after request by the Facility Agent or the Borrower, to confirm that it will comply with
the terms of this Agreement relating to its obligations to fund Advances under this Agreement, or (v) has (or has a parent company) become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding or become the subject
of a Bail-in Action, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment. 
 “Deferrable Collateral Obligation” means a Collateral Obligation that by its terms permits
the deferral or capitalization of payment of accrued and unpaid interest, excluding, however, any Collateral Obligation that provides for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest
required to be paid in cash under the terms of the related Underlying Instruments results in the outstanding principal amount of such Collateral Obligation having an effective rate of current interest paid in cash on such day of not less than
(i) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 6.00% per annum or (ii) otherwise, 5.00% per annum over the applicable index rate. 

“Determination Date” means the last calendar day of each month, or if such day is not a Business Day, the next succeeding
Business Day. 
 “DIP Loan” means any Loan made to a
debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and
fully secured by senior Liens. 
 “Discount Factor” means, with respect to each Collateral Obligation and as of any date of
determination, the value (expressed as a percentage of par) of such Collateral Obligation as determined by the Facility Agent in its sole discretion in accordance with Section 2.7. 

“Distribution Date” means the 15th calendar day of each month, or if such date is not a Business Day, the next succeeding
Business Day, commencing in the first full calendar month after the Effective Date. 

  
 -13- 

 “Diversity Score” means, as of any day, a single number that indicates
collateral concentration in terms of both issuer and industry concentration, calculated as set forth in Schedule 1 hereto, as such diversity scores shall be updated at the option of the Facility Agent in its sole discretion
if Moody’s publishes revised criteria. 
 “Document Checklist” means an electronic or hard copy list delivered by the
Borrower (or by the Servicer on behalf of the Borrower) to the Collateral Custodian that identifies each of the documents that have been included in or may be requested by any Agent to be included in each Collateral Obligation File whether such
document is an original or a copy and whether a hard copy or electronic copy will be delivered to the Collateral Custodian related to a Collateral Obligation and includes the name of the Obligor with respect to such Collateral Obligation, in each
case as of the related Funding Date. 
 “DOL Regulations” means regulations promulgated by the U.S. Department of Labor at
29 C.F.R. § 2510.3 101, as modified by Section 3(42) of ERISA, and at 29 C.F.R. § 2550.401c-1. 

“Dollar(s)” and the sign “$” mean lawful money of the United States of America. 

“EBITDA” means, with respect to any period and any Collateral Obligation, the meaning of “EBITDA,” “Adjusted
EBITDA” or any comparable definition in the Underlying Instruments for each such Collateral Obligation. In any case that “EBITDA,” “Adjusted EBITDA” or such comparable definition is not defined in such Underlying
Instruments, an amount, for the related Obligor and any of its parents or Subsidiaries that are obligated with respect to such Collateral Obligation pursuant to its Underlying Instruments (determined on a consolidated basis without duplication in
accordance with GAAP) equal to earnings from continuing operations for such period plus interest expense, income taxes, depreciation, amortization and, to the extent approved by the Facility Agent on a Collateral Obligation by Collateral Obligation
basis, any other non-cash charges and organization costs deducted in determining earnings from continuing operations for such period, and, to the extent approved by the Facility Agent in the related Asset
Approval Notice, costs and expenses reducing earnings and other extraordinary non-recurring costs and expenses for such period (to the extent deducted in determining earnings from continuing operations for
such period). 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any
EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

  
 -14- 

 “Effective Advance Rate” means, as of any date of determination,
(a) the aggregate principal amount of all Advances outstanding on such date divided by (b) the sum of (i) the Adjusted Aggregate Eligible Collateral Obligation Balance (net of all Discount Factors) on such date plus
(ii) the amount of Principal Collections on deposit in the Principal Collection Account on such date minus (iii) the Aggregate Unfunded Amount on such date plus (iv) the amount on deposit in the Unfunded Exposure Account
on such date. 
 “Effective Date” has the meaning set forth in Section 6.1. 

“Effective Equity” means, as of any day, the greater of (x) the sum of the Collateral Obligation Amounts of all Eligible
Collateral Obligations plus the amount of Principal Collections on deposit in the Principal Collection Account minus the outstanding principal amount of all Advances and (y) $0. 

“Effective LTV” means, with respect to any Asset Based Loan as of any date of determination, the result, expressed as a
percentage, of (i) the Principal Balance of such Collateral Obligation divided by (ii) the Appraised Value of such Collateral Obligation as of such date. 

“Eligible Account” means (i) a segregated trust account or (ii) a segregated direct deposit account, in each case,
maintained with a securities intermediary or trust company organized under the laws of the United States of America, or any of the States thereof, or the District of Columbia, having a certificate of deposit, short term deposit or commercial paper
rating of at least A-1 by Standard & Poor’s and P-1 by Moody’s. In either case, such depository institution or trust company shall have been approved
by the Facility Agent, acting in its reasonable discretion, by written notice to the Servicer. DBNY and U.S. Bank National Association are deemed to be acceptable securities intermediaries to the Facility Agent. 

“Eligible Collateral Obligation” means, on any Measurement Date, each Collateral Obligation that satisfies the following
conditions (unless otherwise added or waived by the Facility Agent in its sole discretion in the related Asset Approval Notice): 
 (a) the
Facility Agent in its sole discretion has delivered an Asset Approval Notice with respect to such Collateral Obligation which has been acknowledged and agreed by the Borrower; 

(b) as of the related Cut-Off Date such Collateral Obligation is not a Defaulted Collateral Obligation;

 (c) such Collateral Obligation is not an Equity Security and is not convertible into an Equity Security at the option of the applicable
Obligor or any Person other than the Borrower; 
 (d) such Collateral Obligation is not a Structured Finance Obligation; 

(e) such Collateral Obligation is denominated in an Eligible Currency and is not convertible by the Obligor thereof into any currency other
than an Eligible Currency; 

  
 -15- 

 (f) such Collateral Obligation is not a single-purpose real estate based loan (unless the
related real estate is a hotel, casino or other operating company), a construction loan or a project finance loan; 
 (g) such Collateral
Obligation is not a lease (including a financing lease); 
 (h) if such Collateral Obligation is a Deferrable Collateral Obligation, it
provides for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the related Underlying Instruments results in the outstanding principal
amount of such Collateral Obligation having an effective rate of current interest paid in cash on such day of not less than (i) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 5.00% or (ii) otherwise, 4.00%
per annum over the applicable index rate; 
 (i) if such Collateral Obligation is a Related Collateral Obligation, the applicable
Affiliate of the Borrower, Servicer or Equityholder has provided evidence satisfactory to the Facility Agent in its sole discretion that such Person has sufficient liquidity to meet the funding obligations of the related Variable Funding Asset; 

(j) such Collateral Obligation is not incurred or issued in connection with a merger, acquisition, consolidation, sale of all or substantially
all of the assets of a Person, restructuring or similar transaction, which obligation or security by its terms is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (other
than any additional borrowing or refinancing if one or more financial institutions has provided the issuer of such obligation or security with a binding written commitment to provide the same, so long as (i) such commitment is equal to the
outstanding principal amount of such Collateral Obligation and (ii) such committed replacement facility has a maturity of at least one year and cannot be extended beyond such one year maturity pursuant to the terms thereof); 

(k) such Collateral Obligation is not a trade claim and the value of such Collateral Obligation is not primarily derived from an insurance
policy; 
 (l) such Collateral Obligation is not a bond (other than a Senior Secured Bond) or a Floating Rate Note; 

(m) the Obligor with respect to such Collateral Obligation is an Eligible Obligor; 

(n) such Collateral Obligation is not a purpose credit, advanced for the acquisition of Margin Stock; 

(o) such Collateral Obligation is not a security or swap transaction that has payments associated with either payments of interest on and/or
principal of a reference obligation or the credit performance of a reference obligation; 
 (p) such Collateral Obligation provides for the
periodic payment of cash interest; 

  
 -16- 

 (q) (i) if such Collateral Obligation is not a Second Lien Loan, it has a term to
stated maturity that does not exceed seven (7) years or (ii) if such Collateral Obligation is a Second Lien Loan, it has a term to stated maturity that does not exceed eight (8) years; 

(r) such Collateral Obligation is not subject to substantial non-credit related risk, as determined by
the Servicer in accordance with the Servicing Standard; 
 (s) the acquisition of such Collateral Obligation will not cause the Borrower to
be deemed to own 5.0% or more of any class of vested voting securities of any Obligor or 25.0% or more of the total equity of any Obligor or any securities that are immediately convertible into or immediately exercisable or exchangeable for 5.0% or
more of any class of vested voting securities of any Obligor or 25.0% or more of the total equity of any Obligor, in each case as determined by the Servicer; 

(t) the Underlying Instrument for which does not contain confidentiality provisions that restrict the ability of the Facility Agent to exercise
its rights under the Transaction Documents, including, without limitation, its rights to review such debt obligation or Participation Interest, the Underlying Instrument and related documents and credit approval file; provided,
however, that a provision which requires the prospective recipient of confidential information to maintain the confidentiality of such information shall not be deemed to restrict the exercise of such rights; 

(u) the acquisition of which is not in violation of Regulations T, U or X of the FRS Board; 

(v) such Collateral Obligation is capable of being transferred to and owned by the Borrower (whether directly or by means of a security
entitlement) and of being pledged, assigned or novated by the owner thereof or of an interest therein, subject to customary qualifications for instruments similar to such Collateral Obligation (i) to the Facility Agent, (ii) to any
assignee of the Facility Agent permitted or contemplated under this Agreement, (iii) to any Person at any foreclosure or strict foreclosure sale or other disposition initiated by a secured creditor in furtherance of its security interest, and
(iv) to commercial banks, financial institutions, offshore and other funds (in each case, including transfer permitted by operation of the UCC); 

(w) the proceeds of such Collateral Obligation will not be used to finance activities of the type engaged in by businesses classified under
NAICS Codes 2361 (Residential Building Construction), 2362 (Nonresidential Building Construction), 2371 (Utility System Construction), or 2372 (Land Subdivision); 

(x) the Related Security for such Collateral Obligation is primarily located in the United States; 

(y) if such Collateral Obligation is or has been (in the case of a rating that was previously withdrawn) rated by Standard &
Poor’s or Moody’s, such Collateral Obligation does not have either (x) a public rating by Standard & Poor’s of “CCC-” or below (or such rating previously withdrawn) or
(y) a Moody’s probability of default rating (as published by Moody’s) of “Caa3” or below (or such rating previously withdrawn); 

  
 -17- 

 (z) such Collateral Obligation is not the subject of an offer, exchange or tender by the
related Obligor related to a material negative credit event, as determined by the Servicer in its reasonable discretion and certified to the Facility Agent in writing; 

(aa) if such Collateral Obligation is a Participation Interest (other than an Assigned Participation Interest), the seller thereof has
(x) long-term unsecured ratings of at least “Baa1” by Moody’s and “BBB+” by S&P and (y) short-term unsecured ratings of at least “A-1” by S&P and “P-1” by Moody’s; 
 (bb) if such Collateral Obligation is an Assigned Participation
Interest, such Assigned Participation Interest has been elevated to a full assignment by the date that is forty-five (45) days after the Effective Date; 

(cc) if such Collateral Obligation is an Asset Based Loan, the related Underlying Instruments require delivery of a calculation of each related
borrowing base in reasonable detail to each lender not less frequently than monthly; 
 (dd) such Collateral Obligation does not have an
Obligor in a Prohibited Industry; 
 (ee) the proceeds of such Collateral Obligation will not be used to finance activities within the
marijuana industry or the opioid industry, the sale of firearms or any other defense equipment, the development of adult entertainment, any form of betting and gambling or the making or collection of pay day loans, nor will they be used to provide
financing to any other industry which is illegal under Applicable Law at the time of acquisition of such Collateral Obligation; and 
 (ee)
the relevant Obligor has a total EBITDA for the last four consecutive reported fiscal quarters (or, at the election of the Servicer and with the consent of the Facility Agent, calculated on an annualized basis based on the last reported fiscal
quarter) of at least $10,000,000. 
 “Eligible Currency” means CAD, Euros and Dollars. 

“Eligible Jurisdiction” means any of the United States or any State thereof, Canada, the United Kingdom, Australia, Germany,
France, the Netherlands, Luxembourg, Spain, Switzerland, Sweden, Norway. 
 “Eligible Obligor” means, on any day, any
Obligor that (i) is a Person (other than a natural person) that is duly organized and validly existing under the laws of an Eligible Jurisdiction, (ii) is a legal operating entity or holding company, (iii) is not an Official Body,
(iv) is not insolvent, (v) is required to pay all maintenance, repair, insurance and taxes related to the related Collateral Obligation, (vi) is not an Affiliate of, or controlled by, the Borrower, the Servicer or the Equityholder and
(v) is not a Non-Sustainable Obligor. 
 “Enterprise Value Loan” means any
Loan that is not an Asset Based Loan. 

  
 -18- 

 “Environmental Laws” means any and all foreign, federal, state and local
laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, interpretations and orders of courts or any other Official Body, relating to the protection of human health or the environment, including requirements pertaining to the
manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. Environmental Laws include the Comprehensive Environmental
Response, Compensation, and Liability Act (42 U.S.C. § 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the Resource Conservation and Recovery Act (42 U.S.C.
§ 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C.
§ 2601 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and
the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), and the rules and regulations thereunder, each as amended or supplemented from time to time. 

“Equity Cure Notice” means a notice from the Borrower to the Facility Agent which satisfies each of the following conditions:

 (a) such notice is delivered to the Facility Agent not later than two (2) Business Days after the occurrence of an
event specified in Section 13.1(e) or Section 13.1(r); 
 (b) such notice
sets forth evidence that (x) (i) the Equityholder has made a capital call on its investors in an aggregate amount sufficient to cure the event(s) specified in clause (a) of this definition, (ii) the investors are obligated to fund
such capital call, (iii) the proceeds of the capital call may be used for the purpose of such cure, and (iv) the proceeds of such capital call will be contributed directly or indirectly to the Borrower or (y) the Equityholder has
other sources of funds (including from proceeds of borrowings under one or more credit facilities) sufficient to cure the relevant event and the proceeds thereof will be contributed directly or indirectly to the Borrower; and 

(c) no other Equity Cure Notice has been delivered within the previous six (6) calendar months; 

provided that, no Equity Cure Notice may be delivered if, with respect to any prior capital call duly made by the Equityholder in accordance with the
terms of its constituent documents, the Equityholder shall have received by the applicable due date (after all applicable grace periods elapsed) less than 90% (measured as a percentage of the aggregate amount of such capital call) of such capital
call; provided, further, that the Equityholder shall provide prompt written notice to the Facility Agent of the occurrence of the foregoing; provided, further, that no Equity Cure Notice may be delivered if the
Equityholder, pursuant to the terms of its Constituent Documents, shall no longer be able to call capital from its investors. 

“Equity Security” means any asset that is not a First Lien Loan, a FILO Loan, DB Tranched Second Lien Loan, a Second Lien
Loan, a Senior Secured Bond or Permitted Investment. 
 “Equityholder” has the meaning set forth in the Preamble. 

  
 -19- 

 “Equityholder Originated Collateral Obligation” has the meaning set forth
in Section 10.22(c). 
 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974,
as amended from time to time, including all regulations promulgated thereunder. 
 “ERISA Affiliate” means any Person that,
for purposes of Title IV of ERISA, is a member of the Borrower’s “controlled group” or is under “common control” with the Borrower, within the meaning of Section 414 of the Code. 

“ERISA Event” means (a) the occurrence with respect to a Plan of a reportable event, within the meaning of
Section 4043 of ERISA, unless the thirty (30)-day notice requirement with respect thereto has been waived by the PBGC; (b) the application for a minimum funding waiver with respect to a Plan;
(c) the provision by the administrator of any Plan of a notice of intent to terminate such a Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of
ERISA); (d) the cessation of operations at a facility of the Borrower or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by the Borrower or any ERISA Affiliate from a Plan during a plan
year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions set forth in Section 430(k) of the Code or Section 303(k)(1)(A) and (B) of ERISA to the creation of a lien upon
property or assets or rights to property or assets of the Borrower or any ERISA Affiliate for failure to make a required payment to a Plan are satisfied; (g) the termination of a Plan by the PBGC pursuant to Section 4042 of ERISA, or the
occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, a Plan; (h) any failure by any Plan to satisfy the minimum funding
standards of Sections 412 or 430 of the Code or Section 302 of ERISA, whether or not waived; (i) the determination that any Plan is or is expected to be in “at-risk” status, within the
meaning of Section 430 of the Code or Section 303 of ERISA, (j) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of liability with respect to the withdrawal or partial withdrawal from a Multiemployer Plan or a determination that a Multiemployer Plan is, or is expected to be, “insolvent” (within the meaning of
Section 4245 of ERISA), in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or terminated (within the meaning of Section 4041A or Section 4042 of
ERISA); (k) the failure of the Borrower or any ERISA Affiliate to pay when due (after expiration of any applicable grace period) any installment payment with respect to withdrawal liability under Section 4201 of ERISA; (l) the Borrower or
any ERISA Affiliate incurs any liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA); or (m) the Borrower or any ERISA Affiliate commits any act (or omission)
which could give rise to the imposition of fines, penalties, taxes, or related charges under ERISA or the Code. 
 “Erroneous
Payment” has the meaning assigned to it in Section 14.12(a). 
 “Erroneous Payment Deficiency
Assignment” has the meaning assigned to it in Section 14.12(d). 

  
 -20- 

 “Erroneous Payment Return Deficiency” has the meaning assigned to it in
Section 14.12(d). 
 “Erroneous Payment Subrogation Rights” has the meaning assigned to it in
Section 14.12(d). 
 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“EU Securitization Regulation” means Regulation (EU) 2017/2402 (as amended by Regulation (EU) 2021/557) and, except as
otherwise stated, means such Regulation as further amended from time to time. 
 “EU Securitization Rules” means
(a) the EU Securitization Regulation; (b) any relevant regulatory and/or implementing technical standards adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical standards applicable in
relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitization Regulation; (c) any official binding guidance published in relation thereto by the European Banking Authority, the European Securities and Markets
Authority, the European Insurance and Occupational Pensions Authority (or, in either case, any predecessor or successor authority) or by the European Commission; and (d) any implementing laws or regulations (all, except as otherwise stated, as
amended from time). 
 “Euro”, “Euros”, “euro” and “€” mean the
lawful currency of the Member States of the European Union that have adopted and retain the single currency in accordance with the treaty establishing the European Community, as amended from time to time; provided, that if any member state or states
ceases to have such single currency as its lawful currency (such member state(s) being the “Exiting State(s)”), such term shall mean the single currency adopted and retained as the lawful currency of the remaining member states and shall
not include any successor currency introduced by the Exiting State(s). 
 “Event of Default” means any of the events
described in Section 13.1. 
 “Excess Concentration Amount” means, as of the most recent
Measurement Date (and after giving effect to all Eligible Collateral Obligations to be purchased or sold by the Borrower on such date), the sum, without duplication, of the following amounts: 

(a) the excess, if any and without duplication, of the sum of the Principal Balances of all Collateral Obligations that are FILO Loans, Second
Lien Loans, Senior Secured Bonds or DB Tranched Second Lien Loans over 20% of the Excess Concentration Measure; provided, that no more than 10% of the Excess Concentration Measure can consist of FILO Loans or Second Lien Loans; 

(b) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are obligations of any single Obligor over
5.0% of the Excess Concentration Measure; provided that (x) with respect to the largest Obligor that represents Principal Balances of all Collateral Obligations in excess of all other single Obligors the sum of the Principal Balances of all
Collateral Obligations that are obligations of such Obligors may be up to 10.0% of the Excess 

  
 -21- 

 
Concentration Measure and (y) with respect to any two additional Obligors that represent Principal Balances of all Collateral Obligations in excess of all other single Obligors (other than
the Obligors described in clause (x)) the sum of the Principal Balances of all Collateral Obligations that are obligations of each of such Obligors may be up to 7.5% of the Excess Concentration Measure; 

(c) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are obligations of Obligors in any single
Moody’s Industry Classification over 10.0% of the Excess Concentration Measure; provided that (x) the sum of the Principal Balances of all Collateral Obligations with an Obligor in any Moody’s Industry Classification in excess
of all other Moody’s Industry Classifications may be up to 17.5% of the Excess Concentration Measure, (y) the sum of the Principal Balances of all Collateral Obligations with an Obligor (other than the Moody’s Industry Classification
specified in clause (x)) in any Moody’s Industry Classification in excess of all other Moody’s Industry Classifications may be up to 15.0% of the Excess Concentration Measure and (z) the sum of the Principal Balances of all Collateral
Obligations with an Obligor (other than the Moody’s Industry Classification specified in clauses (x) and (y)) in any Moody’s Industry Classification in excess of all other Moody’s Industry Classifications may be up to 12.5% of
the Excess Concentration Measure; provided, that (i) each of the “CORP—Energy: Oil & Gas”, “CORP—Metals & Mining” and “CORP—Utilities: Oil & Gas” Moody’s
Industry Classifications may not collectively have Collateral Obligations with Principal Balances in excess of 15% of the Excess Concentration Measure and (ii) the “CORP—Retail” Moody’s Industry Classifications may not have
Collateral Obligations with Principal Balances in excess of 10% of the Excess Concentration Measure; 
 (d) the excess, if any, of the sum of
the Principal Balances of all Collateral Obligations that are Fixed Rate Collateral Obligations that are not subject to a qualifying Hedging Agreement pursuant to Section 10.6 over 10.0% of the Excess Concentration Measure;

 (e) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Deferrable Collateral Obligations over
10.0% of the Excess Concentration Measure; 
 (f) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that
are Variable Funding Assets over 10.0% of the Excess Concentration Measure; 
 (g) the excess, if any, of the sum of the Principal Balances
of all Collateral Obligations that are DIP Loans over 10.0% of the Excess Concentration Measure; 
 (h) the excess, if any, of the sum of the
Principal Balances of all Collateral Obligations that are Participation Interests (other than Assigned Participation Interests) over 5.0% of the Excess Concentration Measure; 

(i) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are denominated in an Eligible Currency other
than Dollars over 15.0% of the Excess Concentration Measure; 
 (j) the excess, if any, of the sum of the Principal Balances of all
Collateral Obligations with an Eligible Obligor domiciled in an Eligible Jurisdiction other than the United States or any State thereof over 15.0% of the Excess Concentration Measure; 

  
 -22- 

 (k) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations
that are in a Permitted Gaming Industry over 10.0% of the Excess Concentration Measure; 
 (l) the excess, if any, of the sum of the
Principal Balances of all Collateral Obligations that are in the defense industry (other than a Prohibited Defense Asset) over 10.0% of the Excess Concentration Measure; and 

(m) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that have a term to stated maturity in excess of
seven (7) years over 15.0% of the Excess Concentration Measure. 
 “Excess Concentration Measure” means,
(i) during the Ramp-Up Period, the Target Portfolio Amount and (ii) thereafter, the sum of (x) the Principal Balances for all Eligible Collateral Obligations plus (y) all amounts on
deposit in the Principal Collection Account. 
 “Excluded Amounts” means, as of any date of determination, (i) any
amount deposited into the Collection Account with respect to any Collateral Obligation, which amount is attributable to the reimbursement of payment by the Borrower of any Tax, fee or other charge imposed by any Official Body on such Collateral
Obligation or on any Related Security, (ii) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the applicable Person from whom
the Borrower purchased such Collateral Obligation, (iii) any reimbursement of insurance premiums, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Collateral Obligations which are held in an escrow account
for the benefit of the Obligor and the secured party pursuant to escrow arrangements under Underlying Instruments, and (v) any amount deposited into the Collection Account in error (including any amounts relating to any portion of an asset sold
by the Borrower and occurring after the date of such sale). 
 “Excluded Taxes” means any of the following Taxes imposed on
or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed
as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Obligations pursuant to a law
in effect on the date on which (i) such Lender acquires such interest in the Obligations (other than pursuant to Section 17.16) or (ii) such Lender changes its lending office, except in each case to the extent
that, pursuant to Section 4.3, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 4.3(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

  
 -23- 

 “Executive Officer” means, with respect to the Borrower, the Servicer or
the Equityholder, the Chief Executive Officer, the Chief Operating Officer of such Person, the Investment Manager or any other Person included on the incumbency certificate of the Borrower, Servicer or Equityholder, as applicable, delivered pursuant
to Section 6.1(g) and, with respect to any other Person, the President, Chief Financial Officer or any Vice President. 

“Facility Agent” has the meaning set forth in the Preamble. 

“Facility Amount” means (a) prior to the end of the Revolving Period, $400,000,000, unless this amount is permanently
reduced pursuant to Section 2.5 or increased pursuant to Section 2.8, in which event it means such lower or higher amount and (b) from and after the end of the Revolving Period, the
aggregate principal amount of all the Advances outstanding. 
 “Facility Termination Date” means the earliest of
(i) the date that is twenty-four (24) months after the last day of the Revolving Period, (ii) the date on which the term of the Equityholder’s existence ends and (iii) the effective date on which the facility hereunder is
terminated pursuant to Section 13.2. 
 “FATCA” means Sections 1471 through 1474 of the Code, as
of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements entered
into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with such sections of the Code and any legislation, law, regulation or practice enacted or promulgated pursuant to such
intergovernmental agreement. 
 “Federal Funds Rate” means, for any period, the greater of (a) 0.00% and (b) a
fluctuating rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the
Facility Agent from three federal funds brokers of recognized standing selected by it. 
 “Fee Letter” has the meaning set
forth in Section 8.4. 
 “Fees” has the meaning set forth in
Section 8.4. 
 “FILO Loan” means any Loan that (i) becomes, by its terms, subordinate in
right of payment to one or more other obligations of the related Obligor, in each case issued under the same Underlying Instruments as such Loan, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings,
(ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable Underlying Instruments that are reasonable for similar loans, and
liens accorded priority by law in favor of any Official Body), and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of acquisition equals or exceeds the
outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; provided that (x) the portion of any FILO Loan with a Leverage Multiple
that attaches in excess of 2.5x shall be deemed to be a Second Lien Loan for all purposes hereunder and (y) the portion of any FILO Loan with a Leverage Multiple that attaches below 1.0x shall be deemed to be a First Lien Loan for all purposes
hereunder. 

  
 -24- 

 “First Lien Loan” means any Loan (excluding any portion deemed to be a DB
Tranched Second Lien Loan) that (i) is not (and is not permitted by its terms become) subordinate in right of payment to any obligation of the related Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
proceedings, (ii) is secured by a pledge of specified collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable Underlying Instruments, and liens accorded
priority by law in favor of any Official Body), and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of origination or acquisition equals or exceeds the
outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral. 

“Fitch” means Fitch Ratings, Inc., Fitch Ratings Ltd. and their subsidiaries, including Derivative Fitch Inc. and Derivative
Fitch Ltd. and any successor thereto. 
 “Fixed Rate Collateral Obligation” means any Collateral Obligation that bears a
fixed rate of interest. 
 “Floating Rate Note” means a floating rate note issued pursuant to an indenture or equivalent
document by a corporation, partnership, limited liability company, trust or other person that is secured by a first or second priority perfected security interest or lien in or on specified collateral securing the issuer’s obligations under
such note. 
 “Foreign Lender” means a Lender that is not a U.S. Person. 

“FRS Board” means the Board of Governors of the Federal Reserve System and, as applicable, the staff thereof. 

“Funding Date” means any Advance Date or any Reinvestment Date, as applicable. 

“GAAP” means generally accepted accounting principles in the United States, which are applicable to the circumstances as of
any day. 
 “Hazardous Materials” means all materials subject to any Environmental Law, including materials listed in 49
C.F.R. § 172.101, materials defined as hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, flammable, explosive or radioactive materials, hazardous or
toxic wastes or substances, lead-based materials, petroleum or petroleum distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde and any substances
classified as being “in inventory”, “usable work in process” or similar classification that would, if classified as unusable, be included in the foregoing definition. 

  
 -25- 

 “Hedge Breakage Costs” means, with respect to each Hedge Counterparty upon
the early termination of any Hedge Transaction with such Hedge Counterparty, the net amount, if any, payable by the Borrower to such Hedge Counterparty for the early termination of that Hedge Transaction or any portion thereof. 

“Hedge Counterparty” means (a) DBNY and its affiliates and (b) any other entity that (i) on the date of
entering into any Hedge Transaction (x) is an interest rate swap dealer that has been approved in writing by the Facility Agent, and (y) has a long-term unsecured debt rating of not less than
“A” by S&P, not less than “A2” by Moody’s and not less than “A” by Fitch (if such entity is rated by Fitch) (the “Long-term Rating Requirement”)
and a short-term unsecured debt rating of not less than “A-1” by S&P, not less than “P-1” by Moody’s
and not less than “Fl” by Fitch (if such entity is rated by Fitch) (the “Short-term Rating Requirement”), and (ii) in a Hedging Agreement (x) consents to the
assignment hereunder of the Borrower’s rights under the Hedging Agreement to the Facility Agent on behalf of the Secured Parties and (y) agrees that in the event that Moody’s, S&P or Fitch reduces its long-term unsecured debt rating below the Long-term Rating Requirement or reduces it short-term debt rating below the Short-term Rating Requirement, it shall either collateralize its obligations in a manner reasonably satisfactory to the Facility Agent, or transfer its rights and obligations under each Hedging Agreement (excluding,
however, any right to net payments or Hedge Breakage Costs under any Hedge Transaction, to the extent accrued to such date or to accrue thereafter and owing to the transferring Hedge Counterparty as of the date of such transfer) to another entity
that meets the requirements of clauses (b)(i) and (b)(ii) hereof. 
 “Hedge Transaction” means each interest
rate swap, index rate swap or interest rate cap transaction or comparable derivative arrangement between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 10.6 and is governed by a Hedging
Agreement. 
 “Hedging Agreement” means the agreement between the Borrower and a Hedge Counterparty that governs one or
more Hedge Transactions entered into by the Borrower and such Hedge Counterparty pursuant to Section 10.6, which agreement shall consist of a “Master Agreement” in a form published by the International Swaps and
Derivatives Association, Inc., together with a “Schedule” thereto, and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction or a “Confirmation” that incorporates the terms of
such a “Master Agreement” and “Schedule.” 
 “Increased Costs” means, collectively, any increased cost,
loss or liability owing to the Facility Agent and/or any other Affected Person under Article V. 

“Indebtedness” means, with respect to any Person, as of any day, without duplication: (i) all obligations of such Person
for borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of property or
services, except trade accounts payable arising in the ordinary course of business; (iv) all obligations of such Person as lessee under capital leases; (v) all non-contingent obligations of such
Person to reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether or not
such debt is assumed by such Person; and (vii) all debt of others guaranteed by such Person and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor
against loss (in each case excluding any unfunded commitments of the Borrower with respect to any Variable Funding Asset). 

  
 -26- 

 “Indemnified Amounts” has the meaning set forth in
Section 16.1. 
 “Indemnified Party” has the meaning set forth in
Section 16.1. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on
or with respect to any payment made by or on account of any obligation of the Borrower under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Accountants” means a firm of nationally recognized independent certified public accountants. 

“Independent Manager” means with respect to any Person, that such Person is an individual who has prior experience as an
independent director, independent manager, independent limited partner or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, Puglisi & Associates,
National Registered Agents, Inc., Wilmington Trust Company, Lord Securities Corporation or an Affiliate thereof or, if none of those companies is then providing professional independent managers or members, another nationally-recognized company
reasonably approved by the Facility Agent, in each case that is not an Affiliate of the Borrower and that provides professional independent directors, managers, limited partners and/or members and other corporate services in the ordinary course of
its business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following: 

(a) a member, partner, equityholder, manager, director, officer or employee of the Borrower, the Equityholder, any of their respective
equityholders or Affiliates or any other single purpose bankruptcy remote entity managed or controlled by the Servicer or any of its Affiliates (other than as an Independent Manager of the Borrower or an Affiliate of the Borrower that is not in the
direct chain of ownership of the Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity; provided that such Independent Manager is employed by a company that routinely provides professional independent
members, managers or directors in the ordinary course of its business); 
 (b) a creditor, supplier or service provider (including provider
of professional services) to the Borrower, the Equityholder, or any of their respective equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional independent directors, managers, limited partners
and/or members and other corporate services to the Borrower, the Equityholder or any of their respective Affiliates in the ordinary course of its business); 

(c) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or

 (d) a Person that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above. 

  
 -27- 

 “Insolvency Event” means, with respect to any Person, (a) the entry of
a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy,
winding-up, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in
effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 45 days; (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or such Person
shall admit in writing its inability to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing or (c) any analogous procedure or step is taken in any jurisdiction to which such
Person is subject. 
 “Interest Collection Account” means the collective reference to the segregated, non-interest bearing securities accounts (within the meaning of Section 8-501 of the UCC) with the account numbers set forth on Schedule 5, which is created and
maintained on the books and records of the Securities Intermediary identified as interest collection accounts, in each case in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties,
which is established and maintained pursuant to Section 8.1(a). 
 “Interest Collections” means,
with respect to the Collateral following the applicable Cut-Off Date, (i) all payments and collections owing to or received by the Borrower in its capacity as lender and attributable to interest on any
Collateral Obligation or other Collateral, including scheduled payments of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or
securitizations attributable to interest on such Collateral Obligation or other Collateral, (ii) any commitment, ticking, upfront, underwriting, origination or amendment fees received in respect of any Collateral Obligation, (iii) during
the Revolving Period, any proceeds received by the Borrower as a result of exercising any Warrant Asset at any time, and (iv) the earnings on Interest Collections in the Collection Account that are invested in Permitted Investments, in each
case other than Retained Interests; provided that, any amounts received in respect of any Defaulted Collateral Obligation will constitute Principal Collections (and not Interest Collections) until the aggregate of all collections in respect
of such Defaulted Collateral Obligation since it became a Defaulted Collateral Obligation equals the outstanding principal balance of such Loan at the time it became a Defaulted Collateral Obligation. 

“Interest Rate” means, for any Accrual Period and any Lender, a rate per annum equal to the sum of (a) the
Applicable Margin and (b) the Base Rate for such Accrual Period and such Lender. 
 “Investment Manager” has the
meaning set forth in Section 10.22(c). 

  
 -28- 

 “IRS” means the United States Internal Revenue Service. 

“Joinder Agreement” means an agreement among the Borrower, a Lender and the Facility Agent in the form of Exhibit E to
this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Effective Date, as contemplated by the terms of this Agreement, a copy of which shall be delivered to the Collateral Agent and the
Servicer. 
 “Lender” means, for any Lender Group, the Person(s) executing this Agreement in the capacity of a
“Lender” for such Lender Group (or an assignment hereof or a Joinder Agreement in accordance with Article XV) in accordance with the terms of this Agreement. 

“Lender Group” means each Lender and related Agent from time to time party hereto. 

“Leverage Multiple” means, with respect to any Collateral Obligation for the most recent relevant period of time for which
the Borrower has received the financial statements of the relevant Obligor, the ratio of (i) Indebtedness of the relevant Obligor (other than Indebtedness of such Obligor that is junior in terms of payment or lien subordination (including
unsecured Indebtedness) to Indebtedness of such Obligor held by the Borrower) less Unrestricted Cash of the relevant Obligor to (ii) EBITDA of such Obligor. 

“LIBOR Rate” means, with respect to any Accrual Period, the greater of (a) 0.25% and (b) the rate per annum shown
by the Bloomberg Professional Service as the London interbank offered rate for deposits in Dollars for a period equal to three (3) months as of 11:00 a.m., London time, two Business Days prior to the first day of such Accrual Period; provided,
that in the event no such rate is shown, the LIBOR Rate shall be the rate per annum based on the rates at which Dollar deposits for a period equal to three (3) months are displayed on page “LIBOR” of the Reuters Monitor Money
Rates Service or such other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, two Business Days prior to the first day of such Accrual Period
(it being understood that if at least two such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); provided, further, that in the event fewer than two such rates are displayed, or if no such rate is relevant,
the LIBOR Rate shall be a rate per annum at which deposits in Dollars are offered by the principal office of the Facility Agent in London, England to prime banks in the London interbank market at 11:00 a.m. (London time) two Business Days
before the first day of such Accrual Period for delivery on such first day and for a period equal to three (3) months. 

“Lien” means any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind, including Tax liens,
mechanics’ liens and any liens that attach by operation of law, excluding, however, a security interest in the nature of the rights of a buyer of a participation interest. 

“Loan” means any commercial loan. 

“Loan Register” has the meaning set forth in Section 15.5(a). 

“Loan Registrar” has the meaning set forth in Section 15.5(a). 

  
 -29- 

 “Make-Whole Fee” has the meaning set forth in the Fee Letter. 

“Margin Stock” means “Margin Stock” as defined under Regulation U issued by the FRS Board. 

“Material Action” means an action to institute proceedings to have the Borrower be adjudicated bankrupt or insolvent, to file any
insolvency case or proceeding, to institute proceedings under any applicable insolvency law, to seek relief under any law relating to relief from debts or the protection of debtors, or consent to the institution of bankruptcy or insolvency
proceedings against the Borrower or file a petition seeking, or consent to, reorganization or relief with respect to the Borrower under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Borrower or a substantial part of its property, or make any assignment for the benefit of creditors of the Borrower, or admit in writing the Borrower’s inability to
pay its debts generally as they become due, or take action in furtherance of any such action. 
 “Material Adverse Effect”
means a material adverse effect on: (a) the assets, operations, properties, financial condition, or business of the Borrower or the Servicer; (b) the ability of the Borrower or the Servicer to perform its obligations under this Agreement
or any of the other Transaction Documents; (c) the validity or enforceability of this Agreement, any of the other Transaction Documents, or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; or (d) the
aggregate value of the Collateral or on the assignments and security interests granted by the Borrower in this Agreement. 

“Material Modification” means any amendment or waiver of, or modification or supplement to, any Underlying Instrument
governing a Collateral Obligation executed or effected on or after the related Cut-Off Date which: 

(a) reduces or forgives any or all of the principal amount due under such Collateral Obligation; 

(b) any of (i) waives one or more interest payments, (ii) permits any interest due in cash to be deferred or
capitalized and added to the principal amount of such Collateral Obligation (other than any deferral or capitalization already allowed by the terms of any Deferrable Collateral Obligation as of the related
Cut-Off Date) or (iii) reduces the spread or coupon payable on such Collateral Obligation; provided, that no such reduction of 10% in the aggregate or less shall constitute a Material Modification
if the Servicer certifies to the Facility Agent in writing that such reduction results from an increase in the credit quality of the related Obligor as determined by the Servicer in its reasonable discretion; 

(c) contractually or structurally subordinates such Collateral Obligation by operation of (i) any priority of payment
provisions, (ii) turnover provisions, (iii) the transfer of assets in order to limit recourse to the related Obligor or (iv) the granting of Liens (other than by the granting of Permitted Liens) on any of the collateral securing such
Collateral Obligation, each that requires the consent of the Borrower or any lenders thereunder; 

  
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 (d) either (i) extends the maturity date of such Collateral Obligation
past the maturity date as of the related Cut-Off Date or (ii) extends the amortization schedule by more than 10% with respect thereto; provided that, with respect to any Collateral Obligation, the
first such extension of ninety (90) or less under clause (i) or more than 10% under clause (ii) shall not be a Material Modification under this clause (d) but any subsequent extension (of any amount under either clause) shall be
a Material Modification under this clause (d); 
 (e) substitutes, alters or releases (other than by the granting of
Permitted Liens) the Related Security securing such Collateral Obligation and such substitution, alteration or release, individually or in the aggregate and as determined in the Facility Agent’s sole discretion, materially and adversely affects
the value of such Collateral Obligation; 
 (f) results in any less financial information in respect of reporting frequency,
scope or otherwise being provided with respect to the related Obligor or reduces the frequency or total number of any appraisals required thereunder that, in the case of a reduction in scope, has an effect on the ability of the Servicer or the
Facility Agent (as determined by the Facility Agent in its reasonable discretion) to make any determinations or calculations required or permitted hereunder; 

(g) amends, waives, forbears, supplements or otherwise modifies in any way the definition of “permitted lien” or
“indebtedness” (or any similar term) in a manner that is materially adverse to any Lender, or otherwise waives or forbears a default or an event of default or a covenant breach under the Underlying Instruments governing such Collateral
Obligation; 
 (h) results in any change in the currency or composition of any payment of interest or principal to any
currency other than the Eligible Currency in which such Collateral Obligation was originally denominated; 
 (i) with respect
to an Asset Based Loan, results in a change to or grants relief from the borrowing base or any related definition as determined by the Facility Agent in its sole discretion; 

(j) results in a change to the calculation of EBITDA for the related Obligor; 

(k) with respect to an affiliated-agent Collateral Obligation, changes the party acting as the administrative agent, facility
agent or other agent serving in such capacity (howsoever designated) unless either (x) such successor agent is not an affiliate of the Borrower, the Servicer or the Equityholder or (y) such successor agent enters into an administrative
agent cooperation agreement on or prior to the date of succession; or 
 (l) without duplication of any event covered by
clause (a) through (k) above, waives or forbears a default or an event of default or a covenant breach under the Underlying Instruments governing such Collateral Obligation that is material to the Lenders (an “Unspecified Default Waiver
Material Modification”). 
 “Maximum Availability” means, as of any date of determination, the difference of
(i) the Facility Amount minus (ii) the balance of all unfunded Advances approved but not yet funded minus (iii) the Aggregate Unfunded Amount plus (iv) all amounts on deposit in the Unfunded Exposure Account,
each as of such date of determination. 

  
 -31- 

 “Maximum Portfolio Advance Rate” means the percentage corresponding to the
applicable Diversity Score as set forth in the table below: 
  

					
	 Diversity Score

(on such date)
	  	Maximum
Portfolio
Advance
Rate	 
	 Less than 10
	  	 	50.0	% 
	 Greater than or equal to 10 and less than 12
	  	 	60.0	% 
	 Greater than or equal to 12 and less than 17
	  	 	65.0	% 
	 Greater than or equal to 17
	  	 	67.5	% 

 “Maximum Weighted Average Life Test” means a test that will be satisfied on any date of
determination if the Weighted Average Life of all Eligible Collateral Obligations included in the Collateral is less than or equal to 6.0 years. 

“Measurement Date” means each of the following, as applicable: (i) the Effective Date; (ii) each Determination
Date; (iii) each Funding Date; (iv) the date of any repayment or prepayment pursuant to Section 2.4; (v) the date that the Servicer has actual knowledge of the occurrence of any Revaluation Event with respect to
any Collateral Obligation; (vi) the date of any optional repurchase or substitution pursuant to Section 7.11; (vii) the last date of the Revolving Period; (viii) the date on which the Borrower is notified of any
change in the Discount Factor of any Collateral Obligation; and (ix) the date of any Optional Sale. 
 “Minimum Diversity
Test” means a test that will be satisfied on any date of determination if the Diversity Score of all Eligible Collateral Obligations included in the Collateral is equal to or greater than (x) 8 during the first six (6) months on and
after the Effective Date and (y) 10, thereafter. 
 “Minimum Equity Test” means a test that will be satisfied on any date
of determination (i) during the Ramp-Up Period, if the Effective Equity is not less than the greater of (A) the sum of the Principal Balances of the four Obligors with Collateral Obligations
constituting the highest aggregate Principal Balances and (B) $50,000,000 and (ii) thereafter, if the Effective Equity is not less than the greater of (A) the sum of the Principal Balances of the five Obligors with Collateral Obligations
constituting the highest aggregate Principal Balances and (B) $50,000,000 and; provided that, for purposes of calculating the above, the Principal Balance of Collateral Obligations with respect to any Obligor shall be the sum of all Principal
Balances of all Collateral Obligations with respect to which such Person is an Obligor. 
 “Minimum Weighted Average Coupon
Test” means a test that will be satisfied on any date of determination if the Weighted Average Coupon of all Eligible Collateral Obligations that are Fixed Rate Collateral Obligations included in the Collateral on such date is equal to or
greater than 6.00%. 

  
 -32- 

 “Minimum Weighted Average Spread Test” means a test that will be satisfied
on any date of determination if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such date is equal to or greater than 5.00%. 

“Monthly Report” means a monthly report in the form of Exhibit D prepared as of the close of business on each
Reporting Date. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

“Moody’s Industry Classification” means the industry classifications set forth in Schedule 2,
as such industry classifications shall be updated at the option of the Facility Agent in its sole discretion if Moody’s publishes revised industry classifications. 

“MSD Agented Loan” means one or more Loans entered into by an Obligor as part of a transaction wherein the Equityholder or an
Affiliate thereof (other than the Borrower) is the agent thereof. 
 “MSD Investment Corp.” means on the date hereof, MSD
Investment, LLC, a Maryland limited liability company, and from and after the date of conversion of such entity to a corporation, MSD Investment Corp., a Maryland corporation. 

“Multiemployer Plan” means a multiemployer plan, as defined in Section 3(37) or Section 4001(a)(3) of ERISA, as
applicable, in respect of which the Borrower or any ERISA Affiliate has or could have any obligation or liability, contingent or otherwise. 

“Non-Approval Event” means, as of any date of determination, an event that
(x) will be deemed to have occurred if the ratio (measured on a rolling six-month basis) of (i) the number of Asset Approval Requests resulting in Non-Approved
Loans over (ii) the total number of Asset Approval Requests is greater than 50% and (y) will be continuing until the conditions set forth in clause (x) of this definition are no longer true; provided that, until ten
(10) Eligible Collateral Obligations have been submitted to the Facility Agent by the Borrower, the ratio of clause (x)(i) over clause (x)(ii) shall be deemed to be zero. 

“Non-Approved Loan” means each obligation that is otherwise fully eligible for
inclusion in the Borrowing Base for which an Asset Approval Request is submitted by the Servicer to the Facility Agent, and such Asset Approval Request is not approved by the Facility Agent; provided that an obligation shall only constitute a Non-Approved Loan if the Servicer or an Affiliate thereof has entered into the related Underlying Instruments with the related obligor on terms substantially similar to those disclosed in the related Asset Approval
Request. 
 “Non-Sustainable Obligor” means any Obligor (a) currently engaged
(i) in activities within or in close proximity to World Heritage Sites that might impact the outstanding universal values of the site as defined by UNESCO, (ii) in activities located in or involving the clearing of primary tropical moist
forests, illegal logging or uncontrolled and/or illegal use of fire (iii) as an upstream producer and / or processor of palm oil and palm fruit products that is not a member or certified in accordance with the Roundtable on Sustainable Palm Oil
(“RSPO”) or time-bound committed toward RSPO certification, (iv) in expanding an existing or developing a new coal-fired power irrespective of location, (v) in developing greenfield thermal coal mining, or (vi) in
using mountain top removal as an extraction method in mining or (b) in relation to which there is evidence of child or forced labor in accordance with international labor conventions or other human rights violations such as slavery, forced or
compulsory labor and human trafficking as defined by the Modern Slavery Act 2015. 

  
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 “Note” means a promissory grid note, in the form of Exhibit A, made
payable to an Agent on behalf of the related Lender Group. 
 “Note Agent” has the meaning set forth in
Section 14.1. 
 “Obligations” means all obligations (monetary or otherwise) of the Borrower to
the Lenders, the Agents, the Collateral Agent, the Collateral Custodian, the Facility Agent or any other Affected Person or Indemnified Party arising under or in connection with this Agreement, the Notes and each other Transaction Document. 

“Obligor” means any Person that owes payments under any Collateral Obligation and, solely for purposes of calculating the
Excess Concentration Amount pursuant to clause (b) or (c) of the definition thereof, any Obligor that is an Affiliate of another Obligor shall be treated as the same Obligor; provided that for purposes of
this definition, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common financial sponsor. 

“Obligor Information” means, with respect to any Obligor and, other than with respect to clause (iv), as provided by such
Obligor to the Borrower or the Servicer, (i) the legal name, address, organizational chart and, if available to the Servicer using commercially reasonable efforts, tax identification number of such Obligor, (ii) the jurisdiction in which
such Obligor is domiciled, (iii) unless waived by the Facility Agent in its sole discretion, the audited financial statements for the three prior fiscal years of such Obligor (or such shorter period of time for which such audited financial
statements have been prepared and are available), (iv) the Servicer’s internal credit memo with respect to the Obligor and the related Collateral Obligation, (v) the annual report for the most recent fiscal year of such Obligor,
(vi) a company forecast of such Obligor including plans related to capital expenditures, (vii), the business model, company strategy and names of known peers of such Obligor, (viii) the shareholding pattern and details of the management
team of such Obligor and (ix) details of any banking facilities and the debt maturity schedule of such Obligor. 

“OFAC” has the meaning set forth in Section 9.30(a). 

“Officer’s Certificate” means a certificate signed by an Executive Officer. 

“Official Body” means any government or political subdivision or any agency, authority, regulatory body, bureau, central
bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. 

“Opinion of Counsel” means a written opinion of independent counsel reasonably acceptable in form and substance and from
counsel reasonably acceptable to the Facility Agent. 
 “Optional Sale” has the meaning set forth in
Section 7.10. 

  
 -34- 

 “Original Effective LTV” means, with respect to any Collateral Obligation,
the Effective LTV of such Collateral Obligation as calculated by the Servicer and approved by the Facility Agent (which may include a normalized revolving loan assumption on any unfunded revolving loan) in accordance with the definition of Effective
LTV and the definitions used therein and set forth in the related Asset Approval Request. 
 “Original Leverage Multiple”
means, with respect to any Collateral Obligation, the Leverage Multiple applicable to such Collateral Obligation as calculated by the Servicer (and, to the extent set forth in the Asset Approval Request, approved by the Facility Agent in the related
Asset Approval Notice) in accordance with the definition of Leverage Multiple and the definitions used therein and set forth in the related Asset Approval Request. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in the Obligations or any Transaction Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, mortgage, recording, filing or similar
Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Transaction Document, except any
such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Participant” has the meaning set
forth in Section 15.9(a). 
 “Participant Register” has the meaning set forth in
Section 15.9(c). 
 “Participation Interest” means a participation interest in a loan that would,
at the time of acquisition or the Borrower’s commitment to acquire the same, satisfy each of the following criteria: (i) such participation would constitute an Eligible Collateral Obligation were it acquired directly, (ii) the seller
of the participation is the lender on the subject loan, (iii) the aggregate participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the
participant in such participation a greater interest than the seller holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its acquisition,
and (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation. 

“Payment Recipient” has the meaning assigned to it in Section 14.12(a). 

“PBGC” means the Pension Benefit Guaranty Corporation and its successors and assigns. 

“Permitted Gaming Industry” means an industry in respect of which the following conditions must be satisfied: 

  
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 (a) the Obligor or any of its Affiliates hold the required licenses for the jurisdiction and
are in compliance with the applicable local gaming, betting and gambling legislation and regulation; and 
 (b) the Obligor or any of its
Affiliates have satisfactory anti-financial crime policies (including anti-money laundering and anti-bribery and corruption) in place which satisfy the applicable policies of the Servicer. 

“Permitted Investment” means, at any time: 

(a) direct interest-bearing obligations of, and
interest-bearing obligations guaranteed as to timely payment of principal and interest by, the United States or any agency or instrumentality of the United States, the obligations of which are backed by the
full faith and credit of the United States; 
 (b) demand or time deposits in, certificates of deposit of, demand notes of, or bankers’
acceptances issued by any depository institution or trust company organized under the laws of the United States or any State thereof (including any federal or state branch or agency of a foreign depository institution or trust company) and subject
to supervision and examination by federal and/or state banking authorities (including, if applicable, the Collateral Agent, the Collateral Custodian or Facility Agent or any agent thereof acting in its commercial capacity); provided, that the
short-term unsecured debt obligations of such depository institution or trust company at the time of such investment, or contractual commitment providing for such investment, are rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s; 

(c) commercial paper that (i) is payable in Dollars and (ii) is rated at least
“A-1” by Standard & Poor’s and “P-1” by Moody’s; or 

(d) shares or other securities of non-United States registered money market funds which funds have, at
all times, credit ratings of “Aaa-mf” by Moody’s and “AAAm” by Standard & Poor’s. 

Permitted Investments may be purchased by or through the Collateral Custodian or any of its Affiliates. All Permitted Investments shall be
held in the name of the Securities Intermediary. No Permitted Investment shall have an “f”, “r”, “p”, “pi”, “q”, “sf” or “t” subscript affixed to its Standard &
Poor’s rating. Any such investment may be made or acquired from or through the Collateral Agent or the Facility Agent or any of their respective affiliates, or any entity for whom the Collateral Agent or the Facility Agent or any of their
respective affiliates provides services and receives compensation (so long as such investment otherwise meets the applicable requirements of the foregoing definition of Permitted Investment at the time of acquisition); provided, that
notwithstanding the foregoing clauses (a) through (d), unless the Borrower and the Servicer have received the written advice of counsel of national reputation experienced in such matters to the contrary (together with an
Officer’s Certificate of the Borrower or the Servicer to the Facility Agent and the Collateral Agent that the advice specified in this definition has been received by the Borrower and the Servicer), Permitted Investments may only include
obligations or securities that constitute cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of the exclusions from the definition of “covered fund” for purposes of the Volcker Rule. 

  
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 “Permitted Lien” means (i) the Lien in favor of the Collateral Agent
for the benefit of the Secured Parties, (ii) Liens for Taxes not yet due and payable and for which adequate reserves have been established in accordance with GAAP, (iii) as to Related Security, Liens for Taxes and mechanics’ or
suppliers’ liens for services or materials supplied, in either case, not yet due and payable and for which adequate reserves have been established in accordance with GAAP, (iv) as to Related Security (1) the Lien in favor of the
Borrower pursuant to the Sale Agreement and (2) any Liens on the Related Security permitted pursuant to the applicable Underlying Instruments and (v) as to agented Loans, Liens in favor of the agent on behalf of all the lenders of the
related Obligor. 
 “Person” means an individual, partnership, corporation (including a business trust), joint stock
company, limited liability company, trust, unincorporated association, joint venture, government or any agency or political subdivision thereof or any other entity. 

“Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title IV of
ERISA, Section 412 and 430 of the Code, or Section 302 of ERISA and in respect of which the Borrower or any ERISA Affiliate (x) is (or, if such Plan were terminated, would under Section 4062 or Section 4069 of ERISA be
deemed to be) an “employer” as defined in Section 3(5) of ERISA, or (y) has or could have any obligation or liability, contingent or otherwise. 

“Prepayment Fee” has the meaning set forth in the Fee Letter. 

“Prepayment Make-Whole Premium” has the meaning set forth in the Fee Letter. 

“Prepayment Notice” has the meaning set forth in Section 2.4(b)(i). 

“Principal Balance” means with respect to any Collateral Obligation as of any date, (a) if such Collateral Obligation is
denominated and payable in Dollars, the lower of (A) the Purchase Price paid by the Borrower for such Collateral Obligation and (B) the outstanding principal balance of such Collateral Obligation, and (b) if such Collateral Obligation
is denominated and payable in any Eligible Currency other than Dollars, the equivalent in Dollars (as determined by the Servicer using the Applicable Exchange Rate) of the lower of (A) the Purchase Price paid by the Borrower for such Collateral
Obligation and (B) the outstanding principal balance of such Collateral Obligation, in each case exclusive of (x) any deferred or capitalized interest on such Collateral Obligation and (y) any unfunded amounts with respect to any
Variable Funding Asset; provided, that for purposes of calculating the “Principal Balance” of any Deferrable Collateral Obligation, principal payments received on such Collateral Obligation shall first be applied to reducing or eliminating
any outstanding deferred or capitalized interest; provided, further, that for purposes of the calculation set forth in clause (f) of the definition of Excess Concentration Amount, the Principal Balance of each Variable
Funding Asset shall include any unfunded commitment owed by the Borrower with respect thereto. The “Principal Balance” of any Equity Security shall be zero. 

  
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 “Principal Collections” means any and all amounts of collections received
with respect to the Collateral other than Interest Collections and Excluded Amounts, including (but not limited to) (i) all collections attributable to principal on such Collateral (including, after the end of the Revolving Period, any proceeds
received by the Borrower as a result of exercising any Warrant Asset at any time), (ii) all payments received by the Borrower pursuant to any Hedging Agreement, (iii) the earnings on Principal Collections in the Collection Account that are invested
in Permitted Investments, and (iv) all Repurchase Amounts, in each case other than Retained Interests. 
 “Principal
Collection Account” means the collective reference to the segregated, non-interest bearing securities accounts (within the meaning of Section 8-501 of the
UCC) with the account numbers set forth on Schedule 5, which is created and maintained on the books and records of the Securities Intermediary identified as principal collection accounts, in each case in the name of the Borrower and subject
to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a). 

“Proceeding” means any voluntary or involuntary insolvency, bankruptcy, receivership, custodianship, liquidation,
dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation, dissolution or other winding up of a Person. 

“Prohibited Defense Asset” means a Collateral Obligation in respect of which the related Obligor’s primary direct
business is the production or distribution of antipersonnel landmines, cluster munitions, biological and chemical, radiological and nuclear weapons or their Critical Components. 

“Prohibited Industry” means with respect to any Obligor, its primary business is (a) within an industry referred to in
the definition of Prohibited Defense Asset; (b) the manufacture of fully completed and operational assault weapons or firearms; (c) in pornography or adult entertainment; (d) in the gaming industry (other than (i) a Permitted
Gaming Industry or (ii) hospitality and/or resorts development or the management thereof); (e) in the marijuana industry; (f) in the opioid industry or (g) to finance any other industry which is illegal under Applicable Law at the
time of acquisition of such Loan. 
 “Purchase Price” means, with respect to any Collateral Obligation, the greater of
(a) zero and (b) the actual price in Dollars (or, if such Collateral Obligation is denominated and payable in any Eligible Currency other than Dollars, the equivalent in Dollars (as determined by the Servicer using the Applicable Exchange
Rate)) paid by the Borrower for such Collateral Obligation (exclusive of any original issue discount if such original issue discount is less than 3% of par) minus all collections attributable to principal on such Collateral Obligation;
provided that any Collateral Obligation acquired both (x) in connection with the origination or primary syndication of such Collateral Obligation and (y) with a “Purchase Price” equal to or greater than 97% (including, for
the avoidance of doubt, in excess of 100%) shall be deemed to have a “Purchase Price” equal to 100%. 
 “QFC” has
the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

“QFC Credit Support” has the meaning set forth in Section 17.20. 

“Qualified Substitute Arrangement” has the meaning set forth in Section 10.6(c). 

  
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 “Ramp-Up Period” means
either (a) the period from and including the Effective Date to the earlier of (i) the first date on which the aggregate Principal Balance of all Eligible Collateral Obligations plus the amount of Principal Collections on deposit in
the Principal Collection Account equals or exceeds the Target Portfolio Amount and (ii) the twelve (12) month anniversary of the Effective Date or (b) a period from and including each effective date on which the aggregate Commitments
have been increased by at least an additional $50,000,000 pursuant to Section 2.8 to the six (6) month anniversary of such increase; provided that, for the avoidance of doubt, the
Ramp-Up Periods set forth in clauses (a) and (b) above may run concurrently. 
 “Rating
Agencies” means Standard & Poor’s and Moody’s. 
 “Recipient” means (a) the Facility
Agent, (b) any Agent, (c) any Lender and (d) any other recipient of a payment hereunder. 
 “Records” means
the Collateral Obligation File for any Collateral Obligation and all other documents, books, records and other information prepared and maintained by or on behalf of the Borrower with respect to any Collateral Obligation and the Obligors thereunder,
including all documents, books, records and other information prepared and maintained by the Borrower or the Servicer with respect to such Collateral Obligation or Obligors. 

“Reinvestment” has the meaning set forth in Section 8.3(b). 

“Reinvestment Date” has the meaning set forth in Section 8.3(b). 

“Reinvestment Request” has the meaning set forth in Section 8.3(b). 

“Related Collateral Obligation” means any Collateral Obligation where any Affiliate of the Borrower, Servicer or the
Equityholder owns a variable funding asset pursuant to the same Underlying Instruments; provided that any such asset will cease to be a Related Collateral Obligation once all commitments by such Affiliate of the Borrower, Servicer or the
Equityholder to make advances or fund such Variable Funding Asset to the related Obligor expire or are irrevocably terminated or reduced to zero. 

“Related Property” means, with respect to a Collateral Obligation, any property or other assets designated and pledged or
mortgaged as collateral to secure repayment of such Collateral Obligation, including, without limitation, any pledge of the stock, membership or other ownership interests in the related Obligor or its subsidiaries, all Warrant Assets with respect to
such Collateral Obligation and all proceeds from any sale or other disposition of such property or other assets. 
 “Related
Security” means, with respect to each Collateral Obligation: 
 (a) all Warrant Assets and any Related Property securing a
Collateral Obligation, all payments paid to the Borrower in respect thereof and all monies due, to become due and paid to the Borrower in respect thereof accruing after the applicable Advance Date and all liquidation proceeds thereof; 

  
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 (b) all guaranties, indemnities and warranties, insurance policies, financing statements and
other agreements or arrangements of whatever character from time to time supporting or securing payment of any such indebtedness; 
 (c) all
Collections with respect to such Collateral Obligation and any of the foregoing; 
 (d) any guarantees or similar credit enhancement for an
Obligor’s obligations under any Collateral Obligation, all UCC financing statements or other filings relating thereto, including all rights and remedies, if any, against any Related Security, including all amounts due and to become due to the
Borrower thereunder and all rights, remedies, powers, privileges and claims of the Borrower thereunder (whether arising pursuant to the terms of such agreement or otherwise available to the Borrower at law or in equity); 

(e) all Records with respect to such Collateral Obligation and any of the foregoing; and 

(f) all recoveries and proceeds of the foregoing. 

“REO Asset” means, with respect to any Collateral Obligation, any real property that is Related Property that has been
foreclosed on or repossessed from the current Obligor by the Servicer, and is being managed by the Servicer on behalf of, and in the name of, any REO Asset Owner, for the benefit of the Secured Parties and any other equity holder of such REO Asset
Owner. 
 “REO Asset Owner” has the meaning set forth in Section 7.12(a). 

“REO Servicing Standard” has the meaning set forth in Section 7.12(a). 

“Replacement Hedging Agreement” means one or more Hedging Agreements, which in combination with all other Hedging Agreements
then in effect, after giving effect to any planned cancellations of any presently outstanding Hedging Agreements satisfy the Borrower’s covenant contained in Section 10.6 to maintain Hedging Agreements. 

“Reporting Date” means, with respect to any Distribution Date, the third Business Day prior to such Distribution Date. 

“Repurchase Amount” means, for any Warranty Collateral Obligation for which a payment or substitution is being made pursuant
to Section 7.11 as of any time of determination, the sum of (i) the greater of (a) an amount equal to the purchase price paid by the Borrower for such Collateral Obligation (excluding purchased accrued interest
and original issue discount) less all payments of principal received in connection with such Collateral Obligation since the date it was added to the Collateral and (b) the Collateral Obligation Amount of such Collateral Obligation,
(ii) any accrued and unpaid interest thereon since the last Distribution Date and (iii) all Hedge Breakage Costs owed to any relevant Hedge Counterparty for any termination of one or more Hedge Transactions, in whole or in part, as
required by the terms of any Hedging Agreement, incurred in connection with such payment or repurchase and the termination of any Hedge Transactions in whole or in part in connection therewith. 

  
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 “Repurchased Collateral Obligation” means, with respect to any Collection
Period, any Collateral Obligation as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Borrower or the Servicer, as applicable, on or before the immediately prior Reporting Date and any Collateral
Obligation purchased by the Equityholder pursuant to the Sale Agreement as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Equityholder. 

“Request for Release and Receipt” means a form substantially in the form of Exhibit
F-2 completed and signed by the Servicer. 
 “Required Lenders” means, at any
time, (a) Lenders holding Advances aggregating greater than 50% of all Advances outstanding or if there are no Advances outstanding, Lenders holding Commitments aggregating greater than 50% of all Commitments and (b) the Facility Agent;
provided that Advances outstanding owing to Defaulting Lenders and the commitments of Defaulting Lenders shall be disregarded for purposes of this definition. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Responsible Officer” means, with respect to (a) the Servicer or the Borrower, its Chief Executive
Officer, Chief Operating Officer, or any other officer or employee of the Servicer, the Borrower or the Investment Manager directly responsible for the administration or collection of the Collateral Obligations, (b) the Collateral Agent or
Collateral Custodian, any officer within the Corporate Trust Office, including any director, vice president, assistant vice president or associate having direct responsibility for the administration of this Agreement, who at the time shall be such
officers, respectively, or to whom any matter is referred because of his or her knowledge of and familiarity with the particular subject, or (c) any other Person, the President, any Vice-President or
Assistant Vice-President, Corporate Trust Officer or the Controller of such Person, or any other officer or employee having similar functions. 

“Retained Economic Interest” has the meaning set forth in Section 10.22(a). 

“Retained Interest” means, with respect to any Collateral Obligation included in the Collateral, (a) such obligations to
provide additional funding with respect to such Collateral Obligation that have been retained by the other lender(s) of such Collateral Obligation, (b) all of the rights and obligations, if any, of the agent(s) under the Underlying Instruments,
(c) any unused commitment fees associated with the additional funding obligations that are being retained in accordance with clause (a) above, and (d) any agency or similar fees associated with the rights and obligations of the
agent(s) that are being retained in accordance with clause (b) above. 
 “Revaluation Diversion Event” means an event
that shall occur (and be deemed continuing at all times thereafter) if, at any time after the end of the Revolving Period (a) the sum of all decreases in the Collateral Obligation Amount (solely as a result of (x) decreases in the related
Discount Factor pursuant to Section 2.7(b) or (y) such Collateral Obligation becoming a DB Tranched Second Lien Loan) first equals or exceeds the product of (A) 7.5% multiplied by (B) the Adjusted Aggregate
Eligible Collateral Obligation Balance as of the first Business Day after the end of the Revolving Period and (b) a Revaluation Event shall occur with respect to three (3) or more Collateral Obligations after the end of the Revolving
Period. 

  
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 “Revaluation Event” means each occurrence of any of the following with
respect to any Collateral Obligation during the time such Collateral Obligation is Collateral: 
 (a) such Collateral Obligation becomes a
Defaulted Collateral Obligation; 
 (b) the occurrence of a Material Modification with respect to such Collateral Obligation that is not
previously approved by the Facility Agent (in its sole discretion); 
 (c) the related Obligor fails (in the case of quarterly or monthly
information, more than once) to deliver to the Borrower or the Servicer any financial reporting information (i) as required by the Underlying Instruments of such Collateral Obligation (after giving effect to the shorter of (i) thirty (30)
days and (ii) any applicable grace period thereunder) and (ii) no less frequently than quarterly; 
 (d) with respect to any
Enterprise Value Loan, the Leverage Multiple with respect to such Collateral Obligation becomes more than 1.0x higher than the Leverage Multiple as calculated when such Collateral Obligation was first pledged hereunder; 

(e) with respect to any Asset Based Loan, (A) the Borrower fails (or fails to cause the Obligor to) retain an Approved Valuation Firm to re-calculate the Appraised Value of (x) with respect to any such Asset Based Loan that has intellectual property, equipment or real property, as the case may be, in its borrowing base, the collateral securing
such Asset Based Loan at least once every twelve (12) months that such Loan is included in the Collateral (subject to a 30 day grace period with respect to any such review) and (y) with respect to all other Asset Based Loans included in
the Collateral, the collateral securing such Loan at least once every six (6) months that such Loan is included in the Collateral (subject to a 30 day grace period with respect to any such review) or (B) the Borrower (or the related
Obligor, as applicable) changes the Approved Valuation Firm with respect to any Asset Based Loan that or the related Approved Valuation Firm changes the metric for valuing the collateral of such Loan, each without the written approval of the
Facility Agent; 
 (f) with respect to any Asset Based Loan, the Effective LTV of such Collateral Obligation is greater than 1.0 or
increases by more than an amount equal to 15% of the Original Effective LTV of such Collateral Obligation; provided that each subsequent increase of an additional 15% over the applicable Original Effective LTV shall be an additional
Revaluation Event; 
 (g) the related Obligor undergoes a merger, acquisition or other restructuring unless the Servicer determines in its
reasonable discretion (as certified to the Facility Agent in writing) that such event is not a material negative credit event for the related Obligor; 

(h) the Borrower sells or otherwise disposes of a portion of such Collateral Obligation at a price (as a percentage of par) less than the
lower of (i) 95% of par and (ii) the currently assigned Discount Factor; 

  
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 (i) if such Collateral Obligation is rated by either S&P or Moody’s and is not a
DIP Loan, such Collateral Obligation has (x) a rating by Standard & Poor’s of “CCC-” or below or (y) a Moody’s probability of default rating (as published by
Moody’s) of “Caa3” or below or, in each case, had such ratings before they were withdrawn by Standard & Poor’s or Moody’s, as applicable; 

(j) if such Collateral Obligation is a Participation Interest (other than an Assigned Participation Interest), the seller thereof ceases to
have (x) long-term unsecured ratings of at least “Baa1” by Moody’s and “BBB+” by S&P and (y) short-term unsecured ratings of at least “A-1” by S&P and “P-1” by Moody’s (or such ratings as otherwise approved by the Facility Agent in its sole discretion); or 

(k) the occurrence of a default in any financial covenant contained in the Underlying Instruments, without regard to any applicable grace
period contained in the Underlying Instruments; 
 provided that the Facility Agent may, with the reasonable consent of the Borrower, include custom
revaluation events other than those included in the definition of “Revaluation Event” as a condition of its approval of any Collateral Obligation, as noted in the related Asset Approval Notice. 

It being understood and agreed that if an event that results in a Revaluation Event under clause (a), (c), (d), (e), (f), (g) or
(k) above is waived by an Unspecified Default Waiver Material Modification, such Unspecified Default Waiver Material Modification will not give rise to an additional Revaluation Event under clause (b) above if the Facility Agent determines
in its sole discretion that such Unspecified Default Waiver Material Modification waives the “same event” that resulted in such other Revaluation Event. 

“Revolving Loan” means a Collateral Obligation that specifies a maximum aggregate amount that can be borrowed by the related
Obligor and permits such Obligor to re-borrow any amount previously borrowed and subsequently repaid during the term of such Collateral Obligation. 

“Revolving Period” means the period of time starting on the Effective Date and ending on the earliest to occur of
(i) the date that is thirty-six (36) months after the Effective Date or, if such date is extended pursuant to Section 2.6, the date mutually agreed upon by the Borrower and
the Facility Agent, (ii) the date on which the Facility Amount is terminated in full pursuant to Section 2.5, (iii) the occurrence of an Event of Default, (iv) the termination date of any equity commitment to
the Equityholder or any Affiliate of the Equityholder becomes earlier than the date set forth in clause (ii) of the definition of Facility Termination Date, (v) a default under the Constituent Documents of the Equityholder, (vi) the
termination of the reinvestment period of the Equityholder or (v) the date on which the Equityholder is no longer able to call for capital contributions from the limited partners of the Equityholder pursuant to its respective limited
partnership agreements. 
 “Sale Agreement” means the Sale and Contribution Agreement, dated as of the date hereof, by and
between the Equityholder, as seller, and the Borrower, as purchaser. 
 “Sanction Target” has the meaning set forth in
Section 9.30. 

  
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 “Sanctioned Countries” has the meaning set forth in
Section 9.30. 
 “Sanctions” has the meaning set forth in Section 9.30.

 “Schedule of Collateral Obligations” means the list or lists of Collateral Obligations attached to each Asset Approval
Request and each Reinvestment Request. Each such schedule shall identify the assets that will become Collateral Obligations, shall set forth such information with respect to each such Collateral Obligation as the Borrower or the Facility Agent may
reasonably require and shall supplement any such schedules attached to previously-delivered Asset Approval Requests and Reinvestment Requests. 

“Scheduled Collateral Obligation Payment” means each periodic installment payable by an Obligor under a Collateral Obligation
for principal, interest and/or unutilized/commitment fees (as applicable) in accordance with the terms of the related Underlying Instrument. 

“Second Lien Loan” means any Loan that (i) is not (and that by its terms is not permitted to become) subordinate in
right of payment to any other obligation of the related Obligor other than a First Lien Loan with respect to the liquidation of such Obligor or the collateral for such Loan and (ii) is secured by a valid second priority perfected Lien to or on
specified collateral securing the related Obligor’s obligations under the Loan, which Lien is not subordinate to the Lien securing any other debt for borrowed money other than a First Lien Loan on such specified collateral and any Permitted
Liens. 
 “Secured Parties” means, collectively, the Collateral Agent, the Collateral Custodian, the Securities
Intermediary, each Lender, the Facility Agent, each Agent, each other Affected Person, Indemnified Party and Hedge Counterparty and their respective permitted successors and assigns. 

“Securities Intermediary” means U.S. Bank National Association, solely in its capacity as securities intermediary, or any
subsequent institution acceptable to the Facility Agent at which the Accounts are kept. 
 “Senior Secured Bond” means a
debt security (that is not a loan) that is (a) issued by a corporation, limited liability company, partnership or trust and (b) secured by a valid first priority perfected security interest on specified collateral. 

“Servicer” means initially MSD Investment Corp. or any successor servicer appointed pursuant to this Agreement. 

“Servicer Default” means the occurrence of one of the following events: 

(a) any failure by the Servicer to deposit or credit, or to deliver for deposit, in the Collection Account any amount required hereunder to be
so deposited, credited or delivered or to make any required distributions therefrom; 
 (b) failure on the part of the Servicer duly to
observe or to perform in any respect any other covenant or agreement of the Servicer set forth in this Agreement which failure continues unremedied for a period of 30 days after the date on which written notice of such failure shall have been given
to the Servicer by the Borrower, the Collateral Agent or the Facility Agent; 

  
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 (c) the occurrence of an Insolvency Event with respect to the Servicer; 

(d) any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered
pursuant hereto shall prove to be false or incorrect as of the time when the same shall have been made or deemed made (i) which incorrect representation, warranty or statement has a material and adverse effect on (1) the validity,
enforceability or collectability of this Agreement or any other Transaction Document or (2) the rights and remedies of any Secured Party with respect to matters arising under this Agreement or any other Transaction Document, and
(ii) within 30 days after written notice thereof shall have been given to the Servicer by the Borrower, the Collateral Agent or the Facility Agent, the circumstance or condition in respect of which such representation, warranty or statement was
incorrect shall not have been eliminated or otherwise cured; 
 (e) an Event of Default occurs; 

(f) the failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or more agreements
for borrowed money to which it is a party in an aggregate amount in excess of $2,500,000, individually or in the aggregate; or (ii) the occurrence of any event or condition that has resulted in or permits the acceleration of such recourse debt,
whether or not waived; 
 (g) the rendering against the Servicer of one or more final,
non-appealable judgments, decrees or orders for the payment of money in excess of $2,500,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect
for any period of more than sixty (60) consecutive days without a stay of execution; 
 (h) a Change of Control occurs; or 

(i) MSD Investment Corp. ceases to be the Servicer. 

“Servicer Expenses” means any accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and
indemnity amounts payable by the Borrower to the Servicer (other than the Servicing Fee) under the Transaction Documents. 

“Servicing Fee” means with respect to any Distribution Date, the senior fee payable to the Servicer or successor servicer (as
applicable) for services rendered during the related Collection Period, which shall be equal to one-twelfth of the product of (i) the Servicing Fee Percentage multiplied by (ii) the average of the
values of the Aggregate Eligible Collateral Obligation Amount on the first day and the last day of the related Collection Period. 

“Servicing Fee Percentage” means, so long as MSD Investment Corp. or any Affiliate thereof or of the Borrower is the
Servicer, 0%; otherwise up to 0.50%, as determined by the Facility Agent and any successor servicer. 
 “Servicing
Standard” means, with respect to any Collateral Obligations, to service and administer such Collateral Obligations on behalf of the Borrower for the benefit of the Secured Parties in accordance with the Underlying Instruments and all
customary and usual servicing practices which are consistent with the higher of: (i) the customary and usual servicing practices that a prudent loan investor or lender would use in servicing loans like the Collateral Obligations for its own
account, and (ii) the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account or for the account of others. 

  
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 “Standard & Poor’s” or “S&P” means
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and any successor or successors thereto. 

“Structured Finance Obligation” means any obligation secured directly by, referenced to, or representing ownership of, a pool
of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt obligations, collateral loan obligations, asset backed securities and
commercial mortgage backed securities or any resecuritization thereof. 
 “Subsidiary” means, with respect to any Person, a
corporation, partnership or other entity of which such Person and/or its other Subsidiaries own, directly or indirectly, such number of outstanding shares or interests as have more than 50% of the ordinary voting power for the election of directors,
managers or general partners, as applicable. 
 “Substituted Collateral Obligation” means, with respect to any Collection
Period, any Warranty Collateral Obligation with respect to which the Equityholder has substituted in a replacement Eligible Collateral Obligation pursuant to Section 7.11 and the Sale Agreement. 

“Supported QFC” has the meaning set forth in Section 17.20. 

“Tangible Net Worth” means, with respect to any Person, the consolidated assets minus the consolidated liabilities of such
Person calculated in accordance with GAAP after subtracting therefrom the aggregate amount of the consolidated intangible assets of such Person, including, without limitation, goodwill, franchises, licenses, patents, trademarks, tradenames,
copyrights and service marks. 
 “Target Portfolio Amount” means $650,000,000; provided such amount will
automatically (i) increase pro-rata upon any increase of at least $50,000,000 of the Facility Amount hereunder and (ii) decrease pro-rata upon
any decrease of at least $50,000,000 of the Facility Amount hereunder. 
 “Taxes” means all present or future taxes,
levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. 

“Transaction Documents” means this Agreement, the Notes, the Sale Agreement, the Collateral Agent and Collateral Custodian
Fee Letter, each Fee Letter, the Account Control Agreement, any Joinder Agreement and the other documents to be executed and delivered in connection with this Agreement, specifically excluding from the foregoing, however, Underlying Instruments
delivered in connection with this Agreement. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in
the applicable jurisdiction or jurisdictions. 

  
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 “UK AIFM Regulations” means the UK Alternative Investment Fund Managers
Regulations 2013. 
 “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook
(as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct
Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “Underlying Instrument” means the loan agreement, credit agreement or
other customary agreement pursuant to which a Collateral Obligation has been created or issued and each other agreement that governs the terms of or secures the obligations represented by such Collateral Obligation or of which the holders of such
Collateral Obligation are the beneficiaries. 
 “Undrawn Fee” means a fee payable pursuant to
Section 3.1(b) for each day of the related Collection Period equal to the product of (x) the difference between the aggregate Commitments on such day minus the aggregate principal amount of outstanding
Advances on such day, multiplied by (y) the Undrawn Fee Rate multiplied by (z) 1/360. 
 “Undrawn
Fee Rate” has the meaning set forth in the Fee Letter. 
 “Unfunded Exposure Account” means a segregated, non-interest bearing securities account with the account number set forth on Schedule 5, which is created and maintained on the books and records of the Securities Intermediary entitled “Unfunded
Exposure Account” in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a). 

“Unfunded Exposure Shortfall” has the meaning set forth in Section 8.1(a). 

“Unmatured Event of Default” means any event that, if it continues uncured, will, with lapse of time or notice or lapse of
time and notice, constitute an Event of Default. 
 “Unmatured Servicer Default” means any event that, if it continues
uncured, will, with lapse of time or notice or lapse of time and notice, constitute a Servicer Default. 
 “Unrestricted
Cash” means, with respect to any Person, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any Lien. 

“Unspecified Default Waiver Material Modification” has the meaning set forth in clause (l) of the definition of
“Material Modification”. 
 “USA Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56. 

  
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 “U.S. Person” means any Person that is a “United States person”
as defined in Section 7701(a)(30) of the Code. 
 “U.S. Special Resolution Regimes” has the meaning set forth in
Section 17.20. 
 “U.S. Tax Compliance Certificate” has the meaning set forth in
Section 4.3(f). 
 “Variable Funding Asset” means any Revolving Loan or other asset that by its
terms may require one or more future advances to be made to the related Obligor by any lender thereon or owner thereof. 
 “Volcker
Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder. 

“Warrant Asset” means any equity purchase warrants or similar rights convertible into or exchangeable or exercisable for any
equity interests received by the Borrower as an “equity kicker” from the Obligor in connection with a Collateral Obligation. 

“Warranty Collateral Obligation” has the meaning set forth in Section 7.11. 

“Weighted Average Advance Rate” means, as of any date of determination with respect to all Eligible Collateral Obligations
included in the Adjusted Aggregate Eligible Collateral Obligation Balance, the number obtained by dividing (i) the amount obtained by summing the products obtained by multiplying (a) the Advance Rate of each such Eligible Collateral
Obligation by (b) such Eligible Collateral Obligation’s contribution to the Adjusted Aggregate Eligible Collateral Obligation Balance by (ii) the Adjusted Aggregate Eligible Collateral Obligation Balance, in each case, as of such
date. 
 “Weighted Average Coupon” means, as of any day, the number expressed as a percentage obtained by dividing
(i) the sum for each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that is a Fixed Rate Collateral Obligation of (x) the interest rate for each
such Collateral Obligation minus the LIBOR Rate multiplied by (y) the Collateral Obligation Amount of each such Collateral Obligation by (ii) the Adjusted Aggregate Eligible Collateral Obligation Balance for Fixed Rate Collateral
Obligations. 
 “Weighted Average Life” means, as of any day with respect to all Eligible Collateral Obligations included
in the Collateral, the number of years following such date obtained by dividing (i) the amount obtained by summing the products obtained by multiplying (a) the Average Life at such time of each such Eligible Collateral Obligation by
(b) the Collateral Obligation Amount of such Collateral Obligation by (ii) the Aggregate Eligible Collateral Obligation Amount. 

“Weighted Average Spread” means, as of any day, the number expressed as a percentage equal to (i) the Aggregate Funded
Spread divided by (ii) the Aggregate Eligible Collateral Obligation Amount. 
 “Withholding Agent” means the Borrower,
the Facility Agent, the Collateral Agent and the Servicer. 

  
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 “Write-Down and Conversion Powers” means, (a) with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under the Bail-In Legislation that are related to or ancillary to any of those powers. 

“written” or “in writing” (and other variations thereof) means any form of written communication or a communication
by means of telex, telecopier device, telegraph or cable. 
 “Yield” means, with respect to any period, the daily interest
accrued on Advances during such period as provided for in Article III. 
 Section 1.2 Other Definitional Provisions.
(a) Unless otherwise specified therein, all terms defined in this Agreement have the meanings as so defined herein when used in the Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto
or thereto. 
 (b) Each term defined in the singular form in Section 1.1 or elsewhere in this
Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement, the Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto, and each term
defined in the plural form in Section 1.1 shall mean the singular thereof when the singular form of such term is used herein or therein. 

(c) The words “hereof,” “herein,” “hereunder” and similar terms when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, the term “including” means “including without limitation,” and article, section, subsection, schedule and exhibit references herein are
references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified. 
 (d)
The following terms which are defined in the UCC in effect in the State of New York on the date hereof are used herein as so defined: Accounts, Certificated Securities, Chattel Paper, Control, Deposit Account, Documents, Equipment, Financial Assets,
Funds-Transfer System, General Intangibles, Indorse and Indorsed, Instruments, Inventory, Investment Property, Proceeds, Securities Account, Securities Intermediary, Security Certificates, Security
Entitlements, Security Interest and Uncertificated Securities. 
 (e) Unless otherwise specified, each reference in this
Agreement or in any other Transaction Document to a Transaction Document shall mean such Transaction Document as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the terms of the Transaction
Documents. 

  
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 (f) Unless otherwise specified, each reference to any Applicable Law means
such Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any Applicable
Law means that provision of such Applicable Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision. 

(g) All calculations required to be made hereunder with respect to the Collateral Obligations, the Maximum Availability and the
Borrowing Base shall be made on a trade date basis and after giving effect to (x) all purchases or sales to be entered into on such trade date, (y) all Advances requested to be made on such trade date plus the balance of all unfunded
Advances to be made in connection with the Borrower’s purchase of previously requested (and approved) Collateral Obligations or any funding with respect to a Variable Funding Asset included in the Collateral and (z) the application of any
Principal Collections on deposit in the Principal Collections Account necessary to settle all outstanding and unsettled assignments. 

(h) Any use of the term “knowledge” or “actual knowledge” in this Agreement shall mean actual knowledge
after reasonable inquiry. 
 (i) Any use of “material” or “materially” or words of similar meaning in
this Agreement shall mean material, as determined by the Facility Agent in its sole discretion. 
 (j) For purposes of this
Agreement, an Event of Default or Servicer Default shall be deemed to be continuing until it is waived in accordance with Section 17.2. 

(k) Unless otherwise expressly stated in this Agreement, if at any time any change in generally accepted accounting principles
(including the adoption of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth in this Agreement or any other Transaction Document, the Borrower and Facility Agent shall negotiate in
good faith to amend such covenant to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant shall continue to be computed in accordance with the application of generally accepted
accounting principles prior to such change and (ii) the Borrower shall provide to the Facility Agent a written reconciliation in form and substance reasonably satisfactory to the Facility Agent, between calculations of such covenant made before
and after giving effect to such change in generally accepted accounting principles. 
 (l) Any reference to
“execute”, “executed”, “sign”, “signed”, “signature” or any other like term hereunder shall include execution by electronic signature (including, with-out
limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce Act
(“E-SIGN”) or the New York Electronic Signatures and Records Act (“ESRA”), which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other
similar platform identified by the Borrower, the Equityholder, the Servicer, the Facility Agent or any Lender and reasonably available at no undue burden or expense to the Collateral Agent or the Collateral Custodian), except to the extent the
Collateral Agent or the Collateral Custodian requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and
validly delivered for all purposes hereunder. 

  
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 ARTICLE II 

THE FACILITY, ADVANCE PROCEDURES AND NOTES 

Section 2.1 Advances. (a) On the terms and subject to the conditions set forth in this Agreement, each Lender Group hereby
agrees to make advances to or on behalf of the Borrower (individually, an “Advance” and collectively the “Advances”) from time to time on any date (each such date on which an Advance is made, an “Advance
Date”) during the period from the Effective Date to the end of the Revolving Period; provided that there shall be no more than two (2) Advance Dates during any calendar week. 

(b) Under no circumstances shall any Lender make an Advance if, after giving effect to such Advance and any purchase of
Eligible Collateral Obligations in connection therewith, the aggregate outstanding principal amount of all Advances would exceed the lowest of (i) the Facility Amount, (ii) the Borrowing Base and (iii) the Maximum Availability.
Subject to the terms of this Agreement, during the Revolving Period, the Borrower may borrow, reborrow, repay and prepay (subject to the provisions of Section 2.4) one or more Advances. 

Section 2.2 Funding of Advances. (a) Subject to the satisfaction of the conditions precedent set forth in
Section 6.2, the Borrower may request Advances hereunder by giving notice to the Facility Agent, each Agent and the Collateral Agent of the proposed Advance at or prior to 11:00 a.m., New York City time, at least two (2) Business
Days prior to the proposed Advance Date. Such notice (herein called the “Advance Request”) shall be in the form of Exhibit C-1 and shall include (among other things) the proposed
Advance Date and amount of such proposed Advance, and shall, if applicable, be accompanied by an Asset Approval Request setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the
Advance Date (if applicable). The amount of any Advance shall at least be equal to the least of (x) $500,000, (y) the (1) Borrowing Base on such day minus (2) the Advances outstanding on such day and (z) the
(1) Facility Amount on such day minus (2) the Advances outstanding on such day before giving effect to the requested Advance as of such date. Any Advance Request given by the Borrower pursuant to this
Section 2.2, shall be irrevocable and binding on the Borrower. The Facility Agent shall have no obligation to lend funds hereunder in its capacity as Facility Agent. Subject to receipt by the Collateral Agent of an
Officer’s Certificate of the Borrower confirming the satisfaction of the conditions precedent set forth in Section 6.2, and the Collateral Agent’s receipt of such funds from the Lenders, the Collateral Agent shall
make the proceeds of such requested Advances available to the Borrower by deposit to such account as may be designated by the Borrower in the Advance Request in same day funds no later than 3:00 p.m., New York City time, on such Advance Date. 

  
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 (b) Unfunded Commitment Provisions. Notwithstanding anything to the
contrary herein, upon the occurrence of the earlier of (i) any acceleration of the maturity of Advances pursuant to Section 13.2 and (ii) the end of the Revolving Period, the Borrower shall request an Advance in
the amount of the Aggregate Unfunded Amount minus the amount already on deposit in the Unfunded Exposure Account. Following receipt of such Advance Request, the Lenders shall fund such requested amount by transferring such amount directly to the
Collateral Agent to be deposited into the Unfunded Exposure Account, notwithstanding anything to the contrary herein (including, without limitation, the Borrower’s failure to satisfy any of the conditions precedent set forth in
Section 6.2). 
 Section 2.3 Notes. The Borrower shall, upon request of any Lender Group, on or after
such Lender Group becomes a party hereto (whether on the Effective Date or by assignment or otherwise), execute and deliver a Note evidencing the Advances of such Lender Group. Each such Note shall be payable to the Agent for such Lender Group in a
face amount equal to the applicable Lender Group’s Commitment as of the Effective Date or the effective date on which such Lender Group becomes a party hereto, as applicable. The Borrower hereby irrevocably authorizes each Agent to make (or
cause to be made) appropriate notations on the grid attached to the Notes (or on any continuation of such grid, or at the option of such Agent, in its records), which notations, if made, shall evidence, inter alia, the date of the
outstanding principal of the Advances evidenced thereby and each payment of principal thereon. Such notations shall be rebuttably presumptive evidence of the subject matter thereof absent manifest error; provided, that the failure to make any
such notations shall not limit or otherwise affect any of the Obligations or any payment thereon. 
 Section 2.4 Repayment and
Prepayments. (a) The Borrower shall repay the Advances outstanding (i) on each Distribution Date to the extent required to be paid hereunder and funds are available therefor pursuant to Section 8.3 and
(ii) in full on the Facility Termination Date. 
 (b) Prior to the Facility Termination Date, the Borrower may, from
time to time, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of any Advance using Principal Collections on deposit in the Principal Collection Account or other funds available to the Borrower on such date;
provided, that 
 (i) all such voluntary prepayments shall require prior written notice to the Facility Agent (with a copy to the
Collateral Agent and each Agent) by 11:00 a.m. two (2) Business Days prior to such voluntary prepayment, which notice (herein called the “Prepayment Notice”) shall be in the form of Exhibit C-4 and shall include
(among other things) the proposed date of such prepayment and the amount and allocation of such prepayment; 
 (ii) each such voluntary
partial prepayment shall be in a minimum amount of $1,000,000; and 
 (iii) each prepayment shall be applied on the Business Day received
by the Facility Agent if received by 3:00 p.m., New York City time (or, if received after 3:00 p.m., New York City time, on the immediately following Business Day), on such day as Amount Available constituting Principal Collections pursuant to
Section 8.3(a) as if (x) the date of such prepayment were a Distribution Date and (y) such prepayment occurred during the Collection Period to which such Distribution Date relates. 

Each such prepayment shall be subject to the payment of any amounts required by Section 2.5(b) (if any) resulting from a prepayment
or payment if, in connection with such prepayment, the Borrower elects to permanently reduce the Facility Amount in accordance with Section 2.5. 

  
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 Section 2.5 Permanent Reduction of Facility Amount. (a) The Borrower may at
any time upon five Business Days’ prior written notice to the Facility Agent (with a copy to the Collateral Agent), permanently reduce the Facility Amount (i) in whole or in part upon payment in full (in accordance with
Section 2.4) of the aggregate outstanding principal amount of all Advances or (ii) in part by any pro rata amount that the Facility Amount exceeds the aggregate outstanding principal amount of all Advances
(after giving effect to any concurrent prepayment thereof). In connection with any permanent reduction of the Facility Amount under this Section 2.5(a), the Commitment of each Lender shall automatically, and without any
further action by any party, be reduced pro rata with all other Lenders such that the sum of all Commitments will equal the newly reduced Facility Amount. 

(b) As a condition precedent to any permanent reduction of the Facility Amount pursuant to
Section 2.5(a), the Borrower shall pay to the Facility Agent, for the respective accounts of the Lenders, any applicable Prepayment Make-Whole Premium and Prepayment Fee; provided that no such Prepayment Fee shall be
due during the continuation of a Non-Approval Event, but only if occurring after the one year anniversary of the Effective Date. 

Section 2.6 Extension of Revolving Period. The Borrower may, at any time after the twelve (12) month anniversary of the
Effective Date and prior to the date that is 30 Business Days prior to the last date of the Revolving Period, deliver a written notice to the Facility Agent requesting an extension of the Revolving Period. In the respective sole discretion of each
Agent, the Revolving Period shall be extended to a date mutually agreed upon by the Borrower and the Agents and in accordance with the other terms and conditions as may be agreed to from time-to-time by the Borrower and the Facility Agent. 
 Section 2.7 Calculation of Discount
Factor. 
 (a) In connection with the purchase of each Collateral Obligation and prior to such Collateral Obligation
being purchased by the Borrower and included in the Collateral, the Facility Agent will assign (in its sole discretion) a Discount Factor for such Collateral Obligation, which Discount Factor shall remain effective for such Collateral Obligation
except as provided in clause (b) below. 
 (b) If a Revaluation Event occurs with respect to any Collateral Obligation,
the Discount Factor of such Collateral Obligation may be amended by the Facility Agent, in its sole discretion. The Facility Agent will provide written notice of the revised Discount Factor to the Borrower and the Servicer (who shall forward to the
Collateral Agent). To the extent the Servicer has actual knowledge or has received notice of any Revaluation Event with respect to any Collateral Obligation, the Servicer shall give prompt notice thereof to the Facility Agent with a copy to the
Collateral Agent (but, in any event, not later than two Business Days after it receives notice or gains actual knowledge thereof). 

(c) If the circumstances giving rise to any Revaluation Event with regard to any Collateral Obligation cease to be applicable,
the Servicer may provide written notice of such changed circumstance to the Facility Agent (with a copy to the Collateral Agent), and if no Revaluation Event shall then be continuing for such Collateral Obligation, the Facility Agent may assign a
new Discount Factor for such Collateral Obligation in its sole discretion as set forth in clause (a) above. 

  
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 Section 2.8 Increase in Facility Amount. The Borrower may from time to time,
with the prior written consent of the Facility Agent (which consent may be conditioned on one or more conditions precedent in its sole discretion), (i) increase the aggregate Commitment of the existing Lender Groups (pro rata) by an additional
$400,000,000, (ii) add additional Lender Groups and/or (iii) increase the Commitment of any Lender Group, in each case which shall increase the Facility Amount by the amount of the Commitment of each such existing or additional Lender Group.

 Section 2.9 Defaulting Lenders. 

(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then,
until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (i) such Defaulting
Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders; 

(ii) any payment of principal, interest, fees or other amounts received by the Collateral Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Facility Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Facility
Agent hereunder; second, as the Borrower may request (so long as no Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Facility Agent in its sole discretion)), to
the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Facility Agent; third, if so determined by the Facility Agent or the Borrower, to
be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund future Advances under this Agreement; fourth, to the payment of any
amounts owing to the other Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
fifth, so long as no Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Facility Agent in its sole discretion), to the payment of any amounts owing to Borrower as
a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting
Lender or as otherwise directed by a court of competent jurisdiction; provided, that if such payment is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share,
such payment shall be applied solely to pay the Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of such Defaulting Lender. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.9 shall be deemed paid to and
redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; and 

  
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 (iii) for any period during which such Lender is a Defaulting Lender, such Defaulting
Lender shall not be entitled to receive any Undrawn Fee for any period during which that Lender is a Defaulting Lender (and under no circumstance shall Borrower retroactively be or become required to pay any such fee that otherwise would have been
required to have been paid to such Defaulting Lender). 
 (b) If the Facility Agent and the Borrower determine in their sole
discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Facility Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth
therein (which may include arrangements with respect to any cash collateral), such Lender will, to the extent applicable, purchase that portion of Advances outstanding of the other Lenders or take such other actions as the Facility Agent may
determine to be necessary to cause the Advances to be held on a pro rata basis by the Lenders, whereupon that Lender will cease to be a Defaulting Lender; provided, that no adjustments will be made retroactively with respect to fees accrued
or payments made by or on behalf of Borrower while that Lender was a Defaulting Lender; provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE III 
 YIELD, UNDRAWN FEE,
ETC. 
 Section 3.1 Yield and Undrawn Fee. (a) The Borrower hereby promises to pay, on the dates specified in
Section 3.2, Yield on the outstanding amount of each Advance (or each portion thereof) for the period commencing on the applicable Advance Date until such Advance is paid in full. No provision of this Agreement or the Notes
shall require the payment or permit the collection of Yield in excess of the maximum amount permitted by Applicable Law. 

(b) The Borrower shall pay the Undrawn Fee on the dates specified in Section 3.2. 

Section 3.2 Yield and Undrawn Fee Distribution Dates. Yield accrued on each Advance (including any previously accrued and unpaid
Yield) and the Undrawn Fee (as applicable) shall be payable, without duplication: 
 (a) on the Facility Termination Date; 

(b) on the date of any payment or prepayment, in whole or in part, of principal outstanding on such Advance; and 

(c) on each Distribution Date. 

  
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 Section 3.3 Yield Calculation. The Advances shall bear interest on each day
during each Accrual Period at a rate per annum equal to the product of (a) the Interest Rate for such Accrual Period multiplied by (b) the greater of (without duplication) (i) the outstanding amount of the Advances on such day and
(ii) the minimum utilization (as set forth in the applicable Fee Letter) in effect on such day. All Yield shall be computed on the basis of the actual number of days (including the first day but excluding the last day) occurring during the
period for which such Yield is payable over a year comprised of 360 days. 
 Section 3.4 Computation of Yield, Fees, Etc. Each
Agent (on behalf of its respective Lender Group) and the Facility Agent shall determine the applicable Yield and all Fees to be paid by the Borrower on each Distribution Date for the related Accrual Period and shall advise the Collateral Agent
thereof in writing no later than seventh (7th) Business Day prior to such Distribution Date. Such reporting may also include an accounting of any amounts due and payable pursuant to Sections 4.3 and 5.1. 

ARTICLE IV 
 PAYMENTS; TAXES 

Section 4.1 Making of Payments. Subject to, and in accordance with, the provisions hereof and
Section 2.4 or Section 8.3(a), as applicable, all payments of principal of or Yield on the Advances and other amounts due to the Lenders shall be made pursuant to
Section 8.3(a) no later than 3:00 p.m., New York City time, on the day when due in lawful money of the United States of America in immediately available funds. Payments received by any Lender or Agent after 3:00 p.m., New
York City time, on any day will be deemed to have been received by such Lender or Agent on the next following Business Day. The respective Agent for each Lender Group shall allocate to the Lenders in its Lender Group each payment in respect of the
Advances received by the respective Agent as provided by Section 8.3(a) or Section 2.4, as applicable. Payments in reduction of the principal amount of the Advances shall be allocated and applied
to Lenders pro rata based on their respective portions of such Advances, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with such Agent and the Borrower. Payments of Yield and
Undrawn Fee shall be allocated and applied to Lenders pro rata based upon the respective amounts of such Yield and Undrawn Fee due and payable to them. 

Section 4.2 Due Date Extension. If any payment of principal or Yield with respect to any Advance falls due on a day which is not a
Business Day, then such due date shall be extended to the next following Business Day, and additional Yield shall accrue and be payable for the period of such extension at the rate applicable to such Advance. 

Section 4.3 Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower
under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the
deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
Official Body in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section 4.3) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
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 (b) Payment of Other Taxes by the Borrower. The Borrower shall timely
pay to the relevant Official Body in accordance with Applicable Law, or at the option of the Facility Agent timely reimburse it for the payment of, any Other Taxes. 

(c) Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 4.3) payable or paid by such Recipient or required to be
withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Official Body. A
certificate as to the amount of such payment or liability, setting forth in reasonable detail the calculation of such amount, delivered to the Borrower by a Lender (with a copy to the Facility Agent and the Collateral Agent), or by the Facility
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d) Indemnification by the
Lenders. Each Lender shall severally indemnify the Facility Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already
indemnified the Facility Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 15.9 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Facility Agent in connection with any
Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or
liability delivered to any Lender by the Facility Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Facility Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction
Document or otherwise payable by the Facility Agent to the Lender from any other source against any amount due to the Facility Agent under this Section 4.3(d). 

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to an Official Body pursuant
to this Section 4.3, the Borrower (or the Collateral Agent with respect to the payment of any Taxes pursuant to Section 8.3) shall deliver to the Facility Agent the original or a certified copy of
a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Facility Agent. 

 

  
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 (f) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction
Document shall deliver to the Borrower, the Facility Agent and the Collateral Agent, at the time or times reasonably requested by the Borrower, the Facility Agent or the Collateral Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Facility Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Facility Agent, shall deliver
such other documentation prescribed by Applicable Law or reasonably requested by the Borrower, the Facility Agent or the Collateral Agent as will enable the Borrower, the Facility Agent or the Collateral Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth
in Section 4.3(f)(ii)(A), Section 4.3(f)(ii)(B) and Section 4.3(f)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing: 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Facility Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent) executed copies of IRS Form W-9 certifying that such Lender is
exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the Borrower and the Facility Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Facility Agent) whichever of the following is applicable: 
 (I) in the case
of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed copies of IRS Form
W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty; 
 (II) executed copies of IRS Form W-8ECI; 

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or 

  
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 (IV) to the extent a Foreign Lender is not the beneficial owner, executed
copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit
G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
G-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent) executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Facility Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Transaction Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Facility
Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Facility Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Facility Agent as may be necessary for the Borrower and the Facility Agent to (x) comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or (y) determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date
of this Agreement. 
 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate
in any respect, it shall update such form or certification or promptly notify the Borrower and the Facility Agent in writing of its legal inability to do so. 

  
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 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes, including by way of any election by such party to receive a Tax credit in lieu of a refund, as to which it has been indemnified pursuant to this
Section 4.3 (including by the payment of additional amounts pursuant to this Section 4.3), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 4.3 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes)
of such indemnified party and without interest (other than any interest paid by the relevant Official Body with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this Section 4.3(g) (plus any penalties, interest or other charges imposed by the relevant Official Body) in the event that such indemnified party is required to repay such refund to such
Official Body. Notwithstanding anything to the contrary in this Section 4.3(g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
Section 4.3(g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification
payments or additional amounts giving rise to such refund had never been paid. This Section 4.3(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating
to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (h) Survival. Each party’s obligations
under this Section 4.3 shall survive the resignation or replacement of the Facility Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under
any Transaction Document. 
 (i) Defined Terms. For purposes of this Section 4.3, the term “Applicable
Law” includes FATCA. 
 ARTICLE V 

INCREASED COSTS, ETC. 

Section 5.1 Increased Costs, Capital Adequacy. (a) If, due to either (i) the introduction of or any change following the
date hereof (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation, administration or application arising following the date hereof of any Applicable Law, in each case whether
foreign or domestic or (ii) the compliance with any guideline or request following the date hereof from any central bank or other Official Body (whether or not having the force of law), (A) there shall be any increase in the cost (other than
Taxes) to the Facility Agent, any Agent, any Lender, or any successor or assign thereof (each of which shall be an “Affected Person”) of agreeing to make or making, funding or maintaining any Advance (or any reduction of the amount of any
payment (whether of principal, interest, fee, compensation or otherwise) to any Affected Person hereunder), as the case may be, (B) there shall be any reduction in the amount of any sum received or receivable by an Affected Person under this
Agreement or under any other Transaction Document (other than as a result of Taxes), or (C) any Recipient is subject to any Taxes (other than (x) Indemnified Taxes, (y) Taxes described in clauses (b) through (d) of
the definition of Excluded Taxes and (z) 

  
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Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, then, in
each case, the Borrower shall, from time to time, after written demand by the Facility Agent (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), on behalf of such Affected Person, pay to
the Facility Agent, on behalf of such Affected Person, additional amounts sufficient to compensate such Affected Person for such increased costs or reduced payments within thirty (30) days after such demand. 

(b) If either (i) the introduction of or any change following the date hereof in or in the interpretation, administration
or application arising following the date hereof of any law, guideline, rule or regulation, directive or request or (ii) the compliance by any Affected Person with any law, guideline, rule, regulation, directive or request following the date
hereof, from any central bank, any Official Body or agency, including, without limitation, compliance by an Affected Person with any request or directive regarding capital adequacy or liquidity, has or would have the effect of reducing the rate of
return on the capital of any Affected Person, as a consequence of its obligations hereunder or any related document or arising in connection herewith or therewith to a level below that which any such Affected Person could have achieved but for such
introduction, change or compliance (taking into consideration the policies of such Affected Person with respect to capital adequacy), by an amount deemed by such Affected Person to be material, then, from time to time but subject to
Section 8.3, after demand by such Affected Person (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), the Borrower shall pay the Facility Agent on behalf of such
Affected Person such additional amounts as will compensate such Affected Person for such reduction but only to the extent there are amounts available therefore on any given day pursuant to Section 8.3(a). 

(c) If an Affected Person shall at any time (without regard to whether any Basel III Regulations are then in effect) suffer or
incur (i) any explicit or implicit charge, assessment, cost or expense by reason of the amount or type of assets, capital or supply of funding such Affected Person or any of its Affiliates is required or expected to maintain in connection with
the transactions contemplated herein, without regard to (A) whether such charge, assessment, cost or expense is imposed or recognized internally, externally or inter-company or (B) whether it is determined in reference to a reduction in the
rate of return on such Affected Person’s or Affiliate’s assets or capital, an inherent cost of the establishment or maintenance of a reserve of stable funding, a reduction in the amount of any sum received or receivable by such Affected
Person or its Affiliates or otherwise, or (ii) any other imputed cost or expense arising by reason of the actual or anticipated compliance by such Affected Person or any of its Affiliates with the Basel III Regulations, then, upon demand by or
on behalf of such Affected Person through the Facility Agent, the Borrower shall pay to the Facility Agent, for the benefit of such Affected Person, such amount as will, in the determination of such Affected Person, compensate such Affected Person
therefor but only to the extent there are amounts available therefor on any given day pursuant to Section 8.3(a). A certificate of the applicable Affected Person setting forth the amount or amounts necessary to compensate
the Affected Person under this Section 5.1(c) shall be delivered to the Borrower and shall be conclusive absent manifest error. 

  
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 (d) In determining any amount provided for in this Section 5.1,
the Affected Person may use any reasonable averaging and attribution methods. The Facility Agent, on behalf of any Affected Person making a claim under this Section 5.1, shall submit to the Borrower a certificate setting
forth in reasonable detail the basis for and the computations of such additional or increased costs, which certificate shall be conclusive absent manifest error. 

ARTICLE VI 
 EFFECTIVENESS;
CONDITIONS TO ADVANCES 
 Section 6.1 Effectiveness. This Agreement shall become effective on the first day (the
“Effective Date”) on which the Facility Agent, on behalf of the Lenders, shall have received the following, each in form and substance reasonably satisfactory to the Facility Agent: 

(a) Transaction Documents. This Agreement and each other Transaction Document, in each case duly executed by each party thereto; 

(b) Notes. For each Lender Group that has requested the same, a Note duly completed and executed by the Borrower and payable to the
Agent for such Lender Group; 
 (c) Establishment of Accounts. Evidence that each Account has been established; 

(d) Resolutions. Certified copies of the resolutions of the managing member, board of managers (or similar items), as applicable, of the
Borrower, the Equityholder and the Servicer approving the Transaction Documents to be delivered by it hereunder and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer; 

(e) Organizational Documents. The certificate of formation (or similar organizational document) of each of the Borrower, the
Equityholder and the Servicer certified by the Secretary of State of its jurisdiction of organization; and a certified, executed copy of the Borrower’s, the Equityholder’s and the Servicer’s organizational documents; 

(f) Good Standing Certificates. Good standing certificates for each of the Borrower, the Equityholder and the Servicer issued by the
applicable Official Body of its jurisdiction of organization; 
 (g) Incumbency. A certificate of the secretary or assistant secretary
of each of the Borrower, the Equityholder and the Servicer certifying the names and true signatures of the officers authorized on its behalf to sign this Agreement and the other Transaction Documents to be delivered by it; 

(h) Filings. Copies of proper financing statements, as may be necessary or, in the opinion of the Facility Agent, desirable under the
UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all Collateral in which an interest may be pledged hereunder; 

  
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 (i) Opinions. Legal opinions of Eversheds Sutherland (US) LLP, counsel for the
Borrower, the Equityholder and the Servicer, Eversheds Sutherland (US) LLP, Maryland counsel to the Equityholder, and Nixon Peabody LLP, counsel for the Collateral Agent, each in form and substance reasonably satisfactory to the Facility Agent
covering such matters as the Facility Agent may reasonably request; 
 (j) No Event of Default, etc. Each of the Transaction Documents
is in full force and effect and no Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the issuance of the Notes and the borrowing hereunder; 

(k) Liens. The Facility Agent shall have received (i) the results of a recent search by a Person satisfactory to the Facility
Agent, of the UCC, judgment, security interest and tax lien filings which may have been filed with respect to personal property of the Borrower, and bankruptcy and pending lawsuits with respect to the Borrower and the results of such search shall be
satisfactory to the Facility Agent and (ii) filed UCC termination statements, if any, necessary to release all security interests and other rights of any Person in any Collateral previously granted by the Borrower and any executed pay-off letters reasonably requested by the Facility Agent; 
 (l) Payment of Fees. The Facility
Agent shall have received evidence, to its sole satisfaction, that all Fees due to the Lenders on the Effective Date have been paid in full; 

(m) No Material Adverse Effect. No Material Adverse Effect shall have occurred since the formation date of the Equityholder and no
litigation shall have commenced which, if successful, could have a Material Adverse Effect; 
 (n) [Reserved]. 

(o) [Reserved]. 
 (p)
Compliance. The Facility Agent and the Lenders shall have received sufficiently in advance of the Effective Date, all documents and other information required by bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56; 

(q) Equity Contribution. The Facility Agent shall have received satisfactory evidence that the Equityholder has contributed Eligible
Collateral Obligations with an aggregate Collateral Obligation Amount (minus the amount of each Collateral Obligation included in the Excess Concentration Amount) and/or cash credited to the Principal Collection Account in an aggregate amount
of at least $50,000,000; and 
 (r) Beneficial Ownership Certification. The Facility Agent shall have received the Beneficial
Ownership Certification in respect of the Borrower. 
 (s) Other. Such other approvals, documents, opinions, certificates and reports
as the Facility Agent may reasonably request. 

  
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 Section 6.2 Advances and Reinvestments. The making of any Advance (including the
initial Advance hereunder) and any Reinvestment are all subject to the condition that the Effective Date shall have occurred and to the following further conditions precedent that: 

(a) No Event of Default, Etc. Each of the Transaction Documents shall be in full force and effect (unless terminated in
accordance with the terms of the Transaction Documents) and (i) no Event of Default or Unmatured Event of Default shall have occurred and be continuing or will result from the making of such Advance or Reinvestment (other than in connection
with an Advance made pursuant to Section 2.2(b)), (ii) no Servicer Default or Unmatured Servicer Default shall have occurred and be continuing or will result from the making of such Advance or Reinvestment (other than
in connection with an Advance made pursuant to Section 2.2(b)), (iii) the representations and warranties of the Borrower and the Servicer contained herein and in the other Transaction Documents shall be true and
correct in all respects as of the related Funding Date (or if such representation and warranty specifically refers to an earlier date, such earlier date), with the same effect as though made on the date of (and after giving effect to) such Advance
or Reinvestment (or, if applicable, such earlier specified date), and (iv) after giving effect to such Advance or Reinvestment (and any purchase of Eligible Collateral Obligations in connection therewith), the aggregate principal amount of all
Advances outstanding will not exceed the Borrowing Base, the Maximum Availability or the Facility Amount; 
 (b)
Requests. (i) In connection with the funding of any Advance pursuant to Section 2.2(a), the Collateral Agent, each Agent and the Facility Agent shall have received the Advance Request for such Advance in
accordance with Section 2.2(a), together with all items required to be delivered in connection therewith and (ii) in connection with any Reinvestment, the Collateral Agent, each Agent and the Facility Agent shall have
received the Reinvestment Request for such Reinvestment in accordance with Section 8.3(b), together with all items required to be delivered in connection therewith; 

(c) Revolving Period. The Revolving Period shall not have ended; 

(d) Document Checklist. The Facility Agent, the Collateral Agent, the Collateral Custodian and each Agent shall have
received a Document Checklist for each Eligible Collateral Obligation to be added to the Collateral on the related Funding Date; 

(e) Borrowing Base Confirmation. The Collateral Agent and the Facility Agent shall have received an Officer’s
Certificate of the Borrower or the Servicer (which may be included as part of the Advance Request or Reinvestment Request) computed as of the date of such request and after giving effect thereto and to the purchase by the Borrower of the Collateral
Obligations to be purchased by it on such date (if any), demonstrating that the aggregate principal amount of all Advances outstanding shall not exceed the Borrowing Base, the Maximum Availability or the Facility Amount, calculated as of the Funding
Date as if the Collateral Obligations purchased by the Borrower on such Funding Date were owned by the Borrower; 
  

  
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 (f) Collateral Quality Tests, Minimum Equity Test. The Collateral
Agent and the Facility Agent shall have received an Officer’s Certificate (which may be included as part of the Advance Request or Reinvestment Request) computed as of the proposed Funding Date and after giving effect thereto and to the
purchase by the Borrower of the Collateral Obligations to be purchased by it on such Funding Date, demonstrating that all of the Collateral Quality Tests and the Minimum Equity Test are satisfied; 

(g) Hedging Agreements. The Facility Agent shall have received evidence, in form and substance satisfactory to the
Required Lenders, that the Borrower has entered into Hedging Agreements to the extent required by, and satisfying the requirements of, Section 10.6; 

(h) Facility Agent Approval. In connection with the acquisition of any Collateral Obligation by the Borrower or the
incremental pledge of any Collateral Obligation owned by the Borrower, (1) the Borrower shall have received an Asset Approval Notice with respect to such Collateral Obligation from the Facility Agent and (2) the Borrower (or the Servicer
on its behalf) shall have given electronic notice back to the Facility Agent that it acknowledges and agrees to the terms set forth in the related Asset Approval Notice; 

(i) Permitted Use. The proceeds of any Advance or Reinvestment will be used solely by the Borrower (A) to acquire
Collateral Obligations as identified on the applicable Asset Approval Request, (B) to satisfy any unfunded commitments in connection with any Variable Funding Asset or (C) to make a distribution pursuant to
Section 10.16; 
 (j) Appraised Value. In connection with the acquisition of each Asset
Based Loan and within the time periods set forth below, the Borrower or the Servicer (on behalf of the Borrower) shall have retained or shall have caused the Obligor to retain an Approved Valuation Firm to calculate the Appraised Value of
(A) with respect to any such Collateral Obligation that has intellectual property, equipment or real property, as the case may be, in its borrowing base, the collateral securing such Collateral Obligation within twelve (12) months prior to
the acquisition of such Collateral Obligation and inclusion into the Collateral and (B) with respect to all other Asset Based Loans, the collateral securing such Collateral Obligation within six (6) months prior to the acquisition of such
Collateral Obligation and inclusion into the Collateral. The Servicer shall report the Approved Valuation Firm, appraisal metric and Appraised Value for such Collateral Obligation to the Facility Agent in the Advance Request or the Reinvestment
Request related to such Collateral Obligation. The requirements of this Section 6.2(j) shall be modified with respect to any Collateral Obligation to the extent set forth on the related Asset Approval Request and confirmed
in the related Asset Approval Notice; 
 (k) Borrower’s Certification. The Borrower shall have delivered to the
Collateral Agent and the Facility Agent an Officer’s Certificate (which may be included as part of the Advance Request or Reinvestment Request) dated the date of such requested Advance or Reinvestment certifying that the conditions described in
Sections 6.2(a) through (j) have been satisfied; 
 (l) Borrowing Base Model. The Borrower or the
Servicer have delivered an Excel Borrowing Base model to the Facility Agent in connection with such Advance Request; and 

  
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 (m) Asset Coverage Ratio. The Servicer’s Asset Coverage Ratio
shall not be less than 150% in accordance with the requirements of the 1940 Act; provided that if there is any subsequent change to the asset coverage requirements for any business development company under the 1940 Act, the Servicer’s
Asset Coverage Ratio shall not be less than the greater of (x) 150% and (y) the amount so required under the 1940 Act after such change. 

(n) Other. The Facility Agent shall have received such other approvals, documents, opinions, certificates and reports as
it may request, which request is reasonable as to scope, content and timing. 
 Section 6.3 Transfer of Collateral Obligations and
Permitted Investments. (a) The Collateral Agent shall hold all Certificated Securities (whether Collateral Obligations or Permitted Investments) and Instruments received by it in physical form at 1555 N. Rivercenter Drive, Milwaukee, WI
53212. 
 (b) On the Effective Date (with respect to each Collateral Obligation and Permitted Investment owned by the
Borrower on such date) and each time that the Borrower or the Servicer shall direct or cause the acquisition of any Collateral Obligation or Permitted Investment, the Borrower or the Servicer shall, if such Permitted Investment or, in the case of a
Collateral Obligation, the related promissory note or assignment documentation has not already been delivered to the Collateral Custodian in accordance with the requirements set forth in Section 18.3(a), cause the delivery
of such Permitted Investment or, in the case of a Collateral Obligation, the related promissory note or assignment documentation in accordance with the requirements set forth in Section 18.3(a) to the Collateral Custodian
to be credited by the Collateral Custodian to the Collection Account in accordance with the terms of this Agreement. 
 (c)
The Borrower or the Servicer shall cause all Collateral Obligations or Permitted Investments acquired by the Borrower to be transferred to the Collateral Custodian for credit by it to the Collection Account, and shall cause all Collateral
Obligations and Permitted Investments acquired by the Borrower to be delivered to the Collateral Custodian by one of the following means (and shall take any and all other actions necessary to create and perfect in favor of the Collateral Agent a
valid security interest in each Collateral Obligation and Permitted Investment (in each case, whether now existing or hereafter acquired), which security interest shall be senior (subject to Permitted Liens) to that of any other creditor of the
Borrower): 
 (i) in the case of an Instrument or a Certificated Security in registered form by having it Indorsed to the Collateral Agent
or in blank by an effective Indorsement or registered in the name of the Collateral Agent and by (A) delivering such Instrument or Certificated Security to the Collateral Agent at 1555 N. Rivercenter Drive, Milwaukee, WI 53212 and
(B) causing the Collateral Agent to maintain continuous possession of such Instrument or Certificated Security at 1555 N. Rivercenter Drive, Milwaukee, WI 53212; 

(ii) in the case of an Uncertificated Security, by (A) causing the Collateral Agent to become the registered owner of such Uncertificated
Security and (B) causing such registration to remain effective; 

  
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 (iii) in the case of any Security Entitlement, by causing each such Security Entitlement to
be credited to an Account in the name of the Securities Intermediary; 
 (iv) in the case of General Intangibles (including any Collateral
Obligation or Permitted Investment not evidenced by an Instrument) by filing, maintaining and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Collateral Agent as secured party and describing the
Collateral Obligation or Permitted Investment (or a description of “all assets” of the Borrower) as the collateral at the filing office of the Secretary of State of Delaware; and 

(v) in the case of the Collateral Obligation Files, by delivering each to the Collateral Custodian (on behalf of the Collateral Agent for the
benefit of the Secured Parties) in accordance with the terms of Section 18.3. 
 ARTICLE VII 

ADMINISTRATION AND SERVICING OF COLLATERAL OBLIGATIONS 

Section 7.1 Retention and Termination of the Servicer. The servicing, administering and collection of the Collateral Obligations
shall be conducted by the Person designated as Servicer from time to time in accordance with this Section 7.1. Subject to early termination due to the occurrence of a Servicer Default or as otherwise provided below in this
Article VII, the Borrower hereby designates the Equityholder, and the Equityholder hereby agrees to serve, as Servicer until the termination of this Agreement. The Servicer is not an agent of the Facility Agent, any Agent or any Lender. 

Section 7.2 Resignation and Removal of the Servicer; Appointment of Successor Servicer. (a) If a Servicer Default
shall occur and be continuing, the Facility Agent by written notice given to the Servicer, may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof. In addition, if the Servicer is
terminated upon the occurrence of a Servicer Default, the Servicer shall, if so requested by the Facility Agent, acting at the direction of the Required Lenders, deliver to any successor servicer copies of its Records within seven (7) Business
Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer
in computer format in connection with servicing the Collateral Obligations. 
 (b) The Servicer shall not resign from the
obligations and duties imposed on it by this Agreement as Servicer. 
 (c) Any Person (i) into which the Servicer may be
merged or consolidated in accordance with the terms of this Agreement, (ii) resulting from any merger or consolidation to which the Servicer shall be a party, (iii) acquiring by conveyance, transfer or lease substantially all of the assets
of the Servicer, or (iv) succeeding to the business of the Servicer in any of the foregoing cases, shall execute an agreement of assumption to perform every obligation of the Servicer under this Agreement and, whether or not such assumption
agreement is executed, shall be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary
notwithstanding. 

  
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 (d) Subject to the last sentence of this
Section 7.2(d), until a successor Servicer has commenced servicing activities in the place of MSD Investment Corp., MSD Investment Corp. shall continue to perform the obligations of the Servicer hereunder. On and after the
termination of the Servicer pursuant to this Section 7.2, the successor servicer appointed by the Facility Agent shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement and
the transactions set forth or provided for in this Agreement and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions
of this Agreement. The Servicer agrees to cooperate and use reasonable efforts in effecting the transition of the responsibilities and rights of servicing of the Collateral Obligations, including the transfer to any successor servicer for the
administration by it of all cash amounts that shall at the time be held by the Servicer for deposit, or have been deposited by the Servicer, or thereafter received with respect to the Collateral Obligations and the delivery to any successor servicer
in an orderly and timely fashion of all files and records in its possession or reasonably obtainable by it with respect to the Collateral Obligations containing all information necessary to enable the successor servicer to service the Collateral
Obligations. Notwithstanding anything contained herein to the contrary and to the extent permitted by Applicable Law without causing the Servicer to have liability, the termination of the Servicer shall not become effective until an entity
acceptable to the Facility Agent in its sole discretion shall have assumed the responsibilities and obligations of the Servicer. 

(e) At any time, the Facility Agent or any Lender may irrevocably waive any rights granted to such party under
Section 7.2(a). Any such waiver shall be in writing and executed by such party that is waiving its rights hereunder. A copy of such waiver shall be promptly delivered by the waiving party to the Servicer and the Facility
Agent. 
 Section 7.3 Duties of the Servicer. The Servicer shall manage, service, administer and make collections on the
Collateral Obligations and perform the other actions required to be taken by the Servicer in accordance with the terms and provisions of this Agreement and the Servicing Standard. 

(a) The Servicer shall take or cause to be taken all such actions, as may be reasonably necessary or advisable to attempt to
recover Collections from time to time, all in accordance with (i) Applicable Law, (ii) the applicable Collateral Obligation and its Underlying Instruments, (iii) the Credit and Collection Policy and (iv) the Servicing Standard.
The Borrower hereby appoints the Servicer, from time to time designated pursuant to Section 7.1, as agent for itself and in its name to enforce and administer its rights and interests in the Collections and the related
Collateral Obligations. 

  
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 (b) The Servicer shall administer the Collections in accordance with the
procedures described herein. The Servicer shall (i) instruct each Obligor or, in the case of any agented Collateral Obligation, the applicable administrative agent, collateral agent, or equivalent Person to deposit Collections directly into the
Collection Account, (ii) deposit all Collections received directly by it into the Collection Account within two (2) Business Days of receipt thereof, (iii) cause the Equityholder and each administrative agent that is Affiliated with
it to deposit all Collections received directly by the Equityholder or Affiliate into the Collection Account within two (2) Business Days of receipt thereof and (iv) with respect to MSD Agented Loans only, transfer, or cause to be
transferred, all Collections on deposit in each Agent Account to the Collection Account within two (2) Business Days following the date such Collections are received in such Agent Account. The Servicer shall identify all Collections as either
Principal Collections or Interest Collections, as applicable. The Servicer shall make such deposits or payments by electronic funds transfer through the Automated Clearing House system, or by wire transfer. The Servicer may, on any Determination
Date, instruct the Collateral Agent to convert funds on deposit in the Collection Account into any Eligible Currency using the Applicable Conversion Rate if, after giving effect to such exchange, (i) the Borrower is in compliance with the
Borrowing Base and (ii) the Borrower will have sufficient amounts in the Eligible Currency being converted to pay all amounts pursuant to Sections 8.3(a)(i)(A)-(L) and 8.3(a)(ii)(A)-(G) (calculated on a pro forma basis) in such
Eligible Currency on the immediately following Distribution Date, as applicable. 
 (c) The Servicer shall maintain for the
Borrower and the Secured Parties in accordance with their respective interests all Records that evidence or relate to the Collections not previously delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the
Facility Agent, make available, or, upon the Facility Agent’s demand following the occurrence and during the continuation of a Servicer Default, deliver to the Facility Agent copies of all Records in its possession which evidence or relate to
the Collections. 
 (d) The Servicer shall, as soon as practicable following receipt thereof, turn over to the applicable
Person any cash collections or other cash proceeds received with respect to each Collateral Obligation that do not constitute Collections or were paid in connection with a Retained Interest. 

(e) On each Measurement Date, (i) the Servicer (on behalf of the Borrower) shall
re-determine the status of each Eligible Collateral Obligation as of such date and provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral Agent and, as a consequence
thereof, (x) Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date and (y) Collateral
Obligations that were previously not Eligible Collateral Obligations on a prior Measurement Date may (with the consent of the Facility Agent following receipt and review of a new Asset Approval Request) be included in the Aggregate Eligible
Collateral Obligation Amount on such Measurement Date and (ii) the Servicer shall provide to the Facility Agent the updated Borrowing Base model in the form agreed pursuant to Section 6.2(l). 

(f) The Servicer may, with the prior written consent of the Facility Agent, execute any of its duties under this Agreement and
the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys in fact; provided that, it shall remain liable for all such duties as if it performed such duties itself. 

  
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 Section 7.4 Representations and Warranties of the Servicer. The Servicer
represents, warrants and covenants as of the Effective Date, each Funding Date and each other Measurement Date as to itself: 

(a) Organization and Good Standing. It has been duly organized and is validly existing as a limited liability company or
corporation, as applicable, in good standing under the laws of its jurisdiction of organization or incorporation, as applicable, with power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is currently conducted; 
 (b) Due Qualification. It is duly qualified to do business as a limited
liability company or corporation, as applicable, in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would have a Material Adverse Effect; 

(c) Power and Authority. It has the power, authority and legal right to execute and deliver this Agreement and the
Transaction Documents to which it is a party (in any capacity) and to perform its obligations hereunder and thereunder; and the execution, delivery and performance of this Agreement and the Transaction Documents to which it is a party (in any
capacity) have been duly authorized by the Servicer by all necessary limited liability company action or corporate action, as applicable; 

(d) Binding Obligations. This Agreement and the Transaction Documents to which it is a party (in any capacity) have been
duly executed and delivered by the Servicer and, assuming due authorization, execution and delivery by each other party hereto and thereto, constitute its legal, valid and binding obligations enforceable against it in accordance with their
respective terms, except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally, (B) equitable limitations on the
availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing; 

(e) No Violation. The execution, delivery and performance of this Agreement and the Transaction Documents to which it is
a party (in any capacity), the consummation of the transactions contemplated thereby and the fulfillment of the terms thereof do not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time) a default under, its organizational documents, or any material indenture, agreement, mortgage, deed of trust or other instrument to which it is a party or by which it or its properties are bound, (B) result in the
creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such material indenture, agreement, mortgage, deed of trust or other instrument (except as may be created pursuant to this Agreement or any other
Transaction Document), or (C) violate in any material respect any Applicable Law except, in the case of this subclause (C), to the extent that such conflict or violation would not reasonably be expected to have a Material Adverse Effect; 

(f) No Proceedings. There are no proceedings or investigations pending or, to the best of the Servicer’s knowledge,
threatened against it, before any Official Body having jurisdiction over it or its properties (A) asserting the invalidity of any of the Transaction Documents, (B) seeking to prevent the consummation of any of the transactions contemplated
by the Transaction Documents or (C) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect; 

  
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 (g) No Consents. No consent, license, approval, authorization or
order of, or registration, declaration or filing with, any Official Body having jurisdiction over it or any of its properties is required to be made in connection with the execution, delivery or performance of this Agreement and the Transaction
Documents to which it is a party (in any capacity) or the consummation of the transactions contemplated thereby, in each case other than (A) consents, licenses, approvals, authorizations, orders, registrations, declarations or filings which
have been obtained or made and continuation statements and renewals in respect thereof and (B) where the lack of such consents, licenses, approvals, authorizations, orders, registrations, declarations or filings would not reasonably be expected
to have a Material Adverse Effect; 
 (h) Investment Company Status. It is not required to be registered as an
“investment company” within the meaning of the 1940 Act or is exempt from all provisions of the 1940 Act; 
 (i)
Information True and Correct. All information (other than projections, forward-looking information or information relating to third parties that are not Affiliates of the Borrower, the Equityholder or the Servicer) heretofore or hereafter
furnished by or on behalf of the Servicer in writing to any Lender, the Collateral Agent or the Facility Agent in connection with this Agreement or any transaction contemplated hereby (including, without limitation, prior to the Effective Date but
after taking into account all updates, modifications and supplements to such information) is and will be (when taken as a whole) true and correct in all material respects (or, if not prepared by or under the direction of the Servicer, true and
correct in all material respects to the knowledge of the Servicer) and does not and will not omit to state a material fact necessary to make the statements contained therein (when taken as a whole) not misleading (or, if not prepared by or under the
direction of the Servicer, does not omit to state such a fact to the knowledge of the Servicer); 
 (j) Financial
Statements. Beginning with the first fiscal quarter after the Effective Date, the Servicer has delivered to each Lender complete and correct copies of (A) the audited consolidated financial statements of the Servicer for the fiscal year
most recently ended, and (B) the unaudited consolidated financial statements of the Servicer for the fiscal quarter most recently ended, in each case when required to be delivered under Section 7.5(k). Such financial
statements (including the related notes) fairly present the financial condition of the Servicer as of the respective dates thereof and the results of operations for the periods covered thereby, each in accordance with GAAP. There has been no
material adverse change in the business, operations, financial condition, properties or assets of the Servicer since the most recent Determination Date with respect to the most recently delivered financial statements under this clause (j);

 (k) Eligibility of Collateral Obligations. All Collateral Obligations included as Eligible Collateral Obligations
in the most recent calculation of any Borrowing Base required to be determined hereunder were Eligible Collateral Obligations as of the date of such calculation; 

  
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 (l) Collections. The Servicer acknowledges that all Collections
received by it or its Affiliates (other than any Excluded Amount) are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account; 

(m) [Reserved]; 

(n) Solvency. The Servicer is not the subject of any Insolvency Event. The transactions under this Agreement and any
other Transaction Document to which the Servicer is a party do not and will not render the Servicer not solvent; 
 (o)
Exchange Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or the other Transaction Documents (including, without limitation, the use of the Proceeds from the pledge of the Collateral) will violate or result
in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II; 

(p) No Injunctions. No injunction, writ, restraining order or other order of any nature materially adversely affects the
Servicer’s performance of its obligations under this Agreement or any Transaction Document to which the Servicer is a party; 

(q) Indebtedness. As of the Effective Date, the Equityholder has no outstanding Indebtedness other than in the form of a
capital call line not to exceed $200,000,000.00 (the “Capital Call Line”) secured primarily by uncalled capital commitments of the underlying investors of the Equityholder and related assets; 

(r) Allocation of Charges. There is not any agreement or understanding between the Servicer and the Borrower (other than
as expressly set forth herein or as consented to by the Facility Agent), providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges; and 

(s) Selection Procedures. In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no
selection procedures were employed which are intended to be adverse to the interests of any Agent or Lender. 
 Section 7.5
Covenants of the Servicer and Equityholder. Until the date on or after the Facility Termination Date on which the Commitments have been terminated in full and the Obligations (other than contingent Obligations for which no claim has been
made) shall have been repaid in full: 
 (a) Compliance with Agreements and Applicable Laws. The Servicer shall
perform each of its obligations under this Agreement and the other Transaction Documents and comply with all Applicable Laws, including those applicable to the Collateral Obligations and all Collections thereof, except to the extent that the failure
to so comply would not reasonably be expected to have a Material Adverse Effect. 

  
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 (b) Maintenance of Existence and Conduct of Business. The Servicer
shall: (i) do or cause to be done all things necessary to (A) preserve and keep in full force and effect its existence as a limited liability company or corporation, as applicable, and its rights and franchises in the jurisdiction of its
formation or incorporation, as applicable and (B) qualify and remain qualified as a foreign limited liability company or corporation, as applicable, in good standing and preserve its rights and franchises in each jurisdiction in which the
failure to so qualify and remain qualified and preserve its rights and franchises would reasonably be expected to have a Material Adverse Effect; (ii) continue to conduct its business substantially as now conducted or as otherwise permitted
hereunder or under its organizational documents; and (iii) at all times maintain, preserve and protect all of its licenses, permits, charters and registrations except where the failure to maintain, preserve and protect such licenses, permits,
charters and registrations would not reasonably be expected to have a Material Adverse Effect. 
 (c) Books and
Records. The Servicer shall keep proper books of record and account in which full and correct entries shall be made of all financial transactions and the assets and business of the Servicer in accordance with GAAP, maintain and implement
administrative and operating procedures, and keep and maintain all documents, books, records and other information necessary or reasonably advisable for the collection of all Collateral Obligations. 

(d) Payment, Performance and Discharge of Obligations. The Servicer shall pay, perform and discharge or cause to be
paid, performed and discharged promptly all Charges payable by it except where the failure to so pay, discharge or otherwise satisfy such obligation would not, individually or in the aggregate, be expected to have a Material Adverse Effect. 

(e) ERISA. The Servicer shall give the Facility Agent, the Collateral Agent and each Lender prompt written notice of any
ERISA Event that, alone or together with all other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect. 

(f) Compliance with Collateral Obligations and Servicing Standard. The Servicer shall, at its expense, timely and fully
perform and comply with all material provisions, covenants and other promises required to be observed by it under any Collateral Obligations (except, in the case of a successor Servicer, such material provisions, covenants and other provisions shall
only include those provisions relating to the collection and servicing of the Collateral Obligations to the extent such obligations are set forth in a document included in the related Collateral Obligation File) and shall comply with the Credit and
Collection Policy and the Servicing Standard in all material respects with respect to all Collateral Obligations. 
 (g)
Maintain Records of Collateral Obligations. The Servicer shall, at its own cost and expense, maintain reasonably satisfactory and complete records of the Collateral, including a record of all payments received and all credits granted with
respect to the Collateral and all other dealings with the Collateral. The Servicer shall maintain its computer systems so that, from and after the time of sale of any Collateral Obligation to the Borrower, the Servicer’s master computer records
(including any back-up archives) that refer to such Collateral Obligation shall indicate the interest of the Borrower and the Collateral Agent in such Collateral Obligation and that such Collateral Obligation
is owned by the Borrower and has been pledged to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement. 

  
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 (h) Liens. The Servicer shall not create, incur, assume or permit to
exist any Lien on or with respect to any of its rights under any of the Transaction Documents, whether with respect to the Collateral Obligations or any other Collateral other than Permitted Liens. 

(i) Mergers; BDC Conversion. 

(i) The Servicer shall not directly or indirectly, by operation of law or otherwise, merge with, consolidate with, acquire all or
substantially all of the assets or capital stock of, or otherwise combine with or acquire, any Person, except that the Servicer shall be allowed to merge with any entity so long as the Servicer remains the surviving entity of such merger and such
merger does not result in a Change of Control. The Servicer shall give prior written notice of any merger to the Facility Agent. 
 (ii) The
Servicer shall give prior written notice of any conversion to a business development company regulated under the 1940 Act to the Facility Agent. 

(j) Servicing Obligations. The Servicer will not (i) agree to any amendment, waiver or other modification of any
Transaction Document to which it is a party and to which the Facility Agent is not a party without the prior written consent of the Facility Agent, (ii) amend, waive or otherwise modify the Credit and Collection Policy in a manner that is
materially adverse to the Lenders without the prior written consent of the Facility Agent, (iii) agree or permit the Borrower to agree to a Material Modification during the continuance of an Event of Default (provided, for the avoidance of
doubt, that a Material Modification that occurs without the consent of the Borrower shall not constitute a breach of this clause (ii)), (iv) interpose any claims, offsets or defenses it may have as against the Borrower as a defense to its
performance of its obligations in favor of any Affected Person hereunder or under any other Transaction Documents or (v) change its fiscal year so that the reports described in Section 7.5(k) would be delivered to the
Facility Agent less frequently than every 12 months. 
 (k) Financial Reports. The Servicer shall furnish, or cause to be furnished,
to the Facility Agent: 
 (i) as soon as available and in any event within 120 days after the end of each fiscal year, a copy of the audited
consolidated financial statements for the prior year for the Servicer, inclusive of its consolidated Subsidiaries, including the prior comparable period (if any) from the preceding fiscal year and certified by Independent Accountants (the report of
which shall be unqualified), and certified by an Executive Officer of the Servicer with appropriate knowledge stating that the information set forth therein fairly presents the financial condition of the Servicer and its consolidated Subsidiaries as
of and for such fiscal year, with all such financial statements being prepared in accordance with GAAP applied consistently throughout the period involved (except for changes in the application of GAAP approved by such accountants in accordance with
GAAP and disclosed therein) (it being agreed that financial statements included in the Servicer’s annual reports on Form 10-K for such fiscal year, as filed with the SEC, shall satisfy this
Section 7.5(k)(i) with respect to such fiscal year so long as the Servicer delivers such financial statements to the Facility Agent within the time period required above); and 

  
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 (ii) as soon as available and in any event within 45 days after the end of each fiscal
quarter of each fiscal year (other than the last fiscal quarter of each fiscal year), an unaudited consolidated balance sheet of the Servicer, inclusive of its consolidated Subsidiaries, as of the end of such fiscal quarter and including the prior
comparable period (if any), and the unaudited consolidated statements of income, and of cash flow, of the Servicer and its consolidated Subsidiaries for such fiscal quarter and for the period commencing at the end of the previous fiscal year and
ending with the end of such fiscal quarter, certified by an Executive Officer of the Servicer identifying such documents as being the documents described in this paragraph (ii) and stating that the information set forth
therein fairly presents the financial condition of the Servicer and its consolidated Subsidiaries as of and for the periods then ended, subject to year-end adjustments and confirming that the Servicer is in
compliance with all financial covenants in the Transaction Documents (or, if the Servicer is not in compliance, specifying the nature and status thereof) (it being agreed that financial statements included in the Servicer’s quarterly reports on
Form 10-Q for such fiscal quarter, as filed with the SEC, shall satisfy this subsection 7.5(k)(ii) with respect to such fiscal quarter so long as the Servicer delivers such financial statements to
the Facility Agent within the time period required above). 
 (l) Obligor Reports. The Servicer shall furnish to the Facility Agent,
with respect to each Obligor: 
 (i) within 10 Business Days of the completion of the Servicer’s portfolio review of such Obligor
(which, for any individual Obligor, shall occur no less frequently than quarterly) (i) any financial reporting packages with respect to such Obligor and with respect to each Collateral Obligation for each Obligor (including any attached or
included information, statements and calculations) received by the Borrower and/or the Servicer as of the date of the Servicer’s most recent portfolio review and (ii) the internal monitoring report prepared by the Servicer with respect to
each Obligor. In no case, however, shall the Servicer be obligated hereunder to deliver such Obligor reports to the Facility Agent more than once per calendar month. Upon demand by the Facility Agent, the Servicer will provide such other information
as the Facility Agent may reasonably request with respect to any Collateral Obligation or Obligor (to the extent reasonably available to the Servicer); and 

(ii) within 10 Business Days of each one-year anniversary of the date on which the related Collateral
Obligation was acquired by the Borrower, updated Obligor Information for such Obligor. 
 (m) Credit and Collection
Policy. Attached as Schedule 4 is a true and correct copy of the Credit and Collection Policy as in effect on the date hereof. All of the Collateral Obligations serviced by the Servicer are being serviced in accordance with the Credit and
Collection Policy in all material respects. 

  
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 (n) Commingling. The Servicer shall not, and shall not permit any of
its Affiliates to, deposit or permit the deposit of any funds (i) that do not constitute Collections or other proceeds of any Collateral Obligations into the Collection Account or (ii) that constitute Collections or other proceeds of any
Collateral Obligations into an Agent Account unless such funds are transferred to the Collection Account in accordance with Section 7.3(b). The Servicer shall not, and shall not permit any of its Affiliates to, create,
incur, assume or permit to exist any Lien on the administrative agent named on any Agent Account or on or with respect to any Agent Account without the consent of the Facility Agent in its sole discretion; provided that if the Facility Agent
consents to such Lien, then the Servicer, at the request of the Facility Agent in its sole discretion, will execute or cause the execution of an intercreditor agreement in form and substance reasonably satisfactory to the Facility Agent. 

(o) Additional Creditors. If the Equityholder (or (i) any Subsidiary of the Equityholder or (ii) special
purpose entity formed after the Effective Date owned or sponsored in whole or in part by the Equityholder) finances with any Person other than Deutsche Bank AG (or any Affiliate or Subsidiary thereof) any Loan, Senior Secured Bond or Participation
Interest an interest in which is also included as a Collateral Obligation, then the Servicer will (or will cause), at the request of the Facility Agent in its sole discretion, the execution of an intercreditor agreement in form and substance
reasonably satisfactory to the Facility Agent. 
 (p) Limited Liability Formalities. The Equityholder will adhere to
the limited liability formalities of the Borrower in all transfers of assets and other transactions between the Equityholder and the Borrower. In general, the Equityholder observes the appropriate limited liability company formalities of the
Borrower under Applicable Law. 
 (q) Indebtedness. The Servicer shall not create, incur, assume or suffer to exist
any Indebtedness of the Servicer that would result in the Servicer’s Asset Coverage Ratio, as of the last day of its most recent fiscal quarter, to be less than the greater of (x) 150% and (y) the ratio required for a business development
company under the 1940 Act. The Servicer shall provide to the Facility Agent copies of all transaction documents related to any non-recourse financing entered into by any subsidiary of the Servicer. In
addition, the Servicer shall not enter into any agreement granting any other party the right to consent to any amendment, waiver or modification of this Agreement. 

(r) Proceedings. The Servicer shall furnish to the Facility Agent, as soon as possible and in any event within three
(3) Business Days after the Servicer receives notice or obtains actual knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or
commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign,
affecting the Collateral, the Transaction Documents, the Collateral Agent’s interest in the Collateral or the Servicer, in each case which could reasonably be expected to cause a Material Adverse Effect. 

(s) Taxes. The Equityholder shall file on a timely basis all federal and other material Tax returns (including foreign,
federal, state, local and otherwise) required to be filed, if any, and shall pay all federal and other material Taxes due and payable by it (other than any amount the validity of which is contested in good faith by appropriate proceedings and with
respect to which reserves in conformity with GAAP are provided on the books of the Equityholder). 

  
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 (t) Equity of the Borrower. The Equityholder shall neither pledge the
equity interests of the Borrower nor otherwise permit any equity interests of the Borrower to be subject to a Lien. 
 Section 7.6
Servicing Fees; Payment of Certain Expenses by Servicer. On each Distribution Date, to the extent not waived, the Servicer shall be entitled to receive out of the Collection Account the Servicing Fee for the related Collection Period pursuant
to Section 8.3(a). The Servicer shall not be permitted to defer payment of any accrued but unpaid Servicing Fee. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this
Agreement and each other Transaction Document. 
 Section 7.7 Collateral Reporting. The Servicer shall cooperate with the
Collateral Agent in the performance of the Collateral Agent’s duties under Section 11.3. Without limiting the generality of the foregoing, the Servicer shall supply in a timely fashion any information maintained by it
that the Collateral Agent may from time to time request with respect to the Collateral Obligations and reasonably necessary to complete the reports and certificates required to be prepared by the Collateral Agent hereunder or required to permit the
Collateral Agent to perform its obligations hereunder. 
 Section 7.8 Notices. The Servicer shall deliver to the Facility Agent
and the Collateral Agent, promptly after having obtained knowledge thereof, notice of any Servicer Default, Event of Default or Material Modification. The Servicer shall deliver to the Facility Agent and the Collateral Agent, promptly after having
obtained knowledge thereof, but in no event later than two Business Days thereafter, written notice in an Officer’s Certificate of any Unmatured Servicer Default or Unmatured Event of Default. 

Section 7.9 Procedural Review of Collateral Obligations; Access to Servicer and Servicer’s Records.
(a) Each of the Borrower and the Servicer shall permit representatives of the Facility Agent at any time and from time to time as the Facility Agent shall reasonably request (x) to inspect and make copies of and abstracts from its records
relating to the Collateral Obligations, and (y) to visit its properties in connection with the collection, processing or servicing of the Collateral Obligations for the purpose of examining such records, and to discuss matters relating to the
Collateral Obligations or such Person’s performance under this Agreement and the other Transaction Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters. Each of the Borrower and the Servicer
agrees to render to the Facility Agent such clerical and other assistance as may be reasonably requested with regard to the foregoing; provided, that such assistance shall not interfere in any material respect with the Servicer’s
business and operations. So long as no Unmatured Event of Default, Event of Default, Unmatured Servicer Default or Servicer Default has occurred and is continuing, such visits and inspections shall occur only (i) upon two Business Days’
prior written notice, (ii) during normal business hours and (iii) no more than twice in any calendar year. During the existence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Default or a Servicer Default,
there shall be no limit on the timing or number of such inspections and no prior notice will be required before any inspection. 

  
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 (b) The Borrower and the Servicer, as applicable, shall provide to the
Facility Agent access to the Collateral Obligations and all other documents regarding the Collateral Obligations included as part of the Collateral and the Related Security in each case, in its possession, in such cases where the Facility Agent is
required in connection with the enforcement of the rights or interests of the Lenders, or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two Business Days’
prior written notice (so long as no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing), (ii) during normal business hours and (iii) up to twice per calendar year (so long as no Unmatured Event
of Default, Event of Default or Servicer Default has occurred and is continuing). From and after the Effective Date and periodically thereafter at the reasonable discretion of the Facility Agent, the Facility Agent may review the Borrower’s and
the Servicer’s collection and administration of the Collateral Obligations in order to assess compliance by the Servicer with the Servicer’s written policies and procedures, as well as this Agreement and may, no more than twice in any
calendar year, conduct an audit of the Collateral Obligations and Records in conjunction with such review, subject to the limits set forth in Section 7.9(d). 

(c) Nothing in this Section 7.9 shall derogate from the obligation of the Borrower and the Servicer
to observe any Applicable Law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as a result of such obligation shall not constitute a breach of this Section 7.9.

 (d) The Servicer shall bear the costs and expenses of all audits and inspections permitted by this
Section 7.9 as well as Section 18.6. 
 Section 7.10 Optional Sales.
(a) The Borrower shall have the right to sell all or a portion of the Collateral Obligations (each, an “Optional Sale”), subject to the following terms and conditions: 

(i) immediately after giving effect to such Optional Sale: 

(A) each Collateral Quality Test is satisfied or, if not satisfied immediately prior to such Optional Sale, the extent of
compliance will be improved; 
 (B) the Minimum Equity Test is satisfied; 

(C) the Borrowing Base is greater than or equal to the Advances outstanding; 

(D) no Event of Default, Unmatured Event of Default, Unmatured Servicer Default or Servicer Default shall have occurred and be
continuing; provided that, if an Unmatured Event of Default or Unmatured Servicer Default is continuing, the Borrower may make an Optional Sale if, after giving effect to such Optional Sale, such event is cured (although, for the avoidance of
doubt, such event shall be continuing for all purposes hereunder until the settlement date of such Optional Sale) and, after the end of the Revolving Period, such Optional Sale is for a purchase price equal to the greater of (x) the Purchase
Price of such Collateral Obligation as of the Cut-Off Date and (y) 95.0% of par; and 

  
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 (E) during the immediately preceding twelve (12) month period, without
the prior written consent of the Facility Agent in its sole discretion, the Borrower will not have sold Collateral Obligations in Optional Sales with an aggregate Collateral Obligation Amount in excess of 35% of the highest Aggregate Eligible
Collateral Obligation Amount as of any day during such period; provided, that the Borrower may, during the Revolving Period, make any Optional Sale of any Collateral Obligation that, in the Servicer’s reasonable judgment, has a
significant risk of declining in credit quality and, with the lapse of time, becoming a Defaulted Collateral Obligation, if after giving effect to such Optional Sale both (x) no Unmatured Event of Default or Event of Default is continuing and
(y) the aggregate Collateral Obligation Amount of Collateral Obligations sold pursuant to this proviso does not exceed, during the immediately preceding twelve (12) month period, 10% of the highest Aggregate Eligible Collateral Obligation
Amount as of any day during such period; 
 (ii) at least one (1) Business Day prior to the date of any Optional Sale, the Servicer, on
behalf of the Borrower, shall give the Facility Agent, the Collateral Custodian and the Collateral Agent written notice of such Optional Sale, which notice shall identify the related Collateral subject to such Optional Sale and the expected proceeds
from such Optional Sale and include (x) an Officer’s Certificate computed as of the date of such request and after giving effect to such Optional Sale, demonstrating that the Borrowing Base is greater than or equal to the aggregate
principal amount of all Advances outstanding and (y) a certificate of the Servicer substantially in the form of Exhibit F-3 requesting the release of the related Collateral Obligation File
in connection with such Optional Sale; 
 (iii) such Optional Sale shall be made by the Servicer, on behalf of the Borrower (A) in
accordance with the Servicing Standard, (B) reflecting arm’s length market terms and (C) in a transaction in which the Borrower makes no representations, warranties or covenants and provides no indemnification for the benefit of any
other party (other than those which are customarily made or provided in connection with the sale of assets of such type); 
 (iv) if such
Optional Sale is to an Affiliate of the Borrower or the Servicer, the Facility Agent has given its prior written consent; provided that such consent shall not be required (A) if such sale is for a purchase price at least equal to the
greatest of (i) the Purchase Price, (ii) the Collateral Obligation Amount and (iii) the fair market value (as determined based upon prices reported on one or more recognized, independent pricing services selected by the Servicer) or
(B) during the Revolving Period, if (x) any Collateral Obligation does not meet the definition of “Eligible Collateral Obligation” and has a Collateral Obligation Amount of zero and (y) such Optional Sale is to the
Equityholder, then such sale may be treated as a return of capital to the Equityholder without payment of a purchase price in cash from the Equityholder to the Borrower; and 

(v) on the date of such Optional Sale, all proceeds from such Optional Sale will be deposited directly into the Collection Account. 

  
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 (b) In connection with any Optional Sale, following deposit of all proceeds
from such Optional Sale into the Collection Account, the Collateral Agent shall be deemed to release and transfer to the Borrower without recourse, representation or warranty all of the right, title and interest of the Collateral Agent for the
benefit of the Secured Parties in, to and under such Collateral Obligation(s) and related Collateral subject to such Optional Sale and such portion of the Collateral so transferred shall be released from the Lien of this Agreement. 

(c) The Borrower hereby agrees to pay the reasonable and documented outside counsel legal fees and out-of-pocket expenses of the Facility Agent, the Collateral Agent, the Collateral Custodian, each Agent and each Lender in connection with any Optional Sale (including, but
not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent, on behalf of the Secured Parties, in the Collateral in connection with such Optional Sale). 

(d) In connection with any Optional Sale, the Collateral Agent shall, at the sole expense of the Borrower, execute such
instruments of release with respect to the portion of the Collateral subject to such Optional Sale to the Borrower, in recordable form if necessary, as the Borrower may reasonably request. 

Section 7.11 Repurchase or Substitution of Warranty Collateral Obligations.(a)In the event of (A) a breach of
Section 9.5, Section 9.13 or Section 9.26 or (B) a material breach of any other representation, warranty, undertaking or covenant set forth in
Section 7.4(k), Article IX, Article X, Section 18.3 or Section 18.5(b) with respect to a Collateral Obligation (or the Related Security and other related
collateral constituting part of the Collateral related to such Collateral Obligation) (each such Collateral Obligation, a “Warranty Collateral Obligation”), no later than 30 days after the earlier of (x) knowledge of such
breach on the part of the Equityholder or the Servicer and (y) receipt by the Equityholder or the Servicer of written notice thereof given by the Facility Agent, the Borrower shall either (a) repay Advances outstanding in an amount equal
to the aggregate Repurchase Amount of such Warranty Collateral Obligation(s) to which such breach relates on the terms and conditions set forth below or (b) substitute for such Warranty Collateral Obligation one or more Eligible Collateral
Obligations with an aggregate Collateral Obligation Amount at least equal to the Repurchase Amount of the Warranty Collateral Obligation(s) being replaced; provided, that no such repayment or substitution shall be required to be made with
respect to any Warranty Collateral Obligation (and such Collateral Obligation shall cease to be a Warranty Collateral Obligation) if, on or before the expiration of such 30 day period, the representations and warranties set forth in clause
(A) above with respect to such Warranty Collateral Obligation shall be made true and correct and the representations, warranties, undertakings and covenants set forth in clause (B) above with respect to such Warranty Collateral Obligation
shall be made true and correct in all material respects (or if such representation and warranty is already qualified by the words “material”, “materially” or “Material Adverse Effect”, then such representation and
warranty shall be true and correct in all respects) with respect to such Warranty Collateral Obligation as if such Warranty Collateral Obligation had become part of the Collateral on such day or if the aggregate principal amount of all Advances
outstanding do not exceed the Borrowing Base, the Maximum Availability or the Facility Amount. 

  
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 Section 7.12 Servicing of REO Assets. (a) If, in the reasonable business
judgment of the Servicer, it becomes necessary to convert any Collateral Obligation that is secured by real property into an REO Asset, the Servicer shall first cause the Borrower to transfer and assign such Collateral Obligation (or the portion
thereof owned by the Borrower) to a special purpose vehicle (the “REO Asset Owner”) using a contribution agreement reasonably acceptable to the Facility Agent. All equity interests of the REO Asset Owner acquired by the Borrower shall
immediately become a part of the Collateral and be subject to the grant of a security interest under Section 12.1 and shall be promptly delivered to the Collateral Agent, each undated and duly indorsed in blank. The REO
Asset Owner shall be formed and operated pursuant to organizational documents reasonably acceptable to the Facility Agent. After execution thereof, the Servicer shall prevent the REO Asset Owner from agreeing to any amendment or other modification
of the REO Asset Owner’s organizational documents that would be materially adverse to the interests of the Secured Parties under this Agreement, as determined by the Servicer in accordance with the Servicing Standard, without first obtaining
the written consent of the Facility Agent. The Servicer shall cause each REO Asset to be serviced (i) in accordance with Applicable Law, (ii) with reasonable care and diligence, (iii) in accordance with the applicable REO Asset
Owner’s operating agreement, and (iv) in accordance with the Credit and Collection Policy (collectively, the “REO Servicing Standard”). The Servicer will cause all “Distributable Cash” (or comparable definition
set forth in the REO Asset Owner’s organization documents) to be deposited into the Collection Account within two (2) Business Days of receipt thereof. 

(b) In the event that title to any Related Property is acquired on behalf of the REO Asset Owner for the benefit of its members
in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of a REO Asset Owner. The Servicer shall cause the REO Asset Owner to manage, conserve,
protect and operate each REO Asset for its members solely for the purpose of its prompt disposition and sale. 
 (c)
Notwithstanding any provision to the contrary contained in this Agreement, the Servicer shall not (and shall not permit the REO Asset Owner to) obtain title to any Related Property as a result of or in lieu of foreclosure or otherwise, obtain title
to any direct or indirect partnership interest in any Obligor pledged pursuant to a pledge agreement and thereby be the beneficial owner of Related Property, have a receiver of rents appointed with respect to, and shall not otherwise acquire
possession of, or take any other action with respect to, any Related Property if, as a result of any such action, the REO Asset Owner would be considered to hold title to, to be a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of, such Related Property within the meaning of the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable state or local Environmental Law, unless the Servicer has previously determined in accordance with the REO Servicing Standard, based on
an updated Phase I environmental assessment report generally prepared in accordance with the ASTM Phase I Environmental Site Assessment Standard E 1527-05, as may be amended or, with respect to residential
property, a property inspection and title report, that: 
 (i) such Related Property is in compliance in all material respects with
applicable Environmental Laws, and 
 (ii) there are no circumstances present at such Related Property relating to the use, management or
disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation would reasonably be expected to be required by the owner, occupier or operator of the
Related Property under applicable federal, state or local law or regulation. 

  
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 (d) In the event that the Phase I or other environmental assessment first
obtained by the Servicer with respect to Related Property indicates that such Related Property may not be in compliance with applicable Environmental Laws or that Hazardous Materials may be present but does not definitively establish such fact, the
Servicer shall cause the Borrower to immediately sell the related Collateral Obligation in accordance with Section 7.10 to the extent permitted thereunder. 

ARTICLE VIII 
 ACCOUNTS; PAYMENTS

 Section 8.1 Accounts. (a) On or prior to the Effective Date, the Servicer shall establish each Account in the name of
the Borrower and each Account shall be a segregated, non-interest bearing trust account established with the Securities Intermediary, who shall forward funds from the Collection Account to the Collateral Agent
upon its request for application by the Collateral Agent pursuant to Section 8.3(a). If at any time a Responsible Officer of the Collateral Agent obtains actual knowledge that any Account ceases to be an Eligible Account
(with notice to the Servicer and the Facility Agent), then the Servicer shall transfer such account to another institution such that such account shall meet the requirements of an Eligible Account. 

Except as set forth below, amounts on deposit in the Unfunded Exposure Account may be withdrawn by the Borrower (i) to fund any draw
requests of the relevant Obligors under any Variable Funding Asset, or (ii) to make a deposit into the Collections Account as Principal Collections if, after giving effect to such withdrawal, the aggregate amount on deposit in the Unfunded
Exposure Account plus, solely during the Revolving Period, the undrawn portion of the Commitments, is equal to or greater than the Aggregate Unfunded Amount. 

Following the Facility Termination Date, any draw request made by an Obligor under a Variable Funding Asset included in the Collateral, along
with wiring instructions for the applicable Obligor, shall be forwarded by the Servicer to the Collateral Agent (with a copy to the Facility Agent) along with an instruction to the Collateral Agent to withdraw the applicable amount from the Unfunded
Exposure Account and a certification that the conditions to fund such draw are satisfied, and the Collateral Agent shall fund such draw request in accordance with such instructions from the Servicer. 

Following the end of the Revolving Period, if the Borrower shall receive any Principal Collections from an Obligor with respect to a Variable
Funding Asset included in the Collateral and, as of the date of such receipt (and after taking into account such repayment), the aggregate amount on deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Amount (the amount of
such shortfall, in each case, the “Unfunded Exposure Shortfall”), the Servicer shall direct the Collateral Agent to and the Collateral Agent shall deposit into the Unfunded Exposure Account an amount of such Principal Collections
equal to the lesser of (a) the aggregate amount of such Principal Collections and (b) the Unfunded Exposure Shortfall. 

  
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 (b) All amounts held in any Account shall, to the extent permitted by
Applicable Law, be invested by the Collateral Agent, as directed by the Servicer in writing (or, if the Servicer fails to provide such direction, such amounts shall be invested in any standing investment separately identified by the Servicer and
described in clause (d) of the definition of Permitted Investments), in Permitted Investments that mature (i) with respect to the Collection Account, not later than one Business Day prior to the Distribution Date for
the Collection Period to which such amounts relate and (ii) with respect to the Unfunded Exposure Account, on the immediately following Business Day. Any such written direction shall certify that any such investment is authorized by this
Section 8.1. Investments in Permitted Investments shall be made in the name of the Securities Intermediary, and, except as specifically required below, such investments shall not be sold or disposed of prior to their
maturity. If any amounts are needed for disbursement from the Collection Account and sufficient uninvested funds are not available therein to make such disbursement, the Collateral Agent shall cause to be sold or otherwise converted to cash a
sufficient amount of the investments in such account to make such disbursement in accordance with and upon the written direction of the Servicer or, if the Servicer shall fail to give such direction, the Facility Agent. The Collateral Agent shall,
upon written request, provide the Facility Agent with all information in its possession regarding transfer into and out of the Collection Account (including, but not limited to, the identity of the counterparty making or receiving such transfer). In
no event shall the Collateral Agent be liable for the selection of any investments or any losses in connection therewith, or for any failure of the Servicer or the Facility Agent, as applicable, to timely provide investment instructions or
disposition instructions, as applicable, to the Collateral Agent. To the extent agreed to by the Borrower or the Servicer, the Collateral Agent or the Collateral Custodian and their respective Affiliates shall be permitted to receive additional
compensation that could be deemed to be in the Collateral Agent’s or the Collateral Custodian’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with respect to certain of the Permitted Investments, (ii) using affiliates to effect transactions in certain Permitted Investments, and (iii) effecting transactions in certain investments.
Such compensation shall not be considered an amount that is reimbursable or payable pursuant to this Agreement. 
 (c)
Neither the Borrower nor the Servicer shall have any rights of direction or withdrawal, with respect to amounts held in any Account, except to the extent explicitly set forth herein (including the withdrawal rights for the Unfunded Exposure Account
set forth in Section 8.1(a)). 
 Subject to the other provisions hereof, the Collateral Agent shall have sole
Control (within the meaning of the UCC) over each Account and each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered to the Collateral Agent or its agent,
together with each document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent in a manner that complies with this Section 8.1. All interest, dividends, gains upon sale and other
income from, or earnings on, investments of funds in the Accounts shall be deposited or transferred to the Collection Account and distributed pursuant to Section 8.3(a). 

(d) The Equityholder may, from time to time in its sole discretion (x) deposit amounts into the Principal Collection
Account or the Unfunded Exposure Account and/or (y) transfer Eligible Collateral Obligations as equity contributions to the Borrower. All such amounts will be included in each applicable compliance calculation under this Agreement, including,
without limitation, calculation of the Borrowing Base, the Maximum Availability and the Minimum Equity Test. 

  
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 Section 8.2 Excluded Amounts. The Servicer may direct the Collateral Agent and
the Securities Intermediary to withdraw from the applicable Account and pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Servicer has, prior to such withdrawal and consent, delivered to the
Facility Agent and the Collateral Agent a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Facility Agent, which report shall include a brief description of the facts and
circumstances supporting such request and designate a date for the payment of such reimbursement, which date shall not be earlier than two (2) Business Days following delivery of such notice. 

Section 8.3 Distributions, Reinvestment and Dividends. (a) On each Distribution Date, the Collateral Agent shall distribute
from the Collection Account, in accordance with the applicable Monthly Report prepared by the Collateral Agent pursuant to Section 8.5, the Amount Available for such Distribution Date in the following order of priority:

 (i) From the Interest Collection Account, the Amount Available constituting Interest Collections for such Distribution Date in the
following order of priority: 
 (A) FIRST, to the payment of taxes and governmental fees owing by the Borrower, if any, which
expenses shall not exceed $25,000 on any Distribution Date; 
 (B) SECOND, first (1) to the Collateral Agent, the
Securities Intermediary and the Collateral Custodian, any accrued and unpaid Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses for the related Collection Period pursuant to the Collateral Agent and Collateral Custodian
Fee Letter, which expenses shall not exceed in the aggregate the amount of the Capped Fees/Expenses and second (2) to the Servicer, any accrued and unpaid Servicer Expenses, which Servicer Expenses shall not exceed either (x) $25,000 on
any Distribution Date or (y) $50,000 in any calendar year; 
 (C) THIRD, to the extent not waived by the Servicer, to the
Servicer, any accrued and unpaid Servicing Fee for the related Collection Period; 
 (D) FOURTH, pro rata, based on
the amounts owed to such Persons under this Section 8.3(a)(i)(D), (1) to the Lenders, an amount equal to the Yield on the Advances accrued during the Accrual Period with respect to such Distribution Date (and any Yield
with respect to any prior Accrual Period to the extent not paid on a prior Distribution Date), (2) to the Facility Agent and the Agents on behalf of their respective Lenders, all accrued and unpaid Fees and Indemnified Amounts due to the
Lenders, the Agents and the Facility Agent and (3) to the Hedge Counterparties, any amounts owed on the current and prior Distribution Dates to the Hedge Counterparties under Hedging Agreements (other than Hedge Breakage Costs), together with
interest accrued thereon; 

  
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 (E) FIFTH, to the Agents on behalf of their respective Lenders pro
rata in accordance with the amount of the outstanding Advances (1) in the amount necessary to reduce the Advances outstanding to an amount not to exceed the lower of the Borrowing Base and the Maximum Availability, (2) if the Minimum
Equity Test is not satisfied on such Distribution Date, in the amount necessary to reduce the Advances outstanding such that the Minimum Equity Test is satisfied and (3) if the Minimum Diversity Test is not satisfied on such Distribution Date,
in the amount necessary to reduce the Advances outstanding to zero; 
 (F) SIXTH, after the end of the Revolving Period, to
the Agents on behalf of their respective Lenders pro rata to repay the Advances outstanding in an amount equal to (1) if an Event of Default has occurred and is continuing or if the Revaluation Diversion Event has occurred or (2) if
the Diversity Score (calculated as of the related Determination Date) is less than or equal to 10, all remaining Interest Collections; 

(G) SEVENTH, to any Affected Persons, any Increased Costs then due and owing; 

(H) EIGHTH, pro rata based on amounts owed to such Persons under this Section 8.3(a)(i)(H), to
the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with interest accrued thereon; 
 (I) NINTH, to the
extent not previously paid pursuant to Section 8.3(a)(i)(A) above, to the payment of taxes and governmental fees owing by the Borrower, if any; 

(J) TENTH, to the extent not previously paid by or on behalf of the Borrower, to each Indemnified Party, any Indemnified
Amounts then due and owing to each such Indemnified Party; 
 (K) ELEVENTH, to the extent not previously paid pursuant to
Section 8.3(a)(i)(B) above, to the Collateral Agent and the Collateral Custodian, any Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses due to the Collateral Agent and the Collateral Custodian;

 (L) TWELFTH, to pay any other amounts due and payable by the Borrower or otherwise under this Agreement and the other
Transaction Documents and not previously paid pursuant to this Section 8.3(a); 
 (M) THIRTEENTH,
(1) during an Unmatured Event of Default or an Event of Default, to remain in the Interest Collection Account as Interest Collections, and (2) otherwise during the Revolving Period, at the option of the Borrower, either such Amount
Available to the Borrower or to be deposited in the Principal Collection Account and treated as Principal Collections; and 

  
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 (N) FOURTEENTH, after the Revolving Period, such remaining Amount Available,
to the Borrower. 
 (ii) From the Principal Collection Account, the Amount Available constituting Principal Collections for such
Distribution Date in the following order of priority: 
 (A) FIRST, to pay, in accordance with
Section 8.3(a)(i) above, the amounts referred to in clauses (A) through (E), in that order, but, in each case, only to the extent not paid in full thereunder; 

(B) SECOND, after the end of the Revolving Period (to the extent not paid pursuant to
Section 8.3(a)(i)(F)), to the Agents on behalf of their respective Lenders pro rata to repay the Advances outstanding; 

(C) THIRD, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clauses
(G) and (H) of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder; 

(D) FOURTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause
(I) of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder 

(E) FIFTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause
(J) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; 
 (F)
SIXTH, to the extent not previously paid pursuant to Section 8.3(a)(i)(B) or Section 8.3(a)(i)(K), to the Collateral Agent and the Collateral Custodian, any costs and expenses due to the Collateral
Agent and the Collateral Custodian under the Transaction Documents (other than Increased Costs and Indemnified Amounts); 

(G) SEVENTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause
(L) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; 
 (H)
EIGHTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (M) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; 

(I) TENTH, during the Revolving Period, to remain in the Principal Collection Account as Principal Collections except as
otherwise permitted pursuant to Section 10.16; and 
 (J) ELEVENTH, after the end of the Revolving
Period, such remaining such Amount Available to the Borrower. 

  
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 (b) During the Revolving Period, the Borrower may withdraw from the
Collection Account any Principal Collections and apply such Principal Collections to (A) prepay the Advances outstanding in accordance with Section 2.4 or (B) acquire additional Collateral Obligations (each such
reinvestment of Principal Collections, a “Reinvestment”), subject to the following conditions: 
 (i) the Borrower shall
have given written notice to the Collateral Agent and the Facility Agent of the proposed Reinvestment at or prior to 3:00 p.m., New York City time, two Business Days prior to the proposed date of such Reinvestment (the “Reinvestment
Date”). Such notice (the “Reinvestment Request”) shall be in the form of Exhibit C-2 and shall include (among other things) the proposed Reinvestment Date, the amount of such
proposed Reinvestment and a Schedule of Collateral Obligations setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Reinvestment Date (if applicable); 

(ii) each condition precedent set forth in Section 6.2 shall be satisfied (except that if each Collateral Quality
Test is not satisfied immediately prior to such Reinvestment, the extent of compliance will be improved); 
 (iii) upon the written request
of the Borrower (or the Servicer on the Borrower’s behalf) delivered to the Collateral Agent no later than 11:00 a.m. New York City time on the applicable Reinvestment Date, the Collateral Agent shall have provided to the Facility Agent by e-mail (to be received no later than 1:30 p.m. New York City time on that same day) a statement reflecting the total amount on deposit on such day in the Collection Account; and 

(iv) any Reinvestment Request given by the Borrower pursuant to this Section 8.3(b), shall be irrevocable and
binding on the Borrower. 
 Subject to the Collateral Agent’s receipt of an Officer’s Certificate of the Servicer as to the
satisfaction of the conditions precedent set forth in Section 6.2 and this Section 8.3, the Collateral Agent will release funds from the Collection Account to the Borrower in an amount not to
exceed the lesser of (A) the amount requested by the Borrower and (B) the amount of Collections on deposit in the Collection Account. 

(c) To the extent necessary to make payments in any Eligible Currency pursuant to Section 8.3(a), the
Servicer hereby instructs the Collateral Agent, on the Determination Date immediately preceding each Distribution Date, to convert amounts on deposit in the applicable Collection Account into any Eligible Currency (pro rata based on available
amounts from each other Eligible Currency, unless otherwise directed in writing by the Servicer) using the Applicable Conversion Rate. All risk and expense incident to such conversion is the responsibility of the Borrower and the Collateral Agent
shall have (x) no responsibility for fluctuations in exchange rates affecting any Collections or conversion thereof and (y) to the extent it complies with the instructions provided by the Servicer in a
non-negligent manner, no liability for any losses incurred or resulting from the rates obtained in such foreign exchange transactions. 

  
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 (d) At any time, the Borrower may withdraw from the Principal Collection
Account the proceeds of any Advance on deposit therein as may be needed to settle any pending acquisition of an Eligible Collateral Obligation. 

Section 8.4 Fees. The Borrower shall pay the Undrawn Fee, the Make-Whole Fee, the Prepayment Fee and any other fees (collectively,
“Fees”) in the amounts and on the dates set forth herein or in one or more fee letter agreements, dated the date hereof (or dated the date any Lender and its related Lender Group becomes a party hereto pursuant to an assignment or
otherwise), signed by the Borrower, the applicable Agent and the Facility Agent (as any such fee letter agreement may be amended, restated, supplemented or otherwise modified from time to time, a “Fee Letter”). 

Section 8.5 Monthly Report. The Collateral Agent shall prepare (based on information provided to it by the Servicer, the Facility
Agent and the Lenders as set forth herein) a Monthly Report in the form of Exhibit D determined as of the close of business on each Determination Date and make available such Monthly Report to the Facility Agent (including by electronic
delivery to csg.india@db.com and ls2.docs-ny@db.com), the Borrower and the Servicer on each Reporting Date starting with the first Reporting Date following 30 calendar days after the Effective
Date. Each Monthly Report shall specify the amounts for payment pursuant to each clause of Section 8.3(a) and, to the extent sufficient funds are available therefor, such amounts shall be paid using Collections received in
the applicable Eligible Currency. To the extent Collections in any Eligible Currency are insufficient, the Servicer shall direct that amounts be converted from each other Eligible Currency (pro rata, or as otherwise specified by the Servicer to the
Facility Agent and the Collateral Agent in writing) using the Applicable Conversion Rate; provided that the Servicer shall provide any such direction at least two (2) Business Days prior to the applicable Distribution Date (provided
further that such direction is received by 12:00 p.m. (New York time) on such date (otherwise such request will be deemed made on the next succeeding Business Day)). If any party receiving any Monthly Report disagrees with any items of such report,
it shall contact the Collateral Agent and notify it of such disputed item and provide reasonably sufficient information to correct such item, with (if other than the Facility Agent) a copy of such notice and information to the Facility Agent and the
Servicer. If the Collateral Agent agrees with any such correction and unless the Collateral Agent is otherwise timely directed by the Facility Agent, the Collateral Agent shall distribute a revised Monthly Report on the Business Day after it
receives such information. If the Collateral Agent does not agree with any such correction or it is directed by the Facility Agent that the Collateral Agent should not make such correction, the Collateral Agent shall (within one Business Day)
contact the Facility Agent and request instructions on how to proceed. The Facility Agent’s reasonable determination with regard to any disputed item in the Monthly Report shall be final. 

The Servicer shall cooperate with the Collateral Agent in connection with the preparation of the Monthly Reports and any supplement thereto.
Without limiting the generality of the foregoing, the Servicer shall supply any information maintained by it that the Collateral Agent may from time to time reasonably request with respect to the Collateral and reasonably needs to complete the
reports, calculations and certificates required to be prepared by the Collateral Agent hereunder or required to permit the Collateral Agent to perform its obligations hereunder. Without limiting the generality of the foregoing, in connection with
the preparation of a Monthly Report, (i) the Servicer shall be responsible for providing the Collateral Agent the information required for 

  
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parts (a) through (c) of Exhibit D for such Monthly Report and (ii) the Facility Agent and the Lenders shall be responsible for providing to the Collateral Agent the information
required by Section 3.4 for part (d) of Exhibit D for such Monthly Report on which the Collateral Agent may conclusively rely. The Servicer shall review and verify the contents of the aforesaid reports
(including the Monthly Report), instructions, statements and certificates. Upon receipt of approval from the Servicer, the Collateral Agent shall send such reports, instructions, statements and certificates to the Borrower and the Servicer for
execution. 
 ARTICLE IX 

REPRESENTATIONS AND WARRANTIES OF THE BORROWER 

In order to induce the other parties hereto to enter into this Agreement and, in the case of the Lenders, to make Advances hereunder, the
Borrower hereby represents and warrants to the Facility Agent, the Agents and the Lenders as to itself, as of the Effective Date, each Funding Date and each other Measurement Date, as follows: 

Section 9.1 Organization and Good Standing. It has been duly organized and is validly existing under the laws of the jurisdiction
of its organization, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted. It had at all relevant times and now has, power, authority and legal
right (x) to acquire and own the Collateral Obligations and the Related Security, and to grant to the Collateral Agent a security interest in the Collateral Obligations and the Related Security and the other Collateral and (y) to enter
into and perform its obligations under this Agreement and the other Transaction Documents to which it is a party. 
 Section 9.2 Due
Qualification. It is duly qualified to do business and has obtained all necessary licenses and approvals and made all necessary filings and registrations in all jurisdictions, except where the failure to do so would not reasonably be expected to
have a Material Adverse Effect. 
 Section 9.3 Power and Authority. It has the power, authority and legal right to execute and
deliver this Agreement and the other Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder; it has full power, authority and legal right to grant to the Collateral Agent, for the benefit of the Secured
Parties, a valid and enforceable security interest in the Collateral Obligations and the other Collateral and has duly authorized such grant by all necessary action and the execution, delivery and performance of this Agreement and the other
Transaction Documents to which it is a party have been duly authorized by it by all necessary action. 
 Section 9.4 Binding
Obligations. This Agreement and the Transaction Documents to which it is a party have been duly executed and delivered by it and are enforceable against it in accordance with their respective terms, except as such enforceability may be limited
by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such
enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing. 

  
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 Section 9.5 Security Interest. This Agreement creates a valid and continuing
Lien on the Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC, and is enforceable as such against creditors of and purchasers from the Borrower; the
Collateral is comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the
applicable UCC as to which the Borrower has complied with its obligations as set forth herein; with respect to Collateral that constitute Security Entitlements (a) all of such Security Entitlements have been credited to the Accounts and the
Securities Intermediary has agreed to treat all assets credited to the Accounts as Financial Assets, (b) the Borrower has taken all steps necessary to enable the Collateral Agent to obtain Control with respect to the Accounts and (c) the
Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; the Borrower has not instructed the Securities Intermediary to comply with the entitlement order
of any Person other than the Collateral Agent; provided that, until the Collateral Agent delivers a Notice of Exclusive Control (as defined in the Account Control Agreement), the Borrower may, or may cause the Servicer to cause cash in the Accounts
to be invested or distributed in accordance with this Agreement; all Accounts constitute Securities Accounts; the Borrower owns and has good and marketable title to the Collateral free and clear of any Lien (other than Permitted Liens); the Borrower
has received all consents and approvals required by the terms of any Collateral Obligation to the transfer and granting of a security interest in the Collateral Obligations hereunder to the Collateral Agent, on behalf of the Secured Parties; the
Borrower has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that
portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State of Delaware; all original executed copies of each underlying promissory note constituting or evidencing any
Collateral Obligation have been or, subject to the delivery requirements contained herein and/or Section 18.3, will be delivered to the Collateral Custodian; the Borrower has received, or subject to the delivery
requirements contained herein will receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note evidencing a Collateral Obligation solely on behalf of the
Collateral Agent for the benefit of the Secured Parties; none of the underlying promissory notes that constitute or evidence the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed
to any Person other than the Collateral Agent on behalf of the Secured Parties; with respect to Collateral that constitutes a Certificated Security, such certificated security has been delivered to the Collateral Custodian and, if in registered
form, has been specially Indorsed (within the meaning of the UCC) to the Collateral Custodian or in blank by an effective Indorsement or has been registered in the name of the Collateral Custodian upon original issue or registration of transfer by
the Borrower of such Certificated Security, in each case to be held by the Collateral Custodian on behalf of the Collateral Agent for the benefit of the Secured Parties; and in the case of an Uncertificated Security, by (A) causing the
Collateral Custodian to become the registered owner of such uncertificated security and (B) causing such registration to remain effective. 

  
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 Section 9.6 No Violation. The execution, delivery and performance of this
Agreement and the other Transaction Documents to which it is a party, the consummation of the transactions contemplated hereby and thereby, and the fulfillment of the terms of this Agreement and the other Transaction Documents to which it is a
party, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, its Constituent Documents, or any indenture, agreement, mortgage, deed of trust or
other instrument to which it is a party or by which it is bound or any of its properties are subject, or result in the creation or imposition of any Lien (other than Permitted Liens) upon any of its properties pursuant to the terms of any such
indenture, agreement, mortgage, deed of trust or other instrument, or violate in any material respect any Applicable Law or in any way materially adversely affect its ability to perform its obligations under this Agreement or the other Transaction
Documents to which it is a party. 
 Section 9.7 No Proceedings. There are no proceedings or investigations pending or, to its
knowledge, threatened against it, before any Official Body having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the other Transaction Documents, (B) seeking to prevent the consummation of
any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by it of its obligations under, or the validity
or enforceability of, this Agreement or any of the other Transaction Documents or (D) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on any of the Collateral or on the assignments and
security interests granted by the Borrower in this Agreement. 
 Section 9.8 No Consents. It is not required to obtain the
material consent of any other Person or any material approval, authorization, consent, license, approval or authorization, or registration or declaration with, any Official Body having jurisdiction over it or its properties in connection with the
execution, delivery, performance, validity or enforceability of this Agreement or the other Transaction Documents to which it is a party, in each case other than consents, licenses, approvals, authorizations, orders, registrations, declarations or
filings which have been obtained or made and continuation statements and renewals in respect thereof. 
 Section 9.9 Solvency.
It is solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement and the Transaction Documents. After giving effect to the transactions contemplated by this Agreement and the other Transaction
Documents, it will have an adequate amount of capital to conduct its business in the foreseeable future. 
 Section 9.10 Compliance
with Laws. It has complied and will comply in all material respects with all Applicable Laws, judgments, agreements with Official Bodies, decrees and orders with respect to its business and properties and all Collateral. 

Section 9.11 Taxes. For U.S. federal income tax purposes, it is, and always has been, an entity disregarded as separate from the
Equityholder and the Equityholder is a U.S. Person. It has filed on a timely basis all federal and other material Tax returns (including foreign, state, local and otherwise) required to be filed, if any, and has paid all federal and other material
Taxes due and payable by it and any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it or any of its property by any Official Body (other than any amount the validity of which is currently
being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower). No Lien or similar Adverse Claim has been filed, and no claim is being asserted,
with 

  
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respect to any Tax, assessment or other governmental charge. Any Taxes, fees and other governmental charges payable by the Borrower in connection with the execution and delivery of this Agreement
and the other Transaction Documents and the transactions contemplated hereby or thereby including the transfer of each Collateral Obligation and the Related Security to the Borrower have been paid or shall have been paid if and when due at or prior
to the Effective Date or the Advance Date, as applicable. 
 Section 9.12 Monthly Report. Each Monthly Report is accurate in all
material respects as of the date thereof, subject, in the case of information contained therein (which shall include any statements and calculations to the extent such statements or calculations are inaccurate solely as a result of such information)
received from any un-Affiliated third party, to the standard set forth in Section 9.14 with respect to information received from an
un-Affiliated third party. 
 Section 9.13 No Liens, Etc. The Collateral and each part
thereof is owned by the Borrower free and clear of any Adverse Claim (other than Permitted Liens) or restrictions on transferability and the Borrower has the full right, power and lawful authority to assign, transfer and pledge the same and
interests therein, and upon the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest (except, as to priority, for any Permitted Liens) in
each Collateral Obligation and the other Collateral, free and clear of any Adverse Claim (other than Permitted Liens) or restrictions on transferability, to the extent (as to perfection and priority with respect to such other Collateral) that a
security interest in such other Collateral may be perfected under the applicable UCC. The Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral and no effective financing statement
(other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming the Borrower or any of its Affiliates as debtor and covering all or any part of the Collateral is on file in any recording office, except
such as may have been filed in favor of the Collateral Agent as “Secured Party” pursuant hereto or as necessary or advisable in connection with the Sale Agreement. There are no judgments or Liens for Taxes with respect to the Borrower and
no claim has been asserted with respect to the Taxes of the Borrower. 
 Section 9.14 Information True and Correct. All
information (other than projections, forward-looking information or information relating to third parties that are not Affiliates of the Borrower, the Equityholder or the Servicer) heretofore or hereafter furnished by or on behalf of the Borrower in
writing to any Lender, the Collateral Agent or the Facility Agent in connection with this Agreement or any transaction contemplated hereby is and will be (when taken as a whole) true and correct in all material respects (or if not prepared by or
under the direction of the Borrower, is true and correct in all material respects to the Borrower’s knowledge) and does not omit to state a material fact necessary to make the statements contained therein (taken as a whole) not misleading (or,
if not prepared by or under the direction of the Borrower, does not omit to state such a fact to the Borrower’s knowledge). Any projections heretofore prepared by the Borrower or its Affiliates and furnished by or on behalf of the Borrower in
writing to any Lender, the Collateral Agent or the Facility Agent in connection with this Agreement or any transaction contemplated hereby have been prepared in good faith based on assumptions that the Servicer or its Affiliates, as applicable,
believes to be reasonable. With respect to any information received from any un-Affiliated third party, the Borrower (i) will not furnish (and has not furnished) any such information to any Lender, the
Collateral Agent, or the Facility Agent in connection with this 

  
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Agreement or any transaction contemplated hereby that it knows (or knew) to be incorrect at the time such information is (or was) furnished in any material respect and (ii) has informed (or
will inform) the applicable Lender, the Collateral Agent, or the Facility Agent, as applicable, of any such information which it found to be incorrect in any material respect after such information was furnished. 

Section 9.15 Bulk Sales. The grant of the security interest in the Collateral by the Borrower to the Collateral Agent, for the
benefit of the Secured Parties, pursuant to this Agreement, is in the ordinary course of business for the Borrower and is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. 

Section 9.16 Collateral. Except as otherwise expressly permitted or required by the terms of this Agreement, no item of Collateral
has been sold, transferred, assigned or pledged by the Borrower to any Person. 
 Section 9.17 Selection Procedures. In
selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed which are intended to be adverse to the interests of the Facility Agent, any Agent or any Lender. 

Section 9.18 Indebtedness. The Borrower has no Indebtedness or other indebtedness, secured or unsecured, direct or contingent
(including guaranteeing any obligation), other than (i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions
contemplated by this Agreement and the other Transaction Documents. 
 Section 9.19 No Injunctions. No injunction, writ,
restraining order or other order of any nature adversely affects the performance of its obligations under this Agreement or any Transaction Document to which it is a party. 

Section 9.20 No Subsidiaries. The Borrower has no Subsidiaries other than any REO Asset Owners. 

Section 9.21 ERISA Matters. 

(a) The Borrower does not sponsor, maintain, or contribute to, and has never sponsored, maintained, or contributed to, and,
except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate sponsors, maintains, contributes to, or has any liability in respect of, or has ever sponsored, maintained, contributed to, or had any liability in
respect of, a Plan. 
 (b) No ERISA Event has occurred on or prior to the date that this representation is made or deemed
made that, whether alone or together with all other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect. 

(c) The Borrower is not, and will not become at any time while any Obligations are outstanding, a Benefit Plan Investor. 

  
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 Section 9.22 Investment Company Status. The Borrower is not an “investment
company” or a company controlled by an “investment company,” as such terms are defined in the 1940 Act. 
 Section 9.23
Set-Off, Etc. No Collateral Obligation has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Borrower or the
Obligor thereof, and no Collateral is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction,
reduction, termination or modification, whether arising out of transactions concerning the Collateral or otherwise, by the Borrower or the Obligor with respect thereto, except, in each case, pursuant to the Transaction Documents and for amendments,
extensions and modifications, if any, to such Collateral otherwise permitted hereby and in accordance with the Servicing Standard. 

Section 9.24 Collections. The Borrower acknowledges that (i) each Obligor, or in the case of any agented Collateral
Obligation, the applicable administrative agent, collateral agent, or equivalent Person has been directed to make all payments directly to the Collection Account and (ii) all Collections received by it or its Affiliates with respect to the
Collateral pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties until deposited into the applicable Collection Account in accordance with
Section 10.10. 
 Section 9.25 Value Given. The Borrower has given fair consideration and reasonably
equivalent value to the Equityholder in exchange for the purchase of the Collateral Obligations (or any number of them). No such transfer has been made for or on account of an antecedent debt and no such transfer is or may be voidable or subject to
avoidance under any section of the Bankruptcy Code. 
 Section 9.26 Use of Proceeds. The Borrower is not engaged in the business
of extending credit for the purpose of purchasing or carrying Margin Stock and none of the proceeds of the Advances will be used, directly or indirectly, for a purpose that violates Regulation T, Regulation U, Regulation X or any other regulation
promulgated by the FRS Board from time to time. 
 Section 9.27 Separate Existence. The Borrower is operated as an entity with
assets and liabilities distinct from those of any of its Affiliates or any Affiliates of the Equityholder, and the Borrower hereby acknowledges that the Facility Agent, each of the Agents and each of the Lenders are entering into the transactions
contemplated by this Agreement in reliance upon the Borrower’s identity as a separate legal entity. Since its formation, the Borrower has been (and will be) operated in such a manner as to comply with the covenants set forth in
Section 10.5. 
 There is not now, nor will there be at any time in the future, any agreement or understanding
between the Borrower and the Equityholder (other than as expressly set forth herein and the other Transaction Documents) providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes, fees, assessments
or other governmental charges. 

  
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 Section 9.28 Transaction Documents. The Transaction Documents delivered,
together with the Constituent Documents of the Borrower, to the Facility Agent represent all material agreements between the Equityholder, on the one hand, and the Borrower, on the other. Upon the purchase and/or contribution of each Collateral
Obligation (or an interest in a Collateral Obligation) pursuant to the this Agreement or the Sale Agreement, the Borrower shall be the lawful owner of, and have good title to, such Collateral Obligation and all assets relating thereto, free and
clear of any Adverse Claim; provided that, with respect to any Assigned Participation Interest purchased by the Borrower, the Borrower shall not be the record owner of the underlying Collateral Obligation until such Assigned Participation
Interest has been elevated in accordance with the terms hereof. All such assets are transferred to the Borrower without recourse to the Equityholder except as described in the Sale Agreement. The purchases of such assets by the Borrower constitute
valid and true sales for consideration (and not merely a pledge of such assets for security purposes) and the contributions of such assets received by the Borrower constitute valid and true transfers for consideration, each enforceable against
creditors of the Equityholder, and no such assets shall constitute property of the Equityholder; provided that, with respect to any Assigned Participation Interest purchased by the Borrower, the Borrower shall not be the record owner of the
underlying Collateral Obligation until such Assigned Participation Interest has been elevated in accordance with the terms hereof. 

Section 9.29 EEA/UK Financial Institution. The Borrower is not an EEA Financial Institution or a UK Financial Institution. 

Section 9.30 Anti-Terrorism, Anti-Money Laundering. (a) Neither the Borrower nor any Affiliate, officer, employee or
director, acting on behalf of the Borrower (i) is (A) a country, territory, organization, person or entity named on any sanctions list administered or imposed by the U.S. Government including, without limitation, the Office of Foreign Asset
Control (“OFAC”) list, or any other list maintained for the purposes of sanctions enforcement by any of the United Nations, the European Union, Her Majesty’s Treasury in the UK, Germany, Canada, Australia, and any other country
or multilateral organization (collectively, “Sanctions”), including but not limited to Cuba, Iran, Syria, North Korea, and the Crimea region in Ukraine (the “Sanctioned Countries”); (B) a Person that resides, is
organized or located in any of the Sanctioned Countries or which is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds
are transferred from or through such a jurisdiction or any Sanctioned Countries; or (C) owned 50% or more or otherwise controlled, directly or indirectly by, or acting on behalf of, one or more Person defined in either of the preceding clauses
(A) or (B) (along with Persons defined in clauses (A) and (B), collectively, a “Sanction Target”); (ii) is a “Foreign Shell Bank” within the meaning of the USA Patriot Act, i.e., a foreign bank that does not have
a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iii) is a person or entity that resides in or is organized under the laws of a
jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA Patriot Act as warranting special measures due to money laundering concerns. The Borrower is and each Affiliate, officer, employee or
director, acting on behalf of the Borrower is (and is taking no action which would result in any such Person not being) in compliance with (a) all OFAC rules and regulations, (b) all United States of America, United Kingdom, United
Nations, European Union, German, Canadian, Australian and all other sanctions, embargos and trade restrictions that the Borrower or any of its Affiliates is subject and (c) the Anti-Money Laundering Laws. In addition, the described purpose
(“trade related business activities”) does not include any kind of activities or business of or with any Person or in any country or territory that is subject to or the target of any sanctions administered by the U.S. Government,
OFAC, the United Kingdom, the European Union, Germany, Canada, 

  
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Australia or the United Nations Security Council (including the Sanctioned Countries) and does not involve commodities or services of a Sanctioned Country origin or shipped to, through or from a
Sanctioned Country, or on vessels or aircrafts owned or registered by a Sanctioned Country, or financed or subsidized any of the foregoing. 

(b) The Borrower has complied, in all material respects, with all applicable anti-money laundering laws and regulations,
including without limitation the USA Patriot Act (collectively, the “Anti-Money Laundering Laws”). No actions, suits, proceedings or investigations by any court, governmental, or regulatory agency are ongoing or pending against the
Borrower, its directors, officers or employees or anyone acting on its behalf in relation to a breach of the Anti-Money Laundering Laws, or, to the knowledge of the Borrower, threatened. 

Section 9.31 Anti-Bribery and Corruption. (a) Neither the Borrower nor, to the best of the Borrower’s knowledge, any
director, officer, employee, or anyone acting on behalf of the Borrower has engaged in any activity, or will take any action, directly or indirectly, which would breach applicable anti-bribery and corruption laws and regulations, including but not
limited to the US Foreign and Corrupt Practices Act 1977, as amended, and the Bribery Act 2010 of the United Kingdom (the “Anti-Bribery and Corruption Laws”). 

(b) The Borrower and its Affiliates have each conducted their businesses in compliance with Anti-Bribery and Corruption Laws
and have instituted and maintain policies and procedures reasonably designed to promote and ensure continued compliance with all Anti-Bribery and Corruption Laws and with the representation and warranty contained herein. 

(c) No actions, suits, proceedings or investigations by any court, governmental, or regulatory agency are ongoing or pending
against the Borrower, its directors, officers or employees or anyone acting on its behalf in relation to a breach of the Anti-Bribery and Corruption Laws, or, to the knowledge of the Borrower, threatened. 

(d) The Borrower will not directly or indirectly use, lend or contribute the proceeds of the Advances for any purpose that
would breach the Anti-Bribery and Corruption Laws. 
 Section 9.32 Volcker Rule. To the best of the Borrower’s knowledge
and belief, the Advances do not constitute an “ownership interest” in the Borrower for purposes of the Volcker Rule. 

Section 9.33 AIFMD. The Borrower is not (i) an AIFM or (ii) an AIF managed by an AIFM (as such term is defined in the
AIFMD) required to be authorized or registered in accordance with AIFMD. The Borrower is not (i) an AIFM or (ii) an AIF managed by an AIFM (as such term is defined in the UK AIFM Regulations) required to be authorized or registered in
accordance with the UK AIFM Regulations. 

  
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 ARTICLE X 

COVENANTS 
 From the date hereof
until the first day following the Facility Termination Date on which all Obligations shall have been finally and fully paid and performed (other than as expressly survive the termination of this Agreement), the Borrower hereby covenants and agrees
with the Lenders, the Agents and the Facility Agent that: 
 Section 10.1 Protection of Security Interest of the Secured
Parties. (a) At or prior to the Effective Date, the Borrower shall have filed or caused to be filed a UCC-1 financing statement, naming the Borrower as debtor and the Collateral Agent (for the benefit
of the Secured Parties) as secured party and describing the Collateral, with the office of the Secretary of State of the State of Delaware. From time to time thereafter, the Borrower shall file such financing statements and cause to be filed such
continuation statements, all in such manner and in such places as may be required by Applicable Law fully to preserve, maintain and protect the interest of the Collateral Agent in favor of the Secured Parties under this Agreement in the Collateral
and in the proceeds thereof. The Borrower shall deliver (or cause to be delivered) to the Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as
available following such filing. In the event that the Borrower fails to perform its obligations under this subsection, the Collateral Agent or the Facility Agent may (but shall have no obligation to) do so, in each case at the expense of the
Borrower, however neither the Collateral Agent nor the Facility Agent shall have any liability in connection therewith. 

(b) The Borrower shall not change its name, jurisdiction, identity or corporate structure in any manner that would make any
financing statement or continuation statement filed by or on behalf of the Borrower in accordance with Section 10.1(a) above seriously misleading or change its jurisdiction of organization, unless the Borrower shall have
given the Facility Agent and the Collateral Agent at least 30 days’ prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements (and shall provide a copy
of such amendments to the Collateral Agent and Facility Agent together with an Officer’s Certificate to the effect that all appropriate amendments or other documents in respect of previously filed statements have been filed). 

(c) The Borrower shall maintain its computer systems, if any, so that, from and after the time of the first Advance under this
Agreement, the Borrower’s master computer records (including archives) that shall refer to the Collateral indicate clearly that such Collateral is subject to the first priority security interest in favor of the Collateral Agent, for the benefit
of the Secured Parties. Indication of the Collateral Agent’s (for the benefit of the Secured Parties) security interest shall be deleted from or modified on the Borrower’s computer systems when, and only when, the Collateral in question
shall have been paid in full, the security interest under this Agreement has been released in accordance with its terms, upon such Collateral Obligation becoming a Repurchased Collateral Obligation or Substituted Collateral Obligation, or otherwise
as expressly permitted by this Agreement. 

  
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 (d) Without limiting any of the other provisions hereof, if at any time the
Borrower shall propose to sell, grant a security interest in, or otherwise transfer any interest in loan receivables to any prospective lender or other transferee, the Borrower shall give to such prospective lender or other transferee computer
tapes, records, or print-outs (including any restored from archives) that, if they shall refer in any manner whatsoever to any Collateral shall indicate clearly that such Collateral is subject to a first
priority security interest in favor of the Collateral Agent, for the benefit of the Secured Parties. 
 Section 10.2 Other Liens or
Interests. Except for the security interest granted hereunder and as otherwise permitted pursuant to Sections 7.10, 7.11 and 10.16, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien on the Collateral or any interest therein (other than Permitted Liens), and the Borrower shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties)
and the Lenders in and to the Collateral against all claims of third parties claiming through or under the Borrower (other than Permitted Liens). 

Section 10.3 Costs and Expenses. The Borrower shall pay (or cause to be paid) all of its reasonable costs and disbursements in
connection with the performance of its obligations hereunder and under the Transaction Documents. 
 Section 10.4 Reporting
Requirements. The Borrower shall furnish, or cause to be furnished, to the Facility Agent, the Collateral Agent and each Lender: 

(a) as soon as possible and in any event within two Business Days after a Responsible Officer of the Borrower shall have
knowledge of the occurrence of an Event of Default, Unmatured Event of Default, Servicer Default or Unmatured Servicer Default, the statement of an Executive Officer of the Borrower setting forth complete details of such event and the action which
the Borrower has taken, is taking and proposes to take with respect thereto; 
 (b) promptly, from time to time, such other
information, documents, records or reports respecting the Collateral Obligations or the Related Security, the other Collateral or the condition or operations, financial or otherwise, of the Borrower as such Person may, from time to time, reasonably
request; 
 (c) notification of, in reasonable detail, of (i) any Adverse Claim known to it that is made or asserted
against any of the Collateral, (ii) any Revaluation Event and (iii) any Material Modification, in each case promptly upon a Responsible Officer of the Borrower having knowledge thereof; 

(d) promptly, in reasonable detail, any new or updated information reasonably requested by a Lender in connection with
“know your customer” laws or any similar regulations; and 
 (e) promptly following any request therefor, the
Borrower shall deliver to the Facility Agent information and documentation reasonably requested by the Facility Agent for purposes of compliance with its Beneficial Ownership Certification. 

Section 10.5 Separate Existence. (a) The Borrower shall conduct its business solely in its own name through its duly
authorized officers or agents so as not to mislead others as to the identity of the entity with which such persons are concerned, and shall use its best efforts to avoid the appearance that it is conducting business on behalf of any Affiliate
thereof or that the assets of the Borrower are available to pay the creditors of any of its equityholders or any Affiliate thereof. 

  
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 (b) It shall maintain records and books of account separate from those of
any other Person. 
 (c) It shall pay its own operating expenses and liabilities from its own funds. 

(d) It shall ensure that the annual financial statements of the Borrower and the Equityholder shall disclose the effects of the
transactions contemplated hereby in accordance with GAAP. 
 (e) It shall not hold itself out as being liable for the debts
of any other Person. It shall not pledge its assets to secure the obligations of any other Person. It shall not guarantee any obligation of any Person, including any Affiliate or become obligated for the debts of any other Person or hold out its
credit or assets as being available to pay the obligations of any other Person. 
 (f) It shall keep its assets and
liabilities separate from those of all other entities. Except as expressly contemplated herein with respect to (i) Excluded Amounts and (ii) each Agent Account, it shall not commingle its assets with assets of any other Person. 

(g) It shall maintain bank accounts or other depository accounts separate from any other person or entity, including any
Affiliate. 
 (h) To the extent required under GAAP, it shall ensure that any consolidated financial statements including the
Borrower, if any, have notes to the effect that the Borrower is a separate entity whose creditors have a claim on its assets prior to those assets becoming available to its equityholders. 

(i) It shall not (A) amend, supplement or otherwise modify its Constituent Documents, except in accordance therewith and
with the prior written consent of the Facility Agent (which consent shall not be unreasonably withheld, delayed or conditioned) or (B) divide or permit any division of itself. 

(j) It shall at all times hold itself out to the public and all other Persons as separate from its Affiliates and from any
other Person. 
 (k) It shall file its own tax returns separate from those of any other Person, except to the extent that it
is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under Applicable Law, and shall pay any taxes required to be paid under Applicable Law. 

(l) It shall conduct its business only in its own name and comply with all organizational formalities necessary to maintain its
separate existence. 
 (m) It shall maintain separate financial statements, showing its assets and liabilities separate and
apart from those of any other Person and not have its assets listed on any 

  
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financial statement of any other Person; provided, that its assets may be included in a consolidated financial statement of its Affiliate so long as (i) appropriate notation shall be made on
such consolidated financial statements (if any) to indicate its separateness from such Affiliate and to indicate that its assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and
(ii) such assets shall also be listed on its own separate balance sheet. 
 (n) It shall not, except for capital
contributions or capital distributions permitted under the terms and conditions of its Constituent Documents and properly reflected on its books and records, enter into any transaction with an Affiliate except on commercially reasonable terms
similar to those available to unaffiliated parties in an arm’s-length transaction. 

(o) It shall maintain a sufficient number of employees (which number may be zero) in light of its contemplated business purpose
and pay the salaries of its own employees, if any, only from its own funds. 
 (p) It shall use separate invoices bearing its
own name. 
 (q) It shall correct any known misunderstanding regarding its separate identity and not identify itself as a
department or division of any other Person. 
 (r) It shall maintain adequate capital in light of its contemplated business
purpose, transactions and liabilities; provided, however, that the foregoing shall not require its equityholders to make additional capital contributions. 

(s) It shall not acquire any obligation or securities of its members or of any Affiliate other than the Collateral in
compliance with the Transaction Documents. 
 (t) It shall not make or permit to remain outstanding any loan or advance to,
or own or acquire any stock or securities of, any Person, except that it may invest in those investments permitted under the Transaction Documents and may hold the equity of REO Asset Owners. 

(u) It shall not, to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, sale
or transfer of all or substantially all of its assets other than such activities as are expressly permitted pursuant to the Transaction Documents. 

(v) It shall not buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade
securities), except as expressly contemplated by the Transaction Documents. 
 (w) Except as expressly permitted by the
Transaction Documents (which permits the formation of REO Asset Owners), it shall not form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity. 

  
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 (x) It shall not own any asset or property other than Collateral and such
other financial assets as permitted by the Transaction Documents. 
 (y) It shall not engage, directly or indirectly, in any
business other than as required or permitted to be performed by the Transaction Documents. 
 (z) It shall allocate fairly
and reasonably any overhead expenses that are shared with any of its Affiliates, including for shared office space and for services performed by an employee of any Affiliate. 

(aa) Neither the Borrower nor the Equityholder shall take any action contrary to the “Assumptions and Facts” section
in the opinion or opinions of Eversheds Sutherland (US) LLP, dated the date hereof, relating to certain nonconsolidation and true sale matters. 

(bb) Neither the Servicer nor any other person shall be authorized or empowered, nor shall they permit the Borrower to take any
Material Action without the prior unanimous written consent of the Independent Manager. The Constituent Documents of the Borrower shall include the following provisions: (a) at all times there shall be, and Borrower shall cause there to be, at
least one Independent Manager; (b) the Borrower shall not, without the prior written consent of the Independent Manager, on behalf of itself or Borrower, take any Material Action or any action that might cause such entity to become insolvent,
and when voting with respect to such matters, the Independent Manager shall consider only the interests of the Borrower, including its creditors; and (d) the Independent Manager of the Borrower may not be removed or replaced unless the Borrower
provides Lender with not less than five (5) Business Days’ prior written notice of (i) any proposed removal of the Independent Manager, together with a statement as to the reasons for such removal, and (ii) the identity of the
proposed replacement Independent Manager, together with a certification that such replacement satisfies the requirements set forth in the organizational documents of the Borrower for the Independent Manager. No resignation or removal of the
Independent Manager shall be effective until a successor Independent Manager is appointed and has accepted his or her appointment. The Independent Manager may not be removed other than for Cause. 

Section 10.6 Hedging Agreements. (a) With respect to any Fixed Rate Collateral Obligation (other than any Fixed Rate
Collateral Obligation (or portion thereof) not counted as “excess” pursuant to clause (d) of the definition of “Excess Concentration Amount”), the Borrower hereby covenants and agrees that, upon the direction of the
Facility Agent in its sole discretion as notified to the Borrower and the Servicer on or prior to the related Funding Date for such Collateral Obligation, the Borrower shall obtain and deliver to the Collateral Agent (with a copy to the Facility
Agent) one or more Hedging Agreements from qualified Hedge Counterparties having, singly or in the aggregate, an Aggregate Notional Amount not less than the amount determined by the Facility Agent in its reasonable discretion, which (1) shall
each have a notional principal amount equal to or greater than the lesser of (I) the Principal Balance of such Fixed Rate Collateral Obligation and (II) $1,000,000, (2) may provide for reductions of the Aggregate Notional Amount on each
Distribution Date on an amortization schedule for such Aggregate Notional Amount assuming a 0.0 ABS prepayment speed (or such other ABS prepayment speed as may be approved in writing by the Facility Agent) and zero losses, and (3) shall have
other terms and conditions and be represented by Hedging Agreements otherwise acceptable to the Facility Agent in its sole discretion. 

  
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 (b) In the event that any Hedge Counterparty defaults in its obligation to
make a payment to the Borrower under one or more Hedging Agreements on any date on which payments are due pursuant to a Hedging Agreement, the Borrower shall make a demand no later than the Business Day following such default on such Hedge
Counterparty, or any guarantor, if applicable, demanding payment under the applicable Hedging Agreement in accordance with the terms of such Hedging Agreement. The Borrower shall give notice to the Lenders upon the continuing failure by any Hedge
Counterparty to perform its obligations during the two Business Days following a demand made by the Borrower on such Hedge Counterparty, and shall take such action with respect to such continuing failure as may be directed by the Facility Agent.

 (c) In the event that any Hedge Counterparty no longer maintains the ratings specified in the definition of “Hedge
Counterparty,” then within 30 days after receiving notice of such decline in the creditworthiness of such Hedge Counterparty as determined by any Rating Agency, the Borrower shall provide the Hedge Counterparty notice of the potential
termination event resulting from such downgrade and, if the Hedge Counterparty fails to cure such potential termination event within the time frame specified in the related Hedging Agreement, the Borrower shall, at the written direction of the
Facility Agent, (i) provided that a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of Section 10.6(d) has been obtained, (A) provide written notice to such Hedge
Counterparty (with a copy to the Collateral Agent and the Facility Agent) of its intention to terminate the applicable Hedging Agreement within the 30-day period following the expiration of the cure period set
forth in the applicable Hedging Agreement and (B) terminate the applicable Hedging Agreement within such 30-day period, request the payment to it of all amounts due to the Borrower under the applicable
Hedging Agreement through the termination date and deposit any such amounts so received, on the day of receipt, to the Collection Account, or (ii) establish any other arrangement (including an arrangement or arrangements in addition to or in
substitution for any prior arrangement made in accordance with the provisions of this Section 10.6(c)) with the written consent (in its sole discretion) of the Facility Agent (a “Qualified Substitute
Arrangement”); provided, that in the event at any time any alternative arrangement established pursuant to the above shall cease to be satisfactory to the Facility Agent, then the provisions of this
Section 10.6(c), shall again be applied and in connection therewith the 30-day period referred to above shall commence on the date the Borrower receives notice of such cessation or
termination, as the case may be. 
 (d) Unless an alternative arrangement pursuant to
Section 10.6(c) is being established, the Borrower shall use its best efforts to obtain a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of this
Section 10.6 during the 30-day period following the expiration of the cure period set forth in the applicable Hedging Agreement. The Borrower shall not terminate the Hedging Agreement
unless, prior to the expiration of such 30-day period, the Borrower delivers to the Collateral Agent (with a copy to the Facility Agent) (i) a Replacement Hedging Agreement or Qualified Substitute
Arrangement, (ii) to the extent applicable, an Opinion of Counsel reasonably satisfactory to the Facility Agent as to the due authorization, execution and delivery and validity and enforceability of such Replacement Hedging Agreement or
Qualified Substitute Arrangement, as the case may be, and (iii) evidence that the Facility Agent has consented in writing to the termination of the applicable Hedging Agreement and its replacement with such Replacement Hedging Agreement or
Qualified Substitute Arrangement. 

  
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 (e) The Servicer or the Borrower shall notify the Facility Agent and the
Collateral Agent within five Business Days after a Responsible Officer of such Person shall obtain knowledge that the senior unsecured debt rating of a Hedge Counterparty has been withdrawn or reduced by any Rating Agency. 

(f) The Borrower may at any time obtain a Replacement Hedging Agreement with the consent (in its sole discretion) of the
Facility Agent. 
 (g) The Borrower shall not agree to any amendment to any Hedging Agreement without the consent (in its
sole discretion) of the Facility Agent. 
 (h) The Borrower shall notify the Facility Agent and the Collateral Agent after a
Responsible Officer of the Borrower shall obtain actual knowledge of the transfer by the related Hedge Counterparty of any Hedging Agreement, or any interest or obligation thereunder. 

(i) The Borrower, with the consent of the Facility Agent in its sole discretion, may sell all or a portion of the Hedging
Agreements. The Borrower shall have the duty of obtaining a fair market value price for the sale of any Hedging Agreement, notifying the Facility Agent and the Collateral Agent of prospective purchasers and bids, and selecting the purchaser of such
Hedging Agreement. The Borrower and, at the Borrower’s request, the Collateral Agent, upon receipt of the purchase price in the Collection Account shall, with the prior written consent of the Facility Agent, execute all documentation necessary
to release the Lien of the Collateral Agent on such Hedging Agreement and proceeds thereof. 
 Notwithstanding anything to the contrary in
this Section 10.6, the parties hereto agree that should the Borrower fail to observe or perform any of its obligations under this Section 10.6 with respect to any Hedging Agreement, the sole result
will be that the Collateral Obligation or Collateral Obligations that are the subject of such Hedging Agreement shall immediately cease to be Eligible Collateral Obligations for all purposes under this Agreement. 

Section 10.7 Tangible Net Worth. The Borrower shall maintain at all times a positive Tangible Net Worth. 

Section 10.8 Taxes. For U.S. federal income tax purposes, the Borrower will be an entity disregarded as separate from the
Equityholder and the Equityholder will be a U.S. Person. The Borrower will file on a timely basis all Tax returns (including foreign, federal, state, local and otherwise) required to be filed, if any, and will pay all Taxes due and payable by it and
any assessments made against it or any of its property (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the
Borrower). No more than 50% of the debt obligations (as determined for U.S. federal income tax purposes) held by the Borrower may at any time consist of real estate mortgages as determined for purposes Section 7701(i) of the Code unless, based
on written advice of Cadwalader, Wickersham & Taft LLP, Eversheds Sutherland (US) LLP or an opinion of other tax counsel of nationally recognized standing in the United States experienced in such matters, the ownership of such debt
obligations will not cause the Borrower to be treated as a taxable mortgage pool for U.S. federal income tax purposes. 

  
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 Section 10.9 Merger, Consolidation, Etc. The Borrower shall not merge or
consolidate with any other Person or permit any other Person to become the successor to all or substantially all of its business or assets without the prior written consent of the Facility Agent in its sole discretion. 

Section 10.10 Deposit of Collections. The Borrower (i) shall transfer, or cause to be transferred, all Collections to the
Collection Account by the close of business on the second Business Day following the date such Collections are received by the Borrower, the Equityholder, the Servicer or any of their respective Affiliates and (ii) with respect to MSD Agented
Loans only, shall transfer, or cause to be transferred, all Collections on deposit in any Agent Account to the Collection Account within two (2) Business Days following the date such Collections are received in such Agent Account. 

Section 10.11 Indebtedness; Guarantees. The Borrower shall not create, incur, assume or suffer to exist any Indebtedness other
than Indebtedness permitted under the Transaction Documents. The Borrower shall incur no Indebtedness secured by the Collateral other than the Obligations. The Borrower shall not assume, guarantee, endorse or otherwise be or become directly or
contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital,
other than as expressly permitted under the Transaction Documents. 
 Section 10.12 Limitation on Purchases from Affiliates.
Other than pursuant to the Sale Agreement, the Borrower shall not purchase any asset from the Equityholder or the Servicer or any Affiliate of the Borrower, the Equityholder or the Servicer. 

Section 10.13 Transaction Documents. Except as otherwise expressly permitted herein, it shall not cancel or terminate any
of the Transaction Documents to which it is party (in any capacity), or consent to or accept any cancellation or termination of any of such agreements, or amend or otherwise modify any term or condition of any of the Transaction Documents to which
it is party (in any capacity) or give any consent, waiver or approval under any such agreement, or waive any default under or breach of any of the Transaction Documents to which it is party (in any capacity) or take any other action under any such
agreement not required by the terms thereof, unless (in each case) the Facility Agent shall have consented thereto in its sole discretion. 

Section 10.14 Preservation of Existence. The Borrower shall do or cause to be done all things necessary to (i) preserve and
keep in full force and effect its existence as a limited liability company and take all reasonable action to maintain its rights and franchises in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited liability
company in good standing in each jurisdiction where the failure to qualify and remain qualified would reasonably be expected to have a Material Adverse Effect. 

  
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 Section 10.15 Limitation on Investments. The Borrower shall not form, or cause
to be formed, any Subsidiaries other than REO Asset Owners; or make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or
securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the other Transaction Documents. 

Section 10.16 Distributions. (a) The Borrower shall not declare or make (i) payment of any distribution on or in respect
of any equity interests, or (ii) any payment on account of the purchase, redemption, retirement or acquisition of any option, warrant or other right to acquire such equity interests; provided that so long as no Event of Default,
Unmatured Event of Default, Unmatured Servicer Default or Servicer Default shall have occurred and be continuing, the Borrower may make a distribution of (A) amounts paid to it pursuant to Section 8.3(a) on the
applicable Distribution Date (but any such distribution of Principal Collections shall be included in the 10% limitation set forth in clause (C) below), (B) the proceeds of any Advance received with respect to any Eligible Collateral
Obligation the acquisition of which was fully funded by capital contribution from the Equityholder in advance of receipt of such Advances hereunder, (C) during any 12 month period during the Revolving Period, Principal Collections (excluding
any Principal Collections necessary to settle the acquisition of Eligible Collateral Obligations) or proceeds of any Advance equal to 10% of the average Aggregate Eligible Collateral Obligation Amount on each day of such 12 month period if, as
certified in writing by the Borrower and the Servicer to the Facility Agent, in each case both before and immediately after giving effect to such distribution, (x) sufficient proceeds remain for all payments to be made pursuant to
Section 8.3(a) (other than clauses (i)(N) and (ii)(J) thereof) on the next Distribution Date, (y) each Collateral Quality Test and the Minimum Equity Test are satisfied and (z) the aggregate principal amount of
all Advances outstanding hereunder shall not exceed the Borrowing Base or the Maximum Availability, and (D) Collateral Obligations pursuant to Section 7.10(iv)(y). 

(b) Prior to foreclosure by the Facility Agent upon any Collateral pursuant to Section 13.3(c), nothing in this
Section 10.16 or otherwise in this Agreement shall restrict the Borrower from exercising any Warrant Assets issued to it by Obligors from time to time to the extent funds are available to the Borrower under
Section 8.3(a) or made available to the Borrower. 
 Section 10.17 Performance of Borrower Assigned
Agreements. The Borrower shall (i) perform and observe in all material respects all the terms and provisions of the Transaction Documents (including each of the Borrower Assigned Agreements) to which it is a party to be performed or
observed by it, maintain such Transaction Documents in full force and effect, and enforce such Transaction Documents in accordance with their terms, and (ii) upon reasonable request of the Facility Agent, make to any other party to such
Transaction Documents such demands and requests for information and reports or for action as the Borrower is entitled to make thereunder. 

Section 10.18 Further Assurances; Financing Statements. (a) The Borrower agrees that at any time and from time to time, at
its expense and upon reasonable request of the Facility Agent or the Collateral Agent, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is necessary or desirable to perfect and
protect the assignments and security interests granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect to
any Collateral. Without limiting the generality 

  
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of the foregoing, the Borrower authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or notices as may be necessary or desirable or
that the Collateral Agent (acting solely at the Facility Agent’s request) may reasonably request to protect and preserve the assignments and security interests granted by this Agreement. Such financing statements filed against the Borrower may
describe the Collateral in the same manner specified in Section 12.1 or in any other manner as the Facility Agent may reasonably determine is necessary to ensure the perfection of such security interest (without disclosing
the names of, or any information relating to, the Obligors thereunder), including describing such property as all assets or all personal property of the Borrower whether now owned or hereafter acquired. 

(b) The Borrower and each Secured Party hereby severally authorize the Collateral Agent, upon receipt of written direction from
the Facility Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral. 

(c) It shall furnish to the Collateral Agent and the Facility Agent from time to time such statements and schedules further
identifying and describing the Related Security and such other reports in connection with the Collateral as the Collateral Agent (acting solely at the Facility Agent’s request) or the Facility Agent may reasonably request, all in reasonable
detail. 
 Section 10.19 Obligor Payment Instructions. The Borrower acknowledges that the power of attorney granted in
Section 13.10 to the Collateral Agent permits the Collateral Agent to send (at the Facility Agent’s written direction after the occurrence of an Event of Default) Obligor notification forms to give notice to the
Obligors of the Collateral Agent’s interest in the Collateral and the obligation to make payments as directed by the Collateral Agent (at the written direction of the Facility Agent). The Borrower further agrees that it shall (or it shall cause
the Servicer to) provide prompt notice to the Facility Agent of any misdirected or errant payments made by any Obligor with respect to any Collateral Obligation and direct such Obligor to make payments as required hereunder. 

Section 10.20 Delivery of Collateral Obligation Files.    (a) The Borrower (or the Servicer on behalf of
the Borrower) shall deliver to the Collateral Custodian (with a copy to the Facility Agent at the following e-mail addresses (for electronic copies): amit.patel@db.com, erica.flor@db.com and
peter.sabino@db.com) the Collateral Obligation Files identified on the related Document Checklist promptly upon receipt but in no event later than five (5) Business Days of the related Funding Date; provided that any file-stamped document included in any Collateral Obligation File shall be delivered as soon as they are reasonably available (even if not within five (5) Business Days of the related Funding Date). In addition,
promptly following the occurrence of an Event of Default, the Borrower shall deliver to the Collateral Custodian (with a copy to the Facility Agent at the email addresses set forth above) a fully executed assignment in blank for each Collateral
Obligation for which the Servicer, the Equityholder, the Investment Manager or any of their respective Affiliates is the loan agent. The Borrower shall maintain (or cause to be maintained) for the Secured Parties in accordance with their respective
interests all Records that evidence or relate to the Collections not previously delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the Facility Agent, make available, or, upon the Facility Agent’s
demand following the occurrence and during the continuation of a Servicer Default, deliver to the Facility Agent copies of all such Records which evidence or relate to the Collections. 

  
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 (b) The Borrower shall deliver the following: (i) all Asset Approval
Requests to lenderfinance_collatreview@list.db.com, (ii) Monthly Reports delivered in connection with Section 8.5 to csg.india@db.com, abs.conduits@db.com, dbinvestor@list.db.com, amit.patel@db.com, erica.flor@db.com
and peter.sabino@db.com, (iii) requests or notices delivered in accordance with Sections 2.2, 2.4 or 8.3(b), to abs.conduits@db.com, lenderfinance_collatreview@list.db.com, amit.patel@db.com, erica.flor@db.com and
peter.sabino@db.com and (iv) obligor reports delivered in connection with Section 7.5(l) to gcrt.ratingrequests@db.com and lenderfinance_collatreview@list.db.com. 

Section 10.21 ERISA. 

(a) The Borrower will not become a Benefit Plan Investor at any time while any Obligations are outstanding. 

(b) The Borrower will not take any action, or omit to take any action, which would give rise to a non-exempt prohibited transaction under Section 406(a)(1)(B) of ERISA or Section 4975(c)(1)(B) of the Code that would subject any Lender to any tax, penalty, damages, or any other claim for relief under
ERISA or the Code. 
 (c) The Borrower shall not sponsor, maintain, or contribute to, any Plan. Except as would not
reasonably be expected to have a Material Adverse Effect, (i) the Borrower shall not, and shall not permit any ERISA Affiliate to, permit to exist any occurrence of any ERISA Event, and (ii) the Borrower shall not permit any ERISA
Affiliate to sponsor, maintain, contribute to, or incur any liability in respect of, any Plan. 
 Section 10.22 Risk Retention.

 (a) For so long as any Obligations are outstanding and any Lender is subject to the EU Securitization Rules, the
Equityholder as an originator for purposes of the EU Securitization Rules, represents and undertakes that: (A) the Equityholder holds and will retain, on an on-going basis, a material net economic
interest in the transaction contemplated by this Agreement, which shall not be less than 5% of the aggregate nominal value of all the Collateral Obligations (the “Retained Economic Interest”) measured at the time of origination
(being the occasion of each origination or acquisition of a Collateral Obligation by the Borrower); (B) the Retained Economic Interest takes the form of a first loss tranche in accordance with paragraph (d) of Article 6(3) of the EU
Securitization Regulation as in force on the Effective Date, as represented by the Equityholder’s limited liability company interest in the Borrower; (C) the Equityholder holds and will directly retain 100% of the equity interests in the
Borrower; (D) the aggregate capital contributions made by the Equityholder with respect to its equity interests in the Borrower shall represent at least 5.0% of the aggregate of the nominal value of all the Collateral Obligations measured at
the time of origination as described in (A) above; and (E) the Equityholder shall not, and it will procure that the Borrower shall not: (x) short, hedge or otherwise mitigate the credit risk arising from the Retained Economic
Interest; or (y) sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the Retained Economic Interest, except (in each case) as permitted by the EU Securitization Rules. 

  
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 (b) Each Monthly Report shall contain or be accompanied by a certification
from the Equityholder containing a representation that all of the conditions set forth in clause (a) above are true and have been true up to and on each date of the related Collection Period. The Equityholder shall provide to the Facility Agent
and/or any Lender that is subject to the EU Securitization Rules: (A) prompt written notice of any breach of the obligations set forth in clause (a) above; (B) confirmation in writing that all of the conditions set forth in clause
(a) above continue to be complied with (x) in the event of a material change in the structure of the transaction contemplated by this Agreement that could have a material impact on the performance of the Advances or the risk
characteristics of the Collateral Obligations and the Advances; and (y) upon the occurrence of any Event of Default or becoming aware of any breach of the obligations contained in any Transaction Documents; and (C) all information,
documents, reports and notifications that any such entity requests in connection with its obligations under the EU Securitization Rules, but only to the extent the same is not subject to contractually binding confidentiality requirements or laws
governing the protection of confidentiality of information and the processing of personal data (“Restricted Information”), or if it is Restricted Information and cannot be anonymized or aggregated, the Facility Agent and/or any such
Lender enters into a confidentiality agreement reasonably acceptable to the Equityholder. 
 (c) The Equityholder represents
and undertakes with respect to each Collateral Obligation that (i) the Equityholder itself or through related entities (including without limitation the Borrower), directly or indirectly, was involved in the Underlying Instrument which created
such Collateral Obligation (“Equityholder Originated Collateral Obligation”); or (ii) the Equityholder purchased such Collateral Obligation for its own account either directly or indirectly through the Borrower prior to the
Collateral Obligation being pledged to the Collateral Agent for the benefit of the Secured Parties as provided in this Agreement, in each case as contemplated by Article 2(3) of the EU Securitization Regulation. 

(d) The Equityholder represents and undertakes that: (A) its direct holding of the equity interests of the Borrower was
duly approved in accordance with its governing documents and investment policies; (B) the Borrower is consolidated with the Equityholder for accounting purposes; and (C) acting through its investment advisor, MSD Partners, L.P. (the
“Investment Manager”), the Equityholder established the transaction contemplated by the Transaction Documents by: (x) causing the formation of the Borrower as a wholly-owned consolidated subsidiary; (y) approving the
eligibility criteria for the origination and acquisition of Collateral Obligations; and (z) determining the transaction structure and negotiating the Transaction Documents with the various transaction parties. 

(e) The Equityholder (A) was not established for, and does not operate for, the sole purpose of securitizing exposures;
(B) has the capacity to meet its payment obligations consistent with a broader business enterprise; and (C) has experienced decision makers to enable the Equityholder to pursue its established business strategy and it maintains an adequate
corporate governance structure. 

  
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 (f) The Equityholder represents and undertakes that: (A) the
Equityholder Originated Collateral Obligations have been, and will continue to be, originated pursuant to a sound and well-defined criteria and clearly established processes for approving, amending, modifying, renewing and financing the Underlying
Instruments related to such Collateral Obligations and the Equityholder has, and it shall maintain effective systems in place to apply those criteria and processes to ensure that such Underlying Instruments are granted and approved based on a
thorough assessment of each Obligor’s creditworthiness; and (B) in relation to each other Collateral Obligation acquired by the Borrower, the entity that was, directly or indirectly, involved in the Underlying Instruments which created
such Collateral Obligations granted such Underlying Instruments pursuant to a sound and well-defined criteria and clearly established processes for approving, amending, modifying, renewing and financing the Underlying Instruments and it had
effective systems in place to apply those criteria and processes to ensure that the Underlying Instruments were granted and approved based on a thorough assessment of the relevant Obligor’s creditworthiness. 

(g) The Equityholder is, and will remain, ultimately responsible for and retain discretion over the actions of the Investment
Manager and any actions taken by the Investment Manager in relation to the matters outlined in clause (d) above are taken for, and on behalf of, the Equityholder. 

Section 10.23 Proceedings. As soon as possible and in any event within three (3) Business Days after a Responsible Officer of
the Borrower receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy,
material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral (taken as a whole), the
Transaction Documents, the Collateral Agent’s interest in the Collateral, or the Borrower; provided that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral
(taken as a whole), the Transaction Documents, the Collateral Agent’s interest in the Collateral, or the Borrower in excess of $100,000 or more shall be deemed to be material for purposes of this Section 10.23. 

Section 10.24 Officer’s Certificate. On each anniversary of the date of this Agreement, the Borrower shall
deliver an Officer’s Certificate, in form and substance acceptable to the Facility Agent, providing (i) a certification, based upon a review and summary of UCC search results, that there is no other interest in the Collateral perfected by
filing of a UCC financing statement other than in favor of the Collateral Agent and (ii) a certification, based upon a review and summary of tax and judgment Lien searches satisfactory to the Facility Agent, that there is no other interest in
the Collateral based on any tax or judgment Lien. 
 Section 10.25 Policies and Procedures for Sanctions. The Borrower has
instituted and maintained policies and procedures designed to ensure compliance with Sanctions. 
 Section 10.26 Compliance with
Sanctions. The Borrower shall not directly or indirectly use the proceeds of the Advances, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture, partner or other Person or entity, to fund or facilitate
(i) any activities of or business with any Sanction Target, (ii) any activities of or business in any Sanctioned Country or (iii) in any other manner that would result in a violation by any Person of Sanctions. 

  
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 Section 10.27 Compliance with Anti-Money Laundering. The Borrower shall comply
in all material respects with all applicable Anti-Money Laundering Laws and shall provide notice to the Facility Agent, within five (5) Business Days, of the Borrower’s receipt of any Anti-Money Laundering Law regulatory notice or action
involving the Borrower. 
 Section 10.28 Ineligible Collateral. At the direction of the Facility Agent (in its sole discretion),
the Borrower shall divest any asset that does not satisfy the definition of “Eligible Collateral Obligation” or “Permitted Investment” if the Facility Agent determines that the Borrower’s ownership of such asset could
(i) have materially adverse regulatory consequences on any Lender (in such Lender’s sole discretion), (ii) results in any reputational harm to any Lender (in such Lender’s sole discretion) or (iii) results in unfavorable capital
treatment for any Lender (in such Lender’s sole discretion). The Facility Agent agrees to cooperate in good faith with any waivers necessary to permit such divestiture. The Borrower shall not decline to receive or subsequently sell or transfer
any non-Loan asset received in connection with any workout or restructuring of any asset owned by the Borrower, unless otherwise consented to by the Facility Agent in its sole discretion. 

ARTICLE XI 
 THE COLLATERAL AGENT

 Section 11.1 Appointment of Collateral Agent.U.S. Bank National Association is hereby appointed as Collateral Agent pursuant
to the terms hereof. The Secured Parties hereby appoint the Collateral Agent to act exclusively as the agent for purposes of perfection of a security interest in the Collateral and Collateral Agent of the Secured Parties to act as specified herein
and in the other Transaction Documents to which the Collateral Agent is a party. The Collateral Agent hereby accepts such agency appointment to act as Collateral Agent pursuant to the terms of this Agreement, until its resignation or removal as
Collateral Agent pursuant to the terms hereof. 
 Section 11.2 Monthly Reports. The Collateral Agent shall prepare the Monthly
Report in accordance with Section 8.5 and distribute funds in accordance with such Monthly Report in accordance with Section 8.3(a). 

Section 11.3 Collateral Administration. The Collateral Agent shall maintain a database of certain characteristics of the
Collateral on an ongoing basis, and provide to the Borrower, the Servicer and the Facility Agent certain reports, schedules and calculations, all as more particularly described in this Section 11.3, based upon information
and data received from the Borrower and/or the Servicer pursuant to Section 7.7. 

  
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 (a) In connection therewith, the Collateral Agent shall: 

(i) within 15 days after the Effective Date, create a database with respect to the Collateral that has been pledged to the Collateral Agent
for the benefit of the Secured Parties from time to time, comprised of the Collateral Obligations credited to the Accounts from time to time and Permitted Investments in which amounts held in the Accounts may be invested from time to time, as
provided in this Agreement (the “Collateral Database”); 
 (ii) update the Collateral Database on a periodic basis for
changes and to reflect the sale or other disposition of assets included in the Collateral and any additional Collateral from time to time, in each case based upon, and to the extent of, information furnished to the Collateral Agent by the Borrower
or the Servicer as may be reasonably required by the Collateral Agent from time to time or based upon notices received by the Collateral Agent from the issuer, or trustee or agent bank under an underlying instrument, or similar source); 

(iii) track the receipt and allocation to the Collection Account of Principal Collections and Interest Collections and any withdrawals
therefrom and, on each Business Day, provide to the Servicer and Facility Agent daily reports reflecting such actions to the accounts as of the close of business on the preceding Business Day and the Collateral Agent shall provide any such report to
the Facility Agent upon its request therefor; 
 (iv) distribute funds in accordance with such Monthly Report in accordance with
Section 8.3(a); 
 (v) prepare and deliver to the Facility Agent, the Borrower and the Servicer on each Reporting
Date, the Monthly Report and any update pursuant to Section 8.5 when requested by the Servicer, the Borrower or the Facility Agent, on the basis of the information contained in the Collateral Database as of the applicable
Determination Date, the information provided by each Lender and the Facility Agent pursuant to Section 3.4 and such other information as may be provided to the Collateral Agent by the Borrower, the Servicer, the Facility
Agent or any Lender; 
 (vi) provide other such information with respect to the Collateral as may be routinely maintained by the Collateral
Agent in performing its ordinary Collateral Agent function pursuant hereunder, as the Borrower, the Servicer, the Facility Agent or any Lender may reasonably request from time to time; 

(vii) upon the written request of the Servicer on any Business Day, no later than the Business Day following the Collateral Agent’s
receipt of such request (if, however, any such request is received after 12:00 p.m. (New York time) on such date such request will be deemed to have been received on the next succeeding Business Day) and provided that the Collateral Agent maintains
or has received any information reasonably needed and requested by it, the Collateral Agent shall perform the following functions: as of the date the Servicer commits on behalf of the Borrower to purchase Collateral Obligations to be included in the
Collateral, perform a pro forma calculation of the tests and other requirements set forth in Sections 6.2(e) and (f), in each case, based upon information contained in the Collateral Database and report the results thereof to
the Servicer in a mutually agreed format; 

  
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 (viii) upon the Collateral Agent’s receipt on any Business Day after written
notification from the Servicer of its intent to sell (in accordance with Section 7.10) Collateral Obligations and the written request of the Servicer on such Business Day, the Collateral Agent shall perform, no later than
the Business Day following the Collateral Agent’s receipt of such request (if, however, any such request is received after 12:00 p.m. (New York time) on such date such request will be deemed to have been received on the next succeeding Business
Day) provided that the Collateral Agent maintains or has received information reasonably needed and requested by it, the Collateral Agent shall perform the following functions, a pro forma calculation of the tests and other requirements set
forth in Sections 7.10(a)(i)(A), (B) and (C) and based upon information contained in the Collateral Database and information furnished by the Servicer, compare the results thereof and report the results to the Servicer in a
mutually agreed format; and 
 (ix) track the Principal Balance of each Collateral Obligation and report such balances to the Facility
Agent and the Servicer no later than 12:00 Noon (New York City time) on each Business Day as of the close of business on the preceding Business Day. 

(b) The Collateral Agent shall provide to the Servicer a copy of all written notices and communications received by it and
identified as being sent to it in connection with the Collateral Obligations and the other Collateral held hereunder which it receives from the related Obligor, participating bank and/or agent bank. In no instance shall the Collateral Agent be under
any duty or obligation to take any action on behalf of the Servicer in respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific written instructions from the Servicer, prior to the occurrence of an
Event of Default or a Servicer Default or the Facility Agent, after the occurrence of an Event of Default or a Servicer Default, in which event the Collateral Agent shall vote, consent or take such other action in accordance with such instructions.

 (c) In addition to the above: 

(i) The Facility Agent and each Secured Party further authorizes the Collateral Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and
without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction of the Facility Agent) as its agent to execute and deliver all further instruments and documents, and take all further
action (at the written direction of the Facility Agent) that the Facility Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to
exercise or enforce any of their respective rights hereunder, including, without limitation, the execution or filing by the Collateral Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments
thereof, relative to all or any of the Collateral Obligations now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing in this
Section 11.3(c)(i) shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral,
including to file financing and continuation statements in respect of the Collateral in accordance with Section 10.1. It is understood and agreed that any and all actions performed by the Collateral Agent in connection with
this Section 11.3(c)(i) shall be at the written direction of the Facility Agent, and the Collateral Agent shall have no responsibility or liability in connection with determining any actions necessary or desirable to
perfect, protect or more fully secure the security interest granted by the Borrower hereunder or to enable any Person to exercise or enforce any of their respective rights hereunder. 

  
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 (ii) The Facility Agent may direct the Collateral Agent in writing to take any such
incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but
shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the written direction of the Facility Agent; provided that the Collateral Agent shall not be required to take any
action hereunder at the request of the Facility Agent, any Secured Parties or otherwise if the taking of such action, in the determination of the Collateral Agent, (x) shall be in violation of any Applicable Law or contrary to any provisions of
this Agreement or (y) shall expose the Collateral Agent to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Agent requests the
consent of the Facility Agent and the Collateral Agent does not receive a consent (either positive or negative) from the Facility Agent within 10 Business Days of its receipt of such request, then the Facility Agent shall be deemed to have declined
to consent to the relevant action. 
 (iii) Except as expressly provided herein, the Collateral Agent shall not be under any duty or
obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement that might in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably
satisfactory to it (x) unless and until (and to the extent) expressly so directed by the Facility Agent and (y) in any event, it shall only be required to do so prior to the Facility Termination Date (and upon such occurrence, the
Collateral Agent shall act in accordance with the written instructions of the Facility Agent pursuant to clause (x)). The Collateral Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the request or
direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Agent, or the Facility Agent. The Collateral Agent shall not be deemed to have notice or knowledge of any matter
hereunder, including, for the avoidance of doubt, an Event of Default or any notice, document, certificate or other information required to be forwarded by the Facility Agent to the Collateral Agent, unless a Responsible Officer of the Collateral
Agent has knowledge of such matter or written notice thereof is received by the Collateral Agent. 
 (d) If, in performing
its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, the Collateral Agent may request written instructions from the Facility Agent as to the course of action desired by it. If the
Collateral Agent does not receive such instructions within two Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act
in accordance with instructions received after such two Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to
rely on the advice of legal counsel and independent accountants in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice. 

  
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 (e) Concurrently herewith, the Facility Agent directs the Collateral Agent
and the Collateral Agent is authorized to enter into the Account Control Agreement and any other related agreements, notices or documents, each in the form delivered to the Collateral Agent. All of the Collateral Agent’s rights, protections and
immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the Account Control Agreement and any other related agreements in such capacity. 

Section 11.4 Removal or Resignation of Collateral Agent. After the expiration of the 180 day period commencing on the date hereof,
the Collateral Agent may at any time resign and terminate its obligations under this Agreement upon at least 60 days’ prior written notice to the Servicer, the Borrower and the Facility Agent; provided, that no resignation or removal of the
Collateral Agent will be permitted unless a successor Collateral Agent has been appointed which successor Collateral Agent, so long as no Unmatured Servicer Default, Servicer Default, Unmatured Event of Default or Event of Default has occurred and
is continuing, is reasonably acceptable to the Servicer. Promptly after receipt of notice of the Collateral Agent’s resignation, the Facility Agent shall promptly appoint a successor Collateral Agent by written instrument, in duplicate, copies
of which instrument shall be delivered to the Borrower, the Servicer, the resigning Collateral Agent and to the successor Collateral Agent. In the event no successor Collateral Agent shall have been appointed within 60 days after the giving of
notice of such resignation, the Collateral Agent may petition any court of competent jurisdiction to appoint a successor Collateral Agent. The Facility Agent upon at least 60 days’ prior written notice to the Collateral Agent, may with or
without cause remove and discharge the Collateral Agent or any successor Collateral Agent thereafter appointed from the performance of its duties under this Agreement. Promptly after giving notice of removal of the Collateral Agent, the Facility
Agent shall appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral Agent. Any such appointment shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be
delivered to the Collateral Agent and the successor Collateral Agent, with a copy delivered to the Borrower and the Servicer. 

Section 11.5 Representations and Warranties. The Collateral Agent represents and warrants to the Borrower, the Facility Agent, the
Lenders and Servicer that: 
 (a) the Collateral Agent has the corporate power and authority and the legal rights to execute
and deliver, and to perform its obligations under, this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement; 

(b) no consent or authorization of, filing with, or other act by or in respect of, any arbitrator or Official Body and no
consent of any other Person (including any stockholder or creditor of the Collateral Agent) is required in connection with the execution, delivery performance, validity or enforceability of this Agreement; and 

(c) this Agreement has been duly executed and delivered on behalf of the Collateral Agent and constitutes a legal, valid and
binding obligation of the Collateral Agent enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and by general principles of equity (whether enforcement is sought in proceedings in equity or at law). 

  
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 Section 11.6 No Adverse Interest of Collateral Agent. By execution of this
Agreement, the Collateral Agent represents and warrants that it currently holds and during the existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in any Collateral Obligation or any document in the
Collateral Obligation Files. Neither the Collateral Obligations nor any documents in the Collateral Obligation Files shall be subject to any security interest, lien or right of set-off by the Collateral Agent
or any third party claiming through the Collateral Agent, and the Collateral Agent shall not pledge, encumber, hypothecate, transfer, dispose of, or otherwise grant any third party interest in, the Collateral Obligations or documents in the
Collateral Obligation Files, except that the preceding clause shall not apply to the Collateral Agent or the Collateral Custodian with respect to (i) the Collateral Agent Fees and Expenses or the Collateral Custodian Fees and Expenses, and
(ii) in the case of any accounts, with respect to (x) returned or charged-back items, (y) reversals or cancellations of payment orders and other electronic fund transfers, or (z) overdrafts in the Collection Account. 

Section 11.7 Reliance of Collateral Agent. In the absence of bad faith on the part of the Collateral Agent, the Collateral Agent
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instruction, certificate, opinion, electronic communication or other document furnished to the Collateral Agent,
reasonably believed by the Collateral Agent to be genuine and to have been signed, sent or presented by the proper party or parties and conforming to the requirements of this Agreement; but in the case of a request, instruction, document or
certificate which by any provision hereof is specifically required to be furnished to the Collateral Agent, the Collateral Agent shall be under a duty to examine the same in accordance with the requirements of this Agreement to determine that they
conform to the form required by such provision. For avoidance of doubt, Collateral Agent may rely conclusively on Borrowing Base Certificates and Officer’s Certificates delivered by the Servicer. The Collateral Agent shall not be liable for any
action taken by it in good faith and reasonably believed by it to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason
of the lack of direction or instruction required hereby for such action. 
 Section 11.8 Limitation of Liability and Collateral
Agent Rights. (a) The Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it
reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in acting upon (i) the written instructions of any designated officer of the
Facility Agent or (ii) the verbal instructions of the Facility Agent. 
 (b) The Collateral Agent may consult counsel
satisfactory to it with a national reputation in the applicable matter and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in accordance with the advice or opinion of such counsel. 

  
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 (c) The Collateral Agent shall not be liable for any error of judgment, or
for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct, bad faith, reckless
disregard or grossly negligent performance or omission of its duties. 
 (d) The Collateral Agent makes no warranty or
representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will
not be required to and will not make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Agent shall not be obligated to take any action hereunder that might in
its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it. 

(e) The Collateral Agent shall have no duties or responsibilities except such duties and responsibilities as are specifically
set forth in this Agreement and the other Transaction Documents to which it is a party and no covenants or obligations shall be implied in this Agreement against the Collateral Agent. 

(f) The Collateral Agent shall not be required to expend or risk its own funds in the performance of its duties hereunder. 

(g) It is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming any
liability for the obligations of the other parties hereto or any parties to the Collateral. 
 (h) In case any reasonable
question arises as to its duties hereunder or under any other Transaction Document, the Collateral Agent may, prior to the occurrence of an Event of Default, request instructions from the Servicer and may, after the occurrence of an Event of
Default, request instructions from the Facility Agent, and shall be entitled at all times to refrain from taking any action unless it has received written instructions from the Servicer or the Facility Agent, as applicable. The Collateral Agent
shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Facility Agent. In no event shall the Collateral Agent be liable for special, indirect, punitive or consequential loss
or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) In the event that the Collateral Custodian is not the same entity as the Collateral Agent, the Collateral Agent shall not
be liable for the acts or omissions of the Collateral Custodian under this Agreement and shall not be required to monitor the performance of the Collateral Custodian. 

(j) Without limiting the generality of any terms of this section, the Collateral Agent shall have no liability for any failure,
inability or unwillingness on the part of the Servicer, the Facility Agent or the Borrower to provide accurate and complete information on 

  
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a timely basis to the Collateral Agent, or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have no liability for any inaccuracy or error in the
performance or observance on the Collateral Agent’s part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other
party to comply with the terms hereof. 
 (k) The Collateral Agent shall not be bound to make any investigation into the
facts or matters stated in any certificate, report or other document; provided, however, that, if the form thereof is prescribed by this Agreement, the Collateral Agent shall examine the same to determine whether it conforms on its face to the
requirements hereof. The Collateral Agent shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Collateral Agent. It is expressly acknowledged by the Borrower, the Servicer and the
Facility Agent that application and performance by the Collateral Agent of its various duties hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in
reliance upon, data, information and notice provided to it by the Servicer, the Facility Agent, the Borrower and/or any related bank agent, obligor or similar party with respect to the Collateral Obligation, and the Collateral Agent shall have no
responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate). Nothing herein shall impose or imply any duty or obligation on the
part of the Collateral Agent to verify, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any issuer of the Collateral is in default or in compliance with the underlying documents governing
or securing such securities, from time to time. For purposes of tracking changes in ratings, the Collateral Agent shall be entitled to use and rely (in good faith) exclusively upon a single reputable electronic financial information reporting
service (which for ratings by Standard & Poor’s shall be www.standardpoors.com or www.ratingsdirect.com) and shall have no liability for any inaccuracies in the information reported by, of other errors or omissions of, any such
service. It is hereby expressly agreed that Bloomberg Financial Markets is one such reputable service. 
 (l) The Collateral
Agent may exercise any of its rights or powers hereunder or perform any of its duties hereunder either directly or, by or through agents or attorneys, and the Collateral Agent shall not be liable for any misconduct or negligence on the part of any
agent or attorney appointed hereunder with due care by it. Neither the Collateral Agent nor any of its affiliates, directors, officers, shareholders, agents or employees will be liable to the Servicer, Borrower or any other Person, except by reason
of acts or omissions by the Collateral Agent constituting bad faith, willful misfeasance, gross negligence or reckless disregard of the Collateral Agent’s duties hereunder. The Collateral Agent shall in no event have any liability for the
actions or omissions of the Borrower, the Servicer, the Facility Agent or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete
information or data received by it from the Borrower, the Servicer, the Facility Agent or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Agent’s own bad faith, willful misfeasance, gross
negligence or reckless disregard of its duties hereunder. The Collateral Agent shall not be liable for failing to perform or delay in performing its specified duties hereunder which results from or is caused by a failure or delay on the part of the
Borrower or the Servicer, the Facility Agent or another Person in furnishing necessary, timely and accurate information to the Collateral Agent. 

  
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 (m) The Collateral Agent shall be under no obligation to exercise or honor
any of the rights or powers vested in it by this Agreement or any other Transaction Document at the request or direction of the Facility Agent (or any other Person authorized or permitted to direct the Collateral Agent hereunder) pursuant to this
Agreement or such other Transaction Document, unless the Facility Agent (or such other Person) shall have offered the Collateral Agent security or indemnity reasonably acceptable to the Collateral Agent against costs, expenses and liabilities
(including any legal fees) that might reasonably be incurred by it in compliance with such request or direction. 
 (n) The
Collateral Agent shall be under no obligation to (i) monitor, determine or verify the unavailability or cessation of LIBOR Rate, Base Rate or Alternate Base Rate (or other applicable interest rate), or whether or when there has occurred, or to
give notice to any other transaction party of the occurrence of (except as expressly provided herein), any LIBOR cessation or any amendment or change required to be made to the applicable interest rate, (ii) select, determine or designate any
LIBOR, LIBOR Rate, Base Rate, Alternate Base Rate or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any adjustment or other
modifier to any replacement or successor index, or (iv) determine whether or what amendments are necessary or advisable, if any, in connection with any of the foregoing. 

(o) The Collateral Agent shall not be liable for any inability, failure or delay on its part to perform any of its duties set
forth in this Agreement as a result of the unavailability of LIBOR Rate, Base Rate, Alternate Base Rate (or other applicable interest rate) and absence of a designated replacement Interest Rate, including as a result of any inability, delay, error
or inaccuracy on the part of any other transaction party, including without limitation the Facility Agent or any Lender, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and
reasonably required for the performance of such duties. 
 Section 11.9 Tax Reports. The Collateral Agent shall not be
responsible for the preparation or filing of any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than in respect of the Collateral Agent’s compensation or for reimbursement of expenses.

 Section 11.10 Merger or Consolidation. Any Person (i) into which the Collateral Agent may be merged or consolidated,
(ii) that may result from any merger or consolidation to which the Collateral Agent shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Agent substantially as a whole, which Person in any of the
foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Agent hereunder, shall be the successor to the Collateral Agent under this Agreement without further act of any of the parties to this Agreement. 

  
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 Section 11.11 Collateral Agent Compensation. As compensation for its activities
hereunder and under the other Transaction Documents, the Collateral Agent (in each of its capacities hereunder and as Securities Intermediary under the Account Control Agreement) shall be entitled to its fees and expenses from the Borrower as set
forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but
without duplication, to the Collateral Agent and the Securities Intermediary under the Transaction Documents (including, without limitation, Indemnified Amounts payable under Article XVI) (collectively, the “Collateral Agent Fees and
Expenses”). The Borrower agrees to reimburse the Collateral Agent in accordance with the provisions of Section 8.3(a) for all reasonable,
out-of-pocket, documented expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this Agreement or the other
Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents. The Collateral Agent’s entitlement to receive fees (other than any previously accrued and unpaid fees) shall cease on the earlier to
occur of (i) its removal as Collateral Agent pursuant to Section 11.4 or (ii) the termination of this Agreement. 

Section 11.12 Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations. In
order to comply with Applicable Banking Law, the Collateral Agent and the Collateral Custodian are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the
Collateral Agent and the Collateral Custodian. Accordingly, each of the parties agrees to provide to the Collateral Agent and the Collateral Custodian, upon their reasonable request from time to time such identifying information and documentation as
may be available for such party in order to enable the Collateral Agent and the Collateral Custodian to comply with Applicable Banking Law. 

ARTICLE XII 
 GRANT OF SECURITY
INTEREST 
 Section 12.1 Borrower’s Grant of Security Interest. As security for the prompt payment or
performance in full when due, whether at stated maturity, by acceleration or otherwise, of all Obligations (including Advances, Yield, all Fees and other amounts at any time owing hereunder), the Borrower hereby assigns and pledges to the Collateral
Agent for the benefit of the Secured Parties, and grants to the Collateral Agent for the benefit of the Secured Parties, a security interest in and lien upon the following (other than Retained Interests and Excluded Amounts), in each case whether
now or hereafter existing or in which Borrower now has or hereafter acquires an interest and wherever the same may be located (collectively, the “Collateral”): 

(a) all Collateral Obligations; 

(b) all Related Security; 

(c) this Agreement, the Sale Agreement and all other documents now or hereafter in effect to which the Borrower is a party
(collectively, the “Borrower Assigned Agreements”), including (i) all rights of the Borrower to receive moneys due and to become due under or pursuant to the Borrower Assigned Agreements, (ii) all rights of the Borrower to
receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Borrower 

  
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Assigned Agreements, (iii) claims of the Borrower for damages arising out of or for breach of or default under the Borrower Assigned Agreements, and (iv) the right of the Borrower to
amend, waive or terminate the Borrower Assigned Agreements, to perform under the Borrower Assigned Agreements and to compel performance and otherwise exercise all remedies and rights under the Borrower Assigned Agreements; 

(d) all of the following (the “Account Collateral”): 

(i) each Account, all funds held in any Account (other than Excluded Amounts), and all certificates and instruments, if any, from time to
time representing or evidencing any Account or such funds, 
 (ii) all investments from time to time of amounts in the Accounts and all
certificates and instruments, if any, from time to time representing or evidencing such investments, 
 (iii) all notes, certificates of
deposit and other instruments from time to time delivered to or otherwise possessed by the Collateral Agent or any Secured Party or any assignee or agent on behalf of the Collateral Agent or any Secured Party in substitution for or in addition to
any of the then existing Account Collateral, and 
 (iv) all interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any and all of the then existing Account Collateral; 

(e) all additional property that may from time to time hereafter be granted and pledged by the Borrower or by anyone on its
behalf under this Agreement; 
 (f) all Accounts, all Certificated Securities, all Chattel Paper, all Documents, all
Equipment, all Financial Assets, all General Intangibles, all Instruments, all Investment Property, all Inventory, all Securities Accounts, all Security Certificates, all Security Entitlements and all Uncertificated Securities of the Borrower; 

(g) each Hedging Agreement, including all rights of the Borrower to receive moneys due and to become due thereunder; 

(h) all of the Borrower’s other personal property; and 

(i) all Proceeds, accessions, substitutions, rents and profits of any and all of the foregoing Collateral (including proceeds
that constitute property of the types described in clauses (a) through (h) above) and, to the extent not otherwise included, all payments under insurance (whether or not the Collateral Agent or a Secured Party or any assignee or
agent on behalf of the Collateral Agent or a Secured Party is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral. 

  
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 Section 12.2 Borrower Remains Liable. Notwithstanding anything in this
Agreement, (a) except to the extent of the Servicer’s duties under the Transaction Documents, the Borrower shall remain liable under the Collateral Obligations, Borrower Assigned Agreements and other agreements included in the Collateral
to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by a Secured Party or the Collateral Agent of any of its rights under this Agreement shall not release the
Borrower or the Servicer from any of their respective duties or obligations under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral, (c) the Secured Parties and the Collateral Agent shall
not have any obligation or liability under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral by reason of this Agreement, and (d) neither the Collateral Agent nor any of the Secured Parties
shall be obligated to perform any of the obligations or duties of the Borrower or the Servicer under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral or to take any action to collect or enforce
any claim for payment assigned under this Agreement. 
 Section 12.3 Release of Collateral. Until the Obligations have been paid
in full and the Commitments have been reduced to zero, the Collateral Agent may not release any Lien covering any Collateral except for (i) Collateral Obligations sold pursuant to Section 7.10, (ii) any Related
Security identified by the Borrower (or the Servicer on behalf of the Borrower) to the Collateral Agent so long as the Facility Termination Date has not occurred or (iii) Repurchased Collateral Obligations or Substituted Collateral Obligations
pursuant to Section 7.11. At any time that the Obligations have been paid in full and the Commitments have been reduced to zero, the Collateral Agent, upon notice of termination by the Borrower (or the Servicer on behalf of
the Borrower) pursuant to Section 2.5, shall release all Liens covering any Collateral. 
 In connection with the release of a Lien on
any Collateral permitted pursuant to this Section 12.3 as requested by the Servicer, the Collateral Agent, on behalf of the Secured Parties, will, at the sole expense of the Servicer, execute and deliver to the Servicer or
its designee any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Collateral; provided, that the Collateral
Agent, on behalf of the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. 

ARTICLE XIII 
 EVENTS OF DEFAULT

 Section 13.1 Events of Default. Each of the following shall constitute an Event of Default under this Agreement: 

(a) the Borrower shall fail to pay any amount on the Obligations (x) on the Facility Termination Date or (y) as
otherwise provided for in any Transaction Document when due (in all cases, whether on any Distribution Date, on the Facility Termination Date, by reason of acceleration, by notice of intention to prepay, by required prepayment or otherwise) and,
solely in the case of clause (y), such failure continues for two (2) Business Days; 

  
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 (b) the Borrower, Equityholder or the Servicer shall fail to perform or
observe any other term, covenant or agreement contained in this Agreement, or any other Transaction Document on its part to be performed or observed and, except in the case of the covenants and agreements contained in
Section 10.7 (Tangible Net Worth), Section 10.9 (Merger, Consolidation, Etc.), Section 10.11 (Indebtedness, Guarantees),
Section 10.12 (Limitation on Purchases from Affiliates), Section 10.14 (Preservation of Existence) and Section 10.16 (Distributions) as to each of
which no grace period shall apply, any such failure shall remain unremedied for thirty (30) days after knowledge by the Borrower, the Equityholder or the Servicer thereof or after written notice thereof shall have been given by the Facility
Agent to the Borrower, the Equityholder or the Servicer; 
 (c) any representation or warranty of the Borrower, Equityholder
or the Servicer made or deemed to have been made hereunder or in any other Transaction Document or any other writing or certificate furnished by or on behalf of the Borrower, the Equityholder or the Servicer to the Facility Agent or any Lender for
purposes of or in connection with this Agreement or any other Transaction Document (including any Monthly Report) shall prove to have been false or incorrect in any respect when made or deemed to have been made and, except in the case of a breach of
the Borrower’s representation in Section 9.21(c), the same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written
notice of such failure requiring the same to be remedied shall have been given to the Borrower, the Equityholder or the Servicer, and (ii) the date on which a Responsible Officer of the Borrower, the Equityholder or the Servicer acquires
knowledge thereof; provided, that no breach shall be deemed to occur hereunder in respect of any representation or warranty relating to the “eligibility” of any Collateral Obligation if the Borrower complies with its obligations in
Section 7.11 with respect to such Collateral Obligation; 
 (d) an Insolvency Event shall have
occurred and be continuing with respect to either the Borrower, the Servicer or the Equityholder; 
 (e) the aggregate
principal amount of all Advances outstanding hereunder exceeds the Borrowing Base or the Maximum Availability, calculated in accordance with Section 1.2(g), and such condition continues unremedied for (x) if the
Borrower delivers an Equity Cure Notice with respect to such event, twelve (12) consecutive Business Days or (y) otherwise, two (2) consecutive Business Days; 

(f) the Internal Revenue Service shall file notice of a Lien pursuant to Section 6321 of the Code with regard to any of
the assets of the Borrower; 
 (g) an ERISA Event occurs that, alone or together with all other ERISA Events that have
occurred, would reasonably be expected to have a Material Adverse Effect; 
 (h) (i) any Transaction Document or any
Lien granted thereunder shall (except in accordance with its terms), in whole or in material part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower; or (ii) the Borrower or
the Servicer or any other Person shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document; or (iii) any security interest securing any Obligation shall, in
whole or in part, cease to be a perfected first priority security interest (except, as to priority, for Permitted Liens); 

  
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 (i) a Servicer Default shall have occurred and be continuing past any
applicable notice or cure period provided in the definition thereof; 
 (j) failure of the Borrower to make any payment when
due (after giving effect to any related grace period) under one or more agreements for borrowed money to which it is a party in an aggregate amount in excess of $50,000, individually or in the aggregate; or the occurrence of any event or condition
that gives rise to a right of acceleration with respect to such recourse debt in excess of $50,000; 
 (k) a Change of
Control shall have occurred; 
 (l) the Borrower or the Servicer shall become required to register as an “investment
company” within the meaning of the 1940 Act or the arrangements contemplated by the Transaction Documents shall require registration as an “investment company” within the meaning of the 1940 Act; 

(m) failure on the part of the Borrower, the Equityholder or the Servicer to (i) make any payment or deposit (including,
without limitation, with respect to bifurcation and remittance of Principal Collections and Interest Collections or any other payment or deposit required to be made by the terms of the Transaction Documents) required by the terms of any Transaction
Document in accordance with Section 7.3(b) and Section 10.10 or (ii) otherwise observe or perform any covenant, agreement or obligation with respect to the management and distribution of funds
received with respect to the Collateral; 
 (n) (i) failure of the Borrower to maintain at least one Independent Manager
or (ii) the removal of any Independent Manager without Cause or prior written notice to the Facility Agent (in each case as required by the Constituent Documents of the Borrower); provided that the Borrower shall have five
(5) Business Days to replace any Independent Manager upon the death or incapacitation of the current Independent Manager; 

(o) the Borrower makes any assignment or attempted assignment of its respective rights or obligations under this Agreement or
any other Transaction Document without first obtaining the specific written consent of the Facility Agent, which consent may be withheld in the exercise of its sole and absolute discretion; 

(p) any court shall render a final, non-appealable judgment against the Borrower in an
amount in excess of $50,000 which shall not be satisfactorily stayed, discharged, vacated, set aside or satisfied within 30 days of the making thereof; 

(q) the Borrower shall fail to qualify as a bankruptcy-remote entity based upon
customary criteria such that Eversheds Sutherland (US) LLP or any other reputable counsel could no longer render a substantive nonconsolidation opinion with respect to the Borrower; 

  
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 (r) at any time, the Minimum Equity Test is not satisfied and such condition
continues unremedied for (x) if the Borrower delivers an Equity Cure Notice with respect to such event, twelve (12) consecutive Business Days or (y) otherwise, two (2) consecutive Business Days; or 

(s) solely to the extent that the Servicer is regulated as a business development company under the 1940 Act, as of the last
day of any fiscal quarter, the Servicer’s Asset Coverage Ratio shall be less that the ratio required for a business development company under the 1940 Act. 

Section 13.2 Effect of Event of Default. 

(a) Optional Termination. Upon notice by the Collateral Agent or the Facility Agent that an Event of Default (other than
an Event of Default described in Section 13.1(d)) has occurred, the Revolving Period will automatically terminate and no Advances will thereafter be made, and the Collateral Agent (at the direction of the Facility Agent)
may declare all or any portion of the outstanding principal amount of the Advances and other Obligations to be due and payable, whereupon the full unpaid amount of such Advances and other Obligations which shall be so declared due and payable shall
be and become immediately due and payable, without further notice, demand or presentment (all of which are hereby expressly waived by the Borrower) and the Facility Termination Date shall be deemed to have occurred. 

(b) Automatic Termination. Upon the occurrence of an Event of Default described in
Section 13.1(d), the Facility Termination Date shall be deemed to have occurred automatically, and all outstanding Advances under this Agreement and all other Obligations under this Agreement shall become immediately and
automatically due and payable, all without presentment, demand, protest or notice of any kind (all of which are hereby expressly waived by the Borrower). 

Section 13.3 Rights upon Event of Default. If an Event of Default shall have occurred and be continuing, the Facility Agent may,
in its sole discretion, direct the Collateral Agent to exercise any of the remedies specified herein in respect of the Collateral and the Collateral Agent may (with the consent of the Facility Agent) but shall have no obligation, or the Collateral
Agent shall promptly, at the written direction of the Facility Agent, also do one or more of the following (subject to Section 13.9): 

(a) institute proceedings in its own name and on behalf of the Secured Parties as Collateral Agent for the collection of all
Obligations, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Borrower and any other obligor with respect thereto moneys adjudged due, for the specific enforcement of any covenant or agreement in any
Transaction Document or in the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Collateral Agent by Applicable Law or any Transaction Document; 

  
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 (b) exercise any remedies of a secured party under the UCC and take any
other appropriate action to protect and enforce the right and remedies of the Collateral Agent and the Secured Parties which rights and remedies shall be cumulative; and 

(c) require the Borrower and the Servicer, at the Servicer’s expense, to (1) assemble all or any part of the
Collateral as directed by the Collateral Agent (at the direction of the Facility Agent) and make the same available to the Collateral Agent at a place to be designated by the Collateral Agent (at the direction of the Facility Agent) that is
reasonably convenient to such parties and (2) without notice except as specified below, sell the Collateral (at the direction of the Facility Agent) or any part thereof in one or more parcels at a public or private sale, at any of the
Collateral Agent’s or the Facility Agent’s offices or elsewhere in accordance with Applicable Law. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to the Borrower of the time
and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.
The Collateral Agent (at the direction of the Facility Agent) may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to
which it was so adjourned. All cash proceeds received by the Collateral Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral (after payment of any amounts incurred in connection with such
sale) shall be deposited into the Collection Account and to be applied against the outstanding Obligations pursuant to Section 4.1. The Servicer, the Lenders and any of their respective Affiliates shall be permitted to
participate in any such sale. 
 Section 13.4 Collateral Agent May Enforce Claims Without Possession of Notes. All rights
of action and of asserting claims under the Transaction Documents, may be enforced by the Collateral Agent (at the direction of the Facility Agent) without the possession of the Notes or the production thereof in any trial or other proceedings
relative thereto, and any such action or proceedings instituted by the Collateral Agent shall be brought in its own name as Collateral Agent and any recovery of judgment, subject to the payment of the reasonable, out-of-pocket and documented expenses, disbursements and compensation of the Collateral Agent, each predecessor Collateral Agent and their respective agents and attorneys, shall be for the ratable benefit of
the holders of the Notes and other Secured Parties. 
 Section 13.5 Collective Proceedings. In any proceedings brought by
the Collateral Agent to enforce the Liens under the Transaction Documents (and also any proceedings involving the interpretation of any provision of any Transaction Document), the Collateral Agent shall be held to represent all of the Secured
Parties, and it shall not be necessary to make any Secured Party a party to any such proceedings. 
 Section 13.6 Insolvency
Proceedings. In case there shall be pending, relative to the Borrower or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other
applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Borrower, its property or such other obligor or Person, or in case of 

  
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any other comparable judicial proceedings relative to the Borrower or other obligor upon the Notes, or to the creditors of property of the Borrower or such other obligor, the Collateral Agent,
irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent shall have made any demand pursuant to the provisions of this
Section 13.6, shall be entitled and empowered but without any obligation, subject to Section 13.9(a), by intervention in such proceedings or otherwise: 

(a) to file and prove a claim or claims for the whole amount of principal and Yield owing and unpaid in respect of the Notes,
all other amounts owing to the Lenders and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent (including any claim for reimbursement of all expenses (including the fees and
expenses of counsel) and liabilities incurred, and all advances, if any, made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own gross negligence or willful misconduct) and of each of
the other Secured Parties allowed in such proceedings; 
 (b) unless prohibited by Applicable Law and regulations, to vote
(at the direction of the Facility Agent) on behalf of the holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; 

(c) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts
received with respect to the claims of the Secured Parties on their behalf; and 
 (d) to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent or the Secured Parties allowed in any judicial proceedings relative to the Borrower, its creditors and its property; 

and any trustee, receiver, liquidator, collateral agent or trustee or other similar official in any such proceeding is hereby authorized by
each of such Secured Parties to make payments to the Collateral Agent and, in the event that the Collateral Agent shall consent (at the direction of the Facility Agent) to the making of payments directly to such Secured Parties, to pay to the
Collateral Agent such amounts as shall be sufficient to cover all reasonable expenses and liabilities incurred, and all advances made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own
gross negligence or willful misconduct. 
 Section 13.7 Delay or Omission Not Waiver. No delay or omission of the
Collateral Agent or of any other Secured Party to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article XIII or by law to the Collateral Agent or to the other Secured Parties may be exercised from time to time, and as often as may be deemed expedient, by the Collateral Agent or by the other Secured Parties, as the
case may be. 

  
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 Section 13.8 Waiver of Stay or Extension Laws. The Borrower waives and
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter
in force (including filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any
bankruptcy, insolvency, receivership or similar law now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Agreement; and the Borrower (to the extent that it may lawfully do so) hereby expressly
waives all benefits or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no
such law had been enacted. 
 Section 13.9 Limitation on Duty of Collateral Agent in Respect of Collateral. (a) Beyond the
safekeeping of the Collateral Obligation Files in accordance with Article XVIII, neither the Collateral Agent nor the Collateral Custodian shall have any duty as to any Collateral in its possession or control or in the
possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and neither the Collateral Agent nor the Collateral Custodian shall be responsible for
filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. Neither the
Collateral Agent nor the Collateral Custodian shall be liable or responsible for any misconduct, negligence or loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other
agent, attorney or bailee selected by the Collateral Agent or the Collateral Custodian in good faith and with due care hereunder. 

(b) Neither the Collateral Agent nor the Collateral Custodian shall be responsible for the existence, genuineness or value of
any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, or for insuring the
Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 

(c) Neither the Collateral Agent nor the Collateral Custodian shall have any duty to act outside of the United States in
respect of any Collateral located in any jurisdiction other than the United States. 
 Section 13.10 Power of Attorney.
(a) Each of the Borrower and the Servicer hereby irrevocably appoints the Collateral Agent as its true and lawful attorney (with full power of substitution) in its name, place and stead and at its expense (at the direction of the Facility
Agent), in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement including without limitation the following powers: (i) to give any necessary receipts or
acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all
necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower and the Servicer hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully
do hereunder and pursuant hereto, and (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document. Nevertheless, if so requested by the Collateral Agent, the Borrower shall ratify and
confirm any such sale or other disposition by executing and delivering to the Collateral Agent all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. 

  
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 (b) No person to whom this power of attorney is presented as authority for
the Collateral Agent to take any action or actions contemplated by clause (a) shall inquire into or seek confirmation from the Borrower or the Servicer as to the authority of the Collateral Agent to take any action described below, or as to the
existence of or fulfillment of any condition to the power of attorney described in clause (a), which is intended to grant to the Collateral Agent unconditionally the authority to take and perform the actions contemplated herein, and each of the
Borrower and the Servicer irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this power of attorney. The power of
attorney granted in clause (a) is coupled with an interest and may not be revoked or canceled by the Borrower or the Servicer until all obligations of each of the Borrower and the Servicer under the Transaction Documents have been paid
in full and the Collateral Agent (acting at the direction of the Facility Agent) has provided its written consent thereto. 

(c) Notwithstanding anything to the contrary herein, the power of attorney granted pursuant to this
Section 13.10 shall only be effective after the occurrence of an Event of Default. 
 ARTICLE XIV 

THE FACILITY AGENT 

Section 14.1 Appointment. Each Lender and each Agent hereby irrevocably designates and appoints DBNY as Facility Agent hereunder
and under the other Transaction Documents, and authorizes the Facility Agent to take such action on its behalf under the provisions of this Agreement and the other Transaction Documents and to exercise such powers and perform such duties as are
expressly delegated to the Facility Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are reasonably incidental thereto. Each Lender in each Lender Group hereby irrevocably designates and
appoints the Agent for such Lender Group as the agent of such Lender under this Agreement, and each such Lender irrevocably authorizes such Agent, as the agent for such Lender, to take such action on its behalf under the provisions of this Agreement
and the other Transaction Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Facility Agent nor any Agent (the Facility Agent and each Agent being referred to in this Article XIV as a “Note
Agent”) shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or otherwise exist against any Note Agent. 

  
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 Section 14.2 Delegation of Duties. Each Note Agent may execute any of its duties
under this Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. No Note Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected
by it with reasonable care. 
 Section 14.3 Exculpatory Provisions. No Note Agent (acting in such capacity) nor any of its
directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them or any Person described in Section 14.2 under or in connection with this Agreement or the
other Transaction Documents or (b) responsible in any manner to any Person for any recitals, statements, representations or warranties of any Person (other than itself) contained in the Transaction Documents or in any certificate, report,
statement or other document referred to or provided for in, or received under or in connection with, the Transaction Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Transaction Documents or any
other document furnished in connection therewith or herewith, or for any failure of any Person (other than itself or its directors, officers, agents or employees) to perform its obligations under any Transaction Document or for the satisfaction of
any condition specified in a Transaction Document. Except as otherwise expressly provided in this Agreement, no Note Agent shall be under any obligation to any Person to ascertain or to inquire as to the observance or performance of any of the
agreements or covenants contained in, or conditions of, the Transaction Documents, or to inspect the properties, books or records of the Borrower or the Servicer. 

Section 14.4 Reliance by Note Agents. Each Note Agent shall in all cases be entitled to rely, and shall be fully protected in
relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to each of the Lenders), Independent Accountants and other experts selected by such Note Agent. Each Note Agent
shall in all cases be fully justified in failing or refusing to take any action under this Agreement, any other Transaction Document or any other document furnished in connection herewith or therewith unless it shall first receive such advice or
concurrence of the Lenders, as it deems appropriate, or it shall first be indemnified to its satisfaction (i) in the case of the Facility Agent, by the Lenders or (ii) in the case of an Agent, by the Lenders in its Lender Group, against
any and all liability, cost and expense which may be incurred by it by reason of taking or continuing to take any such action. The Facility Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement,
the other Transaction Documents or any other document furnished in connection herewith or therewith in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon
all the Lenders. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents or any other document furnished in connection herewith or therewith in accordance with a
request of the Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders in such Lender
Group. 

  
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 Section 14.5 Notices. No Note Agent shall be deemed to have knowledge or notice
of the occurrence of any breach of this Agreement or the occurrence of any Event of Default unless it has received notice from the Servicer, the Borrower or any Lender, referring to this Agreement and describing such event. In the event any Agent
receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group. The Facility Agent shall take such action with respect to such event as shall be reasonably directed in writing by the Required Lenders, and each Agent
shall take such action with respect to such event as shall be reasonably directed by Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such Lender Group; provided, that unless and until such Note Agent
shall have received such directions, such Note Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders or of the
Lenders in its Lender Group, as applicable. 
 Section 14.6 Non-Reliance on Note
Agents. The Lenders expressly acknowledge that no Note Agent, nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any
representations or warranties to it and that no act by any Note Agent hereafter taken, including any review of the affairs of the Borrower or the Servicer, shall be deemed to constitute any representation or warranty by such Note Agent to any
Lender. Each Lender represents to each Note Agent that it has, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations and made its own decision to purchase its interest in the Notes hereunder and
enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make
its own analysis, appraisals and decisions in taking or not taking action under any of the Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other
condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations. Except as expressly provided herein, no Note Agent shall have any duty or responsibility to provide any Lender with any credit or other information
concerning the Collateral or the business, operations, property, prospects, financial and other condition or creditworthiness of the Borrower, the Servicer or the Lenders which may come into the possession of such Note Agent or any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates. 

In no event shall any Note Agent be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever,
including, but not limited to, lost profits, even if such Note Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall any Note Agent be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws,
ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Agreement. 

  
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 Section 14.7 Indemnification. The Lenders agree to indemnify the Facility Agent
and its officers, directors, employees, representatives and agents (to the extent not reimbursed by the Borrower or the Servicer under the Transaction Documents, and without limiting the obligation of such Persons to do so in accordance with the
terms of the Transaction Documents), ratably according to the outstanding amounts of their Advances (or their Commitments, if no Advances are outstanding) from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for the Facility Agent or the affected Person in connection with any investigative, or judicial
proceeding commenced or threatened, whether or not the Facility Agent or such affected Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Facility Agent or such affected Person as a
result of, or arising out of, or in any way related to or by reason of, any of the transactions contemplated hereunder or under the Transaction Documents or any other document furnished in connection herewith or therewith. 

Section 14.8 Successor Note Agent. If the Facility Agent shall resign as Facility Agent under this Agreement, then the Required
Lenders shall appoint a successor agent, whereupon such successor agent shall succeed to the rights, powers and duties of the Facility Agent, and the term “Facility Agent” shall mean such successor agent, effective upon its acceptance of
such appointment, and the former Facility Agent’s rights, powers and duties as Facility Agent shall be terminated, without any other or further act or deed on the part of such former Facility Agent or any of the parties to this Agreement. Any
Agent may resign as Agent upon ten days’ notice to the Lenders in its Lender Group and the Facility Agent (with a copy to the Borrower) with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties
of the Agent pursuant to this Section 14.8. If an Agent shall resign as Agent under this Agreement, then Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such Lender Group shall
appoint a successor agent for such Lender Group. After any Note Agent’s resignation hereunder, the provisions of this Article XIV shall inure to its benefit as to any actions taken or omitted to be taken by it while it
was a Note Agent under this Agreement. No resignation of any Note Agent shall become effective until a successor Note Agent shall have assumed the responsibilities and obligations of such Note Agent hereunder; provided, that in the event a successor
Note Agent is not appointed within 60 days after such notice of its resignation is given as permitted by this Section 14.8, the applicable Note Agent may petition a court for its removal. 

Section 14.9 Note Agents in their Individual Capacity. Each Note Agent and its Affiliates may make loans to, accept deposits from
and generally engage in any kind of business with the Borrower or the Servicer as though such Note Agent were not an agent hereunder. Any Person which is a Note Agent may act as a Note Agent without regard to and without additional duties or
liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. 

Section 14.10 Borrower Audit. The Facility Agent shall, at the Borrower’s expense, retain Protiviti, Inc. (or another
nationally recognized audit firm acceptable to the Facility Agent in its sole discretion) to conduct and complete a procedural review of the Collateral Obligations in compliance with the standards set forth on Exhibit B hereto hereto (as such
Exhibit B may be reasonably amended from time to time in the sole discretion of the Facility Agent by delivery of such amended Exhibit B by the Facility Agent to the Borrower), (i) within 120 days after the Effective Date and
(ii) annually at the request of the Facility Agent thereafter; provided that there shall be no limits on the Facility Agent’s right to conduct audits (at the Borrower’s expense) during the occurrence of a Default or Event of
Default. The Facility Agent shall promptly forward the results of such audit to the Servicer. 

  
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 Section 14.11 Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism
and Anti-Money Laundering Regulations. In order to comply with Applicable Banking Law, the Facility Agent is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business
relationship with the Facility Agent. Accordingly, each of the parties agree to provide to the Facility Agent, upon its reasonable request from time to time such identifying information and documentation as may be available for such party in order
to enable the Facility Agent to comply with Applicable Banking Law. 
 Section 14.12 Erroneous Payment. (a) If any Note
Agent or Collateral Agent notifies a Lender, Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party such Lender (any such Lender, Issuing Bank, Secured Party or other recipient, a “Payment
Recipient”) that such Note Agent or Collateral Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient hereunder
were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment,
prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment
shall at all times remain the property of the Note Agent or the Collateral Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Note Agent or the Collateral Agent, and such Lender or Secured Party shall
(or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Note Agent or the Collateral Agent the amount
of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or
portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Facility Agent in same day funds at the greater of the Base Rate and a rate determined by such Note Agent or the Collateral Agent in accordance with
banking industry rules on interbank compensation from time to time in effect. A notice of such Note Agent or the Collateral Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. 

(b) Without limiting immediately preceding clause (a), each Lender or Secured Party, or any Person who has received
funds on behalf of a Lender or Secured Party, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from any
Note Agent or the Collateral Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Note Agent or the Collateral Agent (or
any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Note Agent or the Collateral Agent (or any of its Affiliates), or
(z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case: 

  
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 (i) (A) in the case of immediately preceding clauses (x) or (y), an
error shall be presumed to have been made (absent written confirmation from such Note Agent or the Collateral Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with
respect to such payment, prepayment or repayment; and 
 (ii) such Lender or Secured Party shall (and shall cause any other recipient that
receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify such Note Agent or the Collateral Agent of its receipt of such payment, prepayment or repayment, the details
thereof (in reasonable detail) and that it is so notifying the Note Agent or the Collateral Agent pursuant to this Section 14.12(b). 

(c) Each Lender or Secured Party hereby authorizes the Note Agent or the Collateral Agent to set off, net and apply any and all
amounts at any time owing to such Lender or Secured Party under any Transaction Document, or otherwise payable or distributable by the Note Agent or the Collateral Agent to such Lender or Secured Party from any source, against any amount due to the
Note Agent or the Collateral Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement. 

(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Note Agent or the Collateral Agent for
any reason, after demand therefor by the Note Agent or the Collateral Agent in accordance with immediately preceding clause (a), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient
who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Note Agent or the Collateral Agent’s notice to such Lender at any
time, (i) such Lender shall be deemed to have assigned its Advances (but not its Commitments) with respect to which such Erroneous Payment was made in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Note
Agent or the Collateral Agent may specify) (such assignment of the Advances (but not Commitments), the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by
the Note Agent or the Collateral Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall
deliver any Notes evidencing such Advances to the Borrower or the Note Agent or the Collateral Agent, (ii) the Note Agent or the Collateral Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment,
(iii) upon such deemed acquisition, the Note Agent or the Collateral Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender
hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such
assigning Lender and (iv) the Note Agent may reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment. The Note Agent or the Collateral Agent may, in its discretion, sell any Advances
acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Advances
(or portion thereof), and the Note Agent or the Collateral Agent shall 

  
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retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment
Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Note Agent or the
Collateral Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Note Agent or the Collateral Agent may be equitably subrogated, the Note Agent or the Collateral
Agent shall be contractually subrogated to all the rights and interests of the applicable Lender or Secured Party under the Transaction Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation
Rights”). 
 (e) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or
otherwise satisfy any Obligations owed by the Borrower, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Note Agent, the
Collateral Agent or other applicable Secured Party from the Borrower for the purpose of making payment in respect of the Obligations. 

(f) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment,
and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Note Agent or the Collateral Agent for the
return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. 

(g) Each party’s obligations, agreements and waivers under this Section 14.12 shall survive the
resignation or replacement of the Note Agent or the Collateral Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all
Obligations (or any portion thereof). 
 ARTICLE XV 

ASSIGNMENTS 
 Section 15.1
Restrictions on Assignments by the Borrower and the Servicer. Except as specifically provided herein, neither the Borrower nor the Servicer may assign any of their respective rights or obligations hereunder or any interest herein without the
prior written consent of the Facility Agent and the Required Lenders in their respective sole discretion and any attempted assignment in violation of this Section 15.1 shall be null and void. 

Section 15.2 Documentation. In connection with any permitted assignment, each Lender shall deliver to each assignee an assignment,
in such form as such Lender and the related assignee may agree, duly executed by such Lender assigning any such rights, obligations, Advance or Note to the assignee; and such Lender shall promptly execute and deliver all further instruments and
documents, and take all further action, that the assignee may reasonably request, in order to perfect, 

  
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protect or more fully evidence the assignee’s right, title and interest in and to the items assigned, and to enable the assignee to exercise or enforce any rights hereunder or under the
Notes evidencing such Advance. In the case of an assignment of any Commitment (or any portion thereof) or any Advance (or any portion thereof) the assignee shall execute and deliver to the Servicer, the Borrower, the Facility Agent and the
Collateral Agent a fully executed assignment thereof or a Joinder Agreement substantially in the form of Exhibit E hereto. If the assignee is not an existing Lender it shall deliver to the Collateral Agent any tax forms and other information
requested by the Collateral Agent for purposes of conducting its customary “know your customer” inquiries. 
 Section 15.3
Rights of Assignee. Upon the foreclosure of any assignment of any Advances made for security purposes, or upon any other assignment of any Advance from any Lender pursuant to this Article XV, the respective assignee
receiving such assignment shall have all of the rights of such Lender hereunder with respect to such Advances and all references to the Lender or Lenders in Sections 4.3 or 5.1 shall be deemed to apply to such assignee. 

Section 15.4 Assignment by Lenders. Any Lender may assign an interest in, or sell a participation interest in any Advance (or
portion thereof) or its Commitment (or any portion thereof) pursuant to any one of the following clauses (a) through (e); provided that the Lenders shall not assign any interest in, or sell a participation in any Advance (or portion
thereof) or its Commitment (or any portion thereof), to the Equityholder or any Affiliate of the Equityholder: 
 (a) to any
Person, if an Unmatured Event of Default, Event of Default, Unmatured Servicer Default or Servicer Default has occurred and is continuing; 

(b) to an Affiliate of such Lender; 

(c) to another Lender; 

(d) to any Person if such Lender makes a determination that its ownership of any of its rights or obligations hereunder is
prohibited by Applicable Law (including, without limitation, the Volcker Rule); or 
 (e) to any Person with the prior
written consent of the Borrower (which consent shall not to be unreasonably withheld, delayed or conditioned); 
 provided, that each
Lender shall first offer to sell such interest(s) to (i) the Lender affiliated with the Facility Agent and, if such Lender does not accept such offer within 10 Business Days, then (ii) to each remaining Lender (pro rata) for a
period of 10 Business Days prior to offering to any Person that is not an existing Lender. 
 Each Lender shall endorse the Notes to reflect
any assignments made pursuant to this Article XV or otherwise. 
 Section 15.5 Registration; Registration of Transfer and
Exchange. (a) The Facility Agent, acting solely for this purpose as agent for the Borrower (and, in such capacity, the “Loan Registrar”), shall maintain a register for the recordation of the name and address of each Lender
(including any assignees), and the principal amounts (and stated interest) owing to such Lender 

  
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pursuant to the terms hereof from time to time (the “Loan Register”). The entries in the Loan Register shall be conclusive absent manifest error, and the Borrower, the Collateral
Agent, the Facility Agent, each Agent and each Lender shall treat each Person whose name is recorded in the Loan Register pursuant to the terms hereof as a Lender hereunder. The Loan Register shall be available for inspection by any Lender at
any reasonable time and from time to time upon reasonable prior notice and the Loan Registrar will provide a copy of the Loan Register to the Collateral Agent upon its request. 

(b) Each Person who has or who acquired an interest in a Note shall be deemed by such acquisition to have agreed to be bound by
the provisions of this Section 15.5(b). A Note may be exchanged (in accordance with Section 15.5(c)) and transferred to the holders (or their agents or nominees) of the Advances and to any assignee
(in accordance with Section 15.1) (or its agent or nominee) of all or a portion of the Advances. The Loan Registrar shall not register (or cause to be registered) the transfer of such Note, unless the proposed transferee
shall have delivered to the Loan Registrar either (i) an Opinion of Counsel that the transfer of such Note is exempt from registration or qualification under the Securities Act of 1933, as amended, and all applicable state securities laws and
that the transfer does not constitute a non-exempt “prohibited transaction” under ERISA or (ii) an express agreement by the proposed transferee to be bound by and to abide by the provisions of
this Section 15.5(b) and the restrictions noted on the face of such Note. 
 (c) At the option of
the holder thereof, a Note may be exchanged for one or more new Notes of any authorized denominations and of a like class and aggregate principal amount at an office or agency of the Borrower. Whenever any Note is so surrendered for exchange, the
Borrower shall execute and deliver (through the Loan Registrar) the new Note which the holder making the exchange is entitled to receive at the Loan Registrar’s office, located at DB Services Americas Inc., 5022 Gate Parkway, Suite 200,
Jacksonville, Florida, 32256, Attention: Transfer Unit. 
 (d) Upon surrender for registration of transfer of any Note at an
office or agency of the Borrower, the Borrower shall execute and deliver (through the Loan Registrar), in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like class and aggregate
principal amount. 
 (e) All Notes issued upon any registration of transfer or exchange of any Note in accordance with the
provisions of this Agreement shall be the valid obligations of the Borrower, evidencing the same debt, and entitled to the same benefits under this Agreement, as the Note(s) surrendered upon such registration of transfer or exchange. 

(f) Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Borrower or
the Loan Registrar) be fully endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Loan Registrar, duly executed by the holder thereof or his attorney duly authorized in writing. 

  
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 (g) No service charge shall be made for any registration of transfer or
exchange of a Note, but the Borrower may require payment from the transferee holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer of exchange of a Note. 

(h) The holders of the Notes shall be bound by the terms and conditions of this Agreement. 

Section 15.6 Mutilated, Destroyed, Lost and Stolen Notes. (a) If any mutilated Note is surrendered to the Loan Registrar, the
Borrower shall execute and deliver (through the Loan Registrar) in exchange therefor a new Note of like class and tenor and principal amount and bearing a number not contemporaneously outstanding. 

(b) If there shall be delivered to the Borrower and the Loan Registrar prior to the payment of the Notes (i) evidence to
their satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Borrower or the
Loan Registrar that such Note has been acquired by a bona fide Lender, the Borrower shall execute and deliver (through the Loan Registrar), in lieu of any such destroyed, lost or stolen Note, a new Note of like class, tenor and principal
amount and bearing a number not contemporaneously outstanding. 
 (c) Upon the issuance of any new Note under this
Section 15.6, the Borrower may require the payment from the transferor holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected
therewith. 
 (d) Every new Note issued pursuant to this Section 15.6 and in accordance with the
provisions of this Agreement, in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Borrower, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Notes duly issued hereunder. 

(e) The provisions of this Section 15.6 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of a mutilated, destroyed, lost or stolen Note. 
 Section 15.7
Persons Deemed Owners. The Borrower, the Servicer, the Facility Agent, the Collateral Agent and any agent for any of the foregoing may treat the holder of any Note as the owner of such Note for all purposes whatsoever, whether or not such
Note may be overdue, and none of Borrower, the Servicer, the Facility Agent, the Collateral Agent and any such agent shall be affected by notice to the contrary. 

Section 15.8 Cancellation. All Notes surrendered for payment or registration of transfer or exchange shall be promptly canceled.
The Borrower shall promptly cancel and deliver to the Loan Registrar any Notes previously authenticated and delivered hereunder which the Borrower may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by
the Borrower. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 15.8, except as expressly permitted by this Agreement. 

  
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 Section 15.9 Participations; Pledge. (a) At any time and from time to time,
each Lender may, in accordance with Applicable Law, grant participations in all or a portion of its Note and/or its interest in the Advances and other payments due to it under this Agreement to any Person (each, a “Participant”). Each
Lender hereby acknowledges and agrees that (A) any such participation will not alter or affect such Lender’s direct obligations hereunder, and (B) none of the Borrower, the Servicer, the Facility Agent, any Lender, the Collateral
Agent nor the Servicer shall have any obligation to have any communication or relationship with any Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Section 4.3 and
Section 5.1 (subject to the requirements and limitations therein, including the requirements under Section 4.3(f) (it being understood that the documentation required under
Section 4.3(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Article XV; provided that such Participant
(A) agrees to be subject to the provisions of Section 17.16 as if it were an assignee under this Article XV; and (B) shall not be entitled to receive any greater payment under
Section 4.3 or Section 5.1, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent that such entitlement to receive a greater
payment results from a change in any Applicable Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to
cooperate with the Borrower to effectuate the provisions of Section 17.16(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 17.1 as though it were a Lender. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to
approve any amendment, modification or waiver of any provision of this Agreement. 
 (b) Notwithstanding anything in
Section 15.9(a) to the contrary, each Lender may pledge its interest in the Advances and the Notes to any Federal Reserve Bank as collateral in accordance with Applicable Law without the prior written consent of any Person.

 (c) Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a
register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the obligations under the Transaction Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest
in any obligations under any Transaction Document) except to the extent that such disclosure is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. The Facility Agent (in its capacity as Facility Agent) shall have no responsibility for maintaining a Participant Register. 

Section 15.10 Reallocation of Advances. Any reallocation of Advances among Lenders pursuant to an assignment executed by such
Lender and its assignee(s) and delivered pursuant to Article XV or pursuant to a Joinder Agreement executed and delivered pursuant to Article XV in each case shall be wired by the applicable
purchasing Lender(s) to the Collateral Agent pursuant to the wiring instructions provided by the Collateral Agent; provided that the Collateral Agent shall not wire such amounts to the applicable selling Lender(s) until it has received an
executed assignment agreement or Joinder Agreement, as applicable. 

  
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 ARTICLE XVI 

INDEMNIFICATION 

Section 16.1 Borrower Indemnity. Without limiting any other rights which any such Person may have hereunder or under Applicable
Law, the Borrower agrees to indemnify the Facility Agent, the Agents, the Lenders, the Loan Registrar, the Collateral Custodian, the Securities Intermediary and the Collateral Agent and each of their Affiliates, and each of their respective
successors, transferees, participants and assigns and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an “Indemnified
Party”), forthwith on demand, from and against any and all damages (including punitive damages), losses, claims, liabilities and related reasonable and documented
out-of-pocket costs and expenses, including reasonable and documented attorneys’ and accountants’ fees and disbursements (all of the foregoing being
collectively called “Indemnified Amounts”) awarded against or incurred by any of them arising out of or relating to any Transaction Document or the transactions contemplated hereby or thereby (including the structuring and arranging
of such transactions) or the use of proceeds therefrom by the Borrower, including in respect of the funding of any Advance or any breach of any representation, warranty or covenant of the Borrower, the Equityholder or the Servicer in any Transaction
Document or in any certificate or other written material delivered by any of them pursuant to any Transaction Document, excluding, however, Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a
court of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party and (b) other than in the case of the Collateral Agent, the Collateral Custodian and the Securities
Intermediary, resulting from the performance of the Collateral Obligations. In no event shall the Borrower be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Borrower has been advised of the likelihood of such loss or damage and regardless of the form of action; provided that this sentence shall in no way limit or vitiate any obligations of any Borrower to indemnify the Indemnified
Parties hereunder with respect to a claim for special, indirect, punitive or consequential losses or damages whatsoever (including but not limited to lost profits). 

Indemnification under this Section 16.1 shall survive the termination of this Agreement and the resignation or removal of any
Indemnified Party and shall include reasonable and documented fees and out-of-pocket expenses of counsel and reasonable and documented out-of-pocket expenses of litigation, including enforcement of this indemnity. Notwithstanding anything to the contrary contained herein, the Borrower will be obligated to pay any Indemnified Amount on any
given day only to the extent there are amounts available therefor pursuant to Section 8.3(a). 
 Section 16.2
Servicer Indemnity. Without limiting any other rights which any such Person may have hereunder or under Applicable Law, the Servicer agrees to indemnify the Indemnified Parties forthwith on demand, from and against any and all Indemnified
Amounts incurred by such Indemnified Party by reason of any acts or omissions of the Servicer in its 

  
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capacity as Servicer and related to any Transaction Document, the transactions contemplated thereby or any certificate or other written material delivered by the Servicer pursuant hereto or
thereto, excluding, however, Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a court of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any
Indemnified Party and (b) resulting from the performance of the Collateral Obligations. 
 Indemnification under this
Section 16.2 shall survive the termination of this Agreement and the resignation or removal of any Indemnified Party and shall include reasonable and documented fees and out-of-pocket expenses of counsel and reasonable and documented out-of-pocket expenses of litigation. 

Section 16.3 Contribution. (a) If for any reason (other than the exclusions set forth in the first paragraph of
Section 16.1) the indemnification provided above in Section 16.1 is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Borrower agrees to
contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party, on the one
hand, and the Borrower and its Affiliates, on the other hand, but also the relative fault of such Indemnified Party, on the one hand, and the Borrower and its Affiliates, on the other hand, as well as any other relevant equitable considerations.

 (b) If for any reason (other than the exclusions set forth in the first paragraph of
Section 16.2) the indemnification provided above in Section 16.2 is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Servicer agrees to
contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party, on the one
hand, and the Servicer and its Affiliates, on the other hand, but also the relative fault of such Indemnified Party, on the one hand, and the Servicer and its Affiliates, on the other hand, as well as any other relevant equitable considerations.

 Section 16.4 After-Tax Basis. Indemnification under
Section 16.1 and Section 16.2 shall be in an amount necessary to make the Indemnified Party whole after taking into account any Tax consequences to the Indemnified Party of the receipt of the
indemnity provided hereunder (or of the incurrence of the underlying damage, cost or expense), including the effect of such Tax or refund on the amount of Tax measured by net income or profits that is or was payable by the Indemnified Party (and the
effect of any deduction or loss realized by the Indemnified Party). 
 ARTICLE XVII 

MISCELLANEOUS 
 Section 17.1
No Waiver; Remedies. No failure on the part of any Lender, the Facility Agent, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, any Indemnified Party or any Affected Person to exercise, and no delay in exercising,
any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any of them 

  
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of any right, power or remedy hereunder preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. Without limiting the foregoing, each Lender is hereby authorized by the Borrower during the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by it to or for the credit or the account of the Borrower to the amounts owed by the Borrower under this Agreement, to the
Facility Agent, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, any Affected Person, any Indemnified Party or any Lender or their respective successors and assigns. Without limiting the foregoing, each Lender is hereby
authorized by the Servicer during the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other
indebtedness at any time owing by it to or for the credit or the account of the Servicer to the amounts owed by the Servicer under this Agreement, to the Facility Agent, the Collateral Agent, the Collateral Custodian, the Securities Intermediary,
any Affected Person, any Indemnified Party, any Agent or any Lender or their respective successors and assigns. 
 Section 17.2
Amendments, Waivers. This Agreement may not be amended, supplemented or modified nor may any provision hereof be waived except in accordance with the provisions of this Section 17.2. 

The Borrower, the Servicer and the Facility Agent may, from time to time enter into written amendments, supplements, waivers or modifications
hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of this Agreement;
provided, that no such amendment, supplement, waiver or modification shall (i) reduce the amount of or extend the maturity of any payment with respect to an Advance or reduce the rate or extend the time of payment of Yield thereon, or reduce or
alter the timing of any other amount payable to any Lender hereunder, in each case without the consent of each Lender affected thereby, (ii) amend, modify or waive any provision of this Section 17.2 or
Section 17.11, or reduce the percentage specified in the definition of Required Lenders, in each case without the written consent of all Lenders, (iii) amend, modify or waive any provision adversely affecting the
obligations or duties of the Collateral Agent, in each case without the prior written consent of the Collateral Agent and (iv) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Custodian, in
each case without the prior written consent of the Collateral Custodian. Notwithstanding the foregoing, if the LIBOR Rate ceases to exist or is reasonably expected to cease to exist within the succeeding three (3) months, the Borrower, the
Servicer and the Facility Agent may (and such parties will reasonably cooperate with each other in good faith in order to) amend this Agreement to replace references herein to the LIBOR Rate (and any associated terms and provisions) with any
alternative floating reference rate (and any associated terms and provisions) that is then being generally used in U.S. credit markets for similar types of facilities. Upon execution of any amendments by the Borrower, the Servicer and the Facility
Agent as provided herein, the Servicer shall deliver a copy of such amendment to the Collateral Agent. Any waiver of any provision of this Agreement shall be limited to the provisions specifically set forth therein for the period of time set forth
therein and shall not be construed to be a waiver of any other provision of this Agreement. 

  
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 Notwithstanding the foregoing, upon the determination by any Lender that its ownership of
any of its rights or obligations hereunder is prohibited by Applicable Law (including, without limitation, the Volcker Rule), each of the Borrower, the Servicer, each Lender, each Agent, the Collateral Agent, the Collateral Custodian and the
Facility Agent hereby agree to work in good faith to amend or amend and restate the commercial terms of this Agreement (including, if necessary, to re-document under a note purchase agreement or indenture) to
ensure future compliance with such Applicable Law. 
 The Borrower and the Servicer each acknowledge that the Facility Agent may be
communicating with other Lenders, Agents or potential lenders in connection with an amendment or syndication of this Agreement. 

Section 17.3 Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be
in writing and shall be personally delivered or sent by electronic mail to the intended party at the address of such party set forth under its name on Annex A or at such other address as shall be designated by such party in a written notice to the
other parties hereto. All such notices and communications shall be effective, (a) if personally delivered, when received, (b) if sent by overnight courier, one Business Day after having been given to such courier, and (c) if delivered
by electronic mail, when delivered, except that notices and communications pursuant to Section 2.2, shall not be effective until received. In connection with any instructions, requests or directions sent pursuant to this
Agreement or any other Transaction Document, the Collateral Agent, the Securities Intermediary and the Collateral Custodian shall be entitled to request from such Person a list of authorized signers and any evidence of such related signatures (as
may be amended from time to time). 
 Section 17.4 Costs and Expenses. In addition to the rights of indemnification granted
under Section 16.1, the Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Facility Agent,
the Collateral Agent, the Collateral Custodian, the Securities Intermediary, the Agents and the Lenders in connection with the preparation, execution, delivery, syndication and administration of this Agreement, any liquidity support facility and the
other documents and agreements to be delivered hereunder or with respect hereto, and, subject to any cap on such costs and expenses agreed upon in a separate letter agreement among the Borrower, the Servicer and the Facility Agent or the Collateral
Agent and Collateral Custodian Fee Letter, as applicable, and the Borrower further agrees to pay all reasonable and documented out-of-pocket costs and expenses of the
Facility Agent, the Collateral Agent, the Collateral Custodian, the Securities Intermediary and the Lenders in connection with any amendments, waivers or consents executed in connection with this Agreement, including the reasonable fees and
reasonable and documented out-of-pocket expenses of counsel to each of the Facility Agent, each Agent and any related Lender, the Collateral Agent, the Securities
Intermediary and the Collateral Custodian with respect thereto and with respect to advising such party as to its rights and remedies under this Agreement, and to pay all reasonable, documented and out-of-pocket costs and expenses, if any (including reasonable outside counsel fees and expenses), of the Facility Agent, the Collateral Agent, the Collateral Custodian, the Agents and the Lenders, in
connection with the enforcement against the Servicer or the Borrower of this Agreement or any of the other Transaction Documents and the other documents and agreements to be delivered hereunder or with respect hereto; provided that in the case of
reimbursement of counsel for the Lenders other than the Facility Agent, such reimbursement shall be limited to one outside counsel to the Facility Agent, each Agent and any related Lender. 

  
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 Section 17.5 Binding Effect; Survival. This Agreement shall be binding upon and
inure to the benefit of Borrower, the Lenders, the Facility Agent, the Servicer, the Collateral Agent, the Collateral Custodian and their respective successors and assigns, and the provisions of Section 4.3,
Article V, and Article XVI shall inure to the benefit of the Affected Persons and the Indemnified Parties, respectively, and their respective successors and assigns; provided, nothing in the
foregoing shall be deemed to authorize any assignment not permitted by Article XV. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain
in full force and effect until (subject to the immediately following sentence) such time when all Obligations have been finally and fully paid in cash and performed. The rights and remedies with respect to any breach of any representation and
warranty made by the Borrower pursuant to Article IX and the indemnification and payment provisions of Article V and Article XVI and the provisions of
Section 17.10, Section 17.11 and Section 17.12 shall be continuing and shall survive any termination of this Agreement and any termination of any Person’s rights to
act as Servicer hereunder or under any other Transaction Document. 
 Section 17.6 Captions and Cross References. The various
captions (including the table of contents) in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated, references in this
Agreement to any Section, Schedule or Exhibit are to such Section of or Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection,
clause or subclause of such Section, subsection or clause. 
 Section 17.7 Severability. Any provision of this Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. 
 Section 17.8 GOVERNING LAW. THIS AGREEMENT AND THE NOTES SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 Section 17.9 Counterparts.
This Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original but all of which shall constitute together but one and the same agreement. Delivery of this Agreement by electronic mail
shall be equally as effective as delivery of an original executed counterpart of this Agreement. 
 Section 17.10 WAIVER OF JURY
TRIAL. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY
OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE EQUITYHOLDER, THE BORROWER, THE SERVICER, THE 

  
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FACILITY AGENT, THE AGENTS OR ANY OTHER AFFECTED PERSON. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER
PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT. 

Section 17.11 No Proceedings. 

(a) Notwithstanding any other provision of this Agreement, each of the Servicer, the Collateral Agent, the Collateral
Custodian, each Agent, each Lender and the Facility Agent hereby agrees that it will not institute against the Borrower, or join any other Person in instituting against the Borrower, any insolvency proceeding (namely, any proceeding of the type
referred to in the definition of Insolvency Event) so long as any Advances or other amounts due from the Borrower hereunder shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Advances or
other amounts shall be outstanding. The foregoing shall not limit such Person’s right to file any claim in or otherwise take any action with respect to any insolvency proceeding that was instituted by any Person other than such Person. 

(b) The provisions of this Section 17.11 are a material inducement for the Secured Parties to enter
into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this Section 17.11 and the
Facility Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation
proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws. The provisions of this paragraph shall survive the termination of this Agreement. 

Section 17.12 Limited Recourse. No recourse under any obligation, covenant or agreement of a Lender contained in this Agreement
shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of each Lender, and that no personal liability whatever shall attach to or be incurred by any
incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or
agreements of a Lender contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by a Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or
regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. 

  
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 Notwithstanding any other provision of this Agreement (but in no way limiting the
obligations of the Equityholder, the Servicer or any other Person hereunder or under any Transaction Document), no recourse under any obligation, covenant or agreement of the Borrower or the Servicer contained in this Agreement shall be had against
any incorporator, stockholder, partner, officer, director, member, manager, employee or agent of the Borrower, the Servicer or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any
legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of the Borrower and the Servicer, and that no personal liability whatever shall
attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of the Borrower, the Servicer or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by
reason of any of the obligations, covenants or agreements of the Borrower or the Servicer contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Borrower or the Servicer of any of such
obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of
and in consideration for the execution of this Agreement. 
 Section 17.13 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER
TRANSACTION DOCUMENTS EXECUTED AND DELIVERED HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 Section 17.14 Confidentiality. (a) The Borrower, the Servicer, the
Collateral Custodian and the Collateral Agent shall hold in confidence, and not disclose to any Person, the identity of any Lender or the terms of any fees payable in connection with this Agreement except they may disclose such information
(i) to their or their Affiliates’ officers, directors, employees, agents, counsel, accountants, auditors, advisors, prospective lenders, equity investors or representatives, (ii) with the consent of such Lender, (iii) to the
extent such information has become available to the public other than as a result of a disclosure by or through such Person, or (iv) to the extent the Borrower, the Servicer, the Collateral Custodian or the Collateral Agent or any Affiliate of
any of them should be required by any law or regulation applicable to it (including securities laws) or requested by any Official Body to disclose such information. 

(b) The Facility Agent, the Collateral Agent, the Collateral Custodian, each Agent and each Lender, severally and with respect
to itself only, covenants and agrees that any information about the Borrower or its Affiliates or the Obligors, the Collateral Obligations, the Related Security or otherwise obtained by the Facility Agent, the Collateral Agent or such Lender
pursuant to this Agreement shall be held in confidence (it being understood that documents provided to the Facility Agent hereunder may in all cases be distributed by the Facility Agent to the Lenders) except that the Facility Agent, the Collateral
Agent, the Collateral Custodian or such Lender may disclose such information (i) to its affiliates, officers, directors, employees, agents, counsel, accountants, auditors, advisors or representatives, (ii) to the extent such information
has become available to the public other than as a result of a disclosure by or through the Facility Agent, the Collateral Agent, the Collateral Custodian or such Lender, (iii) to 

  
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the extent such information was available to the Facility Agent or such Lender on a non-confidential basis prior to its disclosure to the Facility Agent or
such Lender hereunder, (iv) with the consent of the Servicer, (v) to the extent permitted by Article XV, or (vi) to the extent the Facility Agent or such Lender should be (A) required in connection with
any legal or regulatory proceeding or (B) requested by any Official Body to disclose such information; provided, that in the case of clause (vi) above, the Facility Agent or such Lender, as applicable, will
use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Servicer of its intention to make any such disclosure prior to making any such disclosure. 

Section 17.15 Non-Confidentiality of Tax Treatment. All parties hereto agree that each of
them and each of their employees, representatives, and other agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including, without
limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment and tax structure. “Tax treatment” and “tax structure” shall have the same meaning as such terms have for purposes of
Treasury Regulation Section 1.6011-4; provided that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction
as well as other information, the provisions of this Section 17.15 shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the transactions contemplated hereby.

 Section 17.16 Replacement of Lenders. 

(a) If any Lender requests compensation under Section 5.1, or requires the Borrower to pay any
Indemnified Taxes or additional amounts to any Lender or Official Body for the account of any Lender pursuant to Section 4.3, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a
different lending office for funding or booking the Obligations or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 4.3 or Section 5.1, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) At any time there is more than one Lender, the Borrower shall be permitted, at its sole expense and effort, to replace any
Lender, except (i) the Facility Agent or (ii) any Lender which is administered by the Facility Agent or an Affiliate of the Facility Agent, that (a) requests reimbursement, payment or compensation for any amounts owing pursuant to
Section 4.3 or Section 5.1 or (b) has received a written notice from the Borrower of an impending change in law that would entitle such Lender to payment of additional amounts pursuant to
Section 4.3 or Section 5.1, unless such Lender designates a different lending office before such change in law becomes effective pursuant to Section 17.16(a) and such
alternate lending office obviates the need for the Borrower to make payments of additional amounts pursuant to Section 4.3 or Section 5.1 or (c) has not consented to any proposed amendment,
supplement, modification, consent or waiver, each pursuant to Section 17.2 or (d) defaults in its 

  
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obligation to make Advances hereunder or (e) becomes a Defaulting Lender; provided, that (i) nothing herein shall relieve a Lender from any liability it might have to the Borrower or to
the other Lenders for its failure to make any Advance, (ii) the replacement financial institution shall purchase, at par, all Advances and other amounts owing to such replaced Lender on or prior to the date of replacement and reallocation of
such Advances between the replacement financial institution and such replaced Lender shall be made in accordance with Section 15.10, (iii) during the Revolving Period, the replacement financial institution, if not
already a Lender, shall be reasonably satisfactory to the Facility Agent, (iv) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 15.4(a), (v) until such
time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) for Increased Costs or Taxes, as the case may be, (vi) any such replacement shall not be deemed to be a waiver of any rights that the
Borrower, the Facility Agent or any other Lender shall have against the replaced Lender, and (vii) if such replacement is being effected as a result of a Lender requesting compensation pursuant to Section 4.3 or
Section 5.1, such replacement, if effected, will result in a reduction in such compensation or payment thereafter. Notwithstanding anything contained to the contrary in this Agreement, no Lender removed or replaced under
the provisions hereof shall have any right to receive any amounts set forth in Section 2.5(b) in connection with such removal or replacement. A Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

Section 17.17 Consent to Jurisdiction. Each party hereto hereby irrevocably submits to the
non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby
irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the
fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 Section 17.18 Option to Acquire
Rating. Each party hereto hereby acknowledges and agrees that the Facility Agent (on behalf and at the expense of the requesting Lender) may, at any time and in its sole discretion, obtain a public rating for this loan facility. The Borrower and
the Servicer hereby agree to use commercially reasonable efforts, at the request of the Facility Agent and at the expense of the requesting Lender, to cooperate with the acquisition and maintenance of any such rating. 

Section 17.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising
under any Transaction Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

  
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 (a) the application of any Write-Down and Conversion Powers by the
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

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

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

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Transaction Document; or 
 (iii) the variation of the terms of such liability in connection
with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 
 Section 17.20 Acknowledgement
Regarding Any Supported QFCs. To the extent that this Agreement provides support, through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that this Agreement and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such
Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default
Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and this Agreement were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and
agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

  
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 ARTICLE XVIII 

COLLATERAL CUSTODIAN 

Section 18.1 Designation of Collateral Custodian. 

The role of Collateral Custodian with respect to the Collateral Obligation Files shall be conducted by the Person designated as Collateral
Custodian hereunder from time to time in accordance with this Section 18.1. U.S. Bank National Association is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of,
Collateral Custodian pursuant to the terms hereof. 
 Section 18.2 Duties of the Collateral Custodian. 

(a) Duties. The Collateral Custodian shall perform, on behalf of the Secured Parties, the following duties and
obligations: 
 (i) The Collateral Custodian, as the duly appointed agent of the Secured Parties, shall take and retain custody of the
Collateral Obligation Files delivered to it by, or on behalf of, the Borrower for each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Asset Approval Request or the related Reinvestment Request. The
Collateral Custodian acknowledges that in connection with any Asset Approval Request or Reinvestment Request, additional Collateral Obligation Files (specified on an accompanying Schedule of Collateral Obligations supplement) may be delivered to the
Collateral Custodian from time to time. Promptly upon the receipt of any such delivery of Collateral Obligation Files and without any review, the Collateral Custodian shall send notice of such receipt to the Servicer, the Borrower and the Facility
Agent. 
 (ii) With respect to each Collateral Obligation File which has been or will be delivered to the Collateral Custodian, the
Collateral Custodian shall act exclusively as the custodian of the Secured Parties, and has no instructions to hold any Collateral Obligation File for the benefit of any Person other than the Secured Parties and undertakes to perform such duties and
only such duties as are specifically set forth in this Agreement. In so taking and retaining custody of the Collateral Obligation Files, the Collateral Custodian shall be deemed to be acting for the purpose of perfecting the Collateral Agent’s
security interest therein under the UCC. Except as permitted by Section 18.5, no Collateral Obligation File or other document constituting a part of a Collateral Obligation File shall be released from the possession of the
Collateral Custodian. 
 (iii) The Collateral Custodian shall maintain continuous custody of all Collateral Obligation Files in its
possession in secure facilities in accordance with customary standards for such custody and shall reflect in its records the interest of the Secured Parties therein. Each Collateral Obligation File which comes into the possession of the Collateral
Agent (other than documents delivered electronically) shall be maintained in fire-resistant vaults or cabinets at the office of the Collateral Custodian specified in Annex A or at such other offices as shall be specified to the Facility Agent
and the Servicer in a written notice at least thirty (30) days prior to 

  
 -149- 

 
such change. Each Collateral Obligation File shall be marked with an appropriate identifying label (other than documents delivered electronically) and maintained in such manner so as to permit
retrieval and access by the Collateral Custodian and the Facility Agent. The Collateral Custodian shall keep the Collateral Obligation Files clearly segregated from any other documents or instruments in its files. 

(iv) With respect to the documents comprising each Collateral Obligation File, the Collateral Custodian shall (i) act exclusively as
Collateral Custodian for the Secured Parties, (ii) hold all documents constituting such Collateral Obligation File received by it for the exclusive use and benefit of the Secured Parties and (iii) make disposition thereof only in
accordance with the terms of this Agreement or with written instructions furnished by the Facility Agent; provided, that in the event of a conflict between the terms of this Agreement and the written instructions of the Facility Agent, the Facility
Agent’s written instructions shall control. 
 (v) The Collateral Custodian shall accept only written instructions of an Executive
Officer, in the case of the Borrower or the Servicer, or a Responsible Officer, in the case of the Facility Agent, concerning the use, handling and disposition of the Collateral Obligation Files. 

(vi) In the event that (i) the Borrower, the Facility Agent, the Servicer, the Collateral Custodian or the Collateral Agent shall be
served by a third party with any type of levy, attachment, writ or court order with respect to any Collateral Obligation File or a document included within a Collateral Obligation File or (ii) a third party shall institute any court proceeding
by which any Collateral Obligation File or a document included within a Collateral Obligation File shall be required to be delivered other than in accordance with the provisions of this Agreement, the party receiving such service shall promptly
deliver or cause to be delivered to the other parties to this Agreement (to the extent not prohibited by Applicable Law) copies of all court papers, orders, documents and other materials concerning such proceedings. The Collateral Custodian shall,
to the extent permitted by law, continue to hold and maintain all the Collateral Obligation Files that are the subject of such proceedings pending a final, nonappealable order of a court of competent jurisdiction permitting or directing disposition
thereof. Upon final determination of such court, the Collateral Custodian shall dispose of such Collateral Obligation File or a document included within such Collateral Obligation File as directed by the Facility Agent, which shall give a direction
consistent with such determination. Expenses of the Collateral Custodian incurred as a result of such proceedings shall be borne by the Borrower. 

(vii) The Facility Agent may direct the Collateral Custodian to take any such incidental action hereunder. With respect to other actions
which are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting
(and shall be fully protected in acting or refraining from acting) upon the direction of the Facility Agent; provided that the Collateral Custodian shall not be required to take any action hereunder at the request of the Facility Agent, any Secured
Parties or otherwise if the taking of such action, in the reasonable determination of the Collateral Custodian, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the
Collateral Custodian to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Custodian requests the consent of the Facility Agent and the
Collateral Custodian does not receive a consent (either positive or negative) from the Facility Agent within ten (10) Business Days of its receipt of such request, then the Facility Agent shall be deemed to have declined to consent to the
relevant action. 

  
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 (viii) The Collateral Custodian shall not be liable for any action taken, suffered or
omitted by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian, or the Facility Agent. The Collateral Custodian shall not
be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless a Responsible Officer of the Collateral Custodian has knowledge of such matter or written notice thereof is received by the Collateral Custodian.

 Section 18.3 Delivery of Collateral Obligation Files. (a) The Servicer (on behalf of the Borrower) shall deliver, on or
prior to the applicable Funding Date (but no more than five (5) Business Days after such Funding Date, except as set forth in Section 10.20) the Collateral Obligation Files for each Collateral Obligation listed on the
Schedule of Collateral Obligations attached to the related Asset Approval Request. In connection with each delivery of a Collateral Obligation File to the Collateral Custodian, the Servicer shall represent and warrant that the Collateral Obligation
Files delivered to the Collateral Custodian include all of the documents listed in the related Document Checklist and all of such documents and the information contained in the Schedule of Collateral Obligations are complete in all material respects
pursuant to a certification in the form of Exhibit H executed by an Executive Officer of the Servicer. 
 (b) From
time to time, the Servicer, promptly following receipt, shall forward to the Collateral Custodian (as identified on an accompanying Schedule of Collateral Obligations supplement) additional documents evidencing any assumption, modification,
consolidation or extension of a Collateral Obligation, and upon receipt of any such other documents, the Collateral Custodian shall hold such other documents as the Servicer shall deliver in writing from time to time. 

(c) With respect to any documents comprising the Collateral Obligation File that have been delivered or are being delivered to
recording offices for recording and have not been returned to the Borrower or the Servicer in time to permit their delivery hereunder at the time required, in lieu of delivering such original documents, the Borrower or the Servicer shall indicate
such on a Schedule of Collateral Obligations supplement and deliver to the Collateral Custodian a true copy thereof. The Borrower or the Servicer shall deliver such original documents to the Collateral Custodian promptly when they are received. 

Section 18.4 Collateral Obligation File Certification. (a) On or prior to each Funding Date, the Servicer shall provide a
Schedule of Collateral Obligations and related Document Checklist dated as of such Funding Date to the Collateral Custodian, the Collateral Agent and the Facility Agent (such information contained in the Schedule of Collateral Obligations shall also
be delivered in Microsoft Excel format or another format reasonably acceptable to the Collateral Custodian) with respect to the Collateral Obligations to be delivered to the Collateral Agent on such Funding Date. 

  
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 (b) In connection with (and as part of) each Monthly Report, with respect to
the Collateral Obligation Files delivered at least five (5) Business Days’ prior to the related Reporting Date, the Collateral Custodian shall prepare a report (to be included as a part of each Monthly Report) in respect of each of the
Collateral Obligations, to the effect that, as to each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Advance Request or Reinvestment Request, based on the Collateral Custodian’s examination of
the Collateral Obligation File for each Collateral Obligation and the related Document Checklist, except for variances from the documents identified in the Document Checklist with respect to the related Collateral Obligation Files, (i) all
documents required to be delivered in respect of such Collateral Obligations pursuant to the Document Checklist have been delivered and are in the possession of the Collateral Custodian as part of the Collateral Obligation File for such Collateral
Obligation (other than those released pursuant to Section 18.5), and (ii) all such documents have been reviewed by the Collateral Custodian and appear on their face to be regular and to relate to such Collateral
Obligation. The Collateral Custodian shall also maintain records of the total number of Collateral Obligation Files that do not have the documents provided on the Document Checklist and will forward such total to the Collateral Agent for inclusion
in each Monthly Report. 
 (c) Notwithstanding any language to the contrary herein, the Collateral Custodian shall make no
representations as to, and shall not be responsible to verify, (i) the validity, legality, ownership, title, perfection, priority, enforceability, due authorization, recordability, sufficiency for any purpose, or genuineness of any of the
documents contained in each Collateral Obligation File or (ii) the collectibility, insurability, effectiveness or suitability of any such Collateral Obligation. 

Section 18.5 Release of Collateral Obligation Files. (a) Upon satisfaction of any of the conditions set forth in
Section 12.3, the Servicer will provide an Officer’s Certificate to such effect to the Collateral Custodian (with a copy to the Facility Agent) and shall request in writing delivery to it of the Collateral Obligation
File and a copy thereof shall be sent concurrently by the Servicer to the Facility Agent. Upon receipt of such certification and request, unless it receives notice to the contrary from the Facility Agent, the Collateral Custodian shall within three
days release the related Collateral Obligation File to the Servicer and the Servicer will not be required to return the related Collateral Obligation File to the Collateral Custodian. 

(b) From time to time and as appropriate for the servicing or foreclosure of any of the Collateral Obligations, including, for
this purpose, collection under any insurance policy relating to the Collateral Obligations, the Collateral Custodian shall, upon receipt of a Request for Release and Receipt substantially in the form of Exhibit F-2 from an authorized representative of the Servicer (as listed on Exhibit F-1, as such exhibit may be amended from time to time by the Servicer with notice to the
Collateral Custodian and the Facility Agent), release the related Collateral Obligation File or the documents set forth in such Request for Release and Receipt to the Servicer. In the event an Unmatured Event of Default, an Event of Default, an
Unmatured Servicer Default or a Servicer Default has occurred and is continuing, the Servicer shall not make any such request with respect to any original documents unless the Facility Agent shall have consented in writing thereto (which consent may
be evidenced by an executed counterpart to such request). The Servicer shall return each and every original document previously requested from the Collateral Obligation File to the Collateral Custodian

  
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when (x) the need therefor by the Servicer no longer exists or (y) the Collateral Obligation File or such document has been delivered to an attorney, or to a public trustee or other
public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Related Security either judicially or non-judicially, the Servicer shall
deliver to the Collateral Custodian a certificate executed by an Executive Officer certifying as to the name and address of the Person to which such Collateral Obligation File or such document was delivered and the purpose or purposes of such
delivery. Upon receipt of a certificate of the Servicer substantially in the form of Exhibit F-3, with a copy to the Facility Agent, stating that such Collateral Obligation was either
(x) liquidated and that all amounts received or to be received in connection with such liquidation that are required to be deposited have been so deposited, or (y) sold pursuant to an Optional Sale in accordance with
Section 7.10, the Collateral Custodian shall within three (3) Business Days (provided, that the Collateral Custodian has received such request by 12:00 p.m. (EST) and if received after 12:00 p.m. (EST), four
(4) Business Days of receipt of such request) release the requested Collateral Obligation File to the Servicer, or, in connection with an Optional Sale, repurchase or substitution, the Servicer will not be required to return the related
Collateral Obligation File to the Collateral Custodian. 
 (c) Notwithstanding anything to the contrary set forth herein, the
Servicer shall not, without the prior written consent of the Facility Agent, request any documents (other than copies thereof) held by the Collateral Custodian if the sum of the unpaid Principal Balances of all Collateral Obligations for which the
Servicer is then in possession of the related Collateral Obligation File or any document comprising such Collateral Obligation File (other than for Collateral Obligations then held by the Servicer which have been sold, repurchased, paid off or
liquidated in accordance with this Agreement) (including the documents to be requested) exceeds 5% of the Adjusted Aggregate Eligible Collateral Obligation Balance. The Servicer may hold, and hereby acknowledges that it shall hold, any documents and
all other property included in the Collateral that it may from time to time receive hereunder as custodian for the Secured Parties solely at the will of the Collateral Custodian and the Secured Parties for the sole purpose of facilitating the
servicing of the Collateral Obligations and such retention and possession shall be in a custodial capacity only. To the extent the Servicer, as agent of the Collateral Custodian and the Borrower, holds any Collateral, the Servicer shall do so in
accordance with the Credit and Collection Policy and the Servicing Standard as such standard applies to servicers acting as custodial agent. The Servicer shall promptly report to the Collateral Custodian and the Facility Agent the loss by it of all
or part of any Collateral Obligation File previously provided to it by the Collateral Custodian and shall promptly take appropriate action to remedy any such loss. The Servicer shall hold (in accordance with
Section 9-313(C) of the UCC) all documents comprising the Collateral Obligation Files in its possession as agent of the Collateral Agent. In such custodial capacity, the Servicer shall have and perform
the following powers and duties: 
 (i) hold the Collateral Obligation Files and any document comprising a Collateral Obligation File that
it may from time to time have in its possession for the benefit of the Collateral Custodian, on behalf of the Secured Parties, maintain accurate records pertaining to each Collateral Obligation to enable it to comply with the terms and conditions of
this Agreement, and maintain a current inventory thereof; 

  
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 (ii) implement policies and procedures consistent with the Credit and Collection Policy,
the Servicing Standard and requirements of this Agreement so that the integrity and physical possession of such Collateral Obligation Files will be maintained; and 

(iii) take all other actions, in accordance with the Credit and Collection Policy and the Servicing Standard, in connection with maintaining
custody of such Collateral Obligation Files on behalf of the Collateral Agent. 
 Acting as custodian of the Collateral Obligation Files pursuant to this
Section 18.5, the Servicer agrees that it does not and will not have or assert any beneficial ownership interest in the Collateral Obligations or the Collateral Obligation Files. 

Section 18.6 Examination of Collateral Obligation Files. Upon reasonable prior notice to the Collateral Custodian, the Borrower,
the Servicer and their agents, accountants, attorneys and auditors will be permitted during normal business hours to examine and make copies of the Collateral Obligation Files, documents, records and other papers in the possession of or under the
control of the Collateral Custodian relating to any or all of the Collateral Obligations. Prior to the occurrence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Default or a Servicer Default, upon the request of the
Facility Agent and at the cost and expense of the Servicer, the Collateral Custodian shall promptly provide the Facility Agent with the Collateral Obligation Files or copies, as designated by the Facility Agent, subject to the cap on costs and
expenses and other terms and conditions set forth in Section 7.9(d); provided, the Collateral Custodian shall not be required to provide such copies if it does not receive adequate assurance of payment. 

Section 18.7 Lost Note Affidavit. In the event that the Collateral Custodian fails to produce any original promissory note
delivered to it related to a Collateral Obligation that was in its possession pursuant to Section 10.20 within five (5) Business Days after required or requested by the Facility Agent and provided that (a) the
Collateral Custodian previously certified in writing to the Facility Agent that it had received such original promissory note and (b) such original promissory note is not outstanding pursuant to a Request for Release and Receipt, then the
Collateral Custodian shall with respect to any missing original promissory note, promptly deliver to the Facility Agent upon request a lost note affidavit. 

Section 18.8 Transmission of Collateral Obligation Files. Written instructions as to the method of shipment and shipper(s) the
Collateral Custodian is directed to utilize in connection with the transmission of Collateral Obligation Files in the performance of the Collateral Custodian’s duties hereunder shall be delivered by the Facility Agent or the Servicer to the
Collateral Custodian prior to any shipment of any Collateral Obligation Files hereunder. In the event the Collateral Custodian does not receive such written instruction from the Facility Agent or the Servicer (as applicable), the Collateral
Custodian shall be authorized and indemnified as provided herein to utilize a nationally recognized courier service. The Servicer shall arrange for the provision of such services at its sole cost and expense (or, at the Collateral Custodian’s
option, reimburse the Collateral Custodian for all costs and expenses incurred by the Collateral Custodian consistent with such instructions) and shall maintain such insurance against loss or damage to the Collateral Obligation Files as the Servicer
deems appropriate. 

  
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 Section 18.9 Merger or Consolidation. Any Person (i) into which the
Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral
Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under this
Agreement without further act of any of the parties to this Agreement. 
 Section 18.10 Collateral Custodian Compensation. As
compensation for its Collateral Custodian activities hereunder, the Collateral Custodian shall be entitled to its fees and expenses from the Borrower as set forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued and
unpaid fees, expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the Collateral Custodian (including Indemnified Amounts under
Article XVI) under the Transaction Documents (collectively, the “Collateral Custodian Fees and Expenses”). The Borrower agrees to reimburse the Collateral Custodian in accordance with the provisions of
Section 8.3(a) for all reasonable expenses, disbursements and advances incurred or made by the Collateral Custodian in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement
of any provision hereof or in the other Transaction Documents. The Collateral Custodian’s entitlement to receive fees (other than any previously accrued and unpaid fees) shall cease on the earlier to occur of: (i) its removal as Collateral
Custodian and appointment and acceptance by the successor Collateral Custodian pursuant to Section 18.11 and the Collateral Custodian has ceased to hold any Collateral Obligation Files or (ii) the termination of this
Agreement. 
 Section 18.11 Removal or Resignation of Collateral Custodian. (a) After the expiration of the 180-day period commencing on the date hereof, the Collateral Custodian may at any time resign and terminate its obligations under this Agreement upon at least 60 days’ prior written notice to the Servicer, the
Borrower and the Facility Agent; provided, that no resignation or removal of the Collateral Custodian will be permitted unless a successor Collateral Custodian has been appointed which successor Collateral Custodian, so long as no Unmatured Servicer
Default, Servicer Default, Unmatured Event of Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer. Promptly after receipt of notice of the Collateral Custodian’s resignation, the Facility Agent
shall promptly appoint a successor Collateral Custodian by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, the resigning Collateral Custodian and to the successor Collateral Custodian.

 (b) The Facility Agent upon at least 60 days’ prior written notice to the Collateral Custodian, may remove and
discharge the Collateral Custodian or any successor Collateral Custodian thereafter appointed from the performance of its duties under this Agreement for cause. Promptly after giving notice of removal of the Collateral Custodian, the Facility Agent
shall appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral Custodian. Any such appointment shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be
delivered to the Collateral Custodian and the successor Collateral Custodian, with a copy delivered to the Borrower and the Servicer. 

  
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 (c) In the event of any such resignation or removal, the Collateral
Custodian shall, no later than five (5) Business Days after receipt of notice of the successor Collateral Custodian, transfer to the successor Collateral Custodian, as directed in writing by the Facility Agent, all the Collateral Obligation
Files being administered under this Agreement. The cost of the shipment of Collateral Obligation Files arising out of the resignation of the Collateral Custodian pursuant to Section 18.11(a), or the termination for cause of
the Collateral Custodian pursuant to Section 18.11(b), shall be at the expense of the Collateral Custodian. Any cost of shipment arising out of the removal or discharge of the Collateral Custodian without cause pursuant to
Section 18.11(b) shall be at the expense of the Borrower. 
 Section 18.12 Limitations on Liability.
(a) The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to
be genuine and that has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Facility Agent or
(b) the verbal instructions of the Facility Agent. 
 (b) The Collateral Custodian may consult counsel satisfactory to
it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(c) The Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it,
in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties and in the case of
the negligent performance of its duties in taking and retaining custody of the Collateral Obligation Files. 
 (d) The
Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or
transferability of the Collateral, and will not be required to and will not make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Custodian shall not be
obligated to take any action hereunder that might in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it. 

(e) The Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are
specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian. 

(f) The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder.
In no event shall the Collateral Custodian be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or
undeclared), terrorism, fire, riot, embargo, government action (including any laws, ordinances, regulations) or the like that delay, restrict or prohibit the providing of services by the Collateral Custodian as contemplated by this Agreement. 

  
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 (g) It is expressly agreed and acknowledged that the Collateral Custodian is
not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral. 

(h) In case any reasonable question arises as to its duties hereunder, the Collateral Custodian may, prior to the occurrence of
an Event of Default or the Facility Termination Date, request instructions from the Servicer and may, after the occurrence of an Event of Default or the Facility Termination Date, request instructions from the Facility Agent, and shall be entitled
at all times to refrain from taking any action unless it has received instructions from the Servicer or the Facility Agent, as applicable. The Collateral Custodian shall in all events have no liability, risk or cost for any action taken pursuant to
and in compliance with the instruction of the Facility Agent. In no event shall the Collateral Custodian be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Collateral Custodian has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) Each of the protections, reliances, indemnities and immunities offered to the Collateral Agent in
Section 11.7 and Section 11.8 shall be afforded to the Collateral Custodian. 

Section 18.13 Collateral Custodian as Agent of Collateral Agent. The Collateral Custodian agrees that, with respect to any
Collateral Obligation File at any time or times in its possession or held in its name, the Collateral Custodian shall be the agent and custodian of the Collateral Agent, for the benefit of the Secured Parties, for purposes of perfecting (to the
extent not otherwise perfected) the Collateral Agent’s security interest in the Collateral and for the purpose of ensuring that such security interest is entitled to first priority status under the UCC. For so long as the Collateral Custodian
is the same entity as the Collateral Agent, the Collateral Custodian shall be entitled to the same rights and protections afforded to the Collateral Agent hereunder. 

[Signature pages begin on next page] 

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

			
	MSD BDC SPV I, LLC, as Borrower
		
	By:	 	 /s/ Marcello Liguori

		 	Name: Marcello Liguori
		 	Title: Vice President, Assistant Secretary and Assistant Treasurer

  
 S-1 

 
			
	MSD INVESTMENT, LLC, as Equityholder and as Servicer
		
	By:	 	 /s/ Marcello Liguori

		 	Name: Marcello Liguori
		 	Title: Authorized Signatory

  
 S-2 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as Collateral Agent
		
	By:	 	 /s/ Jon C. Warn

		 	Name: Jon C. Warn
		 	Title: Vice President

  
 S-3 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as Collateral Custodian
		
	By:	 	 /s/ Jon C. Warn

		 	Name: Jon C. Warn
		 	Title: Vice President

  
 S-4 

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH, as Facility Agent
		
	By:	 	 /s/ Amit Patel

		 	Name: Amit Patel
		 	Title: Managing Director
		
	By:	 	 /s/ Ho Min Kwak

		 	Name: Ho Min Kwak
		 	Title: Vice President

  
 S-5 

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH, as an Agent and as a Lender
		
	 By:
	 	 /s/ Amit Patel

Name: Amit Patel
 Title: Managing Director

		
	 By:
	 	 /s/ Ho Min Kwak

Name: Ho Min Kwak
 Title: Vice President

  
 S-6 

 ANNEX A 

Before March 1st, 2022 

MSD BDC SPV I, LLC, 
 as Borrower 

c/o MSD Partners, L.P. 
 645 Fifth Ave, 21st Floor 
 New York, NY 10022-5910 

Attention: Marcello Liguori / Brian Williams 
 Telephone: (212) 303-7822 
   (212) 303-4726 

Email: mliguori@msdpartners.com; bwilliams@msdpartners.com 

MSD INVESTMENT, LLC, 
 as Equityholder and Servicer

 c/o MSD Partners, L.P. 
 645 Fifth Ave, 21st Floor 
 New York, NY 10022-5910 

Attention: Marcello Liguori / Brian Williams 
 Telephone: (212) 303-7822 
   (212) 303-4726 

Email: mliguori@msdpartners.com; bwilliams@msdpartners.com 

  
 A-1 

 After March 1st, 2022 

MSD BDC SPV I, LLC, 
 as Borrower 

c/o MSD Partners, L.P. 
 One Vanderbilt Avenue, 26th Floor 

New York, New York 10017 
 Attention: Marcello Liguori / Brian
Williams 
 Telephone: (212) 303-7822 

  (212) 303-4726 

Email: mliguori@msdpartners.com; bwilliams@msdpartners.com 

MSD INVESTMENT, LLC, 
 as Equityholder and Servicer

 c/o MSD Partners, L.P. 
 One Vanderbilt Avenue, 26th
Floor 
 New York, New York 10017 
 Attention: Marcello Liguori
/ Brian Williams 
 Telephone: (212) 303-7822 

  (212) 303-4726 

Email: mliguori@msdpartners.com; bwilliams@msdpartners.com 

  
 A-2 

 U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Agent and Collateral Custodian 
 For
delivery of 
 Collateral Obligation files only: 
 U.S. Bank
National Association 
 1719 Otis Way 
 Florence, South Carolina
29501 
 Attention: Steve Garrett 
 Telephone: (843) 673-0162 
 Facsimile: (843) 676-8901 

Email: steven.garrett@usbank.com 
 For all other notices and
communications: 
 U.S. Bank National Association 
 190 South
LaSalle Street 
 Chicago, IL 60603 
 Attention: Global
Corporate Trust – MSD BDC SPV I, LLC 
 Email: kevin.kasjanski@usbank.com 

Telephone: (312) 332-6957 

DEUTSCHE BANK AG, NEW YORK BRANCH, 
 as Facility Agent

 One Columbus Circle 
 New York, New York 10019 

Attention: Asset Finance Department 
 Email: abs.conduits@db.com,
lenderfinance_collatreview@list.db.com, amit.patel@db.com, erica.flor@db.com and peter.sabino@db.com 
 DEUTSCHE BANK AG, NEW YORK BRANCH, 

as an Agent and as a Lender 
 One Columbus Circle 

New York, New York 10019 
 Attention: Asset Finance Department

 Email: abs.conduits@db.com, lenderfinance_collatreview@list.db.com, amit.patel@db.com, erica.flor@db.com and peter.sabino@db.com 

  
 A-3 

 Annex B 

 

					
	 Lender
	  	Commitment	 
	 Deutsche Bank AG, New York Branch
	  	$	400,000,000	 

  
 B-1EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 
  

 
  

REVOLVING CREDIT AGREEMENT 
  

 
  

MSD INVESTMENT, LLC, 
 as
Borrower 
 MSD PORTFOLIO, L.P.—INVESTMENTS, 

as Guarantor 
  

 
  

BANK OF AMERICA, N.A., 
 as
the Administrative Agent, the Sole Lead Arranger, the Sole Bookrunner, 
 the Structuring Agent, the Letter of Credit Issuer and a Lender 

 
  

 
 December 21, 2021 

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	Page	 
	 SECTION 1
	 	 DEFINITIONS
	  	 	1	 
			
	 1.1
	 	 Defined Terms
	  	 	1	 
	 1.2
	 	 Other Definitional Provisions
	  	 	43	 
	 1.3
	 	 Accounting Terms
	  	 	44	 
	 1.4
	 	 UCC Terms
	  	 	44	 
	 1.5
	 	 References to Agreement and Laws
	  	 	45	 
	 1.6
	 	 Times of Day
	  	 	45	 
	 1.7
	 	 Letter of Credit Amounts
	  	 	45	 
	 1.8
	 	 Exchange Rates; Currency Equivalents
	  	 	45	 
	 1.9
	 	 Additional Alternative Currencies
	  	 	46	 
	 1.10
	 	 Interest Rates
	  	 	46	 
	 1.11
	 	 Defined Terms
	  	 	46	 
			
	 SECTION 2
	 	 REVOLVING CREDIT LOANS AND LETTERS OF CREDIT
	  	 	46	 
			
	 2.1
	 	 The Commitment
	  	 	46	 
	 2.2
	 	 Revolving Credit Commitment
	  	 	47	 
	 2.3
	 	 Manner of Borrowing
	  	 	47	 
	 2.4
	 	 Minimum Loan Amounts
	  	 	50	 
	 2.5
	 	 Funding
	  	 	50	 
	 2.6
	 	 Interest
	  	 	50	 
	 2.7
	 	 Determination of Rate
	  	 	51	 
	 2.8
	 	 Letters of Credit
	  	 	51	 
	 2.9
	 	 Qualified Borrowers
	  	 	57	 
	 2.10
	 	 Use of Proceeds, Letters of Credit and Qualified Borrower Guaranties
	  	 	57	 
	 2.11
	 	 Fees
	  	 	58	 
	 2.12
	 	 Unused Commitment Fee
	  	 	58	 
	 2.13
	 	 Letter of Credit Fees
	  	 	58	 
	 2.14
	 	 Extension of Maturity Date
	  	 	58	 
			
	 SECTION 3
	 	 PAYMENT OF OBLIGATIONS
	  	 	59	 
			
	 3.1
	 	 Revolving Credit Notes
	  	 	59	 
	 3.2
	 	 Payment of Obligations
	  	 	59	 
	 3.3
	 	 Payment of Interest
	  	 	59	 
	 3.4
	 	 Payments on the Obligations
	  	 	60	 
	 3.5
	 	 Prepayments
	  	 	61	 
	 3.6
	 	 Reduction or Early Termination of Commitments
	  	 	62	 
	 3.7
	 	 Lending Office
	  	 	63	 
	 3.8
	 	 Joint and Several Liability
	  	 	63	 

  
 -i- 

							
	 SECTION 4
	 	 CHANGE IN CIRCUMSTANCES
	  	 	64	 
			
	 4.1
	 	 Taxes
	  	 	64	 
	 4.2
	 	 Illegality
	  	 	68	 
	 4.3
	 	 Inability to Determine Rates
	  	 	69	 
	 4.4
	 	 Increased Cost and Reduced Return; Change in Requirements of Law
	  	 	70	 
	 4.5
	 	 Funding Losses
	  	 	71	 
	 4.6
	 	 Requests for Compensation
	  	 	72	 
	 4.7
	 	 Survival
	  	 	72	 
	 4.8
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	72	 
	 4.9
	 	 Cash Collateral
	  	 	73	 
	 4.10
	 	 Euro Event
	  	 	74	 
	 4.11
	 	 BSBY Successor Rate
	  	 	74	 
	 4.12
	 	 Replacement of Relevant Rate or Successor Rate
	  	 	76	 
			
	 SECTION 5
	 	 SECURITY
	  	 	78	 
			
	 5.1
	 	 Liens and Security Interest
	  	 	78	 
	 5.2
	 	 The Collateral Accounts; Capital Calls
	  	 	78	 
	 5.3
	 	 Agreement to Deliver Additional Collateral Documents
	  	 	80	 
	 5.4
	 	 Subordination
	  	 	80	 
			
	 SECTION 6
	 	 CONDITIONS PRECEDENT TO LENDING
	  	 	81	 
			
	 6.1
	 	 Obligations of the Lenders
	  	 	81	 
	 6.2
	 	 Conditions to all Loans and Letters of Credit
	  	 	83	 
	 6.3
	 	 Addition of Qualified Borrowers
	  	 	85	 
			
	 SECTION 7
	 	 REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES
	  	 	87	 
			
	 7.1
	 	 Organization and Good Standing
	  	 	88	 
	 7.2
	 	 Authorization and Power
	  	 	88	 
	 7.3
	 	 No Conflicts or Consents
	  	 	88	 
	 7.4
	 	 Enforceable Obligations
	  	 	88	 
	 7.5
	 	 Priority of Liens
	  	 	88	 
	 7.6
	 	 Financial Condition
	  	 	89	 
	 7.7
	 	 Full Disclosure
	  	 	89	 
	 7.8
	 	 No Default
	  	 	89	 
	 7.9
	 	 No Litigation
	  	 	89	 
	 7.10
	 	 Investment Company Act
	  	 	89	 
	 7.11
	 	 Taxes
	  	 	90	 
	 7.12
	 	 Principal Office; Jurisdiction of Formation
	  	 	90	 
	 7.13
	 	 ERISA
	  	 	90	 
	 7.14
	 	 Compliance with Law
	  	 	90	 
	 7.15
	 	 Environmental Matters
	  	 	91	 
	 7.16
	 	 Capital Commitments and Contributions
	  	 	91	 

  
 -ii- 

							
	 7.17
	 	 Fiscal Year
	  	 	91	 
	 7.18
	 	 Investor Documents
	  	 	91	 
	 7.19
	 	 Margin Stock
	  	 	91	 
	 7.20
	 	 [Reserved]
	  	 	91	 
	 7.21
	 	 No Defenses
	  	 	92	 
	 7.22
	 	 No Withdrawals Without Approval
	  	 	92	 
	 7.23
	 	 Sanctions
	  	 	92	 
	 7.24
	 	 Insider
	  	 	92	 
	 7.25
	 	 Investors
	  	 	92	 
	 7.26
	 	 Organizational Structure
	  	 	92	 
	 7.27
	 	 No Brokers
	  	 	92	 
	 7.28
	 	 Financial Condition
	  	 	93	 
	 7.29
	 	 Properties
	  	 	93	 
	 7.30
	 	 [Reserved]
	  	 	93	 
	 7.31
	 	 Investments
	  	 	93	 
	 7.32
	 	 Beneficial Ownership Certification
	  	 	93	 
			
	 SECTION 8
	 	 AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES
	  	 	93	 
			
	 8.1
	 	 Financial Statements, Reports and Notices
	  	 	93	 
	 8.2
	 	 Payment of Obligations
	  	 	97	 
	 8.3
	 	 Maintenance of Existence and Rights
	  	 	97	 
	 8.4
	 	 Operations and Properties
	  	 	98	 
	 8.5
	 	 Books and Records; Access
	  	 	98	 
	 8.6
	 	 Compliance with Law
	  	 	98	 
	 8.7
	 	 Insurance
	  	 	98	 
	 8.8
	 	 Authorizations and Approvals
	  	 	98	 
	 8.9
	 	 Maintenance of Liens
	  	 	98	 
	 8.10
	 	 Further Assurances
	  	 	98	 
	 8.11
	 	 Maintenance of Independence
	  	 	99	 
	 8.12
	 	 Investor Financial and Confirmation of Unfunded Capital Commitments
	  	 	99	 
	 8.13
	 	 Covenants of Qualified Borrowers
	  	 	99	 
	 8.14
	 	 Investor Default
	  	 	99	 
	 8.15
	 	 Taxes
	  	 	99	 
	 8.16
	 	 Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws
	  	 	99	 
	 8.17
	 	 Compliance with Sanctions
	  	 	99	 
	 8.18
	 	 Solvency
	  	 	100	 
	 8.19
	 	 Returned Capital
	  	 	100	 
	 8.20
	 	 Capital Calls
	  	 	100	 
	 8.21
	 	 Compliance with Loan Documents and Constituent Documents
	  	 	100	 
	 8.22
	 	 Net Asset Value
	  	 	100	 
	 8.23
	 	 Liquid Assets
	  	 	100	 
	 8.24
	 	 RIC Status under the Internal Revenue Code; Investment Company Act
	  	 	100	 
			
	 SECTION 9
	 	 NEGATIVE COVENANTS
	  	 	101	 
			
	 9.1
	 	 Credit Party Information
	  	 	101	 

  
 -iii- 

							
	 9.2
	 	 Mergers, Etc
	  	 	101	 
	 9.3
	 	 Negative Pledge
	  	 	101	 
	 9.4
	 	 Fiscal Year and Accounting Method
	  	 	101	 
	 9.5
	 	 Transfer of Interests; Admission of Investors
	  	 	102	 
	 9.6
	 	 Constituent Documents
	  	 	102	 
	 9.7
	 	 [Reserved]
	  	 	103	 
	 9.8
	 	 Negative Pledge
	  	 	103	 
	 9.9
	 	 Notice of Withdrawals
	  	 	103	 
	 9.10
	 	 Alternative Investment Vehicles and Parallel Investment Vehicles; Transfers of Capital
Commitments
	  	 	103	 
	 9.11
	 	 Limitation on Indebtedness
	  	 	104	 
	 9.12
	 	 Capital Commitments
	  	 	104	 
	 9.13
	 	 Capital Calls
	  	 	104	 
	 9.14
	 	 ERISA Compliance
	  	 	104	 
	 9.15
	 	 Dissolution
	  	 	105	 
	 9.16
	 	 Environmental Matters
	  	 	105	 
	 9.17
	 	 Limitations on Distributions
	  	 	105	 
	 9.18
	 	 Limitation on Withdrawals
	  	 	105	 
	 9.19
	 	 [Reserved]
	  	 	105	 
	 9.20
	 	 Capital Returns
	  	 	105	 
	 9.21
	 	 Transactions with Affiliates
	  	 	105	 
	 9.22
	 	 Deposits to Collateral Accounts
	  	 	105	 
	 9.23
	 	 Limitations of Use of Loan Proceeds
	  	 	106	 
	 9.24
	 	 Prohibited Transactions
	  	 	106	 
			
	 SECTION 10
	 	 EVENTS OF DEFAULT
	  	 	106	 
			
	 10.1
	 	 Events of Default
	  	 	106	 
	 10.2
	 	 Remedies Upon Event of Default
	  	 	109	 
	 10.3
	 	 Lender Offset
	  	 	111	 
	 10.4
	 	 Performance by the Administrative Agent
	  	 	111	 
	 10.5
	 	 Good Faith Duty to Cooperate
	  	 	112	 
			
	 SECTION 11
	 	 AGENCY PROVISIONS
	  	 	112	 
			
	 11.1
	 	 Appointment and Authorization of Agents
	  	 	112	 
	 11.2
	 	 Delegation of Duties
	  	 	113	 
	 11.3
	 	 Exculpatory Provisions
	  	 	113	 
	 11.4
	 	 Reliance on Communications
	  	 	113	 
	 11.5
	 	 Notice of Default
	  	 	114	 
	 11.6
	 	 Non-Reliance on Agents and Other Lenders
	  	 	114	 
	 11.7
	 	 Indemnification
	  	 	115	 
	 11.8
	 	 Agents in Their Individual Capacity
	  	 	115	 
	 11.9
	 	 Successor Agents
	  	 	116	 
	 11.10
	 	 Reliance by the Borrowers
	  	 	117	 
	 11.11
	 	 Administrative Agent May File Proofs of Claim
	  	 	118	 

  
 -iv- 

							
	 11.12
	 	 Certain ERISA Matters
	  	 	118	 
	 11.13
	 	 Recovery of Erroneous Payments
	  	 	120	 
			
	 SECTION 12
	 	 MISCELLANEOUS
	  	 	120	 
			
	 12.1
	 	 Amendments
	  	 	120	 
	 12.2
	 	 Sharing of Offsets
	  	 	122	 
	 12.3
	 	 Sharing of Collateral
	  	 	122	 
	 12.4
	 	 Waiver
	  	 	123	 
	 12.5
	 	 Payment of Expenses; Indemnity
	  	 	123	 
	 12.6
	 	 Notice
	  	 	125	 
	 12.7
	 	 Governing Law
	  	 	128	 
	 12.8
	 	 Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury
	  	 	128	 
	 12.9
	 	 Invalid Provisions
	  	 	128	 
	 12.10
	 	 Entirety
	  	 	129	 
	 12.11
	 	 Successors and Assigns; Participations
	  	 	129	 
	 12.12
	 	 Defaulting Lenders
	  	 	134	 
	 12.13
	 	 All Powers Coupled with Interest
	  	 	136	 
	 12.14
	 	 Headings
	  	 	136	 
	 12.15
	 	 Survival
	  	 	136	 
	 12.16
	 	 Full Recourse
	  	 	137	 
	 12.17
	 	 Availability of Records; Confidentiality
	  	 	137	 
	 12.18
	 	 Customer Identification Notice
	  	 	138	 
	 12.19
	 	 Multiple Counterparts
	  	 	138	 
	 12.20
	 	 Term of Agreement
	  	 	138	 
	 12.21
	 	 Inconsistencies with Other Documents
	  	 	138	 
	 12.22
	 	 Acknowledgment and Consent to Bail-In of Affected
Financial Institutions
	  	 	138	 
	 12.23
	 	 Acknowledgement Regarding Any Supported QFCs
	  	 	139	 
			
	 SECTION 13
	 	 GUARANTY
	  	 	140	 
			
	 13.1
	 	 Guaranty of Payment
	  	 	140	 
	 13.2
	 	 Obligations Unconditional
	  	 	140	 
	 13.3
	 	 Modifications
	  	 	142	 
	 13.4
	 	 Waiver of Rights
	  	 	142	 
	 13.5
	 	 Reinstatement
	  	 	143	 
	 13.6
	 	 Remedies
	  	 	143	 
	 13.7
	 	 Subrogation
	  	 	143	 
	 13.8
	 	 Inducement
	  	 	143	 
	 13.9
	 	 Borrower Information
	  	 	144	 
	 13.10
	 	 Instrument for the Payment of Money
	  	 	144	 

  
 -v- 

			
	SCHEDULES	  	
		
	SCHEDULE I:	  	Credit Party Information
	SCHEDULE II:	  	Commitments
	SCHEDULE III:	  	Credit Party Organizational Structure
	SCHEDULE IV:	  	Specified Times
		
	EXHIBITS	  	
		
	EXHIBIT A:	  	Schedule of Investors/Form of Borrowing Base Certificate
	EXHIBIT B:	  	Form of Note
	EXHIBIT C:	  	Form of Security Agreement
	EXHIBIT D:	  	Form of Pledge of Collateral Account
	EXHIBIT E:	  	Form of Request for Borrowing
	EXHIBIT F:	  	Form of Request for Letter of Credit
	EXHIBIT G:	  	Form of Conversion Notice
	EXHIBIT H:	  	Form of Lender Assignment and Assumption
	EXHIBIT I:	  	Form of Qualified Borrower Note
	EXHIBIT J:	  	Form of Qualified Borrower Guaranty
	EXHIBIT K:	  	Form of Responsible Officer’s Certificate
	EXHIBIT L:	  	Form of Subscription Agreement
	EXHIBIT M:	  	Form of Facility Extension Request
	EXHIBIT N:	  	Form of Capital Return Certification
	EXHIBIT O:	  	Form of Capital Return Notice
	EXHIBIT P-1:	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships)
	EXHIBIT P-2:	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships)
	EXHIBIT P-3:	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships)
	EXHIBIT P-4:	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships)
	EXHIBIT Q:	  	Form of Compliance Certificate

  
 -vi- 

 REVOLVING CREDIT AGREEMENT 

THIS REVOLVING CREDIT AGREEMENT is dated as of December 21, 2021, by and among MSD INVESTMENT, LLC, a Maryland limited
liability company (a “Borrower” or the “Initial Borrower” and, collectively with any other Borrower becoming party hereto (including Qualified Borrowers), the “Borrowers”),
MSD PORTFOLIO, L.P.—INVESTMENTS, a Delaware limited partnership (the “Guarantor”), the banks and financial institutions from time to time party hereto as Lenders, and BANK OF AMERICA, N.A. (“Bank
of America”), as the Administrative Agent for the Secured Parties, the Sole Lead Arranger, the Sole Bookrunner, Structuring Agent, the Letter of Credit Issuer and a Lender (each as defined below). 

A. The Initial Borrower has requested that the Lenders make loans and cause the issuance of letters of credit to provide working capital to the
Initial Borrower and to any other Borrower becoming a party hereto for purposes permitted under the Constituent Documents (as defined below) of the Borrowers. 

B. The Lenders are willing to make loans and to cause the issuance of letters of credit upon the terms and subject to the conditions set forth
in this Credit Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained and for other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. DEFINITIONS 
 1.1
Defined Terms. For the purposes of the Loan Documents, unless otherwise expressly defined, the following terms shall have the meanings assigned to them below: 

“Account Bank” means U.S. Bank, National Association. 

“Adequately Capitalized” means compliance with the capital standards for bank holding companies as described in the
Bank Holding Company Act of 1956, as amended, and regulations promulgated thereunder. 
 “Administrative Agent”
means Bank of America, until the appointment of a successor “Administrative Agent” pursuant to Section 11.9 and, thereafter, shall mean such successor Administrative Agent. 

“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent.

 “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial
Institution. 
 “Affected Party” means any Lender or Letter of Credit Issuer. 

  
 1 

 “Affiliate” of any Person means any other Person that, directly or
indirectly, controls or is controlled by, or is under common control with, such Person. For the purpose of this definition, “control” and the correlative meanings of the terms “controlled by” and “under common control
with” when used with respect to any specified Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting shares,
partnership interests, shareholder interests, membership interests or by contract or otherwise. 
 “Agency Services
Address” means the address for the Administrative Agent set forth in Section 12.6, or such other address as may be identified by written notice from the Administrative Agent to the Borrowers and the Lenders from time to time.

 “Agent-Related Person” has the meaning provided in Section 11.3. 

“Agents” means, collectively, the Administrative Agent, the Sole Lead Arranger, the Sole Bookrunner, the Letter of
Credit Issuer, the Structuring Agent and any permitted successors and assigns in such capacities. 
 “Alternative
Currency” means Euros, Sterling and each other currency (other than Dollars) requested by the Borrowers and approved in accordance with Section 1.9. 

“Alternative Currency Daily Rate” means, for any day, with respect to any Loan: 

(a) denominated in Sterling, the rate per annum equal to SONIA determined pursuant to the definition thereof plus the
SONIA Adjustment; and 
 (b) denominated in any other Alternative Currency (to the extent such Loans denominated in such
currency will bear interest at a daily rate), the daily rate per annum as designated with respect to such Alternative Currency at the time such Alternative Currency is approved by the Administrative Agent and the Lenders pursuant to Section
1.9 plus the adjustment (if any) determined by the Administrative Agent and the Lenders in their sole discretion; 
 provided that if any
Alternative Currency Daily Rate shall be less than zero (0), such rate shall be deemed to be zero (0) for all purposes of the Loan Documents. Any change in an Alternative Currency Daily Rate shall be effective from and including the date of
such change without further notice. 
 “Alternative Currency Daily Rate Loan” means a Loan that bears interest at a
rate based on the definition of “Alternative Currency Daily Rate”. All Alternative Currency Daily Rate Loans shall be denominated in an Alternative Currency. 

“Alternative Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the
equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the Letter of Credit Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent
Revaluation Date) for the purchase of such Alternative Currency with Dollars. 

  
 2 

 “Alternative Currency Loan” means an Alternative Currency Daily Rate
Loan or an Alternative Currency Term Rate Loan, as applicable. 
 “Alternative Currency Sublimit” means fifty
percent (50%) of the Maximum Commitment. 
 “Alternative Currency Term Rate” means, for any Interest Period, with
respect to any Loan: 
 (a) denominated in Euro, the rate per annum equal to the Euro Interbank Offered Rate
(“EURIBOR”), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) on the day that is two
(2) Business Days preceding the first day of such Interest Period with a term equivalent to such Interest Period; and 

(b) denominated in any other Alternative Currency (to the extent such Loans denominated in such currency will bear interest at
a term rate), the term rate per annum as designated with respect to such Alternative Currency at the time such Alternative Currency is approved by the Administrative Agent and the Lenders pursuant to Section 1.9 plus the adjustment (if
any) determined by the Administrative Agent and the Lenders in their sole discretion; 
 provided that if any Alternative Currency Term Rate shall be
less than zero (0), such rate shall be deemed to be zero (0) for all purposes of the Loan Documents. 
 “Alternative
Currency Term Rate Loan” means a Loan that bears interest at a rate based on the definition of “Alternative Currency Term Rate”. All Alternative Currency Term Rate Loans shall be denominated in an Alternative Currency. 

“Alternative Investment Vehicle” means an entity created in accordance with a Constituent Document of a Borrower for
the purpose of making Investments through a vehicle or entity other than a Borrower and shall include, to the extent applicable, an “Alternative Investment Vehicle” as such term is defined in the applicable Borrower’s Constituent
Documents. 
 “Annual Valuation Period” means the “annual valuation period” as defined in 29 C.F.R.
§2510.3-101(d)(5) as determined for each Borrower, as applicable. 

“Anti-Corruption Laws” means (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K.
Bribery Act 2010, as amended; and (c) any other anti-bribery or anti- corruption laws, regulations or ordinances in any jurisdiction in which any Credit Party or any of its Subsidiaries is located or doing business. 

“Anti-Money Laundering Laws” means any Applicable Law in any jurisdiction in which any Credit Party or any of its
Subsidiaries are located or doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. 

  
 3 

 “Applicable Law” means all applicable provisions of constitutions,
laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators. 

“Applicable Lending Office” means, for each Lender and for each Type of Loan, the “lending office” of such
Lender (or of an Affiliate of such Lender) designated for such Type of Loan on Schedule II or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the
Borrowers by written notice in accordance with the terms hereof as the office by which its Loans of such Type are to be made and maintained. 

“Applicable Margin” has the meaning set forth in the applicable Fee Letter. “Applicable
Requirement” means each of the following requirements: 
 (a) such Investor (or such Investor’s Sponsor,
Responsible Party or Credit Provider, if applicable) shall be a Rated Included Investor, and such Investor (or such Investor’s Sponsor, Responsible Party or Credit Provider, as applicable) shall have a Rating of
BBB- / Baa3 or higher; and 
 (b) if such Investor (or such Investor’s Sponsor,
Responsible Party or Credit Provider, if applicable) is: 
 (i) a Bank Holding Company, it shall have Adequately Capitalized
status or better; 
 (ii) an insurance company, it shall have a Best’s Financial Strength Rating of A- or higher; 
 (iii) an ERISA Investor or Governmental Plan Investor, or the trustee or
nominee of an ERISA Investor or a Governmental Plan Investor, such ERISA Investor or Governmental Plan Investor, as applicable, shall have a minimum Funding Ratio based on the Rating of its Sponsor or Responsible Party, as applicable, as follows:

  

			
	 Sponsor Rating/Responsible Party Rating
	  	Minimum
Funding Ratio
	 A- / A3 or higher
	  	No minimum
	 Below A- / A3
	  	90%; or

 (iv) an Endowment Fund Investor, its Sponsor shall either (x) be a party to the
Subscription Agreement of such Endowment Fund Investor and jointly and severally liable for such Endowment Fund Investor’s Unfunded Capital Commitment or (y) guarantee the obligations of such Endowment Fund Investor to make its Unfunded
Capital Commitment pursuant to an unconditional guarantee or other Credit Link Documents in form and substance satisfactory to the Administrative Agent in its sole discretion. 

  
 4 

 The first Rating indicated in each case above is the S&P Rating and the second Rating indicated in each
case above is the Moody’s Rating. In the event that the S&P and Moody’s Ratings are not equivalent, the Applicable Requirement shall be based on the lower of the two. If any such Person has only one Rating from either S&P or
Moody’s, then that Rating shall apply. If the Rating of any Investor (or such Investor’s Sponsor, Responsible Party or Credit Provider, as applicable) falls below the Rating required by this definition, then such Investor shall be deemed
to have failed the Applicable Requirement. 
 “Approved Lending Fund” means any Lending Fund that is administered or
managed by (a) a Lender; (b) an Affiliate of a Lender; or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Assignee” has the meaning provided in Section 12.11(b). 

“Assignment and Assumption” means the agreement contemplated by Section 12.11(b), pursuant
to which any Lender assigns all or any portion of its rights and obligations hereunder, which agreement shall be substantially in the form of Exhibit H. 

“Attributable Indebtedness” means, on any date of determination, (a) in respect of any Capital Lease of any
Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP; and (b) in respect of any Synthetic Lease, the capitalized amount or principal amount of the remaining
lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease. 

“Availability Period” means the period commencing on the Closing Date and ending on the Maturity Date. 

“Available Commitment” means, at any time of determination, the lesser of: (a) the Maximum Commitment then in
effect and (b) the Borrowing Base minus, in each case, the                FX Reserve Amount, if any, in effect at such time; provided that the
Available Commitment shall always be calculated in Dollars. 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 and any other law, regulation or rule applicable in the United Kingdom relating to the
resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bank Holding Company” means a “bank holding company” as defined in Section 2(a) of the Bank
Holding Company Act of 1956, as amended from time to time and any successor statute or statutes, or a non-bank subsidiary of such bank holding company. 

  
 5 

 “Bank of America” has the meaning provided in the Preamble. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial
Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading
Association and Securities Industry and Financial Markets Association. 
 “Beneficial Ownership Regulation” means 31
C.F.R. § 1010.230. 
 “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in
ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of
Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”. 

“Best’s Financial Strength Rating” means a “Best’s Financial Strength Rating” by A.M. Best
Company. 
 “BHC Act Affiliate” has the meaning provided in Section 12.23(b)(i). 

“Bloomberg” means Bloomberg Index Services Limited. 

“Borrower” and “Borrowers” have the meanings provided in the Preamble. 

“Borrower Constituent Documents” means, as to the Initial Borrower, its certificate of formation or articles of
incorporation or association, as the case may be, and its limited liability company or by-laws, as applicable. 

“Borrower Conversion Date” means the date on which the Initial Borrower converts from a limited liability company
organized under the laws of the State of Maryland to a corporation organized under the laws of the State of Maryland. 

“Borrower Party” has the meaning provided in Section 11.1(a). 

“Borrowing” means a disbursement made by the Lenders of any of the proceeds of the Loans, and
“Borrowings” means the plural thereof. 
 “Borrowing Base” means, at any time of
determination, the sum of (a) ninety percent (90%) of the aggregate Unfunded Capital Commitments of the Included Investors, and (b) sixty-five percent (65%) of the aggregate Unfunded Capital Commitments of the Designated Investors, in each case
as such Unfunded Capital Commitments are first reduced by all applicable Concentration Limits. For the avoidance of doubt, the Unfunded Capital Commitments of an Excluded Investor shall be excluded from the Borrowing Base at all times. 

“Borrowing Base Certificate” means the certification and spreadsheet setting forth the calculation of the Available
Commitment in the form of Exhibit A. 

  
 6 

 “Borrowing Base Investors” means, collectively, the Included
Investors and the Designated Investors. 
 “BSBY” means the Bloomberg Short-Term Bank Yield Index rate. 

“BSBY Conforming Changes” means, with respect to the use, administration of or any conventions associated with BSBY or
any proposed BSBY Successor Rate, as applicable, any conforming changes to the definition of “Reference Rate”, “BSBY”, “Interest Period”, timing and frequency of determining rates and making payments of interest and
other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be
appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate, and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market
practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate exists, in such other manner of administration
as the Administrative Agent determines is reasonably necessary in connection with the administration of this Credit Agreement and any other Loan Document). 

“BSBY Rate” means: 

(a) for any Interest Period with respect to a BSBY Rate Loan, (i) to the extent a Borrower has elected a Loan bear interest by reference
to the Daily BSBY, then the rate per annum equal to the Daily BSBY, otherwise, (ii) the rate per annum equal to the BSBY Screen Rate two (2) Business Days prior to the commencement of such Interest Period with a term equivalent to such
Interest Period; provided that if the rate is not published on such determination date then BSBY Rate means the BSBY Screen Rate on the first (1st) Business Day immediately prior thereto; and 

(b) for any interest calculation with respect to a Reference Rate Loan on any date, the rate per annum equal to the BSBY Screen Rate with a
term of one (1) month commencing that day; 
 provided that if the BSBY Rate determined in accordance with the foregoing provisions of this
definition would otherwise be less than zero (0), the BSBY Rate shall be deemed zero (0) for purposes of this Credit Agreement. 

“BSBY Rate Conversion Date” has the meaning provided in Section 2.3(f). 

“BSBY Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of BSBY
Rate. 
 “BSBY Replacement Date” has the meaning provided in Section 4.11. 

“BSBY Scheduled Unavailability Date” has the meaning provided in Section 4.11. 

  
 7 

 “BSBY Screen Rate” means the Bloomberg Short-Term Bank Yield Index
rate administered by Bloomberg and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time). 

“BSBY Successor Rate” has the meaning specified in Section 4.11. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to
close under the laws of, or are in fact closed in, the state where the Administrative Agent’s office with respect to Obligations denominated in Dollars is located; provided that: 

(a) if such day relates to any BSBY Rate Loan, a day on which commercial banks are open for general business in New York City,
New York; 
 (b) if such day relates to any interest rate settings as to Alternative Currency Loans or payments under this
Credit Agreement in Euros or the issuance of any Letters of Credit by any branch of the Letter of Credit Issuer in the European Union, any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system
(or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euros; 

(c) if such day relates to any interest rate settings as to Alternative Currency Loans or payments under this Credit Agreement
in Sterling or the issuance of any Letters of Credit by any branch of the Letter of Credit Issuer in the United Kingdom, means any such day on which banks are open for general business in London; and 

(d) if such day relates to any fundings, disbursements, settlements and payments in respect of an Alternative Currency (other
than Euros or Sterling), or any other dealings in any Alternative Currency (other than Euros or Sterling) to be carried out pursuant to this Credit Agreement in respect of any such Alternative Currency Loan (other than any interest rate settings),
means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such Alternative Currency. 

“Capital Call” means a call upon any or all of the Investors for payment of all or any portion of the Capital
Commitments pursuant to and in accordance with, as applicable, the Constituent Documents of the Borrowers and the Subscription Agreements of the applicable Investors. “Capital Calls” means, where the context may require, all
Capital Calls, collectively. 
 “Capital Call Cut-Off Date” means the date
on which any Borrower’s ability to call Capital Commitments under the applicable Constituent Documents for the purpose of repaying the Obligations is terminated. 

“Capital Commitment” means the capital commitment of the Investors to the Borrowers in the amount set forth in the
applicable Constituent Document or the applicable Subscription Agreement, including the “Capital Commitments” (as such term is defined in each applicable Borrower’s Constituent Documents) with respect to Investors to such Borrower.
“Capital Commitments” means, where the context may require, all Capital Commitments, collectively. 

  
 8 

 “Capital Contribution” means, with respect to any Investor, the
amount of cash actually contributed by such Investor to the applicable Borrower with respect to its Capital Commitment as of the time such determination is made, less amounts refunded to such Investor in accordance with the Borrowers’
Constituent Documents. “Capital Contributions” means, where the context may require, all Capital Contributions, collectively. 

“Capital Lease” means any lease of any property by any Person or any of its Subsidiaries, as lessee, that should, in
accordance with GAAP, be classified and accounted for as a capital lease on a consolidated balance sheet of such Person and its Subsidiaries. 

“Capital Return Certification” means a certificate in the form of Exhibit N. 

“Capital Return Notice” means the written notice delivered to an Investor by or on behalf of any Borrower for the
purpose of making a return of capital pursuant to the applicable Borrower’s Constituent Documents, which notice shall include: (a) the amount of the Capital Contribution that is being returned to such Investor; (b) the section of the
Constituent Documents pursuant to which such amount is being returned and an express statement that such amount is recallable; and (c) such Investor’s new Uncalled Capital Commitment after giving effect to such return of capital, and
substantially in the form of Exhibit O. “Capital Return Notices” means, where the context may require, all Capital Return Notices, collectively. 

“Cash Collateral Account” means each deposit account held at the Administrative Agent for the purposes of holding Cash
Collateral that is subject to an account control agreement in form and substance reasonably satisfactory to the Administrative Agent and the Letter of Credit Issuer. 

“Cash Collateralize” means to deposit in a Cash Collateral Account or to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of one or more of the Letter of Credit Issuer or the Lenders, as collateral for the Letter of Credit Liability or obligations of the Lenders to fund participations in respect of the Letter of Credit Liability,
cash or deposit account balances or, if the Administrative Agent and the Letter of Credit Issuer shall agree, in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the
Administrative Agent and the Letter of Credit Issuer. “Cash Collateral” and “Cash Collateralize” shall have meanings correlative to the foregoing and shall include the proceeds of such Cash Collateral
and other credit support. 
 “Cash Control Event” shall occur if, on any date of determination, (a) an Event of
Default has occurred and is continuing; (b) a Potential Default has occurred and is continuing; or (c) a mandatory prepayment has been triggered pursuant to Section 3.5(b), irrespective of whether such prepayment has
become due and payable under the grace periods afforded in Section 3.5(b). 

  
 9 

 “Change in Law” means the occurrence, after the date of this Credit
Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority; (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; or (d) the compliance with, or application or
implementation of, any of the foregoing clauses (a), (b) or (c) of this definition or with the Existing Law by any Lender or Letter of Credit Issuer; provided that notwithstanding anything herein to the contrary, the
Existing Law shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 

“Change of Control” means the occurrence of any one or more of the following events: the investment manager of the
Initial Borrower shall cease to be the Investment Manager (or an Affiliate thereof); provided that a Change of Control shall not exist if a third party administrator acceptable to the Administrative Agent and the Required Lenders in their
reasonable discretion, directly or indirectly, acts as the replacement investment manager of the Initial Borrower. 
 “Closing
Date” means the date hereof; provided that all of the conditions precedent set forth in Section 6.1 shall be satisfied or waived by the Lenders. 

“Collateral” means all of the collateral security for the Obligations pledged or granted pursuant to the Collateral
Documents. 
 “Collateral Account” means, for each Borrower that has Investors, the account listed on Schedule
I (as such Schedule I may be amended, restated, supplemented or otherwise modified from time to time), with respect to such Person, which account shall be solely used for receipt of proceeds from Capital Calls. “Collateral
Accounts” means, where the context requires, all Collateral Accounts, collectively. 
 “Collateral Account
Pledge” means the pledge of a Collateral Account, in the form of Exhibit D, made by a Borrower in favor of the Administrative Agent, pursuant to which such Borrower has granted to the Administrative Agent for the benefit of the
Secured Parties, a first priority, Lien (subject only to Permitted Liens) in and to a Collateral Account, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Collateral Documents” has the meaning provided in Section 5.1. 

“Commitment” means, for each Lender, the amount set forth on Schedule II or on its respective Assignment and
Assumption, as such amount may be reduced from time to time by the Borrowers pursuant to Section 3.6 or by further assignment by such Lender pursuant to Section 12.11(b). 

“Compliance Certificate” has the meaning provided in Section 8.1(b). 

“Concentration Limit” means, with respect to any Borrowing Base Investor, the aggregate amount of Unfunded Capital
Commitments of such applicable Borrowing Base Investor in excess of the concentration limits set forth below: 

  
 10 

			
	 Investor Classification
	  	C oncentration Limit
	 Rated Included Investor (dependent on applicable ratings below)1,2

	 AAA / Aaa
	  	25.0%3
	 AA+ / Aa1 to AA- / Aa3
	  	20.0%3
	 A+ / A1 to A- / A3
	  	15.0%3
	 BBB+ / Baa1 to BBB- / Baa3
	  	10.0%3
	 Other Concentration Limits

	 Non-Rated Included Investors
	  	10.0% - 25.0%3
	 Corporate Designated Investors
	  	5.0%3
	 Sovereign Designated Investors
	  	5.0%3
	 Fund-of-Funds
Designated Investors
	  	3.0%3
	 HNW Designated Investors and HNW Aggregation
Vehicles5
	  	1.0% - 10%3
	 Aggregate Sovereign Designated Investors
	  	20.0%3
	 Aggregate
Fund-of-Funds Designated Investors
	  	15.0%3
	 Aggregate HNW Designated Investors and HNW Aggregation Vehicles5
	  	10.0%3
	 Aggregate Designated Investors
	  	35.0%4, 6

  

	1	 The Ratings for such Investor shall be the lower of any senior unsecured Rating of such Investor as issued by
either S&P or Moody’s. If such Investor has only one Rating from either S&P or Moody’s, that Rating shall apply. 

  

	2	 For any Investor that is an unrated subsidiary of a rated parent, acceptable Credit Link Documents from the
rated parent entity will be required in order to apply the Concentration Limit based on the Ratings of the parent. 

  

	3	 The Concentration Limits for each individual Investor classification shall be calculated as a percentage of the
aggregate Uncalled Capital Commitments of all Borrowing Base Investors. 

  

	4	 The aggregate Concentration Limits for Investor classifications shall be calculated as a percentage of the
aggregate Uncalled Capital Commitments of all Borrowing Base Investors after deducting any amounts in excess of the applicable individual Investor Concentration Limits. 

 

	5	 The Concentration Limits for any HNW Aggregation Vehicle may be increased in the Administrative Agent’s
sole discretion. 

  

	6	 Prior to the Borrower having a final closing date to new Investors (the “Final Closing
Date”) and if the Guarantor has guaranteed the obligations of the Borrower prior to the Final Closing Date, the individual Concentration Limit for Noble Environmental Investments, LLC shall be 65% and the aggregate concentration limit
for all Designated Investors shall be 65%. 

 provided that for purposes of calculating the above Concentration
Limits for any Borrowing Base Investor, each Borrowing Base Investor and its investing Affiliates shall be treated as a single Investor. 

  
 11 

 “Confidential Information” means, at any time, all data, reports,
interpretations, forecasts and records containing or otherwise reflecting information and concerning the Credit Parties or any Investor that is not available to the general public, together with analyses, compilations, studies or other documents,
that contain or otherwise reflect such information made available by or on behalf of the Credit Parties or any Investor pursuant to this Credit Agreement orally or in writing to the Administrative Agent or any Lender or their respective attorneys,
certified public accountants or agents, but shall not include any data or information that: (a) was or became generally available to the public at or prior to such time; or (b) was or became available to the Administrative Agent or a
Lender or to the Administrative Agent’s or Lender’s respective attorneys, certified public accountants or agents on a non-confidential basis from the Credit Parties or any Investor or any other
source at or prior to such time. 
 “Conforming Changes” means, with respect to the use, administration of or any
conventions associated with SONIA, EURIBOR or any proposed Successor Rate for any Alternative Currency, as applicable, any conforming changes to the definitions of “Interest Period”, “SONIA” and “EURIBOR”, timing and
frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including the definition of “Business Day”, timing of Requests for Borrowing, Conversion Notices, Rollover Notices
or prepayment notices, and length of lookback periods) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice for such Alternative Currency (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative
Agent determines that no market practice for the administration of such rate for such Alternative Currency exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the
administration of this Credit Agreement and the other Loan Documents). 
 “Connection Income Taxes” means Other
Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Constituent Documents” means, (a) for the Initial Borrower, the Borrower Constituent Documents; and (b) for
any other Person, its constituent or organizational documents and any governmental or other filings related thereto, including: (i) in the case of any limited partnership, exempted limited partnership, joint venture, trust or other form of
business entity, the limited partnership agreement, exempted limited partnership agreement, joint venture agreement, articles of association or other applicable agreement of formation and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or registration with the secretary of state or other department in the state or jurisdiction of its formation or registration; (ii) in the case of any limited liability company, the articles or
certificate of formation, limited liability company agreement and/or operating agreement for such Person; and (iii) in the case of a corporation or an exempted company, the certificate or articles of incorporation, the bylaws, and/or the
memorandum and articles of association for such Person (as applicable), in each such case as it may be restated, modified, amended or supplemented from time to time in accordance with the terms hereof. 

  
 12 

 “Continue”, “Continuation”, and
“Continued” shall refer to the continuation pursuant to a Rollover of a BSBY Rate Loan or an Alternative Currency Term Rate Loan from one Interest Period to the next Interest Period. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting shares or partnership or other equity interests, or of the ability to exercise voting power by contract or otherwise. 

“Control Agreement” means each Control Agreement, among a Borrower, the Administrative Agent and the Account Bank, as
the same may be amended, restated, supplemented or otherwise modified from time to time. “Control Agreements” means all Control Agreements, collectively. 

“Controlled Group” means: (a) the controlled group of corporations as defined in Section 414(b) of the
Internal Revenue Code; or (b) the group of trades or businesses under common control as defined in Section 414(c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of provisions
relating to Section 412 of the Internal Revenue Code), in each case of which the applicable Credit Party is a member. 

“Conversion Date” means any BSBY Rate Conversion Date or Reference Rate Conversion Date, as applicable. 

“Conversion Notice” has the meaning provided in Section 2.3(f). 

“Convert”, “Conversion”, and “Converted” shall refer to a conversion
pursuant to Section 2.3(f) or Section 4 of one Type of Loan into another Type of Loan. 

“Corporate Designated Investor” means any Designated Investor that is not an HNW Designated Investor, a Fund-of-Funds Designated Investor or a Sovereign Designated Investor. 

“Covered Entity” has the meaning provided in Section 12.23(b)(ii). 

“Covered Party” has the meaning provided in Section 12.23(a). 

“Credit Agreement” means this Revolving Credit Agreement, of which this Section 1.1 forms a
part, as amended, restated, supplemented or otherwise modified from time to time. 
 “Credit Facility” means the
Loans and Letters of Credit provided to the Borrowers by the Lenders and the Letter of Credit Issuer under the terms and conditions of this Credit Agreement and the other Loan Documents. 

“Credit Link Documents” means such financial information and documents as may be requested by the Administrative Agent
in its sole discretion, to reflect and connect the relevant or appropriate credit link or credit support of a Sponsor, Credit Provider or Responsible Party, as applicable, to the obligations of the applicable Borrowing Base Investor to make Capital
Contributions, which may include a written guaranty or such other acceptable instrument determined by the Administrative Agent in its sole discretion as to whether the applicable Investor satisfies the Applicable Requirement based on the Rating or
other credit standard of its Sponsor, Credit Provider or Responsible Party, as applicable. 

  
 13 

 “Credit Party” means each Borrower and Guarantor. “Credit
Parties” means the Borrowers and the Guarantor, collectively. 
 “Credit Provider” means a Person
providing Credit Link Documents, in form and substance reasonably acceptable to the Administrative Agent in its sole discretion, of the obligations of an Investor to make Capital Contributions. 

“Daily BSBY” means for each day during any Interest Period, the rate of interest per annum determined by the
Administrative Agent based on the BSBY Screen Rate for deposits in Dollars in minimum amounts of at least $5,000,000 for a period equal to one month (commencing on the date of determination of such interest rate) as published by a commercially
available source providing quotations of such rate as selected by the Administrative Agent from time to time at the Specified Time, or, if such Specified Time does not occur on a Business Day, then at the Specified Time on the immediately preceding
Business Day (rounded upwards, if necessary, to the nearest 1/100 of 1%). If the calculation of Daily BSBY results in a Daily BSBY rate that is less than zero (0), Daily BSBY shall be deemed to be zero (0) for all purposes of the Loan
Documents. 
 “Daily Simple SOFR” means, with respect to any applicable determination date means the secured
overnight financing rate (“SOFR”) published on such date by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or
any successor source). 
 “Debt Limitations” means the limitations set forth in
Section 9.11. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States of
America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions. 
 “Default Rate” means on any day the lesser of: (a) the Reference Rate in effect on such
day plus two percent (2%) and (b) the Maximum Rate. 
 “Default Right” has the meaning provided in
Section 12.23(b)(iii). 
 “Defaulting Lender” means, subject to Section
12.12(b) and Section 4.8, any Lender that (a) has failed to (i) fund all or any portion of the Loans or participations in the Letter of Credit Liability required to be funded by it hereunder within two
(2) Business Days of the date such Loans or participations were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent, the Letter of Credit Issuer, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business Days of the date when 

  
 14 

 due, (b) has notified any Borrower, the Administrative Agent or the Letter of Credit Issuer in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such
position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),
(c) has failed, within three (3) Business Days after written request by the Administrative Agent or any Borrower, to confirm in writing to the Administrative Agent and the Borrowers that it will comply with its prospective funding obligations
hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrowers), (d) becomes the subject of a Bail-in Action, or (e) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by
a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or
permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or
more of clauses (a) through (e) of this definition, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to
Section 12.12(b) and S ection 4.8(b)) upon delivery of written notice of such determination to the Borrowers, the Letter of Credit Issuer and each other Lender promptly following such determination. 

“Designated Investor” means an Investor (a) that has been approved in writing as a Designated Investor by all of
the Lenders, in their sole discretion, and (b) in respect of which there has been delivered to the Administrative Agent: 

(i) a true and correct copy of the Subscription Agreement executed and delivered by such Investor substantially in the form of
Exhibit L, which shall be reasonably acceptable to the Administrative Agent, together with the applicable Borrower’s countersignature, accepting such Subscription Agreement; 

(ii) any Constituent Documents of the applicable Borrower, and, to the extent applicable, executed and delivered by such
Investor; 
 (iii) a true and correct copy of any Side Letter duly executed and delivered by such Investor, which shall be
acceptable to the Administrative Agent in its sole discretion; 
 (iv) if applicable, the Credit Link Documents of such
Investor’s Sponsor, Credit Provider, or Responsible Party, as applicable, executed and delivered by such Person; 

  
 15 

 (v) if such Investor’s Subscription Agreement or any Constituent
Document of the applicable Borrower, executed by such Investor was signed by the applicable Borrower or any Affiliate thereof as an attorney-in-fact on behalf of such
Investor, the Administrative Agent shall have received evidence of such signatory’s authority satisfactory to the Administrative Agent in its reasonable discretion; and 

(vi) if such Investor is an HNW Designated Investor, evidence that such HNW Designated Investor is not deceased, and if a
family office or family trust, the primary benefactor of which is not deceased. 
 provided that (1) any Designated Investor in respect of
which an Exclusion Event has occurred shall thereupon no longer be a Designated Investor until such time as all Exclusion Events in respect of such Investor shall have been cured and such Investor shall have been restored as a Designated Investor in
the sole discretion of the Lenders; and (2) each restoration under clause (1) of this proviso shall be subject to the satisfaction of such initial or ongoing conditions as may be specified by the Administrative Agent. The
Designated Investors as of the Closing Date are those specified as being Designated Investors on Exhibit A, as in effect on the Closing Date, and Designated Investors approved by the Lenders subsequent to the Closing Date shall be reflected
in updated Borrowing Base Certificates accepted by the Lenders. HNW Designated Investors that satisfy the foregoing criteria therefore shall be Designated Investors, but subject to their own sub-Concentration
Limits. 
 “Distribution” has the meaning provided in Section 9.17. 

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount; and
(b) with respect to any amount denominated in any other Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the Letter of Credit Issuer, as the case may be, at such time on the basis of
the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such other Alternative Currency. 

“Dollars” and the sign “$” mean the lawful currency of the United States of America.
“Early Adoption Increased Costs” has the meaning provided in Section 4.4(a). 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member
Country that is subject to the supervision of an EEA Resolution Authority; (b) any entity established in an EEA Member Country that is a parent of an institution described in c lause (a) of this definition and is subject to
the supervision of an EEA Resolution Authority; or (c) any financial institution established in an EEA Member Country that is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its parent. 
 “EEA Member Country” means any of the member states of the European
Union, Iceland, Liechtenstein, and Norway. 

  
 16 

 “EEA Resolution Authority” means any public administrative authority
or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Election Date” means the date (which date shall be on or after the Conversion Date) on which the Initial Borrower
elects to be regulated as a “business development company” within the meaning of the Investment Company Act. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section
12.11(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 12.11(b)(iii)). 

“Eligible Institution” means any depository institution, organized under the laws of the United States or any state,
having capital and surplus in excess of $200,000,000, the deposits of which are insured by the Federal Deposit Insurance Corporation to the fullest extent permitted by Applicable Law and that is subject to supervision and examination by federal or
state banking authorities; provided that such institution also must have a short-term unsecured debt rating of at least P-1 from Moody’s and at least A-1
from S&P. If such depository institution publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
 “EMU
Legislation” means the legislative measures of the European council for the introduction of, changeover to or operation of a single or unified European currency. 

“Endowment Fund Investor” means an Investor that is a wholly owned, tax exempt, public charity subsidiary of a
Sponsor, the assets of which Investor are not wholly disbursable for the Sponsor’s purposes on a current basis under the specific terms of all applicable gift instruments, formed for the sole purpose of accepting charitable donations on behalf
of such Sponsor and investing the proceeds thereof. 
 “Environmental Claims” means any and all administrative,
regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and
not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any
such Environmental Law, including any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification cost recovery, compensation or injunctive relief
resulting from Hazardous Materials or arising from alleged injury or threat of injury to human health or the environment. 

“Environmental Laws” means any and all federal, foreign, state, provincial and local laws, statutes, ordinances,
codes, rules, standards and regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of human health or the environment, including requirements pertaining to the
manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. 

  
 17 

 “Environmental Liability” means any claim, demand, liability
(including strict liability) obligation, accusation or cause of action, or any order, violation, loss, damage (including to any Person, property or natural resources and including consequential damages), injury, judgment, penalty or fine, cost of
enforcement, cost of remedial action, cleanup, restoration or any other cost or expense whatsoever (including reasonable fees, costs and expenses of attorneys, consultants, contractors, experts and laboratories) and disbursements in connection with
any Environmental Claims, violation or alleged violation of any Environmental Law, the imposition of any Environmental Lien or the failure to comply in all material respects with any Environmental Requirement. 

“Environmental Lien” means a Lien in favor of any Governmental Authority: (a) under any Environmental Law; or
(b) for any liability or damages arising from, or costs incurred by, any Governmental Authority in response to the Release or threatened Release of any Hazardous Material. 

“Environmental Requirement” means any Environmental Law, agreement, or restriction, as the same now exists or may be
changed, amended, or come into effect in the future, that pertains to health, safety, or the environment, including ground, air, water, or noise pollution, or underground or aboveground tanks. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated
thereunder, each as amended or modified from time to time. 
 “ERISA Investor” means an Investor of any Borrower
that is: (a) an “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) subject to Title I of ERISA; (b) any “plan” defined in and subject to Section 4975 of the Internal
Revenue Code; or (c) any entity or account whose assets include or are deemed to include the Plan Assets of one or more such employee benefit plans or plans pursuant to the Plan Asset Regulations or any other relevant legal authority. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. Rate”. 

“EURIBOR” has the meaning provided in the definition of “Alternative Currency Term 

“Euro” and “€” mean the lawful currency of the Participating Member States introduced in
accordance with the EMU Legislation. 
 “Euro Event” has the meaning provided in
Section 4.10. 
 “Event of Default” has the meaning provided in
Section 10.1. 

  
 18 

 “Excluded Investor” means any Investor that is not an Included
Investor or Designated Investor, including any Investor that is subject to an Exclusion Event that has not been cured in accordance with the provisions hereof. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by overall net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes;
(b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrowers under Section 4.8(b)) or (ii) such Lender changes its Applicable Lending Office,
except in each case to the extent that, pursuant to Section 4.1, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its Applicable Lending Office; (c) Taxes attributable to such Recipient’s failure to comply with Section 4.1; and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Exclusion Event” means, with respect to any Borrowing Base Investor (or, if applicable, the Sponsor, Responsible
Party, or Credit Provider of such Borrowing Base Investor) any of the following events shall occur (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) such
Investor shall: (i) apply for or consent to the appointment of a receiver, trustee, custodian, intervenor, liquidator or other similar official of itself or of all or a substantial part of its assets; (ii) file a voluntary petition as
debtor in bankruptcy or admit in writing that such Investor is unable to pay its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement
with creditors or take advantage of any Debtor Relief Laws; (v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against such Investor in any bankruptcy, reorganization, or
insolvency proceeding; or (vi) take personal, partnership, limited liability company, corporate or trust action, as applicable, for the purpose of effecting any of the foregoing; 

(b) an involuntary case or other proceeding shall be commenced against such Investor, seeking liquidation, reorganization or
other relief with respect to such Investor or its debts under any Debtor Relief Law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of such Investor or any substantial
part of its property, or an order, order for relief, judgment, or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition seeking such Investor’s reorganization or appointing a receiver,
custodian, trustee, intervenor, or liquidator of such Investor or of all or substantially all of its assets, or an order for relief shall be entered in respect of such Investor in a proceeding under any Debtor Relief Law; 

  
 19 

 (c) any final judgment or decree that in the aggregate exceeds fifteen
percent (15%) of the net worth of such Investor (measured as of the date of its initial designation as a Borrowing Base Investor) shall be rendered against such Borrowing Base Investor, and (i) any such judgment or decree shall not be
discharged, paid, bonded or vacated within forty-five (45) days of issuance or (ii) enforcement proceedings shall be commenced by any creditor on any such judgment or decree and shall not be stayed; 

(d) such Investor shall (i) repudiate, challenge, or declare unenforceable its obligation to make contributions pursuant
to its Capital Commitment or a Capital Call (or such obligation shall be or become unenforceable), (ii) otherwise disaffirm any provision of its Subscription Agreement, the Constituent Documents of any Borrower, as applicable, or any Credit Link
Document, or (iii) give any written notice of its intent to withdraw from the applicable Borrower or that it may not fund future contributions pursuant to a Capital Call which it is obligated to fund or comply with the provisions of its
Subscription Agreement, the Constituent Documents of any Borrower, as applicable, or any Credit Link Document; 
 (e) such
Investor shall fail to make a Capital Contribution when initially due pursuant to a Capital Call, without regard to any applicable notice or cure period under the applicable Constituent Documents and such delinquency is not cured within five
(5) Business Days; 
 (f) any representation, warranty, certification or statement made by such Investor under its
Subscription Agreement (or related Side Letter), the Constituent Documents of the applicable Borrower or any Credit Link Document or in any certificate, financial statement or other document delivered pursuant to this Credit Agreement executed by
such Investor shall prove to be untrue, inaccurate or misleading in any material respect and such circumstance is not cured within two (2) Business Days after the earlier of notice from the Administrative Agent or such Borrower’s actual
knowledge; 
 (g) such Investor encumbers its interest in the applicable Borrower; 

(h) a material default shall occur in the performance by it of any of the covenants or agreements contained in its Subscription
Agreement (or related Side Letter), the Constituent Documents of the applicable Borrower or any Credit Link Document (except as otherwise specifically addressed in this definition) and such default is not cured within the later of (i) five (5)
Business Days or (ii) the applicable cure period under such Subscription Agreement, Side Letter, Constituent Documents or Credit Link Document, as applicable; 

  
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 (i) in the case of each Investor that is a Rated Included Investor, it shall
fail to maintain the Applicable Requirement for such Investor required in the definition of “Applicable Requirement” in Section 1.1 (it being understood that no Borrower is required to affirmatively monitor the
Rating of any such Investor but only to provide notice of an Exclusion Event in accordance with the terms of this Credit Agreement in the event a Borrower obtains knowledge that a Rated Included Investor has failed to maintain the Applicable
Requirement for such Investor); 
 (j) in the case of a Non-Rated Included Investor,
to the applicable Borrower’s knowledge, it shall fail to maintain a net worth (determined in accordance with GAAP), measured at the end of each fiscal year of such Investor, of at least seventy-five percent (75%) of the net worth of such
Investor, Sponsor, Responsible Party or Credit Provider as provided on its most recently available financial statements on the date of its initial designation as an Included Investor (it being understood that no Borrower is required to affirmatively
monitor the net worth of any Non-Rated Included Investor, but only to provide notice of an Exclusion Event in the event a Borrower obtains knowledge of a decline in the net worth of any Non-Rated Included Investor); 
 (k) in the case of a
Non-Rated Included Investor or a Designated Investor, the occurrence of any circumstance or event that, in the sole reasonable discretion of the Administrative Agent could reasonably be expected to impair,
impede or jeopardize the obligation of such Investor to fulfill its obligations to make its required Capital Contribution under its applicable Constituent Documents; 

(l) such Investor shall Transfer its equity interest in the applicable Borrower and be released from its obligation under the
applicable Constituent Documents to make contributions pursuant to a Capital Call with respect to such transferred interest; provided that, if such Investor shall Transfer less than all of its equity interest in the applicable Borrower, only
the Transferred portion shall be excluded from the calculation of the Available Commitment; 
 (m) any Borrower suspends,
cancels, reduces, excuses, terminates or abates the Capital Commitment or any amounts due with respect to a Capital Contribution of such Borrowing Base Investor; provided that to the extent such suspension, cancellation, reduction, excuse,
termination or abatement relates solely to a portion of such Investor’s Unfunded Capital Commitment, only such suspended, cancelled, reduced, excused, terminated or abated portion shall be excluded from the calculation of the Available
Commitment; 
 (n) the Uncalled Capital Commitment of such Investor ceases to be Collateral subject to a first priority
perfected Lien in favor of the Administrative Agent; 
 (o) in connection with any Borrowing or the issuance of any Letter of
Credit, any Borrower has knowledge that such Investor has the right to be excused from funding a Capital Call with respect to the Investment being acquired or otherwise funded with the proceeds of the related Borrowing or Letter of Credit or such
Borrower has knowledge that such Investor will likely request to be excused from such funding; provided that only the portion of such Investor’s Unfunded Capital Commitment that would otherwise be contributed to fund such Investment or
repay the related Borrowing or Letter of Credit shall be excluded from the calculation of the Available Commitment; 

  
 21 

 (p) such Investor becomes a Sanctioned Entity, or, to any Credit
Party’s or the Administrative Agent’s knowledge, such Investor’s funds to be used in connection with funding Capital Calls are derived from illegal or suspicious activities; 

(q) if such Investor is an Endowment Fund Investor, a breach or written repudiation by its Sponsor of any keepwell agreement
with such Investor; 
 (r) if such Investor is an ERISA Investor, (i) any failure by its Sponsor to pay any contractual
or statutory obligations or make any other payment required by ERISA or the Internal Revenue Code with respect to such ERISA Investor or (ii) any determination by an ERISA Investor that participation of such ERISA Investor in the applicable
Borrower is “significant” for the purposes of the Plan Asset Regulations and no exception thereunder applies; 

(s) such Investor shall become or be declared a “Defaulting Limited Partner” under the Constituent Documents of any
Borrower, as applicable; or 
 (t) such Investor shall amend its Side Letter in any way (including pursuant to a “most
favored nations” clause) that would materially impair, impede or jeopardize the Lenders’ rights in the Collateral, as reasonably determined by the Administrative Agent in its sole discretion. 

“Existing Law” means (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank
Act”); (b) the revised Basel Accord prepared by the Basel Committee on Banking Supervision as set out in the publication entitled “Basel II: International Convergence of Capital Measurements and Capital Standards: A Revised
Framework,” as updated from time to time (“Basel II”); (c) the publication entitled “Basel III: A global regulatory framework for more resilient banks and banking systems,” as updated from time to time
(“Basel III”), including any publications addressing the liquidity coverage ratio or the supplementary leverage ratio; or (d) any implementing laws, rules, regulations, guidance, interpretations or directives from any
Governmental Authority relating to the Dodd Frank Act, Basel II or Basel III (whether or not having the force of law). 

“Extension Request” means a written request by the Borrowers in form and substance reasonably acceptable to
Administrative Agent and substantially in the form of Exhibit M to extend the initial or extended Stated Maturity Date for an additional period of no greater than 364 days. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the Closing Date (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the
Internal Revenue Code. 
 “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day (or, if such day is not a Business Day, for the immediately preceding Business Day), as published
by the Federal Reserve Bank of 

  
 22 

 New York on the Business Day next succeeding such day; provided that if such rate is not so published
for any day that is a Business Day, the average of the quotation for such day on such transactions received by the Administrative Agent from three (3) federal funds brokers of recognized standing selected by the Administrative Agent;
provided further that, if the calculation of the Federal Funds Rate results in a Federal Funds Rate that is less than zero (0), the Federal Funds Rate shall be deemed to be zero (0) for all purposes of the Loan Documents.. 

“Fee Letter” means that certain Fee Letter or Fee Letters, each dated on or after the date hereof, among the
Borrowers, the Administrative Agent and certain Lenders in connection with this Credit Agreement and the other Loan Documents, as each may be amended, supplemented or otherwise modified from time to time. 

“Filings” means (a) UCC financing statements, UCC financing statement amendments and UCC financing statement
terminations; and (b) the substantial equivalent as reasonably determined to be necessary by the Administrative Agent in any other jurisdiction in which any Borrower may be formed. 

“Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender that is not a U.S. Person, and
(b) if the applicable Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the applicable Borrower is resident for tax purposes. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to the Letter of Credit Issuer, such
Defaulting Lender’s Pro Rata Share of the outstanding Letter of Credit Liability other than the Letter of Credit Liability as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
Collateralized in accordance with the terms hereof. 
 “Fronting Fee” has the meaning set forth in the applicable
Fee Letter. 
 “Fund-of-Funds Designated
Investor” means any Designated Investor that invests in other investment funds rather than investing directly in stocks, bonds or other securities. 

“Funding Ratio” means: (a) for a Governmental Plan Investor, the actuarial present value of the assets of the
plan over the actuarial present value of the plan’s total benefit liabilities, as reported in such plan’s most recent audited financial statements; and (b) for an ERISA Investor: (i) for plan years prior to 2008, the gateway
percentage or funded current liability percentage reported on Schedule B to the Form 5500; and (ii) for plan years 2008 and later, the funding target attainment percentage reported on Schedule SB to the Form 5500 or the funded
percentage for monitoring the plan’s status reported on Schedule MB to the Form 5500, as applicable, as reported on the most recently filed Form 5500 by such ERISA Investor with the United States Department of Labor. 

“FX Reserve Amount” means, at any time of determination, the product of (a) the FX Reserve Percentage and
(b) the Dollar Equivalent of the sum of the aggregate outstanding principal amount of Loans and the undrawn stated amount of all outstanding Letters of Credit, in each case denominated in an Alternative Currency at such time. 

  
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 “FX Reserve Percentage” means, as of any date of determination and
for each Alternative Currency, a percentage determined in the reasonable discretion of the Administrative Agent to account for foreign exchange volatility, in each case using a methodology that is sufficient to cover the 3-month foreign exchange exposure of the Lenders at such date of determination at a ninety-five percent (95%) confidence interval as calculated using Bloomberg BGN source data on the FXFM screen of Bloomberg (or
such other screen as may from time to time be in effect); provided that any such percentage may be reset for any particular Alternative Currency on any Revaluation Date in the reasonable discretion of the Administrative Agent if necessary to
account for foreign exchange volatility; provided further that the FX Reserve Amount shall be subject to further adjustment if the cross currency swap analytics tool developed by the Administrative Agent changes after the Closing Date,
such adjustment to be made by the Administrative Agent in consultation with the Borrowers (but, for the avoidance of doubt, shall not require any consent of the Borrowers). As of the Closing Date, the FX Reserve Percentage for the below Alternative
Currencies is as follows: 
  

					
	 Euro
	  	 	6.83	% 
	 Sterling
	  	 	8.23	% 

 “GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be
approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of,
registrations and filings with, and reports to, all Governmental Authorities. 
 “Governmental Authority” means the
government of the United States, or any other nation, or of any political subdivision thereof, whether state, provincial, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Governmental Plan Investor” means an Investor that is a governmental plan as defined in Section 3(32) of ERISA.

 “Guarantor” has the meaning provided in the Preamble. 

“Guaranty” has the meaning provided in Section 13.1. 

  
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 “Guaranty Obligations” means, with respect to any Person, without
duplication, any obligation, contingent or otherwise, of any such Person pursuant to which such Person has directly or indirectly guaranteed any Indebtedness or other obligation of any other Person and, without limiting the generality of the
foregoing, any obligation, direct or indirect, contingent or otherwise, of any such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of
partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement condition or
otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part);
provided that the term “Guaranty Obligations” shall not include endorsements for collection or deposit in the ordinary course of business. 

“Hazardous Material” means any substances or materials (a) that are or become defined as hazardous wastes,
hazardous substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Environmental Law; (b) that are toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise
harmful to human health or the environment and are or become regulated by any Governmental Authority; (c) the presence of which require investigation or remediation under any Environmental Law or common law, (d) the discharge or emission or
release of which requires a permit or license under any Environmental Law or other Governmental Approval; (e) that are deemed to constitute a nuisance or a trespass that pose a health or safety hazard to Persons or neighboring properties; (f)
that consist of underground or aboveground storage tanks, whether empty, filled or partially filled with any substance; or (g) that contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum
hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas. 
 “Hedge
Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the
foregoing), whether or not any such transaction is governed by or subject to any master agreement; and (b) any and all transactions of any kind, and the related confirmations, that are subject to the terms and conditions of, or governed by, any form
of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, all as amended, restated, supplemented or otherwise modified from time to
time. 
 “Hedge Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account
the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in clause (a) of this definition, the amount(s) determined as the mark-to-market
value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include a Lender
or any Affiliate of a Lender). 

  
 25 

 “HNW Aggregation Investor” means an Investor that is an investment
vehicle consisting of multiple HNW Designated Investors. 
 “HNW Designated Investor” means each Designated Investor
that is a domestic or international individual investor (including a natural person, family office or family trust) or an entity owned or controlled or established by a domestic or international individual investor (including a natural person,
family office or family trust). 
 “Included Investor” means an Investor (a) that either (i) meets the
Applicable Requirement (or whose Credit Provider, Sponsor or Responsible Party, as applicable, meets the Applicable Requirement) and at the request of the Borrowers has been approved in writing as an Included Investor by the Administrative Agent, in
its reasonable discretion (a “Rated Included Investor”), or (ii) does not meet the Applicable Requirement but at the request of the Borrowers has been approved in writing as an Included Investor by the Lenders, in their
sole discretion (a “Non-Rated Included Investor”), and (b) in respect of which there has been delivered to the Administrative Agent: 

(i) a true and correct copy of the Subscription Agreement executed and delivered by such Investor substantially in the form of
Exhibit L, which shall be reasonably acceptable to the Administrative Agent, together with the applicable Borrower’s countersignature, accepting such Subscription Agreement; 

(ii) any Constituent Documents of the applicable Borrower and, to the extent applicable, executed and delivered by such
Investor; 
 (iii) a true and correct copy of any Side Letter executed by such Investor, which shall be acceptable to the
Administrative Agent in its sole discretion; 
 (iv) if applicable, the Credit Link Documents of such Investor’s
Sponsor, Credit Provider or Responsible Party, as applicable, executed and delivered by such Person; and 
 (v) if such
Investor’s Subscription Agreement or any Constituent Document of the applicable Borrower executed by such Investor was signed by any Borrower or any Affiliate of any Borrower, as an attorney-in-fact on behalf of such Investor, the Administrative Agent shall have received evidence of such signatory’s authority satisfactory to the Administrative Agent in its reasonable discretion;

 provided that (1) any Included Investor in respect of which an Exclusion Event has occurred shall thereupon no longer be an Included Investor
until such time as all Exclusion Events in respect of such Investor shall have been cured and such Investor shall have been restored as an Included Investor in the reasonable discretion of the Administrative Agent (in the case of a Rated Included
Investor) or sole discretion of all Lenders (in the case of a Non-Rated Included Investor), as applicable; and (2) each restoration and approval under clause (a)(i) or clause (a)(ii) of this
definition and each restoration under clause (1) of this proviso shall be subject to the 

  
 26 

 satisfaction of such initial and ongoing conditions as may be specified by the Administrative Agent. The
Included Investors as of the Closing Date are those specified as being Included Investors on Exhibit A, as in effect on the Closing Date, and Included Investors approved by the Administrative Agent or Lenders, as applicable, subsequent
to the Closing Date shall be reflected in updated Borrowing Base Certificates delivered to and accepted by the Administrative Agent or Lenders, as applicable. 

“Indebtedness” means, with respect to any Person at any date and without duplication, the sum of the following: 

(a) all liabilities, obligations and indebtedness for borrowed money, including obligations evidenced by bonds, debentures,
notes or other similar instruments of any such Person; 
 (b) all obligations to pay the deferred purchase price of property
or services of any such Person (including all obligations under non-competition, earn-out or similar agreements), except trade payables arising in the ordinary course of
business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person; 

(c) the Attributable Indebtedness of such Person with respect to such Person’s obligations in respect of Capital Leases
and Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP); 
 (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property purchased by such Person to the extent of the value of such property (other than customary reservations or retentions of title under agreements with suppliers entered
into in the ordinary course of business); 
 (e) all Indebtedness of any other Person secured by a Lien on any asset owned or
being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether or not such indebtedness shall have been assumed by
such Person or is limited in recourse; 
 (f) all obligations, contingent or otherwise, of any such Person relative to the
face amount of letters of credit, whether or not drawn, including any Reimbursement Obligation, and any banker’s acceptances issued for the account of any such Person; 

(g) all obligations of any such Person to repurchase any securities, which repurchase obligation is related to the issuance
thereof; 
 (h) all net obligations of such Person under any Hedge Agreements; and 

  
 27 

 (i) all Guaranty Obligations of any such Person with respect to any of the
foregoing. For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a
general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be the
Hedge Termination Value thereof as of such date. 
 “Indemnified Taxes” means (a) Taxes other than Excluded
Taxes imposed on or with respect to any payment made by or on account of any obligation of any Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a) of this definition, Other Taxes. 

“Indemnitee” has the meaning provided in Section 12.5(b). 

“Initial Borrower” has the meaning provided in the Preamble. 

“Interest Option” means BSBY Rate, Alternative Currency Daily Rate, Alternative Currency Term Rate or the Reference
Rate. 
 “Interest Payment Date” means (a) with respect to any Reference Rate Loan, either (i) the BSBY Rate
Conversion Date (if such Reference Rate Loan is converted into a BSBY Rate Loan pursuant to Section 2.3(f)) or (ii) the fifth (5th) Business Day of the first month of each calendar quarter following the last day of each Interest
Period for the interest accruing during the preceding Interest Period; (b) with respect to any BSBY Rate Loan in respect of which the applicable Borrower has selected Daily BSBY or with respect to any Alternative Currency Daily Rate Loan, the
fifth (5th) Business Day of the first month of each calendar quarter following the last day of each Interest Period for the interest accruing during the preceding Interest Period; (c) with respect to any BSBY Rate Loan or Alternative Currency Term
Rate Loan in respect of which the applicable Borrower has selected a one-month or three-month Interest Period, the last day of such Interest Period for such BSBY Rate Loan or Alternative Currency Term Rate
Loan (or the next succeeding Business Day if such day is not a Business Day); (d) with respect to any BSBY Rate Loan or Alternative Currency Term Rate Loan in respect of which the applicable Borrower has selected a
six-month Interest Period, the day corresponding to the date of the Borrowing of such BSBY Rate Loan or Alternative Currency Term Rate Loan, as applicable, occurring each third calendar month during such
Interest Period for such BSBY Rate Loan or Alternative Currency Term Rate Loan (or the next succeeding Business Day if such day is not a Business Day); (e) the Maturity Date; and (f) the date of any prepayment of any Loan made hereunder, as to
the amount prepaid. 
 “Interest Period” means (a) with respect to any Reference Rate Loan or Alternative
Currency Daily Rate Loan, (i) initially the period commencing on (and including) the date of the initial purchase or funding of such Loan (or, in the case of a Reference Rate Loan, the related Reference Rate Conversion Date pursuant to
Section 2.3(f)) and ending on (and including) the last calendar day of such month and (ii) thereafter, each period commencing on (and including) the first calendar day of the succeeding calendar month and ending on
(and including) the last calendar day of such month; (b) with respect to any BSBY Rate Loan or Alternative Currency Term Rate Loan, the period commencing on (and including) the BSBY Rate Conversion Date, if applicable, or the date of the
initial purchase or funding of such Loan and ending on (but excluding) the corresponding date one month, three months or six months, as designated by the applicable Borrower(s) in the applicable Request for Borrowing; provided that: 

  
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 (A) any Interest Period with respect to any Loan that would otherwise end on
a day that is not a Business Day shall be extended to the next succeeding Business Day; provided further that if interest in respect of such Interest Period is computed by reference to the BSBY Rate or the Alternative Currency Term
Rate, and such Interest Period would otherwise end on a day that is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Interest Period shall end on the next preceding Business Day; 

(B) if interest in respect of such Interest Period is computed by reference to the BSBY Rate or the Alternative Currency Term
Rate, and such Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, then such Interest Period shall end on the last Business Day of the calendar month at the
end of such Interest Period; and 
 (C) in the case of any Interest Period for any Loans that commences before the Maturity
Date and would otherwise end on a date occurring after the Maturity Date, such Interest Period shall end on (but exclude) the Maturity Date and the duration of each Interest Period that commences on or after the Maturity Date shall be of such
duration as shall be selected by the applicable Lender in its sole discretion. 
 “Internal Revenue Code” means the
U.S. Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder, each as amended or modified from time to time. 

“Investment” means, as to any Borrower, any direct or indirect acquisition or investment by such Borrower, including,
without limitation, by means of (a) the purchase or other acquisition of capital stock or other securities of another Person; or (b) a loan, advance or capital contribution to, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, including any partnership or joint venture interest in such other Person, in each case done in compliance with its Constituent Documents. 

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended. 

“Investment Manager” means MSD Partners, L.P., a Delaware limited partnership. 

“Investment Policies” means the investment objectives, policies, restrictions and limitations for the Initial
Borrower as delivered to the Administrative Agent prior to the Closing Date (which may be contained in the Constituent Documents or any private placement memorandum or offering document delivered to the Administrative Agent), and as the same may be
changed, altered, expanded, amended, modified, termination or restated from time to time in accordance with the definition of Permitted Policy Amendment. 

“Investor” means any Person that is admitted to any Borrower (other than a Qualified Borrower) as a member,
shareholder, limited partner, general partner or other equity holder in accordance with the applicable Constituent Documents of such Borrower. “Investors” means, where the context may require, all Investors, collectively.

  
 29 

 “Investor Information” has the meaning provided in
Section 12.17(b). 
 “IRS” means the United States Internal Revenue Service. 

“ISP98” means the International Standby Practices (1998 Revision, effective January 1, 1999), International
Chamber of Commerce Publication No. 590. 
 “KYC Compliant” means any Person who has satisfied all requests for
information from the Lenders for “know-your-customer” and other anti-terrorism, anti-money laundering and similar rules and regulations and related policies and who would not result in any Lender being
non-compliant with any such rules and regulations and related policies were such Person to enter into a banking relationship with such Lender. 

“Lender” means (a) Bank of America, in its capacity as lender and (b) each other lender that becomes party
to this Credit Agreement in accordance with the terms hereof, and collectively, the “Lenders”. 
 “Lender
Party” has the meaning provided in Section 11.1(a). 
 “Lending Fund” means
any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Letter of Credit” means any letter of credit issued by the Letter of Credit Issuer pursuant to Section 2.8
either as originally issued or as the same may, from time to time, be amended or otherwise modified or extended. 
 “Letter of
Credit Application” means an application, in the form specified by the Letter of Credit Issuer from time to time and customarily used by such Letter of Credit Issuer in similar circumstances, requesting the Letter of Credit Issuer issue
a Letter of Credit. 
 “Letter of Credit Issuer” means Bank of America or any Affiliate thereof. 

“Letter of Credit Liability” means, at any time of determination, the aggregate amount of (a) the Dollar
Equivalent of the undrawn stated amount of all outstanding Letters of Credit plus (b) the Dollar Equivalent of the amount drawn under all Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of
them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8. 

“Letter of Credit Sublimit” means, at any time, an amount equal to twenty percent (20%) of the Available Commitment at
such time; provided that the aggregate face amount of Letters of Credit issued in Alternative Currencies shall not at any time exceed the Alternative Currency Sublimit. The Letter of Credit Sublimit is a part of, and not in addition to, the
Maximum Commitment. 

  
 30 

 “Lien” means any lien, mortgage, security assignment, assignment by
way of security, security interest, charge, tax lien, pledge, encumbrance, or conditional sale or title retention arrangement, or any other interest in property designed to secure the repayment of indebtedness, whether arising by agreement or under
common law, any statute, law, contract, or otherwise. 
 “Loan Documents” means this Credit Agreement, the Notes
(including any renewals, extensions, re-issuances and refundings thereof), each of the Collateral Documents, each Assignment and Assumption, each Letter of Credit Application, all Credit Link Documents, each
Qualified Borrower Guaranty, each Fee Letter and such other agreements and documents, and any amendments or supplements thereto or modifications thereof, executed or delivered pursuant to the terms of this Credit Agreement or any of the other Loan
Documents and any additional documents delivered in connection with any such amendment, supplement or modification. 

“Loans” means the groups of BSBY Rate Loans, Alternative Currency Loans and Reference Rate Loans made by the Lenders
to the Borrowers pursuant to the terms and conditions of this Credit Agreement, plus all payments under a Letter of Credit made to the beneficiary named thereunder (and certain other related amounts specified in
Section 2.9 shall be treated as Loans pursuant to Section 2.9). 

“Management Agreement” means that certain Investment Advisory Agreement dated as of November 24, 2021, between
the Initial Borrower and the Investment Manager. 
 “Margin Stock” has the meaning assigned thereto in Regulation U.

 “Material Adverse Effect” means a material adverse effect on: (a) the assets, operations, properties,
liabilities (actual or contingent), condition (financial or otherwise), or business of the Credit Parties taken as a whole; (b) the ability of any Credit Party to perform its obligations under this Credit Agreement or any of the other Loan
Documents; (c) the validity or enforceability of this Credit Agreement, any of the other Loan Documents, or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; (d) the obligation or the ability of any
Credit Party to fulfill its obligations under its Constituent Documents; or (e) the ability of the Investors (or applicable Sponsors, Responsible Parties or Credit Providers) to perform their obligations under the Constituent Documents of the
Borrowers, the Subscription Agreements, the Side Letters or the Credit Link Documents, as applicable. 
 “Material
Amendment” has the meaning provided in Section 9.6. 
 “Maturity Date” means
the earliest of: (a) the Stated Maturity Date; (b) the date upon which the Administrative Agent declares the Obligations due and payable after the occurrence and continuance of an Event of Default; (c) thirty (30) days prior to the
termination of the Constituent Documents of any Borrower; (d) thirty (30) days prior to the Capital Call Cut-Off Date and (e) the date upon which the Borrowers terminate the Commitments pursuant to
Section 3.6 or otherwise. 
 “Maximum Commitment” means $200,000,000, as such amount may be reduced by the
Borrowers pursuant to Section 3.6. 

  
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 “Maximum Rate” means, on any day, the highest rate of interest (if
any) permitted by Applicable Law on such day. 
 “Minimum Collateral Amount” means, at any time, with respect to
Cash Collateral consisting of cash or deposit account balances, an amount equal to 103% of the Letter of Credit Liability (or, with respect to any mandatory prepayment required pursuant to Section 3.5(b), the portion
thereof required to be Cash Collateralized hereunder) of the Letter of Credit Issuer with respect to Letters of Credit issued and outstanding at such time. 

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

“Non-Consenting Lender” means any Lender that does not approve any consent,
waiver, amendment, modification or termination that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 12.1 and (b) has been approved by the Required Lenders.

 “Non-Defaulting Lender” means, at any time, each Lender that is not a
Defaulting Lender at such time. 
 “Non-Rated Included Investor” has the
meaning provided in clause (a)(ii) of the definition of “Included Investor”. 
 “Notes” means the
promissory notes provided for in Section 3.1, and all promissory notes delivered in substitution or exchange therefor, as such notes may be amended, restated, reissued, extended or modified, and the Qualified Borrower
Notes; and “Note” means any one of the Notes. 
 “Obligations” means all present and future
indebtedness, obligations, and liabilities of the Credit Parties to the Lenders and the other Secured Parties, and all renewals and extensions thereof (including Loans, Letters of Credit, or both), or any part thereof, arising pursuant to this
Credit Agreement (including the indemnity provisions hereof) or represented by the Notes and each Qualified Borrower Guaranty, and all interest accruing thereon (including interest accruing at the rate provided in the applicable Loan Document on or
after the commencement of any bankruptcy or insolvency proceeding, whether or not allowed or allowable), and attorneys’ fees, costs and expenses incurred in the enforcement or collection thereof, regardless of whether such indebtedness,
obligations, and liabilities are direct, indirect, fixed, contingent, joint, several, or joint and several, together with all indebtedness, obligations and liabilities of the Credit Parties to the Lenders and other Secured Parties evidenced or
arising pursuant to any of the other Loan Documents, and all renewals and extensions thereof, or any part thereof. 

“OFAC” has the meaning provided in the definition of “Sanction”. 

“Operating Company” means an “operating company” within the meaning of 29 C.F.R. §2510.3-101(c) of the Plan Asset Regulations. 
 “Operating Lease” means, as to
any Person as determined in accordance with GAAP, any lease of property (whether real, personal or mixed) by such Person as lessee that is not a Capital Lease. 

  
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 “Other Claims” has the meaning provided in
Section 5.4. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court, documentary, excise, property, intangible, recording, filing
or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except
any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 4.8(b)). 

“Parallel Investment Vehicle” means a parallel or feeder partnership, real estate tax investment trust, group trust or
other investment vehicle created in accordance with the Constituent Documents of any Borrower for the purpose of making Investments through a vehicle or entity other than a Borrower and shall include, to the extent applicable, a “Parallel
Investment Vehicle” as such term is defined in the applicable Borrower’s Constituent Documents. 

“Participant” has the meaning provided in Section 12.11(d). 

“Participant Register” has the meaning provided in Section 12.11(e). 

“Participating Member State” means any member state of the European Union that adopts or has adopted (and has not
ceased to adopt) the euro as its lawful currency in accordance with legislation of the European Union relating to the Economic and Monetary Union. 

“Pending Capital Call” means any Capital Call that has been made upon the Investors and that has not yet been funded
by the applicable Investor, and with respect to which such Investor is not in default. 
 “Permitted Distributions”
means (a) Permitted RIC Distributions; (b) Distributions among the Credit Parties; (c) pro rata Distributions from any Qualified Borrower to its holders of equity, including the Initial Borrower; and (d) Distributions in the form
of common equity interests in a Borrower. 
 “Permitted Liens” means (a) Liens in favor of the Administrative
Agent, for the benefit of the Secured Parties, in each case pursuant to the Collateral Documents or as otherwise contemplated by the Loan Documents; (b) non-consensual Liens, if any, imposed on the
property of any Borrower not yet delinquent or being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP; (c) banker’s Liens, rights of setoff or similar rights and
remedies arising (i) in the ordinary course of business as to deposit or securities account or other funds maintained with depositary institutions or (ii) as a matter of law; and (d) Liens in connection with Indebtedness provided by
the Investment 

  
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 Manager to the Borrowers; provided that (i) any Liens securing such Indebtedness are, at all
times, unperfected; and (ii) the Borrowers, the Investment Manager and the Administrative Agent have entered into an intercreditor agreement with respect to such Indebtedness in form and substance reasonably satisfactory to the Administrative
Agent. 
 “Permitted Policy Amendment” means any change, alteration, expansion, amendment, modification, termination
or restatement of the Investment Policies that: (a) is approved in writing by the Administrative Agent, (b) is required by applicable law, rule, regulation or Governmental Authority, or (c) (i) does not affect the Initial
Borrower’s or its Investors’ debts, duties, obligations, and liabilities, or the rights, titles, security interests, Liens, powers and privileges of the Initial Borrower, in any case, relating to any Investor Capital Calls, Investor
Capital Commitments, Investor Capital Contributions or the shortening of the time period during which they are available, or, except as permitted by this Credit Agreement, suspend, reduce or terminate any Investor’s Unfunded Capital Commitment,
(ii) could not otherwise have a Material Adverse Effect on the rights, titles, first priority security interests and Liens, and powers and privileges of the Lenders hereunder and (iii) does not permit or allow any Borrower to purchase
Portfolio Assets or otherwise make investments, or engage in any line of business, that are materially different from the Portfolio Assets or lines of business permitted by such Borrower’s Constituent Documents as in effect on the Closing Date.

 “Permitted RIC Distributions” means, with respect to each taxable year, any Distributions determined by a
Borrower in good faith to be required to be made in order to maintain a Borrower’s tax status under Section 852 of the Internal Revenue Code or to avoid the payment of any tax imposed under Section 852(b)(1), Section 852(b)(3) or
Section 4982 of the Internal Revenue Code. 
 “Person” means an individual, sole proprietorship, joint venture,
association, trust, estate, business trust, corporation, company, limited liability company, exempted company, limited liability partnership, limited partnership, exempted limited partnership, nonprofit corporation, partnership, group, sector,
sovereign government or agency, instrumentality, or political subdivision thereof, territory, or any similar entity or organization, whether or not having separate legal personality in its jurisdiction of registration, formation or incorporation.

 “Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of
ERISA), including any single-employer plan or multiemployer plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA, respectively), that is subject to Title IV of ERISA or Section 412 of the Internal
Revenue Code. 
 “Plan Asset Regulations” means 29 C.F.R.
§2510.3-101, et seq, as modified by Section 3(42) of ERISA. 

“Plan Assets” means “plan assets” within the meaning of the Plan Asset Regulations. 

“Portfolio Assets” means, at any time, as to any Borrower, the following assets owned by such Person: (i) equity
securities or interests (or options or warrants thereon) of any kind, (ii) debt securities or obligations (including loans or advances) of any kind, and (iii) any other Investments. 

  
 34 

 “Potential Default” means any condition, act or event that, with the
giving of notice or lapse of time or both, would become an Event of Default. 

“Pre-Adjustment Successor Rate” has the meaning provided in
Section 4.11(a). 
 “Prime Rate” means, at any time, the rate of interest per annum
publicly announced from time to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge
that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 

“Principal Obligations” means, as of any time of determination, the sum, without duplication, of (a) the
aggregate outstanding principal amount of the Loans plus (b) the aggregate Letter of Credit Liability. 
 “Pro Rata
Share” means, with respect to each Lender, the percentage obtained from the fraction: (a)(i) the numerator of which is the Commitment of such Lender; and (ii) the denominator of which is the aggregate Commitments of all Lenders; or
(b) in the event the Commitments of all Lenders have been terminated: (i) the numerator of which is the sum of the Principal Obligations (or, if no Principal Obligations are outstanding, the Obligations) outstanding of such Lender; and
(ii) the denominator of which is the aggregate Principal Obligations (or if no Principal Obligations are outstanding, the Obligations) of all Lenders. 

“Proceedings” has the meaning provided in Section 7.9. 

“Processing and Recordation Fee” means a non-refundable fee equal to $3,500.

 “Proposed Amendment” has the meaning provided in Section 9.6. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may
be amended from time to time. 
 “QFC” has the meaning provided in Section 12.23(b)(iv).

 “QFC Credit Support” has the meaning provided in Section 12.23. 

“Qualified Borrower” has the meaning provided in Section 6.3(a). 

“Qualified Borrower Guaranty” and “Qualified Borrower Guaranties” have the meanings provided
in Section 6.3(b). 
 “Qualified Borrower Letter of Credit Note” has the meaning provided
in Section 6.3(d). 
 “Qualified Borrower Notes” means the Qualified Borrower Promissory
Notes and the Qualified Borrower Letter of Credit Notes, and “Qualified Borrower Note” means any one of them, as such note may be amended, restated, reissued, extended or modified. 

  
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 “Qualified Borrower Promissory Note” has the meaning provided in
Section 6.3(c). 
 “Rated Included Investor” has the meaning provided in clause
(a)(i) of the definition of “Included Investor”. 
 “Rating” means, for any Person, its senior
unsecured debt rating (or equivalent thereof, such as, but not limited to, a corporate credit rating, issuer rating/insurance financial strength rating (for an insurance company), general obligation rating or credit enhancement program (for a
governmental entity), or revenue bond rating (for an educational institution or a governmental entity)) from S&P or Moody’s. 

“Recipient” means (a) the Administrative Agent; (b) any Lender; and (c) the Letter of Credit Issuer, as
applicable. 
 “Reference Rate” means the greatest of: (a) the Prime Rate plus the Applicable Margin;
(b) the Federal Funds Rate plus fifty basis points (0.50%) plus the Applicable Margin; and (c) the BSBY Rate plus one hundred basis points (1.00%) plus the Applicable Margin. Each change in the Reference Rate shall
become effective without prior notice to any Credit Party automatically as of the opening of business on the day of such change in the Reference Rate. If the calculation of the Reference Rate results in a Reference Rate that is less than zero (0),
the Reference Rate shall be deemed to be zero (0) for all purposes of the Loan Documents. If the Reference Rate is being used as an alternate rate of interest pursuant to Section 4.2,
Section 4.3 or Section 4.11, then the Reference Rate shall be the greater of clause (a) and clause (b) of this definition and shall be determined without reference to
clause (c) of this definition. 
 “Reference Rate Conversion Date” has the meaning provided in
Section 2.3(f). 
 “Reference Rate Loan” means a Loan made hereunder with respect to which
the interest rate is calculated by reference to the Reference Rate. All Reference Rate Loans shall be denominated in Dollars. 

“Register” has the meaning provided in Section 12.11(c). 

“Regulation D,” “Regulation T,” “Regulation U,” and
“Regulation X” means Regulation D, T, U, or X, as the case may be, of the Board of Governors of the Federal Reserve System, from time to time in effect, and shall include any successor or other regulation relating to reserve
requirements or margin requirements, as the case may be, applicable to member banks of the Federal Reserve System. 

“Reimbursement Obligation” means the obligation of the Borrowers to reimburse the Letter of Credit Issuer pursuant to
Section 2.8 for amounts drawn under Letters of Credit. 
 “Related Parties” means, with
respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

  
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 “Release” means any release, spill, emission, leaking, pumping,
injection, deposit, disposal, discharge, dispersal, leaching, or migration of Hazardous Materials into the indoor or outdoor environment, or into or out of any real property Investment, including the movement of any Hazardous Material through or in
indoor or outdoor the air, soil, surface water or groundwater of any real property Investment. 
 “Relevant Governmental
Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank
of New York, or any successor thereto. 
 “Relevant Rate” means, with respect to any Loan denominated in
(a) Euro, EURIBOR, and (b) Sterling, SONIA, as applicable. 
 “Removal Effective Date” has the meaning
provided in Section 11.9(a)(ii). 
 “Request for Borrowing” has the meaning provided in
Section 2.3(a). 
 “Request for Letter of Credit” has the meaning provided in
Section 2.8(b). 
 “Required Lenders” means, at any time: (a) the Lenders (other than
the Defaulting Lenders) holding an aggregate Pro Rata Share of greater than or equal to sixty-six and two-thirds percent
(66-2/3%); or (b) at any time that the Commitments are zero (0), the Lenders (other than the Defaulting Lenders) owed an aggregate Pro Rata Share of greater than or equal to
sixty-six and two-thirds percent (66-2/3%); provided that if at any time there is only one Lender party hereto, then
“Required Lenders” means such Lender. The Commitments, Principal Obligations and Obligations of any Defaulting Lender shall be disregarded from the calculation when determining Required Lenders at any time. 

“Required Payment Time” means in immediately available funds (except to the extent any such excess is addressed by
clause (b) of this definition), as follows: (a) promptly, and in any event within two (2) Business Days, to the extent such funds are available in a Collateral Account or any other account maintained by the Borrowers (except to
the extent such funds in any such other account are the proceeds of a Capital Call made prior to the Borrowers’ knowledge of the required mandatory prepayment pursuant to Section 3.5(b) and have been earmarked for a
contractually binding investment that will be consummated on or prior to the tenth (10th) Business Day following the date on which the Borrowers first become aware of such required mandatory prepayment); and (b) within ten (10) Business
Days of demand, to the extent that it is necessary for the Borrowers to issue a Capital Call to fund such required payment (and the Borrowers shall issue such Capital Calls (and shall pay such excess immediately after the Capital Contributions
relating to such Capital Call are received)). 
 “Requirement of Law” means, as to any Person, the certificate of
incorporation and by- laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority,
in each case applicable or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Rescindable Amount” has the meaning provided in Section 3.4(b). 

  
 37 

 “Resignation Effective Date” has the meaning provided in
Section 11.9(a)(i). 
 “Resolution Authority” means an EEA Resolution Authority or, with
respect to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” means (a) in the
case of a corporation or company, its president or any vice president or any director or other officer or the equivalent thereof (including a secretary or assistant secretary), and, in any case where two Responsible Officers are acting on behalf of
such corporation, the second such Responsible Officer may be a secretary or assistant secretary or the equivalent thereof; (b) in the case of a limited partnership or an exempted limited partnership, an officer, director or other authorized
person of its general partner or ultimate general partner, as the case may be, or any officer, director or other authorized person of an entity that has authority to act on behalf of such general partner, acting on behalf of the general partner in
its capacity as general partner of such limited partnership or exempted limited partnership; (c) in the case of a limited liability company, any manager, an officer or other authorized person of such limited liability company or any a manager,
director, managing member, or other authorized person or the individual acting on behalf of such manager or managing member, in its capacity as manager or managing member of such limited liability company; and (d) in the case of an exempted
company, any director or any other duly authorized officer or person of such exempted company, or in each case such other authorized officer or signatory who has the power to bind such corporation, limited partnership, exempted limited partnership,
limited liability company, exempted company or any other Person who has provided documentation evidencing such authority or any other party acceptable to the Administrative Agent. Any document delivered hereunder or under any other Loan Document
that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Person. 
 “Responsible Party” means, for any Governmental Plan Investor:
(a) if the state under which the Governmental Plan Investor operates is obligated to fund the Governmental Plan Investor and is liable to fund any shortfalls, the state; and (b) otherwise, the Governmental Plan Investor itself. 

“Returned Capital” means, for any Investor, at any time, any amounts distributed to such Investor that are subject to
recall as a Capital Contribution pursuant to the Constituent Document of the applicable Borrower. Any amount of Returned Capital distributed to an Investor shall appear on a Capital Return Notice, duly completed and executed by a Borrower,
substantially in the form of Exhibit O. 
 “Revaluation Date” means each of the following:
(a) each date of the making of any Loan or an issuance, amendment, renewal or extension of a Letter of Credit; (b) the date of any Exclusion Event; and (c) each other date on which any of the Administrative Agent or the Borrowers
shall reasonably request. 
 “Rollover” means the renewal of all or any part of any BSBY Rate Loan or Alternative
Currency Term Rate Loan upon the expiration of the Interest Period with respect thereto, pursuant to Section 2.3(g). 

  
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 “Rollover Notice” has the meaning provided in
Section 2.3(g). 
 “S&P” means Standard & Poor’s Financial Services,
LLC, a subsidiary of S&P Global, Inc., and any successor thereto. 
 “Same Day Funds” means (a) with
respect to disbursements and payments in Dollars, immediately available funds; and (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent or the Letter
of Credit Issuer, as the case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant Alternative Currency. 

“Sanction” or “Sanctions” means individually and collectively, respectively, any and all
economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered
by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future
executive order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other Governmental Authorities with jurisdiction over any Credit Party or its Subsidiaries. 

“Sanctioned Entity” means any individual, entity, group, sector, territory or country that is the target of any
Sanctions, including any legal entity that is deemed to be a target of Sanctions based on the direct or indirect ownership or control of such entity by any other Sanctioned Entity. 

“Scheduled Unavailability Date” has the meaning provided in Section 4.12(b). 

“SEC” means the Securities and Exchange Commission. 

“Secured Parties” means the Administrative Agent, the Structuring Agent, the Lenders, the Letter of Credit Issuer and
each Indemnitee. 
 “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended to the date
hereof and from time to time hereafter, and any successor statute. 
 “Security Agreement” means that certain
security agreement, substantially in the form of Exhibit C, made by a Borrower in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to which such Borrower shall pledge a first priority Lien and
security interest in, and pledge of, their interests in the Collateral, as the same may be amended, restated, supplemented or otherwise modified from time to time. “Security Agreements” means all Security Agreement,
collectively. 
 “Side Letter” means any side letter executed by or on behalf of an Investor with any Borrower or
the Investment Manager with respect to such Investor’s rights and/or obligations under its Subscription Agreement or the Constituent Documents of the applicable Borrower, as amended, restated, supplemented or otherwise modified from time to
time in accordance with the terms hereof. 

  
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 “SOFR” is defined in the definition of “Daily Simple
SOFR”. 
 “SOFR Adjustment” with respect to Daily Simple SOFR means 0.11448% (11.448 basis points); and with
respect to Term SOFR means 0.11448% (11.448 basis points) for an interest period of one-month’s duration, 0.26161% (26.161 basis points) for an interest period of three- month’s duration, 0.42826%
(42.826 basis points) for an interest period of six-months’ duration, and 0.71513% (71.513 basis points) for an interest period of twelve–months’ duration. 

“Sole Bookrunner” means Bank of America. 

“Sole Lead Arranger” means Bank of America. 

“Solvent” means, with respect to any Credit Party, as of any date of determination, that as of such date: 

(a) the fair value of the assets of such Credit Party and, with respect to each Borrower, the aggregate Unfunded Capital
Commitments, are greater than the total amount of liabilities, including contingent liabilities, of such Credit Party; 
 (b)
the fair value of the assets of such Credit Party and, with respect to each Borrower, the aggregate Unfunded Capital Commitments, are not less than the amount that will be required to pay the probable liability of the Credit Parties on their debts
as they become absolute and matured; 
 (c) such Credit Party does not intend to, and does not believe that it will, incur
debts or liabilities beyond its ability to pay as such debts or liabilities become absolute and matured; and 
 (d) such
Credit Party is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which its assets and, with respect to each Borrower, the aggregate Unfunded Capital Commitments would constitute unreasonably
small capital. 
 For the purposes of this definition, the amount of contingent liabilities (such as litigation, guarantees, and pension
plan liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that can reasonably be expected to become an actual or matured liability and are determined
as contingent liabilities in accordance with applicable federal and state laws governing determinations of insolvency. 

“SONIA” means, with respect to any applicable determination date, the Sterling Overnight Index Average Reference Rate
published on the fifth (5th) Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time);
provided that if such determination date is not a Business Day, SONIA means such rate that applied on the Business Day immediately prior thereto. 

  
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 “SONIA Adjustment” means, with respect to SONIA, 0.1193% per annum.

 “Sovereign Designated Investor” means any Designated Investor that is a sovereign government or any agency,
instrumentality or political subdivision of a sovereign government. 
 “Specified Time” means the day and time
determined in accordance with Schedule IV. 
 “Sponsor” means, (a) for any ERISA Investor, a sponsor as
that term is understood under ERISA, specifically, the entity that established the plan and is responsible for the maintenance of the plan and, in the case of a plan that has a sponsor and participating employers, the entity that has the ability to
amend or terminate the plan, and in the case of an ERISA Investor that is an individual retirement account or individual retirement annuity, the owner of such account or annuity for whose benefit the account or annuity has been established, and
(b) for any Endowment Fund Investor, the private or state chartered, “not-for-profit” university or college that has established such fund for its
exclusive use and benefit. As used herein, the term “not- for-profit” means an entity formed not for pecuniary profit or financial gain and for which no part
of its assets, income or profit is distributable to, or inures to the benefit of, its members, directors or officers. 
 “Spot
Rate” for an Alternative Currency means the rate reasonably determined by the Administrative Agent or the Letter of Credit Issuer to be the spot rate for the purchase of such Alternative Currency with Dollars as published by Bloomberg
on page CurncyFXIP (or such other equivalent page as may from time to time be in effect) at approximately 11:00 a.m. on the date as of which the foreign exchange computation is made; provided that the Administrative Agent or Letter of Credit
Issuer may obtain such spot rate from another commercially available source designated by the Administrative Agent or Letter of Credit Issuer if such spot rate is not available on Bloomberg. 

“Stated Maturity Date” means December 21, 2022 (or if such date is not a Business Day, the immediately preceding
Business Day) subject to the Borrowers’ extension of such date under Section 2.14; provided that the Stated Maturity Date shall, in any and all circumstances, refer to a date on or before thirty (30) days prior to the
Capital Call Cut-Off Date. 
 “Sterling” and
“£” mean the lawful currency of the United Kingdom. 
 “Subscription Agreement” means
a subscription agreement and any related supplement thereto executed by an Investor in connection with the subscription for a partnership or other equity interest in any Borrower, as applicable, as amended, restated, supplemented or otherwise
modified from time to time; “Subscription Agreements” means, where the context may require, all Subscription Agreements, collectively. 

  
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 “Subsidiary” of a Person means a corporation, partnership, joint
venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of the board of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of a Borrower. 

“Successor Rate” has the meaning specified in Section 4.12. 

“Supported QFC” has the meaning provided in Section 12.23. 

“Synthetic Lease” means any synthetic lease, tax retention operating lease,
off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified
as an Operating Lease in accordance with GAAP. 
 “Taxes” means all present or future taxes, levies, imposts,
duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto. 

“Term SOFR” means, for the applicable corresponding Interest Period of BSBY (or if any Interest Period does not
correspond to an interest period applicable to SOFR, the closest corresponding interest period of SOFR, and if such interest period of SOFR corresponds equally to two Interest Periods of BSBY, the corresponding interest period of the shorter
duration shall be applied) the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Threshold Amount” means, at any time of determination, the lesser of (a) $25,000,000, and (b) five percent (5%)
of the aggregate Uncalled Capital Commitments of the Borrowing Base Investors at such time. 
 “Transfer” means to
assign, convey, exchange, pledge, sell, set-off, transfer or otherwise dispose. 
 “Type
of Loan” means a Reference Rate Loan, a BSBY Rate Loan, an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan. 

“UCC” means the Uniform Commercial Code as adopted in the State of New York and any other state from time to time that
governs creation or perfection (and the effect thereof) of security interests in any Collateral. 
 “UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA
Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

  
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 “UK Resolution Authority” means the Bank of England or any other
public administrative authority having responsibility for the resolution of any UK Financial Institution. 
 “Uncalled Capital
Commitment” means, with respect to any Investor at any time, such Investor’s uncalled Capital Commitment, including, for the avoidance of doubt an Investor’s “Remaining Commitment” as defined in the applicable
Borrower’s Constituent Documents. 
 “Unfunded Capital Commitment” means, with respect to any Investor at any
time, such Investor’s Capital Commitment minus (a) any portion of such Investor’s Capital Commitment that is subject to a Pending Capital Call and (b) such Investor’s Capital Contributions to date. 

“Uniform Customs” means the Uniform Customs and Practice for Documentary Credits (2007 Revision), effective July, 2007
International Chamber of Commerce Publication No. 600. 
 “Unused Commitment Fee Rate” has the meaning set
forth in the applicable Fee Letter. 
 “U.S. Person” means any Person that is a “United States person” as
defined in Section 7701(a)(30) of the Internal Revenue Code. 
 “U.S. Special Resolution Regimes” has the
meaning provided in Section 12.23. 
 “U.S. Tax Compliance Certificate” has the meaning
provided in Section 4.1(f)(ii)(B)(3). 
 “Withholding Agent” means any Borrower and the
Administrative Agent. 
 “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write- down and conversion powers
are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the
Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

1.2 Other Definitional Provisions. With reference to this Credit Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document: 
 (a) all terms defined in this Credit Agreement shall have the above-defined
meanings when used in the Notes or any other Loan Documents or any certificate, report or other document made or delivered pursuant to this Credit Agreement, unless otherwise defined in such other document; 

(b) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined; 

  
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 (c) whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms; 
 (d) the words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”; 
 (e) the word
“will” shall be construed to have the same meaning and effect as the word “shall”; 
 (f) any reference
herein to any Person shall be construed to include such Person’s successors and assigns; 
 (g) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Credit Agreement in its entirety and not to any particular provision hereof; 

(h) all references herein to Sections, Exhibits and Schedules shall be construed to refer to Sections of, and Exhibits and
Schedules to, this Credit Agreement; 
 (i) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights; 

(j) the term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports,
financial statements and other writings, however evidenced, whether in physical or electronic form; 
 (k) in the computation
of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word
“through” means “to and including”; 
 (l) a Potential Default is “continuing” if it has not
been remedied or waived and an Event of Default is “continuing” if it has not been waived; and 
 (m) section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Credit Agreement or any other Loan Document. 

1.3 Accounting Terms. All accounting terms not specifically or completely defined herein or in any other Loan Document shall be
construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Credit Agreement shall be prepared in conformity with GAAP, applied on a consistent basis,
as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section 8.1(a), except as otherwise specifically prescribed herein. 

1.4 UCC Terms. Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context
otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect. 

  
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 1.5 References to Agreement and Laws. Unless otherwise expressly provided herein,
(a) references to formation documents, governing documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other
modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Applicable Law shall include all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law. 
 1.6 Times of Day.
Unless otherwise specified, all references herein to times of day shall be references to times of day in New York, New York. 
 1.7 Letter
of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the Dollar Equivalent of the maximum face amount of such Letter of Credit after giving effect to all
increases thereof contemplated by such Letter of Credit or the Letter of Credit Application therefor (at the time specified therefor in such applicable Letter of Credit or Letter of Credit Application and as such amount may be reduced by
(a) any permanent reduction of such Letter of Credit or (b) any amount that is drawn, reimbursed and no longer available under such Letter of Credit). 

1.8 Exchange Rates; Currency Equivalents. 

(a) The Administrative Agent or the Letter of Credit Issuer, as applicable, shall determine the Spot Rates as of each
Revaluation Date to be used for calculating Dollar Equivalent amounts of credit extensions and outstanding amounts denominated in Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates
employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Credit Parties hereunder or calculating financial covenants hereunder or
except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent or the Letter of Credit Issuer, as
applicable. 
 (b) Wherever in this Credit Agreement in connection with a Borrowing, conversion, continuation or prepayment
of a Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing, Loan or Letter of Credit is denominated in an Alternative Currency, such
amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the Letter of Credit
Issuer, as the case may be. 

  
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 1.9 Additional Alternative Currencies. The Borrowers may from time to time request
that Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is a lawful currency
(other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Alternative Currency Loans, such request shall be subject to the approval of the
Administrative Agent and all of the Lenders, which approval shall be in their sole discretion; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative
Agent, the Letter of Credit Issuer and all of the Lenders, which approval shall be in their sole discretion. 
 1.10 Interest Rates.
The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “BSBY
Rate”, “Alternative Currency Daily Rate” and “Alternative Currency Term Rate”, or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that
is an alternative or replacement for or successor to any of such rate (including, without limitation, any BSBY Successor Rate) or the effect of any of the foregoing, or of any BSBY Conforming Changes or any Conforming Changes. 

1.11 Defined Terms. Certain defined terms hereunder are defined by cross reference to the Borrower Constituent Documents and certain
provisions of this Credit Agreement and the other Loan Documents reference particular sections of the Borrower Constituent Documents. With respect to any Borrower that joins the Credit Facility after the Closing Date in accordance with the terms
hereof, such definitions and provisions with respect to such other Borrower shall be deemed to refer to the definitions and sections in such other Borrower Constituent Documents that correspond to the stated definitions and sections of the Borrower
Constituent Documents. 
 Section 2. REVOLVING CREDIT LOANS AND LETTERS OF CREDIT 

2.1 The Commitment. 

(a) Committed Amount. Subject to the terms and conditions herein set forth, the Lenders agree, during the Availability
Period: (i) to extend to the Borrowers a revolving line of credit; and (ii) to participate in Letters of Credit issued by the Letter of Credit Issuer for the account of the Borrowers, in each case in Dollars or in one or more Alternative
Currencies. 
 (b) Limitation on Borrowings and Re-borrowings. Except as
provided in Section 2.1(c), the Lenders shall not be required to advance any Borrowing, Continuation, Conversion or cause the issuance of any Letter of Credit hereunder if: 

(i) after giving effect to such Borrowing, Continuation, Conversion, or issuance of such Letter of Credit: (A) the Dollar
Equivalent of the Principal Obligations would exceed the Available Commitment; (B) with respect to the issuance of any Letter of Credit only, the Dollar Equivalent of the Letter of Credit Liability would exceed the Letter of Credit Sublimit;
(C) the Dollar Equivalent of the Principal Obligations of any Lender would exceed the Commitment of such Lender; or (D) the Dollar Equivalent of the Principal Obligations of Loans and Letters of Credit denominated in Alternative Currencies
would exceed the Alternative Currency Sublimit; or 

  
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 (ii) the conditions precedent in Section 6.2 have
not been satisfied (which shall be limited to clauses (a) and (b) thereof solely in the case of Continuations and Conversions). 

(c) Exceptions to Limitations. Conversions to Reference Rate Loans shall be permitted in the case of
Section 2.1(b)(i) and Section 2.1(b)(ii), in each case, unless the Administrative Agent has otherwise accelerated the Obligations or exercised other rights that terminate the Commitments under
Section 10.2. 
 2.2 Revolving Credit Commitment. Subject to the terms and conditions herein set forth, each
Lender severally agrees, on any Business Day during the Availability Period, to make Loans to the Borrowers at any time and from time to time in an aggregate principal amount at any one time outstanding up to the Dollar Equivalent of such
Lender’s Commitment at any such time. Subject to the conditions set forth in Sections 2.1(b) and 6 and the other terms and conditions hereof, the Borrowers may borrow, repay without penalty or premium, and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.2 shall be made in Dollars or in one or more Alternative Currencies and shall be funded
ratably by the Lenders in proportion to their Pro Rata Share. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto under Section 2.6(a) would exceed the Maximum Rate in effect with respect
to such Loan. 
 2.3 Manner of Borrowing. 

(a) Request for Borrowing. The Borrowers shall give the Administrative Agent notice at the Agency Services Address of
the date of each requested Borrowing hereunder, which notice may be by telephone, if confirmed in writing, facsimile, electronic mail, or other written communication (a “Request for Borrowing”), in the form of Exhibit
E, and which notice shall be irrevocable and effective upon receipt by the Administrative Agent. Each Request for Borrowing: (i) shall be furnished to the Administrative Agent no later than the Specified Time; and (ii) must specify:
(A) the amount of such Borrowing; (B) the currency of the Borrowing; (C) the Interest Option; and (iv) the date of such Borrowing, which shall be a Business Day. Any Request for Borrowing received by the Administrative Agent
after the Specified Time shall be deemed to have been given by the Borrowers on the next succeeding Business Day. Each Request for Borrowing submitted by the Borrowers shall be deemed to be a representation and warranty that the conditions specified
in Sections 6.1 and 6.2 and, to the extent applicable, Section 6.3, have been satisfied on and as of the date of the applicable Borrowing. No Request for Borrowing shall be valid hereunder for any purpose unless it shall have
been accompanied or preceded by the information and other documents required to be delivered in accordance with this Section 2.3. 

  
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 (b) Further Information. Each Request for Borrowing shall be
accompanied or preceded by: (i) a duly executed Borrowing Base Certificate dated the date of such Request for Borrowing; and (ii) such documents as are required to satisfy any applicable conditions precedent as provided in
Section 6.2. 
 (c) Request for Borrowing Irrevocable. Each Request for Borrowing completed
and signed by the Borrowers in accordance with Section 2.3(a) shall be irrevocable and binding on the Borrowers, and the Borrowers shall indemnify each Lender against any cost, loss or expense incurred by such Lender (other
than loss of margin or spread or any anticipated profits), either directly or indirectly, as a result of any failure by the Borrowers to complete such requested Borrowing, including any cost, loss or expense incurred by the Administrative Agent or
any Lender, either directly or indirectly by reason of the liquidation or reemployment of funds acquired by such Lender in order to fund such requested Borrowing except to the extent such cost, loss or expense is due to the gross negligence or
willful misconduct of such Person as determined by a court of competent jurisdiction by final and non-appealable judgment. A certificate of such Lender setting forth the amount of any such cost, loss or
expense, and the basis for the determination thereof and the calculation thereof, shall be delivered to the Borrowers and shall, in the absence of a manifest error, be conclusive and binding. 

(d) Notification of Lenders. The Administrative Agent shall promptly notify each Lender of the Administrative
Agent’s receipt of any Request for Borrowing. 
 (e) Lender’s Commitment. Each Lender shall make each
requested Loan, in accordance with its Pro Rata Share thereof, in Same Day Funds in the applicable currency. Notwithstanding anything contained in this Section 2.3(e) or elsewhere in this Credit Agreement to the contrary,
no Lender shall be obligated to provide the Administrative Agent or the Borrowers with funds in connection with a Loan in an amount that would result in the sum of the Dollar Equivalent of the Loans then funded by it plus such Lender’s Pro Rata
Share of the Dollar Equivalent of the Letter of Credit Liability exceeding its Commitment then in effect. 
 (f)
Conversions. The applicable Borrowers shall have the right, with respect to: (i) any Reference Rate Loan, on any Business Day, to convert such Reference Rate Loan to a BSBY Rate Loan (a “BSBY Rate Conversion
Date”); and (ii) any BSBY Rate Loan, on any Business Day to convert such BSBY Rate Loan to a Reference Rate Loan (a “Reference Rate Conversion Date”); provided that the Borrowers shall, on such
Reference Rate Conversion Date, make the payments required by Section 4.5, if any; in either case, by giving the Administrative Agent written notice at the Agency Services Address (which notice may be via fax or electronic
mail substantially in the form of Exhibit G (a “Conversion Notice”) of such selection no later than the Specified Time. Each Conversion Notice shall be effective upon notification thereof to the Administrative Agent.
Each Conversion Notice shall be irrevocable. A request of the Borrowers for a Conversion of a Reference Rate Loan into a BSBY Rate Loan is subject to the condition that no Event of Default or Potential Default exists at the time of such request or
after giving effect to such Conversion. 

  
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 (g) Continuations. No later than the Specified Time, the applicable
Borrowers shall give the Administrative Agent written notice at the Agency Services Address (which notice may be via fax or electronic mail) (the “Rollover Notice”) whether they desire to renew such BSBY Rate Loan or
Alternative Currency Term Rate Loan. The Rollover Notice shall also specify the length of the Interest Period selected by the Borrowers with respect to such Rollover. Each Rollover Notice shall be irrevocable and effective upon notification thereof
to the Administrative Agent. If the Borrowers fail to timely give the Administrative Agent the Rollover Notice with respect to any BSBY Rate Loan, the Borrowers shall be deemed to have elected to renew such BSBY Rate Loan with an Interest Period of
one (1) month. If the Borrowers fail to timely give the Administrative Agent the Rollover Notice with respect to any Alternative Currency Term Rate Loan, or fail to specify the length of the Interest Period in such Rollover Notice, the
Borrowers shall be deemed to have elected to continue such Alternative Currency Term Rate Loan in its original currency with an Interest Period of one (1) month. Any Rollover is subject to the condition that no Event of Default or Potential
Default exists at the time of such request or after giving effect to such Rollover. 
 (h) Tranches. Notwithstanding
anything to the contrary contained herein, no more than ten (10) BSBY Rate Loans (other than BSBY Rate Loans based on Daily BSBY) and Alternative Currency Term Rate Loans, in the aggregate, may be outstanding hereunder at any one time during
the Availability Period. 
 (i) Administrative Agent Notification of the Lenders. The Administrative Agent shall
promptly notify each Lender of the receipt of a Request for Borrowing, a Conversion Notice or a Rollover Notice, the amount of the Borrowing and the amount and currency of such Lender’s Pro Rata Share of the applicable Loans, the date the
Borrowing is to be made, the Interest Option selected, the Interest Period selected, if applicable, and the applicable rate of interest. 

(j) BSBY Conforming Changes. With respect to BSBY the Administrative Agent will have the right to make BSBY Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such BSBY Conforming Changes will become effective without any further action or consent of any other party to
this Credit Agreement or any other Loan Document; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such BSBY Conforming Changes to the Borrower and the Lenders
reasonably promptly after such amendment becomes effective. 
 (k) Conforming Changes. With respect to any Alternative
Currency Daily Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes
will become effective without any further action or consent of any other party to this Credit Agreement or any other Loan Document; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such
amendment implementing such Conforming Changes to the Borrowers and the Lenders reasonably promptly after such amendment becomes effective. 

  
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 2.4 Minimum Loan Amounts. Each BSBY Rate Loan and Alternative Currency Loan shall not
be less than $1,000,000, and each Reference Rate Loan shall not be less than $250,000; provided that a Reference Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the Available Commitment or that is
required to finance the reimbursement of a Letter of Credit under Section 2.8(c). 
 2.5 Funding. Subject to
the fulfillment of all applicable conditions set forth herein, each Lender shall make the proceeds of its Pro Rata Share of each Borrowing available to the Administrative Agent no later than the Specified Time, in Same Day Funds in the applicable
currency, and, upon fulfillment of all applicable conditions set forth herein, the Administrative Agent shall deposit such proceeds in immediately available funds in the applicable Borrower’s account maintained with the Administrative Agent not
later than the Specified Time or, if requested by the Borrowers in the Request for Borrowing, shall wire-transfer such funds as requested on or before such time. The failure of any Lender to advance the proceeds of its Pro Rata Share of any
Borrowing required to be advanced hereunder shall not relieve any other Lender of its obligation to advance the proceeds of its Pro Rata Share of any Borrowing required to be advanced hereunder. Absent contrary written notice from a Lender, the
Administrative Agent may assume that each Lender has made its Pro Rata Share of the requested Borrowing available to the Administrative Agent on the applicable borrowing date, and the Administrative Agent may, in reliance upon such assumption (but
is not required to), make available to the Borrowers a corresponding amount not to exceed its Commitment as Lender hereunder. If a Lender fails to make its Pro Rata Share of any requested Borrowing available to the Administrative Agent on the
applicable borrowing date, then the Administrative Agent may recover the applicable amount on demand: (a) from such Lender, together with interest at the Federal Funds Rate for the period commencing on the date the amount was made available to
the Borrowers by the Administrative Agent and ending on (but excluding) the date the Administrative Agent recovers the amount from such Lender; or (b) if such Lender fails to pay its amount upon the Administrative Agent’s demand, then from
the Borrowers by the Required Payment Time, together with interest at a rate per annum equal to the rate applicable to the requested Borrowing for the period commencing on the borrowing date and ending on (but excluding) the date the
Administrative Agent recovers the amount from the Borrowers. The liabilities and obligations of each Lender hereunder shall be several and not joint, and neither the Administrative Agent nor any Lender shall be responsible for the performance by any
other Lender of its obligations hereunder. Each Lender hereunder shall be liable to the Borrowers only for the amount of its respective Commitment. 

2.6 Interest. 

(a) Interest Rate. Each Loan funded by the Lenders shall accrue interest at a rate per annum equal to:
(i) with respect to BSBY Rate Loans, BSBY Rate for the applicable Interest Period, plus the Applicable Margin; (ii) with respect to Alternative Currency Daily Rate Loans, the applicable Alternative Currency Daily Rate plus the
Applicable Margin; (iii) with respect to Alternative Currency Term Rate Loans, the applicable Alternative Currency Term Rate for the applicable Interest Period plus the 

  
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 Applicable Margin; and (iv) with respect to Reference Rate Loans, the Reference Rate in
effect from day to day. At any time, each Loan shall have only one Interest Period and one Interest Option. Notwithstanding anything to the contrary contained herein, in no event shall the interest rate hereunder exceed the Maximum Rate. 

(b) Change in Rate; Past Due Amounts; Calculations of Interest. Each change in the rate of interest for any Borrowing
consisting of Reference Rate Loans shall become effective, without prior notice to the Borrowers, automatically as of the opening of business of the Administrative Agent on the date of said change. Interest on the unpaid principal balance of
(i) each BSBY Rate Loan and Reference Rate Loan bearing interest based off BSBY shall be calculated on the basis of the actual days elapsed in a year consisting of 360 days and (ii) each Reference Rate Loan (other than when the Reference
Rate is calculated based off BSBY) and each Alternative Currency Loan shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed, or, in the case of interest in respect of Alternative Currency Loans as to
which market practice differs from the foregoing, in accordance with such market practice. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 (c) Default Rate. If an Event of Default has occurred and is continuing, then (in lieu of the interest rate
provided in Section 2.6(a)) all Obligations shall bear interest, after as well as before judgment, at the Default Rate. 

2.7 Determination of Rate. The Administrative Agent shall determine each interest rate applicable to the BSBY Rate Loans, Alternative
Currency Loans and Reference Rate Loans hereunder. The Administrative Agent shall, upon request, give notice to the Borrowers and to the Lenders of each rate of interest so determined, and its determination thereof shall be conclusive and binding in
the absence of manifest error. 
 2.8 Letters of Credit. 

(a) Letter of Credit Commitment. Subject to the terms and conditions hereof, on any Business Day during the Availability
Period, the Letter of Credit Issuer shall issue such Letters of Credit in Dollars or in one or more Alternative Currencies and in such aggregate face amounts as the Borrowers may request; provided that: (i) on the date of issuance, the
Dollar Equivalent of the Principal Obligations (after giving effect to the issuance of any such Letter of Credit) shall not exceed the Available Commitment as of such date; (ii) the Dollar Equivalent of the Letter of Credit Liability shall not
exceed the Letter of Credit Sublimit; (iii) each Letter of Credit shall be in a minimum amount of $500,000; (iv) the expiry date of the Letter of Credit shall not be later than (A) twelve (12) months after the date of issuance (subject to
automatic renewal for additional one year periods pursuant to the terms of the Letter of Credit Application or other documentation acceptable to the Letter of Credit Issuer) without the Letter of Credit Issuer’s consent, in its sole discretion,
or (B) thirty (30) days prior to the Stated Maturity Date, or, if the Borrowers comply with Section 2.8(h), within one (1) year after the Stated Maturity Date; (v) each Letter of Credit shall be subject to
the Uniform Customs and/or ISP98, as set forth in the Letter of Credit Application or as determined by the Letter of 

  
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 Credit Issuer and, to the extent not inconsistent therewith, the laws of the State of New
York; and (vi) the Letter of Credit Issuer shall be under no obligation to issue any Letter of Credit if, after the Closing Date (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain the Letter of Credit Issuer from issuing such Letter of Credit, or any Applicable Law applicable to the Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the Letter of Credit Issuer shall prohibit, or request that the Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Letter of Credit
Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date or shall impose upon the Letter of Credit
Issuer any unreimbursed loss, cost or expense that was not applicable on the Closing Date and that the Letter of Credit Issuer deems material to it; (B) the Borrowers have not provided the information necessary for the Letter of Credit Issuer
to complete the form of Letter of Credit; (C) the issuance of such Letter of Credit would violate Applicable Law or one or more policies of the Letter of Credit Issuer; or (D) the Letter of Credit Issuer does not as of the issuance date of
such requested Letter of Credit issue Letters of Credit in the requested currency. 
 (b) Request for Letter of
Credit. Each request for a Letter of Credit (a “Request for Letter of Credit”) shall be submitted to the Administrative Agent in the form of Exhibit F (with blanks appropriately completed in conformity herewith),
together with a Letter of Credit Application and a Borrowing Base Certificate, for the Letter of Credit Issuer, on or before the Specified Time. The Administrative Agent shall notify each Lender of such Request for Letter of Credit and the terms of
the requested Letter of Credit. Upon each such application, the Borrowers shall be deemed to have automatically made to the Administrative Agent, each Lender, and the Letter of Credit Issuer the following representations and warranties: 

(i) as of the date of the issuance of the Letter of Credit requested, the representations and warranties set forth herein and
in the other Loan Documents are true and correct in all material respects (except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and
correct in all respects) on and as of the date of such issuance, with the same force and effect as if made on and as of such date (except to the extent that such representations and warranties expressly relate to an earlier date, in which case they
shall be true and correct in all material respects as of such earlier date (except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and
correct in all respects as of such earlier date)); 
 (ii) as of the date of the issuance of the Letter of Credit requested,
the Letter of Credit Liability (after giving effect to the issuance of the requested Letter of Credit) will not exceed the Available Commitment as of such date, and the Dollar Equivalent of the Letter of Credit Liability will not exceed the Letter
of Credit Sublimit; 

  
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 (iii) as of the date of the issuance of the Letter of Credit requested, the
Letter of Credit Liability (after giving effect to the issuance of the requested Letter of Credit) for Letters of Credit denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit; and 

(iv) all conditions precedent in Section 6.2 for the issuance of such Letter of Credit will be
satisfied as of the date of such issuance. 
 (c) Participation by the Lenders. Each Lender shall and does hereby
participate ratably with the Letter of Credit Issuer in each Letter of Credit issued and outstanding hereunder to the extent of its Pro Rata Share of the Letter of Credit Liability with respect to each such Letter of Credit, and shall share in all
rights and obligations resulting therefrom, including: (i) the right to receive from the Administrative Agent its Pro Rata Share of any reimbursement of the amount of each draft drawn under each Letter of Credit, including any interest payable
with respect thereto; (ii) the right to receive from the Administrative Agent its Pro Rata Share of the Letter of Credit fee pursuant to Section 2.13; (iii) the right to receive from the Administrative Agent its additional costs pursuant
to Section 4.4; and (iv) the obligation to pay to the Administrative Agent or the Letter of Credit Issuer, as the case may be, in immediately available funds, its Pro Rata Share of any unreimbursed drawing under a Letter of
Credit. Each Lender’s Pro Rata Share of any Letter of Credit Liability, subject to the Letter of Credit Sublimit and the other provisions of this Credit Agreement, is set forth on Schedule II; provided that, for the avoidance of
doubt, no Lender’s Pro Rata Share of any Letter of Credit Liability shall exceed the Commitment of such Lender. 
 (d)
Payment of Letter of Credit. In the event of any drawing under any Letter of Credit, the Borrowers agree to reimburse (either with the proceeds of a Loan as provided for in this Section 2.8(d) or with funds from
other sources), in Same Day Funds in the applicable currency, the Letter of Credit Issuer on each date on which the Letter of Credit Issuer notifies the Borrowers of the date and amount of a draft paid under any Letter of Credit for the amount of
such draft so paid and any amounts representing interest, costs, expenses or fees incurred by the Letter of Credit Issuer in connection with such payment. Unless the Borrowers shall immediately notify the Letter of Credit Issuer that the Borrowers
intend to reimburse the Letter of Credit Issuer for such drawing from other sources or funds, the Borrowers shall be deemed to have timely given a Request for Borrowing to the Administrative Agent and the Borrowers hereby authorize, empower, and
direct the Administrative Agent, for the benefit of the Secured Parties and the Letter of Credit Issuer, to disburse directly, as a Borrowing hereunder, to the Letter of Credit Issuer, with notice to the Borrowers, in immediately available funds an
amount equal to the stated amount of each draft drawn under each Letter of Credit plus all interest, costs, expenses and fees due to the Letter of Credit Issuer pursuant to this Credit Agreement. Subject to receipt of notice from the
Administrative Agent, each Lender shall pay to the Administrative Agent such Lender’s Pro Rata Share of the amount disbursed by the Letter of Credit Issuer on the Business Day on which the Letter of Credit Issuer honors 

  
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 any such draft or incurs or is owed any such interest, costs, expenses or fees. The
Administrative Agent shall notify the Borrowers of any such disbursements made by the Lenders pursuant to the terms hereof; provided that the failure to give such notice shall not affect the validity of the disbursement, and the
Administrative Agent shall provide the Lenders with notice thereof. Any such disbursement made by the Lenders to the Letter of Credit Issuer on account of a Letter of Credit shall be deemed a Reference Rate Loan; and such disbursements shall be made
without regard to the minimum and multiple amounts specified in Section 2.4. The Administrative Agent and the Lenders may conclusively rely on the Letter of Credit Issuer as to the amount due the Letter of Credit Issuer by
reason of any draft of a Letter of Credit or due the Letter of Credit Issuer under any Letter of Credit Application. The obligations of a Lender to make payments to the Administrative Agent for the account of the Letter of Credit Issuer, and, as
applicable, the obligations of the Borrowers with respect to Borrowings, each under this Section 2.8(d) shall be irrevocable, shall not be subject to any qualification or exception whatsoever, and shall, irrespective of the
satisfaction of the conditions to the making of any Loans described in Sections 2.1(b), 6.1, 6.2 and/or 6.3, as applicable, be honored in accordance with this Section 2.8(d) under all circumstances, including any
of the following circumstances: (i) any lack of validity or enforceability of such Letter of Credit, this Credit Agreement or any of the other Loan Documents; (ii) any change in the time, manner or place of payment of, or in any other term
of, all or any of the obligations of the Borrowers in respect of any Letter of Credit or any other amendment or waiver of or any consent to departure from all or any of the terms of the Letter of Credit; (iii) the existence of any claim,
counterclaim, setoff, defense or other right that the Borrowers may have at any time against a beneficiary named in a Letter of Credit or any transferee of a beneficiary named in a Letter of Credit (or any Person for whom any such transferee may be
acting), the Administrative Agent, the Letter of Credit Issuer, any Lender, or any other Person, whether in connection with this Credit Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including
any underlying transactions between the account party and beneficiary named in any Letter of Credit); (iv) any draft, demand, certificate or any other document presented under a Letter of Credit having been determined to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect or any loss or delay in the transmission or otherwise of any document required in order to make a draw under a Letter of Credit; (v) any
payment by the Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; (vi) any payment made by the Letter of Credit Issuer under
such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor- in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any
beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; (vii) the surrender or impairment of any security for the performance or observance of any of the terms
of any of the Loan Documents; (viii) the occurrence of any Event of Default or Potential Default or (ix) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, any Borrower. 

  
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 (e) Borrower Inspection. The Borrowers shall promptly examine a copy
of each Letter of Credit and each amendment thereto that is delivered to them and, in the event of any claim of noncompliance with the Borrowers’ instructions or other irregularity, the Borrowers shall immediately notify the Letter of Credit
Issuer of the same in writing. The Borrowers shall be conclusively deemed to have waived any such claim against the Letter of Credit Issuer and its correspondents unless such notice is given as aforesaid. 

(f) Role of Letter of Credit Issuer. Each Lender and the Borrowers agree that, in paying any drawing under a Letter of
Credit, the Letter of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or
accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuer, the Administrative Agent nor any of the respective correspondents, participants or assignees of the Letter
of Credit Issuer shall be liable to any Lender for: (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the
absence of gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument
related to any Letter of Credit. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not,
preclude the Borrowers’ pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuer, the Administrative Agent, nor any of the respective
correspondents, participants or assignees of the Letter of Credit Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (ix) of Section 2.8(d). In furtherance and
not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Letter
of Credit Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in
part, which may prove to be invalid or ineffective for any reason. 
 (g) Acceleration of Undrawn Amounts. Should the
Administrative Agent demand payment of the Obligations hereunder prior to the Maturity Date pursuant to Section 10.2, the Administrative Agent, by written notice to the Borrowers, may take one or both of the following actions:
(i) declare the obligation of the Letter of Credit Issuer to issue Letters of Credit hereunder terminated, whereupon such obligations shall forthwith terminate without any other notice of any kind; or (ii) declare the Letter of Credit
Liability to be forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived, and demand that the Borrowers pay to the Administrative Agent for deposit in a segregated
interest-bearing Cash Collateral Account, as security for the Obligations, an amount equal to the Minimum Collateral Amount at the time such notice is given. Unless otherwise required by Applicable Law, upon the full and final payment of the
Obligations, the Administrative Agent shall return to the Borrowers any amounts remaining in said Cash Collateral Account. 

  
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 (h) Cash Collateral. (i) If, as of the Stated Maturity Date, any
Letters of Credit for any reason remain outstanding and partially or wholly undrawn, or (ii) the occurrence of any other circumstances under this Credit Agreement or the other Loan Documents requiring the Borrowers to Cash Collateralize Letters
of Credit, the Borrowers shall promptly, but in any event no later than thirty (30) days prior to the Stated Maturity Date, Cash Collateralize in an amount equal to the Minimum Collateral Amount or, in the case of
Section 2.8(h)(ii), such amount expressly required by the terms of this Credit Agreement or other Loan Document, to the Administrative Agent for the benefit of the Secured Parties, to be held by the Administrative Agent as
Cash Collateral subject to the terms of this Section 2.8(h) and any security agreement, control agreement and other documentation requested by the Administrative Agent to be executed in connection with opening a Cash
Collateral Account for the purpose of holding such Cash Collateral. All Cash Collateral to be provided by the Borrowers pursuant to this Section 2.8(h) shall be in currencies of the related Letters of Credit. Cash Collateral held in the Cash
Collateral Account shall be applied by the Administrative Agent to the reimbursement of the Letter of Credit Issuer for any payment made by it of drafts drawn under the outstanding Letters of Credit, and the unused portion thereof after all such
Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other Obligations. After all such Letters of Credit shall have expired or been fully drawn upon, all Letter of Credit Liability shall have been
satisfied and all other Obligations shall have been paid in full, the balance, if any, of Cash Collateral held in the Cash Collateral Account pursuant to this Section 2.8(h) shall be returned to the Borrowers. The Borrowers
hereby grant to the Administrative Agent, for the benefit of the Secured Parties, and agree to maintain, a first priority security interest in all such Cash Collateral and in the Cash Collateral Account as security in respect of the Letter of Credit
Liability. 
 (i) Lenders’ Obligations. In the event any Letter of Credit Liability is Cash Collateralized in
accordance with Section 2.8(h) or otherwise pursuant to this Credit Agreement (including the Cash Collateralizing of a Letter of Credit outstanding beyond the Maturity Date), each Lender’s participation in such Letter
of Credit pursuant to this Section 2.8 shall cease in all respects, the Lenders shall no longer be entitled to receive their Pro Rata Share of the Letter of Credit fee payable in accordance with Section 2.13 (which
shall be payable exclusively to the Letter of Credit Issuer), and the Lenders shall cease to be obligated to fund any drawing under such Letter of Credit in the event the Cash Collateral is for any reason unavailable or insufficient to fully fund
such drawing (including as a result of any preference claim or other clawback under any proceeding pursuant to any Debtor Relief Laws). 

(j) Defaulting Lenders. Notwithstanding anything to the contrary contained in this Credit Agreement, this
Section 2.8 shall be subject to the terms and conditions of Section 4.9 and Section 12.12. 

  
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 2.9 Qualified Borrowers. In consideration of the Lenders’ agreement to advance
funds to a Qualified Borrower that has joined the Credit Facility in accordance with Section 6.3, to cause Letters of Credit to be issued for the account of a Qualified Borrower pursuant to Section 2.8, and to accept
the Qualified Borrower Guaranties in support thereof, the Borrowers hereby authorize, empower, and direct the Administrative Agent, for the benefit of the Secured Parties, within the limits of the Available Commitment, to disburse directly to the
Lenders, with notice to the Borrowers, in immediately available funds, an amount equal to the amount due and owing under any Qualified Borrower Note or any Qualified Borrower Guaranty, together with all interest, costs, expenses and fees due to the
Lenders pursuant thereto, as a Borrowing hereunder, in the event the Administrative Agent shall have not received payment of such Obligations when due. The Administrative Agent shall notify the Borrowers of any disbursement made to the Lenders
pursuant to the terms hereof; provided that the failure to give such notice shall not affect the validity of the disbursement, and the Administrative Agent shall provide the Lenders with notice thereof. Any such disbursement made by the
Administrative Agent to the Lenders shall be deemed to be a Reference Rate Loan pursuant to Section 2.3 in the amount so paid, and the Borrowers shall be deemed to have given to the Administrative Agent in accordance with
the terms and conditions of Section 2.3, a Request for Borrowing with respect thereto; and such disbursements shall be made without regard to the minimum and multiple amounts specified in Section 2.4. The
Administrative Agent may conclusively rely on the Lenders as to the amount of any such Obligations due to the Lenders, absent manifest error. 

2.10 Use of Proceeds, Letters of Credit and Qualified Borrower Guaranties. The proceeds of the Loans and the Letters of Credit shall be
used solely for purposes expressly permitted under the Constituent Documents of each Borrower and any applicable Side Letters. Neither the Lenders nor the Administrative Agent shall have any liability, obligation or responsibility whatsoever with
respect to the Borrowers’ use of the proceeds of the Loans, the Letters of Credit or execution and delivery of the Qualified Borrower Guaranties, and neither the Lenders nor the Administrative Agent shall be obligated to determine whether or
not the Borrowers’ use of the proceeds of the Loans or the Letters of Credit are for purposes permitted under the Constituent Documents of any Borrower or any applicable Side Letters. Nothing, including any Borrowing, any Continuation, any
issuance of any Letter of Credit or acceptance of any Qualified Borrower Guaranty or other document or instrument, shall be construed as a representation or warranty, express or implied, to any party by the Lenders or the Administrative Agent as to
whether any investment by the Borrowers is permitted by the terms of the Constituent Documents of any Borrower or any applicable Side Letters. Each Borrower agrees to respond promptly to any reasonable requests for information related to its use of
Loan and Letter of Credit proceeds to the extent required by any Lender in connection with such Lender’s determination of its compliance with Section 23A of the Federal Reserve Act (12 U.S.C. § 371c) and the Federal Reserve
Board’s Regulation W (12 C.F.R. Part 223). No Borrower shall to its actual knowledge use the proceeds of any Borrowing hereunder to purchase any asset or securities from, or issued by, any Lender’s
non-bank “affiliates” as such term is defined in    12 C.F.R. Part 223. In connection with each Request for Borrowing hereunder, the requesting Borrower shall be deemed to have
represented and warranted to the Administrative Agent on the date of such Borrowing that, to its actual knowledge, as of the date of the requested Borrowing, the proceeds of such Borrowing will not be used by such Borrower to, directly or
indirectly, either (x) purchase any asset or securities from, or issued by, any Lender’s “affiliate” as such term is defined in 12 C.F.R. Part 223 or (y) invest in any fund sponsored by a Lender or Affiliate thereof. 

  
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 2.11 Fees. The Borrowers shall pay all fees in the amounts and on the dates set forth
in the applicable Fee Letter. 
 2.12 Unused Commitment Fee. In addition to the payments provided for in Section 3, the
Borrowers shall pay or cause to be paid to the Administrative Agent, for the account of each Lender, an unused commitment fee at the Unused Commitment Fee Rate on the Commitment of the Lenders that was unused (through the extension of Loans or the
issuance of Letters of Credit), in each case calculated on the basis of actual days elapsed in a year consisting of 360 days and payable in arrears on the fifth (5th) Business Day of the first month of each calendar quarter for the preceding
calendar quarter. For purposes of this Section 2.12, the fee shall be calculated on a daily basis. The Borrowers and the Lenders acknowledge and agree that the unused commitment fees payable hereunder are bona fide
unused commitment fees and are intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. Unused commitment fees shall be payable in Dollars. 

2.13 Letter of Credit Fees. The Borrowers shall pay to the Administrative Agent: (a) for the benefit of the Lenders, in consideration
for the issuance of Letters of Credit hereunder, a non-refundable fee equal to the Applicable Margin (plus two percent (2%) if an Event of Default has occurred and is continuing) on the daily face amount of
each Letter of Credit, less the amount of any draws on such Letter of Credit, payable in quarterly installments in arrears on the first Business Day of each calendar quarter for the preceding calendar quarter, commencing on the issuance date and
continuing for so long as such Letter of Credit remains outstanding (including, for the avoidance of doubt, any Letter of Credit that is outstanding but has been Cash Collateralized); and (b) for the benefit of the Letter of Credit Issuer,
(i) a Fronting Fee and (ii) all reasonable and customary out of pocket expenses actually incurred by the Letter of Credit Issuer related to the issuance, amendment or transfer of Letters of Credit upon demand by the Letter of Credit
Issuer. Letter of Credit fees shall be payable in Dollars. 
 2.14 Extension of Maturity Date. The Borrowers shall have a one-time option to extend the Stated Maturity Date then in effect for up to 364 days, subject to satisfaction of the following conditions precedent: 

(a) each of the Administrative Agent and the extending Lenders consent to the extension in their sole discretion; 

(b) the Borrowers shall have paid an extension fee to the Administrative Agent for the benefit of the extending Lenders, in
accordance with the applicable Fee Letter; 
 (c) no Event of Default or Potential Default shall have occurred and be
continuing on the date on which notice is given in accordance with the following Section 2.15(e) or on the initial Stated Maturity Date; 

  
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 (d) as of the effective date of such extension and immediately after giving
effect thereto, the representations and warranties set forth herein and in the other Loan Documents are true and correct in all material respects with the same force and effect as if made on and as of such date (except to the extent that such
representations and warranties expressly relate to an earlier date); provided that if a representation or warranty is qualified as to materiality, with respect to such representation or warranty, the foregoing materiality qualifier shall be
disregarded for the purposes of this condition; and 
 (e) the Borrowers shall have delivered an Extension Request with
respect to the Stated Maturity Date to the Administrative Agent not less than forty-five (45) days prior to the Stated Maturity Date then in effect (which shall be promptly forwarded by the Administrative Agent to each Lender). 

Section 3. PAYMENT OF OBLIGATIONS 

3.1 Revolving Credit Notes. Any Lender may request that its Loans be evidenced by a promissory note. In such event, each Borrower shall
execute and deliver a Note or Notes in the form of Exhibit B (with blanks appropriately completed in conformity herewith), in favor of such Lender. Each Borrower agrees, from time to time, upon the request of the Administrative Agent
or any Lender, to reissue a new Note, in accordance with the terms and in the form heretofore provided, to the Administrative Agent or such Lender, in renewal of and substitution for the Note previously issued by such Borrower to the Administrative
Agent or such Lender, and such previously issued Note shall be returned to such Borrower marked “replaced”. The Borrowers’ obligations to reissue any Note shall be conditioned upon any previously issued Note being substantially
simultaneously returned to the applicable Borrower or a lost note affidavit containing indemnification provisions acceptable to the applicable Borrower in all respects being substantially simultaneously delivered to such Borrower. 

3.2 Payment of Obligations. Subject to Section 3.5(b)(v), the Principal Obligations outstanding on the Maturity Date, together
with all accrued but unpaid interest thereon and any other outstanding Obligations, shall be due and payable on the Maturity Date. 
 3.3
Payment of Interest. 
 (a) Interest. Interest on each Borrowing and any portion thereof
shall commence to accrue in accordance with the terms of this Credit Agreement and the other Loan Documents as of the date of the disbursement or wire transfer of such Borrowing by the Administrative Agent, consistent with the provisions of
Section 2.6, notwithstanding whether the Borrowers received the benefit of such Borrowing as of such date and even if such Borrowing is held in escrow pursuant to the terms of any escrow arrangement or agreement. When a
Borrowing is disbursed by wire transfer pursuant to instructions received from the Borrowers in accordance with the related Request for Borrowing, then such Borrowing shall be considered made at the time of the transmission of the wire, rather than
the time of receipt thereof by the receiving bank. With regard to the repayment of the Loans, interest shall continue to accrue on any amount repaid until such time as the repayment has been received in federal or other immediately available funds
by the Administrative Agent in the Administrative Agent’s Account described in Section 3.4, or any other account of the Administrative Agent that the Administrative Agent designates in writing to the Borrowers. 

  
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 (b) Interest Payment Dates. Accrued and unpaid interest on the
Obligations shall be due and payable in arrears (i) on each Interest Payment Date, (ii) on each other date of any reduction of the Principal Obligation hereunder, with respect to the portion of the Principal Obligation so repaid, and
(iii) upon the occurrence and during the continuance of an Event of Default, at any time upon demand by the Administrative Agent. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and
before and after the commencement of any proceeding under any Debtor Relief Law. 
 3.4 Payments on the
Obligations. 
 (a) Borrower Payments. All payments of principal of, and interest on, the Obligations under
this Credit Agreement by any Borrower to or for the account of the Lenders, or any of them, shall be made without condition or deduction or counterclaim, set-off, defense or recoupment by the Borrowers for
receipt by the Administrative Agent before 2:00 p.m. in federal or other immediately available funds to the Administrative Agent at account number 1365841006271 at Bank of America, N.A., ABA No. 026009593, reference “MSD Investment, LLC”,
or any other account of the Administrative Agent that the Administrative Agent designates in writing to the Borrowers. Funds received after 2:00 p.m. shall be treated for all purposes as having been received by the Administrative Agent on the first
Business Day next following receipt of such funds. 
 (b) Lender Payments. Each Lender shall be entitled to receive
its Pro Rata Share of each payment received by the Administrative Agent hereunder for the account of the Lenders on the Obligations. Each payment received by the Administrative Agent hereunder for the account of a Lender shall be promptly
distributed by the Administrative Agent to such Lender. The Administrative Agent and each Lender hereby agree that payments to the Administrative Agent by the Borrowers of principal of, and interest on, the Obligations by the Borrowers to or for the
account of the Lenders in accordance with the terms of this Credit Agreement, the Notes and the other Loan Documents shall constitute satisfaction of the Borrowers’ obligations with respect to any such payments, and the Administrative Agent
shall indemnify, and each Lender shall hold harmless, the Borrowers from any claims asserted by any Lender in connection with the Administrative Agent’s duty to distribute and apportion such payments to the Lenders in accordance with this
Section 3.4. With respect to any payment that the Administrative Agent makes for the account of the Lenders or the Letter of Credit Issuer hereunder, if the Administrative Agent determines (which determination shall be
conclusive, absent manifest error) that any of the following applies (such payment referred to as the “Rescindable Amount”): (i) the Borrowers have not in fact made such payment; (ii) the Administrative Agent has made a
payment in excess of the amount so paid by the Borrowers (whether or not then owed); or (iii) the Administrative Agent has for any reason otherwise erroneously made such payment; then each of the Lenders or the Letter of Credit Issuer, as the
case may be, severally agrees to repay to the Administrative Agent forthwith on demand the 

  
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 Rescindable Amount so distributed to such Lender or the Letter of Credit Issuer, as
applicable, in immediately available funds, with interest thereon for each day from the date such amount is distributed to it to the date of repayment by it to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (c) Application of
Payments. So long as no Event of Default has occurred and is continuing, all payments made on the Obligations shall be applied as directed by the Borrowers. At all times when an Event of Default has occurred and is continuing, all payments made
on the Obligations shall be credited, to the extent of the amount thereof, in the following manner: (i) first, against all costs, expenses and other fees (including attorneys’ fees) arising under the terms hereof;
(ii) second, against the amount of interest accrued and unpaid on the Obligations as of the date of such payment; (iii) third, against all principal due and owing on the Obligations as of the date of such payment; and (iv)
fourth, to all other amounts constituting any portion of the Obligations. 
 3.5 Prepayments. 

(a) Voluntary Prepayment. The Borrowers may, upon notice to the Administrative Agent, at any time or from time to time
voluntarily prepay Loans in whole or in part without premium or penalty on any Business Day; provided that: (a) such notice must be received by the Administrative Agent not later than the Specified Time; and (b) any prepayment of Loans
shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date (which shall be a Business Day) and amount of
such prepayment. The Administrative Agent shall promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. If such written notice is given by the Borrowers, the
Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Loan shall be accompanied by all accrued interest thereon, together with any additional
amounts required pursuant to Section 4. Each such prepayment shall be applied to the Obligations held by each Lender in accordance with its respective Pro Rata Share. 

(b) Mandatory Prepayment. 

(i) Excess Loans Outstanding. If, on any day, the Dollar Equivalent of the Principal Obligations exceed the Available
Commitment (including as a result of an Exclusion Event), then the Borrowers shall pay without further demand such excess to the Administrative Agent, for the benefit of the Lenders, in immediately available funds (except to the extent any such
excess is addressed by Section 3.5(b)(ii)) by the Required Payment Time. Each Borrower hereby agrees that if any such payments have not been made by the Required Payment Time, then the Administrative Agent may withdraw from any Collateral
Account any Capital Contributions deposited therein and apply the same to the Principal Obligations until such time as the payment obligations of this Section 3.5(b) have been satisfied in full. 

  
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 (ii) Excess Letters of Credit Outstanding. If any excess calculated
pursuant to Section 3.5(b) is attributable to undrawn Letters of Credit, the Borrowers shall Cash Collateralize such excess in the currency of the related Letter of Credit with the Administrative Agent, when required pursuant to the terms of
Section 3.5(b), as security for such portion of the Obligations. Unless otherwise required by Applicable Law, upon: (A) a change in circumstances such that the Principal Obligations no longer exceed the Available Commitment; or (B) the
full and final payment of the Obligations and the expiration or termination of all Letters of Credit, so long as no Event of Default or Potential Default has occurred and is continuing, the Administrative Agent shall return to the Borrowers any
amounts remaining in said Cash Collateral Account. 
 (iii) Excess Alternative Currency Obligations Outstanding. If,
on any day, the Principal Obligations of Loans and Letters of Credit denominated in Alternative Currencies exceed 103% of the Alternative Currency Sublimit then the Borrowers shall promptly pay without further demand such excess to the
Administrative Agent, for the benefit of the Lenders, in Same Day Funds. 
 (iv) Constituent Documents. The Borrowers
shall comply with the provisions of their respective Constituent Documents as they relate to repayment of Borrowings. 
 (v)
Principal Obligations Outstanding. To the extent applicable, the Principal Obligations with respect to each Loan shall be due and payable on the earlier of (A) the Maturity Date; and (B) the date on which Loans must be repaid based
on the date of incurrence pursuant to the Borrower Constituent Documents. 
 3.6 Reduction or Early Termination of Commitments. So
long as no Request for Borrowing or Request for Letter of Credit is outstanding, the Borrowers may terminate the Commitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such
termination or reduction three (3) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers in such notice and shall be a Business Day): (a)(i) in the case of complete
termination of the Commitments, upon prepayment of all of the outstanding Obligations, including all interest accrued thereon, in accordance with the terms of Section 3.3; or (ii) in the case of a reduction of the
Maximum Commitment, upon prepayment of the amount by which the Dollar Equivalent of the Principal Obligations exceed the reduced Available Commitment resulting from such reduction, including payment of all interest accrued thereon, in accordance
with the terms of Section 3.3; provided that, the Maximum Commitment may not be terminated or reduced such that, the Available Commitment would be less than the Dollar Equivalent of the aggregate stated amount of outstanding Letters of
Credit; and (b) in the case of the complete termination of the Commitments, if any Letter of Credit Liability exists, upon payment to the Administrative Agent of the Cash Collateral (from the proceeds of Capital Calls only) for deposit in the
Cash Collateral Account in accordance with Section 2.8(h), without presentment, demand, protest or any other 

  
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 notice of any kind, all of which are hereby waived. Notwithstanding the foregoing: (x) any reduction of
the Maximum Commitment shall be in an amount equal to $25,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to $50,000,000 or less (except for a termination of all the
Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro
Rata Share. 
 3.7 Lending Office. Each Lender may: (a) designate its principal office or a branch, subsidiary or Affiliate of
such Lender as its Lending Office (and the office to whose accounts payments are to be credited) for any Loan and (b) change its Lending Office from time to time by notice to the Administrative Agent and the Borrowers. In such event, the
Administrative Agent shall continue to hold the Note, if any, evidencing the Loans attributable to such Lender for the benefit and account of such branch, subsidiary or Affiliate. Each Lender shall be entitled to fund all or any portion of its
Commitment in any manner it deems appropriate, consistent with the provisions of Section 2.5. 
 3.8 Joint and
Several Liability. Each Borrower acknowledges, agrees, represents and warrants the following: 
 (a) Inducement.
The Lenders have been induced to make the Loans to, and the Letter of Credit Issuer has been induced to issue Letters of Credit for the account of, the Borrowers in part based upon the assurances by each Borrower that each Borrower desires that all
Obligations under the Loan Documents be honored and enforced as separate obligations of each Borrower, should the Administrative Agent and the Lenders desire to do so. 

(b) Combined Liability. Notwithstanding the foregoing, the Borrowers shall be jointly and severally liable to the
Lenders for all representations, warranties, covenants, obligations and indemnities, including the Loans and the other Obligations, and the Administrative Agent and the Lenders may at their option enforce the entire amount of the Loans, the Letters
of Credit and the other Obligations against any one or more of the Borrowers. 
 (c) Separate Exercise of Remedies.
The Administrative Agent (on behalf of the Secured Parties) may exercise remedies against each Borrower and its property separately, whether or not the Administrative Agent exercises remedies against any other Borrower or its property. The
Administrative Agent may enforce one or more Borrower’s obligations without enforcing any other Borrower’s obligations and vice versa. Any failure or inability of the Administrative Agent to enforce one or more Borrower’s
obligations shall not in any way limit the Administrative Agent’s right to enforce the obligations of the other Borrowers. If the Administrative Agent forecloses or exercises similar remedies under any one or more Collateral Documents, then
such foreclosure or similar remedy shall be deemed to reduce the balance of the Loans only to the extent of the cash proceeds actually realized by the Lenders from such foreclosure or similar remedy or, if applicable, the Administrative Agent’s
credit bid at such sale, regardless of the effect of such foreclosure or similar remedy on the Loans secured by such Collateral Documents under the applicable state law. 

  
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 Section 4. CHANGE IN CIRCUMSTANCES 

4.1 Taxes. 

(a) Defined Terms. For purposes of this Section 4.1, the term “Lender” includes the
Letter of Credit Issuer and the term “Applicable Law” includes FATCA. 
 (b) Payments Free of Taxes. Any and
all payments by or on account of any obligation of any Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith
discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then (i) the applicable Withholding Agent shall be entitled to make such deduction or withholding,
(ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, (iii) if such Tax is an Indemnified Tax, then the sum payable by the
applicable Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 4.1) the
applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c) Notice of Non-Excluded Taxes. The Borrowers shall promptly, upon becoming
aware that a Borrower must deduct or withhold any non-United States federal Tax on a payment under a Loan Document (or that there is any change in the rate or the basis of a
non-United States federal Tax required to be deducted or withheld), notify the Administrative Agent accordingly. Similarly, any other Lender or Agent shall notify the Administrative Agent on becoming so aware
in respect of a payment payable to such Lender or Agent, as applicable. If the Administrative Agent receives such notification from a Lender or Agent it shall notify the Borrowers. 

(d) Other Taxes. The Borrowers shall timely pay to the relevant Governmental Authority in accordance with Applicable
Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (e)
Indemnification. (i) The Borrowers shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section 4.1(e)) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrowers by a Lender (with a
copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

  
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 (ii) Each Lender and Agent (other than the Administrative Agent) shall
indemnify the applicable Borrower and the Administrative Agent against any Excluded Taxes and any and all related losses, claims, liabilities, penalties, interest and reasonable expenses (including the fees, charges and disbursements of any counsel
for such Borrower or the Administrative Agent, as applicable) incurred by or asserted against such Borrower or the Administrative Agent, as applicable, by the relevant Governmental Authority for not properly withholding such Excluded Taxes, except
to the extent that any such amount or payment (A) results from the gross negligence or willful misconduct of such Borrower or the Administrative Agent, as applicable; (B) with respect to penalties or interest, results from such Borrower’s
or the Administrative Agent’s failure to promptly notify the applicable Lender or Agent under Section 4.1(c) hereof; or (C) represents an amount required to be deducted or withheld from additional amounts payable for Non-Excluded Taxes under Section 4.1(c) hereof. The agreements in this Section 4.1(e) hereof shall survive the resignation and/or replacement of the Administrative
Agent, any assignment of rights by, or the replacement of, any other Lender or Agent, and the repayment, satisfaction or discharge of all other Obligations. 

(f) Prescribed Forms. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested in writing by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested in
writing by the Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested in writing by the Borrowers or the Administrative
Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested in writing by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Sections 4.1(f)(ii)(A), ( ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost
or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the
generality of the foregoing, in the event that a Borrower is a U.S. Person, 

  
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 (A) any Lender that is a U.S. Person shall deliver to such Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Credit Agreement (and from time to time thereafter upon the reasonable written request of such Borrower or the Administrative Agent), executed copies of
IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

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

(2) executed copies of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit P-1 to the effect that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of such Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form
W-8BEN-E, as applicable; or 

  
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 (4) to the extent a Foreign Lender is not the beneficial owner, executed
copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit P-2 or Exhibit P-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign
Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit P-4 on behalf of each such direct and
indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers
and the Administrative Agent (in such number of copies as shall be requested in writing by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Credit Agreement (and from time to time thereafter upon the
reasonable written request of the Borrowers or the Administrative Agent), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together
with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), then such Lender shall deliver to such Borrowers and
the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested in writing by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this S ection
4.1(f)(ii)(D), “FATCA” shall include any amendments made to FATCA after the Closing Date. 
 Each Lender agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification, or promptly notify the Borrowers and the Administrative Agent in writing of its legal
inability to do so. 

  
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 (g) Selection of Lending Office. If any Borrower is or is likely to be required to
pay additional amounts to or for the account of any Lender or Agent to this Section 4.1, then such Lender or Agent shall agree to use reasonable efforts to change the jurisdiction of its Applicable Lending Office, if
applicable, so as to eliminate or reduce any such additional payment that may thereafter accrue if such change, in the good faith judgment of such Lender or Agent, is not otherwise materially disadvantageous to such Lender or Agent. 

(h) Evidence of Payment. As soon as practicable after any payment of Taxes by a Borrower to a Governmental Authority pursuant to this
Section 4.1, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (i) Treatment of Certain Refunds. If any
party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 4.1 (including by the payment of additional amounts
pursuant to this Section 4.1), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 4.1 with respect to the Taxes giving rise to
such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the written request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 4.1(i)
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this Section 4.1(i), in no event shall the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 4.1(i) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 4.1(i) shall not be construed to require any indemnified party to make available its Tax returns (or
any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (j)
Survival. Each party’s obligations under this Section 4.1 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination
of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 
 4.2 Illegality. If any
Lender reasonably determines that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Applicable Lending Office to make, maintain or fund Loans or other Obligations or
materially restricts the authority of such Lender to purchase or sell, or to take deposits of, Dollars or any Alternative Currency or to determine or charge interest rates based upon BSBY or any Relevant Rate, then, on notice thereof by such Lender
to the Borrowers through the Administrative Agent, (a) any obligation of such Lender to make or continue BSBY Rate Loans or the Obligations in the affected currency or currencies, or to convert Reference Rate Loans to 

  
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 BSBY Rate Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender making
or maintaining Reference Rate Loans the interest rate on which is determined by reference to the BSBY Rate component of the Reference Rate, the interest rate on which Reference Rate Loans of such Lender shall, if necessary to avoid such illegality,
be determined by the Administrative Agent without reference to the BSBY Rate component of the Reference Rate, in each case until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to such determination
no longer exist. Upon receipt of such notice and thereafter while such circumstances exist, the applicable Lender shall not make any BSBY Rate Loans or make any Alternative Currency Loans based on such Relevant Rate, as applicable, during such
period, or reallocate any Loans allocated to any Interest Period ending during such period to an Interest Period with respect to which interest is calculated by reference to the BSBY Rate (other than a Reference Rate Loan) or such Relevant Rate, as
applicable (and all calculations of the Reference Rate shall be calculated without reference to the BSBY Rate component thereof); provided that, (x) if the foregoing notice relates to Loans that are outstanding as (A) Loans
denominated in Dollars, such Loans shall be Converted to Reference Rate Loans only on the last day of the then-current Interest Period (or immediately in the case of daily rate Loans), or (B) Loans denominated in an Alternative Currency, such
Loans shall be repaid only on the last day of the then-current Interest Period (or immediately in the case of daily rate Loans), and (y) upon receipt of such notice, the Borrowers may revoke any outstanding Requests for Borrowing of Loans based
on such Relevant Rate, as applicable. Upon the repayment of any such Loans, the Borrowers shall also pay accrued interest on the amount so repaid. Each Lender agrees to designate a different Applicable Lending Office if such designation will avoid
the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 

4.3 Inability to Determine Rates. If the Administrative Agent determines (which determination shall be conclusive absent manifest
error), for any proposed Interest Period, that: (a) deposits (whether in Dollars or any Alternative Currency) are not being offered to banks in the applicable offshore market for such currency for the applicable amount and Interest Period of any
BSBY Rate Loan or Alternative Currency Loan (and no Successor Rate or BSBY Successor Rate, as the case may be, has been determined in accordance with Section 4.11 or Section 4.12, as applicable, or
the BSBY Scheduled Unavailability Date or Scheduled Unavailability Date, as applicable, has occurred); (b) BSBY does not adequately or fairly reflect the cost to the Lenders of funding or maintaining any BSBY Rate Loan; (c) the Relevant Rate
for any requested Interest Period or determination date(s) for any currency does not adequately or fairly reflect the cost to the Lenders of funding or maintaining any Loan with such Interest Period or determination date(s) for such currency; or
(d) no BSBY Successor Rate for the BSBY Rate or Successor Rate for the Relevant Rate for the applicable Alternative Currency, as applicable, has been determined in accordance with Section 4.11 or
Section 4.12, as applicable, and the circumstances under Section 4.11(a) or the BSBY Scheduled Unavailability Date or Section 4.12(a) or the Scheduled Unavailability Date, as applicable, has
occurred with respect to such Relevant Rate, as applicable; then: (i) the Administrative Agent shall forthwith notify the Lenders and the Borrowers; and (ii) while such circumstances exist, none of the Lenders shall allocate any Loans made
during such period, or reallocate any Loans allocated to any then-existing Interest Period ending during such period, to an Interest Period with respect to which interest is calculated by reference to BSBY or such Relevant Rate, as applicable. If,
with respect to any outstanding Interest Period, a Lender notifies the Administrative Agent that it is unable to obtain matching 

  
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 deposits in the applicable offshore market to fund its purchase or maintenance of such Loans, or that BSBY
or the Relevant Rate applicable to such Loans will not adequately reflect the cost to the Person of funding or maintaining such Loans for such Interest Period, then: (A) the Administrative Agent shall forthwith so notify the Borrowers and the
Lenders; and (B) upon such notice and thereafter while such circumstances exist, the applicable Lender shall not make any BSBY Rate Loans or make any Alternative Currency Loans based on such Relevant Rate, as applicable, during such period, or
reallocate any Loans allocated to any Interest Period ending during such period to an Interest Period with respect to which interest is calculated by reference to BSBY or such Relevant Rate, as applicable (and the utilization of the BSBY Rate
component in determining the Reference Rate shall be suspended); provided that, (x) if the foregoing notice relates to Loans that are outstanding as (A) Loans denominated in Dollars, such Loans shall be Converted to Reference Rate
Loans only on the last day of the then-current Interest Period (or immediately in the case of daily rate Loans), or (B) Loans denominated in an Alternative Currency, such Loans shall be repaid only on the last day of the then-current Interest
Period (or immediately in the case of daily rate Loans), and (y) upon receipt of such notice, the Borrowers may revoke any outstanding Requests for Borrowing of Loans based on such Relevant Rate, as applicable. Upon the repayment of any such
Loans, the Borrowers shall also pay accrued interest on the amount so repaid. 
 4.4 Increased Cost and Reduced Return; Change in
Requirements of Law. 
 (a) Increased Cost Generally. If after the Closing Date (x) the
adoption of or any change in any Requirement of Law or in the interpretation or application thereof, (y) any guidance, request or directive (whether or not having the force of law) from any central bank or other Governmental Authority or
(z) compliance, application or implementation by any Affected Party with the foregoing subclauses (x) or (y) or any Existing Law: 

(i) imposes or modifies any reserve, fee, tax, assessment, insurance charge, special deposit or similar requirement against
assets of, deposits with or for the account of, any liabilities of or any credit extended by, any of the Affected Party in respect of or in connection with this Credit Agreement; 

(ii) has the effect of reducing an Affected Party’s rate of return in respect of this Credit Agreement on such Affected
Party’s capital to a level below that which such Affected Party would have achieved but for the occurrences set forth in this subsection (a); 

(iii) affects or would affect the amount of the capital required to be maintained by such Affected Party; or 

  
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 (iv) causes an internal capital or liquidity charge or other imputed cost to
be assessed upon such Affected Party, which in the sole discretion of such Affected Party is allocable to the Borrowers or to the transactions contemplated by this Credit Agreement; 

and the result of any of the foregoing is to impose a cost on, or increase the cost to, any Affected Party of its commitment under any Loan
Document or of purchasing, maintaining or funding any interest acquired under any Loan Document, then, upon written demand, the Borrower shall pay to the Administrative Agent for the account of such Affected Party such additional amounts as will
compensate such Affected Party for such new or increased cost. For the avoidance of doubt, each Borrower acknowledges that this Section 4.4 permits the Affected Party to institute measures in anticipation of a Requirement of Law (including
the imposition of internal charges on the Affected Party’s interests or obligations under this Credit Agreement), and allows the Affected Party to commence allocating charges to or seeking compensation from the Borrowers under this Section
4.4 in connection with such measures (such amounts being referred to as “Early Adoption Increased Costs”), in advance of the effective date of such Requirement of Law, and the Borrowers agree to pay such Early Adoption
Increased Costs to the Affected Party, following demand therefor without regard to whether such effective date has occurred. 

(b) Certificates for Reimbursement. A certificate of an Affected Party setting forth with reasonable supporting detail
the amount or amounts necessary to compensate such Affected Party as specified in subsection (a) of this Section 4.4 shall be delivered to the Borrower (with a copy to the Administrative Agent) and shall be conclusive
absent manifest error. The agreements in this Section 4.4 shall survive the termination of this Credit Agreement and the payment of all amounts payable hereunder. 

(c) Delay in Requests. Failure or delay on the part of any Lender or the Letter of Credit Issuer to demand compensation
pursuant to this Section 4 shall not constitute a waiver of such Lender’s or the Letter of Credit Issuer’s right to demand such compensation; p rovided that the Borrowers shall not be required to
compensate a Lender or the Letter of Credit Issuer pursuant to this Section 4 for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or the Letter of Credit
Issuer, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or the Letter of Credit Issuer’s intention to claim compensation therefor (except that if the
Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

4.5 Funding Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly
pay the Administrative Agent for the account of such Lender, such amount or amounts as shall compensate such Lender for, and hold such Lender harmless from, any loss (other than loss of anticipated profits), cost or expense incurred by such Lender
in obtaining, liquidating or employing deposits or other funds from third parties as a result of (a) any failure or refusal of the Borrowers (for any reasons whatsoever other than a default by the Administrative Agent or any Lender) to accept a
Loan after the Borrowers shall have requested such Loan under this Credit Agreement; (b) any prepayment or other payment of a BSBY Rate Loan or Alternative Currency Loan on a day other than the last day of any Interest Period or payment period
or the relevant interest payment date applicable to such Loan;(c) any other prepayment of a Loan that is otherwise not made in compliance with the provisions of this Credit Agreement; or (d) the failure of the Borrowers to make a prepayment of
a Loan after giving notice under this Credit Agreement, that such prepayment will be made. 

  
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 4.6 Requests for Compensation. If requested by the Borrowers in connection with any
demand for payment pursuant to this Section 4 (other than Section 4.1), a Lender shall provide to the Borrowers, with a copy to the Administrative Agent, a certificate setting forth in reasonable
detail the basis for such demand, the amount required to be paid by the Borrowers to such Lender and the computations made by such Lender to determine such amount, such certificate to be conclusive and binding in the absence of manifest error. This
Section 4.6 shall not be construed to require any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems to be confidential) to the Borrowers or any other Person. Any such
amount payable by the Borrowers shall not be duplicative of any amounts (a) previously paid under this Section 4, or (b) included in the calculation of BSBY Rate, Alternative Currency Daily Rate or Alternative Currency
Term Rate. 
 4.7 Survival. Without prejudice to the survival of any other agreement of the Borrowers hereunder, all of the
Borrowers’ obligations under this Section 4 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or
termination of the Letters of Credit and the Commitments or the termination of this Credit Agreement or any provision hereof. Each Lender shall notify the Borrowers of any event occurring after the termination of this Credit Agreement entitling such
Lender to compensation under this Section 4 as promptly as practicable. 
 4.8 Mitigation Obligations;
Replacement of Lenders. 
 (a) Designation of a Different Applicable Lending Office. If any Lender
requests compensation under Section 4.4, or requires any Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 4.1, then such Lender shall, at the request of the Borrowers, use reasonable efforts to designate a different Applicable Lending Office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.1 or
Section 4.4, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b)
Replacement of Lenders. If any Lender requests compensation under Section 4.4, or if any Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 4.1, and, in each case, such Lender has declined or is unable to designate a Applicable Lending Office in accordance with Section 4.8(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, so long as no Event of Default or Potential Default has occurred and is continuing, upon notice to such Lender and the Administrative
Agent, 

  
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 require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 12.11), all of its interests, rights (other than its existing rights to payments pursuant to Section 4.1 or S ection
4.4) and obligations under this Credit Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which Assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(i) the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in
Section 12.11; 
 (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under this Section 4) from the Assignee (to
the extent of such outstanding principal) or the Borrowers (in the case of accrued interest, fees and all other amounts); 

(iii) in the case of any such assignment resulting from a claim for compensation under Section 4.4 or
payments required to be made pursuant to Section 4.1, such assignment shall result in a reduction in such compensation or payments thereafter; 

(iv) such assignment does not conflict with Applicable Law; and 

(v) in the case of any assignment resulting from a Lender becoming a Non-Consenting
Lender, the applicable Assignee shall have consented to the applicable amendment, waiver or consent. 
 A Lender shall not be required to
make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 

4.9 Cash Collateral. At any time that there shall exist a Defaulting Lender, by the Required Payment Time, the Borrowers
shall Cash Collateralize the Fronting Exposure of the Letter of Credit Issuer with respect to such Defaulting Lender (determined after giving effect to Section 12.12(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an
amount not less than the Minimum Collateral Amount. 
 (a) Grant of Security Interest; Other Claims/Deficiency. 

(i) The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the
Administrative Agent, for the benefit of the Letter of Credit Issuer, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect of
the Letter of Credit Liability, to be applied pursuant to Section 4.9(b). 

  
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 (ii) If at any time the Administrative Agent determines that Cash Collateral
is subject to any right or claim of any Person other than the Administrative Agent, the Letter of Credit Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrowers will,
promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting
Lender). 
 (b) Application. Notwithstanding anything to the contrary contained in this Credit Agreement, Cash
Collateral provided under this Section 4.9 or Section 12.12 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in
respect of the Letter of Credit Liability (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as
may otherwise be provided for herein. 
 (c) Termination of Requirement. Cash Collateral (or the appropriate portion
thereof) provided to reduce the Fronting Exposure of the Letter of Credit Issuer shall no longer be required to be held as Cash Collateral pursuant to this Section 4.9 following (i) the elimination of the applicable
Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and the Letter of Credit Issuer that there exists excess Cash Collateral;
provided that, subject to Section 12.12, the Person providing Cash Collateral and the Letter of Credit Issuer may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other
obligations; provided further that, to the extent that such Cash Collateral was provided by the Borrowers, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

4.10 Euro Event. In the event that the Euro is no longer used as the common currency of the European Union (such event, a
“Euro Event”), each Borrower shall either: (a) repay all Euro denominated Loans made to it (and Cash Collateralize all Euro denominated Letters of Credit issued for its account) in Dollars or an Alternative Currency
other than Euro (in either case based on the applicable Spot Rate on the date of such repayment) or (b) convert such Loans to (or replace such Letters of Credit with those denominated in) Dollars or an Alternative Currency other than Euro, in
each case within thirty (30) days of such Euro Event. 
 4.11 BSBY Successor Rate. Notwithstanding anything to the contrary in
this Credit Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or Required Lenders notify the Administrative Agent (with, in the case of the
Required Lenders, a copy to the Borrowers) that the Borrowers or Required Lenders (as applicable) have determined, that: 
 (a) adequate and
reasonable means do not exist for ascertaining one month, three month and six month interest periods of BSBY, including, without limitation, because the BSBY Screen Rate is not available or published on a current basis and such circumstances are
unlikely to be temporary; or 

  
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 (b) Bloomberg or any successor administrator of the BSBY Screen Rate or a Governmental
Authority having jurisdiction over the Administrative Agent or Bloomberg or such administrator has made a public statement identifying a specific date after which one month, three month and six month interest periods of BSBY or the BSBY Screen Rate
shall or will no longer be representative or made available, or used for determining the interest rate of loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator that is satisfactory
to the Administrative Agent, that will continue to provide such representative interest periods of BSBY after such specific date (the latest date on which one month, three month and six month interest periods of BSBY or the BSBY Screen Rate are no
longer representative or available permanently or indefinitely, the “BSBY Scheduled Unavailability Date”); 
 then,
on a date and time determined by the Administrative Agent (any such date, the “BSBY Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for
interest calculated and, solely with respect to clause (ii) above, no later than the BSBY Scheduled Unavailability Date, BSBY will be replaced hereunder and under any Loan Document with, subject to the proviso below, the first available
alternative set forth in the order below for any payment period for interest calculated that can be determined by the Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Credit
Agreement or any other Loan Document (the “BSBY Successor Rate): 
 (x) Term SOFR plus the SOFR Adjustment; and

 (y) Daily Simple SOFR plus the SOFR Adjustment; 

provided that, if initially BSBY is replaced with the rate contained in clause (y) above (Daily Simple SOFR plus the SOFR
Adjustment) and subsequent to such replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible for the Administrative Agent in its sole discretion, and the Administrative Agent notifies the
Borrowers and each Lender of such availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the
date of such notice, the BSBY Successor Rate shall be Term SOFR plus the SOFR Adjustment. 
 If the BSBY Successor Rate is Daily
Simple SOFR plus the SOFR Adjustment, all interest payments will be payable on a monthly basis. 
 Notwithstanding anything to the contrary
herein, (i) if the Administrative Agent determines that neither of the alternatives set forth in clauses (x) and (y) above is available on or prior to the BSBY Replacement Date or (ii) if the events or circumstances of the type
described in Section 4.11(a) or (b) have occurred with respect to the BSBY Successor Rate then in effect, then in each case, the Administrative Agent and the Borrowers may amend this Credit Agreement solely for the purpose
of replacing BSBY or any then current BSBY Successor Rate in accordance with this Section 4.11 at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with another
alternate benchmark rate giving due consideration to any evolving or then existing convention for similar Dollar 

  
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 denominated syndicated credit facilities for such alternative benchmarks and, in each case, including any
mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar Dollar denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating such
adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall
constitute a BSBY Successor Rate. Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to such time,
Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment. 

The Administrative Agent will promptly (in one or more notices) notify the Borrowers and each Lender of the implementation of any BSBY
Successor Rate. 
 Any BSBY Successor Rate shall be applied in a manner consistent with market practice; provided that to the
extent such market practice is not administratively feasible for the Administrative Agent, such BSBY Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

Notwithstanding anything else herein, if at any time any BSBY Successor Rate as so determined would otherwise be less than zero (0), the BSBY
Successor Rate will be deemed to be zero (0) for the purposes of this Credit Agreement and the other Loan Documents. 
 In connection
with the implementation of a BSBY Successor Rate, the Administrative Agent will have the right to make BSBY Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such BSBY Conforming Changes will become effective without any further action or consent of any other party to this Credit Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post
each such amendment implementing such BSBY Conforming Changes to the Borrowers and the Lenders reasonably promptly after such amendment becomes effective. 

4.12 Replacement of Relevant Rate or Successor Rate. Notwithstanding anything to the contrary herein or in any other Loan Document, if
the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or the Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrowers) that
the Borrowers or the Required Lenders, as applicable, have determined, that: 
 (a) adequate and reasonable means do not exist for
ascertaining the Relevant Rate for an Alternative Currency because none of the tenors of such Relevant Rate (including any forward-looking term rate thereof) is available or published on a current basis and such circumstances are unlikely to be
temporary; or 

  
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 (b) the applicable administrator for the Relevant Rate for an Alternative Currency, or any
Governmental Authority having jurisdiction over the Administrative Agent or such administrator, has made a public statement identifying a specific date after which all tenors of the Relevant Rate for such Alternative Currency (including any
forward-looking term rate thereof) shall or will no longer be representative or made available, or used for determining the interest rate of loans denominated in such Alternative Currency, or shall or will otherwise cease; provided that, in
each case, at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent that will continue to provide such representative tenor(s) of the Relevant Rate for such Alternative Currency (the latest
date on which all tenors of the Relevant Rate for such Alternative Currency (including any forward-looking term rate thereof) are no longer representative or available permanently or indefinitely, the “Scheduled Unavailability
Date”); or 
 (c) syndicated loans currently being executed and agented in the United States are being executed or amended, as
applicable, to incorporate or adopt a new benchmark interest rate to replace the Relevant Rate for an Alternative Currency; 
 or if the events or
circumstances of the type described in Section 4.12(a), (b) or (c) have occurred with respect to the Successor Rate then in effect, then the Administrative Agent and the Borrowers may amend this Credit
Agreement solely for the purpose of replacing the Relevant Rate for such Alternative Currency or any then-current Successor Rate for such Alternative Currency in accordance with this Section 4.12 with an alternative
benchmark rate, giving due consideration to any evolving or then-existing convention for similar credit facilities syndicated and agented in the United States and denominated in such Alternative Currency for such alternative benchmarks, and, in each
case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then-existing convention for similar credit facilities syndicated and agented in the United States and denominated in such
Alternative Currency for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be
periodically updated (and any such proposed rate, including any adjustment thereto, a “Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative
Agent has posted such proposed amendment to the Borrowers and all Lenders unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such
amendment. 
 The Administrative Agent will promptly (in one or more notices) notify the Borrowers and each Lender of the implementation of
any Successor Rate. 
 Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent
such market practice is not administratively feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero (0), the Successor
Rate will be deemed to be zero (0) for all purposes of the Loan Documents. 

  
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 In connection with the implementation of a Successor Rate, the Administrative Agent will
have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or
consent of any other party to this Credit Agreement or any other Loan Document; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the
Borrowers and the Lenders reasonably promptly after such amendment becomes effective. 
 Section 5. SECURITY 

5.1 Liens and Security Interest. 

(a) Capital Commitments and Capital Calls. To secure performance by the Borrowers of the payment and the performance of
the Obligations, the Borrowers, each to the extent of their respective interests therein, shall grant by way of pledge and, as applicable, assignment by way of security, to the Administrative Agent, for the benefit of each of the Secured Parties, a
first priority, perfected security interest and Lien (subject only to Permitted Liens) in and on the Collateral pursuant to the Security Agreements, the related financing statements and the other related documents. 

(b) Reliance. The Borrowers agree that the Administrative Agent, the Letter of Credit Issuer and each Lender has entered
into this Credit Agreement, extended credit hereunder and at the time of each Loan or each issuance of a Letter of Credit, will make such Loan or issue such Letter of Credit in reasonable reliance on the obligations of the Investors to fund their
respective Capital Commitments and accordingly, it is the intent of the parties that such Capital Commitments may be enforced by the Administrative Agent, on behalf of the Secured Parties, pursuant to the terms of the Loan Documents, directly
against the Investors without further action by any Borrowers and notwithstanding any compromise of any such Capital Commitment by any Borrower after the Closing Date as provided in 6 Del. C.
§17-502(b)(1). The Collateral shall not include a security interest in any Investor’s equity interest in any Borrower. 

The security agreements, financing statements, assignments, collateral assignments and any other documents and instruments from
time to time executed and delivered pursuant to this Credit Agreement to grant, perfect and continue a Lien in the Collateral, including the Security Agreements, the Collateral Account Pledges and the Control Agreements, and any documents or
instruments amending or supplementing the same, shall be collectively referred to herein as the “Collateral Documents.” 

5.2 The Collateral Accounts; Capital Calls. 

(a) The Collateral Accounts. In order to secure further the payment and the performance of the Obligations and to effect
and facilitate the right of the Secured Parties, each Borrower (other than a Qualified Borrower) shall (i) require that each of its Investors wire transfer to such Borrower’s Collateral Account all monies or sums paid or to be paid by the
Investors pursuant to Capital Calls and (ii) promptly deposit into its Collateral Account any payments and monies that it receives directly from Investors as Capital Contributions. 

  
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 (b) Use of the Collateral Accounts. The Borrowers may withdraw funds
from the Collateral Accounts only in compliance with Section 9.18. Upon the occurrence of a Cash Control Event, the Administrative Agent is authorized to take exclusive control of the Collateral Accounts. 

(c) No Duty. Notwithstanding anything to the contrary herein contained, it is expressly understood and agreed that none
of the Administrative Agent, the Letter of Credit Issuer or any other Secured Party undertakes any duties, responsibilities, or liabilities with respect to the Capital Calls issued by any Borrower. None of them shall be required to refer to the
Constituent Documents of any Borrower, or a Subscription Agreement or any Side Letter, or take any other action with respect to any other matter that might arise in connection with the Constituent Documents of any Borrower, a Subscription Agreement,
a Side Letter or any Capital Call. None of them shall have any duty to determine or inquire into any happening or occurrence or any performance or failure of performance of any Borrower or any of the Investors. None of them shall have any duty to
inquire into the use, purpose, or reasons for the making of any Capital Call by any Borrower or the Investment or use of the proceeds thereof. 

(d) Capital Calls and Disbursements from Collateral Accounts. The Borrower shall issue Capital Calls at such times as
are necessary in order to ensure the timely payment of the Obligations hereunder. Each Borrower hereby irrevocably authorizes and directs the Secured Parties, acting through the Administrative Agent, upon the occurrence and during the continuance of
any Event of Default, to charge from time to time the Collateral Accounts, and any other accounts of any Borrower maintained at any Secured Party (including the Cash Collateral Account), for amounts not paid when due (after the passage of any
applicable grace period) to the Secured Parties or any of them hereunder and under the other Loan Documents; provided that promptly after any disbursement of funds from any such account to the Secured Parties, as contemplated in this
Section 5.2(d), the Administrative Agent shall deliver a written notice of such disbursement to the Borrowers. 

(e) No Representations. Neither the Administrative Agent nor any Secured Party shall be deemed to make at any time any
representation or warranty as to the validity of any Capital Call nor shall the Administrative Agent or the Secured Parties be accountable for any Borrower Party’s use of the proceeds of any Capital Contribution. 

(f) Account Bank. 

(i) If the applicable Account Bank with respect to any Collateral Account ceases to be U.S. Bank, National Association, Bank of
America or an Eligible Institution, each Borrower, as applicable, shall have thirty (30) days following notice from the Administrative Agent to (A) move its Collateral Account to a replacement Account Bank that is either Bank of America or
an Eligible Institution and (B) enter into a Control Agreement, in form and substance satisfactory to the Administrative Agent with respect to such Collateral Account. 

  
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 (ii) If an Account Bank requests to terminate a Control Agreement, each
Borrower, as applicable, shall (A) promptly, but in any event no later than two (2) Business Days, notify the Administrative Agent of such request and (B) within the earlier to occur of (1) sixty (60) days (or such later date as
the Administrative Agent may agree in its sole discretion) of such request or (2) five (5) Business Days prior to the termination of such Control Agreement, open a new collateral account that is subject to a Control Agreement in form and
substance satisfactory to the Administrative Agent with a replacement Account Bank that is either Bank of America or an Eligible Institution. 

(iii) The Borrowers may upon thirty (30) days prior written notice to the Administrative Agent, designate a replacement
Account Bank that is either Bank of America or an Eligible Institution and open a new deposit account constituting its Collateral Account at such replacement Account Bank; provided that the applicable Borrower shall concurrently with any such
change in the Account Bank, execute and deliver a Control Agreement, in form and substance satisfactory to the Administrative Agent with respect of such new Collateral Account. 

Notwithstanding anything to the contrary contained in this Credit Agreement, but subject to this Section 5.2(f), it is
expressly understood and agreed that each Collateral Account shall, at all times, be subject to a Control Agreement in form and substance reasonably satisfactory to the Administrative Agent and the applicable Borrower, as applicable. 

5.3 Agreement to Deliver Additional Collateral Documents. The Borrowers shall deliver such security agreements, financing statements,
assignments, and other collateral documents (all of which shall be deemed part of the Collateral Documents), in form and substance satisfactory to the Administrative Agent, as the Administrative Agent acting on behalf of the Secured Parties may
request from time to time for the purpose of granting to, or maintaining or perfecting in favor of the Secured Parties, first priority security interests in the Collateral, together with other assurances of the enforceability and first priority
(subject only to Permitted Liens) of the Secured Parties’ Liens and assurances of due recording and documentation of the Collateral Documents or copies thereof, as the Administrative Agent may reasonably require to avoid material impairment of
the first priority Liens and security interests granted or purported to be granted in accordance with this Section 5. 

5.4 Subordination. During the continuance of a Cash Control Event and if there are Obligations outstanding hereunder, no Borrower shall
make any payments or advances of any kind, directly or indirectly, on any debts and liabilities to any other Credit Party, Investor or the Investment Manager whether now existing or hereafter arising and whether direct, indirect, several, joint and
several, or otherwise, and howsoever evidenced or created (collectively, the “Other Claims”); provided that, during the continuance of a Cash Control Event and if there are Obligations outstanding hereunder, the
Guarantor shall not make any payments or advances of 

  
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any kind, directly or indirectly, to any other Credit Party, Investor or the Investment Manager in respect of any Other Claim if the Guarantor is not in compliance with the terms and conditions
applicable to it under this Credit Agreement and the other Loan Documents. All Other Claims, together with all Liens on assets securing the payment of all or any portion of the Other Claims shall at all times during the continuance of a Cash Control
Event be subordinated to and inferior in right and in payment to the Obligations and all Liens on assets securing all or any portion of the Obligations, and each Credit Party agrees to take such actions as are necessary to provide for such
subordination between it and any other Credit Party, inter se, including but not limited to including provisions for such subordination in the documents evidencing the Other Claims. The Investment Manager acknowledges and agrees that at any
time a Cash Control Event has occurred and is continuing and if there are Obligations outstanding hereunder, the payment of any and all management or other fees due and owing to it from any Borrower, or the Guarantor if the Guarantor is not in
compliance with the terms and conditions applicable to it under this Credit Agreement and the other Loan Documents, shall be subordinated to and inferior in right and payment to the Obligations in all respects as set forth herein. 

Section 6. CONDITIONS PRECEDENT TO LENDING 

6.1 Obligations of the Lenders. The obligation of the Lenders to advance the initial Borrowing hereunder or cause the issuance of the
initial Letters of Credit shall not become effective until the date on which (i) the Administrative Agent shall have received each of the following documents, and (ii) each of the other conditions listed below is satisfied, the
satisfaction of such conditions to be satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance: 

(a) Credit Agreement. This Credit Agreement, duly executed and delivered by the Credit Parties; 

(b) Note. A Note duly executed and delivered by the Initial Borrower (if requested by the Lender) in accordance with
Section 3.1 (it is understood that Bank of America is not requesting a Note on the Closing Date); 

(c) Security Agreement. The Security Agreement with respect to the Initial Borrower, duly executed and delivered by the
parties thereto in favor of the Administrative Agent for the benefit of the Secured Parties; 
 (d) Collateral Account
Pledge. The Collateral Account Pledge with respect to the Initial Borrower, duly executed and delivered by the parties thereto in favor of the Administrative Agent for the benefit of the Secured Parties; 

(e) Control Agreement. The Control Agreement with respect to the Initial Borrower, duly executed and delivered by the
parties thereto; 
 (f) [Reserved]; 

  
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 (g) Filings. 

(i) Satisfactory reports of searches of Filings (or the equivalent in any applicable foreign jurisdiction, as applicable) in
the jurisdiction of formation or registration of each Borrower, or where a filing has been or would need to be made in order to perfect the Administrative Agent’s first priority security interest on behalf of the Secured Parties in the
Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens (other than only Permitted Liens) exist, or, if necessary, copies of proper financing statements, if any, filed on or before the date hereof
necessary to terminate all Liens and other rights of any Person in any Collateral previously granted; and 
 (ii) Filings (or
the equivalent in any applicable foreign jurisdiction, as applicable) satisfactory to the Administrative Agent with respect to the Collateral together with written evidence satisfactory to the Administrative Agent that the same have been filed,
submitted for filing in the appropriate public filing office(s) in the Administrative Agent’s sole discretion, to perfect the Secured Parties’ first priority Lien (subject only to Permitted Liens) in the Collateral; 

(h) Responsible Officer Certificates. A certificate from a Responsible Officer of the Initial Borrower, in the form of
Exhibit K; 
 (i) The Initial Borrower’s Constituent Documents. True and complete copies of the
Constituent Documents of the Initial Borrower, together with certificates of existence (if applicable) and good standing (or other similar instruments) of the Initial Borrower certified by a Responsible Officer of each Initial Borrower to be correct
and complete copies thereof and in effect on the date hereof and in each case reasonably satisfactory to the Administrative Agent; 

(j) [Reserved]. 

(k) Authority Documents. Certified resolutions of the Initial Borrower, authorizing the entry into the transactions
contemplated herein and in the other Loan Documents, in each case certified by a Responsible Officer of such Person as correct and complete copies thereof and in effect on the date hereof; 

(l) Incumbency Certificate. From the Initial Borrower, a signed certificate of a Responsible Officer, who shall certify
the names of the Persons authorized, on the date hereof, to sign each of the Loan Documents and the other documents or certificates to be delivered pursuant to the Loan Documents on behalf of the Initial Borrower, together with the true signatures
of each such Person (the Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior certificate and submitting the authority and signatures of the Persons named in such
further certificate); 
 (m) Opinions. A favorable written opinion of counsel to the Initial Borrower in form and
substance satisfactory to the Administrative Agent and its counsel, dated as of the Closing Date; 

  
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 (n) Investor Documents. With respect to Investors, a copy of each
Investor’s duly executed Subscription Agreement, Side Letter (if applicable) and Credit Link Document, if applicable; 

(o) ERISA Status. With respect to the Initial Borrower, a certificate, addressed to the Secured Parties, signed by a
Responsible Officer of the Initial Borrower that the underlying assets of the Initial Borrower do not constitute Plan Assets because less than twenty-five percent (25%) of the total value of each class of equity interests in the Initial Borrower is
held by “benefit plan investors” within the meaning of Section 3(42) of ERISA; 
 (p) Borrowing Base
Certificate. Receipt by the Administrative Agent of a Borrowing Base Certificate, in the form of Exhibit A, dated as of the Closing Date; 

(q) Collateral Accounts. Evidence that the Collateral Accounts have been established; 

(r) “Know Your Customer” Information and Documents. (i) Such information and documentation as is
requested by the Lenders so that each of the Credit Parties has become KYC Compliant; and (ii) with respect to any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership
Certification in relation to such Borrower; 
 (s) Investment Policies. True and complete copies of the Investment
Policies as in effect on the Closing Date; and 
 (t) Fees; Costs and Expenses. Payment of all fees and other amounts
due and payable on or prior to the date hereof, including pursuant to the Fee Letter, and, to the extent invoiced, reimbursement or payment of all reasonable expenses required to be reimbursed or paid by the Borrowers hereunder, including the
reasonable and documented out of pocket fees and disbursements invoiced through the date hereof of the Administrative Agent’s special New York counsel, Cadwalader, Wickersham & Taft LLP, which may be deducted from the proceeds of such
initial Borrowing; and 
 (u) Additional Information. Such other information and documents as may be reasonably
required by the Administrative Agent and its counsel. 
 In addition, the Administrative Agent and the Lenders shall have
completed their due diligence review of the Initial Borrower and Guarantor and each of their respective management, controlling owners, systems and operations and the Collateral, in scope and determination satisfactory to the Administrative Agent
and the Lenders in their sole discretion. 
 6.2 Conditions to all Loans and Letters of Credit. The obligation of the Lenders to
advance each Borrowing (including the initial Borrowing) and the obligation of the Letter of Credit Issuer to cause the issuance of Letters of Credit (including the initial Letter of Credit) hereunder is subject to the conditions precedent that:

  
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 (a) Representations and Warranties. Each applicable Borrower has
certified to the Administrative Agent and the Lenders or Letter of Credit Issuer, as applicable, that the representations and warranties of the Credit Parties set forth herein and in the other Loan Documents are true and correct in all material
respects on and as of the date of the advance of such Borrowing or issuance of such Letter of Credit, with the same force and effect as if made on and as of such date, except to the extent that such representations and warranties
(i) specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date (except to the extent of changes in facts or circumstances that have been disclosed to the Lenders and do
not constitute an Event of Default or a Potential Default under this Credit Agreement or any other Loan Document), and (ii) are already qualified by materiality, in which case they shall be true and correct in all respects, and except that for
purposes of this Section 6.2(a), the representations and warranties contained in Section 7.6 shall be deemed to refer to the most recent financial statements furnished pursuant to Section 8.1(a); 

(b) No Default. No event shall have occurred and be continuing, or would result from the Borrowing or the issuance of
the Letter of Credit that constitutes an Event of Default or a Potential Default; 
 (c) Request for Borrowing. The
Administrative Agent shall have received a Request for Borrowing or Request for Letter of Credit, together with a Borrowing Base Certificate; 

(d) No Investor Excuses. Other than as disclosed to the Administrative Agent in writing, no Borrower has any knowledge
or reason to believe any Investor would be entitled to exercise any withdrawal, excuse or exemption right under the applicable Constituent Documents of the related Borrower, its Subscription Agreement or any Side Letter with respect to any
Investment being acquired in whole or in part with any proceeds of the related Loan or Letter of Credit; provided that, if a Borrower has disclosed a potential excuse or exemption right to the Administrative Agent in writing, the excused,
withdrawn or exempted portion of the applicable Investor’s Unfunded Capital Commitment shall be excluded from the calculation of the Available Commitment, but the Borrowers shall not be prohibited from obtaining such Borrowing or Letter of
Credit upon the satisfaction of the other conditions therefor contained in this Credit Agreement and the other Loan Documents; 

(e) Letter of Credit Application. In the case of a Letter of Credit, the Letter of Credit Issuer shall have received a
Letter of Credit Application executed by the applicable Borrower; 
 (f) Available Commitment. As applicable,
(i) after giving effect to the proposed Borrowing, the Dollar Equivalent of the Principal Obligations will not exceed the Available Commitment; and (ii) after giving effect to the issuance of the requested Letter of Credit, the Dollar
Equivalent of the Letter of Credit Liability will not exceed the Available Commitment as of such date or the Letter of Credit Sublimit on such date; 

  
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 (g) Material Adverse Effect. Each applicable Borrower has certified
to the Administrative Agent and the Lenders or Letter of Credit Issuer, as applicable, that no circumstances exist or changes to any Credit Party have occurred since the date of the most recent financial statements of such Credit Party delivered to
the Administrative Agent that would reasonably be expected to result in a Material Adverse Effect; 
 (h) Fees; Costs and
Expenses. Payment of all fees and other amounts due and payable by any Borrower on or prior to the date of such Borrowing and, to the extent invoiced, reimbursement or payment of all expenses required to be reimbursed or paid by any Borrower
hereunder, including the fees and disbursements invoiced through the date of such Borrowing of the Administrative Agent’s special New York counsel, Cadwalader, Wickersham & Taft LLP, which may be deducted from the proceeds of such
Borrowing; 
 (i) Alternative Currencies. In the case of a Loan or Letter of Credit to be denominated in an
Alternative Currency, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls that, in the reasonable opinion of the Administrative Agent, the
Required Lenders (in the case of any Loans to be denominated in an Alternative Currency) or the Letter of Credit Issuer (in the case of any Letter of Credit to be denominated in an Alternative Currency) would make it impracticable for such Loan or
Letter of Credit to be denominated in the relevant Alternative Currency; provided that such Administrative Agent, Required Lender or Letter of Credit Issuer shall be making the same determination with respect to its similarly situated
borrowers; and 
 (j) Leverage Limitations. To the extent applicable, after giving effect to the proposed Borrowing or
Letter of Credit issuance, each of the Borrowers will be in compliance with the leverage limitations (if any) set forth in its Constituent Documents. 

6.3 Addition of Qualified Borrowers. The obligation of the Lenders to advance a Borrowing to a proposed Qualified Borrower hereunder or
to cause the issuance of a Letter of Credit to a proposed Qualified Borrower is subject to the conditions that the Borrowers shall have given the Administrative Agent at least ten (10) Business Days prior written notice and each of the
following: 
 (a) Approval of Qualified Borrower. In order for an entity to be approved as a Qualified Borrower
(i) such entity shall be one in which a Borrower owns a direct or indirect ownership interest, or through which a Borrower will acquire an Investment, the indebtedness of which entity can be guaranteed by the applicable Borrower under its
Constituent Documents (a “Qualified Borrower”); (ii) the provisions of this Section 6.3 shall be satisfied; and (iii) the Administrative Agent shall have consented to the addition of such
Qualified Borrower in its reasonable discretion; 
 (b) Guaranty of Qualified Borrower Obligations. The applicable
Borrower shall provide to the Administrative Agent and each of the Lenders an unconditional guaranty of payment in the form of Exhibit J (the “Qualified Borrower Guaranty”, and such guaranties, collectively, the
“Qualified Borrower Guaranties”), and enforceable against the applicable Borrower for the payment of a Qualified Borrower’s debt or obligation to the Lenders; 

  
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 (c) Qualified Borrower Note. In the event that any Qualified Borrower
has not previously done so, upon the request of the Administrative Agent, such Qualified Borrower shall execute and deliver a promissory note, in the form of Exhibit I (a “Qualified Borrower Promissory Note”), the
payment of which is guaranteed by the applicable Borrower pursuant to the Qualified Borrower Guaranties, payable to the Administrative Agent, for the benefit of the Secured Parties in the principal amount of its related Obligations; 

(d) Qualified Borrower Letter of Credit Note. The Obligations of each Qualified Borrower in connection with each Letter
of Credit issued hereunder shall be evidenced by a letter of credit note in the form of Exhibit J (the “Qualified Borrower Letter of Credit Note”), the payment of which is guaranteed by the applicable Borrower pursuant
to the Qualified Borrower Guaranties, as such note may be amended, restated, reissued, extended or modified. Each Qualified Borrower shall execute and deliver a Qualified Borrower Letter of Credit Note payable to the Administrative Agent on behalf
of the related Letter of Credit Issuer(s) (with blanks appropriately completed in conformity herewith); 
 (e)
Authorizations of Qualified Borrower. The Administrative Agent shall have received from such Qualified Borrower appropriate evidence of the authorization of such Qualified Borrower approving the execution, delivery and performance of the
Qualified Borrower Promissory Note or the Qualified Borrower Letter of Credit Note, duly adopted by such Qualified Borrower, as required by Applicable Law or agreement, and accompanied by a certificate of an authorized Person of such Qualified
Borrower stating that such authorizations are true and correct, have not been altered or repealed and are in full force and effect; 

(f) Incumbency Certificate. The Administrative Agent shall have received from such Qualified Borrower a signed
certificate of a Responsible Officer of such Qualified Borrower, which shall certify the names of the Persons authorized to sign the Qualified Borrower Promissory Note and the other documents or certificates to be delivered pursuant to the terms
hereof by such Qualified Borrower, together with the true signatures of each such Person (the Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior certificate and
submitting the authority and signatures of the Persons named in such further certificate); 
 (g) Opinion of Counsel to
Qualified Borrowers. The Administrative Agent shall have received a favorable written opinion of counsel for such Qualified Borrower, in form and substance satisfactory to the Administrative Agent; 

(h) Opinion of Counsel to the Borrowers. The Administrative Agent shall have received a favorable written opinion of
counsel for the Borrowers with respect to the Qualified Borrower Guaranty, in form and substance satisfactory to the Administrative Agent; 

  
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 (i) “Know Your Customer” Information and Documents.
The Lenders shall have received (i) all items required to make such Qualified Borrower KYC Compliant and (ii) if such Qualified Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a
Beneficial Ownership Certification in relation to such Qualified Borrower; 
 (j) Due Diligence Review. The
Administrative Agent shall have completed to its satisfaction its due diligence review of such Qualified Borrower and its respective management, controlling owners, systems and operations; 

(k) ERISA Status. With respect to the initial advance to such Qualified Borrower only, either (i) a favorable
written opinion of counsel to such Qualified Borrower, addressed to the Secured Parties, reasonably acceptable to the Administrative Agent and its counsel, regarding the status of such Qualified Borrower as an Operating Company (or a copy of such
opinion addressed to the Investors, reasonably acceptable to the Administrative Agent and its counsel, together with a reliance letter with respect thereto, addressed to the Secured Parties); or (ii) a certificate, addressed to the Secured
Parties, signed by a Responsible Officer of such Qualified Borrower that the underlying assets of such Qualified Borrower do not constitute Plan Assets because less than twenty- five percent (25%) of the total value of each class of equity interests
in such Qualified Borrower is held by “benefit plan investors” within the meaning of Section 3(42) of ERISA; 

(l) Fees, Costs and Expenses. Payment of all fees and other invoiced amounts due and payable by any Borrower on or prior
to the date of such Qualified Borrower joinder and, to the extent invoiced, reimbursement or payment of all expenses required to be reimbursed or paid by any Borrower hereunder, which may be deducted from the proceeds of any related Borrowing; and

 (m) Additional Information. The Administrative Agent shall have received such other information and documents in
respect of such Qualified Borrower as may be reasonably required by the Administrative Agent and its counsel. 
 Upon the
satisfaction of the requirements of this Section 6.3 described above, such Qualified Borrower shall be bound by the terms and conditions of this Credit Agreement as if it were a Borrower hereunder. 

Section 7. REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES 

To induce the Lenders to make the Loans and cause the issuance of Letters of Credit hereunder, the Guarantor, with respect to Sections
7.1, 7.2, 7.3, 7.4, 7.7, 7.8 (but only as to representations and warranties applicable to the Guarantor), 7.9, 7.11, 7.12, 7.14, 7.15, 7.23, 24, 7
.28 and 7.29 only, and the Borrowers each hereby represents and warrants to the Administrative Agent, the Letter of Credit Issuer and the Lenders that, as to itself: 

  
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 7.1 Organization and Good Standing. Each Credit Party (a) is duly organized,
duly formed, registered or incorporated, as applicable; (b) validly existing and in good standing under the laws of its jurisdiction of organization, formation, registration or incorporation, as applicable; (c) has the requisite power and
authority to own its properties and assets and to carry on its business as now conducted; and (d) is qualified to do business in each jurisdiction where the nature of the business conducted or the property owned or leased requires such
qualification except where the failure to be so qualified to do business could not reasonably be expected to have a Material Adverse Effect. 

7.2 Authorization and Power. Each Credit Party (a) has the requisite partnership, limited liability company or corporate power, as
applicable, and requisite authority to execute, deliver, and perform its respective obligations under this Credit Agreement, the Notes, and the other Loan Documents to be executed by it, its Constituent Documents and its Subscription Agreements;
(b) is duly authorized to, and has taken all partnership, limited liability company, organization or corporate action, as applicable, necessary to authorize it to execute, deliver, and perform its obligations under this Credit Agreement, the
Notes, such other Loan Documents, its Constituent Documents and the Subscription Agreement; and (c) is and will continue to be duly authorized to perform its obligations under this Credit Agreement, the Notes, such other Loan Documents, its
Constituent Documents and the Subscription Agreements. 
 7.3 No Conflicts or Consents. None of the execution and delivery of this
Credit Agreement, the Notes or the other Loan Documents to which it is a party, the consummation of any of the transactions herein or therein contemplated, or the compliance with the terms and provisions hereof or with the terms and provisions
thereof, will contravene or conflict, in any material respect, with any provision of law, statute or regulation to which any Credit Party is subject or any judgment, license, order or permit applicable to any Credit Party or any indenture, mortgage,
deed of trust or other agreement or instrument to which any Credit Party is a party or by which any Credit Party may be bound, or to which any Credit Party may be subject. No consent, approval, authorization or order of any court or Governmental
Authority, Investor or third party is required in connection with the execution and delivery by any Credit Party of the Loan Documents or to consummate the transactions contemplated hereby or thereby, including its Constituent Documents, except, in
each case, for that which has already been waived or obtained. 
 7.4 Enforceable Obligations. This Credit Agreement, the Notes and
the other Loan Documents to which such Credit Party is a party are the legal and binding obligations of such Credit Party, enforceable in accordance with their respective terms, subject to Debtor Relief Laws and general equitable principles (whether
considered in a proceeding in equity or at law). 
 7.5 Priority of Liens. The Collateral Documents create, as security for the
Obligations, valid and enforceable perfected first priority security interests in and Liens (subject only to Permitted Liens) on all of the Collateral in favor of the Administrative Agent for the benefit of the Secured Parties, subject to no other
Liens (other than only Permitted Liens), except as enforceability may be limited by Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law). Such security interests in and Liens on the Collateral
shall be superior to and prior to the rights of all third parties in such Collateral, and, other than in connection with any future Change in Law or in the applicable Borrower’s 

  
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name, identity or structure, or its jurisdiction of organization, formation, registration or incorporation, as the case may be, no further recordings or Filings are or shall be required in
connection with the creation, perfection or enforcement of such security interests and Liens, other than the filing of continuation statements in accordance with Applicable Law. Each Lien referred to in this Section 7.5 is
and shall be the sole Lien (subject only to Permitted Liens) on the Collateral. 
 7.6 Financial Condition. The Borrowers have
delivered to the Administrative Agent the most recently available copies of the financial statements and reports described in Section 8.1, or if such statements and reports are not available, copies of their pro forma balance sheet as
of the Closing Date and the related statement of income, in each case certified by a Responsible Officer of the Borrowers to be true and correct; such financial statements fairly present the financial condition of the Borrowers as of the applicable
date set forth therein (or in the case of a pro forma balance sheet, estimated financial condition based on assumptions that the Borrowers and have been prepared in accordance with GAAP, except as provided therein). For the avoidance of
doubt, such representation relating to the financial statements shall be without qualification, exception or any other statement that has the effect of modifying the opinions therein. 

7.7 Full Disclosure. There is no fact known to a Credit Party that such Credit Party has not disclosed to the Administrative Agent in
writing that could have a Material Adverse Effect. All information heretofore furnished by such Credit Party or the Investment Manager, in connection with this Credit Agreement, the other Loan Documents or any transaction contemplated hereby is, and
all such information hereafter furnished will be, true and correct in all material respects on the date as of which such information is stated or deemed stated. 

7.8 No Default. No event has occurred and is continuing that constitutes an Event of Default or a Potential Default. 

7.9 No Litigation. (a) As of the Closing Date, there are no actions, suits, investigations or legal, equitable, arbitration or
administrative proceedings in any court or before any arbitrator or Governmental Authority (“Proceedings”) pending or threatened, against any Credit Party, other than any such Proceeding that has been disclosed in writing by
such Credit Party to the Administrative Agent; and (b) as of the date of the advance of any Borrowing or the issuance of any Letter of Credit, there are no such Proceedings pending or threatened, against such Credit Party, other than any such
Proceeding that could not, if adversely determined, have a Material Adverse Effect. 
 7.10 Investment Company Act. Solely as to the
Initial Borrower, from and after the Election Date and the Initial Borrower having completed all necessary filing and other requirements required under the Investment Company Act: 

(a) The Initial Borrower is an “investment company” that has elected to be regulated as a “business development company”
pursuant to section 54 of the Investment Company Act and intends to qualify as a regulated investment company within the meaning of the Internal Revenue Code by filing an election to do so on the first filing of its tax return. 

  
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 (b) The business and other activities of the Initial Borrower and its Subsidiaries,
including the making of the Loans and the issuance of the Letters of Credit hereunder, the application of the proceeds and repayment thereof by the Borrowers and the consummation of the transactions contemplated by the Loan Documents do not result
in a material violation or breach in any respect of the provisions of the Investment Company Act or any rules, regulations or orders issued by the SEC thereunder, in each case, that are applicable to the Initial Borrower and its Subsidiaries. 

(c) Each Borrower is in compliance with all written Investment Policies (after giving effect to any Permitted Policy Amendments), except to the
extent that the failure to so comply could not reasonably be expected to result in a Material Adverse Effect. 
 7.11 Taxes. Each
Credit Party has timely filed or caused to be filed all U.S. federal income and other material Tax returns, information statements and reports required to have been filed and has timely paid or caused to be paid all U.S. federal and other material
Taxes required to be paid by such Credit Party, except for any such Taxes that are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been established in accordance with GAAP. 

7.12 Principal Office; Jurisdiction of Formation. (a) Each of the principal office, chief executive office, and principal place of
business of the Credit Parties is correctly listed on Schedule I (as such Schedule I may be amended, restated, supplemented or otherwise modified from time to time) and each Credit Party has been at such location since its formation;
(b) the jurisdiction of formation or registration of the Credit Parties is correctly listed on Schedule I (as such Schedule I may be amended, restated, supplemented or otherwise modified from time to time) and each Credit Party is
not organized under the laws of any other jurisdiction. 
 7.13 ERISA. Each Borrower satisfies an exception under the Plan Asset
Regulations so that its underlying assets do not constitute Plan Assets. Assuming that no portion of the assets used by the Lenders in connection with the transactions contemplated by this Credit Agreement and the other Loan Documents constitutes
Plan Assets (unless such Lender is relying on an applicable prohibited transaction exemption, the conditions of which are satisfied), the execution, delivery and performance of this Credit Agreement and the other Loan Documents, the enforcement of
the Obligations directly against the Investors, and the borrowing and repayment of amounts under this Credit Agreement, do not and will not constitute a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975(c)(1)(A)—(D) of the Internal Revenue Code that would subject the Administrative Agent or a Lender to tax or penalties under such sections of the Internal Revenue Code or ERISA. No Borrower has established,
maintains or contributes to and, except as could not be reasonably likely to have a Material Adverse Effect, no other member of a Borrower’s Controlled Group has established, maintains, contributes to, or has any liability (contingent or
otherwise) with respect to any Plan. 
 7.14 Compliance with Law. Each Credit Party is in compliance with all laws, rules,
regulations, orders, and decrees that are applicable to it or its properties, including Environmental Laws and ERISA, except where non-compliance could not be reasonably likely to have a Material Adverse
Effect. 

  
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 7.15 Environmental Matters. Each Credit Party (a) has not received any notice or
other communication or otherwise has knowledge of any Environmental Liability that could individually or in the aggregate be expected to have a Material Adverse Effect arising in connection with: (i) any actual or alleged non-compliance with or violation of any Environmental Requirements by such Credit Party or any permit issued under any Environmental Law to such Credit Party; or (ii) the Release or threatened Release of any
Hazardous Material into the environment; and (b) has no actual liability or, threatened liability in connection with the Release or threatened Release of any Hazardous Material into the environment or any Environmental Requirements that could
individually or in the aggregate reasonably be expected to have a Material Adverse Effect. 
 7.16 Capital Commitments and
Contributions. All the Investors are set forth on Exhibit A and incorporated herein by reference (or on a revised Exhibit A delivered to the Administrative Agent in accordance with Section 8.18), and the
true and correct Capital Commitment of each Investor is set forth on Exhibit A (or on any such revised Exhibit A). No Capital Calls have been delivered to any Investors other than any that have been disclosed in writing to the
Administrative Agent. As of the date hereof, the aggregate amount of the Capital Commitments of each Investor is set forth on Exhibit A; and the aggregate Unfunded Capital Commitment that could be subject to a Capital Call is set forth on
Exhibit A. 
 7.17 Fiscal Year. The fiscal year of each Borrower is the calendar year. 

7.18 Investor Documents. Each Investor has executed a Subscription Agreement that has been provided to the Administrative Agent. Each
Side Letter that has been entered has been provided to the Administrative Agent. For each Investor, the Constituent Document of its applicable Borrower and its Subscription Agreement (and any related Side Letter) set forth its entire agreement
regarding its Capital Commitment. 
 7.19 Margin Stock. No Borrower is engaged in the business of extending credit for the purpose of
purchasing or carrying Margin Stock, and no proceeds of any Loan or Letter of Credit will be used: (a) to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock; (b) to
reduce or retire any Indebtedness which was originally incurred to purchase or carry any such Margin Stock; or (c) for any other purpose which might constitute this transaction as a “purpose credit”, in each case to the extent the
Obligations under the Credit Agreement are secured directly or indirectly by Margin Stock within the meaning of Regulation T, U, or X. No Borrower nor any Person acting on behalf of the Borrowers has taken or will take any action that might cause
any Loan Document to violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System or to violate Section 7 of the Securities Exchange Act, in each case as now in effect or as the same may hereafter
be in effect. No Loan or Letter of Credit will be secured at any time by, and the Collateral in which any Borrower has granted to the Administrative Agent, for the benefit of each of the Secured Parties, a security interest and Lien pursuant to the
Collateral Documents will not contain at any time any Margin Stock. 
 7.20 [Reserved]. 

  
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 7.21 No Defenses. Each Borrower knows of no default or circumstance that with the
passage of time and/or giving of notice, could constitute a default under its Constituent Documents, any Subscription Agreement, any Side Letter or Credit Link Document that would constitute a defense to the obligations of the Investors to make
Capital Contributions to a Borrower pursuant to a Capital Call, in accordance with the Subscription Agreements or the applicable Borrower’s Constituent Documents, and has no knowledge of any claims of offset or any other claims of the Investors
against any Borrower that would or could diminish or adversely affect the obligations of the Investors to make Capital Contributions and fund Capital Calls in accordance with the Subscription Agreements (and any related Side Letters), the applicable
Borrower’s Constituent Documents or any Credit Link Document. 
 7.22 No Withdrawals Without Approval. No Investor is permitted
to withdraw its interest in any Borrower without the prior approval of the applicable Borrower. 
 7.23 Sanctions. No Credit Party, no
Person directly or indirectly controlling a Credit Party, and no Person directly or indirectly controlled by a Credit Party, and to each Credit Party’s knowledge no other Affiliate of any of the foregoing, (a) is a Sanctioned Entity;
(b) is controlled by or is acting on behalf of a Sanctioned Entity; (c) to each Credit Party’s knowledge is under investigation for an alleged breach of Sanction(s) by a Governmental Authority that enforces Sanctions; or (d) will
fund any repayment of the Obligations with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender or any other party to this Credit Agreement to be in breach of any Sanctions. To each Credit
Party’s knowledge, no Investor is a Sanctioned Entity. 
 7.24 Insider. No Credit Party is an “executive officer,”
“director,” or “person who directly or indirectly or acting through or in concert with one or more persons owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities” (as those terms
are defined in 12 U.S.C. §375b or in regulations promulgated pursuant thereto) of any Lender, of a bank holding company of which any Lender is a subsidiary, or, to the knowledge of any Credit Party, of any subsidiary, of a bank holding company
of which any Lender is a subsidiary, of any bank at which any Lender maintains a correspondent account, or of any bank that maintains a correspondent account with any Lender. 

7.25 Investors. The Borrowing Base Certificate, as it may be updated in writing from time to time by the Borrowers, is true and correct
in all material respects. 
 7.26 Organizational Structure. The structure of the Borrowers is accurately depicted on Schedule
III in all material respects. The Borrowers have not formed any Alternative Investment Vehicles or Parallel Investment Vehicles that are not depicted on Schedule III (or on an updated Schedule III delivered by the Borrowers to the
Administrative Agent upon formation of such Alternative Investment Vehicle or Parallel Investment Vehicle, as applicable). 
 7.27 No
Brokers. None of the Borrowers nor the Investment Manager has dealt with any broker, investment banker, agent or other Person (except for the Administrative Agent, the Lenders and any Affiliate of the foregoing) who may be entitled to any
commission or compensation in connection with the Loan Documents, the Loans or a transaction under or pursuant to this Credit Agreement or the other Loan Documents. 

  
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 7.28 Financial Condition. Each Credit Party is, and immediately after consummation of
the transactions contemplated by the Loan Documents will be, Solvent. 
 7.29 Properties. Each Credit Party has good title to, or
valid leasehold interests in, all its real and personal property material to its business, except for any defects that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

7.30 [Reserved]. 

7.31 Investments. No Investments made by any Borrower, directly or indirectly, are in violation of, or would cause a default under, the
terms of the Constituent Documents of such Borrower. 
 7.32 Beneficial Ownership Certification. As of the Closing Date, the
information included in the Beneficial Ownership Certification is true and correct in all respects. 
 Section 8. AFFIRMATIVE COVENANTS OF THE
CREDIT PARTIES 
 So long as the Lenders have any commitment to lend hereunder or to cause the issuance of any Letters of Credit
hereunder, and until payment and performance in full of the Obligations under this Credit Agreement and the other Loan Documents (other than contingent obligations for which no claim has yet been made), the Guarantor, with respect to Sections
8.1(m), 8.1(n), 8 .3, 8 .6, 8 .8, 8.11, 8.15, 8.16, 8.17, 8.18, 8.21, 8.22 and 8.23 only, and each Borrower agrees that: 

8.1 Financial Statements, Reports and Notices. The Borrowers shall deliver (or cause to be delivered) to the Administrative Agent
sufficient copies for each Lender of the following: 
 (a) Financial Reports. 

(i) Annual Reports. As soon as available, but no later than one hundred and twenty (120) days after the end of the
fiscal year for each of the Borrowers, the audited consolidated balance sheet and related statements of operations of the Borrowers as of the end of and for such year, all reported on by a firm of nationally recognized independent certified public
accountants of recognized national standing; provided that this clause (i) shall be satisfied with timely delivery of 10-K filing to Administrative Agent (including providing the Administrative Agent with
a link to such SEC filings via e-mail); 
 (ii) Quarterly Reports. As soon as
available, but no later than sixty (60) days after the end of each of the first three (3) fiscal quarters of the Borrowers, the unaudited consolidated balance sheet and related statements of operations of the Borrowers as of the end of and
for such fiscal quarter and certified by a Responsible Officer of the Borrowers, as applicable, as presenting fairly in all material respects the financial condition and results of operations of the Borrowers on a consolidated basis in accordance
with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; provided that this clause (ii) shall be satisfied with timely delivery of 10-Q filing to Administrative Agent (including providing the Administrative Agent with a link to such SEC filings via e-mail); 

  
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 (iii) Semiannual Reports. As soon as available, but no later than
semiannually within sixty (60) days of June 30 and ninety (90) days of December 31 each year, beginning with the December 31, 2021 semiannual period, the unaudited consolidated balance sheet and related statements of
operations of the Guarantor, a “Summary of Holdings” and additional reports substantially in the form delivered to Lender in connection with the origination of the Loan or in another form reasonably acceptable to the Administrative Agent,
in each case, certified by a Responsible Officer of the Guarantor. 
 (b) Compliance Certificate. As soon as
available, but no later than the date any financial statement is due pursuant to Section 8.1(a), a compliance certificate in the form of Exhibit Q (the “Compliance Certificate”), certified by
a Responsible Officer of the Borrowers to be true and correct, (i) stating whether any Event of Default or any Potential Default exists; (ii) stating the no margin calls have been made during the prior quarter that have not been funded in
full when due; (iii) stating whether the Borrowers are in compliance with the Debt Limitations contained in Section 9.11 and containing the calculations evidencing such compliance; (iv) stating that no Exclusion
Event has occurred with respect to any Borrowing Base Investor (that has not previously been disclosed to the Administrative Agent in writing); and (v) setting forth: (A) in the case of a Compliance Certificate delivered in connection with
a fiscal quarter-end report by the Borrowers, a description of the Investments acquired, sold or otherwise disposed of by the Borrowers during such fiscal quarter; (B) in the case of a Compliance
Certificate delivered in connection with a fiscal year-end report by the Borrowers, a description of the Investments acquired, sold or otherwise disposed of by the Borrowers during such fiscal year, and a
statement of the capital account of each Investor; (C) the aggregate Unfunded Capital Commitments of the Investors and, separately, the aggregate Unfunded Capital Commitments of the Borrowing Base Investors; (D) the calculations for the
Available Commitment as of the date of delivery of such Compliance Certificate; (A) specifying changes, if any, in the names or notice information for any Investor); and (B) listing all new and substitute Investors who have not satisfied each of the
requirements set forth in Section 9.5. 
 (c) Capital Calls. (i) Contemporaneously with
the issuance of each Capital Call, the Borrowers shall notify the Administrative Agent of the making of such Capital Call and shall provide information as to the timing and amount of such Capital Call to the extent available; and (ii) unless
waived by the Administrative Agent in its sole discretion, a report of all Investors failing to fund their Capital Contributions. 

(d) Notice of Default. Within one (1) Business Day of becoming aware of the existence of any condition or event
that constitutes an Event of Default or a Potential Default, the Borrowers shall furnish to the Administrative Agent a written notice specifying the nature and period of existence thereof and the action that such Borrower is taking or proposes to
take with respect thereto. 

  
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 (e) Notice of Certain Withdrawals. Promptly, but no later than three
(3) Business Days following receipt thereof, copies of any notice of withdrawal or request for excuse or exemption by any Investor pursuant to the applicable Constituent Document of the applicable Borrower, its Subscription Agreement or Side
Letter. 
 (f) Investor Events. Promptly upon becoming aware of any of the following events, a certificate notifying
the Administrative Agent whether (i) an Exclusion Event has occurred with respect to any Borrowing Base Investor or any other Investor has violated or breached any material term of the applicable Constituent Document of the Borrower, the
Subscription Agreement or any Credit Link Document; (ii) there has been any decline in the Rating of any Investor (or its Credit Provider, Sponsor or Responsible Party) whether or not such change results in an Exclusion Event (it being
understood that the Borrowers are not required to affirmatively monitor the Ratings of the Investors and shall comply with the delivery obligation set forth in this Section 8.1(f)(ii) only in the event a Borrower obtains
actual knowledge of a decline in any such Rating); or (iii) there has been a change in the name or notice information of any Investor. 

(g) ERISA Certification. (i) For each Borrower that provided a certificate of a Responsible Officer pursuant to
Section 6.1(o) and Section 6.3(k), prior to admitting one or more ERISA Investors that would result in twenty-five percent (25%) of the total value of any class of equity interests in such Borrower
being held by “benefit plan investors” (calculated in accordance with the Plan Asset Regulations), such Borrower shall deliver to the Administrative Agent a favorable written opinion of counsel addressed to such Borrower, reasonably
acceptable to the Administrative Agent and its counsel, regarding the status of such Borrower as an Operating Company (or a copy of such opinion addressed to the Investors, reasonably acceptable to the Administrative Agent and its counsel) (and, for
the avoidance of doubt, such opinion may rely, inter alia, upon one or more certificates of the Borrower as to the exercise of management rights with respect to one or more investments, a description of such Borrower’s investments and with
respect to any other relevant matters); and (ii) with respect to each other Borrower, for so long as there is any ERISA Investor in such Borrower, such Borrower shall provide to the Administrative Agent, no later than sixty (60) days after
the first day of each Annual Valuation Period in the case of clause (1) below or thirty (30) days after the end of such Borrower’s fiscal year in the case of clause (2) below, a certificate signed by a Responsible Officer of such
Borrower that (1) such Borrower has remained and still is an Operating Company or (2) the underlying assets of such Borrower do not constitute Plan Assets because less than twenty-five percent (25%) of the total value of each class of
equity interests in such Borrower is held by “benefit plan investors” (calculated in accordance with the Plan Asset Regulations). 

(h) Borrowing Base Certificate. The Borrowers shall provide an updated Borrowing Base Certificate certified by a
Responsible Officer of the Borrowers to be true and correct in all material respects (1) setting forth a calculation of the Available Commitment in reasonable detail as of the date of delivery of such Borrowing Base Certificate and
(2) specifying changes, if any, in the names of Investors and listing Investors who have not satisfied the conditions of Section 9.5(a), as applicable, with respect to at each of the following times:
(i) concurrently with the delivery of quarterly 

  
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financial statements referenced in Section 8.1(a)(ii); (ii) concurrently in connection with any new Borrowing or request for a Letter of Credit; (iii) within three
(3) days following the issuance of any Capital Calls to the Investors together with copies of such Capital Call notices in accordance with Section 8.1(c); (iv) promptly following any (A) Exclusion Event and a
Borrower’s obtaining actual knowledge thereof or (B) Transfer of any Included Investor’s or Designated Investor’s Capital Commitment; (v) within five (5) Business Days following any Borrower obtaining actual knowledge of any
decline in the Rating of any Included Investor whether or not such change results in an Exclusion Event (it being understood that the Borrowers are not required to affirmatively monitor the Ratings of the Investors and shall comply with the delivery
obligation set forth in this Section 8.1(h)(v) only in the event a Borrower obtains actual knowledge of a decline in any such Rating); (vi) within five (5) Business Days of any other event that reduces the Available
Commitment (such as, by way of example, a deemed collection); and (vii) on the last day of any calendar month when no Borrowing has been made during such calendar month. 

(i) Other Reporting. Simultaneously with the delivery to all Investors, copies of any notice of default, notice of
election or exercise of any rights or remedies under the Subscription Agreements, the Constituent Documents or the Constituent Documents of any Borrower Party, or any notices relating in any way to any Investor’s Capital Commitment, and any
notice relating in any way to the misconduct of any Borrower Party. 
 (j) Capital Return Notices. Simultaneously with
the delivery to any Investor, copies of any Capital Return Notices provided to the Investors. 
 (k) New Investors or
Amended Investor Documents. Within five (5) Business Days of execution thereof, copies of the Subscription Agreement (and any related Side Letter) or any transfer documentation of any new Investor or written evidence of an increase in the
Capital Commitment of any Investor or any amendments to any Investor’s Side Letter, including any documents related to an Investor’s election to opt into the provisions of any other Investor’s Side Letter pursuant to a ‘most
favored nations’ clause. 
 (l) Notice of Material Adverse Effect. Each Borrower shall promptly upon receipt of
knowledge thereof, notify the Administrative Agent of any event if such event could reasonably be expected to result in a Material Adverse Effect, including the commencement of, and any material determination in, any litigation with any third party
or any proceeding before any Governmental Authority affecting such Credit Party. 
 (m) Environmental Notices. Each
Credit Party shall promptly upon receipt of knowledge thereof, notify the Administrative Agent of (1) the listing of any of the Credit Parties’ properties or assets on the Comprehensive Environmental Response, Compensation and Liability
Information System and (2) of any of the following events if such event could reasonably be expected to result in a Material Adverse Effect: (i) any complaint, order, citation, notice, claim, demand, action, event, condition, report or
investigation issued, or threatened in writing to be issued, to the Credit Parties indicating 

  
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any potential or actual liability arising in connection with the non-compliance with or violation of any Environmental Requirements or any permit issued
under any Environmental Law and/or the Release or threatened Release of any Hazardous Material; (ii) the existence of any Environmental Lien on any properties or assets of the Credit Parties; (iii) any order, consent decree or judgment of any
Governmental Authority concerning health, safety or the environment; (iv) any Environmental Liability resulting from the violation or alleged violation of any Environmental Law or otherwise arising under any Environmental Law, the imposition of
any Environmental Lien, or resulting from any common law cause of action asserted by any Person concerning any health, safety or environmental matter; and (v) any Release or threatened Release of any Hazardous Material. 

(n) Beneficial Ownership Certification. Each Credit Party shall promptly notify the Administrative Agent or any Lender
of any change to any Beneficial Ownership Certification previously delivered and deliver an updated Beneficial Ownership Certification, and if any Credit Party becomes a “legal entity customer” under the Beneficial Ownership Regulation
after the Closing Date, such Credit Party shall promptly notify the Administrative Agent and shall deliver to the Administrative Agent or any Lender a Beneficial Ownership Certification in relation to such Credit Party. 

(o) Know Your Customer Information. Promptly following any request therefor, information and documentation reasonably
requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the USA PATRIOT Act, the Beneficial Ownership Regulation or other applicable Anti-Money Laundering Laws
and Anti-Corruption Laws. 
 (p) Investor Reports. Simultaneously with the delivery to all Investors, but no later
than sixty (60) days after the end of each fiscal quarter of the Borrowers, copies of any investor reports provided to the Investors. 

(q) Other Information. Such other information concerning the business, properties, or financial condition of the
Borrowers as the Administrative Agent shall reasonably request. 
 8.2 Payment of Obligations. Each Borrower shall pay and discharge
all Indebtedness and other obligations before any such obligation becomes delinquent, if such failure could reasonably be expected to result in a default in excess of the Threshold Amount. 

8.3 Maintenance of Existence and Rights. Each Credit Party shall preserve and maintain its existence. Each Credit Party shall further
preserve and maintain all of its rights, privileges, and franchises necessary in the normal conduct of its business and in accordance with all valid regulations and orders of any Governmental Authority the failure of which could reasonably be
expected to result in a Material Adverse Effect. Notwithstanding the foregoing, the conversion by the Initial Borrower from a limited liability company to a corporation on the Conversion Date shall not be considered a violation of this
Section 8.3. 

  
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 8.4 Operations and Properties. Each Borrower shall act prudently and in accordance
with customary industry standards in managing or operating its assets, properties, business, and investments. Each Borrower shall keep in good working order and condition, ordinary wear and tear excepted, all of its assets and properties that are
necessary to the conduct of its business. 
 8.5 Books and Records; Access. Following three (3) Business Days’ prior written
notice, each Borrower shall give the Administrative Agent, the Lenders, or any of them, access during ordinary business hours to, and permit such person to examine, copy, or make excerpts from, any and all books, records, and documents in the
possession of such Borrower and relating to their affairs, and to inspect any of the properties of the Borrower and to discuss its affairs, finances and condition with its officers and independent accountants; provided that, so long as no
Event of Default has occurred and is continuing, such access shall be limited to one (1) time in each calendar year. 
 8.6
Compliance with Law. Each Credit Party shall observe and comply with all Applicable Laws and all orders of any Governmental Authority, including Environmental Laws and ERISA, and maintain in full force and effect all Governmental Approvals
applicable to the conduct of its business, in each case except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

8.7 Insurance. Each Borrower shall maintain, with financially sound and reputable insurance companies, workmen’s compensation
insurance, liability insurance, and insurance on its present and future properties, assets, and businesses against such casualties, risks, and contingencies, and in such types and amounts, as are consistent with customary practices and standards of
its industry in the same or similar locations. 
 8.8 Authorizations and Approvals. Each Credit Party shall promptly obtain, from time
to time at its own expense, all such governmental licenses, authorizations, consents, permits and approvals as may be required to enable such Credit Party to comply with its obligations hereunder, under the other Loan Documents and its Constituent
Documents and to conduct its business in the customary fashion. 
 8.9 Maintenance of Liens. Each Borrower shall perform all such acts
and execute all such documents as the Administrative Agent may reasonably request in order to enable the Administrative Agent and Secured Parties to file and record every instrument that the Administrative Agent may deem necessary in order to
perfect and maintain the Secured Parties’ first priority security interests in (and Liens on) the Collateral and otherwise to preserve and protect the rights of the Secured Parties in respect of such first priority security interests and Liens.

 8.10 Further Assurances. Each Borrower shall make, execute or endorse, and acknowledge and deliver or file or cause the same to be
done, all such vouchers, invoices, notices, certifications, and additional agreements, undertakings, conveyances, transfers, assignments, financing statements, or other assurances, and shall take any and all such other action, as the Administrative
Agent may, from time to time, deem necessary or desirable in connection with this Credit Agreement or any of the other Loan Documents, the obligations of the Borrower hereunder or thereunder for better assuring and confirming unto the Secured
Parties all or any part of the security for any of such obligations as contemplated herein. 

  
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 8.11 Maintenance of Independence. Each Credit Party shall at all times
(a) conduct and present themselves as separate entities and maintain all business organization formalities; (b) maintain separate books and records; (c) conduct all transactions with Affiliates on an arm’s length basis; and
(d) not commingle its funds with funds of other Persons, including Affiliates. 
 8.12 Investor Financial and Confirmation of
Unfunded Capital Commitments. Upon request from the Administrative Agent, the Borrowers shall provide to the Administrative Agent any financial information from Investors reasonably requested by the Administrative Agent and that Investors are
obligated to provide to the Borrowers, subject to any applicable confidentiality restrictions with respect to any applicable Investor. 

8.13 Covenants of Qualified Borrowers. The covenants and agreements of Qualified Borrowers hereunder shall be binding and effective with
respect to a Qualified Borrower upon and after the execution and delivery of a Qualified Borrower Note by such Qualified Borrower. 
 8.14
Investor Default. In the event that any Investor fails to fund any Capital Contribution pursuant to a Capital Call when due or otherwise defaults on any of its obligations to any Borrower, then during the continuance of an Event of Default, each
Borrower shall exercise any discretion it may have with respect to its available remedies only with the written consent of the Administrative Agent. 

8.15 Taxes. All U.S. federal income and other material Tax returns, information statements and reports required to be filed by any
Credit Party in any jurisdiction shall be timely filed and all U.S. federal income and other material Taxes owed by such Credit Party shall be timely paid, unless such Taxes are being contested in good faith and adequate reserves are being
maintained in accordance with GAAP. 
 8.16 Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws. Each Credit Party,
each Person directly or indirectly controlling a Credit Party, and each Person directly or indirectly controlled by a Credit Party shall, and to the knowledge of any Credit Party each other Affiliate of any of the foregoing shall, (a) comply
with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws; (b) maintain policies and procedures reasonably designed to ensure compliance with all applicable Anti-Money Laundering Laws and Anti- Corruption Laws in all material
respects; and (c) ensure it does not use any of the Loans or Letters of Credit in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. 

8.17 Compliance with Sanctions. No Credit Party, no Person directly or indirectly controlling a Credit Party, and no Person directly or
indirectly controlled by a Credit Party, and to each Credit Party’s knowledge no other Affiliate of any of the foregoing, in each case directly or indirectly, shall use the proceeds of any Loan hereunder, or lend, contribute, or otherwise make
available such proceeds to any subsidiary, joint venture partner, or other Person (a) to fund any activities or business of or with a Sanctioned Entity, or (b) in any manner that would be prohibited by Sanctions or would otherwise cause a
Lender to be in breach of any Sanctions. Each Credit Party shall comply with all applicable Sanctions in all material respects, and shall maintain policies and procedures reasonably designed to ensure compliance with Sanctions. 

  
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 8.18 Solvency. The financial condition of each Credit Party, each Subsidiary and each
other entity compromising such Credit Party’s fund shall be such that such Credit Party is Solvent. 
 8.19 Returned Capital. The
Borrowers shall promptly following notification to the Investors of any Returned Capital: (a) notify the Administrative Agent in writing of such Returned Capital; (b) deliver to the Administrative Agent a revised Borrowing Base Certificate
modified by the Borrowers reflecting the changes to the Capital Commitments and the Unfunded Capital Commitments, resulting from the distribution of the Returned Capital; and (c) deliver to the Administrative Agent copies of all Capital Return
Notices and a Capital Return Certification duly executed by the Borrowers certifying that such Returned Capital of the applicable Investor has been added back into the applicable Investor’s Unfunded Capital Commitment and confirming the
Unfunded Capital Commitment of the applicable Investor after giving effect to the Returned Capital. The effective date on which an Investor’s Unfunded Capital Commitment increases by Returned Capital for purposes of this Credit Agreement shall
be the date on which the Borrowers have delivered to the Administrative Agent duly completed copies of the items required by this Section 8.19. 

8.20 Capital Calls. During each twelve (12) month period commencing on the Final Closing Date (as defined in the applicable
Constituent Documents), the Borrowers shall make at least one (1) Capital Call on the Investors. 
 8.21 Compliance with Loan
Documents and Constituent Documents. Each Credit Party shall fully comply with any and all covenants and provisions of each Loan Document executed by it. Each Credit Party shall comply with all provisions of its Constituent Documents. 

8.22 Net Asset Value. The Guarantor shall maintain a net asset value of greater than $3,000,000,000, at all times but tested on a
semiannual basis beginning as of the fiscal quarter ended December 31, 2021. 
 8.23 Liquid Assets. The Guarantor shall maintain
liquid assets (including but not limited to hedge fund holdings redeemable on a quarterly or more frequent basis) equal to or greater than the outstanding balance of obligations on all credit lines plus the aggregate unfunded capital commitments of
the Guarantor, at all times but tested on a semiannual basis beginning with the fiscal quarter ended December 31, 2021. 
 8.24 RIC
Status under the Internal Revenue Code; Investment Company Act. Solely as to the Initial Borrower, from and after the Election Date and the Initial Borrower having completed all necessary filing and other requirements required under the
Investment Company Act: 
 (a) The Initial Borrower will elect to be treated as a “regulated investment company” within the meaning
of the Internal Revenue Code commencing with the first taxable year in which investors are issued equity interests in the Borrower and will at all times thereafter maintain its status as a “regulated investment company” within the meaning
of the Internal Revenue Code, and will at all times maintain its status as a “business development company” under the Investment Company Act. 

  
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 (b) The Borrowers shall at all times be in compliance with the Investment Policies (after
giving effect to any Permitted Policy Amendments), except to the extent that the failure to so comply could not reasonably be expected to result in a Material Adverse Effect. 

(c) The Initial Borrower agrees to provide the Administrative Agent with one (1) Business Days prior written notice of it being a
“business development company” under the Investment Company Act, provided, the Administrative Agent and each Lender agree that the Initial Borrower shall be permitted at any time to become a “business development company” under
the Investment Company Act and no consent of the Administrative Agent or any Lender shall be required. 
 Section 9. NEGATIVE COVENANTS 

So long as the Lenders have any commitment to lend or to cause the issuance of any Letter of Credit hereunder, and until payment and
performance in full of the Obligations (other than contingent obligations for which no claim has yet been made), the Guarantor, with respect to Sections 9.1, 9 .2, 9.4 and 9.15 only, and each Borrower agrees
that: 
 9.1 Credit Party Information. No Credit Party shall change its jurisdiction of formation, without the prior written consent
of the Administrative Agent. No Credit Party shall change its name without providing at least ten (10) Business Days prior written notice to the Administrative Agent, provided with respect to the change of the Initial Borrower’s name upon
its Conversion, such notice requirement shall only be one (1) Business Day prior written notice. No Credit Party shall change its chief executive office and/or principal place of business, without providing prior written notice to the
Administrative Agent. 
 9.2 Mergers, Etc. No Credit Party shall take any action (a) to merge, consolidate or divide with or into
any Person, unless such Credit Party is the surviving entity, or (b) that will dissolve or terminate such Credit Party. 
 9.3
Negative Pledge. No Borrower shall create, permit or suffer to exist any Lien (whether such interest is based on common law, statute, other law or contract and whether junior or equal or superior in priority to the security interests and Liens
created by the Loan Documents) upon the Collateral, other than Permitted Liens. For the avoidance of doubt, there will be no prohibition on Liens on any asset which does not constitute Collateral. 

9.4 Fiscal Year and Accounting Method. No Credit Party shall change its fiscal year or materially alter its method of accounting without
the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, delayed or conditioned, unless otherwise required to do so by the Internal Revenue Code (and if so required the Borrowers shall immediately
notify the Administrative Agent in writing of such change). 

  
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 9.5 Transfer of Interests; Admission of Investors. 

(a) Transfers by Investors. No transfer of any interest in a Borrower by any Borrowing Base Investor to any other Person
shall be permitted without the consent of the Administrative Agent if, after giving effect to such transfer (and the exclusion of such Borrowing Base Investor from the Borrowing Base), a mandatory prepayment would result. If such consent is
required, or if the Borrowers desire to include the transferee Investor to be included as a Borrowing Base Investor, then the applicable Borrower shall notify the Administrative Agent of any Transfer by any Borrowing Base Investor of all or a
portion of any interest in any Borrower under the applicable Constituent Documents at least five (5) Business Days before the proposed Transfer, and shall, promptly upon receipt thereof, deliver to the Administrative Agent copies of any
proposed assignment agreement and other documentation delivered to, or required of such Borrowing Base Investor by, the applicable Borrower. In order for a new Investor to be deemed to be a Borrowing Base Investor, such new Investor must obtain the
consent of the Administrative Agent and satisfy the criteria therefor as set out in this Credit Agreement. If the transfer of an Investor interest to a new Investor would result in a mandatory prepayment (due to the transferee not being designated
as a Borrowing Base Investor or otherwise), such mandatory prepayment shall be calculated and paid to the Lenders prior to the effectiveness of the transfer and such prepayment shall be subject to Section 4.5. No Transfer
of any interest in any Borrower shall be permitted unless (i) such transferee is not on any OFAC list; and (ii) such Transfer will not result in any Borrower being in violation of Section 9.14. 

(b) OFAC Compliance. Any admission of an assignee of an interest in any Borrower or as a substitute Investor and any
admission of a Person as a new Investor of any Borrower, shall be subject to such Person’s compliance with Sanctions and being KYC Compliant. 

9.6 Constituent Documents. Except as hereinafter provided, without the consent of the Administrative Agent, no Borrower shall alter,
amend, modify, terminate, or change any provision of its Constituent Documents, any Subscription Agreement or any Side Letter or enter any new Side Letter with an existing Investor (each, a “Proposed Amendment”) if such
Proposed Amendment would (a) remove or amend (or affect in a similar manner) the Debt Limitations in a manner that affects the borrowing capacity in the Constituent Documents; (b) affect the Borrower’s, or any Investor’s (as
applicable) debts, duties, obligations, and liabilities, or the rights, titles, security interests, Liens, powers and privileges of such Person (as applicable), in each case, relating to any Capital Calls, Capital Contributions, Capital Commitments,
Uncalled Capital Commitments or any other Collateral or any time period applicable thereto; (c) except as permitted under Section 9.5, suspend, reduce or terminate any Investor’s Unfunded Capital Commitments or
the obligation to fund Capital Calls; (d) amend any of the provisions thereof related to a “Subscription Facility” (as such term is defined in the Constituent Documents); or (e) otherwise have a material adverse effect on the
rights, titles, first priority security interests and Liens, and powers and privileges of any of the Secured Parties hereunder (each, a “Material Amendment”). With respect to any Proposed Amendment, such Borrower shall notify
the Administrative Agent of such proposal. The Administrative Agent shall within ten (10) Business Days of the date on which it has received such notification in 

  
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 accordance with Section 12.6 determine, in its sole discretion without the requirement of
obtaining the input of the Lenders and on its good faith belief, whether or not such Proposed Amendment would constitute a Material Amendment and shall promptly notify such Borrower of its determination. In the event that the Administrative Agent
determines that such Proposed Amendment is a Material Amendment, the approval of the Administrative Agent and the Required Lenders shall be required (unless the approval of all Lenders is otherwise required consistent with the terms of this Credit
Agreement), and the Administrative Agent shall promptly notify the Lenders of such request for such approval, distributing, as appropriate, the Proposed Amendment and any other relevant information provided by such Borrower. Subject to
Section 12.1, the Lenders shall, within ten (10) Business Days from the date of such notice from the Administrative Agent, deliver their approval or denial thereof. In the event that the Administrative Agent determines that the
Proposed Amendment is not a Material Amendment, such Borrower may make such Proposed Amendment without the consent of any Lender. Notwithstanding the foregoing, each Borrower may, without the consent of the Administrative Agent or the Lenders, amend
its Constituent Documents: (x) to admit new Investors to the extent permitted by, and in accordance with, this Credit Agreement; and (y) to reflect transfers of interests in the Borrowers permitted by, and in accordance with, this Credit
Agreement; provided that, in each case, such Borrower shall provide prior written notice to the Administrative Agent of any such amendment. Further, in the event any Constituent Document or any provision thereof of any Borrower is altered,
amended, modified or terminated in any respect whatsoever, such Borrower shall provide prior written notice thereof to the Administrative Agent and, within one (1) Business Day of the effectiveness of such alteration, amendment, modification or
termination, shall provide the Administrative Agent with copies of each executed, filed or otherwise effective document relating thereto. For the avoidance of doubt, a Proposed Amendment solely to effectuate the conversion of the Initial Borrower to
a corporation on the Conversion Date as more fully disclosed to the Administrative Agent prior to the Closing Date shall not be deemed a Material Amendment for purposes of this Section 9.6. 

9.7 [Reserved]. 

9.8 Negative Pledge. No Borrower shall permit any Investor to pledge or otherwise grant a security interest or otherwise create a Lien
on such Investor’s right, title and interest in any Borrower without the prior written consent of the Administrative Agent in its sole and absolute discretion. 

9.9 Notice of Withdrawals. No Borrower shall permit any Investor to withdraw its interest in any Borrower without the prior written
consent of the Lenders, unless such Investor’s continuing interest in the applicable Borrower would violate Applicable Law. 
 9.10
Alternative Investment Vehicles and Parallel Investment Vehicles; Transfers of Capital Commitments. 
 (a) Alternative Investment
Vehicles and Parallel Investment Vehicles. No Borrower shall either (i) transfer the Unfunded Capital Commitments of one or more Investors to any Alternative Investment Vehicle or Parallel Investment Vehicle, or (ii) cause Capital
Contributions to be made to an Alternative Investment Vehicle or Parallel Investment Vehicle. 

  
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 (b) Other Transfers of Unfunded Capital Commitments. No Borrower shall cause Capital
Contributions to be made to any Affiliate of a Borrower that is not a Borrower hereunder or directly to any Investment. 
 9.11 Limitation
on Indebtedness. No Borrower shall, without the prior written consent of the Administrative Agent and the Lenders, incur Indebtedness that is not permitted pursuant to its Constituent Documents of such Borrower (collectively, the
“Debt Limitations”). For the avoidance of doubt, any Indebtedness provided by the Investment Manager to such Borrower shall comply with this Section 9.11 so long as (a) such Indebtedness is
subordinated to the Obligations; (b) any Liens securing such Indebtedness are, at all times, unperfected; and (c) the Borrowers, the Investment Manager and the Administrative Agent have entered into an intercreditor agreement with respect
to such Indebtedness in form and substance reasonably satisfactory to the Administrative Agent. 
 9.12 Capital Commitments. No
Borrower shall: (a) without the prior written consent of the Administrative Agent, which may be withheld in its sole reasonable discretion, cancel, suspend, excuse, defer or abate the Capital Commitment of any of its Investors (other than
(i) in connection with a transfer or withdrawal permitted by this Credit Agreement, (ii) in connection with the cancellation, suspension, excuse, deferment or abatement of the Capital Commitment of a
Non-Rated Included Investor in an aggregate amount (together with any other cancelled, suspended, excused, deferred or abated Capital Commitment pursuant to the Section 9.12(a)(ii))
not to exceed five percent (5%) of the aggregate Capital Commitments or (iii) in accordance with the Constituent Documents under circumstances where a Borrower has no discretion (i.e., the applicable Investor is entitled to such an
excuse or withdrawal under the terms of the Constituent Documents as a matter of right); provided that, in each case, the Borrowers have made advance prepayment of any resulting mandatory prepayment hereunder after giving effect to such
cancellation, suspension, excuse, deferral or abatement); or (b) relieve, excuse, delay, postpone, compromise or abate any Investor from the making of any Capital Contribution (including, for the avoidance of doubt, in connection with any
particular investment of such Borrower), the proceeds of which are to be applied to repayment of the Obligations; provided that if an Investor has the right under the Constituent Documents to be excused from an investment, the applicable
Borrower shall be permitted to excuse such Investor from its Capital Contribution with respect to such investment and any obligations incurred with respect to such investment, so long as any resulting mandatory prepayment hereunder as a result of
such excuse is made prior to giving effect thereto. 
 9.13 Capital Calls. No Borrower shall make any contractual or other agreement
with any Person that shall restrict, limit, penalize or control its ability to make Capital Calls or the timing thereof. 
 9.14 ERISA
Compliance. No Borrower shall establish, maintain or contribute to, and except as could not reasonably be expected to have a Material Adverse Effect, no other member of a Borrower’s Controlled Group shall establish, maintain, contribute to,
or have any liability (contingent or otherwise) with respect to any Plan. No Borrower shall fail to satisfy an exception under the Plan Asset Regulations which failure causes the assets of such Borrower to be deemed Plan Assets. Assuming that no
portion of the assets used by the Lenders in connection with the transactions contemplated by this Credit Agreement and the other Loan Documents constitutes 

  
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 Plan Assets (unless such Lender is relying on an applicable prohibited transaction exemption, the conditions
of which are satisfied), no Borrower shall take any action, or omit to take any action that would give rise to a non-exempt prohibited transaction under Section 4975(c)(1)(A), (B), (C) or (D) of the
Internal Revenue Code or Section 406(a) of ERISA that would subject the Administrative Agent or the Lenders to any tax, penalty, damages or any other claim or relief under the Internal Revenue Code or ERISA. 

9.15 Dissolution. Without the prior written consent of all Lenders (in their sole discretion), no Credit Party shall take any action to
terminate or dissolve. 
 9.16 Environmental Matters. Except for such conditions as are in compliance with relevant Environmental Laws
or otherwise could not reasonably be expected to result in a Material Adverse Effect, no Borrower shall: (a) cause or permit any Hazardous Material to be generated, placed, held, located or disposed of on, under or at, or transported to or
from, any real property of such Borrower; or (b) permit any real property of such Borrower to ever be used as a dump site or storage site (whether permanent or temporary) for any Hazardous Material. 

9.17 Limitations on Distributions. No Borrower shall make, pay or declare any Distribution (as defined below) (a) at any time
except as permitted pursuant to its Constituent Documents or (b) other than Permitted Distributions, if there are any Obligations outstanding with respect to a Borrower hereunder, at any time during the existence of a Cash Control Event without
the prior written consent of the Administrative Agent; provided that notwithstanding the foregoing, the Borrowers shall not be permitted to make any Permitted Distribution at any time when (x) the Obligations have been accelerated or
(y) an Event of Default under Section 10.1(a), Section 10.1(h) or Section 10.1(i) has occurred and is continuing. “Distribution” means any distributions
(whether or not in cash) on account of any partnership interest or other equity interest in a Borrower, including as a dividend or other distribution and on account of the purchase, redemption, retirement or other acquisition of any such partnership
interest or other equity interest. 
 9.18 Limitation on Withdrawals. Without the prior written consent of the Administrative Agent,
no Borrower shall make, or cause the making of, any withdrawal or transfer of funds from any Collateral Account if a Cash Control Event has occurred and is continuing, other than (a) a transfer to the Administrative Agent for the purpose of
paying Obligations owing hereunder or (b) provided that no Event of Default under Section 10.1(a), Section 10.1(h) or Section 10.1(i) is continuing and the Obligations have not
been accelerated, such withdrawal shall be applied to a Permitted Distribution.. 
 9.19 [Reserved]. 

9.20 Capital Returns. No Borrower shall return any funds to the Investors that may be the subject of a Capital Call without concurrently
delivering to the Administrative Agent a copy of each related Capital Return Notice and a Capital Return Certification. 

  
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 9.21 Transactions with Affiliates. No Borrower shall, nor shall it permit any of its
Subsidiaries to, engage in any transaction with, any of its Affiliates, except (a) transactions in the ordinary course of business at prices and on terms and conditions not less favorable to such Borrower or such Subsidiary than could be
obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among a Borrower and its wholly-owned Subsidiaries not involving any other Affiliate,
(c) Distributions permitted by Section 9.17, (d) the transactions provided in the Management Agreement or any other advisory or administration agreement with the Investment Manager or any Affiliate thereof, (e) any Investment that
results in the creation of an Affiliate, (f) transactions between or among any Borrower, any Subsidiary and any “downstream affiliate” (as such term is used under the rules promulgated under the Investment Company Act) of such
Borrower or such Subsidiary at prices and on terms and conditions not less favorable to such Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, or
(g) as otherwise permitted by the terms of the applicable Borrower’s Constituent Documents. 
 9.22 Deposits to Collateral
Accounts. No Borrower shall direct, authorize or otherwise permit any proceeds, monies or sums paid by the Investors pursuant to any Capital Call to be deposited, credited or otherwise included in any account other than a Collateral Account. No
Borrower shall nor cause any of its Subsidiaries to, deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Collateral Accounts cash or cash proceeds other than Capital Contributions. 

9.23 [Reserved]. 
 9.24
Prohibited Transactions. The Borrowers shall not open or maintain any investment management account, investment advisory account or any similar account with Bank of America or its Affiliates without the prior written consent of Bank of America.

 Section 10. EVENTS OF DEFAULT 

10.1 Events of Default. An “Event of Default” shall exist if any one or more of the following events (herein
collectively called “Events of Default”) shall occur and be continuing (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the
Borrowers shall fail to pay when due any (i) principal of the Obligations, including any failure to pay any amount required under Section 3.5(b); or (ii) interest on the Obligations or any fee, expense, indemnity or
other payment required hereunder, or under any other Loan Document, including payment of cash for deposit as Cash Collateral under Section 2.8(h), and such failure under this Section 10.1(a)(ii)
shall continue for three (3) Business Days following the date the Administrative Agent notifies the Borrowers in writing of such failure; 

(b) any representation or warranty made or deemed made by or on behalf of the Credit Parties (in each case, as applicable)
under this Credit Agreement, or any of the other Loan Documents executed by any one or more of them, or in any certificate or statement furnished or made to the Administrative Agent or Lenders or any one of them by the Credit Parties (in each case,
as applicable) pursuant hereto, in connection herewith or with the Loans, or in connection with any of the other Loan Documents, shall prove to 

  
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 be untrue or inaccurate in any material respect (except for any representation and warranty
that is qualified by materiality or reference to Material Adverse Effect, in which case such representation and warranty shall prove to be untrue or inaccurate in any respect) as of the date on which such representation or warranty is made and the
adverse effect of the failure of such representation or warranty shall not have been cured within thirty (30) days after the earlier of: (i) written notice thereof has been given by the Administrative Agent to the Borrowers or (ii) a
Responsible Officer of a Credit Party obtains actual knowledge thereof; 
 (c) default shall occur in the performance of:
(i) any of the covenants or agreements contained herein (other than the covenants contained in Section 3.5(b), Section 5.2(f), Section 8.1,
Section 8.22, Section 8.23 and Section 9) by the Credit Parties; or (ii) the covenants or agreements of the Credit Parties contained in any other Loan Documents
executed by such Person, and, if such default is susceptible to cure, such default shall continue uncured to the satisfaction of the Administrative Agent for a period of thirty (30) days after the earlier of: (x) written notice thereof has
been given by the Administrative Agent to the Borrowers or (y) a Responsible Officer of a Credit Party obtains actual knowledge thereof; 

(d) default shall occur in the performance of any of the covenants or agreements of any Credit Party contained in
Section 3.5(b) or Section 5.2(f), Section 8.22, Section 8.23 or Section 9; 

(e) default shall occur in the performance of Section 8.1 and such default shall continue uncured for
five (5) Business Days after the earlier of: (x) written notice thereof has been given by the Administrative Agent to the Borrowers or (y) a Responsible Officer of a Credit Party obtains actual knowledge thereof; 

(f) any of the Loan Documents executed by the Credit Parties: shall (i) cease, in whole or in part, to be legal, valid,
binding agreements enforceable against the Credit Parties, as the case may be, in accordance with the terms thereof; (ii) in any way be terminated or become or be declared ineffective or inoperative; or (iii) in the case of the Borrowers,
in any way whatsoever cease to give or provide the respective first priority Liens, security interest, rights, titles, interest, remedies, powers, or privileges intended to be created thereby (subject only to Permitted Liens); 

(g) default shall occur with respect to the payment of any Indebtedness of the Borrowers in an amount equal to or in excess of
the Threshold Amount or any such Indebtedness shall become due before its stated maturity by acceleration of the maturity thereof or shall become due by its terms and shall not be promptly paid or extended; 

(h) any Credit Party or the Investment Manager shall: (i) apply for or consent to the appointment of a receiver, trustee,
custodian, intervenor, sequestrator, conservator, liquidator or similar official of itself or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy or admit in writing that it is unable to pay its debts as
they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take 

  
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 advantage of any Debtor Relief Laws; (v) file an answer admitting the material
allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (vi) take any partnership, limited liability company or corporate action for the purpose of
effecting any of the foregoing; 
 (i) an order, order for relief, judgment or decree shall be entered by any court of
competent jurisdiction or other competent authority, without application or consent of any Credit Party, approving a petition seeking reorganization of any Credit Party or the Investment Manager, or appointing a receiver, custodian, trustee,
intervenor, sequestrator, conservator, liquidator or similar official of any Credit Party or the Investment Manager, or of all or substantially all of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period
of sixty (60) days; 
 (j) any final judgment(s) for the payment of money equal to or in excess of the Threshold Amount
in the aggregate shall be rendered against any Borrower alone or against one or more of the Borrowers and such judgment shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively
stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Borrower to enforce any such judgment, or such judgment could reasonably be expected to have a Material Adverse Effect, unless such judgment
is covered by insurance in an amount that would cause any uninsured potential liability not to exceed the Threshold Amount or unless it is being appealed and such Borrower has posted a bond or cash collateral; 

(k) the issuance to any Credit Party or a reasonable basis exists for the issuance to any Credit Party of any administrative
order by any Governmental Authority under any Environmental Law, or the issuance to any Credit Party of any injunctive order by any court under any Environmental Law, that, in the Administrative Agent’s reasonable judgment, will result in a
Material Adverse Effect; 
 (l) [Reserved]; 

(m) [Reserved]; 

(n) Investor(s) having Capital Commitments aggregating ten percent (10%) or greater of the total Capital Commitments of all
Investors in the Borrowers shall default in their obligation to fund any Capital Calls (on a cumulative basis) when due and such failure shall not be cured within ten (10) Business Days of the issuance of such Capital Call (without regard to
any cure or notice periods contained in the applicable Constituent Document); 
 (o) an event shall occur that causes a
dissolution or liquidation of any Credit Party or proceedings shall be commenced by any Person seeking the dissolution or liquidation of any Credit Party that remains uncured within ten (10) Business Days; 

(p) any Change of Control shall occur with respect to the Investment Manager; or 

  
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 (q) the Management Agreement shall cease to be in full force and effect or
the Investment Manager resigns or is removed from said role and a successor manager that is not an Affiliate thereof or otherwise acceptable to the Administrative Agent in its sole reasonable discretion is not appointed within ten (10) days.

 10.2 Remedies Upon Event of Default. 

(a) General. If an Event of Default shall have occurred and be continuing, then the Administrative Agent may (and shall
at the direction of the Required Lenders): (i) suspend the Commitments of the Lenders; (ii) terminate the Commitment of the Lenders hereunder and declare the occurrence of the Maturity Date; (iii) declare the principal of, and all interest
then accrued on, the Obligations to be forthwith due and payable (including the liability to fund the Letter of Credit Liability pursuant to Section 2.8), whereupon the same shall forthwith become due and payable without presentment,
demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind (other than notice of such declaration) all of which the Credit Parties hereby expressly waive, anything contained herein or in any
other Loan Document to the contrary notwithstanding; (iv) exercise any right, privilege, or power set forth in Sections 5.2, 5.3 or the Collateral Documents, including the initiation of Capital Calls of the Uncalled Capital
Commitments; (v) suspend the obligation of the Lenders to maintain BSBY Rate Loans; and/or (vi) without notice of default or demand, pursue and enforce any of the Administrative Agent’s or the Lenders’ rights and remedies under
the Loan Documents, or otherwise provided under or pursuant to any Applicable Law or agreement; provided that if any Event of Default specified in Sections 10.1(h) or 10.1(i) shall occur, the principal of, and all interest on,
the Obligations shall thereupon become due and payable concurrently therewith, without any further action by the Administrative Agent or the Lenders, or any of them, and without presentment, demand, protest, notice of default, notice of
acceleration, or of intention to accelerate or other notice of any kind, all of which each of the Credit Parties hereby expressly waives. 

(b) Actions with Respect to the Collateral. The Administrative Agent, on behalf of the Secured Parties, is hereby
authorized, in the name of the Secured Parties or the name of any Borrower, at any time or from time to time after the occurrence and during the continuance of an Event of Default, to: (i) initiate one or more Capital Calls in order to pay the
Obligations then due and owing, (ii) notify the Investors to make all payments due or to become due with respect to their Capital Commitments directly to the Administrative Agent on behalf of the Secured Parties or to an account other than the
Collateral Accounts, (iii) take or bring in any Borrower’s name, or that of the Secured Parties, all steps, actions, suits, or proceedings deemed by the Administrative Agent necessary or desirable to effect possession or collection of
payments of the Capital Commitments, (iv) complete any contract or agreement of any Borrower in any way related to payment of any of the Capital Commitments, (v) make allowances or adjustments related to the Capital Commitments,
(vi) compromise any claims related to the Capital Commitments, (vii) issue credit in its own name or the name of any Borrower; or (viii) exercise any other right, privilege, power, or remedy provided to any Borrower under its
respective Constituent Documents and the Subscription Agreements with respect to the Capital Commitments. Regardless of any provision hereof, in the absence 

  
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 of gross negligence or willful misconduct by the Administrative Agent or the Secured
Parties, as determined by a court of competent jurisdiction by final and non-appealable judgment, neither the Administrative Agent nor the Secured Parties shall be liable for failure to collect or for failure
to exercise diligence in the collection, possession, or any transaction concerning, all or part of the Capital Calls or the Capital Commitment or sums due or paid thereon, nor shall they be under any obligation whatsoever to anyone by virtue of the
security interests and Liens relating to the Capital Commitment, subject to the Internal Revenue Code. The Administrative Agent shall give the Borrowers notice of actions taken pursuant to this Section 10.2(b) concurrently
with, or promptly after, the taking of such action, but its failure to give such notice shall not affect the validity of such action, nor shall such failure give rise to defenses to the Borrowers’ obligations hereunder. Notwithstanding the
above, during the continuance of an Event of Default, the Borrowers shall be authorized to issue Capital Calls only with the consent of the Administrative Agent in its sole discretion. 

(c) Additional Action by the Administrative Agent. After the occurrence and during the continuance of an Event of
Default, issuance by the Administrative Agent on behalf of the Secured Parties of a receipt to any Person obligated to pay any Capital Contribution shall be a full and complete release, discharge, and acquittance to such Person to the extent of any
amount so paid to the Administrative Agent for the benefit of the Secured Parties so long as such amounts shall not be invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other
Person under any Debtor Relief Law, state or federal law, common law or equitable doctrine. The Administrative Agent, on behalf of the Secured Parties, is hereby authorized and empowered, after the occurrence and during the continuance of an Event
of Default, on behalf of any Borrower, to endorse the name of any Borrower upon any check, draft, instrument, receipt, instruction, or other document or items, including all items evidencing payment upon a Capital Contribution of any Person to any
Borrower coming into the Administrative Agent’s possession, and to receive and apply the proceeds therefrom in accordance with the terms hereof. After the occurrence and during the continuance of an Event of Default, the Administrative Agent,
on behalf of the Secured Parties, is hereby granted an irrevocable power of attorney, which is coupled with an interest, to execute all checks, drafts, receipts, instruments, instructions, or other documents, agreements, or items on behalf of any
Borrower, either before or after demand of payment of the Obligations, as shall be deemed by the Administrative Agent to be necessary or advisable, in the sole discretion of the Administrative Agent, to protect the first priority security interests
and Liens (subject only to Permitted Liens) in the Collateral or the repayment of the Obligations, and neither the Administrative Agent nor the Secured Parties, in the absence of gross negligence or willful misconduct as determined by a court of
competent jurisdiction by final and non-appealable judgment, shall incur any liability in connection with or arising from its exercise of such power of attorney. 

The application by the Secured Parties of such funds shall, unless the Administrative Agent shall agree otherwise in writing,
be the same as set forth in Section 3.4. The Borrowers acknowledge that all funds so transferred into the Collateral Accounts shall be the property of the Borrowers, subject to the first priority security interest and Lien (subject
only to Permitted Liens) of the Administrative Agent therein. 

  
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 10.3 Lender Offset. If an Event of Default shall have occurred and be continuing,
each Lender, the Letter of Credit Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Letter of Credit Issuer or any such Affiliate to or for the credit or the
account of any Borrower against any and all of the obligations of any Borrower now or hereafter existing under this Credit Agreement or any other Loan Document to such Lender, the Letter of Credit Issuer or any of their respective Affiliates,
irrespective of whether or not such Lender, the Letter of Credit Issuer or any such Affiliate shall have made any demand under this Credit Agreement or any other Loan Document and although such obligations of any Borrower may be contingent or
unmatured or are owed to a branch or office of such Lender, the Letter of Credit Issuer or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that
any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of
Section 3.4(c) and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Letter of Credit Issuer and the Lenders,
and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each
Lender, the Letter of Credit Issuer and their respective Affiliates under this Section 10.3 are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Letter of Credit Issuer or
their respective Affiliates may have. Each Lender and the Letter of Credit Issuer agrees to notify the Borrowers and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice
shall not affect the validity of such setoff and application. 
 10.4 Performance by the Administrative Agent. Should any Borrower
fail to perform any covenant, duty, or agreement contained herein or in any of the Loan Documents, and such failure continues beyond any applicable cure period, the Administrative Agent may, but shall not be obligated to, perform or attempt to
perform such covenant, duty, or agreement on behalf of such Person. In such event, the Borrowers shall, at the request of the Administrative Agent, promptly pay any amount expended by the Administrative Agent in such performance or attempted
performance to the Administrative Agent at its designated Agency Services Address, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly understood that
neither the Administrative Agent nor the Lenders assume any liability or responsibility for the performance of any duties of the Borrowers, or any related Person hereunder or under any of the Loan Documents or other control over the management and
affairs of any Borrower, or any related Person, nor by any such action shall the Administrative Agent or the Lenders be deemed to create a partnership arrangement with any Borrower, or any related Person. 

  
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 10.5 Good Faith Duty to Cooperate. In the event that the Administrative Agent or
Required Lenders elect to commence the exercise of remedies pursuant to Section 10.2 or 10.3 as a result of the occurrence of any Event of Default, the Borrowers agree to cooperate in good faith with the
Administrative Agent to enable the Administrative Agent to issue Capital Calls and enforce the payment thereof by the Investors, including providing contact information for each Investor within two (2) Business Days of request. 

Section 11. AGENCY PROVISIONS 

11.1 Appointment and Authorization of Agents. 

(a) Authority. Each Lender (including any Person that is an assignee, participant, secured party or other transferee
with respect to the interest of such Lender in any Principal Obligation or otherwise under this Credit Agreement) (collectively with such Lender, a “Lender Party”) hereby irrevocably appoints, designates and authorizes each
Agent to take such action on its behalf under the provisions of this Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms hereof and of the other Loan
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the other Loan Documents, no Agent shall have any duties or responsibilities, except those
expressly set forth herein and therein, nor shall any Agent have or been deemed to have any fiduciary relationship with any Lender Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into
this Credit Agreement or any of the other Loan Documents or otherwise exist against any Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference to
any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect
only an administrative relationship between independent contracting parties. The provisions of this Section 11 are solely for the benefit of the Administrative Agent and the Lenders and none of the Credit Parties, any
Investor, or any Affiliate of the foregoing (each, a “Borrower Party”) shall have any rights as a third-party beneficiary of the provisions hereof (except for the provisions that explicitly relate to the Credit Parties in
Section 11.10). 
 (b) Release of Collateral. The Secured Parties irrevocably authorize the
Administrative Agent, at the Administrative Agent’s option and in its sole discretion, and without any further consent of the Secured Parties, to release any security interest in or Lien on any Collateral granted to or held by the
Administrative Agent: (i) upon termination of this Credit Agreement and the other Loan Documents, termination of the Commitments and all Letters of Credit and payment in full of all of the Obligations (other than contingent obligations for
which no claim has not yet been made), including all fees and indemnified costs and expenses that are then due and payable pursuant to the terms of the Loan Documents; and (ii) if approved by the Lenders pursuant to the terms of
Section 12.1. Upon the request of the Administrative Agent, the Lenders shall confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to this
Section 11.1(b). 

  
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 11.2 Delegation of Duties. Each Agent may execute any of its duties hereunder or
under the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of legal counsel, accountants, and other professionals selected
by such Agent concerning all matters pertaining to such duties. No Agent shall be responsible to any Lender for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care, nor shall it be liable for any action taken or suffered in good faith by it in accordance with the advice of such
Persons. The exculpatory provisions of this Section 11 shall apply to any such sub-agent of such Agent. 

11.3 Exculpatory Provisions. No Agent nor any of its affiliates, nor any of their respective officers, directors, employees, agents or attorneys-in-fact (each such person, an “Agent-Related Person”), shall be liable for any action taken or omitted to be taken by it under or in
connection herewith or in connection with any of the other Loan Documents (except for its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and
non-appealable judgment) or be responsible in any manner to any Lender Party for any recitals, statements, representations or warranties made by any of the Borrower Parties contained herein or in any of the
other Loan Documents or in any certificate, report, document, financial statement or other written or oral statement referred to or provided for in, or received by such Agent under or in connection herewith or in connection with the other Loan
Documents, or enforceability or sufficiency therefor of any of the other Loan Documents, or for any failure of any Borrower Party to perform its obligations hereunder or thereunder. No Agent-Related Person shall be responsible to any Lender for the
effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Credit Agreement, or any of the other Loan Documents or for any representations, warranties, recitals or statements made herein or therein or made by any
Borrower Party in any written or oral statement or in any financial or other statements, instruments, reports, certificates or any other documents in connection herewith or therewith furnished or made by the Agent-Related Person to the Lenders or by
or on behalf of the Borrower Parties to the Agent-Related Person or any Lender or be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or
therein or as to the use of the proceeds of the Loans or the use of the Letters of Credit or of the existence or possible existence of any Potential Default or Event of Default or to inspect the properties, books or records of the Borrower Parties.
The Agents are not trustees for the Lenders and owe no fiduciary duty to the Lenders. Each Lender Party recognizes and agrees that the Administrative Agent shall not be required to determine independently whether the conditions described in
Sections 6.2(a) or 6.2(b) have been satisfied and, when the Administrative Agent disburses funds to Borrowers or the Letter of Credit Issuer causes Letters of Credit to be issued or accepts any Qualified Borrower Guaranties, it may
rely fully upon statements contained in the relevant requests by a Borrower Party. 
 11.4 Reliance on Communications. The Agents
shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, email, cablegram, telegram, telecopy, telex or teletype message, statement, order or other
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal 

  
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 counsel (including counsel to any of the Borrower Parties, independent accountants and other experts
selected by the Agents with reasonable care). Each Agent may deem and treat each Lender as the owner of its interests hereunder for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the
Administrative Agent in accordance with Section 12.11(c). Each Agent shall be fully justified in failing or refusing to take any action under this Credit Agreement or under any of the other Loan Documents unless it shall
first receive such advice or concurrence of the Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or
continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or under any of the other Loan Documents in accordance with a request of the Required Lenders (or to the extent
specifically required, all of the Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and assigns). 

11.5 Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Potential Default or Event of
Default hereunder unless such Agent has received notice from a Lender or a Borrower Party referring to the Loan Document, describing such Potential Default or Event of Default and stating that such notice is a “notice of default.” The
Administrative Agent shall notify the Lenders of its receipt of any such notice, and the Administrative Agent shall take such action with respect to such Potential Default or Event of Default as shall be reasonably directed by the Required Lenders
and as is permitted by the Loan Documents. 
 11.6 Non-Reliance on Agents and Other Lenders.
Each Lender expressly acknowledges that no Agent-Related Person has made any representations or warranties to it and that no act by any Agent-Related Person hereafter taken, including any review of the affairs of any Borrower Party, shall be deemed
to constitute any representation or warranty by the Agent- Related Person to any Lender. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent-Related Person or any other Lender, and based on such
documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties and made
its own decision to make its Loans hereunder and enter into this Credit Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Credit Agreement and the other Loan Documents, and to make such investigation as it
deems necessary to inform itself as to the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties. Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Administrative Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, assets, property, financial or other
conditions, prospects or creditworthiness of the Borrower Parties that may come into the possession of any Agent-Related Person. 

  
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 11.7 Indemnification. Whether or not the transactions contemplated hereby are
consummated, the Lenders shall indemnify, upon demand, each Agent-Related Person (to the extent not reimbursed by a Borrower Party and without limiting the obligation of any Borrower Party to do so), ratably in accordance with the applicable
Lender’s respective Lender’s Pro Rata Share, and hold harmless each Agent-Related Person from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind whatsoever that may at any time (including at any time following payment in full of the Obligations) be imposed on, incurred by or asserted against it in its capacity as such in any way relating to or arising out of this Credit Agreement or the
other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by it under or in connection with any of the foregoing; provided that no
Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Person’s gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and nonappealable judgment, or related to another Lender; provided further that no action taken in accordance with the directions of the Required Lenders or all Lenders, as
applicable, shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 11.7. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent and the Letter of
Credit Issuer upon demand for its ratable share of any costs or out-of-pocket expenses (including attorney costs) incurred by such Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Credit Agreement, any
other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower Parties. The agreements in this Section 11.7
shall survive the termination of the Commitments, payment of all of the Obligations hereunder and under the other Loan Documents or any documents contemplated by or referred to herein or therein, as well as the resignation or replacement of any
Agent. 
 11.8 Agents in Their Individual Capacity. Each Agent (and any successor acting as an Agent) and its Affiliates may make
loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with any Borrower Party (or any of their
Subsidiaries or Affiliates) as though such Agent were not an Agent or a Lender hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, any Agent or its Affiliates may receive information
regarding the Borrower Parties or their Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that such Agent shall be under no obligation to provide such information to them.
With respect to the Loans made and Letters of Credit issued and all obligations owing to it, an Agent acting in its individual capacity shall have the same rights and powers under this Credit Agreement as any Lender and may exercise the same as
though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 

  
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 11.9 Successor Agents. 

(a) Resignation of Administrative Agent. 

(i) The Administrative Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit Issuer and the
Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers and subject to the consent of the Borrowers (provided no Event of Default has occurred and is
continuing at the time of such resignation), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the
“Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Letter of Credit Issuer, appoint a successor Administrative Agent meeting the
qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(ii) If the Person serving as Administrative Agent is a Defaulting Lender because such Person has, or has a direct or indirect
parent company that has, (1) become the subject of a proceeding under any Debtor Relief Law, or (2) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, the Required Lenders may, to the extent permitted by
Applicable Law, by notice in writing to the Borrowers and such Person, remove such Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If no such successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in
accordance with such notice on the Removal Effective Date. 
 (iii) With effect from the Resignation Effective Date or the
Removal Effective Date (as applicable), (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the
Administrative Agent on behalf of the Lenders or the Letter of Credit Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is
appointed) and (2) except for any indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent 

  
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 shall instead be made by or to each Lender and the Letter of Credit Issuer directly, until
such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative
Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the
provisions of this Section 11 and Section 12.5 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

(iv) Any resignation by Bank of America as Administrative Agent pursuant to this Section 11.9 shall
also constitute its resignation as Letter of Credit Issuer. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (A) such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring Letter of Credit Issuer; (B) the retiring Letter of Credit Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents; and (C) the successor
Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangement satisfactory to the retiring Letter of Credit Issuer to effectively assume
the obligations of the retiring Letter of Credit Issuer with respect to such Letters of Credit. 
 (b) Resignation of
Other Agents. Any other Agent may, at any time, resign upon written notice to the Lenders and the Borrowers. If no successor agent is appointed prior to the effective date of the resignation of the applicable Agent, then the retiring Agent may
appoint, after consulting with the Lenders and the Borrowers, a successor Agent from any of the Lenders. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall thereupon succeed to and become vested with all
the rights, powers, privileges and duties of the retiring Agent, and shall assume the duties and obligations of such retiring Agent, and the retiring Agent shall be discharged from its duties and obligations as Agent under this Credit Agreement and
the other Loan Documents. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Section 11.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an
Agent under this Credit Agreement. 
 11.10 Reliance by the Borrowers. The Borrowers shall be entitled to rely upon, and to act or
refrain from acting on the basis of, any notice, statement, certificate, waiver or other document or instrument delivered by the Administrative Agent to the Borrowers, so long as the Administrative Agent is purporting to act in its respective
capacity as the Administrative Agent pursuant to this Credit Agreement, and the Borrowers shall not be responsible or liable to any 

  
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 Lender (or to any Participant or to any Assignee), or as a result of any action or failure to act (including
actions or omissions that would otherwise constitute defaults hereunder) that is based upon such reliance upon Administrative Agent. The Borrowers shall be entitled to treat the Administrative Agent as the properly authorized Administrative Agent
pursuant to this Credit Agreement until the Borrowers shall have received notice of resignation, and the Borrowers shall not be obligated to recognize any successor Administrative Agent until the Borrowers shall have received written notification
satisfactory to them of the appointment of such successor. 
 11.11 Administrative Agent May File Proofs of Claim. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Borrower Party, the Administrative Agent (irrespective of whether the principal of
any Loan or Letter of Credit Liability shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower Parties) shall be entitled and
empowered, by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the
principal and interest owing and unpaid in respect of the Loans, Letter of Credit Liability and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the
Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties hereunder) allowed in such
judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims
and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the
Secured Party, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent
hereunder. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on
behalf of any Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Secured Party or to authorize the Administrative Agent to vote in respect of the claim of any Secured Party
in any such proceeding. 
 11.12 Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such
Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Sole Lead Arranger
and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Credit Party, that at least one of the following is and will be true: 

  
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 (i) such Lender is not using “plan assets” (within the meaning of
29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a
class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions
involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Credit Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Credit Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Credit Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Credit Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in
the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the
immediately preceding clause ( a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date
such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, the Sole Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Credit
Party, that none of the Administrative Agent, the Sole Lead Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Credit Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Credit Agreement, any Loan Document or any
documents related hereto or thereto). 

  
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 11.13 Recovery of Erroneous Payments. Without limitation of any other provision in
this Credit Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Affected Party, whether or not in respect of an Obligation due and owing by the Borrowers at such time, where such payment is a Rescindable
Amount, then in any such event, each Affected Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Affected Party in immediately available funds in the
currency so received, with interest thereon, for each day from the date such Rescindable Amount is received by such Affected Party to the date of repayment by it to the Administrative Agent, at the greater of the Federal Funds Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Affected Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might
otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform each Affected Party promptly
upon determining that any payment made to such Affected Party comprised, in whole or in part, a Rescindable Amount. 
 Section 12. MISCELLANEOUS

 12.1 Amendments. Neither this Credit Agreement (including the exhibits hereto) nor any other Loan Document to which any Credit
Party is a party, nor any of the terms hereof or thereof, may be amended, waived, discharged or terminated, unless such amendment, waiver, discharge, or termination is in writing and signed by the Administrative Agent (based upon the approval of the
Required Lenders), or the Required Lenders, on the one hand, and such Credit Party on the other hand; and, if the rights or duties of an Agent are affected thereby, by such Agent; provided that no such amendment, waiver, discharge, or
termination shall, without the consent of: 
 (a) each Lender affected thereby: 

(i) reduce or increase the amount or alter the term of the Commitment of such Lender, alter the provisions relating to any
fees (or any other payments) payable to such Lender, or accelerate the obligations of such Lender to advance its portion of any Borrowing, as contemplated in Section 2.5 or issue or participate in any Letter of Credit, as
contemplated in Section 2.8; 
 (ii) extend the time for payment for the principal of or interest
on the Obligations, or fees or costs, or reduce the principal amount of the Obligations (except as a result of the application of payments or prepayments), or reduce the rate of interest borne by the Obligations (other than as a result of waiving
the applicability of the Default Rate), or otherwise affect the terms of payment of the principal of or any interest on the Obligations or fees or costs hereunder; 

(iii) release any Liens granted under the Collateral Documents, except as otherwise contemplated herein or therein, and except
in connection with the transfer of interests in any Borrower permitted hereunder or in any other Loan Document; and 

  
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 (b) all Lenders: 

(i) except as otherwise provided by Section 9.5 or 9.12, permit the cancellation, excuse or
reduction of the Uncalled Capital Commitment or Capital Commitment of any Borrowing Base Investor; 
 (ii) amend the
definition of “Applicable Requirement”, “Available Commitment”, “Concentration Limit”, “Designated Investor”, “HNW Designated Investor”, “Included Investor”, “Maturity Date”,
“Principal Obligations” or the definition of any of the defined terms used therein; 
 (iii) change the
percentages specified in the definition of Required Lenders herein or any other provision hereof specifying the number or percentage of the Lenders that are required to amend, waive or modify any rights hereunder or otherwise make any determination
or grant any consent hereunder; 
 (iv) consent to the assignment or transfer by any Credit Party of any of its rights and
obligations under (or in respect of) the Loan Documents; or 
 (v) amend the terms of
Section 3.5(b) or this Section 12.1. 
 The Administrative Agent shall
notify the Lenders of any proposed modification or amendment to any Loan Document, and deliver drafts of any such proposed modification or amendment to the Lenders, prior to the effectiveness of such proposed modification or amendment.
Notwithstanding the above: (A) no provisions of Section 11 may be amended or modified without the consent of the Administrative Agent; (B) no provisions of Section 2.8 may be amended or
modified without the consent of the Letter of Credit Issuer; and (C) Section 8 and Section 9 specify the requirements for waivers of the Affirmative Covenants and Negative Covenants listed
therein, and any amendment to a provision of Section 8 or Section 9 shall require the consent of the Lenders or the Administrative Agent that are specified therein as required for a waiver thereof. For the
avoidance of doubt, the Administrative Agent and the Borrowers may amend this Credit Agreement at any time to replace BSBY with a BSBY Successor Rate pursuant to Section 4.11 hereof, and such amendment shall not require the consent of
any other Person. Any amendment, waiver or consent not specifically addressed in this Section 12.1 or otherwise shall be subject to the approval of Required Lenders. 

Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above:
(1) each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans or the Letters of Credit, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the
United States supersede the unanimous consent provisions set forth herein; (2) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding; and (3) the
Administrative Agent may, in its sole discretion, agree to the modification or waiver of any of the other terms of this Credit Agreement or any other Loan Document or consent to any action or failure to act by any Credit Party, if such modification,
waiver, or consent is of an administrative nature. 

  
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 If the Administrative Agent shall request the consent of any Lender to any
amendment, change, waiver, discharge, termination, consent or exercise of rights covered by this Credit Agreement, and not receive such consent or denial thereof in writing within ten (10) Business Days of the making of such request by the
Administrative Agent, as the case may be, such Lender shall be deemed to have denied its consent to the request. 
 12.2 Sharing of
Offsets. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations (other than pursuant to Section 4 or Section 12.5) greater than its pro rata
share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other
obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of obligations owing them;
provided that: 
 (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and 

(ii) the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrowers pursuant to and
in accordance with the express terms of this Credit Agreement (including the application of funds arising from the existence of a Defaulting Lender); (B) the application of Cash Collateral provided for in Sections 2.8(h) and
4.8; or (C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans and Letters of Credit to any assignee or participant, other than to the Borrowers or any of their
Subsidiaries (as to which the provisions of this paragraph shall apply). 
 Each Credit Party consents to the foregoing and
agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of each Credit Party in the amount of such participation. 
 12.3 Sharing
of Collateral. To the extent permitted by Applicable Law, each Lender and the Administrative Agent, in its capacity as a Lender, agrees that if it shall, through the receipt of any proceeds from a Capital Call or the exercise of any remedies
under any Collateral Documents, receive or be entitled to receive payment of a portion of the aggregate amount of principal, interest and fees due to it under this Credit Agreement that constitutes a greater proportion of the aggregate amount of
principal, interest and fees then due to such Lender under this Credit Agreement than the proportion received by any other Lender in respect of the 

  
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 aggregate amount of principal, interest and fees due with respect to any Obligations to such Lender under
this Credit Agreement, then such Lender or the Administrative Agent, in its capacity as a Lender, as the case may be, shall purchase participations in the Obligations under this Credit Agreement held by such other Lenders so that all such recoveries
of principal, interest and fees with respect to this Credit Agreement, the Notes and the Obligations thereunder held by the Lenders shall be pro rata according to each Lender’s Commitment (determined as of the date thereof and regardless
of any change in any Lender’s Commitment caused by such Lender’s receipt of a proportionately greater or lesser payment hereunder). Each Lender hereby authorizes and directs the Administrative Agent to coordinate and implement the sharing
of collateral contemplated by this Section 12.3 prior to the distribution of proceeds from Capital Calls or proceeds from the exercise of remedies under the Collateral Documents prior to making any distributions of such
proceeds to each Lender or the Administrative Agent, in their respective capacity as the Lenders. 
 12.4 Waiver. No failure to
exercise, and no delay in exercising, on the part of the Administrative Agent or the Lenders, any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other further exercise thereof or the exercise of any other right or power. The rights and remedies of the Agents and the Lenders hereunder and under the Loan Documents shall be in addition to all
other rights provided by Applicable Law. No modification or waiver of any provision of this Credit Agreement, the Notes or any of the other Loan Documents, nor consent to departure therefrom, shall be effective unless in writing and no such consent
or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. Subject
to the terms of this Credit Agreement (including Section 12.1), the Administrative Agent acting on behalf of all Lenders, and the Credit Parties may from time to time enter into agreements amending or changing any provision
of this Credit Agreement or the rights of the Lenders or the Credit Parties hereunder, or may grant waivers or consents to a departure from the due performance of the obligations of the Credit Parties hereunder, any such agreement, waiver or consent
made with such written consent of the Administrative Agent being effective to bind all the Lenders, except as provided in Section 12.1. A waiver on any one or more occasions shall not be construed as a bar to or waiver of
any right or remedy on any future occasion. 
 12.5 Payment of Expenses; Indemnity. 

(a) Cost and Expenses. The Borrowers, jointly and severally, shall pay (i) all reasonable and documented out of
pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of any counsel for the Administrative Agent, including the Administrative Agent’s special counsel,
Cadwalader, Wickersham & Taft LLP, in connection with the preparation, negotiation, execution, delivery and administration of this Credit Agreement and the other Loan Documents and any amendments, modifications, addition of Investors,
amendments to any Credit Party’s Constituent Document, joinder of Borrowers, or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated)), (ii) all reasonable and
documented out of pocket expenses incurred by the Letter of Credit Issuer in connection 

  
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 with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder, and (iii) all out of pocket expenses incurred by the Administrative Agent, any Lender or the Letter of Credit Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or
the Letter of Credit Issuer, in connection with the enforcement or protection of its rights (A) in connection with this Credit Agreement and the other Loan Documents, including its rights under this Section 12.5, or
(B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification by the Borrowers. The Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the Letter of Credit Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims (including any Environmental Claims), damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel
for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrowers or any other Credit Party), other than such Indemnitee and its Related Parties, arising out of, in connection with, or as a
result of (i) the execution or delivery of this Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or
thereunder or the consummation of the transactions contemplated hereby or thereby (including the Credit Facility), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Letter of Credit
Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous
Materials on or from any property owned or operated by any Credit Party or any Subsidiary thereof, or any Environmental Claim related in any way to any Credit Party or any Subsidiary, (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Credit Party or any Subsidiary thereof, and regardless of whether any Indemnitee is a party
thereto, or (v) any claim (including any Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or
in any way connected with the Loans, this Credit Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including reasonable attorneys and
consultant’s fees, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by any Credit Party or any Subsidiary thereof against an Indemnitee for
breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Credit Party or such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction. 

  
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 This Section 12.5(b) shall not apply with respect to Taxes other than any
Taxes that represent losses, claims, damages, liabilities and related expenses arising from any non- Tax claim. 

(c) Reimbursement by the Lenders. To the extent that the Borrowers for any reason fail to indefeasibly pay any amount
required under Section 12.5(a) or Section 12.5(b) to be paid by it to the Administrative Agent (or any sub-agent thereof), the Letter of Credit Issuer or any Related
Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Letter of Credit Issuer or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Principal Obligations at such time) of such unpaid amount (including any such unpaid
amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent
(or any such sub-agent), the Letter of Credit Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), Letter of Credit Issuer in connection with such capacity. 
 (d) Waiver of
Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, the Borrowers and each other Credit Party shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in Section 12.5(b) shall be liable for any damages arising from the use by unintended recipients of
any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Credit Agreement or the other Loan Documents or the transactions contemplated hereby or
thereby. 
 (e) Payments. All amounts due under this Section 12.5 shall be payable promptly
after demand therefor. 
 (f) Survival. Each party’s obligations under this
Section 12.5 shall survive the termination of the Loan Documents and payment of the Obligations hereunder. 

12.6 Notice. 

(a) Notices Generally. Any notice, demand, request or other communication that any party hereto may be required or may
desire to give hereunder shall be in writing (except where telephonic instructions or notices are expressly authorized herein to be given) and shall be deemed to be effective: (i) if by hand delivery, telecopy or other facsimile transmission,
on the day and at the time on which delivered to such party at the address or fax numbers specified below; (ii) if by mail, on the day that it is received after 

  
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 being deposited, postage prepaid, in the United States registered or certified mail, return
receipt requested, addressed to such party at the address specified below; (iii) if by FedEx or other reputable express mail service, on the next Business Day following the delivery to such express mail service, addressed to such party at the
address set forth below; (iv) if by telephone, on the day and at the time communication with one of the individuals named below occurs during a call to the telephone number or numbers indicated for such party below; or (v) if by email, as
provided in Section 12.6(b): 
 If to the Credit Parties: 

At the address specified with respect thereto on Schedule I. 

With a copy to: 
 prior to
March 1, 2022: 
 MSD Partners, L.P. 

645 Fifth Avenue, 21st Floor 
 New
York, NY 10022-5910 
 Attention: Marcello Liguori, Partner and Chief Corporate Counsel 

Telephone: (212) 303-7822 

Email: mliguori@msdpartners.com 

and 
 MSD Partners, L.P. 

645 Fifth Avenue, 21st Floor 
 New
York, NY 10022-5910 
 Attention: Brian Williams, Partner and Controller 

Telephone: (212) 303-4729 

Email: bwilliams@msdpartners.com 

From and after March 1, 2022: 

MSD Partners, L.P. 
 One
Vanderbilt Avenue, 26th Floor 
 New York, NY 10017 

Attention: Marcello Liguori, Partner and Chief Corporate Counsel 

Telephone: (212) 303-7822 

Email: mliguori@msdpartners.com 

and 
 MSD Partners, L.P. 

One Vanderbilt Avenue, 26th Floor 

New York, NY 10017 
 Attention:
Brian Williams, Partner and Controller 
 Telephone: (212) 303-4729 

Email: bwilliams@msdpartners.com 

  
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 With a copy to (which shall not constitute notice hereunder): 

Morgan, Lewis & Bockius LLP 

One Federal Street 
 Boston, MA
02110 
 Attention: Marion Giliberti Barish 

Telephone: (617) 951-8801 

Email: marion.barish@morganlewis.com 

If to the Administrative Agent: 

Bank of America, N.A. 
 555
California St, 18th Floor 
 San Francisco, CA 94104 

Attention: Nathaniel Cooke 

Telephone: (415) 913-4089 

Email: nathaniel_cooke@bofa.com 

With copies to (which shall not constitute notice hereunder): 

Cadwalader, Wickersham & Taft LLP 

227 West Trade Street, Suite 2400 

Charlotte, NC 28202 
 Attention:
Tim Hicks 
 Telephone: (704) 348-5191 

Fax: (704) 348-5200 

If to the Lenders: 
 At the
address and numbers set forth on the Administrative Questionnaire or on the Assignment and Assumption of such Lender. 
 Any party hereto
may change its address for purposes of this Credit Agreement by giving notice of such change to the other parties pursuant to this Section 12.6. With respect to any notice received by the Administrative Agent from any
Borrower or any Investor not otherwise addressed herein, the Administrative Agent shall notify the Lenders promptly of the receipt of such notice, and shall provide copies thereof to the Lenders. 

(b) Electronic Communication. Notices and other communications to the Lenders and the Letter of Credit Issuer hereunder
may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing
shall not apply to notices to any Lender or the Letter of Credit Issuer pursuant to Section 2 if such Lender or the Letter of Credit Issuer, as applicable, has notified the Administrative Agent that it is incapable of
receiving such notices by electronic communication. Any Credit Party may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or communications. 

  
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 Unless the Administrative Agent otherwise prescribes, (i) notices and
other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such
notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed
receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address
therefor. 
 12.7 Governing Law. This Credit Agreement and any other Loan Document (except, at to any other Loan Document, as
expressly set forth therein), and any claim, controversy or dispute arising under or related to or in connection therewith, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties will be
governed by the laws of the State of New York without regard to any conflicts of law principles other than Section 5-1401 of the New York General Obligations Law. 

12.8 Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury. Any suit, action or proceeding against
any Credit Party with respect to this Credit Agreement, the Notes or the other Loan Documents or any judgment entered by any court in respect thereof, may be brought in the courts of the State of New York, or in the United States Courts located in
the Borough of Manhattan in New York City, pursuant to Section 5-1402 of the New York General Obligations Law, as the Lenders in their sole discretion may elect and each Credit Party hereby submits to the
non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. Each Credit Party hereby irrevocably consents to the service of process in any suit, action or proceeding in
said court by the mailing thereof by the Lenders by registered or certified mail, postage prepaid, to such Credit Party’s address set forth in Section 12.6. Each Credit Party hereby irrevocably waives any objections that it may
now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Credit Agreement or the Notes brought in the courts located in the State of New York, Borough of Manhattan in New York City, and hereby
further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN
CONNECTION WITH THIS CREDIT AGREEMENT, THE NOTES OR ANY OF THE OTHER LOAN DOCUMENTS, WHICH WAIVER IS INFORMED AND VOLUNTARY. 
 12.9
Invalid Provisions. If any provision of this Credit Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Credit Agreement, such provision shall be fully severable and this
Credit Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Credit Agreement, and the remaining provisions of this Credit Agreement shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Credit Agreement, unless such continued effectiveness of this Credit Agreement, as modified, would be contrary to the basic understandings and
intentions of the parties as expressed herein. If any provision of this Credit Agreement shall conflict with or be inconsistent with any provision of any of the other Loan Documents, then the terms, conditions and provisions of this Credit Agreement
shall prevail. 

  
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 12.10 Entirety. The Loan Documents embody the entire agreement between the parties
and supersede all prior agreements and understandings, if any, relating to the subject matter hereof and thereof. 
 12.11
Successors and Assigns; Participations. 
 (a) Successors and Assigns Generally. The
provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrowers nor any other Credit Party may assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder, except (i) to
an assignee in accordance with the provisions of Section 12.11(b), (ii) by way of participation in accordance with the provisions of Section 12.11(d) or (iii) by way of pledge or assignment of
a security interest subject to the restrictions of Section 12.11(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Credit Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 12.11(d) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Credit Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees (each, an
“Assignee”) all or a portion of its rights and obligations under this Credit Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that, in each case, any such
assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at
the time owing to it or contemporaneous assignments to related Approved Lending Funds that equal at least the amount specified in Section 12.11(b)(i)(B) in the aggregate or in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Lending Fund, assignments shall be in minimum amounts of $2,500,000; and 

  
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 (B) in any case not described in
Section 12.11(b)(i)(A), the aggregate amount of the Commitment (which for this purpose includes Loans outstanding hereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the
Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the
Assignment and Assumption, as of such “Trade Date”) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Credit Agreement with respect to the Loan or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
Section 12.11(b)(i)(B) and, in addition: 
 (A) the consent of the Borrowers shall be required
unless (x) an Event of Default has occurred and is continuing at the time of such assignment, (y) such assignment is to an Affiliate of a Lender or (z) such assignment is to a Federal Reserve Bank or otherwise required by Applicable
Law; 
 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be
required for assignments if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender or an Approved Lending Fund with respect to such Lender; and 

(C) the consent of the Letter of Credit Issuer (such consent not to be unreasonably withheld or delayed) shall be required for
any assignment. 
 (iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a Processing and Recordation Fee for each assignment; provided that the Administrative Agent may, in its sole discretion, elect to waive such Processing and Recordation Fee in
the case of any assignment. The Assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire if requested by the Administrative Agent. 

(v) No Assignment to Certain Persons. No such assignment shall be made to (A) any Credit Party or any Credit
Party’s Subsidiaries or Affiliates; or (B) to any Defaulting Lender or any of its Affiliates, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B). 

  
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 (vi) No Assignment to Natural Persons. No such assignment shall be
made to a natural Person. 
 (vii) Certain Additional Payments. In connection with any assignment of rights and
obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested, but not funded by, the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably
consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Letter of Credit Issuer and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and
fund as appropriate) its full share of all Loans and participations in Letters of Credit in accordance with its Pro Rata Share. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Credit Agreement until such
compliance occurs. 
 (viii) Consequences of Assignment. Subject to acceptance and recording thereof by the
Administrative Agent pursuant to Section 12.11(c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Credit Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Credit Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be
released from its obligations under this Credit Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Credit Agreement, such Lender shall cease to be a party hereto)
but shall continue to be entitled to the benefits of Section 4 and Section 12.5 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that except to
the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender shall constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any
assignment or transfer by a Lender of rights or obligations under this Credit Agreement that does not comply with this paragraph shall be treated for purposes of this Credit Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with Section 12.11(d). 

  
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 (c) Register. The Administrative Agent, acting solely for this
purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices in Charlotte, North Carolina, a copy of each Assignment and Assumption delivered to it and a register for the recordation
of the names and addresses of the Lenders and the Commitment of, the principal amounts of (and stated interest on) the Loans owing to, and the Pro Rata Share of Letter of Credit Liability of, each Lender pursuant to the terms hereof from time to
time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Credit Agreement. The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrowers or the
Administrative Agent, sell participations to any Person (other than a natural Person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Credit Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Credit Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Letter of Credit Issuer and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Credit Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under
Section 12.5(c) with respect to any payments made by such Lender to its Participant(s). 
 Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Credit Agreement and to approve any amendment, modification or waiver of any provision of this
Credit Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or modification described in
Section 12.1 that directly affects such Participant and could not be affected by a vote of the Required Lenders. The Borrowers agree that each Participant shall be entitled to the benefits of Section 4
(subject to the requirements and limitations therein, including the requirements of Section 4.1(f) (it being understood that the documentation required under Section 4.1(f) shall be delivered to the participating Lender))
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.11(b); provided that such Participant (A) agrees to be subject to the provisions of
Section 4.8 as if it were an assignee under Section 12.11(b), and (B) shall not be entitled to receive any greater payment under Sections 4.1 and 4.4, with respect to such
participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 4.8(b) with respect
to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.3 as though it were a Lender; provided that such Participant agrees to be subject to
Section 12.2 as though it were a Lender. 

  
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 (e) Participant Register. Each Lender that sells a
participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the Obligations (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Obligations) to any Person except to the extent that such disclosure is necessary to establish that such Obligation
is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Credit Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its
capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (f) Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Credit Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(g) Addition of Lenders. With the prior written consent of the Administrative Agent in its sole discretion, at the
request of the Borrowers, a new lender may join the Credit Facility as a Lender and such new Lender shall assume all rights and obligations of a Lender under this Credit Agreement and the other Loan Documents; provided that: 

(i) The Commitment of the new Lender shall be in addition to the Commitment of the existing Lenders in effect on the date of
such new Lender’s entry into the Credit Facility and the Maximum Commitment shall be increased in a corresponding amount; 

(ii) the Commitment of the new Lender shall be in a minimum amount of $25,000,000, or such lesser amount agreed to by the
Borrowers and the Administrative Agent; and 
 (iii) the Borrowers shall execute such new Notes as the Administrative Agent
or any Lender may request, and the new Lender shall deliver payment of a Processing and Recordation Fee to the Administrative Agent, which amount the Administrative Agent may waive in its sole discretion. 

  
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 (h) Disclosure of Information. Any Lender may furnish any information
concerning any Credit Party in the possession of such Lender from time to time to assignees and participants (including prospective assignees and participants), subject, however, to the provisions of Section 12.17. 

12.12 Defaulting Lenders. 

(a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Credit Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Credit Agreement shall be excluded as set forth in the definition of Required Lenders. 
 (ii)
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to
Section 10 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.2 shall be applied at such time or times as may be determined by the Administrative Agent as
follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Letter of
Credit Issuer; third, to Cash Collateralize the Fronting Exposure of the Letter of Credit Issuer with respect to such Defaulting Lender in accordance with Section 4.9; fourth, as the Borrowers may request (so
long as no Potential Default or Event of Default exists), to the funding of any Loan or funded participation in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Credit Agreement, as determined by the
Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans and funded participations under this Credit Agreement and (B) Cash Collateralize the Letter of Credit Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters
of Credit issued under this Credit Agreement, in accordance with Section 4.9; sixth, to the payment of any amounts owing to the Lenders, the Letter of Credit Issuer as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, the Letter of Credit Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Credit Agreement; seventh, so long as no Potential Default or
Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Credit Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of
any Loans or funded participations in Letters of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such Loans were made or the related Letters of 

  
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 Credit were issued at a time when the conditions set forth in
Section 6.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and funded participations in Letters of Credit owed to, all Non-Defaulting Lenders on a
pro rata basis prior to being applied to the payment of any Loans of, or funded participations in Letters of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Letter of Credit
Liability are held by the Lenders pro rata in accordance with their Commitments without giving effect to Section 12.12(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 12.12(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto. 
 (iii) Certain Fees. 

(A) Each Defaulting Lender shall be entitled to receive interest and Letter of Credit fees for any period during which such
Lender is a Defaulting Lender only to extent allocable to the sum of (1) the outstanding principal amount of the Loans funded by it, and (2) its Pro Rata Share of the stated amount of Letters of Credit for which it has provided Cash
Collateral pursuant to Section 4 .9. 
 (B) Each Defaulting Lender shall be entitled to
receive Letter of Credit fees pursuant to Section 2.13 for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Pro Rata Share of the stated amount of Letters of Credit for which it
has provided Cash Collateral pursuant to Section 4.9. 
 (C) With respect to any Letter of Credit fee not
required to be paid to any Defaulting Lender pursuant to Section 12.12(a)(iii)(A) or Section 12.12(a)(iii)(B), the Borrowers shall (1) pay to each Non-Defaulting
Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in the Letter of Credit Liability that has been reallocated to such
Non-Defaulting Lender pursuant to Section 12.12(a)(iv), (2) pay to the Letter of Credit Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to
such Letter of Credit Issuer’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of any such fee. 

(iv) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in the Letter of Credit Liability shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting
Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 6.2 are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise notified the
Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Principal Obligations of any Non-Defaulting Lender to 

  
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 exceed such Non-Defaulting Lender’s Commitment.
Subject to Section 12.22, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including
any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) Cash Collateral. If the reallocation described in Section 12.12(a)(iv) cannot, or can only
partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the Letter of Credit Issuer’s Fronting Exposure in accordance with the procedures set forth in
Section 4.9. 
 (b) Defaulting Lender Cure. If the Borrowers, the Administrative Agent and the Letter of Credit Issuer
agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent shall so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may
include arrangements with respect to any Cash Collateral), such Lender shall, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be
necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance with their Commitments (without giving effect to Section 12.12(a)(iv)),
whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments shall be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and
provided further that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non- Defaulting Lender shall constitute a waiver or
release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 (c) New Letters of
Credit. So long as any Lender is a Defaulting Lender, the Letter of Credit Issuer shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect
thereto. 
 12.13 All Powers Coupled with Interest. All powers of attorney and other authorizations granted to the Lenders, the
Administrative Agent and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Credit Agreement or any of the other Loan Documents shall be deemed coupled with an interest and shall be irrevocable so
long as any of the Obligations remain unpaid or unsatisfied, any of the Commitments remain in effect or the Credit Facility has not been terminated. 

12.14 Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit
Agreement. 
 12.15 Survival. All representations and warranties made by the Credit Parties herein shall survive delivery of the
Notes, the making of the Loans and the issuance of the Letters of Credit. 

  
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 12.16 Full Recourse. The payment and performance of the Obligations shall be fully
recourse to the Borrowers and their properties and assets. Notwithstanding anything in this Credit Agreement and the Loan Documents to the contrary, the Obligations shall not be recourse to the Investors to any of the Borrowers’ past, present
or future directors, officers, employees, incorporators, authorized persons or agents, or the Investment Manager, except, in each case, for any claim or action for actual damages of the Administrative Agent, the Letter of Credit Issuer or the
Lenders as a result of any fraud, gross negligence, willful misrepresentation or willful misappropriation of proceeds from the Credit Facility on the part of such Person, in which event there shall be full recourse against such Person. 

12.17 Availability of Records; Confidentiality. (a) The Credit Parties acknowledge and agree that the Administrative Agent may
provide to the Lenders, and that the Administrative Agent and each Lender may provide to any Affiliate of a Lender or Participant or Assignee or proposed Participant or Assignee and each of their respective officers, directors, employees, advisors,
auditors, counsel, rating agencies and agents or any other Person as deemed necessary or appropriate in any Lender’s reasonable judgment; provided that the Administrative Agent shall not so provide the financial information of the
Guarantor except in accordance with Section 12.17(c); provided such party is advised of the confidential nature of such information, originals or copies of this Credit Agreement, all Loan Documents, Borrowing Base
Certificates, and all other documents, certificates, opinions, letters of credit, reports, and other material information of every nature or description, and may communicate all oral information, at any time submitted by or on behalf of any Borrower
Party or received by the Administrative Agent or a Lender in connection with the Loans, the Letter of Credit Liability, the Commitments or any Borrower Party; provided that, prior to any such delivery or communication, the Lender,
Affiliate of a Lender, Participant, or Assignee, or proposed Participant or Assignee or such other Person, as the case may be, shall agree to preserve the confidentiality of all data and information that constitutes Confidential Information. 

(b) The Borrowers, the Administrative Agent and the Lenders (i) acknowledge and agree that (x) the identities of the
Investors, the amounts of their respective Capital Commitments and details regarding their Investments under the applicable Constituent Documents (collectively, the “Investor Information”) have been and shall be delivered on
a confidential basis; and (y) information with respect to Investments has been and shall be delivered on a confidential basis; (ii) acknowledge and agree that such Investor Information and information with respect to Investments are
Confidential Information; and (iii) agree that such Investor Information and information with respect to Investments shall be subject to the provisions of this Section 12.17. 

(c) Anything herein to the contrary notwithstanding, the provisions of this Section 12.17 shall not preclude or
restrict any such party from disclosing any Confidential Information: (i) with the prior written consent of any Borrower; (ii) upon the order of or pursuant to the rules and regulations of any Governmental Authority having or reasonably
claiming to have jurisdiction over such party or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); (iii) in connection with any audit by an independent public accountant of
such party, provided such auditor thereto agrees to be bound by the provisions of this Section 12.17; (iv) to examiners or auditors of any applicable Governmental Authority that examines such party’s books and
records while conducting such examination or audit; or (v) as otherwise specifically required by law. 

  
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 12.18 Customer Identification Notice. Each Lender and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies each Credit Party that U.S. law requires each U.S. Lender and the Administrative Agent to obtain, verify and record information that identifies each Credit Party, which information includes the
name and address of each Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Credit Party. 

12.19 Multiple Counterparts. This Credit Agreement may be executed in any number of counterparts, all of which taken together shall
constitute one and the same agreement, and any of the parties hereto may execute this Credit Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of this Credit Agreement by facsimile or in electronic
(i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Credit Agreement. 

12.20 Term of Agreement. This Credit Agreement shall remain in effect from the Closing Date through and including the date upon which
all Obligations (other than contingent obligations for which no claim has yet been made) arising hereunder or under any other Loan Document shall have been indefeasibly and irrevocably paid and satisfied in full (other than contingent obligations
for which no claim has yet been made), all Letters of Credit have been terminated or expired and all Commitments have been terminated. No termination of this Credit Agreement shall affect the rights and obligations of the parties hereto arising
prior to such termination or in respect of any provision of this Credit Agreement that survives such termination. For the avoidance of doubt, this Credit Agreement shall remain in full force and effect after the Maturity Date if any Letters of
Credit remain outstanding, even if Cash Collateralized. 
 12.21 Inconsistencies with Other Documents. In the event there is a
conflict or inconsistency between this Credit Agreement and any other Loan Document, the terms of this Credit Agreement shall control; provided that any provision of the Collateral Documents that imposes additional burdens on any Borrower or
further restricts the rights of any Borrower or any of its Affiliates or gives the Administrative Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Credit Agreement and shall be given full force and
effect. 
 12.22 Acknowledgment and Consent to Bail-In of Affected Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any
Loan Document, to the extent such liability is unsecured, may be subject to Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

  
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 (a) the application of any Write-Down and Conversion Powers by the applicable Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

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

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

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this
Credit Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in connection with the exercise of
Write-Down and Conversion Powers of the applicable Resolution Authority. 
 12.23 Acknowledgement Regarding Any Supported QFCs. To the
extent that the Loan Documents provide support, through a guarantee or otherwise, for any agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that
the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

(a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than
such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is
understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

  
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 (b) As used in this Section 12.23, the following terms have the following
meanings: 
 (i) “BHC Act Affiliate” of a party means an “affiliate” (as such term is
defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 
 (ii) “Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

(iii) “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance
with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 (iv) “QFC” has the meaning
assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

Section 13. GUARANTY 
 13.1
Guaranty of Payment. The Guarantor hereby unconditionally and irrevocably guarantees to each Secured Party and their respective successors and assigns the prompt payment of the Obligations of the Borrower or any Qualified Borrower in full when
due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) and the timely performance of all other obligations by the Borrowers under this Credit Agreement and the other Loan Documents (such guaranty by the Guarantor,
the “Guaranty”). This Guaranty is a guaranty of payment and not of collection and is a continuing irrevocable guaranty and shall apply to all of the Obligations of the Borrowers whenever arising. Notwithstanding any provision
to the contrary contained herein or in any of the other Loan Documents, to the extent the obligations of the Guarantor shall be adjudicated to be invalid or unenforceable for any reason (including because of any applicable state or federal law
relating to fraudulent conveyances or transfers) then the obligations of the Guarantor hereunder shall be limited to the maximum amount that is permissible under Applicable Law (including Debtor Relief Laws). 

13.2 Obligations Unconditional. The obligations of the Guarantor hereunder are absolute and unconditional, irrespective of the value,
genuineness, validity, regularity or enforceability of any of the Loan Documents or any other agreement or instrument referred to therein, to the fullest extent permitted by Applicable Law, irrespective of any other circumstance whatsoever that
might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor. The Guarantor agrees that this Guaranty may be enforced by any Secured Party without the necessity at any time of resorting to or exhausting any other
security or collateral and without the necessity at any time of having recourse to the Notes or any other of the Loan Documents or any collateral, if any, hereafter securing the Obligations or otherwise and the Guarantor hereby waives the right to
require the Administrative Agent, the Letter of Credit Issuer or the Lenders to make demand on or proceed against any Borrower Party or any other Person (including a co-guarantor) or to require the
Administrative Agent, the Letter of Credit Issuer or the Lenders to pursue any other remedy or enforce any other right. The Guarantor 

  
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 further agrees that nothing contained herein shall prevent any Secured Party from suing on the Notes or any
of the other Loan Documents or foreclosing its or their, as applicable, security interest in or Lien on any Collateral, if any, securing the Obligations or from exercising any other rights available to it or them, as applicable, under this Credit
Agreement, the Notes, any other of the Loan Documents, or any other instrument of security, if any, and the exercise of any of the aforesaid rights and the completion of any foreclosure proceedings shall not constitute a discharge of the
Guarantor’s obligations hereunder; it being the purpose and intent of the Guarantor that its obligations hereunder shall be absolute, independent and unconditional under any and all circumstances. Neither the Guarantor’s obligations under
this Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by an impairment, modification, change, release, increase or limitation of the liability of any Borrower or by reason
of the bankruptcy, insolvency or analogous procedure of any Borrower. The Guarantor waives any and all notice of the creation, renewal, extension accrual or increase of any of the Obligations and notice of or proof of reliance by any Secured Party
on this Guaranty or acceptance of this Guaranty. The Obligations, and any part of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guaranty. All dealings
between the Borrowers, on the one hand, and the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty. The Guarantor represents and warrants that it is, and
immediately after giving effect to the Guaranty and the obligation evidenced hereby, will be, Solvent. 
 This Credit Agreement and the
obligations of the Guarantor hereunder shall be valid and enforceable and shall not be subject to any limitation, impairment or discharge for any reason (other than payment in full of the Obligations), including the occurrence of any of the
following, whether or not the Administrative Agent shall have had notice or knowledge of any of them: (A) any failure to assert or enforce or agreement not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or
otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy with respect to the Obligations or any agreement relating thereto, or with respect to any guaranty of or other security for the payment of the
Obligations; (B) any waiver, amendment or modification of, or any consent to departure from, any of the terms or provisions (including provisions relating to Events of Default) of this Credit Agreement and any other Loan Document or any
agreement or instrument executed pursuant thereto, or of any guaranty or other security for the Obligations; (C) to the fullest extent permitted by Applicable Law, any of the Obligations, or any agreement relating thereto, at any time being
found to be illegal, invalid or unenforceable in any respect; (D) the application of payments received from any source to the payment of indebtedness other than the Obligations, even though the Administrative Agent might have elected to apply
such payment to any part or all of the Obligations; (E) any failure to perfect or continue perfection of a security interest in any of the Collateral; (F) any defenses, set-offs or counterclaims that
the Borrowers may allege or assert against the Administrative Agent in respect of the Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and
(G) any other act or thing or omission, or delay to do any other act or thing, that may or might in any manner or to any extent vary the risk of the Guarantor as an obligor in respect of the Obligations. 

  
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 13.3 Modifications. The Guarantor agrees that: (a) all or any part of the
Collateral now or hereafter held for the Obligations, if any, may be exchanged, compromised or surrendered from time to time; (b) none of the Lenders and the Administrative Agent shall have any obligation to protect, perfect, secure or insure
any such security interests, liens or encumbrances now or hereafter held, if any, for the Obligations; (c) the time or place of payment of the Obligations may be changed or extended, in whole or in part, to a time certain or otherwise, and may
be renewed or accelerated, in whole or in part; (d) the Borrowers, the Guarantor and any other party liable for payment under the Loan Documents may be granted indulgences generally; (e) any of the provisions of the Note or any of the
other Loan Documents, including this Credit Agreement may be modified, amended or waived; (f) any party (including any co-guarantor) liable for the payment thereof may be granted indulgences or be
released; and (g) any deposit balance for the credit of the Borrowers, the Guarantor or any other party liable for the payment of the Obligations or liable upon any security therefor may be released, in whole or in part, at, before or after the
stated, extended or accelerated maturity of the Obligations, all without notice to or further assent by the Guarantor, which shall remain bound thereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration,
modification, indulgence or release. 
 13.4 Waiver of Rights. The Guarantor expressly waives to the fullest extent permitted by
Applicable Law: (a) notice of acceptance of the Guaranty by the Lenders and of all extensions of credit to any Borrower by the Lenders; (b) presentment and demand for payment or performance of any of the Obligations; (c) protest and
notice of dishonor or of default (except as specifically required in this Credit Agreement) with respect to the Obligations or with respect to any security therefor; (d) notice of the Lenders obtaining, amending, substituting for, releasing,
waiving or modifying any security interest, lien or encumbrance, if any, hereafter securing the Obligations, or the Lenders subordinating, compromising, discharging or releasing such security interests, liens or encumbrances, if any; (e) all
other notices, demands, presentments, protests or any agreement or instrument related to this Credit Agreement, any other Loan Document or the Obligations to which the Guarantor might otherwise be entitled; (f) any right to require the
Administrative Agent as a condition of payment or performance by the Guarantor, to (i) proceed against the Borrowers, any guarantor of the Obligations or any other Person; (ii) proceed against or exhaust any other security held from the
Borrowers, any guarantor of the Obligations or any other Person; (iii) proceed against or have resort to any balance of any deposit account, securities account or credit on the books of the Administrative Agent or any other Person; or
(iv) pursue any other remedy in the power of the Administrative Agent whatsoever; (g) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Borrowers, including any defense based on or
arising out of the lack of validity or the unenforceability of the Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Borrowers from any cause other than payment in full of the
Obligations; (h) any defense based upon any statute or rule of law that provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (i) any defense based upon
the Administrative Agent’s errors or omissions in the administration of the Obligations; (j)(i) any principles or provisions of law, statutory or otherwise, that are or might be in conflict with the terms of this Credit Agreement and any legal
or equitable discharge of the Guarantor’s obligations hereunder; (ii) the benefit of any statute of limitations affecting the Guarantor’s liability hereunder or the enforcement hereof; (C) any rights to set-offs, recoupments and counterclaims; and (iv) promptness, diligence and any requirement that the Administrative 

  
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 Agent protect, secure, perfect or insure any other security interest or Lien or any property subject
thereto; and (k) to the fullest extent permitted by Applicable Law, any defenses or benefits that may be derived from or afforded by Applicable Law that limit the liability of or exonerate guarantors or sureties, or that may conflict with the
terms of this Credit Agreement. 
 13.5 Reinstatement. Notwithstanding anything contained in this Credit Agreement or the other Loan
Documents, the obligations of the Guarantor under this Section 13 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is
rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any proceedings in bankruptcy, reorganization, any analogous procedure or otherwise, and the Guarantor agrees that it will indemnify each Secured
Party on demand for all reasonable costs and expenses (including reasonable fees of outside counsel) incurred by such Person in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any
claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 

13.6 Remedies. The Guarantor agrees that, as between the Guarantor, on the one hand, and the Secured Parties, on the other hand, the
Obligations may be declared to be forthwith due and payable (and shall be deemed to have become automatically due and payable) notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing such Obligation from
becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or such Obligation being deemed to have become automatically due and payable), such Obligation (whether or not due and payable by any
other Person) shall forthwith become due and payable by the Guarantor. The Guarantor acknowledges and agrees that its obligations hereunder are secured in accordance with the terms of the Collateral Documents and that the Secured Parties may
exercise their remedies thereunder in accordance with the terms thereof. 
 13.7 Subrogation. The Guarantor agrees that, until the
indefeasible payment of the Obligations in full in cash, it will not exercise any right of reimbursement, subrogation, indemnification, contribution, offset, remedy (direct or indirect) or other claims against any other Borrower arising by contract
or operation of law or equity in connection with any payment made or required to be made by the Guarantor under this Credit Agreement or the other Loan Documents now or hereafter. The Guarantor further agrees that, to the extent the subordination
and other limitations of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or
indemnification the Guarantor may have against any other Credit Party or against any Collateral or other collateral or security, and any rights of contribution the Guarantor may have against any Borrower, shall be junior and subordinate to any
rights the Administrative Agent may have against such Borrower and to all right, title and interest the Administrative Agent may have in any such other collateral. 

13.8 Inducement. The Lenders have been induced to make the Loans to the Borrowers in part based upon the assurances by the Guarantor
that the Guarantor desires that the Obligations of the Guarantor under the Loan Documents be honored and enforced as separate obligations of the Guarantor, should Administrative Agent and the Lenders desire to do so. 

  
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 13.9 Borrower Information. The Guarantor confirms and agrees that the Administrative
Agent shall have no obligation to disclose or discuss with the Guarantor its assessment of the financial condition of the Borrowers. The Guarantor has adequate means to obtain information from the Borrowers on a continuing basis concerning the
financial condition of the Borrowers and its ability to perform its obligations under this Credit Agreement and any other Loan Document, and the Guarantor assumes the responsibility for being and keeping informed of the financial condition of the
Borrowers and of all circumstances bearing upon the risk of nonpayment of the Obligations. The Guarantor hereby waives and relinquishes any duty on the part of the Administrative Agent to disclose any matter, fact or thing relating to the business,
operations or condition of the Borrowers now known or hereafter known by the Administrative Agent. The Guarantor hereby waives any right to have the Collateral or other collateral or security securing the Obligations marshaled. 

13.10 Instrument for the Payment of Money. The Guarantor hereby acknowledges that the guarantee in this
Section 13 constitutes an instrument for the payment of money, and consents and agrees that any Lender or the Administrative Agent, at its sole option, in the event of a dispute by the Guarantor in the payment of any moneys
due hereunder, shall have the right to bring motions and/or actions under New York CPLR Section 3213. 
 REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK 
 SIGNATURE PAGES FOLLOW. 

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

			
	BORROWER:
	
	MSD INVESTMENT, LLC, a Maryland
	limited liability company
		
	By:	 	 /s/ Brian Williams

		 	Name: Brian Williams
		 	Title: CFO
	
	GUARANTOR:
	
	MSD PORTFOLIO, L.P. - INVESTMENTS,
	a Delaware limited partnership
	
	By: MSD Capital, L.P., its general partner
	
	By: MSD Capital Management LLC, its general partner
		
	By:	 	 /s/ Marcello Liguori

		 	Name: Marcello Liguori
		 	Title: Authorized Signatory

 
			
	Acknowledged and Agreed to with respect to Section 5.4 only:
	
	INVESTMENT MANAGER:
	
	MSD PARTNERS, L.P., a Delaware limited partnership
		
	By:	 	 /s/ Marcello Liguori

		 	Name: Marcello Liguori
		 	Title: Authorized Signatory

 
			
	ADMINISTRATIVE AGENT, LETTER OF CREDIT ISSUER AND LENDER:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Nathaniel Cooke

		 	Name: Nathaniel Cooke
		 	Title: Director

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