Document:

hspo_ex103.htm

EXHIBIT 10.3
  
 Execution Version  
  
 December 21, 2022
  
 PRIVATE UNIT SUBSCRIPTION AGREEMENT 
 BETWEEN THE REGISTRANT AND THE SPONSOR
  
 Horizon Space Acquisition I Corp.
 1412 Broadway
 21st Floor, Suite 21V
 New York, NY 10018
  
  Ladies and Gentlemen:
  
 Horizon Space Acquisition I Corp. (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”), in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (File No. 333- 268578) (“Registration Statement”).
  
 The undersigned hereby commits that it will purchase 352,000 units (or up to 385,750 units if the over-allotment option is exercised in full by Network 1 Financial Securities, Inc., the representative of underwriters of the IPO) of the Company (“Private Units”), each Private Unit consisting of one Ordinary Share of the Company, par value $0.0001 per share (the “Ordinary Share”), one redeemable warrant, with each warrant to acquire one Ordinary Share (each a “Warrant”), and one right to receive one-tenth (1/10) of one Ordinary Share (each a “Right”), at $10.00 per Private Unit, for a purchase price of $3,520,000 (or up to $3,857,500 if the over-allotment option is exercised in full by Network 1 Financial Securities, Inc.) (the “Private Unit Purchase Price”).
  
 At least twenty-four (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Private Unit Purchase Price to be delivered to the Company by wire transfer as set forth in the instructions attached as Exhibit A to hold in a non-interest bearing account until the Company consummates the IPO.
  
 The consummation of the purchase and issuance of the Private Units shall occur simultaneously with the consummation of the IPO. Simultaneously with the consummation of the IPO, the Company shall deposit the Private Unit Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s public shareholders as described in the Registration Statement. If the Company does not complete the IPO within ten (10) days from the date of this letter, the Private Unit Purchase Price (without interest or deduction) will be returned to the undersigned.
  
 The Private Units will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees:
  
  	  
	 ●
	 to vote the Ordinary Shares included in the Private Units in favor of any proposed Business Combination;

 
  
  	  
	 ●
	 not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s Ordinary Shares sold in the IPO if the Company does not complete an initial Business Combination within 9 months from the closing of the IPO (or up to 15 months, as applicable), unless the Company provides the holders of Ordinary Shares sold in the IPO with the opportunity to redeem their Ordinary Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company’s franchise and income taxes, divided by the number of then outstanding Ordinary Shares sold in the IPO;

 
  
  	 
	1
	

	 

 
  
  	  
	 ●
	 not to convert any Ordinary Shares included in the Private Units into the right to receive cash from the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions of the Company’s Amended and Restated Memorandum and Articles of Association, and not to tender the Private Units in connection with a tender offer conducted prior to the closing of a Business Combination;

 
  
  	  
	 ●
	 the undersigned will not participate in any liquidation distribution with respect to the Private Units (but will participate in liquidation distributions with respect to any units or Ordinary Shares purchased by the undersigned in the IPO or in the open market) if the Company fails to consummate a Business Combination;

 
  
  	  
	 ●
	 the Private Units will include any additional terms or restrictions as is customary in other similarly structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each of which will be set forth in the Registration Statement.

 
  
 Further, the undersigned agrees that its Private Units, and any underlying securities are not transferable or salable until the completion of the Company’s initial Business Combination, except for transfer (i) among the insiders or to the Company’s insiders’ members, officers, directors, consultants or their affiliates, (ii) to a holder’s shareholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination, (vii) in connection with the consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination, the Company completes a liquidation, merger, capital share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property, in each case (except for clauses (vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer, the security agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal guardian for such permitted transferee agrees to be bound by the transfer restrictions contained in the warrant agreement and any other applicable agreement the transferor is bound by.
  
 The undersigned acknowledges and agrees that the purchaser of the Private Units will execute agreements in form and substance typical for transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable to the undersigned, including but not limited to an insider letter.
  
  	 
	2
	

	 

 
  
 The undersigned hereby represents and warrants that:
  
  	  
	 (a)
	 it has been advised that the Private Units have not been registered under the Securities Act;

 
  
  	  
	 (b)
	 it will be acquiring the Private Units for its account for investment purposes only;

 
  
  	  
	 (c)
	 it has no present intention of selling or otherwise disposing of the Private Units in violation of the securities laws of the United States;

 
  
  	  
	 (d)
	 it has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder;

 
  
  	  
	 (e)
	 it is familiar with the proposed business, management, financial condition and affairs of the Company;

 
  
  	  
	 (f)
	 it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to consummate the transactions contemplated in this letter;

 
  
  	  
	 (g)
	 this letter constitutes its legal, valid and binding obligation, and is enforceable against it;

	  
	  
	  

	  
	 (h)
	 The undersigned hereby acknowledges that it is aware that the Company will establish the Trust Fund for the benefit of its public stockholders upon the closing of the IPO. The undersigned hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Fund, or any other asset of the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the undersigned may have in respect of any Ordinary Shares held by it, and any securities of the Company acquired by undersigned other than as a result of this Agreement. The undersigned hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Fund, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Fund that it may have now or in the future, except for redemption and liquidation rights, if any, the undersigned may have in respect of any Ordinary Shares held by it, and any securities of the Company acquired by undersigned other than as a result of this Agreement. In the event the undersigned has any Claim against the Company under this Agreement, the undersigned shall pursue such Claim solely against the Company and its assets outside the Trust Fund and not against the property or any monies in the Trust Fund, except for redemption and liquidation rights, if any, the undersigned may have in respect of any Ordinary Shares held by it; and

	  
	  
	  

	  
	 (i)
	 The undersigned hereby agrees that neither it, nor any person or entity acting on its behalf, will engage in any Short Sales with respect to securities of the Company prior to the closing of the Business Combination. For purposes of this Agreement, “Short Sales” shall include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis).

 
  
  	 
	3
	

	 

 
  
 This letter agreement constitutes the entire agreement between the undersigned and the Company with respect to the purchase of the Private Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the same.
  
 This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of laws principles. The parties hereby irrevocably and unconditionally (i) submit to the jurisdiction of the state courts of New York and the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in state courts of New York or the United States District Court for the Southern District of New York, and (iii) waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.
  
 All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party.
  
 [signature page follows]
  
  	 
	4
	

	 

 
  
  	  
	 Very truly yours,
	  

	  
	  
	  

	  
	 Horizon Space Acquisition I Sponsor Corp.
	  

	  
	  
	  
	  

	  
	 By:
	 /s/ Mingyu (Michael) Li 
	  

	  
	 Name: 
	 Mingyu (Michael) Li 
	  

	  
	 Title:  
	 Director
	  

 
  
 Accepted and Agreed:
  
 Horizon Space Acquisition I Corp.
  
  	 By:
	 /s/ Mingyu (Michael) Li
	  

	  
	 Name: 
	 Mingyu (Michael) Li
	  

	  
	 Title:  
	 Chief Executive Officer
	  

 
  
 [signature page to subscription agreement with Sponsor – Horizon Space Acquisition I Corp.]
  
  	 
	5
	

	 

 
  
 Exhibit A
  
 Wire Instructions
  
 Bank Name:
 Bank Address:
 Account Name:
 Account Number:
 Routing/ABA Number (Domestic Wires):
 Swift Code (Foreign Wire):
 Note:
  
  	 
	6EX-10.1

 Exhibit 10.1 
  

 
  

OWL ROCK CAPITAL CORPORATION III 

FIRST SUPPLEMENT TO MASTER NOTE PURCHASE
AGREEMENT 
 Dated as of December 22, 2022 

Re: $60,000,000 7.58% Series 2022B Senior Notes 

Due July 21, 2027 
  

 
  

 OWL ROCK CAPITAL CORPORATION III

 Dated as of 

December 22, 2022 
 To the Additional
Purchaser(s) named in 
 Schedule A hereto 
 Ladies and
Gentlemen: 
 This First Supplement to Master Note Purchase Agreement (this “Supplement”) is between Owl Rock Capital
Corporation III, a Maryland corporation (the “Company”), and the institutional investors named on Schedule A attached hereto (the “Additional Purchasers”). 

Reference is hereby made to that certain Master Note Purchase Agreement dated July 21, 2022 (the “Note Purchase
Agreement”) among the Company and the Purchasers listed on the Purchaser Schedule thereto. All capitalized terms not otherwise defined herein shall have the same meaning as specified in the Note Purchase Agreement. Reference is further made
to Section 4.14 of the Note Purchase Agreement which requires that, prior to the delivery of any Additional Notes, the Company and each Additional Purchaser shall execute and deliver a Supplement. 

The Company hereby agrees with the Additional Purchaser(s) as follows: 

1. The Company has authorized the issue and sale of $60,000,000 aggregate principal amount of its 7.58% Series 2022B Senior Notes, due
July 21, 2027 (the “Series 2022B Notes”). The Series 2022B Notes, together with the Series 2022A Notes issued pursuant to the Note Purchase Agreement, and each series of Additional Notes which may from time to time
hereafter be issued pursuant to the provisions of Section 2.2 of the Note Purchase Agreement, are collectively referred to as the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant to
Section 13 of the Note Purchase Agreement). The Series 2022B Notes shall be substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as may be approved by the Additional Purchaser(s) and the Company.

 2. Subject to the terms and conditions hereof and as set forth in the Note Purchase Agreement and on the basis of the representations and
warranties hereinafter set forth, the Company agrees to issue and sell to each Additional Purchaser, and each Additional Purchaser agrees to purchase from the Company, at the Series 2022B Closing provided for in Section 3, Series 2022B Notes in
the principal amount specified opposite such Additional Purchaser’s name on Schedule A hereto at a price of 98.406% of the principal amount thereof. 

3. The sale and purchase of the Series 2022B Notes to be purchased by each Additional Purchaser shall occur via e-mail at a closing (the “Series 2022B Closing”) on December 22, 2022 or on such other Business Day thereafter as may be agreed upon by the Company and the Additional Purchasers. At the Series
2022B Closing, the Company will deliver to each Additional 

 
Purchaser the Series 2022B Notes to be purchased by such Additional Purchaser in the form of a single Series 2022B Note for such Notes to be purchased by such Additional Purchaser (or
such greater number of Series 2022B Notes in denominations of at least $100,000 as such Additional Purchaser may request) dated the date of the Series 2022B Closing and registered in such Additional Purchaser’s name (or in the name of such
Additional Purchaser’s nominee), against delivery by such Additional Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the
account of the Company to account number 11365178 at State Street Bank. If, at the Series 2022B Closing, the Company shall fail to tender such Series 2022B Notes to any Additional Purchaser as provided above in this Section 3, or any of
the conditions specified in Section 4 shall not have been fulfilled to such Additional Purchaser’s satisfaction, such Additional Purchaser shall, at such Additional Purchaser’s election, be relieved of all further obligations under
this Supplement, without thereby waiving any rights such Additional Purchaser may have by reason of such failure by the Company to tender such Series 2022B Notes or any of the conditions specified in Section 4 not having been fulfilled to
such Additional Purchaser’s satisfaction. 
 4. The obligation of each Additional Purchaser to purchase and pay for the
Series 2022B Notes to be sold to such Additional Purchaser at the Series 2022B Closing is subject to the fulfillment to such Additional Purchaser’s satisfaction, prior to the Series 2022B Closing, of the conditions set forth in
Section 4 of the Note Purchase Agreement with respect to the Series 2022B Notes to be purchased at the Series 2022B Closing as if each reference to “Notes,” “Closing” and “Additional Purchaser” set forth
therein was modified to refer the “Series 2022B Notes,” the “Series 2022B Closing” and the “Additional Purchaser” (each as defined in this Supplement) and to the following additional conditions: 

(a) Except as supplemented, amended or superseded by the representations and warranties set forth in Exhibit A hereto, each of
the representations and warranties of the Company set forth in Section 5 of the Note Purchase Agreement shall be correct as of the date of the Series 2022B Closing (except for representations and warranties which apply to a specific earlier
date (other than the date of an earlier Closing) which shall be correct as of such earlier date or as of the date specified in Exhibit A to the extent such provision is superseded in Exhibit A) and the Company shall have delivered to each
Additional Purchaser an Officer’s Certificate, dated the date of the Series 2022B Closing certifying that such condition has been fulfilled. 

(b) Contemporaneously with the Series 2022B Closing, the Company shall sell to each Additional Purchaser, and each Additional
Purchaser shall purchase, the Series 2022B Notes to be purchased by such Additional Purchaser at the Series 2022B Closing as specified in Schedule A. 

5. The terms of the Note Purchase Agreement that apply to the Tranche B Notes shall apply to the Series 2022B Notes, except as otherwise
expressly set forth herein, including that the “Prepayment Settlement Amount” means, with respect to any Series 2022B Note, an amount equal to the “Prepayment Settlement Amount” as follows: 

 

			
	 Prepaid during the period
	  	 Prepayment Settlement Amount

	On or before January 21, 2027	  	Make-Whole Amount
	After January 21, 2027	  	Zero

  
 2 

 6. Each Additional Purchaser represents and warrants that the representations and warranties set
forth in Section 6 of the Note Purchase Agreement are correct on the date hereof with respect to the purchase of the Series 2022B Notes by such Additional Purchaser as if each reference to “Notes,” “Closing” and
“Purchaser” set forth therein was modified to refer the “Series 2022B Notes,” the “Series 2022B Closing” and the “Additional Purchaser” (each as defined in this Supplement) and each reference to “this
Agreement” therein was modified to refer to the Note Purchase Agreement as supplemented by this Supplement. 
 7. The Company and each
Additional Purchaser agree to be bound by and comply with the terms and conditions of the Note Purchase Agreement, as supplemented by this Supplement, as fully and completely as if such Additional Purchaser were an original signatory to the Note
Purchase Agreement. 
 8. This Supplement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a
jurisdiction other than such State. 
 9. This Supplement may be executed in any number of counterparts, each of which shall be an original
but all of which together shall constitute one instrument. Delivery of an electronic signature to, or a signed copy of, this Supplement by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as
the delivery of the signed originals and shall be admissible into evidence for all purposes. The parties agree to electronic contracting and signatures with respect to this Supplement. Delivery of an electronic signature to, or a signed copy
of, this any Supplement by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. The words
“execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Supplement shall be deemed to include electronic signatures, the
electronic matching of assignment terms and contract formations on electronic platforms approved by the Company, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

  
 3 

 The execution hereof shall constitute a contract between the Company and the Additional
Purchaser(s) for the uses and purposes hereinabove set forth. 
  

			
	 OWL ROCK CAPITAL
CORPORATION III

		
	By	 	 
		 	Name: Bryan Cole
		 	Title: Chief Financial Officer

 Accepted as of __________, _____ 

 

			
	 AMERICAN GENERAL LIFE INSURANCE COMPANY

	
	 By: Blackstone Liquid Credit Advisors I LLC, on its behalf pursuant to powers of
attorney now and hereafter granted to it

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	 Authorized Signatory

 INFORMATION RELATING TO ADDITIONAL
PURCHASERS 
  

			
	 NAME AND ADDRESS OF
ADDITIONAL PURCHASER
	  	 PRINCIPAL
AMOUNT AND REGISTERED

NOTE NUMBER OF SERIES

2022B NOTES TO BE

PURCHASED

		
	 AMERICAN GENERAL LIFE INSURANCE COMPANY

 
 Name in Which to Register Note(s):
HARE & CO., LLC
  
 2727-A Allen Parkway
 Houston, TX 77019
	  	 $20,000,000
  

S1-1

		
	 (1)   All payments by wire transfer of immediately available funds to:

 
 Bank: The Bank of New York Mellon

Swift BIC: IRVTUS3N

ABA Routing Number: 021-000-018

Account Name: BNYM Income

Account Number: GLA111566

Reference: For further credit to: American General Life Insurance Company –

BX; Account No. 579885 Reference: Owl Rock III

PPN 69122J A#3
 Principal
_______ Interest ______
  
 with sufficient information to identify
the source and application of such funds.
	  	
		
	 (2)   All notices of payments and written confirmations of such wire
transfers:
  
 345 Park Ave

New York, NY 10154
 Attn:
Jana Douglas
 Email: creditassetservicing@blackstone.com

BISOperations@blackstone.com 

	  	
		
	 ((3)  E-mail address for Electronic
Delivery:
  
 creditassetservicing@blackstone.com
	  	

  
 SCHEDULE A

 (to First Supplement) 

  

	(4)	 All other communications: 

345 Park Ave 
 New York, NY 10154

 Attn: Jana Douglas 
 Email:
creditassetservicing@blackstone.com, 
 BISOperations@blackstone.com, 

Credit-USPrivateCoordination@Blackstone.com 
  

	(5)	 U.S. Tax Identification Number: 25-0598210 

 

	(6)	 Address for delivery of original Note: 

The Depository Trust Company 
 570
Washington Blvd—5th floor 
 Jersey City, NJ 07310 

Attn: BNY Mellon/Branch Deposit Department 

Account Number 579885 
  

  
 2 

 INFORMATION RELATING TO ADDITIONAL
PURCHASERS 
  

			
	 NAME AND ADDRESS OF
ADDITIONAL PURCHASER
	  	 PRINCIPAL
AMOUNT AND REGISTERED

NOTE NUMBER OF SERIES 

2022B NOTES TO BE

PURCHASED

		
	 AMERICAN GENERAL LIFE INSURANCE COMPANY

 
 Name in Which to Register Note(s):
HARE & CO., LLC
  
 2727-A Allen Parkway
 Houston, TX 77019
	  	 $20,000,000
  

S1-2

		
	 (1)   All payments by wire transfer of immediately available funds to:

 
 Bank: The Bank of New York Mellon

Swift BIC: IRVTUS3N

ABA Routing Number: 021-000-018

Account Name: BNYM Income

Account Number: GLA111566

Reference: For further credit to: American General Life Insurance Company –

BX; Account No. 579885 Reference: Owl Rock III

PPN 69122J A#3
 Principal
_______ Interest ______
  
 with sufficient information to identify
the source and application of such funds.
	  	
		
	 (2)   All notices of payments and written confirmations of such wire
transfers:
  
 345 Park Ave

New York, NY 10154
 Attn:
Jana Douglas
 Email: creditassetservicing@blackstone.com

BISOperations@blackstone.com
	  	
		
	 ((3)  E-mail address for Electronic
Delivery:
  
 creditassetservicing@blackstone.com
	  	

  
 SCHEDULE A

 (to First Supplement) 

	(4)	 All other communications: 

345 Park Ave 
 New York, NY 10154

 Attn: Jana Douglas 
 Email:
creditassetservicing@blackstone.com, 
 BISOperations@blackstone.com, 

Credit-USPrivateCoordination@Blackstone.com 
  

	(5)	 U.S. Tax Identification Number: 25-0598210 

 

	(6)	 Address for delivery of original Note: 

The Depository Trust Company 
 570
Washington Blvd—5th floor 
 Jersey City, NJ 07310 

Attn: BNY Mellon/Branch Deposit Department 

Account Number 579885 

  
 2 

 INFORMATION RELATING TO ADDITIONAL
PURCHASERS 
  

			
	 NAME AND ADDRESS OF
ADDITIONAL PURCHASER
	  	 PRINCIPAL
AMOUNT AND REGISTERED

NOTE NUMBER OF SERIES

2022B NOTES TO BE PURCHASED

		
	 AMERICAN GENERAL LIFE INSURANCE COMPANY

 
 Name in Which to Register Note(s):
HARE & CO., LLC
  
 2727-A Allen Parkway
 Houston, TX 77019
	  	 $20,000,000
  

S1-3

		
	 (1)   All payments by wire transfer of immediately available funds to:

 
 Bank: The Bank of New York Mellon

Swift BIC: IRVTUS3N

ABA Routing Number: 021-000-018

Account Name: BNYM Income

Account Number: GLA111566

Reference: For further credit to: American General Life Insurance Company –

BX; Account No. 579885 Reference: Owl Rock III

PPN 69122J A#3
 Principal
_______ Interest ______
  
 with sufficient information to identify
the source and application of such funds.
	  	
		
	 (2)   All notices of payments and written confirmations of such wire
transfers:
  
 345 Park Ave

New York, NY 10154
 Attn:
Jana Douglas
 Email: creditassetservicing@blackstone.com

BISOperations@blackstone.com 

	  	
		
	 ((3)  E-mail address for Electronic
Delivery:
  
 creditassetservicing@blackstone.com

 
	  	

  
 SCHEDULE A

 (to First Supplement) 

	(4)	 All other communications: 

345 Park Ave 
 New York, NY 10154

 Attn: Jana Douglas 
 Email:
creditassetservicing@blackstone.com, 
 BISOperations@blackstone.com, 

Credit-USPrivateCoordination@Blackstone.com 
  

	(5)	 U.S. Tax Identification Number: 25-0598210 

 

	(6)	 Address for delivery of original Note: 

The Depository Trust Company 
 570
Washington Blvd—5th floor 
 Jersey City, NJ 07310 

Attn: BNY Mellon/Branch Deposit Department 

Account Number 579885 

  
 2 

 EXHIBIT A 

TO FIRST SUPPLEMENT 

SUPPLEMENTAL REPRESENTATIONS 

The Company represents and warrants to each Additional Purchaser that except as hereinafter set forth in this Exhibit A, each of the
representations and warranties set forth in Section 5 of the Note Purchase Agreement (other than representations and warranties that apply solely to a specific earlier date (other than the date of an earlier Closing) which shall be correct as
of such earlier date and other than the Section references hereinafter set forth) is correct in all material respects as of the date hereof with respect to the Series 2022B Notes with the same force and effect as if each reference to “the
Notes” set forth therein was modified to refer to the “Series 2022B Notes” and each reference to “this Agreement” therein was modified to refer to the Note Purchase Agreement as supplemented by the First Supplement. The
Section references hereinafter set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby: 

Section 5.3. Disclosure. (a) This Agreement, the financial statements listed in Schedule 5.5 and the
documents, certificates or other writings delivered to the Additional Purchasers by or on behalf of the Company (other than financial projections, pro forma financial information and other forward-looking information referenced in
Section 5.3(b), information relating to third parties and general economic information) prior to July 8, 2022 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement and such documents,
certificates or other writings and such financial statements delivered to each Additional Purchaser being referred to, collectively, as the “Disclosure Documents”), taken as a whole, did not as of July 8, 2022, contain any
untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since
December 31, 2021, there has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

(b) All financial projections, pro forma financial information and other forward-looking information which has been delivered to each
Additional Purchaser by or on behalf of the Company in connection with the transactions contemplated by this Agreement are based upon good faith assumptions and, in the case of financial projections and pro forma financial information, good faith
estimates, in each case, believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to future events is subject to significant uncertainty and contingencies (many of which are beyond the
control of the Company) and are therefore not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information may materially differ from the results set forth therein. 

  
 EXHIBIT A

 (to First Supplement) 

 Section 5.4. Organization and Ownership of Shares of Subsidiaries;
Affiliates. (a) Schedule 5.4 to this Supplement contains (except as noted therein) complete and correct lists as of the date of the Series 2022B Closing of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the
name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary and whether such Subsidiary is a Subsidiary
Guarantor, and (ii) the Company’s directors and senior officers. 
 (b) All of the outstanding shares of capital stock or similar
equity interests of each Subsidiary shown in Schedule 5.4 to this Supplement as being owned by the Company and its Subsidiaries have been validly issued, and, to the extent applicable, are fully paid and
non-assessable and are owned by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement. 

(c) Each Subsidiary is a limited liability company or other legal entity duly organized, validly existing and, where applicable, in good
standing under the laws of its jurisdiction of organization or incorporation, as applicable, and is duly qualified as a foreign limited liability company or other legal entity and, where applicable, is in good standing in each jurisdiction in which
such qualification is required by law, except in those jurisdictions where the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary
has the limited liability company or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure to have such
power or authority would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (d) No
Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4 to this Supplement and customary limitations imposed by corporate law or similar statutes) restricting the ability of
such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 

Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each Additional
Purchaser copies of the financial statements of the Company and its consolidated subsidiaries. All of such financial statements (including in each case the related schedules and notes, but excluding all financial projections, pro forma financial
information and other forward-looking information) fairly present in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of the respective dates specified therein and the consolidated results
of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any
interim financial statements, to year-end adjustments and lack of footnotes). 

  
 EXHIBIT A

 (to First Supplement) 
 -2-

 Section 5.13. Private Offering by the Company. Neither the
Company nor anyone acting on its behalf has offered the Notes or any substantially similar debt Securities for sale to, or solicited any offer to buy the Notes or any substantially similar debt Securities from, or otherwise approached or negotiated
in respect thereof with, any Person other than the Additional Purchasers and not more than one Institutional Investor, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has
taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable
jurisdiction. 
 Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the proceeds of
the sale of the Notes hereunder for the general corporate purposes of the Company and its Subsidiaries, including to make investments, repay existing debt and make distributions permitted by this Agreement. No part of the proceeds from the sale of
the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of
buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR
220). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such
assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 

Section 5.15. Existing Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15 to
this Supplement sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of December 22, 2022 of all outstanding Material Indebtedness of the Company and its Subsidiaries. As of
December 22, 2022, neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Obligor and, to the knowledge of the
Company, no event or condition exists with respect to any Material Indebtedness of the Company or any Subsidiary that have caused one or more Persons to cause such Material Indebtedness to become due and payable before its stated maturity or before
its regularly scheduled dates of payment. 
 (b) Except as disclosed in Schedule 5.15 to this Supplement, neither the Company nor any
Subsidiary has agreed or consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or
otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness. 

  
 EXHIBIT A

 (to First Supplement) 
 -3-

 (c) Neither the Company nor any Obligor is a party to, or otherwise subject to any provision
contained in, any instrument evidencing Material Indebtedness of the Company or such Obligor, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which limits the amount of, or otherwise
imposes restrictions on the incurring of, Material Indebtedness of the Company, except as disclosed in Schedule 5.15 to this Supplement. 

  
 EXHIBIT A

 (to First Supplement) 
 -4-

 EXHIBIT 1 TO FIRST SUPPLEMENT

 [FORM OF SERIES 2022B NOTE] 

THE NOTE REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE. 

OWL ROCK CAPITAL CORPORATION III 

7.58% SERIES 2022B SENIOR NOTE DUE JULY 21, 2027 

 

			
	 No.
[                    ]
	  	 Date
[        ]

	$[                            ]	  	PPN 69122J A#3

 FOR VALUE RECEIVED, the undersigned, OWL
ROCK CAPITAL CORPORATION III (herein called the “Company”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                                ] DOLLARS (or so much thereof as
shall not have been prepaid) on July 21, 2027 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day
months) (a) on the unpaid balance hereof at the rate of 7.58% per annum, as may be adjusted in accordance with Section 1.2 of the hereinafter defined Note Purchase Agreement, from the date hereof, payable semiannually, on the 21st day of
January and July in each year, commencing with the January or July next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any
overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Prepayment Settlement Amount (if any), at a rate per annum from time to time equal to the Default Rate
(as defined in the hereinafter defined Note Purchase Agreement), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Prepayment Settlement Amount or Make-Whole Amount with respect to this Note are to be made in
lawful money of the United States of America at the Company in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred
to below. 

  
 EXHIBIT 1

 (to First Supplement) 

 This Note is one of a series of Senior Notes (the “Notes”) issued pursuant to
the First Supplement, dated December 22, 2022, to the Master Note Purchase Agreement, dated July 21, 2022 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), among the Company and the
Additional Purchasers named therein, and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note
Purchase Agreement and (ii) to have made the representations set forth in Section 6 of the Note Purchase Agreement (in the case of a transferee, to the extent required by Section 13.2 of the Note Purchase Agreement). Unless otherwise
indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

This Note is a registered Note with the Company and, as provided in (and subject to the terms and conditions of) the Note Purchase Agreement,
upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note of the same series for a
like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose
of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is
subject to optional prepayment, in whole or from time to time in part, on the terms specified in the Note Purchase Agreement, but not otherwise. 

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner,
at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 
 This Note shall be
construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding
choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

 

			
	OWL ROCK CAPITAL CORPORATION III
		
	By	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 1

 (to First Supplement) 
 -2-

 SCHEDULE 5.4 

Subsidiaries of the Company and 

Ownership of Subsidiary Stock 
 (i)
Subsidiaries: 
  

							
	 Name
	  	Jurisdiction	  	 % of Shares
	  	 Subsidiary
Guarantor

(Yes/No)

				
	OR LENDING III LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	OR PCF III LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	OR AH III LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 2 LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 3 LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 4 LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 5 LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 6 LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III FSI LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 8 LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III AAM RH LLC	  	Delaware	  	100% owned by the Company	  	Yes

  
 SCHEDULE
5.4 
 (to First Supplement) 

							
	ORCC III AAM LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 11 LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 12 LLC	  	Delaware	  	100% owned by the Company	  	Yes
				
	ORCC III BC 13 LLC	  	Delaware	  	100% owned by the Company	  	Yes

 (ii) Company’s Board of Directors and Senior Officers: 

Board of Directors 
 Edward D’Alelio 

Eric Kaye 
 Craig W. Packer 

Christopher M. Temple 
 Melissa Weiler 

Victor Woolridge 
 Senior Officers 

Craig W. Packer – Chief Executive Officer & President 

Karen Hager – Chief Compliance Officer 
 Bryan Cole –
Chief Financial Officer & Chief Operating Officer 
 Alexis Maged – Vice President 

Neena Reddy – Vice President & Secretary 
 Alan
Kirshenbaum – Executive Vice President 
 Jonathan Lamm – Vice President 

Matthew Swatt – Co-Chief Accounting Officer & Co-Treasurer 

Shari Withem – Co-Chief Accounting Officer & Co-Treasurer 

Jennifer McMillon – Co-Chief Accounting Officer, Co-Treasurer & Co-Controller 
 Agreements Restricting Payment of Dividends or Distributions 

None. 

  
 SCHEDULE
5.4 
 (to First Supplement) 

 SCHEDULE 5.15 

EXISTING INDEBTEDNESS OF THE COMPANY AND
ITS SUBSIDIARIES 
  

	 	1.	 The Bank Credit Agreement. 

 

	 	2.	 $325 million of 3.125% notes due 2027, issued under the Indenture, dated as of October 13, 2021, by
and among the Company and Wells Fargo Bank, National Association as trustee, as supplemented by the First Supplemental Indenture, dated as of October 13, 2021, in each case, as the same may be amended, restated, amended and restated,
supplemented, refinanced, substituted or otherwise modified from time to time. 

  
 SCHEDULE
5.15 
 (to First Supplement)

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