Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 CONFORMED THROUGH AMENDMENT NO. 1 DATED APRIL 7, 2022 

CREDIT AND SECURITY AGREEMENT 

Dated as of January 7, 2022 

among 
 CARDINAL FUNDING LLC, 

as Borrower, 
 APOLLO DEBT
SOLUTIONS BDC, 
 as Collateral Manager and Equityholder 

THE LENDERS FROM TIME TO TIME PARTIES HERETO, 

CITIBANK, N.A., 
 as Administrative
Agent, 
 and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, 
 as Custodian, Collateral Agent, and Collateral Administrator 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I
	  
 DEFINITIONS; RULES OF CONSTRUCTION;
COMPUTATIONS

			
	Section 1.01	  	Definitions	  	1
	Section 1.02	  	Rules of Construction	  	5860
	Section 1.03	  	Computation of Time Periods	  	5961
	Section 1.04	  	Collateral Value Calculation Procedures	  	5961
	ARTICLE II
	
	ADVANCES
			
	Section 2.01	  	Revolving Credit Facility; Approval Requests	  	6263
	Section 2.02	  	Making of the Advances	  	6365
	Section 2.03	  	Evidence of Indebtedness; Notes	  	6466
	Section 2.04	  	Payment of Amounts	  	6466
	Section 2.05	  	Prepayment of Advances	  	6567
	Section 2.06	  	Changes of Commitments	  	6769
	Section 2.07	  	Maximum Lawful Rate	  	6869
	Section 2.08	  	Several Obligations	  	6869
	Section 2.09	  	Increased Costs	  	6870
	Section 2.11	  	Illegality; Inability to Determine Rates	  	7072
	Section 2.12	  	Fees	  	7173
	Section 2.13	  	Rescission or Return of Payment	  	7173
	Section 2.14	  	Default Interest	  	7273
	Section 2.15	  	Payments Generally	  	7274
	Section 2.16	  	Defaulting Lenders	  	7475
	Section 2.17	  	Right of Setoff	  	7576
	Section 2.18	  	Lending Offices; Changes Thereto	  	7577
	Section 2.19	  	Recourse Against Certain Parties	  	7677
	Section 2.20	  	Replacement of Lenders.	  	7678
	Section 2.21	  	Contractual Currency.	  	79
	Section 2.22	  	Increase in Facility Amount	  	7880
	
	ARTICLE III
	
	CONDITIONS PRECEDENT
			
	Section 3.01	  	Conditions Precedent to Closing Date	  	7980
	Section 3.02	  	Conditions Precedent to Subsequent Advances	  	8182

  
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	ARTICLE IV
	
	REPRESENTATIONS AND WARRANTIES
			
	Section 4.01	  	Representations and Warranties of the Borrower	  	8283
	Section 4.02	  	Additional Representations and Warranties of the Borrower	  	8587
	Section 4.03	  	Representations and Warranties of the Equityholder and the Collateral Manager	  	8890
	Section 4.04	  	Representations and Warranties of the Collateral Agent, the Custodian and the Collateral Administrator	  	9092
	
	ARTICLE V
	
	COVENANTS
			
	Section 5.01	  	Affirmative Covenants of the Borrower	  	9193
	Section 5.02	  	Negative Covenants of the Borrower	  	98100
	Section 5.03	  	Affirmative Covenants of the Equityholder and the Collateral Manager	  	102103
	Section 5.04	  	Negative Covenant of the Equityholder and the Collateral Manager	  	104106
	Section 5.05	  	Certain Undertakings Relating to Separateness	  	104106
	
	ARTICLE VI
	
	EVENTS OF DEFAULT
			
	Section 6.01	  	Events of Default	  	106108
	Section 6.02	  	Remedies	  	108110
	Section 6.03	  	Power of Attorney	  	109111
	Section 6.04	  	Sales	  	110112
	
	ARTICLE VII
	
	PLEDGE OF COLLATERAL;
	RIGHTS OF THE COLLATERAL AGENT
			
	Section 7.01	  	Grant of Security	  	112114
	Section 7.02	  	Release of Security Interest	  	113115
	Section 7.03	  	Rights and Remedies	  	113115
	Section 7.04	  	Remedies Cumulative	  	114116
	Section 7.05	  	Related Documents	  	115117
	Section 7.06	  	Borrower Remains Liable	  	115117
	Section 7.07	  	Protection of Collateral	  	115117

  
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	ARTICLE VIII	  

	
	ACCOUNTS, ACCOUNTINGS AND RELEASES	  

	Section 8.01	  	Collection of Money	  	 	116118	 
	Section 8.02	  	Collection Account	  	 	117119	 
	Section 8.03	  	The Payment Account	  	 	117119	 
	Section 8.04	  	Reserved	  	 	118120	 
	Section 8.05	  	The Unfunded Reserve Account; Fundings	  	 	118120	 
	Section 8.06	  	Reserved	  	 	118120	 
	Section 8.07	  	Account Control Agreement	  	 	118120	 
	Section 8.08	  	Funds in Covered Accounts; Reports by Collateral Agent	  	 	119121	 
	Section 8.09	  	Accountings	  	 	119121	 
	Section 8.10	  	Release of Collateral	  	 	120122	 
	Section 8.11	  	Reports by Independent Accountants	  	 	122124	 
	
	ARTICLE IX	  

	
	APPLICATION OF FUNDS	  

			
	Section 9.01	  	Disbursements of Funds from Collection Account	  	 	123125	 
	
	ARTICLE X	  

	
	SALE OF COLLATERAL LOANSASSETS;	  

	PURCHASE OF ADDITIONAL COLLATERAL LOANSASSETS	  

			
	Section 10.01	  	Sales of Collateral LoansAssets	  	 	126128	 
	Section 10.02	  	Purchase of Additional Collateral LoansAssets	  	 	127129	 
	Section 10.03	  	Substitution and Transfer of Loans	  	 	128130	 
	Section 10.04	  	Limitations on Sales and Substitutions	  	 	129131	 
	Except as otherwise waived by the Administrative Agent:	  	 	131	 
	Section 10.05	  	Conditions Applicable to All Sale and Purchase Transactions	  	 	130132	 
	Section 10.06	  	Additional Equity Contributions	  	 	130132	 
	Section 10.07	  	Transfer of Warranty Collateral LoansAssets	  	 	130132	 
	
	ARTICLE XI	  

	
	THE AGENTS	  

			
	Section 11.01	  	Authorization and Action	  	 	131133	 
	Section 11.02	  	Delegation of Duties	  	 	134136	 
	Section 11.03	  	Agents’ Reliance, Etc.	  	 	134136	 
	Section 11.04	  	Indemnification	  	 	137139	 
	Section 11.05	  	Successor Agents	  	 	137139	 
	Section 11.06	  	Merger, Conversion, Consolidation or Succession to Business of Agents	  	 	138140	 

  
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	Section 11.07	  	Erroneous Payments	  	138140
	
	ARTICLE XII
	
	MISCELLANEOUS
			
	Section 12.01	  	No Waiver; Modifications in Writing	  	139141
	Section 12.02	  	Notices, Etc.	  	142144
	Section 12.03	  	Taxes	  	144146
	Section 12.04	  	Costs and Expenses; Indemnification	  	148150
	Section 12.05	  	Execution in Counterparts	  	149152
	Section 12.06	  	Assignability	  	150152
	Section 12.07	  	Governing Law	  	152154
	Section 12.08	  	Severability of Provisions	  	153155
	Section 12.09	  	Confidentiality	  	153155
	Section 12.10	  	Merger	  	154156
	Section 12.11	  	Survival	  	154156
	Section 12.12	  	Submission to Jurisdiction; Waivers; Etc.	  	154156
	Section 12.13	  	IMPORTANT WAIVERS	  	155157
	Section 12.14	  	PATRIOT Act Notice	  	157159
	Section 12.15	  	Legal Holidays	  	157159
	Section 12.16	  	Non-Petition	  	157159
	Section 12.17	  	Waiver of Setoff	  	158160
	Section 12.18	  	Reserved	  	158160
	
	ARTICLE XIII
	
	CUSTODIAN
			
	Section 13.01	  	Appointment of Custodian	  	158161
	Section 13.02	  	Duties of Custodian	  	159161
	Section 13.03	  	Delivery of Collateral LoansAssets to Custodian	  	159161
	Section 13.04	  	Release of Documents/Control By Agents	  	160162
	Section 13.05	  	Records	  	161163
	Section 13.06	  	Reporting	  	161163
	Section 13.07	  	Certain General Terms	  	161163
	Section 13.08	  	Compensation and Reimbursement of Custodian	  	163165
	Section 13.09	  	Responsibility of Custodian	  	163165
	Section 13.10	  	Resignation and Removal; Appointment of Successor	  	166168
	Section 13.11	  	Acceptance and Appointment by Successor	  	167169
	Section 13.12	  	Merger, Conversion, Consolidation or Succession to Business of Custodian	  	168170

  
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	ARTICLE XIV
	
	COLLATERAL MANAGEMENT
			
	Section 14.01	  	Designation of the Collateral Manager	  	168170
	Section 14.02	  	Duties of the Collateral Manager	  	168171
	Section 14.03	  	Authorization of the Collateral Manager	  	170172
	Section 14.04	  	Separateness Provisions of the Borrower	  	171173
	Section 14.05	  	Compensation	  	171173
	Section 14.06	  	Expenses; Indemnification	  	171173
	Section 14.07	  	The Collateral Manager Not to Resign; Assignment	  	172174
	Section 14.08	  	Appointment of Successor Collateral Manager	  	172174
	
	ARTICLE XV
	
	THE COLLATERAL ADMINISTRATOR
			
	Section 15.01	  	Designation of Collateral Administrator	  	173176
	Section 15.02	  	Certain Duties and Powers	  	174176
	Section 15.03	  	Certain Rights of Collateral Administrator	  	177179
	Section 15.04	  	Compensation and Reimbursement of Collateral Administrator	  	179182
	Section 15.05	  	Resignation and Removal; Appointment of Successor	  	180182
	Section 15.06	  	Acceptance and Appointment by Successor	  	181183
	Section 15.07	  	Merger, Conversion, Consolidation or Succession to Business of Collateral Administrator	  	181183
	Section 15.08	  	Certain Duties of Collateral Administrator Related to Delayed Payment of Proceeds	  	181183

  
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	SCHEDULES
		
	Schedule 1	  	Initial Commitments and Percentages
	Schedule 2	  	Contents of Monthly Report
	Schedule 3	  	Reserved
	Schedule 4	  	GICS Industry Classifications
	Schedule 5	  	Approved Broker Dealers
	Schedule 6	  	Notice Information
	Schedule 7	  	Authorized Persons
	Schedule 8	  	Diversity Score Calculations
	Schedule 9	  	Loan Tape Information
	Schedule 10	  	Reserved
	Schedule 11	  	Moody’s Ratings Definitions
	Schedule 12	  	S&P Ratings Definitions
	
	EXHIBITS
		
	Exhibit A	  	Form of Approval Request
	Exhibit B	  	Form of Notice of Borrowing (with attached form of Borrowing Base Calculation Statement)
	Exhibit C	  	Form of Notice of Prepayment
	Exhibit D	  	Form of Assignment and Acceptance
	Exhibit E	  	Form of Note
	Exhibit F	  	Form of Tax Compliance Certificates
	Exhibit G	  	Reserved
	Exhibit H	  	Form of Request for Release and Receipt
	Exhibit I	  	Form of Monthly Report

 CREDIT AND SECURITY AGREEMENT 

CREDIT AND SECURITY AGREEMENT, dated as of January 7, 2022, by and among CARDINAL FUNDING LLC, a Delaware limited liability company, as
borrower (the “Borrower”), APOLLO DEBT SOLUTIONS BDC, a Delaware statutory trust, in its capacity as Collateral Manager and in its capacity as Equityholder, the LENDERS from time to time party hereto, CITIBANK, N.A.
(“Citibank”), as administrative agent for the Secured Parties (as hereinafter defined) (in such capacity, the “Administrative Agent”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION (the
“Bank”), as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”), as collateral custodian for the Secured Parties (in such capacity, the “Custodian”), and as
collateral administrator (in such capacity, the “Collateral Administrator”). 

W I T N E S E T H: 

WHEREAS, the Borrower desires that the Lenders make advances on a revolving basis to the Borrower on the terms and subject to the conditions
set forth in this Agreement; and 
 WHEREAS, each Lender is willing to make such advances to the Borrower on the terms and subject to the
conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained,
the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS 

Section 1.01 Definitions 

As used in this Agreement, the following terms shall have the meanings indicated: 

“Account Control Agreement” means the Account Control Agreement, dated as of the Closing Date, by and among the Borrower, the
Collateral Agent and the Bank, as the Securities Intermediary, as the same may be amended, modified, waived, supplemented or restated from time to time. 

“Accredited Investor” has the meaning assigned to such term in Section 12.06(e). 

“Acquisition Date” means, for any Collateral
LoanAsset, the date on which such Collateral LoanAsset is committed to be acquired by the Borrower. 

“Additional Amounts” has the meaning assigned to such term in Section 12.03(a). 

“Administrative Agent” has the meaning assigned to such term in the introduction to this Agreement. 

 “Administrative Agent Fee Letter” means that certain fee letter, dated as
of the Closing Date, between the Administrative Agent and the Borrower, setting forth certain fees payable by the Borrower to the Administrative Agent and the Lenders in connection with the transactions contemplated by this Agreement. 

“Administrative Expense Cap” means, for any Payment Date, an amount equal (when taken together with any Administrative
Expenses paid during the period since the preceding Payment Date or, in the case of the first Payment Date, the Closing Date) to $150,000 per annum, pro-rated for the related Interest Accrual Period on
the basis of a 360-day year and the actual number of days elapsed. 
 “Administrative
Expenses” means the reasonable and documented fees and expenses (including indemnities) and other amounts of the Borrower due or accrued with respect to any Payment Date and payable in the following order: 

(a) first, to the Collateral Administrator, the Collateral Agent, the Securities Intermediary, the Custodian and the Bank in any of its
other capacities under the Facility Documents, the Collateral Administration and Agency Fee, and any other amounts, expenses and indemnities payable to the Collateral Administrator, the Collateral Agent, the Securities Intermediary or the Custodian,
as applicable, pursuant to the terms hereof and any other Facility Documents; 
 (b) second, to the Collateral Manager for expenses
incurred by the Collateral Manager in connection with the services provided under this Agreement, excluding any Collateral Management Fee; and 

(c) third, on a pro rata basis, to: 

(i) the Independent Accountants, agents (other than the Collateral Manager) and counsel of the Borrower for fees and expenses
related to the Collateral and the Facility Documents; 
 (ii) any other Person (other than the Agents or the Lenders) in
respect of any other fees or expenses permitted under or incurred pursuant to or in connection with the Facility Documents; and 

(iii) indemnification obligations owing by the Borrower to the Borrower’s independent directors under its Constituent
Documents; 
 provided that, for the avoidance of doubt, (1) amounts that are expressly payable to any Person under the Priority
of Payments in respect of an amount that is stated to be payable as an amount other than as Administrative Expenses shall not constitute Administrative Expenses and (2) expenses paid for on the Closing Date shall not constitute Administrative
Expenses. 
 “Advance (Other)” has the meaning assigned to such term in Section 2.01(c). 

“Advance (Specified)” has the meaning assigned to such term in Section 2.01(c). 

  
 -2- 

 “Advance Rate” means, as of any date of determination, the lower of
(i) the Maximum Advance Rate and (ii) the Weighted Average Advance Rate. 
 “Advances” means, collectively, the
Advances (Specified) and Advances (Other). 
 “Advances Outstanding” means, as of any date of determination, the aggregate
principal amount in Dollars or the equivalent in Dollars, as determined by the Administrative Agent using the Applicable Conversion Rate, of all Advances outstanding on such date, after giving effect to all repayments of Advances made on or prior to
such date and any new Advances made on such date; provided, that for purposes of the determination of Interest and in connection with any reduction pursuant to Section 2.06(b) or any payments made in accordance with
Section 9.01(a), “Advances Outstanding” shall refer only to (x) Advances outstanding in the applicable Eligible Currency and (y) Advances (Specified) and Advances (Other), as applicable. 

“Affected Person” means (a) the Administrative Agent, each Lender and each of their respective Affiliates and
(b) any assignee or participant of any Lender (unless the benefit of any particular provision hereof to any such Affected Person is otherwise expressly excluded herein). 

“Affiliate” or “Affiliated” means, with respect to a Person, (a) any other Person who, directly or
indirectly, including through one or more intermediaries, is in Control of, or Controlled by, or is under common Control with, such Person or (b) any other Person who is a director, executive officer, managing member or general partner of
(i) such Person or (ii) any such other Person described in clause (a) above; provided that a Person shall not be deemed to be an “Affiliate” of an Obligor solely because it is under the common ownership or Control of
the same financial sponsor or affiliate thereof as such Obligor (except if any such Person or Obligor provides collateral for, guarantees or otherwise supports the obligations of the other such Person or Obligor). 

“Agents” means, collectively, the Administrative Agent and the Collateral Agent. 

“Aggregate Asset Value” means, when used with respect to all or a portion of the Collateral LoansAssets, the sum of the Asset Values of all or of such portion of such Collateral LoansAssets (other than Ineligible Collateral LoansAssets). 
 “Aggregate Funded Spread” means, as of any date, the sum (for all Eligible
Collateral
LoansAssets
) of, in the case of each Eligible Collateral LoanAsset that bears interest at a spread over an index, (i) the stated
interest rate spread over such index multiplied by (ii) the Principal Balance of such Eligible Collateral LoanAsset; provided that, with respect to any Floor Obligation, the
stated interest rate spread on such Eligible Collateral
LoanAsset
 over such index shall be deemed to be equal to the sum of (x) the stated interest rate spread over such index and (y) the excess, if any, of the specified “floor” rate relating to such
Collateral
LoanAsset
 over the Applicable Reference Rate as in effect. 
 “Aggregate Principal
Balance” means, when used with respect to all or a portion of the Collateral LoansAssets, the sum of the Principal Balances of all or of such portion of
such Collateral
LoansAssets
 (other than Ineligible Collateral LoansAssets). 

  
 -3- 

 “Aggregate Unfunded Spread” means, as of any date, the sum of the products
obtained by multiplying (a) for each Delayed Drawdown Collateral
LoanAsset and Revolving Collateral
LoanAsset
, the related commitment fee or other analogous fees (expressed at a per annum rate) then in effect for such Delayed Drawdown Collateral LoanAsset or Revolving Collateral
LoanAsset
 as of such date and (b) the unfunded commitments of each such Delayed Drawdown Collateral LoanAsset and Revolving Collateral LoanAsset as of such date. 
 “Agreement” means this Credit and Security Agreement. 

“Amortization Period” means the period beginning on the Commitment Termination Date and ending on the date on which all
Obligations are Paid in Full. 
 “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 the Borrower or any of its Subsidiaries is located or doing business. 

“Anti-Money Laundering Laws” means Applicable Law in any jurisdiction in which the Borrower 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. 

“Applicable Conversion Rate” means, with respect to any Collateral LoanAsset denominated and payable in an Eligible Currency (other than Dollars) on any date of determination (x) for an actual currency exchange, the applicable currency-Dollar
spot rate obtained by the Collateral Manager through customary banking channels 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 if such day is a Business Day or if such date is not a Business Day, the end of the immediately preceding Business Day or (ii) otherwise, at the end of the
immediately preceding Business Day. 
 “Applicable Law” means any Law of any Governmental Authority, including all
federal and state banking or securities laws, to which the Person in question is subject or by which it or any of its assets or properties are bound. 

“Applicable
 Margin” means, on any day with respect to any Advance in respect of (a) a Broadly Syndicated Loan (x) prior to the Commitment Termination Date, 1.70% per annum or
(y) on and after the Commitment Termination Date, 2.20% per annum, (b) a Bond
(x) prior to the Commitment Termination Date, 2.00% per annum or (y) on and after the Commitment Termination Date, 2.50% per annum, (c) a Private Credit Loan
(x) prior to the Commitment Termination Date, 2.20% per annum or (y) on and after the Commitment Termination Date, 2.70% per annum and
(cd) with respect to any Advance in respect of any other Eligible Collateral LoanAsset (x) prior to the Commitment Termination Date,
2.45% per annum or (y) on and after the Commitment Termination Date, 2.95% per annum. 

“Applicable Reference Rate” means, collectively or individually, the Term SOFR Reference
Rate, the CDOR Rate, SONIA or the EURIBOR Rate. 

  
 -4- 

 “Approval Request” has the meaning assigned to such term in
Section 2.01(a). 
 “Approved Broker Dealer” means each qualified
broker-dealer listed on Schedule 5 or approved by the Administrative Agent in its reasonable discretion. 

“Approved Valuation Firm” means each of Duff & Phelps Corp., FTI Consulting, Inc., Houlihan Lokey, Lincoln
International LLC, Murray Devine, Valuation Research Corp., and any other nationally recognized accounting firm or valuation firm approved by the Administrative Agent and the Borrower, each in its reasonable discretion. 

“Asset Advance Rate” means, as of any date of determination with respect to each Eligible Collateral LoanAsset, the Asset Advance Rate set forth on the related Approval Request by the Administrative Agent, which shall be based on the lowest applicable indicative levels for the type of such Eligible Collateral LoanAsset set forth below: 
  

					
	 Type of Eligible Collateral
LoanAsset
	  	Asset
Advance
Rate	 
	 Broadly Syndicated Loans with a Moody’s Rating of “B3” or higher and an S&P
Rating of “B-” or higher
	  	 	75.0	% 
	 Private Credit Loans
	  	 	72.5	% 
	 Senior Secured
Bonds
	  	 	70.0	% 
	 Middle Market Loans (that are not Private Credit Loans)
	  	 	70.0	% 
	 Broadly Syndicated Loans with a Moody’s Rating of less than “B3” or an S&P
Rating of less than “B-” after the related Acquisition Date
	  	 	40.0	% 
	 Second Lien Loans
	  	 	40.0	%. 
	 Senior Unsecured
Bonds
	  	 	35.0	% 

 “Asset Value” means, with respect to any Collateral LoanAsset on the relevant date of determination, 
 (a) prior to the occurrence of an Asset Value
Adjustment Event its Original Asset Value; and 
 (b) (i) after the occurrence of an Asset Value Adjustment Event set forth in
clause (a), (c) or (d) of the definition thereof below, zero (unless otherwise expressly determined by the Administrative Agent in its sole discretion); and 

(ii) after the occurrence of an Asset Value Adjustment Event (other than set forth in clause (a), (c) or
(d) of the definition thereof below), the value determined by the Administrative Agent in its commercially reasonable discretion. 

If the Borrower (or the Collateral Manager on behalf of the Borrower) disputes the Asset Value of any Collateral LoanAsset determined by the Administrative Agent pursuant to the preceding paragraph (each such Collateral LoanAsset, a “Disputed Collateral LoanAsset”), the 

  
 -5- 

 
Collateral Manager shall notify the Administrative Agent of such dispute at or before 2:00 p.m. on the second (2nd) Business Day to occur after the day on which the Collateral Manager
receives a notice of valuation from the Administrative Agent with respect to such Collateral LoanAsset. Upon receipt of such notification, the Administrative Agent and
the Collateral Manager shall consult with each other in an attempt to resolve such dispute in a timely and reasonable manner. If such consultation does not resolve the dispute, the following mechanism shall apply: 

(1) if the Disputed Collateral LoanAsset is a Broadly Syndicated Loan, the Borrower shall provide the
Administrative Agent with Firm Bids from at least two Approved Broker Dealers for each Disputed Collateral LoanAsset, and the Asset Value shall be recalculated to be the highest of
such Firm Bids (or, if two Firm Bids for the relevant date of determination are not available, the Asset Value shall be determined in accordance with the following clause (2)); 

(2) if clause (1) does not apply, the Collateral Manager shall hire an Approved Valuation Firm to provide a fair market value for such
Disputed Collateral
LoanAsset; and, effective as of the date of delivery of the valuation report from the Approved Valuation Firm to the Administrative Agent, the Asset Value shall equal the fair market value provided by such Approved
Valuation Firm; provided that such value may not exceed the Original Asset Value. 
 Until an Asset Value is determined for
any Disputed Collateral
LoanAsset pursuant to clause (1) or (2) above, the applicable Asset Value shall be the Administrative Agent’s most recent valuation. 

“Asset Value Adjustment Event” means, with respect to any Collateral LoanAsset, each occurrence of one or more of the following: 
 (a) a payment default
(i) with respect to such Collateral
LoanAsset (after giving effect to the lesser of (x) any applicable grace period and (y) five (5) Business Days or seven (7) calendar days, whichever is greater, past the applicable due date) or
(ii) under any other debt obligation of such Obligor which is senior or pari passu in right of payment to such Collateral LoanAsset (after giving effect to the lesser of (x) any applicable
grace period and (y) five (5) Business Days past the applicable due date); 
 (b) a Material Modification;

 (c) a determination by the Collateral Manager in accordance with the Collateral Management Standard that such Collateral LoanAsset is on a non-accrual status or is not collectible; 
 (d) an Insolvency Event with
respect to any related Obligor; 
 (e) the Senior Net Leverage Ratio of the related Obligor for any Relevant Test
Period has increased by 0.75x or more above such Senior Net Leverage Ratio as of the related Acquisition Date; 
 (f)
the Cash Interest Coverage Ratio of the related Obligor for any Relevant Test Period is less than 85% of the Cash Interest Coverage Ratio of such Obligor as of the related Acquisition Date; 

  
 -6- 

 (g) EBITDA of the related Obligor for any Relevant Test Period has
decreased by 20.0% or more below such EBITDA as of such Acquisition Date; 
 (h) if such Collateral LoanAsset has a Moody’s Rating and/or an S&P Rating, its (i) Moody’s Rating is downgraded below “B3” or (ii) S&P Rating is downgraded below “B-” as applicable; 

(i) if such Collateral LoanAsset is a Broadly Syndicated Loan, its Observable Market Price declines
by 10 percentage points or more from its Purchase Price; or 

(j) any failure of the related Obligor to deliver any quarterly or annual financial statements required to be delivered to the
Borrower or the Collateral Manager pursuant to the relevant Underlying Loan Agreement within the time period for delivery thereof set forth in the relevant Underlying Loan Agreement for the relevant fiscal quarter or fiscal year, subject to any
applicable grace period
therein.;
or 
 (k) if such Collateral Asset is a Bond, its Observable Market Price declines by five (5) percentage points or more from
its Purchase Price.  
 “Assignment and Acceptance” means an
Assignment and Acceptance in substantially the form of Exhibit D hereto, entered into by a Lender, an assignee, the Administrative Agent and, if applicable, the Borrower. 

“Authorized Officers” has the meaning assigned to such term in Section 12.02(b). 

“Authorized Person(s)” has the meaning assigned to such term in Section 13.07(d)(i). 

“Available Tenor” means, as of any date of determination and with respect to any then-current Benchmark for any currency, as
applicable, (x) if any then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Accrual Period or (y) otherwise, any payment period for interest calculated with
reference to such Benchmark, as applicable, pursuant to this Agreement as of such date. 
 “Bankruptcy Code” means the
United States Bankruptcy Code. 
 “Bank” has the meaning assigned to such term in the introduction to this Agreement. 

“Bank Parties” means the Bank in each of its roles under the Facility Documents. 

“Base Rate” means, on any date, the greater of (x) 0.00% and (y) a fluctuating interest rate per annum equal
to the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% or (c) the applicable Benchmark for a three-month period plus 1.0%. The Base Rate is a reference rate
and does not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any Lender. Interest calculated pursuant to clauses (a), (b) and (c) above will be determined based on a
year of 360 days and actual days elapsed. 

  
 -7- 

 “Benchmark” means, initially, with respect to any Eligible Currency, the
Applicable Reference Rate; provided that if a replacement of an initial or subsequent Benchmark has occurred pursuant to Section 12.01(c), then “Benchmark” means the applicable Benchmark Replacement to the extent that
such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof. 

“Benchmark Replacement” means, for any Available Tenor, the sum of (a) the alternate benchmark rate and (b) an
adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving
or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for syndicated credit facilities at such time denominated in the applicable currency; provided that, if any Benchmark
Replacement would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Facility Documents. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of a then-current Benchmark, the spread adjustment
determined by the Administrative Agent in consultation with the Borrower giving due consideration to (x) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
as of the reference time such Benchmark Replacement is first set for such Interest Accrual Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark
Replacement for the applicable corresponding tenor; or (y) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such
Benchmark for syndicated credit facilities in the applicable currency. 
 “Benchmark Replacement Date” means the earlier to
occur of the following events with respect to a then-current Benchmark: 
 (1) in the case of clause (1) or (2) of the definition
of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark permanently or indefinitely ceases
to provide such Benchmark; or 
 (2) in the case of clause (3) of the definition of “Benchmark Transition Event”, the first
date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the
administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such
non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof)
continues to be provided on such date. 

  
 -8- 

 “Benchmark Transition Event” means, with respect to any then-current
Benchmark, the occurrence of one or more of the following events: 
 (1) a public statement or publication of information by or on behalf of
the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently
or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Relevant Governmental Body, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for
such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has
ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide any Available Tenor of such Benchmark (or such component thereof); or 
 (3) a public statement or publication of information by or
on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of
such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial
Benchmarks. 
 For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any
Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Transition Start Date” means, in the case of a Benchmark Transition Event with respect to any then-current
Benchmark, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement
or publication, the date of such statement or publication). 
 “Benchmark Unavailability Period” means, with respect to any
then-current Benchmark, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Facility
Document in accordance with Section 12.01(c) and (b)

  
 -9- 

 
ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Facility Document in accordance with Section 12.01(c). 

“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. 
 “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be
interpreted in accordance with, 12 U.S.C. § 1841(k). 
 “Block Notice” has the meaning assigned to such term in
Section 13.04(b). 

“Bond”
 means any Senior Secured Bond or Senior Unsecured Bond. 

“Borrower” has the meaning assigned to such term in the introduction to this Agreement. 

“Borrower Information” has the meaning assigned to such term in Section 12.09. 

“Borrowing” has the meaning assigned to such term in Section 2.01(c). 

“Borrowing Base (Aggregate)” means, on any date of determination, an amount calculated in Dollars (and converted to Dollars,
if necessary, by the Collateral Manager using the Applicable Conversion Rate) equal to the least of: 
 (a) (i) the
Facility Amount minus (ii) the Unfunded Exposure Amount (net of the aggregate amount on deposit in the Unfunded Reserve Account), in each case, as of such date; 

(b) (i)(A) the Aggregate Asset Value of all Eligible Collateral LoansAssets minus the Excess Concentration Amount multiplied by (B) the Advance Rate, plus (ii) the Principal Proceeds and Eligible Investments made with Principal Proceeds on deposit in the
Collection Account, minus (iii) the Unfunded Reserve Required Amount (net of the aggregate amount on deposit in the Unfunded Reserve Account), in each case, as of such date; and 

(c) (i) the Aggregate Asset Value of all Eligible Collateral LoansAssets minus the Excess Concentration Amount minus (ii) the Minimum Equity Amount, plus (iii) the amount of Principal Proceeds and Eligible Investments made with Principal Proceeds on
deposit in the Collection Account, minus (iv) the Unfunded Reserve Required Amount (net of the aggregate amount on deposit in the Unfunded Reserve Account), in each case, as of such date. 

  
 -10- 

 “Borrowing Base (CAD)” means, on any date of determination, an amount equal
to (i) the sum of the products, for each Eligible Collateral
LoanAsset denominated in CAD (including any such Eligible Collateral LoansAssets to be funded or acquired by Borrower on such date of
determination) of (A) its Principal Balance multiplied by (B) its Asset Advance Rate, plus (ii) the Principal Proceeds and Eligible Investments made with Principal Proceeds denominated in CAD on deposit in the Collection
Account. 
 “Borrowing Base (EUR)” means, on any date of determination, an amount equal to (i) the sum of the
products, for each Eligible Collateral
LoanAsset denominated in EUR (including any such Eligible Collateral LoansAssets to be funded or acquired by Borrower on such date of
determination) of (A) its Principal Balance multiplied by (B) its Asset Advance Rate plus (ii) the Principal Proceeds and Eligible Investments made with Principal Proceeds denominated in EUR on deposit in the Collection
Account. 
 “Borrowing Base (GBP)” means, on any date of determination, an amount equal to (i) the sum of the
products, for each Eligible Collateral
LoanAsset denominated in GBP (including any such Eligible Collateral LoansAssets to be funded or acquired by Borrower on such date of
determination) of (A) its Principal Balance multiplied by (B) its Asset Advance Rate plus (ii) the Principal Proceeds and Eligible Investments made with Principal Proceeds denominated in GBP on deposit in the Collection
Account. 
 “Borrowing Base Calculation Statement” means a statement in substantially the form attached to the form
of Notice of Borrowing attached hereto as Exhibit B, as such form of Borrowing Base Calculation Statement may be modified by the Administrative Agent with the consent of the Collateral Manager from time to time to the extent such form
does not, in the good faith opinion of the Administrative Agent, accurately reflect the calculation of the Borrowing Base Test required hereunder. 

“Borrowing Base Deficiency” means a condition occurring on any day on which the Borrowing Base Test is not satisfied. 

“Borrowing Base Test” means a test that will be satisfied at any time if (i) Advances Outstanding are less than or equal
to the Borrowing Base (Aggregate) at such time, (ii) the aggregate principal balance (in CAD) of all CAD Advances outstanding hereunder are less than the Borrowing Base (CAD), (iii) the aggregate principal balance (in EUR) of all EUR
Advances outstanding hereunder are less than the Borrowing Base (EUR) and (iv) the aggregate principal balance (in GBP) of all GBP Advances outstanding hereunder are less than the Borrowing Base (GBP). 

“Borrowing Bases” means, collectively, the Borrowing Base (Aggregate), the Borrowing Base (CAD), the Borrowing Base (EUR) and
the Borrowing Base (GBP). 
 “Borrowing Date” means the date of a Borrowing. 

“Broadly Syndicated Loan” means any Collateral
LoanAsset that meets the following criteria on any date of determination: (i) is a First Lien Loan, a First Lien Last Out Loan or a Second Lien Loan, (ii) has a Tranche Size on the related Acquisition Date of at
least $200,000,000, (iii) has a Moody’s Rating (pursuant to clause (i) of the definition thereof, without 

  
 -11- 

 
giving effect to the proviso to such clause (i)) of at least “B3” or an S&P Rating (pursuant to clause (i) of the definition thereof, without giving effect to the proviso to
such clause (i)) of at least “B-” (or the Obligor has a Moody’s Rating (pursuant to clause (i) of the definition thereof, without giving effect to the proviso to such clause (i)) of at least “B3” or an S&P Rating
(pursuant to clause (i) of the definition thereof, without giving effect to the proviso to such clause (i)) of at least “B-”), (iv) has at least three (3) bid quotations from a nationally recognized independent dealer in the
related loan as reported by an independent nationally recognized pricing service as of the related Acquisition Date; provided that such Collateral
LoanAsset shall be deemed to have satisfied this clause (iv) if it has at least three (3) bid quotations from a nationally recognized independent dealer in the related loan as reported by an independent
nationally recognized pricing service within a five (5) Business Day period of such Acquisition Date and (v) has at least two (2) bid quotations from a nationally recognized independent dealer in the related loan as reported by an
independent nationally recognized pricing service; provided that such Collateral LoanAsset shall be deemed to have satisfied this clause (v) if it has
at least two (2) bid quotations from a nationally recognized independent dealer in the related loan as reported by an independent nationally recognized pricing service within a ten (10) Business Day period of any date of determination.
Notwithstanding the foregoing, if any Broadly Syndicated Loan fails to satisfy the foregoing criteria on any date of determination after the related Acquisition Date, such Collateral LoanAsset shall continue to be a Broadly Syndicated Loan for all purposes hereunder except with respect to determining the Asset Advance Rate applicable to such Collateral LoanAsset as of such date of determination. 
 “Business Day” means any day of the year
except a Saturday, Sunday or other day on which commercial banks in New York City or the city in which the Corporate Trust Office is located are authorized or required by law to close; provided that when used in connection with any interest
rate setting as to an Advance determined by reference to the Applicable Reference Rate, any fundings, disbursements, settlements and payments in respect of any such Advance, or any other dealings to be carried out pursuant to this Agreement in
respect of any such Advance (or any Advance determined by reference to the Base Rate as to which such Base Rate is determined by reference to the applicable Benchmark), the term “Business Day” shall exclude any day on which banks are not
open for dealings in deposits in the applicable Eligible Currency in the applicable interbank market. 
 “CAD” means the
lawful currency for the time being of Canada.
 “Cash” means cash or legal currency in any Eligible Currency immediately
available on the day in question. 
 “Cash Interest Coverage Ratio” means, with respect to any Collateral LoanAsset for any Relevant Test Period, the meaning of “Cash Interest Coverage Ratio” or comparable term set forth in the Related Documents for such Collateral LoanAsset. 
 “CDOR Rate” means, for any day during the Interest Accrual Period with
respect to Advances denominated in CAD, the rate per annum appearing on Reuters Screen CDOR Page (or any successor or substitute page) applicable to bankers’ acceptances for deposits in CAD for a period equal to three months; provided
that, if no such rate appears on Reuters Screen CDOR Page (or any successor or substitute page), the CDOR Rate shall be the rate per annum determined by the Administrative Agent using the average of the rates for bankers’ acceptances for
deposits in 

  
 -12- 

 
CAD for a three month period in CAD at approximately 11:00 a.m. (Toronto time) for such date. If the CDOR Rate is less than zero percent then the CDOR Rate shall be deemed to equal zero percent
for all purposes of this Agreement. 
 “Certificated Security” has the meaning specified in
Section 8-102(a)(4) of the UCC. 
 “Change in Law” means the occurrence, after
the Closing Date (or, with respect to any Lender not a party hereto on the date hereof, after the date such Lender becomes a party hereto), of any of the following: (a) the adoption of any law, rule or regulation, (b) any change in any
law, rule or regulation or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender (or, for purposes of Section 2.09(b), by any lending office of such Lender or by such
Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof and (y) all
requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted or issued. 

“Change of Control” means, at any time, the occurrence of any of the following events: 

(a) the Equityholder ceases, at any time, to directly own 100% of the outstanding equity interests in the Borrower free and clear of any and
all Liens; or 
 (b) Apollo Credit Management, LLC ceases to be the investment adviser to, and otherwise control the investment management
and investment policies of, the Equityholder or the Collateral Manager. 
 “Citibank” has the meaning assigned to such term
in the introduction of this Agreement. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Corporation” means each entity included within
the meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC. 

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

“Closing Date” means January 7, 2022. 

  
 -13- 

 “Code” means the Internal Revenue Code of 1986. 

“Collateral” has the meaning assigned to such term in Section 7.01(a). 

“Collateral Administration and Agency Fee Letter” means the separate fee schedule agreed among the Collateral Administrator,
the Collateral Agent, the Custodian, the Securities Intermediary and the Borrower, as such schedule may be amended, modified, supplemented, restated or replaced from time to time. 

“Collateral Administration and Agency Fees” means the fees payable to the Collateral Administrator, the Collateral Agent, the
Custodian and the Securities Intermediary pursuant to the Collateral Administration and Agency Fee Letter. 
 “Collateral
Administrator” has the meaning assigned to such term in the introduction to this Agreement. 
 “Collateral Agent”
has the meaning assigned to such term in the introduction to this Agreement. 
 “Collateral LoanAsset” means a commercial loan
(, bond or participation interest therein) owned or, as set forth in Section 1.04, committed to be acquired or funded, by the Borrower.

 “Collateral Management Fee” means the Senior Collateral Management Fee. 

“Collateral Management Standard” means, with respect to any Collateral LoanAsset included in the Collateral, to service and administer such Collateral LoanAsset (on behalf of the Borrower for the benefit of the Secured Parties)
in accordance with Applicable Law and the Related Documents in good faith and with reasonable care using a degree of skill and care no less than that exercised by institutional managers of national standing relating to assets of the nature and
character of the Collateral
LoansAssets
. To the extent not inconsistent with the foregoing, the Collateral Manager shall, in performing its duties under the Facility Documents, follow its customary standards, policies and procedures and
exercise a degree of skill and attention no less than that which it exercises with respect to comparable assets that it manages for itself and for other clients having similar investment objectives and restrictions. 

“Collateral Manager” has the meaning assigned to such term in Section 14.01(a). 

“Collateral Manager Default” means any one or more of the following: 

(a) (i) any failure by the Collateral Manager to make any payment, transfer or deposit into any Covered Account as
required by this Agreement on or prior to the date that such payment, transfer or deposit is required to be made (after giving effect to the greater of (x) a grace period of two (2) Business Days and (y) any related grace period or
applicable notice period or requirement) or (ii) the Collateral Manager makes any withdrawal from a Covered Account not in accordance with the terms of the Facility Documents; 

  
 -14- 

 (b) any failure by the Collateral Manager to deliver (i) with respect
to any Monthly Report or Borrowing Base Calculation Statement required to be delivered by it under this Agreement or the other Facility Documents, on or before the date that is two (2) Business Days after the date that such Monthly Report or
Borrowing Base Calculation Statement is required to be delivered and (ii) with respect to any other report required to be delivered by it under this Agreement or the other Facility Documents, on or before the date that is five (5) Business
Days after the Administrative Agent provides written notice of such failure to the Collateral Manager; 
 (c) except as
otherwise provided in this definition, a default in any material respect in the performance, or breach in any material respect, of any covenant or agreement of the Collateral Manager under any Facility Document to which it is a party, or the failure
of any representation or warranty of the Collateral Manager made in any Facility Document to be correct, in each case, in all material respects when the same shall have been made, and (if such default, breach or failure can be remedied) the
continuation of such default, breach or failure for a period of thirty (30) days after the earlier of (i) the date on which written notice to the Collateral Manager (which may be by email) of such failure, requiring the same to be
remedied, shall have been given to the Collateral Manager by the Administrative Agent, and (ii) the date on which a Responsible Officer of the Collateral Manager acquires actual knowledge thereof; 

(d) an Insolvency Event shall occur with respect to the Collateral Manager; 

(e) the occurrence of an Event of Default; 

(f) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the
payment of money in excess individually or in the aggregate of $25,000,000 against the Collateral Manager (exclusive of judgment amounts to the extent covered by applicable insurance), and the Collateral Manager shall not have either
(i) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the
pendency of the appeal, in each case, within sixty (60) days from the date of entry thereof; 
 (g) the failure of the
Collateral Manager 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 and the indebtedness for borrowed money thereunder is in an amount in excess of
$25,000,000, individually or in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such indebtedness; 

(h) the occurrence of a Change of Control with respect to the Collateral Manager; or 

(i) Apollo Debt Solutions BDC (or an Affiliate reasonably acceptable to the Administrative Agent) ceases to be the Collateral
Manager other than in the case where a successor Collateral Manager becomes the Collateral Manager in accordance with this Agreement. 

  
 -15- 

 “Collateral Quality Test” means a test that is satisfied if, as of any date
of determination, (a) the Ramp-Up Period has not ended or (b) in the aggregate, the Eligible Collateral LoansAssets owned (or, in relation to a proposed purchase of an Eligible
Collateral
LoanAsset
, both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth below, calculated, in each case, in accordance with Section 1.04: 

(a) the Minimum Weighted Average Spread Test; 

(b) the Maximum Weighted Average Life Test; 

(c) the Minimum Diversity Score Test; 

(d) the Minimum Weighted Average EBITDA Test; and 

provided that, for purposes of calculating the Collateral Quality Tests, the Principal Balance of any Collateral LoanAsset denominated in an Eligible Currency other than Dollars shall be calculated using the Applicable Conversion Rate as of the applicable Acquisition Date unless such Applicable Conversion Rate as of the applicable
Acquisition Date varies by more than 2% from the then-current Applicable Conversion Rate, in which case, the then-current Applicable Conversion Rate shall be used. 

“Collection Account” has the meaning assigned to such term in Section 8.02. 

“Collection Period” means, with respect to (a) the first Payment Date, the period from and including the Closing Date to
and including the Determination Date immediately preceding the first Payment Date, and (b) any subsequent Payment Date, the period from but excluding the Determination Date immediately preceding the previous Payment Date to and including the
Determination Date immediately preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date). 

“Collections” means all cash collections, distributions, payments or other amounts received, or to be received, by the
Borrower from any Person in respect of any Collateral
LoanAsset constituting Collateral, including all principal, interest, fees, distributions, recoveries and redemption and withdrawal proceeds payable to the Borrower under or in connection with any such Collateral LoansAssets and all Proceeds from any sale or disposition of any such Collateral LoansAssets, but excluding (a) any amounts received by the Borrower from
an Obligor or any other party obligated to make payments in respect of such Collateral LoanAsset following the sale of a Collateral LoanAsset by the Borrower that the Borrower is required to pay to the purchaser of such Collateral LoanAsset so long as such amounts are not included in the net proceeds
reported to be received by the Borrower from such sale, (b) any amounts in respect of indemnities received by the Borrower but owing to parties other than the Borrower in accordance with the Related Documents for any Collateral LoanAsset and (c) any Excluded Amounts. 
 “Commitment” means, collectively, the
Commitment (Specified) and Commitment (Other). 
 “Commitment (Other)” means, as to each Lender, the obligation of such
Lender to make, on and subject to the terms and conditions hereof, Advances (Other)to the Borrower 

  
 -16- 

 
pursuant to Section 2.01(c) in an aggregate principal amount at any one time outstanding for such Lender up to but not exceeding the amount set forth opposite the name of such Lender
on Schedule 1 or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment (Other), as applicable, as such amount may be reduced from time to time pursuant to Section 2.06, increased
pursuant to Section 2.22 or increased or reduced from time to time pursuant to assignments effected in accordance with Section 12.06(a). 

“Commitment (Specified)” means, as to each Lender, the obligation of such Lender to make, on and subject to the terms and
conditions hereof, Advances (Specified) to the Borrower pursuant to Section 2.01(c) in an aggregate principal amount at any one time outstanding for such Lender up to but not exceeding 75% of such Lender’s Commitment (Other) (which
percentage may be increased by any Lender any time by written notice to the Borrower up to an amount not to exceed 100% of such Lender’s Commitment (Other)), or in the Assignment and Acceptance pursuant to which such Lender shall have assumed
its Commitment (Specified), as applicable, as such amount may be reduced from time to time pursuant to Section 2.06, increased pursuant to Section 2.22 or increased or reduced from time to time pursuant to assignments
effected in accordance with Section 12.06(a). 
 “Commitment Fee” has the meaning assigned to such term in the
Lender Fee Letter. 
 “Commitment Termination Date” means the last day of the Reinvestment Period; provided that, if
the Commitment Termination Date would otherwise not be a Business Day, then the Commitment Termination Date shall be the immediately succeeding Business Day. 

“Competitor” means any (a) fund who devotes a significant portion of its business resources on credit lending,
(b) hedge fund investing principally in distressed investments or an Affiliate thereof or (c) activist hedge fund or an Affiliate thereof; provided that, in no event shall the term “Competitor” include any commercial bank,
investment bank or insurance company (including any investment account or fund managed by such insurance company’s adviser). 

“Concentration Denominator” means (x) during the Ramp-Up Period, $750,000,000 and (y) after the end of the Ramp-Up
Period, the sum of (1) the Aggregate Principal Balance of the Eligible Collateral LoansAssets owned (and, solely in relation to a proposed purchase of an
Eligible Collateral
LoanAsset
, proposed to be owned) by the Borrower and (2) the Principal Proceeds and Eligible Investments made with Principal Proceeds on deposit in the Principal Collection Account as of such date, and in each
case in accordance with the procedures set forth in Section 1.04; provided that, for purposes of calculating the Concentration Denominator, the Principal Balance of any Collateral LoanAsset denominated in an Eligible Currency other than Dollars shall be calculated using the Applicable Conversion Rate as of the applicable Acquisition Date unless such Applicable Conversion Rate as of the applicable
Acquisition Date varies by more than 2% from the then-current Applicable Conversion Rate, in which case, the then-current Applicable Conversion Rate shall be used. 

“Concentration Limitations” means, as of any date of determination, the following limitations measured by Principal Balance
and calculated as a percentage of the Concentration Denominator: 

  
 -17- 

 (a) not more than 3.0% consists of Collateral LoansAssets of any one (1) Obligor (and Affiliates thereof); provided that, Collateral LoansAssets to the largest three Obligors (and Affiliates thereof), may each
constitute up to 5.0%; 
 (b) not more than 12.0% consists of Collateral LoansAssets with Obligors in any one GICS Industry Classification; provided that (x) Collateral LoansAssets with Obligors in the largest GICS Industry Classification may
constitute up to 20.0% and (y) Collateral
LoansAssets
 with Obligors in the second-largest GICS Industry Classification may constitute up to 17.5%; 

(c) not more than 10.0% consists of MRR Loans; 

(d) not more than 20.0% consists of Collateral
LoansAssets
 denominated in a currency other than Dollars; 
 (e) not more than 15.0%
consists of Revolving Collateral
LoansAssets
 and Delayed Drawdown Collateral LoansAssets; 

(f) not more than 10.0% consists of Collateral
LoansAssets
 that provide for payment of interest in cash less frequently than quarterly; 

(g) not more than 5.0% consists of Collateral
LoansAssets
 (excluding MRR Loans) with respect to which the Obligor has EBITDA as of the Relevant Test Period most recently ended prior to such date of determination of less than $40,000,000; 

(h) not more than 5.0% consists of DIP Loans; 

(i) not more than 10.0% consists of First Lien Last Out Loans and Second Lien Loans (excluding the portion of any Collateral LoansAssets that are considered Second Lien Loans pursuant to the final proviso of the definition thereof); 

(j) not more than 20.0% consists of First Lien Last Out Loans and Second Lien Loans (including the portion of any Collateral LoansAssets that are considered Second Lien Loans pursuant to the final proviso of the definition thereof); 

(k) not more than 60.0% consists of Covenant Lite Loans; provided that not more than 25% consists of Covenant Lite Loans
with an EBITDA as of the Relevant Test Period most recently ended prior to such date of determination of less than $100,000,000; 

(l) not more than 5.0% consists of PIK Loans; 

(m)
 not more than 15.0% consists of Bonds, provided that no more than 7.5% may consist of Senior Unsecured Bonds;  

(mn) not more than 10.0% consists of Fixed Rate Obligations other than Bonds; 

(no) not more than 10.0% consists of Participation Interests; 

  
 -18- 

(op) not more than 10.0% consists of Broadly Syndicated Loans with
(i) a Moody’s Rating of below “B3” or (ii) an S&P Rating of below “B-”; and 

(pq) not more than 2.5% consists of Collateral LoansAssets organized or incorporated in any Qualified Jurisdiction specified in clause (vi) of the definition thereof; 

provided that, for purposes of calculating the Concentration Limitations, the Principal Balance of any Collateral LoanAsset denominated in an Eligible Currency other than Dollars shall be calculated using the Applicable Conversion Rate as of the applicable Acquisition Date unless such Applicable Conversion Rate as of the applicable
Acquisition Date varies by more than 2% from the then-current Applicable Conversion Rate, in which case, the then-current Applicable Conversion Rate shall be used. 

“Conforming Changes” means, with respect to the use or administration of any Benchmark or the use, administration, adoption
or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Accrual
Period,” the definition of U.S. Government Securities Business Day,” the timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the
applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement” (including whether such formula shall
be cumulative or non-cumulative), the formula, methodology or convention for applying the successor Floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent in
consultation with the Collateral Manager decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent in consultation with the Collateral Manager determines that no market
practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Facility
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 profit Taxes. 
 “Constituent Documents” means, in respect of
any Person, the trust agreement, certificate or articles of formation or organization, the limited liability company agreement, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation or
organization (or equivalent or comparable constituent documents) and other organizational documents and by-laws and any certificate of trust, certificate of incorporation, certificate of formation, certificate
of limited partnership and other agreement or similar instrument filed or made in connection with its formation or organization, in each case, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 -19- 

 “Continued Errors” has the meaning assigned to such term in
Section 14.08(c). 
 “Contractual Currency” has the meaning assigned to such term in Section 2.21.

 “Control” means (i) the direct or indirect possession of the power to direct or cause the direction of the
management or policies of a Person whether through ownership, by contract, arrangement or understanding, or otherwise or (ii) ownership of more than 20% of the equity securities of a Person. “Controlled” and
“Controlling” have the meaning correlative thereto. 
 “Corporate Trust Office” means the applicable
designated corporate trust office of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the Custodian, as applicable, specified on Schedule 6, or such other address within the United States as it may
designate from time to time by notice to the Administrative Agent. 
 “Covenant Lite Loan” means a Collateral LoanAsset with respect to which the related Obligor is not subject to financial covenants; provided that a Collateral
LoanAsset
 shall not constitute a Covenant Lite Loan if (a) the Related Documents require the obligor thereunder to comply with one or more Maintenance Covenants (regardless of whether compliance with one or more
Incurrence Covenants is otherwise required by the Related Documents), (b) the Related Documents contain a cross default provision to, or such Collateral
LoanAsset
 is pari passu with, another loan of the Obligor that requires the Obligor to comply with one or more financial covenants or Maintenance Covenants, (c) such Collateral LoanAsset is a Broadly Syndicated Loan or (d) has a maximum cushion against covenants of 40%. 

“Covered Account” means each of the Collection Account, the Payment Account and the Unfunded Reserve Account. 

“Covered Party” has the meaning assigned to such term in Section 12.19. 

“Custodian” has the meaning assigned to such term in the introduction to this Agreement. 

“Data File” has the meaning specified in Section 8.09(a). 

“Data Site” means an electronic password protected data site maintained by the Borrower (or by the Collateral Manager on
behalf of Borrower) at Merrill Corporation, Intralinks, SyndTrak Online or any other similar electronic distribution system reasonably acceptable to the Administrative Agent. 

“Default” means any event which, with the passage of time, the giving of notice, or both, would constitute an Event of
Default. 
 “Default Rate” means a rate per annum equal to the rate of interest otherwise in effect pursuant to this
Agreement (or, if no such rate is specified, the Base Rate) plus 2.00% per annum. 
 “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. 

  
 -20- 

 “Defaulted Loan” means any Collateral LoanAsset: 
 (a) with respect to which a default as to the payment of principal and/or
interest has occurred and is continuing (giving effect to any grace or cure period applicable thereto, but in no event exceeding five (5) Business Days or seven (7) calendar days, whichever is greater); 

(b) with respect to which a default as to the payment of principal and/or interest has occurred and is continuing with respect
to another full recourse debt obligation of the same Obligor secured by the same collateral and which is senior to or pari passu with in right of payment to such Collateral LoanAsset (giving effect to any grace or cure period applicable thereto, but in no event exceeding five (5) Business Days or seven (7) calendar days, whichever is greater); 

(c) except with respect to any DIP Loan, with respect to which the Obligor thereunder has become subject to an Insolvency Event
(subject to the applicable grace period in clause (a) of such definition in the case of an involuntary proceeding); 

(d) that has a published S&P Rating of “D” or below or “SD”, a published Fitch Rating of “D”
or below or “SD” or a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or previously had such ratings before they were withdrawn by S&P, Fitch or Moody’s (in each case
based on tranche rating not corporate family rating); 
 (e) that is pari passu in right of payment as to the payment
of principal and/or interest to another debt obligation of the same Obligor which has a published S&P Rating of “SD” or “D” or lower, published Fitch Rating of “RD” or “D” or lower or a Moody’s
probability of default rating (as published by Moody’s) of “D” or “LD”; provided that both the Collateral LoanAsset and such other debt obligation are full recourse obligations of
such Obligor; 
 (f) with respect to which a Responsible Officer of the Collateral Manager has received written notice
or has actual knowledge that a default has occurred under the Related Documents and any applicable grace period has expired and the holders of such Collateral
LoanAsset have accelerated the repayment of such Collateral LoanAsset (but only until such acceleration has been rescinded) in the
manner provided in the Related Documents; 
 (g) with respect to which the Collateral Manager has, in its reasonable
commercial judgment, otherwise declared such debt obligation to be a “Defaulted Loan”; or 
 (h) if such Collateral
LoanAsset is a Participation Interest, the related selling institution has become subject to an Insolvency Event (subject to the applicable grace period in clause (a) of such definition in the case of an involuntary
proceeding). 
 “Defaulting Lender” means, at any time, any Lender that (a) has failed for two (2) or more
Business Days after a Borrowing Date to fund its portion of an Advance required 

  
 -21- 

 
pursuant to the terms of this Agreement (other than failures to fund as a result of a bona fide dispute as to whether the conditions to borrowing were satisfied on the relevant Borrowing Date
(which condition precedent, together with any applicable default, has been specifically identified to the Administrative Agent in writing or in any public statement by such Lender)), (b) has notified the Borrower or the Administrative Agent 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 an Advance 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 two (2) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower 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 Borrower) or (d) has, or has a direct
or indirect parent company that has, (i) become the subject of a proceeding under the Bankruptcy Code or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, receivership, insolvency,
reorganization or similar debtor relief laws of the United States or other applicable jurisdiction, 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 (d) shall be conclusive and binding
absent manifest error. 
 “Delayed Drawdown Collateral
LoanAsset
” means a Collateral
LoanAsset
 that (a) requires the Borrower to make one or more future advances to the Obligor under the Related Documents, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing
dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Obligor thereunder; provided that any such Collateral LoanAsset will be a Delayed Drawdown Collateral LoanAsset only to the extent of unfunded commitments and solely until all
commitments by the Borrower to make advances on such Collateral
LoanAsset
 to the Obligor under the Related Documents expire or are terminated or are reduced to zero. 

“Deliver” or “Delivered” or “Delivery” means the taking of the following steps: 

(a) with respect to such of the Collateral as constitutes an instrument that does not constitute a Financial Asset forming the
basis of a Security Entitlement Delivered to the Custodian pursuant to the other clauses of this definition, causing the Custodian to take and continuously maintain possession of such instrument indorsed to the Collateral Agent or in blank by an
effective indorsement; 

  
 -22- 

 (b) with respect to such of the Collateral as constitutes a Certificated
Security, (i) causing the delivery of such Certificated Security to the Custodian registered in the name of the Custodian or its affiliated nominee or endorsed to the Custodian or its affiliated nominee or endorsed in blank, (ii) causing
the Custodian to continuously identify on its books and records that such Certificated Security is credited to the appropriate Covered Account and (iii) causing the Custodian to maintain continuous possession of such Certificated Security; 

(c) with respect to such of the Collateral as constitutes an Uncertificated Security, (i) causing the issuer of such
Uncertificated Security to register the Collateral Agent as the registered owner of such Uncertificated Security, (ii) causing the issuer of such Uncertificated Security to agree to comply with instructions of the Collateral Agent without
further consent of the Borrower, upon original issue or registration of transfer by the issuer of such Uncertificated Security or (iii)(A) causing the issuer of such Uncertificated Security to register the Custodian as the registered owner of such
Uncertificated Security and (B) causing the Custodian to continuously identify on its books and records that such Uncertificated Security is credited to the appropriate Covered Account; 

(d) with respect to such of the Collateral as constitutes a Security Entitlement, causing the Securities Intermediary to
indicate by book entry that the Financial Asset relating to such Security Entitlement has been credited to the appropriate Covered Account; 

(e) with respect to such of the Collateral as constitutes a deposit account, causing such deposit account to be maintained in
the name of the Collateral Agent or causing the bank with which such deposit account is maintained to agree in writing with the parties hereto that (i) such bank shall comply with instructions originated by the Collateral Agent directing
disposition of the funds in the deposit account without further consent of any other Person, (ii) such bank will not agree with any Person other than the Collateral Agent to comply with instructions originated by any Person other than the
Collateral Agent or the Borrower, (iii) such deposit account and the funds on deposit therein shall not be subject to any Lien or right of set-off in favor of such bank or anyone claiming through it
(other than the Collateral Agent) other than as permitted by the Account Control Agreement, (iv) such agreement shall be governed by the laws of the State of New York, and (v) with respect to such bank, the State of New York shall be the
“bank’s jurisdiction” for purposes of Article 9 of the UCC; 
 (f) with respect to such of the Collateral
as constitutes an account or a general intangible or is not otherwise described in the foregoing clauses (a)-(e), causing to be filed with the Secretary of State of the State of Delaware a properly
completed UCC financing statement that names the Borrower as debtor and the Collateral Agent as secured party and that describes such Collateral (including as “all assets” or similar, and which financing statement may have been previously
filed) or any equivalent filing in any applicable jurisdiction; or 
 (g) in the case of each of clauses (a)
through (f) above, such additional or alternative procedures as may hereafter become necessary or desirable to perfect the security interest granted to the Collateral Agent hereunder in such items of the Collateral, consistent with
Applicable Law. 

  
 -23- 

 The Collateral Manager on behalf of the Borrower shall obtain any and all consents required
by the Related Documents to permit any Collateral
LoanAsset to be pledged in favor of the Collateral Agent hereunder (except to the extent that the requirement for such consent is rendered ineffective under Section 9-406 or 9-408 of the UCC). 

“Determination Date” means, with respect to any Payment Date, the date that is 10 Business Days prior to such Payment Date.

 “DIP Loan” means a Collateral
LoanAsset 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 on which the related Obligor is required to pay interest and/or principal on a current basis. 

“Disputed Collateral LoanAsset” has the meaning assigned to such term in the definition of
“Asset Value.” 
 “Disruption Event” means the occurrence of any of the following with respect to any
Eligible Currency: (a) any Lender shall have notified the Administrative Agent of the commercially reasonable determination by such Lender that it would be contrary to Law or to the directive of any Governmental Authority (whether or not having
the force of law) to obtain such Eligible Currency to fund any Advance, (b) the Administrative Agent shall have notified the Borrower and each Lender of the inability, acting in a commercially reasonable manner, to determine the applicable
Benchmark for Advances in such Eligible Currency, (c) the Required Lenders shall have notified the Administrative Agent of the commercially reasonable determination by such Lenders that the rate at which deposits of such Eligible Currency are
being offered to such Lenders does not accurately reflect the cost to such Lenders of making, funding or maintaining any Advance in such Eligible Currency or (d) any Lender shall have notified the Administrative Agent of the inability of such
Lender, acting in a commercially reasonable manner, to obtain such Eligible Currency to make, fund or maintain any Advance in such Eligible Currency. 

“Diversity Score” means, as of any day, a single number that indicates Collateral LoanAsset concentration in terms of both Obligor and industry concentration, calculated as set forth in Schedule 8, as such diversity scores shall be updated at the mutual agreement of the Administrative Agent
and the Borrower if Moody’s publishes revised criteria. 
 “Document Checklist” means an electronic or hard
copy list delivered by the Borrower (or by the Collateral Manager on behalf of the Borrower) to the Custodian that identifies each of the documents contained in each Loan File, whether each such document is an original or a copy (and whether a hard
copy or electronic copy will be delivered to the Custodian) and includes the name of the Obligor with respect to such Collateral LoanAsset, in each case as of the related date of Advance or the Acquisition
Date. 
 “Dollars” and “$” mean lawful money of the United States of America. 

  
 -24- 

 “Due Date” means each date on which any payment is due on a Collateral LoanAsset in accordance with its terms. 
 “EBITDA” means, with respect to any Relevant
Test Period (or other period set forth herein) and any Collateral
LoanAsset, the meaning of the term “Adjusted EBITDA”, the term “EBITDA” or any comparable term in the Related Documents for such period and Collateral LoanAsset (or, in the case of a Collateral LoanAsset for which the Related Documents have not been executed, as set
forth in the relevant marketing materials or financial model in respect of such Collateral LoanAsset, until the first testing period after the Related Documents have
been executed), and in any case that the term “Adjusted EBITDA”, the term “EBITDA” or such comparable term is not defined in such Related Document or marketing materials or financial model, an amount, for the principal Obligor
thereunder and any of its parents that are obligated as guarantor or co-borrower pursuant to the Related Documents and any of their respective Subsidiaries for such Collateral LoanAsset (determined in good faith by the Collateral Manager in accordance with the Collateral Management Standard on a consolidated basis without duplication in accordance with GAAP (and also on a pro forma basis
as determined in good faith by the Collateral Manager in accordance with the Collateral Management Standard in case of any acquisitions)) equal to earnings from continuing operations for such period plus, in each case to the extent deducted in
determining earnings from continuing operations for such period, interest expense, income taxes, depreciation and amortization for such period, other non-cash charges and organization costs, extraordinary, one-time and/or non-recurring losses or
charges and any other item the Collateral Manager and the Administrative Agent mutually deem to be appropriate. 
 “Eligible
Collateral
LoanAsset
” means a Collateral
LoanAsset
 that (A) has been approved by the Administrative Agent, in its sole discretion, prior to the date on which the Borrower commits to acquire such Collateral, and (B) satisfies each of the following
eligibility requirements on any date of determination (unless otherwise expressly waived by the Administrative Agent in its sole discretion): 

(a) is a First Lien Loan,
a Second Lien Loan or, a First Lien Last Out Loan or a Bond; 
 (b) is denominated and payable in an Eligible Currency and does not permit
the currency in which such loan is payable or the place of payment to be changed other than to an Eligible Currency; 
 (c)
the related Obligor is organized or incorporated in (i) the United States (or any state thereof or the District of Columbia), (ii) any Qualified Jurisdiction or (iii) any other jurisdiction approved by the Administrative Agent in its
reasonable discretion; 
 (d) the Related Documents for which are governed by the laws of (i) the United States (or any
state thereof), (ii) any Qualified Jurisdiction or (iii) any other jurisdiction approved by the Administrative Agent in its reasonable discretion; 

(e) has an original term to maturity of not more than 7 years; 

(f) if it is a PIK Loan, it provides for a minimum cash spread of not less than 2.50%; 

  
 -25- 

 (g) as of the Acquisition Date, has an Original Asset Value of at least 85%
of par; 
 (h) is not an obligation (other than a Delayed Drawdown Collateral LoanAsset or a Revolving Collateral
LoanAsset
) pursuant to which any future advances or payments to the Obligor may be required to be made by the Borrower and, as of the Acquisition Date, no claims of any other present or future, actual or contingent,
monetary liabilities have been made by the Obligor with respect to such Collateral LoanAsset and are then outstanding; 

(i) is not an Equity Security or a component thereof and does not provide for mandatory or optional conversion or exchange into
an Equity Security; provided that (i) any equity security purchased as part of a “unit” or “package” with a Collateral
LoanAsset (including any attached warrants) and that itself is not eligible for purchase by the Borrower as a Collateral
LoanAsset
 shall not cause the Collateral LoanAsset portion to lose its eligibility hereunder and (ii) Equity
Securities may be received by the Borrower in exchange for a Collateral LoanAsset or a portion thereof in connection with an Insolvency Event,
reorganization, debt restructuring or workout of the Obligor thereof; 
 (j) is not a Defaulted Loan; 

(k) unless such Collateral
LoanAsset is a DIP Loan, the related Obligor on the Collateral LoanAsset is not insolvent, is not the subject of an Insolvency Event, and
there are no proceedings pending (or, to the knowledge of a Responsible Officer of the Borrower, threatened) wherein the related Obligor or (solely in the case of the following clause (i)) any other party or any Governmental Authority
(i) has asserted insolvency of the related Obligor on such Collateral LoanAsset (and, in the case of an involuntary insolvency proceeding, such
proceeding has not been dismissed for sixty (60) days), or (ii) has alleged that such Collateral LoanAsset or any of the Related Documents is illegal or unenforceable and
such Collateral
LoanAsset
 is not subject to any pending or threatened litigation or right or claim of rescission, set-off, netting, counterclaim or defense on the part of the related Obligor;

 (l) to the actual knowledge of the Borrower, the Related Property has not been used by the related Obligor (or any
parent entity, subsidiary or Affiliate thereof) in any manner or for any purpose that would result in any material risk of liability being imposed upon the Administrative Agent, Borrower, the Equityholder, the Collateral Manager or any Secured Party
under any Applicable Law; 
 (m) the acquisition thereof by the Borrower will not (i) violate any Applicable Law or
(ii) to the actual knowledge of the Borrower, cause the Administrative Agent or any Lender to fail to comply with any request or directive from any banking authority or governmental entity having jurisdiction over the Administrative Agent or
such Lender; 
 (n) (i) except for Permitted Liens, the Borrower has good and marketable title to, and is the sole owner
of, such Collateral
LoanAsset and the Related Security or, with respect to any Related Security securing such Collateral LoanAsset, the Borrower has the

  
 -26- 

 
benefit of a valid security interest therein of the priority required by the Related Documents free and clear of all Liens and (ii) the Borrower has granted to the Administrative Agent for
the benefit of the Secured Parties, a valid and perfected first-priority security interest in such Collateral
LoanAsset; 
 (o) to the actual knowledge of the Borrower (after using reasonable inquiry
under the circumstances, which may be based on representations by the Obligor and the other parties set forth in the related Underlying Loan Agreement or otherwise), such Collateral LoanAsset and the Related Documents for such Collateral LoanAsset constitute the legal, valid and binding obligations of the related
Obligor thereunder and each guarantor thereof, enforceable against such Person in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law; 

(p) provides for a fixed amount of principal to be payable in cash no later than its stated maturity; 

(q) the related Obligor on such Collateral
LoanAsset (i) is a business entity (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of organization, (ii) is a legal operating entity or holding company,
(iii) is not a Governmental Authority and (iv) is not an Affiliate of the Equityholder or the Collateral Manager; 

(r) the proceeds of which are not permitted primarily to be used for personal, family or household purposes; 

(s) 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 restrictions for assets of the type constituting the Collateral
LoansAssets
 (i) to the Collateral Agent, (ii) to any assignee of the Collateral 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);

 (t) does not contain restrictions on transfer which limit potential transferees, other than any such restrictions
customary for assets of the type constituting the Collateral
LoansAssets
; 
 (u) does not contain confidentiality restrictions that would prohibit
the Administrative Agent, the Collateral Agent or the Lenders from accessing or receiving all material obligor information with regards to such Collateral
LoanAsset (subject to customary confidentiality provisions); 

  
 -27- 

 (v) is not a Structured Finance Obligation, an unsecured loan, a finance
lease, chattel paper, bond or a bridge loan or other obligation that (i) is incurred in connection with a merger, acquisition, consolidation, or sale of all or substantially all of the assets of a Person or similar transaction and (ii) by
its terms, is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancing; 

(w) reservedif such Collateral Asset is a Bond, such Bond is (x) a privately placed obligation or security eligible for resale under
Rule 144A and Regulation S and (y) has a BVAL Score equal to or greater than six (6); 

(x) reserved; 

(y) the Loan File with respect to such Collateral
LoanAsset has been delivered to the Custodian or the time period for such delivery under Section 13.03(a) has not yet expired; 

(z) the acquisition of such Collateral
LoanAsset will not cause the Borrower or the pool of Collateral to be required to register as an “investment company” under Section 8 of the Investment Company Act; 

(aa) is not a letter of credit (other than a Revolving Collateral LoanAsset that includes a letter of credit sub-facility as long as the Borrower is not the letter of credit issuer with respect thereto); 

(bb) is not a participation interest other than a Participation Interest; 

(cc) the Borrower has all necessary Governmental Authorizations and Private Authorizations necessary to acquire and own such
Collateral
LoanAsset and enter into the Related Documents with respect to such Collateral LoanAsset; 

(dd) is an “instrument” or “payment intangible” under the UCC; 

(ee) provides for scheduled payments of interest in cash at least semi-annually; 

(ff) no related Obligor is a Sanctioned Person; 

(gg) is not (i) underwritten as a real estate loan or principally secured by real property; (ii) a construction loan,
(iii) a project finance loan or (iv) an asset-based credit facility; 
 (hh) its transfer may be effected pursuant
to a form attached as an exhibit to the relevant Underlying Loan Agreement or other assignment documentation customary for assets of the type constituting such Collateral
LoanAsset (which may be an LSTA Par/Near Par Trade Confirmation, subject to Standard Terms and Conditions for Par/Near Par Trade Confirmations, as published by The Loan Syndications and Trading Association, Inc.);

  
 -28- 

 (ii) no selection procedure adverse to the interests of the Secured Parties
was utilized at the time of the selection of such Collateral
LoanAsset for acquisition by the Borrower; 
 (jj) such Collateral LoanAsset requires the related Obligor to maintain, subject to market standard qualifications and exceptions (as determined by the Collateral Manager in accordance with the Collateral Management Standard), the Related
Property in good repair (if appropriate) and to maintain adequate insurance with respect thereto; 
 (kk) reserved;

 (ll) unless such Collateral
LoanAsset is an MRR Loan, the related Obligor has EBITDA as of the Relevant Test Period most recently ended prior to the related Acquisition Date of not less than $30,000,000; 

(mm) (x) solely if such Collateral
LoanAsset is a First Lien Loan or a First Lien Last Out Loan, the Obligor of such Collateral LoanAsset has a Senior Net Leverage Ratio less than or equal to 6.50 to 1.00
or (y) solely if such Collateral
LoanAsset
 is a Second Lien Loan, the Obligor of such Collateral LoanAsset has a Total Net Leverage Ratio not greater than 7.50 to 1.00 (or,
in each case, such other ratio as the Administrative Agent may approve on a case by case basis); provided that, in each case for purposes of determining compliance with this clause (mm) after the related Acquisition Date, only the
portion of such Collateral
LoanAsset
 that causes such Senior Net Leverage Ratio or Total Net Leverage Ratio, as applicable, to exceed the applicable limits shall be ineligible; 

(nn) such Collateral LoanAsset was sourced or originated by the Equityholder or the Borrower in
the ordinary course of the Equityholder’s business and in accordance with the Collateral Management Standard; 

(oo) is not subject to material non-credit related risk (such as a loan, the payment of which is expressly contingent upon the
non-occurrence of a catastrophe), as determined by the Collateral Manager in accordance with the Collateral Management Standard; 

(pp) reserved; 

(qq) does not have an interest rate basis exceeding six (6) months, except in the case of (i) Collateral LoansAssets in which the Related Documents allow the interest rate basis to be extended to twelve (12) months with the underlying lenders’ consent, (ii) Collateral LoansAssets in which the Related Documents provide for a base or prime rate option or (iii) Fixed Rate Obligations; 

(rr) if such Collateral LoanAsset is a Fixed Rate Obligation, it has a cash pay interest rate of at
least 4.00%; 
 (ss) is not a zero coupon obligation; 

(tt) if such Collateral LoanAsset is a Covenant Lite Loan, it (i) is not cyclical (as
determined by the Collateral Manager in accordance with the Collateral Management 

  
 -29- 

 
Standard), (ii) is not (and is not expressly permitted by its terms to become) contractually subordinate in right of payment to any other obligation for borrowed money of the Obligor of such
loan other than a Permitted Working Capital Facility, (iii) as of the Acquisition Date, has a loan to value ratio not in excess of 60% (as determined by the Collateral Manager in accordance with the Collateral Management Standard) and
(iv) has EBITDA as of the Relevant Test Period most recently ended prior to the related Acquisition Date of not less than $75,000,000; and 
 (uu) if such Collateral LoanAsset is a Broadly Syndicated Loan, as of the related Acquisition Date, it has a Moody’s Rating of “Caa” or higher and an S&P Rating of “CCC” or higher.;  

(vv)
 if such Collateral Asset is a Senior Secured Bond, as of the related Acquisition Date, it has a Moody’s Rating of “B3” or higher and an S&P Rating of “B-” or higher;
and 
 (ww) if such Collateral Asset is a Senior Unsecured Bond, as of the related Acquisition Date, it has a Moody’s Rating of
“Ba3” or higher and an S&P Rating of “BB-” or higher. 

“Eligible Currency” means Dollars, CAD, EUR and GBP. 

“Eligible Investment Required Ratings” means, (a) with respect to any obligation or security, with respect to ratings
assigned by Moody’s, “Aa2” or higher or “P-1” for one month instruments, “Aa2” or higher and “P-1” for three month instruments, “Aa3” or higher and “P-1” for six month instruments and
“Aa2” or higher and “P-1” for instruments with a term in excess of six months and (b) with respect to rating assigned by S&P, “A-1” or “A-1+” for short term instruments and “A” or
higher for long term instruments. 
 “Eligible Investments” means any
Dollar-denominated investment that, at the time it is Delivered, is Cash or one or more of the following obligations or securities: 

(a) direct obligations of, and obligations the timely payment of principal and interest on which is fully and expressly
guaranteed by, the United States of America or any agency or instrumentality of the United States of America the obligations of which are expressly backed by the full faith and credit of the United States of America; 

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

  
 -30- 

 (c) non-extendable commercial paper
or other short-term obligations with the Eligible Investment Required Ratings and that either bear interest or are sold at a discount from the face amount thereof and have a maturity of not more than 183 days
from their date of issuance; and 
 (d) money market funds that have, at all times, ratings in the highest credit rating
category by Moody’s and S&P (based on tranche rating not corporate family rating); 
 provided that none of the foregoing obligations or
securities shall constitute Eligible Investments if (A) such obligation or security has an “f”, “r”, “p”, “pi”, “q”, “sf” or “t” subscript assigned by S&P, (B) all,
or substantially all, of the remaining amounts payable thereunder consist of interest and not principal payments, (C) such obligation or security is subject to U.S. withholding or foreign withholding tax unless the issuer of the security is
required to make “gross-up” payments for the full amount of such withholding tax, (D) such obligation or security is secured by real property, (E) such obligation or security is purchased
at a price greater than 100% of the principal or face amount thereof, (F) such obligation or security is subject of a tender offer, voluntary redemption, exchange offer, conversion or other similar action or (G) in the Collateral
Manager’s judgment in accordance with the Collateral Management Standard, such obligation or security is subject to material non-credit related risks. Any such investment may be made or acquired from or
through the Collateral Agent or any of its Affiliates, or any entity for whom the Collateral Agent or any of its Affiliates provides services, receives compensation or acts as offeror (so long as such investment otherwise meets the applicable
requirements of the foregoing definition of Eligible Investment at the time of acquisition). The Collateral Agent shall have no obligation to determine or oversee compliance with the foregoing requirements. 

“Equity Security” means any stock or similar security, certificate of interest or participation in any profit sharing
agreement, reorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity security, limited partnership or membership interest, interest in a joint venture, or certificate of interest
in a business trust; any security future on any such security; or any security convertible, with or without consideration into such a security, or carrying any warrant (other than a detachable warrant) or right to subscribe to or purchase such a
security; or any such warrant or right. 
 “Equityholder” means Apollo Debt Solutions BDC, a Delaware statutory trust. 

“Equityholder Collateral LoanAsset” means each Collateral LoanAsset sold and/or contributed by the Equityholder to the Borrower pursuant to the Sale Agreement. 

“Equityholder Purchased Loan Balance” means, as of any date of determination, an amount equal to the aggregate Principal
Balance of all Equityholder Collateral
LoansAssets
 acquired by the Borrower prior to such date. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974 and the regulations promulgated and rulings issued thereunder. 
 “ERISA
Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice requirement is
waived); (b) the failure with respect to any Plan to satisfy 

  
 -31- 

 
the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section 412(c) of the Code or
Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at risk” status within the meaning of
Section 430(i) of the Code or Section 303(i) of ERISA; (e) the incurrence by the Borrower or any member of its ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan; (f)(i) the receipt
by the Borrower or any member of its ERISA Group from the PBGC of a notice of determination that the PBGC intends to seek termination of any Plan or to have a trustee appointed for any Plan under Section 4042 of ERISA, or (ii) the filing
by the Borrower or any member of its ERISA Group of a notice of intent to terminate any Plan; (g) the incurrence by the Borrower or any member of its ERISA Group of any liability (i) with respect to a Plan pursuant to Sections 4063
and 4064 of ERISA, (ii) with respect to a facility closing pursuant to Section 4062(e) of ERISA, or (iii) with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (h) the receipt by the Borrower or any
member of its ERISA Group of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered status or critical status, within the meaning of Section 432 of the
Code or Section 305 of ERISA or is or is expected to be insolvent or terminated, within the meaning of Title IV of ERISA; or (i) the failure of the Borrower or any member of its ERISA Group to make any required contribution to a
Multiemployer Plan. 
 “ERISA Group” means each controlled group of corporations or trades or businesses (whether or not
incorporated) under common control that is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code with the Borrower. 

“Errors” has the meaning assigned to such term in Section 14.08(c). 

“EUR” means the single currency of the Participating Member States. 

“EURIBOR Rate” means, for any day during the Interest Accrual Period with respect to Advances denominated in EUR, the rate
per annum appearing on Reuters Screen EURIBOR Page (or any successor or substitute page) applicable to bankers’ acceptances for deposits in EUR for a period equal to three months; provided that, if no such rate appears on Reuters Screen
EURIBOR Page (or any successor or substitute page), the EURIBOR Rate shall be the rate per annum determined by the Administrative Agent using the average of the rates for bankers’ acceptances for deposits in EUR for a three month period in EUR
at approximately 11:00 a.m. (Brussels time) for such date. If the EURIBOR Rate is less than zero percent then the EURIBOR Rate shall be deemed to equal zero percent for all purposes of this Agreement. 

“Event of Default” has the meaning assigned to such term in Section 6.01. 

“Excess Concentration Amount” means, at any time in respect of which any one or more of the Concentration Limitations are
exceeded, the portions (calculated without duplication) of each Collateral
LoanAsset that cause such Concentration Limitations to be exceeded, as calculated by the Collateral Manager and certified to as required hereunder; provided that any such portion expressly approved by the
Administrative Agent for inclusion in each Borrowing Base shall not constitute part of the Excess Concentration Amount. 

  
 -32- 

 “Exchange Act” means the Securities Exchange Act of 1934 and the rules and
regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory
provision. 
 “Excluded Amounts” means (i) any amount deposited into the Collection Account with respect to any
Collateral
LoanAsset, which amount is attributable to the reimbursement of payment by the Borrower not using Collections of any Tax, fee or other charge imposed by any Governmental Authority on such Collateral LoanAsset 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
LoanAsset
 to the extent such amount is attributable to a time before the Acquisition Date thereof, (iii) any reimbursement of insurance premiums not paid by the Borrower using Collections, (iv) any escrows
relating to Taxes, insurance and other amounts in connection with Collateral LoanAsset which are held in an escrow account for the benefit of the Obligor
and the secured party pursuant to escrow arrangements as Related Security under the Related Documents securing the obligations represented by such Collateral
LoanAsset
 or (v) any amount deposited into the Collection Account in error (including any amounts relating to any portion of an asset sold by the Borrower in accordance with this Agreement, in each case to the
extent such amount is attributable to a time after the effectiveness of such sale). 
 “Excluded Taxes” means any of
the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits
Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision thereof) under the laws of which such Secured Party is organized or in which its principal office is located, or in the case of any Lender, in which its
applicable lending office is located 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 Commitment or an Advance pursuant to a Law in effect on the date on which (i) such Lender acquires such interest in such Commitment or Advance or (ii) such Lender designates a new lending office, except in each case to the
extent that, pursuant to Section 12.03, 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 Secured Party’s failure to comply with Section 12.03(f), and (d) Taxes imposed by FATCA. 

“Facility Amount” means during the Reinvestment Period, $500,000,000 (as such amount may be reduced from time to time
pursuant to Section 2.06, increased pursuant to Section 2.22 or as otherwise agreed to by the Borrower, the applicable Lenders, the Collateral Manager and the Administrative Agent); provided, that following the
Commitment Termination Date, the Facility Amount will equal the Advances Outstanding as of the applicable date of determination. 

“Facility Documents” means this Agreement, the Notes, the Account Control Agreement, the Sale Agreement, the Administrative
Agent Fee Letter, the Lender Fee Letter, the Collateral Administration and Agency Fee Letter and any other security agreements and other instruments entered into or delivered by or on behalf of the Borrower in favor of the Collateral Agent, the
Administrative Agent or any Lender from time to time pursuant to this Agreement. 

  
 -33- 

 “Facility Increase” has the meaning specified in Section 2.22.

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended versions of
Sections 1471 through 1474 of the Code that are substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rule or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities implementing any of the foregoing. 

“Federal Funds Rate” means, for any period, a fluctuating interest 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 arranged by federal funds brokers, 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 Administrative Agent from three federal funds
brokers of recognized standing selected by it. 
 “Fee Basis Amount” means, for any Payment Date, the quotient of
(a) the arithmetic mean of (i) the Aggregate Principal Balance of all Eligible Collateral LoansAssets plus (ii) the Principal Proceeds and Eligible
Investments made with Principal Proceeds on deposit in the Collection Account, in each case, on the first day and on the last day of the related Interest Accrual Period, divided by (b) the number of days during such Interest Accrual
Period. 
 “Final Maturity Date” means the earliest to occur of (i) the date on which the Borrower (or the
Collateral Manager on its behalf) reduces the Facility Amount in full pursuant to Section 2.06(b); (ii) the day that is two (2) years after the Commitment Termination Date; and (iii) the date on which the
Administrative Agent provides notice of the declaration of the Final Maturity Date after the occurrence and during the continuance of an Event of Default; provided, that, in the case of the foregoing clauses (i) and (ii),
if such day is not a Business Day, then the Final Maturity Date shall be the next succeeding Business Day. 
 “Financial
Asset” has the meaning specified in Section 8-102(a)(9) of the UCC. 
 “Firm
Bid” means with respect to any Collateral
LoanAsset, a good and irrevocable bid for value requested by the Administrative Agent, to purchase the par amount of such Collateral
LoanAsset
, expressed as a percentage of the par amount of such Collateral LoanAsset and exclusive of accrued interest and premium, for scheduled
settlement substantially in accordance with the then-current market practice in the principal market for such Collateral LoanAsset, submitted as of 11:00 a.m. on the date of determination or as
soon as practicable thereafter. 
 “First Lien Last Out Loan” means, as of any date of determination, any Collateral
LoanAsset that would constitute a First Lien Loan but that, at any time prior to and/or after an event of default under the related Underlying Loan Agreement of such Collateral LoanAsset, will 

  
 -34- 

 
be paid after one or more tranches of First Lien Loans issued by the same Obligor have been paid in full in accordance with a specified waterfall or other priority of payments specified in the
applicable Related Documents or an agreement among lenders. 
 “First Lien Loan” means any Collateral LoanAsset that meets the following criteria: (i) is not (and is not expressly permitted by its terms to become) contractually subordinate in right of payment to any other obligation for borrowed money of the Obligor
of such loan other than a Permitted Working Capital Facility; (ii) is secured by a valid first-priority perfected Lien in, to or on specified collateral securing the Obligor’s obligations under such Collateral LoanAsset (whether or not such Collateral
LoanAsset
 is also secured by any lower priority Lien on other collateral) subject to customary permitted Liens (including any such Lien securing a Permitted Working Capital Facility); and (iii) the Collateral
Manager determines in good faith in accordance with the Collateral Management Standard that the value of the collateral securing such Collateral
LoanAsset
 together with other attributes of the Obligor (including, without limitation, the Obligor’s cash flow, enterprise value and general financial condition) on or about the Acquisition Date is at all times
adequate to repay the outstanding Principal Balance of such Collateral LoanAsset plus the aggregate outstanding Principal Balances of all
other loans of equal seniority secured by a first priority Lien in 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. 

“Fitch Rating” means, with respect to any Collateral
LoanAsset, either (i) the public rating issued by Fitch (based on tranche rating and not corporate family rating) or (ii) any credit estimate issued by Fitch received by the Borrower or the Collateral Manager.

 “Fixed Rate Obligation” means any Collateral LoanAsset that bears a fixed rate of interest. 
 “Floor” means, with respect to any
Eligible Currency, the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the applicable initial Benchmark
for such Eligible Currency provided for hereunder. 
 “Floor Obligation” means, as of any date: 

(a) a Collateral LoanAsset (i) for which the Related Documents provides for a London
interbank offered rate (or any successor index therefor) option and that such rate is calculated as the greater of a specified “floor” rate per annum and such rate for the applicable Interest Accrual Period and (ii) that, as of such
date, bears interest based on such rate option, but only if as of such date the applicable rate for the applicable Interest Accrual Period is less than such floor rate; and 

(b) a Collateral LoanAsset (i) for which the Related Documents provides for a base or
prime rate option and such base or prime rate is calculated as the greater of a specified “floor” rate per annum and the base or prime rate for the applicable Interest Accrual Period and (ii) that, as of such date, bears interest
based on such base or prime rate option, but only if as of such date the base or prime rate for the applicable Interest Accrual Period is less than such floor rate. 

  
 -35- 

 “Fundamental Amendment” means any amendment, modification, waiver or
supplement of or to this Agreement that would (as determined by the Administrative Agent) (a) increase or extend the term of the Commitments or change the Final Maturity Date, (b) extend the date fixed for the payment of principal of or
interest on any Advance or any fee hereunder, (c) reduce the amount of any scheduled payment of principal or the amount of any other payment due to any Lender, (d) reduce the rate at which interest is payable thereon or any fee is payable
hereunder (other than any waiver or rescission of the Default Rate), (e) release any material portion of the Collateral, except in connection with dispositions expressly permitted hereunder, (f) alter the terms of Section 9.01
or Section 12.01(b) or, for purposes of Sections 9.01 or 12.01(b), alter any defined term or alter any other provision of this Agreement to the extent such alteration would alter the order of application of proceeds or
the pro rata sharing of payments required thereby or (g) modify the definitions of the terms “Required Lenders” or “Fundamental Amendment” or modify in any other manner the number or percentage of the Lenders required to
make any determinations or waive any rights hereunder or to modify any provision hereof. 
 “FX Terms” has the meaning
assigned to such term in Section 2.15(c)(iv). 
 “FX Transaction” has the meaning assigned to such term in
Section 2.15(c)(iv). 
 “GAAP” means generally accepted accounting principles in effect from time to time in
the United States or, with respect to an Obligor located outside the United States, such other generally accepted accounting principles in effect from time to time in the jurisdiction of such Obligor. 

“GBP” means the lawful currency of the United Kingdom. 

“GICS Industry Classification” means the industry classifications set forth in Schedule 4, as such industry
classifications shall be updated at the mutual agreement of the Administrative Agent and the Borrower if MSCI Inc. publishes revised industry classifications. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of government, including the SEC, the stock exchanges, any federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body, branch, bureau, commission, court, department, instrumentality,
master, mediator, panel, referee, system or other political unit or subdivision or other entity of any of the foregoing, whether domestic or foreign. 

“Governmental Authorizations” means all franchises, permits, licenses, approvals, consents and other authorizations of all
Governmental Authorities. 

  
 -36- 

 “Governmental Filings” means all filings, including franchise and similar
tax filings, and the payment of all fees, assessments, interests and penalties associated with such filings with all Governmental Authorities. 

“Incurrence Covenant” means a covenant by any Obligor to comply with one or more financial covenants only upon the occurrence
of certain actions of such Obligor, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture. 

“Indemnified Party” has the meaning assigned to such term in Section 12.04(b). 

“Independent Accountants” has the meaning assigned to such term in Section 8.11(a). 

“Independent Director” means a manager of the Borrower who, (a) is an employee of, or is a special purpose corporation
which is an Affiliate of or is operated by, employees of, or is otherwise provided by, any one of CT Corporation, Citadel SPV, Maples Fiduciary Services, Corporation Service Company, Puglisi & Associates, National Registered Agents, Inc.
Wilmington Trust Company, Lord Securities Corporation, The Corporation Trust Company, or an Affiliate thereof, or, if none of those companies is then providing professional independent directors or managers, another
nationally-recognized company, in each case that is not an Affiliate of the Borrower and that provides professional independent directors or managers and other corporate services in the ordinary course of its
business; (b) in the case of any natural person, has prior experience as an independent director for a corporation, or as an independent director or independent manager or independent trustee for a limited liability company or trust, whose
organizational documents required the unanimous consent of all independent directors (or independent managers or independent trustees) thereof before such corporation or limited liability company or trust could consent to the institution of
bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and (c) in the case of any natural person, is not, and has not been for a period of five
(5) years prior to his or her appointment as an Independent Director, in each case to the knowledge of the Borrower: (i) a director, manager, member, officer or partner, of (A) the Borrower, (B) the Collateral Manager,
(C) the Equityholder, or (D) any Affiliate of the Equityholder, the Borrower or the Collateral Manager or (ii) a spouse, parent, sibling or child of any Person referred to in clause (i) above; provided,
however, such Independent Director may be an independent director, independent trustee or independent manager of one or more other special purpose entities affiliated with the Equityholder, the Borrower or the Collateral Manager or their
respective Affiliates. 
 “Ineligible Collateral
LoanAsset
” means, at any time, a loan or other obligation, or any portion thereof, that fails to satisfy any criteria of the definition of “Eligible Collateral LoanAsset” (unless otherwise expressly waived by the Administrative Agent in its sole discretion). 

“Insolvency Event” means, with respect to a specified Person, (a) the filing 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 the Bankruptcy Code or any other applicable insolvency 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,
and such 

  
 -37- 

 
decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or (b) the commencement by such Person of a voluntary case under the Bankruptcy Code or
any other applicable insolvency 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, an administrator, 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 the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

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

“Interest” means, for each day during an Interest Accrual Period and each Advance outstanding by a Lender on such day, the
sum of the products (for each day during such Interest Accrual Period) of: 
  

							
	     
	 	IR   ×   P   ×	 	 1 	  	
	 	D	  	

  

									
	     
	 	 where:
	  				  	
				
		 	 IR
	  	 	=      	 	  	the Interest Rate for such Advance on such day;
				
		 	 P
	  	 	=      	 	  	the principal amount of such Advance on such day;
				
		 	 D
	  	 	=      	 	  	and 360 days, or, to the extent the applicable Interest Rate is the Base Rate, 365 or 366 days, as applicable.

 “Interest Accrual Period” means (a) with respect to the first Payment Date, the period
from and including the Closing Date to but excluding the Determination Date prior to the first Payment Date, and (b) with respect to any subsequent Payment Date, the period from and including the Determination Date prior to the preceding
Payment Date to but excluding the Determination Date prior to such Payment Date; provided, that the final Interest Accrual Period hereunder shall end on and include the day of the Payment in Full of the Advances hereunder. 

“Interest Collection Account” has the meaning assigned to such term in Section 8.02(a). 

“Interest Proceeds” means, with respect to any Collection Period or the related Determination Date, without duplication, the
sum of: 
 (a) all payments of interest and other income received by the Borrower during such Collection Period on the
Collateral
LoansAssets
 (including interest and other income received on Ineligible Collateral LoansAssets and the accrued interest received in connection with a sale of
any such Collateral
LoanAsset
 during such Collection Period), less any such amount that represents Principal Financed Accrued Interest; 

(b) all principal and interest payments received by the Borrower during such Collection Period on Eligible Investments
purchased with Interest Proceeds; 

  
 -38- 

 (c) all amendment and waiver fees, late payment fees, prepayment fees and
all protection fees and other fees and commissions received by the Borrower during such Collection Period unless the Collateral Manager has determined that such payments are to be treated as Principal Proceeds; 

(d) commitment fees, facility fees, anniversary fees, ticking fees and other similar fees received by the Borrower during such
Collection Period unless the Collateral Manager has determined that such payments are to be treated as Principal Proceeds; and 

(e) all amounts received in respect of Equity Securities held by the Borrower in respect of any Obligor. 

Any amounts received in respect of any Defaulted Loan will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of
all Collections in respect of such Defaulted Loan since it became a Defaulted Loan equals the outstanding principal balance of such Collateral LoanAsset at the time it became a Defaulted Loan; thereafter, any such
amounts will constitute Interest Proceeds. 
 “Interest Rate” means, for each day during any Interest Accrual Period
and for each Advance outstanding in any Eligible Currency, for each day during such Interest Accrual Period, the Applicable Reference Rate for such Interest Accrual Period plus the Applicable Margin; provided that if a Disruption Event
has occurred and is continuing with respect to a particular Eligible Currency, then subject to Section 12.01(c), “Interest Rate” with respect to Advances denominated in the affected Eligible Currency means the Base Rate
(determined without giving effect to clause (c) of the definition thereof) plus the Applicable Margin. 
 “Investment Company
Act” means the Investment Company Act of 1940 and the rules and regulations promulgated thereunder. 
 “IRS” means
the United States Internal Revenue Service. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the
International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps
and Derivatives Association, Inc. or such successor thereto. 
 “Law” means any action, code, consent decree, constitution,
decree, directive, enactment, finding, guideline, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, treaty, rule of public policy, settlement
agreement, statute, or writ, of any Governmental Authority, or any particular section, part or provision thereof. 

“Lender” means each Person listed on Schedule 1 and any other Person that shall have become a party hereto in
accordance with the terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. 

  
 -39- 

 “Lender Fee Letter” means each fee letter among the Administrative Agent,
the Lenders party thereto and the Borrower, setting forth certain fees payable by the Borrower to one or more Lenders in connection with the transactions contemplated by this Agreement. 

“Liabilities” means all liabilities, obligations, losses, claims, damages, penalties, actions, judgments, suits, costs,
expenses (including reasonable and documented out-of-pocket attorneys’ fees and expenses) and disbursements of any kind or nature whatsoever. 

“Lien” means any mortgage, pledge, hypothecation, assignment, encumbrance, lien or security interest (statutory or other), or
preference, priority or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease having substantially the same economic
effect as any of the foregoing, and the filing authorized by the Borrower of any financing statement under the UCC or comparable Law of any jurisdiction); provided that “Lien” does not include (i) customary restrictions on assignments
or transfers thereof on customary and market based terms pursuant to the Related Documents relating to any Collateral LoanAsset or (ii) in the case of any Equity Securities, customary
drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of the same issuer. 

“Loan File” means, with respect to each Collateral
LoanAsset and as identified on the related Document Checklist delivered to the Custodian, each of the Required Loan Documents in original or copy as identified on the related Document Checklist and any other document
delivered in connection therewith. 
 “Maintenance Covenant” means a covenant by any Obligor to comply with one or
more financial covenants during each reporting period (but not more frequently than quarterly), whether or not such Obligor has taken any specified action. 

“Mandatory Amortization Advances Outstanding” means the Advances Outstanding as of the Commitment Termination Date. 

“Mandatory Amortization Amount” means, with respect to the applicable Mandatory Amortization Dates set forth below and
regardless of whether sufficient funds are on deposit in the Collection Account in respect of such Mandatory Amortization Date, an amount equal to the product of (x) the percentage set forth below opposite such Mandatory Amortization Date times
(y) the Mandatory Amortization Advances Outstanding: 
  

					
	 Mandatory Amortization Date
	  	Percentage of
Mandatory
Amortization
Advances
Outstanding to be
Paid on Relevant
Mandatory Date	 
	 First Mandatory Amortization Date
	  	 	20.00	% 
	 Each Mandatory Amortization Date thereafter
	  	 	6.25	% 

  
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 “Mandatory Amortization Date” means each Payment Date commencing with the
first Payment Date to occur after the one-year anniversary of the Commitment Termination Date. 

“Margin Stock” has the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, financial condition or operations
of the Borrower, (b) the business, assets, financial condition or operations of the Collateral Manager or the Equityholder, (c) the validity or enforceability of this Agreement or any other Facility Document or the validity, enforceability
or collectability of the Collateral
LoansAssets
 or the Related Documents generally or any material portion of the Collateral LoansAssets or the Related Documents, (d) the rights and remedies of the
Administrative Agent, the Lenders and the other Secured Parties with respect to matters arising under this Agreement or any other Facility Document, (e) the ability of each of the Borrower or the Collateral Manager to perform its obligations
under any Facility Document to which it is a party or (f) the status, existence, perfection, priority or enforceability of the Collateral Agent’s Lien on the Collateral (excluding in any case a decline in the asset value of the Borrower or
a change in general market conditions or values of the Collateral
LoansAssets
). 
 “Material Modification” means, with respect to any Collateral
LoanAsset, any amendment, waiver, consent, forbearance or modification of, or supplement to, a Related Document with respect thereto executed or effected after the related Acquisition Date, that (unless otherwise consented
to by the Administrative Agent prior to the effective date of any such amendment, waiver, consent, forbearance or modification): 

(a) (i) reduces, defers or forgives any principal amount due with respect to such Collateral LoanAsset, (ii) reduces, waives or forgives any interest payment (or portion thereof) due with respect to such Collateral
LoanAsset
, provides for any such interest to be deferred or capitalized and added to the principal amount of such Collateral
LoanAsset
 (other than any deferral or capitalization already expressly permitted by the terms of the Related Documents as of the related Acquisition Date) or reduces the rate of interest payable on such Collateral
LoanAsset
 (other than pursuant to the application of any pricing grid or replacement of any applicable floating rate index), or (iii) waives, or extends or postpones, any date fixed for any scheduled or
mandatory principal amortization payment or the maturity date on such Collateral LoanAsset; 

(b) contractually or structurally subordinates such Collateral LoanAsset by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or releases any material guarantor or co-obligor from its obligations with
respect thereto or, in the case of a First Lien Last Out Loan or a Second Lien Loan, increases the commitment amount of any loan senior to or pari passu with such Collateral LoanAsset, in each case other than as permitted by the terms of the Related Documents as in effect on the related Acquisition Date; 

(c) substitutes, alters, releases or terminates all or a material portion of the underlying assets securing such Collateral LoanAsset, unless such substitution, alteration, release or termination is expressly permitted by the Related Documents as of the related Acquisition Date; 

  
 -41- 

 (d) amends, waives, forbears, supplements or otherwise modifies (x) the
meaning of “Senior Net Leverage Ratio,” “EBITDA,” “Cash Interest Coverage Ratio,” “Total Net Leverage Ratio,” or “Permitted Liens” or any respective comparable terms in the Related Documents for such
Collateral
LoanAsset or (y) any term, provision or threshold of such Related Documents referenced in or utilized in the calculation of any financial covenant, including “Senior Net Leverage Ratio,” “EBITDA,”
“Cash Interest Coverage Ratio,” “Permitted Liens” or “Total Net Leverage Ratio” or, in each case, any respective comparable terms for such Collateral LoanAsset, in each case of clauses (x) and (y) above, in a manner that, in the reasonable discretion of the Administrative Agent, is materially adverse to the Secured Parties; or 

(e) modifies any term or provision of the Related Documents that impacts the determination of any default or event of default
with respect to such Collateral
LoanAsset. 
 “Maximum Advance Rate” means, on any date of determination, (a) if the
Diversity Score is 10 or less, 50%, (b) if the Diversity Score is greater than 10 and less than 15, 55%, (c) if the Diversity Score is 15 or greater and less than 20, 60% and (d) if the Diversity Score is 20 or greater, 70%. 

“Maximum Weighted Average Life Test” means a test that will be satisfied on any date of determination if the Weighted Average
Life of the Eligible Collateral
LoansAssets
 as of such date is less than or equal to seven (7) years. 
 “Measurement
Date” means (a) the Closing Date, (b) each Borrowing Date, (c) each Determination Date, (d) each Monthly Report Determination Date, (e) the date on which a Collateral LoanAsset is acquired or disposed of by the Borrower, (f) the date that the Asset Value of any Collateral LoanAsset is adjusted, (g) the Commitment Termination Date, and
(h) any other dates reasonably requested by the Borrower or the Administrative Agent with two (2) Business Days’ notice. 

“Middle Market Loan” means any Collateral
LoanAsset that meets the following criteria on any date of determination: (i) does not otherwise meet the definition of “Broadly Syndicated Loan”, (ii) is a First Lien Loan, First Lien Last Out Loan or
a Second Lien Loan and (iii) is not a loan which is secured solely or primarily by the common stock of its Obligor or any of its Affiliates; provided that the limitation set forth in this clause (iii) shall not apply with
respect to a Collateral
LoanAsset
 made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a Lien on its own
property would (1) violate Law applicable to such subsidiary (whether the obligation secured is such Collateral LoanAsset or any other similar type of indebtedness owing to third parties),
(2) cause such subsidiary to suffer adverse economic consequences under capital adequacy, liquidity coverage or other similar rules or (3) result in material adverse tax consequences to such subsidiary or such parent in the form of a
deemed dividend by such subsidiary to such parent entity for such tax purposes, in each case, so long as (x) such subsidiary does not have any indebtedness (other than current accounts payable in the ordinary course of business, capitalized
leases or other similar indebtedness payable in the ordinary course of business) or the Related Documents limit the incurrence of indebtedness by such 

  
 -42- 

 
subsidiary and (y) the aggregate amount of all such indebtedness is not material relative to the aggregate value of the assets of such subsidiary. 

“Minimum Diversity Score Test” means a test that will be satisfied on any date of determination if the Diversity Score as of
such date equals or exceeds 20. 
 “Minimum Equity Amount” means, on any date of determination, an amount equal to the
greater of (a) the Aggregate Asset Value of the Eligible Collateral
LoansAssets
 of the four (4) largest Obligors (by Asset Value) and (b) $75,000,000. 

“Minimum Weighted Average EBITDA Test” means a test that will be satisfied on any date of determination if the Weighted
Average EBITDA equals or exceeds $75,000,000. 
 “Minimum Weighted Average Spread Test” means a test that will be satisfied
on any date of determination if the Weighted Average Spread (inclusive of any index floors in respect of Floor Obligations that are Eligible Collateral
LoansAssets
) equals or exceeds 3.75%. 
 “Money” has the meaning specified in Section 1-201(24) of the UCC. 
 “Monthly Report” has the meaning specified in
Section 8.09(a). 
 “Monthly Report Determination Date” has the meaning specified in
Section 8.09(a). 
 “Monthly Reporting Date” has the meaning specified in Section 8.09(a). 

“Moody’s” means Moody’s Investors Service, Inc., together with its successors. 

“Moody’s Rating” means, with respect to any Collateral LoanAsset, either (i) the public rating issued by Moody’s (based on tranche rating and not corporate family rating); provided that if a Collateral LoanAsset does not have a public rating issued by Moody’s, such rating shall be determined in accordance with Schedule 11 or (ii) any written credit estimate issued by Moody’s received by the Borrower
or the Collateral Manager. 
 “MRR Loan” means a First Lien Loan that (i) is underwritten to recurring revenue,
(ii) requires the related Obligor to comply with a financial covenant related to recurring revenue, (iii) at the time of its origination, does not include and would not customarily be expected to include (as determined by the Collateral
Manager in accordance with the Collateral Management Standard) a financial covenant based on “debt to EBITDA” or a similar multiple of debt to operating cash flow and (iv) is not subordinate to a working capital loan. 

“Multiemployer Plan” means an employee pension benefit plan within the meaning of Section 4001 (a)(3) of ERISA that is
sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability. 

  
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 “Non-Excluded 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 Facility Document and (b) to the extent not otherwise described in clause (a), Other
Taxes. 
 “Non-U.S. Lender” has the meaning assigned to such term in
Section 12.03(f)(i)(B). 
 “Note” means each promissory note, if any, issued by the Borrower to a Lender in
accordance with the provisions of Section 2.03, substantially in the form of Exhibit E hereto. 
 “Noteless
Loan” means a Collateral
LoanAsset with respect to which (a) the related loan agreement does not require the Obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Collateral LoanAsset and (b) no Underlying Notes issued to the Borrower are outstanding with respect to the portion of the Collateral
LoanAsset
 transferred to the Borrower. 
 “Notice of Borrowing” has the meaning
assigned to such term in Section 2.02(a). 
 “Notice of Prepayment” has the meaning assigned to such term in
Section 2.05(a). 
 “Obligations” means all indebtedness and all other amounts owed, whether absolute, fixed or
contingent, at any time or from time to time owing by the Borrower to any Secured Party or any Affected Person solely to the extent arising under or in connection with this Agreement, the Notes or any other Facility Document, including all amounts
payable by the Borrower in respect of the Advances, with interest thereon and all other amounts payable hereunder or thereunder by the Borrower. 

“Obligor” means, in respect of any Collateral
LoanAsset, any Person obligated to pay Collections in respect of such Collateral LoanAsset, including any applicable guarantors. 

“Observable Market Price” means the most recent quoted bid-side price from MarkIt Partners or another independent nationally
recognized loan pricing service selected by the Administrative Agent and acceptable to the Collateral Manager in its reasonable discretion. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Original Asset Value” means, with respect to any Collateral LoanAsset on any date of determination, (i) the Purchase Price of such Collateral LoanAsset on the related Acquisition Date multiplied by
(ii) such Collateral
Loan’sAsset’s
 Principal Balance at such date of determination; provided that, if the Purchase Price is in excess of 100%, it shall be deemed to have been acquired at par; provided,
further, that, if a Collateral
LoanAsset
 (other than a Broadly Syndicated Loan) has an original issue discount of 3% of par or less or is otherwise acquired for a Purchase Price of 97% or greater (expressed as a percentage of par), it shall be
deemed to have been acquired at par. 
 “Other Connection Taxes” means, in the case of any Secured Party, any Taxes
imposed by any jurisdiction by reason of such Secured Party having any present or former 

  
 -44- 

 
connection with such jurisdiction (other than a connection arising from such Secured Party having executed, delivered, become a party to, performed its obligations under, received any payment
under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced its rights under this Agreement, the Notes or any other Facility Document or sold or assigned an interest in any Collateral LoanAsset or Facility Document). 
 “Other Taxes” has the meaning assigned to such term
in Section 12.03(b). 
 “Paid in Full” or “Payment in Full” means, with respect to any
Obligations (a) the payment in full in cash of all such Obligations (other than contingent indemnification and expense reimbursement obligations to the extent no claim giving rise thereto has been asserted) and (b) the termination or
expiration of all of the Commitments. 
 “Participant” means any bank or other Person to whom a participation is sold as
permitted by Section 12.06(c). 
 “Participant Register” has the meaning assigned to such term in
Section 12.06(c)(ii). 
 “Participating Member State” means any member state of the European Union that adopts
or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union. 

“Participation Interest” means a participation interest in a loan, debt obligation or other obligation that satisfies each of
the following criteria: (i) such loan would constitute a Collateral
LoanAsset were it acquired directly, (ii) the seller of the participation is the lender on the 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 (or, in the case of a participation in a Revolving Collateral LoanAsset or Delayed Drawdown Collateral LoanAsset, at the time of the funding of such loan), (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 and (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for loan participation transactions among institutional market participants. For
the avoidance of doubt, a Participation Interest shall not include a sub-participation interest in any loan. 
 “PATRIOT
Act” means Title III of Pub. L. 107 56 (signed into Law on October 26, 2001). 
 “Payment” has the meaning
specified in Section 11.07(a)(1). 
 “Payment Account” has the meaning assigned to such term in
Section 8.03. 

  
 -45- 

 “Payment Date” means the 20th day of each calendar month, beginning in
April 2022, and if such day is not a Business Day, the next succeeding Business Day. The Final Maturity Date shall also be a Payment Date. 

“Payment Notice” has the meaning specified in Section 11.07(a)(1). 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same
functions. 
 “Percentage” of any Lender means, (a) with respect to any Lender party hereto on the Closing Date, the
percentage set forth opposite such Lender’s name on Schedule 1, as such amount is reduced by any Assignment and Acceptance entered into by such Lender with an assignee or increased by any Assignment and Acceptance entered into by
such Lender with an assignor in accordance with the terms of this Agreement, or (b) with respect to a Lender that has become a party hereto pursuant to an Assignment and Acceptance, the percentage set forth therein as such Lender’s
Percentage, as such amount is reduced by an Assignment and Acceptance entered into between such Lender and an assignee or increased by any Assignment and Acceptance entered into by such Lender with an assignor. 

“Periodic Term SOFR Determination Day” has the meaning specified in the definition of “Term SOFR”. 

“Permitted Liens” means any of the following as to which no enforcement, collection, execution, levy or foreclosure
proceeding shall have been commenced: (a) Liens created in favor of the Collateral Agent hereunder or under the other Facility Documents for the benefit of the Secured Parties; (b) Liens for Taxes if such Taxes shall not at the time be due
and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person; (c) with respect
to agented Collateral
LoansAssets
, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of the related Obligor under the related
facility; (d) any security interests, liens and other rights or encumbrances granted under any governing documents or other agreement between or among or binding upon the Borrower as the holder of equity in an Obligor; (e) Liens imposed by
law, such as materialmen’s, warehousemen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or
are being contested in good faith; (f) as to Related Security, any Liens on the Related Security permitted pursuant to the applicable Related Documents or otherwise; and (g) as to any Covered Account, customary Liens in favor of the
Securities Intermediary to the extent permitted in the Account Control Agreement. 
 “Permitted RIC Distribution”
means distributions on any Payment Date to the Equityholder (from the Collection Account or otherwise) to the extent required to allow the Equityholder to make sufficient distributions to qualify as a regulated investment company, and to otherwise
eliminate federal or state income or excise taxes payable by the Equityholder in or with respect to any taxable year of the Equityholder (or any calendar year, as relevant); provided that the amount of any such payments made in or with
respect to any such taxable year (or calendar year, as relevant) of the Equityholder shall not exceed 115% of the amounts that the Borrower 

  
 -46- 

 
would have been required to distribute to the Equityholder to: (i) allow the Borrower to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the
Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Borrower’s liability for federal income taxes imposed on
(x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto) and (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and
(iii) reduce to zero the Borrower’s liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated
assuming that the Borrower had qualified to be taxed as a regulated investment company under the Code. 
 “Permitted Working Capital
Facility” means, in respect of an Obligor and a Collateral
LoanAsset, a working capital facility incurred by the relevant Obligor that (a) has an aggregate commitment equal to not more than 20% of the sum of (i) the aggregate commitment amount of such working capital
facility, (ii) the aggregate commitment amount of such Collateral LoanAsset and (iii) the aggregate commitment amount of any other debt
that is pari passu with, or senior to, such Collateral
LoanAsset
 less Unrestricted Cash; (b) has a ratio of the aggregate commitment amount of such working capital facility to EBITDA of such Obligor as of the Relevant Test Period most recently ended prior to the
related Acquisition Date is not greater than 1.25x; and (c) is secured by inventory and/or trade receivables. 

“Person” means an individual or a corporation (including a business trust), partnership, trust, incorporated or
unincorporated association, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind. 

“PIK Loan” means a Collateral
LoanAsset that permits the Obligor thereon to defer or capitalize any portion of the accrued interest thereon. 

“Plan” means an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any
liability. 
 “Potential Terminated Lender” has the meaning assigned to such term in Section 2.20(a). 

“Predecessor Collateral Manager Work Product” has the meaning assigned to such term in Section 14.08(c). 

“Prepayment Fee” has the meaning assigned to such term in the Lender Fee Letter. 

“Prime Rate” means the rate announced by Citibank from time to time as its prime rate in the United States, such rate to
change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Citibank in connection with extensions of credit to debtors. 

  
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 “Principal Balance” means, with respect to any loan, as of any date of
determination, the outstanding principal amount of such loan, excluding any capitalized interest; provided that, other than as expressly set forth herein, for all purposes of this Agreement and the other Facility Documents (other than in
determining the Asset Value or the Aggregate Principal Balance of any Collateral LoanAsset for purposes of calculating each Borrowing Base or compliance with
the Borrowing Base Test), in determining the Principal Balance of any Delayed Drawdown Collateral LoanAsset or Revolving Collateral LoanAsset, any unfunded commitments in respect of such Delayed Drawdown Collateral LoanAsset or Revolving Collateral LoanAsset shall be assumed to have been fully funded as of such date of determination. 

“Principal Collection Account” has the meaning assigned to such term in Section 8.02(a). 

“Principal Financed Accrued Interest” means, with respect to any Collateral LoanAsset purchased after the Closing Date, the amount of Principal Proceeds, if any, applied towards the purchase of accrued interest on such Collateral LoanAsset; provided that Principal Financed Accrued Interest shall not include any accrued interest purchased with Interest Proceeds deemed to be Principal Proceeds as set forth in the definition of “Interest
Proceeds;”provided, further, that once any Principal Financed Accrued Interest is actually received by the Borrower, it shall no longer constitute Principal Financed Accrued Interest hereunder. 

“Principal Proceeds” means, with respect to any Collection Period or the related Determination Date, all amounts received by
the Borrower during such Collection Period that do not constitute Interest Proceeds, including unapplied proceeds of the Advances and any amounts received by the Borrower as equity contributions (unless, in the case of any such equity contribution,
designated as Interest Proceeds by the Collateral Manager pursuant to Section 10.05). 
 “Priority of Payments”
has the meaning specified in Section 9.01(a). 
 “Private Authorizations” means all franchises, permits,
licenses, approvals, consents and other authorizations of all Persons (other than Governmental Authorities). 
 “Private Credit
Loan” means any Eligible Collateral
LoanAsset that meets the following criteria on any date of determination: (i) does not otherwise meet the definition of “Broadly Syndicated Loan” and (ii) has a related Obligor with EBITDA for the most
recent Relevant Test Period of at least $100,000,000. 
 “Proceeds” has, with reference to any asset or property,
the meaning assigned to it under Section 9-102(a)(64) of the UCC and, in any event, shall include, but not be limited to, any and all amounts from time to time paid or payable under or in connection with
such asset or property. 
 “Proper Instructions” means instructions received by the Custodian, the Collateral Administrator
or the Collateral Agent from the Borrower, or the Collateral Manager on behalf of the Borrower, in any of the following forms: (a) in writing signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or by email);
(b) by electronic mail from an Authorized Person; (c) in tested communication; (d) in a communication utilizing access codes effected between electro mechanical or electronic devices; or (e) such other means as may be

  
 -48- 

 
agreed upon from time to time by the Custodian, the Collateral Administrator, the Administrative Agent or the Collateral Agent, as applicable, and the party giving such instructions. 

“Purchase Price” means, with respect to any Collateral LoanAsset, the purchase price paid (expressed as a percentage of par) by the Borrower to purchase such Collateral
LoanAsset
. 
 “QFC” has the meaning assigned to the term “qualified financial
contract” in, and interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning
assigned to such term in Section 12.19. 
 “Qualified Institution” means a depository institution or trust
company organized under the Laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) that has either (A) a
long-term unsecured debt rating of “BBB” or better by S&P and “A3” or better by Moody’s or (B) a short-term unsecured debt rating or
certificate of deposit rating of “A-1” or better by S&P or “P-1” or better by Moody’s, (ii) the parent corporation of which has either
(A) a long-term unsecured debt rating of “BBB” or better by S&P and “A3” or better by Moody’s or (B) a short-term unsecured debt
rating or certificate of deposit rating of “A-1” or better by S&P and “P-I” or better by Moody’s or (iii) is otherwise acceptable to
the Administrative Agent. 
 “Qualified Jurisdiction” means (i) Canada (ii) the United Kingdom, (iii) the
European Union or any member state thereof, (iv) Australia, (v) New Zealand and (vi) Bermuda, the Cayman Islands, the Bahamas, Guernsey, Jersey, the Isle of Man, Luxembourg and the British Virgin Islands (or, in each case, any state,
province or territory thereof). 
 “Qualified Purchaser” has the meaning assigned to such term in
Section 12.06(e). 
 “Ramp-Up Period” means the period from and
including the Closing Date through the earlier to occur of (a) the first date on which the Aggregate Principal Balance of the Collateral LoansAssets equals or exceeds $500,000,000 and (b) the six-month
anniversary of the Closing Date. 
 “Register” has the meaning assigned to such term in
Section 12.06(d). 
 “Regulation T”, “Regulation U” and “Regulation X” mean
Regulation T, U and X, respectively, of the Board of Governors of the Federal Reserve System, as in effect from time to time. 

“Reinvestment Period” means, subject to the Lender Fee Letter, the period from and including the Closing Date to and
including the earliest of (a) the date that is three (3) years after the Closing Date (unless extended with the consent of the Administrative Agent and each Lender); and (b) the Final Maturity Date (other than clause (ii) of the
definition of Final Maturity Date). 

  
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 “Related Documents” means, with respect to any Collateral LoanAsset, the Underlying Loan Agreement, any Underlying Note, and all other agreements or documents evidencing, securing, governing or giving rise to such Collateral LoanAsset. 
 “Related Property” means, with respect to a Collateral LoanAsset, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Collateral
LoanAsset
. 
 “Related Security” means, with respect to each Collateral LoanAsset: 
 (a) any Related Property securing a Collateral LoanAsset and all recoveries related thereto, 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 Acquisition
Date and all related liquidation proceeds; 
 (b) all Liens, 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
LoanAsset and any of the foregoing; 
 (d) any guarantees or similar credit enhancement for
an Obligor’s obligations under any Collateral
LoanAsset, 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 and Related Documents with respect to such Collateral LoanAsset and any of the foregoing; and 
 (f) all recoveries and proceeds of the
foregoing. 
 “Relevant Governmental Body” means (a) with respect to a Benchmark Replacement in respect of Dollars,
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. and (b) with respect to a Benchmark Replacement in respect of any other currency, (1) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is
responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group or committee officially endorsed or convened by (A) the central bank for the
currency in which such Benchmark Replacement is denominated, (B) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark Replacement,
(C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof. 

  
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 “Relevant Test Period” means, with respect to any Collateral LoanAsset, the relevant test period for the calculation of Senior Net Leverage Ratio, Total Net Leverage Ratio, Cash Interest Coverage Ratio or EBITDA, as applicable, for such Collateral LoanAsset in the applicable Underlying Loan Agreement or, if no such period is provided for therein, for Obligors delivering monthly financial statements, each period of the last twelve consecutive reported calendar
months, and for Obligors delivering quarterly financial statements, each period of the last four consecutive reported fiscal quarters of the principal Obligor on such Collateral LoanAsset; provided that, with respect to any Collateral LoanAsset for which the relevant test period is not provided for in the
applicable Underlying Loan Agreement, if an Obligor is a newly-formed entity as to which twelve consecutive calendar months have not yet elapsed, “Relevant Test Period” shall initially include the
period from the date of formation of such Obligor to the end of the twelfth calendar month or fourth fiscal quarter (as the case may be) from the date of formation, and shall subsequently include each period of the last twelve consecutive reported
calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor. 
 “Replacement
Lender” has the meaning assigned to such term in Section 2.20(a). 
 “Request for Release and Receipt”
means a form substantially in the form of Exhibit H completed and signed by the Borrower (or the Collateral Manager on its behalf). 

“Requested Amount” has the meaning assigned to such term in Section 2.02(b). 

“Required Lenders” means, as of any date of determination, (a) the Administrative Agent and (b) Lenders (including
Lenders specified in clause (a)) whose aggregate principal amount of Advances Outstanding plus unused Commitments exceed 50% of the aggregate amount of the Commitments (used and unused) or, if the Commitments have expired or been terminated
or otherwise reduced to zero, Lenders whose aggregate principal amount of Advances Outstanding exceed 50% of the aggregate principal amount of all Advances Outstanding; provided that if any Lender shall be a Defaulting Lender at such time,
then there shall be excluded from the determination of Required Lenders any Advances owing to such Defaulting Lender and such Defaulting Lender’s unfunded Commitments. 

“Required Loan Documents” means, for each Collateral
LoanAsset (as identified on the related Document Checklist): 
 (a) an executed copy of the
assignment from the prior owner to the Borrower, if applicable, for such Collateral LoanAsset; 

(b) unless such Collateral
LoanAsset is a Noteless Loan, the original executed Underlying Note (if any) or, in the case of a lost note, a copy of the executed Underlying Note accompanied by an original executed affidavit and indemnity endorsed by
the Borrower in blank (and an unbroken chain of endorsements from each prior holder of such Underlying Note to the Borrower); 

(c) an executed copy of the Underlying Loan Agreement, together with a copy of all material amendments and modifications
thereto as of the related Acquisition Date to the extent actually in the possession of the Collateral Manager, and any other material agreement related to such Collateral
LoanAsset (as determined by the Collateral Manager 

  
 -51- 

 
in its reasonable discretion) to the extent reasonably requested by the Administrative Agent and actually in the possession of the Collateral Manager; 

(d) if applicable, the funding memo in respect of the Collateral LoanAsset; and 
 (e) for any Participation Interest, the related participation agreement
between the participation seller and the Borrower. 
 “Responsible Officer” means (a) in the case of (i) a
corporation or (ii) a partnership or limited liability company that, in each case, pursuant to its Constituent Documents, has officers, any chief executive officer, president, executive vice president, treasurer, chief financial officer,
secretary, or vice president, (b) without limitation of clause (a), in the case of a corporation or a limited partnership, a Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general
partner, (c) without limitation of clause (a), in the case of a limited liability company that, pursuant to its Constituent Documents, does not have officers, any director or any manager or any Responsible Officer of the sole member,
administrative manager or managing member, acting on behalf of the sole member, administrative manager or managing member in its capacity as sole member, administrative manager or managing member, (d) in the case of a trust, the Responsible
Officer of the trustee, acting on behalf of such trustee in its capacity as trustee, (e) an “authorized signatory” or “authorized officer” that has been so authorized pursuant to customary corporate proceedings, limited
partnership proceedings, limited liability company proceedings or trust proceedings, as the case may be, and that has responsibilities commensurate with the matter for which it is acting as a Responsible Officer, (f) in the case of the
Administrative Agent, an officer of the Administrative Agent, responsible for the administration of this Agreement, (g) in the case of a Lender, an “authorized signatory” or “authorized officer” of such Lender that has
been so authorized pursuant to customary corporate or similar proceedings and that has responsibilities commensurate with the matter for which such “authorized signatory” or “authorized officer” is acting as a Responsible
Officer on behalf of such Lender and (h) in the case of the Collateral Agent, the Collateral Administrator, the Custodian or the Securities Intermediary, any officer assigned to the applicable corporate trust group (or any successor thereof),
as applicable, authorized to act for and on behalf of the Collateral Agent, the Collateral Administrator, Custodian or the Securities Intermediary, as applicable, including any vice president of the Collateral Agent, the Collateral Administrator,
the Custodian or the Securities Intermediary customarily performing functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any matter is referred within such corporate trust group (or any
successor thereof), because of such person’s knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for the administration of this Agreement. 

“Restricted Payment” means (i) any dividend or other distribution, direct or indirect, on account of any class of
membership interests of the Borrower now or hereafter outstanding, except a dividend or distribution paid solely in interests of that class of membership interests or in any junior class of membership interests of the Borrower; (ii) any
redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of membership interests of the Borrower now or hereafter outstanding, and (iii) any payment made to redeem,
purchase, repurchase or retire, or to obtain the surrender of any 

  
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outstanding warrants, options or other rights to acquire membership interests of the Borrower now or hereafter outstanding. 

“Revolving Collateral LoanAsset” means any Collateral LoanAsset (other than a Delayed Drawdown Collateral LoanAsset) that is a loan (including revolving loans, including funded and
unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to be made to the related
Obligor by the Borrower; provided that any such Collateral
LoanAsset
 will be a Revolving Collateral LoanAsset only until all commitments to make advances to the Obligor expire
or are terminated or irrevocably reduced to zero. 
 “S&P” means S&P Global Ratings and any successor
thereto. 
 “S&P Rating” means, with respect to any Collateral LoanAsset, either (i) the public rating issued by S&P (based on tranche rating not corporate family rating); provided that if a Collateral LoanAsset does not have a public rating issued by S&P, such rating shall be determined in accordance with Schedule 12 or (ii) any written credit estimate issued by S&P received by the Borrower or the
Collateral Manager. 
 “Sale Agreement” means the Sale and Contribution Agreement, by and between the Equityholder
and the Borrower. 
 “Sanctioned Country” means, at any time, a country or territory which is the subject or target of any
comprehensive Sanctions (which as of the Closing Date includes Crimea, Cuba, Iran, North Korea and Syria). 
 “Sanctioned
Person” means at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, or by the United Nations Security Council, the European Union (including, any member
state thereof), Canada or the United Kingdom, (ii) any Person that is a Sanctions target pursuant to any Sections imposed on a Sanctioned Country or (iii) any Person controlled by any such Person. 

“Sanctions” means individually and collectively, respectively, any and all economic or financial sanctions, sectoral
sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by OFAC, 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 (including any member state thereof); (d) the United Kingdom;
(f) the Government of Canada; or (g) to the extent that such bodies have jurisdiction over the Borrower or the applicable Subsidiary or such economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and
anti-terrorism laws are binding on the Borrower or the applicable Subsidiary, a body administering such economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws in any jurisdiction in which
the Borrower or any of its Subsidiaries is located or doing business. 

  
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 “Scheduled Distribution” means, with respect to any Collateral LoanAsset, for each Due Date, the scheduled payment of principal and/or interest and/or fees due on such Due Date with respect to such Collateral LoanAsset. 
 “SEC” means the Securities and Exchange Commission or any other
Governmental Authority of the United States of America at the time administrating the Securities Act, the Investment Company Act or the Exchange Act. 

“Second Lien Loan” means any Collateral
LoanAsset that meets the following criteria: 
 (a) is not (and is not expressly permitted
by its terms to become) subordinate in right of payment to any other obligation for borrowed money (other than one or more first lien loans of the related Obligor) of the Obligor of such loan; 

(b) is secured by a valid second priority perfected Lien in, to or on specified collateral securing the Obligor’s
obligations under such loan (whether or not such loan is also secured by any higher or lower priority Lien on other collateral) subject to customary permitted Liens (including any such Lien securing a Permitted Working Capital Facility); 

(c) the Collateral Manager determines in good faith in accordance with the Collateral Management Standard that the value of the
collateral securing such Collateral
LoanAsset together with other attributes of the Obligor (including, without limitation, the Obligor’s cash flow, enterprise value and general financial condition) on or about the Acquisition Date is adequate to repay
the outstanding Principal Balance of such Collateral
LoanAsset
 plus the aggregate outstanding Principal Balances of all other loans of equal or greater seniority secured by a first or second priority Lien in the same collateral; and 

(d) is not a loan which is secured solely or primarily by the common stock of its Obligor or any of its Affiliates;
provided that the limitation in this clause (d) shall not apply with respect to a Collateral LoanAsset made to a parent entity that is secured solely or primarily by the
stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a Lien on its own property would (1) violate Law applicable to such subsidiary (whether the obligation secured is such
Collateral
LoanAsset
 or any other similar type of indebtedness owing to third parties), (2) cause such subsidiary to suffer adverse economic consequences under capital adequacy, liquidity coverage or other similar rules or
(3) result in material adverse tax consequences to such subsidiary or such parent in the form of a deemed dividend by such subsidiary to such parent entity for such tax purposes, in each case, so long as (x) such subsidiary does not have
any indebtedness (other than current accounts payable in the ordinary course of business, capitalized leases or other similar indebtedness payable in the ordinary course of business) or the Related Documents limit the incurrence of indebtedness by
such subsidiary and (y) the aggregate amount of all such indebtedness is not material relative to the aggregate value of the assets of such subsidiary; 

provided that, notwithstanding the foregoing, solely with respect to any Private Credit Loan or Middle Market Loan that would otherwise
constitute a First Lien Loan, any portion 

  
 -54- 

 
of such Private Credit Loan or Middle Market Loan in respect of which the Senior Net Leverage Ratio of the related Obligor was greater than 5.50 to 1.00 as of the Relevant Test Period most
recently ended (or such greater Senior Net Leverage Ratio as specified on the related Approval Request) shall be deemed a Second Lien Loan. 

“Secured Parties” means the Administrative Agent, the Custodian, the Collateral Administrator, the Collateral Agent, the
Securities Intermediary and the Lenders. 
 “Secured Party Representative” has the meaning assigned to such term in
Section 12.09. 
 “Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated
thereunder, all as from time to time in effect. 
 “Securities Intermediary” means a Person satisfying
Section 8-102(a)(14) of the UCC with respect to the Covered Accounts. Initially, the Securities Intermediary shall be the Bank. 

“Security Entitlement” has the meaning specified in Section 8-102(a)(17) of the
UCC. 
 “Senior Collateral Management Fee” means the fee to the Collateral Manager for services rendered and performance of
its obligations under this Agreement, in arrears on each Payment Date (subject to availability of funds and the Priority of Payments), in an amount equal to 0.10% per annum of the Fee Basis Amount; measured as of the Determination Date
immediately preceding such Payment Date (calculated on the basis of a 360-day year and the actual number of days elapsed). 

“Senior Net Leverage Ratio” means, with respect to any Collateral LoanAsset and the related Obligor for the Relevant Test Period, either (a) the meaning of “Senior Net Leverage Ratio” or comparable term set forth in the Related Documents for such Collateral LoanAsset, or (b) in the case of any Collateral LoanAsset with respect to which the Related Documents do not include a
definition of “Senior Net Leverage Ratio” or comparable term, the ratio obtained by dividing (i) the indebtedness for borrowed money (including the full drawn but not the undrawn amount of any revolving and delayed draw indebtedness)
of the related Obligor (other than indebtedness of such Obligor that is junior in terms of payment or lien priority to the Collateral LoanAsset of such Obligor held by the Borrower) as of such date, minus
the Unrestricted Cash of such Obligor as of such date by (ii) EBITDA of such Obligor for the Relevant Test Period, as calculated by the Collateral Manager in accordance with the Collateral Management Standard in good faith using information
from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Loan Agreement (or, in the case of a Collateral LoanAsset for which the related Underlying Loan Agreement has not been executed, as set forth in the relevant marketing materials or financial model in respect of such Collateral LoanAsset or as otherwise determined by the Collateral Manager in accordance with the Collateral Management Standard). 

“Senior
Secured Bond” means a debt obligation for the payment or repayment of borrowed money that is in the form of, or represented by, a bond, note (other than notes delivered 

  
 -55- 

 
pursuant to a term loan agreement, revolving loan agreement or
other similar credit agreement), certificated debt security or other debt security that also (a) does not constitute, and is not secured by, Margin Stock, (b) is not subordinated in right of payment by its terms to any unsecured
indebtedness for borrowed money of the issuer thereof (subject to customary exceptions for permitted Liens including any such Lien securing a Permitted Working Capital Facility) and (c) is secured by a valid first priority perfected security
interest or lien in, to or on specified collateral securing the related Obligor’s obligations under such Collateral Asset. 

“Senior
Unsecured Bond” means any unsecured obligation that: (a) constitutes borrowed money, (b) is in the form of, or represented by, a bond, note, certificated debt security or other debt security (other than any of the foregoing that
evidences a Collateral Asset other than an Senior Unsecured Bond) and (c) if it is subordinated by its terms, is subordinated only to indebtedness for borrowed money, trade, claims, capitalized leases or other similar obligations. 
 “SOFR” means a rate equal to the secured overnight financing rate as
administered by the SOFR Administrator. 
 “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor
administrator of the secured overnight financing rate). 
 “Solvent” as to any Person means that such Person is not
“insolvent” within the meaning of Section 101(32) of the Bankruptcy Code or Section 271 of the New York Debtor and Creditor Law. 

“SONIA” means, for any day during the Interest Accrual Period with respect to Advances denominated in GBP, the rate per annum
equal to the SONIA (GBP overnight index average) reference rate displayed on the relevant screen of any authorized distributor of that reference rate. 

“Standby Directed Investment” has the meaning assigned to such term in Section 8.08(a). 

“Structured Finance Obligation” means any debt obligation owing by a special purpose finance vehicle that is secured directly
and primarily by, primarily referenced to, and/or primarily representing ownership of, a pool of receivables or a pool of other assets, including collateralized debt obligations, residential mortgage-backed
securities, commercial mortgage-backed securities, other asset-backed securities, “future flow” receivable transactions and other similar obligations. 

“Subsidiary” means any Person with respect to which the Borrower or the Equityholder, as the case may be, owns, directly or
indirectly, more than 50% of the Equity Securities of such Person; provided that a Person whose Equity Securities were acquired by the Borrower or the Equityholder, as the case may be, in a workout or restructuring of a Collateral LoanAsset shall not be deemed to be a “Subsidiary” for purposes of this Agreement. 

“Successor Collateral Manager” has the meaning assigned to such term in Section 14.08(a). 

  
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 “Supported QFC” has the meaning assigned to such term in
Section 12.19. 
 “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, additions to tax or penalties applicable thereto. 

“Term SOFR” means, for any calculation with respect to an Advance (other than an Advance bearing interest at the Base Rate),
the Term SOFR Reference Rate for a tenor of three months on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Accrual
Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been
published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator
on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more
than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; provided, further, that if Term SOFR determined as provided above (including pursuant to the proviso above) shall ever be
less than the Floor, then Term SOFR shall be deemed to be the Floor. 
 “Term SOFR Administrator” means CME Group Benchmark
Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). 

“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR. 

“Terminated Lender” has the meaning assigned to such term in Section 2.20(b). 

“Total Net Leverage Ratio” means, with respect to any Collateral LoanAsset and the related Obligor for the Relevant Test Period, either (a) the meaning of “Total Net Leverage Ratio” or comparable term set forth in the Related Documents for such Collateral LoanAsset, or (b) in the case of any Collateral LoanAsset with respect to which the Related Documents do not include a
definition of “Total Net Leverage Ratio” or comparable term, the ratio obtained by dividing (i) the total indebtedness for borrowed money of the related Obligor as of such date, minus the Unrestricted Cash of such Obligor as of such
date by (ii) EBITDA of such Obligor for the Relevant Test Period, as calculated by the Collateral Manager in accordance with the Collateral Management Standard in good faith using information from and calculations consistent with the relevant
compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Loan Agreement (or, in the case of a Collateral LoanAsset for which the related Underlying Loan Agreement has not been executed, as set forth in the relevant marketing materials or financial model in respect of such Collateral LoanAsset or as otherwise determined by the Collateral Manager in accordance with the Collateral Management Standard). 

  
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 “Tranche Size” means, in respect of any Collateral LoanAsset, the aggregate principal amount of all of the borrowing facilities available to the Obligor under the terms of the relevant Underlying Loan Agreement as of the original effective date of the Underlying Loan
Agreement. For purposes of determining the Tranche Size in respect of any Collateral LoanAsset: (1) for Collateral LoansAssets that are, in accordance with then-prevailing market practice, typically bought and sold together, the respective aggregate principal amount of the borrowing facilities available to the Obligor under the
facilities evidenced by the relevant Underlying Loan Agreement shall be aggregated (and, for the avoidance of doubt, the respective aggregate principal amounts of all revolving facilities, term loan “A” tranches, term loan “B”
tranches and similar loan tranches issued under a single credit agreement shall be aggregated); (2) the respective principal amounts of lines of credit and delayed draws that, in accordance with then-prevailing market practice, trade with any
Collateral
LoanAsset
 shall be aggregated; and (3) the respective principal amount of any borrowing facilities that are, under then prevailing market practice, considered add-on facilities in respect of any Collateral
LoanAsset
 shall be aggregated with the principal amount of such Collateral LoanAsset; provided that, in the case of clauses (1), (2) and
(3) above, such facilities are pari passu in terms of repayment seniority. 
 “UCC” means the New York
Uniform Commercial Code; provided that if, by reason of any mandatory provisions of Law, the perfection, the effect of perfection or non-perfection or priority of the security interests granted to the
Collateral Agent pursuant to this Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than the State of New York, then “UCC” means the Uniform Commercial Code as
in effect from time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority. 

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement
Adjustment. 
 “Uncertificated Security” has the meaning specified in
Section 8-102(a)(18) of the UCC. 
 “Underlying Loan Agreement” means, with
respect to any Collateral
LoanAsset, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Collateral
LoanAsset
 is made. 
 “Underlying Note” means one or more promissory notes, if any,
executed by an Obligor evidencing a Collateral
LoanAsset. 
 “Unfunded Exposure Amount” means on any date of determination, with respect
to any Delayed Drawdown Collateral
LoansAssets
 and Revolving Collateral
LoansAssets
, the aggregate amount (without duplication) in each Eligible Currency of all (a) unfunded commitments and (b) all standby or contingent commitments of the Borrower pursuant to such
Collateral
LoanAsset
. 
 “Unfunded Reserve Account” has the meaning specified in
Section 8.05. “Unfunded Reserve Account Shortfall” has the meaning specified in Section 2.01. 

  
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 “Unfunded Reserve Required Amount” means an amount equal to the aggregate
sum of: 
 (a) with respect to each Delayed Drawdown Collateral LoanAsset included in the Collateral: 
 (i) the aggregate sum of the unfunded commitments
of the Borrower in respect of all such Delayed Drawdown Collateral
LoansAssets
, minus 
 (ii) the aggregate sum of the unfunded commitments of the
Borrower in respect of each such Delayed Drawdown Collateral
LoanAsset included in the Collateral times the Asset Value of such Delayed Drawdown Collateral LoanAsset (expressed as percentage of par) times the Asset Advance
Rate then in effect for such Delayed Drawdown Collateral
LoanAsset
; plus 
 (b) with respect to each Revolving Collateral LoanAsset included in the Collateral: 
 (i) the aggregate sum of the unfunded commitments
of the Borrower in respect of all such Revolving Collateral
LoansAssets
, minus 
 (ii) the aggregate sum of the unfunded commitments of the
Borrower in respect of each such Revolving Collateral
LoanAsset included in the Collateral times the Asset Value of such Revolving Collateral LoanAsset (expressed as percentage of par) times the Asset Advance
Rate then in effect for such Revolving Collateral
LoanAsset
; 
 provided that after the Commitment Termination Date, the Unfunded Reserve
Required Amount shall equal the Unfunded Exposure Amount. 
 “Unintended Recipient” has the meaning specified in
Section 11.07(a)(i). 
 “Unrestricted Cash” means “Unrestricted Cash” or any comparable term in the
Related Document for any Collateral
LoanAsset, and in any case that “Unrestricted Cash” or such comparable term is not defined in such Related Documents, 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 (other than blanket liens permitted under or granted in accordance with such Related Documents), as reflected on the most recent financial statements of the
related Obligor that have been delivered to the Borrower. 

“U.S.
Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members
be closed for the entire day for purposes of trading in United States government securities as indicated on the SIFMA website. 

“U.S. Special Resolution Regime” has the meaning assigned to such term in Section 12.19. 

  
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 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 12.03(f)(i)(B)(3). 
 “Warranty Collateral LoanAsset” has the meaning assigned to such term in the Sale Agreement. 
 “Weighted Average
Advance Rate” means, as of any date of determination, an amount equal to (a) the aggregate sum of the products, for each Eligible Collateral
LoanAsset, of (i) the Asset Advance Rate for such Eligible Collateral LoanAsset as of such date and (ii) the Asset Value of such Eligible
Collateral
LoanAsset
 (less the portion, if any, of such Eligible Collateral LoanAsset allocated by the Borrower to the Excess Concentration Amount) as
of such date divided by (b)(i) the Aggregate Asset Value of all Eligible Collateral LoansAssets minus (ii) the Excess Concentration Amount.

 “Weighted Average EBITDA” means, as of any date, the number obtained by dividing: 

(a) the amount equal to the sum of the product of (i) the most recently reported EBITDA of the related Obligor and
(ii) the Principal Balance of such Eligible Collateral
LoanAsset, by 
 (b) the Aggregate Principal Balance of all Eligible Collateral LoansAssets as of such date. 
 “Weighted Average Life” means, as of any date of
determination with respect to all Eligible Collateral
LoansAssets
, the number of years following such date obtained by: 
 (a) summing
the products of: (i) the Average Life at such time of each Eligible Collateral LoanAsset multiplied by (ii) the Principal Balance of such
Eligible Collateral
LoanAsset
; and 
 (b) dividing such sum by the Aggregate Principal Balance of
all Eligible Collateral
LoansAssets
 as of such date. 
 For the purposes of the foregoing, the “Average Life”
is, on any date of determination with respect to any Eligible Collateral
LoanAsset, the quotient obtained by dividing (x) the sum of the products of (A) the number of years (rounded to the nearest one hundredth thereof) from such date of determination to the stated maturity
date of the applicable Eligible Collateral
LoanAsset
 and (B) the respective amounts of principal of such Eligible Collateral LoanAsset on such date by (y) the sum of all principal on such Eligible
Collateral
LoanAsset
. 
 “Weighted Average Spread” means, as of any date, the number,
expressed as a percentage, obtained by dividing: 
 (a) the amount equal to (i) the Aggregate Funded Spread with
respect to all Eligible Collateral
LoansAssets
 plus (ii) the Aggregate Unfunded Spread, by 

  
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 (b) the Aggregate Principal Balance of all Eligible Collateral LoansAssets as of such date. 
 “Withdrawal Liability” means liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

Section 1.02 Rules of Construction 

For all purposes of this Agreement and the other Facility Documents, except as otherwise expressly provided or unless the context otherwise
requires, (a) singular words shall connote the plural as well as the singular and vice versa (except as indicated), as may be appropriate, (b) the words “herein,” “hereof” and “hereunder” and other words of
similar import used in any Facility Document refer to such Facility Document as a whole and not to any particular article, schedule, section, paragraph, clause, exhibit or other subdivision thereof, (c) the headings, subheadings and table of
contents set forth in any Facility Document are solely for convenience of reference and shall not constitute a part of such Facility Document nor shall they affect the meaning, construction or effect of any provision hereof, (d) references in
any Facility Document to “include” or “including” shall mean include or including, as applicable, without limiting the generality of any description preceding such term, and for purposes hereof the rule of ejusdem generis
shall not be applicable to limit a general statement, followed by or referable to an enumeration of specific matters, to matters similar to those specifically mentioned, (e) any definition of or reference to any Facility Document,
agreement, instrument or other document shall be construed as referring to such Facility Document, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such
amendments, restatements, supplements or modifications set forth herein or any other Facility Document), (f) any reference in any Facility Document, including the introduction and recitals to such Facility Document, to any Person shall be
construed to include such Person’s successors and assigns (subject to any restrictions set forth herein or in any other applicable agreement), (g) any reference to any Law or regulation herein shall refer to such Law or regulation as
amended, modified or supplemented from time to time, (h) unless otherwise specified herein, any use of “material” or “materially” or words of similar meaning in this Agreement shall mean material, as determined by the
Administrative Agent in its commercially reasonable discretion, (i) an Event of Default shall be deemed to be continuing until it is waived in accordance with Section 12.01 or, if such Event of Default is capable of being remedied,
has been remedied and remained so for five (5) consecutive Business Days, and (j) 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 Fill & Sign, Adobe Sign, DocuSign, or any
other similar platform identified by the Borrower, the Collateral Manager, the Equityholder, the Administrative Agent or any Lender and reasonably available at no undue burden or expense to the Collateral Agent, the Custodian or the Collateral
Administrator), except to the extent the Collateral Agent, the Custodian or the Collateral Administrator 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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 Section 1.03 Computation of Time Periods 

Unless otherwise stated in the applicable Facility Document, in the computation of a period of time from a specified date to a later specified
date, the word “from” means “from and including”, the word “through” means “to and including” and the words “to” and “until” both mean “to but excluding”. Periods of days referred
to in any Facility Document shall be counted in calendar days unless Business Days are expressly prescribed. Unless otherwise indicated herein, all references to time of day refer to Eastern standard time or Eastern daylight saving time, as in
effect in New York City on such day. 
 Section 1.04 Collateral Value Calculation Procedures 

In connection with all calculations required to be made pursuant to this Agreement with respect to Scheduled Distributions on any Collateral LoanAsset, or any payments on any other assets included in the Collateral, with respect to the sale of and reinvestment in Collateral
LoansAssets
, and with respect to the income that can be earned on Scheduled Distributions on such Collateral
LoansAssets
 and on any other amounts that may be received for deposit in the Collection Account, the provisions set forth in this Section 1.04 shall be applied. The provisions of this
Section 1.04 shall be applicable to any determination or calculation that is covered by this Section 1.04, whether or not reference is specifically made to Section 1.04, unless some other method of calculation or
determination is expressly specified in the particular provision. 
 (a) All calculations with respect to Scheduled Distributions on
any Collateral
LoanAsset shall be made on the basis of information as to the terms of each such Collateral LoanAsset and upon reports of payments, if any, received on such Collateral
LoanAsset
 that are furnished by or on behalf of the Obligor of such Collateral LoanAsset and, to the extent they are not manifestly in error, such
information or reports may be conclusively relied upon in making such calculations. 
 (b) For purposes of calculating the Borrowing
Base Test, except as otherwise specified in the Borrowing Base Test, such calculations will not include (i) scheduled interest and principal payments on Ineligible Collateral LoansAssets unless or until such payments are actually made and (ii) ticking fees and other similar fees in respect of Collateral
LoansAssets
, unless or until such fees are actually paid. 
 (c) For each Collection Period and
as of any date of determination, the Scheduled Distribution on any Collateral LoanAsset (other than a Defaulted Loan or an Ineligible Collateral LoanAsset, which, except as otherwise provided herein, shall be assumed to have Scheduled Distributions of zero) shall be deemed to be the total amount of (i) payments and collections to be received during such
Collection Period in respect of such Collateral
LoanAsset
, (ii) proceeds of the sale of such Collateral LoanAsset received and, in the case of sales which have not yet settled, to
be received during such Collection Period that are not reinvested in additional Collateral LoansAssets or retained in a Collection Account for subsequent reinvestment
pursuant to Article X, which proceeds, if received as scheduled, will be available in a Collection Account 

  
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and available for distribution at the end of such Collection Period and (iii) amounts referred to in clause (i) or (ii) above that were received in prior Collection
Periods but were not disbursed on a previous Payment Date or retained in a Collection Account for subsequent reinvestment pursuant to Article X. 

(d) Except as otherwise expressly provided herein, each Scheduled Distribution receivable with respect to a Collateral LoanAsset shall be assumed to be received on the applicable Due Date. 
 (e) References in the Priority of
Payments to calculations made on a “pro forma basis” shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments, that precede (in priority of payment) or include the clause in which such
calculation is made. 
 (f) For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any
component of the Concentration Limitations, Ineligible Collateral
LoansAssets
 will be treated as having a Principal Balance of zero. 
 (g) Except as otherwise provided
herein, Ineligible Collateral
LoansAssets
 will (i) not be included in the calculation of the Collateral Quality Test, (ii) be treated as having an Asset Value of zero and (iii) be excluded from the calculation of each Borrowing Base
on and after the date such Collateral
LoanAsset
 constitutes an Ineligible Collateral LoanAsset. 

(h) For purposes of determining the Minimum Weighted Average Spread Test (and related computations of Aggregate Funded Spread), capitalized or
deferred interest (and any other interest that is not paid in cash) will be excluded. 
 (i) Portions of the same Collateral LoanAsset acquired by the Borrower on different dates (excluding subsequent draws under Revolving Collateral LoansAssets or Delayed Drawdown Collateral LoansAssets) will, for purposes of determining the Purchase Price of such Collateral LoanAsset, be treated as separate acquisitions on separate dates (and not a
weighted average purchase price for any particular Collateral
LoanAsset
). 
 (j) For purposes of calculating compliance with each of the Concentration Limitations
all calculations will be rounded to the nearest 0.01%. 
 (k) For purposes of calculating compliance with the Borrowing Base Test, the
Collateral Quality Test, or any Concentration Limitation under this Agreement in connection with the acquisition or disposition of a Collateral LoanAsset or Eligible Investment, the trade date with respect to any such
Collateral
LoanAsset
 or Eligible Investment acquired or disposed of or under consideration for acquisition or disposition shall be used to determine compliance with the Borrowing Base Test, the Collateral Quality Test or any
Concentration Limitation and whether such acquisition or disposition is permitted hereunder; provided that, for purposes of calculating compliance with the Borrowing Base Test, the Collateral Quality Test or any Concentration Limitation, the
calculation thereof shall assume (and give pro forma effect to) (x) the making of an Advance to the Borrower (based on the Advance Rate applicable thereto) and any capital contribution to the Borrower by the Equityholder upon settlement of the
acquisition of a Collateral
LoanAsset
 (based on the applicable Purchase Price) and (y) the repayment of an Advance to the Borrower upon settlement of the disposition of a Collateral LoanAsset (based on the sale price therefor). 

  
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 (l) At any time when any one or more of the Concentration Limitations are exceeded, the
Borrower (or the Collateral Manager acting on its behalf) shall select (from among the Collateral LoansAssets whose Principal Balance causes such Concentration Limitations to
be exceeded) the Collateral
LoansAssets
, or portions thereof, to be allocated to the Excess Concentration Amount, and revise such allocations from time to time. 

(m) To the extent of any ambiguity in the interpretation of any definition or term contained in this Agreement or to the extent more than one
methodology can be used to make any of the determinations or calculations set forth herein, the Collateral Administrator shall request direction from the Administrative Agent as to the interpretation and/or methodology to be used, and the Collateral
Administrator shall follow such direction, and together with the Collateral Agent, the Custodian and the Securities Intermediary, shall be entitled to conclusively rely thereon without any responsibility or liability therefor. 

ARTICLE II 
 ADVANCES

 Section 2.01 Revolving Credit Facility; Approval Requests 

(a) The Borrower, shall, on or prior to each proposed Acquisition Date of any Collateral LoanAsset (whether proposed to be funded by an Advance or by the use of the cash proceeds contributed by the Equityholder, or by an in-kind contribution of Collateral LoansAssets contributed by the Equityholder) provide to the Administrative Agent (with a copy to the Equityholder and Collateral Agent) a notice by electronic mail either in the form of Exhibit A hereto or
containing the information set forth in Exhibit A hereto (together with any attachments or responses required in connection therewith, an “Approval Request”). Such approval may take the form of a standing list of pre-approved
assets containing the characteristics of each pre-approved asset (other than purchase price), together with a notice of intention to trade containing the par amount and purchase price of the Collateral Loan(Asset(s) being acquired delivered on or prior to 11:00 a.m. on the proposed trade date. 
 (b) The
Administrative Agent shall have the right to approve or reject any Approval Request in its sole discretion and/or to request additional information regarding any proposed Collateral LoanAsset. The Administrative Agent shall promptly after receipt by the Administrative Agent of all required information and documentation notify the Collateral Manager and the Borrower (with a copy to the Collateral Agent
and the Collateral Administrator) in writing (including via electronic mail) whether each Approval Request has been approved or rejected; provided that if the Administrative Agent shall fail to so notify the Collateral Manager and the
Borrower, the Administrative Agent shall be deemed to have rejected such Approval Request. Any approval may be withdrawn at any time at least three (3) Business Days prior to the time at which the Borrower actually becomes obligated to purchase
or enter into documents governing such proposed Collateral
LoanAsset
 by written notice (including via e-mail) of such withdrawal from the Administrative Agent to the Collateral Manager. If the Borrower has not entered into a binding

  
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obligation to purchase such Collateral LoanAsset within thirty (30) Business Days of the date of such approval
or a material and adverse change occurs with respect to such Collateral LoanAsset or the related Obligor, then, except as provided in the next
succeeding sentence, the Borrower shall re-submit an Approval Request and shall not be authorized to purchase such proposed Collateral LoanAsset until the Administrative Agent approves such updated Approval
Request in its sole discretion. If the Administrative Agent has rejected an Approval Request, or withdrawn or withheld its approval of any such request, then the Borrower shall not be authorized to purchase such proposed Collateral LoanAsset unless, in the case of a withdrawn approval (including any withdrawal or requirement to re-submit an Approval Request pursuant to the immediately preceding sentence), the Administrative Agent has not withdrawn
its approval at least three (3) Business Days prior to the time at which the Borrower enters into a commitment to purchase such proposed Collateral
LoanAsset
. 
 (c) On the terms and subject to the conditions hereinafter set forth, including
Article III, each Lender severally agrees to make loans to the Borrower to (x) finance the purchase or origination of Eligible Collateral
LoansAssets
 that are Middle Market Loans and/or Private Credit Loans (each, an “Advance (Specified)”) and (y) finance the purchase or origination of other Eligible Collateral LoansAssets (each, an “Advance (Other)”), in each case from time to time on any Business Day during the Reinvestment Period, on a pro rata basis in each case in an aggregate principal amount at any one time
outstanding up to but not exceeding (x) in the case of Advances (Specified), such Lender’s Commitment (Specified), (y) in the case of Advances (Other), such Lender’s Commitment (Other) and (z) in the aggregate, such
Lender’s Commitment and, as to all Lenders, in an aggregate principal amount up to but not exceeding the Borrowing Base (Aggregate) as then in effect. Each such borrowing of an Advance on any single day is referred to herein as a
“Borrowing”. 
 Within such limits and subject to the other terms and conditions of this Agreement, the Borrower may
borrow (and re-borrow) Advances under this Section 2.01 and prepay Advances under Section 2.05. 

Notwithstanding anything to the contrary herein, if, upon the occurrence of an Event of Default and on the Commitment Termination Date, the
amount on deposit in the Unfunded Reserve Account is less than the Unfunded Exposure Amount (such amount, the “Unfunded Reserve Account Shortfall”), the Borrower shall cause to be deposited in the Unfunded Reserve Account an amount
equal to the Unfunded Reserve Account Shortfall. Following receipt of a Notice of Borrowing relating to the foregoing (which shall specify the account details of the Unfunded Reserve Account where the funds will be made available), each Lender shall
fund its pro rata portion of such Advances in accordance with Section 2.02(e), notwithstanding anything to the contrary herein (including, without limitation, the Borrower’s failure to satisfy any of the conditions precedent set
forth in Section 3.02); provided that no such Advance may cause the Advances Outstanding to exceed the Borrowing Base (Aggregate). 

Section 2.02 Making of the Advances 

(a) If the Borrower desires to make a Borrowing under this Agreement it shall give the Administrative Agent and the Lenders (with a copy to the
Collateral Agent and the Collateral Administrator) a written notice (each, a “Notice of Borrowing”) for such Borrowing 

  
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(which notice shall be irrevocable and effective upon receipt) not later than (i) if the Advance is denominated in Dollars, 11:00 a.m. on the requested Borrowing Date and (ii) if the
Advance is denominated in any Eligible Currency (other than Dollars), 2:00 p.m. three (3) Business Days prior to the requested Borrowing Date. 

(b) Each Notice of Borrowing shall be substantially in the form of Exhibit B hereto, dated the date the request for the related
Borrowing is being made, signed by a Responsible Officer of the Borrower (or the Collateral Manager on behalf of the Borrower), shall attach a Borrowing Base Calculation Statement, and shall otherwise be appropriately completed. Such Notice of
Borrowing shall specify the proposed Borrowing Date, whether such Advance is an Advance (Specified) or an Advance (Other) and the Eligible Currency. The proposed Borrowing Date specified in each Notice of Borrowing shall be a Business Day falling on
or prior to the Commitment Termination Date and, with respect to Borrowings in Dollars, the amount of the Borrowing requested in such Notice of Borrowing (the “Requested Amount”) shall be equal to at least $1,000,000 or an integral
multiple of $100,000 in excess thereof (or, if less, the remaining unfunded Commitments hereunder or, in the case of Delayed Drawdown Collateral LoansAssets or Revolving Collateral LoansAssets, such lesser amount required to be funded by the Borrower in respect thereof); provided that, for the avoidance of doubt, in the case of a Borrowing in any Eligible Currency (other than Dollars), there is
no required minimum amount or integral multiple. 
 (c) On each Monthly Reporting Date, the Administrative Agent shall rebalance the
Advances Outstanding so that (x) the ratio of Advances (Specified) to Advances Outstanding equals (y) the ratio of the Aggregate Asset Value of all Eligible Collateral
LoansAssets
 constituting Middle Market Loans or Private Credit Loans to the Aggregate Asset Value of all Eligible Collateral
LoansAssets
. 
 (d) Each Lender shall, not later than 11:00 a.m. (or, if later, within three
(3) hours of its receipt of the related Notice of Borrowing) on each Borrowing Date in respect of Advances, make its Percentage of the applicable Requested Amount available to the Borrower in immediately available funds by disbursing such funds
to the account of the Borrower in accordance with the wiring instruction set forth in the notification of Notice of Borrowing delivered by the Borrower to the Lenders pursuant to Section 2.02(a). 

Section 2.03 Evidence of Indebtedness; Notes 

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to it
and resulting from the Advances made by such Lender to the Borrower, from time to time, including the amounts of principal and interest thereon and paid to it, from time to time hereunder; provided that the failure of any Lender to maintain
such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Advances in accordance with the terms of this Agreement. The Collateral Agent shall be entitled to conclusively rely upon the information
provided to it by the Administrative Agent with respect to the Advances Outstanding with respect to each Lender. 
 (b) Any Lender may
request that its Advances to the Borrower be evidenced by a Note. In such event, the Borrower shall promptly prepare, execute and deliver to such Lender a Note payable to such Lender and otherwise appropriately completed. Thereafter, the Advances of

  
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such Lender evidenced by such Note and interest thereon shall at all times (including after any assignment pursuant to Section 12.06(a)) be represented by a Note payable to such
Lender (or registered assigns pursuant to Section 12.06(a)), except to the extent that such Lender (or assignee) subsequently returns any such Note for cancellation and requests that such Advances once again be evidenced as described in
clause (a) of this Section 2.03. 
 (c) If any Lender elects not to receive a Note, all references herein and the
other Facility Documents to such Lender’s Note shall be deemed to mean the Advances Outstanding with respect to such Lender. The parties hereto acknowledge and agree that the provisions herein and the other Facility Documents related to the
Lenders hereunder shall apply to each Lender regardless of whether such Lender has received a Note. 
 Section 2.04 Payment of
Amounts 
 The Borrower shall pay principal and Interest on the Advances and the fees set forth in the Facility Documents to the Lenders
in accordance with the Priority of Payments as follows: 
 (a) 100% of the outstanding principal amount of each Advance, together with all
accrued and unpaid Interest thereon, shall be payable on the Final Maturity Date. 
 (b) Interest shall accrue at the Interest Rate on the
unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in full. 
 (c) The Administrative
Agent shall determine the unpaid Interest, Commitment Fees, and Prepayment Fees payable thereto prior to each Payment Date using the applicable Interest Rate for the related Interest Accrual Period to be paid by the Borrower with respect to each
Advance on each Payment Date for the related Interest Accrual Period and shall advise each Lender and the Collateral Manager thereof and shall send a consolidated invoice of all such Interest, Commitment Fees, and Prepayment Fees to the Borrower
(with copies to the Collateral Administrator and the Collateral Agent) at least two (2) Business Days prior to such Payment Date. The Collateral Administrator shall have no duty to verify or recalculate the amounts provided by the
Administrative Agent pursuant to this Section 2.04 and is fully protected in relying on these amounts when preparing the Monthly Report. 

(d) Accrued Interest on each Advance shall be payable in arrears (i) on each Payment Date, and (ii) in connection with any
prepayment in full of the Advances pursuant to Section 2.05(a); provided that (x) with respect to any prepayment in full of the Advances Outstanding, accrued Interest on such amount through the date of prepayment may be
payable on such date or as otherwise agreed to between the Lenders and the Borrower and (y) with respect to any partial prepayment of the Advances outstanding, accrued Interest on such amount through the date of prepayment shall be payable on
the Payment Date following such prepayment. Accrued Commitment Fees shall be payable in arrears on each Payment Date. 
 (e) The obligation
of the Borrower to pay the Obligations, including the obligation of the Borrower to pay the Lenders the outstanding principal amount of the Advances and accrued interest thereon, shall be absolute, unconditional and irrevocable, and shall be paid
strictly in accordance with the terms hereof (including Section 2.15), under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower or any other Person may have or have had against
any Secured Party or any other Person. 

  
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 (f) Unless otherwise specified by the Borrower, any reduction of Advances shall reduce the
Advances (Specified) and the Advances (Other) pro rata based on the aggregate Advances Outstanding. 
 Section 2.05
Prepayment of Advances 
 (a) Optional Prepayments. The Borrower may, from time to time on any Business Day, voluntarily prepay
Advances in whole or in part, without penalty or premium; provided that the Borrower (or the Collateral Manager on behalf of the Borrower) shall have delivered to the Collateral Agent and the Administrative Agent written notice of such
prepayment (such notice, a “Notice of Prepayment”) in the form of Exhibit C hereto not later than 3:00 p.m. one (1) Business Day (or such shorter period as the Administrative Agent may agree in its reasonable
discretion) prior to the date of such prepayment (provided that same day notice may be given to cure any non-compliance with the Borrowing Base Test). The Administrative Agent shall promptly notify the
Lenders of such Notice of Prepayment. Each such Notice of Prepayment shall be irrevocable and effective upon receipt and shall be dated the date such notice is being given, signed by a Responsible Officer of the Borrower (or the Collateral Manager
on behalf of the Borrower) and otherwise appropriately completed; provided that any such Notice of Prepayment may be conditioned upon the happening or occurrence of a specified event, and thereafter revoked in the event that such specified
event does not occur. Each prepayment by the Borrower of any Advance denominated in Dollars pursuant to this Section 2.05(a) (other than a prepayment made in order to cure any non-compliance with
the Borrowing Base Test) shall in each case be in a principal amount of at least $100,000 or, if less, the entire outstanding principal amount of the Advances Outstanding or, in the case of any prepayment of Advances with the proceeds of a
prepayment or repayment of principal of Collateral
LoansAssets
, such lesser amount as is paid by the applicable Obligor in respect thereof. Each prepayment by the Borrower of an Advance denominated in an Eligible Currency shall be made with such Eligible Currency. If a
Notice of Prepayment is given by (or on behalf of) the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein unless such notice is rescinded in
accordance with this paragraph. 
 (b) Mandatory Prepayments. The Borrower shall prepay the Advances on each Payment Date in
the manner and to the extent provided in the Priority of Payments, including as applicable and without limitation, the outstanding Mandatory Amortization Amount, if any, applicable to each applicable Payment Date. 

The Borrower shall provide, in each Monthly Report, notice of the aggregate amounts of Advances that are to be prepaid on the related Payment
Date in accordance with the Priority of Payments. 
 (c) Borrowing Base Deficiency Cures. 

(i) In addition to any other obligation of the Borrower to cure any Borrowing Base Deficiency pursuant to the terms of this
Agreement, if any Borrowing Base 

  
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Deficiency exists, then the Borrower may eliminate such Borrowing Base Deficiency in its entirety by effecting one or more (or any combination thereof) of the following actions: (A) deposit
into or credit to the Collection Account cash and Eligible Investments, (B) repay Advances (together with all accrued and unpaid costs and expenses of the Agents, Custodian, Collateral Administrator, Securities Intermediary and the Lenders for
which the Borrower has received a reasonably detailed invoice prior to such date of repayment, in each case in respect of the amount so repaid), (C) sell Collateral
LoansAssets
 in accordance with Article X, and/or (D) during the Reinvestment Period, pledge additional Collateral
LoansAssets
 as Collateral. For the avoidance of doubt, no Prepayment Fee shall be required in connection with any prepayment of an Advance made to cure a Borrowing Base Deficiency. 

(ii) In connection with the proposed repayment of Advances or pledge of additional Collateral LoansAssets as Collateral pursuant to Section 2.05(c)(i), the Borrower (or the Collateral Manager on its behalf) shall deliver in accordance with Section 2.05(a), (x) to the Administrative Agent
(with a copy to the Collateral Agent, the Collateral Administrator and the Custodian), notice of such repayment or pledge and a duly completed Borrowing Base Calculation Statement, updated to the date such repayment or pledge is being made and
giving pro forma effect to such repayment or pledge, and (y) to the Administrative Agent, if applicable, a description of any Collateral
LoansAssets
 and each Obligor of such Collateral LoanAsset to be pledged. 

(iii) Until such time as any Borrowing Base Deficiency has been cured in full and no other Default or Event of Default has
occurred and is continuing, the Borrower shall not request the right to transfer (by sale, dividend, distribution or otherwise), and the Borrower shall not request that the Collateral Agent grant the release of any Lien on, or the transfer of, any
Collateral
LoanAsset from the Collateral, other than (i) any transfer that complies with Section 10.01(a) or (ii) in connection with the settlement of purchases or sales of Collateral LoansAssets committed to be acquired or sold by the Borrower prior to the occurrence of such Borrowing Base Deficiency that have not yet settled. 

(d) Additional Prepayment Provisions. Each prepayment pursuant to this Section 2.05 shall be subject to
Section 2.04(d) and applied to the Advances in accordance with the Lenders’ respective Percentages. 
 Section 2.06
Changes of Commitments 
 (a) Automatic Reduction and Termination. The Commitments of all Lenders shall be automatically
reduced to zero at 5:00 p.m. on the Commitment Termination Date. 
 (b) Optional Termination or Reductions. Prior to the Final
Maturity Date, the Borrower shall have the right to terminate or reduce the unused amount of the Facility Amount at any time or from time to time without any fee or penalty, except as specified in Section 2.12(b), upon not less than two
(2) Business Days’ prior notice (or such shorter period as the Administrative Agent may agree in its reasonable discretion) to the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian of
each such termination or reduction, which notice shall specify the effective date of such termination or reduction and the amount of 

  
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any such reduction; provided that any notice received after 3:00 p.m. shall be deemed to be received on the next Business Day; provided, further, that (i) the amount of
any such reduction of the Facility Amount shall be equal to at least $500,000 or an integral multiple of $10,000 in excess thereof or, if less, the remaining unused portion thereof (or, in the case of an Eligible Currency (other than Dollars), no
minimum amount or integral multiple), and (ii) no such reduction will reduce the Facility Amount below the sum of (x) the aggregate principal amount of Advances Outstanding at such time and (y) the Unfunded Reserve Required Amount.
Such notice of termination or reduction shall be irrevocable (provided that any such notice may be conditioned upon the happening or occurrence of a specified event, and thereafter revoked in the event that such specified event does not
occur) and shall be effective only upon receipt by the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian, and shall attach, in the case of a reduction of the Commitments, a Borrowing Base
Calculation Statement. Each reduction of Commitments of the Lenders hereunder shall be applied pro rata to reduce the respective Commitments of each Lender. 

(c) Effect of Termination or Reduction. The Commitments of the Lenders once terminated or reduced may not be reinstated. Each reduction
of the Facility Amount pursuant to this Section 2.06 shall be applied ratably among the Lenders in accordance with their respective Commitments. 

Section 2.07 Maximum Lawful Rate 

It is the intention of the parties hereto that the interest on the Advances shall not exceed the maximum rate permissible under Applicable Law.
Accordingly, anything herein or in any Note to the contrary notwithstanding, in the event any interest is charged to, collected from or received from or on behalf of the Borrower by the Lenders pursuant hereto or thereto in excess of such maximum
lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured Parties under this Agreement (other than in respect of principal of and interest on the
Advances) and then to the reduction of the outstanding principal amount of the Advances Outstanding. 
 Section 2.08 Several
Obligations 
 The failure of any Lender to make any Advance to be made by it on the date specified therefor shall not relieve any other
Lender of its obligation to make its Advance on such date. None of the Administrative Agent, the Collateral Agent, the Custodian, the Securities Intermediary or the Collateral Administrator, shall be responsible for the failure of any Lender to make
any Advance, and no Lender shall be responsible for the failure of any other Lender to make an Advance required to be made by such other Lender. 

Section 2.09 Increased Costs 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, compulsory loan, insurance charge, special deposit or similar requirement
against assets of, deposits with or for account of, or credit extended by, any Affected Person (except any such reserve requirement reflected in the applicable Benchmark); 

  
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 (ii) subject any Secured Party to any Taxes (other than (A) Non-Excluded Taxes, (B) Taxes described in clauses (b) through (d) of the definition of “Excluded Taxes” and (C) 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; or 

(iii) impose on any Affected Person or the London interbank market any other condition, cost or expense (other than Taxes),
affecting this Agreement or Advances made by such Affected Person by reference to the applicable Benchmark or any participation therein; 

and the result of any of the foregoing shall be to increase the cost to any Affected Person of making, continuing, converting into or
maintaining any Advance (or of maintaining its obligation to make any Advance) or to increase the cost to, or to reduce the amount of any payment (whether of principal, interest, fees, compensation or otherwise) or sum received or receivable by,
such Affected Person hereunder (whether of principal, interest, fees, compensation or otherwise), then the Borrower will pay to such Affected Person from time to time after receipt of a written demand by a Responsible Officer of such Affected Person
in Dollars, such additional amount or amounts as will compensate such Affected Person for such additional costs incurred or reduction suffered within ten (10) Business Days of receipt of such demand. If a Lender requests compensation by the
Borrower under this Section 2.09, the Borrower may, by notice to such Lender, suspend the obligation of such Lender to make or continue Advances by reference to the applicable Benchmark, until the event or condition giving rise to such
request ceases to be in effect (in which case (x) all Advances of such Lender shall be made or continued by reference to the Base Rate and (y) such Lender shall have no obligation to make any Advances by reference to the applicable
Benchmark); provided that such suspension shall not affect the right of such Lender to receive the compensation required in accordance with this Agreement. 

(b) Capital Requirements. If any Affected Person determines that any Change in Law regarding capital or liquidity requirements has or
would have (but for the operation of this Section 2.09) the effect of reducing the rate of return on such Affected Person’s capital or on the capital of such Affected Person’s holding company, if any, as a consequence of this
Agreement (or arising in connection herewith) or the Advances made by such Affected Person to a level below that which such Affected Person or such Affected Person’s holding company could have achieved but for such Change in Law (taking into
consideration such Affected Person’s policies and the policies of such Affected Person’s holding company with respect to capital adequacy or liquidity coverage) by an amount deemed to be material by such Affected Person, then any such
Affected Person shall give the Borrower (and the Collateral Manager) prompt notice thereof and from time to time after written demand by such Affected Person, the Borrower will pay to such Affected Person in Dollars, such additional amount or
amounts as will compensate such Affected Person or such Affected Person’s holding company for any such reduction suffered or charge imposed on the Payment Date after the Borrower’s receipt of such demand. 

(c) Reserved. 

  
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 (d) Calculation. In determining any amount provided for in this
Section 2.09, the Affected Person may use any reasonable averaging and attribution methods. The Administrative Agent, on behalf of any Affected Person making a claim under this Section 2.09, shall submit to the Borrower and
the Collateral Manager a certificate of a Responsible Officer of the Affected Person 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. The Borrower shall pay such amount shown as due on any such certificate on the next Payment Date after receipt thereof. 
 (e)
Delay in Requests. Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section 2.09 shall not constitute a waiver of such Affected Person right to demand such compensation; provided
that the Borrower shall not be required to compensate an Affected Person pursuant to this Section 2.09 for any increased costs or reductions incurred more than six months prior to the date that such Affected Person notifies the Borrower
and the Collateral Manager of the Change in Law giving rise to such increased costs or reductions and of such Affected Person’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 

(f) Lending Office. Upon the occurrence of any event giving rise to the Borrower’s obligation to pay additional amounts to a
Lender pursuant to clause (a) or (b) of this Section 2.09, such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different
lending office if such designation would reduce or obviate the obligations of the Borrower to make future payments of such additional amounts; provided that such designation is made on such terms that such Lender and its lending office suffer
no material unreimbursed cost or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision. 

Section 2.10 Compensation; Breakage Payments. The Borrower agrees to compensate each Affected Person from time to time, on the
Payment Dates (or the applicable date of prepayment) following such Affected Person’s written request (which request shall set forth in reasonable detail the basis for requesting such amounts) in accordance with the Priority of Payments, for
all reasonable and documented losses, expenses and liabilities (including any interest paid by such Affected Person to lenders of funds borrowed to make or carry an Advance bearing interest that was computed by reference to a Benchmark and any loss
sustained by such Affected Person in connection with the re-employment of such funds but excluding loss of anticipated profits), which such Affected Person may sustain: (i) if for any reason (including
any failure of a condition precedent set forth in Article III but excluding a default by the applicable Lender) a Borrowing of any Advance bearing interest that was computed by reference to such Benchmark by the Borrower does not occur
on the Borrowing Date specified therefor in the applicable Notice of Borrowing delivered by the Borrower, (ii) if any payment, prepayment or conversion of any of the Borrower’s Advances bearing interest that was computed by reference to
such Benchmark occurs on a date that is not a Payment Date, and (iii) if any payment or prepayment of any Advance bearing interest that was computed by reference to such Benchmark is not made on a Payment Date or pursuant to a Notice of
Prepayment given by the Borrower. A certificate as to any amounts payable pursuant to this Section 2.10 submitted to the Borrower by any Lender (with a copy to the Agents, and accompanied by a reasonably detailed calculation of such
amounts and a description of the basis for requesting such amounts) shall be conclusive in the absence of manifest error. 

  
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 Section 2.11 Illegality; Inability to Determine Rates 

(a) Notwithstanding any other provision in this Agreement, in the event of a Disruption Event, then the affected Lender shall promptly notify
the Agents and the Borrower thereof, and such Lender’s obligation to make or maintain Advances hereunder based on the applicable Benchmark shall be suspended until such time as such Lender may again make and maintain Advances based on the
applicable Benchmark. 
 (b) Upon the occurrence of any event giving rise to a Lender’s suspending its obligation to make or maintain
Advances based on the applicable Benchmark pursuant to Section 2.11(a), such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending
office if such designation would enable such Lender to again make and maintain Advances based on such Benchmark; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or
material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision. 

(c) If, prior to the first day of any Interest Accrual Period or prior to the date of any Advance, as applicable, either (i) the
Administrative Agent determines that for any reason adequate and reasonable means do not exist for determining the applicable Benchmark, or (ii) the Required Lenders determine and notify the Administrative Agent that such Benchmark with respect
to such Advances does not adequately and fairly reflect the cost to such Lenders of funding such Advances, the Administrative Agent will promptly so notify the Borrower, the Collateral Agent and each Lender. Thereafter, the obligation of the Lenders
to make or maintain Advances based on such Benchmark shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. 

(d) Upon receipt of any notice described in Section 2.11(a) or (c), the Borrower may revoke any pending request for the
making or continuation of an Advance based on the Benchmark or, failing that, will be deemed to have converted such request into a request for an Advance based on the Base Rate. For the avoidance of doubt, no Advances shall be required to be repaid
as a result of any circumstance or determination made pursuant to this Section 2.11. 
 Section 2.12 Fees 

(a) Commitment Fee. On each Payment Date, the Borrower shall pay to the Collateral Agent (for the account of the Lenders on a pro rata
basis) the Commitment Fee in the amount set forth in the Lender Fee Letter. 
 (b) Prepayment Fee. If, at any time prior to the
three-year anniversary of the Closing Date, the Facility Amount is reduced in whole or in part at the option or election of the Borrower, the Borrower shall pay to the Collateral Agent (for the account of the Lenders on a pro rata basis), a
prepayment fee in the amount set forth in the Lender Fee Letter. 

  
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 (c) Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent
such fees as are mutually agreed to in writing from time to time by the Borrower and the Administrative Agent, including the fees set forth in the Administrative Agent Fee Letter. 

(d) Collateral Agent, Collateral Administrator, Custodian and Securities Intermediary Fees. The Borrower agrees to pay to the
Collateral Agent, the Collateral Administrator, the Custodian and the Securities Intermediary such fees as are mutually agreed to in writing from time to time by the Borrower and the Collateral Agent, the Collateral Administrator, the Custodian and
the Securities Intermediary, including the fees set forth in the Collateral Administration and Agency Fee Letter. 
 Section 2.13
Rescission or Return of Payment 
 The Borrower agrees that, if at any time (including after the occurrence of the Final Maturity
Date) all or any part of any payment theretofore made by it to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever (including the insolvency, bankruptcy or reorganization of the Borrower
or any of its Affiliates), the obligation of the Borrower to make such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in
existence and this Agreement and any other applicable Facility Document shall continue to be effective or be reinstated, as the case may be, as to such obligations, all as though such payment had not been made. 

Section 2.14 Default Interest 

During the existence and continuance of an Event of Default arising pursuant to clause (a), clause (b) or clause (h) of
Section 6.01, at the election of the Administrative Agent or Required Lenders (or, in the case of clause (h), automatically), all Obligations shall bear interest at the Default Rate until rescinded by the Administrative Agent or the
Required Lenders. Interest payable at the Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments. 

Section 2.15 Payments Generally 

(a) All amounts owing and payable to any Secured Party, any Affected Person or any Indemnified Party, in respect of the Advances and other
Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement or any other Facility Document, shall be paid on behalf and at the direction of the Borrower (or the Collateral Manager
on behalf of the Borrower) by the Collateral Agent to the applicable recipient in an Eligible Currency in immediately available funds, on each Payment Date in accordance with the Priority of Payments, and all without counterclaim, setoff, deduction,
defense, abatement, suspension or deferment. Each Lender shall provide wire instructions to the Borrower and the Collateral Agent. Other than with respect to payments on a Payment Date, payments must be received by the Collateral Agent on or prior
to 3:00 p.m. on a Business Day to be remitted by the Collateral Agent on such Business Day to the Lenders; provided that payments received by the Collateral Agent after 3:00 p.m. on a Business Day will be deemed to have been paid on the next
following Business Day. At no time will the Collateral Agent have any duty (express or implied) to fund (or front or advance) any amount owing by the Borrower hereunder. 

  
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 (b) Except as otherwise expressly provided herein, all computations of interest, fees and
other Obligations shall be made on the basis of a year of 360 days for the actual number of days elapsed in computing interest on any Advance, the date of the making of the Advance shall be included and the date of payment shall be excluded;
provided that, if an Advance is repaid on the same day on which it is made, one day’s Interest shall be paid on such Advance. All computations made by the Collateral Agent or the Administrative Agent under this Agreement or any other
Facility Document shall be conclusive absent manifest error. 
 (c) Eligible Currency. 

(i) For purposes of Section 9.01(a), any amounts on deposit in the Collection Account denominated in any Eligible
Currency shall be applied on any Payment Date (i) first, to make payments in such Eligible Currency and (ii) second, to make payments in any other Eligible Currency (pro rata based on available amounts from each other Eligible
Currency), as converted by the Collateral Manager using the Applicable Conversion Rate; provided, that such payments shall be subject to availability of such funds pursuant to Section 9.01(a). The parties hereto acknowledge and
agree that the Bank Parties or an affiliate thereof may act as principal, charge fees and earn revenue, and may not provide the best price available with respect to an Eligible Currency. 

(ii) The Collateral Manager shall instruct the Collateral Agent, no later than the Determination Date immediately preceding
each Payment Date, to convert amounts on deposit in the Collection Account into Dollars to the extent necessary to make payments pursuant to Section 9.01(a), as applicable (as determined by the Collateral Manager using the Applicable
Conversion Rate). 
 (iii) Any Principal Proceeds on deposit in the Collection Account denominated in an Eligible Currency
may be converted by the Collateral Manager into another Eligible Currency on any Business Day (other than a Payment Date) using the Applicable Conversion Rate so long as such conversion does not cause Advances outstanding in any Eligible Currency to
exceed the applicable Borrowing Base for such Eligible Currency immediately after giving effect thereto. The Collateral Manager shall provide no less than one (1) Business Day’s prior written notice to the Administrative Agent and the
Collateral Agent of any such conversion. 
 (iv) If the Collateral Agent receives an instruction to effect any foreign
exchange transactions, or cannot comply with instructions without effecting foreign exchange transactions, the Collateral Agent is authorized to enter into spot foreign exchange transactions (each, an “FX Transaction”) with the
Borrower or the Collateral Manager in connection with the Accounts and may provide such foreign exchange services to the Borrower or the Collateral Manager itself or through any of its Affiliates. The Collateral Agent may convert currency itself or
through any of its Affiliates and, in those cases, the Collateral Agent or, as the case may be, such Affiliate through which currency is converted acts as principal for its own account and not as agent, advisor, broker or

  
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fiduciary on behalf of any other person and may earn revenue, including, without limitation, transaction spreads and sales margin, that it will retain for its own account. Any such earned revenue
may be based on, among other things, the difference between the exchange rate assigned to the FX Transaction made under this Agreement and the rate that the Collateral Agent or any of its Affiliates receives when buying or selling foreign currency
for its own account. The Collateral Agent or such Affiliate makes no representation that the exchange rate used or obtained for any FX Transaction under this Agreement will be the most favorable rate that could be obtained at the time or as to the
method by which that rate will be determined. The Collateral Agent or its Affiliate, as applicable, may establish rules or limitations concerning any foreign exchange facility made available to the Borrower. Any such FX Transactions will be subject
to terms and conditions (the “FX Terms”) separately disclosed. In addition, the Collateral Agent may transmit any FX Transaction to a sub-custodian or depository or as otherwise agreed between the Borrower and the Collateral Agent.
In such cases, the relevant FX Transaction may not be processed and priced as described in the applicable FX Terms. 
 Section 2.16
Defaulting Lenders 
 (a) Adjustments. 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 pursuant to Section 2.16(b), 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 Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 12.01. 

(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 Article IX or otherwise) 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, as the Borrower may request (so long as no Event of Default has occurred and is continuing), 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 Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to
be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this Agreement; fourth, to the payment of any amounts owing to the
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 has occurred and is continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; provided that if an Event of Default has occurred and is continuing, such amounts shall be applied to reduce the outstanding Obligations in accordance with the Priority
of Payments; and sixth, to such Defaulting Lender or as otherwise directed by a 

  
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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
until such time as all Advances are held by the Lenders pro rata in accordance with the Commitments hereunder. 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 2.16 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.12(a)
for any period during which that Lender is a Defaulting Lender and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender. 

(b) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative 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, that Lender will, to the extent applicable, purchase at par that portion
of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances Outstanding to be held on a pro rata basis by the Lenders in accordance with their Percentages,
whereupon such 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 the 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. 
 Section 2.17 Right of Setoff 

The Borrower agrees that, in addition to (and without limitation of) any right of set-off that the
Agents or any Lender may otherwise have, after the occurrence and during the continuance of an Event of Default each of the Agents and the Lenders shall be entitled, at its option, to offset amounts owing by the Agents or such Lender, as the case
may be, to the Borrower, in Dollars or in any other currency (irrespective of the place of payment or booking office of the obligation and regardless of whether such amounts are then due to the Borrower), against any amount payable by the Borrower
to the Agents or such Lender, as the case may be, under this Agreement that is not paid when due; 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 2.16 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 and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Agents a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised
such right of setoff. For this purpose, any amount owing by the Agents or any Lender to the Borrower may be converted 

  
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by the Agents or such Lender, as the case may be, into the currency in which the amount payable by the Borrower to the Agents or such Lender, as the case may be, under this Agreement is
denominated at the rate of exchange at which the Agents or such Lender, as the case may be, would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. 

Section 2.18 Lending Offices; Changes Thereto 

Each Lender may at any time or from time to time designate, by written notice to the Administrative Agent to the extent not already reflected
on Schedule 1, one or more domestic or foreign lending offices (which, for this purpose, may include branches or Affiliates of the respective Lender) for the various Advances made by such Lender (including by designating a separate
lending office (or Affiliate) to act as such); provided that, for designations made after the Closing Date to the extent such designation shall result in increased costs under Section 2.09 or additional amounts under
Section 12.03 in excess of those which would be charged in the absence of the designation of a different lending office (including a different Affiliate of the respective Lender), then the Borrower shall not be obligated to pay such
excess increased costs or additional amounts (although the Borrower, in accordance with and pursuant to the other provisions of this Agreement, shall be obligated to pay the costs or additional amounts which would apply in the absence of such
designation and any subsequent increased costs of the type described above resulting from changes after the date of the respective designation). Each lending office and Affiliate of any Lender designated as provided above shall, for all purposes of
this Agreement, be treated in the same manner as the respective Lender (and shall be entitled to all indemnities and similar provisions in respect of its acting as such hereunder) and any designation of a lending office pursuant to this
Section 2.18 shall not affect the obligation of the Borrower to repay any Obligations in accordance with the terms of this Agreement. 

Section 2.19 Recourse Against Certain Parties 

Notwithstanding any other provision of this Agreement, the obligations of the Borrower under this Agreement are limited recourse obligations of
the Borrower (and not any of its Affiliates or any other party) payable solely from the Collateral in accordance with the Priority of Payments and, following realization of the Collateral, and application of the proceeds thereof in accordance with
the Priority of Payments and, subject to Section 2.13, all obligations of and any claims against the Borrower hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse
shall be had against any officer, director, employee, shareholder, member, manager, agent, partner, principal or incorporator of the Borrower or their respective successors or assigns for any amounts payable under this Agreement. It is understood
that the foregoing provisions of this Section 2.19 shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or
(ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Agreement until such Collateral has been realized. It is further understood that the foregoing provisions of this Section 2.19 shall
not limit the right of any Person to name the Borrower as a party defendant in any proceeding or in the exercise of any other remedy under this Agreement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability
shall be asked for or (if obtained) enforced against the Borrower. 

  
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 Section 2.20 Replacement of Lenders. 

(a) Notwithstanding anything to the contrary contained herein, in the event that (i) any Affected Person shall request reimbursement for
amounts owing pursuant to Section 2.09, (ii) the Borrower shall be required to reimburse any Affected Person for any Non-Excluded Taxes or pay any additional amounts to any Affected Person or any Governmental Authority for the
account of any Affected Person pursuant to Section 12.03, (iii) any Lender is a Defaulting Lender (any such Lender under clause (i), (ii) or (iii) above that is not affiliated with the Administrative
Agent, a “Potential Terminated Lender”) or (iv) any Lender does not give or approve any consent, waiver or amendment that requires the approval of all Lenders or all affected Lenders in accordance with the terms hereof and
has been approved by the Required Lenders (such non-consenting Lender, also, a “Potential Terminated Lender”), the Borrower, at its sole expense and effort, shall be permitted, upon written notice to the Administrative Agent
and such Potential Terminated Lender, to require such Potential Terminated Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 12.06), all of
its interests, rights (other than its existing rights to payments pursuant to Sections 2.09 and 12.03) and obligations under this Agreement and the related Facility Documents to an assignee permitted pursuant to
Section 12.06 (a “Replacement Lender”) that shall assume such obligations (which assignee may be another Lender, if such Lender accepts such assignment); provided that: 

(A) such Potential Terminated Lender shall have received payment of an amount equal to the outstanding principal of its
Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Facility Documents (including any amounts under Section 2.10 but subject to Section 2.17) from the Replacement
Lender (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(B) in the case of any such assignment resulting from a claim for compensation under Section 2.09 or 12.03,
such assignment will result in a reduction in such compensation or payments thereafter; 
 (C) such assignment does not
conflict with Applicable Laws; and 
 (D) in the case of an assignment based on clause (iv) above, the
Replacement Lender shall have consented to the applicable amendment, waiver or consent. 
 (b) Each Potential Terminated Lender hereby
agrees to take all actions reasonably necessary, at the sole expense of the Borrower, to permit a Replacement Lender to succeed to its rights and obligations hereunder. Upon the effectiveness of any such assignment to a Replacement Lender,
(i) such Replacement Lender shall become a “Lender” hereunder for all purposes of this Agreement and the other Facility Documents, (ii) the applicable Potential Terminated Lender shall have no further Commitment hereunder (such
Person, a “Terminated Lender”) and (iii) such Replacement Lender shall have a Commitment in the amount not less than the Terminated Lender’s Commitment assumed by it. 

  
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 (c) No Lender shall be required to make any assignment or delegation pursuant to
Section 2.20(a) 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 2.21 Contractual Currency 

To the fullest extent permitted by Applicable Law, if any judgment or order expressed in a currency other than the currency in which a payment
is required by this Agreement is to be made by the Borrower (the “Contractual Currency”) is rendered: 
 (a)
for the payment of any amount owing in respect of this Agreement; or 
 (b) in respect of a judgment or order of another court for the
payment of any amount described in the foregoing clause (a), 
 the recipient of such payment, after recovery in full of the aggregate
amount to which the recipient of such payment is entitled pursuant to the judgment or order, will be entitled to receive promptly from the Borrower the amount of any shortfall of the Contractual Currency received by the recipient of such payment as
a consequence of sums being paid in such other currency if such shortfall arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of
such judgment or order and the rate of exchange at which the recipient of such payment is able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency
with the amount of the currency of the judgment or order actually received by the recipient of such payment. The term “rate of exchange” includes any premiums and costs of exchange payable in connection with the purchase of or conversion
into the Contractual Currency. 
 To the fullest extent permitted by Applicable Law, the obligations in this Section constitute separate and
independent obligations from the other obligations in this Agreement and any related document, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the recipient of such payment and
will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement or any related document. To the extent permitted by Applicable Law, the Borrower hereby waives the right to invoke
any defense of payment impossibility. 
 Section 2.22 Increase in Facility Amount 

(a) So long as no Default or Event of Default has occurred and is continuing, from time to time prior to the Commitment Termination Date the
Borrower may request one or more increases to the Facility Amount (each such increase, a “Facility Increase”) subject to satisfaction of each of the following conditions: 

(i) the Borrower has delivered to the Administrative Agent (with a copy to the Collateral Agent) a written request for such
Facility Increase (which may be by email); 

  
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 (ii) the Borrower has delivered to the Administrative Agent evidence that
the Borrower is authorized to agree to such Facility Increase and all requested opinions in respect of the Borrower; 
 (iii)
the Administrative Agent and each applicable Lender consents to such Facility Increase in their respective sole discretion; 

(iv) each of the representations and warranties of the Borrower contained in the Facility Documents shall be true and correct
in all material respects as of such date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such
earlier date as if made on such date); and 
 (v) the Facility Amount following such Facility Increase will not exceed $750,000,0001,350,000,000
 or such other amount as mutually agreed between the Borrower and the Administrative Agent; provided that the Facility Amount following such Facility Increase shall not exceed $500,000,0001,350,000,000
 unless the Diversity Score is at least 20. 
 (b) On any Business Day, the
Administrative Agent and any Lender may, in their respective sole discretion and at the request of the Borrower, increase the Commitment of such Lender in the amount necessary to cure any breach of the Borrowing Base (Aggregate) resulting from a
change in any Applicable Conversion Rate. 
 ARTICLE III 

CONDITIONS PRECEDENT 

Section 3.01 Conditions Precedent to Closing Date 

The occurrence of the Closing Date and the obligation of each Lender to make any Advance hereunder on the Closing Date shall be subject to the
conditions precedent that the Administrative Agent shall have received on or before the Closing Date the following, each in form and substance reasonably satisfactory to the Administrative Agent, or, as applicable, the events set forth below shall
have occurred (or such applicable conditions precedent have been waived by the Administrative Agent): 
 (a) each of the Facility Documents
(other than the Collateral Administration and Agency Fee Letter) duly executed and delivered by the parties thereto, which shall each be in full force and effect; 

(b) true and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations and
Governmental Filings, if any, required in connection with the transactions contemplated by this Agreement and the other Facility Documents; 

  
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 (c) each of the representations and warranties of the Borrower, the Collateral Manager and
the Equityholder contained in the Facility Documents shall be true and correct as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties
shall be true and correct as of such earlier date); 
 (d) one or more certificates of a Responsible Officer of each of the Borrower, the
Equityholder and the Collateral Manager certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its general partner, board of directors or board of managers or members approving this Agreement and the
other Facility Documents to which it is a party and the transactions contemplated hereby and thereby, (iii) that each of such Person’s representations and warranties made by such Person in the Facility Documents to which it is a party are
true and correct as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct as of such earlier date),
(iv) that no Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party; 

(e) proper financing statements, in acceptable form for filing on the Closing Date, under the UCC with the Secretary of State of the State of
Delaware and any other applicable filing office in any applicable jurisdiction that the Administrative Agent deems reasonably necessary or desirable in order to perfect the interests in the Collateral contemplated by this Agreement and such further
instruments and such further actions that the Administrative Agent deems reasonably necessary or desirable in order to perfect the Collateral Agent’s first-priority security interest in the Collateral;

 (f) legal opinions (addressed to each of the Secured Parties) of (i) counsel to the Borrower, the Collateral Manager and the
Equityholder, covering customary corporate matters (including opinions regarding no conflict with covered Laws and non-contravention with organizational documents and the status of the Borrower under the
Investment Company Act), substantive non-consolidation of the Borrower with the Equityholder, the true sale nature of any transfers to the Borrower of Collateral
LoansAssets
 from the Equityholder, perfection of the Collateral Agent’s security interest in the Collateral and such other matters as the Administrative Agent and its counsel shall reasonably request and
(ii) counsel to the Collateral Administrator, the Collateral Agent and the Custodian, covering corporate and enforceability matters, and such other matters as the Administrative Agent and its counsel shall reasonably request; 

(g) reserved; 
 (h) all of the
Covered Accounts shall have been established and shall be subject to the Account Control Agreement; 
 (i) evidence reasonably satisfactory
to it that (i) all fees and expenses due and owing to the Administrative Agent on or prior to the Closing Date have been received or will be received contemporaneously with the Closing Date; and (ii) the reasonable and documented fees and
expenses of counsel to the Administrative Agent and the Lenders, and of counsel to the Custodian, the Collateral Agent, the Securities Intermediary and the Collateral Administrator in connection with the transactions contemplated hereby, shall have
been paid by the Borrower; 

  
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 (j) evidence reasonably satisfactory to it that an amount equal to the Unfunded Reserve
Required Amount with respect to the Collateral
LoansAssets
 to be acquired on the Closing Date shall have been deposited into the Unfunded Reserve Account; 

(k) a solvency certificate reasonably satisfactory to it from an authorized signatory of the Borrower and the Equityholder; 

(l) with respect to any Advance to be made on the Closing Date, the Lenders and the Administrative Agent shall have received a Notice of
Borrowing with respect to such Advance demonstrating that immediately after the making of such initial Advance, the Borrowing Base Test shall be satisfied; 

(m) the Borrower shall have instructed all Obligors or, if applicable, the administrative agents, on the Collateral LoansAssets (or, in the case of Participation Interests, the related seller of such Participation Interest) that all payments shall be made directly to the Collection Account and all Collections received by the Borrower or
its Affiliates with respect to the Collateral shall be held in trust for the benefit of the Collateral Agent on behalf of the Secured Parties; and 

(n) sufficiently in advance of the Closing Date, (x) all documentation and other information required by bank regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and (y) if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a
Beneficial Ownership Certification in relation to the Borrower. 
 Section 3.02 Conditions Precedent to Subsequent Advances 

The obligation of each Lender to make each Advance to be made by it (other than any initial Advance on the Closing Date) on each Borrowing Date
shall be subject to the fulfillment (or waiver by the Required Lenders) of the following conditions; provided that the conditions described in clauses (c) and (d) (other than a Default or Event of Default described in
Section 6.01(h)) below need not be satisfied if the proceeds of the Borrowing are used to fund Delayed Drawdown Collateral LoansAssets or Revolving Collateral LoansAssets then owned by the Borrower or to fund the Unfunded Reserve Account to the extent required under Section 8.05: 

(a) the Lenders and the Administrative Agent shall have received a Notice of Borrowing with respect to such Advance (including the Borrowing
Base Calculation Statement attached thereto, all duly completed) delivered in accordance with Section 2.02; 
 (b) with respect
to any Borrowing Date occurring after the end of the Ramp-Up Period, immediately after the making of such Advance on the applicable Borrowing Date, each Collateral Quality Test shall be satisfied (or, if any such Collateral Quality Test was not
satisfied immediately before the making of such Advance, such Collateral Quality Test is maintained or improved) (as demonstrated on the Borrowing Base Calculation Statement attached to such Notice of Borrowing); 

  
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 (c) each of the representations and warranties of the Borrower, the Collateral Manager and
the Equityholder contained in the Facility Documents shall be true and correct in all material respects as of such Borrowing Date (except to the extent (x) such representations and warranties expressly relate to any earlier date, in which case
such representations and warranties shall be true and correct in all material respects as of such earlier date as if made on such date and (y) such representations and warranties are already qualified as to materiality or similar, in which case
such representations and warranties shall be true and correct in all respects); 
 (d) no Default or Event of Default shall have occurred
and be continuing at the time of the making of such Advance or shall result upon the making of such Advance; 
 (e) after the making of such
Advance and the deposit of any portion thereof into the Unfunded Reserve Account, the amount on deposit therein is at least equal to the Unfunded Reserve Required Amount; 

(f) if the proceeds of the Advance will be used to acquire a Collateral LoanAsset, such Advance shall be denominated in the same Eligible Currency as such Collateral LoanAsset; and 

(g) immediately after the making of such Advance on the applicable Borrowing Date, (i) the Borrowing Base Test is satisfied and
(ii) if such Advance is denominated in CAD, EUR or GBP, then the Advances Outstanding in the applicable Eligible Currency do not exceed the applicable Borrowing Base for such Eligible Currency. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.01 Representations and Warranties of the Borrower 

The Borrower represents and warrants to each of the Secured Parties on and as of each Measurement Date and each other date expressly provided
under this Agreement or the other Facility Documents on which such representations and warranties are required to be (or deemed to be) made, as follows: 

(a) Due Organization; Power and Authority. The Borrower is a limited liability company duly formed under the laws of its jurisdiction
of organization, with full power and authority to own and operate its assets and properties and to conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility
Documents to which it is a party. 
 (b) Due Qualification and Good Standing. The Borrower is validly existing and in good standing
under the Laws of its jurisdiction of organization. The Borrower is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the
performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing would not reasonably
be expected to have a Material Adverse Effect. 

  
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 (c) Due Authorization; Execution and Delivery; Legal, Valid and Binding;
Enforceability. The execution and delivery by the Borrower of, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its
powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in
equity or at law. 
 (d) Non-Contravention. None of the execution and delivery by the
Borrower of this Agreement or the other Facility Documents to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms,
conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law in all
material respects, (B) any material indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree
binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of, constitute a default under, or permit the acceleration of any obligation or liability in, any material contractual obligation or any
material agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates). 

(e) Governmental Authorizations; Private Authorizations; Governmental Filings. The Borrower has obtained, maintained and kept in full
force and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and has
made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this
Agreement and the performance by the Borrower of its obligations under this Agreement and the other Facility Documents to which it is a party, other than such filings to be made in connection with the execution and delivery of the Facility
Documents, and no material Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made is required to be obtained or made by it in connection with the execution and delivery by it of any Facility
Document to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement or the performance of its obligations under this Agreement and the other Facility Documents to
which it is a party. 
 (f) Compliance with Agreements, Laws, Etc. The Borrower has duly observed and complied with all Applicable
Laws relating to the conduct of its business and its assets, except where the failure to so observe or comply would not reasonably be expected to have a Material Adverse Effect. The Borrower has preserved and kept in full force and effect its legal
existence. The Borrower has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

  
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 (g) Location. The Borrower’s office in which the Borrower maintains its
corporate books and records is located at the address for notices to the Borrower as set forth on Schedule 6 (as such location may change from time to time as notified to the Administrative Agent in accordance with
Section 12.02). 
 (h) Investment Company Act. Neither the Borrower nor the pool of Collateral is required to register as
an “investment company” under the Investment Company Act. 
 (i) Reserved. 

(j) Taxes. The Borrower has filed all U.S. federal income Tax returns and all other material Tax returns which are required to be filed
by it, if any, and has paid all U.S. federal income Taxes and all other material Taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received by any such Person other than any such taxes, assessments or charges
that are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with GAAP have been established. 

(k) Tax Status. For U.S. federal income tax purposes, the Borrower is disregarded as an entity separate from its sole owner for U.S.
federal income tax purposes, the Equityholder, within the meaning of Treasury Regulation Section 301.7701-3. The Equityholder is a United States Person within the meaning of Section 7701(a)(30) of
the Code. 
 (l) ERISA. Except as would not constitute a Material Adverse Effect, neither (i) the Borrower nor (ii) any
member of its ERISA Group has, or during the past five years had, any liability or obligation with respect to any Plan or Multiemployer Plan. 

(m) Plan Assets. The assets of the Borrower are not and, during the term of this Agreement and any transaction hereunder, will not be
treated as “plan assets” for purposes of Section 3(42) of ERISA and the Collateral is not and, during the term of this Agreement and any transaction hereunder, will not be deemed to be “plan assets” for purposes of
Section 3(42) of ERISA. 
 (n) Solvency. After giving effect to each Advance hereunder, and the disbursement of the proceeds of
such Advance, the Borrower is and will be Solvent. 
 (o) Material Adverse Effect. Since its date of formation, no event or condition
has occurred with respect to the Borrower that constitutes a Material Adverse Effect. 
 (p) Special Purpose Provision. The Borrower
has complied in all material respects with (i) its Constituent Documents and the activities described in Section 5.05 hereof and (ii) each of the representations and warranties contained in the True Sale / Non-Consolidation
Opinion in respect of the Borrower and the Equityholder delivered by Dechert LLP on the Closing Date. 

  
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 (q) Exchange Act Compliance; Regulations T, U and X; Margin Regulations. None of the
transactions contemplated herein or in the other Facility Documents (including, without limitation, the use of the proceeds from the transfer of the Collateral) will violate or result in a violation of Regulations T, U and X of the Board of
Governors of the Federal Reserve System. The Borrower does not own or intend to carry or purchase, and no proceeds from the Advances will be used to carry or purchase, any “margin stock” within the meaning of Regulation U or to extend
“purpose credit” within the meaning of Regulation U. 
 (r) No Proceedings. There are no proceedings or investigations
pending or, to the knowledge of any Responsible Officer of the Borrower, threatened against it, before any Governmental Authority having jurisdiction over it or its properties (i) asserting the invalidity of any of the Facility Documents,
(ii) seeking to prevent the making of the Advances or the consummation of any of the transactions contemplated by the Facility Documents or (iii) that would reasonably be expected to have a Material Adverse Effect. 

(s) 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, and the execution, delivery and performance of this Agreement and the other Facility Documents, 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. 
 (t) Indebtedness. The Borrower has no indebtedness for
borrowed money (including obligations in respect of any derivatives or hedges), secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (a) indebtedness incurred under the terms of the Facility Documents,
(b) indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Facility Documents; and (c) any commitment arising in the ordinary course of
business to make a future investment or fund subsequent draws under Revolving Collateral LoansAssets or Delayed Drawdown Collateral LoansAssets. 
 (u) Collections. The Borrower acknowledges that (a) except in connection with a
Participation Interest (to the extent permitted hereunder and only while pending elevation to full assignment) all Obligors (and any related agents) have been directed to make all payments directly to the Collection Account and (b) 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 appropriate
Collection Account in accordance with this Agreement. 
 (v) Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws. Neither
the Borrower nor any of its Subsidiaries is a Sanctioned Person, or to its knowledge, is under investigation for an alleged breach of Sanctions by a Governmental Authority that enforces Sanctions. The Borrower and its Subsidiaries are in compliance
with Anti-Corruption Laws and Anti-Money Laundering Laws. The Borrower will notify the Lenders, the Collateral Agent and Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of this
Section 4.01(v). 
 (w) Reserved. 

  
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 (x) No Fraud. To the actual knowledge of any Responsible Officer of the Borrower,
each Collateral
LoanAsset was originated without any fraud or material misrepresentation on the part of any party thereto. 

(y) Broker/Dealer. The Borrower is not a broker/dealer or subject to the Securities Investor Protection Act of 1970. 

(z) Ordinary Course. Each repayment of principal or interest in respect of the Advances under this Agreement shall be (x) in
payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (y) made in the ordinary course of business or financial affairs of the Borrower. 

(aa) Beneficial Ownership Certification. As of the Closing Date, to the extent required to be delivered pursuant to
Section 3.01(n), the information included in the Beneficial Ownership Certification is true and correct in all respects. 

Section 4.02 Additional Representations and Warranties of the Borrower 

The Borrower represents and warrants to each of the Secured Parties on and as of each Measurement Date and each other date expressly provided
under this Agreement or the other Facility Documents on which such representations and warranties are required to be (or deemed to be) made, as follows: 

(a) Information. 

(i) Each Notice of Borrowing, each Monthly Report, each Borrowing Base Calculation Statement and all other written information,
reports, certificates and statements furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby (in each case,
excluding financial projections, pro forma financial information and other forward-looking information), in each case, is true, complete and correct in all material respects (or, with respect to information of a general economic or general industry
nature or information received from an Obligor or other third party, is true and correct in all material respects to the knowledge of the Borrower or the Collateral Manager) as of the date such information is stated or certified, in each case, after
giving effect to all written updates provided by the Borrower or on its behalf to any such Secured Party. 
 (ii) With
respect to any written information relating to financial projections, pro forma financial information other forward-looking information that has been delivered by or on behalf of the Borrower to any Secured Party, the Borrower represents only that
such information represents the Borrower’s good faith estimates as of the date of preparation thereof, based upon assumptions the Borrower and, if applicable, the Collateral Manager believed to be reasonable and accurate at the time made, it
being recognized by the Secured Parties that such projections are as to future events and are not to be viewed as facts, the projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower
and any of its Affiliates, that no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by such projections may differ from such projections and such differences may be
material. 

  
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 (iii) All Collateral LoansAssets included as Eligible Collateral LoansAssets in the most recent calculation of the Borrowing Base Test
required to be determined hereunder were Eligible Collateral
LoansAssets
 as of the date of such calculation and any other information contained in each Notice of Borrowing is an accurate and complete listing of all the Collateral LoansAssets contained in the Collateral as of the related date such Collateral LoanAsset was included in the Collateral and the information contained
therein with respect to the identity of such item of Collateral and the amounts owing thereunder is true, complete and correct as of the related date such Collateral
LoanAsset
 was included in the Collateral. 
 (b) Representations Relating to the Collateral.

 (i) The Borrower owns and has good and marketable and the beneficial title to all Collateral LoansAssets and other Collateral free and clear of any Lien in favor of any Person, other than Permitted Liens; 

(ii) the Borrower has acquired its ownership in the Collateral LoansAssets and other Collateral in good faith without notice of any Lien, other than Permitted Liens; 

(iii) other than Permitted Liens, the Borrower has not pledged, assigned or sold (except as otherwise permitted under the
Facility Documents), granted a security interest in, or otherwise conveyed (except as otherwise permitted under the Facility Documents) any of the Collateral; 

(iv) the Borrower has full right to grant a security interest in and assign and pledge the Collateral to the Collateral Agent
for the benefit of the Secured Parties (and has duly authorized such grant by all necessary action and the execution, delivery and performance of this Agreement and the other Facility Documents to which it is a party have been duly authorized by it
by all necessary action); 
 (v) other than the security interest granted to the Collateral Agent for the benefit of the
Secured Parties pursuant to this Agreement or as expressly permitted hereunder, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral; the Borrower has not authorized the filing of
and is not aware of any effective financing statements or any equivalent filing in any applicable jurisdiction against the Borrower that include a description of collateral covering the Collateral other than any financing statement or any equivalent
filing in any applicable jurisdiction relating to the security interest granted to the Collateral Agent hereunder, and the Borrower is not aware of any judgment, PBGC liens or Tax lien filings against the Borrower or any of its assets; 

(vi) the Collateral constitutes Money, Cash, accounts (as defined in
Section 9-102(a)(2) of the UCC), Instruments, general intangibles (as defined in Section 9-102(a)(42) of the UCC), Uncertificated Securities, Certificated
Securities, “securities accounts” under Section 8-501(a) of the UCC, “deposit accounts” (as defined in Section 9-102 of the UCC) or security entitlements to financial assets resulting from the crediting of financial
assets to a “securities account” (as defined in Section 8-501(a) of the UCC) or supporting obligations; 

  
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 (vii) all Covered Accounts constitute “securities accounts” under Section 8-501(a) of the UCC or “deposit accounts” as defined in Section 9-102 of the UCC; 

(viii) this Agreement creates a valid, continuing and, upon Delivery of Collateral, execution of the Account Control Agreement
and filing of the financing statements referenced in clause (xi) below, perfected security interest (as defined in Section 1-201(35) of the UCC) in the Collateral in favor of the Collateral
Agent, for the benefit and security of the Secured Parties, which security interest is prior to all other Liens and claims (other than Permitted Liens) and is enforceable as such against creditors of and purchasers from the Borrower, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in
equity or at law; 
 (ix) the Borrower has received all consents and approvals required by the terms of the Related Documents
in respect of such Collateral to the pledge hereunder to the Collateral Agent of its interest and rights in such Collateral; 

(x) with respect to the Collateral that constitutes Security Entitlements: 

(A) all such Collateral has been and will have been credited to the applicable Covered Account; 

(B) the Securities Intermediary for each Covered Account has agreed to treat all assets credited to the Covered Accounts as
Financial Assets; and 
 (C) either (x) the Borrower has caused or will have caused, on or prior to the Closing Date,
the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral granted to the Collateral Agent, for the benefit and
security of the Secured Parties, hereunder (which the Borrower hereby agrees may be an “all asset” filing) or (y)(A) the Borrower has delivered to the Collateral Agent a fully executed Account Control Agreement pursuant to which the
Securities Intermediary has agreed to comply with all instructions originated by the Collateral Agent relating to the Covered Accounts without further consent of the Borrower or (B) the Borrower has taken all steps necessary to cause the
Securities Intermediary to identify in its records the Collateral Agent as the Person having a Security Entitlement against the Securities Intermediary in each of the Covered Accounts; and 

(xi) with respect to Collateral that constitutes accounts or general intangibles, the Borrower has caused or will have caused,
on or prior to the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral granted to the
Collateral Agent, for the benefit and security of the Secured Parties, hereunder. 

  
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 (c) Value Given. The Borrower has acquired each Collateral LoanAsset in the ordinary course of its business and has given fair consideration and reasonably equivalent value to the seller of each Collateral LoanAsset in exchange for the purchase or contribution of each such Collateral LoanAsset. No such transfer has been made for or on account of an antecedent
debt owed by the Borrower to such seller and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. 

Section 4.03 Representations and Warranties of the Equityholder and the Collateral Manager 

The Collateral Manager and the Equityholder, as applicable, each represents and warrants to each of the Secured Parties on and as of each
Measurement Date and as of each other date expressly provided under this Agreement or the other Facility Documents on which such representations and warranties are required to be (or deemed to be) made, as follows: 

(a) Due Organization. The Collateral Manager is a statutory trust, duly organized and validly existing under the laws of its
jurisdiction of formation, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility
Documents to which it is a party. The Equityholder is a statutory trust, duly formed and validly existing under the laws of its jurisdiction of formation, with full power and authority to own and operate its assets and properties, conduct the
business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party. 

(b) Due Qualification and Good Standing. Each of the Collateral Manager and the Equityholder is in good standing in its jurisdiction of
formation. Each of the Collateral Manager and the Equityholder is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the
performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing would not reasonably
be expected to have a Material Adverse Effect. 
 (c) Due Authorization; Execution and Delivery; Legal, Valid and Binding;
Enforceability. The execution and delivery by it, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby, are within its powers and
have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in
equity or at law. 

  
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 (d) Non-Contravention. None of the execution
and delivery by it of this Agreement or the other Facility Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will
(i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law, (B) any indenture, agreement or other contractual
restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a
breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to
which any such obligation, agreement or document relates), except in the case of clause (ii) or (iii) above, where such conflicts, breaches, violations or defaults would not reasonably be expected to have a Material Adverse
Effect. 
 (e) Governmental Authorizations; Private Authorizations; Governmental Filings. It has obtained, maintained and kept in
full force and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and
made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party, other than financing statements and other perfection matters to be effected in connection with the execution and
delivery of the Facility Documents, and the performance by it of its obligations under this Agreement and the other Facility Documents to which it is a party, and no material Governmental Authorization, Private Authorization or Governmental Filing
which has not been obtained or made is required to be obtained or made by it in connection with the execution and delivery by it of any Facility Document to which it is a party or the performance of its obligations under this Agreement and the other
Facility Documents to which it is a party. 
 (f) Taxes. It has filed all U.S. federal income tax returns and all other material tax
returns which are required to be filed by it, if any, and has paid all U.S. federal income taxes and all other material taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received by any such Person, other than
(x) any such taxes, assessments or charges that are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with GAAP have been established or (y) any such failure that would not reasonably
be expected to have a Material Adverse Effect. 
 (g) Compliance with Laws, Etc. It has duly observed and complied with all
Applicable Laws relating to the conduct of its business and its assets, except where the failure to so observe or comply would not reasonably be expected to have a Material Adverse Effect. It has preserved and kept in full force and effect its legal
existence. It has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

(h) Eligibility. To its actual knowledge, each Collateral
LoanAsset included in a Monthly Report or a Borrowing Base Calculation Statement required to be delivered by it under this Agreement as an Eligible Collateral LoanAsset was, in fact, an Eligible Collateral LoanAsset at such time. 

  
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 (i) Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws. Neither it nor
any of its parents or Subsidiaries is a Sanctioned Person or, to its actual knowledge, is under investigation for an alleged breach of Sanctions by a Governmental Authority that enforces Sanctions. It is in compliance with Anti-Corruption Laws and
Anti-Money Laundering Laws. 
 Section 4.04 Representations and Warranties of the Collateral Agent, the Custodian and the Collateral
Administrator 
 Each of the Collateral Agent, the Custodian and the Collateral Administrator represents and warrants in its individual
capacity and as Collateral Agent, Custodian or Collateral Administrator, as applicable, as follows (and any successor Collateral Agent, Custodian or Collateral Administrator appointed in accordance with this Agreement represents and warrants as
follows in its individual capacity and as Collateral Agent, Custodian or Collateral Administrator, as applicable): 
 (a) Organization
and Corporate Power. It is a duly organized and validly existing national banking association in good standing under the Laws of the United States. It has full power, authority and legal right to execute, deliver and perform its obligations as
Collateral Agent, Custodian or Collateral Administrator, as applicable, under this Agreement. 
 (b) Due Authorization. The execution
and delivery of this Agreement and the consummation of the transactions provided for herein have been duly authorized by all necessary action on its part, either in its individual capacity or as Collateral Agent, Custodian or Collateral
Administrator, as the case may be. 
 (c) No Conflict. The execution and delivery of this Agreement, the performance of the
transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, result in any breach of any of the material terms and provisions of or constitute (with or without notice or lapse of time or both) a default under any
indenture, contract, agreement, mortgage, deed of trust, or other instrument to which it is a party or by which it or any of its property is bound. 

(d) No Violation. Its execution and delivery of this Agreement, its performance of the transactions contemplated hereby and the
fulfillment of the terms hereof will not conflict with or violate, in any material respect, any Applicable Law. 
 (e) All Consents
Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority applicable to the Collateral Agent, the Custodian or the Collateral Administrator required in connection with the execution and
delivery of this Agreement, the performance by the Collateral Agent, the Custodian or the Collateral Administrator, as applicable, of the transactions contemplated hereby and the fulfillment by the Collateral Agent, the Custodian or the Collateral
Administrator, as applicable, of the terms hereof have been obtained. 
 (f) Validity, etc. This Agreement constitutes the legal,
valid and binding obligation of the Collateral Agent, the Custodian or the Collateral Administrator, as applicable, 

  
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enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable insolvency, bankruptcy, reorganization, moratorium or other similar Laws or general
principles of equity (whether considered in a suit at law or in equity). 
 ARTICLE V 

COVENANTS 

Section 5.01 Affirmative Covenants of the Borrower 

The Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations have been Paid in
Full): 
 (a) Compliance with Agreements, Laws, Etc. It shall (i) duly observe and comply in all material respects with all
Applicable Laws relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and
franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document to which it is a party, its Constituent Documents and,
except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, each Related Document to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations,
Private Authorizations and Governmental Filings which are necessary or appropriate to properly carry out its business and the transactions contemplated to be performed by it under the Facility Documents to which it is a party, its Constituent
Documents and the Related Documents to which it is a party. 
 (b) Enforcement. 

(i) It shall not take any action that would release any Obligor from any of such Obligor’s covenants or obligations under
any instrument or agreement included in the Collateral, except in the case of (A) repayment of Collateral LoansAssets, (B) subject to the terms of this Agreement,
(1) amendments, consents, waivers and other modifications of Collateral LoansAssets in accordance with the Collateral Management Standard and
(2) actions taken in connection with the work out or restructuring of any Collateral LoanAsset in accordance with the provisions hereof, and (C) other
actions by the Collateral Manager required hereby or otherwise to the extent not prohibited by, or in conflict with, this Agreement. 

(ii) It will not, without the prior written consent of the Administrative Agent and the Required Lenders, contract with other
Persons (other than the Collateral Manager and the Collateral Administrator) for the performance of actions and obligations to be performed by the Borrower or the Collateral Manager hereunder. Notwithstanding any such arrangement, the Borrower shall
remain primarily liable with respect to any such obligations. 
 (c) Further Assurances. It shall promptly upon the reasonable
request of the Required Lenders (through the Administrative Agent), at the Borrower’s expense, execute and 

  
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deliver such further instruments and take such further action in order to maintain and protect the Collateral Agent’s first-priority perfected
security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties free and clear of any Liens (other than Permitted Liens). At the reasonable request of the Required Lenders (through the Administrative Agent), the
Borrower shall promptly take, at the Borrower’s expense, such further action in order to establish and protect the rights, interests and remedies created or intended to be created under this Agreement in favor of the Secured Parties in the
Collateral, including all actions which are necessary to (x) enable the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry
out the terms of, the Facility Documents. 
 (d) Financial Statements; Other Information. It (or the Collateral Manager on its
behalf) shall provide to the Administrative Agent: 
 (i) within 120 days (or such longer period permitted pursuant to any
orders, declarations, laws, regulations or letters issued by the SEC or any other government or regulatory authority) after the end of each fiscal year of the Equityholder (commencing with the fiscal year ending 2022), an annual report of the
Equityholder and its Subsidiaries, on a consolidated basis, containing an audited consolidated statement of assets and liabilities as of the end of such fiscal year, and audited consolidated statements of operations, changes in net assets and cash
flows, for the fiscal year then ended, prepared in accordance with GAAP, each reported on by independent public accountants of recognized national standing; provided, that the financial statements required to be delivered pursuant to this
clause (i) which are made available via EDGAR, or any successor system of the SEC, in the Equityholder’s annual report on Form 10-K, shall be deemed delivered to the Administrative Agent on the date
such documents are made so available; 
 (ii) within 60 days (or such longer period permitted pursuant to any orders,
declarations, laws, regulations or letters issued by the SEC or any other government or regulatory authority) after the end of each of the first three quarters of each fiscal year of the Equityholder, an unaudited financial report of the
Equityholder and its Subsidiaries, on a consolidated basis, containing a consolidated statement of assets and liabilities, consolidated statements of operations, changes in net assets, and cash flows, and a condensed schedule of investments
regarding the Equityholder’s investments, in each case for the period then ended, all certified by one of its senior financial officers as presenting fairly in all material respects the financial condition and results of operations of the
Equityholder and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; provided,
that the financial statements required to be delivered pursuant to this clause (ii) which are made available via EDGAR, or any successor system of the SEC, in the Equityholder’s quarterly report on Form 10-Q, shall be deemed delivered to
the Administrative Agent on the date such documents are made so available; 
 (iii) within five (5) Business Days after
a Responsible Officer of the Borrower obtains actual knowledge of the occurrence and continuance of any (A) Default (provided that if such Default is subsequently cured within the time periods set forth herein, the failure to provide notice of
such Default shall not itself result in an Event of Default hereunder), 

  
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or (B) Event of Default, a certificate of a Responsible Officer of the Borrower setting forth the details thereof and the action which the Borrower or the Collateral Manager is taking or
proposes to take with respect thereto; 
 (iv) to the extent reasonably requested by the Administrative Agent and actually
available to the Collateral Manager (on behalf of the Borrower) pursuant to the Related Documents, on or prior to the related Acquisition Date, audited financial statements of the related Obligor for the three (3) year period most recently
ended prior to such Acquisition Date with respect to the related Obligor; 
 (v) solely with respect to any Private Credit
Loan or Middle Market Loan, (A) copies of the underwriting and credit memos prepared by the Collateral Manager with respect to such Collateral
LoanAsset on or prior to the related Acquisition Date, and copies of any updates or amendments thereto, within ten (10) Business Days after such updates or amendments become available; (B) each quarterly and
annual financial reporting package received by the Borrower with respect to such Obligor and with respect to each Collateral LoanAsset (including any financial statements, management discussion and
analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect to each Collateral
LoanAsset
), which delivery shall be made within twelve (12) Business Days after receipt by a Responsible Officer of the Borrower or the Collateral Manager (on behalf of the Borrower) as specified in the Related
Documents and (C) the quarterly portfolio summary and quarterly internal valuations prepared by the Collateral Manager with respect to each Collateral
LoanAsset
 and Obligor, which delivery shall be made within thirty (30) days after the approval thereof by the Collateral Manager; 

(vi) solely if reasonably requested by the Administrative Agent and to the extent reasonably available to the Borrower or the
Collateral Manager (A) each Obligor’s (1) legal name and address, (2) jurisdiction, (3) tax identification number, (4) audited financial statements delivered under clause (iv) above and unaudited interim
financial statements for the most recent fiscal year, (5) any internal credit memos produced by the Collateral Manager and (6) company forecasts including plans related to capital expenditures and (B) to the extent not otherwise
included in clause (A) above, each Obligor’s (1) business model, company strategy and names of known peers, (2) shareholding pattern and details of the management team and (3) debt maturity schedule and any banking
facility details with respect to other facilities; 
 (vii) to the extent reasonably available to the Collateral Manager (on
behalf of the Borrower) pursuant to the Related Documents, copies of any (x) in the case of any Middle Market Loan, any amendment, restatement. supplement, waiver or other modification to the Related Documents determined to be material by the
Collateral Manager in accordance with the Collateral Management Standard or (y) in the case of any Broadly Syndicated Loan, any amendment, restatement. supplement, waiver or other modification to the Related Documents constituting a Material
Modification, in each case within ten (10) Business Days following the effectiveness of such amendment, restatement, supplement, waiver or other modification; 

  
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 (viii) together with each Monthly Report delivered in accordance with
Section 8.09, a Borrowing Base Calculation Statement; 
 (ix) such other information as any Lender may reasonably
require for regulatory purposes relating to the Collateral
LoansAssets
 or the transactions contemplated hereby and so notified in writing to the Borrower and the Collateral Manager; provided that such information is in the possession of the Borrower or the Collateral Manager,
as applicable, or reasonably obtainable thereby without undue burden or expense and not subject to any applicable confidentiality restrictions prohibiting such disclosure to the Administrative Agent; 

(x) promptly after written request therefor, such additional information regarding the Borrower’s financial position or
business and the Collateral (including reasonably detailed calculations of compliance or noncompliance with the Borrowing Base Test, the Collateral Quality Test or any Concentration Limitation) as the Required Lenders (through the Administrative
Agent) may reasonably request, it being understood that this clause (x) shall not be construed to require the Borrower to deliver a Borrowing Base Calculation Statement on any date not otherwise expressly required hereunder; 

(xi) promptly after a Responsible Officer of the Borrower, the Equityholder, or the Collateral Manager obtains actual knowledge
thereof, notice of any action, suit, proceeding, dispute, offset, deduction, defense or counterclaim with respect to (x) the Borrower, the Equityholder, or the Collateral Manager or (y) any Collateral that would reasonably be expected to
have a Material Adverse Effect; 
 (xii) promptly after a Responsible Officer of the Borrower, the Equityholder, or the
Collateral Manager obtains actual knowledge thereof, notice of the occurrence of any ERISA Event and copies of any communications with all Governmental Authorities or any Multiemployer Plan with respect to such ERISA Event that would (or could
reasonably be expected to) result in a Material Adverse Effect; 
 (xiii) promptly after a Responsible Officer of the
Borrower, the Equityholder, or the Collateral Manager obtains actual knowledge thereof, notice of any Asset Value Adjustment Event; and 

(xiv) on each Business Day, a trade blotter, cash flow and position report of the Borrower. 

(e) Access to Records and Documents. It shall permit the Administrative Agent (or any Person designated by the Administrative Agent,
subject to delivery of standard confidentiality agreements) to, upon reasonable advance notice and during normal business hours, visit and inspect and make copies thereof at reasonable intervals (i) its books, records and accounts relating to
its business, financial condition, operations, assets and its performance under the Facility Documents and the Related Documents and to discuss the foregoing with its and such Person’s officers, partners, employees and accountants, and
(ii) all of its Related Documents, in each case as often as the Administrative Agent may reasonably request; provided that so long as no Event of Default has occurred and is continuing, the Borrower shall be responsible for all costs

  
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and expenses for only one such visit per fiscal year by the Administrative Agent or its designees; provided, further, that an officer or employee of the Borrower or the Collateral
Manager shall have the opportunity to be present at any discussion between the Administrative Agent, any Lender or any other Person designated by the Administrative Agent, on the one hand, and the Borrower’s accountants, on the other hand. The
Administrative Agent shall provide two (2) Business Days’ prior notice to the Borrower and the Lenders of any such visit and any Lender shall be permitted to accompany the Administrative Agent in such visit. 

(f) Use of Proceeds. It shall use the proceeds of each Advance made hereunder solely: 

(i) to fund or pay the purchase price of Eligible Collateral LoansAssets or Eligible Investments owned or acquired by the Borrower in accordance with the terms and conditions set forth herein; 

(ii) to fund additional extensions of credit under Delayed Drawdown Collateral LoansAssets and Revolving Collateral
LoansAssets
 held by the Borrower, in each case in accordance with the terms of this Agreement; 

(iii) to fund the Unfunded Reserve Account on or prior to the Commitment Termination Date to the extent the Unfunded Reserve
Account is required to be funded pursuant to Section 8.05 (and the Borrower shall submit a Notice of Borrowing for a Borrowing Date falling no more than five and no less than one Business Day prior to the Commitment Termination Date with
a Requested Amount sufficient to fully fund the Unfunded Reserve Account to the extent required under Section 8.05); 

(iv) to make Restricted Payments to the extent permitted by Section 5.02(r); and 

(v) to pay fees and expenses in connection with this Agreement and the other Facility Documents in accordance with the terms
thereof; 
 provided that, Advances denominated in an Eligible Currency (other than Dollars) shall only be used to fund or pay the
purchase price of Eligible Collateral
LoansAssets
 denominated in such Eligible Currency. 
 Without limiting the foregoing, it shall use the
proceeds of each Advance in a manner that does not, directly or indirectly, violate any provision of its Constituent Documents or any Applicable Law, including Regulation T, Regulation U and Regulation X. Further, the Borrower shall not use the
proceeds of any Advance in a manner that would cause such credit extension to become a “covered transaction” as defined in Section 23A of the Federal Reserve Act (12 U.S.C. § 371c) and Regulation W (12 C.F.R. Part 223), including
any transaction where the proceeds of any Advance are used for the benefit of, or transferred to, a Person that the Borrower knows to be an “affiliate” (as defined in Regulation W) of a Lender. 

(g) Information and Reports. Each Notice of Borrowing, each Monthly Report, each Borrowing Base Calculation Statement and all other
written information, reports, certificates and statements furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated

  
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hereby or thereby (excluding financial projections, pro forma financial information and other forward-looking information, for which the Borrower only represents that such information was
prepared in good faith and upon assumptions believed to be reasonable when so prepared) shall be true, complete and correct in all material respects as of the date such information is stated or certified (or, with respect to information of a general
economic or general industry nature or information received from an Obligor or other third party not under the direction of the Borrower, the Collateral Manager or an Affiliate thereof, is true and correct in all material respects to the actual
knowledge of the Borrower or the Collateral Manager), in each case after giving effect to all written updates provided by the Borrower or on its behalf to any such Secured Party. 

(h) No Other Business. The Borrower shall not engage in any business or activity other than (i) borrowing Advances pursuant to
this Agreement, funding, acquiring, owning, holding, administering, selling, enforcing, lending, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Collateral LoansAssets, Eligible Investments and the Collateral in connection therewith and entering into the Facility Documents, any applicable Related Documents and any other agreement contemplated by this Agreement and
(ii) other activities that are incidental to the activities specified in clause (i). 
 (i) Tax Matters. 

(i) The Borrower shall (and each Lender hereby agrees to) treat the Advances and any Notes as debt for U.S. federal income tax
purposes and will take no contrary position, unless otherwise required pursuant to a closing agreement with the IRS or a non-appealable judgment of a court of competent jurisdiction. 

(ii) The Borrower shall pay and discharge when due all Taxes imposed on it or on its income or profits or any of its property,
except for any Tax the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained or to the extent the failure to do so would not reasonably be expected to have a Material
Adverse Effect. 
 (iii) For U.S. federal income tax purposes, the Borrower shall (A) treat itself either (1) as a
disregarded entity, for so long as it has a single equity owner for U.S. federal income tax purposes or (2) as a partnership in all other cases and (B) shall not make an election or permit any other action that would cause itself to be
treated as a corporation for U.S. federal income tax purposes. 
 Notwithstanding any contrary agreement or understanding, the Equityholder,
the Borrower, the Agents, the Collateral Administrator, the Custodian, the Securities Intermediary and the Lenders (and each of their respective employees, representatives or other agents) may disclose to any and all Persons, without limitation of
any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax structure. The
foregoing provision shall apply from the beginning of discussions between the parties. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state or
local Law, and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state or local Law. 

  
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 (j) Collections. The Borrower (or the Collateral Manager on its behalf) shall direct
any agent or administrative agent for any Collateral
LoanAsset or in the case of the Participation Interests (to the extent not elevated to a full assignment), the participation sellers, to remit all payments and collections with respect to such Collateral LoanAsset and, if applicable, to direct the Obligor or participation seller with respect to such Collateral LoanAsset to remit all such payments and collections with respect to such
Collateral
LoanAsset
 directly to the Collection Account. The Borrower shall transfer, or cause to be transferred, all Collections to the appropriate Collection Account by the close of business on the Business Day following the
date such Collections are received by the Borrower, the Equityholder, the Collateral Manager or any of their respective Affiliates. 

(k) Priority of Payments. The Borrower shall instruct in writing (or cause the Collateral Manager to instruct in writing) the
Collateral Agent to apply all Interest Proceeds and Principal Proceeds solely in accordance with the Priority of Payments and the other provisions of this Agreement. 

(l) Acquisition of Collateral
LoansAssets
 from the Equityholder. Any acquisition of Collateral LoansAssets by the Borrower from the Equityholder shall be effected pursuant
to the Sale Agreement and subject in all respects to and the terms and conditions set forth therein and Section 10.02(vi). 

(m) Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws. The Borrower and each Person directly or indirectly controlled by
the Borrower shall comply with all applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws and shall maintain policies and procedures (or be subject to policies and procedures maintained by its Affiliates or advisors) reasonably
designed to ensure compliance therewith. The Borrower shall ensure that it does not use any of the proceeds of or fund the repayment of any Advance in violation of Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws. Neither the Borrower
nor any Person directly or indirectly controlling the Borrower shall become a Sanctioned Person. 
 (n) Access to Data Site. The
Borrower shall, or shall cause the Collateral Manager to, (a) maintain the Data Site and (b) grant access to the Data Site to the Administrative Agent, the Collateral Agent, the Custodian, the Collateral Administrator and each Lender or
prospective Lender; provided that the Borrower shall not be required to grant access to the Data Site to any Person that has not agreed to be bound by confidentiality requirements that are consistent with Section 12.09 or are
otherwise satisfactory to the Borrower and the Collateral Manager. The Borrower shall, or shall cause the Collateral Manager to, to the extent posting such information would not result in a breach by the Borrower or the Collateral Manager of its
respective confidentiality obligations, post the Required Loan Documents and the information required to be delivered in accordance with Section 5.01(d)(v) for each Collateral LoanAsset to the Data Site. 
 (o) Delivery of Loan Files. The Borrower shall comply, or cause the
Collateral Manager on behalf of the Borrower to comply, with its obligations under Section 13.03. 

  
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 (p) Beneficial Ownership Regulation. Promptly following any request therefor, if the
Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall deliver to the Administrative Agent information and documentation reasonably requested by the Administrative Agent or any Lender
for purposes of compliance with the Beneficial Ownership Regulation. 
 Section 5.02 Negative Covenants of the Borrower 

The Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations have been Paid in
Full): 
 (a) Restrictive Agreements. It shall not enter into or suffer to exist or permit to become effective any agreement that
prohibits, limits or imposes any condition upon its ability to create, incur, assume or suffer to exist any Lien (other than Permitted Liens) upon any of its property or revenues constituting Collateral, whether now owned or hereafter acquired, to
secure its obligations under the Facility Documents other than this Agreement and the other Facility Documents or to perform its obligations under the Facility Documents to which it is a party. 

(b) Liquidation; Merger; Sale of Collateral. It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger
or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise dispose of any of its assets (other than dispositions permitted under this Agreement), or enter into an agreement or
commitment to do so or enter into or engage in any business with respect to any part of its assets, except as expressly permitted by this Agreement and the other Facility Documents (including in connection with the Payment in Full of the
Obligations). 
 (c) Amendments to Constituent Documents, Etc. Without the consent of the Administrative Agent, it shall not
(i) amend or modify its Constituent Documents, (ii) take any action inconsistent with its Constituent Documents and (iii) amend, modify or waive any non-ministerial term or provision in any Facility Document (other than in accordance
with any provision thereof requiring the consent of the Administrative Agent or all or a specified percentage of the Lenders). 
 (d)
Liens. It shall not create, assume or suffer to exist any Lien on any of its assets now owned or hereafter acquired by it at any time, except for Permitted Liens or as otherwise expressly permitted by this Agreement and the other Facility
Documents. 
 (e) Margin Requirements; Covered Transactions. It shall not (i) extend credit to others for the purpose of buying
or carrying any Margin Stock in such a manner as to violate Regulation T or Regulation U or (ii) use all or any part of the proceeds of any Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any
purpose that violates the provisions of Regulation U or Regulation X. 
 (f) Changes to Filing Information. It shall not change its
name or its jurisdiction of organization from that referred to in Section 4.01(a), unless it gives not less than ten (10) days’ (or such shorter period as the Administrative Agent shall agree) prior written notice to the
Administrative Agent and takes all actions that the Administrative Agent or the Required Lenders (through the Administrative Agent) reasonably request and determine to be necessary to protect and perfect the Collateral Agent’s perfected
security interest in the Collateral. 

  
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 (g) Transactions with Affiliates. It shall not sell, lease or otherwise transfer any
property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, unless such transaction is upon terms no less favorable to the Borrower than it
would obtain in a comparable arm’s-length transaction with a Person that is not an Affiliate (it being agreed that any purchase or sale at par or for fair market value (as determined by the Collateral
Manager) shall be deemed to comply with this provision). The foregoing covenant (i) shall not apply to the execution, delivery and performance of the Facility Documents or the Borrower’s Constituent Documents, (ii) shall not prohibit
the Borrower from making Restricted Payments permitted under Section 5.02(r) and (iii) shall not prohibit the Equityholder from transferring Collateral
LoansAssets
, Cash or other assets to the Borrower in whole or in part as a capital contribution to the Borrower. 

(h) Reserved. 
 (i) No
Claims Against Advances. Subject to Applicable Law, it shall not claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or any other amount) in respect of the Advances or
assert any claim against any present or future Lender, by reason of the payment of any Taxes levied or assessed upon any part of the Collateral. 

(j) Indebtedness; Guarantees; Securities; Other Assets. It shall not incur or assume or guarantee any indebtedness for borrowed money,
or issue any additional securities, whether debt or equity, in each case other than (i) the Obligations pursuant to or as expressly permitted by this Agreement and the other Facility Documents, (ii) pursuant to customary indemnification,
expense reimbursement, funding obligations and similar provisions under the Related Documents, (iii) any commitment arising in the ordinary course of business to make a future investment or fund subsequent draws under Revolving Collateral LoansAssets, Delayed Drawdown Collateral
LoansAssets
 or the unfunded portion of any existing investment or (iv) the issuance of additional Capital Stock to the Equityholder. The Borrower shall not acquire any Collateral LoanAsset other than as expressly permitted hereunder. 
 (k) Validity of this Agreement. It shall
not (i) permit the validity or effectiveness of this Agreement or any grant of Collateral hereunder to be impaired, or permit the Lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person
to be released from any covenant or obligation with respect to this Agreement and (ii) except as permitted by this Agreement, take any action that would permit the Lien of this Agreement not to constitute a valid
first-priority perfected security interest (subject to Permitted Liens) in the Collateral. 
 (l)
Subsidiaries. It shall not have or permit the formation of any Subsidiaries, except in connection with the receipt of equity securities with respect to a Collateral
LoanAsset, Eligible Investments or any exchange offer, work-out or restructuring of a Collateral LoanAsset. 

(m) Name. It shall not conduct business under any name other than its own. 

  
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 (n) Employees. It shall not have any employees (other than any Responsible Officers
and other officers and directors to the extent they are employees). 
 (o) ERISA. Except as would not constitute a Material Adverse
Effect, neither it nor any member of its ERISA Group shall have any liability under any Plan or Multiemployer Plan. 
 (p) Non-Petition. The Borrower shall not be party to any agreements under which it has any material obligation or liability (direct or contingent) without using commercially reasonable efforts to include customary “non-petition” and “limited recourse” provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for loan agreements, related loan
documents, bond indentures and related bond documents, any agreements related to the purchase and sale of any Collateral LoanAsset which contain customary (as determined by the Collateral Manager)
purchase or sale terms or which are documented using customary (as determined by the Collateral Manager) loan trading documentation, customary service contracts and engagement letters entered into in connection with the Collateral LoansAssets and any agreement that does not impose a material obligation on the Borrower and that is of a type that customarily does not include “non-petition” or
“limited recourse” provisions. 
 (q) Certificated Securities. The Borrower shall not acquire or hold any
Certificated Securities in bearer form (other than securities not required to be in registered form under Section 163(f)(2)(A) of the Code) in a manner that does not satisfy the requirements of United States Treasury Regulations section 1.165-12(c) (as determined by the Collateral Manager). 
 (r) Restricted Payments. The Borrower
shall not make any Restricted Payment other than (i) with respect to amounts received by the Borrower in accordance with Section 9.01 (in the case of Interest Proceeds and Principal Proceeds) or any other provision of this Agreement
or the Facility Documents which expressly requires or permits payments to be made to or amounts to be reimbursed to the Equityholder, (ii) on the date of the initial Advance, to the Equityholder or any other applicable seller of Collateral LoansAssets in the amount set forth in the Notice of Borrowing and funds flow delivered to the Administrative Agent in connection with such Advance or (iii) using the proceeds of Advances if the Borrowing Base Test is
satisfied immediately prior to and immediately after giving effect to such distribution; provided that any Restricted Payment made pursuant to clause (iii) shall be limited to four such Restricted Payments per any calendar year.

 (s) Amendments to Collateral
LoansAssets
. The Borrower (and the Collateral Manager on its behalf) may enter into any amendment or waiver of or supplement to any Related Document; provided that the prior written consent of the
Required Lenders shall be required if an Event of Default has occurred and is continuing or an Event of Default or Default would result from such amendment, waiver or supplement; provided, further, that, if the Required Lenders fail to
provide consent to any amendment or waiver to the extent required under this Section 5.02(s), then notwithstanding any provision of the Facility Documents to the contrary (excluding Section 10.04 herein), the Borrower shall
be permitted to sell the relevant Collateral
LoanAsset
 as long as (x) no Default or Event of Default has occurred and is continuing or would result from such sale and (y) the sale price is at least equal to the Asset Value for such Collateral LoanAsset; provided, further, that if such sale cannot be consummated pursuant to the foregoing proviso due to the 

  
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restrictions in Section 10.04, then the Borrower shall be permitted to consummate such amendment, waiver or supplement so long as (x) no Default or Event of Default has occurred
and is continuing or would result from such sale and (y) the Borrower receives a cash equity contribution at least equal to the Asset Value for such Collateral
LoanAsset. 
 (t) Obligor Payment Instructions. The Borrower shall not make any change, or permit
the Collateral Manager to make any change, in its instructions to Obligors, agent banks or administrative agents on the Collateral LoansAssets regarding payments to be made with respect to the Collateral
LoansAssets
 to the Collection Account, unless the Administrative Agent has consented to such change. The Borrower further agrees that it shall (or it shall cause the Collateral Manager to) provide prompt notice
to the Administrative Agent of any misdirected or errant payments made by any Obligor with respect to any Collateral LoanAsset and direct such Obligor to make payments as required hereunder to
the extent a Responsible Officer of the Borrower or the Collateral Manager, as applicable, has actual knowledge of such misdirected or errant payments. 

(u) Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws. It shall not (nor shall it permit any other Person directly or (to
the knowledge of the Borrower) indirectly Controlling the Borrower nor any Person directly or (to the knowledge of the Borrower) indirectly Controlled by the Borrower to) use the proceeds of any Advance directly or, to the knowledge of the Borrower,
indirectly in any way that would breach or contravene any sanctions imposed by the United Nations, the European Union (including any member state thereof), the State Secretariat for Economic Affairs of Switzerland, OFAC, the United Kingdom, the
Government of Canada, the Hong Kong Monetary Authority, the Monetary Authority of Singapore or any other body notified in writing by the Administrative Agent (acting on behalf of any Lender) to the Borrower from time to time, in each case if and to
the extent that such bodies have jurisdiction over such Borrower or such sanctions are binding on such Borrower or, upon prior written notice to the Borrower from the Administrative Agent, such sanctions are binding on any Lender and materially
impact the ability of such Lender to comply with its respective obligations under this Agreement. It shall not (nor shall it permit any other Person to) use the proceeds of any Advance directly or, to the knowledge of the Borrower, indirectly in any
way that would be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. The Borrower shall not fund the repayment of any Advance with proceeds derived from any transaction that would be prohibited by Sanctions or would be in
violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. 
 Section 5.03 Affirmative Covenants of the Equityholder and
the Collateral Manager  
 The Collateral Manager, on behalf of itself and the Equityholder, covenants and agrees that, until the Final
Maturity Date (and thereafter until the date that all Obligations have been Paid in Full): 
 (a) Compliance with Agreements, Laws,
Etc. It shall (i) duly observe and comply with all Applicable Laws relative to the conduct of its business or to its assets, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect,
(ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force 

  
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and effect its rights, privileges, qualifications and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, (iv) comply with
the terms and conditions of each Facility Document to which it is a party and its Constituent Documents and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings
which are necessary or appropriate to properly carry out (A) its business and (B) the transactions contemplated to be performed by it under the Facility Documents to which it is a party, its Constituent Documents and the Related Documents
to which it is a party, except, in the case of clause (v), where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

(b) Information and Reports. 

(i) Each Notice of Borrowing, each Monthly Report, each Borrowing Base Calculation Statement and all other written information,
reports, certificates and statements furnished by the Collateral Manager to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby (excluding financial
projections, pro forma financial information and other forward-looking information, for which the Collateral Manager only represents that such information was prepared in good faith and upon assumptions believed to be reasonable when so prepared)
shall be true, complete and correct in all material respects as of the date such information is stated or certified (or, with respect to information of a general economic or general industry nature or information received from an Obligor or other
third party not under the direction of the Borrower, the Collateral Manager or an Affiliate thereof, is true and correct in all material respects to the actual knowledge of the Collateral Manager), in each case, after giving effect to all written
updates provided by the Collateral Manager or on its behalf to any such Secured Party. 
 (ii) The Collateral Manager shall
provide to the Collateral Administrator any information that the Collateral Manager is expressly required to provide to the Collateral Administrator under this Agreement in connection with the Collateral Administrator’s preparation of each
Monthly Report and, to the extent reasonably available to the Collateral Manager, any other information that the Collateral Administrator may reasonably require in connection with the Collateral Administrator’s preparation of each Monthly
Report. 
 (iii) The Collateral Manager shall comply (or cause the Borrower to comply) with its obligations under
Section 13.03. 
 (c) Notice of Default. Within five (5) Business Days after a Responsible Officer of the Collateral
Manager or the Equityholder obtains actual knowledge of the occurrence and continuance of any (A) Default (provided that if such Default or Event of Default is subsequently cured within the time periods set forth herein, the failure to provide
notice of such Default shall not itself result in an Event of Default hereunder) or (B) Event of Default, the Collateral Manager shall deliver to the Administrative Agent a certificate of a Responsible Officer of the Collateral Manager setting
forth the details thereof and the action which the Collateral Manager is taking or proposes to take with respect thereto; provided that the Collateral Manager shall not be obligated to deliver such certificate to the extent that a Responsible
Officer of the Borrower delivers a certificate with respect to such Default or Event of Default pursuant to Section 5.01(d)(iii). 

  
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 (d) Access to Records and Documents. It shall permit the Administrative Agent (or, if
Independent Accountants are not engaged by the Collateral Manager or the Borrower, Protiviti, Inc. or another nationally recognized audit firm selected by the Administrative Agent with prior notice to the Borrower and subject to delivery of
standard confidentiality agreements) to, upon reasonable advance notice and during normal business hours, but, so long as no Event of Default has occurred and is continuing, no more than one (1) time per calendar year, visit and inspect and
make copies thereof at reasonable intervals (i) its books, records and accounts relating to its business, financial condition, operations, assets and its performance under the Facility Documents and the Related Documents and to discuss the
foregoing with its and such Person’s officers, partners, employees and accountants, and (ii) all of its Related Documents, in each case as often as the Administrative Agent may reasonably request; provided that so long as no Event
of Default has occurred and is continuing, the Borrower shall be responsible for all costs and expenses for only one such visit per fiscal year by the Administrative Agent or its respective designees; provided, further, that an officer
or employee of the Collateral Manager shall have the opportunity to be present at any discussion between the Administrative Agent, any Lender or any other Person designated by the Administrative Agent, on the one hand, and the Collateral
Manager’s accountants, on the other hand. The Administrative Agent shall provide two (2) Business Days’ prior notice to the Lenders of any such visit and any Lender shall be permitted to accompany the Administrative Agent in such
visit. Any such visit and inspection shall be made simultaneously with any visit and inspection pursuant to Section 5.01(e). 

(e) Notice of Material Modification. Within ten (10) Business Days after a Responsible Officer of the Collateral Manager obtains
actual knowledge of the occurrence of a Material Modification, the Collateral Manager shall deliver to the Administrative Agent (with a copy to the Collateral Administrator) a notice setting forth the details thereof and attaching a copy of the
related amendment or waiver. 
 (f) Collections. The Collateral Manager shall direct any agent or administrative agent in respect of
any Collateral
LoanAsset (or in connection with any Participation Interest to the extent not elevated to full assignment, any participation seller) to remit all payments and collections with respect to such Collateral LoanAsset and, if applicable, to direct the Obligor with respect to such Collateral LoanAsset to remit all such payments and collections with respect to such
Collateral
LoanAsset
 directly to the Collection Account. 
 (g) Sanctions; Anti-Corruption Laws; and
Anti-Money Laundering Laws. It shall comply with Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws and shall maintain policies and procedures, or be subject to policies and procedures maintained by its Affiliates or advisors,
reasonably designed to ensure compliance therewith. It shall ensure that it does not cause the Borrower to use the proceeds of or fund the repayment of any Advance in violation of Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws. 

  
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 Section 5.04 Negative Covenant of the Equityholder and the Collateral Manager

 The Collateral Manager, on behalf of itself and the Equityholder, covenants and agrees that, until the Final Maturity Date (and thereafter
until the date that all Obligations have been Paid in Full), it shall not enter into or suffer to exist or permit to become effective any agreement that prohibits, limits or imposes any material condition upon its ability to perform its obligations
under the Facility Documents to which it is a party. 
 Section 5.05 Certain Undertakings Relating to Separateness 

Without limiting any, and subject to all, other covenants of the Borrower, Collateral Manager and Equityholder contained in this Agreement:

 (a) The Borrower shall maintain its bank accounts, books, accounting and other records separate from those of any other Person, except
that the accounts of the Borrower may be included in the consolidated financial statements of the Equityholder as required by GAAP or Applicable Law. 

(b) The Borrower shall not commingle or pool any of its funds or assets with those of any Affiliate or any other Person, and shall hold all of
its assets in its own name, except as otherwise permitted or required under the Facility Documents. 
 (c) The Borrower shall pay its own
debts, liabilities and expenses only out of its own assets as the same shall become due; provided that the Borrower may share overhead expenses with another Person so long as such expenses are allocated fairly and reasonably between the Borrower and
such other Person. 
 (d) The Borrower has observed, and shall observe, in all material respects all (A) limited liability company
formalities and (B) other organizational formalities, in each case to the extent necessary or advisable to preserve its separate existence. 

(e) The Borrower shall have at least one (1) Independent Director at all times; (it being understood that the Borrower shall not be in
violation of the requirement to have at least one (1) Independent Director after the earlier of an Independent Director resigning or becoming deceased, incapacitated or disabled so long as a new Independent Director is appointed within thirty
(30) days after a Responsible Officer of the Borrower has actual knowledge or receives written notice thereof). 
 (f) The Borrower
shall not (A) guarantee, become obligated for, or hold itself or its credit out to be responsible for or available to satisfy, the debts or obligations of any other Person or (B) control the decisions or actions respecting the daily
business or affairs of any other Person, except, in each case, as permitted by or pursuant to the Facility Documents. 
 (g) The Borrower
shall, at all times, hold itself out to the public as a legal and economic entity separate from any other Person, shall not identify itself as a division of any other Person and shall correct any known misunderstanding regarding its separate
identity; provided that the assets, liabilities and operating results of the Borrower may be consolidated for accounting purposes and included in consolidated financial statements of the Equityholder as required by GAAP or Applicable Law.

  
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 (h) The Borrower shall not seek its dissolution or winding up in whole or in part or divide
or permit any division of the Borrower. 
 (i) Any transaction between the Borrower and its Affiliates shall be on arm’s-length terms;
provided that the foregoing (i) shall not apply to the execution, delivery and performance of the Facility Documents, the Borrower’s Constituent Documents, (ii) shall not prohibit the Borrower from making Restricted Payments
permitted under Section 5.02(r) and (iii) shall not prohibit the Equityholder from transferring Collateral LoansAssets, Cash or other assets to the Borrower in whole or in part as a
capital contribution to the Borrower. 
 (j) Except as provided in the Facility Documents, the Borrower shall not grant a security
interest or otherwise pledge its assets for the benefit of any other Person. 
 (k) Except as provided in the Facility Documents, the
Borrower shall not acquire any securities or debt instruments of the Equityholder, its Affiliates or any other Person (except for equity interests in Obligors in connection with the exercise of any remedies with respect to a Collateral LoanAsset or any exchange offer, work-out or restructuring of a Collateral
LoanAsset
). 
 (l) The Borrower shall not make loans or advances to any Person, except for the
Collateral
LoansAssets
 and as permitted by or pursuant to the Facility Documents. 
 (m) The Borrower shall make
no transfer of its Collateral
LoansAssets
, except as permitted by or pursuant to the Facility Documents. 
 (n) The Borrower shall
file its own Tax returns, if any, as may be required under Applicable Law, to the extent that the Borrower is (1) not part of a consolidated group filing a consolidated return or returns or (2) not treated as a disregarded entity separate
from its sole owner of another taxpayer for Tax purposes, within the meaning of Treasury Regulation Section 301.7701-3 and pay any Taxes so required to be paid by it under Applicable Law (other than Taxes
which are being contested in good faith and by proper proceedings and against which adequate reserves are being maintained in accordance with GAAP). 

(o) The Borrower shall, to the extent used in its business, use separate stationery, invoices and checks. 

(p) The Borrower shall maintain adequate capital in light of its contemplated business operations; provided, however, that the
foregoing shall not require the Equityholder to make capital contributions to the Borrower. 
 (q) The Borrower shall at all times be
organized as a special purpose entity and it shall not, nor shall it permit any Affiliate or any other Person to, amend, modify or otherwise change its Constituent Documents in a manner that would adversely affect the existence of the Borrower as a bankruptcy-remote special purpose entity. 
 (r) The Borrower shall at all times conduct its business so
that any assumptions made with respect to the Borrower in any “true sale” and “substantive non-consolidation” opinion letter delivered in connection with the Facility Documents will
continue to be true and correct, but solely to the extent that said opinion letters expressly require such assumptions to remain true and correct at all times in order for such letters’ underlying opinions to be valid. 

  
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 ARTICLE VI 

EVENTS OF DEFAULT 

Section 6.01 Events of Default 

“Event of Default”, wherever used herein, means the occurrence of any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of Law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative body or Governmental
Authority): 
 (a) a default in the payment, when due and payable, of any Interest, Commitment Fee or other Obligations not specified in
clause (b) below and such default has not been cured within three (3) Business Days; provided that, in the case of a default in payment resulting from a failure to disburse amounts solely due to an administrative error or omission
of the Collateral Agent, such default will not cause an Event of Default unless such failure continues for five (5) Business Days; 

(b) (i) the Borrower fails to repay the Obligations (other than contingent indemnification and reimbursement obligations for which no
claim has been asserted) in full on the Final Maturity Date or (ii) the failure to make a payment in an amount necessary to satisfy the Mandatory Amortization Amount on the applicable Payment Date and such default has not been cured within
three (3) Business Days after the due date of such payment; provided that, in the case of a default in payment under clause (ii) resulting from a failure to disburse amounts solely due to an administrative error or omission of the
Collateral Agent, such default will not cause an Event of Default unless such failure continues for five (5) Business Days; 
 (c) the
Borrower or the pool of Collateral becomes, or becomes subject to regulation as, an “investment company” under Section 8 of the Investment Company Act; 

(d) a default in any respect in the performance, or breach in any respect, of any covenant or agreement of the Borrower, the Equityholder or
the Collateral Manager under Section 5.01(a)(ii), 5.01(c), 5.01(d)(i), (ii) or (iii), 5.01(e), 5.01(f), 5.01(h), 5.01(j), 5.01(k), 5.01(p), 5.02,
5.03(a)(ii), 5.03(d), 5.03(f), 5.04 or 5.05; 
 (e) except as otherwise provided in this
Section 6.01, a default in any material respect in the performance, or breach in any material respect, of any covenant or agreement of the Borrower or the Equityholder under this Agreement or the other Facility Documents to which it is a
party, or the failure of any representation or warranty of the Borrower or the Equityholder made in this Agreement or in any other Facility Document to be correct, in each case, in all material respects when the same shall have been made, and the
continuation of such default, breach or failure for a period of thirty (30) days after the earlier of (i) written notice to the Borrower, the Collateral Manager and the Equityholder by the Administrative Agent, and (ii) actual
knowledge of a Responsible Officer of the Borrower, the Equityholder or the Collateral Manager, as applicable; provided that the existence of a Borrowing Base Deficiency shall be subject to clause (n) below; 

  
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 (f) the rendering of one or more final judgments, decrees or orders against the Borrower or
the Equityholder by a court or arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $100,000 (in the case of the Borrower) or $25,000,000 (in the case of the Equityholder) (in each case
exclusive of judgment amounts to the extent covered by applicable insurance), and the Borrower or the Equityholder, as applicable, shall not have either (x) satisfied, discharged or provided for the discharge of any such judgment, decree
or order in accordance with its terms or (y) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within thirty (30) days from the date
of entry thereof; 
 (g) the Borrower shall have made payments of amounts in excess of $100,000 in settlement of any litigation, claim or
dispute (exclusive of settlement amounts fully covered by insurance); 
 (h) an Insolvency Event relating to the Borrower or the
Equityholder occurs; 
 (i) (i) any Facility Document or any material provision thereof shall (except in accordance with its terms)
terminate, cease to be effective or cease to be legally valid, binding and enforceable, (ii) the Borrower, the Equityholder, the Collateral Manager or any Governmental Authority shall, directly or indirectly, contest in any manner the
effectiveness, validity, binding nature or enforceability of any Facility Document or any Lien purported to be created thereunder, or (iii) any Lien securing any obligation under any Facility Document shall, in whole or in part, cease to be a first-priority perfected security interest of the Collateral Agent, except as otherwise expressly permitted in accordance with the applicable Facility Document; 

(j) (i) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any asset of the Borrower, and such
Lien shall not have been released within five (5) Business Days or (ii) the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any asset of the Borrower, and such Lien shall not have been released within
five (5) Business Days; 
 (k) a Change of Control occurs; 

(l) a Collateral Manager Default occurs; 

(m) (i) failure of the Borrower to maintain at least one (1) Independent Director (it being understood that the Borrower shall not
be in violation of the requirement to have at least one (1) Independent Director after the earlier of an Independent Director resigning or becoming deceased, incapacitated or disabled so long as a new Independent Director is appointed within
thirty (30) days after a Responsible Officer of the Borrower has actual knowledge or receives written notice thereof), (ii) the removal of any Independent Director of the Borrower without “Cause” (as such term is defined in the
organizational document of the Borrower) or without giving prior written notice to the Administrative Agent, each as required in the organizational documents of the Borrower, (iii) an Independent Director of the Borrower that does not satisfy
the criteria set forth in the definition of “Independent Director” shall be appointed without the consent of the 

  
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Required Lenders or (iv) the Borrower shall otherwise fail to qualify as a bankruptcy-remote entity based upon the criteria set forth in this
Agreement, such that reputable counsel of national standing could no longer render a substantive nonconsolidation opinion with respect to the Borrower, on the one hand, and the Equityholder and the Collateral Manager, on the other hand (it being
understood and agreed that no such nonconsolidation opinion need to be delivered to satisfy this clause (m)(iv)); 
 (n) a Borrowing Base
Deficiency shall occur and be continuing for three (3) Business Days; provided that, during the period of time that such event remains unremedied, any payments required to be made by the Collateral Manager on a Payment Date shall be made
under Section 9.01(a)(iii); 
 (o) subject in each case to Section 9.01, the failure of the Borrower on any date to
maintain an amount equal to the Unfunded Reserve Required Amount on deposit in the Unfunded Reserve Account in accordance with this Agreement and, solely during the Reinvestment Period, such failure shall continue for five (5) Business Days;

 (p) the failure of the Borrower or the Equityholder to make any payment when due (after giving effect to any related notice period or
requirement or grace period) under one or more agreements for borrowed money to which it is a party and the indebtedness for borrowed money thereunder is in an amount in excess of $500,000 (in the case of the Borrower) or $25,000,000 (in the case of
the Equityholder), individually or in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such indebtedness; or 

(q) the Equityholder fails to maintain its status as a “business development company” under the Investment Company Act. 

With respect to any notice that may be furnished by an Agent to the Borrower pursuant to Sections 6.01(e), upon written request
therefor to the applicable Agent, the Required Lenders may direct such Agent to provide such notice to the Borrower. Such Agent shall promptly thereafter provide such notice to the Borrower. 

Section 6.02 Remedies 

(a) Upon the occurrence and during the continuance of any Event of Default, subject to Section 6.04(e) in addition to all rights
and remedies specified in this Agreement and the other Facility Documents, including (and subject to) Article VII, and the rights and remedies of a secured party under Applicable Law, including the UCC, the Administrative Agent shall, at
the request of, or may with the consent of, the Required Lenders by notice to the Borrower (with a copy to the Collateral Agent), do any one or more of the following: (1) declare the Commitments to be terminated forthwith, whereupon the
Commitments shall forthwith terminate, (2) declare the Final Maturity Date to have occurred, and (3) declare the principal of and the accrued interest on the Advances and all other amounts whatsoever payable by the Borrower hereunder to be
forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the Borrower; provided that, upon the occurrence of any
Event of Default described in clause (h) of Section 6.01 with respect to the Borrower, the Commitments shall automatically terminate and the Advances and all such other amounts shall automatically become due and payable,
without any further action or notice by any party. 

  
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 (b) Upon the occurrence and during the continuance of an Event of Default, subject to
Section 6.04(e) the Administrative Agent may, or shall upon the direction of the Required Lenders, exercise (or direct the Collateral Agent, as applicable, to exercise) any and all rights with respect to the Collateral, including:
(u) the exercise of the Collateral Manager’s rights and obligations under the Facility Documents (including the right to direct the Collateral Manager to exercise such rights), including its unilateral power to (A) consent to
modifications to Collateral
LoansAssets
, (B) take any discretionary action with respect to Collateral LoansAssets and (C) direct the sales and other dispositions of
Collateral
LoansAssets
; (v) the termination of the Collateral Manager’s rights to exercise any rights or take any action with respect to the Collateral; (w) the transfer of the Collateral Manager’s
rights and obligations under the Facility Documents to a successor Collateral Manager; (x) requiring the Collateral Manager to obtain the consent of the Administrative Agent before agreeing to any modification of any Collateral LoanAsset, taking any discretionary action with respect to any Collateral LoanAsset or causing the Borrower to sell or otherwise dispose of any
Collateral
LoanAsset
; (y) requiring the Collateral Manager to cause the Borrower to sell or otherwise dispose of any Collateral
LoanAsset
 as directed by the Administrative Agent pursuant to Section 7.03, and (z) with respect to any specific Collateral LoanAsset, to require the Collateral Manager to take such discretionary action with respect to such Collateral LoanAsset as directed by the Administrative Agent. 

Section 6.03 Power of Attorney 

(a) The Borrower hereby irrevocably appoints the Administrative Agent as its true and lawful attorney (with full power of substitution) in its
name, place and stead and at its expense 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 hereby ratifying and confirming all that such attorney (or any substitute) shall
lawfully do hereunder and pursuant hereto, (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Facility Document, (v) to give notice to the Obligors and related agents of the Collateral Agent’s
interest in the Collateral and the obligation to make payments as directed by the Administrative Agent, and (vi) to exercise directly the Collateral Manager’s rights and obligations under this Agreement, including the exercise of rights
set forth in Section 6.02(b), if and to the extent that the Collateral Manager has not complied with any direction given by the Administrative Agent in accordance with this Agreement within three (3) Business Days after the Business
Day on which such direction was given to the Collateral Manager; provided that no such direction or lapse of time shall be required after the occurrence and during the continuance of a Collateral Manager Default. Nevertheless, if so requested
by the Administrative Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative 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
Administrative Agent to take any action or actions contemplated by clause (a) shall inquire into or seek confirmation from the Borrower as to the authority of the Administrative 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 Administrative Agent unconditionally the authority to take and perform the actions contemplated herein, and
to the extent permitted by Applicable Law, the Borrower 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 until all obligations of the Borrower under the Facility Documents have been Paid in Full and the
Administrative Agent has provided its written consent thereto. 
 (c) Notwithstanding anything to the contrary herein, the power of attorney
granted pursuant to this Section 6.03 shall only be exercisable after the occurrence and during the continuance of an Event of Default. 

Section 6.04 Sales 

(a) Each of the Borrower and the Collateral Manager recognizes that an Agent may be unable to effect a public sale of any or all of the
Collateral and may be compelled to resort to one or more private sales thereof. Each of the Borrower and the Collateral Manager acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale
were a public sale and, notwithstanding such circumstances, agree that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale. 

(b) Each of the Borrower and the Collateral Manager further agrees that a breach of any of their covenants contained in this
Section 6.04 will cause irreparable injury to the Agents, that the Agents have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.04 shall be
specifically enforceable against the Borrower and the Collateral Manager, and each of the Borrower and the Collateral Manager hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for
a defense that there has been a Payment in Full. 
 (c) Pursuant to the UCC, each of the Borrower and the Collateral Manager hereby
specifically agrees (x) that it shall not raise any objection to a Secured Party’s purchase of the Collateral (through bidding on the obligations or otherwise) and (y) that a foreclosure sale conducted in conformity with the
principles set forth in various no action letters promulgated by the SEC staff (1) shall be considered to be a “public” sale for purposes of the UCC and (2) shall be considered to be commercially reasonable notwithstanding that a
Secured Party purchases the Collateral at such a sale. 
 (d) Each of the Borrower and the Collateral Manager agrees that the Collateral
Agent shall not have any general duty or obligation to make any effort to obtain or pay any particular price for any Collateral sold by the Collateral Agent pursuant to this Agreement. The Collateral Agent may, at the direction of the Administrative
Agent, among other things, accept the 

  
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first bid received, or decide to approach or not approach any potential purchasers. Each of the Borrower and the Collateral Manager hereby agrees that the Collateral Agent shall have the right to
conduct, and shall not incur any liability as a result of, the sale of any Collateral, or any part thereof, at any sale conducted in a commercially reasonable manner, it being agreed by the parties hereto that some or all of the Collateral is or may
be of one or more types that threaten to decline speedily in value. The Borrower and the Collateral Manager hereby waive any claims against the Secured Parties arising by reason of the fact that the price at which any of the Collateral may have been
sold at a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Borrower’s obligations under the Agreement, even if the Collateral Agent accepts the first bid received
and does not offer any Collateral to more than one bidder. Without in any way limiting the Collateral Agent’s right to conduct a foreclosure sale in any manner which is considered commercially reasonable, each of the Borrower and the Collateral
Manager hereby agrees that any foreclosure sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale, and each of the Borrower and the Collateral Manager hereby irrevocably waives any right to
contest any such sale conducted in accordance with the following provisions: 
 (i) the Collateral Agent conducts such
foreclosure sale in the State of New York; 
 (ii) such foreclosure sale is conducted in accordance with the Laws of the
State of New York; and 
 (iii) not more than thirty days before, and not less than two Business Days in advance of such
foreclosure sale, the Collateral Agent notifies the Borrower and the Collateral Manager at the address set forth herein of the time and place of such foreclosure sale. 

(e) Notwithstanding anything to the contrary herein or in any Facility Document, in connection with any liquidation or disposition of the
Collateral, including without limitation, upon the termination of the Commitments following the occurrence and during the continuation of an Event of Default, the Equityholder and/or any of its Affiliates shall have the right to purchase the
Collateral subject to such liquidation or at a purchase price at least equal to the sum of the then accrued and outstanding Obligations, as reasonably determined by the Administrative Agent. Any such party may exercise such right by delivering
written notice to the Administrative Agent (an “Exercise Notice”) which shall include a proposed purchase price and be delivered not later than one (1) Business Day after the date on which the Borrower receives notice from the
Administrative Agent of the occurrence of such Event of Default and termination of the Commitments, as applicable, and the intent of the Administrative Agent to liquidate or dispose of the Collateral, and which Exercise Notice shall set forth
evidence reasonably satisfactory to the Administrative Agent that the Equityholder has access to sufficient capital to consummate such purchase in accordance with this clause (e). Once an Exercise Notice is delivered to the Administrative Agent, the
delivering party (or its designated Affiliate or managed fund) shall be obligated, irrevocably and unconditionally, to purchase the Collateral, at the price referenced above, for settlement within the normal settlement period for such Collateral.
The cash purchase price must be received no later than ten (10) Business Days following delivery of the Exercise Notice. Neither the Collateral Agent, the Administrative Agent nor any Lender shall

  
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assert any right or remedy in respect of the Collateral, including any right described in Section 6.02(b) or Section 7.03, or cause the removal of the Collateral Manager
pursuant to Section 14.08, or cause the liquidation or disposition of the Collateral LoansAssets to occur, in each case during the time that the Equityholder and
its Affiliates are entitled to provide an Exercise Notice and purchase the Collateral pursuant to this Section 6.04(e). 

ARTICLE VII 
 PLEDGE OF
COLLATERAL; 
 RIGHTS OF THE COLLATERAL AGENT 

Section 7.01 Grant of Security 

(a) The Borrower hereby grants, pledges and collaterally assigns to the Collateral Agent, for the benefit of the Secured Parties, as collateral
security for all Obligations, a continuing security interest in, and a Lien upon, all of the Borrower’s right, title and interest in, to and under, the following property, in each case whether tangible or intangible, wheresoever located, and
whether now owned by the Borrower or hereafter acquired and whether now existing or hereafter coming into existence (all of the property described in this Section 7.01(a) being collectively referred to herein as the
“Collateral”): 
 (i) all Collateral
LoansAssets
 and Related Documents, both now and hereafter owned, including all Collections and other Proceeds thereon or with respect thereto; 

(ii) each Covered Account and all Money and all investment property (including all securities, all security entitlements with
respect to such Covered Account and all financial assets carried in such Covered Account) from time to time on deposit in or credited to each Covered Account; 

(iii) all interest, dividends, stock dividends, stock splits, distributions and other Money or property of any kind distributed
in respect of the Collateral
LoansAssets
 of the Borrower, which the Borrower is entitled to receive, including all Collections in respect of all Collateral
LoansAssets
; 
 (iv) each Facility Document and all rights, remedies, powers,
privileges and claims under or in respect thereto (whether arising pursuant to the terms thereof or otherwise available to the Borrower at law or equity), including the right to enforce each such document and to give or withhold any and all
consents, requests, notices, directions, approvals, extensions or waivers under or with respect thereto, to the same extent as the Borrower could but for the assignment and security interest granted to the Collateral Agent under this Agreement; 

(v) all Cash or Money; 

(vi) all accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment property, letter-of-credit rights and other supporting obligations relating to the foregoing (in each case as defined in the UCC); 

  
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 (vii) all securities, loans and investments, and all other property of any
type or nature in which the Borrower has an interest (including the equity interests of each Subsidiary of the Borrower), and all property of the Borrower which is delivered to the Custodian by or on behalf of the Borrower (whether or not
constituting Collateral
LoansAssets
 or Eligible Investments); 
 (viii) all Liens, Related Security, property,
guaranties, supporting obligations, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of the assets, investments and properties described above; and 

(ix) all Proceeds of any and all of the foregoing. 

(b) All terms used in this Section 7.01 but not defined in Section 1.01 shall have the respective meanings assigned to
such terms in the UCC as applicable. 
 Section 7.02 Release of Security Interest 

If and only if all Obligations have been Paid in Full, the Administrative Agent shall provide notice of the same to the Collateral Agent, the
Collateral Agent’s Lien over the Collateral on behalf of the Secured Parties shall be automatically terminated and the Collateral Agent, on behalf of the Secured Parties, shall, at the expense of the Borrower, promptly execute, deliver and file
or authorize for filing such instruments as the Borrower shall prepare and reasonably request in order to reassign, release or terminate the Secured Parties’ security interest in the Collateral; provided that the Collateral Agent shall
also promptly release or terminate the Secured Parties’ security interest in the Collateral in connection with any sale of Collateral permitted under this Agreement. The Secured Parties acknowledge and agree that upon the sale or disposition of
any Collateral by the Borrower in compliance with the terms and conditions of this Agreement, the security interest of the Secured Parties in such Collateral shall immediately and automatically terminate without further act, the Administrative Agent
shall promptly provide notice of the same to the Collateral Agent, and the Collateral Agent shall, on behalf of the Secured Parties and at the expense of the Borrower, execute, deliver and authorize for filing such instruments as the Borrower shall
prepare and reasonably request to reflect or evidence such termination. Any and all actions under this Article VII in respect of the Collateral shall be without any recourse to, or representation or warranty by any Secured Party and
shall be at the sole cost and expense of the Borrower. 
 Section 7.03 Rights and Remedies 

(a) The Collateral Agent (for itself and on behalf of the other Secured Parties) shall have all of the rights and remedies of a secured party
under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Event of Default, and subject to Section 6.04(e), the Collateral Agent or its designees shall, acting solely at the written direction of the
Administrative Agent or the Required Lenders acting through the Administrative Agent, (i) instruct the Borrower to deliver any or all of the Collateral, the Related Documents and any other document relating to the Collateral to the Collateral
Agent or its designees and otherwise give all instructions for the Borrower regarding the Collateral; (ii) sell or otherwise dispose of the Collateral, all without judicial process or proceedings; (iii) take control of the Proceeds of any
such 

  
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Collateral; (iv) subject to the provisions of the applicable Related Documents, exercise any consensual or voting rights in respect of the Collateral; (v) release, make extensions,
discharges, exchanges or substitutions for, or surrender all or any part of the Collateral; (vi) enforce the Borrower’s rights and remedies with respect to the Collateral; (vii) institute and prosecute legal and equitable proceedings
to enforce collection of, or realize upon, any of the Collateral; (viii) require that the Borrower promptly take all actions necessary to cause the liquidation of the Collateral in order to pay all amounts due and payable in respect of the
Obligations, in accordance with the terms of the Related Documents; (ix) redeem or withdraw or cause the Borrower to redeem or withdraw any asset of the Borrower to pay amounts due and payable in respect of the Obligations; (x) make copies
of all books, records and documents relating to the Collateral; and (xi) endorse the name of the Borrower upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor. In the absence of
written direction of the Administrative Agent or the Required Lenders (acting through the Administrative Agent), the Collateral Agent shall take no action. The Collateral Agent shall not be liable to the Administrative Agent, the Required Lenders or
any other party for any action taken or omitted to be taken at the direction of the Administrative Agent or the Required Lenders (acting through the Administrative Agent) or any inaction in the absence thereof. 

(b) The Borrower hereby agrees that, upon the occurrence and during the continuance of an Event of Default, and subject to
Section 6.04(e), at the request of the Administrative Agent or the Required Lenders (acting through the Administrative Agent), it shall execute all documents and agreements which are necessary or appropriate to have the Collateral
assigned to the Collateral Agent or its designee. For purposes of taking the actions described in clauses (a) through (b) of this Section 7.03 the Borrower hereby irrevocably appoints the Collateral Agent as its attorney-in-fact (which appointment being coupled with an interest and is irrevocable until the Obligations are Paid in Full), with power of substitution, in the name of the
Collateral Agent or in the name of the Borrower or otherwise, for the use and benefit of the Collateral Agent for the benefit of the Secured Parties, but at the cost and expense of the Borrower and, except as expressly required by Applicable Law,
without notice to the Borrower. Such appointment shall in no way impose upon the Collateral Agent any obligation to take any such action unless specifically directed to do so and subject to the receipt of an indemnity from the Lenders reasonably
satisfactory to it. 
 Section 7.04 Remedies Cumulative 

Each right, power, and remedy of the Agents and the other Secured Parties, or any of them, as provided for in this Agreement or in the other
Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or in the other Facility
Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by the Agents or any other Secured Party of any one or more of such rights, powers, or remedies shall not preclude
the simultaneous or later exercise by such Persons of any or all such other rights, powers, or remedies. 

  
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 Section 7.05 Related Documents 

(a) Each of the Borrower and the Collateral Manager hereby agrees that, to the extent not expressly prohibited by the terms of the Related
Documents, after the occurrence and during the continuance of an Event of Default, it shall (i) upon the written request of the Administrative Agent, promptly forward to the Administrative Agent all material information and notices which it
receives under or in connection with the Related Documents relating to the Collateral, and (ii) upon the written request of the Administrative Agent, act and refrain from acting in respect of any request, act, decision or vote under or in
connection with the Related Documents relating to the Collateral only in accordance with the direction of the Administrative Agent (in its reasonable discretion). 

(b) The Borrower agrees that, to the extent the same shall be in the Borrower’s possession, it will hold all Related Documents relating
to the Collateral in trust for the Collateral Agent on behalf of the Secured Parties, and upon request of the Administrative Agent following the occurrence and during the continuance of an Event of Default or as otherwise provided herein, promptly
deliver the same to the Collateral Agent or its designee. In addition, in accordance with this Agreement, promptly (and in any event within five (5) Business Days) following its acquisition of any Collateral LoanAsset, the Borrower shall deliver (or cause to be delivered) to the Custodian the Required Loan Documents (to the extent in the possession of the Collateral Manager or the Borrower, or otherwise available to the
Collateral Manager on the relevant deal site). 
 Section 7.06 Borrower Remains Liable 

(a) Notwithstanding anything herein to the contrary, (i) the Borrower shall remain liable under the contracts and agreements to which it
is a party included in and relating to the Collateral (including the Related Documents) to the extent set forth therein, and shall perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement
had not been executed, and (ii) the exercise by any Secured Party of any of its rights hereunder shall not release the Borrower from any of its duties or obligations under any such contracts or agreements included in the Collateral. 

(b) No obligation or liability of the Borrower is intended to be assumed by the Administrative Agent or any other Secured Party under or as a
result of this Agreement or the other Facility Documents, or the transactions contemplated hereby or thereby, including under any Related Document or any other agreement or document that relates to Collateral and, to the maximum extent permitted
under provisions of Law, the Administrative Agent and the other Secured Parties expressly disclaim any such assumption. 
 Section 7.07
Protection of Collateral 
 The Borrower shall from time to time execute and deliver all such supplements and amendments hereto and
file or authorize the filing of all such UCC-1 financing statements and continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary to
secure the rights and remedies of the Secured Parties hereunder and to: 
 (a) grant security more effectively on all or any portion of the
Collateral; 

  
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 (b) maintain, preserve and perfect any grant of security made or to be made by this
Agreement including the first-priority nature of the Lien (subject to Permitted Liens) or carry out more effectively the purposes hereof; 

(c) perfect or protect the validity of any grant made or to be made by this Agreement (including any and all actions necessary or desirable as
a result of changes in Applicable Law); 
 (d) enforce any of the Collateral or other instruments or property included in the Collateral;

 (e) preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the other Secured Parties in the
Collateral against the claims of all third parties; and 
 (f) pay or cause to be paid any and all Taxes levied or assessed upon all or any
part of the Collateral (other than Taxes which are being contested in good faith and by proper proceedings and against which adequate reserves are being maintained in accordance with GAAP). 

If the Borrower fails to prepare and file any instrument or to take any action required pursuant to this Section 7.07 within ten
(10) Business Days after the Administrative Agent’s request and written instruction therefor, the Borrower hereby designates the Collateral Agent as its agent to prepare and file such instrument and take such action required pursuant to
this Section 7.07. The Borrower further authorizes, but does not obligate, the Collateral Agent to file UCC-1 financing statements and continuation statements therefor, that name the Borrower as
debtor and the Collateral Agent as secured party and that describes “all assets in which the debtor now or hereafter has rights” (or words of similar effect) as the Collateral in which the Collateral Agent has a grant of security
hereunder. Such designation shall not impose upon the Collateral Agent or the Administrative Agent or any other Secured Party, or release or diminish, the Borrower’s obligations under this Section 7.07. 

Notwithstanding the generality of the foregoing, the Borrower shall, not earlier than six (6) months and not later than one
(1) month prior to the fifth (5th) anniversary of the date of filing of any financing statement filed pursuant to this Agreement authorize, deliver and file or cause to be filed an appropriate continuation statement with respect to each
such financing statement. 
 ARTICLE VIII 

ACCOUNTS, ACCOUNTINGS AND RELEASES 

Section 8.01 Collection of Money 

Except as otherwise expressly provided herein, the Administrative Agent may and the Collateral Agent shall at the direction of the
Administrative Agent (or the Required Lenders acting through the Administrative Agent) demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary,

  
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all Money and other property payable to or receivable by the Collateral Agent pursuant to this Agreement, including all payments due on the Collateral, in accordance with the terms and conditions
of such Collateral. The Collateral Agent shall segregate and hold all such Money and property received by it in trust for the Secured Parties and shall apply it as provided in this Agreement. Each Covered Account shall be established and maintained
under the Account Control Agreement with a Qualified Institution. Any Covered Account may contain any number of subaccounts for the convenience of the Collateral Agent or as required by the Collateral Manager for convenience in administering the
Covered Accounts or the Collateral. 
 Section 8.02 Collection Account 

(a) In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish
at the Custodian two (2) segregated non-interest bearing trust accounts in the name of the Borrower, one of which will be designated the “Interest Collection Account” and one of which designated the “Principal
Collection Account” (collectively, the “Collection Account”), which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the
Collateral Agent. The Collateral Agent shall from time to time deposit into the Interest Collection Account promptly upon receipt thereof all Interest Proceeds received by the Collateral Agent and identified as such by the Collateral Manager. The
Collateral Agent shall from time to time deposit into the Principal Collection Account promptly upon receipt thereof all Principal Proceeds (unless simultaneously reinvested in additional Collateral LoansAssets in accordance with Article X or required to be deposited in the Unfunded Reserve Account pursuant to Section 8.05) received by the Collateral Agent and identified as such by the Collateral
Manager. All funds deposited from time to time in the Collection Account pursuant to this Agreement shall be held on behalf of the Collateral Agent as part of the Collateral and shall be applied to the purposes herein provided. 

(b) At any time when reinvestment is permitted pursuant to Article X, the Collateral Manager on behalf of the Borrower (subject to
compliance with Article X) may, by delivery of written instructions (which may be a .pdf or similar file sent by email) of a Responsible Officer of the Collateral Manager to the Collateral Agent and the Collateral Administrator, direct
the Collateral Agent to, and upon receipt of such instructions the Collateral Agent shall, withdraw funds on deposit in the Collection Account representing Principal Proceeds (together with accrued interest received with regard to any Collateral LoanAsset and Interest Proceeds but only to the extent used to pay for accrued interest on an additional Collateral
LoanAsset
) and reinvest such funds in additional Collateral LoansAssets in accordance with such instructions. If at any time the amount
on deposit in the Unfunded Reserve Account is less than the Unfunded Reserve Required Amount, the Collateral Manager (on behalf of the Borrower) may, by delivery of written instructions (which may be a .pdf or similar file sent by email) of a
Responsible Officer of the Collateral Manager to the Collateral Agent and the Collateral Administrator, direct the Collateral Agent to, and upon receipt of such instructions the Collateral Agent shall, withdraw funds on deposit in the Collection
Account representing Principal Proceeds and remit such funds as so directed by the Collateral Manager to meet the Borrower’s funding obligations in respect of Delayed Drawdown Collateral LoansAssets or Revolving Collateral
LoansAssets
. 

  
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 Section 8.03 The Payment Account 

In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at
the Custodian one (1) segregated trust account, which shall be designated as the “Payment Account”, which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall
be subject to the Lien of the Collateral Agent. The only permitted deposits to or withdrawals from the Payment Account shall be in accordance with the provisions of this Agreement. All funds on deposit in the Payment Account will remain in
un-invested. 
 Section 8.04 Reserved 

Section 8.05 The Unfunded Reserve Account; Fundings 

In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at
the Custodian one (1) segregated non-interest bearing trust account in the name of the Borrower, which shall be designated as the “Unfunded Reserve Account”, which shall be maintained by the Borrower with the Custodian in
accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The only permitted deposits to or withdrawals from the Unfunded Reserve Account shall be in accordance with the provisions of this
Agreement. 
 On the Acquisition Date of any Delayed Drawdown Collateral LoanAsset, Revolving Collateral
LoanAsset
, and on any Payment Date, the Collateral Manager shall instruct the Collateral Agent to withdraw funds from the Collection Account for deposit into the Unfunded Reserve Account, to the extent required so
that the amount of funds on deposit in the Unfunded Reserve Account is equal to the Unfunded Reserve Required Amount. 
 During the
Reinvestment Period, fundings of Delayed Drawdown Collateral
LoansAssets
 and Revolving Collateral
LoansAssets
 shall be made using, first, amounts on deposit in the Unfunded Reserve Account (in an amount equal to the amount on deposit therein with respect to such Delayed Drawdown Collateral LoanAsset or Revolving Collateral
LoanAsset
), then available Principal Proceeds and finally, borrowing of Advances under Section 2.01. 

During the Amortization Period, Principal Proceeds received by the Borrower (or the Collateral Manager on its behalf) in respect of Revolving
Collateral
LoansAssets
 (to the extent not accompanied by a permanent reduction in the related commitments) shall be deposited by the Borrower (or the Collateral Manager on its behalf) into the Unfunded Reserve Account to the
extent the amount on deposit in the Unfunded Reserve Account is less than the Unfunded Reserve Required Amount. 
 Amounts on deposit
in the Unfunded Reserve Account will be available solely to cover drawdowns on Delayed Drawdown Collateral LoansAssets and Revolving Collateral LoansAssets; provided that, to the extent that the aggregate amount of funds on deposit therein at any time exceeds the Unfunded Reserve Required Amount, the Collateral Agent shall remit such excess to the Collection
Account. 

  
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 Section 8.06 Reserved 

Section 8.07 Account Control Agreement 

The provisions of Sections 8.02 and 8.05 are subject to the terms of the Account Control Agreement. 

Section 8.08 Funds in Covered Accounts; Reports by Collateral Agent 

(a) By delivery of a certificate of a Responsible Officer (which may be in the form of standing instructions), the Borrower (or the Collateral
Manager on behalf of the Borrower) shall at all times direct the Collateral Agent to, and, upon receipt of such certificate, the Collateral Agent shall, invest all funds on deposit in the Collection Account and the Unfunded Reserve Account in
Eligible Investments having stated maturities no later than the Business Day preceding the next Payment Date (or such other maturities expressly provided herein). If no Event of Default has occurred and is continuing and the Borrower shall not have
given any such investment directions, the Collateral Agent shall invest any funds in the BNY Mellon Cash Reserve (the “Standby Directed Investment”) until it shall receive written instructions from the Collateral Manager. After the
occurrence and during the continuance of an Event of Default, the Collateral Agent shall invest and reinvest such funds as fully as practicable in the Standby Directed Investment or as otherwise directed by the Collateral Manager maturing not later
than the earlier of (i) thirty (30) days after the date of such investment (unless putable at par to the issuer thereof) or (ii) the Business Day immediately preceding the next Payment Date (or such other maturities expressly provided
herein). Except to the extent expressly provided otherwise herein, all interest, gain, loss and other income from such investments shall be deposited, credited or charged (as applicable) in and to the Collection Account. Absent its timely receipt of
such instruction from the Collateral Manager or Administrative Agent, as applicable, in accordance with the foregoing, the Collateral Agent shall not be under an obligation to invest (or pay interest on) funds held hereunder. The Collateral Agent
shall in no way be liable for any insufficiency in a Covered Account resulting from any loss relating to any such investment. 
 (b) The
Collateral Agent agrees to give the Borrower and the Collateral Manager prompt notice if any Covered Account or any funds on deposit in any Covered Account, or otherwise to the credit of a Covered Account, shall become subject to any writ, order,
judgment, warrant of attachment, execution or similar process. All Covered Accounts shall remain at all times with the Custodian or any sub-custodian of the Custodian. 

(c) The Collateral Agent shall supply, in a timely fashion, to the Borrower and the Collateral Manager any information regularly maintained by
the Collateral Agent that the Borrower or the Collateral Manager may from time to time reasonably request with respect to the Collateral LoansAssets, the Covered Accounts and the other Collateral and provide any
other requested information reasonably available to the Collateral Agent and required to be provided by Section 8.09 or to permit the Collateral Manager to perform its obligations hereunder or the Borrower’s obligations hereunder
that have been delegated to the Collateral Manager. The Collateral Agent shall promptly forward to the Collateral Manager copies of notices, periodic financial reports and other writings received by it from the Obligor of any Collateral LoanAsset or from any Clearing Agency with respect to any Collateral LoanAsset. 

  
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 Section 8.09 Accountings 

(a) Monthly. Not later than the secondfirst (2nd1
st) Business Day prior to each Payment Date (the “Monthly Reporting Date”), the Borrower shall compile and provide (or
cause to be compiled and provided) to the Administrative Agent and the Equityholder a monthly report (which includes a Borrowing Base Calculation Statement prepared by the Collateral Manager and provided to the Collateral Administrator for inclusion
in the Monthly Report) (each, a “Monthly Report”) in accordance with this Section 8.09. The Borrower shall compile and provide (or cause to be compiled and provided) to the Administrative Agent and the Collateral
Administrator a loan data file (the “Data File”) for the previous monthly period ending on the Monthly Report Determination Date (containing such information agreed upon by the Borrower (or the Collateral Manager on its behalf), the
Collateral Administrator and the Administrative Agent). The Borrower shall provide (or cause to be provided) the Data File no later than fifteen (15) Business Days following the Monthly Reporting Date. As used herein, the “Monthly
Report Determination Date” with respect to any calendar month will be the last calendar day of the prior calendar month. The first Monthly Report shall be delivered prior to the second Business Day preceding the Payment Date occurring in
April 2022. The Monthly Report for a calendar month shall be in substantially the form attached hereto as Exhibit I and shall contain the information with respect to the Collateral LoansAssets and Eligible Investments included in the Collateral set forth in Schedule 2, and shall be determined as of the Monthly Report Determination Date for such calendar month. 

In addition, the Borrower shall provide in each Monthly Report (or supplement thereto) (i) an accounting determined as of the close of
business on each Determination Date preceding a Payment Date and (ii) a statement notifying of any amendment, modification or waiver under any Related Document for each Collateral LoanAsset that constitutes a Material Modification that became effective since the immediately preceding Monthly Report (or, in respect of the first Monthly Report, from the Closing Date) unless previously disclosed under
Section 5.01(d)(vii) or 8.09(a). 
 Each Monthly Report shall constitute instructions to the Collateral Agent to
withdraw funds from the Collection Account and pay or transfer such amounts set forth in the Monthly Report in the manner specified and in accordance with the Priority of Payments. 

(b) Failure to Provide Accounting. If the Collateral Agent shall not have received any accounting provided for in this
Section 8.09 on the first Business Day after the date on which such accounting is due to the Collateral Agent, the Collateral Agent shall notify the Borrower, who shall use reasonable efforts to obtain such accounting by the applicable
Payment Date. 
 For the avoidance of doubt, the Borrower has engaged the Collateral Administrator pursuant to Article XV hereof
to compile and provide the information and reports to be provided in this Section 8.09; provided, however, that the Collateral Administrator’s obligation to compile and provide such information and reports is subject
to the receipt of the information necessary to do so from the Collateral Manager and the Administrative Agent. 
 Section 8.10
Release of Collateral 
 (a) If no Event of Default has occurred and is continuing, the Borrower may, by delivery of a certificate of
a Responsible Officer of the Collateral Manager delivered to the 

  
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Collateral Agent and the Custodian on or prior to the settlement date for any sale of any item of Collateral certifying that the sale of such Collateral is being made in accordance with
Section 10.01 and such sale complies with all applicable requirements of Section 10.01, direct the Collateral Agent (or the Custodian on its behalf) to release or cause to be released such item from the Lien of this Agreement
and, upon receipt of such certificate, the Collateral Agent (or Custodian, as applicable) shall deliver any such item, if in physical form, duly endorsed to the broker or purchaser designated in such certificate or, if such item is a Clearing
Corporation Security, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as specified by the Collateral Manager in such certificate; provided that the Collateral Agent (or the Custodian
on its behalf) may deliver any such item in physical form for examination in accordance with street delivery custom; provided, further, that neither the Collateral Agent nor the Custodian will be deemed to have notice of an Event of
Default unless it has received notice thereof. Notwithstanding the foregoing, a trade ticket or other confirmation of trade in respect of such sale of Collateral delivered by the Borrower (or the Collateral Manager on its behalf) to the Collateral
Agent and the Custodian shall constitute certification as to the matters described in this Section 8.10, and the Collateral Agent and the Custodian may conclusively rely on such certification. 

(b) The Collateral Agent (or Custodian, as applicable) shall, upon the receipt of a certificate of the Borrower, by delivery of a certificate
of a Responsible Officer of the Collateral Manager, deliver any Collateral in accordance with such certificate, and execute such documents or instruments as are delivered by or on behalf of the Borrower and reasonably necessary to release or cause
to be released such security from the Lien of this Agreement, which is set for any mandatory call or redemption or payment in full to the appropriate paying agent on or before the date set for such call, redemption or payment, in each case against
receipt of the call or redemption price or payment in full thereof. 
 (c) As provided in Section 8.02(a), the Collateral Agent
(and its designees) shall deposit any proceeds received by it from the disposition of a Collateral LoanAsset in the Collection Account as instructed by the Collateral Manager,
unless simultaneously applied to the purchase of additional Collateral LoansAssets as permitted under and in accordance with the requirements of
this Article VIII and Article X. 
 (d) The Collateral Agent shall, upon receipt of a certificate of a
Responsible Officer of the Borrower certifying that there are no Commitments outstanding and all Obligations of the Borrower hereunder and under the other Facility Documents have been Paid in Full, execute such documents or instruments as are
delivered by or on behalf of the Borrower and reasonably necessary to release any remaining Collateral from the Lien of this Agreement. 

(e) Any security, Collateral LoanAsset or amounts that are released pursuant to
Section 8.10(a) or (b) shall be automatically released from the Lien of this Agreement. 
 (f) Any direction
received by the Collateral Agent or the Custodian, as applicable, on or prior to 5:00 (p.m.) on any Business Day shall be effective on such Business Day and any direction received by the Collateral Agent or the Custodian, as applicable, after 5:00
(p.m.) on any Business Day, or at any time on any day that is not a Business Day, shall be effective in each case on the next succeeding Business Day. 

  
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 Section 8.11 Reports by Independent Accountants 

(a) The Collateral Manager will appoint Protiviti, Inc. or another independent audit or consulting firm specializing in securitization
transactions (together with its successors, the “Independent Accountants”) reasonably acceptable to the Administrative Agent to review and deliver the reports of such accountants required by this Agreement. The fees of such
Independent Accountants and any successor shall be payable by the Borrower. 
 (b) The Collateral Manager shall cause the Independent
Accountants to furnish to the Administrative Agent (with a copy to the Collateral Agent) within 120 days following the end of each fiscal year beginning with the fiscal year ending on December 31, 2022 (each such date, a “Report
Date”), a report relating to a selection of Monthly Reports (as agreed by the Collateral Manager and the Administrative Agent), delivered during the twelve (12) months immediately preceding such Report Date, to the effect that such
firm has applied certain agreed-upon procedures approved by the Administrative Agent as of the Closing Date (it being understood that the Borrower shall cause such Independent Accountants to comply with
updates to such agreed-upon procedures from time to time in response to reasonable requests of the Administrative Agent to the extent such the Borrower is able in good faith to cause such compliance without
undue burden or expense) with respect to such reports from the related period and, with respect to the Collateral Manager’s performance hereunder, to assist the Administrative Agent in determining that the Monthly Reports for the related period
were prepared in compliance with this Agreement, except for such exceptions as it believes to be immaterial and such other exceptions as will be set forth in such firm’s report (including, with respect to any such exceptions, an explanation of
how each such exception arose and reflecting the input/explanation of the Collateral Manager thereto). Such reports pursuant to this clause (b) shall be at the expense of the Borrower. Each such report pursuant to this clause
(b) shall include a certification by the Collateral Manager as to whether a Collateral Manager Default occurred during the related testing period and, if any occurred, an explanation as to its resolution. 

(c) In the event the Independent Accountants require the Collateral Agent or the Collateral Administrator, as applicable, to agree to the
procedures performed by such Independent Accountants with respect to any of the reports, statements of such Independent Accountants, or sign any agreement in connection therewith, the Collateral Agent or the Collateral Administrator, as applicable,
is hereby directed by the Borrower, to so agree to the terms and conditions requested by such Independent Accountants as a condition to receiving documentation required by this Agreement; it being understood and agreed that the Collateral Agent and
the Collateral Administrator shall deliver such agreement in conclusive reliance on such direction and shall make no inquiry or investigation as to, and shall have no obligation or responsibility in respect of, the terms of the engagement of such
Independent Accountants by the Borrower or the sufficiency, validity or correctness of the agreed upon procedures in respect of such engagement. The Collateral Agent and the Collateral Administrator may require the delivery of additional written
direction to the execution of any such agreement required for the delivery of any report or statement of such Independent Accountants to the Collateral Agent and the Collateral Administrator under this Agreement. The Collateral Agent and the
Collateral Administrator are hereby authorized, without liability on their part, to execute and deliver any such agreement with such Independent Accountants, which agreement, to the extent so directed by the Borrower (or the Collateral Manager on
behalf of the Borrower), may include, amongst other things, (i) an 

  
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acknowledgement that the Borrower has agreed that the procedures by such Independent Accountants are sufficient for the relevant purposes, (ii) releases by the Collateral Agent and the
Collateral Administrator of any claims, liabilities and expenses arising out of or relating to such Independent Accountant’s engagement, agreed-upon procedures or any report or statement issued by such
Independent Accountants under any such engagement and acknowledgement of other limitations of liability in favor of such Independent Accountants and (iii) restrictions or prohibitions on the disclosure of any such reports, statements or other
information or documents provided to it by such Independent Accountants. 
 ARTICLE IX 

APPLICATION OF FUNDS 

Section 9.01 Disbursements of Funds from Collection Account 

(a) Notwithstanding any other provision in this Agreement, but subject to the other subsections of this Section 9.01, the
Collateral Agent, based solely upon the Monthly Report, shall disburse amounts from the Payment Account pursuant to Section 8.02 in accordance with the following priorities (the “Priority of Payments”): 

(i) One Business Day before each Payment Date, so long as no Event of Default has occurred and is continuing or would result
therefrom, Interest Proceeds on deposit in the Interest Collection Account, to the extent received on or before the related Determination Date (or, if such Determination Date is not a Business Day, the next succeeding Business Day) will be
transferred to the Payment Account and on each Payment Date will be applied from the Payment Account in the following order of priority: 

(A) pro rata to each applicable Person, to pay Administrative Expenses in accordance with the priorities specified in
the definition thereof; provided that the amount in this clause (A) shall not exceed the Administrative Expense Cap for such Payment Date; 

(B) to the Collateral Manager to pay the Senior Collateral Management Fee, plus any Senior Collateral Management Fee that
remains due and unpaid in respect of any prior Payment Dates as a result of waiver or insufficient funds, except, in each case, to the extent that the Collateral Manager elects to waive or defer such current or previously due Senior Collateral
Management Fee pursuant to this Agreement; 
 (C) (1) first, to the Administrative Agent, to pay any fees,
expenses, indemnities and other amounts payable to the Administrative Agent pursuant to the Administrative Agent Fee Letter and any other Facility Documents and (2) second, pro rata to each Lender (based on such Lender’s
Percentage), to pay accrued and unpaid Interest on the Advances, Commitment Fees and Prepayment Fees, if any, and other fees, expenses, indemnities and amounts due to each such Lender under the Facility Documents; 

  
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 (D) the Equityholder as a Permitted RIC Distribution as directed by the
Collateral Manager; 
 (E) pro rata to each Lender (based on such Lender’s Percentage) to pay principal of the
Advances in an aggregate amount required to cure any Borrowing Base Deficiency; 
 (F) during the Amortization Period, pro
rata to each Lender (based on such Lender’s Percentage) to pay principal of the Advances in an amount equal to any outstanding Mandatory Amortization Amount on such applicable Payment Date; 

(G) for deposit into the Unfunded Reserve Account until the amount on deposit therein equals the Unfunded Reserve Required
Amount; 
 (H) to the Collateral Manager to pay any Senior Collateral Management Fee not paid pursuant to clause
(B) above; 
 (I) (1) first, to any applicable Persons, to the payment or application of amounts referred to
in clause (A) above (in the same order of priority specified therein), to the extent not paid in full pursuant to applications under such clause; and (2) second, to any applicable Persons, to pay all other Obligations then
due and owing (other than Advances Outstanding); and 
 (J) (1) if a Default has occurred and is continuing, or would
result therefrom, to remain in the Interest Collection Account or (2) otherwise, to be allocated at the discretion of the Collateral Manager (as set forth in the Monthly Report) to any one or more of the following payments: (1) to prepay
the Advances, (2) during the Reinvestment Period, to the Principal Collection Account as Principal Proceeds for the purchase of additional Collateral
LoansAssets
 and the funding of Delayed Drawdown Collateral LoansAssets and Revolving Collateral LoansAssets, or (3) so long as no Default or Event of Default has occurred and is continuing, to the Borrower or its designee, which amounts may be distributed to the Equityholder. 

(ii) One Business Day before each Payment Date, so long as no Event of Default has occurred and is continuing or would result
therefrom, Principal Proceeds on deposit in the Principal Collection Account (excluding any amounts necessary to fund the acquisition of any Collateral
LoanAsset that the Borrower has committed to purchase and with respect to which the trade date has occurred) to the extent received on or before the related Determination Date (or, if such Determination Date is not a
Business Day, the next succeeding Business Day) will be transferred to the Payment Account and on each Payment Date will be applied from the Payment Account in the following order of priority: 

(A) to the payment of unpaid amounts under clauses (A) through (H) in clause (i) above (in
the same order of priority specified therein), to the extent not paid in full thereunder; 

  
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 (B) during the Amortization Period, pro rata to each Lender (based on
such Lender’s Percentage) to pay principal of the Advances until the Advances are paid in full; provided that if the amount on deposit in the Unfunded Reserve Account equals or exceeds the amount of outstanding Advances, the Borrower (or
the Collateral Manager on its behalf) may elect to withdraw such amounts from the Unfunded Reserve Account and repay the Advances pursuant to this clause (B); 

(C) to the payment of unpaid amounts under clause (I) in clause (i) above (in the same order of
priority specified therein), to the extent not paid in full thereunder; and 
 (D) during the Reinvestment Period,
(1) if a Default has occurred and is continuing, or would result therefrom, to remain in the Principal Collection Account or (2) otherwise at the discretion of the Collateral Manager, all remaining amounts shall be allocated to any one or
more of the following payments: (1) to the Principal Collection Account for the purchase of additional Collateral LoansAssets and the funding of Delayed Drawdown Collateral LoansAssets and Revolving Collateral
LoansAssets
, (2) for deposit into the Unfunded Reserve Account until the amount on deposit therein equals the Unfunded Reserve Required Amount or (3) during the Amortization Period, to the Borrower or
its designee, which amounts may be distributed to the Equityholder. 
 (iii) One Business Day before each Payment Date
after the occurrence and during the continuance of an Event of Default, or if an Event of Default would result from the application of Collections pursuant to the preceding clause (i) or (ii), all Collections on deposit in the
Collection Account (excluding any amounts necessary to fund the acquisition of any Collateral LoanAsset that the Borrower has committed to purchase and with respect to
which the trade date has occurred), to the extent received on or before the related Determination Date (or, if such Determination Date is not a Business Day, the next succeeding Business Day) will be transferred to the Payment Account and on each
Payment Date will be applied from the Payment Account in the following order of priority: 
 (A) pro rata to
each applicable Person, to pay Administrative Expenses in accordance with the priorities specified in the definition thereof; provided that the amount in this clause (A) shall not exceed the Administrative Expense Cap for such
Payment Date; 
 (B) (1) first, to the Administrative Agent, to pay any fees, expenses, indemnities and other
amounts payable to the Administrative Agent pursuant to the Administrative Agent Fee Letter and any other Facility Documents and (2) second, pro rata to each Lender (based on such Lender’s Percentage), to pay accrued and unpaid
Interest on the Advances, Commitment Fees and Prepayment Fees, if any, and other fees, expenses, indemnities and amounts due to each such Lender under the Facility Documents; 

(C) pro rata to each Lender (based on such Lender’s Percentage) to pay principal of the Advances until the Advances
are paid in full; 

  
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 (D) to the Equityholder as a Permitted RIC Distribution as directed by the
Collateral Manager; 
 (E) for deposit into the Unfunded Reserve Account until the amount on deposit therein equals the
Unfunded Reserve Required Amount; 
 (F) to the payment or application of amounts referred to in clause (A) above
(in the same order of priority specified therein), to the extent not paid in full pursuant to applications under such clause; 

(G) to the Collateral Manager to pay the Collateral Management Fee, plus any Collateral Management Fee that remains due and
unpaid in respect of any prior Payment Dates as a result of waiver, deferral or insufficient funds, except, in each case, to the extent that the Collateral Manager elects to waive or defer such current or previously due Collateral Management Fee
pursuant to this Agreement; 
 (H) (1) first, to the applicable Person, to the payment or application of amounts
referred to in clause (A) above (in the same order of priority specified therein), to the extent not paid in full pursuant to applications under such clause; and (2) second, to the applicable Person, to pay all other
Obligations then due and owing; and 
 (I) to the Borrower or its designee, which amounts may be distributed to the
Equityholder. 
 (b) If on any Payment Date the amount available in the Collection Account is insufficient to make the full amount of the
disbursements required by the Monthly Report, the Collateral Agent shall make the disbursements called for in the order and according to the priority set forth under Section 9.01(a) to the extent funds are available therefor. 

ARTICLE X 
 SALE OF
COLLATERAL LOANSASSETS; 

PURCHASE OF ADDITIONAL COLLATERAL LOANSASSETS 

Section 10.01 Sales of Collateral
LoansAssets
 
 (a) Sales of Collateral LoansAssets
. Subject to the satisfaction (or waiver, by the Administrative Agent) of the conditions specified in Sections 10.04, the Borrower may, but will not be required to, sell any Collateral LoanAsset if such sale meets each of the requirements set forth below: 
 (i) no Default or
Event of Default is continuing or would result upon giving effect thereto, to all other sales or purchases of Collateral LoansAssets previously or substantially concurrently committed to and to all
substantially concurrent substitutions of Collateral
LoansAssets
, unless such Default or Event of Default will be cured upon giving effect to such transactions and the application of the proceeds thereof; provided that,

  
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notwithstanding the foregoing, this clause (i) shall not prohibit (x) any sale of a Collateral
LoanAsset the trade date of which was prior to the occurrence of a Default or Event of Default, and the settlement date of which is scheduled to occur on a date following such Default or Event of Default, or (y) any
sale of a Collateral
LoanAsset
 at a price at least equal to par; 
 (ii) upon giving effect thereto, to
all other sales or purchases of Collateral
LoansAssets
 previously or substantially concurrently committed to and to all substantially concurrent substitutions of Collateral
LoansAssets
 and to the application of the proceeds thereof, each of the Collateral Quality Tests and the Concentration Limitations is satisfied or, if it is not satisfied, it is maintained or improved;

 (iii) such sale is made for Cash; 

(iv) if such sale is made to an Affiliate of the Borrower, the Equityholder or the Collateral Manager, either (a) such
sale is for a price at least equal to the Asset Value of such Collateral
LoanAsset or (b) the Administrative Agent has provided its prior written consent to such sale in its sole discretion; 

(v) no adverse selection procedures were employed by the Borrower or the Collateral Manager in selecting such Collateral LoanAsset for sale; and 
 (vi) upon giving effect thereto, to all other sales or purchases
of Collateral
LoansAssets
 previously or substantially concurrently committed to and to all substantially concurrent substitutions of Collateral
LoansAssets
 and to the application of the proceeds thereof, the Borrowing Base Test is satisfied. 

(b) Sales of Equity Securities. The Borrower may sell any Equity Security at any time without restriction, and shall use its
commercially reasonable efforts to effect the sale of any Equity Security, regardless of price, within forty-five (45) days of receipt if such Equity Security constitutes Margin Stock, unless such sale is
prohibited by Applicable Law or contract, in which case such Equity Security should be sold as soon as such sale is permitted by Applicable Law or contract. The Borrower may also sell any Ineligible Collateral LoanAsset or any portion of any Collateral LoanAsset that is allocated to the Excess Concentration Amount at any time
unless an Event of Default has occurred and is continuing (but otherwise without restriction). 
 (c) Application of Proceeds of
Sales. The Collateral Manager on behalf of the Borrower shall deposit the proceeds of any sale effected pursuant to this Section 10.01 into the Collection Account for disbursement in accordance with Section 9.01 or
reinvestment in additional Collateral
LoansAssets
 in accordance with Section 10.02. 
 Section 10.02 Purchase of
Additional Collateral
LoansAssets
 
 During the Reinvestment Period, the Collateral Manager on behalf of the
Borrower may, if the conditions specified in this Section 10.02 and Section 10.05 are met (or waived by the Administrative Agent), invest Principal Proceeds (and accrued interest received with respect to any Collateral LoanAsset to the extent used to pay for accrued interest on additional Collateral LoansAssets) in additional Collateral LoansAssets; provided that no Collateral LoanAsset may be 

  
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purchased unless each of the following conditions is satisfied as of the date such Collateral
LoanAsset is added to the Collateral: 
 (i) such obligation is an Eligible Collateral LoanAsset; 
 (ii) upon giving effect thereto, to all other sales or purchases of
Collateral
LoansAssets
 previously or substantially concurrently committed to and to all substantially concurrent substitutions of Collateral
LoansAssets
 and to the application of the proceeds thereof, the Borrowing Base Test is satisfied; 

(iii) upon giving effect thereto, to all other sales or purchases of Collateral LoansAssets previously or substantially concurrently committed to and to all substantially concurrent substitutions of Collateral
LoansAssets
 and to the application of the proceeds thereof, each Collateral Quality Test and Concentration Limitation is satisfied or, if it is not satisfied, maintained or improved; 

(iv) no Default or Event of Default is continuing or would result upon giving effect thereto, to all other sales or purchases
of Collateral
LoansAssets
 previously or substantially concurrently committed to and to all substantially concurrent substitutions of Collateral
LoansAssets
, unless such Default or Event of Default will be cured upon giving effect to such transactions and the application of the proceeds thereof; provided that, notwithstanding the foregoing, this
clause (iv) shall not prohibit any purchase of a Collateral
LoanAsset
 the trade date of which was prior to the occurrence of a Default or Event of Default, and the settlement date of which is scheduled to occur on a date following such Default or Event of Default; 

(v) such Principal Proceeds shall be denominated in the same Eligible Currency (or converted to such Eligible Currency pursuant
to Section 2.15(c)(iii)) as the Collateral
LoanAsset acquired; and 
 (vi) on or prior to the Initial Conveyance Date (as defined in
the Sale Agreement), the Lenders and the Administrative Agent shall have received a legal opinion (addressed to each of the Secured Parties) of counsel to the Borrower and the Equityholder, covering the true sale nature of any transfers to the
Borrower of Collateral
LoansAssets
 from the Equityholder (it being understood that the form of true sale opinion reviewed by the Administrative Agent prior to the Closing Date shall be deemed acceptable). 

The Borrower shall deliver to the Administrative Agent (with a copy to the Collateral Agent) on the date of such purchase a Borrowing Base
Calculation Statement. 
 Section 10.03 Substitution and Transfer of Loans 

(a) Substitutions. The Borrower may replace any Collateral
LoanAsset with another Collateral
LoanAsset
 (a “Substitute Loan”), subject to the satisfaction (or waiver, by the Administrative Agent) of the conditions set forth in clause (b) below and in Section 10.05.

 (b) Conditions to Substitution. No substitution of a Collateral LoanAsset with a Substitute Loan shall occur unless each of the following conditions is satisfied (or waived by the 

  
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Administrative Agent) as of the date of such substitution, after giving effect to such substitution, all other substitutions of Collateral LoansAssets occurring substantially concurrently and all sales or purchases of Collateral LoansAssets previously or substantially concurrently committed to:

 (i) such Substitute Loan is an Eligible Collateral LoanAsset; 
 (ii) each Collateral Quality Test is satisfied or, if it is not satisfied,
maintained or improved and (y) the Borrowing Base Test is satisfied; 
 (iii) the sum of the Asset Values of such
Substitute Loans shall be equal to or greater than the sum of the Asset Values of the Collateral LoansAssets being substituted for; 

(iv) no Default or Event of Default has occurred and is continuing (before or after giving effect to such substitution of
Collateral
LoansAssets
, all other substitutions occurring substantially concurrently and all sales or purchases of Collateral
LoansAssets
 previously or substantially concurrently committed to), unless such Default or Event of Default will be cured upon giving effect to such transactions and the application of the proceeds thereof;

 (v) the Borrower (or the Collateral Manager acting on its behalf) shall notify the Administrative Agent of any
amount to be deposited into the Collection Account in connection with any such substitution and shall deliver to the Custodian the Required Loan Documents for such Substitute Loan; 

(vi) upon confirmation of the delivery of a Substitute Loan for each applicable Collateral LoanAsset being substituted for (the date of such confirmation or delivery, the “Retransfer Date”), each applicable Collateral
LoanAsset
 being substituted for shall be removed from the Collateral and the applicable Substitute Loan(s) shall be included in the Collateral. On the Retransfer Date of a Collateral LoanAsset, the Collateral Agent, for the benefit of the Secured Parties, shall automatically and without further action be deemed to release and transfer to the Borrower, without recourse, representation or warranty, all
the right, title and interest of the Collateral Agent, for the benefit of the Secured Parties in, to and under such Collateral LoanAsset being substituted for. The Collateral Agent, for the benefit of
the Secured Parties, shall, at the sole expense of the Borrower, execute such documents and instruments of transfer as may be prepared by the Collateral Manager, on behalf of the Borrower, and take such other actions as shall reasonably be requested
by the Borrower to effect the release and transfer of such Collateral LoanAsset pursuant to this Section 10.03; and 

(vii) the Borrower shall deliver to the Administrative Agent on the date of such substitution a Borrowing Base Calculation
Statement. 
 (c) Upon each acquisition by the Borrower of a Collateral LoanAsset (i) all of the Borrower’s right, title and interest to such Collateral LoanAsset shall be subject to the Lien granted to the Collateral Agent
pursuant to this Agreement and (ii) such Collateral
LoanAsset
 shall be Delivered to the Custodian on behalf of the Collateral Agent. 

  
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 Section 10.04 Limitations on Sales and Substitutions 

Except as otherwise waived by the Administrative Agent: 

(a) the Principal Balance of all Equityholder Collateral
LoansAssets
 (other than Warranty Collateral LoansAssets) sold pursuant to Section 10.01(a) or substituted
pursuant to Section 10.03 to the Equityholder or an Affiliate thereof shall not exceed 20% of the Equityholder Purchased Loan Balance measured as of the date of such sale or dividend. 

(b) the Principal Balance of all Equityholder Collateral
LoansAssets
 (other than Warranty Collateral LoansAssets) that are Defaulted Loans sold pursuant to
Section 10.01(a) or substituted pursuant to Section 10.03 to the Equityholder or an Affiliate thereof shall not exceed 10% of the Equityholder Purchased Loan Balance measured as of the date of such sale or dividend.

 Section 10.05 Conditions Applicable to All Sale and Purchase Transactions 

(a) Any transaction effected under this Article X or in connection with the acquisition of additional Collateral LoansAssets if effected with the Equityholder or a Person that is an Affiliate of the Equityholder (or with an account or portfolio for which the Equityholder or any of its Affiliates serves as investment adviser), shall be,
in each case except as otherwise expressly permitted under the Facility Documents, (i) for fair market value, (ii) on terms no less favorable to the Borrower than would be the case if such Person were not an Affiliate or as otherwise
expressly permitted in this Agreement, (iii) effected in accordance with all Applicable Laws, and (iv) no adverse selection procedures shall be employed by the Borrower (or the Collateral Manager on behalf of the Borrower) in selecting the
Collateral
LoansAssets
 for acquisition. 
 (b) For purposes of this Article X, the term
“substantially concurrent” or similar phrase shall include, without limitation, any sale, purchase or substitution (each, a “reference transaction”), any other sale, purchase or substitution occurring within the cure period for a
Borrowing Base Deficiency as set forth in Section 6.01(n). 
 (c) Any Proper Instructions provided to the Collateral Agent in
respect of any acquisition shall be deemed to be a certification by the Borrower that the conditions to such acquisition are satisfied. 

Section 10.06 Additional Equity Contributions 

The Equityholder may, but shall have no obligation to, at any time or from time to time, make a capital contribution to the Borrower for any
purpose, including for the purpose of curing any Default or Event of Default, satisfying the Borrowing Base Test, enabling the acquisition or sale of any Collateral
LoanAsset or satisfying any conditions under Section 3.02. Each contribution shall either be made (a) in Cash, (b) by assignment and contribution of an Eligible Investment and/or (c) by
assignment and contribution of an Eligible Collateral
LoanAsset
. All Cash contributed or loaned to the Borrower shall be treated as Principal Proceeds, except to the extent that the Equityholder specifies that such Cash shall constitute Interest Proceeds, and shall be
deposited into a Collection Account in accordance with Section 8.02 as designated by the Equityholder. 

  
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 Section 10.07 Transfer of Warranty Collateral LoansAssets
 
 The Borrower may transfer any Warranty Collateral LoanAsset to the Equityholder, or to any third party at the Equityholder’s direction, to consummate the sale or substitution of such Warranty Collateral LoanAsset pursuant to, and in accordance with the terms of, Article VI of the Sale Agreement. 

ARTICLE XI 
 THE AGENTS

 Section 11.01 Authorization and Action 

(a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the
Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof
and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a
party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to
which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions
contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from
acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be
required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its
duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for
the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its
discretion in an unreasonable manner. 
 (b) Neither the Collateral Agent nor any officer, agent or representative thereof shall be
personally liable for any action taken by any such Person in accordance with any notice given by the Administrative Agent or the Required Lenders pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action
is taken by any such Person, the Administrative Agent or the Required Lenders or Persons purporting to be the Administrative Agent or the Required Lenders are not entitled to give such notice, unless a Responsible Officer of the Collateral Agent
shall have actual knowledge of the same or unless the Collateral Agent acts in breach of its standard of care hereunder. If any dispute or disagreement 

  
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shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a
court of competent jurisdiction and therein commence an action for interpleader. 
 (c) If in performing its duties under this Agreement,
the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions
within five (5) 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 five (5) Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. 

(d) Instructions to Collateral Agent. 

(i) The Collateral Agent shall be entitled to refrain from taking any action unless it has such instruction (in the form of
Proper Instructions) from the Borrower (or the Collateral Manager on the Borrower’s behalf) the Required Lenders or the Administrative Agent, as applicable, as it reasonably deems necessary. In the absence of gross negligence, fraud or willful
misconduct by the Collateral Agent, the Collateral Agent shall have no liability for any action (or forbearance from action) taken pursuant to the terms of this Agreement or any other Facility Document or pursuant to any Proper Instruction of the
Borrower, the Collateral Manager, the Required Lenders or the Administrative Agent, as applicable. 
 (ii) Whenever the
Collateral Agent is entitled or required to receive or obtain any communications or information pursuant to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable
to it and otherwise in accordance with any applicable term of this Agreement; and whenever any report or other information is required to be produced or distributed by the Collateral Agent it shall be in form, content and medium reasonably
acceptable to it and the Borrower, and otherwise in accordance with any applicable term of this Agreement. 
 (iii) In case
any reasonable question arises as to its duties hereunder, the Collateral Agent may, so long as no Event of Default has occurred and is continuing, request written instructions from the Collateral Manager and may, after the occurrence and during the
continuance of an Event of Default, request written instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received written instructions from the Collateral Manager or the
Administrative Agent, as applicable. The Collateral Agent shall, in the absence of gross negligence, fraud or willful misconduct by the Collateral Agent, have no liability, risk or cost for any action taken pursuant to and in compliance with the
written instruction of the Administrative Agent. 
 (e) General Standards of Care for the Collateral Agent. Notwithstanding any terms
herein contained to the contrary, the acceptance by the Collateral Agent of its appointment 

  
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hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein): 

(i) The Collateral Agent shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually
known by a Responsible Officer of the Collateral Agent or unless (and then only to the extent) received in writing by the Collateral Agent and specifically referencing this Agreement. The Collateral Agent shall not be charged with knowledge of any
notices, documents, instruments or reports delivered or prepared by the Collateral Administrator. The Collateral Agent is not responsible for or chargeable with knowledge of any terms or conditions contained in any other agreement to which it is not
a party referred to herein. It is hereby acknowledged that the Collateral Agent shall have no responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the
perfection of any security interest or lien granted by any Person under any Facility Document or Related Document. 
 (ii) No
provision of this Agreement shall require the Collateral Agent to expend or risk its own funds, or to take any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it
shall be furnished with acceptable indemnification. Nothing herein shall obligate the Collateral Agent to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Borrower or on its own behalf or otherwise, with
respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby. 
 (iii) The
permissive right of the Collateral Agent to take any action hereunder shall not be construed as a duty. 
 (iv) The
Collateral Agent may act or exercise its duties or powers hereunder through agents or attorneys-in-fact, and the Collateral Agent shall not be liable or responsible for
the actions, omissions, negligence or misconduct of any such agent or attorney-in-fact selected by it with reasonable care. 

(v) The Collateral Agent shall have no obligation to determine the Interest Rate or whether an asset is an Eligible Collateral LoanAsset or otherwise satisfies any eligibility requirements hereunder. None of the Collateral Agent, the Custodian or the Collateral Administrator shall be under any obligation to (i) monitor, determine or verify
the unavailability or cessation of the applicable Benchmark or Benchmark Replacement), the Prime Rate, Federal Funds Rate or other Base Rate, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence
of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or determine whether any conditions to the designation of such a
rate have been satisfied, or (iii) determine whether or what Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. None of the Collateral Agent, the Custodian or the Collateral Administrator shall be
liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement or other Facility Document to the extent such inability, failure or delay is a result of the unavailability of any Benchmark (or

  
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other applicable rate) and absence of a designated Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party in
providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement or other Facility Document and reasonably required for the performance of such duties. 

(i) In no case shall the Collateral Agent be deemed to have knowledge of a Default or an Event of Default unless a Responsible
Officer thereof has received written notice of such Default or Event of Default. The Collateral Agent may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

(ii) If the Collateral Agent has been requested or directed by the Administrative Agent or the Required Lenders to take any
discretionary action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the discretionary rights or powers vested in it by this Agreement or such
Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or
direction. 
 (iii) Each of the protections, reliances, indemnities and immunities offered to the Custodian in Article
XIII and to the Collateral Administrator in Article XV shall be afforded to the Collateral Agent. 
 Section 11.02
Delegation of Duties 
 (a) Each Agent may execute any of its duties under this Agreement and each other Facility Document by or
through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

(b) Without limiting the generality of Section 11.02(a), the Administrative Agent may at any time or from time to time designate
one or more of its Affiliates to execute any of its duties under this Agreement and each other Facility Document. 
 Section 11.03
Agents’ Reliance, Etc. 
 (a) Neither Agent nor any of their respective directors, officers, agents or employees shall be liable
for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Facility Documents, except for its or their own gross negligence, fraud or willful misconduct. Without limiting the generality
of the foregoing, each Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Collateral Manager or any of their Affiliates) and independent public accountants and other experts selected by 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 to be taken by such Agent in good faith in accordance with such opinion and shall not be liable for any action taken,
suffered or 

  
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omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any Secured Party or any other
Person and shall not be responsible to any Secured Party or any Person for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or the other Facility Documents; (iii) shall not
have any duty to monitor, ascertain, or investigate as to the performance or observance of any of the terms, covenants or conditions of this Agreement, the other Facility Documents, any Related Document or any notice, consent, certificate,
instruction or waiver, report, statement, opinion, direction or other instrument or writing on the part of the Borrower, the Collateral Manager or any other Person or to inspect the property (including the books and records) of the Borrower or the
Collateral Manager; (iv) shall not be responsible to any Secured Party or any other Person for the due execution, legality, validity, enforceability, perfection, genuineness, sufficiency or value of any Collateral (or the validity, perfection,
priority or enforceability of the Liens on the Collateral), this Agreement, the other Facility Documents, any Related Document or any other instrument or document furnished pursuant hereto or thereto; (v) shall incur no liability under or in
respect of this Agreement or any other Facility Document by relying on, acting upon (or by refraining from action in reliance on) any notice, consent, certificate (including, for the avoidance of doubt, the Borrowing Base Calculation Statement),
instruction or waiver, report, statement, opinion, direction, electronic communication or other instrument or writing (which may be delivered by email, if acceptable to it) reasonably believed by it to be genuine and believed by it to be signed or
sent by the proper party or parties; (vi) shall not be responsible to any Person for any recitals, statements, information, representations or warranties regarding the Borrower or the Collateral or in any document, certificate or other writing
delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of thereof or any such other document or the financial condition of any
Person or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions related to any Person or the existence or possible existence of any Default or Event of Default; and
(vii) shall not have any obligation whatsoever to any Person to assure that any collateral exists or is owned by any Person or is cared for, protected or insured or that any liens have been properly or sufficiently or lawfully created,
perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or
available with respect thereto. No Agent shall have any liability to the Borrower, any Lender or any other Person for the Borrower’s, the Collateral Manager’s, any Lender’s, or any other Person’s, as the case may be, performance
of, or failure to perform, any of their respective obligations and duties under this Agreement or any other Facility Document. 
 (b) No
Agent shall be liable for the actions or omissions of any other Agent (including concerning the application of funds), or under any duty to monitor or investigate compliance on the part of any other Agent with the terms or requirements of this
Agreement, any Facility Document or any Related Document, or their duties hereunder or thereunder. Each Agent shall be entitled to assume the due authority of any signatory and genuineness of any signature appearing on any instrument or document it
may receive (including each Notice of Borrowing received hereunder). No Agent shall be liable for any action taken in good faith and reasonably believed by it to be within the powers conferred upon it, or taken by it pursuant to any direction or
instruction by which it is governed, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action (including for refusing to exercise discretion or for

  
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withholding its consent in the absence of its receipt of, or resulting from a failure, delay or refusal on the part of the Required Lenders (or with respect to the Collateral Agent, the
Administrative Agent) to provide, written instruction to exercise such discretion or grant such consent from the Required Lenders (or with respect to the Collateral Agent, the Administrative Agent), as applicable). No Agent shall be liable for any
error of judgment made in good faith unless it is proven by a non-appealable court of competent jurisdiction that such Agent was grossly negligent in ascertaining the relevant facts or engaged in fraud or willful misconduct. Nothing herein or in any
Facility Document or Related Document shall obligate any Agent to advance, expend or risk its own funds, or to take any action which in its reasonable judgment may cause it to incur any expense or financial or other liability for which it is not
adequately indemnified. No Agent shall be liable for any indirect, special, punitive or consequential damages (including lost profits) whatsoever, even if it has been informed of the likelihood thereof and regardless of the form of action. No Agent
shall be charged with knowledge or notice of any matter unless actually known to a Responsible Officer of such Agent, or unless and to the extent written notice of such matter is received by such Agent at its address in accordance with
Section 12.02. Any permissive grant of power to an Agent hereunder shall not be construed to be a duty to act. Neither Agent shall be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document. Neither Agent shall 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. 

(c) No Agent shall be responsible or liable for delays or failures in performance resulting from acts beyond its control; provided that
such Agent takes commercially reasonable efforts to resume performance after the cessation of such acts. Such acts shall include acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire,
communication line failures, computer viruses, power failures, earthquakes or other disasters. 
 (d) The delivery of reports and other
documents and information to the Collateral Agent hereunder or under any other Facility Document is for informational purposes only and the Collateral Agent’s receipt of such documents and information shall not constitute constructive notice of
any information contained therein or determinable from information contained therein. The Collateral Agent is hereby authorized and directed to execute and deliver the other Facility Documents to which it is a party. Whether or not expressly stated
in such Facility Documents, in performing (or refraining from acting) thereunder, the Collateral Agent shall have all of the rights, benefits, protections and indemnities which are afforded to it in this Agreement. In the event the Collateral Agent
is also acting in capacity of Custodian, Collateral Administrator or Securities Intermediary, the protections, immunities and indemnities afforded to the Collateral Agent pursuant to this Agreement shall also be afforded to the Custodian, Collateral
Administrator and Securities Intermediary acting in such capacities; provided that, such protections, immunities and indemnities shall be in addition to (but without duplication of) any protections, immunities and indemnities provided in the Account
Control Agreement, or any other Facility Documents. 
 (e) Each Lender acknowledges that, except as expressly set forth in this Agreement,
neither Agent has made any representation or warranty to it, and that no act by either Agent hereafter taken, including any consent and acceptance of any assignment or review of the 

  
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affairs of the Borrower, shall be deemed to constitute any representation or warranty by such Agent to any Secured Party as to any matter. Each Lender represents to each Agent that it has,
independently and without reliance upon such Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects, operations, property, financial and other
condition and creditworthiness of the Borrower and the Collateral Manager, and made its own decision to enter into this Agreement and the other Facility Documents to which it is a party. Each Lender also represents that it will, independently and
without reliance upon either Agent or any other Secured Party and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the
Facility Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the Collateral Manager. Neither
Agent shall have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects, operations, property, financial or other condition or creditworthiness of the Borrower or Collateral
Manager which may come into the possession of such Agent. 
 Section 11.04 Indemnification 

Each of the Lenders (on a pro rata basis based on its percentage of the Commitments) agrees to indemnify and hold the Administrative Agent
harmless (to the extent not reimbursed by or on behalf of the Borrower pursuant to Section 12.04 or otherwise) from and against any and all Liabilities which may be imposed on, incurred by, or asserted against the Administrative Agent in
any way relating to or arising out of this Agreement or any other Facility Document or any Related Document or any action taken or omitted by the Administrative Agent under this Agreement or any other Facility Document or any Related Document;
provided that no Lender shall be liable to the Administrative Agent for any portion of such Liabilities resulting from the Administrative Agent’s gross negligence or willful misconduct; provided, further, that each Lender
shall be fully liable to the Administrative Agent for gross negligence and willful misconduct. The rights of the Administrative Agent and obligations of the Lenders under or pursuant to this Section 11.04 shall survive the termination of
this Agreement, and the earlier removal or resignation of the Administrative Agent hereunder. 
 Section 11.05 Successor Agents

 (a) Subject to the terms of this Section 11.05, each Agent may, upon thirty (30) days’ notice to the Lenders and the
Borrower, resign as Administrative Agent or the Collateral Agent, as applicable. If an Agent shall resign, then the Required Lenders (with, unless an Event of Default has occurred and is continuing, the consent of the Borrower) shall appoint a
successor agent. If for any reason a successor agent is not so appointed and does not accept such appointment within thirty (30) days of notice of resignation, such Agent may appoint, or petition a court of competent jurisdiction at the
Borrower’s expense to appoint, a successor agent; provided that no such successor agent may be a Defaulting Lender without the prior written consent of the Borrower. 

(b) Any successor Administrative Agent and any successor Collateral Agent shall be a U.S. Person (within the meaning of
Section 7701(a)(30) of the Code) and shall be a bank 

  
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with an office in the United States of America or an Affiliate of such bank and a “financial institution” within the meaning of Treasury Regulations Section 1.1441-1 (as in effect
on the date hereof). The appointment of any successor Agent shall be subject to the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed); provided that the consent of the Borrower to any such
appointment shall not be required if an Event of Default shall have occurred and is continuing. Any resignation or removal of an Agent shall be effective upon the appointment of a successor agent pursuant to this Section 11.05. After the
effectiveness of any retiring or removed Agent’s resignation or removal hereunder as Agent, the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Facility Documents and the provisions of
this Article XI shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was Agent under this Agreement and under the other Facility Documents. 

(c) Subject to the terms of this Section 11.05(c) the Administrative Agent may, upon thirty (30) days’ notice to the
Collateral Manager, the Equityholder, the Collateral Agent, the Lenders and the Borrower, remove and discharge the Collateral Agent from the performance of its obligations under this Agreement and under the other Facility Documents without cause at
any time. If the Collateral Agent shall be removed pursuant to this Section 11.05(c), then the Administrative Agent during such thirty (30) day period shall appoint a successor Collateral Agent. The appointment of any successor
Collateral Agent pursuant to this Section 11.05(c) shall be subject to the prior written consent of the Borrower (provided that no Event of Default has occurred and is continuing) and the Required Lenders. If the Collateral Agent
is removed pursuant to this Section 11.05(c), the Collateral Agent shall be removed in all other capacities in which it serves under this Agreement and under any of the other Facility Documents (including in its capacity as Custodian),
but not in its capacities as Administrative Agent or Lender, if applicable. Any removal of the Collateral Agent pursuant to this Section 11.05(c) shall be effective upon the appointment of a successor Collateral Agent pursuant to this
Section 11.05(c) and the acceptance of such appointment by such successor. After the effectiveness of any removal of the Collateral Agent pursuant to this Section 11.05(c), the Collateral Agent shall be discharged from its
duties and obligations hereunder and under the other Facility Documents (but not in its capacities as Administrative Agent or Lender, if applicable) and the provisions of this Article XI and Section 11.05(c) shall continue in
effect for its benefit with respect to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement and under the other Facility Documents. In the event a successor Collateral Agent shall not be appointed
within such thirty (30) day period, the Collateral Agent may petition a court of competent jurisdiction at the Borrower’s expense for the appointment of a successor Collateral Agent. 

Section 11.06 Merger, Conversion, Consolidation or Succession to Business of Agents 

Any organization or entity into which any Agent may be merged or converted or with which it may be consolidated, or any organization or entity
resulting from any merger, conversion or consolidation to which such Agent shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of such Agent, shall be the successor of such Agent
hereunder and any other Facility Document to which it is a party, without the execution or filing of any document or any further act on the part of any of the parties hereto. 

  
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 Section 11.07 Erroneous Payments 

(a) (i) If the Administrative Agent notifies a Lender, Secured Party or other recipient that the Administrative Agent has
determined in its sole discretion that any funds received by such recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such recipient (whether or
not known to such recipient) (any such funds whether as a payment, prepayment or repayment of principal, interest, fees or other amounts; a distribution or otherwise; individually and collectively, a “Payment” and any such
recipient, an “Unintended Recipient”) and demands the return of such Payment (or a portion thereof), such Unintended Recipient shall promptly, but in no event later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Payment (or portion thereof) as to which such a demand was made, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Unintended
Recipient to the date such amount is repaid 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 from time to time
in effect. 
 (ii) To the extent permitted by applicable law, each party hereto and each Secured Party shall not assert any
right or claim to the Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including
without limitation waiver of any defense based on “discharge for value” or any similar doctrine.
 (iii) A notice
of the Administrative Agent to any Unintended Recipient under this clause (a) shall be conclusive, absent manifest error. 
 (b)
If an Unintended Recipient receives a Payment from the Administrative Agent (or any of its Affiliates): 
 (i) that is
in a different amount than, or on a different date from, that specified in a notice of payment or calculation statement sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”),

 (ii) that was not preceded or accompanied by a Payment Notice, or 

(iii) that such Unintended Recipient otherwise becomes aware was transmitted, or received, in error or mistake (in whole or in
part) or such Payment is otherwise inconsistent with such recipient’s or market expectations, 
 in each case, an error shall be
presumed to have been made with respect to such Payment absent written confirmation from the Administrative Agent to the contrary. Upon demand from the Administrative Agent, such Unintended Recipient shall promptly, but in no event later than
one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made. 

(c) For purposes of this Section 11.07, references to Secured Party or Secured Parties shall not include the Bank
in any of its capacities, including as the Collateral Agent. 

  
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 ARTICLE XII 

MISCELLANEOUS 

Section 12.01 No Waiver; Modifications in Writing 

(a) No failure or delay on the part of any Secured Party exercising any right, power or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver of any provision of this Agreement or any other Facility
Document and any consent to any departure by any party to this Agreement or any other Facility Document from the terms of any provision of this Agreement or such other Facility Document, shall be effective only in the specific instance and for the
specific purpose for which given. No notice to or demand on the Borrower, the Collateral Manager or the Equityholder in any case shall entitle the Borrower, the Collateral Manager or the Equityholder to any other or further notice or demand in
similar or other circumstances. 
 (b) No amendment, modification, supplement or waiver of this Agreement shall be effective unless signed
by the Borrower, the Collateral Manager, the Equityholder, the Administrative Agent and the Required Lenders; provided that: 

(i) except for an amendment pursuant to clause (c) below, any Fundamental Amendment shall require the written consent of
each Lender directly affected thereby; and 
 (ii) no such amendment, modification, supplement or waiver shall amend, modify
or otherwise affect the rights or duties of any Agent, the Custodian or the Collateral Administrator hereunder without the prior written consent of such Agent, the Custodian or the Collateral Administrator, as the case may be. 

(c) Benchmark Replacement. 

(i) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Facility Document, upon the
occurrence of a Benchmark Transition Event with respect to any then-current Benchmark, the Administrative Agent and the Borrower may amend this Agreement to replace such Benchmark with a Benchmark Replacement. Any such amendment with respect to a
Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has provided notice of such proposed
amendment to the Collateral Manager and each Lender. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 12.01(c)(i) will occur prior to the applicable Benchmark Transition Start Date. 

(ii) Conforming Changes. In connection with the implementation and administration of any Benchmark Replacement, the
Administrative Agent in consultation with the Collateral Manager will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Facility Document, any amendments implementing
such Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 

  
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 (iii) Notices; Standards for Decisions and Determinations. The
Administrative Agent will promptly notify the Borrower and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes. For the avoidance of doubt, any notice required to be
delivered by the Administrative Agent as set forth in this Section 12.01(c) may be provided, at the option of the Administrative Agent (in its sole discretion), in one or more notices and may be delivered together with, or as part of any
amendment which implements any Benchmark Replacement or Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this
Section 12.01(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be
conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 12.01(c). 

(iv) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Facility
Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if a then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not
displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent, in consultation with the Borrower, in its reasonable discretion or (B) the administrator of such Benchmark or
the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with
the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent in consultation with the Borrower, may modify the definition of “Interest Accrual Period” (or any similar
or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either
(A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance
with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Administrative Agent, in consultation with the Borrower, may
modify the definition of “Interest Accrual Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

(v) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period with respect to any then-current Benchmark, (A) the Borrower may revoke any pending request for an Advance in the applicable currency during any Benchmark Unavailability Period and (B) all Advances in such currency
shall bear interest at the Base Rate. During a Benchmark Unavailability Period for any then-current Benchmark or at any time that a tenor for any then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon such
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. 

  
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 (vi) Disclaimer. The Administrative Agent does not warrant or accept
any responsibility for, and shall not have any liability with respect to (A) the administration, submission or any other matter related to Term SOFR, SONIA or other rates in the definition of “Applicable Reference Rate” or with
respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder), (B) the composition or characteristics of any such Benchmark Replacement,
including whether it is similar to, or produces the same value or economic equivalence to Term SOFR, SONIA or any other Benchmark or have the same volume or liquidity as did Term SOFR, SONIA or any other Benchmark, (C) any actions or use of its
discretion or other decisions or determinations made with respect to any matters covered by this Section 12.01(c) including, without limitation, whether or not a Benchmark Transition Event has occurred, the removal or lack thereof of
unavailable or non-representative tenors, the implementation or lack thereof of any Conforming Changes, the delivery or non-delivery of any notices required by clause (iv) above or otherwise in accordance herewith, and (D) the effect of
any of the foregoing provisions of this Section 12.01(c). The Administrative Agent shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation of any interest rate under this Agreement, or
whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Disruption Event, Benchmark Transition Event, Benchmark Unavailability Period or a Benchmark Replacement Date, (ii) to select,
determine or designate any Base Rate, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, or (iii) to select, determine or designate any adjustment or other
modifier to any replacement or successor index, or (iv) to determine whether or what conforming changes or amendments (including any Conforming Changes) are necessary or advisable, if any, in connection with any of the foregoing. The
Administrative Agent shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in the Facility Documents as a result of the unavailability of any interest rate hereunder and absence of a designated
Base Rate or Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, in providing any direction, instruction, notice or information required or contemplated by the terms
of the Facility Documents and reasonably required for the performance of such duties. 
 Section 12.02 Notices, Etc. 

(a) Except where telephonic instructions are authorized herein to be given, all notices, demands, instructions and other communications
required or permitted to be given to or made upon any party hereto shall be in writing, unless otherwise expressly specified herein, and shall be (i) personally delivered or sent by registered, certified or express mail or postage prepaid, or
by prepaid courier service, or by electronic mail (if the recipient has provided an email address) to the address or email address, as applicable, set forth with respect to such party on Schedule 6 (or, if not provided on
Schedule 6 with respect to any party, such address or email address provided by such party in writing to the Administrative Agent), or (ii) in the case of notices to any Lender, posted to an electronic system approved by or set up
by or at the direction of the Administrative 

  
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Agent, and shall in each case be deemed to be given for purposes of this Agreement on the day that such writing is received by the intended recipient thereof or posted in accordance with the
provisions of this Section 12.02. Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section 12.02, notices, demands, instructions and other communications in writing
shall be given to or made upon the respective parties hereto at their respective addresses (or to their respective email addresses) indicated in Schedule 6 (or, if not provided on Schedule 6 with respect to any party, such
address or email address provided in writing by such party to the Administrative Agent), and, in the case of telephonic instructions or notices, by calling the telephone number or numbers indicated for such party in Schedule 6 (or, if
not provided on Schedule 6 with respect to any party, such telephone number or numbers provided in writing by such party to the Administrative Agent). Each party shall notify the Administrative Agent in writing of any changes in the
address, telephone number or email address to which notices to such Person should be directed, and of such other administrative information as the Administrative Agent shall reasonably request. Notwithstanding anything herein to the contrary, when
any notice is sent or delivered to the Borrower in accordance with this Agreement, reasonable efforts shall be made to also send a copy of such notice to the Collateral Manager. 

(b) Each Bank Party shall have the right to accept and act upon instructions or directions , including funds transfer instructions
(“Instructions”), given pursuant to this Agreement or any of the Facility Documents and delivered using Electronic Means; provided, however, that the Borrower, the Collateral Manager or the Administrative Agent, as applicable, shall
provide to each Bank Party an incumbency certificate listing Persons with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency
certificate shall be amended by the Borrower, the Collateral Manager or the Administrative Agent, as applicable, whenever a person is to be added or deleted from the listing. The Borrower, the Collateral Manager and the Administrative Agent
understand and agree that none of the Bank Parties can determine the identity of the actual sender of any such Instructions and that, subject to the applicable standard of care, each Bank Party may conclusively presume that directions that it
believes in good faith to have been sent by an Authorized Officer listed on the incumbency certificate provided to such Bank Party have been sent by such Authorized Officer. The Borrower, the Collateral Manager and the Administrative Agent, as
applicable, shall be responsible for ensuring that only Authorized Officers transmit any such Instructions to a Bank Party and that the Borrower, the Collateral Manager or the Administrative Agent, as applicable, and all of its Authorized Officers
are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Borrower, the Collateral Manager or the Administrative Agent, as applicable. None of
the Bank Parties shall be liable for any losses, costs or expenses arising directly or indirectly from such Bank Party’s reasonable, good faith reliance upon and compliance with any such Instructions prior to receiving any subsequent
conflicting or inconsistent subsequent written instructions and having had a reasonable time to receive and act on such subsequent written instruction, subject to the duty of care applicable to such Person acting in such capacity. The Borrower, the
Collateral Manager and the Administrative Agent each agree (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to a Bank Party, including without limitation the risk of the Bank Party acting on unauthorized
Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to a Bank Party and that there may be more
secure methods of transmitting Instructions than the method(s) selected by the Borrower, 

  
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the Collateral Manager or the Administrative Agent, as applicable; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a
commercially reasonable degree of protection in light of its particular needs and circumstances and (iv) to notify the applicable Bank Parties immediately upon learning of any compromise or unauthorized use of the security procedures.
“Electronic Means” shall mean the following communications methods: (1) e-mail (or .pdf files of executed documents) or other similar unsecured electronic methods; (2) secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys issued by a Bank Party or (3) another method or system specified by a Bank Party as available for use in connection with its services hereunder. 

(c) By executing this Agreement, the parties hereto hereby acknowledge and agree, and direct the Collateral Agent, the Custodian and the
Collateral Administrator to acknowledge and agree and the Collateral Agent, the Custodian and the Collateral Administrator do hereby acknowledge and agree, that execution of this Agreement, any instruction, direction, notice, form or other document
executed by any party to this Agreement or the Facility Documents in connection with this Agreement or such other Facility Documents, by electronic signatures (whether by Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar
platform identified by such party and reasonably available at no undue burden or expense to the Collateral Agent, the Custodian or the Collateral Administrator) shall be permitted hereunder notwithstanding anything to the contrary herein and such
electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via email from a person purporting to be a Responsible Officer shall be considered signed or
executed by such Responsible Officer on such party’s behalf. To the extent received from a Responsible Officer, the parties hereto also hereby acknowledge and agree that the Collateral Agent, the Custodian and the Collateral Administrator shall
have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto. 

Section 12.03 Taxes 

(a) Any and all payments by, or on account of any obligation of the Borrower under any Facility 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 the applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by the
Borrower, the Collateral Agent or the Administrative Agent, then the Borrower, the Collateral Agent or the Administrative Agent (as applicable) shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or
withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is a Non-Excluded 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) the applicable Secured Party receives an amount (such amount, an “Additional Amount”) equal
to the sum it would have received had no such deduction or withholding been made. 

  
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 (b) In addition, the Borrower agrees to timely pay (or at the option of the Administrative
Agent, timely reimburse it for the payment of) any present or future stamp, court or documentary, intangible, recording or filing Taxes or any other or similar Taxes that arise from any payment made hereunder, under the Notes or under any other
Facility Document, or from the execution, delivery, performance, enforcement or registration of from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement, the Notes or under any other Facility
Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (collectively, the “Other Taxes”). 

(c) The Borrower agrees to indemnify, within ten (10) days after demand therefor, each Secured Party for (i) the full amount of Non-Excluded Taxes (including any Non-Excluded Taxes imposed or asserted on or attributable to amounts payable under this Section 12.03) paid or payable by any
Secured Party (or required to be withheld or deducted from payments to a Secured Party) and (ii) any reasonable expenses arising therefrom or with respect thereto, in each case whether or not such
Non-Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability will be promptly delivered to the Borrower
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 or other Secured Party and shall be conclusive absent manifest error. 

(d) As soon as practicable after the date of any payment of Taxes pursuant to this Section 12.03, the Borrower will furnish to
each Agent the original or a certified copy of a receipt issued by the relevant Governmental Authority evidencing payment thereof (or other evidence of payment as may be reasonably satisfactory to such Agent). 

(e) If any party determines, in its sole discretion exercised in good faith, that it has received a refund (for this purpose, including
credits elected by such party in lieu of a refund) of any Taxes as to which it has been indemnified pursuant to this Section 12.03 (including by the payment of additional amounts pursuant to this Section 12.03), 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 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 request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this paragraph (e) (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 paragraph (e), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (e) 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 paragraph 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. 

  
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 (f) Each Secured Party that is entitled to an exemption from or reduction of withholding Tax
with respect to payments made under this Agreement or any Facility Document shall deliver to the Borrower and each Agent, at the time or times reasonably requested by the Borrower or such Agent, such properly completed and executed documentation
reasonably requested by the Borrower or such Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, each Secured Party, if reasonably requested by the Borrower or any Agent, shall deliver
such other documentation reasonably requested by the Borrower or such Agent as will enable the Borrower or such Agent to determine whether or not such Secured Party 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 sub-clauses (A),
(B) and (D) of Section 12.03(f)(i)) shall not be required if, in the Secured Party’s reasonable judgment, such completion, execution or submission would subject such Secured Party to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Secured Party. 
 (i) Without limiting
the generality of the foregoing. 
 (A) any Secured Party (other than the Bank Parties) that is a United States Person (as
defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Agents on or prior to the date on which such Secured Party becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Agents), executed copies of IRS Form W-9 certifying that such Secured Party is exempt from U.S. federal backup withholding tax; 

(B) any Lender that is not a “United States person” under Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agents (in such number of copies as shall be requested by the recipient) on or prior to the date on
which such Non-U.S. Lender becomes a party to under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or an Agent), whichever of the following is applicable: 

(1) in the case of a Non-U.S. 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 Facility 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 Facility 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; 

  
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 (3) in the case of a Non-U.S. 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 F-1 to the effect that such Non-U.S. 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 

(4) to the extent a Non-U.S. 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, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially
in the form of Exhibit F-4 on behalf of each such direct and indirect partner; 
 (C) any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agents (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or Agents), 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 Agents to determine the withholding or
deduction required to be made; and 
 (D) if a payment made to a Secured Party under any Facility Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Secured Party 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 Secured
Party shall deliver to the Borrower and the Agents at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agents 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 Agents as may be necessary for the Borrower and the Agents to comply with their obligations under FATCA and to determine that
such Secured Party has complied with such Secured Party’s obligations under FATCA or to 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. 

  
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 Each Secured Party 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 Agents in writing of its legal inability to do so. 

(g) Nothing in this Section 12.03 shall be construed to require any Secured Party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the Borrower or any other Person. 
 (h) Each Lender shall severally
indemnify each Agent, within ten (10) days after demand therefor, for (i) any Non-Excluded Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified such
Agent for such Non-Excluded 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 12.06(c) 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 such Agent in connection with any Facility 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 Governmental Authority. A certificate as to the amount of such payment or liability delivered to
any Lender by the applicable Agent shall be conclusive absent manifest error. Each Lender hereby authorizes each Agent to set off and apply any and all amounts at any time owing to such Lender under any Facility Document or otherwise payable by such
Agent to the Lender from any other source against any amount due to such Agent under this clause (h). 
 (i) Each party’s
obligations under this Section 12.03 shall survive the resignation or replacement of an 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 Facility Documents. 
 (j) For purposes of this Section, the term “Applicable Law” includes
FATCA. 
 Section 12.04 Costs and Expenses; Indemnification 

(a) The Borrower agrees to promptly pay on written demand all reasonable and documented out-of-pocket costs and expenses of the Agents, the Custodian, the Securities Intermediary and the Collateral Administrator in connection with the preparation, review, negotiation, reproduction, execution and
delivery of this Agreement and the other Facility Documents, including (but limited, in the case of legal fees and expenses, to) the reasonable and documented fees and disbursements of one outside counsel for the Administrative Agent plus, if
necessary, one additional local counsel, one outside counsel for the Collateral Agent, the Custodian, the Securities Intermediary and the Collateral Administrator and one additional local counsel, if necessary for any Bank Party, costs and expenses
of creating, perfecting, releasing or enforcing the Collateral Agent’s security interests in the Collateral, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, UCC filing fees, and the equivalent
thereof in any foreign jurisdiction, and all other related fees and expenses in connection therewith, and in connection with the administration and any modification or amendment of this Agreement, the Notes or any other Facility Document and
advising the Agents, the Custodian, the 

  
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Securities Intermediary and the Collateral Administrator as to their respective rights, remedies and responsibilities. The Borrower agrees to promptly pay on written demand all reasonable and
documented out-of-pocket costs and expenses of each of the Secured Parties in connection with the enforcement of this Agreement (including the enforcement of this Section 12.04), the Notes or any other Facility Document, including all
reasonable and documented out-of-pocket costs and expenses incurred by any Secured Party in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Facility Documents or any interest, right, power or
remedy of any Secured Party or in connection with the collection or enforcement of any of the Obligations or the proof, protection, administration or resolution of any claim based upon the Obligations in any insolvency proceeding, including all
reasonable and documented fees and disbursements of attorneys (subject to the limitations set forth in the first sentence of this clause (a)), accountants, auditors, consultants, appraisers and other professionals engaged by any Secured Party.
Without prejudice to its rights hereunder, the expenses and the compensation for the services of the Secured Parties are intended to constitute expenses of administration under any applicable insolvency Law. 

(b) The Borrower agrees to indemnify and hold harmless each Secured Party and each of their Affiliates and the respective officers, directors,
employees, agents, managers of, and any Person controlling any of, the foregoing (each, an “Indemnified Party”) from and against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party
(limited, solely in the case of Liabilities owing to the Administrative Agent in respect of attorney’s fees and expenses, to the reasonable and documented out-of-pocket fees and expenses of one outside counsel and one local counsel in each
applicable jurisdiction), in each case arising out of or in connection with or by reason of the execution, delivery, enforcement (including the enforcement of this Section 12.04), performance, administration of or otherwise arising out
of or incurred in connection with this Agreement, any other Facility Document, any Related Document or any transaction contemplated hereby or thereby or the use of proceeds of any Advance (and regardless of whether or not any such transactions are
consummated) and regardless of whether or not arising out of a suit, claim or other action brought by the Borrower, the Collateral Manager, the Equityholder or any third party, except (A) to the extent any such Liability is found in a
final, non-appealable judgment by a court of competent jurisdiction to have resulted from (i) with respect to the Collateral Agent, Custodian, Collateral Administrator or the Securities Intermediary, the
gross negligence or willful misconduct of such Indemnified Party or (ii) with respect to any other Indemnified Party, the gross negligence, bad faith or willful misconduct of such Indemnified Party, any of its Affiliates or the respective
officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing or (B) in the case of any Indemnified Party (other than the Custodian, Collateral Administrator, Collateral Agent, the Securities Intermediary
or their respective Affiliates, officers, directors, employees, agents, managers or controlling Persons) to the extent any such Liability results from a claim brought by the Borrower against an Indemnified Party for a material breach of such
Indemnified Party’s obligations hereunder or under any other Facility Document, if the Borrower has obtained a final, non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction. In the case of an
investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, any of the Borrower’s
equityholders or creditors, an Indemnified Party or any other Person, whether or not an Indemnified Party is otherwise a party hereto. The Borrower shall not, without the prior written consent of the Indemnified Party, effect any settlement of any
pending or 

  
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threatened proceeding in respect of which any Indemnified Party is a party (or, in the case of a threatened proceeding, could reasonably have been expected to be a party if such proceeding had
been brought) and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (i) does not include a statement as to or admission of, fault, culpability or a failure to act by or on behalf of any such
Indemnified Party or (ii) includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. This Section 12.04(b) shall not apply with respect to Taxes other
than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

Section 12.05 Execution in Counterparts 

This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. Facsimile signatures and signature pages provided in the form of a
“pdf” or similar imaged document transmitted by electronic transmission (including .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar
platform identified by the Borrower and reasonably available at no undue burden or expense to the Collateral Administrator, Custodian or Collateral Agent) shall be deemed original signatures for all purposes hereunder. Any electronically signed
document delivered via email from a person purporting to be an Authorized Person shall be considered signed or executed by such Authorized Person on behalf of the applicable Person. To the extent received by a Responsible Officer, none of the
Collateral Administrator, Custodian or Collateral Agent shall have a duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature
without any liability with respect thereto. 
 Section 12.06 Assignability 

(a) Subject to the conditions set forth in this Section 12.06, each Lender may, with the consent of the Borrower (such consent not
to be unreasonably withheld, conditioned or delayed) and the Administrative Agent, assign to any Person all or a portion of its rights and obligations under this Agreement (including all or a portion of its Advances Outstanding or interests therein
owned by it, together with ratable portions of its Commitment); provided that such consent shall be deemed to have been granted by the Borrower if the Borrower shall not have objected in writing within five (5) Business Days of receipt
of any such request for consent; provided, further, that: 
 (i) neither the Borrower’s nor the
Administrative Agent’s consent to any such assignment shall be required if the assignee is (A) a Lender or any of its Affiliates or (B) managed by a Lender or any of its Affiliates; 

(ii) the Borrower’s consent to any such assignment pursuant to this Section 12.06(a) shall not be required if
an Event of Default shall have occurred and be continuing; provided that in no event shall an assignment be made to a Competitor without the Borrower’s prior written consent unless an Event of Default shall have occurred and be
continuing; and 

  
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 (iii) notwithstanding anything herein to the contrary, each Lender may make
an assignment to any Person (other than a Competitor) with notice to, but without the consent of, the Borrower or the Administrative Agent if such Lender makes a reasonable determination that its ownership of any of its rights or obligations
hereunder is prohibited by Applicable Law. 
 The parties to each such assignment shall execute and deliver to the Administrative Agent
(with a copy to the Collateral Agent) an Assignment and Acceptance and the applicable tax forms required by Sections 12.03(f), together with administrative details for the applicable assignee (if such assignee is not a current Lender or
an Affiliate of Citibank, N.A.). Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.06(d), from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall
be a party to this Agreement, and to the extent of the interest assigned by such assigning Lender, have the rights and obligations of a Lender under this Agreement. Notwithstanding any other provision of this Section 12.06, (x) no
assignment may be made to the Borrower, the Collateral Manager, the Equityholder or any of their respective Affiliates and (y) no assignment shall be made to any Defaulting Lender, a natural person or any Person that, upon becoming a Lender
hereunder, would constitute any of the foregoing Persons described in this clause (y). 
 (b) The Borrower may not assign its
rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent and the Lenders. 
 (c)
(i) Any Lender may, without the consent of (but with notice to) the Borrower, sell participations to Participants in all or a portion of such Lender’s rights and obligations under this Agreement; provided that (A) such
Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrower, the Agents, the Collateral
Administrator, the Custodian and the Securities Intermediary 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 Agreement, and (D) each
Participant shall have agreed to be bound by this Section 12.06(c), Section 12.06(e), Section 12.09 and Section 12.16. Any agreement 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. The Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.09 and 12.03 (subject to the requirements and limitations therein, including the requirements under Section 12.03(f) (it being understood that the documentation required under Section 12.03(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 under clause (a) of this Section; provided that such Participant shall not be entitled to receive any
greater payment under Sections 2.09 or 12.03, with respect to any 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 Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate
the provisions of Section 2.20 with respect to any Participant. 
 (ii) In the event that any Lender sells
participations in any portion of its rights and obligations hereunder, such Lender as non-fiduciary agent for the Borrower shall 

  
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maintain a register on which it enters the name of all participants in the Advances held by it and the principal amount (and stated interest thereon) of the portion of the Advance which is the
subject of the participation (the “Participant Register”). An Advance may be participated in whole or in part only by registration of such participation on the Participant Register (and each Note, if any, shall expressly so
provide). 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 rights and obligations hereunder)
to any Person except to the extent necessary to establish that such rights and obligations are in registered form under Section 5f.103-1 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. For the avoidance of
doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(d) The Administrative Agent, on behalf of and acting solely for this purpose as the non-fiduciary agent of the Borrower, shall maintain at
its address specified in Section 12.02 or such other address as the Administrative Agent shall designate in writing to the Lenders, a copy of this Agreement, each signature page hereto, each Assignment and Acceptance delivered to and
accepted by it, and a register (the “Register”) for the recordation of the names, addresses and wiring instructions of the Lenders and the aggregate outstanding principal amount of the Advances Outstanding maintained by each Lender
under this Agreement (and any stated interest thereon). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Collateral Manager, the Agents, the Collateral Administrator, the
Custodian, the Securities Intermediary and the Lenders shall treat each Person whose name is recorded in the Register as a Lender and the owner of the amounts owing to it under the Facility Documents as reflected in the Register for all purposes of
the Facility Documents. The Register shall be available for inspection by the Borrower, the Collateral Manager, the Collateral Agent or any Lender at any reasonable time and from time to time upon reasonable prior notice. An Advance (and a Note, if
any, evidencing the same) may be assigned or sold in whole or in part only by registration of such assignment or sale on the Register (and each Note with respect to the Advances, if any, shall expressly so provide) and compliance with this
Section 12.06. 
 (e) Notwithstanding anything to the contrary set forth herein or in any other Facility Document and each
Lender hereunder, and each Participant, must at all times be an “accredited investor” as defined in paragraphs (1), (2), (3), and (7) of Rule 501(a) under the Securities Act (an “Accredited Investor”) and a
“qualified purchaser” as defined in the Investment Company Act (a “Qualified Purchaser”). Each Lender severally represents to the Borrower, (i) on the date that it becomes a party to this Agreement (whether by being a
signatory hereto or by entering into an Assignment and Acceptance) and (ii) on each date on which it makes an Advance hereunder, that it is an Accredited Investor and a Qualified Purchaser. 

(f) Notwithstanding any other provision of this Section 12.06, any Lender may at any time pledge or grant a security interest in
all or any portion of its rights (including rights to payment of principal and interest) under this Agreement to secure obligations of such Lender, including any pledge or security interest granted to a Federal Reserve Bank, without notice to or

  
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consent of the Borrower or the Administrative Agent; provided that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder or
substitute any such pledgee or grantee for such Lender as a party hereto. 
 Section 12.07 Governing Law 

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT (EXCEPT, AS TO ANY OTHER
FACILITY DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

Section 12.08 Severability of Provisions 

Any provision of this Agreement or any other Facility Document 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 hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

Section 12.09 Confidentiality 

The Borrower, the Equityholder and the Collateral Manager, 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 officers, directors, employees, agents, rating agencies, counsel, accountants, auditors, advisors, prospective
lenders, equity investors (including the Equityholder and its direct or indirect 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, (iv) to the extent the Borrower, the Equityholder or the Collateral Manager 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 Governmental Authority to disclose such information, or (v) solely with respect to the existence of this Agreement and the identity of the parties hereto and other information necessary to effect the
transfer of assets and the administration of its financing facilities (but for the avoidance of doubt, not any economic terms hereof), to current or prospective lenders to the Equityholder or its subsidiaries. 

Each Secured Party agrees to keep confidential all information provided to it by the Borrower, the Collateral Manager or the Equityholder with
respect to the Borrower, its Affiliates, the Collateral, the Related Documents, the Obligors, the Collateral Manager, the Equityholder or any other information furnished to such Secured Party under or in connection with this Agreement (collectively,
the “Borrower Information”); provided that nothing herein shall prevent any Secured Party from disclosing any Borrower Information (a) as reasonably required to comply with the provisions of this Agreement and the other
Facility Documents (i) to any Secured Party or any Affiliate of a Secured Party or (ii) any of their respective Affiliates, employees, officers, directors, auditors, agents, attorneys, accountants and other professional advisors
(collectively, the “Secured Party Representatives”), it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Borrower Information and instructed to keep such

  
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Borrower Information confidential, (b) subject to an agreement to comply with the provisions of this Section and to use the Borrower Information only in connection with this Agreement and
the other Facility Documents and not for any other purpose, to any actual or bona fide prospective permitted assignees and Participants (other than any Competitor (x) if the Borrower’s consent is required hereunder for such assignment or
participation and has not yet been received or (y) with respect to any Borrower Information that constitutes internal, proprietary memoranda or analysis of the Borrower, the Collateral Manager or the Equityholder) in any of the Secured
Parties’ interests under or in connection with this Agreement (including in connection with any pledge or grant of a security interest permitted pursuant to Section 12.06(f)) or any actual or prospective party (or its Secured Party
Representatives) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (c) to any Governmental Authority with jurisdiction over
any Secured Party or its Affiliates or any Secured Party Representative, (d) in response to any order of any court or other Governmental Authority or as may otherwise be required to be disclosed pursuant to any Applicable Law, (e) that is
a matter of general public knowledge or that has heretofore been made available to the public by any Person other than any Secured Party or any Secured Party Representative in violation of this Agreement, (f) in connection with the performance
of the terms of this Agreement and the exercise of any remedy hereunder or under any other Facility Document or any action or proceeding relating to this Agreement or any other Facility Document or the enforcement of rights hereunder or thereunder,
(g) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Secured Party Representatives (including any self-regulatory authority, such as
the National Association of Insurance Commissioners) (provided that, in the case of clause (d) or (g) such Secured Party will, to the extent permitted and reasonably practicable, endeavor to promptly notify the Borrower and the
Collateral Manager in advance of such pending disclosure), (h) on a confidential basis to (i) any rating agency in connection with rating the Borrower or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any
similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder or (i) with the written consent of the Borrower and the Collateral Manager. 

Section 12.10 Merger 

This Agreement and the other Facility Documents executed by the Administrative Agent or the Lenders (or any other Secured Party, as
applicable) taken as a whole incorporate the entire agreement between the parties hereto and thereto concerning the subject matter hereof and thereof and this Agreement and such other Facility Documents supersede any prior agreements among the
parties relating to the subject matter thereof. 
 Section 12.11 Survival 

All representations and warranties made hereunder, in the other Facility Documents and in any certificate delivered pursuant hereto or thereto
or in connection herewith or therewith shall survive the execution and delivery of this Agreement and the making of the Advances hereunder. The agreements in Sections 2.09, 2.10, 2.12, 2.23, 12.03,
12.04, 12.09, 12.16, 12.17, 12.18, 13.09(d), 14.06(b), and this Section 12.11 shall survive the termination of this Agreement in whole or in part, the Payment in Full of the principal of
and interest on the Advances, any foreclosure under, or modification, release or discharge of, any or all of the Related Documents and the resignation or replacement of any Agent; provided that the agreements in Section 12.09
shall survive for a period of one year following the termination of this Agreement. 

  
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 Section 12.12 Submission to Jurisdiction; Waivers; Etc. 

(a) The Borrower, the Collateral Manager and the Equityholder each hereby irrevocably and unconditionally submits, for itself and its
property, to the non-exclusive jurisdiction of any U.S. Federal or New York State court sitting in New York County, New York in any action or proceeding arising out of or relating to any Facility Document, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal
court. The Custodian, Collateral Agent, Securities Intermediary, the Collateral Administrator, the Administrative Agent and the Lenders each hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive
jurisdiction of any U.S. Federal or New York State court sitting in New York County, New York in any action or proceeding arising out of or relating to any Facility Document or for recognition or enforcement of any judgment. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Facility
Document shall affect any right that the Administrative Agent or any other Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or any other Facility Document against the Borrower, the Collateral Manager or
the Equityholder or its respective properties in the courts of any jurisdiction. 
 (b) Each party hereto hereby irrevocably and
unconditionally consents that any such action or proceeding may be brought in any court described in Section 12.12(a) and waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the
venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same. 

(c) Each party hereto other than the Collateral Agent, the Collateral Administrator, the Securities Intermediary and the Custodian agrees that
service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address set forth in
Section 12.02 or at such other address as may be permitted hereunder. Each party hereto hereby also agrees that nothing in this Agreement shall affect the right of any party hereto to serve process in any other manner permitted by
Applicable Law. 
 (d) Each party hereto waives, to the maximum extent not prohibited by Law, any right it may have to claim or recover in
any legal action or proceeding against any Secured Party arising out of or relating to this Agreement or any other Facility Document any special, exemplary, punitive or consequential damages. 

Section 12.13 IMPORTANT WAIVERS 

(a) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY

  
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KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR FOR ANY
COUNTERCLAIM HEREIN OR THEREIN OR RELATING HERETO OR THERETO, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE COLLATERAL MANAGER, THE BORROWER, THE EQUITYHOLDER, THE AGENTS, THE COLLATERAL
ADMINISTRATOR, THE CUSTODIAN, THE SECURITIES INTERMEDIARY 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
FACILITY 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 FACILITY DOCUMENT. 

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY WAIVES ANY RIGHT TO CLAIM OR RECOVER IN ANY LITIGATION WHATSOEVER INVOLVING
ANY INDEMNIFIED PARTY, ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH WAIVED DAMAGES ARE BASED ON STATUTE,
CONTRACT, TORT, COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND REGARDLESS OF THE FORM OF THE CLAIM OF ACTION; PROVIDED THAT THE FOREGOING SHALL NOT LIMIT THE INDEMNIFICATION OBLIGATIONS OF THE
BORROWER OR THE COLLATERAL MANAGER PURSUANT TO THE FACILITY DOCUMENTS. NO PARTY OR INDEMNIFIED PARTY 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 ANY FACILITY DOCUMENT OR THE TRANSACTIONS. 

(c) EACH PARTY CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY OR AN INDEMNIFIED PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY OR AN INDEMNIFIED PARTY WOULD NOT SEEK TO ENFORCE ANY OF THE WAIVERS IN THIS SECTION 12.13 IN THE EVENT OF LITIGATION OR OTHER CIRCUMSTANCES. THE SCOPE OF SUCH WAIVERS IS INTENDED TO BE ALL—ENCOMPASSING
OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE FACILITY DOCUMENTS, REGARDLESS OF THEIR LEGAL THEORY. 

(d) EACH PARTY ACKNOWLEDGES THAT THE WAIVERS IN THIS SECTION 12.13 ARE A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP,
THAT SUCH PARTY HAS ALREADY RELIED ON SUCH WAIVERS IN ENTERING INTO THE FACILITY DOCUMENTS, AND THAT SUCH PARTY WILL CONTINUE TO RELY ON SUCH WAIVERS IN THEIR RELATED FUTURE DEALINGS 

  
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UNDER THE FACILITY DOCUMENTS. EACH PARTY FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED SUCH WAIVERS WITH ITS LEGAL COUNSEL AND THAT TO THE EXTENT PERMITTED BY APPLICABLE LAW, IT KNOWINGLY
AND VOLUNTARILY WAIVES ITS RIGHT TO A JURY TRIAL AND OTHER RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 (e) THE WAIVERS IN THIS
SECTION 12.13 ARE IRREVOCABLE, MEANING THAT THEY MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND SHALL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO ANY OF THE FACILITY DOCUMENTS. IN THE EVENT OF LITIGATION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (f) THE PROVISIONS OF THIS SECTION 12.13 SHALL SURVIVE
TERMINATION OF THE FACILITY DOCUMENTS AND THE INDEFEASIBLE PAYMENT IN FULL OF THE OBLIGATIONS. 
 Section 12.14 PATRIOT Act
Notice 
 Each Agent, the Collateral Administrator, the Custodian, the Securities Intermediary and each Lender hereby notifies the
Borrower, the Collateral Manager and each other Agent and Lender that, pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify, update and record information that identifies the Borrower, the Collateral Manager and each
other Agent and Lender, which information includes the name and address of the Borrower and other information that will allow such Agent, the Collateral Administrator, the Custodian, the Securities Intermediary or such Lender to identify the
Borrower, the Collateral Manager and each other Agent and Lender in accordance with the PATRIOT Act. The Borrower, the Collateral Manager and each other Agent and Lender shall provide, to the extent commercially reasonable, such information and take
such actions as are reasonably requested by any Lender, the Collateral Administrator, the Custodian, the Securities Intermediary or any Agent in order to assist such Lender, the Collateral Administrator, the Custodian, the Securities Intermediary or
such Agent, as applicable, in maintaining compliance with the PATRIOT Act. 
 Section 12.15 Legal Holidays 

In the event that the date of prepayment of Advances or the Final Maturity Date shall not be a Business Day, then notwithstanding any other
provision of this Agreement or any other Facility Document, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of any such date of prepayment or
Final Maturity Date, as the case may be, and interest shall accrue on such payment for the period from and after any such nominal date to but excluding such next succeeding Business Day. 

Section 12.16 Non-Petition 

Each Secured Party hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting against, the
Borrower any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding 

  
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under federal or state bankruptcy, insolvency or similar Laws until at least one year and one day, or, if longer, the applicable preference period then in effect plus one day, after the Payment
in Full of all outstanding Obligations and the termination of all Commitments; provided that nothing in this Section 12.16 shall preclude, or be deemed to prevent, any Secured Party (a) from taking any action prior to the
expiration of the aforementioned one year and one day period, or, if longer, the applicable preference period then in effect, in (i) any case or proceeding voluntarily filed or commenced by the Borrower or (ii) any involuntary insolvency
proceeding filed or commenced against the Borrower by a Person other than any such Secured Party, or (b) from commencing against the Borrower or any properties of the Borrower any legal action which is not a bankruptcy, reorganization,
receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy, insolvency or similar Laws. 

Section 12.17 Waiver of Setoff 

To the extent permitted by Applicable Law, each of the Borrower, the Collateral Manager and the Equityholder hereby waives any right of setoff
it may have or to which it may be entitled under this Agreement or any Applicable Law from time to time against the Administrative Agent, any Lender or its respective assets. 

Section 12.18 Reserved 

Section 12.19 Recognition of the U.S. Special Resolution Regimes. 

To the extent that the Facility Documents provide 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 the Facility 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): 
 In the event a Lender 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 the 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 Transaction 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 Facility 

  
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Documents were governed by the laws of the United States or a state of the United Sates. 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. 

ARTICLE XIII 
 CUSTODIAN

 Section 13.01 Appointment of Custodian 

(a) Appointment and Acceptance. The Borrower and the Administrative Agent each hereby appoints the Custodian as document custodian of
any Loan Files delivered to it for all Collateral
LoansAssets
 owned by the Borrower at any time during the term of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and
made a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it, subject to and in accordance with the provisions hereof. 

(b) Instructions. The Borrower agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary
instructions and information, and shall respond promptly to all inquiries and requests of the Custodian as may reasonably be necessary to enable the Custodian to perform its duties hereunder. 

(c) Custodian. The Custodian shall take and retain custody of the Loan Files delivered by the Borrower hereunder in accordance with the
terms and conditions of this Agreement, all for the benefit of the Collateral Agent and the other Secured Parties, in order to perfect under the UCC the Collateral Agent’s security interest therein for the benefit of the Secured Parties. In
taking and retaining custody of the Loan Files, the Custodian shall be deemed to be acting as the agent of Collateral Agent for the benefit of the Secured Parties; provided that the Custodian makes (a) no warranty or representation and
shall have no responsibility for the enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral
LoansAssets
 and (b) no representation as to the existence, perfection or priority of any lien on the Collateral
LoansAssets
 or the Required Loan Documents. It is expressly agreed and acknowledged that the Custodian is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto
or any parties to the Collateral
LoansAssets
. 
 Section 13.02 Duties of Custodian 

(a) Segregation. All Loan Files held by the Custodian for the account of the Borrower hereunder shall be (a) subject to the lien
of the Collateral Agent on behalf of the Secured Parties, (b) physically segregated from other loans and non-cash property in the possession of the Custodian and (c) identified by the Custodian as
subject to this Agreement. 
 (b) Register. The Custodian shall maintain a register (in book-entry
form or in such other form as it shall deem necessary or desirable) of the Collateral LoansAssets for which it

  
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holds Loan Files under this Agreement containing such information as the Borrower and the Custodian may reasonably agree; provided that, with respect to such Collateral LoansAssets, all Loan Files shall be held in safekeeping by the Custodian, individually segregated from the securities and investments of any other Person and marked so as to clearly identify such Loan Files as the property
of the Borrower as set forth in this Agreement. 
 Section 13.03 Delivery of Collateral LoansAssets to Custodian 
 (a) The Collateral Manager (on behalf of the Borrower) shall deliver, or
cause to be delivered (which may be via email, except for the original Underlying Note, if any) promptly to the Custodian all of the Loan Files for each Collateral
LoanAsset owned by the Borrower at any time during the term of this Agreement at the address identified herein; provided, however, that all documents (other than the original Underlying Notes) shall be
transmitted in electronic format and the Custodian shall only be required to retain the original Underlying Note, if any. The Custodian shall not be responsible for any Collateral LoanAsset or related Loan File until actually received by it. The Custodian shall notify the Collateral Administrator of the Custodian’s receipt of any sealed envelopes described in Section 5.01(o)
purporting to contain any original assignment of any Collateral
LoanAsset
 or any original executed Underlying Note with respect to any Collateral LoanAsset. 

(b) Notwithstanding anything herein to the contrary, delivery of the Collateral LoansAssets acquired by the Borrower which constitute Noteless Loans or which are otherwise not evidenced by a “security” or “instrument” as defined in
Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery to the Custodian of a copy of the loan register with respect to such
Noteless Loan evidencing registration of such Collateral
LoanAsset
 on the books and records of the applicable Obligor or bank agent to the name of the Borrower (or its nominee) or a copy (which may be an email copy) of an assignment agreement in favor of the Borrower as
assignee. Any duty on the part of the Custodian with respect to the custody of such Collateral LoansAssets shall be limited to the exercise of reasonable care by the
Custodian in the physical custody of the related Loan Files delivered to it, and the Custodian shall be deemed to have exercised reasonable care if it acts in accordance with the terms hereof. 

(c) In the absence of gross negligence, fraud or willful misconduct of the Custodian, the Custodian may assume the genuineness of any document
in a Loan File it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each document it may receive is what it purports to be on its face. If an original “security” or
“instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become available with respect to any
Collateral
LoanAsset to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Borrower to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any
time to determine whether any such original “security” or “instrument” has been or is required to be issued or made available in respect of any Collateral LoanAsset or to compel or cause delivery thereof to the Custodian. 
 Section 13.04 Release of
Documents/Control By Agents 

  
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 (a) The Custodian shall release and ship for delivery, or direct its agents or sub-custodians to release and ship for delivery, as the case may be, Loan Files of the Borrower held by the Custodian, its agents or its sub-custodians from time to time upon
receipt of a Request for Release and Receipt (substantially in the form of Exhibit H and specifying, among other things, the Collateral LoansAssets and Loan Files to be released and delivery instructions and other
information as may be necessary to enable the Custodian to release and ship such Loan Files), which may be standing instructions (in a form acceptable to the Custodian) in accordance with this Agreement. 

(b) Upon receipt by the Custodian from the Administrative Agent or the Collateral Agent (acting at the direction of the Administrative Agent),
of written notice of the occurrence of an Event of Default that is continuing and indicating the Administrative Agent’s intent to prohibit the Custodian from accepting instructions from or on behalf of the Borrower (each such notice, a
“Block Notice”), the Custodian shall no longer accept or act upon any Request for Release and Receipt, Proper Instructions or other instructions from the Borrower (or the Collateral Manager on its behalf) hereunder with respect to
the Collateral
LoansAssets
 or the Loan Files. From and after its receipt of a Block Notice, the Custodian shall only comply with Requests for Release and Receipt and Proper Instructions from the Collateral Agent (acting at the
direction of the Administrative Agent) or Administrative Agent. 
 Section 13.05 Records 

The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to the
Collateral
LoansAssets
 or other property of the Borrower held for the benefit of the Collateral Agent and the other Secured Parties under this Agreement. All such records shall be the property of the Borrower and, upon reasonable
advance notice, shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Borrower, the Collateral Agent and the Administrative Agent. 

Section 13.06 Reporting 

(a) If requested by the Borrower, the Collateral Agent or the Administrative Agent, the Custodian shall render an itemized report of the Loan
Files held pursuant to this Agreement as of the end of each month and such other matters as the parties may agree from time to time in form and substance reasonably satisfactory to the Borrower, the Collateral Agent and the Administrative Agent.
With respect to each Collateral
LoanAsset, the Custodian shall deliver to the Administrative Agent within ten (10) Business Days of the end of each month, notice of any Required Loan Documents listed on the related Document Checklist that have not
been furnished to the Data Site. 
 (b) The Custodian shall have no duty or obligation to undertake any market valuation of the
Collateral
LoansAssets
 under any circumstance. 
 Section 13.07 Certain General Terms 

(a) No Duty to Examine Related Documents. Nothing herein shall obligate the Custodian to review or examine the terms of any underlying
instrument, certificate, credit 

  
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agreement, indenture, loan agreement, promissory note or any other document contained in the Loan Files evidencing or governing any Collateral LoanAsset to determine the validity, sufficiency, marketability or enforceability of any Collateral LoanAsset (and shall have no responsibility for the genuineness or
completeness thereof) or otherwise. 
 (b) Resolution of Discrepancies. In the event of any discrepancy between the
information set forth in any report provided by the Custodian to the Borrower and any information contained in the books or records of the Borrower, the Borrower (or the Collateral Manager, on behalf of the Borrower) shall promptly notify the
Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy. 
 (c) Improper Instructions.
Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear from taking any action), which it reasonably determines to be contrary to the terms of this Agreement or Applicable Law. In no
instance shall the Custodian be obligated to provide services on any day that is not a Business Day. 
 (d) Proper Instructions. 

(i) Each of the Administrative Agent, the Collateral Manager and the Borrower will give a notice to the Custodian, specifying
the names and specimen signatures of Persons authorized to give Proper Instructions (collectively, “Authorized Persons” and each, an “Authorized Person”) which notice shall be signed by an Authorized Person set
forth on Schedule 7 or otherwise previously certified to the Custodian. The Custodian shall be entitled to rely upon the identity and authority of such Persons until it receives written notice from an Authorized Person of the Borrower,
the Administrative Agent or the Collateral Manager, as applicable, to the contrary. The initial Authorized Persons are set forth on Schedule 7 (as such Schedule 7 may be modified from time to time by written notice from the
Borrower, the Administrative Agent and the Collateral Manager as applicable, to the Custodian). 
 (ii) The Custodian shall
have no responsibility or liability to the Borrower (or any other Person) and shall be indemnified and held harmless by the Borrower in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral instructions
received by the Custodian. The Custodian shall not have an obligation to act in accordance with purported instructions to the extent that they conflict with Applicable Law or regulations. The Custodian shall not be liable for any loss resulting from
a delay while it obtains clarification of any Proper Instruction. 
 (e) Evidence of Authority. The Custodian shall be protected in
acting upon any instruction, notice, request, consent, certificate instrument or paper reasonably believed by it to be genuine and to have been properly executed or otherwise given by or on behalf of the Borrower, the Collateral Manager or
Administrative Agent, as applicable, by an Authorized Person thereof. The Custodian may receive and accept a certificate signed by any Authorized Person as conclusive evidence of: 

(i) the authority of any Person to act in accordance with such certificate; or 

  
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 (ii) any determination or of any action by such Person as described in such
certificate; 
 and such certificate may be considered as in full force and effect until receipt by the Custodian of written notice to the
contrary from an Authorized Person of the Borrower, the Collateral Manager or Administrative Agent, as applicable. 
 (f) Receipt of
Communications. Any communication received by the Custodian on a day which is not a Business Day or after 5:00 p.m. (or such other time as is agreed by the Borrower and the Custodian from time to time) on a Business Day will be deemed to have
been received on the next Business Day; provided that in the case of communications so received after 5:00 p.m. on a Business Day the Custodian will use its commercially reasonable efforts to process such communications as soon as possible
after receipt. 
 (g) In the event that (i) the Borrower, the Administrative Agent, the Collateral Manager, the 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 Loan File or a document included within a Loan File or (ii) a third party shall institute any court proceeding by which
any Loan File or a document included within a Loan 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 Custodian shall, to the extent permitted by Law, continue to hold and
maintain all the Loan Files that are the subject of such proceedings pending a final, non-appealable order of a court of competent jurisdiction permitting or directing disposition thereof. Upon final determination of such court, the Custodian shall
dispose of such Loan File or a document included within such Loan File as directed by the Administrative Agent, which shall give a direction consistent with such determination. Expenses of the Custodian incurred as a result of such proceedings shall
be borne by the Borrower. 
 Section 13.08 Compensation and Reimbursement of Custodian 

(a) Fees. The Custodian shall be entitled to compensation for its services in accordance with the terms of the Collateral
Administration and Agency Fee Letter. 
 (b) Expenses. The Borrower agrees to pay or reimburse to the Custodian upon its request from
time to time all reasonable and documented costs, disbursements, advances, and expenses (but limited, in the case of legal fees and expenses, to the reasonable fees and expenses of one firm of outside legal counsel, plus, if necessary, one
additional local counsel) incurred in connection with the preparation or execution of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties
and services under this Agreement (including costs and expenses of any action deemed necessary by the Custodian to collect any amounts owing to it under this Agreement). 

(c) Priority of Payments. Amounts owing to the Custodian hereunder shall be payable in accordance with the Priority of Payments. 

  
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 Section 13.09 Responsibility of Custodian 

(a) General Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the
Collateral
LoansAssets
, except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Custodian shall be determined solely by the express provisions of this Agreement.
No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Custodian. 

(b) Instructions. 

(i) The Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper
Instructions) from the Borrower (or the Collateral Manager on the Borrower’s behalf), the Administrative Agent or the Collateral Agent, as applicable, as it reasonably deems necessary, and shall be entitled to require, upon notice to the
Borrower, the Administrative Agent or the Collateral Agent, as applicable, that Proper Instructions to it be in writing. In the absence of gross negligence, fraud or willful misconduct of the Custodian, the Custodian shall have no liability for any
action (or forbearance from action) taken pursuant to this Agreement or any other Facility Document or pursuant to any Proper Instruction of the Borrower, the Collateral Manager, the Administrative Agent or the Collateral Agent, as applicable,
except in the case of the Custodian’s own gross negligence, fraud or willful misconduct. 
 (ii) Whenever the Custodian
is entitled or required to receive or obtain any communications or information pursuant to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and
otherwise in accordance with any applicable term of this Agreement; and whenever any report or other information is required to be produced or distributed by the Custodian it shall be in form, content and medium reasonably acceptable to it and the
Borrower, and otherwise in accordance with any applicable term of this Agreement. 
 (iii) In case any reasonable question
arises as to its duties hereunder, the Custodian may, so long as no Event of Default has occurred and is continuing, request instructions from the Collateral Manager and may, after the occurrence and during the continuance of an Event of Default,
request instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Collateral Manager or the Administrative Agent, as applicable. The 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 Administrative Agent. 

(c) General Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its
appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein): 

(i) The Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction,
statement, certificate, request, waiver, 

  
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consent, opinion, report, receipt or other paper or document furnished to it (including any of the foregoing provided to it by telecopier or electronic means), not only as to its due execution
and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed or presented by the proper person (which in the case of any instruction from or on behalf of the
Borrower shall be an Authorized Person); and the Custodian shall be entitled to presume the genuineness and due authority of any signature appearing thereon. The Custodian shall not be bound to make any independent investigation into the facts or
matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document; provided that if the form thereof is specifically prescribed by the terms of this
Agreement, the Custodian shall examine the same to determine whether it substantially conforms on its face to such requirements hereof. 

(ii) Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment,
or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or Law, or for anything which it may do or refrain from doing in connection herewith, unless such action
constitutes gross negligence, fraud or willful misconduct on its part and in breach of the terms of this Agreement. Subject to the foregoing, the Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to
be within 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. 

(iii) In no event shall the Custodian be liable for any indirect, special, punitive or consequential damages (including lost
profits) whether or not it has been advised of the likelihood of such damages. 
 (iv) The Custodian may consult with, and
obtain advice from, legal counsel selected in good faith with respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by the Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant
to Section 13.08(b) and (c) above. 
 (v) The Custodian shall not be deemed to have notice of any
fact, claim or demand with respect hereto unless actually known by a Responsible Officer of the Custodian or unless (and then only to the extent) received in writing by a Responsible Officer of the Custodian and specifically referencing this
Agreement. 
 (vi) No provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take any
action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Custodian to commence,
prosecute or defend legal proceedings in any instance, whether on behalf of the Borrower or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby. 

  
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 (vii) The permissive right of the Custodian to take any action hereunder
shall not be construed as a duty. 
 (viii) The Custodian may act or exercise its duties or powers hereunder through agents
or attorneys, and the Custodian shall not be liable or responsible for the actions, omissions, negligence or misconduct of any such agent or attorney selected by it with reasonable care. 

(ix) The Custodian shall not be responsible or liable for delays or failures in performance resulting from acts beyond its
control; provided that the Custodian takes commercially reasonable efforts to resume performance after the cessation of such acts. Such acts shall include acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations
imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. 

(x) All indemnifications contained in this Agreement in favor of the Custodian shall survive the termination of this Agreement
and the resignation or removal of the Custodian. 
 (xi) Each of the protections, reliances, indemnities and immunities
offered to the Collateral Agent in Article XI or the Collateral Administrator in Article XV shall be afforded to the Custodian. 

(xii) The Custodian shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion
furnished to it in connection with this Agreement or any other Facility Document or Related Document. The Custodian shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion,
report, consent, order, approval, bond or other document or have any responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security
interest or lien granted by any Person under any Facility Document or Related Document. The Custodian shall not be responsible to any Person for any recitals, statements, information, representations or warranties regarding the Borrower or the
Collateral or in any document, certificate or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of thereof or
any such other document or the financial condition of any Person or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions related to any Person or the existence or possible
existence of any Default or Event of Default. The Custodian shall not have any obligation whatsoever to any Person to assure that any collateral exists or is owned by any Person or is cared for, protected or insured or that any liens have been
properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the
rights, authorities and powers granted or available with respect thereto. 

  
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 (d) Collateral Agent’s Lien. 

Each of the Borrower, the Collateral Agent and the Custodian hereby agrees that the Loan Files in respect of the Collateral LoansAssets are being held by the Custodian hereunder to perfect the lien of the Collateral Agent, on behalf of the Secured Parties, in the Collateral LoansAssets in accordance with this Agreement. 
 Section 13.10 Resignation and Removal; Appointment
of Successor 
 (a) Notwithstanding anything to the contrary contained in this Agreement (including clauses (b) and
(c) below), no resignation or removal of the Custodian and no appointment of a successor Custodian pursuant to this Article XIII shall become effective until the acceptance of such appointment by the successor Custodian under
Section 13.11 and the assumption by such successor Custodian of the duties and obligations of the Custodian hereunder. 
 (b)
The Custodian may, at any time, resign under this Agreement by giving not less than thirty (30) days advance written notice thereof to the Borrower, the Collateral Manager, the Collateral Agent and the Administrative Agent. 

(c) The Custodian may be removed at any time by the Administrative Agent (i) upon thirty (30) days’ notice (with the prior
written consent of the Collateral Manager) or (ii) at any time if (A) an Event of Default shall have occurred and be continuing or (B) the Custodian shall become incapable of acting or shall become the subject of an Insolvency Event.
Notice of any such removal shall be sent by the Administrative Agent to the Custodian, the Borrower, the Lenders and the Collateral Manager. 

(d) If the Custodian shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Custodian for
any reason (other than resignation with no replacement within sixty (60) days), the Borrower shall, promptly after becoming aware of such resignation, removal, incapacity or vacancy, appoint a successor custodian by written instrument, executed
by a Responsible Officer of the Borrower, one copy of which shall be delivered to the retiring Custodian and one copy to the successor Custodian, together with a copy to the Administrative Agent and the Lenders; provided that such successor
Custodian shall be appointed only upon the prior written consent of the Administrative Agent and, if no Event of Default or Collateral Manager Default has occurred and is continuing, the Collateral Manager (in each case which consent shall not be
unreasonably withheld, conditioned or delayed). In the case of a resignation by (or removal of) the Custodian, if no successor Custodian shall have been appointed and an instrument of acceptance by a successor Custodian shall not have been delivered
to the resigning or removed Custodian and the Administrative Agent within thirty (30) days after the giving of such notice of resignation or removal, the Administrative Agent may appoint a successor Custodian or the resigning or removed
Custodian may petition any court of competent jurisdiction at the expense of the Borrower to appoint a successor Custodian. 
 (e) Upon
termination of this Agreement or resignation of the Custodian, the Borrower shall pay to the Custodian such compensation, and shall likewise reimburse the 

  
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Custodian for its reasonable and documented costs, expenses and disbursements, as may be due as of the date of such termination or resignation (or removal, as the case may be) all in accordance
with the Priority of Payments. All indemnifications in favor of the Custodian under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian. 

(f) In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Borrower a complete final report or data
file transfer of any confidential information as of the date of such resignation or removal. 
 Section 13.11 Acceptance and
Appointment by Successor 
 Each successor Custodian appointed hereunder shall execute, acknowledge and deliver to the Borrower, the
Collateral Manager, the Administrative Agent, the Lenders and the retiring Custodian an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the retiring Custodian shall become effective and
such successor Custodian, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Custodian; but, on request of the Borrower, the Collateral Manager, the
Administrative Agent or the successor Custodian, such retiring Custodian shall (i) execute and deliver an instrument transferring to such successor Custodian all the rights, powers and trusts of the retiring Custodian and (ii) execute and
deliver such further documents and instruments and take such further action as may be reasonably requested in order to effect the transfer of the rights, powers, duties and obligations of the Custodian hereunder. Upon request of any such successor
Custodian, the Borrower shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Custodian all such rights, powers and trusts. 

Section 13.12 Merger, Conversion, Consolidation or Succession to Business of Custodian 

Any organization or entity into which the Custodian may be merged or converted or with which it may be consolidated, or any organization or
entity resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Custodian, shall be the successor of
the Custodian hereunder and any other Facility Document to which the Custodian is a party, without the execution or filing of any document or any further act on the part of any of the parties hereto. 

ARTICLE XIV 
 COLLATERAL
MANAGEMENT 
 Section 14.01 Designation of the Collateral Manager 

(a) Initial Collateral Manager. The servicing, administering and collection of the Collateral shall be conducted by the collateral
manager in accordance with the Facility Documents (such Person, the “Collateral Manager”). Apollo Debt Solutions BDC is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and responsibilities,
of Collateral Manager pursuant to the terms hereof. 

  
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 (b) Subcontracts. The Collateral Manager may, with the prior written consent of the
Administrative Agent (which consent shall not be required in the case of Affiliates of the Collateral Manager), subcontract with any other Person for servicing, administering or collecting the Collateral; provided that (i) the Collateral
Manager shall select any such Person with reasonable care and shall be solely responsible for the fees and expenses payable to such Person, (ii) the Collateral Manager shall not be relieved of, and shall remain liable for, the performance of
the duties and obligations of the Collateral Manager pursuant to the terms hereof without regard to any subcontracting arrangement and (iii) any such subcontract shall be subject to the provisions hereof. 

Section 14.02 Duties of the Collateral Manager 

(a) Duties. The Collateral Manager shall take or cause to be taken all such actions as may be necessary or advisable to service,
administer and collect on the Collateral from time to time, all in accordance with the Collateral Management Standard. Without limiting the foregoing, the duties of the Collateral Manager shall include the following (it being understood that the
following shall not be construed to expand the scope of any express covenant of the Collateral Manager set forth in the Facility Documents, and shall be subject to all exceptions and qualifications set forth in such express covenants): 

(i) directing the acquisition, sale or substitution of Collateral in accordance with Article X; 

(ii) supervising the Collateral, including (A) communicating with Obligors or, if applicable, the administrative agents on
the Collateral
LoansAssets
; (B) subject to the provisos to this subclause (B), executing amendments or other modifications, providing consents and waivers, exercising voting rights, enforcing and collecting on the
Collateral; provided that the Collateral Manager shall not consent to any amendment or other modification of any Collateral LoanAsset or any Related Document for any Collateral LoanAsset that would violate the provisions of Section 5.02(s); and (C) otherwise managing the Collateral on behalf of the Borrower; 

(iii) preparing and submitting claims to Obligors, or if applicable, the administrative agents on the Collateral LoansAssets, on each Collateral
LoanAsset
; 
 (iv) maintaining appropriate books of account and servicing records
with respect to the Collateral (including copies of the Related Documents) reasonably necessary or advisable for the services to be performed hereunder; 

(v) promptly delivering to the Administrative Agent or the Collateral Agent, from time to time, such information and servicing
records (including information relating to its performance under this Agreement) as the Administrative Agent or the Collateral Agent may from time to time reasonably request; 

  
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 (vi) notifying the Administrative Agent of any material action, suit,
proceeding, dispute, offset, deduction, defense or counterclaim (A) that is or is threatened to be asserted by an Obligor with respect to any Collateral
LoanAsset (or portion thereof) of which it has actual knowledge or has received notice; or (B) that could reasonably be expected to have a Material Adverse Effect: 

(vii) using commercially reasonable efforts to maintain the perfected security interest of the Collateral Agent, for the
benefit of the Secured Parties, in the Collateral; 
 (viii) instructing the Obligors or, if applicable, the administrative
agents on the Collateral
LoansAssets
 to make payments directly into the Collection Account; 
 (ix) complying
with such other duties and responsibilities as required of the Collateral Manager by this Agreement; 
 (x) providing to the
Borrower, each Lender, the Administrative Agent, the Collateral Administrator and the Collateral Agent the reports required to be delivered by the Collateral Manager under this Agreement; and 

(xi) directing the Collateral Agent to convert amounts denominated in any Eligible Currency to any other Eligible Currency for
any permitted purpose hereunder. 
 It is acknowledged and agreed that the Borrower possesses only such rights with respect to the
enforcement of rights and remedies with respect to the Collateral
LoansAssets
 and the underlying assets securing such Collateral LoansAssets under the Related Documents as have been transferred to the
Borrower with respect to the related Collateral
LoanAsset
, and therefore, for all purposes under this Agreement, the Collateral Manager shall perform its administrative and management duties hereunder only to the extent that, as a lender under the Related
Documents, the Borrower has the right to do so. 
 (b) The Administrative Agent, each Lender, the Collateral Agent and the other
Secured Parties shall not have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the Collateral Manager hereunder. 

(c) The Collateral Manager shall not be responsible or liable for delays or failures in performance resulting from acts of God, strikes,
lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. 

Section 14.03 Authorization of the Collateral Manager 

The Borrower hereby authorizes the Collateral Manager to take any and all reasonable steps in its name and on its behalf necessary or
desirable in the determination of the Collateral Manager and not inconsistent with the pledge of the Collateral by the Borrower to the Collateral Agent, on behalf of the Secured Parties hereunder, to collect all amounts due under any and all
Collateral, including endorsing its name on checks and other instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable
instruments, with respect to the 

  
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Collateral and, after the delinquency of any Collateral and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof,
to the same extent as the Collateral Manager could have done if it owned such Collateral. In furtherance of the foregoing, the Borrower hereby irrevocably appoints the Collateral Manager as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, to sign, execute, certify, swear to, acknowledge, deliver, file, receive
and record any and all documents which the Collateral Manager reasonably deems appropriate or necessary in connection with the performance of its duties provided for herein. The Borrower shall furnish the Collateral Manager (and any successors
thereto) with any powers of attorney and other documents necessary or appropriate to enable the Collateral Manager to carry out its collateral management duties hereunder, and shall cooperate with the Collateral Manager to the fullest extent in
order to ensure the collectability of the Collateral. In no event shall the Collateral Manager be entitled to make the Collateral Agent, the Administrative Agent, any Lender or any other Secured Party a party to any litigation without such
party’s express prior written consent, or to make the Borrower a party to any litigation (other than any foreclosure or similar collection procedure) without the Administrative Agent’s consent. Following the occurrence and during the
continuance of an Event of Default (unless otherwise waived by the Lenders in accordance with Section 12.01), the Administrative Agent (acting in its sole discretion or at the direction of the Required Lenders) may provide notice to the
Collateral Manager (with a copy to the Collateral Agent) that the Secured Parties are exercising their control rights with respect to the Collateral in accordance with Section 6.02(b). Notwithstanding the foregoing, the Collateral
Manager shall act solely on behalf of the Borrower as an independent contractor for the sole purpose of providing the services described herein. 

Section 14.04 Separateness Provisions of the Borrower 

The Collateral Manager shall not in any way interfere with or frustrate the Borrower’s compliance with the provisions of
Section 5.05 of this Agreement. 
 Section 14.05 Compensation 

As compensation for its administrative and management activities hereunder, the Collateral Manager or its designee shall be entitled to
receive the Collateral Management Fee pursuant to the Priority of Payments, and the Collateral Manager hereby directs the Collateral Management Fee be paid to the Equityholder and such payment to the Equityholder shall satisfy the obligation to pay
the Collateral Management Fee pursuant to the Priority of Payments. 
 The Collateral Manager may, in its sole discretion, elect to defer or
waive payment of any or all of any Collateral Management Fee otherwise due on any Payment Date by notice to the Borrower, the Collateral Administrator and the Collateral Agent no later than the Determination Date immediately prior to such Payment
Date. 
 If and to the extent that there are insufficient funds to pay any Collateral Management Fee in full on any Payment Date or if any
Collateral Management Fee has accrued but is not yet due and payable, the amount due or accrued and unpaid will be deferred and will be payable on such later Payment Date on which funds are available in accordance with the Priority of Payments. 

  
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 Section 14.06 Expenses; Indemnification 

(a) The Collateral Manager shall be responsible for its expenses incurred by it in the performance of its obligations under this Agreement to
the extent not otherwise reimbursed by the Borrower. 
 (b) The Collateral Manager agrees to indemnify and hold harmless each Indemnified
Party from and against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with any (i) acts or omissions of the Collateral Manager constituting bad
faith, gross negligence or willful misconduct on the part of the Collateral Manager in connection with this Agreement, any other Facility Document, any Related Document or any transaction contemplated hereby or thereby (and regardless of whether or
not any such transactions are consummated), (ii) breach of any representation or warranty under this Agreement, any other Facility Document or any Related Document by the Collateral Manager or (iii) failure by the Collateral Manager to
comply with any term, provision or covenant contained in this Agreement, any other Facility Document or any Related Document; except (A) to the extent any such Liability is found in a final, non-appealable judgment by a court of
competent jurisdiction to have resulted from (i) with respect to any Bank Party, the gross negligence or willful misconduct of such Indemnified Party or (ii) with respect to any other Indemnified Party, the gross negligence, bad faith or
willful misconduct of such Indemnified Party, any of its Affiliates or the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing, (B) to the extent that any such Liability results from
a claim solely between or among Lenders and not arising out of any act or omission on the part of the Collateral Manager or (C) to the extent that any such Liability results from the performance of the Collateral LoansAssets. In the case of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is
brought by the Collateral Manager, any of the Collateral Manager’s equityholders or creditors, an Indemnified Party or any other Person, whether or not an Indemnified Party is otherwise a party hereto. The Collateral Manager shall not, without
the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is a party (or, in the case of a threatened proceeding, could reasonably have been expected
to be a party if such proceeding had been brought) and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (i) does not include a statement as to or admission of, fault, culpability or a failure to act
by or on behalf of any such Indemnified Party, or (ii) includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. This Section 14.06(b) shall not apply
with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

Section 14.07 The Collateral Manager Not to Resign; Assignment 

(a) The Collateral Manager shall not resign from the obligations and duties hereby imposed on it without the prior written consent of the
Administrative Agent; provided that the Collateral Manager may resign without any such consent if the Collateral Manager determines that (a) the performance of its duties hereunder is or becomes impermissible under Applicable Law and
(b) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. 

  
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 (b) The Collateral Manager may not assign its rights or obligations hereunder or any
interest herein without the prior written consent of the Administrative Agent. 
 Section 14.08 Appointment of Successor Collateral
Manager 
 (a) Upon (x) the occurrence and during the continuance of a Collateral Manager Default, notwithstanding anything herein
to the contrary, but subject to Section 6.04(e), the Administrative Agent, with notice to the Borrower, the Equityholder, the Collateral Agent and the Lenders, may terminate all of the rights and obligations of the Collateral Manager as
“Collateral Manager” under this Agreement and appoint a successor Collateral Manager (the “Successor Collateral Manager”) and (y) the resignation of the Collateral Manager, the Administrative Agent, with (unless
another Collateral Manager Default or Event of Default has occurred and is continuing) the consent of the Borrower and the Equityholder and, in either case, upon notice to the Collateral Agent and the Lenders, may appoint a Successor Collateral
Manager, which, in each case and for the avoidance of doubt may be the Administrative Agent or any Lender, and, in each case, such Successor Collateral Manager shall accept its appointment by a written assumption in a form acceptable to the
Administrative Agent in its sole discretion. Until a Successor Collateral Manager is appointed as set forth above, the Collateral Manager shall (i) unless otherwise notified by the Administrative Agent, continue to act in such capacity in
accordance with Section 14.02 and (ii) as requested by the Administrative Agent in its sole discretion (A) terminate some or all of its activities as Collateral Manager hereunder by the Administrative Agent in its sole
discretion as necessary or desirable, (B) provide such information as may be requested by the Administrative Agent to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof and
(C) take all other actions requested by the Administrative Agent, in each case to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof. 

(b) Upon its appointment, the Successor Collateral Manager shall be the successor in all respects to the Collateral Manager with respect to
collateral management functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Collateral Manager by the terms and provisions hereof, and all references in this Agreement
to the Collateral Manager shall be deemed to refer to the Successor Collateral Manager; provided that the Successor Collateral Manager shall have (i) no liability with respect to any action performed by the terminated Collateral Manager
prior to the date that the Successor Collateral Manager becomes the successor to the Collateral Manager or any claim of a third party based on any alleged action or inaction of the terminated Collateral Manager, (ii) no obligation to pay any
taxes required to be paid by the Collateral Manager; provided that the Successor Collateral Manager shall pay any income taxes for which it is liable, (iii) no obligation to pay any of the fees and expenses of any other party to the
transactions contemplated hereby, and (iv) no liability or obligation with respect to any Collateral Manager indemnification obligations of any prior Collateral Manager, including the original Collateral Manager. 

(c) Notwithstanding anything contained in this Agreement to the contrary, a Successor Collateral Manager is authorized to accept and rely on
all of the accounting, records (including computer records) and work of the prior Collateral Manager relating to the Collateral LoansAssets (collectively, the “Predecessor Collateral Manager Work
Product”) without any audit or other examination thereof, and such Successor Collateral Manager shall have no duty, 

  
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responsibility, obligation or liability for the acts and omissions of the prior Collateral Manager. If any error, inaccuracy, omission or incorrect or
non-standard practice or procedure (collectively, “Errors”) exist in any Predecessor Collateral Manager Work Product and such Errors make it materially more difficult to service or should
cause or materially contribute to the Successor Collateral Manager making or continuing any Errors (collectively, “Continued Errors”), such Successor Collateral Manager shall have no duty, responsibility, obligation or liability for
such Continued Errors; provided that such Successor Collateral Manager agrees to use its best efforts to prevent further Continued Errors. In the event that the Successor Collateral Manager becomes aware of Errors or Continued Errors, it
shall, with the prior consent of the Administrative Agent, use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continued Errors and to prevent future Continued Errors. 

ARTICLE XV 
 THE
COLLATERAL ADMINISTRATOR 
 Section 15.01 Designation of Collateral Administrator 

(a) Initial Collateral Administrator. Until a successor Collateral Administrator is appointed in accordance with this
Article XV, the Bank is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of Collateral Administrator pursuant to the terms hereof and of the other Facility Documents to which the
Collateral Administrator is a party. 
 (b) Successor Collateral Administrator. Upon the Collateral Administrator’s receipt of
written notice from the Administrative Agent of the designation of a successor Collateral Administrator pursuant to the provisions of Section 15.05, the Collateral Administrator agrees that it will terminate its activities as Collateral
Administrator hereunder. Notwithstanding such termination, the Collateral Administrator shall be entitled to receive all accrued and unpaid Collateral Administration and Agency Fees and Administrative Expenses due and owing to it at the time of such
termination. 
 Section 15.02 Certain Duties and Powers 

(a) The Collateral Administrator shall assist the Borrower and the Collateral Manager in connection with monitoring the Collateral by
maintaining a database on certain characteristics of the Collateral on an ongoing basis and providing to the Borrower and the Collateral Manager (and, where applicable, the Borrower’s independent public accountants) certain reports, schedules,
calculations all as more particularly described in this Section 15.02 below (in each case, such reports, schedules and calculations shall be prepared in such form and content, and in such greater detail, as may be mutually agreed upon by
the parties hereto from time to time and as may be required by the Agreement) based upon information and data received from the Borrower and/or the Collateral Manager, as required to be prepared and delivered (or which are necessary to be prepared
and delivered in order that certain other reports, schedules and calculations can be prepared and delivered) under Article VIII of this Agreement. The Collateral Administrator’s duties and authority to act as Collateral
Administrator hereunder are limited to the duties and authority specifically provided for in this Agreement and no implied duties, obligations 

  
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or responsibilities shall be read into this Agreement against, or on the part of, the Collateral Administrator. The Collateral Administrator shall not be deemed to assume the obligations of the
Borrower or the Collateral Manager hereunder or any other Facility Document, and nothing herein contained shall be deemed to release, terminate, discharge, limit, reduce, diminish, modify, amend or otherwise alter in any respect the duties,
obligations or Liabilities of the Borrower or the Collateral Manager under or pursuant to this Agreement or any other Facility Document. Without limiting the foregoing, the Collateral Administrator shall perform the following functions: 

(i) create a collateral database of certain characteristics (to the extent required for the performance of its obligations
hereunder, and otherwise as reasonably agreed to between the Collateral Administrator and the Collateral Manager) of the Collateral LoansAssets and Eligible Investments credited from time to time to the
Covered Accounts (the “Collateral Database”); within five (5) Business Days of the Closing Date; 

(ii) permit access to the information in the Collateral database by the Collateral Manager and the Borrower; 

(iii) update the Collateral Database promptly for ratings changes and for Collateral LoansAssets, Equity Securities and Eligible Investments acquired or sold or otherwise disposed of and for any amendments or changes to Collateral
LoanAsset
 amounts or interest rates and, if direct online viewing access to the foregoing is unavailable, report any updates as of the close of business on the preceding Business Day to the Collateral database to the
Administrative Agent no later than 5:00 p.m. on each Business Day, in each case based upon, and to the extent of, information furnished to the Collateral Administrator by or on behalf of the Borrower or the Collateral Manager as may be reasonably
required by the Collateral Administrator, or by the agents for the obligors from time to time; 
 (iv) track the
receipt and daily allocation of cash to the Collection Account and any withdrawals therefrom (including the applicable Interest Rates provided to the Collateral Administrator by the Administrative Agent) and, if direct online viewing access to the
foregoing is unavailable, report the balances of the Collection Account to the Administrative Agent no later than 5:00 p.m. on each Business Day as of the close of business on the preceding Business Day; 

(v) draft and make available to the parties required under this Agreement each of the Monthly Reports which are required to be
provided pursuant to Section 8.09(a) of this Agreement by the time specified in this agreement and on the basis of the information contained in the Collateral Database or as provided to the Collateral Administrator by the Borrower,
Collateral Manager or Administrative Agent; and 
 (vi) provide the Collateral Manager with such other information as may be
reasonably requested in writing by the Collateral Manager and as is within the possession of the Collateral Administrator. 

  
 -178- 

 (b) No provision of this Agreement shall be construed to relieve the Collateral
Administrator from liability for its own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct or fraud, except that: 

(i) this subsection shall not be construed to limit the effect of subsection (a) of this Section 15.02; 

(ii) the Collateral Administrator shall not be liable for any error of judgment made in good faith by a Responsible Officer of
the Collateral Administrator, unless it shall be proven that the Collateral Administrator was grossly negligent in ascertaining the pertinent facts or engaged in fraud or willful misconduct; 

(iii) no provision of this Agreement shall require the Collateral Administrator to expend or risk its own funds or otherwise
incur any financial or other liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or
indemnity satisfactory to it against such risk or liability is not reasonably assured to it unless such risk or liability relates to the performance of its ordinary services under this Agreement; and 

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

(c) The Borrower and the Collateral Manager shall cooperate with the Collateral Administrator in connection with the matters described herein,
including calculations and information relating to the Monthly Reports or as otherwise reasonably requested hereunder. Nothing herein shall obligate the Collateral Administrator to determine independently the correct characterization or
categorization of any item of Collateral under this Agreement (it being understood that any such characterization or categorization shall be based exclusively upon the determination and notification received by the Collateral Administrator from the
Collateral Manager). The Collateral Manager shall review and approve the contents of the aforesaid reports. To the extent the Collateral Manager becomes actually aware that the information with respect to any Collateral LoanAsset in any report, instruction or certificate required to be delivered by the Collateral Administrator conflicts with information, data or calculations in the records of the Collateral Manager, the Collateral Manager
shall notify the Collateral Administrator of such discrepancy and use commercially reasonable efforts to assist the Collateral Administrator in reconciling such discrepancy. The Collateral Administrator shall cooperate with the Collateral Manager in
connection with the Collateral Manager’s review of the contents of the aforesaid reports, instruction and certificates and will use commercially reasonable efforts to provide such items to the Collateral Manager within a reasonably sufficient
time (as agreed between the Collateral Manager and the Collateral Administrator) prior to any applicable due date to enable such review. 

(d) The Collateral Administrator shall have no obligation to determine the Asset Value or the price of any Collateral in connection with any
actions or duties under this Agreement. Nothing herein shall prevent the Collateral Administrator or any of its Affiliates from engaging in other businesses or from rendering services of any kind to any Person. 

  
 -179- 

 (e) The Collateral Administrator shall in no event have any liability for the actions or
omissions of the Borrower, the Collateral Manager, the Administrative Agent, the Custodian (but only if not the same Person as the Collateral Administrator) 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 Collateral Manager, the Custodian (but only if not the same Person as the Collateral Administrator) or
another Person except to the extent that such inaccuracies or errors are caused by the Collateral Administrator’s own willful misconduct, gross negligence or fraud. The Collateral Administrator shall not be liable for failing to perform or any
delay in performing its specified duties hereunder which results from or is caused by a failure or delay on the part of the Borrower, the Collateral Manager, the Administrative Agent, the Custodian (but only if not the same Person as the Collateral
Administrator) or any other Person in furnishing necessary, timely and accurate information to the Collateral Administrator. 
 (f) It is
expressly acknowledged by the Borrower and the Collateral Manager that application and performance by the Collateral Administrator of its various duties hereunder (including recalculations to be performed in respect of the matters contemplated
hereby) shall be based upon, and in reliance upon, data and information provided to it by the Collateral Manager (and/or the Borrower) with respect to the Collateral, and the Collateral Administrator shall have no responsibility for the accuracy of
any such information or data provided to it by such Persons. Nothing herein shall impose or imply any duty or obligation on the part of the Collateral Administrator to verify, investigate or audit any such information or data, or to determine or
monitor on an independent basis whether any obligor under the Collateral is in default or in compliance with the underlying documents governing or securing such securities, from time to time, the role of the Collateral Administrator hereunder being
solely to perform certain mathematical computations and data comparisons and to provide certain reports and other deliveries, as provided herein. For purposes of monitoring changes in ratings, the Collateral Administrator shall be entitled to use
and rely (in good faith) exclusively upon one or more reputable electronic financial information reporting services, and shall have no liability for any inaccuracies in the information reported by, or other errors or omissions of, any such services.

 (g) Nothing herein shall obligate the Collateral Administrator to determine independently any characteristic of a Collateral LoanAsset, or to evaluate or verify the Collateral Manager’s characterization of any Collateral LoanAsset, including whether any item of Collateral is a Revolving
Collateral
LoanAsset
, Delayed Drawdown Collateral LoanAsset, Fixed Rate Obligation, Noteless Loan, PIK Loan, DIP Loan,
Eligible Collateral
LoanAsset
, Ineligible Collateral
LoanAsset
, Equity Security, Private Credit Loan, Middle Market Loan, MRR Loan, First Lien Last Out Loan, Floor Obligation, Broadly Syndicated Loan, Second Lien Loan, Structured Finance Obligation, Certificated
Security, Covenant Lite Loan or Uncertificated Security, any such determination being based exclusively upon notification the Collateral Administrator receives from the Collateral Manager or from (or in its capacity as) the Collateral Agent (based
upon notices received by the Collateral Agent from the obligor, trustee or agent bank under an underlying governing document, or similar source) and nothing herein shall obligate the Collateral Administrator to review or examine any underlying
instrument or contract evidencing, governing or guaranteeing or securing any Collateral LoanAsset in order to verify, confirm, audit or otherwise determine any
characteristic thereof. 

  
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 Section 15.03 Certain Rights of Collateral Administrator 

Notwithstanding any terms herein contained to the contrary, the acceptance by the Collateral Administrator of its appointment hereunder is
expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein): 

(a) The Collateral Administrator may conclusively rely on and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

 (b) If, in performing its duties under this Agreement, the Collateral Administrator is required to decide between alternative courses of
action, the Collateral Administrator may request written instructions from the Collateral Manager acting on behalf of the Borrower as to the appropriate course of action desired by it. If the Collateral Administrator does not receive such
instructions within two (2) Business Days after it has requested them, the Collateral Administrator may, but shall be under no duty to, take or refrain from taking any such courses of action; provided that the Collateral Administrator
shall, as soon as practicable thereafter, notify the Collateral Manager of which course of action, if any, it has decided to take. The Collateral Administrator shall act in accordance with instructions received after such two-Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. 

(c) Neither the Collateral Administrator nor any of its directors, officers or employees shall be liable to anyone for any error of judgment,
or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or Law, or for anything which it may do or refrain from doing in connection herewith, unless such action
constitutes gross negligence, fraud, bad faith or willful misconduct on its part and in breach of the terms of this Agreement. The Collateral Administrator shall not be liable for any action taken by it in good faith and reasonably believed by it to
be within 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. 

(d) The Collateral Administrator may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question
as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted
by the Collateral Administrator in good faith in accordance with the opinion and directions of such counsel, the reasonable cost of such services shall be reimbursed pursuant to Section 15.04 below. 

  
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 (e) The Collateral Administrator shall not be deemed to have notice of any fact, claim or
demand with respect hereto unless actually known by a Responsible Officer of the Collateral Administrator or unless (and then only to the extent) received in writing by the Collateral Administrator and specifically referencing this Agreement. 

(f) No provision of this Agreement shall require the Collateral Administrator to expend or risk its own funds, or to take any action (or
forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Collateral Administrator to commence,
prosecute or defend legal proceedings in any instance, whether on behalf of the Borrower or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby. 

(g) The permissive right of the Collateral Administrator to take any action hereunder shall not be construed as a duty. 

(h) The Collateral Administrator may act or exercise its duties or powers hereunder through agents or attorneys, and the Collateral
Administrator shall not be liable or responsible for the actions or omissions of any such agent or attorney selected by it with reasonable care. 

(i) The Collateral Administrator shall not be responsible or liable for delays or failures in performance resulting from acts beyond its
control; provided that the Collateral Administrator takes commercially reasonable efforts to resume performance after the cessation of such acts. Such acts shall include acts of God, strikes, lockouts, riots, acts of war, epidemics,
governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. 

(j) All indemnifications contained in this Agreement in favor of the Collateral Administrator shall survive the termination of this Agreement.

 (k) Each of the protections, reliances, indemnities and immunities offered to the Collateral Agent in Article XI or the
Custodian in Article XIII shall be afforded to the Collateral Administrator. 
 (l) The Collateral Administrator shall not be
responsible for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection with this Agreement or any other Facility Document or Related Document. The Collateral Administrator shall not be bound to make
any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion, report, consent, order, approval, bond or other document or have any responsibility for filing or recording any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted by any Person under any Facility Document or Related Document. The Collateral Administrator shall not be
responsible to any Person for any recitals, statements, information, representations or warranties regarding the Borrower or the Collateral or in any document, certificate or other writing delivered in connection herewith or therewith or for the
execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or 

  
 -182- 

 
sufficiency of thereof or any such other document or the financial condition of any Person or be required to make any inquiry concerning either the performance or observance of any of the terms,
provisions or conditions related to any Person or the existence or possible existence of any Default or Event of Default. The Collateral Administrator shall not have any obligation whatsoever to any Person to assure that any collateral exists or is
owned by any Person or is cared for, protected or insured or that any liens have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising
at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available with respect thereto. 

(m) The Collateral Administrator shall not be deemed to have notice of any amendment or modification of a Collateral LoanAsset unless the Collateral Administrator receives written notice thereof (which notice may be via email, it being understood that email notification notifying the Collateral Administrator that such amendment or
modification has been posted to the data room to which the Collateral Administrator has been granted access shall constitute notice for this purpose). 

Section 15.04 Compensation and Reimbursement of Collateral Administrator 

(a) The Borrower agrees to pay, and the Collateral Administrator shall be entitled to receive, as compensation for the Collateral
Administrator’s performance of the duties called for herein, the amounts set forth in the Collateral Administration and Agency Fee Letter. 

(b) The Borrower agrees to pay or reimburse to the Collateral Administrator upon its request from time to time all reasonable and documented
costs, disbursements, advances, and expenses (but limited, in the case of legal fees and expenses, to the reasonable fees and expenses of one firm of outside legal counsel, plus, if necessary, one additional local counsel) incurred in connection
with the preparation or execution of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Collateral Administrator of its duties and services under this Agreement
(including costs and expenses of any action deemed necessary by the Collateral Administrator to collect any amounts owing to it under this Agreement). 

(c) All payments hereunder, including, but not limited to indemnities, shall be paid in accordance with Section 9.01. 

Section 15.05 Resignation and Removal; Appointment of Successor 

(a) Notwithstanding anything to the contrary contained in this Agreement (including clauses (b) and (c) below), no
resignation or removal of the Collateral Administrator and no appointment of a successor Collateral Administrator pursuant to this Article XV shall become effective until the acceptance of such appointment by the successor Collateral
Administrator under Section 15.06 and the assumption by such successor Collateral Administrator of the duties and obligations of the Collateral Administrator hereunder. 

(b) The Collateral Administrator may resign at any time by giving written notice thereof to the Borrower, the Administrative Agent, the
Collateral Manager and the Lenders not less than thirty (30) days prior to such resignation. 

  
 -183- 

 (c) The Collateral Administrator may be removed at any time by the Administrative Agent
(i) upon thirty (30) days’ notice (with the prior written consent of the Collateral Manager) or (ii) at any time if (A) an Event of Default shall have occurred and be continuing, or (B) the Collateral Administrator
shall become incapable of acting or shall become the subject of an Insolvency Event. Notice of any such removal shall be sent by the Administrative Agent to the Collateral Administrator, the Borrower, the Lenders and the Collateral Manager. 

(d) The Collateral Administrator may be removed at any time by the Collateral Manager upon thirty (30) days’ notice (with the prior
written consent of the Administrative Agent). 
 (e) If the Collateral Administrator shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of the Collateral Administrator for any reason (other than resignation), the Borrower shall, promptly after becoming aware of such resignation, removal, incapacity or vacancy, appoint a successor collateral
administrator by written instrument, executed by a Responsible Officer of the Borrower, one copy of which shall be delivered to the retiring Collateral Administrator and one copy to the successor Collateral Administrator, together with a copy to the
Administrative Agent and the Lenders; provided that such successor Collateral Administrator shall be appointed only upon the prior written consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed) and, so
long as no Collateral Manager Default shall have occurred and be continuing, the Collateral Manager (in each case which consent shall not be unreasonably withheld, conditioned or delayed). In the case of a resignation by the Collateral
Administrator, if no successor Collateral Administrator shall have been appointed and an instrument of acceptance by a successor Collateral Administrator shall not have been delivered to the resigning or removed Collateral Administrator and the
Administrative Agent within thirty (30) days after the giving of such notice of resignation or removal, the Administrative Agent may appoint a successor Collateral Administrator or the resigning or removed Collateral Administrator may petition
any court of competent jurisdiction at the expense of the Borrower to appoint a successor Collateral Administrator. 
 Section 15.06
Acceptance and Appointment by Successor 
 Each successor Collateral Administrator appointed hereunder shall execute, acknowledge and
deliver to the Borrower, the Collateral Manager, the Administrative Agent, the Lenders and the retiring Collateral Administrator an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the
retiring Collateral Administrator shall become effective and such successor Collateral Administrator, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring
Collateral Administrator; but, on request of the Borrower, the Collateral Manager, the Administrative Agent or the successor Collateral Administrator, such retiring Collateral Administrator shall (i) execute and deliver an instrument
transferring to such successor Collateral Administrator all the rights, powers and trusts of the retiring Collateral Administrator and (ii) execute and deliver such further documents and instruments and take such further action as may be
reasonably requested in order to effect the transfer of the rights, powers, duties and obligations of the Collateral Administrator hereunder. Upon request of any such successor Collateral Administrator, the Borrower shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Collateral Administrator all such rights, powers and trusts. 

  
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 Section 15.07 Merger, Conversion, Consolidation or Succession to Business of
Collateral Administrator 
 Any organization or entity into which the Collateral Administrator may be merged or converted or with which
it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Collateral Administrator shall be a party, or any organization or entity succeeding to all or substantially all of the
corporate trust business of the Collateral Administrator, shall be the successor of the Collateral Administrator hereunder, without the execution or filing of any document or any further act on the part of any of the parties hereto. 

Section 15.08 Certain Duties of Collateral Administrator Related to Delayed Payment of Proceeds 

In the event that in any month the Collateral Administrator shall not have received any payment (or is unable to identify whether any payment
consists of Principal Proceeds or Interest Proceeds) with respect to any Collateral LoanAsset pursuant to the applicable Related Documents, (a) the
Collateral Administrator shall promptly notify the Administrative Agent, the Borrower, and the Collateral Manager and (b) unless within three (3) Business Days (or the end of the applicable grace period for such payment, if longer) after
such notice such payment shall have been received by the Custodian (or such Collections shall have been identified), the Collateral Manager shall request the applicable Obligor or designated paying agent, as applicable, to make such payment (or
identify such Collections) as soon as practicable after such request but in no event later than three (3) Business Days after the date of such request. In the event that such payment is not made (or such Collections are not identified) within
such time period, the Collateral Administrator, subject to the provisions of this Article XV, shall take such reasonable action at the Borrower’s expense as the Collateral Manager shall direct. Any such action shall be without
prejudice to any right to claim a Default or Event of Default under this Agreement. All Collections that the Collateral Administrator is unable to identify as Principal Proceeds or Interest Proceeds shall be held in the Collection Account.

 [REMAINDER OF PAGE INTENTIONALLY BLANK] 

  
 -185- 

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

			
	 CARDINAL FUNDING LLC,
 as
Borrower

		
	By:	 	/s/ Joseph Glatt
		 	Name: Joseph Glatt
		 	Title:   Chief Legal Officer and Secretary

 [Signature Page to Credit and Security Agreement] 

			
	 APOLLO DEBT SOLUTIONS BDC, as

Collateral Manager and Equityholder

		
	By:	 	 /s/ Joseph Glatt 

		 	 Name: Joseph Glatt
 Title: Chief Legal
Officer and Secretary

 [Signature Page to Credit and Security Agreement] 

			
	 CITIBANK, N.A., as Administrative Agent and

as a Lender

		
	By:	 	 /s/ Victoria Chant

		 	 Name: Victoria Chant
 Title: Vice
President

 [Signature Page to Credit and Security Agreement] 

			
	 THE BANK OF NEW YORK MELLON
 TRUST
COMPANY, NATIONAL
 ASSOCIATION, as Collateral Agent and as

Collateral Administrator

		
	By:	 	 /s/ Anna Kuo

		 	 Name: Anna Kou
 Title:   Vice
President

 [Signature Page to Credit and Security Agreement] 

 
			
	 THE BANK OF NEW YORK MELLON
 TRUST
COMPANY, NATIONAL
 ASSOCIATION, as Custodian

		
	By:	 	 /s/ Anna Kuo

		 	 Name: Anna Kuo
 Title: Vice
President

 [Signature Page to Credit and Security Agreement] 

 EXECUTION VERSION 

AMENDMENT NO. 1 TO CREDIT AND SECURITY AGREEMENT, dated as of April 7, 2022 (this “Amendment”), among Cardinal
Funding LLC, as borrower (the “Borrower”), Apollo Debt Solutions BDC, in its capacity as collateral manager (the “Collateral Manager”) and in its capacity as equityholder (the “Equityholder”),
Citibank, N.A., as a Lender, Citibank, N.A., as administrative agent (the “Administrative Agent”), The Bank of New York Mellon Trust Company, National Association, as collateral agent (the “Collateral Agent”),
custodian (the “Custodian”) and collateral administrator (the “Collateral Administrator”) and the New Lender (as defined below). 

WHEREAS, the Borrower, the Collateral Manager, the lenders from time to time parties thereto (the “Lenders”), the
Equityholder, the Administrative Agent, the Custodian, the Collateral Agent and the Collateral Administrator are party to the Credit and Security Agreement, dated as of January 7, 2022 (as amended or otherwise modified prior to the date hereof,
the “Credit Agreement”); 
 WHEREAS, the parties hereto desire to add Royal Bank of Canada to the Credit Agreement (as
amended hereby), as a “Lender” (the “New Lender”) under the Credit Agreement; and 
 WHEREAS, the parties hereto
desire to amend the Credit Agreement in accordance with Section 12.01 of the Credit Agreement and subject to the terms and conditions set forth herein. 

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

ARTICLE I 
 Definitions

 SECTION 1.1.    Terms used but not defined herein have the respective meanings given to such terms in the Credit
Agreement. 
 ARTICLE II 

SECTION 2.1.    Amendment to the Credit Agreement. 

As of the date of this Amendment, (a) the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same
manner as the following example: stricken text) and to add the bold and double-underlined text (indicated
textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of the Credit Agreement attached as Appendix A hereto, and (b) the Schedules and Exhibits are hereby amended to delete the stricken text (indicated textually in the same
manner as the following example: stricken text) and to add the bold and double-underlined text
(indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of the Schedules and Exhibits attached as Appendix B hereto. 

  
 1 

 SECTION 2.2.    Lender Joinder. 

This Amendment constitutes a Lender joinder agreement and by signing this Amendment, the New Lender shall from and after the date hereof be
deemed to be a party to the Credit Agreement and a “Lender” for all purposes of the Credit Agreement and the other Facility Documents, with a several, but not joint, Commitment in the amount set forth opposite its name on Appendix B
hereto, and shall have all of the rights and obligations of a Lender under the Credit Agreement and the other Facility Documents. The New Lender: (i) confirms that it has received a copy of the Credit Agreement and the other Facility Documents,
together with copies of any financial statements delivered pursuant to Section 5.01 of the Credit Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under or in connection with any of the Facility Documents; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the
Facility Documents, in each case as are delegated to the Administrative Agent by the terms thereof; and (iv) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Facility Documents are
required to be performed by it as a Lender. 
 On the Effective Date (as defined below), the New Lender shall make a payment to the
Administrative Agent for the account of the other Lenders, in an amount calculated by the Administrative Agent, so that after giving effect to such payment and to the distribution thereof to the other Lenders in accordance with the Credit Agreement,
the Advances are held ratably by the Lenders in accordance with their respective Commitments. 
 ARTICLE III 

Representations and Warranties 

SECTION 3.1.    The Borrower hereby represents and warrants to each other party hereto that, as of the date first written
above, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Credit Agreement and the other Facility Documents are true and correct in all material
respects on and as of such day (other than any representation and warranty that is made as of a specific date), except for any such representations and warranties that are qualified by materiality which shall be true and correct in all respects.

  
 2 

 ARTICLE IV 

Conditions Precedent 

This amendment shall become effective upon satisfaction of the execution and delivery of this Amendment by the parties hereto (the
“Effective Date”). 
 ARTICLE V 

Miscellaneous 
 SECTION
5.1.    Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

SECTION 5.2.    Severability Clause. Any provision of this Amendment 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 hereof or affecting the validity or enforceability of such provision in any other
jurisdiction. 
 SECTION 5.3.    Ratification. Except as expressly amended hereby, the Credit Agreement is in all
respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Credit Agreement for all purposes. 

SECTION 5.4.    Counterparts. The parties hereto may sign one or more copies of this Amendment in counterparts, all
of which together shall constitute one and the same agreement. Counterparts may be executed and delivered via facsimile, electronic mail or other transmission method and may be executed by electronic signature (including, without 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 or the New York Electronic Signatures and Records Act, which
includes any electronic signature provided using Orbit, Adobe Sign, Adobe Fill & Sign, DocuSign, or any other similar platform identified by the Borrower and reasonably available at no undue burden or expense to The Bank of New York Mellon
Trust Company, National Association) and any counterpart so delivered 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. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 5.5.    Headings. The headings of the Articles and Sections in this Amendment are for convenience of
reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 SECTION
5.6.    Collateral Agent, Custodian and Collateral Administrator Direction. By its execution hereof (i) the Administrative Agent hereby authorizes and directs the Collateral Agent and the Custodian to execute and
deliver this Amendment on the date hereof and (ii) the Collateral Manager hereby authorizes and directs the Collateral Administrator to execute and deliver this Amendment on the date hereof. 

[Signature pages follow] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first written above. 
  

			
	CARDINAL FUNDING LLC, as Borrower
		
	By:	 	 APOLLO DEBT SOLUTIONS BDC, its
 sole
member

		
	By:	 	 /s/ Joseph Glatt

		 	Name: Joseph Glatt
		 	Title: Chief Legal Officer and Secretary

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	 APOLLO DEBT SOLUTIONS BDC, as

Collateral Manager and Equityholder

		
	By:	 	 /s/ Joseph Glatt

		 	Name: Joseph Glatt
		 	Title: Chief Legal Officer and Secretary

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	CITIBANK, N.A., as Administrative Agent and as a Lender
		
	By:	 	 /s/ Vincent Nocerino

		 	Name: Vincent Nocerino
		 	Title: Attorney in Fact

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Richard Tantone

		 	Name: Richard Tantone
		 	Title: Authorized Signatory

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, NATIONAL
 ASSOCIATION, as Collateral
Agent and
 Collateral Administrator

		
	By:	 	 /s/ Anna Kuo

		 	Name: Anna Kuo
		 	Title: Vice President

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, NATIONAL
 ASSOCIATION, as
Custodian

		
	By:	 	 /s/ Anna Kuo

		 	Name: Anna Kuo
		 	Title: Vice President

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 APPENDIX A 

 APPENDIX BEX-4.2

 Exhibit 4.2 

DESCRIPTION OF SECURITIES 

The following description of the securities of Levere Holdings Corp. (“us,” “our,” “we” or the
“Company”) registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is intended as a summary only and therefore is not a complete description. This description is based upon, and
is qualified by reference to, our amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman Islands. You should read our amended and restated memorandum and articles of association, which is
filed as Exhibit 3.1 to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part, for the provisions that are important to you. 

As of April 19, 2022, the Company had the following three classes of securities registered under Section 12 of the Exchange Act:
(i) its Class A ordinary shares, $0.0001 par value per share (“Class A ordinary shares”), (ii) its redeemable warrants, exercisable for one Class A ordinary share for $11.50 per share, subject to adjustment, and
(iii) its units, consisting of one Class A ordinary share and one-third of one redeemable warrant to purchase one Class A ordinary share. In addition, this Description of Securities also
contains a description of the Company’s Class B ordinary shares, par value $0.0001 per share (the “Class B ordinary shares” or “founder shares”), which is not registered pursuant to Section 12 of the Exchange
Act but is convertible into Class A ordinary shares. The description of the Class B ordinary shares is necessary to understand the material terms of the Class A ordinary shares. 

Pursuant to our amended and restated memorandum and articles of association, our authorized share capital consists of 500,000,000 Class A
ordinary shares, $0.0001 par value, 50,000,000 Class B ordinary shares, $0.0001 par value, and 5,000,000 undesignated preference shares, $0.0001 par value. The following description summarizes the material terms of our share capital. Because it
is only a summary, it may not contain all the information that is important to you. 
 Defined terms used herein and not defined herein
shall have the meaning ascribed to such terms in the Company’s Annual Report on Form 10-K. 
 Units 

Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each
whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described below. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a
whole number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder. 

The Class A ordinary shares and warrants comprising the units began separate trading on the Nasdaq Capital Market (“Nasdaq”) on
May 10, 2021. Holders have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary
shares and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. 
 Additionally,
the units will automatically separate into their component parts and will not be traded after completion of our initial business combination. 
 Ordinary
Shares 
 As of April 19, 2022, 27,128,532 Class A ordinary shares and 6,782,133 Class B ordinary shares were issued and
outstanding. 

 Ordinary shareholders of record are entitled to one vote for each share held on all matters
to be voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as
required by law. Unless specified in our amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary
shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least
two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles
of association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected
in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. Our shareholders are
entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. 
 Because
our amended and restated memorandum and articles of association authorize the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination)
be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial
business combination. 
 Our board of directors is divided into three classes with only one class of directors being elected in each year
and each class (except for those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until one year
after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or general meetings to appoint directors. We may not hold an annual general meeting to appoint new directors prior
to the consummation of our initial business combination. 
 We will provide our public shareholders with the opportunity to redeem all or a
portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of
two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the
then-outstanding public shares, subject to the limitations described herein. The amount in the trust account is anticipated to be $10.00 per public share (based on the Trust Account balance as of December 31, 2021). The per share amount we will
distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in
order to valid redeem its shares. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares
held by them in connection with (i) the completion of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the
substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our
initial business combination by March 23, 2023 or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder votes and conduct
proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder
vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other
reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial
business combination. Our amended and restated memorandum and articles of association require that any tender offer documents contain substantially the same financial and other information about the initial business combination and the redemption
rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other
reasons, we will, like many blank check companies, offer to redeem shares in 

 
conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination
only if we obtain the approval of an ordinary resolution. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions, if any, could result in the approval of our initial business
combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five days’
notice be given of any general meeting. 
 If we seek shareholder approval of our initial business combination and we do not conduct
redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provides that a public shareholder, together with any affiliate of such shareholder
or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the
shares sold in our initial public offering (the “Excess Shares”), without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our
initial business combination. Our shareholders’ inability to redeem the Excess Shares reduces their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment
if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such shareholders will
continue to hold that number of shares exceeding 15% and, in order to dispose of such shares would be required to sell their shares in open market transactions, potentially at a loss. 

If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution.
In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination. As a result, in addition to the founder shares, we would need 9 10,173,190, or
30% (assuming all issued and outstanding shares are voted), or 1,715,534, or 5% (assuming only the minimum number of shares representing a quorum are voted), of the 27,128,532 public shares sold in our IPO to be voted in favor of an initial business
combination in order to have our initial business combination approved. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. 

Pursuant to our amended and restated memorandum and articles of association, if we have not consummated an initial business combination by
March 23, 2023, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our
income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including
the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve,
subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our sponsor and each member of our management team have entered into an
agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination by March 23,
2023 (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame). Our amended and restated
memorandum and articles of association provides that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as
promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. 
 In the event of
a liquidation, dissolution or winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made
for each class of shares, if any, having preference over the ordinary shares. 

 
Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with
the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay
our income taxes, if any, divided by the number of the then-outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein. 

Founder Shares 
 The founder shares are
designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in our units, and holders of founder shares have the same shareholder rights as public shareholders, except that:
(a) the founder shares are subject to certain transfer restrictions, as described in more detail below; (b) our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to
(i) waive their redemption rights with respect to their founder shares, (ii) to waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our
amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our
initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by March 23, 2023 or (B) with respect to any other provision relating to the rights of holders of our Class A
ordinary shares; and (iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination by March 23, 2023 (although they will
be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame); (c) the founder shares, at the election of the
holders thereof, will convert into our Class A ordinary shares prior to, at the time of, or after of our initial business combination as described herein; and (d) the founder shares are entitled to registration rights. If we seek
shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution. In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public
shares in favor of our initial business combination. 
 The founder shares are designated as Class B ordinary shares and, at the
election of the holder thereof, will convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the trust account if
we do not consummate an initial business combination), at the time of, or after our initial business combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion
of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding, plus (ii) the total number of
Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination
and any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a
rate of less than one-to-one. 
 Except as described herein,
our sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our
initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20-trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation,
merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. We refer to such transfer restrictions as the lock-up. Any permitted transferees would be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect to any founder shares. 

 With respect to matters submitted to a vote of our shareholders, including any vote in
connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. 

Register of Members 
 Under Cayman Islands law, we must
keep a register of members and there will be entered therein: 
  

	 	•	 	 the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or
agreed to be considered as paid, on the shares of each member and the voting rights of shares of each member; 

  

	 	•	 	 the date on which the name of any person was entered on the register as a member; and 

 

	 	•	 	 the date on which any person ceased to be a member. 

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of
members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in
the register of members. The shareholders recorded in the register of members are deemed to have legal title to the shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands
court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers
that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court. 
 Preference Shares 

Our amended and restated memorandum and articles of association authorize 5,000,000 preference shares and provide that preference shares may be
issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power
and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a
change of control of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in
the future. 
 Warrants 
 Public
Shareholders’ Warrants 
 As of April 19, 2022, 9,042,844 warrants underlying the units were outstanding. 

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing on the 30th day after the completion of our initial business combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder may
exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole
warrants will trade. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 

 We will not be obligated to deliver any Class A ordinary shares pursuant to the
exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a
Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the
registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have
paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit. 
 We have agreed that as soon as
practicable, but in no event later than 20 business days after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement relating to
our initial public offering or a new registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the
same to become effective within 60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until
the warrants expire or are redeemed, as specified in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the
definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our commercially reasonable efforts to register or qualify the shares under
applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial
business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not
available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of
Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361 Class A ordinary shares
per warrant (subject to adjustment). The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10-trading days ending
on the trading day prior to the date on which the notice of exercise is received by the warrant agent. 
 Redemption of warrants when
the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement
warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

  

	 	•	 	 if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as
adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Anti-Dilution Adjustments”) for any 20-trading days within a
30-trading day period ending three trading days before we send the notice of redemption to the warrant holders. 

 We will not redeem the warrants as described above unless a registration statement under the
Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
state securities laws. 
 We have established the last of the redemption criteria discussed above to prevent a redemption call unless there
is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant
prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a
warrant as described under the heading “Anti-dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, we may
redeem the outstanding warrants (except as described herein with respect to the private placement warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders
will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of our Class A
ordinary shares (as defined below) except as otherwise described below; if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable
upon exercise or the exercise price of a warrant as described under the heading “Anti-Dilution Adjustments”) for any 20-trading days within the 30-trading day
period ending three trading days before we send the notice of redemption to the warrant holders; and 

  

	 	•	 	 if the closing price of the Class A ordinary shares for any
20-trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less
than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Anti-dilution Adjustments”), the private placement warrants must also be
concurrently called for redemption on the same terms as the outstanding public warrants, as described above. 

 Beginning
on the date the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent the number of Class A ordinary shares that a
warrant holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding redemption date
(assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of our Class A ordinary shares during the 10-trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of
the warrants, each as set forth in the table below. We will provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends.

 Pursuant to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A
ordinary shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the table below will not be adjusted when determining
the number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination. 

 The share prices set forth in the column headings of the table below will be adjusted as of
any date on which the number of shares issuable upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “Anti-dilution Adjustments” below. If the number of shares issuable upon exercise of a
warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and
the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the
number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of a warrant is adjusted,
(a) in the case of an adjustment pursuant to the fifth paragraph under the heading “Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the
numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “Anti-dilution Adjustments” and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the
second paragraph under the heading “Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise
price adjustment. 
  

																																					
	 Redemption Date
 (period
to expiration of warrants)
	  	Fair Market Value of Class A Ordinary Shares	 
	  	<10.00	 	  	11.00	 	  	12.00	 	  	13.00	 	  	14.00	 	  	15.00	 	  	16.00	 	  	17.00	 	  	>18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the
fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For
example, if the volume weighted average price of our Class A ordinary shares during the 10-trading days immediately following the date on which the notice of redemption is sent to the holders of the
warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole
warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of our Class A ordinary shares during the
10-trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the
warrants, holders may choose to, in connection with this redemption feature, exercise their 

 
warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than
0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption
by us pursuant to this redemption feature, since they will not be exercisable for any Class A ordinary shares. 
 This redemption
feature differs from the typical warrant redemption features used in some other blank check offerings, which only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A
ordinary shares exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per
public share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants
without the warrants having to reach the $18.00 per share threshold set forth above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants
in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input. This redemption right provides us with an additional mechanism by
which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption
price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this
manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders. 

As stated above, we can redeem the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is below
the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of
shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares than they would
have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher than the exercise price of $11.50. 

No fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional
interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the Class A
ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a
security other than the Class A ordinary shares, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants. 

Redemption Procedures. A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that
such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in
excess of 9.8% (or such other amount as a holder may specify) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise. 

Anti-dilution Adjustments. If the number of outstanding Class A ordinary shares is increased by a capitalization or share
dividend payable in Class A ordinary shares, or by a split-up of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend, split-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights offering made
to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined below) will be deemed a share dividend of a number of
Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity 

 
securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A
ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the
price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value” means
the volume weighted average price of Class A ordinary shares as reported during the 10-trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 
 In addition, if we, at any
time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of the holders of the Class A ordinary shares on account of such Class A ordinary
shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash
distributions paid on the Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect
any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount
of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination,
(d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our
obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business
combination by March 23, 2023 or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, or (e) in connection with the redemption of our public shares upon our failure to complete
our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
Class A ordinary share in respect of such event. 
 If the number of outstanding Class A ordinary shares is decreased by a
consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the
number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares. 

Whenever the number of Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant
exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A ordinary shares purchasable upon the exercise of the
warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter. 

In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in
connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors
and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business
combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business
combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the
$18.00 per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “— Redemption of warrants when the price per Class A
ordinary shares equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under
“—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. 

 In case of any reclassification or reorganization of the outstanding Class A ordinary
shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which
we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other
property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or
property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or conveyance, that the holders of the warrants would have received if such holder had exercised
their warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and
amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make
such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the
company as provided for in the company’s amended and restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if a proposed initial business combination is presented to the
shareholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule
13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the
Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and
outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such warrant holder had
exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment
(from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable by the holders of Class A ordinary
shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within 30 days following
public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price
reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value
of the warrants. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants
otherwise do not receive the full potential value of the warrants. 
 The warrants are issued in registered form under a warrant agreement
between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or
correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement, or defective provision (ii) amending the provisions relating to cash dividends on
ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem
necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 50% of the then-outstanding public warrants is required to make any
change that adversely affects the interests of the registered holders. 

 The warrant holders do not have the rights or privileges of holders of ordinary shares and
any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record
on all matters to be voted on by shareholders. 
 No fractional warrants will be issued upon separation of the units and only whole warrants
will trade. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the
warrant holder. 
 We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in
any way to the warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will
be the exclusive forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of
America are the sole and exclusive forum. 
 Dividends 

We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our
initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination.
The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time. If we incur any indebtedness in connection with a business combination, our ability to declare
dividends may be limited by restrictive covenants we may agree to in connection therewith. 
 Our Transfer Agent and Warrant Agent 

The transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have
agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of
acts performed or omitted for its activities in that capacity, except for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity. 

Certain Differences in Corporate Law 

Cayman Islands companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law
statutory enactments and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws applicable
to companies incorporated in the United States and their shareholders. 
 Mergers and Similar Arrangements. In certain
circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of
that other jurisdiction). 
 Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must
approve a written plan of merger or consolidation containing certain prescribed information. That plan of merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66.66% in value of the voting
shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. No shareholder

 
resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The
consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act
(which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation. 

Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the
directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is
permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been
or will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no
receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no scheme, order, compromise or
other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted. 

Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required
to make a declaration to the effect that, having made due enquiry, they are of the opinion that the following requirements have been met: (i) that the foreign company is able to pay its debts as they fall due and that the merger or
consolidation is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company
(a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the
jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under
the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation. 

Where the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to receive a payment equal to the
fair value of their shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his written objection to the merger or consolidation
to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for their shares if the merger or consolidation is authorized by the vote; (b) within 20 days
following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt
of such notice from the constituent company, give the constituent company a written notice of their intention to dissent including, among other details, a demand for payment of the fair value of their shares; (d) within seven days following the
date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated
company must make a written offer to each dissenting shareholder to purchase their shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the date on which the
offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company
(and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as
to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon
the amount determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of a dissenting
shareholder are not 

 
available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer
quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company. 

Moreover, Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies. In certain
circumstances, schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme of arrangement,” which may be tantamount
to a merger. In the event that a merger is sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the
arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or
creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings, and subsequently the terms of the arrangement, must be sanctioned by the Grand
Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that: 

 

	 	•	 	 the constituent company is not proposing to act illegally or beyond the scope of its corporate authority and the
statutory provisions as to majority vote have been complied with; 

  

	 	•	 	 the shareholders have been fairly represented at the meeting in question; 

 

	 	•	 	 the arrangement is such as a businessman would reasonably approve; and 

 

	 	•	 	 the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act
or that would amount to a “fraud on the minority.” 

 If a scheme of arrangement or takeover offer (as described
below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to
dissenting shareholders of United States corporations. 
 Squeeze-out Provisions. When
a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to
transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.

 Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means
other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business. 

Shareholders’ Suits. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have
confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder.
However, based both on Cayman Islands legal authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in
circumstances in which: 
  

	 	•	 	 a company is acting, or proposing to act, illegally or beyond the scope of its authority; 

 

	 	•	 	 the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by
more than the number of votes which have actually been obtained; or 

	 	•	 	 those who control the company are perpetrating a “fraud on the minority.” 

A shareholder may have a direct right of action against the constituent company where the individual rights of that shareholder have been
infringed or are about to be infringed. 
 Enforcement of Civil Liabilities. The Cayman Islands has a different body of
securities laws as compared to the United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States. 

We have been advised by Maples and Calder, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to
recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman
Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those
circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent
jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a
foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same
matter, impeachable on the grounds of fraud or obtained in a manner, and/or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to
be contrary to public policy). A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. 

Special Considerations for Exempted Companies. We are an exempted company with limited liability (meaning our public
shareholders have no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted
companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an
ordinary company except for the exemptions and privileges listed below: 
  

	 	•	 	 annual reporting requirements are minimal and consist mainly of a statement that the company has conducted its
operations mainly outside of the Cayman Islands and has complied with the provisions of the Companies Act; 

  

	 	•	 	 an exempted company’s register of members is not open to inspection; 

 

	 	•	 	 an exempted company does not have to hold an annual general meeting; 

 

	 	•	 	 an exempted company may issue shares with no par value; 

 

	 	•	 	 an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings
are usually given for 20 years in the first instance); 

  

	 	•	 	 an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman
Islands; and 

  

	 	•	 	 an exempted company may register as a limited duration company. 

 Our Amended and Restated Memorandum and Articles of Association 

Our amended and restated memorandum and articles of association contains provisions designed to provide certain rights and protections that
will apply to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution
where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s shareholders
entitled to vote and so voting at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association, by a unanimous
written resolution of all of the company’s shareholders. Other than as described above, our amended and restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our
shareholders. 
 Our sponsor and its permitted transferees, if any, who collectively beneficially own 20% of our ordinary shares, will
participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provides,
among other things, that: 
  

	 	•	 	 if we have not consummated an initial business combination by March 23, 2023, we will (i) cease all
operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes that were paid by us or are payable by us, if any (less up
to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further
liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses
(ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law; 

  

	 	•	 	 prior to or in connection with our initial business combination, we may not issue additional securities that
would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination or on any other proposal presented to shareholders prior to or in
connection with the completion of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond
March 23, 2023or (y) amend the foregoing provisions; 

  

	 	•	 	 in the event we enter into a business combination with a target business that is affiliated with our sponsor, our
directors or our officers, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that such a business combination is
fair to our company from a financial point of view; 

  

	 	•	 	 if a shareholder vote on our initial business combination is not required by applicable law or stock exchange
listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and
will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required
under Regulation 14A of the Exchange Act; 

  

	 	•	 	 so long as our securities are then listed on Nasdaq, our initial business combination must occur with one or more
target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the trust
account) at the time of the agreement to enter into the initial business combination; 

	 	•	 	 if our shareholders approve an amendment to our amended and restated memorandum and articles of association
(A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public
shares if we do not complete our initial business combination by March 23, 2023; or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, we will provide our public shareholders with
the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein; and

  

	 	•	 	 we will not effectuate our initial business combination solely with another blank check company or a similar
company with nominal operations. 

 In addition, our amended and restated memorandum and articles of association provides
that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. 

The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of a special resolution which requires the approval of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares who attend and vote at a general meeting or by way of
unanimous written resolution. A company’s articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its
memorandum and articles of association regardless of whether its memorandum and articles of association provide otherwise. Accordingly, although we could amend any of the provisions relating to our structure and business plan which are contained in
our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions
unless we provide dissenting public shareholders with the opportunity to redeem their public shares. 
 Anti-Money Laundering—Cayman Islands

 In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain
anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity, the identity of their beneficial owners/controllers and source of funds. Where permitted, and subject to certain conditions, we may also
delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person. 

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be
satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (2020 Revision) of the Cayman Islands, as amended and revised from time to time (the “Regulations”). Depending on the
circumstances of each application, a detailed verification of identity might not be required where: 
  

	 	a)	 the subscriber is a relevant financial business required to comply with the Regulations or is a majority-owned
subsidiary of such a business; or 

  

	 	b)	 the subscriber is acting in the course of a business in relation to which a regulatory authority exercises
regulatory functions and which is in a country listed by the Cayman Islands Anti-Money Laundering Steering Committee (“Equivalent Jurisdiction”) or is a majority-owned subsidiary of such subscriber; or 

	 	c)	 the subscriber is a central or local government organization, statutory body or agency of government in the
Cayman Islands or an Equivalent Jurisdiction; or 

	 	d)	 the subscriber is a company that is listed on a recognized stock exchange and subject to disclosure
requirements which impose requirements to ensure adequate transparency of beneficial ownership, or is a majority-owned subsidiary of such a company; or 

  

	 	e)	 the subscriber is a pension fund for a professional association, trade union or is acting on behalf of
employees of an entity referred to in sub-paragraphs (a) to (d); or 

  

	 	f)	 the application is made through an intermediary which falls within one of
sub-paragraphs (a) to (e). In this situation the company may rely on a written assurance from the intermediary which confirms (i) that the requisite identification and verification procedures on the
applicant for business and its beneficial owners have been carried out; (ii) the nature and intended purpose of the business relationship; (iii) that the intermediary has identified the source of funds of the applicant for business; and
(iv) that the intermediary shall make available copies of any identification and verification data or information and relevant documents. 

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in
accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations. 

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse
to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited. 

We also reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment
to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any
such laws or regulations in any applicable jurisdiction. 
 If any person resident in the Cayman Islands knows or suspects, or has
reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of
business in the regulated sector or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of
Crime Act (2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering; or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act
(2018 Revision) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure of information
imposed by any enactment or otherwise. 
 Data Protection—Cayman Islands 

We have certain duties under the Data Protection Act, 2017 of the Cayman Islands (the “DPL”) based on internationally accepted principles of data
privacy. 
 Privacy Notice 
 Introduction

 This privacy notice puts our shareholders on notice that through your investment in the Company you will provide us with certain
personal information which constitutes personal data within the meaning of the DPL (“personal data”). In the following discussion, the “company” refers to us and our affiliates and/or delegates, except where the context requires
otherwise. 

 Investor Data 

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be
reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory
obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPL, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized
or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data. 
 In our use of
this personal data, we will be characterized as a “data controller” for the purposes of the DPL, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our
“data processors” for the purposes of the DPL or may process personal information for their own lawful purposes in connection with services provided to us. 

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to
a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification,
credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder’s investment activity. 

Who this Affects 
 If you are a
natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you
for any reason in relation your investment in the company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content. 

How the Company May Use a Shareholder’s Personal Data 

The company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular: 

 

	 	a)	 where this is necessary for the performance of our rights and obligations under any purchase agreements;

  

	 	b)	 where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as
compliance with anti-money laundering and FATCA/CRS requirements); and/or 

  

	 	c)	 where this is necessary for the purposes of our legitimate interests and such interests are not overridden by
your interests, fundamental rights or freedoms. 

 Should we wish to use personal data for other specific purposes
(including, if applicable, any purpose that requires your consent), we will contact you. 
 Why We May Transfer Your Personal Data 

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the
relevant regulatory authorities such as the Cayman Islands Monetary Authority or Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities. 

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain
entities located outside the United States, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf. 

 Cayman Islands Tax Considerations – Under Existing Cayman Islands Laws 

The following is a discussion on certain Cayman Islands income tax consequences of an investment in the securities of the Company. The
discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor’s particular circumstances, and does not consider tax consequences other
than those arising under Cayman Islands law. 
 Payments of dividends and capital in respect of our securities will not be subject to
taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporate
tax. The Cayman Islands currently has no income, corporation or capital gains tax and no estate duty, inheritance tax or gift tax. 
 No
stamp duty is payable in respect of the issue of the warrants. An instrument of transfer in respect of a warrant is stampable if executed in or brought into the Cayman Islands. 

No stamp duty is payable in respect of the issue of our Class A ordinary shares or on an instrument of transfer in respect of such
shares. 
 The Company has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied
for and received an undertaking from the Financial Secretary of the Cayman Islands in the following form: 
 Certain Anti-Takeover Provisions of our
Amended and Restated Memorandum and Articles of Association 
 Our amended and restated memorandum and articles of association provides
that our board of directors will be classified into three classes of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings. 

Our authorized but unissued Class A ordinary shares and preference shares will be available for future issuances without shareholder
approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Class A ordinary shares
and preference shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Registration Rights 
 The holders of the
founder shares, private placement warrants, and any warrants that may be issued upon conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be
issued upon conversion of working capital loans) are entitled to registration rights pursuant to the registration and shareholder rights agreement entered into in connection with our initial public offering. The holders of these securities are
entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our
completion of our initial business combination. However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective until termination of the
applicable lock-up period. We will bear the expenses incurred in connection with the filing of any such registration statements. 

Listing of Securities 
 Our units,
Class A ordinary shares and warrants are each traded on the Nasdaq under the symbols “LVRAU”, “LVRA” and “LVRAW” respectively.

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