Document:

EX-10.1

 Exhibit 10.1 

EIGHTH AMENDMENT TO LOAN AND SERVICING AGREEMENT 

(CCT Tokyo Funding LLC) 

THIS EIGHTH AMENDMENT TO LOAN AND SERVICING AGREEMENT, dated as of November 14, 2022 (this “Amendment”), is entered into
by and among CCT TOKYO FUNDING LLC, as the Borrower (the “Borrower”), FS KKR CAPITAL CORP. (as successor in interest to Corporate Capital Trust, Inc.), as the Servicer, the Lender identified on the signature pages hereto and
SUMITOMO MITSUI BANKING CORPORATION, the Administrative Agent (in such capacity, the “Administrative Agent”). 
 R E C I
T A L S 
 WHEREAS, the above-named parties (together with certain other parties) have entered into that certain Loan and Servicing
Agreement, dated as of December 2, 2015 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Agreement”), by and among the Borrower, the Transferor, the Servicer, each of the Lenders
from time to time party thereto, the Collateral Agent and the Administrative Agent; and 
 WHEREAS, pursuant to and in accordance with
Section 11.01 of the Agreement (as amended by this Amendment), the parties hereto desire to amend the Agreement in certain respects as provided herein; 

NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows: 
 SECTION 1.
Definitions. 
 Each capitalized term used but not defined herein has the meaning ascribed thereto in the Agreement (as
amended by this Amendment). 
 SECTION 2. Amendment. 

Effective as of the date hereof, the parties hereto agree that the Agreement is hereby amended as indicated in the attached Annex A with
the text marked in underline indicating additions and with text marked in strike through indicating deletions to the Agreement. 
 SECTION 3.
Agreement in Full Force and Effect as Amended. 
 Except as specifically amended hereby, all provisions of the Agreement
shall remain in full force and effect. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth herein and shall not constitute a novation of the
Agreement. 

 SECTION 4. Representations and Warranties. 

The Borrower hereby represents and warrants as of the date of this Amendment as follows: 

(a) this Amendment has been duly executed and delivered by it; 

(b) this Amendment constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; and 

(c) there is no Event of Default, Unmatured Event of Default, or Servicer Termination Event that is continuing or would result from entering
into this Amendment. 
 SECTION 5. Conditions to Effectiveness. 

The effectiveness of this Amendment is subject to the receipt by (A) the Administrative Agent of (a) executed counterparts (or other
evidence of execution, including facsimile signatures, satisfactory to the Administrative Agent) of this Amendment and the fee letter related thereto and (b) the fee payable on the date hereof as specified in the fee letter and (B) Mayer
Brown LLP of its fees invoiced to date. 
 SECTION 6. Miscellaneous. 

(a) This Amendment may be executed in any number of counterparts (including by facsimile), and by the different parties hereto on the same or
separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment, and all other
documents to be executed in connection with this Amendment, by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of
this Amendment and all other documents to be executed in connection with this Amendment. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to
any document to be signed in connection with this Amendment and all other documents to be executed in connection with this Amendment shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act;
provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent (it being understood that the Administrative Agent has agreed, for purposes of this
Amendment and all other documents to be executed in connection with this Amendment, to accept Electronic Signatures delivered via “Adobe Sign” or “Docusign”). For purposes of this Amendment and all other documents to be
executed in connection with this Amendment, “Electronic Signature” means an electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or
accept such contract or record. Each party 

  
 2 

 
agrees that this Amendment and all other documents to be executed in connection with this Amendment may be electronically signed, and that any Electronic Signatures appearing on this Amendment
and all other documents to be executed in connection with this Amendment are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. 

(b) The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed
to affect the meaning or construction of any of the provisions hereof. 
 (c) This Amendment may not be amended or otherwise modified except
as provided in the Agreement (as amended by this Amendment). 
 (d) The failure or unenforceability of any provision hereof shall not affect
the other provisions of this Amendment. 
 (e) Whenever the context and construction so require, all words used in the singular number
herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine. 

(f) This Amendment represents the final agreement between the parties only with respect to the subject matter expressly covered hereby and may
not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten oral agreements between the parties. 

(g) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE
PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
APPROPRIATE BY SUCH COURT. 
 [Signature Pages Follow] 

  
 3 

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

									
	BORROWER:	 		 	CCT TOKYO FUNDING LLC
				
		 		 	By:	 	 /s/ William Goebel

		 		 		 	Name:	 	William Goebel
		 		 		 	Title:	 	Chief Financial Officer
			
	SERVICER:	 		 	FS KKR CAPITAL CORP.
				
		 		 	By:	 	 /s/ William Goebel

		 		 		 	Name:	 	William Goebel
		 		 		 	Title:	 	Chief Accounting Officer

 [Signatures Continue on the Following Page] 

  
 [Signature Page to Eighth
Amendment – CCT Tokyo Funding LLC] 

									
	ADMINISTRATIVE AGENT:	 		 	SUMITOMO MITSUI BANKING CORPORATION
				
		 		 	By:	 	 /s/ Christopher Keeshan

		 		 		 	Name:	 	Christopher Keeshan
		 		 		 	Title:	 	Managing Director
			
	LENDER:	 		 	SUMITOMO MITSUI BANKING CORPORATION
				
		 		 	By:	 	 /s/ Christopher Keeshan

		 		 		 	Name:	 	Christopher Keeshan
		 		 		 	Title:	 	Managing Director

  
 [Signature Page to Eighth
Amendment – CCT Tokyo Funding LLC] 

 ANNEX A 

See Attached 

 CONFORMED THROUGH
SEVENTHEIGHTH AMENDMENT 

Up to U.S.$300,000,000 
 LOAN AND
SERVICING AGREEMENT 
 Dated as of December 2, 2015 

Among 
 CCT TOKYO FUNDING LLC,

 as the Borrower 
 FS KKR
CAPITAL CORP., 
 as the Servicer and as the Transferor 

SUMITOMO MITSUI BANKING CORPORATION, 

as the Administrative Agent and as the Collateral Agent 

and 
 EACH OF THE LENDERS FROM
TIME TO TIME PARTY HERETO, 
 as the Lenders 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I.     DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01
	 	Certain Defined Terms	  	 	1	 
			
	 SECTION 1.02
	 	 Other Terms
	  	 	3848	 
			
	 SECTION 1.03
	 	 Computation of Time Periods
	  	 	3848	 
			
	 SECTION 1.04
	 	 Interpretation
	  	 	3848	 
			
	 SECTION 1.05
	 	 Nature of Obligations
	  	 	3949	 
			
	 SECTION
1.06
	 	
Divisions
	  	 	49	 
			
	 SECTION
1.07
	 	
Rates
	  	 	49	 
		
	 ARTICLE II.     THE FACILITY
	  	 	3950	 
			
	 SECTION 2.01
	 	 Variable Funding Note and Advances
	  	 	3950	 
			
	 SECTION 2.02
	 	 Procedure for Advances
	  	 	4152	 
			
	 SECTION 2.03
	 	 Determination of Yield
	  	 	4454	 
			
	 SECTION 2.04
	 	 Remittance Procedures
	  	 	4455	 
			
	 SECTION 2.05
	 	 Instructions to the Collateral Agent
	  	 	4859	 
			
	 SECTION 2.06
	 	 Borrowing Base Deficiency Payments
	  	 	4859	 
			
	 SECTION 2.07
	 	 Substitution and Sale of Loan Assets; Affiliate Transactions
	  	 	4960	 
			
	 SECTION 2.08
	 	 Payments and Computations, Etc
	  	 	5365	 
			
	 SECTION 2.09
	 	 Fees
	  	 	5566	 
			
	 SECTION 2.10
	 	 Increased Costs; Capital Adequacy
	  	 	5566	 
			
	 SECTION 2.11
	 	 Taxes
	  	 	5668	 
			
	 SECTION 2.12
	 	 Collateral Assignment of Agreements
	  	 	5971	 
			
	 SECTION 2.13
	 	 Grant of a Security Interest
	  	 	5971	 
			
	 SECTION 2.14
	 	 Evidence of Debt
	  	 	6072	 
			
	 SECTION 2.15
	 	 Survival of Representations and Warranties
	  	 	6072	 
			
	 SECTION 2.16
	 	 Release of Loan Assets
	  	 	6072	 
			
	 SECTION 2.17
	 	 Treatment of Amounts Received by the Borrower
	  	 	6172	 
			
	 SECTION 2.18
	 	 Prepayment; Termination
	  	 	6173	 
			
	 SECTION 2.19
	 	 Value Adjustment Events
	  	 	6273	 
			
	 SECTION 2.20
	 	 Collections and Allocations
	  	 	6274	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 2.21
	 	 Reinvestment of Principal Collections
	  	 	6475	 
			
	 SECTION 2.22
	 	 Additional Lenders
	  	 	6576	 
			
	 SECTION
2.23
	 	 Inability to
Determine Rates; Benchmark Replacement Setting; Illegality
	  	 	76	 
		
	 ARTICLE III.     CONDITIONS PRECEDENT
	  	 	6579	 
			
	 SECTION 3.01
	 	 Conditions Precedent to Effectiveness
	  	 	6579	 
			
	 SECTION 3.02
	 	 Conditions Precedent to All Advances
	  	 	6680	 
			
	 SECTION 3.03
	 	 Advances Do Not Constitute a Waiver
	  	 	6983	 
			
	 SECTION 3.04
	 	 Conditions to Pledges of Loan Assets
	  	 	6983	 
		
	 ARTICLE IV.     REPRESENTATIONS AND WARRANTIES
	  	 	7185	 
			
	 SECTION 4.01
	 	 Representations and Warranties of the Borrower
	  	 	7185	 
			
	 SECTION 4.02
	 	 Representations and Warranties of the Borrower Relating to the Agreement and the Collateral
Portfolio
	  	 	7993	 
			
	 SECTION 4.03
	 	 Representations and Warranties of the Servicer
	  	 	8094	 
		
	 ARTICLE V.     GENERAL COVENANTS
	  	 	8498	 
			
	 SECTION 5.01
	 	 Affirmative Covenants of the Borrower
	  	 	8498	 
			
	 SECTION 5.02
	 	 Negative Covenants of the Borrower
	  	 	91105	 
			
	 SECTION 5.03
	 	 Affirmative Covenants of the Servicer
	  	 	94109	 
			
	 SECTION 5.04
	 	 Negative Covenants of the Servicer
	  	 	98114	 
		
	 ARTICLE VI.     ADMINISTRATION AND SERVICING OF CONTRACTS
	  	 	100115	 
			
	 SECTION 6.01
	 	 Appointment and Designation of the Servicer
	  	 	100115	 
			
	 SECTION 6.02
	 	 Duties of the Servicer
	  	 	102118	 
			
	 SECTION 6.03
	 	 Authorization of the Servicer
	  	 	105120	 
			
	 SECTION 6.04
	 	 Collection of Payments; Accounts
	  	 	105121	 
			
	 SECTION 6.05
	 	 Realization Upon Loan Assets
	  	 	107123	 
			
	 SECTION 6.06
	 	 Servicing Compensation
	  	 	108123	 
			
	 SECTION 6.07
	 	 Payment of Certain Expenses by Servicer
	  	 	108123	 
			
	 SECTION 6.08
	 	 Reports to the Administrative Agent; Account Statements; Servicing Information
	  	 	109124	 
			
	 SECTION 6.09
	 	 Annual Statement as to Compliance
	  	 	111126	 
			
	 SECTION 6.10
	 	 Annual Independent Public Accountant’s Servicing Reports
	  	 	111127	 
			
	 SECTION 6.11
	 	 The Servicer Not to Resign
	  	 	112127	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII.     EVENTS OF DEFAULT
	  	 	112127	 
			
	 SECTION 7.01
	 	 Events of Default
	  	 	112127	 
			
	 SECTION 7.02
	 	 Additional Remedies of the Administrative Agent
	  	 	116131	 
		
	 ARTICLE VIII.     INDEMNIFICATION
	  	 	119134	 
			
	 SECTION 8.01
	 	 Indemnities by the Borrower
	  	 	119134	 
			
	 SECTION 8.02
	 	 Indemnities by Servicer
	  	 	123138	 
			
	 SECTION 8.03
	 	 Legal Proceedings
	  	 	124139	 
			
	 SECTION 8.04
	 	 After-Tax Basis
	  	 	125140	 
		
	 ARTICLE IX.     THE ADMINISTRATIVE AGENT
	  	 	125140	 
			
	 SECTION 9.01
	 	 The Administrative Agent
	  	 	125140	 
		
	 ARTICLE X.     COLLATERAL AGENT
	  	 	129148	 
			
	 SECTION 10.01
	 	 Designation of Collateral Agent
	  	 	129148	 
			
	 SECTION 10.02
	 	 Duties of Collateral Agent
	  	 	129148	 
			
	 SECTION 10.03
	 	 Merger or Consolidation
	  	 	131150	 
			
	 SECTION 10.04
	 	 Collateral Agent Compensation
	  	 	131150	 
			
	 SECTION 10.05
	 	 Collateral Agent Removal
	  	 	132150	 
			
	 SECTION 10.06
	 	 Limitation on Liability
	  	 	132151	 
			
	 SECTION 10.07
	 	 Collateral Agent Resignation
	  	 	133152	 
		
	 ARTICLE XI.     MISCELLANEOUS
	  	 	134152	 
			
	 SECTION 11.01
	 	 Amendments and Waivers
	  	 	134152	 
			
	 SECTION 11.02
	 	 Notices, Etc
	  	 	134154	 
			
	 SECTION 11.03
	 	 No Waiver; Remedies
	  	 	135155	 
			
	 SECTION 11.04
	 	 Binding Effect; Assignability; Multiple Lenders
	  	 	135155	 
			
	 SECTION 11.05
	 	 Term of This Agreement
	  	 	136156	 
			
	 SECTION 11.06
	 	 GOVERNING LAW; JURY WAIVER
	  	 	136156	 
			
	 SECTION 11.07
	 	 Costs, Expenses and Taxes
	  	 	137156	 
			
	 SECTION 11.08
	 	 No Proceedings
	  	 	137157	 
			
	 SECTION 11.09
	 	 Recourse Against Certain Parties
	  	 	138158	 
			
	 SECTION 11.10
	 	 Execution in Counterparts; Severability; Integration
	  	 	139159	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 11.11
	 	 Consent to Jurisdiction; Service of Process
	  	 	139159	 
			
	 SECTION 11.12
	 	 Characterization of Conveyances Pursuant to the Purchase and Sale Agreement
	  	 	140159	 
			
	 SECTION 11.13
	 	 Confidentiality
	  	 	141161	 
			
	 SECTION 11.14
	 	 Non-Confidentiality of Tax Treatment
	  	 	142162	 
			
	 SECTION 11.15
	 	 Waiver of Set Off
	  	 	143162	 
			
	 SECTION 11.16
	 	 Headings and Exhibits
	  	 	143162	 
			
	 SECTION 11.17
	 	 Ratable Payments
	  	 	143163	 
			
	 SECTION 11.18
	 	 Failure of Borrower or Servicer to Perform Certain Obligations
	  	 	143163	 
			
	 SECTION 11.19
	 	 Power of Attorney
	  	 	143163	 
			
	 SECTION 11.20
	 	 Delivery of Termination Statements, Releases, etc
	  	 	144163	 
			
	 SECTION 11.21
	 	 Permitted BDC Merger
	  	 	144163	 
			
	 SECTION
11.22
	 	 Acknowledgement
Regarding Any Supported QFCs
	  	 	164	 

  
 iv 

 LIST OF SCHEDULES AND EXHIBITS 

SCHEDULES 
  

			
	SCHEDULE I	  	Conditions Precedent Documents
	SCHEDULE II	  	Eligibility Criteria
	SCHEDULE III	  	Agreed-Upon Procedures For Independent Public Accountants
	SCHEDULE IV	  	Loan Asset Schedule
	SCHEDULE V	  	Advance Funding Account – Wire Instructions
	SCHEDULE VI	  	Schedule VI Loan Assets
		
	EXHIBITS	  	
		
	EXHIBIT A	  	Form of Approval Notice
	EXHIBIT B	  	Form of Borrowing Base Certificate
	EXHIBIT C	  	Form of Conversion Notice
	EXHIBIT D	  	Form of Disbursement Request
	EXHIBIT E	  	Form of Joinder Supplement
	EXHIBIT F	  	Form of Notice of Borrowing
	EXHIBIT G	  	Form of Notice of Reduction (Reduction of Advances Outstanding/Maximum Facility Amount)
	EXHIBIT H	  	Form of Variable Funding Note
	EXHIBIT I	  	Form of Notice and Request for Consent
	EXHIBIT J-1	  	Form of Monthly Servicing Report
	EXHIBIT J-2	  	Form of Quarterly Servicing Report
	EXHIBIT K	  	Form of Servicer’s Certificate (Servicing Report)
	EXHIBIT L	  	Form of Release of Required Loan Documents
	EXHIBIT M	  	Form of Assignment and Acceptance
	EXHIBIT N	  	Form of Power of Attorney for Servicer
	EXHIBIT O	  	Form of Power of Attorney for Borrower
	EXHIBIT P	  	Form of Servicer’s Certificate (Loan Asset Register)
	EXHIBIT Q	  	Form of Underwriting Request
		
	ANNEXES	  	
		
	 ANNEX A
	  	 Commitments

  
 v 

 This LOAN AND SERVICING AGREEMENT is made as of December 2, 2015, among: 

(1) CCT TOKYO FUNDING LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the
“Borrower”); 
 (2) FS KKR CAPITAL CORP. (as successor in interest to Corporate Capital Trust, Inc.), a
Maryland corporation, as the Servicer (as defined herein) and as the Transferor (as defined herein); 
 (3) SUMITOMO MITSUI
BANKING CORPORATION, a Japanese joint stock corporation, as Administrative Agent (together with its successors and assigns in such capacity, the “Administrative Agent”) and as the Collateral Agent (together with its successors and
assigns in such capacity, the “Collateral Agent”); and 
 (4) EACH OF THE LENDERS FROM TIME TO TIME PARTY
HERETO, as a Lender. 
 PRELIMINARY STATEMENT 

The Lenders have agreed, on the terms and conditions set forth herein, to provide a secured revolving credit facility which shall provide for
Advances from time to time in an aggregate principal amount not to exceed the Borrowing Base. The proceeds of the Advances will be used (a) to finance the Borrower’s purchase, on a “true sale” basis, of Eligible Loan Assets from
the Transferor, approved by the Administrative Agent, pursuant to the Purchase and Sale Agreement between the Borrower and the Transferor, (b) to finance the Borrower’s purchase, on a “true sale” basis, of Eligible Loan Assets,
approved by the Administrative Agent, from Persons that are not Affiliates of the Borrower, the Servicer or the Transferor, (c) to fund the Unfunded Exposure Account and (d) to distribute such proceeds to the Borrower’s parent.
Further, the Lenders, in entering into this transaction, are relying on the separateness of the Borrower from the Parent as an important structural element of this transaction. Accordingly, the parties agree as follows: 

ARTICLE I. 
 DEFINITIONS 

SECTION 1.01 Certain Defined Terms. 

(a) Certain capitalized terms used throughout this Agreement are defined above or in this Section 1.01. 

(b) As used in this Agreement and the exhibits and schedules thereto (each of which is hereby incorporated herein and made a part hereof), the
following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“1940 Act” means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. 

 “Account Bank” means Wells Fargo, in its capacity as the “Account
Bank” pursuant to the Control Agreement. 
 “Action” has the meaning assigned to that term in
Section 8.03. 
 “Additional Amount” has the meaning assigned to that term in
Section 2.11(a). 
 “Adjusted Borrowing Value” means for any Loan Asset, for any date of
determination, an amount equal to the Assigned Value of such Loan Asset at such time multiplied by the Outstanding Balance of such Loan Asset; provided that the Adjusted Borrowing Value of any Warranty Loan Asset or Loan Asset (or, if
applicable, any portion thereof representing the Excess Concentration Amount for such Loan Asset) that is no longer an Eligible Loan Asset shall be zero (provided that the Administrative Agent in its sole and absolute discretion, may agree to
a value other than zero). 
 “Administrative Agent” means Sumitomo Mitsui Banking Corporation, in its capacity as
administrative agent for the Lenders, together with its successors and assigns, including any successor appointed pursuant to Article IX. 

“Advance” means each loanTerm Advance or Revolving Advance advanced by the Lenders to the
Borrower on an Advance Date pursuant to Article II. 
 “Advance Date” means, with respect to any Advance, the
Business Day on which such Advance is made. 
 “Advance Funding Account” means an account in the name of the Borrower
(account number 84455304 at the Account Bank) with the wire instructions set forth on Schedule V or such other account or with such other wire instructions as from time to time the Borrower has designated to the Administrative Agent in
writing with evidence satisfactory to the Administrative Agent confirming that a Responsible Officer of the Borrower has requested such account or wire instruction modification in writing. 

“Advances Outstanding” means, at any time, the sum of the principal amounts of Advances made to the Borrower for the initial
and any subsequent borrowings pursuant to Sections 2.01 and 2.02 as of such time, reduced by the aggregate Available Collections received and distributed as repayment of principal amounts of Advances Outstanding pursuant to
Section 2.04 at or prior to such time and any other amounts received by the Lenders to repay the principal amounts of Advances Outstanding pursuant to Section 2.18 or otherwise at or prior to such
time; provided that the principal amounts of Advances Outstanding shall not be reduced by any Available Collections or other amounts if at any time such Available Collections or other amounts are rescinded or must be returned for any reason.

 “Affected Party” has the meaning assigned to that term in Section 2.10. 

  
 2 

 “Affiliate” when used with respect to a Person, means any other Person
controlling, controlled by or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to vote 20% or more of the voting securities of such
Person or to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing; provided that for purposes of determining whether any Loan Asset is an Eligible Loan Asset or for purposes of Section 5.01(b)(xix), the term Affiliate shall not include any Affiliate
relationship which may exist solely as a result of direct or indirect ownership or control by (x) a common Financial Sponsor, (y) a Financial Sponsor that is under common control with such Person or (z) Persons under common control in
different industries and whose assets do not cross-collateralize different Loan Assets. 
 “Agented Note” means any Loan
Asset (i) originated as a part of a syndicated loan transaction that has been closed (without regard to any contemporaneous or subsequent syndication of such Loan Asset) prior to such Loan Asset becoming part of the Collateral Portfolio and
(ii) with respect to which, upon an assignment of the note to the Borrower, the Borrower, as assignee of the note, will have all of the rights but none of the obligations of the transferor with respect to such note and the Underlying
Collateral. 
 “Agreement” means this Loan and Servicing Agreement (including any schedules, exhibits or annexes), as the
same may be amended, restated, supplemented and/or otherwise modified from time to time hereafter. 
 “Agreement and Plan of
Merger” means that certain Agreement and Plan of Merger, dated as of July 22, 2018, by and among CCT, FS Investment Corporation, IC Acquisition, Inc. and FS/KKR Advisor, LLC. 

“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, the Servicer or any of their respective Subsidiaries or their respective Related Parties is located or doing business. 

“Anti-Money
 Laundering Laws” means Applicable Law in any jurisdiction in which the Borrower, the Servicer or any of their respective Subsidiaries or their respective Related Parties 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 Law” means for any Person or property of such Person all existing and future laws, rules, regulations (including
temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and published interpretations by any Governmental Authority applicable to such Person (including, without limitation,
predatory lending laws, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the
Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s 

  
 3 

 
Regulations “B” and “Z”, the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other
consumer credit laws and equal credit opportunity and disclosure laws) and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of
competent jurisdiction. 
 “Applicable Percentage” means, for each Eligible Loan Asset, the corresponding percentage for
the type of Loan Asset (such type to be determined as of the Cut-Off Date of each Loan Asset and set forth on Approval Notice pertaining to such Loan) set forth below: 

(a) that is a First Lien Loan Asset (other than a Broadly Syndicated Loan Asset, 65%; 

(b) that is a Broadly Syndicated Loan Asset, 70%; and 

(c) that is a Second Lien Loan Asset, 25%. 

“Applicable Spread” has the meaning assigned to that term in the Lender Fee Letter. 

“Approval Notice” means, with respect to any Eligible Loan Asset, the written notice, in substantially the form attached
hereto as Exhibit A, evidencing the approval by the Administrative Agent, in its sole discretion, of the acquisition of such Eligible Loan Asset by the Borrower. 

“Approved Valuation Firm” means (a) each of (i) Houlihan Lokey Howard & Zukin, (ii) Lincoln
International LLC (f/k/a Lincoln Partners LLC), (iii) Duff & Phelps Corp. and (iv) Valuation Research Corp. and (b) any other nationally recognized valuation firm approved by each of the Borrower and the Administrative Agent in
their sole reasonable discretion. 
 “Assigned Documents” has the meaning assigned to that term in
Section 2.12. 
 “Assigned Value” means (a) with respect to each Loan Asset constituting a
First Lien Loan Asset, as of any date of determination and expressed as a percentage of the Outstanding Balance of such Loan Asset, (i) on and after the Cut-Off Date with respect to such Loan Asset but
prior to the occurrence of a Value Adjustment Event with respect to such Loan Asset, (A) if the purchase price of such Loan Asset was less than 95% of the par amount of such Loan Asset, a percentage equal to the purchase price divided by the
par amount and (B), otherwise, 100.0% and (ii) after any occurrence of a Value Adjustment Event, the lesser of (x) 100% and (y) any value determined pursuant to Section 2.19 and (b) with respect to each Loan
Asset constituting a Second Lien Loan Asset, as of any date of determination and expressed as a percentage of the Outstanding Balance of such Loan Asset, (i) on and after the Cut-Off Date with respect to
such Loan Asset but prior to the occurrence of a Value Adjustment Event with respect to such Loan Asset, the lesser of (A) 100.0% and (B) the value assigned to such Loan Asset by the Administrative Agent in its sole discretion as of the Cut-Off Date of such Loan Asset and (ii) after any occurrence of a Value Adjustment Event, the lesser of (x) 100% and (y) any value determined pursuant to Section 2.19.
Notwithstanding anything herein to the contrary, as of the Sixth Amendment Date, the Loan Assets set forth on Schedule VI hereto (the “Schedule VI Loan Assets”) shall have the Assigned Values set forth on Schedule VI
hereto (the “Sixth Amendment Assigned Values”); provided that, prior 

  
 4 

 
to the occurrence of a Value Adjustment Event with respect to a Schedule VI Loan Asset after the Sixth Amendment Date in which the Administrative Agent has reduced the Assigned Value of such
Schedule VI Loan Asset below the applicable Sixth Amendment Assigned Value, the Borrower may not retain an Approved Valuation Firm to value such Schedule VI Loan Asset and the Servicer may not request the Administrative Agent re-evaluate the Assigned Value for such Schedule VI Loan Asset. 
 “Assignment and
Acceptance” has the meaning assigned to that term in Section 11.04(a). 
 “Available
Collections” means all cash collections and other cash proceeds actually received with respect to any Loan Asset, including without limitation, all Principal Collections, all Interest Collections, all proceeds of any sale or disposition
with respect to such Loan Asset, cash proceeds or other funds received by the Borrower or the Servicer with respect to any Underlying Collateral (including from any guarantors), all other amounts on deposit in the Collection Account from time to
time, and all proceeds of Permitted Investments with respect to the Controlled Accounts; provided that, for the avoidance of doubt, “Available Collections” shall not include amounts on deposit in the Unfunded Exposure Account that
do not represent proceeds of Permitted Investments. 
 “Available Tenor” means, as of any date of determination and with
respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or payment period for interest calculated with reference to such Benchmark, as applicable,component
thereof) that is or may be used for determining the length of an Interest Periodinterest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with
reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition
of “Interest Period” pursuant to Section 11.01(f)2.23(e); provided that unless otherwise agreed to by the Administrative Agent and the Borrower, the Available Tenor that is used shall be for a period of three
months. 
 “Bankruptcy Code” means Title 11, United
States Code, 11 U.S.C. §§ 101 et seq., as amended from time to time. 
 “Bankruptcy Event” shall be deemed
to have occurred with respect to a Person if either: 
 (i) a case or other proceeding shall be commenced, without the application or
consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator,
assignee, administrator, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or
composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of 60 consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case
under the federal bankruptcy laws or other similar laws now or hereafter in effect; or 

  
 5 

 (ii) such Person shall commence a voluntary case or other proceeding under any Bankruptcy
Laws now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person or all or substantially all of its assets,
or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors or members shall
vote to implement any of the foregoing. 
 “Bankruptcy Laws” means the Bankruptcy Code and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, winding up, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

 “Bankruptcy Proceeding” means any case, action or proceeding before any court or other Governmental Authority relating
to any Bankruptcy Event. 
 “Base Rate” means,
onfor any date, a
fluctuatingday, a rate per annum interest
rate equal to the higherhighest of (a) the Prime
Rate as of such date and, (b) the Federal Funds Rate as of such date 
plus 
0.50%., as in effect from time to time, plus 0.50%, (c) Term SOFR for a three-month tenor in effect on
such day plus 1.00% and (d) zero percent (0%). The Administrative Agent’s prime lending rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent and the
Lenders may make commercial loans or other loans at rates of interest at, above, or below the Administrative Agent’s prime lending rate. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or Term SOFR will be
effective from and including the effective date of such change in the Prime Rate, the Federal Funds Rate or Term SOFR, respectively. Interest calculated pursuant to clause (a) above will be determined based on a year of 365 or 366 days, as
applicable, and actual days elapsed. Interest calculated pursuant to clauses (b) and (c) above will be determined based on a year of 360 days and actual days elapsed. 

“Base Rate Advance” means any Advance (i) not made as a LIBORSOFR Advance in accordance with Section 2.02(b) and (ii) not converted into a
LIBORSOFR
 Advance in accordance with Section 2.02(c). 
 “Base
Rate Advances Outstanding” means, at any time, the outstanding Base Rate Advances. 
 “Base Rate Term SOFR Determination Day” shall have the meaning set forth the definition of “Term
SOFR”. 
 “Base Rate Yield Rate” means, as of any date of
determination, an interest rate per annum equal to the Base Rate for such date plus the Applicable Spread
(applicable to Base Rate Advances). 

  
 6 

 “Benchmark” means, initially, LIBORthe Term SOFR
Reference Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election, as
applicable, and its related Benchmark Replacement Date havehas occurred with respect to
LIBORthe Term
SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior
benchmark rate pursuant to Section
11.012.23(cb
). 
 “Benchmark Replacement” means, for any Available Tenor
with respect to any Benchmark Transition Event, the first
alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(1)
the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

(2)
the sum of: (a) Daily Simple
SOFR and (b) the related Benchmark Replacement Adjustment; or 

(3b) the sum of: (ai) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due
consideration to
(iA) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (iiB) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement forto the then-current Benchmark for U.S.
dollar-denominatedDollar-denominated syndicated
credit facilities at such time and
(bii
) the related Benchmark Replacement Adjustment;. 

provided that, in the case of clause (1), such Unadjusted Benchmark
Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion. If the
Benchmark Replacement as determined pursuant to clause (1),
(2a) or (3b) above 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 Transaction Documents. 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the
then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such
Unadjusted Benchmark Replacement: 
 (1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent: 

(a) 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 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; and 

  
 7 

(b) the 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 Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable
Corresponding Tenor; and 
 (2) for purposes of clause
(3) of the definition of “Benchmark Replacement,”
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement, the spread adjustment, or method
for calculating or determining such spread adjustment,
(which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding
Tenor giving due consideration to (ia) any selection or recommendation of a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (iib) 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 with the applicable
Unadjusted Benchmark Replacement for U.S.
dollar-denominatedDollar-denominated syndicated
credit facilities;
at such time. 

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information
service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion. 

“Benchmark Replacement
Conforming
Changes” means, with respect to any Benchmark Replacement, any
technical, administrative or operational changes (including changes to the definition of “LIBOR Yield Rate,” 
the definition of “Business Day,” the definition of
“Interest Period,” timing and frequency of determining rates and making payments of
interest,
timings of borrowing requests or prepayment, conversion
or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent
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 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 Transaction
Documents). 
 “Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 

(1a) in the case of clause (1a) or
(2b
) of the definition of “Benchmark Transition
Event,”,
 the later of
(ai) the date of the public statement or publication of information referenced therein and (bii) the date on which the administrator of such Benchmark (or the
published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
thereof); or 

  
 8 

(2b) in the case of clause (3c) of the definition of “Benchmark Transition
Event,”,
 the first date of the
publicon which such Benchmark (or the published component used in the calculation thereof) has been
determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that such
non-representativeness will be determined by reference to the most recent statement or publication of information referenced
therein; orin
such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 

(3)
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election
is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election
is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders. 

For the avoidance of doubt, (i) if the event giving rise to the Benchmark
Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement
Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1a) or (2b) above with
respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark: 
 (1a) 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); 
 (2b) 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 Federal Reserve Board, the Federal Reserve Bank of New York, 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

  
 9 

(3c) 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) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longernot, or as of a
specified future date will not be, representative. 
 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 Unavailability Period” means the period (if
any) (xa) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that
definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance
with
Section 
11.012.23
 and
(yb) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 11.012.23. 
 “Benefit Plan Entity” has the meaning assigned to that term in
Section 4.01(x).  
 “Borrower” has the meaning assigned to that term in the preamble
hereto. 
 “Borrowing Base” means, as of any date of determination, an amount equal to the lesser of: 

(a) (i) the sum of the products of (A) the Applicable Percentage for each Eligible Loan Asset as of such date and (B) (x) the
Adjusted Borrowing Value of such Eligible Loan Asset as of such date minus (ii) the Excess Concentration Amount, plus (iii) the amount on deposit in the Principal Collection Account as of such date plus (iv) the
amount on deposit in the Unfunded Exposure Account as of such date minus (v) the Unfunded Exposure Equity Amount as of such date; or 

(b) (i) the Maximum Facility Amount as of such date, minus (ii) the Unfunded Exposure Amount as of such date, plus
(iii) amounts on deposit in the Unfunded Exposure Account as of such date; provided that, for the avoidance of doubt, any Loan Asset (or, if applicable, any portion thereof representing the Excess Concentration Amount for such Loan
Asset) which at any time is no longer an Eligible Loan Asset shall not be included in the calculation of “Borrowing Base”. 

“Borrowing Base Certificate” means a certificate setting forth the calculation of the Borrowing Base as of the applicable
date of determination substantially in the form of Exhibit B hereto, prepared by the Servicer. 
 “Borrowing Base
Deficiency” means, as of any date of determination, the extent to which the aggregate Advances Outstanding on such date exceeds the Borrowing Base. 

  
 10 

 “Breakage Fee” means, for any full or partial repayment of any LIBORSOFR Advance on any date other than a Payment Date or with less than three Business Days’ prior written notice to the Administrative Agent, the breakage costs, if any related to such repayment, which shall be
deemed to be the amount determined by the Administrative Agent to be the excess of (a) the amount of interest that would have accrued on the principal amount of the
LIBORSOFR
 Advance had such prepayment not occurred, at the Benchmark rate that would have been applicable to such
LIBORSOFR
 Advance, for the period from the date of such prepayment to (i) the last day of the then-current Interest Period therefor if on such last day the Administrative Agent will have had at least three
Business Days’ notice of such prepayment and (ii) if on such last day the Administrative Agent will not have had at least three Business Days’ notice of such prepayment, the last day of the next Interest Period therefor, over
(b) the amount of interest that would accrue on such principal amount for such period at the interest rate which the Administrative Agent would earn for a deposit in Dollars of a comparable amount and period from other banks in the Eurocurrency
market. 
 “Broadly Syndicated Loan Asset” means any Loan Asset (a) that is part of a credit facility with a
facility size on the date of origination thereof at least equal to U.S.$250,000,000 and (b) as to which, on the date of origination thereof, (i) Moody’s has either (x) assigned a corporate family rating to an Obligor thereon or
(y) assigned to such credit facility a monitored publicly available rating and (ii) S&P has either (x) assigned an issuer credit rating to the Obligor thereof or (y) assigned to such credit facility a monitored publicly
available rating. 
 “Business Day” means a day of the year other than (i) Saturday or a Sunday or (ii) any other
day on which commercial banks in New York, New York or the city in which the offices of the Collateral Agent are located and are authorized or required by Applicable Law, regulation or executive order to close; provided that, if any determination of a Business Day shall relate to an LIBOR Advance (or the replacement Benchmark), the term “Business Day” shall also exclude any day on which banks are not open for dealings
in Dollar deposits in the London interbank market. For avoidance of doubt, if the offices of the Collateral Agent are authorized by Applicable Law, regulation or executive order to close but remain open, such day shall not be a “Business Day”.. 

“Cause” means, with respect to an Independent Director, (i) acts or omissions by such Independent Director that
constitute willful disregard of, bad faith or gross negligence with respect to, or a breach of such Independent Director’s duties as set forth in the Borrower’s organizational documents, (ii) that such Independent Director has engaged
in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Director, (iii) that such Independent Director is unable to perform his or her duties as Independent
Director due to death, disability or incapacity, or (iv) that such Independent Director no longer meets the definition of Independent Director. 

“CCT” means (i) prior to the consummation of a Permitted BDC Merger, Corporate Capital Trust, Inc., a Maryland
corporation, (ii) on or after the consummation of the Permitted BDC Merger on December 19, 2018 and prior to any additional Permitted BDC Merger, FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), a Maryland
corporation, and (iii) on or after the consummation of any additional Permitted BDC Merger, the applicable Permitted BDC. 

  
 11 

 “Change of Control” shall be deemed to have occurred if any of the
following occur (other than in connection with, relating to or arising from a Permitted BDC Merger): 
 (a) the Management Agreement shall
fail to be in full force and effect; 
 (b) the certificate of incorporation, by-laws and any other
governing documents of the Parent shall fail to be in full force and effect; 
 (c) the creation or imposition of any Lien (other than a
Permitted Lien) on any limited liability company membership interest in the Borrower without the prior written consent of the Administrative Agent; 

(d) the failure by the Parent, directly or indirectly, to own 100% of the limited liability company membership interests in the Borrower; 

(e) the assignment or transfer by (i) prior to the consummation of a Permitted BDC Merger, CCT, and (ii) on or after the
consummation of each Permitted BDC Merger, the applicable Permitted BDC, of its rights or obligations as “Servicer” under this Agreement and any other Transaction Document to an entity other than an Affiliate of (i) prior to the
consummation of a Permitted BDC Merger, CCT, and (ii) on or after the consummation of each Permitted BDC Merger, the applicable Permitted BDC (other than pursuant to Section 6.01 following the delivery of a Servicer
Termination Notice); 
 (f) any event which results in a change of Control of (i) prior to the consummation of a Permitted BDC Merger,
CCT, and (ii) on or after the consummation of each Permitted BDC Merger, the applicable Permitted BDC; or 
 (g) the failure of KKR
Credit Advisors (US) LLC or a Permitted Successor Advisor to act as an advisor to the Servicer. 
 “Closing Date” means
December 2, 2015. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral Agent” has the meaning assigned to that term in the preamble hereto. 

“Collateral Agent Expenses” means all accrued and unpaid expenses (including reasonable attorneys’ fees, costs and
expenses) and indemnity amounts payable by the Borrower to the Collateral Agent under the Transaction Documents. 
 “Collateral
Agent Fees” means, with respect to any Payment Date, fees in the amount equal to the product of (x) 0.04% per annum and (y) (i) the average Outstanding Balance of the Loan Assets during each day of the related Remittance Period plus
(ii) the average amount on deposit in the Principal Collection Account during each day of the related Remittance Period plus (iii) the average amount on deposit in the Unfunded Exposure Account during each day of the Related Remittance
Period; provided that the Collateral Agent Fees shall not be less than $50,000 annually; provided further that, notwithstanding any of the foregoing, other than Collateral Agent fees incurred during a period in which an Event of Default has
occurred and not been cured and fees incurred in connection with such Event of Default, so long as SMBC or its Affiliate is the Collateral Agent, the Collateral Agent Fees shall be $0. 

  
 12 

 “Collateral Agent Termination Notice” has the meaning assigned to that term
in Section 10.05. 
 “Collateral Custodian” means Wells Fargo, not in its individual capacity, but solely as
collateral custodian pursuant to the terms of the Custody Agreement. 
 “Collateral Custodian and Account Bank Expenses”
means the expenses set forth in the Collateral Custodian and Account Bank Fee Letter and all accrued and unpaid expenses including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Collateral
Custodian and Account Bank under the Transaction Documents. 
 “Collateral Custodian and Account Bank Fee Letter” means the
Fee Schedule accepted by the Servicer on behalf of the Borrower and the Collateral Custodian and Account Bank on December 2, 2015, as such Fee Schedule may be amended, modified, supplemented, restated or replaced from time to time. 

“Collateral Custodian and Account Bank Fees” means the fees set forth in the Collateral Custodian and Account Bank Fee Letter
that are payable to the Collateral Custodian and Account Bank. 
 “Collateral Portfolio” means all right, title, and
interest (whether now owned or hereafter acquired or arising, and wherever located) of the Borrower, to and under all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights, copyright licenses,
equipment, fixtures, contract rights, general intangibles (including payment intangibles), instruments, certificates of deposit, certificated securities, uncertificated securities, financial assets, securities entitlements, commercial tort claims,
deposit accounts, inventory, investment property, letter-of-credit rights, software, supporting obligations, accessions, or other property consisting of, arising out of,
or related to any of the following (in each case excluding the Retained Interest and the Excluded Amounts): 
 (i) the Portfolio Assets, and
all monies due or to become due in payment under the Loan Assets included therein on and after the related Cut-Off Date, including, but not limited to, all Available Collections; 

(ii) the Controlled Accounts and all Permitted Investments purchased with funds on deposit in the Controlled Accounts; and 

(iii) all income and Proceeds of the foregoing. 

“Collection Account” means a trust account (comprised of the Interest Collection Account and the Principal Collection
Account) in the name of the Borrower for the benefit of and under the control of the Collateral Agent for the benefit of the Secured Parties; (it being understood, however, that the Servicer shall be able to request distributions and releases
therefrom in accordance herewith and expressly permitted hereby); provided that the funds deposited therein (including any interest and earnings thereon) from time to time and subject to the terms thereof shall constitute the property and
assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to the Collection Account. 

  
 13 

 “Collection Date” means the date on which the aggregate outstanding
principal amount of the Advances Outstanding have been repaid in full and all Yield and Fees and all other Obligations have been indefeasibly paid in full (other than contingent reimbursement and indemnification obligations for which no claim has
been made), and the Borrower shall have no further right to request any additional Advances. 
 “Commitment” means, with
respect to each Lender, (i) prior to the end of the Reinvestment Period or for purposes of Advances made pursuant to Section 2.02(f), the Dollar amount set forth opposite such Lender’s name on Annex A
hereto (as such amount may be revised from time to time in accordance with the terms hereof) or the amount set forth as such Lender’s “Commitment” on Schedule I to the Joinder Supplement relating to such Lender, as applicable, and
(ii) after the Reinvestment Period (other than for purposes of Advances made pursuant to Section 2.02(f)), such Lender’s Pro Rata Share of the aggregate Advances Outstanding. A Lender may have either or both a Revolving Commitment or a Term Commitment as specified on Annex A hereto (as such amount
may be revised from time to time) or on Schedule I to the Joinder Supplement relating to such Lender, as applicable. 

“
Conforming Changes” means, with respect to either the use or administration of Term SOFR 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 “U.S. Government Securities Business Day”,
the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”), 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 Section 2.10 and other technical, administrative or operational matters) that the Administrative Agent decides (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of
any such rate or to permit the use and 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 determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement and the other Transaction
Documents). 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 

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

  
 14 

 “Control Agreement” means that certain securities account control
agreement, dated as of the date hereof, by and among the Borrower, the Servicer, the Collateral Agent and the Account Bank, as such agreement may from time to time be amended, supplemented or otherwise modified in accordance with the terms thereof.

 “Controlled Accounts” means the Collection Account and the Unfunded Exposure Account. 

“Conversion Date” means, with respect to any Advance, the Business Day on which such Advance was, or is to be, converted from
a Base Rate Advance to a
LIBORSOFR Advance. 
 “Conversion Notice” means, with respect to any Advance, the written
notice, in substantially the form attached hereto as Exhibit C, evidencing the request of the Borrower to the Administrative Agent to convert such Advance from a Base Rate Advance into a LIBORSOFR Advance. 

“Corresponding
Tenor”
 with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having
approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Custody Agreement” means that certain Custody Agreement, dated the date of this Agreement, by and among the Borrower, the
Servicer, the Transferor, the Administrative Agent, the Collateral Agent, and the Collateral Custodian. 
 “Cut-Off Date” means, with respect to each Loan Asset, the date such Loan Asset is acquired by the Borrower. 

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a
lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided,
that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

“Defaulted Loan Asset” means a Loan Asset which has become subject to a Value Adjustment Event of the type described in
clauses (i) or (ii) of the definition thereof. If the Value Adjustment Event which gave rise to a Defaulted Loan Asset is cured, the Borrower may submit such Loan Asset for review by the Administrative Agent (in its sole
discretion) for the purpose of re-classifying such Loan Asset as a Loan Asset which is no longer a Defaulted Loan Asset. 

“Delayed Draw Loan Asset” means a Loan Asset that is fully committed on the initial funding date of such Loan Asset and is
required to be fully funded in one or more installments on draw dates to occur within one year of the initial funding of such Loan Asset but which, once all such installments have been made, has the characteristics of a Term Loan Asset. 

“Disbursement Request” means a disbursement request from the Servicer (on behalf of the Borrower) to the Account Bank in the
form attached hereto as Exhibit D in connection with a disbursement request from the Unfunded Exposure Account in accordance with Section 2.04(c). 

  
 15 

 “Dollar”, “USD” or “U.S.$” means a dollar
or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for all debts, public and private. 

“Early Opt-in
Election” means, if the then-current Benchmark is LIBOR, the occurrence
of: 
 (1) a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the
other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other
rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

(2)
the joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBOR and the provision by the Administrative Agent of
written notice of such election to the Lenders. 

“EBITDA” means, with respect to any period and any Loan Asset, the meaning of “EBITDA”, “Adjusted EBITDA”
or any comparable definition in the Loan Agreement for such Loan Asset (together with all reasonable add-backs and exclusions as designated in such Loan Agreement), and in any case that “EBITDA”,
“Adjusted EBITDA” or such comparable definition is not defined in such Loan Agreement, an amount, for the principal obligor on such Loan Asset and any of its parents or Subsidiaries that are obligated pursuant to the Loan Agreement for
such Loan Asset (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus interest expense, income taxes, unallocated depreciation and amortization for such
period (to the extent deducted in determining earnings from continuing operations for such period), and any other item the Servicer and the Administrative Agent mutually deem to be appropriate. 

“Eighth
Amendment Date” means November 14, 2022. 
 “Eligible
Bid” means a bid made in good faith by a bidder for all or any portion of the Collateral Portfolio in connection with a sale of the Collateral Portfolio in whole or in part pursuant to Section 7.02(i). 

“Eligible Loan Asset” means, at any time, a Loan Asset which has been Pledged hereunder in respect of which each of the
representations and warranties contained in Section 4.02 and Schedule II hereto is true and correct as of such time. 

“Eligible Replacement” has the meaning assigned to that term in Section 6.01(c). 

“Eligible Successor Agent” has the meaning assigned to that term in Section 9.01(h). 

  
 16 

 “Environmental Laws” means any and all foreign, federal, state and local
laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of human health or the environment, including, but not limited to,
requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. Environmental Laws include,
without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the Resource Conservation and
Recovery Act (42 U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601
et seq.), the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and the Occupational Safety and Health
Act (29 U.S.C. § 651 et seq.), and the rules and regulations thereunder, each as amended or supplemented from time to time. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means (a) any corporation that is a member of the same controlled group of corporations (within the
meaning of Section 414(b) of the Code) as the Borrower or Servicer, as applicable, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower or
Servicer, as applicable, or (c) for purposes of Section 302 of ERISA and Section 412 of the Code, a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower or Servicer, as
applicable, any corporation described in clause (a) above or any trade or business described in clause (b) above. 

“Eurodollar Disruption
Event” means the occurrence of any of the following: (a) SMBC shall have notified the Administrative Agent of a determination by SMBC or any of its assignees or participants that it would be contrary to law or to the directive
of any central bank or other Governmental Authority (whether or not having the force of law) to obtain Dollars in the London interbank market to fund any Advance, (b) SMBC shall have notified the Administrative Agent of the inability, for any
reason, of SMBC or any of its respective assignees or participants to determine LIBOR, (c) SMBC shall have notified the Administrative Agent of a determination by SMBC or any of its respective assignees or participants that the rate at which
deposits of Dollars are being offered to SMBC or any of its respective assignees or participants in the London interbank market does not accurately reflect the cost to SMBC or its assignee or participant of making, funding or maintaining any Advance or (d) SMBC shall have notified the Administrative Agent of the inability of SMBC or any of its respective assignees or participants to obtain Dollars in the
London interbank market to make, fund or maintain any Advance; provided that if a Eurodollar Disruption Event has occurred and the applicable Benchmark has been replaced with a Benchmark Replacement, such Eurodollar Disruption Event
shall no longer be continuing, and interest on such Advances Outstanding on and after the date of such replacement shall accrue interest at the Benchmark Replacement. 

“Event of Default” has the meaning assigned to that term in Section 7.01.  

  
 17 

 “Excepted Persons” has the meaning assigned to that term in
Section 11.13(a). 
 “Excess Concentration Amount” means, as of any date of determination, the
sum of the Adjusted Borrowing Value of all Eligible Loan Assets as of such date that are Second Lien Loan Assets in excess of 20.0% of the Excess Concentration Measure. 

“Excess Concentration Measure” means, as of any date of determination, the sum of the Adjusted Borrowing Value of each
Eligible Loan Asset. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder. 
 “Excluded Amounts” means (a) any amount received in the Collection Account
with respect to any Loan Asset included as part of the Collateral Portfolio, which amount is attributable to the payment of any Tax, fee or other charge imposed by any Governmental Authority on such Loan Asset or on any Underlying Collateral and
(b) any amount received in the Collection Account or other Controlled Account representing (i) any amount representing a reimbursement of insurance premiums, (ii) any escrows relating to Taxes, insurance and other amounts in
connection with Loan Assets which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under a Loan Agreement and (iii) any amount received in the Collection Account with respect to
any Loan Asset retransferred or substituted for upon the occurrence of a Warranty Event or that is otherwise replaced by a Substitute Eligible Loan Asset, or that is otherwise sold or transferred by the Borrower pursuant to
Section 2.07, to the extent such amount is attributable to a time after the effective date of such replacement or sale. 

“Excluded Taxes” has the meaning assigned to that term in Section 2.11(a). 

“Exposure Amount” means, as of any date of determination, with respect to each Loan Asset owned by the Borrower, the maximum
unfunded commitment associated with such Loan Asset (including, without limitation, any letter of credit reimbursements). 

“Extension Fee” has the meaning assigned to that term in the Lender Fee Letter. 

“Facility Maturity Date” means the earliest to occur of (i) the Stated Maturity Date, (ii) the date of the
declaration, or automatic occurrence, of the Facility Maturity Date pursuant to Section 7.01, (iii) the Collection Date and (iv) the occurrence of the termination of this Agreement pursuant to
Section 2.18(b) hereof. 
 “Fair Market Value” means, with respect to any Loan Asset or item of
Collateral Portfolio, as of each date fair market value information is publicly published by the Borrower, Servicer or Transferor, as applicable, if such Loan Asset has been reduced in value on such date below the original principal amount, the
lesser of (i) the fair market value of such Loan Asset as required by, and in accordance with, the 1940 Act and any orders of the Securities and Exchange Commission issued to the Transferor, to be determined by the board of directors of the
Transferor and reviewed by its auditors and (ii) the fair value of such Loan Asset determined in accordance with GAAP. 

  
 18 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Code and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing. 

“Federal Funds Rate” means, for any day, a fluctuating per annum interest rate equal, for each such day, to the rate
set forth for such day opposite the caption “Federal funds (effective)” in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a
Business Day, for the next preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the rate at which overnight federal funds are being
offered in the national federal funds market at 9:00 a.m. on such day. Notwithstanding anything herein to the contrary, in no event shall the Federal Funds Rate be less than 0.00%. 

“Federal Reserve Bank” means any of the twelve regional Federal Reserve Banks chartered under the laws of the United States.

 “Fees” means (i) the Non-Usage Fee, (ii) the Extension Fee, if
applicable and (iii) the other fees payable to each Lender pursuant to the terms of any Lender Fee Letter. 
 “Financial
Asset” has the meaning specified in Section 8-102(a)(9) of the UCC. 

“Financial Sponsor” means any Person, including any Subsidiary of such Person, whose principal business activity is
acquiring, holding, and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated
with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. 

“First Lien Loan Asset” means any Loan Asset that (i) provides that the payment obligation of the Obligor on such Loan
Asset is either senior to, or pari passu with, all other Indebtedness of such Obligor, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens
permitted under the applicable Underlying Collateral that are reasonable for similar loans, and liens accorded priority by law in favor of any Governmental Authority), and (iii) the Servicer determines in good faith that the value of the
collateral or the enterprise value securing the Loan Asset and ability to generate cash flow on or about the time of acquisition equals or exceeds the outstanding principal balance of the Loan Asset plus the aggregate outstanding balances of all
other loans of equal or higher seniority secured by the same collateral. 
 “Floor” means 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 LIBORzero. 

“Foreign Lender” means a Lender that is not a U.S. Person. 

  
 19 

 “GAAP” means generally accepted accounting principles as in effect from
time to time in the United States. 
 “Governmental Authority” means, with respect to any Person, any nation or government,
any state, province, territory or other political subdivision
thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having
jurisdiction over such Person. 
 “Hazardous Materials” means all materials subject to any Environmental Law,
including, without limitation, materials listed in 49 C.F.R. § 172.010, materials defined as hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, flammable,
explosive or radioactive materials, hazardous or toxic wastes or substances, lead-based materials, petroleum or petroleum distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde and any
substances classified as being “in inventory”, “usable work in process” or similar classification that would, if classified as unusable, be included in the foregoing definition. 

“Indebtedness” means, with respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or
for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or that is evidenced by a note, bond, debenture or similar
instrument or other evidence of indebtedness customary for indebtedness of that type, (b) all obligations of such Person under leases that have been or should be, in accordance with GAAP, recorded as capital leases, (c) all obligations of
such Person in respect of acceptances issued or created for the account of such Person, (d) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the
payment thereof, (e) all indebtedness, obligations or liabilities of that Person in respect of derivatives, and (f) all obligations under direct or indirect guaranties in respect of obligations (contingent or otherwise) to purchase or
otherwise acquire, or to otherwise assure a creditor against loss in respect of, indebtedness or obligations of others of the kind referred to in clauses (a) through (e); provided that, for the avoidance of doubt, any Loan
Assets sold by the Borrower in a manner which is characterized on the books of the Borrower as a secured borrowing by the Borrower in accordance with GAAP but does not create any recourse to the Borrower (for example, where the Borrower sells a
portion of a loan which has been restructured as a first lien loan and a first lien last out loan) shall not constitute “Indebtedness” of the Borrower. 

“Indemnified Amounts” has the meaning assigned to that term in Section 8.01.  

“Indemnified Party” has the meaning assigned to that term in Section 8.01.  

“Indemnifying Party” has the meaning assigned to that term in Section 8.03. 

“Independent Director” means an individual who has prior experience as an independent director, independent manager or
independent member and who is provided by CT Corporation, Corporation Service Company, Puglisi & Associates, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation

  
 20 

 
or, if none of those companies is then providing professional Independent Directors, another nationally-recognized company reasonably approved by the Administrative Agent, in each case that is
not an Affiliate of the Borrower and that provides professional Independent Directors and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Director and is not, and for the
five-year period prior to such individual’s appointment as Independent Director has not been, and will not while serving as Independent Director be, any of the following: 

(a) a member, partner, equityholder, manager, director, officer or employee of the Borrower, the Parent, or any of their respective
equityholders or Affiliates (other than as an Independent Director of the Parent, the Borrower or an Affiliate of the Borrower or the Parent or any special purpose vehicle that is required by a creditor to be a single purpose bankruptcy remote
entity; provided that such Independent Director is employed by a company that routinely provides professional Independent Directors or managers in the ordinary course of its business); 

(b) a creditor, supplier or service provider (including provider of professional services) to the Borrower, the Parent, or any of their
respective equityholders or Affiliates (other than as an employee of a nationally-recognized company that routinely provides professional Independent Directors and other corporate services to the Borrower, the Parent or any of their respective
Affiliates in the ordinary course of its business); 
 (c) a family member of any such member, partner, equityholder, manager, director,
officer, employee, creditor, supplier or service provider; or 
 (d) a Person that controls (whether directly, indirectly or otherwise) any
of (a), (b) or (c) above. 
 For purposes of this definition, “family member” includes any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships and any person sharing the Independent Director’s
household (other than a tenant or employee). 
 “Indorsement” has the meaning specified in
Section 8-102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning. 

“Initial Advance” means the first Advance made pursuant to Article II. 

“Initial Payment Date” means the 15th day of March, 2016 (or if such day is not a Business Day, the next succeeding Business
Day). 
 “Instrument” has the meaning specified in Section 9-102(a)(47) of the
UCC. 
 “Insurance Policy” means, with respect to any Loan Asset, an insurance policy covering liability and physical
damage to, or loss of, the Underlying Collateral. 
 “Insurance Proceeds” means any amounts received on or with respect to
a Loan Asset under any Insurance Policy or with respect to any condemnation proceeding or award in lieu of condemnation, other than (i) any such amount received which is required to be used to restore,

  
 21 

 
improve or repair the related real estate or required to be paid to the Obligor under the Loan Agreement or (ii) prior to an Event of Default hereunder and with prior notice to the
Administrative Agent, any such amount for which the Borrower has elected, in its reasonable business discretion, to be used to restore, improve or repair the related real estate or otherwise to be paid to the Obligor under the Loan Agreement. 

“Interest Collection Account” means a sub-account (account number 84455302 at the
Account Bank) of the Collection Account into which Interest Collections shall be deposited. 
 “Interest Collections”
means, (i) with respect to any Loan Asset, all payments and collections attributable to interest on such Loan Asset, including, without limitation, all scheduled payments of interest and payments of interest relating to principal prepayments,
all delayed compensation (representing compensation for delayed settlement), all guaranty payments attributable to interest, proceeds of any liquidations, sales or dispositions attributable to interest on such Loan Asset and all Recoveries
attributable to interest on such Loan Asset and (ii) amendment fees, late fees, waiver fees, prepayment fees, commitment fees, upfront fees, ticking fees or other similar amounts received in respect of Loan Assets. 

“Interest Coverage Ratio” means, with respect to any Loan Asset for any Relevant Test Period, the meaning of “Interest
Coverage Ratio” or any comparable definition in the Loan Agreement for such Loan Asset, and in any case that “Interest Coverage Ratio” or such comparable definition is not defined in such Loan Agreement, the ratio of (a) EBITDA
to (b) Interest, as calculated by the Servicer 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 Loan Agreement. 
 “Interest Period” means with respect to any LIBORSOFR Advance (i) the period beginning on, and including, the Advance Date or Conversion Date, as applicable, with respect to such
LIBORSOFR
 Advance and ending on, but excluding, the first succeeding Payment Date (provided that if the Advance Date or Conversion Date, as applicable, for any LIBORSOFR Advance occurs prior to the Payment Date in the same calendar month, the initial Interest Period for such
LIBORSOFR
 Advance shall end on, but exclude, the second succeeding Payment Date) and (ii) thereafter, for so long as such
LIBORSOFR
 Advance or any portion thereof remains outstanding, each period beginning on, and including, the Payment Date on which the immediately preceding Interest Period with respect to such LIBORSOFR Advance ended and ending on, but excluding, the next succeeding Payment Date. 

“Investment Policies” means the Servicer’s written investment policies in effect on the date hereof (a copy of which has
been previously delivered to the Administrative Agent), as same may be amended from time to time in Servicer’s reasonable business judgment. 

“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.

  
 22 

 “Joinder Supplement” means an agreement among the Borrower, a Lender and
the Administrative Agent in the form of Exhibit E to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Closing Date. 

“Lender” means (i) SMBC, (ii) each financial institution which may from time to time become a Lender hereunder by
executing and delivering a Joinder Supplement to the Administrative Agent and the Borrower as contemplated by Section 2.22 and/or (iii) any other Person to whom a Lender assigns any part of its rights and obligations
under this Agreement and the other Transaction Documents in accordance with the terms of Section 11.04. 

“Lender Allocation Percentage” means, as of any Payment Date Cut-Off, the greater of:
(i) 65% and (ii) the percentage obtained by dividing (x) the Advances Outstanding as of such date by (y) the sum of the Adjusted Borrowing Value of each Eligible Loan Asset as of such date. 

“Lender Fee Letter” means each fee letter agreement that shall be entered into by and among the Borrower, the Servicer and
the applicable Lender in connection with the transactions contemplated by this Agreement, as amended, modified, waived, supplemented, restated or replaced from time to time. 

“LIBOR”
 means, for any day during any Interest Period, with respect to any LIBOR Advance (or portion thereof), the rate per annum for a three-month maturity appearing
on the Reuters Screen LIBOR01 Page (or any successor or substitute page) (the “LIBOR Page”) as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m., London time, on the LIBOR Determination Date for such Interest
Period; 
provided that for the initial Interest Period
with respect to any LIBOR Advance, if such Interest Period is shorter than three months or longer than three months, the Administrative Agent shall have the right to determine LIBOR for such Interest Period as the rate per annum for a period of the
same duration as such Interest Period appearing on the LIBOR Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m., London time, on the LIBOR Determination Date for such Interest Period, or if no rate per
annum for deposits in Dollars for a period of such duration is set forth on the LIBOR Page at such time on such LIBOR Determination Date, the Administrative Agent shall have the right to determine LIBOR for such Interest Period by linear
interpolation between the rate per annum for deposits in Dollars for the next shorter period and the rate per annum for deposits in Dollars for the next longer period set forth on the LIBOR Page at such time on such LIBOR Determination
Date; provided
further that if the rates that are described
above in this definition are not set forth on the LIBOR Page as of such times, the Administrative Agent shall determine LIBOR (a) by reference to such other comparable publicly available information service for displaying rates for Dollar deposits in the London interbank market as may be selected
by the Administrative Agent, in its sole discretion, or
(b) if no such service is available, as the rate
per annum at which Dollar deposits of $5,000,000 for a relevant maturity are offered by the principal London office of Sumitomo Mitsui Banking Corporation Europe Limited at approximately 11:00 a.m. London time on such LIBOR Determination Date for
delivery on the first day of such Interest Period to other banks in the Eurocurrency
market; provided
further that if the LIBOR Page rate shall be
less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

  
 23 

 If the Administrative
Agent determines that a Eurodollar Disruption Event (other than a Benchmark Replacement Event) has occurred and is continuing, at the election of the Administrative Agent, the LIBOR Yield Rate shall be equal to the Base Rate plus the Applicable
Spread for each day until the Administrative Agent determines that such Eurodollar Disruption Event has ceased, at which time the LIBOR Yield Rate shall again be equal to LIBOR (or the applicable Benchmark) plus the Applicable Spread for such LIBOR
Advance for such
date; 
provided that if a Eurodollar
Disruption Event has occurred and the applicable Benchmark has been replaced with a Benchmark Replacement, such Eurodollar Disruption Event shall no longer be continuing, and interest on such Advances Outstanding on and after the date of such
replacement shall accrue interest at the Benchmark Replacement. Notwithstanding anything herein to the contrary, if the alternative base rate used to calculate interest for LIBOR Advances in substitution for LIBOR (or the applicable Benchmark) shall
be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“LIBOR Advance” means (i) any Advance made as a LIBOR Advance in accordance with Section 2.02(b) and (ii) any Advance converted from a Base Rate Advance to a LIBOR Advance in accordance with Section 2.02(c). 

“LIBOR Advances Outstanding” means, at any time, the outstanding LIBOR Advances. 

“LIBOR Determination Date” means, with respect to each Interest
Period, the day that is two Business Days prior to the first day
of such Interest Period. 

“LIBOR Yield” means, for
any LIBOR Advances Outstanding, and any Interest Period for each
such LIBOR Advance, the sum of the amounts determined for each day in such Interest Period in accordance with the following formula: 
  

							
		  		  		  	YR x L
		  		  		  	    D
				
	where:	  	YR	  	=	  	the LIBOR Yield Rate applicable to such LIBOR Advance during such Interest Period;
				
		  	L	  	=	  	the outstanding principal amount of such LIBOR Advance on such day; and
				
		  	D	  	=	  	360;

“LIBOR Yield Rate” means, for any LIBOR Advance, as of any date of determination during any Interest Period applicable to
such LIBOR Advance, an interest rate per annum equal to LIBOR (or the applicable Benchmark) for such LIBOR Advance during such Interest Period plus the Applicable Spread. 
 “Lien” means any mortgage or deed of
trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, claim, preference, priority or other security interest or preferential arrangement in the nature of a security interest of any
kind or nature whatsoever (including any conditional sale, lease or other title retention 

  
 24 

 
agreement, sale subject to a repurchase obligation, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic
effect as any of the foregoing) or the filing of or agreement to give any financing statement perfecting a security interest under the UCC or comparable law of any jurisdiction. 

“Lien Release Dividend” has the meaning assigned to that term in Section 2.07(g). 

“Lien Release Dividend Date” means the date of a Lien Release Dividend specified by the Borrower, which date may be any
Business Day, provided written notice is given in accordance with Section 2.07(g). 
 “Loan
Agreement” means the loan agreement, credit agreement or other agreement pursuant to which a Loan Asset has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Loan Asset
or of which the holders of such Loan Asset are the beneficiaries. 
 “Loan Asset” means any commercial loan, or portion
thereof, individually or collectively, acquired by the Borrower in the ordinary course of its business, which loan includes, without limitation, (i) the Required Loan Documents and Loan Asset File, and (ii) all right, title and interest of
the Borrower in and to the loan and any Underlying Collateral, but excluding, in each case, the Retained Interest and Excluded Amounts and owned by the Borrower on the initial Advance Date (as set forth on the Loan Asset Schedule delivered on the
initial Advance Date) or acquired by the Borrower after the initial Advance Date pursuant to the delivery of a Loan Assignment and listed on Schedule Ito the Loan Assignment with respect to acquisitions from the Transferor and pursuant to
assignments or novations contemplated by each relevant Loan Agreement with respect to all acquisitions. 
 “Loan Asset
Checklist” means an electronic or hard copy, as applicable, of a checklist delivered by or on behalf of the Borrower to the Collateral Custodian, for each Loan Asset, of all Required Loan Documents to be included within the respective Loan
Asset File, which shall specify whether such document is an original or a copy. 
 “Loan Asset File” means, with respect to
each Loan Asset, a file containing (a) each of the documents and items as set forth on the Loan Asset Checklist with respect to such Loan Asset and (b) duly executed originals (to the extent required herein) and copies of any other Records
relating to such Loan Assets and Portfolio Assets pertaining thereto. 
 “Loan Asset Register” has the meaning assigned to
that term in Section 5.03(k). 
 “Loan Asset Schedule” means the schedule of Loan Agreements (as
amended or modified from time to time in accordance with the terms hereof) evidencing Loan Assets delivered by the Borrower to the Collateral Custodian and the Administrative Agent. Each such schedule shall set forth, as to any Eligible Loan Asset
to be Pledged hereunder, the applicable information specified on Schedule IV, which shall also be provided to the Collateral Custodian in electronic format acceptable to the Collateral Custodian. 

“Loan Assignment” has the meaning set forth in the Purchase and Sale Agreement. 

  
 25 

“Loan-to-Value Ratio” means, with respect to a
Loan Asset, the percentage equivalent of a fraction, (i) the numerator of which is equal to the commitment amount as provided in the applicable Loan Agreement of such Loan Asset plus the commitment amount of any other senior or pari passu
Indebtedness of the related Obligor (including, in the case of Revolving Loan Asset and Delayed Draw Loan Asset, without duplication, the maximum availability thereof) and (ii) the denominator of which is equal to the enterprise value of the
Obligor that issued such Loan Asset (as determined by the Servicer in accordance with the Servicing Standard, as of the Cut-Off Date, unless the Administrative Agent in its reasonable discretion disagrees with
such determination, in which case the Administrative Agent shall determine the enterprise value of such Obligor). In the event the Borrower disagrees with the Administrative Agent’s determination of the enterprise value of such Obligor,
the Borrower may (at its expense) retain an Approved Valuation Firm to value such Obligor, and if the value determined by such firm is greater than the Administrative Agent’s determination of the enterprise value of such Obligor, such
firm’s valuation shall become the enterprise value of such Obligor; provided that the enterprise value of such Obligor shall be the value assigned by the Administrative Agent until such firm has determined its value. 

“Majority Owned Affiliate” means an Affiliate at least 50.1% of the equity interests of which are owned, directly or
indirectly, by the Borrower, the Servicer or the Transferor, as applicable. 
 “Make-Whole Premium” means an amount,
payable pro rata to each Lender, equal to, to the extent the Agreement is terminated or the Maximum Facility is reduced, in whole or in part, in each case pursuant to Section 2.18(b) (a) after the Closing Date
but on or prior to the date which is one year following the Closing Date, 2.00% of the Maximum Facility Amount (if the Agreement is terminated) or the amount by which the Maximum Facility Amount is reduced, as applicable, (b) after any date
that is after the first anniversary of the Closing Date but on or prior to the date which is two years following the Closing Date, 1.00% of the Maximum Facility Amount (if the Agreement is terminated) or the amount by which the Maximum Facility
Amount is reduced, as applicable and (c) after any date that is after the second anniversary of the Closing Date, 0.00% of the Maximum Facility Amount (if the Agreement is terminated) or the amount by which the Maximum Facility Amount is
reduced, as applicable; provided that the Make-Whole Premium shall be calculated without giving effect to the proviso in the definition of “Maximum Facility Amount”. 

“Management Agreement” means the Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of
December 2, 2015, as the same may be amended, restated, supplemented or otherwise modified from time to time as permitted hereunder. 

“Margin Stock” means “margin stock” as such term is defined in Regulation T, U or X of the Federal Reserve Board.

 “Material Adverse Effect” means, with respect to any event or circumstance, a material adverse effect on (a) the
business, condition (financial or otherwise), operations, performance or properties of the Transferor, the Servicer or the Borrower, (b) the validity, enforceability or collectability of this Agreement or any other Transaction Document or the
validity, enforceability or collectability of the Loan Assets generally or any material portion of the 

  
 26 

 
Loan Assets, (c) the rights and remedies of any Secured Party with respect to matters arising under this Agreement or any other Transaction Document, (d) the ability of each of the
Borrower, the Transferor and the Servicer, to perform their respective obligations under this Agreement or any other Transaction Document to which such entity is a party or (e) the status, existence, perfection, priority or enforceability of
the Collateral Agent’s, the Administrative Agent’s or the other Secured Parties’ Lien on the Collateral Portfolio. 

“Material Modification” means any amendment or waiver of, or modification or supplement to, a Loan Agreement governing a Loan
Asset executed or effected on or after the Cut-Off Date for such Loan Asset which: 
 (a) reduces or
forgives any or all of the principal amount due under such Loan Asset; 
 (b) (i) delays or extends the maturity date or any principal
payment date for such Loan Asset by more than six (6) months or, along with all prior such amendments, waivers, modifications or supplements executed or effected on or after the applicable Cut-Off Date,
causes the maturity date or any principal payment date for such Loan Asset to be delayed or extended more than six (6) months in the aggregate; or 

(ii) delays or extends the maturity date or any principal payment date for such Loan Asset beyond the Stated Maturity Date; provided
however that this clause (ii) shall not apply to any amendment or waiver of, or modification or supplement to, a Loan Agreement governing a Loan Asset the maturity date of which was subsequent to the Stated Maturity Date as of the Cut-Off Date for such Loan Asset; provided further that if the Borrower has purchased or purchases a Loan Asset that is a portion of a loan tranche under a Loan Agreement and subsequently purchases an
additional portion of such loan tranche, then for purposes of clause (i) or (ii) of this clause (b), a Material Modification pursuant to such clause (i) or (ii) to the portion of such tranche first purchased by the Borrower shall be deemed
to also constitute a Material Modification to any portion of such tranche subsequently purchased by the Borrower; 
 (c) waives one or more
interest payments, permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Loan Asset (other than any deferral or capitalization already allowed by the terms of the Loan Agreement of any PIK Loan
Asset), or reduces the spread or coupon with respect to such Loan Asset by more than 2.00% or, along with all prior such amendments, waivers, modifications or supplements executed or effected on or after the applicable
Cut-Off Date, reduces the spread or coupon with respect to such Loan Asset by more than 2.00%; 

(d) contractually or structurally subordinates such Loan Asset, or the Lien of such Loan Asset, by operation of a priority of payments,
turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the Underlying Collateral securing such Loan Asset; 

(e) substitutes, alters or releases a material portion of the Underlying Collateral securing such Loan Asset and such substitution, alteration
or release, as determined in the sole discretion of the Administrative Agent, materially and adversely affects the value of such Loan Asset; or 

  
 27 

 (f) amends, modifies, waives or supplements any financial covenants or waives any default of
any Loan Asset, in each case that could reasonably be expected to have a material adverse effect on the Obligor’s creditworthiness or on the collectability of such Loan Asset had such amendment, modification, waiver or supplement not occurred;
or 
 (g) results in materially less financial information in respect of reporting frequency, scope or otherwise that is provided by the
Obligor with respect to such Loan Asset. 
 “Maximum Facility Amount” means the aggregate Commitments as then in effect,
which amount shall not exceed $300,000,000; provided that at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances Outstanding at such time. 

“Measurement Date” means each of the following, as applicable: (i) the Closing Date; (ii) each Cut-Off Date; (iii) each Reporting Date; (iv) each Advance Date; and (v) the date of any optional repurchase, substitution or Lien Release Dividend pursuant to or any Borrowing Base calculation
required by Section 2.07. 
 “Monthly Reporting Date” means the seventh Business Day of each
calendar month, commencing December 2015. 
 “Monthly Servicing Report” has the meaning assigned to that term in
Section 6.08(b). 
 “Moody’s” means Moody’s Investors Service, Inc. (or its successors
in interest). 
 “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA
to which the Borrower or Servicer, as applicable, or any ERISA Affiliate of either contributed or had any obligation to contribute on behalf of its employees at any time during the current year or the preceding five years. 

“Net Senior Leverage Ratio” means, with respect to any Loan Asset for any Relevant Test Period, the meaning of “Net
Senior Leverage Ratio” or any comparable definition relating to first lien senior secured Indebtedness in the Loan Agreement for such Loan Asset, and in any case that “Net Senior Leverage Ratio” or such comparable definition is not
defined in such Loan Agreement, the ratio with respect to the applicable Obligor of (i) first lien senior secured Indebtedness minus Unrestricted Cash to (ii) EBITDA as calculated by the Servicer 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 Loan Agreement. 

“Non-Performing Loan Asset” means a Loan Asset in which (a) the Obligor
commences restructuring or workout negotiations or completes a debt-for-equity swap, (b) the Obligor has a payment default with respect to principal or interest
with respect to any pari passu debt facility or (c) the Servicer has classified the Loan Asset as non-accrual. 

  
 28 

 “Non-Usage Fee” has the meaning
assigned to that term in the Lender Fee Letter. 
 “Noteless Loan Asset” means a Loan Asset with respect to which the Loan
Agreements (i) do not require the Obligor to execute and deliver a promissory note to evidence the Indebtedness created under such Loan Asset or (ii) require the Obligor to execute and deliver such promissory note to any holder of the
Indebtedness created under such Loan Asset only if such holder requests the Obligor to deliver such promissory note, and the Obligor has not been requested to deliver such promissory note with respect to such Loan Asset held by the Borrower. 

“Notice and Request for Consent” has the meaning assigned to that term in Section 2.07(g)(i). 

“Notice of Borrowing” means an irrevocable written notice of borrowing from the Borrower to the Administrative Agent and each
Lender in the form attached hereto as Exhibit F. 
 “Notice of Exclusive Control” has the meaning assigned to that
term in the Control Agreement. 
 “Notice of Reduction” means a notice of a reduction of the Advances Outstanding and/or
the Maximum Facility Amount pursuant to Section 2.18, in the form attached hereto as Exhibit G. 

“Obligations” means all present and future Indebtedness and other liabilities and obligations (howsoever created, arising or
evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Secured Parties, arising under this Agreement and/or any other Transaction Document and shall include, without limitation, all liability
for principal of and interest on the Advances Outstanding, Breakage Fees, obligations pursuant to the Administrative Agent’s Erroneous Payment Subrogation Rights, indemnifications and other amounts due or to become due by the Borrower to the
Lenders, the Administrative Agent, the Secured Parties, the Account Bank, the Collateral Agent and the Collateral Custodian under this Agreement and/or any other Transaction Document, including, without limitation, any amounts payable under any
Lender Fee Letter, any Make-Whole Premium and costs and expenses payable by the Borrower to the Secured Parties, including reasonable and reasonably documented outside attorneys’ fees, costs and expenses, including without limitation, interest,
fees and other obligations that accrue after the commencement of an insolvency proceeding (in each case whether or not allowed as a claim in such insolvency proceeding). 

“Obligor” means, collectively, each Person obligated to make payments under a Loan Agreement, including any guarantor
thereof. 
 “Officer’s Certificate” means a certificate signed by a director, a manager, the president, the secretary,
an assistant secretary, the chief financial officer or any vice president, as an authorized officer, of any Person. 
 “Opinion of
Counsel” means a written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its sole discretion; provided that Dechert LLP shall be considered acceptable counsel for purposes of this
definition. 

  
 29 

 “Optional Sale” has the meaning assigned to that term in
Section 2.07(h). 
 “Outstanding Balance” means the outstanding principal balance of a Loan
Asset, expressed exclusive of PIK Interest and accrued interest. For the avoidance of doubt, the Outstanding Balance with respect to a Revolving Loan Asset or a Delayed Draw Loan Asset shall be equal to the funded amount of such Revolving Loan Asset
or Delayed Draw Loan Asset. 
 “Parent” means CCT or any successor entity formed by or surviving any Permitted BDC Merger.

 “Payment Date” means the 15th day of each March, June, September and December or, if such day is not a Business Day, the
next succeeding Business Day, commencing on the Initial Payment Date; provided that the final Payment Date shall occur on the Collection Date; provided further that the Administrative Agent may, in its sole discretion with three
(3) Business Days’ prior written notice to the Borrower, the Collateral Agent and the Servicer, déclassé any Business Day a Payment Date if (i)(x) an Event of Default shall have been declared or (y) after the automatic
occurrence of a Facility Maturity Date and (ii) the Administrative Agent or the Lenders have declared the Advances Outstanding and the other Obligations to be immediately due and payable in full in accordance with
Section 7.01. 
 “Payment Date Cut-Off” means, with
respect to each Payment Date, the fifth Business Day prior to such Payment Date. 
 “Payment Duties” has the meaning
assigned to that term in Section 10.02(b)(ii). 
 “Pension Plan” has the meaning assigned to that
term in Section 4.01(x). 

“Periodic
 Term SOFR Determination Day” shall have the meaning set forth in the definition of “Term SOFR”. 

“Permitted BDC” means each of FS Investment Corporation, FS Investment Corporation II, FS Investment Corporation III, FS
Investment Corporation IV and Corporate Capital Trust II. 
 “Permitted BDC Merger” means any transaction or a series of
related transactions for the direct or indirect acquisition by a Permitted BDC of CCT; provided that substantially concurrently with the consummation of any merger where CCT (or such successor for which opinions referenced below have been
delivered) is not the surviving entity, such Permitted BDC shall have delivered perfection, true sale and non-consolidation opinions in form reasonably satisfactory to the Administrative Agent. For the
avoidance of doubt, the transaction contemplated by the Agreement and Plan of Merger, which transaction occurred on December 19, 2018, was a Permitted BDC Merger. 

“Permitted Investments” means, at any time: 

(i) direct interest bearing obligations of, and interest bearing obligations guaranteed as to timely payment of principal and interest by, the
United States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith and credit of the United States; 

  
 30 

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

(iii) commercial paper that (i) is payable in Dollars and (ii) is rated at least “A1” by Standard & Poor’s
and “P-1” by Moody’s; and 
 (iv) units of money market funds rated in the highest
credit rating category by each of S&P and Moody’s. 
 No Permitted Investment shall have an “f”, “r”,
“p”, “pi”, “q”, “sf” or “t” subscript affixed to its S&P rating. Any such investment may be made or acquired from or through the Collateral Agent or the Administrative Agent or any of their
respective affiliates, or any entity for whom the Collateral Agent, the Administrative Agent, the Collateral Custodian, the Account Bank or any of their respective affiliates provides services and receives compensation (so long as such investment
otherwise meets the applicable requirements of the foregoing definition of Permitted Investment at the time of acquisition); provided that, notwithstanding the foregoing clauses (i) through (iv), unless the Borrower and the Servicer have
received the written advice of counsel of national reputation experienced in such matters to the contrary (together with an Officer’s Certificate of the Borrower or the Servicer to the Administrative Agent and the Collateral Agent that the
advice specified in this definition has been received by the Borrower and the Servicer), Permitted Investments may only include obligations or securities that constitute cash equivalents for purposes of the rights and assets in paragraph
(c)(8)(i)(B) of the exclusions from the definition of “covered fund” for purposes of the Volcker Rule. 
 “Permitted
Liens” means any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced (a) Liens for state, municipal or other local 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, (b) 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 and (c) Liens granted pursuant to or by the Transaction Documents. 
 “Permitted
Successor Advisor” means any joint venture entity between (i) KKR Credit Advisors (US) LLC or its Affiliate and (ii) Franklin Square Holdings, L.P. or its Affiliate, pursuant to which joint venture (a) KKR Credit Advisors
(US) LLC or its Affiliate owns at least 

  
 31 

 
50% of the equity interests of all classes (including voting equity interests) and (b) at least 50% of the investment committee with the sole authority to make investment-related decisions
for (1) prior to the consummation of a Permitted BDC Merger, CCT, and (2) on or after the consummation of each Permitted BDC Merger, the applicable Permitted BDC, are employees of KKR Credit Advisors (US) LLC or its Affiliate. 

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

“PIK Interest” means interest accrued on a Loan Asset that is added to the principal amount of such Loan Asset instead of
being paid as interest as it accrues. 
 “PIK Loan Asset” means a Loan Asset which provides for a portion of the interest
that accrues thereon to be added to the principal amount of such Loan Asset for some period of the time prior to such Loan Asset requiring the current cash payment of such previously capitalized interest, which cash payment shall be treated as an
Interest Collection at the time it is received. 
 “Pledge” means the pledge of any Eligible Loan Asset or other Portfolio
Asset pursuant to Article II. 
 “Portfolio Assets” means all Loan Assets owned by the Borrower, together with all
proceeds thereof and other assets or property related thereto, including all right, title and interest of the Borrower in and to: 
 (a) any
amounts on deposit in any cash reserve, collection, custody or lockbox accounts securing the Loan Assets; 
 (b) all rights with respect to
the Loan Assets to which the Borrower is entitled as lender of record under the applicable Loan Agreement; 
 (c) the Controlled Accounts,
together with all cash and investments in each of the foregoing including amounts earned on investments therein; 
 (d) any Underlying
Collateral securing a Loan Asset and all Recoveries related thereto, all payments paid in respect thereof and all monies due, to become due and paid in respect thereof accruing after the applicable Cut-Off
Date and all liquidation proceeds; 
 (e) all Required Loan Documents, the Loan Asset Files related to any Loan Asset, any Records, and the
documents, agreements, and instruments included in the Loan Asset Files or Records; 
 (f) all Insurance Policies with respect to any Loan
Asset; 
 (g) all Liens, guaranties, indemnities, warranties, letters of credit, accounts, bank accounts and property subject thereto from
time to time purporting to secure or support payment of any Loan Asset, together with all UCC financing statements, mortgages or similar filings signed or authorized by an Obligor relating thereto; 

  
 32 

 (h) the Purchase and Sale Agreement (including, without limitation, rights of recovery of
the Borrower against the Transferor) and the assignment to the Collateral Agent, for the benefit of the Secured Parties, of all UCC financing statements filed by the Borrower against the Transferor under or in connection with the Purchase and Sale
Agreement; 
 (i) all records (including computer records) with respect to the foregoing (including, without limitation, the Records); 

(j) all collections, income, payments, proceeds and other benefits of each of the foregoing; and 

(k) all rights with respect to the Loan Assets to which the Borrower is entitled as assignee under any assignment agreement related to the
applicable Loan Agreement. 
 “Prime Rate” means, as of any date, the rate announced by SMBC from time to time and in
effect on such date as its prime rate in the United States at its New York Branch, 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 SMBC or any other specified
financial institution in connection with extensions of credit to debtors; provided that if the Prime Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Principal Collection Account” means a sub-account (account number 84455301 at the
Account Bank) of the Collection Account into which Principal Collections shall be deposited. 
 “Principal Collections”
means (i) any amounts deposited by the Borrower (or the Servicer on its behalf) in accordance with Section 2.06(a)(i) or Section 2.07(c)(i) and (ii) with respect to any Loan Asset, all
amounts received which are not Interest Collections, including, without limitation, all Recoveries, all Insurance Proceeds, all scheduled payments of principal and principal prepayments and all guaranty payments and proceeds of any liquidations,
sales or dispositions, in each case, not attributable to the interest on such Loan Asset. For the avoidance of doubt, “Principal Collections” shall not include amounts on deposit in the Unfunded Exposure Account. 

“Pro Rata Share” means, with respect to each Lender,
(i) with respect to Revolving Commitments, the percentage obtained
by dividing the
Commitmentall Revolving Commitments of such Lender
(as determined under clause
(i) of the definition of
“Commitment”or, following the
termination thereof, the outstanding principal amount of all Revolving Advances of such Lender), by the aggregate
of all Revolving Commitments of all the Lenders (as determined
under 
clause (i) of the
definition of “Commitment”).or, following the termination thereof, the aggregate Revolving Advances Outstanding), (ii) with respect to Term Commitments,
the percentage obtained by dividing all Term Commitments of such Lender (or, following the termination thereof, the outstanding principal amount of all Term Advances of such Lender), by the aggregate of all Term Commitments of all the Lenders (or,
following the termination thereof, the aggregate Term Advances Outstanding) and (iii) with respect to Commitments, the percentage obtained by dividing

  
 33 

 
all Commitments of such Lender (or, following the termination
thereof, the outstanding principal amount of all Advances of such Lender), by the aggregate of all Commitments of all the Lenders (or, following the termination thereof, the aggregate Advances Outstanding). 
 “Proceeds” means, with respect to any Collateral Portfolio, all property
that is receivable or received when such Collateral Portfolio is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights to payment with respect to
any insurance relating to such Collateral Portfolio. 
 “Purchase and Sale Agreement” means that certain Purchase and Sale
Agreement, dated as of the Closing Date, between the Transferor, as the seller, and the Borrower, as the purchaser, as amended, modified, waived, supplemented, restated or replaced from time to time. 

“Quarterly Reporting Date” means the seventh Business Day of each calendar quarter, commencing with the calendar quarter
beginning January 1, 2016. 
 “Quarterly Servicing Report” has the meaning assigned to that term in
Section 6.08(b). 
 “Records” means all documents relating to the Loan Assets, including books,
records and other information executed in connection with the origination or acquisition of the Collateral Portfolio or maintained with respect to the Collateral Portfolio and the related Obligors that the Borrower, the Transferor or the Servicer
have generated, in which the Borrower has acquired an interest pursuant to the Purchase and Sale Agreement or in which the Borrower or the Transferor have otherwise obtained an interest. 

“Recoveries” means, as of the time any Underlying Collateral with respect to any Loan Asset subject to a payment default, or
other default, by the related Obligor is sold, discarded or abandoned (after a determination by the Servicer that such Underlying Collateral has little or no remaining value) or otherwise determined to be fully liquidated by the Servicer in
accordance with the Servicing Standard, the proceeds from the sale of the Underlying Collateral, the proceeds of any related Insurance Policy, any other recoveries with respect to such Loan Asset, as applicable, the Underlying Collateral, and
amounts representing late fees and penalties, net of any amounts received that are required under such Loan Asset, as applicable, to be refunded to the related Obligor. 

“Reference
Time”
 with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR, 11:00 a.m. (London time) on the day that
is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR, the time determined by the Administrative Agent in its reasonable discretion.

 “Register” has the meaning assigned to that term in Section 2.14. 

“Reinvestment Period” shall mean the date commencing on the Closing Date and ending on the day preceding the earliest of (i) July 2,
2022December 1, 20231 (or such later
date as results from the Reinvestment Period Extension in accordance with and pursuant to Section 2.01(d)(i), 

 

	1 	 Please note December 2, 2023 is a
Saturday. 

  
 34 

 
or as otherwise agreed to in writing by the Borrower, the Servicer, the Administrative Agent and the Lenders), (ii) the occurrence of an Event of Default and the termination of the Commitments
pursuant to Section 7.01 and (iii) the declaration or automatic or scheduled occurrence of the Facility Maturity Date; provided that if any of the foregoing is not a Business Day, the Reinvestment Period shall
end on the next Business Day. 
 “Reinvestment Period Extension” has the meaning assigned to that term in
Section 2.01(d)(i). 

“Related Parties”
 means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s
Affiliates. 
 “Release Date” has the meaning set forth in
Section 2.07(c). 
 “Relevant Governmental Body” means the Federal Reserve Board or
the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto. 

“Relevant Test Period” means, with respect to any Loan Asset, the relevant test period for the calculation of Total Net
Leverage Ratio, Interest Coverage Ratio or Net Senior Leverage Ratio, as applicable, for such Loan Asset in the related Loan Agreement or, if no such period is provided for therein, for Obligors delivering monthly financing statements, each period
of the last 12 consecutive reported calendar months, and for Obligors delivering quarterly financing statements, each period of the last four consecutive reported fiscal quarters of the principal Obligor on such Loan Asset; provided that with
respect to any Loan Asset for which the relevant test period is not provided for in the related Loan Agreement, if an Obligor is a newly-formed entity as to which 12 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
12 consecutive reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor. 

“Remittance Period” means, (i) as to the Initial Payment Date, the period beginning on the Closing Date and ending on,
and including, the Payment Date Cut-Off immediately preceding such Payment Date and (ii) as to any subsequent Payment Date, the period beginning on the first day after the most recently ended Remittance
Period and ending on, and including, the Payment Date Cut-Off immediately preceding such Payment Date, or, with respect to the final Remittance Period, the Collection Date. 

“Replacement Servicer” has the meaning assigned to that term in Section 6.01(c). 

“Reporting Date” means, as the context requires, either (i) the Monthly Reporting Date or (ii) the Quarterly
Reporting Date. 
 “Required Lenders” means (i) SMBC (as a Lender hereunder) and its successors and assigns, in the
event any such party is a Lender hereunder and (ii) the Lenders representing an aggregate of at least 51% of the aggregate Commitments of the Lenders then in effect. 

  
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 “Required Loan Documents” means, for each Loan Asset, originals (except as
otherwise indicated) of the following documents or instruments, all as specified on the related Loan Asset Checklist: 
 (a)(i) other than
in the case of a Noteless Loan Asset, the original or, if accompanied by an original “lost note” affidavit and indemnity, a copy of, the underlying promissory note, endorsed by the Borrower (and evidencing an unbroken chain of endorsements
from each prior holder thereof evidenced in the chain of endorsements in blank), and (ii) if such promissory note is not issued in the name of the Borrower or in the case of a Noteless Loan Asset (x) a copy of each transfer document or
instrument relating to such Noteless Loan Asset evidencing the assignment of such Noteless Loan Asset from the Borrower in blank, and (y) a copy of the Loan Asset Register with respect to such Noteless Loan Asset, as described in
Section 5.03(k)(ii) and (iii) additional transfer agreements, consents or other documentation necessary (if any) to ensure the Borrower is a lender of record under the underlying Loan Agreement and recognized by the
underlying agent or administrative agent, as applicable, and the Obligor with respect to such Loan Asset as a lender thereto; 
 (b)
originals or copies of each of the following, to the extent applicable to the related Loan Asset; any related Loan Agreement, credit agreement, note purchase agreement, security agreement (if separate from any mortgage), sale and servicing
agreement, acquisition agreement, subordination agreement, intercreditor agreement or similar instruments, guarantee, Insurance Policy, assumption or substitution agreement or similar material operative document, in each case together with any
amendment or modification thereto, as set forth on the Loan Asset Checklist; and 
 (c) with respect to any Loan Asset originated by the
Transferor or an Affiliate and with respect to which the Transferor or an Affiliate acts as administrative agent (or in a comparable capacity), either (i) copies of the UCC-1 Financing Statements, if any,
and any related continuation statements, each showing the Obligor as debtor and the Collateral Agent as total assignee or showing the Obligor, as debtor and the Transferor or the applicable Affiliate as secured party and each with evidence of filing
thereon, or (ii) copies of any such financing statements certified by the Servicer to be true and complete copies thereof in instances where the original financing statements have been sent to the appropriate public filing office for filing, in
each case as set forth in the Loan Asset Checklist. 
 “Required Reports” means, collectively, the asset report and the
Servicing Reports required pursuant to Section 6.08(b), the Servicer’s Certificate required pursuant to Section 6.08(c), the financial statements of the Servicer required pursuant to
Section 6.08(d), the tax returns of the Borrower, the Transferor, the Parent and the Servicer required pursuant to Section 6.08(e), the financial statements and valuation reports of each
Obligor required pursuant to Section 6.08(f), the annual statements as to compliance required pursuant to Section 6.09, and the annual independent public accountant’s report required pursuant
to Section 6.10. 
 “Responsible Officer” means, with respect to any Person, any duly authorized
officer of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer of such Person to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 

  
 36 

 “Restricted Junior 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, (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire membership interests of the Borrower now or hereafter outstanding, and
(iv) any payment of management fees by the Borrower. For the avoidance of doubt, (x) payments and reimbursements due to the Servicer in accordance with this Agreement or any other Transaction Document do not constitute Restricted Junior
Payments and (y) distributions by the Borrower to holders of its membership interests of Loan Assets or of cash or other proceeds relating thereto which have been substituted by the Borrower in accordance with this Agreement shall not
constitute Restricted Junior Payments. 
 “Retained Interest” means, with respect to any Agented Note that is transferred
to the Borrower, (i) all of the obligations, if any, of the agent(s) under the documentation evidencing such Agented Note and (ii) the applicable portion of the interests, rights and obligations under the documentation evidencing such
Agented Note that relate to such portion(s) of the indebtedness that is owned by another lender. 
 “Revolving Advance” means an Advance made by a Lender under its Revolving Commitment, which Advance may be repaid
and reborrowed hereunder during the Reinvestment Period. 
 “Revolving Commitment” means a commitment of a Lender hereunder to make Revolving Advances hereunder in accordance
with the terms hereof. 
 “Revolving Loan Asset” means a Loan
Asset that is a line of credit or contains an unfunded commitment arising from an extension of credit to an Obligor, pursuant to the terms of which amounts borrowed may be repaid and subsequently reborrowed. 

“S&P” means S&P Global Ratings and any successor or successors thereto. 

“Sanction”
 or “Sanctions” means, individually and collectively, respectively, any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including those imposed, administered or
enforced from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, or
through any existing or future executive order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other governmental authorities with jurisdiction over the Borrower, the Servicer
or their respective Subsidiaries or their respective Related Parties. 

  
 37 

“Sanctioned
 Entity” means any individual, entity, group, sector, territory or country that is the target of any Sanctions, including without limitation, any legal entity that is a target of Sanctions based on the direct or indirect ownership or control of
such entity by any other Sanctioned Entity. 
 “Scheduled
Payment” means each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan Asset, as adjusted pursuant to the terms of the related Loan Agreement. 

“Second Lien Loan Asset” means any Loan Asset that (a) is secured by a valid and perfected second priority Lien on
substantially all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset (whether or not there is also a security interest of a higher or lower priority in additional collateral), subject to any “permitted
liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, (b) is pari passu in right of payment with the Indebtedness of the holders
of the first priority security interest (other than with respect to receipt of the proceeds of liquidated collateral following an event of default), (c) pursuant to an intercreditor or subordination agreement between the Borrower (or the applicable
agent) and the holder of such first priority security interest (or the applicable agent), the amount of Indebtedness covered by such first priority security interest is limited in terms of aggregate outstanding amount or percent of outstanding
principal and (d) has a Loan-to-Value Ratio, as of the Cut-Off Date, of not greater than 70%. 

“Secured Party” means each of the Administrative Agent, each Lender (together with its successors and assigns), each Affected
Party, the Collateral Agent, the Collateral Custodian, the Account Bank and, to the extent of any Obligations owing to such Person hereunder or under any other Transaction Document, each of their respective Affiliates, assigns, officers, directors,
employees and agents. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 “Sequential Pay Event” means, as of any date of determination, (i) after the occurrence of
an Event of Default and the termination of the Commitments pursuant to Section 7.01, (ii) after the declaration or automatic or scheduled occurrence of the Facility Maturity Date or (iii) after the end of the Reinvestment Period when the
aggregate Adjusted Borrowing Value of the Loan Assets held by the Borrower first equals 50% or less of the aggregate Adjusted Borrowing Value of the Loan Assets held by the Borrower as of the final day of the Reinvestment Period. 

“Servicer” means at any time the Person then authorized, pursuant to Section 6.01 to service,
administer, and collect on the Loan Assets and exercise rights and remedies in respect of the same. 
 “Servicer Pension
Plan” has the meaning set forth in Section 4.03(p). 

  
 38 

 “Servicer Termination Event” means the occurrence of any one or more of the
following events: 
 (a) any failure by the Servicer to make any payment, transfer or deposit into the Collection Account (including,
without limitation, with respect to bifurcation and remittance of Interest Collections and Principal Collections) or the Unfunded Exposure Account, as required by this Agreement or any Transaction Document which continues unremedied for a period of
two Business Days; 
 (b) any failure on the part of the Servicer duly to (i) observe or perform in any material respect any other
covenants or agreements of the Servicer set forth in this Agreement or the other Transaction Documents to which the Servicer is a party (including, without limitation, any delegation of the Servicer’s duties that is not permitted by
Section 6.01 of this Agreement) or (ii) comply in any material respect with the Servicing Standard regarding the servicing of the Collateral Portfolio and in each case of clause (i) or (ii) the same continues
unremedied for a period of 30 days (if such failure can be remedied) after the earlier to occur of (x) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Servicer by the
Administrative Agent or the Collateral Agent (at the direction of the Administrative Agent) and (y) the date on which a Responsible Officer of the Servicer acquires knowledge thereof; 

(c) the failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or more agreements
for borrowed money to which it is a party and for which there is recourse to the Servicer or the property of the Servicer for such debt in an aggregate amount in excess of United States $5,000,000, individually or in the aggregate; 

(d) a Bankruptcy Event shall occur with respect to the Servicer; 

(e) (i) prior to the consummation of a Permitted BDC Merger, CCT, and (ii) on or after the consummation of each Permitted BDC
Merger, the applicable Permitted BDC, shall assign its rights or obligations as “Servicer” hereunder to any Person without the consent of each Lender and the Administrative Agent (as required in Section 11.04(a)
of this Agreement) (other than pursuant to Section 6.01 following the delivery of a Servicer Termination Notice); 

(f) the occurrence of any Change of Control with respect to the Servicer that does not comply with the provisions of
Section 5.04(a) of this Agreement; 
 (g) any failure by the Servicer to deliver (i) any required Servicing
Report on or before the date occurring two Business Days after the date such report is required to be made or given, as the case may be or (ii) any other Required Reports hereunder on or before the date occurring five Business Days after the
date such report is required to be made or given, as the case may be, in each case under the terms of this Agreement; 
 (h) any
representation, warranty or certification made by the Servicer in any Transaction Document or in any document or report delivered pursuant to any Transaction Document shall prove to have been incorrect when made, which inaccuracy has a Material
Adverse Effect on the Lenders, and continues to be unremedied for a period of 30 days after the earlier to occur of (i) the date on which written notice of such incorrectness requiring the same to be remedied shall have been given to the
Servicer by the Administrative Agent, or the Collateral Agent (at the direction of the Administrative Agent) and (ii) the date on which a Responsible Officer of the Servicer acquires knowledge thereof; 

  
 39 

 (i) any financial or other information reasonably requested from the Servicer in accordance
with the terms of this Agreement by the Administrative Agent, a Lender or the Collateral Agent is not provided as requested within 10 Business Days following such request; 

(j) the rendering against the Servicer of one or more final judgments, decrees or orders for the payment of money in excess of United States
$15,000,000, individually or in the aggregate, (excluding, in each case, any amounts covered by insurance), and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than 60 consecutive days after the
later of (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished, without such judgment, decree or order being vacated, stayed or
discharged during such 60 day period; 
 (k) the occurrence of (i) an Event of Default, (ii) the Facility Maturity Date or
(iii) a Material Adverse Effect with respect to the Servicer or its business; or 
 (l) the Servicer resigns in contravention of
Section 6.11 of this Agreement. 
 “Servicer Termination Notice” has the meaning assigned to that
term in Section 6.01(b). 
 “Servicer’s Certificate” has the meaning assigned to that term
in Section 6.08(c). 
 “Servicing Fees” means the fee payable to the Servicer on each Payment
Date in arrears in respect of each Remittance Period, which fee shall be equal to the product of (i) 0.50%, (ii) the arithmetic mean of the aggregate Outstanding Balance of all Eligible Loan Assets on the first day and on the last day of the related
Remittance Period and (iii) the actual number of days in such Remittance Period divided by 360; provided that the rate set forth in clause (i) hereof may be increased up to 0.75% at the discretion of the Administrative Agent
in the event that a successor Servicer is appointed pursuant to Section 6.01(c). 
 “Servicing
File” means, for each Loan Asset, (a) copies of each of the Required Loan Documents and (b) any other portion of the Loan Asset File which is not part of the Required Loan Documents. 

“Servicing Report” has the meaning assigned to that term in Section 6.08(b). 

“Servicing Standard” means, with respect to any Loan Assets included in the Collateral Portfolio, to service and administer
such Loan Assets on behalf of the Secured Parties in accordance with Applicable Law, the terms of this Agreement, the Loan Agreements, all customary and usual servicing practices for loans like the Loan Assets and, to the extent consistent with the
foregoing, (a)(i) if the Servicer is the originator or an Affiliate thereof, the higher of: (A) the customary and usual servicing practices that a prudent loan investor or lender would use in servicing loans like the Loan Assets for its own
account, and (B) the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account or for the account of others pursuant to and in accordance with the Investment Policies, and (ii) if
the 

  
 40 

 
Servicer is not the originator or an Affiliate thereof, the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account or for the account
of others; (b) with a view to maximize the value of the Loan Assets; and (c) without regard to: (i) the Servicer’s right to receive compensation for its services hereunder or with respect to any particular transaction,
(ii) the ownership by the Servicer or any Affiliate thereof of any Loan Assets, or (iii) the ownership, servicing or management for others by the Servicer of any other loans or property by the Servicer. 

“Seventh Amendment
Date” means November 9,
2021. 
 “Sixth Amendment Date” means
December 1, 2020. 
 “SMBC” means Sumitomo Mitsui Banking Corporation, a Japanese joint stock corporation, in its
individual capacity, together with its successors and assigns. 
 “SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day
publishedas administered by the SOFR
Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the
immediately succeeding Business Day.. 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight
financing rate). 
 “SOFR Administrator’s Website” means the website of
the Federal Reserve Bank of New York, currently
at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“SOFR
Advance” means (x) any Advance made as a SOFR Advance in accordance with Section 2.02(b) and (y) any
 Advance converted from a Base Rate Advance to a SOFR
Advance in accordance with Section 2.02(c).

“SOFR
 Advances
Outstanding” means, at any time, the outstanding SOFR Advances. 

“SOFR
Yield” means, for any SOFR Advances Outstanding, and
any Interest Period for each such SOFR Advance, the sum of the amounts determined for each day in such Interest Period in accordance with the following
formula: 
 YR x L 

D 
  

									
		 	where:	  	YR	  	=	  	the SOFR Yield Rate applicable to such SOFR Advance during such Interest Period;
					
	                    	 	 	  	L	  	=	  	the outstanding principal amount of such SOFR Advance on such day; and
					
	 	 	 	  	D	  	=	  	360.

  
 41 

“SOFR
Yield Rate” means, for any SOFR Advance, as of any date of determination during any Interest Period applicable to such SOFR Advance, an interest rate per annum equal to Term SOFR (or the applicable Benchmark) for such
SOFR Advance during such Interest Period plus the Applicable Spread (applicable to SOFR Advances). 

“Solvent” means, as to any Person at any time, having a state of affairs such that all of the following conditions are met:
(a) the fair market value of the property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for
purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability
of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as
they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (e) such
Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person’s property assets would constitute unreasonably small capital. 

“State” means one of the fifty states of the United States or the District of Columbia. 

“Stated Maturity Date” means
JanuaryJune
 2,
20252026
 (or, if such day is not a Business Day, the next succeeding Business Day) or such later date as results from the Stated Maturity Date Extension in accordance with and pursuant to
Section 2.01(d)(ii), or as otherwise agreed to in writing by the Borrower, the Servicer, the Administrative Agent and the Lenders. 

“Stated Maturity Date Extension” has the meaning assigned to that term in Section 2.01(d)(ii). 

“Structured Finance Obligation” means any obligation secured directly by, referenced to, or representing ownership of, a pool
of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt obligations, collateral loan obligations, asset backed securities and
commercial mortgage backed securities or any resecuritization thereof. 
 “Subsidiary” means with respect to a person, a
corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to
elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or
both, by such person. 
 “Substitute Eligible Loan Asset” means each Eligible Loan Asset Pledged by the Borrower to the
Collateral Agent, on behalf of the Secured Parties, pursuant to Section 2.07(a) or Section 2.07(c)(ii). 

  
 42 

 “Successor Servicer” has the meaning assigned to that term in
Section 6.01(i). 

“Swap
Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond
or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency
swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any
such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, that are subject to the terms and conditions of, or governed by, any form of master
agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Taxes” means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including
interest, penalties, and additions thereto) that are imposed by any Governmental Authority. 
 “Term Advance” means an Advance made by a Lender under its Term Commitment, which Advance shall be deemed made in
full on the Eighth Amendment Date (or, solely with respect to SMBC, on any date in which SMBC, in its capacity as a Lender, increases its Term Commitments) and may not be reborrowed hereunder after being repaid in whole or in part in accordance with
the terms hereof. For the avoidance of doubt, a Term Advance can constitute either a SOFR Advance or a Base Rate Advance (at the election of the Borrower by notice to the Administrative Agent).

“Term
Commitment” means a commitment of a Lender hereunder which shall be deemed made in full on the Eighth Amendment Date (or, solely, with respect to SMBC, on any date in which SMBC, in its capacity as a Lender, increases its
commitments). 
 “Term Loan Asset” means a Loan Asset that is a
term loan that has been fully funded and does not contain any unfunded commitment arising from an extension of credit to an Obligor. 

“Term SOFR” means, for the applicable
Corresponding Tenor as of the applicable Reference Time, 
 (a) for any calculation with respect to a SOFR Advance, the Term SOFR Reference Rate for a three-month tenor 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
the related Interest Period, as such rate is published by the Term SOFR Administrator; provided, that if as
of 5:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for a three-month tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term 

  
 43 

 
SOFR Reference Rate has not occurred, then Term SOFR will be the
Term SOFR Reference Rate for a three-month 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 a three-month 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, and 

(b)
 for any calculation with respect to any Borrowing other
than a SOFR Advance on any day, the Term SOFR Reference Rate for a tenor of three months on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such
day, as such rate is published by the Term SOFR Administrator; provided that if as of 5:00 p.m. on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for a three-month 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 a three-month 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 a three-month 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 Base Rate Term SOFR Determination Day; 

provided, further, that if
Term SOFR determined as provided above (including pursuant to the proviso under clause (a) or clause (b) above) shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor. 

“Term
SOFR Administrator” means the 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 that has been selected or recommended by the Relevant Governmental Body. 

“Total Net Leverage Ratio” means, with respect to any Loan Asset for any Relevant Test Period, the meaning of “Total Net
Leverage Ratio” relating to total Indebtedness in the Loan Agreement for such Loan Asset, and in any case that “Total Net Leverage Ratio” or such comparable definition is not defined in such Loan Agreement, the ratio with respect to
the applicable Obligor of (a) total Indebtedness minus Unrestricted Cash to (b) EBITDA, as calculated by the Servicer 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 Loan Agreement. 
 “Transaction
Documents” means this Agreement, any Variable Funding Note(s), any Joinder Supplement, the Purchase and Sale Agreement, the Control Agreement, the Custody Agreement, the Collateral Custodian and Account Bank Fee Letter, each Lender Fee
Letter and each document, instrument or agreement related to any of the foregoing. 

  
 44 

 “Transferor” means CCT, in its capacity as the transferor hereunder and as
the seller under the Purchase and Sale Agreement, together with its successors and assigns in such capacity. 
 “UCC” means
the Uniform Commercial Code as from time to time in effect in the relevant jurisdiction. 
 “Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. 

“Underlying Collateral” means, with respect to a Loan Asset, any property or other assets designated and pledged or mortgaged
as collateral to secure repayment of such Loan Asset, as applicable, including, without limitation, mortgaged property and/or a pledge of the stock, membership or other ownership interests in the related Obligor and all proceeds from any sale or
other disposition of such property or other assets. 
 “Underwriting Period” has the meaning assigned to that term in
Section 3.02(b)(ii). 
 “Underwriting Request” has the meaning assigned to that term in
Section 3.02(b)(ii). 
 “Unfunded Exposure Account” means a trust account (account number
84455303 at the Account Bank) in the name of the Borrower and under the control of the Collateral Agent for the benefit of the Secured Parties; provided that the funds deposited therein (including any interest and earnings thereon) from time
to time and subject to the terms thereof shall constitute the property and assets of the Borrower and the Borrower shall be solely liable for any Taxes payable with respect to the Unfunded Exposure Account. 

“Unfunded Exposure Amount” means, as of any date of determination, an amount equal to the aggregate amount of all Exposure
Amounts. 
 “Unfunded Exposure Amount Shortfall” has the meaning assigned to that term in
Section 2.02(f). 
 “Unfunded Exposure Equity Amount” means, on any date of determination, an
amount equal to, for each Eligible Loan Asset which has any unfunded commitments, the aggregate sum of the products of (a) the Exposure Amount for each such Eligible Loan Asset and (b) the difference of (x) 100% minus (y) the
Applicable Percentage for each such Eligible Loan Asset. 
 “United States” means the United States of America. 

“Unmatured Event of Default” means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time
and notice, constitute an Event of Default. 
 “Unrestricted Cash” means, with respect to any Loan Asset for any Relevant
Test Period, the meaning of “Unrestricted Cash” or any comparable definition in the Loan Agreement for each Loan Asset, and in any case that “Unrestricted Cash” or such comparable definition is not defined in such Loan Agreement,
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 Loan Agreement). 

  
 45 

“U.S.
Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) 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. 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 “Value Adjustment Event” means, with respect to any Loan Asset, the occurrence of any one or more of the following
events after the related Cut-Off Date (any of which, for the avoidance of doubt, may occur more than once): 

(i) an Obligor principal payment default under any Loan Asset; 

(ii) any other Obligor payment default with respect to principal or interest under any Loan Asset (after giving effect to any applicable grace
and/or cure periods set forth in the Loan Agreement, but in any case not to exceed five Business Days); 
 (iii) a Bankruptcy Event with
respect to the related Obligor; 
 (iv) the occurrence of a Material Modification with respect to such Loan Asset; 

(v) the Obligor in respect of such Loan Asset fails to deliver to the Borrower or the Servicer any financial reporting information (after
giving effect to any grace and/or cure period set forth in the Loan Agreement); 
 (vi) any other Obligor default under such Loan Asset
(after giving effect to any applicable grace or cure periods in accordance with the applicable Loan Agreement) that, in the Administrative Agent’s sole discretion, could reasonably be expected to have a material and adverse effect on the
creditworthiness of such Obligor or on the collectability of any amount required to be paid under the related Loan Agreement for such Loan Asset; 

(vii) for Second Lien Loan Assets only, the Total Net Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such
Loan Asset (x) is more than 1.25x higher than such Total Net Leverage Ratio as calculated on the applicable Cut-Off Date (or, in the case of Loan Assets approved by the Administrative Agent prior to
November 30, 2018, as set forth on the Approval Notice for such Loan Assets) and (y) is more than 3.50x; 
 (viii) for First Lien
Loan Assets only, the Net Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such First Lien Loan Asset is more than 1.0x higher than the Net Senior Leverage Ratio as calculated as of the applicable Cut-Off Date (or, in the case of Loan Assets held by the Borrower as of the Sixth Amendment Date, as of the end of the first quarter of 2020); 

  
 46 

 (ix) the Interest Coverage Ratio for any Relevant Test Period of the related Obligor with
respect to such Loan Asset is both (A) less than 80% of the Interest Coverage Ratio with respect to such Loan Asset as of the applicable Cut-Off Date (or, in the case of Loan Assets held by the Borrower
as of the Sixth Amendment Date, as of the end of the first quarter of 2020) and (B) less than 1.50 to 1.00; or 
 (x) the Servicer has
deemed such Loan Asset to be a Non-Performing Loan Asset. 
 “Variable Funding
Note” has the meaning assigned to such term in Section 2.01(a). 
 “Volcker Rule” means
Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder. 

“Warranty Event” means, as to any Loan Asset, the discovery by the Borrower, the Transferor (if applicable) or the Servicer
that as of the related Cut-Off Date for such Loan Asset there existed a breach of any representation or warranty set forth in Section 4.02 and Schedule II or Section 4.2
of the Purchase and Sale Agreement by the Borrower, the Transferor (if applicable) or the Servicer relating to such Loan Asset (including that the Loan Asset failed to satisfy the criteria of the definition of “Eligible Loan Asset”) and
the failure of Borrower to cure such breach, or cause the same to be cured, within 10 Business Days after the earlier to occur of the Borrower’s, Seller’s or Servicer’s receipt of notice thereof from the Administrative Agent or the
Borrower’s, Seller’s or Servicer’s becoming aware thereof. 
 “Warranty Loan Asset” means a Loan Asset with
respect to which a Warranty Event has occurred. 
 “Wells Fargo” means Wells Fargo, National Association. 

“Withholding Agent” means the Borrower, the Servicer and the Administrative Agent. 

“Yield” means the sum of the following, payable on each Payment Date: 

(a) the aggregate LIBORSOFR Yield for all LIBORSOFR Advances Outstanding that (i) have an Interest Period that ends on such Payment Date and, (ii) for
any SOFR Advance that had an Interest Period that has ended after the immediately preceding Payment Date, to the extent that SOFR Yield with respect to such principal remains accrued and unpaid and (iii) for any part of the outstanding principal amount of a LIBORSOFR Advance that was prepaid on a day other than a day on which an
Interest Period for such
LIBORSOFR
 Advance ended, to the extent that LIBORSOFR Yield with respect to such prepaid principal remains accrued and
unpaid:;
 plus, 
 (b) with respect to any previously ended Remittance Period during which
any Base Rate Advances were outstanding, the sum for each day in such Remittance Period of amounts 

  
 47 

 
determined in accordance with the following formula (but only to the extent that such amounts were not previously paid to the Lenders): 

YR x L 
 D 

 

									
	
                   
                     
	 	 where:
	  	 YR
	  	=	  	 the Base Rate Yield Rate applicable on such day;

					
	 	 	 	  	L	  	=	  	the aggregate principal amount of the Base Rate Advances Outstanding on such
day; and
					
	 	 	 	  	D	  	=	  	Base Rate Yield Rate calculated pursuant to clause (a) of the definition of Base
Rate, 365 or 366, as
applicable. Base Rate Yield Rate calculated pursuant to
clause (b) and (c) of the definition of Base Rate, 360;

 provided that (i) no provision of this Agreement shall require the payment or permit the collection of Yield in
excess of the maximum permitted by Applicable Law and (ii) Yield shall not be considered paid by any distribution if at any time such distribution is later required to be rescinded by any Lender to the Borrower or any other Person for any
reason including, without limitation, such distribution becoming void or otherwise avoidable under any statutory provision or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code. 

SECTION 1.02 Other Terms. All accounting terms used but not specifically defined herein shall be construed in accordance with GAAP. All
terms used in Article 9 of the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined in such Article 9. 

SECTION 1.03 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.” 

SECTION 1.04 Interpretation. 

In each Transaction Document, unless a contrary intention appears: 

(a) the singular number includes the plural number and vice versa; 

(b) reference to any Person includes such Person’s successors and assigns but only if such successors and assigns are not prohibited by
the Transaction Documents; 
 (c) reference to any gender includes each other gender; 

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

(e) reference to any time means New York, New York time; 

(f) reference to the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”; 

  
 48 

 (g) reference to any agreement (including any Transaction Document), document or instrument
means such agreement, document or instrument as amended, modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and
reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; 

(h) reference to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part, and
in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any Applicable Law means that provision of such Applicable Law from time to time in effect and constituting the
substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; and 
 (i) for the
avoidance of doubt, on each Measurement Date, the status of each Loan Asset shall be re-determined by the Servicer as of such date and, as a consequence thereof, Loan Assets that were (i) previously
Eligible Loan Assets on a prior Measurement Date may be excluded from the Borrowing Base calculated on such Measurement Date and (ii) previously not Eligible Loan Assets on a prior Measurement Date may be included in the Borrowing Base
calculated on such Measurement Date. 
 SECTION 1.05 Nature of Obligations. The parties hereto intend the Advances made hereunder to
be a “loan” and not a “security” for purposes of Section 8-102(15) of the UCC. 

SECTION 1.06 Divisions. For all purposes under the Transaction Documents, in connection with any division or plan of division under
Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to
have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity
interests at such time. 

SECTION
1.07 Rates The Administrative Agent does not warrant or accept responsibility for, and
shall not have any liability (except as provided herein) with respect to (a) the continuation of,
administration of, submission of, calculation of or any
other matter related to the Base Rate, the Term SOFR Reference Rate or Term SOFR, or any component
definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Base Rate, the Term SOFR Reference Rate, Term SOFR or any other
Benchmark prior to its discontinuance or
unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The
Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Base Rate, the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark
Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its

  
 49 

 
reasonable discretion to ascertain Base Rate, the Term SOFR
Reference Rate, Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect,
special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such
information source or service. 
 ARTICLE II. 

THE FACILITY 
 SECTION 2.01
Variable Funding Note and Advances. 
 (a) Variable Funding Note. Upon the written request of any Lender at any time, the
Borrower shall (on the terms and subject to the conditions hereinafter set forth) deliver to such Lender, at the address set forth in Section 11.02 of this Agreement, and upon the written request of any additional Lender,
the Borrower shall deliver to such additional Lender, at the address set forth in the applicable Joinder Supplement, a duly executed variable funding note (as amended, modified, supplemented or restated from time to time, a “Variable Funding
Note”), in substantially the form of Exhibit H, in an aggregate face amount equal to the applicable Lender’s Commitment as of the date on which such Variable Funding Note is issued and otherwise duly completed. If any Variable
Funding Note is issued, interest shall accrue on such Variable Funding Note, and such Variable Funding Note shall be payable, as described herein. 

(b) Advances. On the terms and conditions hereinafter set forth, from time to time from the Closing Date until the end of the
Reinvestment Period, the Borrower may request that the Lenders make Revolving Advances secured by the Collateral Portfolio, (x) to the Borrower for the purpose of purchasing Eligible Loan Assets, (y) to the Unfunded Exposure Account in an amount up to the Unfunded Exposure Amount
or (z) to the Borrower for distributions to the Transferor in connection with prior transfers of unleveraged Eligible Loan Assets to the Borrower as capital contributions to the Borrower, including with respect to any Borrowing Base capacity
resulting from any repayment of Revolving Advances
previously made to the Borrower (so long as such distribution is permitted pursuant to Section 5.02(m) of this
Agreement). On the Eighth Amendment Date (or, solely with respect to SMBC, on the date in which SMBC, in its
capacity as a Lender, increases its Term Commitments), a portion of the Advances Outstanding shall be deemed allocated to, and outstanding under, the Term Commitment. No Term Advances shall be made after the Eighth Amendment Date (or, solely with
respect to SMBC, on the date in which SMBC, in its capacity as a Lender, increases its Term Commitments). For the avoidance of doubt, a Term Advance can constitute either a SOFR Advance or a Base Rate Advance (at the election of the
Borrower). Other than pursuant to Section 2.02(f), under no circumstances shall any Lender be required to make any Advance if after giving effect to such Advance and the
addition to the Collateral Portfolio of the Eligible Loan Assets being acquired by the Borrower using the proceeds of such Advance, (i) an Event of Default has occurred, or would result therefrom, or an Unmatured Event of Default exists or
would result therefrom or (ii) the aggregate Advances Outstanding would exceed the Borrowing Base. Notwithstanding anything to the contrary herein (including Section 2.02(f)), no Lender shall be obligated to provide
the Borrower (or to the Unfunded Exposure Account, if applicable) with aggregate funds in connection with an Advance that would 

  
 50 

 
exceed the lesser of (x) such Lender’s unused
Term Commitment or Revolving Commitment, as applicable, then in effect and (y) the
aggregate unused Term Commitments or Revolving Commitments, as applicable, then in effect. 

(c) Notations on Variable Funding Note. Each Lender is hereby authorized to enter on a schedule attached to the Variable Funding Note,
if any, with respect to such Lender a notation (which may be computer generated) with respect to each Advance under the Variable Funding Note made by such Lender of: (i) the date and principal amount thereof, and (ii) each repayment of
principal thereof, and any such recordation shall, absent manifest error, constitute prima facie evidence of the accuracy of the information so recorded. The failure of any Lender to make any such notation on the schedule attached to any Variable
Funding Note shall not limit or otherwise affect the obligation of the Borrower to repay the Advances Outstanding in accordance with their respective terms as set forth herein. 

(d) (i) So long as (x) no Event of Default has occurred (and has not been waived), or would result therefrom, (y) no Unmatured Event of Default
exists or would result therefrom and (z) no Borrowing Base Deficiency exists or would result therefrom, the Borrower (or the Servicer on the Borrower’s behalf) may, at any time (but on or prior to June 15, 2022) after the
SeventhEighth
 Amendment Date, make a request to the Administrative Agent and the Lenders to extend the date set forth in clause (i) of the definition of “Reinvestment Period” for a period of five monthsone year (or
such shorter period as determined by the Servicer and mutually agreed to by the Administrative Agent, each of the Lenders, the Borrower and the Servicer) (such extension, the “Reinvestment
Period Extension”). The effectiveness of the Reinvestment Period Extension shall be conditioned, if
applicable, upon the payment of the applicable Extension Fee to the Administrative Agent
(for the Administrative Agent’s own accountbenefit of the
Lenders that agree to the Reinvestment Period Extension), in immediately available funds
in Dollars, of any extension fee requested by the Administrative Agent and mutually agreed to by the
Borrower. For the avoidance of doubt, the Borrower agrees
that any of the Lenders or the Administrative Agent agrees that the Borrower, in
itstheir
 sole and absolute discretion, without regard to the value or
performance of the Loan Assets or any other factor, may elect
not to extend the date set forth in clause (i) of the
definition of “Reinvestment Period”. 
 (ii) So long as (x) no Event of Default has occurred (and has
not been waived), or would result therefrom, (y) no Unmatured
Event of Default exists or would result therefrom and (z) no Borrowing Base Deficiency exists or would result therefrom, the Borrower (or the Servicer on the Borrower’s behalf) may, at any time (but on or prior to June 15, 2022) after the
SeventhEighth
 Amendment Date, make a request to the Administrative Agent and the Lenders to extend the date set forth in the definition of “Stated Maturity Date” for a period of five monthsone year (or
such shorter period as determined by the Servicer and mutually agreed to by the Administrative Agent, each of the Lenders, the Borrower and the Servicer) (such extension, the “Stated
Maturity Date Extension”). The effectiveness of the Stated Maturity Date Extension shall be
conditioned, if applicable, upon the payment of the applicable Extension Fee to the Administrative Agent (for the Administrative
Agent’s own accountbenefit of the Lenders that agree to the Stated Maturity Date
Extension), in immediately available funds in Dollars, of
any extension fee requested by the Administrative Agent and agreed to by the Borrower. For the avoidance of doubt, the Borrower agrees that any of the Lenders or the Administrative

  
 51 

 
Agent 
agrees that the Borrower, in itstheir sole and absolute discretion, without regard to the value or performance of the Loan Assets or any other factor, may elect not to
extend the date set forth in the definition of “Stated Maturity Date”. 
 SECTION 2.02 Procedure for Advances. 

(a) During the Reinvestment Period, the Lenders will make
Revolving Advances on any Business Day at the request of the
Borrower, subject to and in accordance with the terms and conditions of Sections 2.01 and 2.02 and subject to the provisions of Article III
hereof. Term Advances shall be made solely on the Eighth Amendment Date (or, solely with respect to SMBC, on the
date in which SMBC, in its capacity as a Lender, increases its Term Commitments) by allocating a portion of the Advances Outstanding to the Term Commitment. For the avoidance of doubt, a Term Advance can constitute either a SOFR Advance or a Base
Rate Advance (at the election of the Borrower). 
 (b) The Borrower shall
request an Advance by delivering irrevocable written notice in the form of a Notice of Borrowing, in which the Borrower shall specify whether the Advance shall be a
LIBORSOFR Advance or a Base Rate Advance. For each LIBORSOFR Advance, the Borrower shall deliver a Notice of Borrowing to the
Administrative Agent and each Lender (with a copy to the Collateral Custodian and the Account Bank) no later than 1:00 p.m. at least three Business Days before the Business Day on which the LIBORSOFR Advance is to be made; provided that if such Notice of Borrowing is delivered later than 1:00 p.m. on such Business Day, such Notice of Borrowing shall be deemed to have been received on the following
Business Day. For each Base Rate Advance, the Borrower shall deliver an irrevocable written notice in the form of a Notice of Borrowing to the Administrative Agent and each Lender no later than 1:00 p.m. one Business Day prior to the Business Day on
which such Base Rate Advance is to be made; provided that if such Notice of Borrowing is delivered later than 1:00 p.m. on such Business Day, such Notice of Borrowing shall be deemed to have been received on the following Business Day. The
Borrower or the Servicer shall post all Loan Agreements and other loan documents and information with respect to each proposed Eligible Loan Asset, if any, to a Deal Interactive (or other replacement) website to which the Administrative Agent and
each Lender has access. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate (updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds
thereof), and shall specify: 
 (i) the aggregate amount of such Advance, which amount shall not cause the Advances
Outstanding to exceed the Borrowing Base; provided that, except with respect to an Advance pursuant to Section 2.02(f), the amount of such Advance must be at least equal to $500,000; 

(ii) the proposed Advance Date and whether such Advance will be a LIBORSOFR Advance or a Base Rate Advance; 
 (iii) a representation that all conditions
precedent for an Advance described in Article III hereof have been satisfied; 

  
 52 

 (iv) the amount of cash that will be funded by the Transferor or the
Borrower into the Unfunded Exposure Account in connection with any Revolving Loan Asset or Delayed Draw Loan Asset funded by such Advance, if applicable; and 

(v) whether such Advance (or portion thereof) should be remitted to the Advance Funding Account or the Unfunded Exposure
Account. 
 On the date of each Advance, upon satisfaction of the applicable conditions set forth in Article III, each Lender shall, in accordance
with instructions received by the Borrower, either (i) make available to the Borrower, in same day funds, an amount equal to such Lender’s Pro Rata Share of such Advance, by payment into the Advance Funding Account or (ii) remit in
same day funds an amount equal to such Lender’s Pro Rata Share of such Advance into the Unfunded Exposure Account, as applicable; provided that, with respect to an Advance funded pursuant to Section 2.02(f),
each Lender shall remit the Advance equal to such Lender’s Pro Rata Share of the Unfunded Exposure Amount Shortfall in same day funds to the Unfunded Exposure Account. 

(c) Each LIBORSOFR Advance shall bear interest at the applicable LIBORSOFR Yield Rate. The Base Rate Advances Outstanding shall bear interest at the Base Rate Yield Rate. So long as no Event of Default has occurred and is continuing, the Borrower may request that the Administrative
Agent convert any Base Rate Advance, in whole and not in part, to a
LIBORSOFR
 Advance by delivering a Conversion Notice to the Administrative Agent no later than 1:00 p.m. at least three Business Days before the Conversion Date on which such Base Rate Advance is to be converted into
a
LIBORSOFR
 Advance. 
 (d) Subject to Section 2.18 and the other terms,
conditions, provisions and limitations set forth herein (including, without limitation, the payment of the Make-Whole Premium and Breakage Fees, as applicable), the Borrower may (i) borrow, repay or prepay and reborrow Advances without any
penalty, fee or premium on and after the Closing Date and prior to the end of the Reinvestment Period and (ii) repay or prepay Advances without any penalty, fee or premium after the end of the Reinvestment Period and prior to the Facility
Maturity Date. 
 (e) A determination by SMBC of the existence of any Eurodollar Disruption
Event (any such determination to be communicated to the Borrower by written notice from the Administrative Agent promptly after the Administrative Agent learns of such event), or of the effect of any Eurodollar Disruption Event on its making or
maintaining Advances at LIBOR (or the applicable Benchmark), shall be conclusive absent demonstrable error; provided that if a Eurodollar Disruption Event has occurred the applicable Benchmark has been replaced with a Benchmark Replacement, such Eurodollar Disruption Event shall no
longer be continuing, and interest on such Advances Outstanding on and after the date of such replacement shall accrue interest at the Benchmark Replacement. 

(e)
 [Reserved].

 (f) If, on the last day of the Reinvestment Period (or no later than three Business Days after the occurrence of an Event of
Default if the Reinvestment Period ends due to the occurrence of an Event of Default), the amount on deposit in the Unfunded Exposure Account is less than the aggregate Unfunded Exposure Amount, the Borrower shall request an Advance in the

  
 53 

 
amount of such shortfall after taking into account the amounts required to be deposited into the Unfunded Exposure Account in accordance with clause (iii) below (the “Unfunded
Exposure Amount Shortfall”). Following receipt of a Notice of Borrowing (as described in clause (ii) below), each Lender shall fund such Unfunded Exposure Amount Shortfall in accordance with
Section 2.02(b), notwithstanding anything to the contrary herein (including, without limitation, (a) the Borrower’s failure to satisfy any of the conditions precedent set forth in
Section 3.02, (b) the occurrence of an Event of Default or (c) the existence of (x) an Unmatured Event of Default or (y) a Borrowing Base Deficiency); provided that: 

(i) each Lender may fund such Unfunded Exposure Amount Shortfall in its sole discretion to the extent that doing so would cause
such Lender to make an Advance that would result in the aggregate outstanding principal amount of such Lender’s Advances to exceed such Lender’s
Pro Rata Share of its Revolving Commitment or Term Commitment;

 (ii) the Borrower shall have caused a properly completed Notice of Borrowing (which shall specify the account
details of the Unfunded Exposure Account where the funds will be made available) to be delivered to the Administrative Agent (with a copy to the Lenders) on a timely basis; and 

(iii) to the extent the Reinvestment Period has ended due to the occurrence of an Event of Default, each Lender shall have a
funding obligation with respect to the Unfunded Exposure Amount Shortfall under this Section 2.02(f) solely to the extent that (A) the Borrower shall have, prior to the applicable Advance Date, deposited an amount not
less than the Unfunded Exposure Equity Amount in the Unfunded Exposure Account pursuant to Section 2.04(a)(viii) or by an equity contribution by (x) prior to the consummation of a Permitted BDC Merger, CCT, and
(y) on or after the consummation of each Permitted BDC Merger, the applicable Permitted BDC, or by any combination of those two methods and (B) such funds, as of such Advance Date, remain on deposit in the Unfunded Exposure Account. 

For the avoidance of doubt, the Borrower shall not be required to fund the Unfunded Exposure Account unless and until the occurrence of an Event of Default or
the last day of the Reinvestment Period or as required to prevent the occurrence of a Borrowing Base Deficiency. For the further avoidance of doubt, any obligation of a Lender to make an Advance pursuant to this
Section 2.02(f) shall be without prejudice to the obligation of the Borrower to cure any Borrowing Base Deficiency that exists prior to such Advance or results therefrom. 

(g) The obligation of each Lender to remit its Pro Rata Share of any Advance shall be several from that of each other Lender and the failure
of any Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder. 
 SECTION
2.03 Determination of Yield. Each Lender shall determine the Yield for its portion of the Advances Outstanding (including unpaid Yield related thereto, if any, due and payable on a prior Payment Date) to be paid by the Borrower on each
Payment Date and shall advise the Servicer thereof on or prior to 10:00a.m. on the third Business Day prior to such Payment Date. 

  
 54 

 SECTION 2.04 Remittance Procedures. By delivery of a Servicing Report on a Reporting
Date, the Servicer, as agent for the Administrative Agent and the Lenders, shall, and if the Servicer fails to do so, the Administrative Agent may instruct the Account Bank to, apply funds on deposit in the Controlled Accounts on the related Payment
Date as described in this Section 2.04; provided that at any time after delivery of Notice of Exclusive Control that has not been rescinded, the Administrative Agent shall instruct the Collateral Agent (who shall
instruct the Account Bank) to apply funds on deposit in the Controlled Accounts as described in this Section 2.04. 
 (a) Interest
and Principal Payments During Reinvestment Period and Absent a Sequential Pay Event. On each Payment Date during the Reinvestment Period, so long as no Sequential Pay Event has occurred and is continuing, the Servicer shall transfer (or instruct
the Account Bank to transfer) Interest Collections and Principal Collections held by the Account Bank in the Collection Account as of the Payment Date Cut-Off, in accordance with the Servicing Report, to the
following Persons in the following amounts and priority: 
 (i) to any applicable Governmental Authority, any Tax or
withholding for or on account of any Tax which could result in a Lien on any of the Collateral Portfolio; 
 (ii) pari
passu to (a) the Collateral Agent, in payment in full of the Collateral Agent Fee with respect to such Payment Date (along with any unpaid Collateral Agent Fee with respect to any previous Payment Date) and all accrued and unpaid Collateral
Agent Expenses and (b) the Collateral Custodian and the Account Bank in payment in full of the Collateral Custodian and Account Bank Fees with respect to such Payment Date (along with any unpaid Collateral Custodian and Account Bank Fees with
respect to any previous Payment Date) and all accrued and unpaid Collateral Custodian and Account Bank Expenses; provided that, so long as no Event of Default has occurred and is continuing, (i) amounts payable to the Collateral Agent
for the Collateral Agent Expenses pursuant to the foregoing shall not exceed $60,000 for any 12-month period and (ii) amounts payable to the Collateral Custodian and Account Bank pursuant to the foregoing
clause (b) shall not exceed $75,000 for any 12-month period (other than indemnity amounts payable by the Borrower to the Collateral Custodian and Account Bank under the Transaction Documents, which
amounts shall not be subject to such cap); 
 (iii) to the Servicer, in payment in full of all accrued and unpaid expenses;
provided that amounts payable to the Servicer pursuant to the foregoing shall not exceed $25,000 for any three-month period; 

(iv) to the Servicer, in payment in full of the Servicing Fees with respect to such Payment Date (along with any unpaid
Servicing Fees with respect to any previous Payment Date); 
 (v) to the Administrative Agent, all accrued and unpaid fees, out-of-pocket expenses (including reasonable and reasonably documented out-of-pocket outside
attorneys’ fees, costs and expenses), indemnity amounts, amounts owed pursuant to Erroneous Payment Subrogation Rights and any other administrative expenses and amounts payable by the Borrower to the Administrative Agent under the Transaction
Documents; 

  
 55 

 (vi) pro rata, in accordance with the amounts due under this clause,
to each Lender (A) all Yield payable on such Payment Date and (B) the Non-Usage Fee to the extent that such Non-Usage Fee is accrued and unpaid as of the last
day of the related Remittance Period; 
 (vii) pro rata, to each Lender, all accrued and unpaid fees (including
Breakage Fees), out-of-pocket expenses (including reasonable and reasonably documented
out-of-pocket outside attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to any Lender under the Transaction Documents; 

(viii) to pay the Advances Outstanding to the extent required to satisfy any
outstanding Borrowing Base Deficiency or to avoid a Borrowing Base Deficiency (on a pro forma basis after giving effect to the payment to be made on such Payment Date) from arising; 

(viii)
 (A) prior to the end of the Reinvestment Period, first, to pay the Advances Outstanding up to the amount
required to eliminate any outstanding Borrowing Base Deficiency or to avoid a Borrowing Base Deficiency with such repayment to be applied, first, to the Revolving Advances Outstanding (applied on a pro rata basis for all such Revolving Advances),
until paid in full, and then second, at the discretion of the Servicer, either (I) to pay the Term Advances Outstanding (applied on a pro rata basis for all such Term Advances) or (II) to be transferred to the Principal Collection Account
(to remain in the Principal Collection Account (and not be used pursuant to clauses (ix) through (xii) below) until the next Payment Date) to the extent required to eliminate any outstanding Borrowing Base Deficiency or to avoid a Borrowing
Base Deficiency and (B) after the end of the Reinvestment Period, first, to pay the Advances Outstanding up to the amount required to eliminate any outstanding Borrowing Base Deficiency to avoid a Borrowing Base Deficiency with such repayment
to be applied on a pro rata basis for all Advances Outstanding, without priority for Revolving Advances or Term Advances Outstanding; 

(ix) at the discretion of the Servicer, to the Unfunded Exposure Account up to an amount necessary to cause the amount on
deposit in the Unfunded Exposure Account to equal the Unfunded Exposure Equity Amount; 
 (x) first to (a) the
Collateral Custodian and the Account Bank, in payment in full of all accrued and unpaid Collateral Custodian and Account Bank Expenses, and second to (b) the Collateral Agent, in payment in full of all accrued and unpaid Collateral Agent
Expenses, each to the extent not paid pursuant to Section 2.04(b)(ii); 
 (xi) to the Servicer, in
payment in full of any expenses not reimbursed pursuant to Section 2.04(a)(iii); and 
 (xii) to
the Borrower, any remaining amounts. 

  
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 (b) Payment Date Transfers After the Reinvestment Period or Following the Occurrence of a
Sequential Pay Event. On each Payment Date after the expiration of the Reinvestment Period, or if a Sequential Pay Event has occurred and is continuing, the Servicer shall transfer collected funds held by the Account Bank in the Collection
Account as of the Payment Date Cut-Off, in accordance with the Servicing Report, to the following Persons in the following amounts and priority: 

(i) to any applicable Governmental Authority, any Tax or withholding for or on account of any Tax which could result in a Lien
on any of the Collateral Portfolio; 
 (ii) pari passu to (a) the Collateral Agent, in payment in full of the
Collateral Agent Fee with respect to such Payment Date (along with any unpaid Collateral Agent Fee with respect to any previous Payment Date) and all accrued and unpaid Collateral Agent Expenses and (b) the Collateral Custodian and the Account
Bank in payment in full of the Collateral Custodian and Account Bank Fees with respect to such Payment Date (along with any unpaid Collateral Custodian and Account Bank Fees with respect to any previous Payment Date) and all accrued and unpaid
Collateral Custodian and Account Bank Expenses; provided that, so long as no Event of Default has occurred and is continuing, (i) amounts payable to the Collateral Agent for the Collateral Agent Expenses pursuant to the foregoing shall
not exceed $60,000 for any 12-month period and (ii) amounts payable to the Collateral Custodian and Account Bank pursuant to the foregoing clause (b) shall not exceed $75,000 for any 12-month period (other than indemnity amounts payable by the Borrower to the Collateral Custodian and Account Bank under the Transaction Documents, which amounts shall not be subject to such cap); 

(iii) to the Servicer, in payment in full of all accrued and unpaid expenses; provided that amounts payable to the
Servicer pursuant to the foregoing shall not exceed $25,000 for any three-month period; 
 (iv) to the Servicer, in payment
in full of the Servicing Fees with respect to such Payment Date (along with any unpaid Servicing Fees with respect to any previous Payment Date); 

(v) to the Administrative Agent, all accrued and unpaid fees,
out-of-pocket expenses (including reasonable and reasonably documented out-of-pocket
outside attorneys’ fees, costs and expenses), indemnity amounts, amounts owed pursuant to Erroneous Payment Subrogation Rights and any other administrative expenses and amounts (to the extent not previously paid in accordance with
Section 8.01(b)) payable by the Borrower to the Administrative Agent under the Transaction Documents; 

(vi) pro rata, in accordance with the amounts due under this clause, to each Lender (A) all Yield payable on such
Payment Date and (B) the Non-Usage Fee to the extent that such Non-Usage Fee is accrued and unpaid as of the last day of the related Remittance Period; 

(vii) pro rata, to each Lender, all accrued and unpaid fees (including Breakage Fees), out-of-pocket expenses (including reasonable and reasonably documented out-of-pocket outside attorneys’ fees, costs and
expenses) and indemnity amounts payable by the Borrower to any Lender under the Transaction Documents; 

  
 57 

 (viii) to the Unfunded Exposure Account in an amount necessary to cause the
amount on deposit in the Unfunded Exposure Account to equal the Unfunded Exposure Amount; 
 (ix) prior to the occurrence of
a Sequential Pay Event, first, pro rata to each Lender, the
Lender Allocation Percentage of the amount available under this clause (ix) 
 to pay the Advances Outstanding (applied on a pro rata basis for all Advances Outstanding, without priority for Revolving Advances Outstanding or Term
Advances Outstanding), including any applicable Make-Whole Premium, until paid in full; 

(x) after the occurrence of a Sequential Pay Event, pro rata to each Lender, to pay the Advances Outstanding (applied on a pro rata basis for all Advances Outstanding, without priority for Revolving Advances Outstanding or Term
Advances Outstanding), including any applicable Make-Whole Premium, until paid in full; 

(xi) first to (a) the Collateral Custodian and the Account Bank, in payment in full of all accrued and unpaid
Collateral Custodian and Account Bank Expenses, and second to (b) the Collateral Agent, in payment in full of all accrued and unpaid Collateral Agent Expenses, each to the extent not paid pursuant to
Section 2.04(b)(ii); 
 (xii) to the Servicer, in payment in full of any expenses not reimbursed
pursuant to Section 2.04(b)(iii) and 
 (xiii) to the Borrower, any remaining amounts. 

(c) Unfunded Exposure Account. On or prior to the last day of the Reinvestment Period, the Borrower shall fund an amount equal to the
Unfunded Exposure Amount into the Unfunded Exposure Account. During the Reinvestment Period, no amounts shall be required to be deposited into the Unfunded Exposure Account (other than pursuant to Section 2.02(f) or
Section 2.06(a)). Funds on deposit in the Unfunded Exposure Account as of any date of determination may be withdrawn to fund draw requests of the relevant Obligors under any Revolving Loan Asset or Delayed Draw Loan Asset;
provided that, until an Event of Default has occurred, the amount withdrawn to fund such draw request shall not create any Borrowing Base Deficiency. Any such draw request made by an Obligor, along with wiring instructions for the applicable
Obligor, shall be forwarded by the Servicer (on behalf of the Borrower) to the Account Bank (with a copy to the Administrative Agent, the Collateral Agent and each Lender) in the form of a Disbursement Request, and the Servicer (on behalf of the
Borrower) shall instruct the Account Bank to fund such draw request in accordance with the Disbursement Request; provided that at any time after delivery of Notice of Exclusive Control, the Collateral Agent shall so instruct the Account Bank.
At any time, the Servicer (or, after delivery of a Notice of Exclusive Control, the Collateral Agent acting at the direction of the Administrative Agent) may cause any amounts on deposit in the Unfunded Exposure Account which exceed the Unfunded
Exposure Amount as of any date of determination to be deposited into the Principal Collection Account as Principal Collections. 

  
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 (d) Insufficiency of Funds. The parties hereby agree that, subject to this
Section 2.04, if the funds on deposit in the Collection Account are insufficient to pay any amounts due and payable on a Payment Date, the Borrower shall nevertheless remain responsible for, and shall pay on each succeeding
Payment Date until paid in full all amounts payable under this Agreement and the other Transaction Documents in accordance with the terms of this Agreement and the other Transaction Documents. For the avoidance of doubt, notwithstanding anything to
the contrary contained herein, any failure by the Borrower to pay any amount payable under any Transaction Document on the date such payment is due according to such Transaction Document shall, if not cured within any applicable grace period,
constitute an Event of Default notwithstanding that at the time such payment is due and during any applicable grace period Available Collections are insufficient for the Borrower to make such payment. 

SECTION 2.05 Instructions to the Collateral Agent. To the extent permitted by Applicable Law, the Administrative Agent shall promptly
transmit to the Servicer and the Borrower by telecopy or e-mail a copy of all instructions and directions given to the Collateral Agent or the Account Bank by the Administrative Agent, pursuant to
Section 2.04. If either the Administrative Agent or Collateral Agent disagrees with the computation of any amounts to be paid or deposited by the Borrower or the Servicer under Section 2.04 or
otherwise pursuant to this Agreement, or upon their respective instructions, it shall so notify the Borrower, the Servicer and the Collateral Agent in writing and in reasonable detail to identify the specific disagreement. If such disagreement
cannot be resolved within two Business Days, the determination of the Administrative Agent as to such amounts shall be conclusive and binding on the parties hereto absent manifest error. In the event the Collateral Agent or the Account Bank receives
instructions from the Servicer or the Borrower which conflict with any instructions received by the Administrative Agent, the Collateral Agent or the Account Bank, as applicable, shall rely on and follow the instructions given by the Administrative
Agent. 
  

	 	SECTION	 2.06 Borrowing Base Deficiency Payments. 

(a) In addition to any other obligation of the Borrower to cure any Borrowing Base Deficiency pursuant to the terms of this Agreement, if, on
any day prior to the Collection Date, any Borrowing Base Deficiency exists, then the Borrower shall, within 12 Business Days from the earlier of (x) the date of the Borrower acquiring knowledge of such Borrowing Base Deficiency and (y) the
date of the Borrower receives written notice of such Borrowing Base Deficiency from the Administrative Agent, eliminate such Borrowing Base Deficiency in its entirety by effecting one or more (or any combination thereof) of the following actions in
order to eliminate such Borrowing Base Deficiency as of such date of determination: (i) deposit cash in Dollars into the Principal Collection Account and/or the Unfunded Exposure Account in the amount necessary to eliminate such Borrowing Base
Deficiency, (ii) repay Advances Outstanding (together with any Breakage Fees and all accrued and unpaid costs and expenses of the Administrative Agent and the Lenders, in each case in respect of the amount so prepaid) in the amount necessary to
eliminate such Borrowing Base Deficiency, with such repayment to be applied on a pro rata basis first to the Revolving
Advances, until paid in full, and then the Term Advances, and/or (iii) subject to the approval of the Administrative Agent, in its sole discretion,

  
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Pledge additional Eligible Loan Assets in the amount necessary to eliminate such Borrowing Base Deficiency. If the Administrative Agent does not reply to a request by the Borrower within any time
period provided for such a reply pursuant to this Section 2.06(a) and does not inform the Borrower that the Administrative Agent is extending the period for such a reply, such failure to reply shall constitute a denial of
such request. 
 (b) No later than 2:00 p.m. on the Business Day prior to the proposed repayment of Advances Outstanding or Pledge of
additional Eligible Loan Assets pursuant to Section 2.06(a), (unless waived by the Administrative Agent), the Borrower (or the Servicer on its behalf) shall deliver (i) to the Administrative Agent (with a copy to the
Collateral Agent and the Collateral Custodian), notice of such repayment or Pledge and a duly completed Borrowing Base Certificate, updated to the date such repayment or Pledge is being made and giving pro forma effect to such repayment or Pledge,
and (ii) to the Administrative Agent, if applicable, a description of any Eligible Loan Asset and each Obligor of such Eligible Loan Asset to be Pledged and added to the updated Loan Asset Schedule. Any notice pertaining to any repayment or any
Pledge pursuant to this Section 2.06 shall be irrevocable. 
 SECTION 2.07 Substitution and Sale of Loan
Assets; Affiliate Transactions. 
 (a) Substitutions. The Borrower may, with the consent of the Administrative Agent in its sole
discretion, replace any Loan Asset (including, without limitation, any Defaulted Loan Assets) with an Eligible Loan Asset so long as (i) no event has occurred, or would result from such substitution, which constitutes an Event of Default an
Unmatured Event of Default or a Borrowing Base Deficiency provided that a Borrowing Base Deficiency (and any Unmatured Event of Default arising therefrom) shall not impair the right of the Borrower to effect an otherwise permitted
substitution as necessary to facilitate a cure of such Borrowing Base Deficiency (and any Unmatured Event of Default arising therefrom) so long as immediately after giving effect to such substitution and any other sale or transfer substantially
contemporaneous therewith, such Borrowing Base Deficiency shall be cured or if not cured, reduced and (ii) simultaneously therewith, the Borrower Pledges (in accordance with all of the terms and provisions contained herein) a Substitute
Eligible Loan Asset. 
 (b) Discretionary Sales. The Borrower shall be permitted to sell Loan Assets to Persons other than the
Transferor or its Affiliates (which, for the avoidance of doubt, shall be permitted in accordance with Section 2.06(e)) from time to time; provided that (A) the proceeds of such sale shall be deposited into the Collection Account to
be disbursed in accordance with Section 2.04 hereof or reinvested, prior to the end of the Reinvestment Period, in additional Eligible Loan Assets in accordance with (and to the extent permitted under) Section 2.21
hereof, (B) no Event of Default has occurred or would result from such sale, and no Unmatured Event of Default or a Borrowing Base Deficiency exists or would result from such sale; and (C) the prior written consent of the Administrative
Agent (in its sole discretion) shall be required if: 
 (i) the proceeds of the sale of such Loan Asset will be less than the
Adjusted Borrowing Value of such Loan Asset; 
 (ii) after giving effect to such sale and all other sales, substitutions or
releases of Loan Assets (other than Warranty Loan Assets) pursuant to Sections 2.07(a),  

  
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2.07(b), 2.07(e) or 2.07(g) during the previous 12-month period (or, at any time prior to the first 12 months following the Closing
Date, such shorter period), the Outstanding Balance of all Loan Assets disposed pursuant to such sales, substitutions or releases will exceed 30% of the highest aggregate Outstanding Balance of all Loan Assets at any time during such period; or 

(iii) at any time from and after the end of the Reinvestment Period, the proceeds of the sale of such Loan Asset will be equal
to or greater than the Adjusted Borrowing Value of such Loan Asset immediately after the sale of such Loan Asset and 
 a.
the Collateral Portfolio will include fewer than seven Loan Assets, or 
 b. the aggregate Adjusted Borrowing Value of all
the Loan Assets will be less than $70,000,000. 
 (c) Repurchase or Substitution of Warranty Loan Assets. If on any day a Loan Asset
is (or becomes) a Warranty Loan Asset, no later than 10 Business Days following the earlier of knowledge by the Borrower, the Servicer or the Transferor (if applicable) of such Loan Asset becoming a Warranty Loan Asset or receipt by the Borrower
from the Administrative Agent of written notice thereof, the Borrower shall either: 
 (i) make a deposit to the Collection
Account (as Principal Collections for allocation pursuant to Section 2.04) in immediately available funds in an amount equal to the sum of (x) the initial Assigned Value with respect to such Loan Asset multiplied by
the Outstanding Balance of such Loan Asset and (y) any expenses or fees with respect to such Loan Asset and costs and damages incurred by the Administrative Agent or by any Lender in connection with any violation by such Loan Asset of any
predatory or abusive lending law which is an Applicable Law (a notification regarding the amount of such expenses or fees to be provided by the Administrative Agent to the Borrower); provided that the Administrative Agent shall have the right
to determine whether the amount so deposited is sufficient to satisfy the foregoing requirements; or 
 (ii) with the prior
written consent of the Administrative Agent, in its sole discretion, substitute a Substitute Eligible Loan Asset for such Warranty Loan Asset. 

Upon confirmation of the deposit of the amounts set forth in Section 2.07(c)(i) into the Collection Account or the
delivery by the Borrower of a Substitute Eligible Loan Asset for each Warranty Loan Asset (the date of such confirmation or delivery, the “Release Date”), such Warranty Loan Asset and related Portfolio Assets shall be removed
from the Collateral Portfolio and, as applicable, the Substitute Eligible Loan Asset and related Portfolio Assets shall be included in the Collateral Portfolio. On the Release Date of each Warranty Loan Asset, the Collateral Agent, for the benefit
of the Secured Parties, shall automatically and without further action be deemed to release to the Borrower, without recourse, representation or warranty, all the right, title and interest and any Lien of the Collateral Agent, for the benefit of the
Secured Parties in, to and under the Warranty Loan Asset and any related Portfolio Assets and all future monies due or to become due with respect thereto. 

  
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 (d) Conditions to Sales, Substitutions and Repurchases. Any sales,
substitutions or repurchases effected pursuant to Sections 2.07(a), (b), or (c) shall be subject to the satisfaction of the following conditions (as certified in writing to the Administrative Agent and Collateral Agent by
the Borrower): 
 (i) the Borrower shall deliver a Borrowing Base Certificate to the Administrative Agent in connection with
such sale, substitution or repurchase; 
 (ii) the Borrower shall deliver a list of all Loan Assets to be sold, substituted
or repurchased; 
 (iii) the Loan Assets were selected for sale, repurchase or substitution in a manner consistent with and
pursuant to the Investment Policies in effect as of the date of such selection; 
 (iv) the Borrower shall give one Business
Day’s notice of such sale, substitution or repurchase; 
 (v) the Borrower shall notify the Administrative Agent of any
amount to be deposited into the Collection Account in connection with any sale, substitution or repurchase; 
 (vi) the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 hereof shall continue to be correct in all material respects (or if such representation and warranty is already qualified by the words
“material”, “materially” or “Material Adverse Effect”, then such representation and warranty shall be true and correct in all respects), except to the extent relating to an earlier date; 

(vii) any repayment of Advances Outstanding in connection with any sale, substitution or repurchase of Loan Assets hereunder
shall comply with the requirements set forth in Section 2.18; and 
 (viii) the Borrower and the
Servicer (on behalf of the Borrower) shall agree to pay the reasonable and reasonably documented outside legal fees and expenses of the Administrative Agent, each Lender, Collateral Agent and the Collateral Custodian in connection with any such
sale, substitution or repurchase (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent on behalf of the Secured Parties and any other party having an interest in the Loan Asset in
connection with such sale, substitution or repurchase). 
 (e) Affiliate Transactions. Notwithstanding anything to the contrary set
forth herein or in any other Transaction Document, the Transferor shall not reacquire and no Affiliate of the Transferor shall acquire from the Borrower and the Borrower shall not transfer to the Transferor or to Affiliates of the Transferor, and
none of the Transferor nor any Affiliates thereof shall have a right or ability to purchase, the Loan Assets other than transfers that (i) are permitted by Section 2.07(f) of this Agreement, and (ii) are made on
an arms’ length basis and for fair market value; provided that (x) the proceeds of such sale shall be deposited into the Collection Account to be disbursed in accordance with Section 2.04 hereof,
(y) no Event of Default has occurred and 

  
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is continuing or would result from such sale and no Unmatured Event of Default or a Borrowing Base Deficiency exists or would result from such sale; and (z) the Administrative Agent shall
provide prior written consent to such sale. 
 (f) Limitations on Sales and Substitutions. (i) The Outstanding Balance of all
Loan Assets (other than Warranty Loan Assets) substituted with Eligible Loan Assets from the Transferor or any Affiliate pursuant to Section 2.07(a), sold pursuant to Sections 2.07(e) or released pursuant to a Lien
Release Dividend during the term of this Agreement shall not exceed 20% of the highest aggregate Outstanding Balance of all Loan Assets at any time during the previous 12-month period, and (ii) the
Outstanding Balance of all Defaulted Loan Assets (other than Warranty Loan Assets) substituted with Eligible Loan Assets from the Transferor or any Affiliate pursuant to Section 2.07(a), sold pursuant to
Section 2.07(e) or released pursuant to a Lien Release Dividend during the term of this Agreement shall not exceed 10% of the highest aggregate Outstanding Balance of all Loan Assets at any time during the previous 12-month period. Notwithstanding the foregoing, the Borrower shall be permitted to sell Loan Assets that are not Eligible Loan Assets; provided that, after the occurrence and during the continuance of an
Event of Default, the prior written consent of the Administrative Agent shall be required for any such sale. 
 (g) Lien Release
Dividend. Notwithstanding any provision contained in this Agreement to the contrary, provided no Event of Default has occurred and no Unmatured Event of Default exists, on a Lien Release Dividend Date, the Borrower may dividend to the Transferor
any Loan Assets that were sold by the Transferor to the Borrower, or portions thereof (each, a “Lien Release Dividend”), subject to the following terms and conditions, as certified by the Borrower and the Transferor to the
Administrative Agent (with a copy to the Collateral Agent and the Collateral Custodian): 
 (i) The Borrower and the
Transferor shall have given the Administrative Agent, with a copy to the Collateral Agent and the Collateral Custodian, at least five Business Days prior written notice requesting that the Administrative Agent consent to the effectuation of a Lien
Release Dividend, in the form of Exhibit I hereto and which shall contain a list specifying all Loan Assets or portions thereof to be transferred (a “Notice and Request for Consent”), which consent shall be given in the sole
and absolute discretion of the Administrative Agent; provided that the Administrative Agent will endeavor to promptly respond to the Notice and Request for Consent but if the Administrative Agent shall not have responded to the Notice and
Request for Consent by 11:00 a.m. on the day that is one Business Day prior to the proposed Lien Release Dividend Date, the Administrative Agent shall be deemed not to have given its consent; 

(ii) On any Lien Release Dividend Date, no more than four Lien Release Dividends shall have been made during the 12-month period immediately preceding the proposed Lien Release Dividend Date; 
 (iii)
After giving effect to the Lien Release Dividend on the Lien Release Dividend Date, (A) no Borrowing Base Deficiency, Event of Default or Unmatured Event of Default shall exist, (B) the representations and warranties contained in
Sections 4.01, 4.02 and 4.03 hereof shall continue to be correct in all material respects, except to the extent 

  
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relating to an earlier date, (C) the eligibility of any Loan Asset remaining as part of the Collateral Portfolio after the Lien Release Dividend will be redetermined as of the Lien Release
Dividend Date, (D) no claim shall have been asserted or proceeding commenced challenging the enforceability or validity of any of the Required Loan Documents and (E) there shall have been no Material Adverse Effect with respect to the
Servicer or the Borrower; 
 (iv) Such Lien Release Dividend must be in compliance with Applicable Law and may not
(A) be made with the intent to hinder, delay or defraud any creditor of the Borrower or (B) leave the Borrower, immediately after giving effect to the Lien Release Dividend, not Solvent; 

(v) On or prior to the Lien Release Dividend Date, the Borrower shall have obtained all authorizations, consents and approvals
required to effectuate the Lien Release Dividend; 
 (vi) If a portion of a Loan Asset is being transferred pursuant to such
Lien Release Dividend, (A) such transfer shall not have an adverse effect on the portion of such Loan Asset remaining as a part of the Collateral Portfolio, any other aspect of the Collateral Portfolio, the Lenders, the Administrative Agent or
any other Secured Party and (B) a new promissory note (other than with respect to a Noteless Loan Asset) for the portion of the Loan Asset remaining as a part of the Collateral Portfolio shall have been executed, and the original thereof has
been endorsed to the Collateral Agent and delivered to the Collateral Custodian; 
 (vii) Each Loan Asset, or portion
thereof, as applicable, shall be transferred at a value equal to the Outstanding Balance thereof, exclusive of any accrued and unpaid interest or PIK Interest thereon; 

(viii) The Borrower shall deliver a Borrowing Base Certificate (including a calculation of the Borrowing Base after giving
effect to such Lien Release Dividend) to the Administrative Agent; 
 (ix) The Borrower shall have paid in full an aggregate
amount equal to the sum of all amounts due and owing to the Administrative Agent, the Lenders, the Collateral Agent or the Collateral Custodian, as applicable, under this Agreement and the other Transaction Documents, if any, to the extent accrued
to such date (including, without limitation, Breakage Fees) with respect to the Loan Assets to be transferred pursuant to such Lien Release Dividend and incurred in connection with the transfer of such Loan Assets pursuant to such Lien Release
Dividend; and 
 (x) The Borrower and the Servicer (on behalf of the Borrower) shall pay the reasonable and reasonably
documented outside legal fees and expenses of the Administrative Agent, the Lenders, the Collateral Agent and the Collateral Custodian in connection with any Lien Release Dividend (including, but not limited to, expenses incurred in connection with
the release of the Lien of the Collateral Agent, on behalf of the Secured Parties, and any other party having an interest in the Loan Assets in connection with such Lien Release Dividend). 

  
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 SECTION 2.08 Payments and Computations, Etc. 

(a) All amounts to be paid or deposited by the Borrower or the Servicer hereunder shall be paid or deposited in accordance with the terms
hereof no later than 5:00 p.m. on the day when due in Dollars in immediately available funds to the Collection Account or such other account as is designated by the Administrative Agent. The Borrower or the Servicer, as applicable, shall, to the
extent permitted by law, pay to the Secured Parties interest on all amounts not paid or deposited when due to any of the Secured Parties hereunder at 2.0% per annum above the Base Rate (other than with respect to any Advances Outstanding, which
shall accrue at the
LIBORSOFR Yield Rate or Base Rate Yield Rate, as applicable), payable on demand, from the date of such nonpayment until such amount is paid in full (as well after as before judgment); provided that such interest
rate shall not at any time exceed the maximum rate permitted by Applicable Law. Any Obligation hereunder shall not be reduced by any distribution of any portion of Available Collections if at any time such distribution is rescinded or required to be
returned by any Lender to the Borrower or any other Person for any reason. Each LIBORSOFR Advance shall accrue interest at the applicable LIBORSOFR Yield Rate for such
LIBORSOFR
 Advance during each applicable Interest Period. All computations of interest and all computations with respect to the Yield, the LIBORSOFR Yield and the
LIBORSOFR
 Yield Rate with respect to LIBORSOFR Advances shall be computed on the basis of a year of 360 days for
the actual number of days elapsed, other than calculations with respect to the Base Rate, which shall be based on a year consisting of 365 or 366 days, as applicable. Payments of Yield with respect to each LIBORSOFR Advance shall be payable on each Payment Date on which an Interest Period for such LIBORSOFR Advance ends. Each Base Rate Advance shall accrue interest at the
Base Rate Yield Rate for each day beginning on, and including, the Advance Date with respect to such Base Rate Advance and ending on, but excluding, the Conversion Date for such Base Rate Advance or the date such Base Rate Advance is repaid in full.
All computations of interest and all computations with respect to the Yield and Base Rate Yield Rate with respect to Base Rate Advances shall be computed on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days
elapsed. With respect to any calendar month in which a Payment Date occurs, any Yield that accrues with respect to any Base Rate Advance during the period that commences and on and includes the first day of such calendar month and ends on and
includes the Payment Date Cut-Off in such calendar month shall be payable on the Payment Date that occurs in such calendar month. Any Yield with respect to any Base Rate Advance that accrues in such calendar
month after the Payment Date Cut-Off in such calendar month shall be payable on the Payment Date next following the Payment Date that occurs in such calendar month. 

(b) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be due on the next
succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of Yield or any fee payable hereunder, as the case may be. 

(c) If any Advance requested by the Borrower and approved by the Lenders and the Administrative Agent pursuant to
Section 2.02 is not for any reason whatsoever, except as a result of the gross negligence or willful misconduct of, or failure to fund such Advance on the 

  
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part of, the Lenders, the Administrative Agent or an Affiliate thereof, made or effectuated, as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against
any loss, cost or expense incurred by such Lender related thereto (other than any such loss, cost or expense solely due to the gross negligence or willful misconduct or failure to fund such Advance on the part of the Lenders, the Administrative
Agent or an Affiliate thereof), including, without limitation, any loss (including cost of funds and reasonable out-of-pocket expenses), cost or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund Advances or maintain the Advances Outstanding. Any such Lender shall provide to the Borrower documentation setting forth the amounts of any loss,
cost or expense referred to in the previous sentence, such documentation to be conclusive absent manifest error. 
 (d) Unless sooner
prepaid pursuant to the terms hereof, the Advances Outstanding shall be repaid in full on the Facility Maturity Date or on such later date as is agreed to in writing by the Borrower, the Servicer, the Administrative Agent, the Collateral Agent and
the Lenders. 

(e)
 In connection with the use or administration of Term SOFR, the
Administrative Agent (in consultations with the Borrower) will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such
Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of
any Conforming Changes in connection with the use or administration of Term SOFR. 

SECTION 2.09 Fees. The Borrower shall pay the Lenders (either directly or through the Administrative Agent) the Fees in the amounts and
on the dates set forth in the Lender Fee Letter. 
  

	 	SECTION	 2.10 Increased Costs; Capital Adequacy. 

(a) If, due to either (i) the introduction of or any change following the date hereofClosing
Date (including, without limitation, any change by way of imposition or increase of reserve
(including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the
maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D)) or liquidity requirements) in or in the interpretation, administration or application following the date
hereofClosing Date of any Applicable Law
(including, without limitation, any law or regulation resulting in any payments paid to any Lender under this Agreementloans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or
capital attributable thereto of any Lender being subject to any Tax, except for
(I) Taxes on the overall net income of such
Lender)described in clauses (ii) through (iv) of the definition of Excluded Taxes,
(II) Connection Income Taxes and (III) indemnified taxes paid under Section 2.11, in each case whether foreign or domestic or (ii) the compliance with any guideline or request
following the date
hereofClosing Date from any central bank or other
Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to the Administrative Agent, any Lender or, any 

  
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Affiliate,
 participant, successor or assign thereof (of any Lender, or
sub-agent of the Administrative Agent (each of which shall be an “Affected Party”) of agreeing to make or making, funding or maintaining any Advance (or any reduction of the
amount of any payment (whether of principal, interest, fee, compensation or otherwise) to any Affected Party hereunder), as the case may be, or there shall be any reduction in the amount of any sum received or receivable by an Affected Party under
this Agreement or under, any other Transaction Document, the Borrower shall, from time to time, after
writtenthen on the Payment Date following demand
by the Administrative
Agentsuch Affected Party (which demand shall be
accompanied by a statement setting forth in reasonable detail the basis for such demand), on behalf ofthe Borrower shall pay directly to such Affected Party, pay to the Administrative Agent, on behalf of such Affected Party, such additional amounts sufficient to compensate such Affected Party for
such increased costs or reduced payments within 10 days after such demand; provided, that the amounts payable under this Section 2.10 shall be without duplication of amounts payable under Section 2.11 and shall not include any Excluded Taxes. 
 (b) If either (i) the introduction of or any change following the date hereof in or in
the interpretation, administration or application following the date hereof of any law, guideline, rule or regulation, directive or request or (ii) the compliance by any Affected Party with any law, guideline, rule, regulation, directive or
request following the date hereof, from any central bank, any Governmental Authority or agency, including, without limitation, compliance by an Affected Party with any request or directive regarding capital adequacy, has or would have the effect of
reducing the rate of return on the capital of any Affected Party, as a consequence of its obligations hereunder or any related document or arising in connection herewith or therewith to a level below that which any such Affected Party could have
achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Party with respect to capital adequacy), by an amount deemed by such Affected Party to be material, then, from time to time, after
demand by such Affected Party (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), the Borrower shall pay the Administrative Agent on behalf of such Affected Party such additional amounts
as will compensate such Affected Party for such reduction. For the avoidance of doubt, any increase in cost and/or reduction in Yield with respect to any Affected Party caused by regulatory capital allocation adjustments due to FAS 166, 167 and
subsequent statements and interpretations shall constitute a circumstance on which such Affected Party may base a claim for reimbursement under this Section 2.10. 

(c) In determining any amount provided for in this Section 2.10, the Affected Party may use any reasonable averaging
and attribution methods. The Administrative Agent, on behalf of any Affected Party making a claim under this Section 2.10, shall submit to the Borrower a certificate setting forth in reasonable detail the basis for and the
computations of such additional or increased costs, which certificate shall be conclusive absent manifest error. 
 (d) Failure or delay on
the part of any Affected Party to demand compensation pursuant to this Section 2.10 shall not constitute a waiver of such Affected Party’s right to demand or receive such compensation; provided that the Borrower
shall not be required to compensate such Affected Party pursuant to this Section 2.10 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Affected Party notifies the
Borrower of any change set forth in clauses (a) and (b) above giving rise to such increased costs or reductions and of such Affected Party’s intention to claim compensation therefor (except that, if such change giving rise to
such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

  
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 (e) If at any time the Borrower shall be liable for the payment of any additional amounts in
accordance with this Section 2.10, then the Borrower shall have the option to terminate this Agreement (in accordance with the provisions of Section 2.18(b) but without the payment of any
Make-Whole Premium); provided that such option to terminate shall in no event relieve the Borrower of paying any amounts owing pursuant to this Section 2.10 in accordance with the terms hereof. 

(f) Notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules and
regulations promulgated thereunder or issued in connection therewith shall be deemed to have been introduced after the Closing Date, thereby constituting a change for which a claim for increased costs or additional amounts may be made hereunder with
respect to the Affected Parties, regardless of the date enacted, adopted or issued. 
  

	 	SECTION	 2.11 Taxes. 

(a) All payments made by the Borrower or made by the Servicer on behalf of the Borrower under this Agreement will be made free and clear of and
without deduction or withholding for or on account of any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in good faith discretion of an applicable Withholding Agent) requires any Taxes to be withheld from any
amounts payable to any Indemnified Party, then the amount payable to such Person will be increased (the amount of such increase, the “Additional Amount”) such that every net payment made under this Agreement after withholding for or
on account of any Taxes (including, without limitation, any Taxes on such increase) is not less than the amount that would have been paid had no such deduction or withholding been made. The foregoing obligation to pay Additional Amounts with respect
to payments required to be made by the Borrower or made by the Servicer on behalf of the Borrower under this Agreement will not, however, apply with respect to (i) Taxes imposed on or measured by the overall net income (however denominated) of
the Administrative Agent, any Lender, or any other recipient of any payment to be made hereunder, or profits, franchise and similar Taxes imposed on the Administrative Agent or such Lender or other recipient (in lieu of net income or profit taxes)
and backup withholding and similar Taxes by (I) the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its
applicable lending office or the office to which its interest in the Advances is assigned is located or (II) any other jurisdiction (or any political subdivision thereof) as a result of a present or former connection between the Administrative
Agent or such Lender or other recipient and such jurisdiction imposing such Tax other than a connection arising solely as a result of engaging in any transaction contemplated under this Agreement, (ii) any branch profits Taxes imposed by the
United States or any similar Tax imposed by any other jurisdiction described in clause (i) above; (iii) in the case of a Lender, any United States federal withholding Tax that is imposed on amounts payable (including, for the avoidance of
doubt, consent, amendment or similar fees) to such Lender at the time such Lender acquires an interest in the Advances or designates a new lending office (other than a designation made at the request of Borrower), except to the extent that such
Lender (or its assignor, if any) was entitled, at the time 

  
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of designation of a new lending office (or assignment), to receive Additional Amounts from Borrower with respect to such withholding tax pursuant to this
Section 2.11(a); (iv) in the case of a Lender who designates a new lending office (other than a designation made at the request of Borrower), any United States federal withholding Tax that is imposed on interest payments
pursuant to any Applicable Law that is in effect at the time of such change in lending office, except to the extent that such Lender was entitled, immediately prior to such change in lending office, to receive Additional Amounts or indemnity
payments from the Borrower with respect to such withholding Tax pursuant to this Section 2.11(a); (v) any Tax attributable to such recipient’s failure to comply with Section 2.11(d); (vi) any
Taxes imposed under, or as a result of the failure of such recipient to satisfy the applicable requirements under, FATCA; and (vii) interest, penalties, additions to Tax and costs or expenses solely resulting from the assessment or imposition
of Taxes described in clauses (i) through (vi) of this definition (“Excluded Taxes”). 
 (b) The
Borrower will indemnify (and, to the extent the funds available for such indemnification pursuant to Section 2.04 are insufficient, the Servicer, on behalf of the Borrower, will indemnify) each Indemnified Party for the
full amount of Taxes (other than Excluded Taxes) payable by such Person in respect of Additional Amounts and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. All payments in respect of this
indemnification shall be made within 10 days from the date a written invoice therefor is delivered to the Borrower. 
 (c) Within 30 days
after the date of any payment by the Borrower or by the Servicer on behalf of the Borrower of any Taxes, the Borrower or the Servicer, as applicable, will furnish to the Administrative Agent and the Lenders at the applicable address set forth on
this Agreement, appropriate evidence of payment thereof. 
 (d) Each Foreign Lender that (a) is a party hereto on the Closing Date or
(b) becomes an assignee of an interest under this Agreement after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment) shall deliver to the Borrower with a copy to the Administrative Agent,
(i) within 15 days after becoming a Foreign Lender hereunder, one (or such other number as may from time to time be prescribed by Applicable Law) duly completed and properly executed copy of the applicable Internal Revenue Service Form W-8 (or any successor forms or other certificates or statements that may be required from time to time by the relevant United States taxing authorities or Applicable Law), as appropriate, to permit the Borrower to
make payments hereunder for the account of such Lender without deduction or withholding of United States federal income or similar Taxes and (ii) upon the obsolescence of or after the occurrence of any event requiring a change in, any form or
certificate previously delivered pursuant to this Section 2.11(d), copies (in such numbers as may from time to time be prescribed by Applicable Law or regulations) of such additional, amended or successor forms,
certificates or statements as may be required under Applicable Law to permit the Borrower or the Servicer to make payments hereunder for the account of such Lender without deduction or withholding of United States federal income or similar Taxes. In
addition, any Lender that is a U.S. Person shall deliver to the Borrower, with a copy to the Administrative Agent, one (or such other number as may from time to time be prescribed by Applicable Law) duly completed and properly executed copy of
Internal Revenue Service Form W-9 (or any successor forms or other certificates or statements that may be required from time to time by the relevant United States taxing authorities or Applicable Law) as will
enable Borrower, Servicer and Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 

  
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 (e) If, in connection with an agreement or other document providing liquidity support,
credit enhancement or other similar support to any Lender in connection with this Agreement or the funding or maintenance of Advances hereunder, such Lender is required to compensate a bank or other financial institution in respect of Taxes under
circumstances similar to those described in this Section 2.11, then, within 10 days after demand by each applicable Lender, the Borrower shall pay to such Lender such additional amount or amounts as may be necessary to
reimburse such Lender for any amounts paid by them. 
 (f) If a payment made to a Lender hereunder would be subject to United States federal
withholding Tax imposed by FATCA if such Lender fails to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower,
the Servicer and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower, the Servicer or the Administrative Agent such documentation prescribed by Applicable Law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower, Servicer and the Administrative Agent to comply with their obligations under FATCA and to determine that
such Lender has complied with Lender obligations under FATCA and to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.11, “FATCA” shall include any amendments
made to FATCA after the date of this Agreement. 
 (g) If the Administrative Agent or any Lender determines, in its sole discretion
exercised in good faith, that it has received a refund or credit (in lieu of such refund) of any amounts as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.11, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the amounts giving
rise to such refund), together with any interest paid by the relevant Governmental Authority with respect to such refund, provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay as soon as
reasonably practicable the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such
Lender is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns or its books or records (or any other information
relating to its Taxes that it deems confidential) to the Borrower or any other Person. 
 (h) Without prejudice to the survival of any other
agreement of the Borrower and the Servicer hereunder, the agreements and obligations of the Borrower, the Servicer, the Administrative Agent and each Lender contained in this Section 2.11 shall survive the termination of
this Agreement. 
 (i) For the purposes of this Section 2.11, the term “Applicable Law” includes FATCA. 

  
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 SECTION 2.12 Collateral Assignment of Agreements. The Borrower hereby collaterally
assigns to the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower’s right and title to and interest in, to and under (but not any obligations under) the Purchase and Sale Agreement (and any UCC financing statements
filed under or in connection therewith), the Loan Agreements related to each Loan Asset, all other agreements, documents and instruments evidencing, securing or guarantying any Loan Asset and all other agreements, documents and instruments related
to any of the foregoing but excluding any Excluded Amounts or Retained Interest (the “Assigned Documents”). In furtherance and not in limitation of the foregoing, the Borrower hereby collaterally assigns to the Collateral
Agent, for the benefit of the Secured Parties, its right to indemnification under Article IX of the Purchase and Sale Agreement. The Borrower confirms that until the Collection Date the Collateral Agent (at the direction of the Administrative Agent)
on behalf of the Secured Parties shall have the sole right to enforce the Borrower’s rights and remedies under the Purchase and Sale Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the
Secured Parties. The parties hereto agree that such collateral assignment to the Collateral Agent, for the benefit of the Secured Parties, shall automatically terminate upon the Collection Date. 

SECTION 2.13 Grant of a Security Interest. To secure the prompt, complete and indefeasible payment in full when due, whether by lapse
of time, acceleration or otherwise, of the Obligations and the performance by the Borrower of all of the covenants and obligations to be performed by it pursuant to this Agreement and each other Transaction Document, whether now or hereafter
existing, due or to become due, direct or indirect, or absolute or contingent, the Borrower hereby (a) collaterally assigns and pledges to the Collateral Agent, on behalf of the Secured Parties, and (b) grants a security interest to the
Collateral Agent, on behalf of the Secured Parties, in all of the Borrower’s right, title and interest in, to and under (but none of the obligations under) all of the Collateral Portfolio, whether now existing or hereafter arising or acquired
by the Borrower, and wherever the same may be located. For the avoidance of doubt, the Collateral Portfolio shall not include any Excluded Amounts, and the Borrower does not hereby assign, pledge or grant a security interest in any such amounts.
Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable under the Collateral Portfolio to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement
had not been executed, (b) the exercise by the Collateral Agent, for the benefit of the Secured Parties, of any of its rights in the Collateral Portfolio shall not release the Borrower from any of its duties or obligations under the Collateral
Portfolio, and (c) none of the Administrative Agent, the Collateral Agent, any Lender (nor its successors and assigns) nor any Secured Party shall have any obligations or liability under the Collateral Portfolio by reason of this Agreement, nor
shall the Administrative Agent, the Collateral Agent, any Lender (nor its successors and assigns) nor any Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce
any claim for payment assigned hereunder. The Borrower authorizes the Collateral Agent to file all such financing statements and amendments thereto pursuant to the UCC or other notices appropriate under applicable law, as the Collateral Agent may
require, each in form satisfactory to the Collateral Agent. Such financing statements and amendments may contain a description of the Collateral as set forth herein or in any generic manner and may describe the Collateral Portfolio as “all
assets” or words of similar effect. 

  
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 SECTION 2.14 Evidence of Debt. The Administrative Agent shall maintain, solely for
this purpose as the agent of the Borrower, at its address referred to in Section 11.02 a copy of each assignment and acceptance agreement and participation agreement delivered to and accepted by it and a register for the
recordation of the names and addresses and interests of the Lenders (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Administrative
Agent and each Lender shall treat each person whose name is recorded in the Register as a Lender under this Agreement for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable
time and from time to time upon reasonable prior notice. 
 SECTION 2.15 Survival of Representations and Warranties. It is understood
and agreed that the representations and warranties set forth in Sections 4.01, 4.02 and 4.03 are made and are true and correct on the date of this Agreement and on each Cut-Off Date unless such
representations and warranties are made as of a specific date. 
 SECTION 2.16 Release of Loan Assets. 

(a) The Borrower may obtain the release of (i) any Loan Asset (and the related Portfolio Assets pertaining thereto) released pursuant to a
Lien Release Dividend or sold or substituted in accordance with the applicable provisions of Section 2.07 and any Portfolio Assets pertaining to such Loan Asset, (ii) any Collateral Portfolio that expires by its terms
and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account and (iii) any Collateral Portfolio as otherwise specified in, and in accordance with, Section 3.4 of the Custody
Agreement. The Servicer, with the consent of the Administrative Agent, shall give notice of such release to the Collateral Custodian and the Collateral Agent (in the form of Exhibit L). If applicable, the Collateral Agent, for the benefit of
the Secured Parties, shall at the sole expense of the Servicer and at the direction of the Administrative Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower and take other such
actions as shall reasonably be requested by the Borrower to effect a release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Servicer as described in the first sentence of this clause (a), if
applicable, the Collateral Custodian shall deliver the Required Loan Documents to the Borrower. 
 (b) Promptly after the Collection Date
has occurred, each Lender and the Administrative Agent, in accordance with their respective interests, shall release to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Portfolio
Assets, free and clear of any Lien resulting solely from an act by the Collateral Agent, any Lender or the Administrative Agent but without any other representation or warranty, express or implied, by or recourse against any Lender or the
Administrative Agent. 
 SECTION 2.17 Treatment of Amounts Received by the Borrower. Amounts received by the Borrower pursuant to
Section 2.07 on account of Loan Assets shall be treated as payments of Principal Collections or Interest Collections, as applicable, on Loan Assets hereunder. 

  
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 SECTION 2.18 Prepayment; Termination. 

(a) Except as expressly permitted or required herein, including, without limitation, any repayment necessary to cure a Borrowing Base
Deficiency, Advances Outstanding may only be reduced in whole or in part at the option of the Borrower at any time by delivering a Notice of Reduction (which notice shall include a Borrowing Base Certificate) to the Administrative Agent, the
Collateral Agent and the Lenders at least three Business Days prior to such reduction. Upon any prepayment, the Borrower shall also pay in full the related Breakage Fees, if any, (solely to the extent such prepayment occurs on any day other than a
Payment Date), and other accrued and unpaid costs and expenses of Administrative Agent and Lenders related to such prepayment; provided that no reduction in Advances Outstanding shall be given effect unless (i) sufficient funds have been
remitted to pay all such amounts in full, as determined by the Administrative Agent, in its sole discretion and (ii) no event has occurred, or would result from, such prepayment which would constitute an Event of Default or an Unmatured Event
of Default. The Administrative Agent shall apply amounts received from the Borrower pursuant to this Section 2.18(a) to the payment of any Breakage Fees, to the pro rata reduction of the Advances Outstanding and to
the payment of any accrued and unpaid costs and expenses of the Administrative Agent and the Lender related to such prepayment. Any notice relating to any repayment pursuant to this Section 2.18(a) shall be irrevocable.

 (b) The Borrower may, at its option, terminate this Agreement and the other Transaction Documents upon three Business Days’ prior
written notice to the Administrative Agent and the Lenders and upon payment in full of all Advances Outstanding, all accrued and unpaid Yield, any Breakage Fees, all accrued and unpaid costs and expenses of the Administrative Agent and Lenders,
payment of the Make-Whole Premium pro rata to each Lender if such prepayment occurs prior to the third anniversary of the Closing Date (subject to Section 2.10(f)) and payment of all other Obligations (other than
unmatured contingent indemnification obligations). In addition, the Borrower may, at its option, reduce the Maximum Facility Amount in whole or in part upon payment in full of the Make-Whole Premium, if applicable, and delivery of a Notice of
Reduction at least three Business Days prior to such reduction; provided that (x) after giving effect to such reduction the Maximum Facility Amount is not less than the Advances Outstanding and (y) no Event of Default or Unmatured
Event of Default would result from such reduction in the Maximum Facility Amount. Any termination of this Agreement shall be subject to Section 11.05. 

(c) The Borrower hereby acknowledges and agrees that the Make-Whole Premium constitutes additional consideration for the Lenders to enter into
this Agreement. 
 SECTION 2.19 Value Adjustment Events. 

(a) If a Value Adjustment Event occurs with respect to any Loan Asset, the Assigned Value of such Loan Asset may be amended one time by the
Administrative Agent after each such Value Adjustment Event, in its commercially reasonable judgment. The Administrative Agent will provide written notice of the revised Assigned Value to the Borrower and the Servicer. To the extent the Servicer has
actual knowledge or has received notice of any Value Adjustment Event with respect to any Loan Asset, the Servicer shall give prompt notice thereof to the Administrative Agent (but, in any event, not later than two Business Days after it receives
notice or gains actual knowledge thereof). 

  
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 (b) If the circumstances giving rise to any Value Adjustment Event with regard to any Loan
Asset cease to be applicable, the Servicer may provide written notice of such changed circumstance to the Administrative Agent, and if no Value Adjustment Event shall then be continuing for such Loan Asset, the Administrative Agent shall in good
faith re-evaluate the Assigned Value for such Collateral Obligation. 
 (c) In the event the
Borrower disagrees with any Assigned Value for any Loan Asset designated by the Administrative Agent following a Value Adjustment Event with respect to such Loan Asset, the Borrower may (at its expense) retain any Approved Valuation Firm selected by
the Administrative Agent to value such Loan Asset and if the value determined by such firm is greater than the Assigned Value designated by the Administrative Agent, such firm’s valuation shall become the Assigned Value of such Loan Asset;
provided that the Assigned Value of such Loan Asset shall be the value assigned by the Administrative Agent until such firm has determined its value; provided further that if the value determined by such firm is less than the Assigned
Value designated by the Administrative Agent, the Administrative Agent in its sole discretion may further modify the Assigned Value of such Loan Asset to reflect such lower value. 

SECTION 2.20 Collections and Allocations. 

(a) The Servicer shall promptly identify Available Collections received as being on account of Interest Collections or Principal Collections
and shall transfer, or cause to be transferred, all Available Collections received directly by it to the Collection Account by the close of business on the second Business Day after such Collections are received. Upon the transfer of Available
Collections to the Collection Account, the Servicer shall segregate Principal Collections and Interest Collections and transfer the same to the Principal Collection Account and the Interest Collection Account, respectively. The Servicer shall
further include a statement as to the amount of Principal Collections and Interest Collections on deposit in the Principal Collection Account and the Interest Collection Account on each Quarterly Reporting Date in the Servicing Report delivered
pursuant to Section 6.08(b). 
 (b) On the Cut-Off Date with respect to
any Loan Asset, the Servicer will deposit into the Collection Account all Available Collections received in respect of Eligible Loan Assets being transferred to and included as part of the Collateral Portfolio on such date. 

(c) With the prior written consent of the Administrative Agent (a copy of which will be provided by the Servicer to the Collateral Agent), the
Servicer may withdraw from the Collection Account any deposits thereto constituting Excluded Amounts if the Servicer has, prior to such withdrawal and consent, delivered to the Administrative Agent and each Lender a report setting forth the
calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Administrative Agent. 
 (d) Prior to a Notice of
Exclusive Control, the Servicer shall, pursuant to written instruction (which may be in the form of standing instructions), and, if the Servicer fails to do so, the Administrative Agent may cause the investment of, funds on deposit in the Controlled

  
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Accounts in Permitted Investments. Absent any such written instruction, such funds shall not be invested. A Permitted Investment acquired with funds deposited in the Collection Account shall
mature not later than the Business Day immediately preceding any Payment Date, and shall not be sold or disposed of prior to its maturity. A Permitted Investment acquired with funds deposited in the Unfunded Exposure Account shall mature not later
than the next Business Day succeeding the day of investment, and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be held by the Account Bank subject to the Lien of the Collateral Agent for the benefit of
the Secured Parties, and otherwise comply with assumptions of the legal opinions of Dechert LLP dated the Closing Date and delivered in connection with this Agreement; provided that compliance shall be the responsibility of the Borrower and
the Servicer and not the Collateral Agent and Account Bank. All income and gain realized from any such investment, as well as any interest earned on deposits in any Controlled Account shall be distributed in accordance with the provisions of
Article II hereof. The Borrower shall deposit in the Collection Account or the Unfunded Exposure Account, as the case may be (with respect to investments made hereunder of funds held therein), an amount equal to the amount of any actual loss
incurred, in respect of any such investment, immediately upon realization of such loss. None of the Account Bank, the Collateral Agent, the Administrative Agent or any Lender shall be liable for the amount of any loss incurred, in respect of any
investment, or lack of investment, of funds held in any Controlled Account, other than with respect to fraud or their own gross negligence or willful misconduct. The parties hereto acknowledge that the Collateral Agent, the Account Bank or any of
its Affiliates may perform services and receive compensation with respect to the Permitted Investments. 
 (e) Until the Collection Date,
neither the Borrower nor the Servicer shall have any rights of direction or withdrawal, with respect to amounts held in any Controlled Account, except to the extent explicitly set forth in this Agreement or the Control Agreement. 

SECTION 2.21 Reinvestment of Principal Collections. 

On the terms and conditions hereinafter set forth as certified in writing to the Collateral Agent and Administrative Agent, the Servicer may,
to the extent of any Principal Collections on deposit in the Principal Collection Account: 
 (a) prior to the end of the Reinvestment
Period, withdraw such funds for the purpose of reinvesting in additional Eligible Loan Assets to be acquired hereunder and to be included in the Collateral Portfolio; provided that the following conditions are satisfied: 

(i) all conditions precedent set forth in Section 3.04 have been satisfied; 

(ii) no Event of Default has occurred, or would result from such withdrawal and reinvestment, and no Unmatured Event of Default
or Borrowing Base Deficiency exists or would result from such withdrawal and reinvestment; 
 (iii) the representations and
warranties contained in Sections 4.01, 4.02 and 4.03 hereof shall continue to be correct in all material respects, except to the extent relating to an earlier date; 

(iv) the Servicer provides same day written notice to the Administrative Agent and the Account Bank by facsimile or email (to
be received no later than 1:00 p.m. on such day) of the request to withdraw Principal Collections and the amount of such request; 

  
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 (v) the notice required in clause (iv) above shall be
accompanied by a Disbursement Request and a Borrowing Base Certificate, each executed by the Borrower and a Responsible Officer of the Servicer; 

(vi) the Account Bank provides to the Administrative Agent by facsimile or email (to be received no later than 1:30 p.m. on
that same day) a statement reflecting the total amount on deposit as of the opening of business on such day in the Principal Collection Account; 

(vii) such Loan Asset satisfies the Eligibility Criteria as set forth in Schedule II hereto; and (viii) if such
funds are to be withdrawn within three Business Days prior to any Payment Date, the Principal Collections on deposit in the Principal Collection Account are sufficient to be applied in the amounts designated in the related Servicing Report on each
Payment Date in accordance with Section 2.04; or 
 (b) prior to the Facility Maturity Date, withdraw such funds for the purpose of
making payments in respect of the Advances Outstanding at such time in accordance with and subject to the terms of Section 2.18(a). 

Upon the satisfaction of the applicable conditions set forth in this Section 2.21 (as certified by the Borrower to
the Collateral Agent and the Administrative Agent), the Servicer or the Collateral Agent (after delivery of a Notice of Exclusive Control) will instruct the Account Bank to release funds from the Principal Collection Account to the Servicer in an
amount not to exceed the lesser of (A) the amount requested by the Servicer and (B) the amount on deposit in the Principal Collection Account on such day. 

SECTION 2.22 Additional Lenders. 

The Borrower may, with the written consent of the Administrative Agent, add additional Persons as Lenders. Each additional Lender shall become
a party hereto by executing and delivering to the Administrative Agent and the Borrower a Joinder Supplement and an Assignment and Acceptance. 

SECTION
2.23 Inability to Determine Rates; Benchmark Replacement
Setting; Illegality 
 (a) Inability to Determine SOFR. Subject to paragraphs (b) through and (f) below, if, prior to the commencement of any
Interest Period for any SOFR Advance: 

(i)
 the Administrative Agent shall have determined (which
determination shall be conclusive absent manifest error) that “Term SOFR” cannot be determined pursuant to the definition thereof, or  

(ii)
 the Administrative Agent shall have received notice from
the Required Lenders that Term SOFR for such Interest Period will not adequately and fairly reflect the cost
to such Lenders of making, funding or maintaining
their SOFR Advances for such Interest Period,

  
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then the Administrative Agent
shall give written notice thereof (or telephonic notice, promptly confirmed in writing) to the Borrower and to the Lenders as soon as practicable thereafter. 

Upon notice
thereof by the Administrative Agent to the Borrower, any obligation of the Lenders to make SOFR Advances, and any right of the Borrower to continue SOFR Advances or
to convert Base Rate Advances to SOFR Advances, shall be suspended (to the extent of the affected SOFR Advances or affected Interest Periods) until the Administrative Agent revokes such notice. Upon receipt of such notice, (i) the Borrower may
revoke any pending request for a borrowing of, conversion to or continuation of SOFR Advances (to the extent of the affected SOFR Advances or affected Interest Periods) or, failing that, the
Borrower will be deemed to have converted any such request into a request for an Advance of or conversion to a Base Rate Advance
in the amount specified therein and (ii) any outstanding affected SOFR Advances will be deemed to have
been converted into a Base Rate Advance at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to
Section 2.10. Subject to paragraphs (b) through (f) below, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that “Term SOFR” cannot be determined pursuant to the
definition thereof on any given day, the interest rate on Base Advances shall be determined by the Administrative Agent without reference to clause (c) of the definition of “Base Rate” until the Administrative Agent revokes such
determination. 
 (b) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)
 of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting
and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document and
(y) if a Benchmark Replacement is determined in accordance with clause
(b) of
 the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or
after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or
consent of any other party to, this Agreement or any other Transaction Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required
Lenders. 
 (c) Conforming Changes. In connection with the use, administration, adoption
or implementation of a Benchmark Replacement, the
Administrative Agent will (in consultation with the Borrower) have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any
other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. 

  
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(d)
 Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders
of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or
implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of
(x) the removal or reinstatement of any tenor of a
Benchmark pursuant to Section 2.23(e) and (y) the commencement of any Benchmark Unavailability Period. 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 2.23, 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 or any selection, 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 to this
Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 2.23. 

(e)
 Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Transaction
Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the 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 its reasonable discretion or (B) 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, then the Administrative Agent may modify the definition of “Interest Period”
(or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative 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 for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the
definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such
previously removed tenor. 
 (f) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke
any pending request for a SOFR Advance of, conversion
 to or continuation of SOFR Advances to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will
be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate
Advances. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as
applicable, will not be used in any determination of the Base Rate. 

  
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(g)
 Illegality. If any event referenced in Section 2.10(b) shall occur
and shall make it unlawful or impossible for any Lender to perform any of its obligations hereunder, to make, maintain or fund any SOFR Advance or to determine or charge interest rates based upon SOFR, the Term SOFR Reference Rate or Term SOFR and
such Lender shall so notify the Administrative Agent, the Administrative Agent shall promptly give notice thereof to the Borrower and the other Lenders, whereupon until such Lender notifies the Administrative Agent and the Borrower that the
circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make SOFR Advances, or to continue or convert outstanding Advances as or into SOFR Advances, shall be suspended. In the case of the making of a SOFR
Advance, such Lender’s Advance shall be made as a Base Rate Advance as part of the same Advance for the same Interest Period and, if the affected SOFR Advance is then outstanding, such Advance shall be converted to a Base Rate Advance either
(i) on the last day of the then current Interest Period applicable to such SOFR Advance if such Lender may lawfully continue to maintain such Advance to such date or (ii) immediately if such Lender shall determine that it may not lawfully
continue to maintain such SOFR Advance to such date. Notwithstanding the foregoing, the affected Lender shall, prior to giving such notice to the Administrative Agent, use reasonable efforts to designate a different lending office if such
designation would avoid the need for giving such notice and if such designation would not otherwise be disadvantageous to such Lender in the good faith exercise of its discretion. Upon any such prepayment or conversion, the Borrower shall also pay
accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 2.10. 

ARTICLE III. 
 CONDITIONS
PRECEDENT 
 SECTION 3.01 Conditions Precedent to Effectiveness. 

(a) This Agreement shall be effective upon the first day on which all of the following conditions precedent are satisfied: 

(i) all reasonable out-of-pocket up-front expenses and fees (including legal fees, any fees required under any Lender Fee Letter and the Collateral Custodian and Account Bank Fee Letter) that are invoiced at or prior to the Closing Date shall have
been paid in full; 
 (ii) any and all information submitted to each Lender and the Administrative Agent by the Borrower, the
Transferor, the Parent or the Servicer or any of their Affiliates is true, accurate, complete in all material respects and not misleading in any material respect; 

(iii) the Administrative Agent shall have received all documentation and other information requested by the Administrative
Agent in its sole discretion and/or required by regulatory authorities with respect to the Borrower, the Transferor, the Parent and the Servicer under applicable “know your customer” and anti-money laundering rules and regulations,
including, without limitation, the USA PATRIOT Act, all in form and substance reasonably satisfactory to the Administrative Agent; 

  
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 (iv) the Administrative Agent shall have received on or before the date of
such effectiveness the items listed in Schedule I hereto, each in form and substance satisfactory to the Administrative Agent; 

(v) no Material Adverse Effect on the business, assets, financial conditions or performance of the Parent and its Subsidiaries,
including the Borrower, on a consolidated basis has occurred and is continuing as of such day; 
 (vi) the results of
Administrative Agent’s financial, legal, tax and accounting due diligence relating to the Transferor, the Parent, the Borrower, the Servicer, the Eligible Loan Assets and the transactions contemplated hereunder are satisfactory to
Administrative Agent; 
 (vii) the Administrative Agent shall have received approval from its internal credit committee and
all other necessary approvals, as required by the Administrative Agent, in its sole discretion; and 
 (viii) each applicable
Lender that has requested a Variable Funding Note shall have received a duly executed Variable Funding Note, in a principal amount equal to the Commitment of such Lender. 

(b) By its execution and delivery of this Agreement, each of the Borrower and the Servicer hereby certifies that each of the conditions
precedent to the effectiveness of this Agreement set forth in this Section 3.01 have been satisfied; provided that with respect to conditions precedent that expressly require the consent or approval of the
Administrative Agent or another party (other than the Borrower or the Servicer), the foregoing certification is only to the knowledge of the Borrower and the Servicer, as applicable, with respect to such consents or approvals. 

SECTION 3.02 Conditions Precedent to All Advances. Each Advance (including the Initial Advance, except (x) with respect to any
Advance required by Section 2.02(f) or (y) as explicitly set forth below) to the Borrower from the Lenders shall be subject to the further conditions precedent that: 

(a) On the Advance Date of such Advance, the following statements shall be true and correct, and the Borrower by accepting any amount of such
Advance shall be deemed to have certified that: 
 (i) the Servicer (on behalf of the Borrower) shall have delivered to the
Administrative Agent and each Lender (with a copy to the Collateral Agent, the Collateral Custodian and the Account Bank), with respect to LIBORSOFR Advances no later than 1:00 p.m. on the date that is three Business
Days prior to the related Advance Date and with respect to Base Rate Advances no later than 1:00 p.m. one Business Day prior to the related Advance Date: (A) a Notice of Borrowing, (B) a Borrowing Base Certificate, (C) an updated Loan
Asset Schedule (if applicable), (D) with respect to Loan Assets purchased from the Transferor, a Loan Assignment (including Schedule I thereto) and containing such additional information as may be reasonably requested by the Administrative Agent (if
applicable) and (E) with respect to the purchase of any Loan Assets (whether from the 

  
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Transferor or any other Person), all documents (or copies thereof) evidencing each assignment or novation contemplated by each relevant Loan Agreement evidencing that the Borrower shall be the
lender of record under such Eligible Loan Asset; in addition, the Notice of Borrowing for the Initial Advance shall not be delivered prior to the first Business Day after the Closing Date; 

(ii) the Borrower shall have delivered to the Collateral Custodian (with a copy to the Administrative Agent), no later than
2:00 p.m. one Business Day prior to the related Advance Date, faxed or e-mailed copies of the duly executed original promissory notes of any Loan Assets to be Pledged in connection with such Advance, except in
the case of a Noteless Loan Asset; provided that, notwithstanding the foregoing, the Borrower shall cause the Loan Asset Checklist and all other Required Loan Documents to be in the possession of the Collateral Custodian no later than 10
Business Days after the later of (x) any related Advance Date as to any Loan Assets and (y) the date such loan assets have settled; 

(iii) the representations and warranties contained in Sections 4.01, 4.02 and 4.03 are true and correct in
all respects on and as of such date as though made on and as of such date (other than any representation and warranty that is made as of a specific date), and there exists no breach of any covenant contained in Sections 5.01, 5.02,
5.03 and 5.04 before and after giving effect to the Advance to take place on such Advance Date and to the application of proceeds therefrom; 

(iv) on and as of such Advance Date, after giving effect to such Advance and the addition to the Collateral Portfolio of any
Eligible Loan Assets being acquired by the Borrower using the proceeds of such Advance (except with respect to an Advance made as contemplated by Section 2.02(f)), the Advances Outstanding does not exceed the Borrowing
Base; provided that in the case of an Advance made as contemplated by Section 2.02(f), nothing set forth in this clause shall relieve the Borrower of its obligations elsewhere hereunder to cure any Borrowing Base
Deficiency that exists prior to such Advance or results therefrom; 
 (v) except with respect to an Advance made as
contemplated by Section 2.02(f), no Event of Default has occurred, or would result from such Advance, and no Unmatured Event of Default or Borrowing Base Deficiency exists or would result from such Advance; provided
that in the case of an Advance made as contemplated by Section 2.02(f), nothing set forth in this clause shall relieve the Borrower of its obligations elsewhere hereunder to cure any Borrowing Base Deficiency that
exists prior to such Advance or results therefrom; 
 (vi) no event has occurred and is continuing, or would result from such
Advance, which constitutes a Servicer Termination Event or any event which, if it continues uncured, will, with notice or lapse of time, constitute a Servicer Termination Event; 

  
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 (vii) since the Closing Date, no material adverse change has occurred in the
ability of the Servicer, the Transferor or the Borrower to perform its obligations under any Transaction Document; 
 (viii)
no Liens exist in respect of Taxes which are prior to the lien of the Collateral Agent on the Eligible Loan Assets to be Pledged on such Advance Date; and 

(ix) all terms and conditions of the Purchase and Sale Agreement, if applicable, each assignment or novation contemplated by
each relevant Loan Agreement and each Loan Assignment required to be satisfied in connection with the assignment of each Eligible Loan Asset being Pledged hereunder on such Advance Date (and the Portfolio Assets related thereto), including, without
limitation, the perfection of the Borrower’s interests therein, shall have been satisfied in full, and all filings (including, without limitation, UCC filings) required to be made by any Person and all actions required to be taken or performed
by any Person in any jurisdiction to give the Collateral Agent, for the benefit of the Secured Parties, a first priority perfected security interest (subject only to Permitted Liens) in such Eligible Loan Assets and the Portfolio Assets related
thereto and the proceeds thereof shall have been made, taken or performed. 
 (b) The Administrative Agent shall have approved as of the
applicable Cut-Off Date in its sole and absolute discretion each of the Eligible Loan Assets identified to be added to the Loan Asset Schedule for inclusion in the Collateral Portfolio; provided that:

 (i) the Administrative Agent may approve or reject a Loan Asset for any reason or for no reason; 

(ii) the Administrative Agent shall have up to ten (10) Business Days to approve or reject a Loan Asset (such period,
which may be extended by express mutual agreement of the Administrative Agent and the Servicer, the “Underwriting Period”), commencing on the date on which the Servicer has delivered to the Administrative Agent a written request
proposing that such Loan Asset be so acquired, in substantially the form attached hereto as Exhibit Q (each, an “Underwriting Request”), which shall be accompanied by the information and other documentation referenced in the
Underwriting Request (to the extent reasonably available to the Servicer) and any other information reasonably requested by the Administrative Agent (to the extent reasonably available to the Servicer) in respect of the Loan Asset proposed to be
acquired by the Borrower (with such information and documentation to be in form and substance reasonably acceptable to the Administrative Agent); provided that (A) in the event that the Administrative Agent shall not have delivered an
Approval Notice either approving or rejecting the acquisition of any such Loan Asset by the Borrower by the end of the Underwriting Period, such Loan Asset shall be deemed to have been rejected by the Administrative Agent in its sole discretion,
without prejudice, and (B) any Business Day occurring during the period beginning on or after the date the Administrative Agent notifies the Servicer in writing of a reasonable request for additional information and/or documentation with
respect to such Loan Asset and ending on the date the Administrative Agent notifies the Servicer in writing that such requested additional information and/or documentation has been received to its satisfaction shall be disregarded for purposes of
calculating Business Days constituting the 

  
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Underwriting Period. Any express mutual agreement extending the Underwriting Period and/or any notice from the Administrative Agent referenced in clause (B) of the proviso in the foregoing
clause (ii) shall be effective if communicated via email. 
 (c) No Applicable Law shall prohibit, and no order, judgment or decree of
any federal, state or local court or governmental body, agency or instrumentality shall prohibit or enjoin, the making of such Advances by any Lender or the proposed Pledge of Eligible Loan Assets in accordance with the provisions hereof. 

(d) (i) Except with respect to an Advance required by Section 2.02(f), the proposed Advance Date shall take
place during the Reinvestment Period and (ii) the Facility Maturity Date has not yet occurred. 
 (e) The Borrower shall have paid all
fees then required to be paid, including all fees required hereunder and under the applicable Lender Fee Letters and the Collateral Custodian and Account Bank Fee Letter and shall have reimbursed the Lenders, the Administrative Agent, each Lender,
the Collateral Custodian, the Account Bank and the Collateral Agent for all reasonable and reasonably documented fees, costs and expenses of closing the transactions contemplated hereunder and under the other Transaction Documents, including the
reasonable and reasonably documented outside attorney fees and any other outside legal and document preparation costs incurred by the Lenders, the Administrative Agent and each Lender. 

The failure of the Borrower to satisfy any of the foregoing conditions precedent in respect of any Advance shall give rise to a right of the
Administrative Agent and the applicable Lender, which right may be exercised at any time on the demand of the applicable Lender, to rescind the related Advance and direct the Borrower to pay to the applicable Lender an amount equal to the Advances
made during any such time that any of the foregoing conditions precedent were not satisfied. 
 SECTION 3.03 Advances Do Not Constitute a
Waiver. No Advance made hereunder shall constitute a waiver of any condition to any Lender’s obligation to make such an Advance unless such waiver is in writing and executed by such Lender. 

SECTION 3.04 Conditions to Pledges of Loan Assets. Each Pledge of an additional Eligible Loan Asset acquired by the Borrower pursuant
to Section 2.06, a Substitute Eligible Loan Asset acquired by the Borrower pursuant to Section 2.07(a) or (c) or any other Pledge of a Loan Asset hereunder shall be subject to the
further conditions precedent that (as certified to the Collateral Agent by the Borrower): 
 (a) the Servicer (on behalf of the Borrower)
shall have delivered to the Administrative Agent and each Lender (with a copy to the Collateral Agent, the Collateral Custodian and the Account Bank) no later than 5:00 p.m. on the date that is one Business Day prior to the related Cut-Off Date: (A) a Borrowing Base Certificate, (B) an updated Loan Asset Schedule; (C) a Loan Assignment (with respect to purchases of Loan Assets from the Transferor) and containing such additional
information as may be reasonably requested by the Administrative Agent; and (D) all documents (or copies thereof) evidencing each assignment or novation contemplated by each such relevant Loan Agreement showing that the Borrower is the lender
of record under the Eligible Loan Assets to be purchased; 

  
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 (b) the Borrower shall have delivered to the Collateral Custodian (with a copy to the
Administrative Agent), no later than 2:00 p.m. one Business Day prior to the related Cut-Off Date, faxed or e-mailed copies of (A) the duly executed original
promissory notes of the Loan Assets, except in the case of a Noteless Loan Asset, and (B) the other applicable Required Loan Documents specified in clause (a) of the definition thereof; provided that, notwithstanding the foregoing,
the Borrower shall cause the Loan Asset Checklist and all other Required Loan Documents to be in the possession of the Collateral Custodian no later than the 10 Business Days after the later of (x) any related Advance Date as to any Loan Assets
and (y) the date such Loan Assets have settled; 
 (c) no Liens exist in respect of Taxes which are prior to the lien of the Collateral
Agent on the Eligible Loan Assets to be Pledged on such Cut-Off Date; 
 (d) all terms and
conditions of the Purchase and Sale Agreement, if applicable, each assignment or novation contemplated by each relevant Loan Agreement and each Loan Assignment required to be satisfied in connection with the assignment of each Eligible Loan Asset
being Pledged hereunder on such Cut-Off Date (and the Portfolio Assets related thereto), including, without limitation, the perfection of the Borrower’s interests therein, shall have been satisfied in
full, and all filings (including, without limitation, UCC filings) required to be made by any Person and all actions required to be taken or performed by any Person in any jurisdiction to give the Collateral Agent, for the benefit of the Secured
Parties, a first priority perfected security interest (subject only to Permitted Liens) in such Eligible Loan Assets and the Portfolio Assets related thereto and the proceeds thereof shall have been made, taken or performed; 

(e) the Administrative Agent shall have approved in its sole and absolute discretion each of the Eligible Loan Assets identified to be added
to the Loan Asset Schedule for inclusion in the Collateral Portfolio on the applicable Cut-Off Date; 

(f) no Event of Default has occurred, or would result from such Pledge, and no Unmatured Event of Default exists, or would result from such
Pledge (other than, with respect to any Pledge of an Eligible Loan Asset necessary to cure a Borrowing Base Deficiency in accordance with Section 2.06, an Unmatured Event of Default arising solely pursuant to such Borrowing
Base Deficiency); and 
 (g) the representations and warranties contained in Sections 4.01, 4.02 and 4.03 are true and
correct in all respects on and as of such date as though made on and as of such date (other than any representation and warranty that is made as of a specific date), and there exists no breach of any covenant contained in Sections 5.01,
5.02, 5.03 and 5.04 before and after giving effect to the Pledge to take place on such Cut-Off Date (other than any breaches that may have occurred before such Pledge solely (x) with
respect to any Pledge of an Eligible Loan Asset necessary to cure a Borrowing Base Deficiency in accordance with Section 2.06, with respect to or as a result of, such Borrowing Base Deficiency or (y) with respect to
any Pledge of any Substitute Eligible Loan Asset as a substitute for a Warranty Loan Asset in accordance with Section 2.07, with respect to or as a result of, such Warranty Loan Asset). 

  
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 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01 Representations and Warranties of the Borrower. The Borrower hereby represents and warrants, as of each Measurement Date
and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made (unless a specific date is specified below): 

(a) Formation, Good Standing and Due Qualification. The Borrower is a limited liability company duly formed, validly existing
and in good standing under the laws of the State of Delaware and has the power and all licenses necessary to own its assets and to transact the business in which it is engaged and is duly qualified and in good standing under the laws of each
jurisdiction where the transaction of such business or its ownership of the Loan Assets and the Collateral Portfolio requires such qualification; except in each case, to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect. 
 (b) Power and Authority; Due Authorization; Execution and Delivery. The Borrower has the
necessary power, authority and legal right to make, deliver and perform this Agreement and each other Transaction Document to which it is a party and all of the transactions contemplated hereby and thereby, and has taken all necessary action to
authorize the execution, delivery and performance of this Agreement and each other Transaction Document to which it is a party, and to grant to the Collateral Agent, for the benefit of the Secured Parties, a first-priority perfected security
interest in the Collateral Portfolio on the terms and conditions of this Agreement, subject only to Permitted Liens. 
 (c) Binding
Obligation. This Agreement and each other Transaction Document to which the Borrower is a party constitutes the legal, valid and binding obligation of the Borrower, enforceable against it in accordance with their respective terms, except as the
enforceability hereof and thereof may be limited by Bankruptcy Laws and by general principles of equity (whether such enforceability is considered in a proceeding in equity or at law). 

(d) All Consents Required. No consent of any other party and no consent, license, approval or authorization of, or registration or
declaration with, any Governmental Authority, bureau or agency is required in connection with the execution, delivery or performance by the Borrower of this Agreement or any other Transaction Document to which it is a party or the validity or
enforceability of this Agreement or any such Transaction Document or the Loan Assets or the transfer of an ownership interest or security interest in such Loan Assets, other than such as have been met or obtained and are in full force and effect.

 (e) No Violation. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a
party and all other agreements and instruments executed and delivered or to be executed and delivered pursuant hereto or thereto in connection with the Pledge of the Collateral Portfolio will not (i) create any Lien on the Collateral Portfolio
other than Permitted Liens or (ii) violate any Applicable Law or the certificate of formation or limited liability company agreement of the Borrower to the extent such violation would reasonably be expected to have a Material Adverse Effect or
(iii) violate any contract or 

  
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other agreement to which the Borrower is a party or by which the Borrower or any property or assets of the Borrower may be bound to the extent such violation would reasonably be expected to have
a Material Adverse Effect. 
 (f) No Proceedings. There is no litigation or administrative proceeding or investigation pending or, to
the knowledge of the Borrower, threatened against the Borrower or any properties of the Borrower, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document to which the Borrower is a
party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which the Borrower is a party or (iii) seeking any determination or ruling that could reasonably
be expected to have a Material Adverse Effect. 
 (g) Origination of Loan Assets. Each Loan Asset was originated or acquired pursuant
to and in accordance in all material respects with the Investment Policies in effect as of such date of origination or acquisition. In selecting the Loan Assets to be acquired by the Borrower, no selection procedures were employed
which are intended to be adverse to the interests of the Lender. 
 (h) Bulk Sales. The grant of the security interest in the
Collateral Portfolio by the Borrower to the Collateral Agent, for the benefit of the Secured Parties, pursuant to this Agreement, is in the ordinary course of business for the Borrower and is not subject to the bulk transfer or any similar statutory
provisions in effect in any applicable jurisdiction. 
 (i) Pledge of Collateral Portfolio. Except as otherwise expressly permitted
by the terms of this Agreement, no item of Collateral Portfolio has been sold, transferred, assigned or pledged by the Borrower to any Person, other than as contemplated by Article II and the Pledge of such Collateral Portfolio to the
Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms of this Agreement. 
 (j) Indebtedness. The Borrower
has no Indebtedness or other indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred
pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Transaction Documents. 

(k) Sole Purpose. The Borrower has been formed solely for the purpose of engaging in transactions of the types contemplated by this
Agreement, and has not engaged in any business activity other than the negotiation, execution and to the extent applicable, performance of this Agreement and the transactions contemplated by the Transaction Documents. 

(l) No Injunctions. No injunction, writ, restraining order or other order of any nature adversely affects the Borrower’s
performance of its obligations under this Agreement or any Transaction Document to which the Borrower is a party. 
 (m) Taxes. The
Borrower has filed or caused to be filed (on a consolidated basis or otherwise) on a timely basis all tax returns (including, without limitation, all foreign, federal, state, local and other tax returns) required to be filed by it (subject to any
extensions to file properly obtained by the same) and, other than in accordance with the Transaction Documents or pursuant 

  
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to a contract entered into by the Borrower in the ordinary course of business the primary purpose of which does not relate to Taxes, is not liable for Taxes payable by any other Person. The
Borrower has paid or made adequate provisions for the payment of all Taxes made against it or any of its property except for those Taxes being contested in good faith by appropriate proceedings and in respect of which it has established proper
reserves in accordance with GAAP on its books or which are not yet delinquent. No Tax lien or similar adverse claim has been filed, and no claim is being asserted, with respect to any such Tax. Any Taxes due and payable by the Borrower, as
applicable, in connection with the execution and delivery of this Agreement and the other Transaction Documents and the transactions contemplated hereby or thereby have been paid or shall have been paid if and when due. 

(n) Location. The Borrower’s location (within the meaning of Article 9 of the UCC) is Delaware. The chief executive office of the
Borrower (and the location of the Borrower’s records regarding the Collateral Portfolio (other than those delivered to the Collateral Custodian)) is located at the address set forth in Section 11.02 of this Agreement
(or at such other address as shall be designated by such party in a written notice to the other parties hereto). 
 (o) Tradenames.
Except as permitted hereunder, the Borrower’s legal name is as set forth in this Agreement. Except as permitted hereunder, the Borrower has not changed its name since its formation; does not have tradenames, fictitious names, assumed names or
“doing business as” names; the Borrower’s only jurisdiction of formation is Delaware, and, except as permitted hereunder, the Borrower has not changed its jurisdiction of formation. 

(p) Solvency. The Borrower is not the subject of any Bankruptcy Proceedings or Bankruptcy Event. The Borrower is Solvent, and the
transactions contemplated by this Agreement and any other Transaction Document to which the Borrower is a party do not and will not render the Borrower not Solvent. 

(q) No Subsidiaries. The Borrower has no Subsidiaries. 

(r) Value Given. The Borrower has given fair consideration and reasonably equivalent value to the Transferor or other applicable
transferor in exchange for the purchase of the Loan Assets (or any number of them) from such transferor pursuant to the Purchase and Sale Agreement or other assignment or novation. No such transfer has been made for or on account of an antecedent
debt owed by the Borrower to the relevant transferor and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. 

(s) Reports Accurate. All Servicer’s Certificates, Servicing Reports, Notices of Borrowing, Borrowing Base Certificates and other
written or electronic information, exhibits, financial statements, documents, books, records or reports furnished by the Borrower (or the Servicer on its behalf) to the Administrative Agent, the Collateral Agent, the Lenders, the Account Bank or the
Collateral Custodian in connection with this Agreement are, as of their date, accurate, true and correct in all material respects and no such document or certificate omits to state a material fact or any fact necessary to make the statements
contained therein not misleading; provided that, solely with respect to written or electronic information furnished by the Servicer which was provided to the Servicer from an Obligor with respect to a Loan Asset, such information need only be
accurate, true and correct in all material respects to the knowledge of the Borrower; provided further that the foregoing proviso shall not apply to any information presented in a Servicer’s Certificate, Servicing Report, Notice
of Borrowing or Borrowing Base Certificate. 

  
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 (t) Exchange Act Compliance; Regulations T, U and X. None of the
transactions contemplated herein or in the other Transaction Documents (including, without limitation, the use of proceeds from the sale of the Collateral Portfolio) will violate or result in a violation of Section 7 of the Exchange Act, or any
regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. 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. 

(u) No Adverse Agreements. There are no agreements in effect adversely affecting the rights of the Borrower to make, or cause to be
made, the grant of the security interest in the Collateral Portfolio contemplated by Section 2.13. 
 (v) Event
of Default/Unmatured Event of Default. No event has occurred which constitutes an Event of Default, and no event has occurred and is continuing which constitutes an Unmatured Event of Default (other than any Event of Default or Unmatured Event
of Default which has previously been disclosed to the Administrative Agent as such). 
 (w) Servicing Standard. Each of the Loan
Assets is being serviced in conformance with the Servicing Standard. 
 (x) ERISA; Plan Assets. The present value of all
benefits vested under each “employee pension benefit plan”, as such term is defined in Section 3(2) of ERISA, other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any
ERISA Affiliate of the Borrower, or to which the Borrower or any ERISA Affiliate of the Borrower contributes or has an obligation to contribute, or has any liability (each, a “Pension Plan”), does not exceed the value of the assets
of the Pension Plan allocable to such vested benefits (based on the value of such assets as of the last annual valuation date) determined in accordance with the assumptions used for funding such Pension Plan pursuant to Sections 412 and 430 of the
Code. No prohibited transactions, failure to meet the minimum funding standard set forth in Section 302(a) of ERISA and Section 412(a) of the Code (with respect to any Pension Plan other than a Multiemployer Plan), waiver of the minimum
funding standard, withdrawals or reportable events have occurred with respect to any Pension Plan that, in the aggregate, could subject the Borrower to any material tax, penalty or other liability. No notice of intent to terminate a Pension Plan has
been filed, nor has any Pension Plan been terminated under Section 4041(c) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer a Pension Plan and no event has
occurred or condition exists that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan. In addition, either (a) neither Borrower nor any ERISA
Affiliate of Borrower contributes to or has any obligation to contribute to any Multiemployer Plan and neither has any material liability (other than contributions that are paid when due) to any Multiemployer Plan, or (b) neither the Borrower
nor any ERISA Affiliate of Borrower has incurred any material liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan and neither the Borrower nor any ERISA Affiliate of Borrower has received any notice

  
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concerning the imposition of withdrawal liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
Further, Borrower is not a “benefit plan investor” as defined in Department of Labor regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, a “governmental
plan” within the meaning of Section 3(32) of ERISA, or any other entity the assets of which are subject to state statutes or regulations applicable to the Borrower that impose prohibitions materially similar to the prohibited transaction
provisions contained in Section 406 of ERISA or Section 4975 of the Code (collectively, a “Benefit Plan Entity”). 

(y) Allocation of Charges. Other than in connection with, relating to or arising from a Permitted BDC Merger, there is not any
agreement or understanding between the Servicer and the Borrower (other than as expressly set forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations to make payments or otherwise in
respect of any taxes, fees, assessments or other governmental charges. 
 (z) Broker-Dealer. The Borrower is not a broker-dealer or
subject to the Securities Investor Protection Act of 1970, as amended. 
 (aa) Instructions to Obligors. The Collection Account is
the only account to which Obligors have been instructed by the Borrower, or the Servicer on the Borrower’s behalf, to send Principal Collections and Interest Collections on the Collateral Portfolio. The Borrower has not granted any Person other
than the Collateral Agent, on behalf of the Secured Parties, an interest in the Collection Account. 
 (bb) Purchase and Sale
Agreement. The Purchase and Sale Agreement, the Loan Assignment contemplated therein and any Required Loan Document specified in clause (a) of the definition thereof are the only agreements pursuant to which the Borrower acquires that
portion of the Collateral Portfolio acquired from the Transferor. 
 (cc) Investment Company Act. The Borrower is not required to
register as an “investment company” under the provisions of the 1940 Act. 
 (dd) Compliance with Law. The Borrower has
complied in all material respects with all Applicable Law to which it may be subject, and no item of the Collateral Portfolio contravenes any Applicable Law (including, without limitation, all applicable predatory and abusive lending laws, laws,
rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy). 

(ee) Collections. The Borrower acknowledges that all Available Collections received by it or its Affiliates with respect to the
Collateral Portfolio 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 Collection Account within two Business Days after receipt as required
herein. 
 (ff) Set-Off, etc. No Loan Asset has been compromised, adjusted, extended,
satisfied, subordinated, rescinded, set-off or modified by the Borrower, the Transferor or the Obligor thereof, and no Loan Asset in the Collateral Portfolio is subject to compromise, adjustment, extension,
satisfaction, subordination, rescission, set-off, counterclaim, defense, 

  
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 abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of
transactions concerning the Collateral Portfolio or otherwise, by the Borrower, the Transferor or the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications, if any, to such Collateral Portfolio otherwise
permitted pursuant to Section 6.04(a) of this Agreement and in accordance with the Servicing Standard. 
 (gg)
Full Payment. As of the applicable Cut-Off Date with respect thereto, the Borrower has no knowledge of any fact which should lead it to expect that any Loan Asset will not be paid in full. 

(hh) Environmental. With respect to each item of Underlying Collateral as of the applicable
Cut-Off Date for the Loan Asset related to such Underlying Collateral, to the actual knowledge of a Responsible Officer of the Borrower: (a) the related Obligor’s operations comply in all material
respects with all applicable Environmental Laws; (b) none of the related Obligor’s operations is the subject of a federal or state investigation evaluating whether any remedial action, involving expenditures, is needed to respond to a
release of any Hazardous Materials into the environment; and (c) the related Obligor does not have any material contingent liability in connection with any release of any Hazardous Materials into the environment. As of the applicable Cut-Off Date for the Loan Asset related to such Underlying Collateral, none of the Borrower, the Transferor nor the Servicer has received any written or oral notice of, or inquiry from any Governmental Authority
regarding, any violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Underlying
Collateral, nor does any such Person have knowledge or reason to believe that any such notice will be received or is being threatened. 
 (ii) USA PATRIOT Act. Neither the Borrower nor any Affiliate of the Borrower is
(i) a country, territory, organization, person
or entity named on an Office of Foreign Asset Control (OFAC) list; (ii) a Person that resides or has a place of business in a country or territory named on such lists or which is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose
subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign Shell Bank” within the meaning of the USA PATRIOT Act, i.e., a foreign bank that
does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity that resides in or is organized under the laws of
a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns.

(ii)
Sanctions. None of the Borrower, any Person directly or indirectly controlling the Borrower, any Person directly or indirectly controlled by the Borrower or, to the Borrower’s knowledge, any other Related Party of any of the foregoing,
(i) is a Sanctioned Entity, (ii) is controlled by or is acting on behalf of a Sanctioned Entity, (iii) to the Borrower’s knowledge is under investigation for an alleged breach of Sanction(s) by a governmental authority that
enforces Sanctions, or (iv) will fund any repayment of the Obligations with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender or any other party to this Agreement, or any Related
Party, to be in breach of any Sanctions. To the Borrower’s knowledge, no investor or limited partner of the Parent is a Sanctioned Entity. 

  
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 (jj) [Reserved]. 

(kk) Accuracy of Representations and Warranties. Each representation or warranty by the Borrower contained in any other Transaction
Document or any certificate or other document furnished by the Borrower in writing pursuant hereto or in connection herewith is true and correct in all material respects. 

(ll) Reaffirmation of Representations and Warranties. On each day that any Advance is made hereunder, the Borrower shall be deemed to
have certified that all representations and warranties described in Section 4.01 and Section 4.02 are correct on and as of such day as though made on and as of such day, except for any such
representations or warranties which are made as of a specific date. 
 (mm) Security Interest. 

(i) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral
Portfolio in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from the Borrower; 

(ii) the Collateral Portfolio is comprised of “instruments”, “security entitlements”, “general
intangibles” (including “payment intangibles”), “tangible chattel paper”, “accounts”, “certificated securities”, “uncertificated securities”, “securities accounts”, “deposit
accounts”, “supporting obligations” or “insurance” (each as defined in the applicable UCC), real property and/or such other category of collateral under the applicable UCC as to which the Borrower has complied with its
obligations under this Section 4.01(mm); 
 (iii) with respect to Collateral Portfolio that
constitute “security entitlements”: 
 a. all of such security entitlements have been credited to one of the
Controlled Accounts and the securities intermediary for each Controlled Account has agreed to treat all assets credited to such Controlled Account as “financial assets” within the meaning of the applicable UCC; 

b. the Borrower has taken all steps necessary to cause the securities intermediary to identify in its records the Borrower,
subject to the Lien of the Collateral Agent, for the benefit of the Secured Parties, as the Person having a security entitlement against the securities intermediary in each of the Controlled Accounts; and 

c. the Controlled Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Collateral
Agent, for the benefit of the Secured Parties. The securities intermediary of any Controlled Account which is a “securities account” under the UCC has agreed to comply with the entitlement orders and instructions of the Borrower, the
Servicer and the Collateral 

  
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Agent (acting at the direction of the Administrative Agent) in accordance with the Transaction Documents, including causing cash to be invested in Permitted Investments; provided that,
upon the delivery of a Notice of Exclusive Control by the Collateral Agent (acting at the direction of the Administrative Agent), the securities intermediary has agreed to only follow the entitlement orders and instructions of the Collateral Agent,
on behalf of the Secured Parties, including with respect to the investment of cash in Permitted Investments. 
 (iv) all
Controlled Accounts constitute “securities accounts” or “deposit accounts” as defined in the applicable UCC; 

(v) with respect to any Controlled Account which constitutes a “deposit account” as defined in the applicable UCC,
the Borrower, the Account Bank and the Collateral Agent, on behalf of the Secured Parties, have entered into an account control agreement which permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in such
deposit account; 
 (vi) the Borrower owns and has good and marketable title to (or with respect to assets securing any Loan
Assets, a valid security interest in) the Collateral Portfolio free and clear of any Lien (other than Permitted Liens) of any Person; 

(vii) the Borrower has received all consents and approvals required by the terms of any Loan Asset to the granting of a
security interest in the Loan Assets hereunder to the Collateral Agent, on behalf of the Secured Parties; 
 (viii) the
Borrower has caused 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 granted to the Collateral Agent, on behalf of the
Secured Parties, under this Agreement in the Collateral Portfolio and that portion of the Loan Assets in which a security interest may be perfected by filing; provided that filings in respect of real property shall not be required; 

(ix) other than as expressly permitted by the terms of this Agreement and the security interest granted to the Collateral
Agent, on behalf of the Secured Parties, pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral Portfolio. The Borrower has not authorized the filing of
and is not aware of any effective financing statements against the Borrower that include a description of collateral covering the Collateral Portfolio other than any financing statement (A) relating to the security interests granted to the
Borrower under the Purchase and Sale Agreement, or (B) that has been terminated and/or fully and validly assigned to the Collateral Agent on or prior to the date hereof or names the Collateral Agent as secured party. The Borrower is not aware
of the filing of any judgment or Tax lien (other than Permitted Liens in respect of Taxes) filings against the Borrower; 

(x) all original executed copies of each underlying promissory note, if any, or copies of each Loan Asset Register, as
applicable, that constitute or evidence each Loan Asset have been, or subject to the delivery requirements contained herein, will be delivered to the Collateral Custodian; 

  
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 (xi) other than in the case of Noteless Loan Assets, the Borrower has
received, or subject to the delivery requirements contained herein will receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian, as the bailee of the Collateral Agent, is holding the underlying promissory notes
that constitute or evidence the Loan Assets solely on behalf of and for the Collateral Agent, for the benefit of the Secured Parties; 

(xii) none of the underlying promissory notes, or Loan Asset Registers, as applicable, that constitute or evidence the Loan
Assets has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent, on behalf of the Secured Parties; 

(xiii) with respect to any Collateral Portfolio that constitutes a “certificated security,” such certificated
security has been delivered to the Collateral Custodian, on behalf of the Secured Parties and, if in registered form, has been specially Indorsed in blank by an effective Indorsement or has been registered in the name of the Collateral Agent, for
the benefit of the Secured Parties, upon original issue or registration of transfer by the Borrower of such certificated security; and 

(xiv) with respect to any Collateral Portfolio that constitutes an “uncertificated security”, that the Borrower shall
cause the issuer of such uncertificated security to register the Collateral Agent, on behalf of the Secured Parties, as the registered owner of such uncertificated security. 

SECTION 4.02 Representations and Warranties of the Borrower Relating to the Agreement and the Collateral Portfolio. The Borrower hereby
represents and warrants, as of each Measurement Date and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made: 

(a) Valid Transfer and Security Interest. This Agreement constitutes a grant of a security interest in all of the Collateral Portfolio
to the Collateral Agent, for the benefit of the Secured Parties, which upon the delivery of the Required Loan Documents to the Collateral Custodian, the crediting of Loan Assets to the Controlled Accounts and the filing of the financing statements,
shall be a valid and first-priority perfected security interest in the Loan Assets forming a part of the Collateral Portfolio and in that portion of the Loan Assets in which a security interest may be perfected by filing subject only to Permitted
Liens. Neither the Borrower nor any Person claiming through or under the Borrower shall have any claim to or interest in the Controlled Accounts and nothing in this Agreement constitutes the grant of a security interest in such property, except for
the security interest referenced in this Section 4.02(a) and for the interest of the Borrower in such property as a debtor for purposes of the UCC. 

(b) Eligibility of Collateral Portfolio. As of the Closing Date, each Cut-Off Date and each
Advance Date, (i) the Loan Asset Schedule and the information contained in each 

  
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Notice of Borrowing, is an accurate and complete listing of all the Loan Assets contained in the Collateral Portfolio as of the related Cut-Off Date and
the information contained therein with respect to the identity of such item of Collateral Portfolio and the amounts owing thereunder is true and correct as of the related Cut-Off Date, (ii) each Loan
Asset designated on any Borrowing Base Certificate as an Eligible Loan Asset and each Loan Asset included as an Eligible Loan Asset in any calculation of Borrowing Base or Borrowing Base Deficiency is an Eligible Loan Asset and (iii) with
respect to each item of Collateral Portfolio, all consents, licenses, approvals or authorizations of or registrations or declarations of any Governmental Authority or any Person required to be obtained, effected or given by the Borrower in
connection with the transfer of a security interest in each item of Collateral Portfolio to the Collateral Agent, for the benefit of the Secured Parties, have been duly obtained, effected or given and are in full force and effect. For the avoidance
of doubt, any inaccurate representation that a Loan Asset is an Eligible Loan Asset hereunder or under the Purchase and Sale Agreement shall not constitute an Event of Default if the Borrower complies with Section 2.07(c)
hereunder and the Transferor complies with Section 6.1 of the Purchase and Sale Agreement. 
 (c) No Fraud. To the best of the
Borrower’s knowledge, each Loan Asset was originated or acquired without any fraud or material misrepresentation by the Transferor or the relevant seller or on the part of the Obligor. 

SECTION 4.03 Representations and Warranties of the Servicer. The Servicer hereby represents and warrants, as of each Measurement Date
and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made (unless a specific date is specified below): 

(a) Formation and Good Standing. The Servicer has been duly formed and is validly existing as a corporation in good standing under the
laws of the State of Maryland (except as such jurisdiction is changed as permitted hereunder), with all requisite power and authority necessary to own or lease its properties and to conduct its business as such business is presently conducted and to
enter into and perform its obligations pursuant to this Agreement. 
 (b) Due Qualification. The Servicer is duly qualified to do
business as a corporation and is in good standing as a corporation, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the conduct of its business requires such
qualification, licenses or approvals, except where the failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect. 

(c) Power and Authority; Due Authorization; Execution and Delivery. The Servicer (i) has all necessary power,
authority and legal right to (a) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (b) carry out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized
by all necessary corporate action the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. This Agreement and each other Transaction Document to which the Servicer is a party have been
duly executed and delivered by the Servicer. 
 (d) Binding Obligation. This Agreement and each other Transaction Document to which
the Servicer is a party constitutes a legal, valid and binding obligation of the Servicer 

  
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enforceable against the Servicer in accordance with its respective terms, except as such enforceability may be limited by Bankruptcy Laws and general principles of equity (whether considered in a
suit at law or in equity). 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the other
Transaction Documents to which it is a party and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or
both) a default under, the Servicer’s articles of incorporation or bylaws, (ii) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any
contractual obligation of the Servicer except to the extent such conflict or breach of such contractual obligation would not reasonably be excepted to have a Material Adverse Effect, (iii) result in the creation or imposition of any Lien upon
any of the Servicer’s properties pursuant to the terms of any such contractual obligation, other than this Agreement, or (iv) violate any Applicable Law except to the extent such violation would not reasonably be excepted to have a
Material Adverse Effect. 
 (f) No Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of
the Servicer, threatened against the Servicer, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document to which the Servicer is a party, (ii) seeking to prevent the consummation of
any of the transactions contemplated by this Agreement or any other Transaction Document to which the Servicer is a party or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect. 

(g) All Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any
Governmental Authority (if any) required for the due execution, delivery and performance by the Servicer of this Agreement and any other Transaction Document to which the Servicer is a party have been obtained. 

(h) Reports Accurate. No Borrowing Base Certificate, information, exhibit, financial statement, document, book, record or report
furnished by the Servicer to the Administrative Agent, the Collateral Agent, the Lenders, the Account Bank or the Collateral Custodian in connection with this Agreement is inaccurate in any material respect as of the date it is dated, and no such
document contains any material misstatement of fact or omits to state a material fact or any fact necessary to make the statements contained therein not misleading; provided that, solely with respect to written or electronic information
furnished by the Servicer which was provided to the Servicer from an Obligor with respect to a Loan Asset, such information need only be accurate, true and correct in all material respects to the knowledge of the Servicer; provided further
that the foregoing proviso shall not apply to any information presented in a Servicer’s Certificate, Servicing Reports, Notice of Borrowing or Borrowing Base Certificate. 

(i) Servicing Standard. The Servicer has complied in all material respects with the Servicing Standard with regard to the servicing of
the Loan Assets. 
 (j) Collections. The Servicer acknowledges that all Available Collections received by it or its Affiliates with
respect to the Collateral Portfolio transferred or Pledged hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account within two Business Days from receipt as required herein.

  
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 (k) Bulk Sales. The execution, delivery and performance of this Agreement do not
require compliance with any “bulk sales” act or similar law by the Servicer. 
 (l) Solvency. The Servicer is not the
subject of any Bankruptcy Proceedings or Bankruptcy Event. The transactions under this Agreement and any other Transaction Document to which the Servicer is a party do not and will not render the Servicer not Solvent. 

(m) Taxes. The Servicer has filed or caused to be filed all tax returns that are required to be filed by it (subject to any extensions
to file properly obtained by the same). The Servicer has paid or made adequate provisions for the payment of all material Taxes and assessments made against it or any of its property (other than any amount of Tax the validity of which is currently
being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Servicer or any Tax which is not yet delinquent), and no Tax lien has been filed and no claim
is being asserted, with respect to any such Tax, assessment or other charge. 
 (n) Exchange Act Compliance; Regulations T,
U and X. None of the transactions contemplated herein or in the other Transaction Documents (including, without limitation, the use of the Proceeds from the sale of the Collateral Portfolio) will violate or result in a violation of
Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. 

(o) Security Interest. The Servicer will take all steps necessary to ensure that the Borrower has granted a security interest (as
defined in the UCC) to the Collateral Agent, for the benefit of the Secured Parties, in the Collateral Portfolio, which is enforceable in accordance with Applicable Law upon execution and delivery of this Agreement. Upon the filing of UCC-1 financing statements naming the Collateral Agent as secured party and the Borrower as debtor, the Collateral Agent, for the benefit of the Secured Parties, shall have a valid and first-priority perfected
security interest in the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing (except for any Permitted Liens). All filings (including, without limitation, such UCC filings) as are
necessary for the perfection of the Secured Parties’ security interest in the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing have been (or prior to the applicable Advance will
be) made. 
 (p) ERISA. The present value of all benefits vested under each “employee pension benefit plan”, as such term
is defined in Section 3(2) of ERISA, other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Servicer or any ERISA Affiliate of the Servicer or to which the Servicer or any ERISA Affiliate of
the Servicer contributes or has an obligation to contribute, or has any liability (each, a “Servicer Pension Plan”) does not exceed the value of the assets of the Servicer Pension Plan allocable to such vested benefits (based on the
value of such assets as of the last annual valuation date) determined in accordance with the assumptions used for funding such Servicer Pension Plan 

  
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pursuant to Sections 412 and 430 of the Code. No prohibited transactions, failure to meet the minimum funding standard set forth in Section 302(a) of ERISA and Section 412(a) of the
Code (with respect to any Servicer Pension Plan other than a Multiemployer Plan), waiver of the minimum funding standard, withdrawals or reportable events have occurred with respect to any Servicer Pension Plan that, in the aggregate, could subject
the Servicer to any material tax, penalty or other liability. No notice of intent to terminate a Servicer Pension Plan has been filed, nor has any Servicer Pension Plan been terminated under Section 4041(c) of ERISA, nor has the Pension Benefit
Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer, a Servicer Pension Plan and no event has occurred or condition exists that might constitute grounds under Section 4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Servicer Pension Plan. In addition, either (a) neither Servicer nor any ERISA Affiliate of Servicer contributes to or has any obligation to contribute to any Multiemployer Plan and neither
has any material liability (other than contributions that are paid when due) to any Multiemployer Plan, or (b) neither the Servicer nor any ERISA Affiliate of Servicer has incurred any material liability with respect to the withdrawal or
partial withdrawal from any Multiemployer Plan and neither the Servicer nor any ERISA Affiliate of Servicer has received any notice concerning the imposition of withdrawal liability or a determination that a Multiemployer Plan is, or is expected to
be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

(q) USA PATRIOT Act. Neither the Servicer nor any Affiliate of the Servicer is
(i) a country, territory, organization, person
or entity named on an OFAC list; (ii) a Person
that resides or has a place of business in a country or territory named on such lists or which is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign Shell Bank” within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of
regulation and supervision; or (iv) a person or
entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering
concerns. 
 (q) Sanctions. None of the Servicer, any Person directly or indirectly controlling the Servicer, any Person directly or
indirectly controlled by the Servicer or, to the Servicer’s knowledge, any other Related Party of any of the foregoing, (i) is a Sanctioned Entity, (ii) is controlled by or is acting on behalf of a Sanctioned Entity, (iii) to the
Servicer’s knowledge is under investigation for an alleged breach of Sanction(s) by a governmental authority that enforces Sanctions, or (iv) will fund any repayment of the Obligations with proceeds derived from any transaction that would
be prohibited by Sanctions or would otherwise cause any Lender or any other party to this Agreement, or any Related Party, to be in breach of any Sanctions. To the Servicer’s knowledge, no investor or limited partner of the Parent is a
Sanctioned Entity. 
 (r) Environmental. With respect to each item of
Underlying Collateral, to the actual knowledge of a Responsible Officer of the Servicer: (i) the related Obligor’s operations comply in all material respects with all applicable Environmental Laws; (ii) none of the related
Obligor’s operations is the subject of a Federal or state investigation evaluating whether any remedial action, involving expenditures, is needed to respond to a release of any Hazardous 

  
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Materials into the environment; and (iii) the related Obligor does not have any material contingent liability in connection with any release of any Hazardous Materials into the environment.
The Servicer has not received any written or oral notice of, or inquiry from any Governmental Authority regarding, any material violation, alleged material violation, material non-compliance, liability or
potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Underlying Collateral, nor does the Servicer, have knowledge or reason to believe that any such notice will be received or is being
threatened. 
 (s) No Injunctions. No injunction, writ, restraining order or other order of any nature adversely affects the
Servicer’s performance of its obligations under this Agreement or any Transaction Document to which the Servicer is a party. 
 (t)
Instructions to Obligors. The Collection Account is the only account to which Obligors have been instructed by the Servicer on the Borrower’s behalf to send Principal Collections and Interest Collections on the Collateral Portfolio. 

(u) Allocation of Charges. Other than in connection with, relating to or arising from a Permitted BDC Merger, there is not any
agreement or understanding between the Servicer and the Borrower (other than as expressly set forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations to make payments or otherwise in
respect of any taxes, fees, assessments or other governmental charges. 
 (v) Servicer Termination Event. No event has occurred which
constitutes a Servicer Termination Event (other than any Servicer Termination Event which has previously been disclosed to the Administrative Agent as such). 

(w) Broker-Dealer. The Servicer is not a broker-dealer or subject to the Securities Investor Protection Act of 1970, as amended. 

(x) Compliance with Applicable Law. The Servicer has complied in all material respects with all Applicable Law to which it may be
subject, except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect and no item in the Collateral Portfolio contravenes, in any respect, Applicable Law. 

ARTICLE V. 
 GENERAL COVENANTS

 SECTION 5.01 Affirmative Covenants of the Borrower. 

From the Closing Date until the Collection Date: 

(a) Organizational Procedures and Scope of Business. The Borrower will observe all organizational procedures required by its
certificate of formation, limited liability company agreement and the laws of its jurisdiction of formation. Without limiting the foregoing, the Borrower will limit the scope of its business to: (i) the acquisition of Eligible Loan Assets and
the ownership and management of the Portfolio Assets and the related assets in the Collateral Portfolio; (ii) the sale, transfer or other disposition of Portfolio Assets as and when permitted under

  
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the Transaction Documents; (iii) entering into and performing under the Transaction Documents; (iv) consenting or withholding consent as to proposed amendments, waivers and other
modifications of the Loan Agreements to the extent not in conflict with the terms of this Agreement or any other Transaction Document; (v) exercising any rights (including but not limited to voting rights and rights arising in connection with a
Bankruptcy Event with respect to an Obligor or the consensual or non-judicial restructuring of the debt or equity of an Obligor) or remedies in connection with the Loan Assets and participating in the
committees (official or otherwise) or other groups formed by creditors of an Obligor to the extent not in conflict with the terms of this Agreement or any other Transaction Document; and (vi) engaging in any activity and to exercise any powers
permitted to limited liability companies under the laws of the State of Delaware that are related to the foregoing and necessary, convenient or advisable to accomplish the foregoing. 

(b) Special Purpose Entity Requirements. The Borrower will at all times: (i) maintain at least one Independent Director;
(ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from the Transferor and any other Person; (iv) have a board of directors separate
from that of the Transferor and any other Person; (v) file its own tax returns, if any, as may be required under Applicable Law, to the extent it is (A) not part of a consolidated group filing a consolidated return or returns or
(B) not treated as a disregarded entity or division for tax purposes of another taxpayer, and pay any Taxes so required to be paid under Applicable Law in accordance with the terms of this Agreement; (vi) except as contemplated by the
Transaction Documents, not commingle its assets with assets of any other Person; (vii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence; (viii) maintain
separate financial statements, except to the extent that the Borrower’s financial and operating results are consolidated with those of (A) prior to the consummation of a Permitted BDC Merger, CCT, and (B) on or after the consummation
of each Permitted BDC Merger, the applicable Permitted BDC, in consolidated financial statements; (ix) pay its own liabilities only out of its own funds; (x) maintain an arm’s-length
relationship with the Transferor and the Borrower’s other Affiliates; (xi) pay the salaries of its own employees, if any; (xii) not hold out its credit or assets as being available to satisfy the obligations of others;
(xiii) allocate fairly and reasonably any overhead for shared office space; (xiv) use separate stationery, invoices and checks; (xv) except as expressly permitted by this Agreement, not pledge its assets as security for the
obligations of any other Person; (xvi) correct any known misunderstanding regarding its separate identity; (xvii) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating
expenses and liabilities from its own assets; (xviii) cause its board of directors to meet at least annually or act pursuant to written consent and keep minutes of such meetings and actions and observe in all material respects all other
Delaware limited liability company formalities; (xix) not acquire the obligations or any securities of its Affiliates; and (xx) cause the directors, officers, agents and other representatives of the Borrower to act at all times with
respect to the Borrower consistently and in furtherance of the foregoing and in the best interests of the Borrower. Where necessary, the Borrower will obtain proper authorization from its members for limited liability company action. 

(c) Preservation of Company Existence. The Borrower will maintain its limited liability company existence in good standing under the
laws of its jurisdiction of formation and will promptly obtain and thereafter maintain qualifications to do business as a foreign limited liability company in any other state in which it does business and in which it is required to so qualify under
Applicable Law. 

  
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 (d) Compliance with Legal Opinions. The Borrower shall take all other actions
necessary to maintain in all material respects the accuracy of the factual assumptions set forth in the legal opinions of Dechert LLP, as special counsel to the Borrower, issued in connection with the Transaction Documents and relating to the issues
of substantive consolidation and true sale of the Loan Assets. 
 (e) Deposit of Collections. The Borrower shall promptly (but in no
event later than two Business Days after receipt) deposit or cause to be deposited into the Collection Account any and all Available Collections received by the Borrower, the Servicer or any of their Affiliates. 

(f) Disclosure of Purchase Price. The Borrower shall disclose to the Administrative Agent the purchase price for each Loan Asset
proposed to be transferred to the Borrower. 
 (g) Obligor Defaults and Bankruptcy Events. The Borrower shall give, or shall cause
the Servicer to give, notice to the Administrative Agent within two Business Days of the Borrower’s, the Transferor’s or the Servicer’s actual knowledge of the occurrence of any default by an Obligor under any Loan Asset or any
Bankruptcy Event with respect to any Obligor under any Loan Asset. Together with such notification, the Borrower or the Servicer shall inform the Administrative Agent whether, to the knowledge of the Borrower or Servicer, as applicable, such event
constitutes a Value Adjustment Event. 
 (h) Required Loan Documents. Except as otherwise provided herein, the Borrower shall deliver
to the Collateral Custodian a copy of the Required Loan Documents and a copy of the Loan Asset Checklist pertaining to each Loan Asset no later than 10 Business Days after the later of (x) any related Advance Date as to any Loan Assets and
(y) the date such loan assets have settled. 
 (i) Taxes. The Borrower will file or cause to be filed its tax returns and pay
any and all Taxes imposed on it or its property as required by the Transaction Documents (except as contemplated in Section 4.01(m)). 

(j) Notice of Event of Default. The Borrower shall notify the Administrative Agent of the occurrence of any Event of Default under this
Agreement promptly upon obtaining actual knowledge of such event. In addition, no later than two Business Days following the Borrower’s knowledge or notice of the occurrence of any Event of Default or Unmatured Event of Default, the Borrower
will provide to the Administrative Agent a written statement of a Responsible Officer of the Borrower setting forth the details of such event and the action that the Borrower proposes to take with respect thereto. 

(k) Notice of Material Events. The Borrower shall promptly, upon becoming aware thereof, notify the Administrative Agent of any event
or other circumstance that is reasonably likely to have a Material Adverse Effect. 

  
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 (l) Notice of Income Tax Liability. The Borrower shall furnish to the Administrative
Agent telephonic or facsimile notice, or notice by e-mail, within 10 Business Days (confirmed in writing within five Business Days thereafter) of the receipt of revenue agent reports or other written
proposals, determinations or assessments of the Internal Revenue Service or any other taxing authority which propose, determine or otherwise set forth positive adjustments (i) to the Tax liability of (A) prior to the consummation of a
Permitted BDC Merger, CCT, and (B) on or after the consummation of each Permitted BDC Merger, the applicable Permitted BDC, or any “affiliated group” (within the meaning of Section 1504(a)(l) of the Code) of which such Person is
a member in an amount equal to or greater than $5,000,000 in the aggregate, or (ii) to the Tax liability of the Borrower itself in an amount equal to or greater than $500,000 in the aggregate. Any such notice shall specify the nature of the
items giving rise to such adjustments and the amounts thereof. 
 (m) Notice of Auditors’ Management Letters. The Borrower shall
promptly notify the Administrative Agent after the receipt of any auditors’ management letters received by the Borrower or by its accountants. 

(n) Notice of Breaches of Representations and Warranties under this Agreement. The Borrower shall promptly notify the Administrative
Agent if any representation or warranty set forth in Section 4.01 or Section 4.02 was incorrect at the time it was given or deemed to have been given and at the same time deliver to the Collateral
Agent and the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner
set forth in the preceding sentence before any Cut-Off Date of any facts or circumstances within the knowledge of the Borrower which would render any of the said representations and warranties untrue at the
date when such representations and warranties were made or deemed to have been made. 
 (o) Notice of Breaches of Representations and
Warranties under the Purchase and Sale Agreement. The Borrower confirms and agrees that the Borrower will, upon receipt of notice or discovery thereof, promptly send to the Administrative Agent and the Collateral Agent a notice of (i) any
breach of any representation, warranty, agreement or covenant under the Purchase and Sale Agreement or (ii) any event or occurrence that, upon notice, or upon the passage of time or both, would constitute such a breach. 

(p) Notice of Proceedings. The Borrower shall notify the Administrative Agent, as soon as possible and in any event within three
Business Days, after the Borrower receives notice or obtains knowledge thereof, of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor
controversy, litigation, action, suit or proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that could reasonably be expected to have a Material Adverse Effect on the
Collateral Portfolio, the Transaction Documents, the Collateral Agent’s, for the benefit of the Secured Parties, interest in the Collateral Portfolio, or the Borrower, the Servicer or the Transferor or any of their respective Majority Owned
Affiliates. For purposes of this Section 5.01(p), (i) any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral Portfolio, the Transaction Documents, the Collateral
Agent’s, for the benefit of the Secured Parties, interest in the Collateral Portfolio, or 

  
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the Borrower that could reasonably be expected to result in liability to such Person or reduce the value of the Collateral Portfolio, in each case, in excess of $1,000,000 (after any expected
insurance proceeds) shall be deemed to be reasonably expected to have such a Material Adverse Effect and (ii) any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Servicer or the Transferor or any of
their respective Majority Owned Affiliates (other than the Borrower) that could reasonably be expected to result in liability of such Person in excess of $10,000,000 (after any expected insurance proceeds) shall be deemed to be reasonably expected
to have such a Material Adverse Effect. 
 (q) Notice of ERISA Events. The Borrower shall promptly notify the Administrative Agent
(i) after receiving notice of any “reportable event” (as defined in Title IV of ERISA, other than an event for which the reporting requirements have been waived by regulations) with respect to the Borrower (or any ERISA Affiliate
thereof), and provide them with a copy of such notice, and (ii) if it becomes a Benefit Plan Entity. 
 (r) Notice of Accounting
Changes. As soon as possible and in any event within three Business Days after the effective date thereof, the Borrower will provide to the Administrative Agent notice of any material change in the accounting policies of the Borrower. 

(s) Additional Documents. The Borrower shall provide the Administrative Agent with copies of such documents as the Administrative Agent
may reasonably request evidencing the truthfulness of the representations set forth in this Agreement. 
 (t) Protection of Security
Interest. With respect to the Collateral Portfolio acquired by the Borrower, the Borrower will (i) with respect to any transfers from the Transferor, acquire such Collateral Portfolio pursuant to and in accordance with the terms of the
Purchase and Sale Agreement, (ii) (at the expense of the Servicer, on behalf of the Borrower) take all action necessary or appropriate to perfect, protect and more fully evidence the Borrower’s ownership of such Collateral Portfolio free and
clear of any Lien other than the Lien created hereunder and any other Permitted Liens, including, without limitation, taking all action necessary to cause a valid, subsisting and enforceable first-priority perfected security interest, subject only
to Permitted Liens, to exist in favor of the Collateral Agent (for the benefit of the Secured Parties) in the Borrower’s interests in all of the Collateral Portfolio being Pledged hereunder including the filing of a UCC financing statement in
the applicable jurisdiction adequately describing the Collateral Portfolio (which may include an “all asset” filing), and naming the Borrower as debtor and the Collateral Agent as the secured party, and filing continuation statements,
amendments or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof), (iv) permit the Administrative Agent or any Lender or their respective agents or representatives to visit the offices
of the Borrower during normal office hours and upon reasonable advance notice examine and make copies of all documents, books, records and other information concerning the Collateral Portfolio and discuss matters related thereto with any of the
officers or employees of the Borrower having knowledge of such matters; provided that prior to the occurrence and continuance of an Event of Default, such visits (and any visits pursuant to Section 5.03(d)(ii), in
the aggregate) will be limited to a maximum of two (2) per calendar year and (v) take all additional action that the Administrative Agent, any Lender or the Collateral Agent may reasonably request to perfect, protect and more fully
evidence the respective first priority perfected security interests of the parties to this Agreement in the Collateral Portfolio, or to enable the Administrative Agent or the Collateral Agent to exercise or enforce any of their respective rights
hereunder. 

  
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 (u) Liens. The Borrower will promptly notify the Administrative Agent of the
existence of any Lien on the Collateral Portfolio (other than Permitted Liens) and the Borrower shall defend the right, title and interest of the Collateral Agent, for the benefit of the Secured Parties, in, to and under the Collateral Portfolio
against all claims of third parties. 
 (v) Other Documents. At any time from time to time upon prior written request of the
Administrative Agent, at the sole expense of the Borrower, the Borrower will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the
purposes of obtaining or preserving the full benefits of this Agreement including the first priority security interest (subject only to Permitted Liens) granted hereunder and of the rights and powers herein granted (including, among other things,
authorizing the filing of such UCC financing statements as the Administrative Agent may request). 
 (w) Compliance with Law. The
Borrower shall at all times comply in all material respects with all Applicable Law applicable to the Borrower or any of its assets (including, without limitation, Environmental Laws and all federal securities laws), and the Borrower shall do or
cause to be done all things necessary to preserve and maintain in full force and effect its legal existence, and all licenses material to its business. 

(x) Proper Records. The Borrower shall at all times keep proper books of records and accounts in which full, true and correct entries
shall be made of its transactions in accordance with GAAP. 
 (y) Satisfaction of Obligations. The Borrower shall pay, discharge or
otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings
and reserves with respect thereto have been provided on the books of the Borrower. 
 (z) Performance of Covenants. The Borrower
shall observe, perform and satisfy all the material terms, provisions, covenants and conditions required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the
Transaction Documents. The Borrower shall pay and discharge all Taxes, levies, liens and other charges on it or its assets and on the Collateral Portfolio that, in each case, in any manner would create any lien or charge upon the Collateral
Portfolio, except for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP. 

(aa) Tax Treatment. The Borrower, the Transferor and the Lenders shall treat the Advances advanced hereunder as indebtedness of the
Borrower (or, so long as the Borrower is treated as a disregarded entity for U.S. federal income tax purposes, as indebtedness of the entity of which it is considered to be a part) for U.S. federal income tax purposes and to file any and all tax
forms in a manner consistent therewith. 

  
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 (bb) Maintenance of Records. The Borrower will maintain records with respect to the
Collateral Portfolio and the conduct and operation of its business with no less a degree of prudence than if the Collateral Portfolio were held by the Borrower for its own account and will furnish the Administrative Agent and each Lender, upon the
reasonable request by the Administrative Agent and each Lender, information with respect to the Collateral Portfolio and the conduct and operation of its business. 

(cc) Obligor Notification Forms. The Borrower shall furnish the Collateral Agent and the Administrative Agent with an appropriate power
of attorney to send, after the occurrence or declaration of the Facility Maturity Date (at the Administrative Agent’s discretion on the Collateral Agent’s behalf) Obligor notification forms to give notice to the Obligors of the Collateral
Agent’s interest in the Collateral Portfolio and the obligation to make payments as directed by the Administrative Agent on the Collateral Agent’s behalf. 

(dd) Officer’s Certificate. The Borrower will provide to the Administrative Agent and the Collateral Agent within 120 days
following the end of each calendar year, commencing with the year ending on December 31, 2015, and within two Business Days (or such later time agreed to by the Administrative Agent) of any request by the Administrative Agent (provided that the
Administrative Agent shall be allowed no more than two such requests in any calendar year) or (ii) upon the occurrence of, and within two Business Days (or such later time as agreed to by the Administrative Agent) of any request by the
Administrative Agent, (x) any extension of the Reinvestment Period, (y) any material amendment of any Transaction Document or (z) any filing of any UCC financing statement or continuation statement with respect to the Borrower or the
Collateral Portfolio (other than in connection with the execution of this Agreement as of the Closing Date) the Borrower shall deliver an Officer’s Certificate, in form and substance acceptable to the Administrative Agent, providing (I) a
certification, based upon a review and summary of UCC search results, that there is no other interest in the Collateral Portfolio perfected by filing of a UCC financing statement other than in favor of the Collateral Agent and (II) a
certification, based upon a review and summary of Tax and judgment lien searches satisfactory to the Administrative Agent, that there is no other interest in the Collateral Portfolio based on any Tax or judgment lien. 

(ee) Continuation Statements. The Borrower shall, not earlier than six months and not later than three months prior to the fifth
anniversary of the date of filing of the financing statement referred to in Schedule I hereto or any other financing statement filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Collection Date shall have
occurred: 
 (i) authorize and deliver and file or cause to be filed an appropriate continuation statement with respect to
such financing statement; and 
 (ii) deliver or cause to be delivered to the Collateral Agent and the Administrative Agent
an Opinion of Counsel, in form and substance reasonably satisfactory to the Administrative Agent, confirming and updating the opinion delivered 

  
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pursuant to Schedule I with respect to perfection and otherwise to the effect that the security interest hereunder continues to be an enforceable and perfected security interest, subject
to no other Liens of record except as provided herein or otherwise permitted hereunder, which opinion may contain usual and customary assumptions, limitations and exceptions. 

(ff) Disregarded Entity. The Borrower will be disregarded as an entity separate from its owner pursuant to Treasury Regulation Section 301.7701-3(b), and neither the Borrower nor any other Person on its behalf shall make an election to be treated as other than an entity disregarded from its owner under Treasury Regulation Section 301.7701-3(c). 

(gg)
 Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws.
The Borrower, each Person directly or indirectly controlling the Borrower, and each Person directly or indirectly controlled by the Borrower shall, and to the knowledge of the Borrower each other Related Party of any of the foregoing shall,
(i) comply with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws, and shall maintain policies and procedures reasonably designed to ensure compliance with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws,
(ii) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of complying with all applicable Anti-Money Laundering Laws, including with respect to the legitimacy of the applicable investor and
the origin of the assets used by such investor to purchase the property in question, and shall maintain sufficient information to identify the applicable investor for purposes of Anti-Money Laundering Laws, (iii) ensure it does not use any of
the Advances in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, and (iv) ensure it does not fund any repayment of the Obligations in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. 

(hh)
 Compliance with Sanctions. None of the Borrower, any Person directly
or indirectly controlling the Borrower, any Person directly or indirectly controlled by the Borrower or, to the Borrower’s knowledge, any other Related Party of any of the foregoing, in each case directly or indirectly, will use the proceeds of
any Advance hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund any activities or business of or with a Sanctioned Entity, or (ii) in any manner that
would be prohibited by Sanctions or would otherwise cause any Lender to be in breach of any Sanctions. The Borrower shall comply with all applicable Sanctions, and shall maintain policies and procedures reasonably designed to ensure compliance with
Sanctions. The Borrower will notify each Lender and the Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of Sections 4.01(ii), 4.03(q), 5.03(y) or this Section 5.01(hh). 
 SECTION 5.02 Negative Covenants of the Borrower. 

From the Closing Date until the Collection Date: 

(a) Special Purpose Entity Requirements. Except as otherwise permitted by this Agreement, the Borrower shall not (i) guarantee any
obligation of any Person, including any Affiliate; (ii) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed under the Transaction Documents; (iii) incur, create or assume any
Indebtedness, other than Indebtedness incurred under the Transaction Documents and arising in connection with ordinary business expenses arising pursuant to the transactions contemplated by 

  
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this Agreement and the other Transaction Documents; (iv) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that
the Borrower may invest in those Loan Assets and other investments permitted under the Transaction Documents and may make any advance required or expressly permitted to be made pursuant to any provisions of the Transaction Documents and permit the
same to remain outstanding in accordance with such provisions; (v) fail to pay its debts and liabilities from its assets when due; (vi) create, form or otherwise acquire any Subsidiaries or (vii) release, sell, transfer, convey or
assign any Loan Asset unless in accordance with the Transaction Documents. 
 (b) Requirements for Material Actions. The Borrower
shall not fail to provide (and at all times the Borrower’s organizational documents shall reflect) that the unanimous consent of all directors (including the consent of the Independent Director(s)) is required for the Borrower to
(i) dissolve or liquidate, in whole or part, or institute proceedings to be adjudicated bankrupt or insolvent, (ii) institute or consent to the institution of bankruptcy or insolvency proceedings against it, (iii) file a petition
seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy or insolvency, (iv) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any
similar official for the Borrower, (v) make any assignment for the benefit of the Borrower’s creditors, (vi) admit in writing its inability to pay its debts generally as they become due, or (vii) take any action in furtherance of
any of the foregoing. 
 (c) Protection of Title. The Borrower shall not take any action which would directly or indirectly impair or
adversely affect the Borrower’s title to the Collateral Portfolio. 
 (d) Transfer Limitations. The Borrower shall not transfer,
assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge or hypothecate, directly or indirectly, any interest in the Collateral Portfolio to any person other than the Collateral Agent for the benefit of the Secured
Parties, or engage in financing transactions or similar transactions with respect to the Collateral Portfolio with any person other than the Administrative Agent and the Lenders, in each case, except as otherwise expressly permitted by the terms of
this Agreement. 
 (e) Liens. The Borrower shall not create, incur or permit to exist any Lien, encumbrance or security interest in
or on any of the Collateral Portfolio subject to the security interest granted by the Borrower pursuant to this Agreement, other than Permitted Liens. 

(f) Organizational Documents. The Borrower shall not amend, modify, waive or terminate any of the organizational or operational
documents of the Borrower without the prior written consent of the Administrative Agent; provided that, in connection with a Permitted BDC Merger, the Borrower may effectuate any deemed or actual amendment, modification or waiver of the
Borrower’s organizational or operational documents solely as a result of or to evidence such Permitted BDC Merger (including, without limitation, any amendment, modification or waiver that may result from a deemed or actual transfer of
membership units to, or admission of a new Member that is, the applicable Permitted BDC). 
 (g) Merger, Acquisitions,
Sales, etc. The Borrower shall not change its organizational structure, enter into any transaction of merger or consolidation or amalgamation, or asset sale (other than pursuant to Section 2.07), or liquidate,
wind up or dissolve itself (or suffer 

  
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any liquidation, winding up or dissolution) without the prior written consent of the Administrative Agent. The Borrower will not enter into any plan of division or other statutory division under
Delaware law (or any comparable event under a different jurisdiction’s laws) without the prior written consent of the Administrative Agent. 

(h) Use of Proceeds. The Borrower shall not use the proceeds of any Advance other than (i) to finance the purchase by the Borrower
from the Transferor, on a “true sale” basis, of Collateral Portfolio pursuant to the terms of the Purchase and Sale Agreement, (ii) to finance the purchase by the Borrower from non-Affiliates of
the Borrower, Servicer or Transferor, on a “true sale” basis, of Collateral Portfolio, (iii) to fund the Unfunded Exposure Account in order to establish reserves for unfunded commitments of Revolving Loan Assets and Delayed Draw Loan
Assets included in the Collateral Portfolio, or (iv) to distribute such proceeds to the Transferor in connection with prior transfers of unleveraged Eligible Loan Assets to the Borrower as capital contributions to the Borrower, including with
respect to any Borrowing Base capacity resulting from any repayment of Advances previously made to the Borrower (so long as such distribution is permitted pursuant to Section 5.02(m) of this Agreement). 

(i) Limited Assets. The Borrower shall not hold or own any assets that are not part of the Collateral Portfolio or powers and rights
incidental to the Transaction Documents other than any Warranty Loan Asset pursuant to Section 2.07(c). 
 (j)
Tax Treatment. The Borrower shall not elect to be treated as a corporation for U.S. federal income tax purposes and shall take all reasonable steps necessary to avoid being treated as a corporation for U. S. federal income tax purposes. 

(k) Extension or Amendment of Collateral Portfolio. The Borrower will not, except as otherwise permitted in
Section 6.04(a) of this Agreement and in accordance with the Servicing Standard, extend, amend or otherwise modify the terms of any Loan Asset (including the Underlying Collateral). 

(l) Purchase and Sale Agreement. The Borrower will not amend, modify, waive or terminate any provision of the Purchase and Sale
Agreement without the prior written consent of the Administrative Agent. 
 (m) Restricted Junior Payments. The Borrower shall not
make any Restricted Junior Payment, except that, so long as no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom, the Borrower may declare and make distributions to its member on its membership
interests. 
 (n) ERISA Matters. The Borrower will not (a) seek or obtain a waiver of, or fail to meet, the minimum funding
standard set forth in Section 302(a) of ERISA and Section 412(a) of the Code with respect to any Pension Plan other than a Multiemployer Plan, (b) fail to make any payments to a Multiemployer Plan that the Borrower or any ERISA
Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (c) terminate any Pension Plan so as to result, directly or indirectly in any liability to the Borrower, (d) permit to
exist any occurrence of any reportable event described in Title IV of ERISA with respect to any Pension Plan, other than an event for which reporting requirements have been 

  
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waived by regulations, (e) incur any material withdrawal liability with respect to any Multiemployer Plan, or (f) engage in any prohibited transaction (within the meaning of ERISA
Section 406(a) or (b) or Code Section 4975) for which an exemption is not available or has not previously been obtained from the United States Department of Labor, assuming for this purpose that no portion of any Advance constitutes
the assets of any Benefit Plan Entity, in each case, that could result in material liability to the Borrower. 
 (o) Instructions to
Obligors. The Borrower will not make any change, or permit the Servicer to make any change, in its instructions to Obligors (or any agents with respect to the Loan Agreements) regarding payments to be made with respect to the Collateral
Portfolio to the Collection Account, unless the Administrative Agent has consented to such change (such consent not to be unreasonably withheld or delayed, it being understood that any such account to which the Obligors may be instructed to make
payments shall be subject to an account control agreement which provides the Collateral Agent with a first priority perfected security interest in such account, as evidenced by an Opinion of Counsel reasonably acceptable to the Administrative
Agent). 
 (p) Taxable Mortgage Pool Matters. The sum of the Outstanding Balances of all Loan Assets owned by the Borrower and that
are principally secured by an interest in real property (within the meaning of Treasury Regulation Section 301.7701(i)-1(d)(3)) shall not at any time exceed 35% of the aggregate Outstanding Balance of all
Loan Assets. 
 (q) Change of Jurisdiction, Location, Names or Location of Loan Asset Files. The Borrower shall not
change the jurisdiction of its formation, make any change to its legal name or use any tradenames, fictitious names, assumed names, “doing business as” names or other names unless, prior to the effective date of any such change in the
jurisdiction of its formation, name change or use, the Borrower receives prior written consent from the Administrative Agent of such change and delivers to the Administrative Agent such financing statements as the Administrative Agent may request to
reflect such name change or use, together with such Opinions of Counsel and other documents and instruments as the Administrative Agent may request in connection therewith. The Borrower will not change the location of its chief executive office
unless prior to the effective date of any such change of location, the Borrower notifies the Administrative Agent of such change of location in writing. Subject to Section 2.16, the Borrower will not move, or consent to the Collateral Custodian
or the Servicer moving, the Loan Asset Files from the location thereof on the Initial Advance Date, unless the Servicer shall have provided the Administrative Agent with 30 days’ written notice of such move and such Opinions of Counsel and
other documents and instruments as the Administrative Agent may reasonably request in connection therewith and shall have taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected
security interest of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral Portfolio. 
 (r) Allocation of
Charges. Other than in connection with, relating to or arising from a Permitted BDC Merger, there will not be any agreement or understanding between the Servicer and the Borrower (other than as expressly set forth herein or as consented to by
the Administrative Agent), providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges. 

  
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 SECTION 5.03 Affirmative Covenants of the Servicer. 

From the Closing Date until the Collection Date: 

(a) Compliance with Law. The Servicer will comply in all material respects with all Applicable Law, including those with respect to
servicing the Collateral Portfolio or any part thereof. 
 (b) Preservation of Company Existence. The Servicer will preserve and
maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a corporation in each jurisdiction where the failure to preserve and maintain such
existence, rights, franchises, privileges and qualification could reasonably be expected to have a Material Adverse Effect. 
 (c)
Obligations and Compliance with Collateral Portfolio. The Servicer will duly fulfill and comply in all material respects with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with the
administration of each item of Collateral Portfolio and will do nothing to impair the rights of the Collateral Agent, for the benefit of the Secured Parties, or of the Secured Parties in, to and under the Collateral Portfolio. It is understood and
agreed that the Servicer does not hereby assume any obligations of the Borrower in respect of any Advances, or assume any responsibility for the performance by the Borrower of any of its obligations hereunder or under any other agreement executed in
connection herewith that would be inconsistent with the limited recourse undertaking of the Servicer, in its capacity as seller, under Section 2.1(e) of the Purchase and Sale Agreement. 

(d) Keeping of Records and Books of Account. 

(i) The Servicer will maintain and implement administrative and operating procedures (including, without limitation, an ability
to recreate records evidencing Collateral Portfolio in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all
Collateral Portfolio and the identification of the Collateral Portfolio. 
 (ii) The Servicer shall permit the Administrative
Agent, each Lender or their respective agents or representatives, to visit the offices of the Servicer during normal office hours and upon reasonable advance notice and examine and make copies of all documents, books, records and other information
concerning the Collateral Portfolio and the Servicer’s servicing thereof and discuss matters related thereto with any of the officers or employees of the Servicer having knowledge of such matters; provided that such visits (and any
visits pursuant to Section 5.01(t), in the aggregate) will be limited to a maximum of two (2) per calendar year. 

(iii) The Servicer will on or prior to the date hereof, mark its master data processing records and other books and records
relating to the Collateral Portfolio with a legend, acceptable to the Administrative Agent describing (i) the sale of the Collateral Portfolio from the Transferor to the Borrower and (ii) the Pledge from the Borrower to the Collateral
Agent, for the benefit of the Secured Parties. 

  
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 (e) Preservation of Security Interest. The Servicer (at its own expense, on behalf of
the Borrower) will file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the first-priority perfected security interest of
the Collateral Agent, for the benefit of the Secured Parties, in, to and under the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing. 

(f) Events of Default. The Servicer will provide the Administrative Agent (with a copy to the Collateral Agent) with prompt (and in no
event later than two Business Days) written notice of the occurrence of each Event of Default and each Unmatured Event of Default of which the Servicer has knowledge or has received notice. In addition, no later than two Business Days following the
Servicer’s knowledge or notice of the occurrence of any Event of Default or Unmatured Event of Default, the Servicer will provide to the Collateral Agent, and the Administrative Agent a written statement of the chief financial officer or chief
accounting officer of the Servicer setting forth the details of such event and the action that the Servicer proposes to take with respect thereto. 

(g) Taxes. The Servicer will file its tax returns and pay any and all Taxes imposed on it or its property as required under the
Transaction Documents (except as contemplated by Section 4.03(m)). 
 (h) Other. The Servicer will promptly
furnish to the Collateral Agent and the Administrative Agent such other information, documents, records or reports respecting the Collateral Portfolio or the condition or operations, financial or otherwise, of the Borrower or the Servicer as the
Collateral Agent or the Administrative Agent may from time to time reasonably request in order to protect the interests of the Secured Parties under or as contemplated by this Agreement. 

(i) Proceedings Related to the Borrower, the Transferor and the Servicer and the Transaction Documents. The Servicer shall
notify the Administrative Agent as soon as possible and in any event within three Business Days after any Responsible Officer of the Servicer receives notice or obtains actual knowledge thereof of any settlement of, judgment (including a judgment
with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy, litigation, action, suit or proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, that could reasonably be expected to have a Material Adverse Effect on the Borrower, the Transferor or the Servicer (or any of their respective Majority Owned Affiliates) or the Transaction Documents. Solely for purposes of this
Section 5.03(i), (i) any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Transaction Documents or the Borrower that could reasonably be expected to result in liability to the
Borrower or reduce the value of the Collateral Portfolio, in each case, in excess of $1,000,000 (after any expected insurance proceeds) shall be deemed to be expected to have such a Material Adverse Effect and (ii) any settlement, judgment,
labor controversy, litigation, action, suit or proceeding affecting the Servicer or the Transferor or any of their respective Majority Owned Affiliates (other than the Borrower) that could reasonably be expected to result in liability to such Person
in excess of $10,000,000 (after any expected insurance proceeds) shall be deemed to be reasonably expected to have such a Material Adverse Effect. 

  
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 (j) Deposit of Collections. The Servicer shall promptly (but in no event later than
two Business Days after receipt) deposit or cause to be deposited into the Collection Account any and all Available Collections received by the Borrower, the Servicer or any of their Affiliates. 

(k) Loan Asset Register. 

(i) The Servicer shall maintain, or cause to be maintained, with respect to each Noteless Loan Asset a register (which may be
in physical or electronic form and readily identifiable as the loan asset register) (each, a “Loan Asset Register”) in which it will record, or cause to be recorded, (v) the amount of such Noteless Loan Asset, (w) the
amount of any principal or interest due and payable or to become due and payable from the Obligor thereunder, (x) the amount of any sum in respect of such Noteless Loan Asset received from the Obligor, (y) the date of origination of such
Noteless Loan Asset and (z) the maturity date of such Noteless Loan Asset. 
 (ii) At any time a Noteless Loan Asset is
included as part of the Collateral Portfolio pursuant to this Agreement, the Servicer shall deliver to the Administrative Agent, the Collateral Agent and the Collateral Custodian a copy of the related Loan Asset Register, together with a certificate
of a Responsible Officer of the Servicer (in the form of Exhibit P) certifying to the accuracy of such Loan Asset Register as of the applicable Cut-Off Date. 

(l) Special Purpose Entity Requirements. The Servicer shall take such actions as are necessary to cause the Borrower to be in
compliance with the special purpose entity requirements set forth in Sections 5.01(a) and (b) and 5.02(a) and (b); provided that for the avoidance of doubt, the Servicer shall not be required to expend any of
its own funds to cause the Borrower to be in compliance with subsection 5.02(a)(v) or subsection 5.01(b)(xvii) (it being understood that this proviso shall in no way affect the obligation of Servicer to manage the activities and
liabilities of the Borrower such that the Borrower maintains compliance with either of the foregoing subsections). 
 (m) Accounting
Changes. As soon as possible and in any event within three Business Days after the effective date thereof, the Servicer will provide to the Administrative Agent notice of any material change in the accounting policies of the Servicer. 

(n) Proceedings Related to the Collateral Portfolio. The Servicer shall notify the Administrative Agent as soon as possible and in any
event within three Business Days after any Responsible Officer of the Servicer receives notice or has actual knowledge of any settlement of, judgment (including a judgment with respect to the liability phase of a bifurcated trial) in or commencement
of any labor controversy, litigation, action, suit or proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that could reasonably be expected to have a Material Adverse
Effect on the interests of the Collateral Agent or the Secured Parties in, to and under the Collateral Portfolio. Solely for purposes of this Section 5.03(n), any settlement, judgment, labor controversy, litigation, action,
suit or proceeding affecting the Collateral Portfolio or the Collateral Agent’s or the Secured Parties’ interest in the Collateral Portfolio that could reasonably be expected to reduce the value of the Collateral Portfolio in excess of
$5,000,000 (after any expected insurance proceeds) or more shall be deemed to be expected to have such a Material Adverse Effect. 

  
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 (o) Compliance with Legal Opinions. The Servicer shall take all other actions
necessary to maintain the accuracy of the factual assumptions set forth in the legal opinions of Dechert LLP, as special counsel to the Servicer, issued in connection with the Transaction Documents and relating to the issues of substantive
consolidation and true sale of the Loan Assets. 
 (p) Instructions to Agents and Obligors. The Servicer shall direct, or shall cause
the Borrower to direct, any agent or administrative agent for each Loan Asset to remit all payments and collections with respect to such Loan Asset, and, if applicable, to direct the Obligor with respect to such Loan Asset to remit all such payments
and collections with respect to such Loan Asset directly to the Collection Account. The Borrower and the Servicer shall take commercially reasonable steps to ensure that only funds constituting payments and collections relating to Loan Assets shall
be deposited into the Collection Account. 
 (q) Capacity as Servicer. The Servicer will ensure that, at all times when it is dealing
with or in connection with the Loan Assets in its capacity as Servicer, it holds itself out as Servicer, and not in any other capacity. 

(r) Audits. Prior to the Closing Date and periodically thereafter at the discretion of the Administrative Agent and each Lender, the
Servicer shall allow the Administrative Agent and each Lender (during normal office hours and upon advance notice) to review the Servicer’s collection and administration of the Collateral Portfolio in order to assess compliance by the Servicer
with the Servicing Standard, as well as with the Transaction Documents and to conduct an audit of the Collateral Portfolio and Required Loan Documents in conjunction with such a review. Such review shall be reasonable in scope and shall be completed
in a reasonable period of time; provided that at the Servicer’s expense, (i) prior to the occurrence of an Event of Default, the Administrative Agent shall be entitled to one (1) such audits per calendar year and,
(ii) after the occurrence of an Event of Default, the Administrative Agent shall be entitled to such number of audits per calendar year and at such times as it shall require in its discretion. 

(s) Notice of Breaches of Representations and Warranties under this Agreement. The Servicer shall promptly, upon receipt of notice or
discovery thereof, notify the Administrative Agent if any representation or warranty set forth in Section 4.03 was incorrect at the time it was given or deemed to have been given and at the same time deliver to the
Collateral Agent and the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Servicer shall notify the Administrative Agent in
the manner set forth in the preceding sentence before any Cut-Off Date of any facts or circumstances within the knowledge of the Servicer which would render any of the said representations and warranties
untrue at the date when such representations and warranties were made or deemed to have been made. 
 (t) Insurance Policies. The
Servicer has caused, and will cause, to be performed any and all acts reasonably required to be performed to preserve the rights and remedies of the Collateral Agent and the Secured Parties in any Insurance Policies applicable to Loan Assets (to the
extent the Servicer or an Affiliate of the Servicer is the agent or servicer under the applicable 

  
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Loan Agreement) including, without limitation, in each case, any necessary notifications of insurers, assignments of policies or interests therein, and establishments of co-insured, joint loss payee and mortgagee rights in favor of the Collateral Agent and the Secured Parties; provided that, unless the Borrower is the sole lender under such Loan Agreement, the Servicer shall
only take such actions that are customarily taken by or on behalf of a lender in a syndicated loan facility to preserve the rights of such lender. 

(u) Disregarded Entity. The Servicer shall cause the Borrower to be disregarded as an entity separate from its owner pursuant to
Treasury Regulation Section 301.7701-3(b) and shall cause that neither the Borrower nor any other Person on its behalf shall make an election to be treated as other than an entity disregarded from its
owner under Treasury Regulation Section 301.7701-3(c). 
 (v) Obligor Notification
Forms. The Servicer shall furnish the Collateral Agent and the Administrative Agent with an appropriate power of attorney to send, after the occurrence of an Event of Default (at the Administrative Agent’s discretion on the Collateral
Agent’s behalf) Obligor notification forms to give notice to the Obligors of the Collateral Agent’s interest in the Collateral Portfolio and the obligation to make payments as directed by the Administrative Agent on the Collateral
Agent’s behalf. 
 (w) Servicing Standard. The Servicer will comply in all material respects with the Servicing Standard in
regard to the Collateral Portfolio. 

(x)
 Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws.
The Servicer, each Person directly or indirectly controlling the Servicer, and each Person directly or indirectly controlled by the Servicer shall, and to the knowledge of the Servicer each other Related Party of any of the foregoing shall,
(i) comply with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws, and shall maintain policies and procedures reasonably designed to ensure compliance with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws,
(ii) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of complying with all applicable Anti-Money Laundering Laws, including with respect to the legitimacy of the applicable investor and the
origin of the assets used by such investor to purchase the property in question, and shall maintain sufficient information to identify the applicable investor for purposes of Anti-Money Laundering Laws, (iii) ensure it does not use any of the
Advances in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, and (iv) ensure it does not fund any repayment of the Obligations in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. 

(y)
 Compliance with Sanctions. None of the Servicer, any Person directly
or indirectly controlling the Servicer, any Person directly or indirectly controlled by the Servicer or, to the Servicer’s knowledge, any other Related Party of any of the foregoing, in each case directly or indirectly, will use the proceeds of
any Advance hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund any activities or business of or with a Sanctioned Entity, or (ii) in any manner that
would be prohibited by Sanctions or would otherwise cause any Lender to be in breach of any Sanctions. The Servicer shall comply with all applicable Sanctions, and shall maintain policies and procedures reasonably designed to ensure compliance with
Sanctions. The Servicer will notify the Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of Sections 4.01(ii), 4.03(q), 5.01(hh) or this Section 5.03(y). 

  
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 SECTION 5.04 Negative Covenants of the Servicer. 

From the Closing Date until the Collection Date: 

(a) Mergers, Acquisition, Sales, etc. Other than a Permitted BDC Merger, the Servicer will not consolidate with or
merge into any other Person or convey or transfer its properties and assets substantially as an entirety to any Person, unless the Servicer is the surviving entity and unless: 

(i) the Servicer has delivered to the Administrative Agent an Officer’s Certificate and an Opinion of Counsel (which may
rely on an Officer’s Certificate as to factual matters such as whether or not such transaction would cause an Event of Default or Servicer Termination Event) each stating that any such consolidation, merger, conveyance or transfer and any
supplemental agreement executed in connection therewith comply with this Section 5.04 and that all conditions precedent herein provided for relating to such transaction have been complied with and, in the case of the
Opinion of Counsel, that such supplemental agreement is legal, valid and binding with respect to the Servicer and such other matters as the Administrative Agent may reasonably request; 

(ii) the Servicer shall have delivered notice of such consolidation, merger, conveyance or transfer to the Administrative
Agent; and 
 (iii) after giving effect thereto, no Event of Default or Servicer Termination Event or event that with notice
or lapse of time would constitute either an Event of Default or a Servicer Termination Event shall have occurred. 
 (b) Change of Name
or Location of Loan Asset Files. The Servicer shall not (x) change its name, change the offices where it keeps records concerning the Collateral Portfolio from the address set forth in Section 11.02 of this
Agreement, or change the jurisdiction of its formation, or (y) subject to Section 2.16 move, or consent to the Collateral Custodian moving, the Required Loan Documents and Loan Asset Files from the location thereof on
the initial Advance Date, unless the Servicer shall have provided the Administrative Agent with 30 days’ (or substantially concurrent notice in the case of a Permitted BDC Merger) written notice of such change or move and such Opinions of
Counsel and other documents and instruments as the Administrative Agent may reasonably request in connection therewith (which, in the case of a Permitted BDC Merger, are limited to those specified in the definition thereof) and shall have taken all
actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral Portfolio. 

(c) Change in Payment Instructions to Obligors. The Servicer will not make any change in its instructions to Obligors regarding
payments to be made with respect to the Collateral Portfolio to the Collection Account, unless the Administrative Agent has consented to such change (such consent not to be unreasonably withheld or delayed, it being understood that any such account
to which the Obligors may be instructed to make payments shall be subject to an 

  
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account control agreement which provides the Collateral Agent with a first priority perfected security interest in such account, as evidenced by an Opinion of Counsel reasonably acceptable to the
Administrative Agent). 
 (d) Extension or Amendment of Loan Assets. The Servicer will not, except as otherwise permitted in
Section 6.04(a), extend, amend or otherwise modify the terms of any Loan Asset (including the Underlying Collateral). 

(e) Taxable Mortgage Pool Matters. The Servicer will manage the portfolio and advise the Borrower with respect to purchases from the
Transferor so as to not at any time allow the sum of the Outstanding Balances of all Loan Assets owned by the Borrower and that are principally secured by an interest in real property (within the meaning of Treasury Regulation Section 301.7701(i)-1(d)(3)) to exceed 35% of the aggregate Outstanding Balance of all Loan Assets. 

(f) Allocation of Charges. Other than in connection with, relating to or arising from a Permitted BDC Merger, there will not be any
agreement or understanding between the Servicer and the Borrower (other than as expressly set forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations to make payments or otherwise in
respect of any Taxes, fees, assessments or other governmental charges. 
 ARTICLE VI. 

ADMINISTRATION AND SERVICING OF CONTRACTS 

SECTION 6.01 Appointment and Designation of the Servicer. 

(a) Initial Servicer. The Borrower, each Lender and the Administrative Agent hereby appoint CCT, pursuant to the terms and conditions
of this Agreement, as Servicer, with the authority to service, administer and exercise rights and remedies, on behalf of the Borrower, in respect of the Collateral Portfolio. Until the Administrative Agent gives CCT a Servicer Termination Notice
pursuant to the terms of this Agreement or the consummation of a Permitted BDC Merger, CCT hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof. The Servicer and the
Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the Servicer hereunder. 

(b) Servicer Termination Notice. The Borrower, the Servicer, each Lender, and the Administrative Agent hereby agree that, upon the
occurrence of a Servicer Termination Event, the Administrative Agent, by written notice to the Servicer (with a copy to the Collateral Agent) (a “Servicer Termination Notice”), may terminate all of the rights, obligations, power and
authority of the Servicer under this Agreement. On and after the receipt by the Servicer of a Servicer Termination Notice pursuant to this Section 6.01(b), the Servicer shall continue to perform all servicing functions
under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the
Administrative Agent, until a date mutually agreed upon by the Servicer and the Administrative Agent and shall be entitled to 

  
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receive, to the extent of funds available therefor pursuant to Section 2.04, the Servicing Fees therefor accrued until such date. After such date, the Servicer agrees
that it will terminate its activities as Servicer hereunder in a manner that the Administrative Agent believes will facilitate the transition of the performance of such activities to a successor Servicer, and the successor Servicer shall assume each
and all of the Servicer’s obligations to service and administer the Collateral Portfolio, on the terms and subject to the conditions herein set forth, and the Servicer shall use its best efforts to assist the successor Servicer in assuming such
obligations. 
 (c) Appointment of Replacement Servicer. At any time following the delivery of a Servicer Termination Notice, the
Administrative Agent may, at its discretion, (i) appoint SMBC (or an Affiliate thereof) as Servicer under this Agreement and, in such case, all authority, power, rights and obligations of the Servicer shall pass to and be vested in SMBC (or an
Affiliate thereof) or (ii) with the prior written consent of the Borrower (such consent not to be unreasonably withheld, delayed or conditioned), appoint a new Servicer which shall be an Eligible Replacement (as defined below) as the
replacement Servicer (the “Replacement Servicer”), which appointment shall take effect upon the Replacement Servicer accepting such appointment by a written assumption in a form satisfactory to the Administrative Agent in its sole
discretion. In the event that SMBC (or an Affiliate thereof) or a Replacement Servicer has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Administrative Agent shall petition a court of competent
jurisdiction to appoint any established financial institution, having a net worth of not less than United States $50,000,000 and whose regular business includes the servicing of assets similar to the Collateral Portfolio (each, an “Eligible
Replacement”), as the Replacement Servicer hereunder. The Servicer shall pay all costs associated with the transition of the obligations hereunder to an Approved Replacement Servicer if the Administrative Agent terminates the Servicer
following a Servicer Termination Event. 
 (d) Liabilities and Obligations of Replacement Servicer. Upon its appointment, SMBC (or an
Affiliate thereof) or the Replacement Servicer, as applicable, shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities
relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to SMBC (or an Affiliate thereof) or the Replacement Servicer, as applicable; provided
that SMBC (or an Affiliate thereof) or the Replacement Servicer, as applicable, shall have (i) no liability with respect to any action performed by the terminated Servicer prior to the date that SMBC (or an Affiliate thereof) or the
Replacement Servicer, as applicable, becomes the successor to the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer, (ii) no obligation to perform any advancing obligations, if any, of the
Servicer unless it elects to in its sole discretion, (iii) no obligation to pay any Taxes required to be paid by the Servicer (provided that SMBC (or an Affiliate thereof) or the Replacement Servicer, as applicable, shall pay any income
Taxes for which it is liable), (iv) no obligation to pay any of the fees and expenses of any other party to the transactions contemplated hereby, and (v) no liability or obligation with respect to any Servicer indemnification obligations of any
prior Servicer, including the original Servicer. The indemnification obligations of SMBC (or an Affiliate thereof) or the Replacement Servicer, as applicable, upon becoming a Replacement Servicer, are expressly limited to those arising on account of
its failure to act in good faith and with reasonable care under the circumstances. In addition, SMBC (or an Affiliate thereof) or the Replacement Servicer, as applicable, shall have no liability relating to the representations and warranties of the
Servicer contained in Section 4.03. 

  
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 (e) Authority and Power. All authority and power granted to the Servicer under this
Agreement shall automatically cease and terminate upon termination of this Agreement and shall pass to and be vested in the Borrower and, without limitation, the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the
Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the
purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing of the Collateral Portfolio. 

(f) Subcontracts. The Servicer may, with the prior written consent of the Administrative Agent, subcontract with any other Person for
servicing, administering or collecting the Collateral Portfolio; provided that (i) the Servicer shall select any such Person with reasonable care and shall be solely responsible for the fees and expenses payable to any such Person,
(ii) the Servicer shall not be relieved of, and shall remain liable for, the performance of the duties and obligations of the Servicer pursuant to the terms hereof without regard to any subcontracting arrangement and (iii) any such
subcontract shall be terminable upon the occurrence of a Servicer Termination Event; provided, further that no Administrative Agent consent shall be required to enter into any subcontract with an Affiliate of the Servicer;
provided, further, that in the event of any such subcontract, (A) the Servicer shall be and remain primarily liable to the Administrative Agent, the Collateral Agent and the Lender for the full and prompt performance of all duties
and responsibilities of the Servicer hereunder and (ii) the Administrative Agent and the Collateral Agent shall be entitled to deal exclusively with the Servicer in matters relating to the discharge by the Servicer of its duties and
responsibilities hereunder. 
 (g) Servicing Programs. In the event that the Servicer uses any software program in servicing the
Collateral Portfolio that it licenses from a third party, the Servicer shall use its best efforts to obtain, either before the Closing Date or as soon as possible thereafter, whatever licenses or approvals are necessary to allow the Administrative
Agent or the Servicer to use such program and to allow the Servicer to assign such licenses to the Replacement Servicer appointed as provided in this Agreement. 

(h) Waiver. The Borrower acknowledges that the Administrative Agent or any of its Affiliates may act as the Collateral Agent and/or the
Servicer, and the Borrower waives any and all claims against the Administrative Agent, each Lender or any of their respective Affiliates, the Collateral Agent and the Servicer (other than claims relating to such party’s gross negligence or
willful misconduct) relating in any way to the custodial or collateral administration functions having been performed by the Administrative Agent or any of its Affiliates in accordance with the terms and provisions (including the standard of care)
set forth in the Transaction Documents. 
 (i) Successor Servicer. Upon the consummation of a Permitted BDC Merger, the applicable
Permitted BDC shall assume the rights and obligations of CCT under this Agreement as the Servicer (in such capacity, the “Successor Servicer”). The Successor Servicer shall be the successor in all respects to the Servicer with
respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the
Servicer shall be deemed to refer to the Successor Servicer. 

  
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 SECTION 6.02 Duties of the Servicer. 

(a) Duties. The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to service, administer and
collect on the Collateral Portfolio from time to time, all in accordance with Applicable Law and the Servicing Standard. Prior to the occurrence of a Servicer Termination Event, subject to the terms of this Agreement (including, without limitation,
Section 6.04), the Servicer has the sole and exclusive authority to make any and all decisions with respect to the Collateral Portfolio and take or refrain from taking any and all actions with respect to the Collateral
Portfolio. Without limiting the foregoing, the duties of the Servicer shall include the following: 
 (i) supervising the
Collateral Portfolio, including communicating with Obligors, executing amendments, providing consents and waivers, enforcing and collecting on the Collateral Portfolio and otherwise managing the Collateral Portfolio on behalf of the Borrower; 

(ii) maintaining all necessary servicing records with respect to the Collateral Portfolio and providing such reports to the
Administrative Agent in respect of the servicing of the Collateral Portfolio (including information relating to its performance under this Agreement) as may be required hereunder or as the Administrative Agent may reasonably request; 

(iii) maintaining and implementing administrative and operating procedures (including, without limitation, an ability to
recreate servicing records evidencing the Collateral Portfolio in the event of the destruction of the originals thereof) and keeping and maintaining all documents, books, records and other information reasonably necessary or advisable for the
collection of the Collateral Portfolio; 
 (iv) promptly delivering to the Administrative Agent, from time to time, such
information and servicing records (including information relating to its performance under this Agreement) as the Administrative Agent may from time to time reasonably request; 

(v) identifying each Loan Asset clearly and unambiguously in its servicing records to reflect that such Loan Asset is owned by
the Borrower and that the Borrower is Pledging a security interest therein to the Secured Parties pursuant to this Agreement; 

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

  
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 (vii) using its best efforts to maintain the perfected security interest of
the Collateral Agent, for the benefit of the Secured Parties, in the Collateral Portfolio; 
 (viii) maintaining the Loan
Asset File with respect to Loan Assets included as part of the Collateral Portfolio; provided that, so long as the Servicer is in possession of any Required Loan Documents other than in electronic form, the Servicer will hold such Required
Loan Documents in a reasonably safe place; 
 (ix) directing the Collateral Agent and/or the Account Bank to make payments
pursuant to the terms of the Servicing Report in accordance with Section 2.04; 
 (x) directing the
sale or substitution of Collateral Portfolio in accordance with Section 2.07; 
 (xi) providing
advice to the Borrower with respect to the purchase and sale of and payment for the Loan Assets; 
 (xii) instructing the
Obligors and the administrative agents on the Loan Assets to make payments directly into the Collection Account established and maintained with the Collateral Agent; 

(xiii) delivering the Loan Asset Files and the Loan Asset Schedule to the Collateral Custodian; 

(xiv) ensuring any third party consents required to transfer record ownership of any Eligible Loan Asset to the Borrower are
obtained on or prior to the Cut-Off Date of such Eligible Loan Asset; and 
 (xv)
complying with such other duties and responsibilities as may be required of the Servicer by this Agreement. 
 For the avoidance of doubt,
on each Measurement Date, the Servicer (on behalf of the Borrower) shall re-determine the status of each Eligible Loan Asset as of such calculation date and provide notice of any change in the status of any
Eligible Loan Asset to the Collateral Agent and, as a consequence thereof, (i) Collateral Obligations that were previously Eligible Loan Assets on a prior Measurement Date may be excluded from the calculation of the Borrowing Base on such
Measurement Date, and (ii) Collateral Obligations that were previously not Eligible Loan Assets on a prior Measurement Date may (with the consent of the Administrative Agent pursuant to an Approval Notice) be included in the calculation of the
Borrowing Base on such Measurement Date. 
 It is acknowledged and agreed that in circumstances in which a Person other than the Borrower,
the Transferor (so long as the Transferor is also the Servicer) or the Servicer acts as lead agent with respect to any Loan Asset, the Servicer shall perform its servicing duties hereunder only to the extent a lender under the related loan
syndication Loan Agreements has the right to do so. Notwithstanding anything to the contrary contained herein, it is acknowledged and agreed that the performance by the Servicer of its duties hereunder shall be limited insofar as such performance
would conflict with or result in a breach of any of the express terms of the related Loan Agreements; provided that the Servicer shall (a) provide prompt written notice to the 

  
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Administrative Agent upon becoming aware of such conflict or breach, (b) have determined that there is no other commercially reasonable performance that it could render consistent with the
express terms of the Loan Agreements which would result in all or a portion of the servicing duties being performed in accordance with this Agreement, and (c) undertake all commercially reasonable efforts to mitigate the effects of such non-performance including performing as much of the servicing duties as possible and performing such other commercially reasonable and/or similar duties consistent with the terms of the Loan Agreements. 

(b) Notwithstanding anything to the contrary contained herein, the exercise by the Administrative Agent, the Collateral Agent, each Lender and
the Secured Parties of their rights hereunder shall not release the Servicer, the Transferor or the Borrower from any of their duties or responsibilities with respect to the Collateral Portfolio. The Secured Parties, the Administrative Agent, each
Lender and the Collateral Agent shall not have any obligation or liability with respect to any Collateral Portfolio, nor shall any of them be obligated to perform any of the obligations of the Servicer hereunder. 

(c) Any payment by an Obligor in respect of any Indebtedness owed by it to the Borrower shall, except as otherwise specified by such Obligor
or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied as a collection of a payment by such Obligor (starting with the oldest such outstanding payment due) to the extent of any amounts then
due and payable thereunder before being applied to any other receivable or other obligation of such Obligor. 
 SECTION 6.03
Authorization of the Servicer. 
 (a) Each of the Borrower, the Administrative Agent and each Lender hereby authorizes the Servicer
(including any successor thereto) to take any and all reasonable steps in its name and on its behalf necessary or desirable in the determination of the Servicer and not inconsistent with the sale of the Collateral Portfolio to the Borrower and,
thereafter, the Pledge by the Borrower to the Collateral Agent on behalf of the Secured Parties hereunder, to collect all amounts due under any and all Collateral Portfolio, including, without limitation, endorsing any of their names on checks and
other instruments representing Interest Collections and Principal 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 Collateral Portfolio and, after the delinquency of any Collateral Portfolio 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 Transferor could have done if it had continued to own such Collateral Portfolio. The Transferor, the Borrower and the Collateral Agent on behalf of the Secured Parties shall furnish the Servicer (and any successors thereto) with any powers of
attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder, and shall cooperate with the Servicer to the fullest extent in order to ensure the collectability of the
Collateral Portfolio. In no event shall the Servicer be entitled to make the Secured Parties, the Administrative Agent, the Collateral Agent or any Lender 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 routine foreclosure or similar collection procedure) without the Administrative Agent’s consent. 

  
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 (b) After the occurrence or declaration of the Facility Maturity Date, at the direction of
the Administrative Agent, the Servicer shall take such action as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral Portfolio; provided that the Administrative Agent may, at any time after the
occurrence or declaration of the Facility Maturity Date, notify any Obligor with respect to any Collateral Portfolio of the assignment of such Collateral Portfolio to the Collateral Agent on behalf of the Secured Parties and direct that payments of
all amounts due or to become due be made directly to the Administrative Agent or any servicer, collection agent or account designated by the Administrative Agent and, upon such notification and at the expense of the Borrower, the Administrative
Agent may enforce collection of any such Collateral Portfolio, and adjust, settle or compromise the amount or payment thereof. 
 SECTION
6.04 Collection of Payments; Accounts. 
 (a) Collection Efforts, Modification of Collateral Portfolio. The Servicer
will use its commercially reasonable efforts and judgment to collect or cause to be collected, all payments called for under the terms and provisions of the Loan Assets included in the Collateral Portfolio as and when the same become due, all in
accordance with the Servicing Standard. The Servicer may not waive, modify or otherwise vary any provision of an item of Collateral Portfolio in any manner contrary to the Servicing Standard; provided that, on and after the occurrence of an
Event of Default, the prior written consent of the Administrative Agent shall be required for any waiver, modification or variance that would impair the collectability of the Collateral Portfolio. In addition, neither the Borrower nor the Servicer
shall, without the prior written consent of the Administrative Agent, agree to waive, modify or otherwise vary any provision of a Loan Asset in the Collateral Portfolio if such waiver, modification or variation would increase the Borrower’s
commitment or outstanding loans thereunder or extend the maturity of any outstanding or committed loans of the Borrower thereunder so as to constitute a Material Modification pursuant to clause (b) of the definition of “Material
Modification”. 
 (b) Acceleration. If consistent with the Servicing Standard, the Servicer shall accelerate or vote to
accelerate, as applicable, the maturity of all or any Scheduled Payments and other amounts due under any Loan Asset promptly after such Loan Asset becomes defaulted. 

(c) Taxes and other Amounts. The Servicer will use its best efforts to collect all payments with respect to amounts due for Taxes,
assessments and insurance premiums relating to each Loan Asset to the extent required to be paid to the Borrower for such application under the applicable Loan Agreement and remit such amounts to the appropriate Governmental Authority or insurer as
required by the Loan Agreements. 
 (d) Payments to Collection Account. On or before the applicable
Cut-Off Date, the Servicer shall have instructed all Obligors to make all payments in respect of the Collateral Portfolio directly to the Collection Account; provided that the Servicer is not required
to so instruct any Obligor which is solely a guarantor or other surety (or an Obligor that is not designated as the “lead borrower” or another such similar term) unless and until the Servicer calls on the related guaranty or secondary
obligation. 
 (e) Controlled Accounts. Each of the parties hereto hereby agrees that (i) each Controlled Account is intended to
be a “securities account” or “deposit account” within the 

  
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meaning of the UCC and (ii) except as otherwise expressly provided herein and in the Control Agreement, prior to the delivery of a Notice of Exclusive Control the Borrower, the Servicer and
the Collateral Agent (acting at the direction of the Administrative Agent) shall be entitled to exercise the rights that comprise each Financial Asset held in each Controlled Account which is a securities account and have the right to direct the
disposition of funds in any Controlled Account which is a deposit account; provided that after the delivery of a Notice of Exclusive Control, such rights shall be exclusively held by the Collateral Agent (acting at the direction of the
Administrative Agent). Each of the parties hereto hereby agrees to cause the securities intermediary that holds any money or other property for the Borrower in a Controlled Account that is a securities account to agree with the parties hereto that
(A) the cash and other property (subject to Section 6.04(f) below with respect to any property other than investment property, as defined in Section 9-102(a)(49) of the UCC)
is to be treated as a Financial Asset under Article 8 of the UCC and (B) regardless of any provision in any other agreement, for purposes of the UCC, with respect to the Controlled Accounts, New York shall be deemed to be the Account
Bank’s jurisdiction (within the meaning of Section 9-304 of the UCC) and the securities intermediary’s jurisdiction (within the meaning of
Section 8-110 of the UCC). All securities or other property underlying any Financial Assets credited to the Controlled Accounts in the form of securities or instruments shall be registered in the name of
the Account Bank or if in the name of the Borrower or the Collateral Agent, Indorsed to the Account Bank, Indorsed in blank, or credited to another securities account maintained in the name of the Account Bank, and in no case will any Financial
Asset credited to the Controlled Accounts be registered in the name of the Borrower, payable to the order of the Borrower or specially Indorsed to the Borrower, except to the extent the foregoing have been specially Indorsed to the Account Bank or
Indorsed in blank. 
 (f) Loan Agreements. Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed
to be applicable to a “securities intermediary” as defined in the UCC) to the contrary, none of the Collateral Agent, the Collateral Custodian nor any securities intermediary shall be under any duty or obligation in connection with the
acquisition by the Borrower, or the grant by the Borrower to the Collateral Agent, of any Loan Asset in the nature of a loan or a participation in a loan to examine or evaluate the sufficiency of the documents or instruments delivered to it by or on
behalf of the Borrower under the related Loan Agreements, or otherwise to examine the Loan Agreements, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer (including without limitation any
necessary consents). The Collateral Custodian shall hold any Instrument delivered to it evidencing any Loan Asset granted to the Collateral Agent hereunder as custodial agent for the Collateral Agent in accordance with the terms of the Custody
Agreement. 
 (g) Adjustments. If (i) the Servicer makes a deposit into the Collection Account in respect of an Interest
Collection or a Principal Collection of a Loan Asset and such Interest Collection or Principal Collection was received by the Servicer in the form of a check that is not honored for any reason or (ii) the Servicer makes a mistake with respect
to the amount of any Interest Collection or Principal Collection and deposits an amount that is less than or more than the actual amount of such Interest Collection or Principal Collection, the Servicer shall appropriately adjust the amount
subsequently deposited into the Collection Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid. 

  
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 SECTION 6.05 Realization Upon Loan Assets. The Servicer will use reasonable efforts
consistent with the Servicing Standard to foreclose upon or repossess, as applicable, or otherwise comparably convert the ownership of any Underlying Collateral relating to a Defaulted Loan Asset as to which no satisfactory arrangements can be made
for collection of delinquent payments. In addition, the Servicer may, consistent with the Servicing Standard, sell or otherwise transfer, or if it deems advisable to maximize recoveries, hold or cause the Borrower to hold any Defaulted Loan Asset,
equity security or other security (so long as such equity security or other security was received in lieu of debt previously contracted with respect to a Loan Asset) received by the Borrower in connection with a default, workout, restructuring or
plan of reorganization or similar event under a Loan Asset. The Servicer will comply with the Servicing Standard and Applicable Law in realizing upon such Underlying Collateral, and employ practices and procedures, including without limitation
reasonable efforts consistent with the Servicing Standard, (x) to enforce all obligations of the Obligors under the Loan Agreements and other legal documentation related to such Defaulted Loan Asset and (y) to foreclose upon, repossess and
cause the sale of such Underlying Collateral at public or private sales other than with respect to any Defaulted Loan Asset, equity or other securities that the Servicer may hold as described in the preceding sentence of this
Section 6.05. Without limiting the generality of the foregoing, unless the Administrative Agent has specifically given instruction to the contrary, the Servicer may cause the sale of any such Underlying Collateral to the
Servicer or its Affiliates for a purchase price equal to the then fair market value thereof, any such sale to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Administrative Agent setting forth the Loan Asset,
the Underlying Collateral, the sale price of the Underlying Collateral and certifying that such sale price is at least equal to the fair market value of such Underlying Collateral. In any case in which any such Underlying Collateral has suffered
damage, the Servicer will not expend funds in connection with any repair or toward the foreclosure or repossession of such Underlying Collateral unless it reasonably determines that such repair and/or foreclosure or repossession will increase the
Recoveries by an amount greater than the amount of such expenses. The Servicer will remit to the Principal Collection Account the Recoveries received in connection with the sale or disposition of Underlying Collateral relating to a Defaulted Loan
Asset. 
 SECTION 6.06 Servicing Compensation. As compensation for its activities hereunder and reimbursement for its expenses, the
Servicer shall be entitled to be paid the Servicing Fees and reimbursement its reasonable expenses as provided in Section 2.04. 

SECTION 6.07 Payment of Certain Expenses by Servicer. The Servicer will be required to pay all expenses incurred by it in connection
with its activities under this Agreement, including fees and disbursements of its independent accountants, Taxes imposed on the Servicer, expenses incurred by the Servicer in connection with payments and reports pursuant to this Agreement, and all
other fees and expenses not expressly stated under this Agreement for the account of the Borrower. The Servicer will be required to pay all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the
Controlled Accounts. The Borrower will reimburse the Servicer for any reasonable expenses incurred hereunder or on behalf of the Borrower, subject to the availability of funds pursuant to Section 2.04; provided that,
to the extent funds are not so available on any Payment Date to reimburse such expenses incurred during the immediately ended Remittance Period, such reimbursement amount shall be deferred and payable on the next Payment Date on which funds are
available therefor pursuant to Section 2.04 and such deferred reimbursement amount shall bear interest beginning on 

  
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the Payment Date immediately following the Remittance Period in which such expenses were incurred until paid at an annual rate equal to the LIBORSOFR Yield Rate. For the avoidance of doubt, the Servicer shall remain liable for, and shall pay in accordance with the terms hereof, all expenses payable by it as set forth in this
Section 6.07 or otherwise under this Agreement, notwithstanding any failure of the Servicer to be reimbursed on any Payment Date due to the insufficiency of funds. Following realization of the Collateral Portfolio and
distribution of proceeds in the manner provided in Section 2.04, any claims of the Servicer against the Borrower in respect of any deferred reimbursement amount or otherwise shall be extinguished and shall not thereafter
revive. 
 SECTION 6.08 Reports to the Administrative Agent; Account Statements; Servicing Information. 

(a) Notice of Borrowing or Conversion. Not later than 1:00 p.m. on the third Business Day before (i) the Advance Date or LIBOR 
Conversion Date, as applicable, for a
LIBORSOFR
 Advance, (ii) the Base Rate Conversion Date for a Base Rate Advance and (iii) each reduction of Advances Outstanding pursuant to
Section 2.18 and not later than 1:00 p.m. on the first Business Day before the Advance Date for a Base Rate Advance, the Borrower (or the Servicer on its behalf) will provide a Notice of Borrowing, a Conversion Notice or a
Notice of Reduction, as applicable, and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent (with a copy to the Collateral Agent). On each date that the Assigned Value of an Eligible Loan Asset is changed, the
Borrower (or the Servicer on its behalf) will deliver an adjusted Borrowing Base Certificate to the Administrative Agent (with a copy to the Collateral Agent). 

(b) Asset Report and Servicing Report. (i) On each Monthly Reporting Date, the Servicer will provide to the Borrower, each Lender,
the Administrative Agent and the Collateral Agent a monthly statement including the following information, as of the last Business Day of the preceding calendar month, (A) the current list of Obligors and the Outstanding Balance of each Loan
Asset with respect to each such Obligor, (B) the current rating(s) of the Loan Assets by Moody’s or S&P, or both, if applicable, (C) a list of all Defaulted Loan Assets, (D) an accounting of collections with respect to the
Loan Assets, (E) the aggregate Outstanding Balance of all Loan Assets as of such day, (F) the Advances Outstanding as of such day and (G) the difference between the aggregate Outstanding Balance and the Advances Outstanding as of such
day (such monthly statement, a “Monthly Servicing Report”), such Monthly Servicing Report to be signed by a Responsible Officer of the Servicer and the Borrower and substantially in the form of Exhibit J-1. 
 (ii) On each Quarterly Reporting Date and each Advance Date, the Servicer will
provide to the Borrower, each Lender, the Administrative Agent and the Collateral Agent, the Monthly Servicing Report due on such date and a quarterly statement including (A) a Borrowing Base Certificate calculated as of the most recent Payment
Date Cut-Off, (B) a summary prepared with respect to each Obligor and with respect to each Loan Asset for such Obligor prepared as of the most recent Payment Date
Cut-Off that will be required to certify (x) that each such Loan Asset is in compliance with all applicable covenants, (y) whether or not any such Loan Assets have become subject to a Material
Modification and (z) the most recent Fair Market Value and (if applicable) the purchase 

  
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price of each such Loan Asset and (C) amounts to be remitted pursuant to Section 2.04 to the applicable parties (which shall include any applicable wiring
instructions of the parties receiving payment) (such quarterly statement, a “Quarterly Servicing Report” and, together with the Monthly Servicing Report, the “Servicing Reports”), such Quarterly Servicing Report to
be signed by a Responsible Officer of the Servicer and the Borrower and substantially in the form of Exhibit J-2. 

(c) Servicer’s Certificate. Together with each Servicing Report, the Servicer shall submit to the Administrative Agent, each
Lender and the Collateral Agent a certificate substantially in the form of Exhibit K (a “Servicer’s Certificate”), signed by a Responsible Officer of the Servicer, which shall include, among other things, a certification
by such Responsible Officer that no Event of Default or Unmatured Event of Default has occurred. 
 (d) Financial Statements. The
Servicer will submit to the Administrative Agent, each Lender and the Collateral Agent, (i) within 60 days after the end of each of its first three fiscal quarters, commencing September 30, 2015, consolidated unaudited financial
statements, quarterly equityholder letters and current capitalization levels and offering schedules of the Servicer for the most recent fiscal quarter, and (ii) within 120 days after the end of each fiscal year, commencing with the fiscal year
ended December 31, 2015, consolidated audited financial statements of the Servicer, audited by a firm of nationally recognized independent public accountants, as of the end of such fiscal year; provided that to the extent any of the
items required to be delivered under this Section 6.08(f) are available on the website of the Securities and Exchange Commission, such items will be deemed to have been delivered to the Administrative Agent. 

(e) Tax Returns. The Servicer shall deliver to the Administrative Agent, each Lender, and the Collateral Agent copies of all federal,
state and local tax returns and reports filed by the Borrower, the Transferor, the Parent and the Servicer, or in which the Borrower, the Transferor or the Servicer was included on a consolidated or combined basis (excluding sales, use and similar
Taxes) within 15 days after the earlier of (i) the date such federal, state or local tax returns were filed or (ii) the date such federal, state or local tax returns are required to be filed under Applicable Law (subject to any extensions
to file properly obtained). 
 (f) Obligor Financial Statements; Valuation Reports; Other Reports. The Servicer will
deliver to the Administrative Agent, the Lenders and the Collateral Agent, with respect to each Obligor, (i) within 120 days after the end of the fiscal year of each Obligor, the audited financial statements for such Obligor and corresponding
compliance certificate for such fiscal year received by the Borrower and/or the Servicer pursuant to the Loan Agreement with respect to such Obligor and with respect to each Loan Asset for such Obligor provided to the Borrower and/or the Servicer,
(ii) upon request of the Administrative Agent, the complete financial reporting package (including, without limitation, any compliance certificates) with respect to any Obligor and with respect to each Loan Asset for such Obligor provided to
the Borrower and/or the Servicer quarterly, monthly or otherwise by such Obligor and (iii) asset and portfolio level monitoring reports prepared by an Approved Valuation Firm with respect to the Loan Assets, which delivery shall be made on each
Quarterly Reporting Date. The Servicer will promptly deliver to the Administrative Agent and any Lender, upon reasonable request (and subject to any confidentiality requirements in the applicable Loan Agreement), all other documents and information
required to be delivered by the Obligors to the Borrower with respect to any Loan Asset included in the Collateral Portfolio. 

  
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 (g) Amendments to Loan Assets. 

(i) The Servicer will deliver to the Administrative Agent and the Collateral Custodian a copy of any material amendment,
restatement, supplement, waiver or other material modification to the Loan Agreement of any Loan Asset (along with any internal documents prepared by the Servicer and provided to its investment committee in connection with such amendment,
restatement, supplement, waiver or other modification) within 10 Business Days of the effectiveness of such amendment, restatement, supplement, waiver or other modification. Together with such delivery, the Servicer shall notify the Administrative
Agent of the delivery of such document and shall make reasonable efforts to inform the Administrative Agent whether, to the actual knowledge of the Servicer, such event constitutes a Value Adjustment Event; provided that failure by the
Servicer to make such delivery shall not constitute a breach, Unmatured Event of Default or Event of Default hereunder. 

(ii) The Servicer will deliver to the Administrative Agent and the Collateral Custodian a copy of every other amendment,
restatement, supplement, waiver or other modification to the Loan Agreement of any Loan Asset (along with any internal documents prepared by the Servicer and provided to its investment committee in connection with such amendment, restatement,
supplement, waiver or other modification) no less frequently than once per calendar year. 
 (h) Obligor Defaults and Bankruptcy
Events. The Servicer shall give notice to the Administrative Agent within two Business Days of the Borrower’s, the Transferor’s or the Servicer’s actual knowledge of the occurrence of any default by an Obligor under any Loan Asset
or any Bankruptcy Event with respect to any Obligor under any Loan Asset. Together with such notification, the Servicer shall inform the Administrative Agent whether, to the knowledge of the Borrower or Servicer, as applicable, such event
constitutes a Value Adjustment Event. 
 (i) Website Access to Information. Notwithstanding anything to the contrary contained
herein, information required to be delivered or submitted to any Secured Party pursuant to Section 5.03(h) and this Article VI shall be deemed to have been delivered on the date on which such information is posted on
a Deal Interactive (or other replacement) website to which the Administrative Agent has access or upon receipt of such information through e-mail or another delivery method acceptable to the Administrative
Agent. Any delivery or submission via a website, Deal Interactive or similar electronic transmission systems shall be accompanied by email or other written notification (or as otherwise provided herein) to the intended recipient of any such
document. 
 SECTION 6.09 Annual Statement as to Compliance. The Servicer will provide to the Administrative Agent, each Lender and
the Collateral Agent within 120 days following the end of each fiscal year of the Servicer, commencing with the fiscal year ending on December 31, 2015, a fiscal report signed by a Responsible Officer of the Servicer certifying that (a) a
review of the activities of the Servicer, and the Servicer’s performance pursuant to this Agreement, for the fiscal 

  
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period ending on the last day of such fiscal year has been made under such Person’s supervision and (b) the Servicer has performed or has caused to be performed in all material respects
all of its obligations under this Agreement throughout such year and no Servicer Termination Event has occurred. 
 SECTION 6.10 Annual
Independent Public Accountant’s Servicing Reports. The Servicer will cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer) to furnish to the Administrative Agent, each
Lender and the Collateral Agent within 120 days following the end of each fiscal year of the Servicer, commencing with the fiscal year ending on December 31, 2015, a report covering such fiscal year to the effect that such accountants have
applied certain agreed-upon procedures (a copy of which procedures are attached hereto as Schedule III, it being understood that the Servicer and the Administrative Agent will provide an updated Schedule III reflecting any further
amendments to such Schedule III prior to the issuance of the first such agreed-upon procedures report, a copy of which shall replace the then existing Schedule III) to certain documents and records relating to the Collateral Portfolio
under any Transaction Document, compared the information contained in the Servicing Reports and the Servicer’s Certificates delivered during the period covered by such report with such documents and records and that no matters came to the
attention of such accountants that caused them to believe that such servicing was not conducted in compliance with this Article VI, except for such exceptions as such accountants shall believe to be immaterial and such other exceptions as
shall be set forth in such statement. 
 SECTION 6.11 The Servicer Not to Resign. The Servicer shall not resign from the obligations
and duties hereby imposed on it except upon the Servicer’s determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Servicer could
take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect
delivered to the Administrative Agent. No such resignation shall become effective until a Replacement Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 6.02. 

ARTICLE VII. 
 EVENTS OF DEFAULT

 SECTION 7.01 Events of Default. If any of the following events (each, an “Event of Default”) shall occur: 

(a) (i) the Borrower shall enter into one or more agreements for borrowed money other than this Agreement without the consent of the
Administrative Agent or (ii) the Servicer defaults in making any payment required to be made under one or more agreements for borrowed money to which it is a party in an aggregate principal amount in excess of $10,000,000 and any such failure
continues unremedied for two Business Days and such default is not cured within the applicable cure period, if any, provided for under such agreement; or 

  
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 (b) (i) 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 $10,000,000 against the Transferor, or $1,000,000 against the Borrower, and the Transferor or the Borrower, as applicable, shall not have
either (A) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (B) 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 or (ii) the Transferor or the Borrower shall have made payments of amounts in excess of $10,000,000 (in the case of the Transferor) or $1,000,000 (in the case of the Borrower), in the settlement of any litigation,
claim or dispute (excluding payments made from Insurance Proceeds); or 
 (c) failure on the part of the Borrower or the Servicer to make
any payment or deposit (including, without limitation, with respect to bifurcation and remittance of Interest Collections and Principal Collections or any other payment or deposit required to be made by the terms of the Transaction Documents,
including, without limitation, to any Secured Party, Affected Party or Indemnified Party) required by the terms of any Transaction Document (other than Section 2.06) within three Business Days of the day such payment or
deposit is required to be made; provided that in the case of a default in payment resulting solely from an administrative error or omission by the Collateral Agent, such default continues for a period of five or more Business Days after the
Collateral Agent receives written notice or has actual knowledge of such administrative error or omission (irrespective of whether the cause of such administrative error or omission has been determined); or 

(d) failure to pay, on the Facility Maturity Date, the outstanding principal of all Advances Outstanding and all Yield and all Fees accrued
and unpaid thereon together with all other Obligations, including any Make-Whole Premium; or 
 (e) failure to remedy any Borrowing Base
Deficiency within 12 Business Days in accordance with Section 2.06; or 
 (f) without limiting the generality of
Section 7.01(c) above, failure of the Borrower to pay Yield within three Business Days of any Payment Date or within three Business Days of when otherwise due; provided that in the case of a default in payment
resulting solely from an administrative error or omission by the Collateral Agent, such default continues for a period of five or more Business Days after the Collateral Agent receives written notice or has actual knowledge of such administrative
error or omission (irrespective of whether the cause of such administrative error or omission has been determined); or 
 (g) any failure on
the part of the Borrower, the Transferor or the Parent duly to observe or perform in any material respect any other covenants or agreements of the Borrower, the Transferor or the Parent set forth in this Agreement or the other Transaction Documents
to which the Borrower, the Transferor or the Parent is a party (it being understood, without limiting the generality of the foregoing, that the failure of any Loan Asset to constitute an “Eligible Loan Asset” is not, in and of itself, an
Event of Default and the existence of a Borrowing Base Deficiency is not, in and of itself, an Event of Default except to the extent provided in clause (e) immediately above) and the same continues unremedied for a period of 30 days (if such
failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same 

  
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to be remedied shall have been given to the Borrower, the Transferor or the Parent by the Administrative Agent, any Lender or Collateral Agent and (ii) the date on which the Borrower, the
Transferor or the Parent acquires knowledge thereof; or 
 (h) the occurrence of a Bankruptcy Event relating to the Transferor, the Parent
or the Borrower; or 
 (i) the occurrence of a Servicer Termination Event (after giving effect to any applicable notice or cure period
provided in the definition thereof); or 
 (j) the Borrower shall fail to qualify as a bankruptcy-remote entity based upon customary
criteria such that reputable counsel could no longer render a substantive nonconsolidation opinion with respect to the Borrower and the Transferor; or 

(k) (i) any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in
whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower, the Transferor or the Servicer, 

(ii) the Borrower, the Transferor or the Servicer or any other party shall, directly or indirectly, contest in any manner the
effectiveness, validity, binding nature or enforceability of any Transaction Document or any lien or security interest thereunder, or 

(iii) any security interest securing any obligation under any Transaction Document shall, in whole or in part, cease to be a
first-priority perfected security interest except with respect to Permitted Liens and as otherwise expressly permitted to be released in accordance with the applicable Transaction Document; or 

(l) the Borrower shall become required to register as an “investment company” within the meaning of the 1940 Act or the arrangements
contemplated by the Transaction Documents shall require registration as an “investment company” within the meaning of the 1940 Act; or 

(m) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of the
Borrower or the Transferor and such lien shall not have been released within five Business Days, or the Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of the
Borrower or the Transferor and such lien shall not have been released within five Business Days; or 
 (n) any Change of Control shall
occur; or 
 (o) any representation, warranty or certification made by the Borrower, the Transferor or the Parent in any Transaction
Document or in any document delivered pursuant to any Transaction Document shall prove to have been incorrect when made in any material respect, and continues to be unremedied for a period of 30 days after the earlier to occur of (i) the date
on which written notice of such incorrectness requiring the same to be remedied shall have been given to the Borrower, the Transferor or the Parent by the Administrative Agent, any Lender or the 

  
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Collateral Agent (which shall be given at the direction of the Administrative Agent) and (ii) the date on which a Responsible Officer of the Borrower, the Transferor or the Parent acquires
knowledge thereof; provided that an Event of Default shall not be deemed to have occurred under this clause (o) based upon a Warranty Event if the Borrower shall have complied with the provisions of
Section 2.07(c) in respect thereof; or 
 (p) the Borrower ceases to have a valid, perfected ownership interest in
all of the Collateral Portfolio; or 
 (q) the Borrower makes any assignment of its respective rights or obligations under this Agreement or
any other Transaction Document without first obtaining the specific written consent of each of the Lenders and the Administrative Agent, which consent may be withheld by any Lender or the Administrative Agent in the exercise of its sole and absolute
discretion; or 
 (r) the Borrower, the Servicer, the Transferor or the Parent fails to observe or perform any covenant, agreement or
obligation with respect to the management and distribution of funds received with respect to the Collateral Portfolio, and such failure is not cured within three Business Days; or 

(s) (i) failure of the Borrower to maintain at least one Independent Director, (ii) the removal of any Independent Director of the
Borrower without Cause or without giving prior written notice to the Administrative Agent and the Lenders, each as required in the organizational documents of the Borrower or (iii) an Independent Director of the Borrower shall be appointed
without the consent of the Administrative Agent; provided that in the case of each of clauses (i) and (ii), the Borrower shall have five Business Days to replace any Independent Director upon the receipt by a Responsible Officer of the
Borrower of notice of the death or incapacitation of the current Independent Director; or 
 (t) other than a Permitted BDC Merger,
the dissolution, termination or liquidation in whole or in part, transfer or other disposition, in each case, of all or substantially all of the assets of, the Borrower, the Servicer, the Transferor or the Parent; or 

(u) the Unfunded Exposure Amount exceeds $20,000,000 for more than five Business Days; or 

(v) other than in connection with, relating to or arising from a Permitted BDC Merger, the certificate of incorporation, by-laws or any other governing documents of the Parent shall be subject to an amendment that has not been consented to by the Administrative Agent which results in a Material Adverse Effect 

then, by notice to the Borrower, (x) so long as the Administrative Agent is SMBC, the Administrative Agent may, and (y) whether or not the
Administrative Agent is SMBC, the Administrative Agent at the direction of the Required Lenders shall, declare the Facility Maturity Date to have occurred; provided that, in the case of any event described in
Section 7.01(h) above, the Commitments and the Reinvestment Period shall be deemed to have terminated automatically and the Facility Maturity Date shall be deemed to have occurred automatically upon the occurrence of such
event. Upon any such declaration or automatic occurrence, (i) the Borrower shall cease 

  
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purchasing Loan Assets, (ii) (x) so long as the Administrative Agent is SMBC, the Administrative Agent may, and (y) whether or not the Administrative Agent is SMBC, the Administrative
Agent at the direction of the Required Lenders shall, declare the Advances to be immediately due and payable in full (without presentment, demand, protest or notice of any kind all of which are hereby waived by the Borrower) and any other
Obligations to be immediately due and payable, and (iii) all proceeds and distributions in respect of the Portfolio Assets shall be distributed by the Collateral Agent (at the direction of the Administrative Agent) as described in
Section 2.04(b) (provided that the Borrower shall in any event remain liable to pay such Advances Outstanding and all such amounts and Obligations in accordance with Section 2.04(d) hereof).
In addition, upon any such declaration or upon any such automatic occurrence, the Collateral Agent, on behalf of the Secured Parties and at the direction of the Administrative Agent, shall have, in addition to all other rights and remedies under
this Agreement or otherwise, all other rights and remedies provided under the UCC of the applicable jurisdiction and other Applicable Law, which rights shall be cumulative. Without limiting any obligation of the Servicer hereunder, the Borrower
confirms and agrees that the Collateral Agent, on behalf of the Secured Parties and at the direction of the Administrative Agent, (or any designee thereof, including, without limitation, the Servicer), following an Event of Default, shall, at its
option, have the sole right to enforce the Borrower’s rights and remedies under each Assigned Document, but without any obligation on the part of the Administrative Agent, the Lenders or any of their respective Affiliates to perform any of the
obligations of the Borrower under any such Assigned Document. If any Event of Default shall have occurred, the LIBORSOFR Yield Rate and Base Rate Yield Rate shall be increased as set forth
in the definition of “Applicable Spread”, effective as of the date of the occurrence of such Event of Default, and shall apply after the occurrence of such Event of Default. 

SECTION 7.02 Additional Remedies of the Administrative Agent. 

(a) If, (i) upon the Administrative Agent’s or the Lenders’ declaration that the Advances Outstanding hereunder are immediately
due and payable pursuant to Section 7.01 upon the occurrence of an Event of Default, or (ii) on the Facility Maturity Date, the aggregate outstanding principal amount of the Advances Outstanding, all accrued and unpaid
Fees and Yield and any other Obligations are not immediately paid in full, then the Collateral Agent (acting as directed by the Administrative Agent) or the Administrative Agent, in addition to all other rights specified hereunder, shall have the
right, in its own name and as agent for the Lenders, to immediately sell (at the Servicer’s expense) in a commercially reasonable manner, in a recognized market (if one exists) at such price or prices as the Administrative Agent may reasonably
deem satisfactory, any or all of the Collateral Portfolio and apply the proceeds thereof to the Obligations. 
 (b) The parties recognize
that it may not be possible to sell all of the Collateral Portfolio on a particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market for the assets constituting the Collateral Portfolio may not be
liquid. Accordingly, the Administrative Agent may elect, in its sole discretion, the time and manner of liquidating any of the Collateral Portfolio, and nothing contained herein shall obligate the Administrative Agent to liquidate any of the
Collateral Portfolio on the date the Administrative Agent or all of the Lenders declares the Advances Outstanding hereunder to be immediately due and payable pursuant to Section 7.01 or to liquidate all of the Collateral
Portfolio in the same manner or on the same Business Day. 

  
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 (c) If the Collateral Agent (acting as directed by the Administrative Agent) or the
Administrative Agent proposes to sell the Collateral Portfolio or any part thereof in one or more parcels at a public or private sale, at the request of the Collateral Agent or the Administrative Agent, as applicable, the Borrower and the Servicer
shall make available to (i) the Administrative Agent, on a timely basis, all information (including any information that the Borrower and the Servicer is required by law or contract to be kept confidential to the extent such information can be
provided without violation of such laws or contracts) relating to the Collateral Portfolio subject to sale, including, without limitation, copies of any disclosure documents, contracts, financial statements of the applicable Obligors, covenant
certificates and any other materials requested by the Administrative Agent, and (ii) each prospective bidder, on a timely basis, all reasonable information relating to the Collateral Portfolio subject to sale, including, without limitation,
copies of any disclosure documents, contracts, financial statements of the applicable Obligors, covenant certificates and any other materials reasonably requested by each such bidder; provided that with respect to this clause (ii),
neither the Borrower nor the Servicer shall be required to disclose to each such bidder any information which it is required by law or contract to keep confidential. 

(d) Each of the Borrower and the Servicer agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming
through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any Collateral Portfolio may be situated in order to prevent, hinder
or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral Portfolio or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers
thereof, and each of the Borrower and the Servicer, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any
of the properties or assets constituting the Collateral Portfolio marshaled upon any such sale, and agrees that the Collateral Agent, or the Administrative Agent on its behalf, or any court having jurisdiction to foreclose the security interests
granted in this Agreement may sell the Collateral Portfolio as an entirety or in such parcels as the Collateral Agent (acting at the direction of the Administrative Agent) or such court may determine. 

(e) Any amounts received from any sale or liquidation of the Collateral Portfolio pursuant to this Section 7.02 in
excess of the Obligations will be applied by the Collateral Agent (as directed by the Administrative Agent) in accordance with the provisions of Section 2.04(b), or as a court of competent jurisdiction may otherwise direct.

 (f) The Administrative Agent and the Lenders shall have, in addition to all the rights and remedies provided herein and provided by
applicable federal, state, foreign, and local laws (including, without limitation, the rights and remedies of a secured party under the UCC of any applicable state, to the extent that the UCC is applicable, and the right to offset any mutual debt
and claim), all rights and remedies available to the Lenders at law, in equity or under any other agreement between any Lender and the Borrower. 

(g) Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy,
each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Event of Default. 

  
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 (h) Each of the Borrower and the Servicer hereby irrevocably appoints each of the Collateral
Agent and the Administrative Agent 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 in this Agreement,
including without limitation the following powers: (a) to give any necessary receipts or acquittance for amounts collected or received hereunder, (b) to make all necessary transfers of the Collateral Portfolio in connection with any such
sale or other disposition made pursuant hereto, (c) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower and the
Servicer hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (d) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction
Document. Nevertheless, if so requested by the Collateral Agent or the Administrative Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Collateral Agent or the Administrative Agent all
proper bills of sale, assignments, releases and other instruments as may be designated in any such request; provided that, for the avoidance of doubt, no right under any power of attorney furnished under this Section 7.02(h) may be
exercised until after the occurrence of an Event of Default. 
 (i) (1) If the Collateral Agent (acting as directed by
the Administrative Agent) or the Administrative Agent elects to sell the Collateral Portfolio in whole, but not in part, at a public or private sale, the Borrower may exercise its right of first refusal to repurchase the Collateral Portfolio, in
whole but not in part, prior to such sale at a purchase price that is not less than the amount of the Obligations as of the date of such proposed sale. The Borrower’s right of first refusal shall terminate not later than 4:00 p.m. on the second
Business Day following the Business Day on which the Borrower receives notice of the Collateral Agent’s or the Administrative Agent’s election to sell such Collateral Portfolio, such notice to attach a copy of the winning Eligible Bid
received by the Collateral Agent or the Administrative Agent in respect of such Collateral Portfolio (other than any such Eligible Bid that the Collateral Agent or the Administrative Agent is required by law to keep confidential). 

(2) If the Collateral Agent (acting as directed by the Administrative Agent) or the Administrative Agent elects to sell less
than all of the Collateral Portfolio in one or more parcels at a public or private sale, the Borrower may exercise its right of first refusal to repurchase such portion of the Collateral Portfolio prior to such sale at a purchase price of not less
than the highest Eligible Bid received in respect of such portion of the Collateral Portfolio as of the date of such proposed sale, as notified by the Collateral Agent or the Administrative Agent to the Borrower; provided that the
Administrative Agent may direct the Collateral Agent to cancel such sale and the Borrower shall not be permitted to acquire any such portion of the Collateral Portfolio in accordance with the foregoing to the extent SMBC (so long as SMBC is the
Administrative Agent, Collateral Agent, the Lender or the Replacement Servicer), in its sole discretion, determines that such highest Eligible Bid is not satisfactory in any respect; provided further that, in any subsequent sale of such
portion of the Collateral Portfolio, the Borrower may exercise its right of first refusal to 

  
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repurchase such portion of the Collateral Portfolio pursuant to this Section 7.02(i). The Borrower’s right of first refusal shall terminate not later than 4:00 p.m.
on the Business Day on which the Borrower receives notice of the Collateral Agent’s or the Administrative Agent’s election to sell such portion of the Collateral Portfolio, such notice to attach a copy of the winning Eligible Bid received
by the Collateral Agent or the Administrative Agent in respect of such Collateral Portfolio (other than any such Eligible Bid that the Collateral Agent or the Administrative Agent is required by law to keep confidential); provided that, if
such notice is delivered after 12:00 noon on the Business Day on which the Borrower receives such notice, or if the highest Eligible Bid received in respect of such portion of the Collateral Portfolio is greater than $25,000,000, the Borrower’s
right of first refusal shall terminate not later than 12:00 noon on the following Business Day. 
 (3) If the Borrower elects
not to exercise its right of first refusal as provided in clauses (1) or (2) above, the Collateral Agent (acting as directed by the Administrative Agent) or the Administrative Agent shall sell such Collateral Portfolio or portion
thereof for a purchase price equal to the highest of the Eligible Bids then received provided that SMBC (so long as SMBC is the Administrative Agent, Collateral Agent, the Lender or the Replacement Servicer) may direct the Collateral Agent to
cancel such sale to the extent SMBC (so long as SMBC is the Administrative Agent, Collateral Agent, the Lender or the Replacement Servicer), in its sole discretion, determines that such highest Eligible Bid is not satisfactory in any respect. For
the avoidance of doubt, any determination of the highest Eligible Bid shall only consider bids for the same parcels of the Collateral Portfolio. 

(4) It is understood that the Borrower may submit its bid for the Collateral Portfolio or any portion thereof as a combined bid
with the bids of other members of a group of bidders, and shall have the right to find bidders to bid on the Collateral Portfolio or any portion thereof. 

(5) It is understood that the Borrower’s right of first refusal shall apply to each proposed sale of the same parcel of
the Collateral Portfolio. 
 ARTICLE VIII. 

INDEMNIFICATION 
 SECTION 8.01
Indemnities by the Borrower. 
 (a) Without limiting any other rights which the Affected Parties, the Secured Parties, the
Administrative Agent, the Lenders, the Collateral Agent or any of their respective Affiliates may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Affected Parties, the Secured Parties, Administrative Agent, the
Lenders, the Collateral Agent and each of their respective Affiliates, assigns, officers, directors, employees and agents (each, an “Indemnified Party”) from and against any and all damages, losses, claims, liabilities and related
reasonably documented costs and expenses, including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”), awarded against or actually incurred by such
Indemnified Party arising out of or as a result of this 

  
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Agreement or in respect of any of the Collateral Portfolio, excluding, however, Indemnified Amounts to the extent resulting solely from (x) gross negligence, bad faith or willful misconduct
on the part of an Indemnified Party or (y) Loan Assets which are uncollectible due to the Obligor’s financial inability to pay. Without limiting the foregoing, the Borrower shall indemnify each Indemnified Party for Indemnified Amounts
relating to or resulting from any of the following (to the extent not resulting from the conditions set forth in (x) or (y) above): 

(i) any Loan Asset treated as or represented by the Borrower to be an Eligible Loan Asset which is not at the applicable time
an Eligible Loan Asset, or the purchase by any party or origination of any Loan Asset which violates Applicable Law; 
 (ii)
reliance on any representation or warranty made or deemed made by the Borrower, the Servicer (if (A) prior to the consummation of a Permitted BDC Merger, CCT, and (B) on or after the consummation of each Permitted BDC Merger, the
applicable Permitted BDC, or one of its Affiliates is the Servicer) or any of their respective officers under or in connection with this Agreement or any Transaction Document, which shall have been false or incorrect in any material respect when
made or deemed made or delivered; 
 (iii) the failure by the Borrower or the Servicer (if (A) prior to the consummation
of a Permitted BDC Merger, CCT, and (B) on or after the consummation of each Permitted BDC Merger, the applicable Permitted BDC, or one of its Affiliates is the Servicer) to comply with any material term, provision or covenant contained in this
Agreement or any agreement executed in connection with this Agreement, or with any Applicable Law with respect to any item of Collateral Portfolio, or the nonconformity of any item of Collateral Portfolio with any such Applicable Law; 

(iv) the failure to vest and maintain vested in the Collateral Agent, for the benefit of the Secured Parties, a first-priority
perfected security interest in the Collateral Portfolio, free and clear of any Lien other than Permitted Liens, whether existing at the time of the related Advance or at any time thereafter; 

(v) on each Business Day prior to the Collection Date, the occurrence of a Borrowing Base Deficiency and the same continues
unremedied for 12 Business Days; 
 (vi) the failure to file, or any delay in filing, financing statements, continuation
statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Loan Assets included in the Collateral Portfolio or the other Portfolio Assets related thereto, whether at
the time of any Advance or at any subsequent time; 
 (vii) any dispute, claim, offset or defense (other than the discharge
in bankruptcy of an Obligor) to the payment of any Loan Asset included in the Collateral Portfolio (including, without limitation, a defense based on such Loan Asset (or the Loan Agreement evidencing such Loan Asset) not being a legal, valid and
binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or services related to such Collateral Portfolio or the furnishing or failure to furnish such
merchandise or services; 

  
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 (viii) any failure of the Borrower or the Servicer (if (A) prior to the
consummation of a Permitted BDC Merger, CCT, and (B) on or after the consummation of each Permitted BDC Merger, the applicable Permitted BDC, or one of its Affiliates is the Servicer) to perform its duties or obligations in accordance with the
provisions of the Transaction Documents to which it is a party or any failure by the Borrower or any Affiliate thereof to perform its respective duties under any Collateral Portfolio; 

(ix) any inability to obtain any judgment in, or utilize the court or other adjudication system of, any state in which an
Obligor may be located as a result of the failure of the Borrower or the Transferor to qualify to do business or file any notice or business activity report or any similar report; 

(x) any action taken by the Borrower or the Servicer in the enforcement or collection of the Collateral Portfolio which results
in any claim, suit or action of any kind pertaining to the Collateral Portfolio or which reduces or impairs the rights of the Administrative Agent or Lender with respect to any Loan Asset or the value of any such Loan Asset; 

(xi) any products liability claim or personal injury or property damage suit or other similar or related claim or action of
whatever sort arising out of or in connection with the Underlying Collateral or services that are the subject of any Collateral Portfolio; 

(xii) any claim, suit or action of any kind arising out of or in connection with Environmental Laws relating to the Borrower or
the Collateral Portfolio, including any vicarious liability; 
 (xiii) the failure by the Borrower to pay when due any Taxes
for which the Borrower is liable, including, without limitation, sales, excise or personal property Taxes payable in connection with the Collateral Portfolio; 

(xiv) any repayment by the Administrative Agent, the Lenders or a Secured Party of any amount previously distributed in payment
of Advances or payment of Yield or Fees or any other amount due hereunder, in each case which amount the Administrative Agent, the Lenders or a Secured Party believes in good faith is required to be repaid; 

(xv) the commingling by the Borrower or the Servicer of payments and collections required to be remitted to the Collection
Account or the Unfunded Exposure Account with other funds; 
 (xvi) any investigation, litigation or proceeding related to
this Agreement (or the Transaction Documents), or the use of proceeds of Advances or the Collateral Portfolio, or the administration of the Loan Assets by the Borrower or the Servicer (unless such administration is carried out by SMBC or any of its
Affiliates in the capacity of the Servicer, if applicable); 

  
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 (xvii) any failure by the Borrower to give reasonably equivalent value to
Transferor in consideration for the transfer by the Transferor to the Borrower of any item of Collateral Portfolio or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable
action, including, without limitation, any provision of the Bankruptcy Code; 
 (xviii) the use of the proceeds of any
Advance in a manner other than as provided in this Agreement and the Transaction Documents; and/or 
 (xix) any failure of
the Borrower, the Servicer or any of their respective agents or representatives to remit to the Collection Account within two Business Days of receipt, payments and collections with respect to the Collateral Portfolio remitted to the Borrower, the
Servicer or any such agent or representative (other than such a failure on the part of SMBC or any of its Affiliates in the capacity of Servicer, if applicable). 

(b) Any amounts subject to the indemnification provisions of this Section 8.01 shall be paid by the Borrower to the
Administrative Agent (i) on or prior to the Facility Maturity Date, in accordance with the provisions of Section 2.04(a) or Section 2.04(b), as applicable, on the next Payment Date and each
succeeding Payment Date until paid in full following receipt by the Borrower of the Administrative Agent’s written demand therefor on behalf of the applicable Indemnified Party and (ii) after the Facility Maturity Date, within five
Business Days following receipt by the Borrower of the Administrative Agent’s written demand therefor on behalf of the applicable Indemnified Party, in which case the Servicer (on behalf of the Borrower) shall instruct the Account Bank to
withdraw from the Collection Account an amount equal to such claim for payment to the Administrative Agent (and, in each case, the Administrative Agent shall pay such amounts to the applicable Indemnified Party promptly after the receipt by the
Administrative Agent of such amounts). The Administrative Agent, on behalf of any Indemnified Party making a request for indemnification under this Section 8.01, shall submit to the Borrower a certificate setting forth in
reasonable detail the basis for and the computations of the Indemnified Amounts with respect to which such indemnification is requested, which certificate shall be conclusive absent demonstrable error. 

(c) If for any reason the indemnification provided above in this Section 8.01 is unavailable to the Indemnified
Party or is insufficient to hold an Indemnified Party harmless in respect of any losses, claims, damages or liabilities, then the Borrower shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims,
damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and the Borrower on the other hand but also the relative fault of such Indemnified Party as well
as any other relevant equitable considerations. 
 (d) If the Borrower has made any payments in respect of Indemnified Amounts to the
Administrative Agent on behalf of an Indemnified Party pursuant to this Section 8.01 and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified Party will promptly repay such amounts
collected to the Borrower, without interest. 

  
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 (e) The obligations of the Borrower under this Section 8.01 shall
survive the resignation or removal of the Administrative Agent, the Lenders, the Servicer or the Collateral Agent and the termination of this Agreement. 

SECTION 8.02 Indemnities by Servicer. 

(a) Without limiting any other rights which any Indemnified Party may have hereunder or under Applicable Law, the Servicer hereby agrees to
indemnify each Indemnified Party from and against any and all Indemnified Amounts, awarded against or incurred by any Indemnified Party as a consequence of any of the following, excluding, however, Indemnified Amounts to the extent resulting from
gross negligence, bad faith or willful misconduct on the part of any Indemnified Party claiming indemnification hereunder: 

(i) the inclusion, in any computations made by it in connection with any Borrowing Base Certificate or other report prepared by
it hereunder, of any Loan Assets which were not Eligible Loan Assets as of the date of any such computation; 
 (ii) reliance
on any representation or warranty made or deemed made by the Servicer or any of its officers under or in connection with this Agreement or any other Transaction Document, any Servicing Report, Servicer’s Certificate or any other information or
report delivered by or on behalf of the Servicer pursuant hereto, which shall have been false, incorrect or misleading in any material respect when made or deemed made or delivered; 

(iii) the failure by the Servicer to (A) comply with any material term, provision or covenant contained in this Agreement
or any other Transaction Document, or any other agreement executed in connection with this Agreement or (B) comply with any Applicable Law applicable to it with respect to any Portfolio Assets; 

(iv) any litigation, proceedings or investigation against the Servicer; 

(v) any action or inaction by the Servicer that causes the Collateral Agent, for the benefit of the Secured Parties, not to
have a first-priority perfected security interest in the Collateral Portfolio, free and clear of any Lien other than Permitted Liens, whether existing at the time of the related Advance or any time thereafter; 

(vi) except as permitted under this Agreement, the commingling by the Servicer of payments and collections required to be
remitted to the Collection Account or the Unfunded Exposure Account with other funds; 
 (vii) any failure of the Servicer or
any of its agents or representatives to remit to Collection Account, payments and collections with respect to Loan Assets remitted to the Servicer or any such agent or representative within two Business Days of receipt; 

(viii) the failure by the Servicer to perform any of its duties or obligations in accordance with the provisions of this
Agreement or any other Transaction Document or errors or omissions related to such duties; 

  
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 (ix) any of the events or facts giving rise to a breach of any of the
Servicer’s representations, warranties, agreements and/or covenants set forth in Article IV, Article V or Article VI of this Agreement; and/or 

(x) failure or delay in reasonably assisting a successor Servicer in assuming each and all of the Servicer’s obligations
to service and administer the Collateral Portfolio, or failure or delay in complying with reasonable instructions from the Administrative Agent with respect thereto. 

(b) Any Indemnified Amounts shall be paid by the Servicer to the Administrative Agent, for the benefit of the applicable Indemnified Party,
within five Business Days following receipt by the Servicer of the Administrative Agent’s written demand therefor (and the Administrative Agent shall pay such amounts to the applicable Indemnified Party promptly after the receipt by the
Administrative Agent of such amounts). The Administrative Agent, on behalf of any Indemnified Party making a request for indemnification under this Section 8.02, shall submit to the Servicer a certificate setting forth in
reasonable detail the basis for and the computations of the Indemnified Amounts with respect to which such indemnification is requested, which certificate shall be conclusive absent demonstrable error. 

(c) If the Servicer has made any indemnity payments to the Administrative Agent on behalf of an Indemnified Party pursuant to this
Section 8.02 and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified Party will promptly repay such amounts collected to the Servicer, without interest. 

(d) The Servicer shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes recourse for
uncollectible or uncollected Loan Assets. 
 (e) The obligations of the Servicer under this Section 8.02 shall
survive the resignation or removal of the Administrative Agent, the Lenders, the Collateral Agent, the Account Bank or the Collateral Custodian and the termination of this Agreement. 

(f) Any indemnification pursuant to this Section 8.02 shall not be payable from the Collateral Portfolio. 

Each applicable Indemnified Party shall deliver to the Indemnifying Party under Section 8.01 and
Section 8.02, within a reasonable time after such Indemnified Party’s receipt thereof, copies of all notices and documents (including court papers) received by such Indemnified Party relating to the claim giving rise
to the Indemnified Amounts. 
 SECTION 8.03 Legal Proceedings. In the event an Indemnified Party becomes involved in any action,
claim, or legal, governmental or administrative proceeding (an “Action”) for which it seeks indemnification hereunder, the Indemnified Party shall promptly notify the other party or parties against whom it seeks indemnification (the
“Indemnifying Party”) in writing of the nature and particulars of the Action; provided that its failure to do so shall not relieve the Indemnifying Party of its obligations hereunder except to the extent such failure has a
material adverse effect on the Indemnifying Party. Upon written notice to the Indemnified Party acknowledging in writing that the indemnification provided hereunder applies to the Indemnified 

  
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Party in connection with the Action (subject to the exclusion in the first sentence of Section 8.01, the first sentence of Section 8.02 or
Section 8.02(d), as applicable), the Indemnifying Party may assume the defense of the Action at its expense with counsel reasonably acceptable to the Indemnified Party. The Indemnified Party shall have the right to retain
separate counsel in connection with the Action, and the Indemnifying Party shall not be liable for the reasonable and reasonably documented out-of-pocket outside legal
fees and expenses of the Indemnified Party after the Indemnifying Party has done so; provided that if the Indemnified Party determines in good faith that there may be a conflict between the positions of the Indemnified Party and the
Indemnifying Party in connection with the Action, or that the Indemnifying Party is not conducting the defense of the Action in a manner reasonably protective of the interests of the Indemnified Party, the reasonable and reasonably documented out-of-pocket outside legal fees and expenses of the Indemnified Party shall be paid by the Indemnifying Party; provided further that the Indemnifying Party shall not,
in connection with any one Action or separate but substantially similar or related Actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees or expenses of more than one separate firm of
attorneys (and any required local counsel) for such Indemnified Party, which firm (and local counsel, if any) shall be designated in writing to the Indemnifying Party by the Indemnified Party. If the Indemnifying Party elects to assume the defense
of the Action, it shall have full control over the conduct of such defense; provided that the Indemnifying Party and its counsel shall, as reasonably requested by the Indemnified Party or its counsel, consult with and keep them informed with
respect to the conduct of such defense. The Indemnifying Party shall not settle an Action without the prior written approval of the Indemnified Party unless such settlement provides for the full and unconditional release of the Indemnified Party
from all liability in connection with the Action. The Indemnified Party shall reasonably cooperate with the Indemnifying Party in connection with the defense of the Action. 

SECTION 8.04 After-Tax Basis. Indemnification under Section 8.01 and
8.02 shall be in an amount necessary to make the Indemnified Party whole after taking into account (i) any Tax consequences to the Indemnified Party of the receipt of the indemnity provided hereunder, including the effect of such Tax or
refund on the amount of Tax measured by net income or profits that is or was payable by the Indemnified Party and (ii) all reductions in federal, state, local and foreign Taxes (including estimated Taxes) realized by the Indemnified Party as a
result of the event(s) giving rise to such indemnity payment for all affected taxable years and periods. 
 ARTICLE IX. 

THE ADMINISTRATIVE AGENT 

SECTION 9.01 The Administrative Agent. 

(a) Appointment. Each Lender and each Secured Party hereby appoints and authorizes the Administrative Agent as its agent hereunder and
hereby further authorizes the Administrative Agent to appoint additional agents to act on its behalf and for the benefit of each Lender and each Secured Party. Each Lender and each Secured Party further authorizes the Administrative Agent to take
such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably
incidental thereto. 

  
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Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Transaction Document, the Administrative Agent shall not have any duties or responsibilities,
except those expressly set forth in this Agreement, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Transaction Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, such term is used merely as a matter of market custom, and is
intended to create or reflect only an administrative relationship between independent contracting parties. 
 (b) Delegation of
Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Transaction Document by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that it selects with reasonable care. 

(c) Administrative Agent’s Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or
employees shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents, except for its or their own gross negligence or willful
misconduct. Each Lender and each Secured Party hereby waives any and all claims against the Administrative Agent or any of its Affiliates for any action taken or omitted to be taken by the Administrative Agent or any of its Affiliates under or in
connection with this Agreement or any of the other Transaction Documents, except for its or their own gross negligence or willful misconduct. Without limiting the foregoing, the Administrative Agent: (i) may consult with legal counsel
(including counsel for the Borrower or the Transferor), independent public accountants and other experts selected by it and shall not be liable for any action taken or 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 and shall not be responsible for any statements, warranties or representations made in or in connection with this Agreement; (iii) shall not have any duty to
ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any of the other Transaction Documents on the part of the Borrower, the Transferor, the Parent or the Servicer or to
inspect the property (including the books and records) of the Borrower, the Transferor, the Parent or the Servicer; (iv) shall not be responsible for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of
this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by
acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. 

The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related
to the London interbank offered rate or other rates in the definition of “LIBOR” or with respect to any alternative or successor rate
thereto, or replacement rate thereof, including without limitation, whether the

  
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composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant
to Section 11.01, will be similar to, or produce the same value or economic equivalence of,
LIBOR or have the same volume or liquidity as
did the London interbank offered rate prior to its
discontinuance or unavailability. 

(d) Actions by Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under
this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the
requisite Lenders as it deems appropriate and, if it so requests,
it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or consent of the
requisite Lenders; provided that, notwithstanding
anything to the contrary herein, the Administrative Agent shall not be required to take any action hereunder if the taking of such action, in the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or
contrary to any provision of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the Administrative Agent requests the consent of a Lender pursuant to the foregoing provisions and the
Administrative Agent does not receive a consent (either positive or negative) from such Person within 10 Business Days of such Person’s receipt of such request, then such Lender shall be deemed to have declined to consent to the relevant
action. 
 (e) Notice of Event of Default, Unmatured Event of Default or Servicer Termination Event. The Administrative
Agent shall not be deemed to have knowledge or notice of the occurrence of an Event of Default, Unmatured Event of Default or Servicer Termination Event, unless the Administrative Agent has received written notice from a Lender, the Borrower or the
Servicer referring to this Agreement, describing such Event of Default, Unmatured Event of Default or Servicer Termination Event and stating that such notice is a “Notice of Event of Default,” “Notice of Unmatured Event of
Default” or “Notice of Servicer Termination Event,” as applicable. The Administrative Agent shall (subject to Section 9.01(c)) take such action with respect to such Event of Default, Unmatured Event of
Default or Servicer Termination Event as may be requested by the Lenders acting jointly or as the Administrative Agent shall deem advisable or in the best interest of the Lenders. 

(f) Credit Decision with Respect to the Administrative Agent. Each Lender and each Secured Party acknowledges that none of the
Administrative Agent or any of its Affiliates has made any representation or warranty to it, and that no act by the Administrative Agent hereinafter taken, including any consent to and acceptance of any assignment or review of the affairs of the
Borrower, the Servicer, the Transferor, the Parent or any of their respective Affiliates or review or approval of any of the Collateral Portfolio, shall be deemed to constitute any representation or warranty by any of the Administrative Agent or its
Affiliates to any Lender as to any matter, including whether the Administrative Agent has disclosed material information in its possession. Each Lender and each Secured Party acknowledges that it has, independently and without reliance upon the
Administrative Agent, or any of the Administrative Agent’s Affiliates, and based upon such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and the other Transaction
Documents to which it is a party. Each Lender and each Secured Party also acknowledges that it will, 

  
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independently and without reliance upon the Administrative Agent, or any of the Administrative Agent’s Affiliates, and based on such documents and information as it shall deem appropriate at
the time, continue to make its own decisions in taking or not taking action under this Agreement and the other Transaction Documents to which it is a party. Each Lender and each Secured Party hereby agrees that the Administrative Agent shall not
have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Borrower, the Servicer, the Transferor or
their respective Affiliates which may come into the possession of the Administrative Agent or any of its Affiliates. 
 (g)
Indemnification of the Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower or the Servicer), ratably in accordance with such Lender’s Pro Rata Share, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever 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 of the other Transaction Documents, or any action taken or omitted by the Administrative Agent hereunder or thereunder; provided that the Lenders shall not be liable for any
portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct; provided further that no
action taken in accordance with the directions of the Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Article IX. Without limitation of the foregoing, each Lender agrees to reimburse the
Administrative Agent, ratably in accordance with such Lender’s respective Pro Rata Share, promptly upon demand for any reasonable out-of-pocket expenses (including
counsel fees) incurred by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement and the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lenders hereunder and/or thereunder and to the extent that the
Administrative Agent is not reimbursed for such expenses by the Borrower or the Servicer. 
 (h) Successor Administrative Agent. The
Administrative Agent may resign at any time, effective upon the appointment and acceptance of a successor Administrative Agent as provided below, by giving at least five days’ written notice thereof to each Lender and may be removed at any time
with cause by the Lenders. Upon any such resignation or removal, the Lenders acting jointly shall appoint a successor Administrative Agent which shall be an Eligible Successor Agent (as defined below); provided that (x) so long as no
Event of Default has occurred and is continuing, the Borrower shall consent in its sole discretion to such successor Administrative Agent and (y) after an Event of Default has occurred and is continuing, the Lender may appoint any Person as a
successor Administrative Agent. Each Lender agrees that it shall not unreasonably withhold or delay its approval of the appointment of a successor Administrative Agent. If no such successor Administrative Agent shall have been so appointed, and
shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the
Secured Parties, appoint a successor Administrative Agent which successor Administrative Agent shall be either (i) a commercial bank organized under the laws of 

  
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the United States or of any state thereof and have a combined capital and surplus of at least $50,000,000 or (ii) an Affiliate of such a bank (each, an “Eligible Successor
Agent”). Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation or removal
hereunder as Administrative Agent, the provisions of this Article IX shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 

(i) Payments by the Administrative Agent. Unless specifically allocated to a specific Lender pursuant to the terms of this Agreement,
all amounts received by the Administrative Agent on behalf of the Lenders shall be paid by the Administrative Agent to the each Lender in accordance with such Lender’s respective Pro Rata Shares in the applicable Advances Outstanding, or if
there are no Advances Outstanding in accordance with each Lender’s most recent Commitments, on the Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case the
Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender on such Business Day, but, in any event, shall pay such amounts to such Lender not later than the following Business Day. 

(j) Erroneous Payments. 

(i) If the Administrative Agent (x) notifies a Lender or Secured Party, or any Person who has received funds on
behalf of a Lender or Secured Party (any such Lender, Secured Party or other recipient (and each of their respective successors and assigns), a “Payment Recipient”) that the Administrative Agent has determined in its sole
discretion (whether or not after receipt of any notice under immediately succeeding clause (ii)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or
any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such
funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and (y) demands in writing the return
of such Erroneous Payment (or a portion thereof) (provided, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (j)(i) with respect
to an Erroneous Payment unless such demand is made within 10 Business Days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient), such Erroneous Payment shall at all times remain the property of the Administrative
Agent pending its return or repayment as contemplated below in this Section 9.01(j) and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment
Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in
writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion 

  
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thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent)
in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds 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. A notice of the Administrative Agent to any Payment Recipient under this clause
(i) shall be conclusive, absent manifest error. 
 (ii) Without limiting immediately preceding clause (i),
each Lender, Secured Party or any Person who has received funds on behalf of a Lender or Secured Party (and each of their respective successors and assigns), agrees that if it receives a payment, prepayment or repayment (whether received as a
payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this
Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment,
prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in
part), then in each such case: 
 (A) it acknowledges and agrees that (I) in the case of immediately preceding
clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (II) an error and mistake has been made (in the case of immediately
preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and 
 (B) such Lender or
Secured Party shall use commercially reasonable efforts to (and shall use commercially reasonable efforts to cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its
knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof
(in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 9.01(j)(ii). 
 For the
avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this Section 9.01(j)(ii) shall not have any effect on a Payment Recipient’s obligations pursuant to
Section 9.01(j)(i) or on whether or not an Erroneous Payment has been made. 
 (iii) Each Lender or
Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender or 

  
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Secured Party under any Transaction Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Secured Party under any Transaction Document with respect to any
payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under immediately preceding clause (i). 

(iv) (A) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any
reason, after demand therefor in accordance with immediately preceding clause (i), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or
portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender at any time, then effective immediately (with the
consideration therefor being acknowledged by the parties hereto), (I) such Lender shall be deemed to have assigned its Advances (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted
Class”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Advances (but not Commitments) of the Erroneous Payment Impacted Class, the
“Erroneous Payment Deficiency Assignment”) (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is
hereby (together with the Borrower) deemed to execute and deliver an assignment and assumption agreement (or, to the extent applicable, an agreement incorporating an assignment and assumption agreement by reference pursuant to an electronic platform
as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, (II) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment
Deficiency Assignment, (III) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender
shall cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable
Commitments which shall survive as to such assigning Lender, (IV) the Administrative Agent and the Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and
(V) the Administrative Agent will reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the
Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. 
 (B)
Subject to Section 11.04, the Administrative Agent may, in its discretion, sell any Advances acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return
Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Advance (or portion thereof), and the Administrative Agent shall retain all other 

  
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rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by the
applicable Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest, or other distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such
Advances acquired from such Lender pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Advances are then owned by the Administrative Agent) and (y) may, in the sole discretion of the Administrative Agent, be
reduced by any amount specified by the Administrative Agent in writing to the applicable Lender from time to time. 
 (v) The
parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous
Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Secured
Party, to the rights and interests of such Lender or Secured Party, as the case may be) under the Transaction Documents with respect to such amount (the “Erroneous Payment Subrogation Rights”) (provided that the
Borrower’s Obligations under the Transaction Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations in respect of Advances that have been assigned to the Administrative Agent under an
Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower; provided that this Section 9.01(j) shall
not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would
have been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any
such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower for the purpose of making payment in respect of the Obligations. 

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

(vii) Each party’s obligations, agreements and waivers under this Section 9.01(j) shall survive the resignation or
replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof)
under any Transaction Document. 

  
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 ARTICLE X. 

COLLATERAL AGENT 
 SECTION 10.01
Designation of Collateral Agent. 
 (a) Initial Collateral Agent. Each of the Lenders and the Administrative Agent hereby
designate and appoint SMBC as the Collateral Agent to act as its agent for the purposes of perfection of a security interest in the Collateral Portfolio and hereby authorizes the Collateral Agent to take such actions on its behalf and on behalf of
each of the Secured Parties and to exercise such powers and perform such duties as are expressly granted to the Collateral Agent by this Agreement. The Collateral Agent hereby accepts such agency appointment to act as Collateral Agent pursuant to
the terms of this Agreement, until its resignation or removal as Collateral Agent pursuant to the terms hereof. 
 (b) Successor
Collateral Agent. Upon the Collateral Agent’s receipt of a Collateral Agent Termination Notice from the Administrative Agent of the designation of a successor Collateral Agent pursuant to the provisions of
Section 10.05, the Collateral Agent agrees that it will terminate its activities as Collateral Agent hereunder. 

SECTION 10.02 Duties of Collateral Agent. 

(a) Appointment. The Borrower, the Lenders and the Administrative Agent each hereby appoints SMBC to act as Collateral Agent, for the
benefit of the Secured Parties. The Collateral Agent hereby accepts such appointment and agrees to perform the duties and obligations with respect thereto set forth herein. 

(b) Duties. On or before the initial Advance Date, and until its removal pursuant to Section 10.05, the
Collateral Agent shall perform, on behalf of the Secured Parties, the following duties and obligations: 
 (i) The Collateral
Agent shall calculate amounts to be remitted pursuant to Section 2.04 to the applicable parties and notify the Servicer and the Administrative Agent in the event of any discrepancy between the Collateral Agent’s
calculations and the Servicing Report (such dispute to be resolved in accordance with Section 2.05); 

(ii) The Collateral Agent shall instruct the Account Bank to make payments pursuant to the terms of the Servicing Report or as
otherwise directed in accordance with Sections 2.04 or 2.05 (the “Payment Duties”). 

(iii) In no instance shall the Collateral Agent be under any duty or obligation to take any action on behalf of the Servicer in
respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific written instructions from the Servicer, prior to the occurrence of an Event of Default or the Administrative Agent, after the occurrence of
Event of Default, in which event the Collateral Agent shall vote, consent or take such other action in accordance with such instructions. 

  
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 (c) (i) The Administrative Agent, each Lender and each Secured Party further authorizes
the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms hereof and thereof, together with
such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction of the Administrative Agent) as its agent to
execute and deliver all further instruments and documents, and take all further action that the Administrative Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the Borrower
hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution by the Collateral Agent as secured party/assignee of such financing or continuation statements, or
amendments thereto or assignments thereof, relative to all or any of the Loan Assets now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing in this
Section 10.02(c) shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral Portfolio,
including to file financing and continuation statements in respect of the Collateral Portfolio in accordance with Section 5.01(t). 

(ii) The Administrative Agent may direct the Collateral Agent to take any such incidental action hereunder. With respect to
other actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from
acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Administrative Agent; provided that the Collateral Agent shall not be required to take any action hereunder at the request of the
Administrative Agent, any Secured Party or otherwise if the taking of such action, in the reasonable determination of the Collateral Agent, (A) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or
(B) shall expose the Collateral Agent to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Agent requests the consent of the
Administrative Agent and the Collateral Agent does not receive a consent (either positive or negative) from the Administrative Agent within 10 Business Days of its receipt of such request, then the Administrative Agent shall be deemed to have
declined to consent to the relevant action. 
 (iii) Except as expressly provided herein, the Collateral Agent shall not be
under any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement (x) unless and until (and to the extent) expressly so directed by the Administrative Agent or
(y) prior to the Facility Maturity Date (and upon such occurrence, the Collateral Agent shall act in accordance with the written instructions of the Administrative Agent pursuant to clause (x)). The Collateral Agent shall not be liable for any
action taken, suffered or omitted by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Agent, or the Administrative Agent. The
Collateral Agent shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless a Responsible Officer of the Collateral Agent has knowledge of such matter or written notice thereof is received by the
Collateral Agent. 

  
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 (d) If, in performing its duties under this Agreement, the Collateral Agent is required to
decide between alternative courses of action, the Collateral Agent may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two
Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such two
Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel and independent
accountants in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice. 

(e) Concurrently herewith, the Administrative Agent directs the Collateral Agent and the Collateral Agent is authorized to enter into the
Control Agreement. For the avoidance of doubt, all of the Collateral Agent’s rights, protections and immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the Control Agreement in such
capacity. 
 SECTION 10.03 Merger or Consolidation. 

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

SECTION 10.04 Collateral Agent Compensation. 

As compensation for its Collateral Agent activities hereunder, the Collateral Agent shall be entitled to the Collateral Agent Fees and
Collateral Agent Expenses from the Borrower, payable to the extent of funds available therefor pursuant to the provisions of Section 2.04. Each respective Collateral Agent’s entitlement to receive the Collateral Agent
Fees shall cease on the earliest to occur of: (i) its removal as Collateral Agent pursuant to Section 10.05, (ii) its resignation pursuant to Section 10.07 and (iii) the
termination of this Agreement. 
 SECTION 10.05 Collateral Agent Removal. 

The Collateral Agent may be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Agent (the
“Collateral Agent Termination Notice”); provided that, notwithstanding its receipt of a Collateral Agent Termination Notice, the Collateral Agent shall continue to act in such capacity until a successor Collateral Agent has
been appointed and has agreed to act as Collateral Agent hereunder; provided that the Collateral Agent shall continue to receive compensation of its fees and expenses in accordance with Section 10.04 above while so
serving as the Collateral Agent prior to a successor Collateral Agent being appointed. 

  
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 SECTION 10.06 Limitation on Liability. 

(a) The Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice,
letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in
acting upon (i) the written instructions of any designated officer of the Administrative Agent or (ii) the verbal instructions of the Administrative Agent. 

(b) The Collateral Agent may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(c) The Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or
for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties. 

(d) The Collateral Agent makes no warranty or representation and shall have no responsibility (except as expressly set forth in this
Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral Portfolio, and will not be required to and will not make any representations as to the validity or
value (except as expressly set forth in this Agreement) of any of the Collateral Portfolio. The Collateral Agent shall not be obligated to take any legal action hereunder that might in its judgment involve any expense or liability unless it has been
furnished with an indemnity reasonably satisfactory to it. 
 (e) The Collateral Agent shall have no duties or responsibilities except such
duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Agent. Notwithstanding any provision to the contrary elsewhere in the Transaction
Documents, the Collateral Agent shall not have any fiduciary relationship with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations or responsibilities shall be read into this Agreement, the
other Transaction Documents or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Collateral Agent shall not be required
to exercise any discretion hereunder and shall have no investment or management responsibility. 
 (f) The Collateral Agent shall not be
required to expend or risk its own funds in the performance of its duties hereunder. 
 (g) It is expressly agreed and acknowledged that the
Collateral Agent is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral Portfolio. 

(h) Subject in all cases to the last sentence of Section 2.05, in case any reasonable question arises as to its
duties hereunder, the Collateral Agent may, prior to the 

  
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occurrence of an Event of Default or the Facility Maturity Date, request instructions from the Servicer and may, after the occurrence of an Event of Default or the Facility Maturity Date, 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 Servicer or the Administrative Agent, as applicable. The Collateral Agent shall in all
events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent. In no event shall the Collateral Agent be liable for special, indirect or consequential loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The Collateral Agent shall not be liable for the acts or omissions of the Collateral Custodian under this Agreement and shall not be
required to monitor the performance of the Collateral Custodian. Notwithstanding anything herein to the contrary, the Collateral Agent shall have no duty to perform any of the duties of the Collateral Custodian under this Agreement. 

SECTION 10.07 Collateral Agent Resignation. 

The Collateral Agent may resign at any time by giving not less than 90 days written notice thereof to the Administrative Agent and with the
consent of the Administrative Agent, which consent shall not be unreasonably withheld. Upon receiving such notice of resignation, the Administrative Agent shall promptly appoint a successor collateral agent or collateral agents by written
instrument, in duplicate, executed by the Administrative Agent, one copy of which shall be delivered to the Collateral Agent so resigning and one copy to the successor collateral agent or collateral agents, together with a copy to the Borrower,
Servicer and Collateral Custodian. If no successor collateral agent shall have been appointed and an instrument of acceptance by a successor Collateral Agent shall not have been delivered to the Collateral Agent within 45 days after the giving of
such notice of resignation, the resigning Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent. Notwithstanding anything herein to the contrary, the Collateral Agent may not resign
prior to a successor Collateral Agent being appointed. 
 ARTICLE XI. 

MISCELLANEOUS 
 SECTION 11.01
Amendments and Waivers. 
 (a) (i) No amendment or modification of any provision of this Agreement shall be effective without the
written agreement of the Borrower, the Servicer, the Required Lenders, the Administrative Agent and, solely if such amendment or modification would adversely affect the rights and obligations of the Collateral Agent, the written agreement of the
Collateral Agent and (ii) no termination or waiver of any provision of this Agreement or consent to any departure therefrom by the Borrower or the Servicer shall be effective without the written concurrence of the Administrative Agent and the
Required Lenders. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

  
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 (b) Notwithstanding the provisions of Section 11.01(a), the
written consent of all of the Lenders shall be required for any amendment, modification or waiver (i) reducing any Advances Outstanding, or the Yield thereon, (ii) postponing any date for any payment of any Advance or the Yield thereon,
(iii) modifying the provisions of this Section 11.01, (iv) modifying the provisions of Section 2.04 or (v) extending the Stated Maturity Date or clause (i) of the definition
of “Reinvestment Period”; provided that any amendment, modification or waiver to correct any inconsistency or cure any ambiguity or error in this Agreement may be entered into with the written consent of only the Borrower, the
Servicer and the Administrative Agent. 
 (c) Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such
Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or
further action or consent of any other party to, this Agreement or any other Transaction Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such
Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the Administrative Agent has not received, by such time,
written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 

(d) In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and,
notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. 
 (e) The Administrative Agent will promptly notify the Borrower, the Collateral Agent and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any
Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark
Unavailability Period. 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 11.01, 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 or any selection, 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 to this Agreement or any other Transaction
Document, except, in each case, as expressly required pursuant to
this 
Section
 11.01. 

  
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 (f) Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) 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 its reasonable discretion or (B) 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 or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such
unavailable or non-representative 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 or will no longer be representative for a Benchmark (including a Benchmark Replacement),
then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

(g) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a LIBOR Advance, conversion to or continuation of a LIBOR Advances to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into
a request for a Base Rate Advance or conversion to a Base Rate Advance.
 SECTION 11.02 Notices, Etc.
All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall include facsimile communication and communication by e-mail) and faxed, e-mailed or delivered, to each party hereto, as follows: 
 To the Borrower: 

CCT Tokyo Funding LLC 
 201 Rouse
Boulevard 
 Philadelphia, PA 19112 

Attention: William Goebel 

Facsimile: 215-339-1931 

Email: credit.notices@fsinvestment.com; kkrcreditlegal@kkr.com 

To the Servicer or the Transferor: 

FS KKR Capital Corp. 
 201 Rouse
Boulevard 
 Philadelphia, PA 19112 

Attention: William Goebel 

Facsimile: 215-339-1931 

Email: credit.notices@fsinvestment.com; kkrcreditlegal@kkr.com 

  
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 To the Administrative Agent and the Collateral Agent: 

Sumitomo Mitsui Banking Corporation 

277 Park Avenue 
 New York, NY
10172 
 Attention: Christopher Keeshan 

Telephone: 212-224-4967 

Facsimile: 212-224-5198 

To the Lender: 
 Sumitomo Mitsui
Banking Corporation 
 277 Park Avenue 

New York, NY 10172 
 Attention:
Christopher Keeshan 
 Telephone: 212-224-4967 

Facsimile: 212-224-5198 

or at such other address as shall be designated by such party in a written notice to the other parties hereto. Notices and communications by facsimile and e-mail shall be effective when sent (and shall be followed by hard copy sent by regular mail), and notices and communications sent by other means shall be effective when received. 

SECTION 11.03 No Waiver; Remedies. No failure on the part of the Administrative Agent, the Collateral Agent or any Lender to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 11.04 Binding Effect; Assignability; Multiple
Lenders. 
 (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Administrative Agent,
each Lender, the Collateral Agent and their respective successors and permitted assigns. Each Lender and their respective successors and assigns may assign, syndicate, or grant a security interest or sell a participation interest in, (i) this
Agreement and such Lender’s rights and obligations hereunder and interest herein in whole or in part (including by way of the sale of participation interests therein) and/or (ii) any Advance (or portion thereof) or any Variable Funding
Note (or any portion thereof) to any Person other than the Borrower or an Affiliate thereof; provided that (x) so long as no Event of Default has occurred, unless the Borrower shall otherwise consent, a Lender may only assign, syndicate,
grant a security interest or sell a participation in, its rights and obligations hereunder to an Affiliate and (y) after an Event of Default has occurred, a Lender may assign its rights and obligations hereunder to any Person without
restriction. Any such assignee shall execute and deliver to the Servicer, the Borrower and the Administrative Agent a fully-executed assignment and acceptance substantially in the form of Exhibit M hereto (an “Assignment and
Acceptance”) and a fully-executed Joinder Supplement. The parties to any such assignment, grant or sale of a participation interest shall execute and the Lender record in its books and records, such agreement or document as may be

  
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satisfactory to such parties. To the fullest extent effective under Applicable Law (including Section 9-408 of the UCC), none of the Borrower, the
Transferor, the Parent or the Servicer may assign, or permit any Lien (other than Permitted Liens) to exist upon, any of its rights or obligations hereunder or under any Transaction Document or any interest herein or in any Transaction Document
without the prior written consent of each Lender and the Administrative Agent. 
 (b) Notwithstanding any other provision of this
Section 11.04, any Lender may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, rights to payment of principal and interest) under this Agreement to secure
obligations of such Lender to a Federal Reserve Bank, without notice to or 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. 
 (c) Each Affected Party and each Indemnified
Party shall be an express third party beneficiary of this Agreement. 
 SECTION 11.05 Term of This Agreement. This Agreement,
including, without limitation, the Borrower’s representations and covenants set forth in Articles IV and V and the Servicer’s representations, covenants and duties set forth in Articles IV, V and VI,
shall remain in full force and effect until the Collection Date; provided that the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower or the Servicer pursuant to Articles
III and IV and the indemnification and payment provisions of Article VIII, IX and Article XI and the provisions of Section 2.10, Section 2.11,
Section 11.07, Section 11.08 and Section 11.09 shall be continuing and shall survive any termination of this Agreement. 

SECTION 11.06 GOVERNING LAW; JURY WAIVER. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREUNDER. 
 SECTION 11.07 Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification granted to the Collateral Agent, the Administrative Agent, the Lenders and their respective
Affiliates under Section 8.01 and Section 8.02 hereof, each of the Borrower and the Servicer agrees to pay on demand all reasonable and reasonably documented out-of-pocket costs and expenses of the Administrative Agent, the Lenders and the Collateral Agent incurred in connection with the preparation, execution, delivery, administration (including periodic
auditing), syndication (pursuant to any agreement or other arrangement with any additional lender), renewal, amendment or modification of, any waiver or consent issued in connection with, this Agreement, the Transaction Documents and the other
documents to be delivered hereunder or in connection herewith, including, without limitation, the reasonable and reasonably documented fees and out-of-pocket expenses of
outside counsel for the Administrative Agent, the Lenders and the Collateral Agent with respect thereto and with respect 

  
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to advising the Administrative Agent, the Lenders and the Collateral Agent as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in
connection herewith, and all reasonable and reasonably documented out-of-pocket costs and expenses, if any (including reasonable and reasonably documented outside
counsel fees and expenses), incurred by the Administrative Agent, the Lenders and the Collateral Agent in connection with the enforcement or potential enforcement of this Agreement or any Transaction Document by such Person and the other documents
to be delivered hereunder or in connection herewith. 
 (b) (i) The Borrower shall pay on any Payment Date and (ii) the Servicer
and the Transferor shall pay on demand, in each case, any and all stamp, sales, excise and other Taxes (excluding Taxes imposed on or measured by net income) and fees payable or determined to be payable to any Governmental Authority in connection
with the execution, delivery, filing and recording of this Agreement, the other Transaction Documents or any other document providing liquidity support, credit enhancement or other similar support to the Lenders in connection with this Agreement or
the funding or maintenance of Advances hereunder. 
 (c) The Servicer and the Transferor (on behalf of the Borrower) shall pay on demand all
other reasonable out-of-pocket costs and expenses incurred by the Administrative Agent, the Lenders and the Collateral Agent in connection with the execution, delivery,
filing and recording of this Agreement and the other Transaction Documents including, in connection with periodic audits of the Borrower’s, the Transferor’s or the Servicer’s books and records in accordance with the terms of this
Agreement. 
 (d) Any demand or request for payment of any amounts payable pursuant to this Section 11.07 will be
made first to the Borrower; provided that the Servicer and the Transferor agree, jointly and severally, to pay such amounts on behalf of the Borrower if the Borrower does not pay such amounts (i) prior to the Facility Maturity Date, on
the next Payment Date or (ii) after the Facility Maturity Date, within five Business Days of such demand or request. 
 SECTION 11.08
No Proceedings. Each of the parties hereto (other than the Administrative Agent with the consent of the LenderRequired Lenders) agree that it will not institute against, or join any
other Person in instituting against, the Borrower any proceedings of the type referred to in the definition of Bankruptcy Event so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect
and one day) since the Collection Date. 
 The provisions of this Section 11.08 are a material inducement
for the Administrative Agent, the Collateral Agent and the Lenders to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The Collateral Agent (acting as directed by the Administrative Agent) with the
consent of the Lenders may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding-up,
insolvency, moratorium or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws or any similar laws. 

  
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 SECTION 11.09 Recourse Against Certain Parties. 

(a) No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Administrative Agent, the Lenders or any Secured Party as contained in this Agreement or any other agreement, instrument or document entered into by the Administrative Agent, the Lenders or any Secured Party pursuant hereto
or in connection herewith shall be had against any administrator of the Administrative Agent, the Lenders or any Secured Party or any incorporator, affiliate, stockholder, officer, employee or director of the Administrative Agent, the Lenders or any
Secured Party or of any such administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of each
party hereto contained in this Agreement and all of the other agreements, instruments and documents entered into by the Administrative Agent, the Lenders or any Secured Party pursuant hereto or in connection herewith are, in each case, solely the
corporate obligations of such party (and nothing in this Section 11.09 shall be construed to diminish in any way such corporate obligations of such party), and that no personal liability whatsoever shall attach to or be
incurred by any administrator of the Administrative Agent, the Lenders or any Secured Party or any incorporator, stockholder, affiliate, officer, employee or director of the Lenders or the Administrative Agent or of any such administrator, as such,
or any of them, under or by reason of any of the obligations, covenants or agreements of the Administrative Agent, the Lenders or any Secured Party contained in this Agreement or in any other such instruments, documents or agreements, or are implied
therefrom, and that any and all personal liability of every such administrator of the Administrative Agent, the Lenders or any Secured Party and each incorporator, stockholder, affiliate, officer, employee or director of the Administrative Agent,
the Lenders or any Secured Party or of any such administrator, or any of them, for breaches by the Administrative Agent, the Lenders or any Secured Party of any such obligations, covenants or agreements, which liability may arise either at common
law or in equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. 

(b) Notwithstanding any contrary provision set forth herein, no claim may be made by the Borrower, the Transferor, the Parent or the Servicer
or any other Person against the Administrative Agent, the Lenders or any Secured Party or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect to any
claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and the Borrower, the Transferor, the Parent
and the Servicer each hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected. 

(c) No obligation or liability to any Obligor under any of the Loan Assets is intended to be assumed by the Administrative Agent, the Lenders
or any Secured Party under or as a result of this Agreement and the transactions contemplated hereby. 
 (d) The provisions of this
Section 11.09 shall survive the termination of this Agreement. 

  
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 SECTION 11.10 Execution in Counterparts; Severability; Integration. This Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Agreement by e-mail in portable document format (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart
of this Agreement. In the event that any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement and any agreements or letters (including fee letters) executed in connection herewith contains the final and complete integration
of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written
understandings other than any fee letter delivered by the Servicer to the Administrative Agent and the Lenders. 
 SECTION 11.11 Consent
to Jurisdiction; Service of Process. 
 (a) Each party hereto hereby irrevocably submits to the
non-exclusive jurisdiction of any New York State or Federal court sitting in the Borough of Manhattan in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and
each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby
irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (b) Each of the
Borrower and the Servicer agrees that service of process may be effected by mailing a copy thereof by registered or certified mail, postage prepaid, to the Borrower or the Servicer, as applicable, at its address specified in
Section 11.02 or at such other address as the Administrative Agent shall have been notified in accordance herewith. Nothing in this Section 11.11 shall affect the right of the Lenders or the
Administrative Agent to serve legal process in any other manner permitted by law. 
 SECTION 11.12 Characterization of Conveyances
Pursuant to the Purchase and Sale Agreement. 
 (a) It is the express intent of the parties hereto that the conveyance of any Eligible
Loan Assets by the Transferor to the Borrower as contemplated by the Purchase and Sale Agreement be, and be treated for all purposes (other than accounting purposes and subject to the tax characterization of the Borrower and the Advances described
in Section 5.01(aa) and Section 5.02(j) hereof) as, a sale by the Transferor of such Eligible Loan Assets. It is, further, not the intention of the parties that such conveyance be deemed a pledge
of the Eligible Loan Assets by the Transferor to the Borrower to secure a debt or other obligation of the Transferor. However, in the event that, notwithstanding the intent of the parties, the Eligible Loan Assets are held to

  
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continue to be property of the Transferor, then the parties hereto agree that: (i) the Purchase and Sale Agreement shall also be deemed to be a security agreement under Applicable Law;
(ii) as set forth in the Purchase and Sale Agreement, the transfer of the Eligible Loan Assets provided for in the Purchase and Sale Agreement shall be deemed to be a grant by the Transferor to the Borrower of a first-priority security interest
(subject only to Permitted Liens) in all of the Transferor’s right, title and interest in and to the Eligible Loan Assets and all amounts payable to the holders of the Eligible Loan Assets in accordance with the terms thereof and all proceeds
of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including, without limitation, all amounts from time to time held or invested in the Controlled Accounts, whether in the form of
cash, instruments, securities or other property; (iii) the possession by the Borrower (or the Collateral Custodian on its behalf) of Loan Assets and such other items of property as constitute instruments, money, negotiable documents or chattel
paper shall be, subject to clause (iv), for purposes of perfecting the security interest pursuant to the UCC; and (iv) acknowledgements from Persons holding such property shall be deemed acknowledgements from custodians, bailees or
agents (as applicable) of the Borrower for the purpose of perfecting such security interest under Applicable Law. The parties further agree that any assignment of the interest of the Borrower pursuant to any provision hereof shall also be deemed to
be an assignment of any security interest created pursuant to the terms of the Purchase and Sale Agreement. The Borrower shall, to the extent consistent with this Agreement and the other Transaction Documents, take such actions as may be necessary
to ensure that, if the Purchase and Sale Agreement were deemed to create a security interest in the Eligible Loan Assets, such security interest would be deemed to be a first-priority perfected security interest (subject only to Permitted Liens)
under Applicable Law and will be maintained as such throughout the term of this Agreement. 
 (b) It is the intention of each of the parties
hereto that any Eligible Loan Assets conveyed by the Transferor to the Borrower pursuant to the Purchase and Sale Agreement shall constitute assets owned by the Borrower and shall not be part of the Transferor’s estate in the event of the
filing of a bankruptcy petition by or against the Transferor under any bankruptcy or similar law. 
 (c) The Borrower agrees to treat, and
shall cause the Transferor to treat, for all purposes (other than accounting purposes and subject to the tax characterization of the Borrower and the Advances described in Section 5.01(aa) and
Section 5.02(j) hereof), the transactions effected by the Purchase and Sale Agreement as sales of assets to the Borrower. The Borrower and the Servicer each hereby agree to cause the Transferor to reflect in the
Transferor’s financial records and to include a note in the annual and quarterly financial statements of (A) prior to the consummation of a Permitted BDC Merger, CCT, and (B) on or after the consummation of each Permitted BDC Merger,
the applicable Permitted BDC, indicating that: (i) assets related to transactions (including transactions pursuant to the Transaction Documents) that do not meet SFAS 140 requirements for accounting sale treatment are reflected in the
consolidated balance sheet of CCT, as finance receivables pledged and non-recourse, secured borrowings and (ii) those assets are owned by a special purpose entity that is consolidated in the financial
statements of CCT, and the creditors of that special purpose entity have received security interests in such assets and such assets are not intended to be available to the creditors of sellers (or any affiliate of the sellers) of such assets to that
special purpose entity. 

  
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 SECTION 11.13 Confidentiality. 

(a) Each of the Administrative Agent, the Lenders, the Servicer, the Collateral Agent, the Borrower and the Transferor shall maintain and shall
cause each of its employees and officers to maintain the confidentiality of the Agreement and all information with respect to the other parties, including all information regarding the business of the Borrower and the Servicer hereto and their
respective businesses, and all information in connection with or related to the Loan Agreements (including but not limited to any information provided pursuant to Section 6.08), obtained by it or them in connection with the
structuring, negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information to its external accountants, investigators, auditors, attorneys or
other agents, including any Approved Valuation Firm engaged by such party in connection with any due diligence or comparable activities with respect to the transactions and Loan Assets contemplated herein and the agents of such Persons
(“Excepted Persons”); provided that each Excepted Person shall, as a condition to any such disclosure, agree for the benefit of the Administrative Agent, the Lenders, the Servicer, the Collateral Agent, the Borrower and the
Transferor that such information shall be used solely in connection with such Excepted Person’s evaluation of, or relationship with, the Borrower and its affiliates, (ii) disclose the existence of the Agreement, but not the financial terms
thereof, (iii) disclose such information as is required by Applicable Law and (iv) disclose the Agreement and such information in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration)
involving any of the Transaction Documents for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Transaction Documents.
Notwithstanding the foregoing provisions of this Section 11.13(a), the Servicer may, subject to Applicable Law and the terms of any Loan Agreements, make available copies of the documents in the Servicing Files and such
other documents it holds in its capacity as Servicer pursuant to the terms of this Agreement, to any of its creditors. It is understood that the financial terms that may not be disclosed except in compliance with this
Section 11.13(a) include, without limitation, all fees and other pricing terms, and all Events of Default, Servicer Termination Events, and priority of payment provisions. 

(b) Anything herein to the contrary notwithstanding, the Borrower and the Servicer each hereby consents to the disclosure of any nonpublic
information with respect to it (i) to the Administrative Agent, the Lenders, the Account Bank, the Collateral Agent or the Collateral Custodian by each other, (ii) by the Administrative Agent, the Lender, the Collateral Agent and the
Collateral Custodian to any prospective or actual permitted assignee or participant of any of them, provided that, (A) so long as no Event of Default has occurred, such Person would be permitted to be an assignee or participant pursuant
to the terms hereof and (B) such Person agrees to hold such information confidential by entering into a confidentiality agreement in a form containing standard non-disclosure language from the LSTA model
documentation, or (iii) by the Administrative Agent, the Lenders, the Account Bank, the Collateral Agent and the Collateral Custodian to any provider of a surety, guaranty or credit or liquidity enhancement to any Lender, as applicable, and to
any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential nature of such information. In addition, the Lenders, the Administrative Agent, the Collateral
Agent, the Account Bank and the Collateral Custodian may disclose any such nonpublic information as required pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings
(whether or not having the force or effect of law). 

  
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 (c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) disclosure of any and all information that is or becomes publicly known; (ii) disclosure of any and all information (a) if required to do so by any applicable statute, law, rule or regulation, (b) to any government
agency or regulatory body having or claiming authority to regulate or oversee any aspects of the Lenders’, the Administrative Agent’s, the Collateral Agent’s, the Account Bank’s or the Collateral Custodian’s business or that
of their affiliates, (c) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Administrative Agent, any Lender, the Collateral Agent, the
Collateral Custodian or the Account Bank or an officer, director, employer, shareholder or affiliate of any of the foregoing is a party, (d) in any preliminary or final offering circular, registration statement or contract or other document
approved in advance in writing by the Borrower, the Servicer or the Transferor or (e) to any affiliate, independent or internal auditor, agent, employee or attorney of the Collateral Agent or the Collateral Custodian having a need to know the
same, provided that the disclosing party advises such recipient of the confidential nature of the information being disclosed; or (iii) any other disclosure authorized by the Borrower, Servicer or the Transferor, as applicable. 

SECTION 11.14 Non-Confidentiality of Tax Treatment. 

All parties hereto agree that each of them and each of their employees, representatives, and other agents may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including, without limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment and
tax structure. “Tax treatment” and “tax structure” shall have the same meaning as such terms have for purposes of Treasury Regulation Section 1.60114; provided that with respect to any document or similar item that in
either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, the provisions of this Section 11.14 shall only apply to such portions of the document or
similar item that relate to the tax treatment or tax structure of the transactions contemplated hereby. 
 SECTION 11.15 Waiver of Set
Off. 
 Each of the parties hereto hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from
time to time against the Administrative Agent, the Collateral Agent, the Lenders or their respective assets. 
 SECTION 11.16 Headings
and Exhibits. 
 The headings herein are for purposes of references only and shall not otherwise affect the meaning or interpretation of
any provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes. 

  
 162 

 SECTION 11.17 Ratable Payments. 

If any Lender, whether by setoff or otherwise, shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of
setoff, or otherwise) on account of Advances owing to it (other than pursuant to Breakage Fees, Section 2.10 or Section 2.11) in excess of its ratable share of payments on account of the Advances
obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances Outstanding owing to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with
each of them; provided that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase
price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the
purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. 

SECTION 11.18 Failure of Borrower or Servicer to Perform Certain Obligations. 

If the Borrower or the Servicer, as applicable, fails to perform any of its agreements or obligations under
Section 5.01(t), Section 5.02(q) or Section 5.03(e), the Administrative Agent may (but shall not be required to) itself perform, or cause performance of, such agreement or
obligation, and the expenses of the Administrative Agent incurred in connection therewith shall be payable by the Borrower or the Servicer (on behalf of the Borrower), as applicable, upon the Administrative Agent’s demand therefor. 

SECTION 11.19 Power of Attorney. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent as
its attorney-in-fact to act on behalf of the Borrower (i) to file financing statements necessary or desirable in the Administrative Agent’s sole discretion to
perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Collateral Portfolio and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to
the Collateral Portfolio as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the
Collateral Portfolio. This appointment is coupled with an interest and is irrevocable. 
 SECTION 11.20 Delivery of Termination
Statements, Releases, etc. Upon payment in full of all of the Obligations (other than unmatured contingent indemnification obligations) and the termination of this Agreement, the Administrative Agent and the Collateral Agent shall deliver to the
Borrower termination statements, reconveyances, releases and other documents necessary or appropriate to evidence the termination of the Pledge and other Liens securing the Obligations, all at the expense of the Borrower. 

SECTION 11.21 Permitted BDC Merger. Notwithstanding that the consummation of a Permitted BDC Merger may be undertaken in discrete
steps, the order of such events shall not result in any Event of Default, Unmatured Event of Default or Servicer Termination Event so long as the Successor Servicer is otherwise in compliance with the terms of this Agreement and the other
Transaction Documents immediately after the consummation of such Permitted BDC Merger. Upon the consummation of a Permitted BDC Merger, 

  
 163 

 (a) the obligations of the non-surviving Servicer in
respect of any Obligations, indemnities and fees and expenses owed by it shall be deemed assumed by the Successor Servicer in such Permitted BDC Merger, and 

(b) each non-surviving Servicer shall be released from all representations, warranties and covenants
made by it hereunder or under any other Transaction Document and such non-surviving Servicer shall no longer be deemed a “Servicer” and/or “Parent”, as applicable, for any purpose hereunder
or under the other Transaction Documents and, to the extent any provision of this Agreement or any other Transaction Document would be violated or breached by such non-surviving Servicer (or any non-compliance by such non-surviving Servicer with any such provision would result in an Event of Default, Unmatured Event of Default or Servicer Termination Event) as a
result of the consummation of such Permitted BDC Merger, such provision shall be deemed modified with respect to such non-surviving Servicer to the extent necessary to give effect to such Permitted BDC Merger.

 SECTION
11.22 Acknowledgement Regarding Any Supported QFCs To the extent that the Transaction Documents provide support, through a guarantee or otherwise, for Swap Contracts 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 Transaction Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York or of the United States or any other state of the United States): (h) In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a
Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the 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 Transaction Documents were governed
by the laws of the United States or a state of the United States. 

  
 164 

(i) As used
in this Section 11.22, the following terms have the following meanings: 
 “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in
accordance with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: 

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

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

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

“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. 

“QFC”
 has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

[Signature pages to follow] 

  
 165 

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

  
 166 

 SCHEDULE I 

CONDITIONS PRECEDENT DOCUMENTS 

As required by Section 3.01 of the Loan and Servicing Agreement, each of the following items must be delivered to
the Administrative Agent and the Lenders prior to the effectiveness of the Loan and Servicing Agreement: 
 (a) A copy of the Loan and
Servicing Agreement duly executed by each of the parties hereto; 
 (b) A certificate of the secretary or assistant secretary of each of the
Borrower, the Transferor and the Servicer, dated the date of the Loan and Servicing Agreement, certifying (i) the names and true signatures of the incumbent officers of such Person authorized to sign on behalf of such Person the Transaction
Documents to which it is a party (on which certificate the Administrative Agent and the Lenders may conclusively rely until such time as the Administrative Agent and the Lenders shall receive from the Borrower, the Transferor or the Servicer, as
applicable, a revised certificate meeting the requirements of this paragraph (b)(i)), (ii) that the copy of the certificate of formation or articles of incorporation of such Person, as applicable, is a complete and correct copy and that such
certificate of formation or articles of incorporation have not been amended, modified or supplemented and are in full force and effect, (iii) that the copy of the limited liability company agreement or
by-laws, as applicable, of such Person are a complete and correct copy, and that such limited liability company agreement or by-laws have not been amended, modified or
supplemented and are in full force and effect, and (iv) the resolutions of the board of directors or managers of such Person approving and authorizing the execution, delivery and performance by such Person of the Transaction Documents to which
it is a party; 
 (c) A good standing certificate, dated as of a recent date prior to the Closing Date for each of the Borrower, the
Transferor and the Servicer, issued by the Secretary of State of such Person’s State of formation or organization, as applicable; 

(d) Duly executed Powers of Attorney from each of the Borrower and CCT to the Administrative Agent and to the Collateral Agent; 

(e) Duly executed Variable Funding Note(s), if requested by any Lender; 

(f) Financing statements (the “Facility Financing Statements”) describing the Collateral Portfolio, and (i) naming the
Borrower as debtor and the Collateral Agent, on behalf of the Secured Parties, as secured party, (ii) naming the Transferor as debtor, the Borrower as assignor and the Collateral Agent, on behalf of the Secured Parties, as secured party/total
assignee and (iii) other, similar instruments or documents, as may be necessary or, in the opinion of the Administrative Agent, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the Collateral
Agent’s, on behalf of the Secured Parties, interests in all Collateral Portfolio; 
 (g) Financing statements, if any, necessary to
release all security interests and other rights of any Person in the Collateral Portfolio previously granted by the Transferor; 

  
 Sch. I-1 

 (h) Copies of tax and judgment lien searches in all jurisdictions reasonably requested by
the Administrative Agent and requests for information (or a similar UCC search report certified by a party acceptable to the Administrative Agent), dated a date reasonably near to the Closing Date, and with respect to such requests for information
or UCC searches, listing all effective financing statements which name the Borrower (under its present name and any previous name) and the Transferor (under its present name and any previous name) as debtor(s) and which are filed in the jurisdiction
of Delaware or Maryland, as applicable, together with copies of such financing statements (none of which shall cover any Collateral Portfolio); 

(i) One or more favorable Opinions of Counsel of counsel to the Borrower, acceptable to the Administrative Agent and addressed to the
Administrative Agent, the Lenders and the Collateral Agent, with respect to such matters as the Administrative Agent may reasonably request (including an opinion, with respect to the perfected security interest of the Collateral Agent, for the
benefit of the Secured Parties, in the Collateral Portfolio under the UCC laws of the State of New York); 
 (j) One or more favorable
Opinions of Counsel of counsel to the Borrower, acceptable to the Administrative Agent and addressed to the Administrative Agent, the Lenders, the Collateral Agent and the Collateral Custodian (as applicable), with respect to the perfection of the
security interest of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral Portfolio under the UCC laws of the States of Delaware; 

(k) One or more favorable Opinions of Counsel of counsel to the Borrower, acceptable to the Administrative Agent and addressed to the
Administrative Agent, the Lenders and the Collateral Agent, with respect to the true sale of the Collateral Portfolio under the Purchase and Sale Agreement and that the Borrower would not be substantively consolidated with the Transferor in a
proceeding under the Bankruptcy Code; 
 (l) One or more favorable Opinions of Counsel of counsel to the Borrower, acceptable to the
Administrative Agent and addressed to the Administrative Agent, the Lenders and the Collateral Agent, with respect to, among other things, the due authorization, execution and delivery of, and enforceability of, and no conflicts with the Loan and
Servicing Agreement and the other Transaction Documents; 
 (m) One or more favorable Opinions of Counsel of counsel to CCT, acceptable to
the Administrative Agent and addressed to the Administrative Agent, the Lenders and the Collateral Agent, with respect to, among other things, the due authorization, execution and delivery of, and enforceability of, the Loan and Servicing Agreement
and the other Transaction Documents to which CCT is a party; 
 (n) A certificate of the secretary or assistant secretary of each of the
Collateral Custodian and the Account Bank, dated the date of the Loan and Servicing Agreement, certifying the names and true signatures of the incumbent officers of such Person authorized to sign on behalf of such Person the Transaction Documents to
which it is a party (on which certificate the Administrative Agent and the Lenders may conclusively rely until such time as the Administrative Agent and the Lenders shall receive from the Collateral Custodian or the Account Bank, as applicable, a
revised certificate meeting the requirements of this paragraph (n)); 

  
 Sch. I-2 

 (o) One or more favorable Opinions of Counsel of counsel to each of the Collateral Custodian
and the Account Bank, acceptable to the Administrative Agent and addressed to the Administrative Agent, the Lenders and the Collateral Agent, with respect to, among other things, the due authorization, execution and delivery of, and enforceability
of, the Transaction Documents to which the Collateral Custodian or the Account Bank, as applicable, is a party; 
 (p) Duly completed copies
of IRS Form W-9 (or any successor forms or other certificates or statements that may be required from time to time by the relevant United States taxing authorities or Applicable Law) for the Borrower; and 

(q) A copy of each of the other Transaction Documents duly executed by the parties thereto. 

  
 Sch. I-3 

 SCHEDULE II 

ELIGIBILITY CRITERIA 
 The
representations and warranties set forth in this Schedule II are made by the Borrower and the Servicer under the Loan and Servicing Agreement and the Transferor under the Purchase and Sale Agreement, with respect to all Loan Assets which are
designated as being Eligible Loan Assets on any Borrowing Base Certificate or are otherwise represented to the Administrative Agent or the Lenders as being Eligible Loan Assets, or are included as Eligible Loan Assets in any calculation set forth in
the Loan and Servicing Agreement to which this Schedule II is attached. For the avoidance of doubt, if such Loan Asset does not satisfy the representations and warranties set forth in this Schedule II then the Administrative Agent must
expressly consent to the acquisition by the Borrower of such Loan Asset; it being understood that the Administrative Agent will not be deemed to have consented to the acquisition of a Loan Asset by the Borrower that does not satisfy the
representations and warranties set forth in this Schedule II by merely approving the acquisition of such Loan Asset by the Borrower unless there is an express acknowledgement by the Borrower and the Servicer under the Loan and Servicing
Agreement and the Transferor under the Purchase and Sale Agreement of non-satisfaction of the representations and warranties set forth in this Schedule II. 

1. Each such Loan Asset is a First Lien Loan Asset or a Second Lien Loan Asset evidenced by a note or a credit document and an assignment
document in the form specified in the applicable credit agreement or, if no such specification, on the LSTA assignment form. Each such Loan Asset and the Portfolio Assets related thereto is subject to a valid, subsisting and enforceable
first-priority (or, in the case of Second Lien Loan Assets, second priority) perfected security interest (subject only to Permitted Liens) in favor of the Collateral Agent, on behalf of the Secured Parties, and the Borrower has good and marketable
title to such Loan Asset, free and clear of all Liens other than any Permitted Liens. 
 2. As of the related
Cut-Off Date, the acquisition of each such Loan Asset by the Borrower, and the Pledge of each such Loan Asset, has been approved by the Administrative Agent, in its sole discretion, by delivery of an Approval
Notice. 
 3. Each such Loan Asset is not a participation interest in all or a portion of a loan (for the avoidance of doubt, a syndication
or co-lending interest which is not documented as a participation interest shall not be deemed a participation interest). 

4. The Obligor with respect to each such Loan Asset is organized under the laws of the United States or any state thereof and domiciled in the
United States, as reasonably determined by the Administrative Agent. 
 5. Each such Loan Asset is denominated in Dollars. 

6. No such Loan Asset is Margin Stock. 

7. The acquisition of such Loan Asset does not cause the Borrower or the assets constituting the Collateral Portfolio to be required to be
registered as an investment company under the 1940 Act, as amended. 

  
 Sch. II-1 

 8. No such Loan Asset is a financing by a debtor-in-possession in any Bankruptcy Proceeding. 
 9. No such Loan Asset is principally secured
by real estate. 
 10. Each such Loan Asset constitutes a legal, valid, binding and enforceable obligation of the Obligor thereunder and
each guarantor thereof, enforceable against each such Person in accordance with its terms, subject to the usual and customary bankruptcy, insolvency and equity limitations. 

11. Each such Loan Asset is in the form of, and is treated as, indebtedness for federal income tax purposes. 

12. As of the related Cut-Off Date and at any time prior to the related
Cut-Off Date, except as permitted under Section 37 set forth below, (i) such Loan Asset is and has been current on all interest and principal payments, subject to any applicable
grace period, under the terms of the related Loan Agreement and (ii) there has been no (a) “event of default” (as defined in the related Loan Agreement) or (b) any other default, breach, violation or event permitting acceleration
(provided that the existence of any financial default shall be determined as of the most recent financial report provided by the applicable Obligor) under the terms of any such Loan Asset of which the Servicer has actual knowledge, and that,
in each of the foregoing cases, has not been cured or waived, unless otherwise approved by the Administrative Agent in writing. 
 13. The
Obligor with respect to each such Loan Asset is not an Affiliate of the Servicer, the Transferor or the Parent. 
 14. (x) The acquisition
of any such Loan Asset by the Borrower or the Pledge thereof would not violate any Applicable Law and (y) the Lenders or the Administrative Agent, as applicable, has not provided written notice to the Borrower prior to the related trade date
that the acquisition of such Loan Asset will cause the Lenders or the Administrative Agent to fail to comply with any request or directive (whether or not having the force of law) from any banking or other Governmental Authority having jurisdiction
over the Administrative Agent or the Lenders. 
 15. To the actual knowledge of the Borrower or the Servicer, no such Loan Asset contravenes
any Applicable Law and no part thereof is in violation of any Applicable Law; provided that for purposes of determining whether a Loan Asset is a Warranty Loan Asset, as of the Cut-Off Date for such
Loan Asset, such Loan Asset shall not contravene Applicable Law and no part thereof shall be in violation of any Applicable Law, without regard to whether the Borrower or the Servicer has any knowledge of such contravention or violation. 

16. Pursuant to the Loan Agreement with respect to such Loan, either (i) such Loan Asset is freely assignable to the Borrower and able to
be Pledged to the Collateral Agent, for the benefit of the Secured Parties, without the consent of the Obligor, subject to reasonable and customary qualifications for instruments similar to such Loan Asset (such as Obligor and/or administrative
agent consent, minimum assignment amounts, execution of a joinder, questionnaire, assignment and assumption agreement and/or similar instrument, and assignee qualifications) or (ii) (a) all consents necessary for the assignment of such Loan
Asset to the Borrower and the Pledge to the Collateral Agent, for the benefit of the Secured Parties, have been obtained and (b) the Loan 

  
 Sch. II-2 

 
Agreement provides that any consents necessary for future assignments shall not be unreasonably withheld by the applicable Obligor and/or agent, and the rights to enforce rights and remedies in
respect of the same under the applicable Loan Agreement inure to the benefit of the holder of such Loan Asset (subject to the rights of any applicable agent or other lenders). 

17. No such Loan Asset is the subject of any assertions in respect of, any litigation, right of rescission,
set-off, counterclaim or defense, including the defense of usury, by the related Obligor, nor will the operation of any of the terms of the Loan Agreements, or the exercise of any right thereunder, render the
Loan Agreements unenforceable in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury, and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto, and the Loan Agreements with respect to the Loan Asset provide for an affirmative waiver by the related Obligor of all rights of rescission, set-off and counterclaim against the Transferor, the Borrower and their respective assignees. 
 18. As of
the related Cut-Off Date, with respect to each such Loan Asset acquired by the Borrower (whether or not from the Transferor), and Pledged to the Collateral Agent, for the benefit of the Secured Parties, under
the Agreement, the Transferor (if applicable) and Borrower will have caused its master computer records relating to such Loan Asset to be clearly and unambiguously marked to show that such Loan Asset has been sold to the Borrower. 

19. No such Loan Asset has been repaid, prepaid, satisfied or rescinded, in each case, in full. 

20. No such Loan Asset has been sold, transferred, assigned or pledged by the Borrower to any Person other than the Collateral Agent for the
benefit of the Secured Parties. 
 21. Such Loan Asset is not subject to withholding tax unless the Obligor thereon is required under the
terms of the related Loan Agreement to make “gross-up” payments that cover the full amount of such withholding tax on an after-tax basis in the event of a
change of tax law. The transfer, assignment and conveyance of such Loan Asset (and the other Portfolio Assets related thereto) to the Borrower (whether or not from the Transferor) is not subject to and will not result in any fee or governmental
charge (other than income taxes) payable by the Borrower or any other Person to any federal, state or local government. 
 22. The Obligor
with respect to such Loan Asset (and any guarantor of such Obligor’s obligations thereunder), had full legal capacity to execute and deliver the Loan Agreement which creates such Loan Asset and any other documents related thereto. 

23. The Obligor of each such Loan Asset is not a Governmental Authority. 

24. Each such Loan Asset was originated or acquired by the Borrower (or the Transferor, if applicable) in the ordinary course of the
Borrower’s business (or that of the Transferor, if applicable) and, to the extent required by Applicable Law, the Borrower (or Transferor, if applicable) has all necessary licenses and permits to purchase and own such Loans and enter into Loan
Agreements pursuant to which such Loan was created, in the jurisdiction where the Obligor is located (to the extent required by Applicable Law); provided that any failure by the Borrower (or Transferor, as applicable), to have the necessary
licenses and permits in the 

  
 Sch. II-3 

 
applicable jurisdiction shall not preclude such Loan Asset from being deemed an Eligible Loan if, upon discovery or knowledge of such failure, the Borrower (or Transferor, as applicable) promptly
commences and is thereafter diligently taking the appropriate measures to obtain the necessary licenses and permits in such jurisdiction and such necessary licenses and permits can be obtained in a reasonable time, all as determined by the
Administrative Agent in its reasonable and sole discretion. 
 25. There are no proceedings pending or, to the Borrower’s knowledge,
threatened (i) asserting insolvency of the Obligor of such Loan Asset, or (ii) wherein the Obligor of such Loan Asset, any other obligated party or any governmental agency has alleged that such Loan Asset or the Loan Agreement which
creates such Loan Asset is illegal or unenforceable. 
 26. Each such Loan Asset requires the related Obligor to pay all maintenance,
repair, insurance and taxes, together with all other ancillary costs and expenses, with respect to the related Underlying Collateral. 
 27.
The Underlying Collateral related to each such Loan Asset has not, and will not, be used by the related Obligor in any manner or for any purpose which would result in any material risk of liability being imposed upon the Borrower or the Lenders
under any federal, state, local or foreign laws, common laws, statutes, codes, ordinances, rules, regulations, permits, judgments, agreements or order related to addressing the environment, health or safety. 

28. Each such Loan Asset constituting a First Lien Loan Asset, upon its acquisition by the Borrower, has a remaining term to maturity not
greater than seven years from such Cut-Off Date. Each such Loan Asset constituting a Second Lien Loan Asset, upon its acquisition by the Borrower, has a remaining term to maturity not greater than eight years
from such Cut-Off Date . 
 29. Each such Loan Asset does not contain confidentiality restrictions
that would prohibit the Lenders or the Administrative Agent from accessing all necessary information (as required to be provided pursuant to the Transaction Documents) with regards to such Loan Asset. 

30. Each such Loan Asset (i) was underwritten, by the Servicer including, without limitation, the completion of a due diligence and, if
applicable, a collateral assessment and (ii) is being serviced by the Servicer in accordance in all material respects with the Servicing Standard. 

31. Within five Business Days of the applicable Cut-Off Date, all of the Required Loan Documents and
the Loan Checklist acceptable to the Administrative Agent with respect to such Loan Asset have been, or will be, delivered to the Collateral Custodian and all Servicing Files are being or shall be maintained at the principal place of business of the
Servicer in accordance with documented safety procedures reasonably acceptable to the Administrative Agent. 
 32. Underwriting materials
prepared by the Servicer with respect to each such Loan Asset reasonably requested by the Administrative Agent have been provided to the Administrative Agent. 

  
 Sch. II-4 

 33. As of the related Cut-Off Date, each such Loan
Asset is not subject to any Material Modification. 
 34. Each such Loan Asset is not an extension of credit by the Borrower to the Obligor
for the purpose of (i) making any past due principal, interest or other payments due on such Loan Asset, (ii) preventing such Loan Asset or any other loan to the related Obligor from becoming past due or (iii) preventing such Loan
Asset from becoming defaulted. 
 35. The Obligor with respect to such Loan Asset, on the applicable date of determination, (i) is a
business organization (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) has not entered into the Loan Asset
primarily for personal, family or household purposes; and (iv) is not the subject of a Bankruptcy Event, and, as of the related Cut-Off Date, such Obligor is not in financial distress and has not
experienced a material adverse change in its condition, financial or otherwise, in each case, as determined by the Servicer in its reasonable discretion unless approved in writing by the Administrative Agent. 

36. All information provided by the Borrower or the Servicer to the Administrative Agent in writing with respect to such Loan Asset is true,
complete and correct in all material respects as of the date such information is provided. 
 37. Each such Loan Asset is not an Equity
Security and does not provide for the conversion into an Equity Security at any time on or after the date it is included as part of the Collateral Portfolio. For the purposes of this Section 37, “Equity Security”
shall mean (i) any equity security or any other security that is not eligible for purchase by the Borrower as a Loan and (ii) any security that trades “stapled” to a Loan Asset and that itself is not eligible for purchase by the
Borrower as a Loan Asset. 
 38. Each such Loan Asset was originated or purchased pursuant to and in accordance in all material respects
with the Investment Policies. 
 39. Each such Loan Asset is not a Loan Asset with respect to which interest required by the Loan Agreement
to be paid in cash has previously been deferred or capitalized as principal and not subsequently paid in full; unless the Obligor has commenced paying in cash current interest required to be paid in cash. 

40. The funding obligations for each such Loan Asset and the Loan Agreement under which such Loan Asset was created have been fully satisfied
and all sums available thereunder have been fully advanced, or if such Loan Asset is a Revolving Loan Asset or Delayed Draw Loan Asset, then (a) the sum of (i) the aggregate commitments under the Revolving Loan Assets and (ii) the
aggregate unfunded commitments under the Delayed Draw Loan Assets do not exceed $20,000,000 and (b) either (i) the Borrower shall have or have caused to be, at the time of the sale of such Loan Asset to the Borrower, deposited into the Unfunded
Exposure Account an amount in United States dollars equal to the Unfunded Exposure Equity Amount or (ii) the Unfunded Exposure Equity Amount with respect to such Loan Asset shall not create a Borrowing Base Deficiency. 

  
 Sch. II-5 

 41. No such Loan Asset would disqualify the Borrower from using the “loan
securitization exemption” under the Volcker Rule (as determined by the Administrative Agent in its reasonable discretion). 
 42. As of
the applicable date of determination, the sum of the Adjusted Borrowing Value of all Eligible Loans Assets included in the Collateral Portfolio made to the Obligor of such Loan Asset (including any Affiliate thereof) shall not, collectively, exceed
(i) $30,000,000 for each of the two largest Obligors (and their respective Affiliates) and (ii) $25,000,000 for all other Obligors (and their Affiliates). 

  
 Sch. II-6 

 SCHEDULE III 

AGREED-UPON PROCEDURES FOR 

INDEPENDENT PUBLIC ACCOUNTANTS 
 In accordance
with Section 6.10 of the Loan and Servicing Agreement, the Servicer will cause a firm of nationally recognized independent public accountants to furnish in accordance with attestation standards established by the American
Institute of Certified Public Accountants a report to the effect that such accountants have either verified, compared, or recalculated each of the following accounts in the Servicing Report to applicable system or records of the Servicer: 

 

	 	•	 	 Loan Asset List: 

  

	 	•	 	 Obligor classification 

 

	 	•	 	 Current principal amount 

 

	 	•	 	 Fixed/Floating 

  

	 	•	 	 Index, spread, PIK 

  

	 	•	 	 Loan Asset Maturity Date 

 

	 	•	 	 Loan Asset Origination Date 

 

	 	•	 	 Loan Asset Purchase Date 

 

	 	•	 	 Industry Classification 

 

	 	•	 	 Loan Asset Type 

  

	 	•	 	 Moody’s and S&P ratings (if applicable) 

 

	 	•	 	 Days Delinquent 

  

	 	•	 	 Risk Rating 

  

	 	•	 	 Cut-Off Date (the date that the Loan Asset is added to the facility)

  

	 	•	 	 Borrowing Base 

  

	 	•	 	 Advances Outstanding 

  

	 	•	 	 Cash Reconciliation report 

 

	 	•	 	 Discretionary Sales Calculations, Substitution Calculations, Lien Release Dividend Calculations

 At the discretion of the nationally recognized independent public accountant, three random Servicing Reports from the fiscal year will
be chosen and reviewed. 
 The report provided by the accountants may be in a format such as is typically utilized for a report of this nature, however
(i) the report will contain a list of deviations from the Servicing Report and (ii) such accountants will discuss with the Servicer the reason for such deviations, and set forth the findings in such report. 

  
 Sch. III-1 

 SCHEDULE IV 

LOAN ASSET SCHEDULE 
 For each Loan Asset, the
Borrower shall provide, as applicable, the following information and the applicable Loan Asset Checklist: 
  

	(a)	 Loan Asset Number 

  

	(b)	 Obligor Name 

  

	(c)	 Loan Asset Type (Note or Noteless) 

 

	(d)	 Original Outstanding Balance 

 

	(e)	 Secured by Mortgage (Yes or No) 

  
 Sch. IV-1 

 SCHEDULE V 

WIRING INSTRUCTIONS 
 ADVANCE
FUNDING ACCOUNT 
 Wells Fargo Bank, NA 
 121-000-248 For Credit to CDO Clearing 
 A/C 6355067033 Further Credit To: CCT
TOKYO FUNDING LLC 
 A/C 84455304 

  
 Sch. V-1 

 SCHEDULE VI 

SCHEDULE VI LOAN ASSETS 
  

									
	 KKR ID
	  	KKR Primary Code	  	 Issuer
	  	Assigned Value	 
	 29196
	  	LX149988	  	Abaco Systems, Inc	  	 	100.0	% 
	 51823
	  	LX169322	  	Accuride Corp	  	 	50.0	% 
	 52542
	  	LX171373	  	Berner Food & Beverage LLC	  	 	100.0	% 
	 54740
	  	LX174356	  	Eagle Family Foods Inc	  	 	100.0	% 
	 49966
	  	LX168767	  	Frontline Technologies Group LLC	  	 	100.0	% 
	 61485
	  	LX184567	  	Heniff Transportation Systems LLC	  	 	100.0	% 
	 29348
	  	LX152628	  	JHT Holdings Inc	  	 	100.0	% 
	 61123
	  	LX183824	  	Kellermeyer Bergensons Services LLC	  	 	100.0	% 
	 61127
	  	LX183653	  	Lexitas Inc	  	 	100.0	% 
	 61674
	  	LX184999	  	Lionbridge Technologies Inc	  	 	100.0	% 
	 57035
	  	LX177958	  	Lipari Foods LLC	  	 	85.0	% 
	 46384
	  	LX162315	  	NBG Home	  	 	30.0	% 
	 46838
	  	LX168564	  	NCI Inc	  	 	60.0	% 
	 61547
	  	LX185659	  	P2 Energy Solutions, Inc.	  	 	100.0	% 
	 61860
	  	Pretium_Packaging_TL	  	Pretium Packaging LLC	  	 	100.0	% 
	 55364
	  	LX177493	  	Reliant Rehab Hospital Cincinnati LLC	  	 	92.5	% 
	 61191
	  	LX183615	  	RSC Insurance Brokerage Inc	  	 	100.0	% 
	 61987
	  	LX184892	  	Safe-Guard Products International LLC	  	 	92.5	% 
	 47029
	  	SHF_TL_May2017	  	Sweet Harvest Foods Management Co	  	 	70.0	% 
	 57188
	  	LX177417	  	Tangoe LLC	  	 	90.0	% 
	 45433
	  	LX161612	  	ThreeSixty Group	  	 	60.0	% 
	 55158
	  	3Sixty_Incr	  	ThreeSixty Group	  	 	60.0	% 
	 61416
	  	Truck-Lite_TL_19	  	Truck-Lite Co LLC	  	 	100.0	% 
	 54282
	  	LX173896	  	Virgin Pulse Inc	  	 	100.0	% 
	 44227
	  	LX158678	  	AM General LLC	  	 	100.0	% 

  
 Sch. VI-1 

 ANNEX A 
  

			
	 Institutional Lender
	  	Commitment
	 Sumitomo Mitsui Banking Corporation
	  	$300,000,000100,000,000 Revolving Advances
	 Sumitomo Mitsui
Banking Corporation
	  	$200,000,000 Term Advances

  
 Annex A-1 

 EXHIBITS 

TO 
 LOAN AND
SERVICING AGREEMENT 
 Dated as of December 2, 2015 

(CCT TOKYO FUNDING LLC) EXHIBITS 
  

			
	EXHIBIT A	  	Form of Approval Notice
	EXHIBIT B	  	Form of Borrowing Base Certificate
	EXHIBIT C	  	Form of Conversion Notice
	EXHIBIT D	  	Form of Disbursement Request
	EXHIBIT E	  	Form of Joinder Supplement
	EXHIBIT F	  	Form of Notice of Borrowing
	EXHIBIT G	  	Form of Notice of Reduction (Reduction of Advances Outstanding/Maximum Facility Amount)
	EXHIBIT H	  	Form of Variable Funding Note
	EXHIBIT I	  	Form of Notice and Request for Consent
	EXHIBIT J-1	  	Form of Monthly Servicing Report
	EXHIBIT J-2	  	Form of Quarterly Servicing Report
	EXHIBIT K	  	Form of Servicer’s Certificate (Servicing Report)
	EXHIBIT L	  	Form of Release of Required Loan Documents
	EXHIBIT M	  	Form of Assignment and Acceptance
	EXHIBIT N	  	Form of Power of Attorney for Servicer
	EXHIBIT O	  	Form of Power of Attorney for Borrower
	EXHIBIT P	  	Form of Servicer’s Certificate (Loan Asset Register)
	EXHIBIT Q	  	Form of Underwriting Request

 EXHIBIT A 

FORM OF APPROVAL NOTICE 

LOAN ASSET 

APPROVAL NOTICE 
 DATE 

ELIGIBLE LOAN ASSET INFORMATION 
 Obligor
Name 
 Tranche Description 

Par Amount 
 Purchase Price
(specify any discount) 

                       
                                         
                 
 Fair Market Value 

Unfunded Exposure Amount 
 Pricing

 Maturity Date of Loan Asset 

Approved Exceptions to Eligibility Criteria for Loan Asset
                     See attached Schedule 1. 

ASSIGNED VALUE 
 Assigned Value 

Applicable Percentage 
 SUMITOMO MITSUI BANKING CORPORATION
APPROVAL 
 Approval Good 

Until Approval Conditioned Upon 

  
 Ex. A-1 

 Schedule 1 to Exhibit A 

Approved Exceptions to Eligibility Criteria for Loan Asset 

  
 Ex. A-2 

 EXHIBIT B 

FORM OF BORROWING BASE CERTIFICATE 

[        ] [    ], 20[    ] 

This Borrowing Base Certificate is delivered in connection with that certain Loan and Servicing Agreement, dated as of December 2, 2015
(as amended, modified, waived, supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital
Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation,
as the administrative agent (in such capacity, the “Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the
“Lenders”). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Servicing Agreement. 

As of the date hereof, the undersigned each certify that (i) all of the information set forth in Annex I attached hereto is true,
correct and complete, (ii) no Event of Default has occurred and no Unmatured Event of Default exists under the Loan and Servicing Agreement; provided that (A) a Borrowing Base Deficiency (and any Unmatured Event of Default arising
therefrom) shall not impair the right of the Borrower to effect an otherwise permitted substitution under Section 2.07(a) as necessary to facilitate a cure of such Borrowing Base Deficiency (and any Unmatured Event of Default arising therefrom)
so long as immediately after giving effect to such substitution and any other sale or transfer substantially contemporaneous therewith, such Borrowing Base Deficiency shall be cured or if not cured, reduced and (B) a repayment may be made
pursuant to Section 2.18(a) to cure a Borrowing Base Deficiency; and (iii) solely with respect to itself, each of the representations and warranties contained in the Loan and Servicing Agreement is true, correct and complete in all
material respects. 
 [Remainder of Page Intentionally Left Blank] 

  
 Ex. B-1 

 Certified as of the date first written above. 

 

			
	 CCT TOKYO FUNDING LLC,

    as the Borrower

		
	By:	 	 

                     

		 	Name:
		 	Title:
	
	FS KKR CAPITAL CORP.,
	    as the Servicer
		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. B-2 

 ANNEX I 

To Exhibit B 
 BORROWING
BASE REPORT 
 SEE ATTACHED 

  
 Ex. B-3 

 EXHIBIT C 

FORM OF CONVERSION NOTICE 

CONVERSION NOTICE12 

[Date] 
 (CCT TOKYO FUNDING LLC)

  

	To:	 Sumitomo Mitsui Banking Corporation 

  as the Administrative Agent 

277 Park Avenue 
 New York, NY
10172 
 Attention: Christopher Keeshan 

Telephone: 212-224-4967 

Facsimile: 212-224-5198 

With a copy to: 
 Sumitomo
Mitsui Banking Corporation 
   as the Collateral Agent 

277 Park Avenue 
 New York, NY
10172 
 Attention: Christopher Keeshan 

Telephone: 212-224-4967 

Facsimile: 212-224-5198 

 

	 	Re:	 Loan and Servicing Agreement dated as of December 2, 2015 

Ladies and Gentlemen: 
 This Conversion Notice
is delivered to you pursuant to Section 2.02(c) of that certain Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the “Loan
and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the transferor (in such
capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative Agent”)
and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used but not defined herein shall have the
meanings provided in the Loan and Servicing Agreement. 
  
  

	12	 To be delivered no later than 1:00 P.M. at least three Business Days before the requested Conversion Date.

  
 Ex. C-1 

 Each of the undersigned, being a duly elected Responsible Officer of the Borrower and of the Servicer,
respectively, and holding the office set forth below such officer’s name, hereby certifies as follows: 
 1. [The Borrower hereby
requests that the Administrative Agent convert the Base Rate Advance, advanced by the Lenders on [        ] [    ], 20[    ] in the principal amount of
$        , into a
LIBORSOFR Advance. 
 (i) SMBC’s Pro Rata Share of such Base Rate Advance is
$        . 
 (ii) [Lender’s] Pro Rata Share of such Base Rate Advance is
$        . 
 (iii) [Lender’s] Pro Rata Share of such Base Rate Advance is
$        .] 
 2. The Borrower hereby requests that the Conversion Date be the following date:
                    . 
 3. With respect
to such conversion of the foregoing Base Rate Advance into a
LIBORSOFR Advance: 
 (i) No Event of Default has occurred, or would result from such conversion and no
Unmatured Event of Default or Borrowing Base Deficiency exists or would result from such conversion; and 
 (ii) No event has occurred and is
continuing, or would result from such conversion, which constitutes a Servicer Termination Event or any event which, if it continues uncured, will, with notice or lapse of time, constitute a Servicer Termination Event. 

4. Each of the undersigned certify that all information contained herein is true, correct and complete as of the date hereof. 

  
 Ex. C-2 

 IN WITNESS WHEREOF, the undersigned have executed this Conversion Notice as of the date
first written above. 
  

			
	 CCT TOKYO FUNDING LLC,

    as the Borrower

		
	By:	 	 

             

		 	Name:
		 	Title:
	
	FS KKR CAPITAL CORP.,
	    as the Servicer
		
	By:	 	 

             

		 	Name:
		 	Title:

  
 Ex. C-3 

 EXHIBIT D 

FORM OF DISBURSEMENT REQUEST 

(Disbursements from Unfunded Exposure Account) 

[Date] 
 (CCT TOKYO FUNDING
LLC) 
 Wells Fargo Bank, National Association, 

  as the Account Bank 
 Corporate Trust Services
Division 
 9062 Old Annapolis Rd. 
 Columbia, Maryland 21045

 Attn: CDO Trust Services—CCT Tokyo Funding LLC 
 Fax:
(443) 367 3986 
 Phone: (410) 884-2000 

With a copy to: 
 Sumitomo Mitsui Banking Corporation 

  as the Administrative Agent and as the Collateral Agent 

277 Park Avenue 
 New York, NY 10172 

Attention: Christopher Keeshan 
 Telephone: 212-224-4967 
 Facsimile: 212-224-5198 
  

	 	Re:	 Loan and Servicing Agreement dated as of December 2, 2015 

Ladies and Gentlemen: 
 This Disbursement
Request is delivered to you pursuant to [Section 2.04(c)] [Section 2.21(a)] of that certain Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the
“Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the
transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative
Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”) and in accordance with the Securities Accounts Control
Agreement, dated as of [            ], 2015, by and among the Borrower, the Servicer, the Collateral Agent and Wells Fargo Bank, National Association, as Account Bank. Capitalized terms
used but not defined herein shall have the meanings provided in the Loan and Servicing Agreement. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Servicing Agreement. 

  
 Ex. D-1 

 Each of the undersigned, being a duly elected Responsible Officer of the Borrower and of the Servicer,
respectively, and holding the office set forth below such officer’s name, hereby certifies as follows: 
 1. Pursuant to [Section
2.04(c)] [Section 2.21(a)] of the Loan and Servicing Agreement, the Servicer on behalf of the Borrower hereby requests a disbursement (a “Disbursement”) from the Unfunded Exposure Account in the amount of
$         to [Applicable Obligor], such Disbursement to be paid as follows: 
 Bank Name: 

ABA No.: 
 Account Name: 

Account No.: 
 Reference: 

2. The Servicer on behalf of the Borrower hereby requests that such Disbursement be made on the following date:
                    . 
 3. All of the
conditions applicable to the Disbursement as set forth in the Loan and Servicing Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Disbursement, including, without limitation, that other than any
Disbursement from the Unfunded Exposure Account after the occurrence of an Event of Default, no Event of Default has occurred, or would result from such Disbursement or from the application of the proceeds therefrom, no Unmatured Event of Default or
Borrowing Base Deficiency exists or would result from such Disbursement or from the application of the proceeds therefrom and, to the extent applicable, all of the conditions in Section 2.21 have been satisfied. 

4. The Servicer on behalf of the Borrower hereby represents that such Disbursement shall be used solely for the purpose of [funding the
Unfunded Exposure Amount(s) of one or more Delayed Draw Loan Assets or Revolving Loan Assets included in the Collateral Portfolio] or [reinvesting in additional Eligible Loan Assets to be acquired in accordance with
Section 2.21 and to be included in the Collateral Portfolio]. 
 Each of the undersigned certify that all information contained
herein and in the attached Borrowing Base Certificate, as applicable, is true and correct as of the date hereof. 
 [Remainder of Page
Intentionally Left Blank] 

  
 Ex. D-2 

 IN WITNESS WHEREOF, the undersigned have executed this Disbursement Request as of the date
first written above. 
  

			
	CCT TOKYO FUNDING LLC,
	  as the Borrower
		
	By:	 	
                     
                                       

		 	Name:
		 	Title:
	
	FS KKR CAPITAL CORP.,
	  as the Servicer
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 Ex. D-3 

 EXHIBIT E 

FORM OF 
 JOINDER
SUPPLEMENT 
 THIS JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the financial
institution identified in Item 2 of Schedule I hereto (the “Proposed Lender”), CCT Tokyo Funding LLC, as the borrower (the “Borrower”) and Sumitomo Mitsui Banking Corporation, as the administrative agent (the
“Administrative Agent”). 
 W I T N E S S E T
H: 
 WHEREAS, this Joinder Supplement is being executed and delivered under Section 2.22 or
Section 11.04, as applicable, of the Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the “Loan and Servicing
Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the transferor (in such capacity, the
“Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative Agent”) and as the
collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used but not defined herein shall have the meanings
provided in the Loan and Servicing Agreement; and WHEREAS, the Proposed Lender wishes to become a Lender party to the Loan and Servicing Agreement; 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

(a) Upon receipt by the Administrative Agent of an executed counterpart of this Joinder Supplement (including a fully completed Schedule
I and Schedule II), which has been executed by the Proposed Lender, the Borrower and the Administrative Agent, the Administrative Agent will transmit to the Proposed Lender, the Borrower and the Collateral Agent, a Joinder Effective
Notice, substantially in the form of Schedule III to this Joinder Supplement (a “Joinder Effective Notice”). Such Joinder Effective Notice shall be executed by the Administrative Agent and shall set forth, inter
alia, the date on which the joinder effected by this Joinder Supplement shall become effective (the “Joinder Effective Date”). From and after the Joinder Effective Date, the Proposed Lender shall be a Lender party to the Loan
and Servicing Agreement for all purposes thereof. 
 (b) Each of the parties to this Joinder Supplement agrees and acknowledges that at any
time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Joinder
Supplement. 
 (c) By executing and delivering this Joinder Supplement, the Proposed Lender confirms to and agrees with the Administrative
Agent, the Collateral Agent and the other Lender(s) as follows: (i) none of the Administrative Agent, the Collateral Agent and the other Lender(s) makes any representation or warranty or assumes any responsibility with respect to any
statements, warranties or representations made in or in connection with the Loan and Servicing Agreement or 

  
 Ex. E-1 

 
the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan and Servicing Agreement or any other instrument or document furnished pursuant thereto, or with
respect to any Variable Funding Notes issued under the Loan and Servicing Agreement, or the Collateral Portfolio or the financial condition of the Transferor, the Servicer or the Borrower, or the performance or observance by the Transferor, the
Servicer or the Borrower of any of their respective obligations under the Loan and Servicing Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto; (ii) the Proposed Lender confirms that it has
received a copy of such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Supplement; (iii) the Proposed Lender will, independently and without reliance upon the
Administrative Agent, the Collateral Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan and
Servicing Agreement; (iv) the Proposed Lender appoints and authorizes the Administrative Agent, the Collateral Custodian and the Collateral Agent, as applicable, to take such action as agent on its behalf and to exercise such powers under the
Loan and Servicing Agreement as are delegated to the Administrative Agent, the Collateral Custodian and Collateral Agent, as applicable, by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with the
Loan and Servicing Agreement; and (v) the Proposed Lender agrees (for the benefit of the parties hereto and the other Lender(s)) that it will perform in accordance with their terms all of the obligations which by the terms of the Loan and
Servicing Agreement are required to be performed by it as a Lender. 
 (d) Schedule II hereto sets forth certain administrative
information with respect to the Proposed Lender. 
 (e) This Joinder Supplement shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 IN WITNESS WHEREOF, the parties hereto have caused this Joinder Supplement to be executed by their
respective duly authorized officers on Schedule I hereto as of the date set forth in Item 1 of Schedule I hereto. 

  
 Ex. E-2 

 SCHEDULE I TO 

JOINDER SUPPLEMENT 

COMPLETION OF INFORMATION AND 

SIGNATURES FOR JOINDER SUPPLEMENT 

Re: Loan and Servicing Agreement, dated as of December 2, 2015, among CCT Tokyo Funding LLC, as Borrower, the other parties thereto and
Sumitomo Mitsui Banking Corporation, as Administrative Agent. 
  

					
	Item 1: Date of Joinder Supplement:	  	
                     
                   
	  	
			
	Item 2: Proposed Lender:	  	
                     
                   
	  	
			
	Item 3: Commitment:	  	
                     
                   
	  	
			
	Item 4: Signatures of Parties to Agreement:	  		  	

  

			
	                                    
,
	as Proposed Lender
		
	By:	 	
                     
                   

		 	Name:
		 	Title:
	
	CCT TOKYO FUNDING LLC,
	as Borrower
		
	By:	 	
                     
                   

		 	Name:
		 	Title:
	
	SUMITOMO MITSUI BANKING
	CORPORATION, as Administrative Agent
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 Ex. E-3 

 SCHEDULE II TO 

JOINDER SUPPLEMENT 
 ADDRESS
FOR NOTICES 
 AND 
 WIRE
INSTRUCTIONS 
  

							
	Address for Notices:	  	  
	  	
		  	  
	  	
		  	  
	  	
		  	  
	  	

							
		  	Telephone:	  	  
	  	

							
		  	Facsimile:	  	  
	  	

							
		  	email:	  	  
	  	

							
			
	 With a copy to:
	  		  	
		  	  
	  	
		  	  
	  	
		  	  
	  	

							
		  	Telephone:	  	  
	  	

							
		  	Facsimile:	  	  
	  	

							
		  	email:	  	  
	  	

							
				
	Wire Instructions:	  	Name of Bank:	  	  
	  	

							
		  	A/C No.:	  	  
	  	

							
		  	ABA No.	  	  
	  	

							
		  	Reference:	  	  
	  	

  
 Ex. E-4 

 SCHEDULE III TO 

JOINDER SUPPLEMENT 
 FORM OF

 JOINDER EFFECTIVE NOTICE 
  

	To:	 [Name and address of the Borrower, Collateral Agent and Proposed Lender] 

The undersigned, as Administrative Agent under the Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified,
waived, supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in
interest to Corporate Capital Trust, Inc.), as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative
agent (in such capacity, the “Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the
“Lenders”) acknowledges receipt of an executed counterpart of a completed Joinder Supplement. [Note: attach copies of Schedules I and II from such Joinder Supplement.] Terms defined in such Joinder Supplement are used herein as
therein defined. 
 Pursuant to such Joinder Supplement, you are advised that the Joinder Effective Date for [Name of Proposed Lender] will
be                      and, from the Joinder Effective Date, such Proposed Lender will be a Lender with a Commitment of
                    . 
  

			
	Very truly yours,
	
	SUMITOMO MITSUI BANKING
	CORPORATION, as Administrative Agent
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 Ex. E-5 

 EXHIBIT F 

FORM OF NOTICE OF BORROWING 

[Date]                      
                   
 (CCT TOKYO FUNDING LLC)

  

			
	 To:    Sumitomo Mitsui Banking Corporation

as the Administrative Agent 277 Park Avenue

New York, NY 10172

Attention: Christopher Keeshan

Telephone: 212-224-4967

Facsimile: 212-224-5198

 
 With a copy to:

 
 Sumitomo Mitsui Banking Corporation

  as the Collateral Agent

277 Park Avenue
 New York,
NY 10172
 Attention: Christopher Keeshan

Telephone: 212-224-4967

Facsimile: 212-224-5198
	  	 With a copy to:
  

Wells Fargo Bank, National Association,
    as the
Collateral Custodian and the
    Account Bank

Corporate Trust Services Division
 9062 Old Annapolis Rd.

Columbia, Maryland 21045
 Attn: CDO Trust Services—CCT
Tokyo
 Funding LLC
 Fax: (443) 367 3986

Phone: (410) 884-2000

  

	 	Re:	 Loan and Servicing Agreement dated as of December 2, 2015 

Ladies and Gentlemen: 
 This Notice of Borrowing
is delivered to you pursuant to Sections 2.02(b), 2.02(f) and/or 3.02(a) of that certain Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time,
the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the
transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative
Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used but not defined herein
shall have the meanings provided in the Loan and Servicing Agreement. 

  
 Ex. F-1 

 Each of the undersigned, being a duly elected Responsible Officer of the Borrower and of the Servicer,
respectively, and holding the office set forth below such officer’s name, hereby certifies as
follows:2
3 

1. [The Borrower hereby requests an Advance in the principal amount of $         to purchase Eligible
Loan Assets or to distribute proceeds to the Transferor (so long as such distribution is permitted pursuant to Section 5.02(m) of the Loan and Servicing Agreement). Such Advance shall be deposited in the Borrower’s
account as follows: 
 Bank Name: 

ABA No.: 
 Account Name: 

Account No.: 
 Reference: 

(i) SMBC’s Pro Rata Share of such requested Advance is $        . 

(ii) [Lender’s] Pro Rata Share of such requested Advance is $        . 

(iii) [Lender’s] Pro Rata Share of such requested Advance is $        .] 

2. [The Borrower hereby requests an Advance in the principal amount of $         (such amount not to
exceed the Unfunded Exposure Amount) to deposit in the Unfunded Exposure Account. Such Advance shall be deposited in the Unfunded Exposure Account as follows: 

Bank Name: 
 ABA No.: 

Account Name: 
 Account No.: 

Reference: 
 (i) SMBC’s Pro
Rata Share of such requested Advance is $        . 
 (ii) [Lender’s] Pro Rata Share of such
requested Advance is $        . 
 (iii) [Lender’s] Pro Rata Share of such requested Advance is
$        .] 
  
  

	23
 	 Select Item 1, 2 or 3 as appropriate. 

  
 Ex. F-2 

 3. [Pursuant to Section 2.02(f) of the Loan and Servicing
Agreement, the Borrower hereby requests an Advance in the principal amount of $         (such amount, the “Unfunded Exposure Amount Shortfall”). To the extent the Unfunded Exposure Amount
Shortfall is required to be funded pursuant to Section 2.02(f) of the Loan and Servicing Agreement, such Unfunded Exposure Amount Shortfall will be deposited in the Unfunded Exposure Account as follows: 

Bank Name: ABA No.: 
 Account
Name: 
 Account No.: Reference: 

(i) SMBC’s Pro Rata Share of such requested Advance is $        . 

(ii) [Lender’s] Pro Rata Share of such requested Advance is $        . 

(iii) [Lender’s] Pro Rata Share of such requested Advance is $        .] 

4. The Borrower hereby requests that such Advance be made as a [Base Rate Advance / LIBORSOFR Advance] on the following date:                      into the [Advance Funding Account][the Unfunded Exposure
Account](indicate, as applicable). 
 5. Attached to this Notice of Borrowing is a true, correct and complete
calculation of the Borrowing Base and all components thereof. 
 [6 Attached to this Notice of Borrowing is a true, correct and complete
list of all Loan Assets which will become part of the Collateral Portfolio on the date hereof, each Loan Asset reflected thereon being an Eligible Loan Asset; which list shall include the purchase price of each such Loan Asset, if purchased or
acquired by the Transferor, and the Fair Market Value of each such Loan Asset.] 
 [7 In connection with such Advance, the Borrower or the
Transferor shall deposit $         into the Unfunded Exposure Account in connection with any Revolving Loan Asset or Delayed Draw Loan Asset funded by such Advance.] 

8. The Spread Modifier for such Advance is     %. 

9. With respect to Advances other than those contemplated by Section 2.02(f) of the Loan and Servicing Agreement,
all of the conditions applicable to the Advance requested herein as set forth in the Loan and Servicing Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Advance, including those set forth in
Article III of the Loan and Servicing Agreement, and the following: 
 (i) The representations and warranties of each of the Servicer
and the Borrower, respectively, set forth in the Loan and Servicing Agreement are true and correct in all respects on and as of such date, before and after giving effect to such Advance and to the application of the proceeds therefrom, as though
made on and as of such date (other than any representation or warranty that is made as of a specific date); 

  
 Ex. F-3 

 (ii) No Event of Default has occurred, or would result from such Advance and no Unmatured
Event of Default or Borrowing Base Deficiency exists or would result from such Advance; 
 (iii) No event has occurred and is continuing, or
would result from such Advance, which constitutes a Servicer Termination Event or any event which, if it continues uncured, will, with notice or lapse of time, constitute a Servicer Termination Event; and 

(iv) Each of the Servicer and the Borrower, respectively, is in compliance with each of its covenants set forth in the Transaction Documents.

 10. Each of the undersigned certify that all information contained herein and in the attached Borrowing Base Certificate is true, correct
and complete in all material respects as of the date hereof. 
 [ATTACH BORROWING BASE CERTIFICATE AND LOAN ASSET SCHEDULE] 

  
 Ex. F-4 

 IN WITNESS WHEREOF, the undersigned have executed this Notice of Borrowing as of the date
first written above. 
  

			
	CCT TOKYO FUNDING LLC,
	  as the Borrower
		
	By:	 	
                     
                   

		 	Name:
		 	Title:
	
	FS KKR CAPITAL CORP.,
	  as the Servicer
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 Ex. F-5 

 EXHIBIT G 

FORM OF NOTICE OF REDUCTION 

(Reduction of Advances Outstanding)34 
 [Date] 

(CCT TOKYO FUNDING LLC) 
 Sumitomo Mitsui Banking
Corporation, 
   as the Administrative Agent and as the Collateral Agent 

277 Park Avenue 
 New York, NY 10172 

Attention: Christopher Keeshan 
 Telephone: 212-224-4967 
 Facsimile: 212-224-5198 
 With a copy to: 

Wells Fargo Bank, National Association, 
 as the Collateral
Custodian and the Account Bank 
 Corporate Trust Services Division 

9062 Old Annapolis Rd. 
 Columbia, Maryland 21045 

Attn: CDO Trust Services—CCT Tokyo Funding LLC 
 Fax: (443)
367 3986 
 Phone: (410) 884-2000 
  

	 	Re:	 Loan and Servicing Agreement dated as of December 2, 2015 

Ladies and Gentlemen: 
 This Notice of Reduction
is delivered to you pursuant to [Section 2.18(a)][Section 2.18(b)] of that certain Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the “Loan
and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the transferor (in such
capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative Agent”)
and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used but not defined herein shall have the meanings
provided in the Loan and Servicing Agreement. 
  
  

	34
 	 Notice to be delivered at least three (3) Business Days prior to such reduction. 

  
 Ex. G-1 

 Each of the undersigned, being a duly elected Responsible Officer of the Borrower and of the Servicer,
respectively, and holding the office set forth below such officer’s name, hereby certifies as follows: 
 1[(a)]. [Pursuant to
Section 2.18(a) of the Loan and Servicing Agreement, the Servicer on behalf of the Borrower desires to reduce the Advances Outstanding (an “Advance Reduction”) by the amount of
$         as follows: 
 (i) SMBC’s portion (reduction is pro rata based on Advances
Outstanding) of such requested Advance Reduction is $        . 
 (ii) [Lender’s] portion
(reduction is pro rata based on Advances Outstanding) of such requested Advance Reduction is $        . 

(iii) [Lender’s] portion (reduction is pro rata based on Advances Outstanding) of such requested Advance Reduction is
$        .] 
 1[(b)]. [Pursuant to Section 2.18(b) of the Loan and
Servicing Agreement, the Servicer on behalf of the Borrower desires to reduce the Maximum Facility Amount (a “Facility Reduction”) by the amount of $ as follows: 

(i) SMBC’s portion (reduction is pro rata based on Maximum Facility Amount) of such requested Facility Reduction is
$        . 
 (ii) [Lender’s] portion (reduction is pro rata based on Maximum Facility Amount)
of such requested Facility Reduction is $        . 
 (iii) [Lender’s] portion (reduction is pro
rata based on Maximum Facility Amount) of such requested Facility Reduction is $        .] 
 2. The
Servicer on behalf of the Borrower hereby requests that such [Advance Reduction] [and] [Facility Reduction] be made on the following date:
                    . 
 3. Attached to
this Notice of Reduction is a true, correct and complete calculation of the Borrowing Base and all components thereof. 
 4. The Servicer,
on behalf of the Borrower, hereby represents that no event would result from such [Advance Reduction] [and] [Facility Reduction], which constitutes an Event of Default or Unmatured Event of Default. 

Each of the undersigned certify that all information contained herein and in the attached Borrowing Base Certificate is true and correct in all material
respects as of the date hereof. 
 [ATTACH BORROWING BASE CERTIFICATE] 

[Remainder of Page Intentionally Left Blank] 

  
 Ex. G-2 

 IN WITNESS WHEREOF, the undersigned have executed this Notice of Reduction as of the date
first written above. 
  

			
	CCT TOKYO FUNDING LLC,
	  as the Borrower
		
	By:	 	
                     
                   

		 	Name:
		 	Title:
	
	FS KKR CAPITAL CORP.,
	  as the Servicer
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 Ex. G-3 

 EXHIBIT H 

FORM OF VARIABLE FUNDING NOTE 
  

			
	$        	  	[    ] [        ], 20    

 THIS VARIABLE FUNDING NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). NEITHER THIS VARIABLE FUNDING NOTE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH
REGISTRATION PROVISIONS. 
 THIS VARIABLE FUNDING NOTE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR
CONVEYED EXCEPT TO A (A) QUALIFIED INSTITUTIONAL BUYER UNDER RULE 144A OF THE SECURITIES ACT OR AN INSTITUTIONAL “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1)-(3) OR (7) UNDER THE SECURITIES ACT, IN EACH CASE, WHO IS ALSO A
(B) QUALIFIED PURCHASER FOR PURPOSES OF SECTION 3(c)(7) OF THE 1940 ACT, AND IN COMPLIANCE WITH THE TERMS OF THE LOAN AND SERVICING AGREEMENT REFERRED TO HEREIN. 

FOR VALUE RECEIVED, CCT TOKYO FUNDING LLC, a Delaware limited liability company (the “Borrower”), promises to pay to [Name of
Lender] (the “Lender”), or its successors or assigns, the principal sum of [                    ] DOLLARS
($[        ]), or, if less, the unpaid principal amount of the aggregate advances (“Advances”) made by the Lender to the Borrower pursuant to the Loan and Servicing Agreement (as defined
below), as set forth on the attached Schedule, on the dates specified in the Loan and Servicing Agreement, and to pay interest on the unpaid principal amount of each Advance on each day that such unpaid principal amount is outstanding, at the
LIBORSOFR Yield Rate or Base Rate Yield Rate, as applicable, related to such Advance as provided in the Loan and Servicing Agreement, on each Payment Date and each other date specified in the Loan and Servicing Agreement.

 This Variable Funding Note (the “Note”) is issued pursuant to the Loan and Servicing Agreement, dated as of
December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the
“Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the
“Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”),
and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Servicing Agreement. 

Notwithstanding any other provisions contained in this Note, if at any time the rate of interest payable by the Borrower under this Note, when
combined with any and all other charges provided for in this Note, in the Loan and Servicing Agreement or in any other document (to the 

  
 Ex. H-1 

 
extent such other charges would constitute interest for the purpose of any applicable law limiting interest that may be charged on this Note), exceeds the highest rate of interest permissible
under applicable law (the “Maximum Lawful Rate”), then so long as the Maximum Lawful Rate would be exceeded, the rate of interest under this Note shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of
interest payable under this Note is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest under this Note at the Maximum Lawful Rate until such time as the total interest paid by the Borrower is equal to the total interest
that would have been paid had applicable law not limited the interest rate payable under this Note. In no event shall the total interest received by the Lender under this Note exceed the amount which the Lender could lawfully have received had the
interest due under this Note been calculated since the date of this Note at the Maximum Lawful Rate. 
 Payments of the principal of, and
interest on, Advances represented by this Note shall be made by or on behalf of the Borrower to the holder hereof by wire transfer of immediately available funds in the manner and at the address specified for such purpose as provided in the Loan and
Servicing Agreement, without the presentation or surrender of this Note or the making of any notation on this Note. 
 If any payment under
this Note falls due on a day that is not a Business Day, then such due date shall be extended to the next succeeding Business Day and interest shall be payable on any principal so extended at the LIBORSOFR Yield Rate or Base Rate Yield Rate, as applicable. 
 If all or a portion of (i) any
interest payable hereunder or (ii) any other amounts payable hereunder shall not be paid when due other than the principal amount hereof (whether at maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per
annum that is equal to the Base Rate plus 2.0% (unless otherwise specified in the Loan and Servicing Agreement), in each case from the date of such non-payment to (but excluding) the date such amount is paid
in full. 
 For the avoidance of doubt, if any Event of Default shall have occurred, with respect to the principal amount hereof, the LIBORSOFR Yield Rate or Base Rate Yield Rate, as applicable, shall be increased pursuant to the increase set forth in the definition of “Applicable Spread” set forth in the Loan and Servicing Agreement, effective
as of the date of the occurrence of such Event of Default, and shall apply after the occurrence of such Event of Default. 
 Portions
or all of the principal amount of the Note shall become due and payable at the time or times set forth in the Loan and Servicing Agreement. Any portion or all of the principal amount of this Note may be prepaid, together with interest thereon (and,
as set forth in the Loan and Servicing Agreement, certain costs and expenses of the Lender) at the time and in the manner set forth in, but subject to the provisions of, the Loan and Servicing Agreement. 

Except as provided in the Loan and Servicing Agreement, the Borrower expressly waives presentment, demand, diligence, protest and all notices
of any kind whatsoever with respect to this Note. 
 All amounts evidenced by this Note, the Lender’s Advances and all payments and
prepayments of the principal hereof and the respective dates and maturity dates thereof shall be 

  
 Ex. H-2 

 
endorsed by the Lender, on the Schedule attached hereto and made a part hereof or on a continuation thereof, which shall be attached hereto and made a part hereof; provided that the
failure of the Lender to make such a notation shall not in any way limit or otherwise affect the obligations of the Borrower under this Note as provided in the Loan and Servicing Agreement. 

The holder hereof may sell, assign, transfer, negotiate, grant participations in or otherwise dispose of all or any portion of any Advances
made by the Lender and represented by this Note and the indebtedness evidenced by this Note, subject to the applicable provisions of the Loan and Servicing Agreement. 

This Note is secured by the security interests granted pursuant to Section 2.13 of the Loan and Servicing Agreement.
The holder of this Note is entitled to the benefits of the Loan and Servicing Agreement and may enforce the agreements of the Borrower contained in the Loan and Servicing Agreement and exercise the remedies provided for by, or otherwise available in
respect of, the Loan and Servicing Agreement, all in accordance with, and subject to the restrictions contained in, the terms of the Loan and Servicing Agreement. If an Event of Default shall occur, the unpaid balance of the principal of all
Advances, together with accrued interest thereon, may be declared, and may become, due and payable in the manner and with the effect provided in the Loan and Servicing Agreement. 

The Borrower, the Transferor and the Servicer, the Lenders, the Administrative Agent and the Collateral Agent each intend, for federal, state
and local income and franchise tax purposes only, that this Note be evidence of indebtedness of the Borrower secured by the Collateral Portfolio and the Lender under the Loan and Servicing Agreement, by the acceptance hereof, agrees to treat the
Note for federal, state and local income and franchise tax purposes as indebtedness of the Borrower. 
 The legends set forth above shall be
without prejudice to the characterization of the obligations of the Borrower hereunder in respect of the Advances as a commercial loan and not a security. 

This Note is one of the “Variable Funding Notes” referred to in Section 2.01 of the Loan and Servicing
Agreement. This Note shall be construed in accordance with and governed by the laws of the State of New York. 
 [Remainder of Page
Intentionally Left Blank] 

  
 Ex. H-3 

 IN WITNESS WHEREOF, the undersigned has executed this Note as on the date first written
above. 
  

			
	CCT TOKYO FUNDING LLC,
		
	By:	 	
                     
                                       

		 	Name:
		 	Title:

  
 Ex. H-4 

 Schedule attached to Variable Funding Note dated [        ]
[    ], 20     of CCT TOKYO FUNDING LLC payable to the order of [LENDER] 
  

													
	 Date of

Advance or
 Repayment
	  	Principal
Amount of
Advance	 	  	Principal
Amount of
Repayment	 	  	Outstanding
Principal
Amount	 
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			

  
 Ex. H-5 

 EXHIBIT I 

FORM OF NOTICE AND REQUEST FOR CONSENT45

 [        ] [    ], 20[    ] 

CCT TOKYO FUNDING LLC 
  

	To:	 Administrative Agent, with a copy to the Collateral Agent and the Collateral Custodian 

Re:     Loan and Servicing Agreement dated as of December 2, 2015 

Ladies and Gentlemen: 
 This Notice and Request
for Consent to Lien Release Dividend (this “Notice”) is delivered to you under Section 2.07(g) of that certain Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived,
supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest
to Corporate Capital Trust, Inc.), as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in
such capacity, the “Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”).
Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Servicing Agreement. 
 Each of the undersigned, each being a
duly elected officer of the Borrower and the Transferor, respectively, holding the office set forth below such officer’s name, hereby certifies as follows: 

1. Pursuant to Section 2.07(g) of the Loan and Servicing Agreement, the Borrower and the Transferor request that the
(i) Administrative Agent consents to a release of the Collateral Agent’s, on behalf of the Secured Parties, lien on the Loan Assets or portions thereof set forth on Annex 1 (together with, in the case of a transfer of the Loan
Assets but not portions thereof, any related Portfolio Assets) and to the distribution of such Loan Assets or portions thereof as a dividend from the Borrower to the Transferor and (ii) Collateral Custodian releases the Required Loan Documents
related thereto. 
 2. The Borrower and the Transferor hereby request that such Lien Release Dividend be made on the following date:
                     (the “Lien Release Dividend Date”) which date is at least five Business Days after this Notice is received by
the Administrative Agent, the Collateral Agent and the Collateral Custodian. 
 3. The Borrower and the Transferor represent and warrant, as
of the date hereof and as of the requested Lien Release Dividend Date, as follows: 
 a) No Event of Default has occurred and
no Unmatured Event of Default exists. 
  
  

	45	 To be delivered at least five (5) Business Days prior to the requested Lien Release Dividend Date. 

  
 Ex. I-1 

 b) No more than four Lien Release Dividends shall have been made during the 12-month period immediately preceding the proposed Lien Release Dividend Date. 
 c) After
giving effect to the Lien Release Dividend on the Lien Release Dividend Date, (1) no Borrowing Base Deficiency, Event of Default or Unmatured Event of Default shall exist, (2) the representations and warranties contained in Sections
4.01, 4.02 and 4.03 of the Loan and Servicing Agreement shall continue to be correct in all material respects, except to the extent relating to an earlier date, (3) the eligibility of any Loan Asset remaining as part of the
Collateral Portfolio after the Lien Release Dividend will be redetermined as of the Lien Release Dividend Date, (4) no claim shall have been asserted or proceeding commenced challenging the enforceability or validity of any of the Required Loan
Documents, and (5) there shall have been no Material Adverse Effect with respect to the Servicer or the Borrower. 

d) (i) The Outstanding Balance of all Loan Assets (other than Warranty Loan Assets) substituted with Eligible Loan Assets
from the Transferor or any Affiliate pursuant to Section 2.07(a), sold pursuant to Sections 2.07(e) or released pursuant to a Lien Release Dividend during the term of this Agreement shall not exceed 20% of the
highest aggregate Outstanding Balance of all Loan Assets at any time during the previous 12-month period, and (ii) the Outstanding Balance of all Defaulted Loan Assets (other than Warranty Loan Assets)
substituted with Eligible Loan Assets from the Transferor or any Affiliate pursuant to Section 2.07(a), sold pursuant to Section 2.07(e) or released pursuant to a Lien Release Dividend during the
term of this Agreement shall not exceed 10% of the highest aggregate Outstanding Balance of all Loan Assets at any time during the previous 12-month period. 

4. Attached to this Notice is a Borrowing Base Certificate, including a calculation of the Borrowing Base after giving effect to such Lien
Release Dividend. 
 This Notice shall not be effective unless all of the conditions applicable to the Lien Release Dividend requested
herein set forth in the Loan and Servicing Agreement have been satisfied within the time periods set forth in Section 2.07(g) of the Loan and Servicing Agreement. 

[ATTACH BORROWING BASE CERTIFICATE] 

[The Remainder Of This Page Is Intentionally Left Blank] 

  
 Ex. I-2 

 IN WITNESS WHEREOF, the undersigned has executed the Notice and Request for Consent
to Lien Release Dividend as of the date first written above. 
  

			
	CCT TOKYO FUNDING LLC,
	as the Borrower
		
	By:	 	  

		 	Name:
		 	Title:
	
	FS KKR CAPITAL CORP.,
	as the Servicer
		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex. I-3 

 Please indicate your consent by signing and returning this signature page to the Notice and
Request for Consent to Lien Release Dividend for receipt no later than 11:00 A.M. on the day that is one Business Day prior to the requested Lien Release Dividend Date. 

THE UNDERSIGNED ADMINISTRATIVE AGENT CONSENTS 
 TO THE LIEN
RELEASE DIVIDEND 
 TO BE MADE ON [                    ]
[            ], 20[    ] 
 SUMITOMO MITSUI BANKING CORPORATION, 

as the Administrative Agent 
  

			
	By:	 	  

		 	Name:
		 	Title:
	
	Dated:
                                        

  
 Ex. I-4 

 ANNEX 1 To Notice 

and 
 Request for Consent

 Loan Assets to be Released by Collateral Agent (at the direction of the Administrative Agent) and Transferred by Borrower to
Transferor 

  
 Ex. I-5 

 EXHIBIT J-1 

FORM OF MONTHLY SERVICING REPORT 

(See attached) 

  
 Ex. J-1 

 EXHIBIT J-2 

FORM OF QUARTERLY SERVICING REPORT 

(See attached) 

  
 Ex. J-2 

 EXHIBIT K 

FORM OF SERVICER’S CERTIFICATE 

(SERVICING REPORT) 

SERVICER’S CERTIFICATE 

(SERVICING REPORT) 

[        ] [    ], 20[    ] 

This Servicer’s Certificate is delivered pursuant to the provisions of Section 6.08(c) of the Loan and
Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such
capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the
“Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”),
and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Loan and Servicing Agreement. This Servicer’s
Certificate relates to the Servicing Report set forth on the attached Schedule A. 
  

	 	A.	 FS KKR Capital Corp. is the Servicer under the Loan and Servicing Agreement. 

 

	 	B.	 The undersigned hereby certifies to the Administrative Agent, the Collateral Agent, the Lenders and the other
Secured Parties that, as of the date hereof, no Event of Default has occurred and no Unmatured Event of Default exists (other than any Event of Default or Unmatured Event of Default which has been previously disclosed to the Administrative Agent as
such). 

  

	 	C.	 The undersigned hereby certifies to the Administrative Agent, the Collateral Agent, the Lenders and the other
Secured Parties that all of the foregoing information and all of the information set forth on the attached Schedule A is true, complete and accurate in all material respects as of the date hereof. 

[Remainder of Page Left Intentionally Blank] 

  
 Ex. K-1 

 IN WITNESS WHEREOF, the undersigned has caused this Servicer’s Certificate to be duly
executed as of the date first written above. 
  

			
	FS KKR CAPITAL CORP.,
	as the Servicer
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
 Ex. K-2 

 SCHEDULE A 

to 
 Exhibit K 

SERVICING REPORT 
 (See
attached) 

  
 Ex. K-3 

 EXHIBIT L 

FORM OF RELEASE OF REQUIRED LOAN DOCUMENTS 

[Delivery Date] 
 Wells Fargo Bank, National Association, 

    as the Collateral Custodian 
 Corporate
Trust Services Division 
 9062 Old Annapolis Rd. 
 Columbia,
Maryland 21045 
 Attn: CDO Trust Services—CCT Tokyo Funding LLC 

Fax: (443) 367 3986 
 Phone: (410)
884-2000 
 With a copy to: 

Sumitomo Mitsui Banking Corporation 
     as
Collateral Agent 
 277 Park Avenue 
 New York, NY 10172 

Attention: Christopher Keeshan 
 Telephone: 212-224-4967 
 Facsimile: 212-224-5198 
  

	 	Re:	 Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or
restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate
Capital Trust, Inc.), as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such
capacity, the “Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”) and that certain
Custody Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the “Custody Agreement”), by and among the Borrower, as the company, the Servicer, as transferor and
servicer, the Administrative Agent, as administrative agent and collateral agent, and Wells Fargo Bank, National Association, as Custodian. 

Ladies and Gentlemen: 
 In connection with the
administration of the Required Loan Documents held by Wells Fargo Bank, National Association as the Collateral Custodian, for the benefit of the Secured Parties, under the Loan and Servicing Agreement, we request the release of the Required Loan
Documents (or such documents as specified below) for the Loan Assets described below, for the reason indicated. All capitalized terms used but not defined herein shall have the meaning provided in the Loan and Servicing Agreement. 

  
 Ex. L-1 

 Obligor’s Name, Address & Zip Code: 

Loan Asset Number: 
 Loan Asset File: 

  
 Ex. L-2 

 Reason for Requested Documents (check one) 

 

			
	☐   1.	 	Loan Asset paid in full. (The Servicer hereby certifies that all amounts received in connection with such Loan Asset have been credited to the Collection Account).
		
	☐   2.	 	Loan Asset liquidated by                     . (The Servicer hereby certifies that all proceeds of foreclosure, insurance,
condemnation or other liquidation have been finally received and credited to the Collection Account).
		
	☐   3.	 	Loan Asset in foreclosure.
		
	☐   4.	 	Loan Asset released pursuant to a Lien Release Dividend or sold or substituted in accordance with the applicable provisions of Section 2.07.
		
	☐   5.	 	Loan Asset returned due to a failure to satisfy the Review Criteria pursuant to Section 3.3 of the Custody Agreement.
		
	☐   6.	 	Other (explain).

 If box 1 or 2 above is checked, and if all or part of the Required Loan Documents were previously released to us, please
release to us the Required Loan Documents, requested in our previous request and receipt on file with you, as well as any additional documents in your possession relating to the specified Loan Asset. 

[Remainder of Page Left Intentionally Blank] 

  
 Ex. L-3 

 
			
	FS KKR CAPITAL CORP.,
	    as the Servicer
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
		 	Date:

 [Signatures Continue] 

  
 Ex. L-4 

 Consent of Administrative Agent: 

 

			
	SUMITOMO MITSUI BANKING
	  CORPORATION, as the Administrative Agent
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
		 	Date:

  
 Ex. L-5 

 EXHIBIT M 

FORM OF ASSIGNMENT AND ACCEPTANCE 

Dated: [        ] [    ], 20     

Reference is made to the Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or
restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate
Capital Trust, Inc.), as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such
capacity, the “Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”). Terms
defined in the Loan and Servicing Agreement are used herein with the same meaning. This Assignment and Acceptance is delivered pursuant to Section 11.04(a) of the Loan and Servicing Agreement. 

                       
          (the “Assignor”) and
                                 (the “Assignee”) agree as follows: 

1. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, that interest in
and to all of the Assignor’s rights and obligations under the Loan and Servicing Agreement as of the date hereof which represents the percentage interest specified in Section 1 of Schedule 1 of all outstanding rights and obligations of the
Assignor under the Loan and Servicing Agreement, including, without limitation, such interest in the Assignor’s Commitment and the Advances made by the Assignor. After giving effect to such sale and assignment, the Assignee’s Commitment
and the amount of Advances made by the Assignee will be as set forth in Section 2 of Schedule 1. 
 2. The Assignor (i) represents
and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim; and (ii) makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties or representations made in or in connection with the Loan and Servicing Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan and Servicing Agreement or
any other instrument or document furnished pursuant thereto. 
 3. The Assignee (i) confirms that it has received a copy of the Loan
and Servicing Agreement, together with copies of such financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance;
(ii) agrees that it will, independently and without reliance upon the Administrative Agent or the Assignor 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 the Loan and Servicing Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Loan and Servicing Agreement as are delegated
to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan and
Servicing Agreement are required to be performed by it as a Lender. 

  
 Ex. M-1 

 4. Assignee hereby represents and warrants that it is (a) either a “qualified
institutional buyer” under Rule 144A of the Securities Act or an institutional “accredited investor” as defined in Rule 501(a)(1)-(3) or (7) under the Securities Act and (b) a “qualified purchaser” under the 1940
Act. Such representation shall be without prejudice to the characterization of the obligations of the Borrower set forth in the Loan and Servicing Agreement in respect of the Advances as commercial loans and not as securities. 

5. Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative
Agent for acceptance and recording. The effective date of this Assignment and Acceptance (the “Transfer Date”) shall be the date of acceptance thereof by the Administrative Agent, unless a later date is specified in Section 3
of Schedule 1. 
 6. Upon such acceptance and recording by the Administrative Agent, as of the Transfer Date, (i) the Assignee shall be
a party to the Loan and Servicing Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and
Acceptance, relinquish its rights and be released from its obligations under the Loan and Servicing Agreement. 
 7. Upon such acceptance
and recording by the Administrative Agent, from and after the Transfer Date, the Administrative Agent shall make, or cause to be made, all payments under the Loan and Servicing Agreement in respect of the interest assigned hereby (including, without
limitation, all payments of principal, interest, and Non-Usage Fee with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Loan and
Servicing Agreement for periods prior to the Transfer Date directly between themselves. 
 8. The Assignee agrees that it may not, prior to
the date that is one year (or, if longer, the then applicable preference period) plus one day after the Collection Date, institute against, or join any other individual or entity in instituting against the Borrower any bankruptcy, reorganization,
arrangement, winding-up, insolvency, moratorium or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws. This paragraph 8 is a material
inducement for the Assignor to enter into this Assignment and Acceptance and the transactions contemplated hereby and are an essential term hereof. The Collateral Agent (acting as directed by the Administrative Agent) with the consent of the Lenders
may seek and obtain specific performance of this provision (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding-up, insolvency, moratorium or
liquidation proceedings under United States federal or state bankruptcy laws, or any similar laws. 
 9. This Assignment and Acceptance
shall be governed by, and construed in accordance with, the laws of the State of New York. 
 [Remainder of Page Intentionally Left Blank]

  
 Ex. M-2 

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

			
	[ASSIGNOR]
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
	
	Address for notices
	[Address]
	
	[ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notices
	[Address]

  

			
	[Consented to:]56
	
	CCT TOKYO FUNDING LLC
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
  

	56	 To be added if consent of the Borrower is required by Section 11.04(a) of the Loan and Servicing Agreement.

  
 Ex. M-3 

 Schedule 1 

to 
 Assignment and Acceptance

	
	Dated             , 20    

 Section 1. 

Percentage Interest:         % 

Section 2. 

Assignee’s Commitment:
            $         
 Aggregate
Outstanding 
 Advances Owing to the Assignee:         $         

Section 3. 
 Transfer Date:
            , 20     

  
 Ex. M-4 

 EXHIBIT N 

FORM OF POWER OF ATTORNEY 

FS KKR CAPITAL CORP. 

December 2, 2015 
 This
Power of Attorney is executed and delivered by FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the Transferor and as the Servicer under the Loan and Servicing Agreement (each as defined below), to Sumitomo Mitsui
Banking Corporation, as the [Collateral Agent]/[Administrative Agent] under the Loan and Servicing Agreement (in such capacity, the “Attorney”), pursuant to that certain Loan and Servicing Agreement, dated as of December 2,
2015 (as amended, modified, waived, supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR
Capital Corp., as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the
“Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used
but not defined herein shall have the meanings provided in the Loan and Servicing Agreement. 
 No person to whom this Power of Attorney is
presented, as authority for Attorney to take any action or actions contemplated hereby, shall be required to inquire into or seek confirmation from Servicer as to the authority of Attorney to take any action described below, or as to the existence
of or fulfillment of any condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority to take and perform the actions contemplated herein, and Servicer irrevocably waives any right to commence any suit or
action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this Power of Attorney. The power of attorney granted hereby is coupled with an interest and may not be revoked or canceled
by Servicer until all obligations of the Borrower under the Transaction Documents have been indefeasibly paid in full and Attorney has provided its written consent thereto (which consent shall not be unreasonably withheld or delayed). 

FS KKR Capital Corp., as the Servicer, hereby irrevocably constitutes and appoints Attorney (and all officers, employees or agents designated
by Attorney), solely in connection with the enforcement of the rights and remedies of the Administrative Agent, the Collateral Agent, the Lenders and the other Secured Parties under the Loan and Servicing Agreement and in connection with notifying
Obligors of the Collateral Agent’s interest in the Collateral Portfolio pursuant to Section 5.01(cc) of the Loan and Servicing Agreement, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the Servicer’s place and stead and at the Servicer’s expense and in the Servicer’s name or in
Attorney’s own name, from time to time in Attorney’s discretion, to take any and all appropriate action and to execute and deliver any and all documents and instruments that may be necessary or desirable to exercise the rights of the
Servicer under the Loan and Servicing Agreement and the other Transaction Documents, and, without limiting the generality of the foregoing, hereby grants to Attorney the power and right, on its behalf, without notice to or assent by it, to do the
following in connection with exercising the rights of the Servicer under the Loan and Servicing Agreement: (a) open mail 

  
 Ex. N-1 

 
for Servicer, and ask, demand, collect, give acquittances and receipts for, take possession of, or endorse and receive payment of, any checks, drafts, notes, acceptances, or other instruments for
the payment of moneys due, and sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, and notices, in each case in connection with the Collateral
Portfolio; (b) effect any repairs to any of the Collateral Portfolio, or continue or obtain any insurance with respect to the Collateral Portfolio and pay all or any part of the premiums therefor and costs thereof, and make, settle and adjust
all claims under such policies of insurance, and make all determinations and decisions with respect to such policies; (c) pay or discharge any taxes, Liens, or other encumbrances levied or placed on or threatened against the Collateral
Portfolio; (d) to the extent related to the Collateral Portfolio and the transactions contemplated by the Transaction Documents, defend any suit, action or proceeding brought against Servicer with respect to the Collateral Portfolio if Servicer
does not defend such suit, action or proceeding or if Attorney reasonably believes that it is not pursuing such defense in a manner that will maximize the recovery to Attorney with respect to the Collateral Portfolio, and settle, compromise or
adjust any suit, action, or proceeding described above and, in connection therewith, give such discharges or releases as Attorney may deem appropriate; (e) file or prosecute any claim, litigation, suit or proceeding in any court of competent
jurisdiction or before any arbitrator, or take any other action otherwise deemed appropriate by Attorney for the purpose of collecting any and all such moneys due to Servicer with respect to the Collateral Portfolio whenever payable and to enforce
any other right in respect of the Collateral Portfolio; (f) sell, transfer, pledge, make any agreement with respect to, or otherwise deal with the Collateral Portfolio, and execute, in connection with such sale or action, any endorsements,
assignments or other instruments of conveyance or transfer in connection therewith; (g) to give any necessary receipts or acquittance for amounts collected or received under the Loan and Servicing Agreement; (h) to make all necessary
transfers of the Collateral Portfolio in connection with any such sale or other disposition made pursuant to the Loan and Servicing Agreement; (i) 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 of the Collateral Portfolio, the Servicer hereby ratifying and confirming all that such Attorney (or any substitute) shall lawfully do or cause to be done hereunder and pursuant
hereto; (j) to send such notification forms as the Attorney deems appropriate to give notice to Obligors of the Secured Parties’ interest in the Collateral Portfolio; (k) to sign any agreements, orders or other documents in connection
with or pursuant to any Transaction Document; and (l) to cause the certified public accountants then engaged by the Servicer to prepare and deliver to the Attorney at any time and from time to time, promptly upon Attorney’s request, any
reports required to be prepared by or on behalf of the Servicer or Borrower under the Transaction Documents, all as though Attorney were the absolute owner of the Collateral Portfolio for all purposes, and to do, at Attorney’s option and
Servicer’s expense, at any time or from time to time, all acts and other things that Attorney reasonably deems necessary to perfect, preserve or realize upon the Collateral Portfolio and the Liens of the Collateral Agent, for benefit of the
Secured Parties, thereon (including without limitation the execution and filing of UCC financing statements and continuation statements), all as fully and effectively as Servicer might do. Servicer hereby ratifies, to the extent permitted by law,
all that said attorneys shall lawfully do or cause to be done by virtue hereof. 
 [Remainder of Page Left Intentionally Blank] 

  
 Ex. N-2 

 IN WITNESS WHEREOF, this Power of Attorney is executed by the Servicer, and the Servicer has
caused its seal to be affixed pursuant to the authority of its managers and/or members as of the date first written above. 
  

					
	FS KKR CAPITAL CORP.,
	as the Servicer
		
	By:	 	
                     
                                       

		 	Name:	 	
		 	Title:	 	

 Sworn to and subscribed before 

me this December 2, 2015: 
 Notary Public 

  
 Ex. N-3 

 EXHIBIT O 

FORM OF POWER OF ATTORNEY 

CCT TOKYO FUNDING LLC 

December 2, 2015 
 This
Power of Attorney is executed and delivered by CCT Tokyo Funding LLC, as the Borrower under the Loan and Servicing Agreement (each as defined below), to Sumitomo Mitsui Banking Corporation, as the [Collateral Agent]/[Administrative Agent] under the
Loan and Servicing Agreement (in such capacity, the “Attorney”), pursuant to that certain Loan and Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the
“Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the
transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative
Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”), and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used but not defined herein
shall have the meanings provided in the Loan and Servicing Agreement. 
 No person to whom this Power of Attorney is presented, as authority
for Attorney to take any action or actions contemplated hereby, shall be required to inquire into or seek confirmation from Borrower as to the authority of Attorney to take any action described below, or as to the existence of or fulfillment of any
condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority to take and perform the actions contemplated herein, and 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 hereby is coupled with an interest and may not be revoked or canceled by Borrower until
all obligations of the Borrower under the Transaction Documents have been indefeasibly paid in full and Attorney has provided its written consent thereto (which consent shall not be unreasonably withheld or delayed). 

CCT Tokyo Funding LLC hereby irrevocably constitutes and appoints Attorney (and all officers, employees or agents designated by Attorney),
solely in connection with the enforcement of the rights and remedies of the Administrative Agent, the Collateral Agent, the Lenders and the other Secured Parties under the Loan and Servicing Agreement and in connection with notifying Obligors of the
Collateral Agent’s interest in the Collateral Portfolio pursuant to Section 5.01(cc) of the Loan and Servicing Agreement, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the Borrower’s place and stead and at the Borrower’s expense and in the Borrower’s name or in Attorney’s own name, from time
to time in Attorney’s discretion, to take any and all appropriate action and to execute and deliver any and all documents and instruments that may be necessary or desirable to accomplish the purposes of the Loan and Servicing Agreement and the
other Transaction Documents, and, without limiting the generality of the foregoing, hereby grants to Attorney the power and right, on its behalf, without notice to or assent by it, to do the following: (a) open mail for Borrower, and ask,
demand, collect, give acquittances and receipts for, take possession of, or endorse and receive payment of, any 

  
 Ex. O-1 

 
checks, drafts, notes, acceptances, or other instruments for the payment of moneys due, and sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse
receipts, drafts against debtors, assignments, verifications, and notices; (b) effect any repairs to any of the Borrower’s assets, or continue or obtain any insurance and pay all or any part of the premiums therefor and costs thereof, and
make, settle and adjust all claims under such policies of insurance, and make all determinations and decisions with respect to such policies; (c) pay or discharge any taxes, Liens, or other encumbrances levied or placed on or threatened against
the Borrower or the Borrower’s property; (d) to the extent related to the Collateral Portfolio and the transactions contemplated by the Transaction Documents, defend any suit, action or proceeding brought against Borrower if Borrower does
not defend such suit, action or proceeding or if Attorney reasonably believes that it is not pursuing such defense in a manner that will maximize the recovery to Attorney, and settle, compromise or adjust any suit, action, or proceeding described
above and, in connection therewith, give such discharges or releases as Attorney may deem appropriate; (e) file or prosecute any claim, litigation, suit or proceeding in any court of competent jurisdiction or before any arbitrator, or take any
other action otherwise deemed appropriate by Attorney for the purpose of collecting any and all such moneys due to Borrower whenever payable and to enforce any other right in respect of the Borrower’s property; (f) sell, transfer, pledge,
make any agreement with respect to, or otherwise deal with, any of the Borrower’s property, and execute, in connection with such sale or action, any endorsements, assignments or other instruments of conveyance or transfer in connection
therewith; (g) to give any necessary receipts or acquittance for amounts collected or received under the Loan and Servicing Agreement; (h) to make all necessary transfers of the Collateral Portfolio in connection with any such sale or
other disposition made pursuant to the Loan and Servicing Agreement; (i) 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 of the
Collateral Portfolio, the Borrower hereby ratifying and confirming all that such Attorney (or any substitute) shall lawfully do or cause to be done hereunder and pursuant hereto; (j) to send such notification forms as the Attorney deems
appropriate to give notice to Obligors of the Secured Parties’ interest in the Collateral Portfolio; (k) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document; and (l) to cause
the certified public accountants then engaged by the Borrower to prepare and deliver to the Attorney at any time and from time to time, promptly upon Attorney’s request, any reports required to be prepared by or on behalf of the Borrower under
the Transaction Documents, all as though Attorney were the absolute owner of the Borrower’s property for all purposes, and to do, at Attorney’s option and Borrower’s expense, at any time or from time to time, all acts and other things
that Attorney reasonably deems necessary to perfect, preserve or realize upon the Collateral Portfolio and the Liens of the Collateral Agent, for the benefit of the Secured Parties, thereon (including without limitation the execution and filing of
UCC financing statements and continuation statements), all as fully and effectively as Borrower might do. Borrower hereby ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof. 

[Remainder of Page Left Intentionally Blank] 

  
 Ex. O-2 

 IN WITNESS WHEREOF, this Power of Attorney is executed by the Borrower, and the Borrower has
caused its seal to be affixed pursuant to the authority of its managers and/or members as of the date first written above. 
  

			
	CCT TOKYO FUNDING LLC
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

 Sworn to and subscribed before 

me this December 2, 2015: 

                          
                       
 Notary Public 

  
 Ex. O-3 

 EXHIBIT P 

FORM OF SERVICER’S CERTIFICATE 

(LOAN ASSET REGISTER) 

SERVICER’S CERTIFICATE 
 (LOAN
ASSET REGISTER) 
 [        ] [    ], 20[    ] 

This Servicer’s Certificate is delivered pursuant to the provisions of Section 5.03(k) of the Loan and
Servicing Agreement, dated as of December 2, 2015 (as amended, modified, waived, supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among CCT Tokyo Funding LLC, as the borrower (in such
capacity, the “Borrower”), FS KKR Capital Corp. (as successor in interest to Corporate Capital Trust, Inc.), as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the
“Servicer”), Sumitomo Mitsui Banking Corporation, as the administrative agent (in such capacity, the “Administrative Agent”) and as the collateral agent (in such capacity, the “Collateral Agent”),
and each of the Lenders from time to time party thereto (the “Lenders”). Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Loan and Servicing Agreement. This Servicer’s
Certificate relates to the Loan Asset Register set forth on the attached Schedule A. 
  

	 	A.	 FS KKR Capital Corp. is the Servicer under the Loan and Servicing Agreement. 

 

	 	B.	 The undersigned hereby certifies to the Administrative Agent, the Collateral Agent, the Collateral Custodian,
the Lenders and the other Secured Parties that all of the foregoing information and all of the information set forth on the attached Schedule A is true, complete and accurate in all material respects as of the date hereof.

 [Remainder of Page Left Intentionally Blank] 

  
 Ex. P-1 

 IN WITNESS WHEREOF, the undersigned has caused this Servicer’s Certificate to be duly
executed as of the date first written above. 
  

			
	FS KKR CAPITAL CORP.,
	as the Servicer
		
	By:	 	
                     
                       

		 	Name:
		 	Title:

  
 Ex. P-2 

 SCHEDULE A 

to Exhibit P 
 LOAN ASSET
REGISTER 
 (See attached) 

  
 Ex. P-3 

 EXHIBIT Q 

FORM OF UNDERWRITING REQUEST 

LOAN ASSET 

UNDERWRITING REQUEST 
  

			
	 DATE OF REQUEST
	  	  

		
	 PROPOSED LOAN ASSET INFORMATION676
	  	  

		
	 Obligor Name
	  	  

		
	 Tranche Description
	  	  

		
	 Par Amount
	  	  

		
	 Purchase Price (specify any discount)
	  	  

		
	 Fair Market Value
	  	  

		
	 Unfunded Exposure Amount
	  	  

		
	 Pricing
	  	  

		
	 Maturity Date of Loan Asset
	  	  

		
	 Requested Exceptions to Eligibility Criteria for Loan Asset
	  	 See attached Schedule 1

 THE UNDERSIGNED HEREBY ACKNOWLEDGES AND AGREES THAT THE UNDERWRITING PERIOD SHALL NOT COMMENCE UNLESS THIS REQUEST IS
ACCOMPANIED BY ALL DOCUMENTS AND INFORMATION LISTED ON SCHEDULE 2 (TO THE EXTENT REASONABLY AVAILABLE TO THE SERVICER) WITH RESPECT TO THE ABOVE REFERENCED LOAN ASSET TO THE SATISFACTION OF, AND AS REASONABLY DETERMINED BY, THE ADMINISTRATIVE AGENT.

 [Signature Page Follows] 
  

 

	66
76	 To be completed to the extent such information is reasonably available to the Servicer as of the date of the
request; provided that, the Servicer shall promptly provide any such incomplete information to the Administrative Agent as soon as such information becomes reasonably available. 

  
 Ex. Q-1 

 Certified as of the date first written above. 

 

			
	FS KKR CAPITAL CORP.,
	as the Servicer
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 Ex. Q-2 

 Schedule 1 to Exhibit Q 

Requested Exceptions to Eligibility Criteria for Loan Asset 

  
 Ex. Q-3 

 Schedule 2 to Exhibit Q 

Loan Asset Documentation and Information 
  

	☐	 	 Final, executed copies of the following (with all exhibits, schedules and other attachments):

  

	☐	 	 Loan Agreement 

  

	☐	 	 security agreement(s) and mortgage(s), as applicable 

 

	☐	 	 intercreditor or subordination agreement, as applicable 

 

	☐	 	 subordinated Loan Agreement, as applicable 

 

	☐	 	 Audited financial statements with respect to each of the most recent three fiscal years of the Obligors (if no
audited financial information available, equivalent reporting information shall be attached, such as unaudited financial statements for such periods and/or any quality of earnings analyses, etc.) 

 

	☐	 	 Interim financial statements since last audit (if request is made at any time other than the end of the fiscal
year of the Obligors) 

  

	☐	 	 Financial projections and assumptions 

 

	☐	 	 Final sources and uses 

 

	☐	 	 Corporate organizational chart 

 

	☐	 	 Servicer investment memorandum (including post-closing memorandum, if available) 

 

	☐	 	
                       
                                         
                                         
    

  

	☐	 	
                       
                                         
                                         
    

  

	☐	 	
                       
                                         
                                         
    

  

	☐	 	
                       
                                         
                                         
    

  

	☐	 	
                       
                                         
                                         
   
78

  
  

	78
	 Insert any additional
information that Administrative Agent has reasonably requested to be provided with respect to such Loan Asset. 

  
 Ex. Q-4Exhibit 4.2

​
​
​
ECOLAB INC.
​
$500,000,000 5.250% Notes due 2028
​
TWELFTH SUPPLEMENTAL INDENTURE
​
Dated as of November 17, 2022
​
to
​
Indenture dated as of January 12, 2015
​
COMPUTERSHARE TRUST COMPANY, N.A. (AS SUCCESSOR TO
WELLS FARGO BANK, NATIONAL ASSOCIATION)
​
Trustee
​
​
​
​

​
​

​

This TWELFTH SUPPLEMENTAL INDENTURE (this “Twelfth Supplemental Indenture”) dated as of November 17, 2022, is between ECOLAB INC., a Delaware corporation (the “Company”), and COMPUTERSHARE TRUST COMPANY, N.A., as successor to Wells Fargo Bank, National Association (the “Trustee”).
RECITALS
WHEREAS, the Company has heretofore executed and delivered to the Trustee  an indenture, dated as of January 12, 2015 (the “Existing Indenture,” and, together with this Twelfth Supplemental Indenture, the “Indenture”), providing for the issuance by the Company from time to time of its debt securities to be issued in one or more series;
WHEREAS, the Company, in the exercise of the power and authority conferred upon and reserved to it under the provisions of the Existing Indenture and pursuant to appropriate resolutions of the Board of Directors, has duly determined to make, execute and deliver to the Trustee this Twelfth Supplemental Indenture to the Existing Indenture in order to issue a new series of debt securities to be designated as provided in Section 1.02 hereof, and to set forth the terms that will be applicable thereto and the forms thereof;
WHEREAS, the Company has duly determined to appoint Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as Trustee, Registrar and Paying Agent under the Indenture with respect to the Notes and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, is willing to accept such appointment with respect to the Notes;
WHEREAS, Section 10.07 of the Existing Indenture provides that any corporation succeeding to all or substantially all of the corporate trust business of the Trustee shall be the successor of the Trustee under the Indenture without the execution or filing of any paper or any further act on the part of any of the parties thereto, provided such corporation shall be otherwise qualified and eligible under Article X of the Existing Indenture;
WHEREAS, Computershare Trust Company, N.A. on November 1, 2021 purchased all or substantially all of the corporate trust business of Wells Fargo Bank, National Association, and is qualified and eligible to act as trustee under the Existing Indenture;
WHEREAS, Sections 2.01, 3.01 and 13.01 and of the Existing Indenture provide, among other things, that the Company and the Trustee may, without the consent of Holders, enter into indentures supplemental to the Existing Indenture to provide for specific terms applicable to any series of Securities and to add to the covenants of the Company for the benefit of the Holders of each series of Securities (and if such covenants are to be for the benefit of less than all series of notes, stating that such covenants are expressly being included solely for the benefit of such series); and
WHEREAS, all things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or any Authenticating Agent and issued upon the terms and subject to the conditions set forth hereinafter and in the Indenture against payment therefor, the valid, binding and legal obligations of the Company and to make this Twelfth Supplemental Indenture a valid, binding and legal agreement of the Company, have been done.

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NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:
ARTICLE I
​
APPLICATION OF TWELFTH SUPPLEMENTAL INDENTURE
AND CREATION OF NOTES
Section 1.01Application of this Twelfth Supplemental Indenture.
Notwithstanding any other provision of this Twelfth Supplemental Indenture, pursuant to Section 13.01 of the Existing Indenture, the provisions of this Twelfth Supplemental Indenture, including the covenants set forth herein, are expressly being included solely for the benefit of the Holders of the Notes.  The Notes comprise one series of Securities pursuant to Section 3.01 of the Existing Indenture and as provided in Section 1.02 hereof.
Section 1.02Designation and Amount of Notes.
There is hereby established a series of Securities designated the “5.250% Notes due 2028” (the “Notes”).  The Notes shall be unsecured and unsubordinated obligations of the Company.  The initial maximum aggregate principal amount of the Notes that may be authenticated and delivered under this Twelfth Supplemental Indenture shall not exceed $500,000,000, except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes created hereunder (the “Additional Notes”).  The Notes and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Twelfth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes shall have occurred or be continuing.
Section 1.03Terms; Denominations; Form of Security.
(a)The Notes are issuable in fully registered form as Global Securities without coupons, in denominations of $2,000 or any amount in excess thereof that is an integral multiple of $1,000, and shall be in substantially the form of Exhibit A hereto.  The Depository Trust Company (“DTC”) shall act as Depositary for the Notes.  Notwithstanding the foregoing, the Notes shall be issued as Individual Securities to each Person that the Depositary identifies as the beneficial owner of the Notes represented by the Global Securities upon surrender by the Depositary of the Global Security if:
(i)the Depositary notifies us that it is no longer willing or able to act as a depositary for such Global Security or ceases to be a clearing agency registered under the 

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Exchange Act, and the Company shall not have appointed a successor Depositary within 90 days of that notice or becoming aware that the Depositary is no longer so registered;
(ii)an Event of Default has occurred and is continuing, and the Depositary requests the issuance of certificated notes; or
(iii)the Company determines not to have the Notes represented by a Global Security.
(b)The terms and provisions contained in the form of Note attached hereto as Exhibit A shall constitute, and are hereby expressly made, a part of this Twelfth Supplemental Indenture and the Company, by its execution and delivery of this Twelfth Supplemental Indenture, expressly agrees to such terms and provisions and to be bound thereto.  Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends and endorsements as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and are not inconsistent with the provisions of the Indenture (and which do not affect the rights, duties or immunities of the Trustee), or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed.
Section 1.04Payment of Principal and Interest,
(a)The Notes shall mature, and the principal of the Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on January 15, 2028 (the Stated Maturity of principal of the Notes).
(b)The Notes shall bear interest at the rate of 5.250% per annum, from and including November 17, 2022, or from the most recent Interest Payment Date on which interest has been paid or provided for, until the principal thereof becomes due and payable, and on any overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum.  Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months.  Interest on the Notes shall be payable semi-annually in arrears in U.S. Dollars on January 15 and July 15 of each year, beginning July 15, 2023 to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on the January 1 or July 1, as the case may be, immediately preceding each Interest Payment Date.
(c)For so long as the Notes are represented by one or more Global Securities, all payments of principal, premium, if any, and interest shall be made by the Company through the Paying Agent by wire transfer of immediately available funds in U.S. Dollars to the Depositary or its nominee, as the case may be, as the registered owner of the Global Securities representing the Notes.  In the event that definitive Notes shall have been issued, all payments of principal, premium, if any, and interest with respect to the Notes shall be made by the Company through the Paying Agent by wire transfer of immediately available funds in U.S. Dollars to the accounts of the registered Holders thereof; provided, that the Company may elect to make such payments at the office of the Paying Agent in The City of Minneapolis; and provided further, that the 

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Company may at its option pay interest by check to the registered address of each Holder of a definitive Note.
(d)The Notes shall trade in the Depositary’s Same-Day Funds Settlement System until Stated Maturity (or until they are subject to acceleration pursuant to Article VII of the Existing Indenture), and secondary market trading activity in the Notes may be required by the Depositary to settle in immediately available funds with respect to such Notes.
(e)The Notes are subject to redemption by the Company in whole or in part in the manner described herein.
Section 1.05Sinking Fund.
The Notes are not subject to any sinking fund.
Section 1.06Defeasance and Covenant Defeasance.
The defeasance and covenant defeasance provisions of Article XI of the Existing Indenture will apply to the Notes.
Section 1.07Tax Matters.
The Company will not pay additional amount on the Notes held by Non-U.S. Persons in respect of any tax, assessment or governmental charge withheld or deducted.
ARTICLE II
​
DEFINITIONS
Section 2.01Definitions.
(a)All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Existing Indenture.
(b)The following terms for purposes of the Trust Indenture Act shall have the following meanings:
“indenture trustee” or “institutional trustee” shall mean the Trustee.
“indenture securities” means the Notes.
“indenture security holder” means a Holder of the Notes.
“indenture to be qualified” means this Twelfth Supplemental Indenture.
(c)The following are definitions used in this Twelfth Supplemental Indenture and to the extent that a term is defined both herein and in the Existing Indenture, the definition in this Twelfth Supplemental Indenture shall govern with respect to the Notes.

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“Attributable Debt” in respect of a Sale and Leaseback Transaction means, as of any particular time, the present value (discounted at the rate of interest implicit in the terms of the lease involved in the Sale and Leaseback Transaction, as determined in good faith by the Company) of the obligation of the lessee thereunder for net rental payments (excluding, however, any amounts required to be paid by such lessee, whether or not designated as rent or additional rent, on account of maintenance and repairs, services, insurance, taxes, assessments, water rates and similar charges or any amounts required to be paid by such lessee thereunder contingent upon monetary inflation or the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges) during the remaining term of such lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended).
“Below Investment Grade Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).
“Change of Control” means the occurrence of any of the following:
(1)the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets and those of its Subsidiaries, taken as a whole, to any person, other than the Company or one of its Subsidiaries;
(2)the first day on which a majority of the members of the Board of Directors are not Continuing Directors; or
(3)the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person, other than the Company or one or more of its Wholly-Owned Subsidiaries, becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s Voting Stock.
Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect Wholly-Owned Subsidiary of a holding company and (2) (A) the direct or indirect holders of the Voting 

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Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly of more than 50% of the Voting Stock of such holding company.
The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.
“Change of Control Repurchase Event” means, with respect to the Notes, the occurrence of both a Change of Control and a Below Investment Grade Rating Event.
 “Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly deductible items) of the Company and its Restricted Subsidiaries after deducting therefrom (a) all goodwill, tradenames, trademarks, patents, unamortized debt discount and expense and other like intangibles and (b) all current liabilities (excluding any current liabilities for money borrowed having a maturity of less than 12 months but by its terms being renewable or extendible beyond 12 months from such date at the option of the borrower), all as reflected in the Company’s latest audited consolidated balance sheet contained in the Company’s most recent annual report to its stockholders prior to the time as of which “Consolidated Net Tangible Assets” shall be determined.
“Continuing Director” means, as of any date of determination, any member of the Board of Directors who (1) was a member of the Board of Directors on November 17, 2022; or (2) was nominated for election, elected or appointed to the Board of Directors with the approval of a majority of the Continuing Directors who were members of the Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director).
“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee with respect to the Twelfth Supplemental Indenture is, at any particular time, principally administered, which office is, as of the date on which this Twelfth Supplemental Indenture is dated, located in Minneapolis, Minnesota.
c/oComputershare Trust Company, N.A.
600 South 4th Street
7th Floor
Minneapolis, Minnesota 55415
Attention: Ecolab Administrator
​
“Interest Payment Date” means January 15 and July 15 of each year, beginning July 15, 2023.
“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its 

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equivalent under any successor rating categories of S&P) or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company.
“Moody’s” means Moody’s Investors Service, Inc. and its successors.
“Operating Property” means any manufacturing or processing plant, warehouse or distribution center, together with the land upon which it is situated located within the United States or in Canada and owned and operated as of the date of this Twelfth Supplemental Indenture or thereafter by the Company or any Restricted Subsidiary and having a net book value on the date as of which the determination is being made of more than 1.0% of Consolidated Net Tangible Assets other than property which, in the opinion of the Board of Directors of the Company, is not of material importance to the total business conducted by the Company and its Restricted Subsidiaries taken as a whole.
“Par Call Date” means December 15, 2027.
“Rating Agency” means (1) each of Moody’s and S&P; and (2) if either Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act, selected by the Company as a replacement agency for Moody’s or S&P, or both, as the case may be.
“Restricted Subsidiaries” means all Subsidiaries other than Unrestricted Subsidiaries.
“S&P” means S&P Global Ratings and its successors.
“Treasury Rate” means, with respect to any Redemption Date with respect to the Notes, the yield determined by the Company in accordance with the following two paragraphs.
The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15 (TCM)”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal 

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to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.
If on the third business day preceding the Redemption Date H.15 (TCM) or any successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.
“Unrestricted Subsidiaries” means (1) any Subsidiary substantially all of whose physical properties are located, or substantially all of whose business is carried on, outside the United States and Canada, (2) any finance Subsidiary and (3) any Subsidiary of an Unrestricted Subsidiary.  In addition, the Board of Directors may designate any other Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any capital stock of, or owns or holds any mortgage on any Operating Property of, the Company or any Restricted Subsidiary of the Company; provided that the Subsidiary to be so designated has total assets at the time of such designation of $5 million or less.
“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person.
“Wholly-Owned Subsidiary” of any specified Person means a Subsidiary all of whose Voting Stock is owned by the Company or a Wholly-Owned Subsidiary, the accounts of which are consolidated with those of the Company in its consolidated financial statements.
Section 2.02Other Definitions.
	Term
	Defined in Section

	​
	​

	“Additional Notes”
	1.02

	“Change of Control Offer”
	4.01(b)

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	“Change of Control Payment”
	4.01(a)

	“Change of Control Payment Date”
	4.01(b)(ii)

	“Debt”
	5.01

	“DTC”
	1.03(a)

	“mortgage”
	5.01

	“Notes”
	1.02

	“Remaining Life”
	2.01

	“Signature Law”
	6.04

ARTICLE III
​
OPTIONAL REDEMPTION
At any time prior to the Par Call Date, the Company may redeem the Notes, at any time in whole or from time to time in part, in each case at the Company’s option, at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:
		(i)
	100% of the principal amount of the Notes to be redeemed; and

		(ii)
	(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date  (assuming the Notes to be redeemed matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 15 basis points less (b) interest accrued to the Redemption Date;

plus, in either case, accrued and unpaid interest, if any, to but excluding the Redemption Date.
In addition, the Company may redeem the Notes, at any time in whole or from time to time in part, at the Company’s option, on or after the Par Call Date, in each case at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to but excluding the Redemption Date.
Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders of the Notes as of the close of business on the Record Date according to the Notes and the Indenture.
The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.
Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with DTC’s procedures) at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the Notes to be redeemed by the Company or by the Trustee on its behalf; provided that notice of redemption may be delivered more than 60 days prior to the Redemption Date if the notice is issued in connection with a defeasance of such Notes or a satisfaction and discharge of such Notes.  The Company shall notify the Trustee of the Redemption Date and of the principal amount of the Notes to be 

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redeemed at least 45 days prior to the Redemption Date, unless a shorter period is satisfactory to the Trustee.
In the case of a partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the Holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by DTC (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the depositary.
Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption.
Except as otherwise set forth in this Article III, the terms and conditions upon which and the manner in which the Notes may be redeemed by the Company pursuant to this Article III are governed by the provisions of Article IV of the Existing Indenture.
ARTICLE IV
​
CHANGE OF CONTROL
Section 4.01Change of Control.
(a)Upon the occurrence of a Change of Control Repurchase Event, unless all of the Notes have been called for redemption pursuant to Article III hereof, each Holder of Notes shall have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of repurchase (the “Change of Control Payment”).
(b)Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the transaction or transactions that constitute or may constitute a Change of Control, the Company shall mail, or cause to be mailed, a notice (a “Change of Control Offer”) to each Holder of Notes, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and specifying:
(i)that the Change of Control Offer is being made pursuant to this Section 4.01 and that all Notes tendered will be accepted for payment;
(ii)the Change of Control Payment and the purchase date, which shall be a Business Day no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”);

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(iii)the CUSIP numbers for the Notes;
(iv)that any Note not tendered will continue to accrue interest;
(v)that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date;
(vi)that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;
(vii)that Holders will be entitled to withdraw their election referred to in clause (vi) if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have such Notes purchased;
(viii)that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; and
(ix)if the notice is mailed prior to the date of consummation of the Change of Control, that the Change of Control Offer is conditioned on the Change of Control Repurchase Event with respect to the Notes occurring on or prior to the payment date specified in the notice.
(c)The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.01, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.01 by virtue of such conflict.
(d)On the Change of Control Payment Date with respect to the Notes, the Company will, to the extent lawful:
(i)accept for payment all Notes or portions thereof (in integral multiples of $1,000) properly tendered pursuant to the Change of Control Offer;
(ii)deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of such Notes properly tendered; and

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(iii)deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officer’s Certificate stating the aggregate principal amount of Notes being purchased by the Company.
The Paying Agent will promptly deliver to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.
(e)The Company shall not be required to make a Change of Control Offer with respect to the Notes upon a Change of Control Repurchase Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01 applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer.
ARTICLE V
​
COVENANTS
The covenants set forth in this Article V shall be applicable to the Company in addition to the covenants in Article VI of the Existing Indenture, which shall in all respects be applicable in respect of the Notes; provided that the covenant contained in Section 6.04 of the Existing Indenture shall not be applicable to the Notes.
Section 5.01Restrictions on Liens.
The Company will not, and will not permit any Restricted Subsidiary to, issue, assume or guarantee any indebtedness for money borrowed (herein referred to as “Debt”) if such Debt is secured by any mortgage, security interest, pledge, lien or other encumbrance (herein referred to as a “mortgage”) upon any Operating Property of the Company or any Restricted Subsidiary or any shares of stock or Debt of any Restricted Subsidiary, whether owned at the date of the issuance of the Notes or thereafter acquired, without effectively securing the Notes equally and ratably with such Debt for at least the period such other Debt is so secured unless, after giving effect thereto, the aggregate amount of all Debt so secured (not including Debt permitted in clauses (1) through (7) in the following sentence), together with all Attributable Debt in respect of Sale and Leaseback Transactions involving Operating Properties pursuant to clause (2) of Section 5.02 hereof in existence at such time would not exceed 15% of Consolidated Net Tangible Assets.
The foregoing restriction does not apply to, and therefore shall be excluded in computing secured Debt for the purpose of such restriction, Debt secured by:
(1)mortgages on Operating Property, shares of stock or Debt of any entity existing at the time such entity becomes a Restricted Subsidiary, provided that such mortgages are not incurred in anticipation of such entity’s becoming a Restricted Subsidiary;

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(2)mortgages on Operating Property, shares of stock or Debt existing at the time of acquisition thereof by the Company or a Restricted Subsidiary or mortgages thereon to secure the payment of all or any part of the purchase price thereof, or mortgages on Operating Property, shares of stock or Debt to secure any Debt incurred prior to, at the time of, or within 180 days after, the latest of the acquisition thereof or, in the case of Operating Property, the completion of construction, the completion of improvements or the commencement of substantial commercial operation of such Operating Property for the purpose of financing all or any part of the purchase price thereof, such construction or the making of such improvements;
(3)mortgages to secure Debt owing to the Company or to a Restricted Subsidiary;
(4)mortgages on Operating Property, shares of stock or Debt existing at November 17, 2022;
(5)mortgages on Operating Property, shares of stock or Debt of a Person existing at the time such Person is merged into or consolidated with the Company or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a Person as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary, provided that such mortgage was not incurred in anticipation of such merger or consolidation or sale, lease or other disposition;
(6)mortgages on Operating Property, shares of stock or Debt in favor of the United States or any state, territory or possession thereof (or the District of Columbia), or any department, agency, instrumentality or political subdivision of the United States or any state, territory or possession thereof (or the District of Columbia), to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any Debt incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the Operating Property subject to such mortgages; or
(7)extensions, renewals or replacements, in whole or in part, of any mortgage referred to in the foregoing clauses (1) through (6), provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, plus accrued interest and any fees and expenses, including, without limitation, premium or defeasance costs, payable in connection with any such extension, renewal or replacement.
Section 5.02Restrictions on Sale and Leaseback; Transactions.
Sale and Leaseback Transactions by the Company or any Restricted Subsidiary with a third party of any Operating Property are prohibited (except for temporary leases for a term, including renewals, of not more than 60 months and except for leases between the Company and a Restricted Subsidiary or between Restricted Subsidiaries) unless the net proceeds of such Sale and Leaseback Transactions are at least equal to the fair market value (as determined in good faith by the Board of Directors) of the Operating Property to be leased and:

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(1)the Company or such Restricted Subsidiary would (at the time of entering into such arrangement) be entitled, as described in clauses (1) through (7) of the second paragraph of Section 5.01 hereof, without equally and ratably securing the Notes, to issue, assume or guarantee Debt secured by a mortgage on such Operating Property;
(2)the Attributable Debt of the Company and its Restricted Subsidiaries in respect of such Sale and Leaseback Transactions (other than such Sale and Leaseback Transactions as are referred to in clause (1) or (3) of this paragraph), plus the aggregate principal amount of Debt secured by mortgages on Operating Properties then outstanding (excluding any such Debt secured by mortgages described in clauses (1) through (7) of the second paragraph of Section 5.01 hereof) which do not equally and ratably secure the Notes, would not exceed 15% of Consolidated Net Tangible Assets; or
(3)the Company, within 180 days after the sale or transfer, applies or causes a Restricted Subsidiary to apply an amount equal to the greater of the net proceeds of such sale or transfer or fair market value of the Operating Property (as determined in good faith by the Board of Directors) so sold and leased back at the time of entering into such Sale and Leaseback Transaction to
(a)retire (other than any mandatory retirement, mandatory repayment or sinking fund payment or by payment at maturity) Notes or other Debt of the Company or a Restricted Subsidiary (other than Debt subordinated to the Notes) having a Stated Maturity more than 12 months from the date of such application or which is extendible at the option of the obligor thereon to a date more than 12 months from the date of such application or
(b)purchase, construct or develop one or more Operating Properties (other than that involved in such Sale and Leaseback Transaction);
provided that the amount to be so applied pursuant to this clause (3) will be reduced by the principal amount of Notes delivered within 180 days after such sale or transfer to the Trustee for retirement and cancellation.
Section 5.03Other Limitations.
(a)Neither the Company nor any Restricted Subsidiary may transfer an Operating Property or shares of stock or Debt of a Restricted Subsidiary to an Unrestricted Subsidiary.
(b)An Unrestricted Subsidiary may not be designated a Restricted Subsidiary unless, after giving effect thereto, the aggregate amount of all Debt of the Company and its Restricted Subsidiaries secured by mortgages which would otherwise be subject to the restrictions of Section 5.01 hereof and the Attributable Debt in respect of all Sale and Leaseback Transactions pursuant to clause (2) under Section 5.02 hereof in existence at such time does not at the time exceed 15% of Consolidated Net Tangible Assets.

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Section 5.04Merger, Consolidation and Sale of Assets.
(a)The Company will not consolidate with or merge into any other Person or sell, convey, transfer or lease all or substantially all its assets to any other Person, unless (1) the Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer or lease is made (A) is incorporated or otherwise organized under the laws of the United States, any state thereof or the District of Columbia, and (B) expressly assume, by supplemental indenture, executed and delivered by such Person prior to or simultaneously with such consolidation, merger, sale, conveyance, transfer or lease, the due and punctual payment of the principal of and interest and premium, if any, on all the Notes, according to their tenor, and the due and punctual performance and observance of all other obligations to the Holders and the Trustee under the Indenture or under the Notes to be performed or observed by the Company; and (2) immediately after giving effect to such consolidation, merger, sale, conveyance, transfer or lease, no Default shall have occurred and be continuing.  Clause (2) of the immediately preceding sentence shall not apply to (X) any sale, conveyance, transfer or lease between or among the Company and one or more Subsidiaries of the Company, (Y) any merger of the Company into any Subsidiary of the Company or (Z) any merger of the Company into an Affiliate of the Company for the purpose of the Company reincorporating or reorganizing.
(b)Upon any consolidation of the Company with or merger of the Company into any other Person, or any sale, conveyance, transfer or lease of all or substantially all of the assets of the Company to any other Person, in accordance with this Section 5.04, the Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture with the same effect as if such successor Person had been named as the Company in the Indenture, and thereafter, except in the case of a lease, the predecessor Company shall be relieved of and discharged from all obligations and covenants under the Indenture and the Notes, and from time to time such Person may exercise each and every right and power of the Company under the Indenture, in the name of the Company, or in its own name; and any act or proceeding by any provision of the Indenture required or permitted to be done by the Board of Directors or any officer of the Company may be done with like force and effect by the like board or officer of any Person that shall at the time be the successor of the Company hereunder.  In the event of any such sale, conveyance or transfer, but not any such lease, the Company (or any successor entity which shall theretofore have become such in the manner described in this Section 5.04) shall be relieved of and discharged from all obligations and covenants under the Indenture and the Notes and may thereupon be dissolved and liquidated.
(c)The Trustee, subject to the provisions of Sections 10.01 and 10.02 of the Existing Indenture, may receive an Opinion of Counsel, prepared in accordance with Section 15.01 of the Existing Indenture, as conclusive evidence that any such merger, sale, conveyance or lease, and any such assumption, complies with the applicable provisions of the Indenture.

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ARTICLE VI
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MISCELLANEOUS
Section 6.01Trust Indenture Act Controls.
If any provision of this Twelfth Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in this Twelfth Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control.
Section 6.02Notices.
Any notice or communication shall be in writing and delivered in person or mailed by first-class mail or sent by facsimile (with a hard copy delivered in person or by mail promptly thereafter) and addressed as follows:
if to the Company:

Ecolab Inc.
1 Ecolab Place
St. Paul, Minnesota 55102
Attention: General Counsel 
Facsimile: (651) 250-2573
if to the Trustee:
Computershare Trust Company, N.A.
CTSO Mail Operations
600 South 4th Street
7th Floor
Minneapolis, Minnesota 55415
Attention: Ecolab Administrator/David Pickett
Email: david.pickett@computershare.com
The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.
Notwithstanding any other provision of this Twelfth Supplemental Indenture, the Existing Indenture or any Note, where this Twelfth Supplemental Indenture, the Existing Indenture or any Note provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee) pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with accepted practices at DTC.

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Section 6.03Governing Law.
THIS TWELFTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section 6.04Execution and Counterparts.
The parties may sign any number of copies of this Twelfth Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Twelfth Supplemental Indenture.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to the Indenture or any document to be signed in connection with this Twelfth Supplemental Indenture shall be deemed to include electronic signatures (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other “electronic signature” as defined under Signature Law, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Trustee), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.
This Twelfth Supplemental Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code/UCC (collectively, “Signature Law”), in each case to the extent applicable.  Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.  Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.  This Twelfth Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.  For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.
Section 6.05Headings.
The headings of Articles and Sections of this Twelfth Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

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Section 6.06Not Responsible for Recitals or Issuance of Notes.
The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee does not assume any responsibility for their correctness.  The Trustee makes no representation as to the validity or sufficiency of this Twelfth Supplemental Indenture or of the Notes.  The Trustee shall not be accountable for the Company’s use of the proceeds from the Notes or for monies paid over to the Company pursuant to this Twelfth Supplemental Indenture.  All of the provisions contained in the Existing Indenture in respect of the rights, privileges, and immunities of the Trustee, including but not limited to its rights to be compensated, reimbursed and indemnified, shall be applicable to the Trustee in respect of this Twelfth Supplemental Indenture as fully and with like force and effect as though set forth in full herein.
Section 6.07Adoption, Ratification and Confirmation.
The Existing Indenture, as supplemented and amended by this Twelfth Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.
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[Signature Page Follows]
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IN WITNESS WHEREOF, the parties have caused this Twelfth Supplemental Indenture to be duly executed as of the date first written above.
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	ECOLAB INC.

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	By:
	/s/ Catherine Loh

	Name:
	Catherine Loh

	Title:
	Vice President and Treasurer

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	COMPUTERSHARE TRUST COMPANY N.A.

	(as successor to Wells Fargo Bank, National Association), as Trustee

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	By:
	/s/ Thomas Worum

	Name:
	Thomas Worum

	Title:
	Assistant Vice President

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[Signature Page to Twelfth Supplemental Indenture]

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EXHIBIT A
[Form of Face of Note]
THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.  THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.
CUSIP No.: 278865BP4
ISIN: US278865BP48
ECOLAB INC.
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5.250% NOTES DUE 2028
$500,000,000‌No.: R-1
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ECOLAB INC., a Delaware corporation (herein called the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $500,000,000 (FIVE HUNDRED MILLION DOLLARS) or such other principal amount as shall be set forth on Schedule I hereto on January 15, 2028 and to pay interest thereon at the rate of 5.250% per annum from November 17, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for on January 15 and July 15 of each year, beginning July 15, 2023 (each an “Interest Payment Date”), until the principal hereof is paid or made available for payment.
The interest that is payable and is punctually paid or duly provided for on any Interest Payment Date will, except as provided in the Indenture hereinafter referred to, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which will be the January 1 and July 1, as the case may be, immediately preceding each Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on the relevant Record Date and either may be paid to the Persons in whose name this Note (or one or more predecessor Notes) 

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are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the Holders not less than ten calendar days prior to such Special Record Date, or may be paid in any other lawful manner, all as more fully provided in the Indenture.  Payment of the principal of and premium, if any, and interest on this Note will be made at the office or agency of the Company maintained for that purpose, or in such other office or agency as may be established by the Company pursuant to the Indenture (initially the principal corporate trust office of the Trustee in Minneapolis, Minnesota (the “Corporate Trust Office”)), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company through the Paying Agent (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register.  In the event that notes in definitive form shall have been issued, payments of principal, premium, if any, and interest at maturity will be made against presentation of this Note at the Corporate Trust Office (or such other office as may be established pursuant to the Indenture), by check or wire transfer.
Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof, which further provisions shall for all purposes have the same effect as though fully set forth at this place.
Unless the Certificate of Authentication hereon has been executed by the Trustee or an Authenticating Agent under the Indenture referred to on the reverse hereof by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
[Signature page follows]
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IN WITNESS WHEREOF, the Company has caused this Note to be duly executed and attested.
Date:
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	ECOLAB INC.

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	By:
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	Name:
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	Title:
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	ATTEST:
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[Signature Page to Global Note]

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Trustee’s Certificate of Authentication
This is one of the Notes described in the Indenture.
Dated:
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	COMPUTERSHARE TRUST COMPANY N.A.,

	as Trustee

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	By:
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	Authorized Signatory

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[Form of Reverse of Note]
ECOLAB INC.
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5.250% NOTES DUE 2028
1.This Note is one of a duly authorized issue of Securities of the Company designated as its 5.250% Notes due 2028 (the “Notes”) issued under an Indenture dated as of January 12, 2015 (herein called, together with the Twelfth Supplemental Indenture referred to below, the “Indenture”), between the Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered.
2.This Note is one of the Securities of the series designated on the face hereof, limited to an aggregate principal amount not to exceed $500,000,000, which amount may be increased at the option of the Company if in the future it determines that it may wish to sell additional Notes of this series, as specified in the Twelfth Supplemental Indenture between the Company and Trustee, dated as of November 17, 2022, establishing the form and certain terms of the Notes pursuant to the Indenture (the “Twelfth Supplemental Indenture”).  References herein to “this series” mean the series of Notes designated on the face hereof.
3.The Company may redeem the Notes at any time in whole or from time to time in part, in each case at the Company’s option, prior to December 15, 2027 (the “Par Call Date”), at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:
(i)100% of the principal amount of the Notes to be redeemed; and
(ii)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Notes to be redeemed matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Twelfth Supplemental Indenture) plus 15 basis points less (b) interest accrued to the Redemption Date;
plus, in either case, accrued and unpaid interest, if any, to but excluding the Redemption Date.
In addition, the Company may redeem the Notes, at any time in whole or from time to time in part, at the Company’s option, on or after the Par Call Date, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to but excluding the Redemption Date.
Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Record Date according to this Note and the Indenture.

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The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.
Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with DTC’s procedures) at least 10 days but not more than 60 days before the Redemption Date to the registered Holder of the Notes to be redeemed.
In the case of a partial redemption, for so long as the Notes are held by DTC (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the depositary. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the Holder of the Note upon surrender for cancellation of the original Note.
Any notice to Holders of Notes of a redemption pursuant to this paragraph 3 hereof will include the appropriate calculation of the Redemption Price, but does not need to include the Redemption Price itself.  The actual Redemption Price, calculated as described above, will be set forth in a Company Order delivered to the Trustee no later than two Business Days prior to the Redemption Date.
4.Upon the occurrence of a Change of Control Repurchase Event, unless all of the Notes have been called for redemption pursuant to paragraph 3 of this Note, each Holder of Notes shall have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of repurchase.  “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event, as such terms are defined in the Indenture.  The Change of Control Offer will be made in accordance with the terms specified in the Indenture.
5.If an Event of Default with respect to the Notes (other than certain events of bankruptcy, insolvency or reorganization) shall occur and be continuing, the Trustee or the Holders of 25% or more in principal amount of the Outstanding Notes may declare the principal of and accrued but unpaid interest on this Note to be immediately due and payable in the manner and with the effect provided in the Indenture.  The Indenture provides that such declaration and its consequences may, in certain events, be annulled by the Holders of a majority in principal amount of the Outstanding Notes.  If an Event of Default with respect to the Notes relating to certain events of bankruptcy, insolvency or reorganization shall occur and be continuing, then the principal amount of and all accrued but unpaid interest on this Note shall automatically, and without any declaration or any other action on the part of the Trustee or any Holder, become due and payable as provided in the Indenture.
6.The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of Notes at the time Outstanding.  The 

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Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.
7.No reference herein to the Indenture and no provisions of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.
8.As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Register of the Company, upon surrender of this Note for registration of transfer at the office or agency to be maintained by the Company for that purpose, or at such other office or agency as may be established by the Company for such purpose pursuant to the Indenture (initially the principal corporate trust office of the Trustee in Minneapolis, Minnesota), duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, and duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for like aggregate principal amount, will be issued to the designated transferee or transferees.
9.The Notes are issuable only in fully registered form, without coupons, in denominations of $2,000 or any amount in excess thereof that is an integral multiple of $1,000.  As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes in authorized denominations, as requested by the Holder surrendering the same.
10.No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
11.Prior to the due presentment of this Note for registration of transfer or exchange, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary.
12.Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months.  Interest shall be payable to and excluding any Interest Payment Date.
13.The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

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14.This Note shall not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.
15.Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
16.Each Holder of this Note covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing provisions.
17.All terms used in this Note which are defined in the Indenture and not otherwise defined in this Note shall have the meanings assigned to them in the Indenture.
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ASSIGNMENT FORM
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
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PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE
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the within Security and all rights thereunder, hereby irrevocably constituting and appointing ____________________________ attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.
Dated:​ ​​ ​​ ​​ ​​ ​
Signature:​ ​​ ​​ ​​ ​
	NOTICE:
	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature Guarantee:
SIGNATURE GUARANTEE
Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.
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Schedule I
SCHEDULE OF TRANSFERS AND EXCHANGES
The following increases or decreases in Principal Amount of this Global Security have been made:
	Date of
Exchange
	    
	Amount of Decrease in
Principal Amount of
this Global Security
	    
	Amount of Increase
in Principal Amount of
this Global Security
	    
	Principal Amount of this
Global Security
following such Decrease
or Increase
	    
	Signature of
Authorized
Signatory of trustee
or Custodian

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]