Document:

EX-10.15

 Exhibit 10.15 

Execution Copy 
 SENIOR
SECURED UNITRANCHE LOAN PROGRAM LLC 
 LIMITED LIABILITY COMPANY AGREEMENT 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE 1 DEFINITIONS	  	 	1	  
	 Section 1.1
	  	 Definitions
	  	 	1	  
	 Section 1.2
	  	 Other Definitional Provisions
	  	 	5	  
		
	ARTICLE 2 GENERAL PROVISIONS	  	 	5	  
	 Section 2.1
	  	 Formation of the Limited Liability Company
	  	 	5	  
	 Section 2.2
	  	 Company Name
	  	 	6	  
	 Section 2.3
	  	 Place of Business; Agent for Service of Process
	  	 	6	  
	 Section 2.4
	  	 Purpose and Powers of the Company
	  	 	6	  
	 Section 2.5
	  	 Fiscal Year
	  	 	7	  
	 Section 2.6
	  	 Liability of Members
	  	 	7	  
	 Section 2.7
	  	 Member List
	  	 	7	  
		
	ARTICLE 3 COMPANY CAPITAL AND INTERESTS	  	 	8	  
	 Section 3.1
	  	 Capital Commitments
	  	 	8	  
	 Section 3.2
	  	 Defaulting Members
	  	 	9	  
	 Section 3.3
	  	 Interest or Withdrawals
	  	 	9	  
		
	ARTICLE 4 ALLOCATIONS	  	 	10	  
	 Section 4.1
	  	 Capital Accounts
	  	 	10	  
	 Section 4.2
	  	 General Allocations
	  	 	10	  
	 Section 4.3
	  	 Changes of Interests
	  	 	10	  
	 Section 4.4
	  	 Income Taxes and Tax Capital Accounts
	  	 	10	  
		
	ARTICLE 5 DISTRIBUTIONS	  	 	11	  
	 Section 5.1
	  	 General
	  	 	11	  
	 Section 5.2
	  	 Tax Distributions
	  	 	11	  
	 Section 5.3
	  	 Withholding
	  	 	11	  
	 Section 5.4
	  	 Reinvestment; Certain Limitations; Distributions in Kind
	  	 	12	  
		
	ARTICLE 6 MANAGEMENT OF COMPANY	  	 	12	  
	 Section 6.1
	  	 Establishment of the Board
	  	 	12	  
	 Section 6.2
	  	 Board Composition; Vacancies
	  	 	13	  
	 Section 6.3
	  	 Removal; Resignation
	  	 	13	  
	 Section 6.4
	  	 Meetings
	  	 	13	  
	 Section 6.5
	  	 Quorum; Manner of Acting
	  	 	14	  
	 Section 6.6
	  	 Action By Written Consent
	  	 	14	  
	 Section 6.7
	  	 Expense Reimbursement
	  	 	14	  
	 Section 6.8
	  	 Committees
	  	 	14	  
	 Section 6.9
	  	 Servicing Agreement
	  	 	15	  
	 Section 6.10
	  	 Restrictions
	  	 	15	  
	 Section 6.11
	  	 No Personal Liability
	  	 	17	  
	 Section 6.12
	  	 Reliance by Third Parties
	  	 	17	  
	 Section 6.13
	  	 Members’ Outside Transactions; Investment Opportunities; Time and Attention; Affiliate Transaction Information
	  	 	17	  
	 Section 6.14
	  	 Exculpation of Members and Managers
	  	 	18	  

  
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	 Section 6.15
	  	 Liabilities and Duties of the Members and Managers
	  	 	18	  
	 Section 6.16
	  	 Indemnification
	  	 	19	  
	 Section 6.17
	  	 Tax Matters Member
	  	 	20	  
		
	 ARTICLE 7 TRANSFERS OF COMPANY INTERESTS; WITHDRAWALS; LIMITED LIQUIDITY RIGHT
	  	 	21	  
	 Section 7.1
	  	 Transfers by Members
	  	 	21	  
	 Section 7.2
	  	 Withdrawal by Members
	  	 	22	  
	 Section 7.3
	  	 Limited Liquidity Right
	  	 	23	  
		
	 ARTICLE 8 TERM, DISSOLUTION AND LIQUIDATION OF COMPANY
	  	 	23	  
	 Section 8.1
	  	 Term
	  	 	23	  
	 Section 8.2
	  	 Dissolution
	  	 	23	  
	 Section 8.3
	  	 Wind-down
	  	 	23	  
	 Section 8.4
	  	 Cause Event
	  	 	25	  
	 Section 8.5
	  	 SEC Event
	  	 	25	  
		
	 ARTICLE 9 ACCOUNTING, REPORTING AND VALUATION PROVISIONS
	  	 	25	  
	 Section 9.1
	  	 Books and Accounts
	  	 	25	  
	 Section 9.2
	  	 Financial Reports; Tax Return
	  	 	26	  
	 Section 9.3
	  	 Tax Elections
	  	 	26	  
	 Section 9.4
	  	 Confidentiality
	  	 	27	  
	 Section 9.5
	  	 Valuation
	  	 	28	  
		
	 ARTICLE 10 MISCELLANEOUS PROVISIONS
	  	 	29	  
	 Section 10.1
	  	 Determination of Disputes
	  	 	29	  
	 Section 10.2
	  	 Certificate of Formation; Further Assurances
	  	 	30	  
	 Section 10.3
	  	 Force Majeure
	  	 	30	  
	 Section 10.4
	  	 Applicable Law
	  	 	30	  
	 Section 10.5
	  	 Waivers
	  	 	30	  
	 Section 10.6
	  	 Notices
	  	 	31	  
	 Section 10.7
	  	 Construction
	  	 	31	  
	 Section 10.8
	  	 Amendments
	  	 	31	  
	 Section 10.9
	  	 Legal Counsel of Solar, the Servicer and the Company
	  	 	32	  
	 Section 10.10
	  	 Legal Counsel of Investor
	  	 	32	  
	 Section 10.11
	  	 Execution
	  	 	32	  
	 Section 10.12
	  	 Binding Effect
	  	 	33	  
	 Section 10.13
	  	 Severability
	  	 	33	  
	 Section 10.14
	  	 Computation of Time
	  	 	33	  
	 Section 10.15
	  	 Entire Agreement
	  	 	33	  

  
 ii 

 SENIOR SECURED UNITRANCHE LOAN PROGRAM LLC 

LIMITED LIABILITY COMPANY AGREEMENT 

This Limited Liability Company Agreement, dated as of September 2, 2014, is entered into by and between Solar Capital Ltd. and Senior
Secured Unitranche LLC, a Delaware limited liability company (collectively, the “Members”). 
 WHEREAS, the Members desire
to form a limited liability company under the Act (as defined below) for the purposes and pursuant to the terms set forth herein; 
 NOW
THEREFORE, in consideration of the mutual agreements set forth below, and intending to be legally bound, the Members hereby agree as follows: 

ARTICLE 1 DEFINITIONS 

Section 1.1 Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

“Act”: the Delaware Limited Liability Company Act, as from time to time in effect. 

“Affiliate”: with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control,” when used with respect to any specified Person, shall mean the power, direct or indirect, to direct or cause the
direction of the management and policies of such Person, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise; and the terms “controlling” and “controlled” shall
have correlative meanings. 
 “Agreement”: this Limited Liability Company Agreement, as it may from time to time be
amended. 
 “Allocation Requirements”: the meaning set forth in Section 6.13(b). 

“Board”: the meaning set forth in Section 6.1. 

“Business Day” means any day other than a Saturday or a Sunday or a weekday on which banks in New York, New York are
authorized or required to be closed. 
 “Capital Account”: as to each Member, the capital account maintained on the books
of the Company for such Member in accordance with Section 4.1. 
 “Capital Commitment”: as to each Member, the total
amount set forth in such Member’s Subscription Agreement delivered herewith and on the Member List, which is contributed and agreed to be contributed to the Company by such Member as a Capital Contribution. 

“Capital Contribution”: as to each Member, the aggregate amount of (i) cash actually contributed to the equity capital
of the Company by such Member and (ii) the principal amount 

  
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of Junior Loans made to the Company by such Member. The Capital Contribution of a Member that is an assignee of all or a portion of an equity or Junior Loan interest in the Company shall include
the Capital Contribution of the assignor (or a pro rata portion thereof in the case of an assignment of less than the entire equity or Junior Loan interest in the Company of the assignor). 

“Cause”: any date on which a “Cause” event has occurred under Section 9(c) of the Servicing Agreement. 

“Certificate of Formation”: the certificate of formation for the Company filed under the Act, as from time to time amended.

 “Closing”: September 2, 2014. 

“Code”: the Internal Revenue Code of 1986, as from time to time amended. 

“Company”: the limited liability company created and existing pursuant to the Certificate of Formation and this Agreement.

 “Default Date”: the meaning set forth in Section 3.2(a). 

“Defaulting Member”: the meaning set forth in Section 3.2(a). 

“Dispute”: the meaning set forth in Section 10.1. 

“Dividend Committee”: a committee appointed by the Board and having the powers set forth in Section 5.1 and its charter
which is anticipated to be approved by the Board promptly after the date hereof, and which shall include one or more of the Solar Managers as a member. 

“Excluded Amendments”: amendments which modify or waive the terms of any Investment, other than immaterial, ministerial or
administrative amendments which Investor has not provided or withheld its consent with respect to within 48 hours following the receipt of notice by Investor of the terms, conditions and other material information relating to any such proposed
amendment. 
 “Expenses”: all costs and expenses, of whatever nature, directly or indirectly borne by the Company under the
Servicing Agreement. 
 “GAAP”: United States generally accepted accounting principles. 

“GAAP Profit or GAAP Loss”: as to any transaction or fiscal period, the net income or loss of the Company under GAAP. 

“Investment”: an investment of any type held, directly or indirectly, by the Company from time to time. It is the intention
of the Members that the Company only invest in Unitranche Senior Loans to middle market companies predominately owned by private equity sponsors or entrepreneurs. 

  
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 “Investor”: Senior Secured Unitranche LLC, a Delaware limited liability company,
or any Person substituted for Investor as a Member pursuant to the terms of this Agreement. 
 “Investor Counsel”: the
meaning set forth in Section 10.10. 
 “Investor Entities”: the Company and the SMA. 

“Investor Managers”: the individuals designated by Investor to act as Managers hereunder pursuant to Section 6.2. 

“JAMS”: the meaning set forth in Section 10.1. 

“Junior Loan”: a loan to the Company made as a junior debt tranche with a fixed or floating coupon and the right to receive
residual payments, with the form of such loan to be subject to Manager Approval. 
 “LIBOR Rate”: the one-month London
InterBank Offered Rate, which for purposes hereof shall be deemed to equal for each day of a calendar quarter such rate as of the first day of such quarter. 

“Loss”: the meaning set forth in Section 6.16(a). 

“Manager”: the meaning set forth in Section 6.1. 

“Manager Approval”: as to any matter requiring Manager Approval hereunder, the unanimous approval or unanimous subsequent
ratification by the Managers. 
 “Manager Cause Event”: the reasonable determination by a Member that, during a
Manager’s tenure as Manager, such Manager (i) committed a felony or a material violation of securities laws, or (ii) committed an act of gross negligence, fraud or willful misconduct in connection with the performance of such
Manager’s duties as a Manager which has or reasonably would be expected to have a material adverse effect on the business of the Company; provided, that if any of the foregoing events described in clause (ii) is capable of being
cured, notice is provided to the Manager describing the nature of such event and the applicable Manager will thereafter have 10 days to cure such event and if such event is cured within such period the applicable event will no longer be a Manager
Cause Event. 
 “Member”: each Person identified as a Member in the first sentence hereof, and any Person that is or
becomes a Member of the Company. 
 “Member Approval”: as to any matter requiring Member Approval hereunder, the unanimous
approval or unanimous subsequent ratification by the Members. 
 “Member List”: the meaning set forth in Section 2.7.

 “Offer Period”: the meaning set forth in Section 7.1(b). 

  
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 “Offer Price”: the lower of (i) the Value of Investor’s equity and
Junior Loan investment in the Company or (ii) a price determined by Investor in its sole discretion. 
 “Person”:
shall include an individual, corporation, partnership, association, joint venture, company, limited liability company, trust, governmental authority or other entity. 

“Portfolio Company”: with respect to any Investment, any Person that is the issuer of any equity securities, equity-related
securities or obligations, debt instruments or debt-related securities or obligations (including senior debt instruments, including investments in senior loans, senior debt securities and any notes or other evidences of indebtedness, preferred
equity, warrants, options, subordinated debt, mezzanine securities or similar securities or instruments) that are the subject of such Investment. Portfolio Companies do not include Subsidiaries. 

“Proceeding” has the meaning set forth in Section 6.16(a). 

“Profit or Loss”: as to any transaction or fiscal period, the GAAP Profit or GAAP Loss with respect to such transaction or
period, with such adjustments thereto as may be required by this Agreement. 
 “SEC”: U.S. Securities and Exchange
Commission. 
 “Reinvestment Period”: the period of time from the date of this Agreement to the third anniversary of the
date of this Agreement, unless terminated earlier pursuant to the terms hereof. 
 “Sale Window”: the meaning set forth in
Section 7.1(b). 
 “SCP”: Solar Capital Partners, LLC. 

“Servicer”: Solar Capital Ltd. or an Affiliate thereof approved by Investor, in its sole discretion, and any successor of
such Person, retained by the Company to perform administrative and loan services for the Company pursuant to the Servicing Agreement. 

“Servicing Agreement”: the Servicing Agreement between the Company and the Servicer, as amended from time to time with
Manager Approval. 
 “SMA”: that certain separate managed account managed by SCP for Investor. 

“Solar”: Solar Capital Ltd., or any Person or Persons substituted for Solar Capital Ltd. as a Member pursuant to the terms of
this Agreement. 
 “Solar Counsel”: the meaning set forth in Section 10.09. 

“Solar Managers”: the persons designated by Solar to act as Managers hereunder pursuant to Section 6.2. 

“Subscription Agreement”: Each of the several subscription agreements entered into between the Company and a Member, in each
case in the form attached hereto as Exhibit A. 

  
 4 

 “Subsidiary”: any investment vehicle or financing vehicle directly or indirectly
owned, in whole or in part, by the Company; provided that a Subsidiary shall not include any holding company formed for the purpose of making a specific investment in a specific Portfolio Company. 

“Supplemental Indemnification Rights”: the meaning set forth in Section 6.16(d). 

“Tax Liability”: as to any Member and any fiscal period, the anticipated taxes of such Member on income and gain allocable to
such Member pursuant to Section 4.4 with respect to such period, assuming that such Member is subject to the highest combined marginal U.S. federal, state and local income tax rates for individuals or corporations, whichever is greater, in New
York on each type of such taxable income and gain, taking into account (i) the non-deductibility of any item for state or local income tax purposes that is deductible for federal income tax purposes, (ii) the deductibility for federal
income tax purposes of state or local income taxes, and (iii) the deductibility of any item for state income tax purposes that is not deductible for federal income tax purposes. The Tax Liability for any fiscal period in which such Member was
allocated net loss for federal income tax purposes shall be deemed to equal zero. 
 “Taxable Earnings”: net taxable income
recognized by the Company as determined under the Code. 
 “Tax Matters Member”: the meaning set forth in
Section 6.17. 
 “Transfer Acceptance”: the meaning set forth in Section 7.1(b). 

“Transfer Notice”: the meaning set forth in Section 7.1(b). 

“Treasury Regulations”: all final and temporary federal income tax regulations, as amended from time to time, issued under
the Code by the United States Treasury Department. 
 “Unitranche Senior Loans”: unitranche credit facilities which are
secured by a first lien on some or all of the applicable issuer’s assets where, with respect to a specific transaction, leverage is higher than a traditional bank loan and where the funded investment opportunity at closing that is available to
SCP exceeds $15 million. 
 “Value”: as of the date of computation with respect to some or all of the assets of the Company
or any assets acquired by the Company, the value of such assets determined in accordance with Section 9.5. 
 Section 1.2 Other
Definitional Provisions. Terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa. Unless otherwise specified, references herein to applicable statutes or other laws are references to the federal laws
of the United States. 
 ARTICLE 2 GENERAL PROVISIONS 

Section 2.1 Formation of the Limited Liability Company. The Company was formed under and pursuant to the Act upon the filing of
the Certificate of Formation in the office of the 

  
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Secretary of State of the State of Delaware, and the Members hereby agree to continue the Company under and pursuant to the Act. The Members agree that the rights, duties and liabilities of the
Members shall be as provided in the Act, except as otherwise provided herein. Each Person being admitted as a Member as of the date hereof shall be admitted as a Member at the time such Person has executed this Agreement or a counterpart of this
Agreement. 
 Section 2.2 Company Name. The name of the Company shall be “Senior Secured Unitranche Loan Program LLC,”
or such other name as approved by Manager Approval. 
 Section 2.3 Place of Business; Agent for Service of Process. 

(a) The registered office of the Company in the State of Delaware shall be c/o Corporation Service Company, 2711 Centerville Road, Suite 400,
Wilmington, New Castle County, Delaware 19808, or such other place as the Members may designate. The principal business office of the Company shall be at 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808, or such other
place as may be approved by Manager Approval. The Company may also maintain additional offices at such place or places as may be approved by Manager Approval. 

(b) The agent for service of process on the Company pursuant to the Act shall be Corporation Service Company, 2711 Centerville Road, Suite
400, Wilmington, New Castle County, Delaware 19808, or such other Person as the Board may designate with Manager Approval. 

Section 2.4 Purpose and Powers of the Company. 

(a) The purpose of the Company is to make Investments, either directly or indirectly through Subsidiaries or other Persons. 

(b) In furtherance of such purpose, subject to Section 6.10 hereof, the Company, either directly or indirectly, shall have the following
powers: 
 (i) to form, invest in or through, transfer, dispose of or otherwise deal in the interests of, and exercise all
rights, powers, privileges and other incidents of ownership with respect to, investment and financing vehicles (formed in the United States or otherwise) which hold one or more Investments, including, without limitation, investment and financing
vehicles that are wholly or partially controlled, managed or administered by a Member, the Servicer or any of their Affiliates, and investment and financing vehicles that are partially owned by Persons other than the Company (including but not
limited to Persons that may be controlled, managed or administered by a Member, the Servicer or any of their Affiliates), and investment vehicles formed for the purpose of making and administering revolving credit investments; 

(ii) to purchase or otherwise acquire, transfer, dispose of or otherwise deal in, and exercise all rights, powers, privileges
and other incidents of ownership or possession with respect to, Investments without regard to whether such Investments are publicly traded, readily marketable or restricted as to transfer; 

  
 6 

 (iii) to incur indebtedness for borrowed money, and to pledge, hypothecate,
mortgage, collaterally assign, or otherwise grant security interests or liens on any Company assets, including without limitation the Capital Commitments and the power and authority to call the Capital Commitments; 

(iv) to guarantee, or otherwise become liable for, the obligations of other Persons, including Portfolio Companies; 

(v) to engage personnel and do such other acts and things as may be necessary or advisable in connection therewith; 

(vi) to engage and compensate attorneys, accountants, investment advisors, technical advisors, consultants, custodians,
contractors and agents; 
 (vii) to pay and incur other expenses and obligations incident to the operation of the Company;

 (viii) to establish, maintain, and close bank accounts and draw checks or other orders for the payment of money; 

(ix) to enter into, make and perform all such contracts, agreements and other undertakings, and to take any and all actions and
engage in any and all activities, as may be incidental to, or necessary, advisable or appropriate to, the carrying out of the foregoing purpose; and 

(x) to take any other action permitted to be taken by a limited liability company under the Act. 

(c) The Company may enter into and perform under Subscription Agreements among the Company and each Member, without any further act, vote or
approval of any Member notwithstanding any other provision of this Agreement, the Act or any other applicable law, rule or regulation. 

Section 2.5 Fiscal Year. The fiscal year of the Company shall be the same as the fiscal year of Solar, which, on the date hereof
ends on December 31 of each year. 
 Section 2.6 Liability of Members. Except as expressly provided in this Agreement, a
Member shall have such liability for the repayment, satisfaction and discharge of the debts, liabilities and obligations of the Company only as is provided by the Act. A Member that receives a distribution made in violation of the Act shall be
liable to the Company for the amount of such distribution to the extent, and only to the extent, required by the Act. The Members shall not otherwise be liable for the repayment, satisfaction or discharge of the Company’s debts, liabilities and
obligations, except that each Member shall be required to make Capital Contributions in accordance with the terms of this Agreement and shall be required to repay any distributions which are not made in accordance with this Agreement. 

Section 2.7 Member List. The Board shall cause to be maintained in the principal office of the Company a list (the “Member
List”) setting forth, with respect to each Member, 

  
 7 

 
such Member’s name, address, Capital Commitment, Capital Contributions and such other information as the Board may deem necessary or desirable or as required by the Act. The Board shall from
time to time update the Member List as necessary to reflect accurately the information therein. Any reference in this Agreement to the Member List shall be deemed to be a reference to the Member List as in effect from time to time. No action of the
Members shall be required to supplement or amend the Member List. Revisions to the Member List made by the Board as a result of changes to the information set forth therein made in accordance with this Agreement shall not constitute an amendment of
this Agreement. 
 ARTICLE 3 COMPANY CAPITAL AND INTERESTS 

Section 3.1 Capital Commitments. 

(a) Each Member’s Capital Commitment shall be set forth on the Member List and in such Member’s Subscription Agreement and shall be
payable in cash in U.S. dollars or a foreign currency in which an Investment is to be made with Manager Approval. Subject to Manager Approval, each payment of a Member’s Capital Commitment shall be made from time to time within three
(3) Business Days after notice from the Board specifying the amount then to be paid, or such later date as may be specified in such notice. Capital Contributions shall be made by all Members pro rata based on their respective Capital
Commitments. 
 (b) Each Member’s remaining Capital Commitment shall expire upon the termination of the Reinvestment Period. 

(c) Investor may terminate all of its remaining Capital Commitments at any time upon written notice to Solar; provided, that Investor
may only terminate the remaining Capital Commitment under this Agreement to the extent it terminates its remaining capital commitments to all other Investor Entities. Upon any such termination, (i) the Reinvestment Period shall terminate
automatically and (ii) Solar (or one of its Affiliates) or a third party investor acceptable to Solar shall have the right to acquire Investor’s membership interest in the Company and Junior Loans at the then current Value (and be required
to assume Investor’s remaining Capital Commitment). In the event that Solar elects to purchase all of Investor’s Junior Loans and interests in the Company pursuant to this Section 3.1(c) and as a result of the procedures set forth in
Section 9.5(a)(iii) the valuation for such purchase is increased, Solar shall have the right to revoke its purchase election. To the extent a placement agent is engaged by Investor or its Affiliates, in their respective sole discretion, in
connection with the sale contemplated in subsection (ii) above, then such placement agent’s fees shall be paid from the proceeds of such sale. To the extent a placement agent is engaged by Solar or its Affiliates, in their respective sole
discretion, in connection with the sale contemplated in subsection (ii) above, then such placement agent’s fees shall be paid for by Solar or its Affiliates, as applicable. 

(d) Solar may terminate all of Investor’s remaining Capital Commitments at any time after one year following the date of this Agreement
upon written notice to Investor. Upon any such termination, the Reinvestment Period shall terminate automatically. 
 (e) For the avoidance
of doubt, termination of Investor’s remaining Capital Commitment pursuant to Sections 3.1(c), 3.1(d) and 8.4 shall not extinguish Investor’s obligation to contribute capital to the extent any revolver or delay draw exists on or prior to
the date of termination and shall not terminate the remaining Capital Commitment of any other Member. 

  
 8 

 Section 3.2 Defaulting Members. 

(a) Upon the failure of any Member (a “Defaulting Member”) to pay in full any portion of such Member’s Capital
Commitment within ten (10) days after written notice from the other Member (the “Default Date”) that such payment is overdue, the other Member, in its sole discretion, shall have the right to pursue one or more of the following
remedies on behalf of the Company if such failure has not been cured in full within such ten-day period: 
 (i) collect such
unpaid portion (and all attorneys’ fees and other costs incident thereto) by exercising and/or pursuing any legal remedy the Company may have; and 

(ii) upon thirty (30) days written notice (which period may commence during the ten-day notice period provided above), and
provided that the overdue payment has not been made, either (x) dissolve and wind down the Company in accordance with Article 8 and, in the event the non-defaulting Member is Solar, immediately terminate the Reinvestment Period, or
(y) acquire the defaulting Member’s membership interest in the Company and Junior Loans at the then current Value (and be required to assume such Member’s remaining Capital Commitment). In the event that Solar elects to purchase all
of Investor’s Junior Loans and interests in the Company pursuant to this Section 3.2(ii) and as a result of the procedures set forth in Section 9.5(a)(iii) the valuation for such purchase is increased, Solar shall have the right to
revoke its purchase election. Additionally, in the event the non-defaulting Member is Investor, such event shall constitute “Cause” under the Servicing Agreement. 

Except as set forth below, the non-defaulting Member’s election to pursue any one of such remedies shall not be deemed to preclude such
Member from pursuing any other such remedy, or any other available remedy, simultaneously or subsequently. 
 (b) Notwithstanding any
provision of this Agreement to the contrary, 
 (i) a Defaulting Member shall remain fully liable to the creditors of the
Company to the extent provided by law as if such default had not occurred; and 
 (ii) a Defaulting Member shall not be
entitled to distributions made after the Default Date until the default is cured. 
 Section 3.3 Interest or Withdrawals. Except
for any interest pursuant to any Junior Loans, no Member shall be entitled to receive any interest on any Capital Contribution to the Company. Except as otherwise specifically provided herein, no Member shall be entitled to withdraw any part of its
Capital Contributions or Capital Account balance. 

  
 9 

 ARTICLE 4 ALLOCATIONS 

Section 4.1 Capital Accounts. 

(a) An individual capital account (a “Capital Account”) shall be maintained for each Member consisting of such Member’s
Capital Contribution, increased or decreased by Profit or Loss allocated to such Member, decreased by the cash or Value of property (giving effect to any liabilities the property is subject to, or which the Member assumes) distributed to such
Member, and otherwise maintained consistent with this Agreement. In the event that the Board determines that it is prudent to modify the manner in which Capital Accounts, including all debits and credits thereto, are computed in order to be
maintained consistent with this Agreement, the Board is authorized to make such modifications to the extent that they do not result in a material adverse effect to any Member. Capital Accounts shall be maintained in a manner consistent with
applicable Treasury Regulations. 
 (b) Profit or Loss shall be allocated among Members as of the end of each fiscal year of the Company;
provided that Profit or Loss shall also be allocated at the end of (i) each period terminating on the date of any withdrawal by any Member, (ii) each period terminating immediately before the date of any admission or increase in
Capital Commitment of any Member, (iii) the liquidation of the Company, or (iv) any period which is determined by Manager Approval to be appropriate. 

Section 4.2 General Allocations. Profit or Loss shall be allocated among the Members as provided by this Section 4.2. Loss
shall be allocated among the Members pro rata in accordance with their Capital Accounts. Profit shall be allocated among the Members (i) first, pro rata until the cumulative amount of profit allocated to a Member equals the cumulative amount of
loss previously allocated to such Member and (ii) thereafter pro rata in accordance with the Members’ Capital Accounts. 

Section 4.3 Changes of Interests. For purposes of allocating Profit or Loss for any fiscal year or other fiscal period between any
Members whose relative Company interests and Junior Loans have changed during such period, or to any withdrawing Member that is no longer a Member in the Company, the Company shall allocate according to any method allowed by the Code and selected
with Manager Approval. Distributions with respect to an interest in the Company shall be payable to the owner of such interest on the date of distribution. 

Section 4.4 Income Taxes and Tax Capital Accounts. 

(a) Each item of income, gain, loss, deduction or credit shall be allocated in the same manner as such item is allocated pursuant to
Section 4.2. 
 (b) In the event of any variation between the adjusted tax basis and value of any Company property reflected in the
Members’ capital accounts maintained for federal income tax purposes, such variation shall be taken into account in allocating taxable income or loss for income tax purposes in accordance with, and to the extent consistent with, the principles
under Section 704(c) of the Code and applicable Treasury Regulations. 

  
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 ARTICLE 5 DISTRIBUTIONS 

Section 5.1 General. 

(a) On the last day of each fiscal quarter, the Dividend Committee shall review the estimated financial results of the Company during the
current fiscal quarter, estimate, in good faith, the Taxable Earnings of the Company for such fiscal quarter, if any, and declare a distribution to the Members of such amount, and the Company shall make a distribution of such amount as soon as
reasonably practicable, shared among the Members as set forth below; provided, that the amount of any such distribution shall be reduced to the extent of net losses of the Company, if any, as determined under the Code, for any prior fiscal
quarter in such fiscal year, to the extent such losses have not previously reduced a distribution pursuant to this Section 5.1(a); provided, further, that the amount of any such distribution may be reduced as provided by
Section 5.3 and Section 5.4, including for the purpose of reinvesting proceeds received from Investments as set forth in Section 5.4; and provided, further, that such distributions shall not require Manager Approval. The
Company shall not be required to sell or dispose of any Investments to make a distribution pursuant to this Section 5.1(a) and if the Company does not have sufficient funds to pay a distribution that would otherwise be required but for the
limitation in this sentence, the Dividend Committee shall declare and the Company shall pay a distribution in the maximum amount that would not be subject to such limitation. 

(b) Except as provided in Section 5.3 or Section 8.3, distributions shall be shared among the Members as set forth in this
Section 5.1(b). The Members, with Manager Approval, may determine to make a distribution from available cash or cash equivalents received from one or more Investments (whether from principal repayment or otherwise and after reduction as
provided by Section 5.3 and Section 5.4), in which event such distribution shall be shared among the Members in respect of their interests in the Company and Junior Loans in proportion to their respective Capital Accounts. 

Section 5.2 Tax Distributions. If and to the extent that the Tax Liability of any Member with respect to any fiscal year (other
than with respect to the last fiscal year of the Company), but for this Section 5.2, would have exceeded the distributions otherwise made to such Member under Section 5.1(b) during such fiscal year, then, at such Member’s request
(which shall be made no later than June 1 following the end of such fiscal year) the Company will promptly distribute to all Members, in proportion to their respective Capital Accounts, an amount sufficient so that, together with distributions
under Section 5.1(b) during such fiscal year, each Member has received distributions no less than such Member’s Tax Liability with respect to such fiscal year; provided, that (i) the Company has available cash (without the
requirement for borrowings or the sale of assets) to make any such distributions, (ii) the Board may elect to retain and not distribute any amounts determined to be necessary to satisfy the Company’s obligations, and (iii) such
distributions do not violate the terms and conditions of any credit facilities or other borrowings of the Company. 
 Section 5.3
Withholding. The Company may withhold from any distribution to any Member any amount which the Company has paid or is obligated to pay in respect of any withholding or other tax, including without limitation, any interest, penalties or
additions with respect thereto, imposed on any interest or income of or distributions to such Member, and such withheld amount shall be considered an interest payment or a distribution, as the case may be, to such Member for purposes hereof. If no
payment is then being made to such Member in an amount sufficient to pay the Company’s withholding obligation, any amount which the Company is obligated to pay shall be deemed an interest-free advance from the Company to such Member, payable by
such Member by withholding from subsequent distributions or within ten (10) days after receiving written request for payment from the Company. 

  
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 Section 5.4 Reinvestment; Certain Limitations; Distributions in Kind. 

(a) Amounts constituting a return of Capital Contributions received by the Company during the Reinvestment Period with respect to Investments
may, upon Manager Approval, be retained and used, or reserved to be used, to make future Investments. Alternatively, the Members, with Manager Approval, may cause the Company to distribute, in accordance with Section 5.1 through
Section 5.3, any amount that could be retained for re-investment as set forth above. To the extent such distributed amount to a Member represents a distribution other than from cumulative undistributed Profit, net of cumulative Loss, allocated
to such Member, such amount shall be added to the unfunded Capital Commitment of such Member and may be recalled by the Company under Article 3. 

(b) In no event shall the Company be required to make a distribution to the extent that it would (i) render the Company insolvent, or
(ii) violate Section 18-607(a) of the Act. 
 (c) No part of any distribution shall be paid to any Member from which there is due
and owing to the Company, at the time of such distribution, any amount required to be paid to the Company pursuant to Article 3. Any such withheld distribution shall be paid to such Member, without interest, when all past due installments of such
Member’s Capital Commitment have been paid in full by such Member or when such Member’s interest in the Company and Junior Loans have been purchased as contemplated by Section 3.1. 

(d) Distributions of securities and of other non-cash assets of the Company other than upon the dissolution and liquidation of the Company
shall only be made pro rata to all Members (in proportion to their respective shares of the total distribution) with respect to each security or other such asset distributed. Securities listed on a national securities exchange that are not
restricted as to transferability and unlisted securities for which an active trading market exists and that are not restricted as to transferability shall be valued in the manner contemplated by Section 9.5 as of the close of business on the
day preceding the distribution, and all other securities and non-cash assets shall be valued as determined pursuant to Section 9.5. 

ARTICLE 6 MANAGEMENT OF COMPANY 

Section 6.1 Establishment of the Board. A board of managers of the Company (the “Board”) is hereby established
and shall be comprised of natural Persons (each such Person, a “Manager”) who shall be appointed in accordance with the provisions of Section 6.2. The business and affairs of the Company shall be managed, operated and
controlled by or under the direction of the Board, and the Board shall have, and is hereby granted, the full and complete power, authority and discretion for, on behalf of and in the name of the Company, to take such actions as it may in its sole
discretion deem necessary or advisable to carry out any and all of the objectives and purposes of the Company, subject only to the terms of this Agreement. 

  
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 Section 6.2 Board Composition; Vacancies. 

(a) The Company and the Members shall take such actions as may be required to ensure that the number of Managers constituting the Board is at
all times four (4). The Board shall be comprised as follows (i) two (2) individuals to be designated in writing by Solar on or promptly after the date hereof and (ii) two (2) individuals designated in writing by Investor on or
promptly after the date hereof. 
 (b) In the event that a vacancy is created on the Board at any time due to the death, disability,
retirement, resignation or removal of a Manager, then the Member who appointed such Manager pursuant to the terms of this Section 6.2 shall have the right to designate an individual to fill such vacancy and the Company and each Member hereby
agree to take such actions as may be required to ensure the election or appointment of such designee to fill such vacancy on the Board. 

Section 6.3 Removal; Resignation. 

(a) A Manager may be removed or replaced at any time from the Board, with or without cause, upon, and only upon, the written request of Member
that designated the applicable Manager; provided, that any Member may remove any Manager upon a Manager Cause Event with respect to such Manager, and upon such removal such Manager shall no longer be permitted to be appointed as a Manager
hereunder absent Manager Approval. 
 (b) A Manager may resign at any time from the Board by delivering his written resignation to the
Board. Any such resignation shall be effective upon receipt thereof unless it is specified to be effective at some other time or upon the occurrence of some other event. The Board’s acceptance of a resignation shall not be necessary to make it
effective. 
 Section 6.4 Meetings. 

(a) The Board shall meet at such time and at such place as the Board may designate. Meetings of the Board may be held either in person or by
means of telephone or video conference or other communications device that permits all Managers participating in the meeting to hear each other, at the offices of the Company or such other place (either within or outside the State of Delaware) as
may be determined from time to time by the Board. Written notice of each meeting of the Board shall be given to each Manager at least 48 hours prior to each such meeting or upon such shorter notice as may be approved by all the Managers. 

(b) Special meetings of the Board shall be held on the call of all Managers upon at least three days written notice (if the meeting is to be
held in person) or two days written notice (if the meeting is to be held by telephone communications or video conference) to the Managers, or upon such shorter notice as may be approved by all the Managers. Any Manager may waive such notice as to
himself. 
 (c) Attendance of a Manager at any meeting shall constitute a waiver of notice of such meeting, except where a Manager attends a
meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the
Board need be specified in the notice or waiver of notice of such meeting. 

  
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 Section 6.5 Quorum; Manner of Acting. 

(a) All Managers serving on the Board shall constitute a quorum for the transaction of business of the Board. At all times when the Board is
conducting business at a meeting of the Board, a quorum of the Board must be present at such meeting. If a quorum shall not be present at any meeting of the Board, then the Managers present at the meeting may adjourn the meeting from time to time,
without notice other than announcement at the meeting, until a quorum shall be present. 
 (b) Any Manager may participate in a meeting of
the Board by means of telephone or video conference or other communications device that permits all Managers participating in the meeting to hear each other, and participation in a meeting by such means shall constitute presence in person at such
meeting. 
 (c) Each Manager shall have one vote on all matters submitted to the Board or any committee thereof. With respect to any matter
before the Board except for those requiring Manager Approval, the act of a majority of the Managers constituting a quorum shall be the act of the Board. 

Section 6.6 Action By Written Consent. Notwithstanding anything herein to the contrary, any action of the Board (or any committee
of the Board) may be taken without a meeting if either (a) a written consent of the number of Managers (or committee members) required to take the applicable action shall approve such action; provided, that prior written notice of
such action is provided to all Managers at least one day before such action is taken, or (b) a written consent constituting all of the Managers on the Board (or committee) shall approve such action. Such consent shall have the same force and
effect as a vote at a meeting where a quorum was present and may be stated as such in any document or instrument filed with the Secretary of State of Delaware. 

Section 6.7 Expense Reimbursement. Each Manager shall be reimbursed by the Company for his reasonable out-of-pocket expenses
incurred in the performance of his duties as a Manager, pursuant to such policies as from time to time established by the Board. 

Section 6.8 Committees. 

(a) Effective on the date of this Agreement, the Board establishes three committees, the Dividend Committee, the Investment Committee which
shall be comprised of all members of the Board and the Audit Committee. The members of each such committee shall be designated by the Board and charters for each such committee shall be approved by the Board as promptly as practicable after the date
hereof and no such committee shall have the authority to take any actions until its charter has been approved by the Board. All members of the Investment Committee shall be provided and have reasonable access to all diligence and other materials
available to Solar, its Affiliates (including, without limitation, the Servicer) and its Investment Committee designees for any potential Investment opportunities and any other information concerning Investments that any member of the Investment
Committee may request. Additionally, the Board may, by resolution, designate from among the Managers (or other 

  
 14 

 
persons) one or more committees, each of which shall be comprised of one or more Managers (or other persons selected by the Managers); provided, that in no event may the Board designate
any committee with all of the authority of the Board. Subject to the immediately preceding proviso, any such committee, to the extent provided in the resolution forming such committee, shall have and may exercise the authority of the Board, subject
to the limitations set forth in Section 6.8(b). The Board may dissolve any committee or remove any member of a committee at any time. 

(b) No committee of the Board shall have the authority of the Board in reference to: 

(i) authorizing or making Distributions to the Members other than as specifically set forth in Section 5.1; 

(ii) authorizing the issuance of interests in the Company; 

(iii) approving a plan of merger or sale of all or substantially all of the assets of the Company; 

(iv) recommending to the Members a voluntary dissolution of the Company or a revocation thereof; 

(v) filling vacancies in the Board; or 

(vi) altering or repealing any resolution of the Board that by its terms provides that it shall not be so amendable or repealable. 

Section 6.9 Servicing Agreement. The Company is entering into the Servicing Agreement with the Servicer, pursuant to which certain
functions are delegated to the Servicer. The Servicing Agreement is hereby approved by Manager Approval, provided that amendments thereto are subject to Manager Approval. Notwithstanding any other provision of this Agreement, Investor, as an
express-third-party beneficiary of the Servicing Agreement, may enforce the terms thereof for Investor’s benefit, without Manager Approval or other approval or consent of any Manager or Member or the Company; provided Investor provides notice
of such action to the other Members. 
 Section 6.10 Restrictions. Without Manager Approval, the Company shall not: 

(a) approve or make any Investments or acquire any other entity or business; 

(b) sell, dispose of or transfer to a third Person any Investments or interests in any Investments; 

(c) approve or make any Excluded Amendments to the terms of any Investments; 

(d) enter into any agreement with respect to (i) a plan of merger or consolidation of the Company with or into another entity (which, for
the avoidance of doubt, does not include the consolidation of entities as may be required by GAAP) or (ii) a sale of all or substantially all of the assets of the Company; 

  
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 (e) enter into any agreement with any Affiliate of a Member (except for the Servicing Agreement
which has been approved by the Members); 
 (f) amend, modify or extend the terms of the Servicing Agreement or any expense reimbursement
agreement; 
 (g) change the Servicer (other than, for the avoidance of doubt, pursuant to Section 8.4); 

(h) incur any debt (other than drawing amounts under debt agreements previously approved by Manager Approval); 

(i) enter into any contract, arrangement or agreement (or any amendment or waiver of such contract, arrangement or agreement), whether written
or oral, pursuant to which the Company would either reasonably expect to pay or be paid at least $100,000 in the aggregate over the life of such contract, agreement or arrangement; provided that this restriction shall exclude ordinary course
due diligence expenses related to pursuing Investments; 
 (j) liquidate or dissolve the Company; 

(k) convert the Company into a corporation for United States federal income tax purposes or otherwise; 

(l) create or issue any equity interests or securities convertible into or exchangeable for equity interests; 

(m) maintain reserves for working capital in relation to quarterly or other distributions; 

(n) make any material tax or accounting elections or establish or make a change in material tax or accounting positions; 

(o) sue, prosecute or settle any claims against third parties; 

(p) delegate any duties of the Board except to committees thereof as set forth in this Agreement; 

(q) change the name of the Company; 

(r) enter into any new line of business; 

(s) cause the Company to conduct an initial public offering; 

(t) transfer or assign equity interests in the Company (except for provisions otherwise outlined in this Agreement); 

(u) amend or waive any provisions in any of the Company’s constituent documents, including, without limitation, the charters of any
committees appointed by the Board; or 
 (v) commit or agree to do any of the foregoing. 

  
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 Section 6.11 No Personal Liability. Except as otherwise provided in the Act, by
applicable law or expressly in this Agreement, no Manager will be obligated personally for any debt, obligation or liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Manager. 

Section 6.12 Reliance by Third Parties. Notwithstanding any other provision of this Agreement, any contract, instrument or act on
behalf of the Company by a Member, a Manager, or any other Person delegated by Manager Approval, shall be conclusive evidence in favor of any third party dealing with the Company that such Person has the authority, power and right to execute and
deliver such contract or instrument and to take such act on behalf of the Company, in each case to the extent that such Person has been granted such authority, power and right pursuant hereto or pursuant to valid delegations of authority, power and
right as contemplated herein. This Section shall not be deemed to limit the liabilities and obligations of such Person to seek Manager Approval as set forth in this Agreement. 

Section 6.13 Members’ Outside Transactions; Investment Opportunities; Time and Attention; Affiliate Transaction Information.

 (a) Each Manager shall devote such time and effort as is reasonably necessary to diligently administer the activities and affairs of the
Company, but shall not be obligated to spend full time or any specific portion of their time to the activities and affairs of the Company. 

(b) The Servicer and its Affiliates may manage or administer other investment funds and other accounts with similar or dissimilar mandates,
and may be subject to the provisions of the Investment Company Act of 1940, as amended, including, without limitation, Section 57 thereof, and the Investment Advisers Act of 1940, as amended, and the rules, regulations and interpretations
thereof, with respect to the allocation of investment opportunities among such other investment funds and other accounts (the “Allocation Requirements”). Except for (x) any Allocation Requirement that may be applicable to the
Company and (y) any requirement under the Investment Advisers Act of 1940, neither a Member nor the Servicer shall be obligated to offer any investment opportunity, or portion thereof, to the Company. 

(c) Subject to the foregoing provisions of this Section 6.13 and other provisions of this Agreement, each of the Members, the Servicer
and each of their respective Affiliates and members may engage in, invest in, participate in or otherwise enter into other business ventures of any kind, nature and description, individually and with others, including, without limitation, the
formation and management of other investment funds with or without the same or similar purposes as the Company, and the ownership of and investment in securities, and neither the Company nor any other Member shall have any right in or to any such
activities or the income or profits derived therefrom. 
 (d) In the event that any agreement or Investment contemplated for the Company to
potentially enter into is with any Affiliate of Solar, Solar shall disclose such affiliate relationship to each member of the Board in advance of the Board and/or the Investment Committee’s consideration of such agreement or Investment and all
material information with respect thereto, 

  
 17 

 
including, without limitation, any terms (monetary or otherwise) or conditions thereof that would be less favorable to the Company than such terms and conditions as would reasonably be expected
to be obtainable at the time in a comparable arm’s length transaction with a person other than an Affiliate of Solar. 

Section 6.14 Exculpation of Members and Managers. 

(a) Standard of Care. No Member, Manager or other Person shall be liable to the Company or any other Member, Manager or other Person
for any loss, damage or claim incurred by reason of any action taken or omitted to be taken by such Member, Manager or other Person in good-faith reliance on the provisions of this Agreement, so long as such action or omission does not constitute
fraud or willful misconduct by such Member, Manager or other Person. 
 (b) Good Faith Reliance. A Manager shall be fully protected
in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements (including financial statements and information, opinions, reports or statements as to the value or amount of the assets,
liabilities, Profits or Losses of the Company or any facts pertinent to the existence and amount of assets from which distributions might properly be paid) of the following Persons or groups: (i) another Manager; (ii) one or more officers
or employees of the Company; (iii) any attorney, independent accountant, appraiser or other expert or professional employed or engaged by or on behalf of the Company; or (iv) any other Person selected in good faith by or on behalf of the
Company, in each case as to matters that such relying Person reasonably believes to be within such other Person’s professional or expert competence. The preceding sentence shall in no way limit any Person’s right to rely on information to
the extent provided in § 18-406 of the Delaware Act. 
 Section 6.15 Liabilities and Duties of the Members and Managers.

 (a) Limitation of Liability. This Agreement is not intended to, and does not, create or impose any duty of loyalty or due care or
any other fiduciary duty on any Member, Manager or any other Person. Furthermore, each of the Members and the Company hereby waives any and all duties (including, without limitation, fiduciary duties) that, absent such waiver, may be implied by the
Act or other applicable law, and in doing so, acknowledges and agrees that the duties and obligation of each Member, Manager or other Person pursuant hereto to each other and to the Company and each other Member are only as expressly set forth in
this Agreement and as expressly set forth in any agreements or other documents executed in connection herewith. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Member, Manager or other Person
otherwise existing at law or in equity, are agreed by the Members, the Managers and the Company to replace such other duties and liabilities of such Member, Manager or other Person. 

(b) Duties. Whenever in this Agreement a Manager is permitted or required to make a decision (including a decision that is in such
Manager’s “discretion” or under a grant of similar authority or latitude), the Manager shall be entitled to consider only such interests and factors as such Manager desires, including its own interests, and shall have no duty or
obligation to give any consideration to any interest of or factors affecting the Company or any other Person. Whenever in this Agreement a Manager is permitted or required to make a decision in such 

  
 18 

 
Manager’s “good faith,” the Manager shall act under such express standard and shall not be subject to any other or different standard imposed by this Agreement, the Act or any
other applicable law. 
 Section 6.16 Indemnification. 

(a) Subject to the limitations and conditions as provided in this Section 6.16, each Person who was or is made a party or is threatened
to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or arbitrative or in the nature of an alternative dispute resolution in lieu of any of
the foregoing (hereinafter a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact that such Person, or a Person of which such Person is the
legal representative, is or was a Member or Manager or a representative respectively thereof, shall be indemnified by the Company to the fullest extent permitted by applicable law, as the same exists or may hereafter be amended (but, in the case of
any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment) against all liabilities and expenses (including
judgments, penalties (including excise and similar taxes and punitive damages), losses, fines, settlements and reasonable expenses (including, without limitation, reasonable attorneys’ and experts’ fees)) actually incurred by such Person
in connection with such Proceeding, appeal, inquiry or investigation (each a “Loss”), unless such Loss shall have been primarily the result of gross negligence, fraud or intentional misconduct by the Person seeking indemnification
hereunder, in which case such indemnification shall not cover such Loss to the extent resulting from such gross negligence, fraud or intentional misconduct. Indemnification under this Section 6.16 shall continue as to a Person who has ceased to
serve in the capacity which initially entitled such Person to indemnity hereunder. The rights granted pursuant to this Section 6.16 shall be deemed contract rights, and no amendment, modification or repeal of this Section 6.16 shall have
the effect of limiting or denying any such rights with respect to actions taken or Proceedings, appeals, inquiries or investigations arising prior to any amendment, modification or repeal. To the fullest extent permitted by law, no Person entitled
to indemnification under this Section 6.16 shall be liable to the Company of any member for any act or omission performed or omitted by or on behalf of the Company; provided that such act or omission has not been fully adjudicated to
constitute fraud, willful misconduct or gross negligence. In addition, any Person entitled to indemnification under this Section 6.16 may consult with legal counsel selected with reasonable care and shall incur no liability to the Company or
any Member to the extent that such Person acted or refrained from acting in good faith in reliance upon the opinion or advice of such counsel. 

(b) The right to indemnification conferred in Section 6.16(a) shall include the right to be paid or reimbursed by the Company for the
reasonable expenses incurred by a Person entitled to be indemnified under Section 6.16(a) who was, is or is threatened to be made a named defendant or respondent in a Proceeding in advance of the final disposition of the Proceeding and without
any determination as to the Person’s ultimate entitlement to indemnification; provided, however, that the payment of such expenses incurred by any such Person in advance of the final disposition of a Proceeding shall be made only upon
delivery to the Company of a written undertaking by such Person to repay all amounts so advanced if it shall be finally adjudicated that such indemnified Person is not entitled to be indemnified under this Section 6.16 or otherwise. 

  
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 (c) The Company, with Member Approval, may indemnify and advance expenses to an employee or agent
of the Company to the same extent and subject to the same conditions under which it may indemnify and advance expenses to a Member under Sections 6.16(a) and 6.16(b). 

(d) The right to indemnification and the advancement and payment of expenses conferred in this Section 6.16 shall not be exclusive of any
other right that a Member, Manager or other Person indemnified pursuant to this Section 6.16 may have or hereafter acquire under any law (common or statutory) or provision of this Agreement (but excluding insurance obtained by the Company or
any of its Affiliates) (such other rights, “Supplemental Indemnification Rights”). The Board may grant any rights comparable to those set forth in this Section 6.16 to any employee, agent or representative of the Company or
such other Persons as it may determine. In the event any provider of Supplemental Indemnification Rights pays any amount with respect to an Indemnified Person, such provider of Supplemental Indemnification Rights shall be subrogated to such
Indemnified Person’s rights to indemnification hereunder to the extent of payment made by such holder of Supplemental Indemnification Rights on behalf of such Indemnified Person. The Company, each Member and each Manager acknowledge and agree
that the indemnification obligations of the Company hereunder and under any insurance policy contemplated pursuant to Section 6.16(f) shall be deemed primary coverage and in no event shall the Company (or any provider of insurance pursuant to
Section 6.16(f)) be entitled to any contribution from any provider of Supplemental Indemnification Rights. 
 (e) The indemnification
rights provided by this Section 6.16 shall inure to the benefit of the heirs, executors, administrators, successors, and assigns of each Person indemnified pursuant to this Section 6.16. 

(f) The Company shall purchase and maintain insurance on behalf of each Member and Manager (with coverage and terms reasonably acceptable to
the Board) against any reasonably insurable liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as a Member or Manager, whether or not the Company would have the power
to indemnify such Person against such liability under the provisions of this Section 6.16. 
 Section 6.17 Tax Matters
Member. Solar shall be the “tax matters partner” of the Company within the meaning of Section 6231(a)(7) of the Code (in such capacity, the “Tax Matters Member”). The provisions of Section 6.16 shall apply to
all actions taken on behalf of the Members by the Tax Matters Member in its capacity as such. The Tax Matters Member shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the tax matters
partner of the Company. The Tax Matters Member shall have the right to retain professional assistance in respect of any audit of the Company and all reasonable, documented out-of-pocket expenses and fees incurred by the Tax Matters Member on behalf
of the Company as Tax Matters Member shall be reimbursed by the Company. In the event the Tax Matters Member receives notice of a final Company adjustment under Section 6223(a) of the Code, it shall either (i) file a court petition for
judicial review of such final adjustment within the 

  
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period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Members on the date such petition is filed, or (ii) mail a written notice to all
Members within such period that describes its reasons for determining not to file such a petition. Each Member shall be a “notice partner” within the meaning of Section 6231(a)(8) of the Code. The Tax Matters Member shall consult with
Investor in respect of any audit or similar tax proceeding with any taxing authority and shall not reach a settlement in respect of any such proceeding without Manager Approval. 

ARTICLE 7 TRANSFERS OF COMPANY INTERESTS; 

WITHDRAWALS; LIMITED LIQUIDITY RIGHT 

Section 7.1 Transfers by Members. 

(a) The Company equity or Junior Loans of a Member may not be assigned, pledged or otherwise hypothecated without the unanimous approval of
the Board, provided that, (x) with respect to a transfer to a person that is not an affiliate of Investor, Investor may transfer any of its equity or Junior Loans following the 5th anniversary of the Closing, so long as it complies with
the right of first offer set forth below in subsection (b) and (y) with respect to a transfer to a person that is an affiliate of Investor, Investor may transfer any of its equity or Junior Loans at any time upon written notice to Solar so
long as persons who work on similar PIMCO fund matters remain on the Board and Investment Committee and retain control of all decision making related to the entity (it being understood that Investor retains the right to remove and/or replace any of
its designees serving on the Board with persons that Investor determines in its sole discretion). Any purported assignment shall be void ab initio. 

(b) If (i) Investor desires to transfer all of its equity and Junior Loans following the 5th anniversary of the date of this Agreement
pursuant to Section 7.1(a)(x), or (ii) a transfer notice is issued with respect to Investor’s (or its Affiliate’s) investment in any other Investor Entities pursuant to a provision analogous to Section 7.1(a)(x), in each
case other than, for the avoidance of doubt, a transfer contemplated in connection with Section 7.3 or an analogous provision, then Investor shall inform Solar in writing of such proposed sale (such notice, a “Transfer Notice”)
and Solar shall have the right to purchase such equity and Junior Loans at the Offer Price. During the 120 calendar days following receipt of a Transfer Notice (the “Offer Period”), Solar (or an Affiliate or third party designated
by Solar) shall have the right to deliver a reply notice (a “Transfer Acceptance”) to Investor of its irrevocable election to purchase all of the equity and Junior Loans described in the Transfer Notice at the Offer Price. To the
extent that during the Offer Period, Solar has identified a third party purchaser who is working in good faith to acquire all of Investor’s equity and Junior Loans by the end of the Offer Period, then the Offer Period shall be automatically
extended for an additional 30 calendar day period. In the event that Solar does not timely deliver a Transfer Acceptance, then Investor may at any time during the period of 120 days thereafter (the “Sale Window”) transfer the
applicable equity and Junior Loans described in the Transfer Notice to any Person reasonably acceptable to Solar at a price equal to or above the Offer Price. To the extent that during the Sale Window, Investor has identified a third party purchaser
who is working in good faith to acquire all of Investor’s equity and Junior Loans by the end of the Sale Window, then the Sale Window shall be automatically extended for an additional 30 calendar day period. During the Offer Period and the Sale
Window, Investor shall, and shall cause its controlling Affiliates to, and Solar shall, and shall 

  
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cause its controlling Affiliates to, use commercially reasonable efforts to cooperate with each other to find third party purchasers reasonably acceptable to Solar. For the avoidance of doubt, if
Investor does not sell its equity and Junior Loans during the Sale Window, then the terms of this subsection (b) shall apply with respect to any future proposed transfer, other than a transfer in connection with Section 7.3. 

(c) In connection with the transfer of Investor’s equity or Junior Loans in the Company, each transferee shall execute a joinder to this
Agreement in the form as reasonably determined by the Managers. Upon execution of such joinder by the transferee, Investor shall be released from all rights, obligations, and liabilities arising from and after the date thereof with respect to the
transferred equity and Junior Loans, including the right to vote on any matters relating to the Company. Upon such a transfer, the transferee shall assume the economic obligations and liabilities (and all economic rights and benefits) and voting and
other rights of Investor with respect to such transferred equity and Junior Loans and shall become a party to this Agreement and be treated as a Member hereunder 

(d) If a Member (or its designee) elects to purchase all of the other Member’s Junior Loans and interest in the Company pursuant to
Section 3.1(c) or 3.2(a)(ii), the purchase price for such Junior Loans and interest in the Company shall be determined in accordance with Section 9.5 and payable in cash within ninety (90) days after the election to purchase is
delivered to the other Member; provided that if the purchasing Member is working in good faith to acquire such Junior Loans and interests at the end of such 90 day period, the period shall be automatically extended for an additional 30 calendar
days. After such purchase, the other Member shall no longer be a member of the Company, and the Member that has elected to purchase the other Member’s Junior Loans and interest in the Company may dissolve or continue the Company as it may
determine. 
 Section 7.2 Withdrawal by Members. 

Members may withdraw from the Company only as provided by this Agreement. 

(i) Notwithstanding any provision contained herein to the contrary, if a Member shall obtain an opinion of counsel to the
effect that, as a result of the other Member’s ownership of an interest in the Company, the Company would be required to register as an investment company under the Investment Company Act of 1940, as amended, such other Member shall, upon
written notice from such first Member, withdraw from or reduce (in accordance with the provisions of clause (iii) below) its interest in the Company (including its Capital Commitment) to the extent such first Member has determined, based upon
such opinion of counsel, to be necessary in order for the Company not to be required to so register. Each Member shall, upon written request from the other Member, promptly furnish to the other Member such information as the other Member may
reasonably request from time to time in order to make a determination pursuant to this Section 7.2(i), but in no event later than ten (10) Business Days after such request. 

(ii) Notwithstanding any provision herein to the contrary, if a Member shall obtain an opinion of counsel to the effect that
any contribution or payment by the other 

  
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Member to the Company would cause the Company or the other Member to be in violation of, or to the effect that such Member is in violation of, the United States Bank Secrecy Act, the United
States Money Laundering Act of 1986, the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, the USA Patriot Act or any other law or regulation to which the Company, a Member, or such Member’s
investment in the Company may be subject from time to time, such Member shall, upon written notice from the other Member, withdraw from the Company in accordance with the provisions of clause (iii) below. Each Member shall, upon written request
from the other Member, promptly furnish to the other Member such information as the other Member may reasonably request from time to time in order to make a determination pursuant to this Section 7.2 (ii), but in no event later than ten
(10) Business Days after such request. 
 (iii) If a Member partially or fully withdraws its interest in the Company
pursuant to Section 7.2, the Members shall work together in good faith to negotiate the manner and timing of such withdrawal. 

Section 7.3 Limited Liquidity Right. If Investor has not previously disposed of its interest in the Company and Junior Loans,
following August 1, 2021, upon written notice from Investor, Solar shall, and shall cause its controlling Affiliates to, use their respective reasonable best efforts to find a new investor to acquire Investor’s junior loans (including the
Junior Loans) and interests in each Investor Entity. 
 ARTICLE 8 TERM, DISSOLUTION AND LIQUIDATION OF 

COMPANY 
 Section 8.1
Term. Except as provided in Section 8.2, the Company shall continue without dissolution until all Investments are liquidated by the Company and there is Manager Approval of dissolution of the Company. 

Section 8.2 Dissolution. The Company shall be dissolved and its affairs wound up upon the occurrence of any of the following
events: 
 (a) the expiration of the term of the Company determined pursuant to Section 8.1; or 

(b) the entry of a decree of judicial dissolution pursuant to the Act, in which event the provisions of Section 8.3, as modified by said
decree, shall govern the winding up of the Company’s affairs. 
 Section 8.3 Wind-down. 

(a) Upon the dissolution of the Company, the Company shall be liquidated in accordance with this Article and the Act. The liquidation shall be
conducted and supervised by the Members in the same manner provided by Article 6 with respect to the operation of the Company during its term. 

(b) From and after the date on which an event set forth in Section 8.2 becomes effective, the Company shall cease to make Investments
after that date, except for (i) Investments 

  
 23 

 
which the Company was committed to make in whole or in part (as evidenced by a binding commitment letter, binding term sheet or binding letter of intent, or definitive legal documents under which
less than all advances have been made) on or before such effective date, and (ii) at the election of all Members exercised by Member Approval within three (3) Business Days after receipt by the Members of written notice of the availability
of such election from any Member, any Investment in a Portfolio Company in which the Company then has an Investment in which the Company participates. Capital calls against the Capital Commitment of the Members shall cease from and after such
effective date of dissolution; provided that capital calls against the Capital Commitment of the Members may continue to fund the allocable share of Investments in which the Company continues to participate (as set forth in the immediately
preceding sentence), Expenses and all other obligations of the Company including, for the avoidance of doubt, protective advances required under the Investments. Subject to the foregoing, the Members shall continue to bear an allocable share of
Expenses and other obligations of the Company until all Investments in which the Company participates are repaid or otherwise disposed of in the normal course of the Company’s activities. 

(c) Distributions to the Members during the winding down of the Company shall be made no less frequently than quarterly to the extent
consisting of a Member’s allocable share of cash and cash equivalents, after taking into account reasonable reserves deemed appropriate by Member Approval, to fund Investments in which the Company continues to participate (as set forth in the
immediately preceding paragraph), Expenses and all other obligations (including without limitation contingent obligations) of the Company. Unless waived by Member Approval, the Company also shall withhold ten percent (10%) of distributions in
any calendar year, which withheld amount shall be distributed within sixty (60) days after the completion of the annual audit covering such year. 

(d) Upon dissolution of the Company, final allocations of all items of Company Profit and Loss shall be made in accordance with
Section 4.2. Upon dissolution of the Company, the assets of the Company shall be applied in the following order of priority: 

(i) To creditors (other than Members) in satisfaction of liabilities of the Company (whether by payment or by the making of
reasonable provision for payment thereof), including to establish any reasonable reserves which a Member may, in its reasonable judgment, deem necessary or advisable for any contingent, conditional or unmatured liability of the Company; 

(ii) To establish any reserves which a Member may, in its reasonable judgment, deem necessary or advisable for any contingent,
conditional or unmatured liability of the Company to Members; and 
 (iii) The balance, if any, to the Members in accordance
with Section 5.1(b). 
 (e) In the event that an audit or reconciliation relating to the Fiscal Year in which a Member receives a
distribution under this Section 8.3 reveals that such Member received a distribution in excess of that to which such Member was entitled, the other Member may, in its discretion, seek repayment of such distribution for the benefit of the
Company to the extent that such distribution exceeded what was due to such Member. 
 (f) Each Member shall be furnished with a statement
prepared by the Company’s accountant, which shall set forth the assets and liabilities of the Company as at the date of complete liquidation, and each Member’s share thereof. Upon compliance with the distribution plan set forth in this
Section 8.3, the Members shall cease to be such, and either Member may execute, acknowledge and cause to be filed a certificate of cancellation of the Company. 

  
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 Section 8.4 Cause Event. If, during the term of the Company, there is an event
constituting Cause, then (i) the Reinvestment Period shall terminate automatically and (ii) Investor, at its election, may require Solar to appoint a sub-servicer to fulfill its obligations, and receive its rights and benefits, under the
Servicing Agreement pursuant to Section 9(b) of the Servicing Agreement. If, during the Reinvestment Period, Solar reasonably determines that Investor has engaged in conduct which constitutes gross negligence with respect to the Company which
has or reasonably could be expected to have a material adverse effect on the business of the Company, then, upon ten (10) Business Days’ notice from Solar to Investor, the Reinvestment Period shall terminate automatically. 

Section 8.5 SEC Event. Upon a failure by Solar to obtain the approval of the SEC of Solar’s interest in the Company, or a
determination by the SEC to subject Solar’s participation in the Company to an accounting or reporting treatment or other consequence which Solar, in its sole discretion, determines to be materially adverse to it, or a change by the SEC of its
approval of Solar’s interest in the Company or the terms of such approval or its conclusions regarding the accounting or reporting treatment or other consequence which Solar, in its sole discretion, determines to be materially adverse to it, in
each case at the election of Solar by providing written notice of such election to the other Member, the Company shall run off its portfolio, the Reinvestment Period shall immediately terminate and, for the avoidance of doubt, during such time the
Company shall not sell any of its assets absent Manager Approval nor shall Solar transfer its Junior Loans or interests in the Company absent Manager Approval. 

ARTICLE 9 ACCOUNTING, REPORTING AND VALUATION 

PROVISIONS 

Section 9.1 Books and Accounts. 

(a) Complete and accurate books and accounts shall be maintained for the Company at its principal office. Such books and accounts shall be
kept on the accrual basis method of accounting and shall include separate Capital Accounts for each Member. Capital Accounts for financial reporting purposes and for purposes of this Agreement shall be maintained in accordance with Section 4.1,
and for U.S. federal income tax purposes the Servicer shall, pursuant to the Servicing Agreement, maintain the Members’ Capital Accounts in accordance with the Code and applicable Treasury Regulations. Each Member or its duly authorized
representative, at its own expense, shall at all reasonable times and upon reasonable prior written notice to the Servicer have access to, and may inspect, such books and accounts and any other records of the Company for any purpose reasonably
related to its Junior Loans or its interest in the Company. 
 (b) All funds received by the Company shall be deposited in the name of the
Company in such bank account or accounts or with such custodian, and securities owned by the 

  
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Company may be deposited with such custodian, as may be designated by Member Approval from time to time and withdrawals therefrom shall be made upon such signature or signatures on behalf of the
Company as may be designated by Member Approval from time to time. 
 Section 9.2 Financial Reports; Tax Return. 

(a) Within thirty (30) days, after the end of each calendar month, pursuant to the Servicing Agreement, the Servicer shall prepare (or
supervise the preparation of) and deliver, by any of the methods described in Section 10.6, to each Member (i) a high-level summary financial information of the Company and (ii) any material information concerning new Investments made
during such month or any defaults or potential defaults in investments discovered during such month. 
 (b) Within forty-five (45) days
after the end of each calendar quarter, pursuant to the Servicing Agreement, the Servicer shall prepare (or supervise the preparation of) and deliver, by any of the methods described in Section 10.6, to each Member unaudited financial
statements for such quarter-end (schedule of Investments, balance sheet, income statement, statement of changes in net assets and financial highlights and ratios) of the Company. 

(c) Within sixty (60) days after the end of each calendar year, pursuant to the Servicing Agreement, the Servicer shall prepare (or
supervise the preparation of) and deliver, by and of the methods described in Section 10.6, to each Member, audited financial statements (including a balance sheet, income statement and statement of cash flows) prepared in accordance with GAAP
for such calendar year. 
 (d) The Company’s auditor on the date hereof shall be KPMG. In the event that the Servicer’s auditor
changes after the date hereof, the Company shall use such auditor engaged by the Servicer provided that any auditor other than PricewaterhouseCoopers, Deloitte Touche Tohmatsu Limited, KPMG, Ernst & Young, McGladrey LLP, BDO International,
or Grant Thornton LLP shall require the consent of Investor, not to be unreasonably withheld. 
 (e) Pursuant to the Servicing Agreement,
the Servicer shall (i) prepare or supervise the preparation and timely filing after the end of each fiscal year of the Company all federal and state income tax returns of the Company for such fiscal year, (ii) prepare and deliver or
supervise the preparation and delivery to each Member of (a) a Schedule K-1 with respect to such Member by April 30th following the end of such fiscal year and (b) an estimate of
such Member’s Schedule K-1 by March 15th following the end of such fiscal year and (iii) provide any other tax-related information reasonably requested by such Member in respect of its interest in the Company. 

(f) For the avoidance of doubt, the Members intend that the Junior Loans be treated as equity, and agree that the Company will report the
Junior Loans as such, for any and all income tax purposes. 
 Section 9.3 Tax Elections. The Company may, by Member Approval,
but shall not be required to, make any election pursuant to the provisions of Section 754 or 1045 of the Code, or any other election required or permitted to be made by the Company under the Code. 

  
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 Section 9.4 Confidentiality. 

(a) Each Member agrees to maintain the confidentiality of the Company’s records, reports and affairs, and all information and materials
furnished to such Member by the Company, the Servicer or their Affiliates with respect to their respective businesses and activities; each Member agrees not to provide to any other Person copies of any financial statements, tax returns or other
records or reports, or other information or materials, provided or made available to such Member; and each Member agrees not to disclose to any other Person any information contained therein (including any information respecting Portfolio
Companies), without the express prior written consent of the disclosing party; provided that any Member may provide such information and documentation (i) to such Member’s accountants, internal and external auditors, legal counsel,
financial advisors and other fiduciaries and representatives (who may be Affiliates of such Member) as long as such Member instructs such Persons to maintain the confidentiality thereof and not to disclose to any other Person any information
contained therein, (ii) to any permitted transferees of such Member’s interest in the Company or Junior Loans that agree in writing, for the benefit of the Company, to maintain the confidentiality thereof, but only after reasonable advance
notice to the Company, (iii) if and to the extent required by law (including judicial or administrative order and the rules and regulations of the SEC, including if required, filing a copy of this Agreement); provided that, where legally
permissible, the Company and the Members are given prior notice to enable them (or to enable them to cause the Company) to seek a protective order or similar relief (including, without limitation, confidentiality with respect to, or redaction of,
sensitive information); provided, further, that the party that is required to disclose such information provides (to the extent legally permissible) the other parties a reasonable period of time to review such proposed disclosure in
advance of its dissemination and shall consider in good faith any comments of such other parties and take any reasonable comments of such other parties to the disclosure prior to its dissemination; provided, however, that Solar and its Affiliates
shall not be required to obtain Investor’s approval with respect to the description of the Investor to the extent such description is consistent with disclosure that has been previously reviewed by Investor or the inclusion of information
regarding Investments, financial performance and similar information in filings with the SEC to the extent such information is required to be included therein, (iv) to representatives of any governmental regulatory agency or authority with
jurisdiction over such Member, or as otherwise may be necessary to comply with regulatory requirements applicable to such Member, (v) in order to enforce rights under this Agreement and (vi) to any Persons who are bona fide prospective
purchasers for value of such Member’s interests in the Company and/or Junior Loans, provided, that any such bona fide prospective purchaser enters into a customary confidentiality agreement with respect to such information and
documentation which contains provisions no less restrictive than the confidentiality provisions contained herein, provided, further that the obligations under any such confidentiality agreements may expire eighteen months or more from
the date thereof. Notwithstanding the foregoing, the following shall not be considered confidential information for purposes of this Agreement: (a) information generally known to the public including as a result of a disclosure pursuant to
Section 9.4(c)(iii) in accordance with the requirements of such provision; (b) information obtained by a Member from a third party who is not prohibited from disclosing the information on a non-confidential basis; (c) information in
the possession of a Member prior to its disclosure by the Company, the Servicer or their Affiliates; or (d) information which a Member can show by written documentation was developed independently of disclosure by the Company, the Servicer or
their Affiliates. 

  
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 (b) Notwithstanding the foregoing, absent the prior written consent of the Investor, Solar and
its Affiliates shall not make any press release, public announcement, internet posting, other mass communication that contains the Company’s or its Affiliates’ identity as a client of the Servicer or any information concerning the
composition of the assets of the Company or its Affiliates, except (i) to the extent set forth in Section 9.4(a)(iii) and (ii) for ordinary course marketing information regarding Investments including tombstone advertisements that do
not reference Investor or its Affiliates. 
 (c) The Members: (i) acknowledge that the Company, the Servicer, its Affiliates, and their
respective direct or indirect members, members, managers, officers, directors and employees are expected to acquire confidential third-party information (e.g., through Portfolio Company directorships held by such Persons) that, pursuant to
fiduciary, contractual, legal or similar obligations, cannot be disclosed to the Company or the Members; and (ii) agree that none of such Persons shall be in breach of any duty under this Agreement or the Act as a result of acquiring, holding
or failing to disclose such information to the Company or the Members; provided, that without the prior written consent of Investor, in its sole discretion, Solar shall use, and shall cause the Servicer to use, reasonable best efforts to
cause each such person enumerated in item (i) to avoid incurring any such obligations which would restrict the sharing of such information with the Company, the Managers or the Members. 

Section 9.5 Valuation. 

(a) Valuations shall be made as required under this Agreement and as of the end of each fiscal quarter and on an annual basis, in accordance
with the following provisions: 
 (i) Within forty-five (45) days after the end of each fiscal quarter of each fiscal
year, the Board shall determine the valuation of the assets of the Company using valuations provided to the Board by Solar (which shall be made in accordance with the Company’s valuation guidelines then in effect). Once approved, the Board
shall deliver such valuations to the Servicer for delivery to the Members. 
 (ii) To the extent a valuation is required
under this Agreement at a time other than the end of a fiscal quarter, the most recent quarterly valuation as determined under this Section 9.5 shall be used, subject to adjustment by Solar (in accordance with the Company’s valuation
guidelines then in effect (which shall be consistent with Solar’s valuation guidelines then in effect)). In addition, any such valuation shall, at the time of closing of the sale of any interest in Company and/or the Junior Loans, be adjusted
for any accrued but unpaid net investment income or any other changes to the underlying investment portfolio. 
 (iii)
Investor shall have the right to object, at any time, to any valuation contemplated by (i) or (ii) above and, in the event that Investor and Solar are unable to resolve any such valuation objections of Investor within a period of ten
(10) Business Days, during the period of ten (10) Business Days thereafter, Investor or Solar may hire an independent appraiser or other valuation expert mutually reasonably acceptable to Investor and Solar to resolve any such outstanding
objections and such third-party person’s determination shall be binding on the Company, Investor and Solar for all 

  
 28 

 
purposes under this Agreement. In the event that Investor and Solar are unable to agree on an independent appraiser or other valuation expert pursuant to the foregoing sentence, Duff &
Phelps, LLC shall serve in such capacity. Any such independent appraiser or other valuation expert shall endeavor to provide its determination within fifteen (15) Business Days of its engagement, and the costs, expenses and fees of any such
independent appraiser or other valuation expert shall be borne 50% by Investor and 50% by Solar. 
 (b) All valuations shall be made in
accordance with the foregoing shall be final and binding on all parties to this Agreement for all purposes under this Agreement, subject to the provisions of Section 9.5(a)(iii). 

(c) For the avoidance of doubt, market value of the entire equity tranche (including Junior Loans) of the Company shall equal the net asset
value (or shareholder’s equity) per GAAP. 
 ARTICLE 10 MISCELLANEOUS PROVISIONS 

Section 10.1 Determination of Disputes. 

(a) If any claim, controversy or other dispute (a “Dispute”) arises out of or in connection with this Agreement including
breach, termination or invalidity thereof, and if the Dispute cannot be settled through negotiation, the Dispute shall be exclusively and finally settled by submitting the matter to the Judicial Arbitration and Mediation Service
(“JAMS”), or its successor, for arbitration in the State and Country of New York, pursuant to the United States Arbitration Act, 9 U.S.C. Sec. 1 et seq., applying the laws of Delaware (without regard to the principles of conflicts
of laws thereof). The parties hereto waive their right to seek remedies in court, including any right to a jury trial, and disputes will not be resolved in any other forum or venue except as contemplated by this Section 14. Any party hereto may
commence the arbitration process called for in this Agreement by filing a written demand for arbitration with JAMS, with a copy to the other parties hereto. The arbitration will be conducted in accordance with the provisions of JAMS’
Streamlined Arbitration Rules and Procedures in effect at the time of filing of the demand for arbitration, and shall be conducted by one or more retired judges who are experienced in dispute resolution regarding the investment management industry.
The parties hereto will cooperate with JAMS and with one another in selecting an arbitrator in accordance with the foregoing sentence from JAMS’ panel of neutral arbitrators, and in scheduling the arbitration proceedings. The parties hereto
covenant that they will participate in the arbitration in good faith. The provisions of this paragraph may be enforced by any court of competent jurisdiction, and the party hereto seeking enforcement shall be entitled to an award of all costs, fees
and expenses, including attorney’s fees, to be paid by the party or parties hereto against whom enforcement is ordered. Pre-arbitration discovery shall be limited to the greatest extent provided by the rules of JAMS, the arbitration award shall
not include factual findings or conclusions of law, and no punitive damages shall be awarded. 
 (b) The award or decision of the
arbitrators shall be final, binding upon the parties hereto and shall be non-appealable. Judgment upon the award or decision rendered by the arbitrators may be entered in any court having jurisdiction thereon. 

  
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 (c) Arbitration sessions shall be private. The parties hereto subject to the Dispute and their
representatives may attend arbitration sessions. Other persons may attend only with the permission of the parties hereto subject to the Dispute and with the consent of the arbitrator. 

(d) Confidential information disclosed to an arbitrator by each party hereto and its representatives in the course of the arbitration shall be
filed under seal and shall not be divulged by the arbitrator to any person other than the parties hereto and their representatives. All records, reports or other documents received by an arbitrator while serving in that capacity shall be
confidential. The arbitrator shall not be compelled to divulge such records or to testify in regard to the arbitration in any adversary proceeding or judicial forum. The parties hereto shall maintain the confidentiality of the arbitration and shall
not rely on, or introduce as evidence in any arbitral, judicial or other proceeding, other than the proceeding before the arbitrator: (i) views expressed or suggestions made by another party hereto with respect to a possible settlement of the
Dispute; (ii) admissions made by another party hereto in the course of attempted settlement of the arbitration proceedings; (iii) proposals made or views expressed by the arbitrator, other than the final decision; or (iv) the fact
that another party hereto had or had not indicated willingness to accept a proposal for settlement made by the arbitrator. There shall be no stenographic record of the arbitration process. 

Section 10.2 Certificate of Formation; Further Assurances. The Members hereby approve and ratify the filing of the Certificate of
Formation on behalf of the Company. The Members agree from time to time to execute and deliver such further and other documents, certificates, instruments and amendments as may be reasonably necessary to more effectively and completely carry out the
intention and purposes of this agreement, in forms reasonably acceptable to such Members. 
 Section 10.3 Force Majeure.
Whenever any act or thing is required of the Company or a Member hereunder to be done within any specified period of time, the Company and the Member shall be entitled to such additional period of time to do such act or thing as shall equal any
period of delay resulting from causes beyond the reasonable control of the Company or the Member, including, without limitation, bank holidays, and excluding, without limitation, economic hardship; provided that this provision shall not have
the effect of relieving the Company or the Member from the obligation to perform any such act or thing, and the party so affected shall use its reasonable best efforts to avoid or remove such cause of nonperformance and shall continue performance
hereunder as soon as practicable. 
 Section 10.4 Applicable Law. This Agreement shall be governed by, and construed in
accordance with, the internal law of the State of Delaware, without regard to the principles of conflicts of laws thereof. 

Section 10.5 Waivers. 

(a) No waiver of the provisions hereof shall be valid unless in writing and then only to the extent therein set forth. Any right or remedy of
the Members hereunder may be waived by Member Approval, and any such waiver shall be binding on all Members. Except as specifically herein provided, no failure or delay by any party in exercising any right or remedy hereunder shall operate as a
waiver thereof, and a waiver of a particular right or remedy on one occasion shall not be deemed a waiver of any other right or remedy or a waiver on any subsequent occasion. 

(b) Except as otherwise provided in this Agreement, any approval or consent of the Members may be given by Member Approval, and any such
approval or consent shall be binding on all Members. 

  
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 Section 10.6 Notices. All notices, demands, solicitations of consent or approval, and
other communications hereunder shall be in writing or by electronic mail (with or without attached PDFs), and shall be sufficiently given if personally delivered or sent by postage prepaid, registered or certified mail, return receipt requested, or
sent by electronic mail, overnight courier or facsimile transmission, addressed as follows: if intended for the Company, to the Company’s principal office determined pursuant to Section 2.3; and if intended for any Member, to the address
of such Member set forth on the Company’s records, or to such other address as any Member may designate by written notice. Notices shall be deemed to have been given (i) when personally delivered, (ii) if sent by registered or
certified mail, on the earlier of (A) three days after the date on which deposited in the mails or (B) the date on which received, or (iii) if sent by electronic mail, overnight courier or facsimile transmission, on the date on which
received; provided that notices of a change of address shall not be deemed given until the actual receipt thereof. The provisions of this Section shall not prohibit the giving of written notice in any other manner; any such written notice
shall be deemed given only when actually received. 
 Section 10.7 Construction. 

(a) The captions used herein are intended for convenience of reference only and shall not modify or affect in any manner the meaning or
interpretation of any of the provisions of this Agreement. 
 (b) As used herein, the singular shall include the plural, the masculine
gender shall include the feminine and neuter, and the neuter gender shall include the masculine and feminine, unless the context otherwise requires. 

(c) The words “hereof,” “herein,” and “hereunder,” and words of similar import, when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 (d) References in this Agreement to
Articles and Sections are intended to refer to Articles and Sections of this Agreement unless otherwise specifically stated. 
 (e) Nothing
in this Agreement shall be deemed to create any right in or benefit for any creditor of the Company that is not a party hereto, and this Agreement shall not be construed in any respect to be for the benefit of any creditor of the Company that is not
a party hereto. 
 Section 10.8 Amendments. 

(a) This Agreement may be amended at any time and from time to time by Manager Approval. 

(b) Notwithstanding the foregoing, a Member may amend this Agreement and the Member List at any time and from time to time to reflect the
admission or withdrawal of any Member or the change in any Member’s Capital Commitment, as contemplated by this Agreement. 

  
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 Section 10.9 Legal Counsel of Solar, the Servicer and the Company. Solar and the
Company have engaged Akin Gump Strauss Hauer & Feld LLP (“Solar Counsel”), as legal counsel to Solar, the Company and the Servicer. Moreover, Solar Counsel has previously represented and/or concurrently represents the
interests of Solar, the Servicer, the Company and/or parties related thereto in connection with matters other than the preparation of this Agreement and may represent such Persons in the future. Each Member: (i) approves Solar Counsel’s
representation of Solar, the Company and the Servicer in the preparation of this Agreement; and (ii) acknowledges that Solar Counsel has not been engaged by any other Member to protect or represent the interests of such Member vis-à-vis
the Company or the preparation of this Agreement, and that actual or potential conflicts of interest may exist among the Members in connection with the preparation of this Agreement. In addition, each Member: (i) acknowledges the possibility of
a future conflict or dispute among Members or between any Member or Members and the Company or the Servicer; and (ii) acknowledges the possibility that, under the laws and ethical rules governing the conduct of attorneys, Solar Counsel may be
precluded from representing the Company and/or Solar and/or the Servicer (or any equity holder thereof) in connection with any such conflict or dispute. No Member shall be deemed by virtue of this Section 10.9 to have waived its right to object
to any conflict of interest relating to matters other than this Agreement or the transactions contemplated herein. Each Member: (i) approves Solar Counsel’s representation of Solar in the preparation of this Agreement; and
(ii) acknowledges that Solar Counsel has not been engaged by any other Member to protect or represent the interests of such Member vis-à-vis the Company or the preparation of this Agreement, and that actual or potential conflicts of
interest may exist among the Members in connection with the preparation of this Agreement. 
 Section 10.10 Legal Counsel of
Investor. Investor has engaged Ropes & Gray LLP (“Investor Counsel”), as legal counsel to Investor. Moreover, Investor Counsel has previously represented and/or concurrently represents the interests of Investor and/or
parties related thereto in connection with matters other than the preparation of this Agreement and may represent such Persons in the future. In addition, each Member: (i) acknowledges the possibility of a future conflict or dispute among
Members or between any Member or Members and Investor; and (ii) acknowledges the possibility that, under the laws and ethical rules governing the conduct of attorneys, Investor Counsel shall not be precluded from representing Investor (or any
equity holder thereof) in connection with any such conflict or dispute. Nothing in this Section 10.10 shall preclude Investor from selecting different legal counsel to represent it at any time in the future and no Member shall be deemed by
virtue of this Section 10.10 to have waived its right to object to any conflict of interest relating to matters other than this Agreement or the transactions contemplated herein. 

Section 10.11 Execution. This Agreement may be executed in any number of counterparts (including facsimile or electronic .pdf) and
all such counterparts together shall constitute one agreement binding on all Members. 

  
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 Section 10.12 Binding Effect. This Agreement shall be binding upon and shall inure to
the benefit of the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto; provided that this provision shall not be construed to permit any assignment or transfer which is
otherwise prohibited hereby. 
 Section 10.13 Severability. If any one or more of the provisions contained in this Agreement, or
any application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications thereof shall not in any way be affected or
impaired thereby. 
 Section 10.14 Computation of Time. In computing any period of time under this Agreement, the day of the
act, event, or default from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included, unless it is a Saturday, Sunday or legal holiday on which banks in New York are closed, in
which event the period shall run until the end of the next day which is not a Saturday, Sunday or such a legal holiday. Any reference to “Business Day” shall refer to any day which is not a Saturday, Sunday or such a legal holiday. Any
references to time of day shall refer to New York time. 
 Section 10.15 Entire Agreement. This Agreement and the Subscription
Agreements entered into between the Company and each Member in connection with the Members’ subscription of interests in the Company set forth the entire understanding among the parties relating to the subject matter hereof, any and all prior
correspondence, conversations, memoranda or other writings being merged herein and replaced and being without effect hereon. No promises, covenants or representations of any character or nature other than those expressly stated herein, in such
Subscription Agreements, or in any such other agreement have been made to induce any party to enter into this Agreement. 
 [Remainder of
page left blank] 

  
 33 

 IN WITNESS WHEREOF, the Members have caused this Agreement to be executed and Delivered as of
September 2, 2014. 
  

					
	SOLAR CAPITAL LTD.
		
	By:	 	

		 	  

		 	Name:	 	Michael Gross
		 	Title:	 	CEO
	
	SENIOR SECURED UNITRANCHE LLC
		
	By:	 	

		 	  

		 	Name:	 	HARIN DE SILVA
		 	Title:	 	AUTHORIZED PERSON

  
  

 

 EXHIBIT A 

[Form of Subscription Agreement]NTI-9.30-2014-EX-10.2

Exhibit 10.2

SHARED SERVICES AGREEMENT 
among 
WESTERN REFINING SOUTHWEST, INC. 

WESTERN REFINING COMPANY, L.P.
and
NORTHERN TIER ENERGY LLC 

SHARED SERVICES AGREEMENT 
This SHARED SERVICES AGREEMENT (“Agreement”) is entered into as of October 30, 2014, to be effective as of September 1, 2014 (the “Effective Date”), by and among (a) Western Refining Southwest, Inc. an Arizona corporation, and Western Refining Company, L.P., a Delaware limited partnership (collectively, “Western”), on behalf of themselves and the other Western Parties (as defined herein), and (b) Northern Tier Energy LLC, a Delaware limited liability company (“Northern Tier”), on behalf of itself and the Northern Tier Parties (as defined herein). The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties”. 
R E C I T A L S:
WHEREAS, the Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article II, with respect to the amount to be paid by Northern Tier for certain general and administrative services to be performed by Western and its Subsidiaries (as defined herein) for and on behalf of the Northern Tier Parties (as defined herein) and Northern Tier’s obligations to reimburse Western and its Subsidiaries for certain costs and expenses incurred in connection therewith; and
WHEREAS, the Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article II, with respect to the amount to be paid by the Western Parties for certain general and administrative services to be performed by Northern Tier and its Subsidiaries (as defined herein) for and on behalf of the Western Parties (as defined herein) and Western’s obligations to reimburse Northern Tier and its Subsidiaries for certain costs and expenses incurred in connection therewith.
NOW, THEREFORE, in consideration of the promises and the covenants, conditions, and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
ARTICLE I
Definitions
1.1    Definitions.  As used in this Agreement, the following terms shall have the respective meanings set forth below:
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries Controls, is Controlled by or is under common Control with, the Person in question. 
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract, or otherwise. 
“Limited Partner” is defined in the Partnership Agreement. 
“Northern Tier Parties” means Northern Tier, Northern Tier Oil Transport, LLC, St. Paul Park Refining Co. LLC and Northern Tier Retail Holdings LLC and any of their Subsidiaries.

1

“Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership of Northern Tier Energy LP, dated as of July 31, 2012, as such agreement is in effect on the Effective Date. 
“Partnership Change of Control” means Western ceases to Control the general partner of the Partnership. 
“Partnership” means Northern Tier Energy, LP, a Delaware limited partnership.
“Party” and “Parties” are defined in the introduction to this Agreement. 
“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization association, government agency or political subdivision thereof or other entity. 
“Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at the date of determination, a general partner of such partnership, but only if such Person, directly or by one or more Subsidiaries of such Person, or a combination thereof, Controls such partnership on the date of determination or (c) any other Person in which such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person.
“Western Parties” means Western Refining Company, L.P. and Western Refining Southwest, Inc. and any of either or their Subsidiaries. “Western Party” means any of the Western Parties.
ARTICLE II
Services

2.1    Provision of Services. 
(a)    Western agrees to provide, an agrees to cause its Subsidiaries to provide, on behalf of the Northern Tier Parties and for the Northern Tier Parties’ benefit, the services set forth on Exhibit A-1, which such services (collectively, the “Western Services”) are necessary to run the business of the Northern Tier Parties (the “NTI Business”), and such other services as may be agreed by the Parties in writing from time to time. 
(b)    Northern Tier agrees to provide, and agrees to cause its Subsidiaries to provide, on behalf of the Western Parties and for the Western Parties benefit, the services set forth on Exhibit B-1, which such services (collectively, the “NTI Services”) are necessary to run the business of the Western Parties (the “Western Business”), and such other services as may be agreed by the Parties in writing from time to time.  
(c)    All NTI Services and Western Services provided hereunder, as applicable, shall be done in a safe and workmanlike manner consistent with standard industry practices. 

2

(d)    Notwithstanding anything herein to the contrary, and in recognition of the fact that the services to be performed and provided by the Parties hereunder are to be furnished, performed and provided in exchange for the reimbursement provided herein, the Parties shall only be liable to one another for gross negligence or willful misconduct in the performance of their obligations hereunder, AND NO PARTY NOR ANY OF ITS AFFILIATES OR AGENTS AS SUCH PARTY SHALL APPOINT TO PERFORM DUTIES HEREUNDER OR THEIR RESPECTIVE DIRECTORS, STOCKHOLDERS, OFFICERS, MEMBERS, PARTNERS, EMPLOYEES, AGENTS, CONSULTANTS, REPRESENTATIVES, SUCCESSORS, TRANSFEREES AND ASSIGNEES, SHALL BE LIABLE TO THE OTHER PARTY OR PERSONS WHO HAVE ACQUIRED INTERESTS IN THE OTHER PARTY, WHETHER AS SHAREHOLDERS, PARTNERS, ASSIGNEES OR OTHERWISE, FOR ERRORS IN JUDGMENT OR FOR ANY ACTS OR OMISSIONS THAT DO NOT CONSTITUTE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
2.2    Reimbursement for Services.
(a)    Northern Tier hereby agrees to reimburse the Western Parties for all cash expenses and expenditures that the Western Parties and their Subsidiaries incur or payments the Western Parties and their Subsidiaries make on behalf of the Northern Tier Parties in connection with providing the Western Services, as well as for certain other direct or allocated costs and expenses incurred by the Western Parties and their Subsidiaries on behalf of the Northern Tier Parties, in each case as provided in Exhibit A-2. 
(b)    Western hereby agrees to reimburse the Northern Tier Parties for all cash expenses and expenditures that the Northern Tier Parties and their Subsidiaries incur or payments the Northern Tier Parties or their Subsidiaries make on behalf of the Western Parties in connection with providing the NTI Services, as well as for certain other direct or allocated costs and expenses incurred by the Northern Tier Parties and their Subsidiaries on behalf of the Western Parties, in each case, as provided in Exhibit B-2.
(c)    Within ten (10) days following the end of each calendar month, each of Western, on behalf of the Western Parties, on the one hand, and Northern Tier, on behalf of the Northern Tier Parties, on the other hand, shall deliver to the other party an invoice or other mutually acceptable record of the fees owed to such party for services performed under Section 2.1(a) or Section 2.1(b) hereof during the prior calendar month, as applicable. Such reimbursements shall be made on or before the twenty-first (21st) calendar day of the month following the month such costs and expenses are incurred.  As long as Western is an Affiliate of Northern Tier, Western and Northern Tier may settle Northern Tier’s financial obligations to the Western Parties through the Western Parties’ normal intercompany settlement processes, which shall include the netting of such obligations, in which case the Party, if any, owning payment after effectuating such netting shall reimburse the other Party on or before the twenty-first (21st) calendar day of the month as set forth above. 
(d)    For the avoidance of doubt, the costs and expenses set forth in Section 2.2(a) shall be paid by Northern Tier in addition to, and not as a part of or included in, certain expenses of Western that are reimbursed under the Partnership Agreement. 

3

ARTICLE III
Miscellaneous

3.1    Choice of Law; Submission to Jurisdiction.  This Agreement shall be subject to and governed by the laws of the State of Texas, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state.  Each Party hereby submits to the jurisdiction of the state and federal courts in the State of Texas and to venue in Houston, Texas. 
3.2    Notice.  All notices or requests or consents provided for by, or permitted to be given pursuant to, this Agreement must be in writing and must be given by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in person or by facsimile to such Party.  Notice given by personal delivery or mail shall be effective upon actual receipt.  Notice given by facsimile shall be effective upon actual receipt if received during the recipient’s normal business hours or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business hours.  All notices to be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below such Party’s signature to this Agreement or at such other address as such Party may stipulate to the other Parties in the manner provided in this Section 3.2. 
If to the Western Parties:
Western Refining, Inc. (or applicable subsidiary) 
123 W. Mills Ave 
El Paso, Texas 79901 
Attn: President – Refining and Marketing  
Facsimile: 602-683-5736
With a copy to:
Western Refining, Inc. (or applicable subsidiary) 
123 W. Mills Ave 
El Paso, Texas 79901 
Attn: Office of the General Counsel  
Facsimile: 602-797-2650

4

If to the Northern Tier Parties:
Northern Tier Energy LLC 
1250 W. Washington Street, Suite 300 
Tempe, Arizona 85281 
Attn: Chief Financial Officer  
Facsimile: 602-302-5450
With a copy to:
Northern Tier Energy LLC 
1250 W. Washington Street, Suite 300 
Tempe, Arizona 85281 
Attn: Office of the General Counsel  
Facsimile: 602-797-2607 
3.3    Entire Agreement.  This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. 
3.4    Termination of Agreement.  This Agreement may be terminated by Western or Northern Tier upon a Partnership Change of Control.  
3.5    Amendment or Modification.  This Agreement may be amended or modified from time to time only by the written agreement of all the Parties hereto.  Each such instrument shall be reduced to writing and shall be designated on its face an “Amendment” or an “Addendum” to this Agreement. 
3.6    Assignment.  No Party shall have the right to assign its rights or obligations under this Agreement without the consent of the other Parties hereto; provided, however, that Northern Tier may make a collateral assignment of this Agreement solely to secure working capital financing for Northern Tier. 
3.7    Counterparts.  This Agreement may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same document.  All counterparts shall be construed together and shall constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile transmission or in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart hereof. 
3.8    Severability.  If any provision of this Agreement shall be held invalid or unenforceable by a court or regulatory body of competent jurisdiction, the remainder of this Agreement shall remain in full force and effect. 
3.9    Further Assurances.  In connection with this Agreement and all transactions contemplated by this Agreement, each signatory party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions. 

5

IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Effective Date. 
WESTERN REFINING SOUTHWEST, INC.

By:    /s/ Gary R. Dalke    
Name:    Gary R. Dalke
Title:    Chief Financial Officer

WESTERN REFINING COMPANY, L.P. 
By: Western Refining GP, LLC, its general partner

By:    /s/ Gary R. Dalke    
Name:    Gary R. Dalke
Title:    Chief Financial Officer

NORTHERN TIER ENERGY LLC

By:    /s/ David Bonczek    
Name:    David Bonczek
Title:    Executive Vice President and Chief 
    Financial Officer

[Signature Page to Shared Services Agreement]

Exhibit A-1 
Western Services 
SERVICES TO BE PROVIDED BY WNR TO NTI

		
	A.
	COMMERCIAL / WHOLESALE

		
	1.
	Commercial Risk Management and Compliance services, consisting of management and administration of Commercial Risk Management Policy (“RM Policy”) and commercial compliance systems and processes, as follows:

		
	a.
	identification, measurement and reporting of risk exposure;

		
	b.
	recordation, reporting and validation of commercial activities;

		
	c.
	procurement and maintenance of RM Policy certifications;  

		
	d.
	maintenance of Delegation of Authority matrices; 

		
	e.
	administration and management of commercial contracts including counterparty and internal distributions; and  

		
	f.
	Management and administration of and service on Commercial Risk Management Committee including facilitation of meetings and preparation and maintenance of agendas, minutes and associated materials. 

		
	2.
	Rail services, consisting of coordination of management and scheduling of all rail movements involving commercial operations and management of leased and/or owned proprietary railcars, including third party contracts for tankage and engine services. 

		
	3.
	Supply and Trading Services, consisting of monitoring of market conditions to trade bulk quantities of crude oil, gasoline, diesel, jet, feedstocks and blendstocks as needed to support the refining and marketing functions. 

		
	4.
	Scheduling Services, consisting of management of the scheduling of crude oil, intermediate and product movements to support the commercial needs and commitments of the refining and marketing functions.  

		
	5.
	Marketing Services, consisting of customer engagement, price discovery, contract negotiation and sales execution.

		
	B.
	IT SERVICES

		
	1.
	IT Resources and Staffing services, consisting of:

		
	a.
	Management and maintenance of IT resources and staffing to support the IT needs of NTI including but not limited to Retail, Refining, Logistics & Wholesale, Governance, Cyber Security, Network & Communications, Enterprise applications and IT Infrastructure;   

		
	b.
	Evaluation, implementation and coordination of consolidation and/or sharing of IT data centers, networks, communications and server infrastructures, disaster recovery systems, licenses, software, applications and hardware between WNR, WNRL and NTI, as appropriate to capture synergies and reduce costs; and 

		
	c.
	Consultation and audit services regarding General Computer Controls, software vendors and other IT matters, as requested.    

		
	C.
	LEGAL

		
	1.
	Legal services in support of the following:

		
	a.
	Contracts;

		
	b.
	Securities and NYSE Compliance;

		
	c.
	Corporate Governance; 

		
	d.
	Litigation Management;

		
	e.
	Regulatory Compliance;

		
	f.
	Finance; and 

		
	g.
	Mergers and Acquisitions.

		
	D.
	TREASURY

		
	1.
	Credit services, consisting of:

		
	a.
	Management of credit department (people, processes, policies); 

		
	b.
	Credit approvals and risk analysis; and 

		
	c.
	Liaison with other functional leaders on credit issues and outside firms (legal department, collection agency, credit reports, etc.).

		
	2.
	Cash Management services, consisting of: 

		
	a.
	Management of treasury department (people, processes, policies); 

		
	b.
	Daily cash management (make payments (wires, ACH’s), cash position, funding accounts, etc.); and 

		
	c.
	Bank administration for all accounts, direct debit and account structure; and cash forecasting and tracking historical actual, accounting support.

		
	3.
	Treasury Operations services, consisting of:

		
	a.
	Preparation and submission of debt compliance certificates, borrowing base and interest and fee payments; 

		
	b.
	Credit card administration and support including internal and external audits; and 

		
	c.
	Management and maintenance of bank relations, treasury metrics and reporting.

		
	4.
	Supplier Credit services, consisting of: 

		
	a.
	Credit support for existing and new suppliers, including negotiation and preparation of agreements, obtaining credit, and credit applications; 

		
	b.
	Administration of supplier credit risk including reporting and tracking of activity; and 

		
	c.
	Management of letters of credit and prepayments.

		
	5.
	Capital Structure services, consisting of:

		
	a.
	Capital structure management, including debt, lease financing, equity and working capital; 

		
	b.
	Management of rating agencies and bank relationships;

		
	c.
	Investor relations support; 

		
	d.
	Evaluation and support relating to refinancings, offerings and other debt and capital activities; and 

		
	e.
	Support for business development including due diligence relating to treasury/finance for mergers and acquisitions. 

		
	E.
	CORPORATE COMPLIANCE / ENVIRONMENTAL / HSSR

		
	1.
	Corporate Risk and Compliance services, consisting of:

		
	a.
	Administration of insurance coverage and claims; 

		
	b.
	Risk assessment mapping and mitigation; 

		
	c.
	Development and management of compliance management structure, administration, reporting and resolution; and 

		
	d.
	Development and management of Enterprise Risk and Compliance Committee and associated compliance activities. 

		
	2.
	Environmental services, consisting of:  

		
	a.
	Corporate oversight over environmental compliance programs addressing all environmental media and fuel quality, including:

		
	i.
	Management of corporate audits of environmental programs and management systems; 

		
	ii.
	Management of corporate audits of fuel quality laboratories;   

		
	iii.
	Management of audits of fuel quality assurance for distribution systems downstream of refinery; 

		
	iv.
	Tracking of proposed environmental regulations; communication of developing changes to facility personnel; and transfer of knowledge to establish initial compliance programs for new regulatory requirements; 

		
	v.
	Assistance to Governmental Affairs and other departments in reviewing draft environmental legislation and advocating regulatory language favorable to facilities. 

 
		
	b.
	Support to facility management and environmental compliance staff, including: 

  
		
	vi.
	Consultation and assistance with negotiations regarding remediation activities, including financial assurance, permit actions, enforcement actions and other actions pending before environmental agencies, as requested;  

		
	vii.
	Provision of regulatory interpretations, guidance and training, as requested;  

		
	viii.
	Review of and comment on draft correspondence and reports to/from environmental agencies, as requested;  and 

		
	ix.
	Provision of technical consultation for Legal and outside environmental counsel, as requested. 

		
	c.
	Support for business development, consisting of management of environmental due diligence for mergers and acquisitions; and review of and comment on environmental text in purchase and sales agreements.

		
	d.
	Reporting regarding audits to Compliance Officer, Legal and Senior Management.

		
	e.
	Support for employee development including organization and coordination of network meetings for environmental staff of WNR, WNRL and NTI; and support of training efforts to increase the experience level of environmental staff. 

		
	3.
	Health, Safety, Security and Reliability (“HSSR”) services, consisting of:

		
	a.
	Audits and Benchmarking, including periodic reviews, assessments and benchmarking of safety, PSM and reliability management systems and practices;

		
	b.
	Development and exchange of standards and best practices, including providing access to existing and future PSM and Mechanical Integrity standards and Equity Engineering practices;

		
	c.
	Technical advisory services to the NTI Safety & Risk Management Committee, as requested; 

		
	d.
	Consultation regarding PSM / MI / Emergency Planning & Response Consulting, as requested, including consulting services in PSM/MI and EP&R issues and participation in major incident investigations and root cause failure analyses; and

		
	e.
	Support for employee development including organization and coordination of network meetings for HSSR staff of WNR, WNRL and NTI to share lessons learned and best practices; and 

		
	f.
	Support of training efforts to increase the experience level of HSSR staff. 

		
	F.
	CORPORATE PLANNING AND DEVELOPMENT

		
	1.
	Corporate Planning services, consisting of:

		
	a.
	Consultation regarding commodity price forecasting and planning, as requested; 

		
	b.
	Development and maintenance of planning tools including linear program models, scheduling systems, and blending evaluation tools.  Provide support to users of the tools including troubleshooting, interpretation of results, and functionality enhancement planning and implementation;  

		
	c.
	Support for employee development and training; and 

		
	d.
	Evaluation of synergies among WNR, WNRL and NTI.  

		
	2.
	Crude Quality Management Program services, consisting of:

		
	a.
	Development, maintenance and management of crude quality data in support of the short range, long range, and strategic planning process;  

		
	b.
	Contracting and management of third party laboratories in support of the crude testing program; and 

		
	c.
	Preparation of quarterly reports, identification of crude quality trends and recommendations of additional testing and crude assay updates. 

		
	G.
	GOVERNMENTAL AFFAIRS

		
	1.
	Governmental affairs and lobbying services, consisting of:

		
	a.
	Advocacy and lobbying of legislators and staff, agency commissioners and staff, as well as the Governor and staff on all legislation impacting NTI; 

		
	b.
	Selection and management of lobbying firm in development of NTI’s legislative strategy and lobbying firm’s activities for NTI; 

		
	c.
	Participation in state and regional petroleum coalitions on behalf of NTI and meetings and calls, as requested;

		
	d.
	Drafting legislation directly or through lobbying firm for sponsored bills and amendments;

		
	e.
	Attend or have a representative attend all legislative and administrative hearings impacting NTI; 

		
	f.
	Monitoring of all legislation, targeting and prioritizing NTI issues.

		
	g.
	Development and fostering of relationships with key legislators and government officials;

		
	h.
	Reporting to NTI including weekly reports during legislative sessions and more frequently as requested;

		
	i.
	Facilitation of interactions between NTI and legislators and candidates; and 

		
	j.
	Oversight and support regarding compliance with applicable campaign finance and related laws.  

 
		
	H.
	CORPORATE COMMUNICATIONS / PUBLIC AFFAIRS

		
	1.
	Public Relations services, consisting of development of long and short term plans for proactively engaging the media, including developing NTI positioning, messaging and materials, including: 

		
	a.
	Press releases;

		
	b.
	Crisis communications plans and materials;

		
	c.
	Media lists;

		
	d.
	Media interaction; and 

		
	e.
	Media training.

		
	2.
	Community Relations services, consisting of development of charitable giving and volunteer program, including: 

		
	a.
	Giving criteria;

		
	b.
	Budgets;

		
	c.
	Employee communication and activation; and 

		
	d.
	Public recognition.

		
	3.
	Internal Communications services, consisting of:

		
	a.
	Management of regular town hall meetings; and 

		
	b.
	Drafting and publication of quarterly NTI newsletter; and 

		
	c.
	Other internal communications services as requested.   

		
	4.
	Board Relations services, consisting of management and direction of all Board of Director and committee communications and logistics, including: 

		
	a.
	Development of annual Board of Director and committee schedules; 

		
	b.
	Development and management of Board of Director and committee agendas; 

		
	c.
	Arrangement of logistical details for all meetings; and 

		
	d.
	Oversight over vendors providing tools for Board of Directors and executives. 

		
	5.
	Advertising and Sponsorships services, consisting of development and administration of plans and activities to raise NTI’s profile in the community through paid advertising, sponsorships and promotional activities, including: 

		
	a.
	Development of overall strategy;

		
	b.
	Evaluation of opportunities; and 

		
	c.
	Activation of programs.

		
	I.
	INTERNAL AUDIT

		
	1.
	Internal Audit services, consisting of 

		
	a.
	Testing of IT General Controls, including assessment of the design and operating effectiveness of the Information Technology General Controls; 

		
	b.
	SOX Compliance consultation, including support of overall SOX compliance efforts.

		
	J.
	HR

		
	1.
	Management services for the following vendor systems:

		
	a.
	Fidelity 401(k), including weekly processing, file downloads for deferral and loan updates via EAN or recurring items, submission and reconciliation of ExpHR csv files to Fidelity against payroll funding details; and dashboard updates; 

		
	b.
	Met Life, including verification and submission of invoices, updates input into ExpHR for payroll deductions; 

		
	c.
	Wells Fargo including entry and submission of retirement disbursements under Cash Balance Plan and RSA/RSU Administration updates; and 

		
	d.
	Corporate systems including HireRight, HR Smart, Talx/Equifax and CRS. 

		
	2.
	Corporate HR services, consisting of:

		
	a.
	Management and administration of and service on Investment Committee and Benefits Committee including facilitation of meetings and preparation and maintenance of agendas, minutes and associated materials;  

		
	b.
	Processing of CT Corp Invoices, as requested; 

		
	c.
	Collection and provision of information for annual M&M Survey or other compensation services, as requested; 

		
	d.
	Provision of employment/income verifications, as requested; and 

		
	e.
	Provision of consultation and support regarding HR, labor and benefits matters, as requested.  

Exhibit A-2 
Schedule of Compensation
Direct Expenses 
Northern Tier will reimburse the Western Parties for all expenses and out-of-pocket costs incurred by the Western Parties and their Subsidiaries in connection with providing the Western Services or the Western Parties will arrange to have those expenses and out-of-pocket costs paid directly by Northern Tier.
Allocated Costs
Northern Tier will pay the Western Parties for the resources and overhead support to provide the activities listed in Exhibit A-1 based on an allocation of the costs (without markup) that are incurred by the Western Parties for such resources and support.  The costs for each service will be allocated to Northern Tier based upon key metrics identified by the Western Parties as part of their annual budgeting process and the allocation of those costs to their Subsidiaries.
Prior to the Effective Date, the Western Parties and Northern Tier have agreed on the resources and overhead support that are anticipated to be required for the Western Services through March 31, 2015 and based on the cost allocation methodology described above, the Western Parties have established service fees to be paid by Northern Tier for the Western Services, as set forth below. This initial estimate of resources and support will be used as the monthly service fee for the Western Services through March 31, 2015. 
For each six month period starting April 1, 2015 until April 1, 2017, the Parties will review the amount of resources and overhead support actually required to perform the Western Services during the prior six-month period, and the Western Parties will use the actual level of resources and support in that prior period (with any adjustments which the Parties may mutually establish) to determine the monthly service fees for the Western Services for the following six-month period using the cost allocation methodology described above.    
For each twelve-month period starting on April 1, 2017 and thereafter, the Parties will review the amount of resources and overhead support actually required to perform the Western Services during the prior twelve-month period, and the Western Parties will use the actual level of resources and support in that prior period (with any adjustments which the Parties may mutually establish) to determine the monthly service fees for the Western Services for the following twelve-month period using the cost allocation methodology described above.    
In connection with the foregoing, the revised service fees will be effective on April 1st and October 1st for each six-month adjustment and on April 1st for each annual adjustment.  Prior to the effective date of the revised service fees, the Parties shall use commercial reasonable efforts to determine the amount of resources and overhead support actually required to perform the Western Services in each prior period, and the Western Parties will prepare a statement summarizing the revised service fees based on the cost allocation methodology described above for such resources and support.

Exhibit B-1 
NTI Services
SERVICES TO BE PROVIDED BY NTI TO WNR

		
	A.
	RISK MANAGEMENT

		
	1.
	Risk management services, including evaluation of insurance needs, policies and risks; management of brokers; placement of coverages; supervision over claims; development and  management of analytics to reduce risks and control costs; and support of compliance functions.  

		
	B.
	LEGAL 

		
	1.
	Legal Services in support of HR, labor and employment.   

Exhibit B-2 
Schedule of Compensation
Direct Expenses 
Western will reimburse the Northern Tier Parties for all expenses and out-of-pocket costs incurred by the Northern Tier Parties and their Subsidiaries in connection with providing the NTI Services or Northern Tier will arrange to have those expenses and out-of-pocket costs paid directly by Western.
Allocated Costs
Western will pay Northern Tier for the resources and overhead support to provide the activities listed in Exhibit B-1 based on an allocation of the costs (without markup) that are incurred by Northern Tier for such resources and support.  The costs for each service will be allocated to Western based upon key metrics identified by Northern Tier as part of their annual budgeting process and the allocation of those costs to their Subsidiaries.
Prior to the Effective Date, the Northern Tier and the Western Parties have agreed on the resources and overhead support that are anticipated to be required for the NTI Services through March 31, 2015 and based on the cost allocation methodology described above, Northern Tier has established service fees to be paid by the Western Parties for the NTI Services, as set forth below. This initial estimate of resources and support will be used as the monthly service fee for the NTI Services through March 31, 2015. 
For each six month period starting April 1, 2015 until April 1, 2017, the Parties will review the amount of resources and overhead support actually required to perform the NTI Services during the prior six-month period, and Northern Tier will use the actual level of resources and support in that prior period (with any adjustments which the Parties may mutually establish) to determine the monthly service fees for the NTI Services for the following six-month period using the cost allocation methodology described above.    
For each twelve-month period starting on April 1, 2017 and thereafter, the Parties will review the amount of resources and overhead support actually required to perform the NTI Services during the prior twelve-month period, and Northern Tier will use the actual level of resources and support in that prior period (with any adjustments which the Parties may mutually establish) to determine the monthly service fees for the NTI Services for the following twelve-month period using the cost allocation methodology described above.    
In connection with the foregoing, the revised service fees will be effective on April 1st and October 1st for each six-month adjustment and on April 1st for each annual adjustment.  Prior to the effective date of the revised service fees, the Parties shall use commercial reasonable efforts to determine the amount of resources and overhead support actually required to perform the NTI Services in each prior period, and Northern Tier will prepare a statement summarizing the revised service fees based on the cost allocation methodology described above for such resources and support.

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