Document:

EX-10.11

 Exhibit 10.11 

Execution Version 

WAIVER, CONSENT AND FOURTH AMENDMENT TO CREDIT AGREEMENT 

THIS WAIVER, CONSENT AND FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of December 3, 2019, by
and among Clearwater Analytics, LLC (the “Borrower”), Carbon Analytics Acquisition LLC (“Holdings”), the other Guarantors party hereto, Ares Capital Corporation, as Administrative Agent, Lender and Issuing Lender
and the Lenders party hereto. 
 W I T N E S S E T H: 

WHEREAS, Borrower, Holdings, Administrative Agent and the other Lenders from time to time party thereto are parties to that certain Credit
Agreement dated as of September 1, 2016 (as amended by the First Amendment to Credit Agreement, dated as of December 23, 2016, as further amended by the Second Amendment to Credit Agreement, dated as of March 23, 2018, as further amended by that
Third Amendment to Credit Agreement, dated as of July 3, 2019 and as further amended, restated, supplemented or modified from time to time prior to the date hereof, the “Credit Agreement”; unless otherwise defined herein,
capitalized terms used herein that are not otherwise defined herein shall have the respective meanings assigned to such terms in the Credit Agreement, as amended by this Amendment); 

WHEREAS, the Borrower has requested that, on the Fourth Amendment Effective Date (as defined below), the Lenders party hereto and set forth on
Schedule I hereto (collectively, the “Incremental Term Lenders”) provide to the Borrower Incremental Term Commitments in an aggregate amount equal to $25,000,000 (such Incremental Term Commitments, the “Incremental
Term Commitments”) to make Incremental Term Loans thereunder (such Incremental Term Loans, the “Incremental Term Loans”), the proceeds of which shall be used to (i) finance all or a portion of the payment of a
settlement and/or judgment and fees and expenses related to the matter of S&C Technologies, Inc. v. Clearwater Analytics, LLC and Bradley Rossa, and (ii) finance settlements, judgments, legal fees and other expenses related to the matter of
S&C Technologies, Inc. v. Clearwater Analytics, LLC and Richard Pullara (the incurrence of the Incremental Term Loans and such settlement amount and such fees and expenses is collectively referred to as the “Fourth Amendment
Transactions”); 
 WHEREAS, each Incremental Term Lender is willing to extend an Incremental Term Commitment and make an
Incremental Term Loan in the principal amount set forth opposite its name on Schedule I hereto on the terms and conditions contained herein; 

WHEREAS, the Borrower has informed the Administrative Agent that certain Events of Default listed in Schedule II attached hereto (such
existing Events of Default, the “Designated Defaults”) have occurred and are continuing under the Credit Agreement as of the date hereof, and the Borrower has requested that the Administrative Agent and the Required Lenders waive
the Designated Defaults subject to the terms and conditions of this Amendment; and 

 WHEREAS, the Credit Parties have requested, and the Administrative Agent and the Lenders
party hereto have agreed, to amend certain provisions of the Credit Agreement on the terms set forth herein; 
 NOW, THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows: 

1.    Incremental Term Loans. 

a)    Subject to the terms and conditions set forth herein, each Incremental Term Lender agrees, severally
and not jointly, to make Incremental Term Loans in Dollars to the Borrower on the Fourth Amendment Effective Date in a principal amount equal to the amount set forth opposite the name of such Incremental Term Lender on Schedule I hereto.
Amounts paid or prepaid in respect of the Incremental Term Loans may not be reborrowed. 
 b)    The
terms of the Incremental Term Loans shall be as set forth in the Credit Agreement, as amended by this Amendment. Notwithstanding anything to the contrary in the Credit Agreement, the Incremental Term Loans shall initially be LIBOR Loans that have a
LIBOR Period equal to the remaining duration of the LIBOR Period then applicable to the Tranche B Term Loans outstanding on the Fourth Amendment Effective Date, and thereafter may be converted or continued as set forth in Section 4.2 of the
Credit Agreement, as amended by this Amendment. 
 c)    The Incremental Term Commitments shall
automatically terminate on the earlier of (i) the making of the Incremental Term Loans on the Fourth Amendment Effective Date and (ii) 5:00 p.m., New York City time, on December 3rd, 2019. 

d)    Pursuant to Section 2.3 of the Credit Agreement, (i) the Incremental Term Loans
(A) shall constitute Obligations and have all of the benefits thereof and (B) shall be secured by the Liens granted to the Administrative Agent for the benefit of the Secured Parties under the Credit Agreement or any other Credit Document,
and (ii) each Incremental Term Lender shall have all of the rights, remedies, privileges and protections applicable to the Lenders under the Credit Agreement and the other Credit Documents. 

2.    Amendments to Credit Agreement. Upon the occurrence of the Fourth Amendment Effective Date (as hereinafter
defined), each of the Credit Agreement and Exhibit C to the Credit Agreement is hereby amended (a) to delete the red or green stricken text (indicated textually in the same manner as the following examples: stricken text and stricken
text) and (b) to add the blue or green double-underlined text (indicated textually in the same manner as the following examples: double-underlined text and double-underlined text), in each case, as set forth in the marked copy
of the Credit Agreement and Exhibit C to the Credit Agreement attached hereto as Exhibit A and made a part hereof for all purposes. 

  
 2 

 3.    Conditions. This Amendment shall become effective on the
date (the “Fourth Amendment Effective Date”) on which each of the following conditions have been satisfied (or waived) in accordance with the terms therein: 

a)    the Administrative Agent shall have received this Amendment executed and delivered by the Borrower,
the other Loan Parties, the Administrative Agent, the Incremental Term Lenders and the Required Lenders under the Credit Agreement; 

b)    the Administrative Agent shall have received from the Borrower payment in immediately available funds
of (i) all accrued costs, fees and expenses (in the case of legal fees and expenses, limited to the reasonable fees, expenses and other charges of one outside counsel) reimbursable pursuant to the terms of the Credit Agreement to the extent
invoiced at least three (3) Business Days prior to the Fourth Amendment Effective Date and (ii) a non-refundable closing fee, for the ratable account of each Incremental Term Lender, equal to 2.00% of the aggregate principal amount of such
Incremental Term Lender’s Incremental Term Commitment; 
 c)    the Administrative Agent shall have
received with respect to each of Borrower and Holdings such certificates of good standing (to the extent such concept exists in the relevant jurisdiction and only to the extent it is customary for such certificates to be delivered in similar
transactions in the relevant jurisdiction) from the applicable secretary of state of the state of organization of each of Borrower and Holdings, certificates of resolutions or other corporate or limited liability company action, incumbency
certificates and/or other certificates of Responsible Officers of each of Borrower and Holdings evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with the
this Amendment; 
 d)    the Administrative Agent shall have received a written opinion from
Kirkland & Ellis LLP dated as of the Fourth Amendment Effective Date and in form and substance reasonably satisfactory to the Administrative Agent; 

e)    the Administrative Agent shall have received a duly completed Borrowing Notice for the Incremental
Term Loans prior to 11:30 a.m., New York City time, three (3) Business Days prior to the Fourth Amendment Effective Date (or such later time as agreed by the Administrative Agent in its sole discretion); 

f)    the Administrative Agent shall have received (i) a certificate of a financial officer of the
Borrower, in substantially the form attached as Exhibit L to the Credit Agreement, certifying that the Borrower and its Subsidiaries, on a consolidated basis, after giving effect to the Fourth Amendment Transactions, are Solvent and (ii) a
certificate of a Responsible Officer of the Borrower dated the Fourth Amendment Effective Date certifying to the representations and warranties in Sections 4(c) and 4(d) below; and 

g)    a Compliance Certificate for the fiscal quarter ended September 30, 2019. 

  
 3 

 4.    Representations and Warranties. Each of the Borrower,
Holdings and the other Loan Parties hereto hereby represents and warrants to the Administrative Agent that: 

a)    on and as of the Fourth Amendment Effective Date, (i) it has all requisite corporate or limited
liability company, as applicable, power and authority to enter into and perform its obligations under this Amendment and the Credit Agreement as amended hereby, and (ii) this Amendment has been duly authorized, executed and delivered by it;

 b)    this Amendment, and the Credit Agreement as amended hereby, constitute legal, valid and binding
obligations of such entity, enforceable against it in accordance with their respective terms, in each case except as enforceability may be limited by applicable domestic or foreign bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); 

c)    each of the representations and warranties made by any Loan Party set forth in Section 5 of the
Credit Agreement or in any other Loan Document are true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by “materiality”, “Material Adverse Effect” or similar
qualifier, in which case, it shall be true and correct in all respects) on and as of the Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an
earlier date (in which case such representations and warranties shall be true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by “materiality,” “Material Adverse
Effect” or similar qualifier, in which case, it was true and correct (after giving effect to any such qualifier) in all respects) on and as of such earlier date); and 

d)    on and as of the Fourth Amendment Effective Date, no Default or Event of Default has occurred and is
continuing. 
 5.    Limited Waiver. Upon the occurrence of the Fourth Amendment Effective Date, the
Administrative Agent and the Required Lenders hereby waive the Designated Defaults. The waiver in this Section 5 shall be effective only in this specific instance and for the specific purpose set forth herein and does not allow for any other or
further departure from the terms and conditions of the Credit Agreement or any other Credit Document, which terms and conditions shall continue in full force and effect. 

6.    Consent. Upon the occurrence of the Fourth Amendment Effective Date, the Administrative Agent and the
Required Lenders hereby consent to the payment of the Permitted Specified Fourth Amendment Litigation Payment. 

7.    No Modification. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute
a waiver of compliance with any term or condition contained in the Credit Agreement or any of the other Credit Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the Administrative Agent and
Lenders reserve all rights, privileges and remedies under the Credit Documents. Except as amended or consented to hereby, the Credit Agreement and other Credit Documents remain unmodified and in full force and effect. This Amendment shall constitute
a “Credit Document” for all purposes under the Credit Agreement and the other Credit Documents. All references in the Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.

  
 4 

 8.    Reaffirmation. Each of the Credit Parties, as debtor,
grantor, pledgor, guarantor, collateral assignor, or in other any other similar capacity in which such Credit Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby
(a) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents to which it is a party (after giving effect hereto) and (b) to the extent such Credit Party granted
liens on or security interests in any of its property pursuant to any such Credit Document as security, for or otherwise guaranteed, the Obligations under or with respect to the Credit Documents, ratifies and reaffirms such guarantee and grant of
security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. Each of the Credit Parties hereby acknowledges that each of the Credit Documents remains in full
force and effect and is hereby ratified and reaffirmed. Except as expressly set forth herein, the execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, constitute a waiver
of any provision of any of the Credit Documents or serve to effect a novation of the Obligations. 

9.    Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of
separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of a signed counterpart by facsimile or Adobe “pdf” file shall be effective as delivery of a manually
executed counterpart. 
 10.    Successors and Assigns. The provisions of this Amendment shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

11.    Governing Law. This Amendment and the rights and obligations of the parties under this Amendment shall be
governed by, and construed and interpreted in accordance with, the law of the State of New York. 

12.    Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 [Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 5 

 IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	CLEARWATER ANALYTICS, LLC, as Borrower
		
	By:	 	 /s/ Eric J. Lee

	Name:	 	Eric J. Lee
	Title:	 	President and Secretary
	
	CARBON ANALYTICS ACQUISITION LLC,
as Holdings
		
	By:	 	 /s/ Eric J. Lee

	Name:	 	Eric J. Lee
	Title:	 	President and Secretary
	
	CLEARWATER PROPERTY HOLDINGS, LLC,
as a Guarantor
		
	By:	 	Clearwater Analytics, LLC
	Its:	 	Managing Member
		
	By:	 	 /s/ Eric J. Lee

	Name:	 	Eric J. Lee
	Title:	 	President and Secretary

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
					
	ARES CAPITAL CORPORATION, as
	Administrative Agent, Lender and Issuing Lender
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	ARES CENTRE STREET PARTNERSHIP, L.P.,
	as a Lender
	By: Ares Centre Street GP, Inc., as general partner
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	ARES JASPER FUND, L.P., as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	ARES ND CSF HOLDINGS LLC, as a Lender
	By: Ares Capital Management LLC, as servicer
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	 ARES ND CREDIT STRATEGIES FUND LLC,

as a Lender

	By: Ares Capital Management LLC, its account manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
					
	ARES CREDIT STRATEGIES INSURANCE DEDICATED FUND SERIES INTERESTS OF SALI MULTI-SERIES FUND, L.P., as a Lender
	By: Ares Management LLC, its investment subadvisor
	By: Ares Capital Management LLC, as subadvisor
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	ARES SENIOR DIRECT LENDING MASTER FUND DESIGNATED ACTIVITY COMPANY,
	as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	ARES SENIOR DIRECT LENDING PARALLEL FUND (L), L.P., as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	ARES SENIOR DIRECT LENDING PARALLEL FUND (U), L.P., as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
					
	ARES SDL HOLDINGS (U) INC., as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	 ARES SFERS CREDIT STRATEGIES FUND LLC,

as a Lender

	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	ARES SFERS HOLDINGS LLC, as a Lender
	By: Ares Capital Management LLC, its servicer
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	ADF I HOLDINGS LLC, as a Lender
	By: Ares Capital Management LLC, as servicer
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	AC AMERICAN FIXED INCOME IV, L.P., as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
					
	FEDERAL INSURANCE COMPANY, as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	GREAT AMERICAN LIFE INSURANCE COMPANY, as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	 GREAT AMERICAN INSURANCE COMPANY,

as a Lender

	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory
	
	BOWHEAD IMC LP, as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
					
	AN CREDIT STRATEGIES FUND, L.P., as a Lender
	By: Ares Capital Management LLC, its investment
	       manager
		
	By:	 	 /s/ Scott Lem

		 	Name: Scott Lem
		 	Title:   Authorized Signatory

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
			
	 AO MIDDLE MARKET CREDIT L.P., as a Lender
  

by its general partner, OCM Middle Market Credit G.P. Inc.

		
	By:	 	 /s/ K. Patel

	Name:	 	K. Patel
	Title:	 	Director
		
	By:	 	 /s/ Jeremy Ehrlich

	Name:	 	Jeremy Ehrlich
	Title:	 	Director

 
			
	AO MIDDLE MARKET CREDIT FINANCING L.P.,
	By: AO Middle Market Credit Financing GP Ltd., its general partner
		
	By:	 	 /s/ K. Patel

	Name:	 	K. Patel
	Title:	 	Director
		
	By:	 	 /s/ Jeremy Ehrlich

	Name:	 	Jeremy Ehrlich
	Title:	 	Director

 
					
	IVY HILL MIDDLE MARKET CREDIT FUND
	IV, LTD., as a Lender
	By: Ivy Hill Asset Management, L.P., as Portfolio Manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory
	
	IVY HILL MIDDLE MARKET CREDIT FUND
	V, LTD., as a Lender
	By: Ivy Hill Asset Management, L.P., as Portfolio        Manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory
	
	IVY HILL MIDDLE MARKET CREDIT FUND
	VII, LTD., as a Lender
	By: Ivy Hill Asset Management, L.P., as Asset Manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory
	
	IVY HILL MIDDLE MARKET CREDIT FUND
	VIII, LTD., as a Lender
	By: Ivy Hill Asset Management, L.P., as Collateral        Manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
					
	IVY HILL MIDDLE MARKET CREDIT FUND
	IX, LTD., as a Lender
	By: Ivy Hill Asset Management, L.P., as Asset Manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory
	
	IVY HILL MIDDLE MARKET CREDIT FUND
	X, LTD., as a Lender
	By: Ivy Hill Asset Management, L.P., as Asset Manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory
	
	IVY HILL MIDDLE MARKET CREDIT FUND
	XII, LTD., as a Lender
	By: Ivy Hill Asset Management, L.P., as Asset Manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory
	
	FEDERAL INSURANCE COMPANY, as a Lender
	By: Ivy Hill Asset Management, L.P., as investment        manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
					
	PRIVATE DEBT STRATEGIES FUND III, L.P.,
	as a Lender
	By: Ivy Hill Asset Management, L.P., as Manager
		
	By:	 	 /s/ Shelly Cleary

		 	Name: Shelly Cleary
		 	Title:   Authorized Signatory

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
			
	GCIC CLO II LLC, as a Lender
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 17(M)-R,
	Ltd., as a Lender
	By: GC Advisors LLC, as agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 25(M)-R,
	Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 28(M), Ltd.,
	as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 30(M), Ltd.,
	as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
			
	Golub Capital Partners CLO 33(M), Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 34(M)-R, Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 38(M), Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 44(M), Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 45(M), Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
			
	Golub Capital BDC CLO 2014 LLC, as a Lender
	By: GC Advisors LLC, its Collateral Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital BDC CLO III LLC, as a Lender
	By: GC Advisors LLC, its Collateral Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital PEARLS Direct Lending
	Program, L.P., as a Lender
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital BDC Holdings LLC, as a Lender
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	GC Finance Operations LLC, as a Lender
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement] 

 
			
	GCIC Funding LLC, as a Lender
	By: Golub Capital BDC, Inc., its sole member
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	GCIC Holdings LLC, as a Lender
	By: Golub Capital BDC, Inc., its sole member
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	GCP Finance 6 Ltd., as a Lender
	By: GC Advisors LLC, as agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Finance Funding LLC, as a Lender
	By: GC Advisor LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Waiver
and Fourth Amendment to Credit Agreement]EX-10.12

 Exhibit 10.12 

Execution Version 

FIFTH AMENDMENT TO CREDIT AGREEMENT 

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of October 19, 2020, by and among
Clearwater Analytics, LLC (the “Borrower”), Carbon Analytics Acquisition LLC (“Holdings”), the other Guarantors party hereto, Ares Capital Corporation, as Administrative Agent, Lender and Issuing Lender and the
Lenders party hereto. 
 W I T N E S S E T H: 

WHEREAS, Borrower, Holdings, Administrative Agent and the other Lenders from time to time party thereto are parties to that certain Credit
Agreement dated as of September 1, 2016 (as amended by the First Amendment to Credit Agreement, dated as of December 23, 2016, as further amended by the Second Amendment to Credit Agreement, dated as of March 23, 2018, as further
amended by the Third Amendment to Credit Agreement, dated as of July 3, 2019, as further amended by the Fourth Amendment to Credit Agreement, dated as of December 3, 2019 and as further amended, restated, supplemented or modified from time
to time prior to the date hereof, the “Credit Agreement”; unless otherwise defined herein, capitalized terms used herein that are not otherwise defined herein shall have the respective meanings assigned to such terms in the Credit
Agreement, as amended by this Amendment); 
 WHEREAS, the Borrower has requested that the Lenders party hereto and set forth on Schedule
I hereto (collectively, the “Incremental Lenders”) provide to the Borrower (x) Incremental Term Commitments in an aggregate amount up to $203,000,000 (such Incremental Term Commitments, the “Incremental Term
Commitments” and the Incremental Lenders providing such Incremental Term Commitments, the “Incremental Term Lenders”) to make Incremental Term Loans thereunder (such Incremental Term Loans, the “Incremental Term
Loans”), the proceeds of which shall be used to fund the Fifth Amendment Transactions (as defined below) together with the documentation of this Amendment and (y) Incremental Revolving Credit Commitments in an aggregate amount of
$10,000,000 (such Incremental Revolving Credit Commitments, the “Incremental Revolving Credit Commitments”, and the Incremental Lenders providing such Incremental Revolving Credit Commitments, the “Incremental Revolving
Credit Lenders”). The incurrence of the Incremental Term Loans and Incremental Revolving Credit Commitments, the consummation of the Fifth Amendment Funding Date Dividend, the New Investor Transaction (as defined in the attached Exhibit A)
and the payment of fees and expenses in connection in each case therewith and hereunder are collectively referred to as the “Fifth Amendment Transactions”; 

WHEREAS, each Incremental Term Lender is willing to extend an Incremental Term Commitment and make an Incremental Term Loan in the principal
amount set forth opposite its name on Schedule I hereto and each Incremental Revolving Credit Lender is willing to extend Incremental Revolving Credit Commitments in the amount set forth opposite its name on Schedule I hereto, in each
case, on the terms and conditions contained herein; 
 WHEREAS, the Credit Parties have requested, and the Administrative Agent and the
Lenders party hereto (which constitute (i) “Required Lenders”, other than with respect to the Specified Amendment (as defined below) and (ii) all Lenders directly affected thereby with 

 
respect to the amendments to the definitions of “Tranche B Maturity Date” and “Revolving Credit Termination Date” (such amendments, collectively, the “Specified
Amendment”)) have agreed, to amend certain provisions of the Credit Agreement on the terms set forth herein; 
 NOW, THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows: 

1.     Incremental Term Loans. 

a)     Subject to the terms and conditions set forth herein, each Incremental Term Lender agrees, severally
and not jointly, to make Incremental Term Loans in Dollars to the Borrower on the Fifth Amendment Funding Date in a principal amount equal to the amount set forth opposite the name of such Incremental Term Lender on Schedule I hereto;
provided, that notwithstanding anything to the contrary in the Credit Documents, prior to the incurrence of Incremental Term Loans on the Fifth Amendment Funding Date, each Incremental Term Lender shall be entitled to amend Schedule I
hereto to reallocate its Incremental Term Commitment among its Affiliates and Approved Funds. Amounts paid or prepaid in respect of the Incremental Term Loans may not be reborrowed. 

b)     The terms of the Incremental Term Loans shall be as set forth in the Credit Agreement, as amended by
this Amendment. Notwithstanding anything to the contrary in the Credit Agreement, the Incremental Term Loans shall initially be LIBOR Loans that have a LIBOR Period equal to the remaining duration of the LIBOR Period then applicable to the Tranche B
Term Loans outstanding on the Fifth Amendment Funding Date, and thereafter may be converted or continued as set forth in Section 4.2 of the Credit Agreement, as amended by this Amendment. 

c)     The Incremental Term Commitments shall automatically terminate on the earlier of (i) the making
of the Incremental Term Loans on the Fifth Amendment Funding Date and (ii) 5:00 p.m., New York City time, on October 31, 2020 (the “Fifth Amendment Commitment Termination Date”). 

d)     Pursuant to Section 2.3 of the Credit Agreement, (i) the Incremental Term Loans
(A) shall constitute Obligations and have all of the benefits thereof and (B) shall be secured by the Liens granted to the Administrative Agent for the benefit of the Secured Parties under the Credit Agreement or any other Credit Document,
and (ii) each Incremental Term Lender shall have all of the rights, remedies, privileges and protections applicable to the Lenders under the Credit Agreement and the other Credit Documents. 

2.     Incremental Revolving Credit Commitments. 

a)     Subject to the occurrence of the Fifth Amendment Funding Date, each Incremental Revolving Credit
Lender agrees, severally and not jointly, to make available to the Borrower the Incremental Revolving Credit Commitments on the Fifth Amendment Funding Date in an aggregate amount equal to the amount set forth opposite the name of such Incremental
Revolving Credit Lender on Schedule I hereto; provided, 

  
 2 

 
that notwithstanding anything to the contrary in the Credit Documents, prior to the incurrence of Incremental Revolving Credit Loans on the Fifth Amendment Funding Date, each Incremental
Revolving Credit Lender shall be entitled to amend Schedule I hereto to reallocate its Incremental Revolving Credit Commitment among its Affiliates and Approved Funds. 

b)     The terms of the Incremental Revolving Credit Commitments shall be as set forth in the Credit
Agreement, as amended by this Amendment. Notwithstanding anything to the contrary in the Credit Agreement, the Incremental Revolving Credit Commitments shall constitute “Revolving Credit Commitments” under the Credit Agreement and any
Loans made in respect of the Incremental Revolving Credit Commitments shall constitute “Revolving Credit Loans”. 

c)     The Incremental Revolving Credit Lenders’ commitment to extend the Incremental Revolving Credit
Commitments shall automatically terminate on the earlier of (i) the extension of the Incremental Revolving Credit Commitments on the Fifth Amendment Funding Date and (ii) the Fifth Amendment Commitment Termination Date. 

d)     Pursuant to Section 2.3 of the Credit Agreement, (i) the Incremental Revolving Credit
Commitments (A) shall constitute Obligations and have all of the benefits thereof and (B) shall be secured by the Liens granted to the Administrative Agent for the benefit of the Secured Parties under the Credit Agreement or any other
Credit Document, and (ii) each Incremental Revolving Credit Lender shall have all of the rights, remedies, privileges and protections applicable to the Lenders under the Credit Agreement and the other Credit Documents. 

3.     Amendments to Credit Agreement. Upon the occurrence of the Fifth Amendment Funding Date (as hereinafter
defined), each of the Credit Agreement and Exhibit C to the Credit Agreement is hereby automatically amended (a) to delete the red or green stricken text (indicated textually in the same manner as the following examples: stricken text and stricken
text) and (b) to add the blue or green double-underlined text (indicated textually in the same manner as the following examples: double-underlined text and double-underlined text), in each case, as set forth in the marked copy
of the Credit Agreement and Exhibit C to the Credit Agreement attached hereto as Exhibit A and made a part hereof for all purposes. 

4.     Conditions to Effectiveness. This Amendment shall become effective on the date (the “Fifth Amendment
Effective Date”) on which each of the following conditions have been satisfied (or waived) in accordance with the terms herein: 

a)     the Administrative Agent shall have received this Amendment executed and delivered by the Borrower,
the other Credit Parties, the Administrative Agent, the Incremental Term Lenders, the Required Lenders (with respect to the amendments other than the Specified Amendment) and each Lender (with respect to the Specified Amendment) under the Credit
Agreement. 
 5.     Fifth Amendment Funding Date. The obligations of (i) the Incremental Term Lenders to
provide to the Borrower Incremental Term Commitments and to make Incremental 

  
 3 

 
Term Loans thereunder and (ii) the Incremental Revolving Credit Lenders to provide to the Borrower Incremental Revolving Credit Commitments are subject to the receipt by the Administrative
Agent of all documentation listed below and the satisfaction (or waiver) of all other conditions listed below in accordance with the terms herein (the date on which all such conditions are satisfied or waived, the “Fifth Amendment Funding
Date”): 
 a)     the Fifth Amendment Effective Date shall have occurred; 

b)     the Administrative Agent shall have received from the Borrower payment in immediately available
funds of (i) all accrued costs, fees and expenses (in the case of legal fees and expenses, limited to the reasonable fees, expenses and other charges of one outside counsel) reimbursable pursuant to the terms of the Credit Agreement and the
Fifth Amendment Fee Letter, dated as of the Fifth Amendment Effective Date, by and among the Borrower, Ares Capital and Golub Capital LLC (the “Fee Letter”), in each case, to the extent invoiced at least three (3) Business Days
prior to the Fifth Amendment Funding Date, (ii) all fees required to be paid by the Borrower on the Fifth Amendment Funding Date pursuant to the Fee Letter and (iii) a non-refundable amendment fee,
for the ratable account of each Lender executing this Amendment, equal to 0.50% of the aggregate principal amount of such Lender’s Term Loans and Revolving Credit Commitments outstanding immediately prior to the occurrence of the Fifth
Amendment Funding Date; 
 c)     the Administrative Agent shall have received with respect to each of
Borrower and Holdings such certificates of good standing (to the extent such concept exists in the relevant jurisdiction and only to the extent it is customary for such certificates to be delivered in similar transactions in the relevant
jurisdiction) from the applicable secretary of state of the state of organization of each of Borrower and Holdings, certificates of resolutions or other corporate or limited liability company action, incumbency certificates and/or other certificates
of Responsible Officers of each of Borrower and Holdings evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment; 

d)     the Administrative Agent shall have received a written opinion from Kirkland & Ellis LLP
dated as of the Fifth Amendment Funding Date and in form and substance reasonably satisfactory to the Administrative Agent; 

e)     the Administrative Agent shall have received a duly completed Borrowing Notice for the Incremental
Term Loans prior to 11:30 a.m., New York City time, three (3) Business Days prior to the Fifth Amendment Funding Date (or such later time as agreed by the Administrative Agent in its sole discretion); 

f)     the Administrative Agent shall have received (i) a certificate of a financial officer of the
Borrower, in substantially the form attached as Exhibit L to the Credit Agreement, certifying that the Borrower and its Subsidiaries, on a consolidated basis, after giving effect to the Fifth Amendment Transactions, are Solvent and (ii) a
certificate of a Responsible Officer of the Borrower dated the Fifth Amendment Funding Date 

  
 4 

 
certifying to the representations and warranties in Sections 6(c) and 6(d) below; provided, that by funding the Incremental Term Loans and/or extending the Incremental Revolving Credit
Commitments, as applicable, each Incremental Lender shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 5. 

6.     Representations and Warranties. Each of the Borrower, Holdings and the other Credit Parties hereto hereby
represents and warrants to the Administrative Agent that: 
 a)     on and as of the Fifth Amendment
Effective Date, (i) it has all requisite corporate or limited liability company, as applicable, power and authority to enter into and perform its obligations under this Amendment and the Credit Agreement as amended hereby, and (ii) this
Amendment has been duly authorized, executed and delivered by it; 
 b)     this Amendment, and the
Credit Agreement as amended hereby, constitute legal, valid and binding obligations of such entity, enforceable against it in accordance with their respective terms, in each case except as enforceability may be limited by applicable domestic or
foreign bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); 

c)     each of the representations and warranties made by any Credit Party set forth in Section 5 of
the Credit Agreement or in any other Loan Document are true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by “materiality”, “Material Adverse Effect” or
similar qualifier, in which case, it shall be true and correct in all respects) on and as of the Fifth Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties
expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by “materiality,”
“Material Adverse Effect” or similar qualifier, in which case, it was true and correct (after giving effect to any such qualifier) in all respects) on and as of such earlier date); and 

d)     on and as of the Fifth Amendment Effective Date, no Default or Event of Default has occurred and is
continuing. 
 7.     Consent. Upon the occurrence of the Fifth Amendment Funding Date, the Administrative Agent
and the Required Lenders hereby consent to the payment of the Fifth Amendment Funding Date Dividend. 
 8.     No
Modification. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Credit Agreement or any of the other Credit Documents or constitute a
course of conduct or dealing among the parties. Except as expressly stated herein, the Administrative Agent and Lenders reserve all rights, privileges and remedies under the Credit Documents. Except as amended or consented to hereby, the Credit
Agreement and other Credit Documents remain 

  
 5 

 
unmodified and in full force and effect. This Amendment shall constitute a “Credit Document” for all purposes under the Credit Agreement and the other Credit Documents. All references
in the Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby. 

9.     Reaffirmation. Each of the Credit Parties, as debtor, grantor, pledgor, guarantor, collateral assignor, or
in any other similar capacity in which such Credit Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, as of each of the Fifth Amendment Effective Date and the Fifth
Amendment Funding Date, hereby (a) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents to which it is a party (after giving effect hereto) and (b) to the extent
such Credit Party granted liens on or security interests in any of its property pursuant to any such Credit Document as security for, or otherwise guaranteed, the Obligations under or with respect to the Credit Documents, ratifies and reaffirms such
guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. Each of the Credit Parties hereby acknowledges that each of the Credit
Documents remains in full force and effect and is hereby ratified and reaffirmed. Except as expressly set forth herein, the execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the
Lenders, constitute a waiver of any provision of any of the Credit Documents or serve to effect a novation of the Obligations. 

10.     Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number
of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of a signed counterpart by facsimile or Adobe “pdf” file shall be effective as delivery of a manually
executed counterpart. 
 11.     Successors and Assigns. The provisions of this Amendment shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 12.    
Governing Law. This Amendment and the rights and obligations of the parties under this Amendment shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

13.     Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 14.     Termination. If the Fifth Amendment
Funding Date shall not have occurred by 11:59 pm New York, New York time on October 31, 2020, this Amendment shall automatically terminate and be of no further force and effect. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 6 

 IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	CLEARWATER ANALYTICS, LLC, as Borrower
		
	By:	 	 /s/ Jim Cox

	Name:	 	Jim Cox
	Title:	 	Chief Financial Officer
	
	CARBON ANALYTICS ACQUISITION LLC, as Holdings
		
	By:	 	Carbon Analytics Holdings LLC
	Its:	 	Managing Member
		
	By:	 	 /s/ Eric J. Lee

	Name:	 	Eric J. Lee
	Title:	 	Chairman

  

			
	CLEARWATER PROPERTY HOLDINGS, LLC, as a Guarantor
	
	By: Clearwater Analytics, LLC
	Its:  Managing Member
		
	By:	 	 /s/ Jim Cox

			
	Name:	 	Jim Cox
	Title:	 	Chief Financial Officer

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
					
	ARES CAPITAL CORPORATION, as
	Administrative Agent, Lender and Issuing Lender

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES CENTRE STREET PARTNERSHIP, L.P., as a Lender
	By: Ares Centre Street GP, Inc., as general partner

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES JASPER FUND, L.P., as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES ND CSF HOLDINGS LLC, as a Lender
	By: Ares Capital Management LLC, as servicer

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES ND CREDIT STRATEGIES FUND LLC, as a Lender
	By:	 	Ares Capital Management LLC, its account manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
					
	ARES CREDIT STRATEGIES INSURANCE DEDICATED FUND SERIES INTERESTS OF SALI MULTI-SERIES FUND, L.P., as a Lender
	By:	 	Ares Management LLC, its investment subadvisor
	By:	 	Ares Capital Management LLC, as subadvisor

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES SENIOR DIRECT LENDING MASTER FUND DESIGNATED ACTIVITY COMPANY, as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES SENIOR DIRECT LENDING PARALLEL FUND (L), L.P., as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES SENIOR DIRECT LENDING PARALLEL FUND (U), L.P., as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
					
	ARES SDL HOLDINGS (U) INC., as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES SFERS HOLDINGS LLC, as a Lender
	By: Ares Capital Management LLC, its servicer

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ADF I HOLDINGS LLC, as a Lender
	By: Ares Capital Management LLC, as servicer

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	AC AMERICAN FIXED INCOME IV, L.P., as a Lender
	By: Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	FEDERAL INSURANCE COMPANY, as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
					
	GREAT AMERICAN LIFE INSURANCE COMPANY, as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	GREAT AMERICAN INSURANCE COMPANY, as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	BOWHEAD IMC LP, as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	AN CREDIT STRATEGIES FUND, L.P., as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
					
	CHIMNEY TOPS LOAN FUND, LLC, as a Lender
	By:	 	Ares Capital Management LLC, its Account Manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES DIRECT FINANCE I LP, as a Lender
	By:	 	Ares Capital Management LLC, its investment manager

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	ARES DIVERSIFIED CREDIT STRATEGIES FUND (S), L.P., as a Lender
	By: Ares Management LLC, its investment manager
	By: Ares Capital Management LLC, its sub-advisor

 
					
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

 
					
	
	BLUE EAGLE 2020-1A, LLC, as a Lender
	By: Global Atlantic Financial Company, its collateral        manager
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name:	 	Scott Lem
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
			
	ARES JASPER FUND HOLDINGS, LLC, as a Lender
	By: Ares Capital Management LLC, as servicer
		
	By:	 	 /s/ Scott Lem

		 	Name: Scott Lem
		 	Title:   Authorized Signatory
	
	ARES SENIOR DIRECT LENDING PARALLEL FUND (U) B, L.P., as a Lender
	By: Ares Capital Management LLC, its investment manager
		
	By:	 	 /s/ Scott Lem

		 	Name: Scott Lem
		 	Title:   Authorized Signatory
	
	DIVERSIFIED LOAN FUND – PRIVATE DEBT
A S.a r.L, as a Lender
	By: Ares Management Limited, its portfolio manager
	By: Ares Capital Management LLC, its subadvisor
		
	By:	 	 /s/ Scott Lem

		 	Name: Scott Lem
		 	Title:   Authorized Signatory
	
	SA REAL ASSETS 20 LIMITED, as a Lender
	By: Ares Management LLC, its investment manager
	By: Ares Capital Management LLC, as subadvisor
		
	By:	 	 /s/ Scott Lem

		 	Name: Scott Lem
		 	Title:   Authorized Signatory

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
			
	SDL FINANCE 1 LP, as a Lender
	By: Ares Capital Management LLC, as servicer
		
	By:	 	 /s/ Scott Lem

		 	Name: Scott Lem
		 	Title:   Authorized Signatory
	
	SDL FINANCE 2 LP, as a Lender
	By: Ares Capital Management LLC, as servicer
		
	By:	 	 /s/ Scott Lem

		 	Name: Scott Lem
		 	Title:   Authorized Signatory

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
			
	AO MIDDLE MARKET CREDIT L.P., as a Lender
	
	by its general partner, OCM Middle Market Credit G.P. Inc.
		
	By:	 	 /s/ K. Patel

	Name:	 	K. Patel
	Title:	 	Director
		
	By:	 	 /s/ Jeremy Ehrlich

	Name:	 	Jeremy Ehrlich
	Title:	 	Director

 
			
	AO MIDDLE MARKET CREDIT FINANCING L.P.,
	By: AO Middle Market Credit Financing GP Ltd., its general partner
		
	By:	 	 /s/ K. Patel

	Name:	 	K. Patel
	Title:	 	Director
		
	By:	 	 /s/ Jeremy Ehrlich

	Name:	 	Jeremy Ehrlich
	Title:	 	Director

 
			
	GCIC CLO II LLC, as a Lender
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 16(M)-R, Ltd., as a Lender
	By: GC Advisors LLC, as agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 17(M)-R, Ltd., as a Lender
	By: GC Advisors LLC, as agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 18(M)-R, Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
			
	Golub Capital Partners CLO 24(M)-R, Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 25(M)-R, Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 31(M)-R, Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 33(M), Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
			
	Golub Capital Partners CLO 34(M)-R, Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 36(M), Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 38(M), Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital Partners CLO 44(M), Ltd., as a Lender
	By: GC Advisors LLC, its agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
			
	Golub Capital BDC CLO 2014 LLC, as a Lender
	By: GC Advisors LLC, its Collateral Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital BDC CLO III LLC, as a Lender
	By: GC Advisors LLC, its Collateral Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital PEARLS Direct Lending Program, L.P., as a Lender
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	Golub Capital BDC Holdings LLC, as a Lender
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
			
	GC Finance Operations LLC, as a Lender
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	GCIC Funding LLC, as a Lender
	By: Golub Capital BDC, Inc., its sole member
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	GCIC Holdings LLC, as a Lender
	By: Golub Capital BDC, Inc., its sole member
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director
	
	GCP Finance 6 Ltd., as a Lender
	By: GC Advisors LLC, as agent
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Fifth
Amendment to Credit Agreement] 

 
			
	GC Finance Operations Multicurrency, LLC, as a Lender
	By: GC Finance Operations II, Inc., its sole member
	By: GC Advisors LLC, its Manager
		
	By:	 	 /s/ Robert G. Tuchscherer

	Name:	 	Robert G. Tuchscherer
	Title:	 	Managing Director

  
 [Signature Page to Fifth
Amendment to Credit Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]