Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 LOAN
FINANCING AND SERVICING AGREEMENT 
 dated as of September 24, 2018 

OCSI SENIOR FUNDING LTD. 
 as
Borrower 
 OAKTREE STRATEGIC INCOME CORPORATION 

as Equityholder, 
 OAKTREE
STRATEGIC INCOME CORPORATION 
 as Servicer, 

THE LENDERS FROM TIME TO TIME PARTIES HERETO, 

DEUTSCHE BANK AG, NEW YORK BRANCH, 

as Facility Agent 
 THE OTHER
AGENTS PARTIES HERETO, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent and as Collateral Custodian 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I         DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	 Defined Terms
	  	 	1	 
			
	 Section 1.2
	 	 Other Definitional Provisions
	  	 	46	 
		
	 ARTICLE II         THE FACILITY, ADVANCE
PROCEDURES AND NOTES
	  	 	48	 
			
	 Section 2.1
	 	 Advances
	  	 	48	 
			
	 Section 2.2
	 	 Funding of Advances
	  	 	48	 
			
	 Section 2.3
	 	 Notes
	  	 	49	 
			
	 Section 2.4
	 	 Repayment and Prepayments
	  	 	50	 
			
	 Section 2.5
	 	 Permanent Reduction of Facility Amount
	  	 	50	 
			
	 Section 2.6
	 	 Extension of Revolving Period
	  	 	51	 
			
	 Section 2.7
	 	 Calculation of Discount Factor
	  	 	51	 
			
	 Section 2.8
	 	 Increase in Facility Amount
	  	 	52	 
			
	 Section 2.9
	 	 Defaulting Lenders
	  	 	52	 
		
	 ARTICLE III       YIELD, UNDRAWN FEE, ETC
	  	 	53	 
			
	 Section 3.1
	 	 Yield and Undrawn Fee
	  	 	53	 
			
	 Section 3.2
	 	 Yield Distribution Dates
	  	 	54	 
			
	 Section 3.3
	 	 Yield Calculation
	  	 	54	 
			
	 Section 3.4
	 	 Computation of Yield, Fees, Etc
	  	 	54	 
		
	 ARTICLE IV       PAYMENTS; TAXES
	  	 	54	 
			
	 Section 4.1
	 	 Making of Payments
	  	 	54	 
			
	 Section 4.2
	 	 Due Date Extension
	  	 	55	 
			
	 Section 4.3
	 	 Taxes
	  	 	55	 

  
 -i- 

							
	 ARTICLE V         INCREASED COSTS,
ETC
	  	 	59	 
			
	 Section 5.1
	 	 Increased Costs, Capital Adequacy
	  	 	59	 
		
	 ARTICLE VI EFFECTIVENESS; CONDITIONS TO ADVANCES
	  	 	60	 
			
	 Section 6.1
	 	 Effectiveness
	  	 	60	 
			
	 Section 6.2
	 	 Advances and Reinvestments
	  	 	62	 
			
	 Section 6.3
	 	 Transfer of Collateral Obligations and Permitted Investments
	  	 	64	 
		
	
            ARTICLE VII
      ADMINISTRATION AND SERVICING OF COLLATERAL OBLIGATIONS
	  	 	65	 
			
	 Section 7.1
	 	 Retention and Termination of the Servicer
	  	 	65	 
			
	 Section 7.2
	 	 Resignation and Removal of the Servicer; Appointment of Successor Servicer
	  	 	66	 
			
	 Section 7.3
	 	 Duties of the Servicer
	  	 	67	 
			
	 Section 7.4
	 	 Representations and Warranties of the Servicer
	  	 	68	 
			
	 Section 7.5
	 	 Covenants of the Servicer
	  	 	70	 
			
	 Section 7.6
	 	 Servicing Fees; Payment of Certain Expenses by Servicer
	  	 	74	 
			
	 Section 7.7
	 	 Collateral Reporting
	  	 	74	 
			
	 Section 7.8
	 	 Notices
	  	 	74	 
			
	 Section 7.9
	 	Procedural Review of Collateral Obligations; Access to Servicer and Servicer’s Records	  	 	74	 
			
	 Section 7.10
	 	 Optional Sales
	  	 	75	 
			
	 Section 7.11
	 	 Repurchase or Substitution of Warranty Collateral Obligations
	  	 	77	 
			
	 Section 7.12
	 	 Servicing of REO Assets
	  	 	77	 
			
	 Section 7.13
	 	 Required Sale Date
	  	 	79	 
		
	 ARTICLE VIII     ACCOUNTS; PAYMENTS
	  	 	79	 
			
	 Section 8.1
	 	 Accounts
	  	 	79	 
			
	 Section 8.2
	 	 Excluded Amounts
	  	 	81	 

  
 -ii- 

							
	 Section 8.3
	 	 Distributions, Reinvestment and Dividends
	  	 	81	 
			
	 Section 8.4
	 	 Fees
	  	 	84	 
			
	 Section 8.5
	 	 Monthly Report
	  	 	84	 
		
	 ARTICLE IX       REPRESENTATIONS AND WARRANTIES OF THE
BORROWER
	  	 	85	 
			
	 Section 9.1
	 	 Organization and Good Standing
	  	 	85	 
			
	 Section 9.2
	 	 Due Qualification
	  	 	85	 
			
	 Section 9.3
	 	 Power and Authority
	  	 	86	 
			
	 Section 9.4
	 	 Binding Obligations
	  	 	86	 
			
	 Section 9.5
	 	 Security Interest
	  	 	86	 
			
	 Section 9.6
	 	 No Violation
	  	 	87	 
			
	 Section 9.7
	 	 No Proceedings
	  	 	87	 
			
	 Section 9.8
	 	 No Consents
	  	 	87	 
			
	 Section 9.9
	 	 Solvency
	  	 	88	 
			
	 Section 9.10
	 	 Compliance with Laws
	  	 	88	 
			
	 Section 9.11
	 	 Taxes
	  	 	88	 
			
	 Section 9.12
	 	 Monthly Report
	  	 	88	 
			
	 Section 9.13
	 	 No Liens, Etc
	  	 	88	 
			
	 Section 9.14
	 	 Information True and Correct
	  	 	89	 
			
	 Section 9.15
	 	 Bulk Sales
	  	 	89	 
			
	 Section 9.16
	 	 Collateral
	  	 	89	 
			
	 Section 9.17
	 	 Selection Procedures
	  	 	89	 
			
	 Section 9.18
	 	 Indebtedness
	  	 	89	 
			
	 Section 9.19
	 	 No Injunctions
	  	 	89	 
			
	 Section 9.20
	 	 No Subsidiaries
	  	 	90	 
			
	 Section 9.21
	 	 ERISA Compliance
	  	 	90	 

  
 -iii- 

							
	 Section 9.22
	 	 Investment Company Status
	  	 	90	 
			
	 Section 9.23
	 	 Set-Off, Etc
	  	 	90	 
			
	 Section 9.24
	 	 Collections
	  	 	90	 
			
	 Section 9.25
	 	 Value Given
	  	 	90	 
			
	 Section 9.26
	 	 Use of Proceeds
	  	 	90	 
			
	 Section 9.27
	 	 Separate Existence
	  	 	90	 
			
	 Section 9.28
	 	 Transaction Documents
	  	 	91	 
			
	 Section 9.29
	 	 Anti-Terrorism, Anti-Money Laundering
	  	 	91	 
		
	 ARTICLE X       COVENANTS
	  	 	92	 
			
	 Section 10.1
	 	 Protection of Security Interest of the Secured Parties
	  	 	92	 
			
	 Section 10.2
	 	 Other Liens or Interests
	  	 	93	 
			
	 Section 10.3
	 	 Costs and Expenses
	  	 	94	 
			
	 Section 10.4
	 	 Reporting Requirements
	  	 	94	 
			
	 Section 10.5
	 	 Separate Existence
	  	 	94	 
			
	 Section 10.6
	 	 Hedging Agreements
	  	 	96	 
			
	 Section 10.7
	 	 Tangible Net Worth
	  	 	98	 
			
	 Section 10.8
	 	 Taxes
	  	 	98	 
			
	 Section 10.9
	 	 Merger, Consolidation, Etc
	  	 	98	 
			
	 Section 10.10
	 	 Deposit of Collections
	  	 	99	 
			
	 Section 10.11
	 	 Indebtedness; Guarantees
	  	 	99	 
			
	 Section 10.12
	 	 Limitation on Purchases from Affiliates
	  	 	99	 
			
	 Section 10.13
	 	 Documents
	  	 	99	 
			
	 Section 10.14
	 	 Preservation of Existence
	  	 	99	 
			
	 Section 10.15
	 	 Limitation on Investments
	  	 	99	 
			
	 Section 10.16
	 	 Distributions
	  	 	99	 

  
 -iv- 

							
	 Section 10.17
	 	 Performance of Borrower Assigned Agreements
	  	 	100	 
			
	 Section 10.18
	 	 Reserved
	  	 	100	 
			
	 Section 10.19
	 	 Further Assurances; Financing Statements
	  	 	100	 
			
	 Section 10.20
	 	 Obligor Payment Instructions
	  	 	101	 
			
	 Section 10.21
	 	 Delivery of Collateral Obligation Files
	  	 	101	 
			
	 Section 10.22
	 	 Collateral Obligation Schedule
	  	 	101	 
			
	 Section 10.23
	 	 Notice to Specified Obligors
	  	 	101	 
			
	 Section 10.24
	 	 Risk Retention
	  	 	101	 
			
	 Section 10.25
	 	 Moody’s RiskCalc
	  	 	102	 
		
	 ARTICLE XI       THE COLLATERAL AGENT
	  	 	102	 
			
	 Section 11.1
	 	 Appointment of Collateral Agent
	  	 	102	 
			
	 Section 11.2
	 	 Monthly Reports
	  	 	103	 
			
	 Section 11.3
	 	 Collateral Administration
	  	 	103	 
			
	 Section 11.4
	 	 Removal or Resignation of Collateral Agent
	  	 	106	 
			
	 Section 11.5
	 	 Representations and Warranties
	  	 	107	 
			
	 Section 11.6
	 	 No Adverse Interest of Collateral Agent
	  	 	107	 
			
	 Section 11.7
	 	 Reliance of Collateral Agent
	  	 	107	 
			
	 Section 11.8
	 	 Limitation of Liability and Collateral Agent Rights
	  	 	108	 
			
	 Section 11.9
	 	 Tax Reports
	  	 	110	 
			
	 Section 11.10
	 	 Merger or Consolidation
	  	 	110	 
			
	 Section 11.11
	 	 Collateral Agent Compensation
	  	 	111	 
			
	 Section 11.12
	 	 Anti-Terrorism Laws
	  	 	111	 
			
	 Section 11.13
	 	 Collateral Agent’s Website
	  	 	110	 
		
	 ARTICLE XII       GRANT OF SECURITY INTEREST
	  	 	111	 
			
	 Section 12.1
	 	 Borrower’s Grant of Security Interest
	  	 	111	 

  
 -v- 

							
	 Section 12.2
	 	 Borrower Remains Liable
	  	 	113	 
			
	 Section 12.3
	 	 Release of Collateral
	  	 	113	 
		
	 ARTICLE XIII     EVENTS OF DEFAULT
	  	 	113	 
			
	 Section 13.1
	 	 Events of Default
	  	 	113	 
			
	 Section 13.2
	 	 Effect of Event of Default
	  	 	116	 
			
	 Section 13.3
	 	 Rights upon Event of Default
	  	 	116	 
			
	 Section 13.4
	 	 Collateral Agent May Enforce Claims Without Possession of Notes
	  	 	117	 
			
	 Section 13.5
	 	 Collective Proceedings
	  	 	117	 
			
	 Section 13.6
	 	 Insolvency Proceedings
	  	 	117	 
			
	 Section 13.7
	 	 Delay or Omission Not Waiver
	  	 	118	 
			
	 Section 13.8
	 	 Waiver of Stay or Extension Laws
	  	 	118	 
			
	 Section 13.9
	 	 Limitation on Duty of Collateral Agent in Respect of Collateral
	  	 	119	 
			
	 Section 13.10
	 	 Power of Attorney
	  	 	119	 
		
	 ARTICLE XIV     THE FACILITY AGENT
	  	 	120	 
			
	 Section 14.1
	 	 Appointment
	  	 	120	 
			
	 Section 14.2
	 	 Delegation of Duties
	  	 	120	 
			
	 Section 14.3
	 	 Exculpatory Provisions
	  	 	120	 
			
	 Section 14.4
	 	 Reliance by Note Agents
	  	 	121	 
			
	 Section 14.5
	 	 Notices
	  	 	121	 
			
	 Section 14.6
	 	 Non-Reliance on Note Agents
	  	 	122	 
			
	 Section 14.7
	 	 Indemnification
	  	 	122	 
			
	 Section 14.8
	 	 Successor Note Agent
	  	 	123	 
			
	 Section 14.9
	 	 Note Agents in their Individual Capacity
	  	 	123	 

  
 -vi- 

							
	 ARTICLE XV     ASSIGNMENTS
	  	 	123	 
			
	 Section 15.1
	 	 Restrictions on Assignments by the Borrower and the Servicer
	  	 	123	 
			
	 Section 15.2
	 	 Documentation
	  	 	123	 
			
	 Section 15.3
	 	 Rights of Assignee
	  	 	124	 
			
	 Section 15.4
	 	 Assignment by Lenders
	  	 	124	 
			
	 Section 15.5
	 	 Registration; Registration of Transfer and Exchange
	  	 	124	 
			
	 Section 15.6
	 	 Mutilated, Destroyed, Lost and Stolen Notes
	  	 	125	 
			
	 Section 15.7
	 	 Persons Deemed Owners
	  	 	126	 
			
	 Section 15.8
	 	 Cancellation
	  	 	126	 
			
	 Section 15.9
	 	 Participations; Pledge
	  	 	126	 
		
	 ARTICLE XVI     INDEMNIFICATION
	  	 	127	 
			
	 Section 16.1
	 	 Borrower Indemnity
	  	 	127	 
			
	 Section 16.2
	 	 Servicer Indemnity
	  	 	128	 
			
	 Section 16.3
	 	 Contribution
	  	 	128	 
		
	 ARTICLE XVII     MISCELLANEOUS
	  	 	129	 
			
	 Section 17.1
	 	 No Waiver; Remedies
	  	 	129	 
			
	 Section 17.2
	 	 Amendments, Waivers
	  	 	129	 
			
	 Section 17.3
	 	 Notices, Etc
	  	 	130	 
			
	 Section 17.4
	 	 Costs and Expenses
	  	 	130	 
			
	 Section 17.5
	 	 Binding Effect; Survival
	  	 	131	 
			
	 Section 17.6
	 	 Captions and Cross References
	  	 	131	 
			
	 Section 17.7
	 	 Severability
	  	 	131	 
			
	 Section 17.8
	 	 GOVERNING LAW
	  	 	131	 
			
	 Section 17.9
	 	 Counterparts
	  	 	131	 
			
	 Section 17.10
	 	 WAIVER OF JURY TRIAL
	  	 	131	 

  
 -vii- 

							
	 Section 17.11
	 	 No Proceedings
	  	 	132	 
			
	 Section 17.12
	 	 Limited Recourse
	  	 	132	 
			
	 Section 17.13
	 	 ENTIRE AGREEMENT
	  	 	134	 
			
	 Section 17.14
	 	 Confidentiality
	  	 	134	 
			
	 Section 17.15
	 	 Non-Confidentiality of Tax Treatment
	  	 	135	 
			
	 Section 17.16
	 	 Replacement of Lenders
	  	 	135	 
			
	 Section 17.17
	 	 Consent to Jurisdiction
	  	 	136	 
			
	 Section 17.18
	 	 Option to Acquire Rating
	  	 	136	 
			
	 Section 17.19
	 	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	  	 	137	 
		
	 ARTICLE XVIII   COLLATERAL CUSTODIAN
	  	 	137	 
			
	 Section 18.1
	 	 Designation of Collateral Custodian
	  	 	137	 
			
	 Section 18.2
	 	 Duties of the Collateral Custodian
	  	 	137	 
			
	 Section 18.3
	 	 Delivery of Collateral Obligation Files
	  	 	139	 
			
	 Section 18.4
	 	 Collateral Obligation File Certification
	  	 	140	 
			
	 Section 18.5
	 	 Release of Collateral Obligation Files
	  	 	141	 
			
	 Section 18.6
	 	 Examination of Collateral Obligation Files
	  	 	142	 
			
	 Section 18.7
	 	 Lost Note Affidavit
	  	 	143	 
			
	 Section 18.8
	 	 Transmission of Collateral Obligation Files
	  	 	143	 
			
	 Section 18.9
	 	 Merger or Consolidation
	  	 	143	 
			
	 Section 18.10
	 	 Collateral Custodian Compensation
	  	 	143	 
			
	 Section 18.11
	 	 Removal or Resignation of Collateral Custodian
	  	 	144	 
			
	 Section 18.12
	 	 Limitations on Liability
	  	 	144	 
			
	 Section 18.13
	 	 Collateral Custodian as Agent of Collateral Agent
	  	 	146	 

  
 -viii- 

			
	EXHIBIT A	 	Form of Note
	EXHIBIT B	 	Audit Standards
	EXHIBIT C-1	 	Form of Advance Request
	EXHIBIT C-2	 	Form of Reinvestment Request
	EXHIBIT C-3	 	Form of Asset Approval Request
	EXHIBIT D	 	Form of Monthly Report
	EXHIBIT E	 	Form of Approval Notice
	EXHIBIT F-1	 	Authorized Representatives of Servicer
	EXHIBIT F-2	 	Request for Release and Receipt
	EXHIBIT F-3	 	Request for Release of Request for Release and Receipt
	EXHIBIT G-1	 	U.S. Tax Compliance Certificate (Foreign Lender - non-Partnerships)
	EXHIBIT G-2	 	U.S. Tax Compliance Certificate (Foreign Participant - non-Partnerships)
	EXHIBIT G-3	 	U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)
	EXHIBIT G-4	 	U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)
	EXHIBIT H	 	Schedule of Collateral Obligations Certification
		
	SCHEDULE 1	 	Diversity Score Calculation
	SCHEDULE 2	 	Moody’s Industry Classification Group List
	SCHEDULE 3	 	Collateral Obligations
	SCHEDULE 4	 	Moody’s RiskCalc Calculation
	SCHEDULE 5	 	Moody’s Definitions

  
 -ix- 

 LOAN FINANCING AND SERVICING AGREEMENT 

THIS LOAN FINANCING AND SERVICING AGREEMENT is made and entered into as of September 24, 2018, among OCSI SENIOR FUNDING
LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Borrower”), OAKTREE STRATEGIC INCOME CORPORATION, a Delaware corporation, as equityholder (in such capacity, together with its
successors and permitted assigns in such capacity, the “Equityholder”), OAKTREE STRATEGIC INCOME CORPORATION, a Delaware corporation, as servicer (in such capacity, together with its successors and permitted assigns in such
capacity, the “Servicer”), each LENDER (as hereinafter defined) FROM TIME TO TIME PARTY HERETO, the AGENTS for each Lender Group (as hereinafter defined) from time to time parties hereto (each such party, in such capacity, together
with their respective successors and permitted assigns in such capacity, an “Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent and Collateral Custodian (each as hereinafter defined), and DEUTSCHE BANK AG, NEW YORK
BRANCH, as Facility Agent (in such capacity, together with its successors and permitted assigns in such capacity, the “Facility Agent”). 

RECITALS 

WHEREAS, the Borrower desires that each Lender extend financing on the terms and conditions set forth herein and also desires
to retain the Servicer to perform certain servicing functions related to the Collateral Obligations (as defined herein) on the terms and conditions set forth herein; and 

WHEREAS, each Lender desires to extend financing on the terms and conditions set forth herein and the Servicer desires to
perform certain servicing functions related to the Collateral Obligations on the terms and conditions set forth herein. 

WHEREAS, it is the intent of the parties that the Advances be repaid from the proceeds of the CLO Securities upon the CLO
Takeout. 
 NOW, THEREFORE, based upon the foregoing Recitals, the premises and the mutual agreements herein contained, and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1    Defined Terms. As used in this Agreement, the following terms have the
following meanings: 
 “1940 Act” means the Investment Company Act of 1940. 

 “Account” means the Unfunded Exposure Account, the
Principal Collection Account and the Interest Collection Account, together with any sub-accounts deemed appropriate or necessary by the Securities Intermediary after consultation with the Borrower, for
convenience in administering such accounts. 
 “Account Collateral” has the meaning set forth in
Section 12.1(d). 
 “Account Control Agreement” means the Securities Account
Control Agreement, dated as of the Effective Date, by and among the Borrower, as pledgor, the Collateral Agent on behalf of the Secured Parties, as secured party, and the Collateral Custodian, as Securities Intermediary. 

“Accrual Period” means, with respect to any Distribution Date, the period from and including the previous
Distribution Date (or, in the case of the first Distribution Date, from and including the Effective Date) through and including the day preceding such Distribution Date. 

“Adjusted Aggregate Eligible Collateral Obligation Balance” means, as of any date, the Aggregate Eligible
Collateral Obligation Amount minus the Excess Concentration Amount on such date. 
 “Administration
Agreement” means the administration agreement entered into or to be entered into on or about the date hereof between the Borrower and the Cayman Administrator (as administrator and as share owner), as amended from time to time. 

“Advance” has the meaning set forth in Section 2.1(a). 

“Advance Date” has the meaning set forth in Section 2.1(a). 

“Advance Rate” means, with respect to any Eligible Collateral Obligation on any date of determination
(x) other than during the Post-Pricing Period, (a) that is a First Lien Loan and a Broadly Syndicated Loan, 75%, (b) that is a First Lien Loan that is not a Broadly Syndicated Loan, 70%, (c) that is a Second Lien Loan, 40%, or
(d) that is not a First Lien Loan or Second Lien Loan, 40% (or any other percentage set forth in the related Approval Notice by the Facility Agent in its sole discretion) and (y) during the Post-Pricing Period, the Maximum Portfolio
Advance Rate. 
 “Advance Request” has the meaning set forth in Section 2.2(a).

 “Adverse Claim” means any claim of ownership or any Lien, title retention, trust or other charge or
encumbrance, or other type of preferential arrangement having the effect or purpose of creating a Lien, other than Permitted Liens. 

“Affected Person” has the meaning set forth in Section 5.1. 

“Affiliate” of any Person means any other Person that directly or indirectly Controls, is Controlled by or is
under common Control with such Person (excluding any trustee under, or any committee with responsibility for administering, any employee benefit plan). For the purposes of this definition, “Control” shall mean the possession,
directly or indirectly (including through affiliated entities), of the power to direct or cause the direction of the management or policies of a 

  
 -2- 

 
Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto.

 “Agency Rating” means, as of any date of determination, with respect to any Collateral Obligation
(a) if a public rating of such Collateral Obligation is available from a Rating Agency, then such rating, (b) if no such rating described in clause (a) is available but such Collateral Obligation has a credit estimate assigned (or
affirmed) within the last twelve months by a Rating Agency, then such credit estimate or (c) if no rating described in clause (a) or (b) is available, the rating that is one notch below the .EDF (as defined on Schedule 4) used to
determine the Moody’s rating in accordance with Moody’s RiskCalc for such Collateral Obligation, as updated in accordance with Section 10.25; provided that for purposes of calculating an Agency Rating, each
applicable rating on credit watch by the applicable Rating Agency that is on (i) positive watch will be treated as having been upgraded by one rating subcategory, (ii) negative watch will be treated as having been downgraded by two rating
subcategories, (iii) positive outlook will not be treated as having been upgraded by any rating subcategories and (iv) negative outlook will be treated as having been downgraded by one rating subcategory. 

“Agent” has the meaning set forth in the Preamble. 

“Aggregate Eligible Collateral Obligation Amount” means, as of any date, the sum of the Collateral Obligation
Amounts for all Eligible Collateral Obligations. 
 “Aggregate Funded Spread” means, as of any day, the sum
of: (a) in the case of each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that bears interest at a spread over a London interbank offered rate based
index, (i) the sum of (I) the stated interest rate spread on each such Collateral Obligation above such index plus (II) for each such Collateral Obligation that provides for a minimum LIBOR, the excess, if any, of such minimum
LIBOR over such index multiplied by (ii) the Collateral Obligation Amount of each such Collateral Obligation, plus (b) in the case of each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the
required current cash pay interest thereon) that bears interest at a spread over an index other than a London interbank offered rate based index, (A) the excess for each such Collateral Obligation of the sum of such spread for each such
Collateral Obligation and such index for each such Collateral Obligation over the LIBOR Rate for such applicable period of time (which spread or excess may be expressed as a negative percentage) multiplied by (B) the Collateral
Obligation Amount of each such Collateral Obligation plus (c) in the case of each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that is a Fixed Rate
Collateral Obligation, (x) the interest rate for such Collateral Obligation minus the then-applicable LIBOR rate of a period matching the term to maturity of such Collateral Obligation multiplied by (y) the Collateral Obligation Amount of
each such Collateral Obligation. 
 “Aggregate Notional Amount” shall mean, with respect to any date of
determination, an amount equal to the sum of the notional amounts or equivalent amounts of all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements, each as of such date of determination. 

  
 -3- 

 “Aggregate Unfunded Amount” shall mean, as of any date of
determination, the sum of the unfunded commitments and all other standby or contingent commitments associated with each Variable Funding Asset included in the Collateral as of such date. The Aggregate Unfunded Amount shall not include any
commitments under Variable Funding Assets that have expired, terminated or been reduced to zero, and shall be reduced concurrently (and upon notice thereof to the Collateral Agent, the Facility Agent and each Agent) with each documented reduction in
commitments of the Borrower under such Variable Funding Assets. 
 “Agreement” means this Loan Financing
and Servicing Agreement (including each annex hereto), as it may be amended, restated, supplemented or otherwise modified from time to time. 

“Alternate Base Rate” means a fluctuating rate per annum as shall be in effect from time to time,
which rate shall be at all times equal to the higher of: 
 (a)        the rate of interest
announced publicly by DBNY in New York, New York, from time to time as DBNY’s base commercial lending rate; and 

(b)         
1⁄2 of one percent above the Federal Funds Rate. 
 “Amount
Available” means, with respect to any Distribution Date, the sum of (a) the amount of Collections with respect to the related Collection Period, plus (b) any investment income earned on amounts on deposit in the Collection
Account since the immediately prior Distribution Date (or since the Effective Date in the case of the first Distribution Date). 

“Anti-Bribery and Corruption Laws” has the meaning set forth in Section 9.30(a).

 “Anti-Money Laundering Laws” has the meaning set forth in Section 9.29(b).

 “Applicable Law” means for any Person all existing and future laws, rules, regulations (including
temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Official Body applicable to such Person (including, without limitation, predatory and abusive
lending laws, usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson Moss
Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z”, the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer
credit laws and equal credit opportunity and disclosure laws) and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent
jurisdiction. 
 “Applicable Margin” means (i) prior to the occurrence of any Event of Default,
(x) prior to the end of the Revolving Period, 1.90% per annum and (y) thereafter, 2.05% per annum and (ii) on and after the occurrence of any Event of Default, 4.05% per annum. 

“Appraised Value” means, with respect to any Asset Based Loan, the most recently calculated appraised value
of the pro rata portion of the underlying collateral securing such Collateral Obligation as determined by an Approved Valuation Firm. 

  
 -4- 

 “Approval Notice” means, with respect to any Collateral
Obligation, a copy of a notice executed by the Facility Agent in the form of Exhibit E, evidencing, among other things, the approval of the Facility Agent, in its sole discretion, of such Collateral Obligation and the applicable Discount
Factor, the loan type and lien priority (including the division of any unitranche Loan), the Original Leverage Multiple (including, for Advance Rate purposes, the attaching Leverage Multiple of any FILO Loan), the Original Effective LTV (if such
Collateral Obligation is an Asset Based Loan) and each other item listed in Section 6.2(h). 

“Approved Custodian” means Bank of New York Mellon Trust Company, National Association, State Street, Wells
Fargo Bank, National Association or any other custodian mutually agreed to by the Facility Agent and the Servicer. 

“Approved Valuation Firm” means, with respect to any Collateral Obligation, each of (a) Murray Devine,
(b) Houlihan Lokey, (c) Lincoln International LLC, (d) Duff & Phelps and (e) any other nationally recognized valuation firm approved by the Borrower and the Facility Agent. 

“Asset Approval Request” means a notice in the form of Exhibit
C-3 which requests an Approval Notice with respect to one or more Collateral Obligations and shall include (among other things): 

(a)         the proposed date of each related acquisition; 

(b)         the Agency Rating for each such Collateral Obligation from each Rating Agency and, if
such Agency Rating is determined pursuant to clause (b), as applicable, of the definition thereof, the date of the applicable credit estimate and the applicable Rating Agency; 

(c)         the Original Leverage Multiple and Original Effective LTV (if such Collateral
Obligation is an Asset Based Loan) for each such Collateral Obligation, measured as of the date of such notice; 

(d)        a related Schedule of Collateral Obligations; 

(e)        any related Permitted Working Capital Liens; and 

(f)        all Obligor Information (unless (x) such information is included in
the Servicer’s internal credit memo or (y) the Servicer has notified the Facility Agent that such information is not available and the Facility Agent determines, in its sole discretion, that such information is not required to obtain
favorable capital treatment in connection with the related Collateral Obligation). 
 “Asset Based Loan”
means any Loan where (i) the underwriting of such Loan was based primarily on the appraised value of the assets securing such Loan and (ii) advances in respect of such Loan are governed by a borrowing base relating to the assets securing
such Loan. 
 “Attachment Point” means the following fraction expressed as a percentage: (i) the
aggregate principal amount of all rated notes to be issued in connection with a CLO Takeout divided by (ii) the Target CLO Amount less the aggregate amount of deal expenses related to the CLO Takeout. 

“Available Funds” has the meaning set forth in Section 17.12(c). 

  
 -5- 

 “Average Life” means, as of any day and with respect to any
Collateral Obligation, the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded up to the nearest one hundredth thereof) from such day to the respective dates of each successive Scheduled
Collateral Obligation Payment of principal on such Collateral Obligation (assuming, for purposes of this definition, the full exercise of any option to extend the maturity date or otherwise lengthen the maturity schedule that is exercisable without
the consent of the Borrower) multiplied by (b) the respective amounts of principal of such Scheduled Collateral Obligation Payments by (ii) the sum of all successive Scheduled Collateral Obligation Payments of principal on such
Collateral Obligation. 
 “Bail-In Action” means the exercise of
any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. 
 “Bankruptcy Code” means the United
States Bankruptcy Code, 11 U.S.C. § 101, et seq., as amended. 
 “Base Rate” for
any Advance means a rate per annum equal to the LIBOR Rate for such Advance or portion thereof; provided, that in the case of 

(a)         any day on or after the first day on which a Committed Lender shall have notified the
Facility Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Official Body asserts that it is unlawful, for such Committed Lender to fund such Advance at
the Base Rate set forth above (and such Committed Lender shall not have subsequently notified the Facility Agent that such circumstances no longer exist), or 

(b)         any period in the event the LIBOR Rate is not reasonably available to any Lender for
such period, 
 the “Base Rate” shall be a floating rate per annum equal to the Alternate Base Rate in effect on
each day of such period; provided, further, for the avoidance of doubt, immediately following the termination of any event set forth in clauses (a) or (b) above, the “Base Rate” shall have the meaning set forth in the
first part of this definition. 
 “Basel III Regulation” shall mean, with respect to any Affected Person,
any rule, regulation or guideline applicable to such Affected Person and arising directly or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision of the Bank of International Settlements:
(i) Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011), (iii) Basel III: The
Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any document supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline
or pronouncement (whether or not having 

  
 -6- 

 
the force of law) of any governmental authority implementing, furthering or complementing any of the principles set forth in the foregoing documents of strengthening capital and liquidity, in
each case as from time to time amended, restated, supplemented or otherwise modified. Without limiting the generality of the foregoing, “Basel III Regulation” shall include Part 6 of the European Union regulation 575/2013 on
prudential requirements for credit institutions and investment firms (the “CRR”) and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR. 

“Benefit Plan Investor” means (a) any “employee benefit plan” (as defined in Section 3(3)
of Title I of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) any “plan” as defined in Section 4975(e) of the Code that is subject to Section 4975 of the Code, or (c) any
entity whose underlying assets include “plan assets” (within the meaning of the DOL Regulations). 

“Borrower” has the meaning set forth in the Preamble. 

“Borrower Assigned Agreements” has the meaning set forth in Section 12.1(c). 

“Borrowing Base” means, on any day of determination, the sum of (a)(i) the product of the lower of
(x) the Weighted Average Advance Rate and (y) the Maximum Portfolio Advance Rate multiplied by the Adjusted Aggregate Eligible Collateral Obligation Balance plus (b) the amount of Principal Collections on deposit in the
Principal Collection Account minus (c) the Aggregate Unfunded Amount plus (d) the amount on deposit in the Unfunded Exposure Account. 

“Broadly Syndicated Loan” means any Loan that (i) is rated B-/B3
or higher, (ii) has a tranche size of at least $200,000,000, (iii) has a quote depth of at least two (2) by Markit and (iv) the related Obligor has EBITDA greater than or equal to $50,000,000. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which banking institutions in New
York, New York or the city in which the offices of the Collateral Agent or Collateral Custodian are located are authorized or obligated by law, executive order or government decree to remain closed; provided that, when used in connection with
the LIBOR Rate, the term “Business Day” shall also exclude any day on which dealings in deposits in Dollars are not carried out in the London interbank market. All references to any “day” or any particular day of any
“calendar month” shall mean calendar day unless otherwise specified. 
 “Capital Requirements
Regulation” means the European Union Capital Requirements Regulation (Regulation (EU) No 575/2013), as amended. 

“Capped Fees/Expenses” means, on any Distribution Date, the sum of the Collateral Agent Fees and Expenses and
the Collateral Custodian Fees and Expenses in an amount not to exceed $43,500 the (“Quarterly Cap”); provided that, if the aggregate amount of the Collateral Agent Fees and Expenses and the Collateral Custodian Fees and
Expenses paid to the Collateral Agent and the Collateral Custodian under clause (ii) of Section 8.3(a) and clause (i) of Section 8.3(b) on any Distribution Date is less than the Quarterly
Cap, the unused portion of the Quarterly Cap may be carried forward to the next succeeding Distribution Date and added to the Quarterly Cap for such Distribution Date; provided further that the aggregate amount of the Collateral Agent Fees
and Expenses and the Collateral Custodian Fees and Expenses paid to the Collateral Agent or the 

  
 -7- 

 
Collateral Custodian under clause (ii) of Section 8.3(a) and clause (i) of Section 8.3(b) may not exceed $150,000 in any calendar
year. 
 “Cayman Administrator” means Walkers Fiduciary Limited and any successor thereto. 

“Change of Control” means (x) the Equityholder shall cease to own at least 51% of the outstanding
Preference Shares of the Borrower or (y) Oaktree Strategic Income Corporation or an Affiliate thereof ceases to be the Servicer. 

“Charges” means (i) all federal, state, county, city, municipal, local, foreign or other governmental
taxes (including taxes owed to the PBGC at the time due and payable); (ii) all levies, assessments, charges, or claims of any governmental entity or any claims of statutory lienholders, the nonpayment of which could give rise by operation of
law to a Lien on the Collateral Obligations or any other property of the Borrower and (iii) any such taxes, levies, assessment, charges or claims which constitute a Lien or encumbrance on any property of the Borrower. 

“CLO Marketing Period” means the date on which DBSI commences marketing of the CLO Securities with the
consent of the Servicer. 
 “CLO Securities” has the meaning set forth in the definition of “CLO
Takeout”. 
 “CLO Takeout” means the day on which the Borrower issues subordinated notes and secured
notes (collectively, “CLO Securities”) pursuant to an indenture between, among others, the Borrower and such trustee as may be agreed by the parties, as trustee in respect of a collateralized loan obligation offering, in an amount
at least sufficient to repay all Obligations outstanding under this Agreement and all other Transaction Documents. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” has the meaning set forth in Section 12.1. 

“Collateral Agent” means Wells Fargo Bank, National Association, solely in its capacity as Collateral Agent,
together with its successors and permitted assigns in such capacity. 
 “Collateral Agent and Collateral Custodian
Fee Letter” means that certain letter agreement among the Collateral Agent, the Collateral Custodian, the Securities Intermediary and the Borrower and hereby acknowledged by the Servicer and the Facility Agent, as the same may be amended,
supplemented or otherwise modified by the parties thereto with the consent of the Facility Agent. 
 “Collateral
Agent Fees and Expenses” has the meaning set forth in Section 11.11. 

“Collateral Custodian” means Wells Fargo Bank, National Association, solely in its capacity as collateral
custodian, together with its successors and permitted assigns in such capacity. 
 “Collateral Custodian Fees and
Expenses” has the meaning set forth in Section 18.10. 
 “Collateral
Database” has the meaning set forth in Section 11.3(a)(i). 

  
 -8- 

 “Collateral Obligation” means all right, title and interest
of the Borrower in a Loan, excluding the Retained Interest thereon. 
 “Collateral Obligation Amount” means
for any Collateral Obligation, as of any date of determination, an amount equal to the lesser of (a) the Purchase Price paid by the Borrower for such Collateral Obligation and (b) the product of (i) the Discount Factor of such
Collateral Obligation at such time multiplied by (ii) the Principal Balance of such Collateral Obligation at such time; provided, that if the Effective LTV of any Asset Based Loan exceeds (on any date of determination) the limit
for the applicable Loan type set forth below, then the Principal Balance component of “Collateral Obligation Amount” of such Collateral Obligation will be automatically (and without any action by the Facility Agent) reduced by the amount
necessary to cause such Collateral Obligation to comply with the applicable limit set forth below: 
  

					
	 Asset Based Loan Type (by collateral
source)
	 	 	 	            Effective LTV Limit           
 
	 working capital
	 		 	90%
	 fixed assets
	 		 	75%
	 intellectual property
	 		 	60%

 The Collateral Obligation Amount of any Collateral Obligation that ceases to be or otherwise
is not an Eligible Collateral Obligation shall be zero. 
 “Collateral Obligation File” means, with respect
to each Collateral Obligation as identified on the related Document Checklist, (i)(A) if the Collateral Obligation includes a promissory note, (x) an original, executed copy of such promissory note, or (y) in the case of a lost promissory
note, a copy of the executed underlying promissory note accompanied by an original executed affidavit and indemnity endorsed by the Borrower or the prior holder of record either in blank or to the Collateral Agent, in each case with respect to
clause (x) or clause (y) with an unbroken chain of endorsements from each prior holder of such promissory note to the Borrower or to the Collateral Agent, or in blank, or (B) in the case of a noteless Collateral Obligation, a copy of
each executed document or instrument evidencing the assignment of such Collateral Obligation to the Borrower, (ii) paper or electronic copies of the related Credit Agreement and each other agreement requested by the Facility Agent or determined
by the Servicer in its reasonable discretion to be material, (iii) paper or electronic copies of the file-stamped (or the electronic equivalent of) UCC financing statements and continuation statements
(including amendments or modifications thereof) authorized by the Obligor thereof or by another Person on the Obligor’s behalf in respect of such Collateral Obligation or evidence that such financing statements have been submitted for filing,
in each case only to the extent reasonably available to the Servicer, and (iv) any other document included on the related Document Checklist that is reasonably requested by the Facility Agent and reasonably available to the Servicer. 

“Collateral Obligation Schedule” means the list of Collateral Obligations set forth on
Schedule 3, as the same may be updated by the Borrower (or the Servicer on behalf of the Borrower) from time to time. 

“Collateral Quality Tests” means, collectively or individually as the case may be, the Minimum Diversity
Test, the Minimum Weighted Average Spread Test, the Maximum Weighted 

  
 -9- 

 
Average Moody’s Rating Factor Test, the Minimum Weighted Average Coupon Test and the Maximum Weighted Average Life Test. 

“Collection Account” means, collectively, the Principal Collection Account and the Interest Collection
Account. 
 “Collection Period” means, with respect to the first Distribution Date, the period from and
including the Effective Date to and including the Determination Date preceding the first Distribution Date; and thereafter, the period from but excluding the Determination Date preceding the previous Distribution Date to and including the
Determination Date preceding the current Distribution Date. 
 “Collections” means the sum of all Interest
Collections and all Principal Collections received with respect to the Collateral. 
 “Commercial Paper
Rate” for Advances means, to the extent a Conduit Lender funds such Advances by issuing commercial paper, the sum of (i) the weighted average of the rates at which commercial paper notes of such Conduit Lender issued to fund such
Advances (which shall include commissions of placement agents and dealers, incremental carrying costs incurred with respect to its commercial paper maturing on dates other than those on which corresponding funds are received by the Conduit Lender
and costs or other borrowings by the Conduit Lender (other than under any related support facility)) may be sold by any placement agent or commercial paper dealer selected by such Conduit Lender, as agreed in good faith between each such agent or
dealer and such Conduit Lender; provided, that if the rate (or rates) as agreed between any such agent or dealer and such Conduit Lender for any Advance is a discount rate (or rates), then such rate shall be the rate (or if more than one
rate, the weighted average of the rates) resulting from converting such discount rate (or rates) to an interest-bearing equivalent rate per annum plus, without duplication, (ii) any and all
reasonable costs and expenses of any issuing and paying agent or other Person responsible for the administration of such Conduit Lender’s commercial paper program in connection with the preparation, completion, issuance, delivery or payment of
commercial paper issued to fund the making or maintenance of any Advance. Each Conduit Lender shall notify the Facility Agent of its Commercial Paper Rate applicable to any Advance promptly after the determination thereof. 

“Commitment” means, for each Committed Lender, (a) prior to the Facility Termination Date, the
commitment of such Committed Lender to make Advances to the Borrower in an amount not to exceed, in the aggregate, the amount set forth opposite such Committed Lender’s name on Annex B or pursuant to the assignment executed by such Committed
Lender and its assignee(s) and delivered pursuant to Article XV (as such Commitment may be reduced as set forth in Section 2.5 or increased as set forth in Section 2.8),
and (b) on and after the earlier to occur of (i) Facility Termination Date and (ii) the end of the Revolving Period, such Committed Lender’s pro rata share of all Advances outstanding. 

“Committed Lenders” means, for any Lender Group, the Persons executing this Agreement in the capacity of a
“Committed Lender” for such Lender Group (or an assignment hereof in accordance with Article XV) in accordance with the terms of this Agreement. 

  
 -10- 

 “Competitor” means (a) any Person primarily engaged in
the business of lending to middle-market or lower-middle-market companies or investing in loans to middle-market or lower-middle-market companies, which is in direct or indirect competition with the Borrower, the Equityholder, the Servicer, any
sub-advisor of the Servicer, or any Affiliate thereof that is an investment advisor, (b) any Person controlled by, or controlling, or under common control with, a Person referred to in clause (a) above, (c) any Person for which a
Person referred to in clause (a) above serves as an investment advisor with discretionary investment authority or (d) any public or private business development company (including any applicable external investment manager and Affiliates
thereof). 
 “Conduit Advance Termination Date” means, with respect to a Conduit Lender, the date of the
delivery by such Conduit Lender to the Borrower of written notice that such Conduit Lender elects, in its sole discretion, to permanently cease funding Advances hereunder. 

“Conduit Lender” means any Person that shall become a party to this Agreement in the capacity as a
“Conduit Lender” and any assignee of any of the foregoing. 
 “Connection Income Taxes” means
Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Corporate Trust Office” means the applicable designated corporate trust office of the Collateral Agent or
the Collateral Custodian, as applicable, specified on Annex A hereto, or such other address within the United States as it may designate from time to time by notice to the Facility Agent. 

“Cost of Funds Rate” means, for any Accrual Period and any Lender, the rate determined as set forth below:

 (a)          with respect to each Conduit Lender and each day of such Accrual Period,
such Conduit Lender’s Commercial Paper Rate for such day; provided, that if and to the extent that, and only for so long as, a Conduit Lender at any time determines in good faith that it is unable to raise or is precluded or prohibited from
raising, or that it is not advisable to raise, funds through the issuance of commercial paper notes in the commercial paper market of the United States to finance its making or maintenance of its portion of any Advance or any portion thereof (which
determination may be based on any allocation method employed in good faith by such Conduit Lender), upon notice from such Conduit Lender to the Agent for its Lender Group and the Facility Agent, such Conduit Lender’s portion of such Advance
shall bear interest at a rate per annum equal to the Alternate Base Rate; and 

(b)          with respect to each Committed Lender, the Base Rate. 

“Cov-Lite Loan” means a Collateral Obligation whose Underlying
Instrument: (a) does not contain any financial covenants; or (b) does not require the underlying Obligor to comply with a Maintenance Covenant; provided that, for all purposes, a loan described in clause (a) or (b) above which
either contains a cross-default or cross-acceleration provision to, or is pari passu with, another loan of the underlying Obligor that requires the underlying Obligor to comply with either an Incurrence Covenant or a Maintenance Covenant will be
deemed not to be a Cov-Lite Loan. 

  
 -11- 

 
For the avoidance of doubt, a loan that is capable of being described in clause (a) or (b) above only (x) until the expiration of a certain period of time after the initial
issuance thereof or (y) for so long as there is no funded balance in respect thereof, in each case as set forth in the related Underlying Instruments, will be deemed not to be a Cov-Lite Loan. 

“Credit Agreement” means the loan agreement, credit agreement or other customary agreement pursuant to which
a Collateral Obligation has been created or issued. 
 “Cut-Off
Date” means, with respect to each Collateral Obligation, the date such Collateral Obligation becomes a part of the Collateral. 

“DBNY” means Deutsche Bank AG, New York Branch, and its successors. 

“DBSI” means Deutsche Bank Securities, Inc., as sole structuring and debt placement agent in respect of the
CLO Securities. 
 “Defaulted Collateral Obligation” means any Collateral Obligation as to which any one of
the following events has occurred: 
 (a)         any Scheduled Collateral Obligation Payment
or part thereof is unpaid more than five Business Days beyond the grace period (if any) permitted by the related Underlying Instrument; 

(b)         an Insolvency Event occurs with respect to the Obligor thereof, unless the related
Loan is a DIP Loan; 
 (c)         a Responsible Officer of the Servicer has actual knowledge
of the occurrence of a default as to the payment of principal and/or interest that has occurred and is continuing for more than five (5) Business Days beyond the grace period (if any) permitted by the related Underlying Instruments with respect
to another debt obligation of the same Obligor secured by the same collateral which is either full recourse or senior to or pari passu with in right of payment to such Collateral Obligation unless the related Loan is a DIP Loan; 

(d)         such Collateral Obligation has (x) a rating by Standard & Poor’s
of “CC” or below or “SD” or (y) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or, in each case, had such ratings before they were withdrawn by
Standard & Poor’s or Moody’s, as applicable; 
 (e)         a Responsible
Officer of the Servicer or the Borrower has actual knowledge that such Collateral Obligation is pari passu or junior in right of payment as to the payment of principal and/or interest to another debt obligation of the same Obligor which has
(i) a rating by Standard & Poor’s of “CC” or below or “SD” or (ii) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD”, and in each case such
other debt obligation remains outstanding (provided that both the Collateral Obligation and such other debt obligation are full recourse obligations of the applicable Obligor) unless the related Loan is a DIP Loan; 

(f)         a Responsible Officer of the Servicer or the Borrower has received written notice or
has actual knowledge that a default has occurred under the Underlying Instruments, any applicable grace period has expired and the holders of such Collateral Obligation have accelerated the 

  
 -12- 

 
repayment of such Collateral Obligation (but only until such default is cured or waived) in the manner provided in the Underlying Instruments; 

(g)         with respect to any Related Collateral Obligation, (i) an Affiliate of the
Borrower that owns the related Variable Funding Asset fails to comply with any funding obligation under such Variable Funding Asset, and (ii) the Equityholder fails to notify the Facility Agent prior to such failure to fund and in reasonable
detail that (x) such failure to comply was not solely a result of the Equityholder’s, or such other Affiliate’s with respect to such Related Collateral Obligation, as applicable, inability to fund such obligation and (y) no right
of set-off will arise as a result of such failure; 
 (h)         the Servicer determines, in
its sole discretion that all or a material portion of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status; or 

(i)         is an Effective Date Participation Interest that has not been elevated to a full
assignment within 30 days of the Effective Date. 
 “Defaulting Lender” means any Lender that (i) has
failed to fund any portion of the Advances required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay over to the Facility Agent, the Collateral Agent or any
other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Servicer, the Facility Agent,
each Agent, the Collateral Agent or any other Lender that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply
with its funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit, (iv) has failed, within one Business Day after request by the Facility Agent, to confirm that it will
comply with the terms of this Agreement relating to its obligations to fund Advances under this Agreement, (v) has (or has a parent company that has) become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or (vi) has become the subject of
a Bail-In Action. 
 “Deferrable Collateral Obligation” means a Collateral Obligation that by its terms
permits the deferral or capitalization of payment of accrued and unpaid interest, excluding, however, any Collateral Obligation that provides for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of
interest required to be paid in cash under the terms of the related Underlying Instruments results in the outstanding principal amount of such Collateral Obligation having an effective rate of current interest paid in cash on such day of not less
than (i) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 5.00% per annum over the LIBOR Rate or (ii) otherwise, 6.00% per annum over the applicable index rate. 

“Determination Date” means the last calendar day of each month, or if such day is not a Business Day, the
next succeeding Business Day. 

  
 -13- 

 “DIP Loan” means any Loan made to a debtor-in-possession
pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior Liens. 

“Discount Factor” means, with respect to each Collateral Obligation and as of any date of determination, the
value (expressed as a percentage of par) of such Collateral Obligation as determined by the Facility Agent in its sole discretion in accordance with Section 2.7. 

“Distribution Date” means the 15th calendar day of each January, April, July and October, or if such date is
not a Business Day, the next succeeding Business Day. 
 “Diversity Score” means, as of any day, a single
number that indicates collateral concentration in terms of both issuer and industry concentration, calculated as set forth in Schedule 1 hereto, as such Diversity Scores shall be updated at the option of the Facility Agent in its sole
discretion if Moody’s publishes revised criteria. 
 “Document Checklist” means an electronic list
delivered by the Borrower (or by the Servicer on behalf of the Borrower) to the Collateral Custodian that identifies each of the documents that have been included in each Collateral Obligation File and whether such document is an original or a copy
and whether a hard copy or electronic copy will be delivered to the Collateral Custodian related to a Collateral Obligation and includes the name of the Obligor with respect to such Collateral Obligation, in each case as of the related Funding Date.

 “DOL Regulations” means regulations promulgated by the U.S. Department of Labor at 29 C.F.R. §
2510.3 101, as modified by Section 3(42) of ERISA and/or at 20 C.F.R. § 2550.401c-1. 

“Dollar(s)” and the sign “$” mean lawful money of the United States of America. 

“EBITDA” means, with respect to any period and any Collateral Obligation, the meaning of “EBITDA,”
“Adjusted EBITDA” or any comparable definition in the Underlying Instruments for each such Collateral Obligation. In any case that “EBITDA,” “Adjusted EBITDA” or such comparable definition is not defined in such
Underlying Instruments, an amount, for the related Obligor and any of its parents or Subsidiaries that are obligated with respect to such Collateral Obligation pursuant to its Underlying Instruments (determined on a consolidated basis without
duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus interest expense, income taxes, depreciation, amortization and, to the extent approved by the Facility Agent in the related Approval Notice or
otherwise, any other non-cash charges and organization costs deducted in determining earnings from continuing operations for such period, and, to the extent approved by the Facility Agent on a Collateral Obligation by Collateral Obligation basis,
costs and expenses reducing earnings and other extraordinary non-recurring costs and expenses for such period (to the extent deducted in determining earnings from continuing operations for such period). 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member 

  
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Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and
Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person entrusted
with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Advance Rate” means, on any date of determination, (a) the Advances outstanding on such date
divided by (b) the sum of (i) the Adjusted Aggregate Eligible Collateral Obligation Balance on such date plus (ii) the amount of Principal Collections on deposit in the Principal Collection Account on such date
minus (iii) the Aggregate Unfunded Amount on such date plus (iv) the amount on deposit in the Unfunded Exposure Account on such date. 

“Effective Date” has the meaning set forth in Section 6.1. 

“Effective Date Participation Interest” means any participation interest acquired by the Borrower pursuant to
the Master Participation Agreement. 
 “Effective Equity” means, as of any day, the greater of (x) the
sum of the Principal Balances of all Eligible Collateral Obligations plus amounts on deposit in the Principal Collection Account minus the outstanding principal amount of all Advances and (y) $0. 

“Effective LTV” means, with respect to any Asset Based Loan as of any date of determination, the result, as
expressed as a percentage, of (i) the Principal Balance of such Collateral Obligation divided by (ii) the Appraised Value of such Collateral Obligation as of such date of determination. 

“Eligible Account” means (i) a segregated trust account or (ii) a segregated direct deposit
account, in each case, maintained with a securities intermediary or trust company organized under the laws of the United States of America, or any of the States thereof, or the District of Columbia, having a certificate of deposit, short term
deposit or commercial paper rating of at least A-1 by Standard & Poor’s and P-1 by Moody’s. In either case, such depository institution or trust
company shall have been approved by the Facility Agent, acting in its reasonable discretion, by written notice to the Servicer. DBNY and Wells Fargo Bank, National Association or any other Collateral Custodian appointed in accordance with the terms
hereunder are deemed to be acceptable securities intermediaries to the Facility Agent. 
 “Eligible Collateral
Obligation” means, on any Measurement Date, each Collateral Obligation that satisfies the following conditions (unless otherwise waived by the Facility Agent in its sole discretion in the applicable Approval Notice); provided that,
prior to the date that is five (5) days after the Effective Date, the Collateral Obligation in respect of SMS Systems Maintenance Services Inc. shall be deemed to be an Eligible Collateral Obligation: 

(a)         the Facility Agent in its sole discretion has delivered an Approval Notice with
respect to such Collateral Obligation; 

  
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 (b)         such Collateral Obligation is not a
Defaulted Collateral Obligation; 
 (c)         such Collateral Obligation is not an Equity
Security and is not convertible into an Equity Security at the option of the applicable Obligor or any Person other than the Borrower; 

(d)         such Collateral Obligation is not a Structured Finance Obligation; 

(e)         such Collateral Obligation is denominated in Dollars and is not convertible by the
Obligor thereof into any currency other than Dollars; 
 (f)         such Collateral Obligation
is not a single-purpose real estate based loan (unless the related real estate is a hotel, casino or other operating company), a construction loan or a project finance loan; 

(g)         such Collateral Obligation is not a lease (including a financing lease); 

(h)         if such Collateral Obligation is a Deferrable Collateral Obligation, it provides for
periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the related Underlying Instruments results in the outstanding principal amount of such
Collateral Obligation having an effective rate of current interest paid in cash on such day of not less than (i) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 5.00% per annum over the LIBOR Rate or
(ii) otherwise, 6.00% per annum over the applicable index rate; 

(i)         as of the date of acquisition, the related Obligor had EBITDA greater than or equal
to $5,000,000; 
 (j)         such Collateral Obligation is not incurred or issued in
connection with a merger, acquisition, consolidation, sale of all or substantially all of the assets of a Person, restructuring or similar transaction, which obligation or security by its terms is required to be repaid within one year of the
incurrence thereof with proceeds from additional borrowings or other refinancings (other than any additional borrowing or refinancing if one or more financial institutions has provided the issuer of such obligation or security with a binding written
commitment to provide the same, so long as (i) such commitment is equal to the outstanding principal amount of such Collateral Obligation and (ii) such committed replacement facility has a maturity of at least one year and cannot be
extended beyond such one year maturity pursuant to the terms thereof); provided that, for the avoidance of doubt, this clause (j) shall not be deemed to exclude any DIP Loan; 

(k)         such Collateral Obligation is not a trade claim; 

(l)         such Collateral Obligation is not a bond or a Floating Rate Note; 

(m)         the Obligor with respect to such Collateral Obligation is an Eligible Obligor; 

(n)         such Collateral Obligation is not a purpose credit advanced for the acquisition of
Margin Stock; 

  
 -16- 

 (o)         such Collateral Obligation is not a
security or swap transaction that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation; 

(p)         such Collateral Obligation provides for the periodic payment of cash interest no less
frequently than semi-annually; 
 (q)         such Collateral Obligation has a term to stated
maturity that does not exceed 8.0 years; 
 (r)         such Collateral Obligation is not
subject to substantial non-credit related risk, as determined by the Servicer in accordance with the Servicing Standard; 

(s)         the acquisition of such Collateral Obligation will not cause the Borrower to be
deemed to own 5.0% or more of any class of vested voting securities of any Obligor or 25.0% or more of the total equity of any Obligor or any securities that are immediately convertible into or immediately exercisable or exchangeable for 5.0% or
more of any class of vested voting securities of any Obligor or 25.0% or more of the total equity of any Obligor, in each case as determined by the Servicer; 

(t)         the Underlying Instrument for which does not contain confidentiality provisions that
restrict the ability of the Facility Agent to exercise its rights under the Transaction Documents, including, without limitation, its rights to review such debt obligation, the Underlying Instrument and related documents and credit approval file;
provided that the Facility Agent has agreed to comply with customary and market confidentiality obligations; 

(u)         the acquisition of which is not in violation of Regulations T, U or X of the FRS
Board; 
 (v)         such Collateral Obligation is capable of being transferred to and owned
by the Borrower (whether directly or by means of a security entitlement) and of being pledged, assigned or novated by the owner thereof or of an interest therein, subject to customary qualifications for instruments similar to such Collateral
Obligation (i) to the Facility Agent, (ii) to any assignee of the Facility Agent permitted or contemplated under this Agreement, (iii) to any Person at any foreclosure or strict sale or other disposition initiated by a secured
creditor in furtherance of its security interest, and (iv) to commercial banks, financial institutions, offshore and other funds (in each case, including transfer permitted by operation of the UCC), subject, in the cases of clauses
(iii) and (iv), to customary and market restrictions on assignment; 
 (w)         the
proceeds of such Collateral Obligation will not be used to finance activities of the type engaged in by businesses classified under NAICS Codes 2361 (Residential Building Construction), 2362 (Nonresidential Building Construction), 2371 (Utility
System Construction), or 2372 (Land Subdivision); 
 (x)         the Related Security for such
Collateral Obligation is primarily located in the United States; 
 (y)         (i) as of
the Cut-Off Date, such Collateral Obligation, if rated, does not have either (x) a public rating by Standard & Poor’s of “CCC-” or below or (y) a Moody’s probability of default rating (as published by
Moody’s) of “Caa3” or below or (ii) if not rated by either Rating Agency, the Borrower (or the Servicer on behalf of the Borrower) shall have requested from such Rating 

  
 -17- 

 
Agency a credit estimate, shadow rating or similar rating within 10 Business Days of the applicable Cut-Off Date; 

(z)         such Collateral Obligation has an Agency Rating; 

(aa)         such Collateral Obligation is not the subject of an Offer, exchange or tender by the
related Obligor for cash, securities or any other type of consideration, other than a Permitted Offer, but only to the extent of such Offer and to the extent set forth on the related Asset Approval Request (or, in the case of a Collateral Obligation
that becomes subject to an Offer that is a Permitted Offer after the Cut-Off Date with respect to such Collateral Obligation, to the extent notified by the Servicer to the Facility Agent); and 

(bb)         such Collateral Obligation is purchased for a Purchase Price of at least 85%. 

“Eligible Obligor” means, on any day, any Obligor that (i) is a Person (other than a natural person)
that is duly organized and validly existing under the laws of, the United States or any State thereof, (ii) is a legal operating entity or holding company, (iii) is not an Official Body, and (iv) is not an Affiliate of, or controlled
by, the Borrower, the Servicer or the Equityholder. 
 “Enterprise Value Loan” means any Loan that is not
an Asset Based Loan. 
 “Environmental Laws” means any and all foreign, federal, state and local laws,
statutes, ordinances, rules, regulations, permits, licenses, approvals, interpretations and orders of courts or any other Official Body, relating to the protection of human health or the environment, including requirements pertaining to the
manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. Environmental Laws include the Comprehensive Environmental
Response, Compensation, and Liability Act (42 U.S.C. § 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the Resource Conservation and Recovery Act (42 U.S.C.
§ 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C.
§ 2601 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and
the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), and the rules and regulations thereunder, each as amended or supplemented from time to time. 

“Equityholder” has the meaning set forth in the Preamble. 

“Equity Security” means any asset that is not a First Lien Loan, FILO Loan, Second Lien Loan or any asset
approved by the Facility Agent pursuant to clause (d) of the definition of “Advance Rate” above. 

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

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market
Association (or any successor person), as in effect from time to time. 

  
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 “Event of Default” means any of the events described in
Section 13.1. 
 “Excepted Property” means the U.S.$250 proceeds of the issuance of the
Borrower’s ordinary shares, a U.S.$250 transaction fee payable to the Borrower in connection with the Transaction Documents, the bank account in which such monies are held and all interest and other proceeds received in connection therewith.

 “Excess Concentration Amount” means, as of the most recent Measurement Date (and after giving effect to
all Collateral Obligations to be purchased or sold by the Borrower on such date), the sum, without duplication, of the following amounts: 

(a)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations the Obligors with respect to which: 
 (i)        is domiciled in a
country other than the United States or Canada over 15.0% of the Target CLO Amount; 

(ii)        is domiciled in Canada over 10.0% of the Target CLO Amount; 

(iii)        is domiciled in a country other than the United States, Canada or the
United Kingdom over 7.5% of the Target CLO Amount; 
 (iv)        is domiciled in
any individual Group I Country over 5.0% of the Target CLO Amount; 
 (v)        is
domiciled in a Group II Country over 3.5% of the Target CLO Amount; and 

(vi)        is domiciled in a Group III Country over 3.0% of the Target CLO Amount;

 (b)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations that are Variable Funding Assets over 10.0% of the Target CLO Amount; 

(c)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations that are not First Lien Loans over 5.0% of the Excess Concentration Measure; 

(d)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations that are FILO Loans over 5.0% of the Excess Concentration Measure; 

(e)         the excess, if any, of the sum of the Principal Balances of all Loans that are Fixed
Rate Collateral Obligations that are not subject to a qualifying Hedging Agreement pursuant to Section 10.6 over 5.0% of the Target CLO Amount; 

(f)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations that are Participation Interests over 5.0% of the Target CLO Amount; 

(g)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations that are Deferrable Collateral Obligations over 5.0% of the Target CLO Amount; 

  
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 (h)         the excess, if any, of the sum of
the Principal Balances of all Collateral Obligations that are DIP Loans over 10.0% of the Target CLO Amount; 

(i)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations that are obligations of any single Obligor (other than an Obligor described in the following proviso) over 3.0% of the Target CLO Amount; provided that (i) with respect to any five Obligors that represent Principal Balances
of all Collateral Obligations in excess of all other single Obligors the sum of the Principal Balances of all Collateral Obligations that are obligations of each such Obligor may be up to 5.0% of the Target CLO Amount; provided that, each
such Obligor described in this clause (i) has a Moody’s public rating and (ii) with respect to any three additional Obligors that represent Principal Balances of all Collateral Obligations in excess of all other single Obligors (other
than an Obligor described in clause (i)) the sum of the Principal Balances of all Collateral Obligations that are obligations of each such Obligor may be up to 3.5% of the Target CLO Amount; 

(j)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations with Obligors in any single Moody’s Industry Classification (other than a Moody’s Industry Classification described in the following proviso) over 12.0% of the Target CLO Amount; provided that (i) the sum of the
Principal Balances of all Collateral Obligations with Obligors in any single Moody’s Industry Classification may be up to 20.0% of the Target CLO Amount and (ii) in addition, the sum of the Principal Balances of all Collateral Obligations
with Obligors in any single Moody’s Industry Classification (other than a Moody’s Industry Classification described in clause (i)) may be up to 15.0% of the Target CLO Amount; 

(k)         the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations that pay interest less frequently than quarterly over 5.0% of the Target CLO Amount; 

(l)         the sum of the Principal Balances of all Collateral Obligations that are Cov-Lite
Loans over 15.0% of the Target CLO Amount; 
 (m)      the sum of the Principal Balances of
all Collateral Obligations (other than Defaulted Obligations) that have a Moody’s probability of default rating (as published by Moody’s) of “Caa1” or below over (x) prior to the date that is five (5) days after the
Effective Date, 22.5% of the Excess Concentration Measure and (y) thereafter, 17.5% of the Excess Concentration Measure; 

(n)      the sum of the Principal Balances of all Collateral Obligations (other than Defaulted
Obligations) that have a public rating by Standard & Poor’s of “CCC+” or below over 17.5% of the Excess Concentration Measure; and 

(o)      the sum of the Principal Balances of all Collateral Obligations the Agency Rating for
which is determined pursuant to clause (c) of the definition thereof on any date of determination that is eight (8) weeks after the applicable Cut-Off Date over 10.0% of the Excess Concentration Measure. 

“Excess Concentration Measure” means the sum of (i) the Principal Balances for all Eligible Collateral
Obligations plus (ii) all amounts on deposit in the Principal Collection Account plus (iii) all amounts on deposit in the Unfunded Exposure Account. 

  
 -20- 

 “Excess Funds” means, as of any date of determination and
with respect to any Conduit Lender, funds of such Conduit Lender not required, after giving effect to all amounts on deposit in its commercial paper account, to pay or provide for the payment of (i) all of its matured and maturing commercial
paper notes on such date of such determination and (ii) the principal of and interest on all of its loans outstanding on such date of such determination. 

“Excluded Amounts” means (i) any amount deposited into the Collection Account with respect to any
Collateral Obligation, which amount is attributable to the reimbursement of payment by or on behalf of the Borrower of any Tax, fee or other charge imposed by any Official Body on such Collateral Obligation or on any Related Security, (ii) any
interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the applicable Person from whom the Borrower purchased such Collateral Obligation,
(iii) any reimbursement of insurance premiums, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Collateral Obligations which are held in an escrow account for the benefit of the Obligor and the secured
party pursuant to escrow arrangements under Underlying Instruments, (v) to the extent paid using amounts other than Collections and proceeds of Advances, any amount paid in respect of reimbursement for expenses owed in respect of any Collateral
Obligation pursuant to the related Underlying Instrument or (vi) any amount deposited into the Collection Account in error (including any amounts relating to any portion of an asset sold by the Borrower and occurring after the date of such
sale). 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient
being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Obligations pursuant to a law in effect on the date on
which (i) such Lender acquires such interest in the Obligations (other than pursuant to Section 17.16) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 4.3, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 4.3(f) and (d) any withholding Taxes imposed under FATCA. 

“Executive Officer” means, with respect to the Borrower, the Servicer or the Equityholder, the Chief
Executive Officer, the Chief Operating Officer of such Person or any other Person included on the incumbency of the Borrower, Servicer or Equityholder, as applicable, delivered pursuant to Section 6.1(g) and, with respect
to any other Person, the President, Chief Financial Officer or any Vice President. 
 “Extension Request”
means any of the events described in Section 2.6. 
 “Facility Agent” has the
meaning set forth in the Preamble. 

  
 -21- 

 “Facility Amount” means (a) prior to the end of the
Revolving Period, $250,000,000, unless this amount is permanently reduced pursuant to Section 2.5 or increased pursuant to Section 2.8, in which event it means such lower or higher amount and
(b) from and after the end of the Revolving Period, the Advances outstanding. 
 “Facility Termination
Date” means the earliest of (i) the date that is six (6) months after the last day of the Revolving Period, (ii) the date of the CLO Takeout and (iii) the effective date on which the facility hereunder is terminated
pursuant to Section 13.2. 
 “FATCA” means Sections 1471 through 1474 of the
Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with such sections of the Code and any legislation, law, regulation or practice enacted or promulgated pursuant to such
intergovernmental agreement including, for the avoidance of doubt, the Cayman Islands Tax Information Authority Law (2017 Revision) together with regulations and guidance notes made pursuant to such law. 

“Federal Funds Rate” means, for any period, a fluctuating rate per annum equal for each day during
such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next
preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Facility Agent from three
federal funds brokers of recognized standing selected by it. 
 “Fee Letter” has the meaning set forth in
Section 8.4. 
 “Fees” has the meaning set forth in
Section 8.4. 
 “FILO Loan” means any Loan that (i) becomes, by its terms,
subordinate in right of payment to one or more other obligations of the related Obligor, in each case issued under the same Underlying Instruments as such Loan (other than any Loan subject to a Permitted Working Capital Lien), in any bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to (x) Liens permitted
under the applicable Underlying Instruments that are reasonable or customary for similar loans, (y) Permitted Working Capital Liens and (z) Liens accorded priority by law in favor of any Official Body), and (iii) the Servicer
determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of acquisition equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all
other loans of equal or higher seniority secured by the same collateral. For the avoidance of doubt, a Collateral Obligation will not be a FILO Loan if the Facility Agent designates such Collateral Obligation as a First Lien Loan pursuant to the
proviso at the end of the definition of such term. 
 “Financial Sponsor” means any Person, including any
Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling investments (including controlling interests) or managing or advising another Person that acquires, holds or sells investments (including controlling

  
 -22- 

 
interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated with one
another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. 

“First Lien Loan” means any Loan (including any portion of a unitranche Loan as set forth in the related
Approval Notice) that (i) is not (and is not permitted by its terms become) subordinate in right of payment to any obligation of the related Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
proceedings, (ii) is secured by a pledge of specified collateral, which security interest is validly perfected and first priority under Applicable Law (subject to (x) liens permitted under the applicable Underlying Instruments,
(y) Permitted Working Capital Liens and (z) liens accorded priority by law in favor of any Official Body), and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on
or about the time of origination or acquisition equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; provided
that, any Loan which does not otherwise satisfy this definition shall be treated as a First Lien Loan if (a) such Loan (1) is an Asset Based Loan for which the primary collateral source is not intellectual property, (2) satisfies the
definition of FILO Loan or Second Lien Loan and (3) is only subordinated to obligations of the related Obligor that have an Effective LTV that is, at all times such Loan qualifies under this clause, less than 25%, (b) such Loan (1) is an
Enterprise Value Loan, (2) satisfies the definition of FILO Loan or Second Lien Loan, (3) is only subordinated to obligations of the related Obligor that do not (collectively) exceed an amount equal to the product of (i) 25% multiplied
by (ii) the aggregate principal amount of such obligations (including any obligations secured by a Permitted Working Capital Lien) and (4) is only subordinated to obligations of the related Obligor that do not represent more than 1.0x of
leverage of such Obligor, as reasonably determined by the Facility Agent or (c) the Facility Agent deems such Loan to be a First Lien Loan in the related Approval Notice following the request of the Borrower (or the Servicer on its behalf) in
the related Asset Approval Request. 
 “Fitch” means Fitch Ratings, Inc., Fitch Ratings Ltd. and their
subsidiaries, including Derivative Fitch Inc. and Derivative Fitch Ltd. and any successor thereto. 
 “Fixed Rate
Collateral Obligation” means any Collateral Obligation that bears a fixed rate of interest. 
 “Floating
Rate Note” means a floating rate note issued pursuant to an indenture or equivalent document by a corporation, partnership, limited liability company, trust or other person that is secured by a first or second priority perfected security
interest or lien in or on specified collateral securing the issuer’s obligations under such note. 
 “Foreign
Lender” means a Lender that is not a U.S. Person. 
 “FRS Board” means the Board of Governors of
the Federal Reserve System and, as applicable, the staff thereof. 

  
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 “Funding Date” means any Advance Date or any Reinvestment
Date, as applicable. 
 “GAAP” means generally accepted accounting principles in the United States, which
are applicable to the circumstances as of any day. 
 “Group I Country” means The Netherlands,
Australia, New Zealand and the United Kingdom (or such other countries as may be specified in publicly available published criteria from Moody’s from time to time). 

“Group II Country” means Germany, Ireland, Sweden and Switzerland (or such other countries as may be
specified in publicly available published criteria from Moody’s from time to time). 
 “Group III
Country” means Austria, Belgium, Denmark, Finland, France, Hong Kong, Iceland, Liechtenstein, Luxembourg, Norway and Singapore (or such other countries as may be specified in publicly available published criteria from Moody’s from time
to time). 
 “Hazardous Materials” means all materials subject to any Environmental Law, including
materials listed in 49 C.F.R. § 172.101, materials defined as hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, flammable, explosive or radioactive
materials, hazardous or toxic wastes or substances, lead-based materials, petroleum or petroleum distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde
and any substances classified as being “in inventory”, “usable work in process” or similar classification that would, if classified as unusable, be included in the foregoing definition. 

“Hedge Breakage Costs” means, with respect to each Hedge Counterparty upon the early termination of any Hedge
Transaction with such Hedge Counterparty, the net amount, if any, payable by the Borrower to such Hedge Counterparty for the early termination of that Hedge Transaction or any portion thereof. 

“Hedge Counterparty” means (a) DBNY and its Affiliates and (b) any other entity that (i) on
the date of entering into any Hedge Transaction (x) is an interest rate swap dealer that has been approved in writing by the Facility Agent, and (y) has a long-term debt rating of not less than
“A” by Standard & Poor’s, not less than “A2” by Moody’s and not less than “A” by Fitch (if such entity is rated by Fitch) (the “Long-term Rating
Requirement”) and a short-term unsecured debt rating of not less than “A-1” by Standard & Poor’s, not less than “P-1” by Moody’s and not less than “Fl” by Fitch (if such entity is rated by Fitch) (the “Short-term Rating Requirement”), and
(ii) in a Hedging Agreement (x) consents to the assignment hereunder of the Borrower’s rights under the Hedging Agreement to the Facility Agent on behalf of the Secured Parties and (y) agrees that in the event that Moody’s,
Standard & Poor’s or Fitch reduces its long-term unsecured debt rating below the Long-term Rating Requirement or reduces it
short-term debt rating below the Short-term Rating Requirement, it shall either collateralize its obligations in a manner reasonably satisfactory to the Facility Agent,
or transfer its rights and obligations under each Hedging Agreement (excluding, however, any right to net payments or Hedge Breakage Costs under any Hedge Transaction, to the extent accrued to such date or to accrue thereafter and owing to the
transferring Hedge Counterparty as of the date of such transfer) to another entity that meets the 

  
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Long-term Rating Requirement and the Short-term Rating Requirement and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer. 

“Hedge Transaction” means each interest rate swap, index rate swap or interest rate cap transaction or
comparable derivative arrangement between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 10.6 and is governed by a Hedging Agreement. 

“Hedging Agreement” means the agreement between the Borrower and a Hedge Counterparty that governs one or
more Hedge Transactions entered into by the Borrower and such Hedge Counterparty pursuant to Section 10.6, which agreement shall consist of a “Master Agreement” in a form published by the International Swaps and
Derivatives Association, Inc., together with a “Schedule” thereto, and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction or a “Confirmation” that incorporates the terms of
such a “Master Agreement” and “Schedule.” 
 “Increased Costs” means, collectively, any
increased cost, loss or liability owing to the Facility Agent and/or any other Affected Person under Article V of this Agreement. 

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

“Indebtedness” means, with respect to any Person, at any day, without duplication: (i) all obligations
of such Person for borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of
property or services, except trade accounts payable arising in the ordinary course of business; (iv) all obligations of such Person as lessee under capital leases; (v) all non-contingent obligations
of such Person to reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether
or not such debt is assumed by such Person; and (vii) all debt of others guaranteed by such Person and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a
creditor against loss (in each case excluding any unfunded commitments of the Borrower with respect to any Variable Funding Asset). 

“Indemnified Amounts” has the meaning set forth in Section 16.1. 

“Indemnified Party” has the meaning set forth in Section 16.1. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of the Borrower under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Accountants” means a firm of nationally recognized independent certified public accountants.

  
 -25- 

 “Insolvency Event” means, with respect to any Person,
(a) the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state
bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or such Person shall admit in writing its inability to pay its debts
as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing, (c) the passing of a resolution by the shareholders of such Person to be wound up on a voluntary basis or (d) any analogous procedure
or step is taken in any jurisdiction to which such Person is subject. 
 “Interest Collection Account”
means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) number 84108601, which is created and maintained on the
books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and
maintained pursuant to Section 8.1(a). 
 “Interest Collections” means, with
respect to the Collateral following the applicable Cut-Off Date, (i) all payments and collections owing to the Borrower in its capacity as lender and attributable to interest on any Collateral Obligation
or other Collateral, including scheduled payments of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations
attributable to interest on such Collateral Obligation or other Collateral, (ii) any commitment, closing, agent, waiver, late payment, facility, ticking, upfront, underwriting, origination, amendment or prepayment fees or premiums received in
respect of any Collateral Obligation (including any proceeds received by the Borrower as a result of exercising any Warrant Asset at any time) and (iii) the earnings on Interest Collections in the Collection Account that are invested in
Permitted Investments, in each case other than Retained Interests. 
 “Interest Rate” means, for any
Accrual Period and any Lender, a rate per annum equal to the sum of (a) the Applicable Margin and (b) the Cost of Funds Rate for such Accrual Period and such Lender. 

“IRS” means the United States Internal Revenue Service. 

“Lender” means each Conduit Lender, each Committed Lender and each Uncommitted Lender, as the context may
require. 

  
 -26- 

 “Lender Group” means each Lender and related Agent from
time to time party hereto. 
 “Leverage Multiple” means, with respect to any Collateral Obligation for the
most recent relevant period of time for which the Borrower has received the financial statements of the relevant Obligor, the ratio of (i) Indebtedness of the relevant Obligor (other than Indebtedness of such Obligor that is junior in terms of
payment or lien subordination (including unsecured Indebtedness) to Indebtedness of such Obligor held by the Borrower) less unrestricted cash of the relevant Obligor to (ii) EBITDA of such Obligor. 

“LIBOR Rate” shall mean, with respect to any Accrual Period, the greater of (a) zero and (b)(x) the
rate per annum shown by the Bloomberg Professional Service as the London interbank offered rate for deposits in Dollars for a period equal to three (3) months as of 11:00 a.m., London time, two Business Days prior to the first day of
such Accrual Period; provided, that in the event no such rate is shown, the LIBOR Rate shall be the rate per annum based on the rates at which Dollar deposits for a period equal to three (3) months are displayed on page
“LIBOR” of the Reuters Monitor Money Rates Service or such other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, two Business
Days prior to the first day of such Accrual Period (it being understood that if at least two such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); provided, further, that in the event fewer than two
such rates are displayed, or if no such rate is relevant, the LIBOR Rate shall be a rate per annum at which deposits in Dollars are offered by the principal office of the Facility Agent in London, England to prime banks in the London
interbank market at 11:00 A.M. (London time) two Business Days before the first day of such Accrual Period for delivery on such first day and for a period equal to three (3) months or (y) if a LIBOR Replacement Rate has been selected in
accordance with the definition thereof, the LIBOR Replacement Rate. 
 “LIBOR Replacement Rate” means the
alternative rate, including any applicable spread adjustments thereto, selected by the Servicer (on behalf of the Borrower) with the consent of the Facility Agent (with notice to the Equityholder, the Borrower and each Lender), at any time there is
a material disruption to LIBOR Rate or LIBOR Rate ceases to exist or be reported as described in the definition of “LIBOR Rate” that, in its commercially reasonable judgment, is commonly used on the applicable date of determination with
respect to the Loans, in each case, as a successor or replacement benchmark for “LIBOR Rate”. In connection with any LIBOR Replacement Rate, the Servicer, with the consent of the Facility Agent, may make related changes determined by the
Servicer in its commercially reasonable judgment to be advisable or necessary to implement the use of such replacement rate, including, without limitation, any required change to the definition of “Business Day.” 

“Lien” means any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind,
including tax liens, mechanics’ liens and any liens that attach by operation of law. 
 “Loan” means
any commercial loan. 
 “Loan Register” has the meaning set forth in
Section 15.5(a). 
 “Loan Registrar” has the meaning set forth in
Section 15.5(a). 

  
 -27- 

 “Maintenance Covenant” means a covenant by any borrower to
comply with one or more financial covenants during each reporting period (but not more frequently than quarterly), whether or not such borrower has taken any specified action; provided that a covenant that otherwise satisfies the definition
hereof and only applies when amounts are outstanding under the related loan shall be a Maintenance Covenant. 

“Margin Stock” means “Margin Stock” as defined under Regulation U issued by the FRS Board. 

“Master Participation Agreement” means the Master Participation Agreement dated on or about the date hereof
by and among the Borrower, as buyer, the Equityholder, as seller collateral manager and FS Senior Funding Ltd., as seller, as amended, modified, waived, supplemented or restated from time to time. 

“Material Action” means an action to institute proceedings to have the Borrower be adjudicated bankrupt or
insolvent, to file any insolvency case or proceeding, to institute proceedings under any applicable insolvency law, to seek relief under any law relating to relief from debts or the protection of debtors, or consent to the institution of bankruptcy
or insolvency proceedings against the Borrower or file a petition seeking, or consent to, reorganization or relief with respect to the Borrower under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Borrower or a substantial part of its property, or make any assignment for the benefit of creditors of the Borrower, or admit in writing the Borrower’s
inability to pay its debts generally as they become due, or take action in furtherance of any such action. 

“Material Adverse Effect” means a material adverse effect on: (a) the assets, operations, properties,
financial condition, or business of the Borrower or the Servicer; (b) the ability of the Borrower or the Servicer to perform its obligations under this Agreement or any of the other Transaction Documents; (c) the validity or enforceability
of this Agreement, any of the other Transaction Documents, or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; or (d) the aggregate value of the Collateral or on the assignments and security interests
granted by the Borrower in this Agreement. 
 “Material Modification” means, other than during the
Post-Pricing Period, any amendment or waiver of, or modification or supplement to, any Underlying Instrument governing a Collateral Obligation executed or effected on or after the related Cut-Off Date which:

 (a)        reduces or forgives any or all of the principal
amount due under such Collateral Obligation; 
 (b)        (i)
waives one or more interest payments, (ii) permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Collateral Obligation (other than any deferral or capitalization already allowed by the terms of
any Deferrable Collateral Obligation as of the related Cut-Off Date) or (iii) reduces the spread or coupon payable on such Collateral Obligation below the spread or coupon as of the applicable Cut-Off Date (excluding any increase in an interest rate arising by operation of a default or penalty interest clause under a Collateral Obligation and any reduction or an increase pursuant

  
 -28- 

 
to a contractual pricing grid set forth in the related Underlying Instruments on the applicable Cut-Off Date) unless (x) the Servicer certifies that
the credit quality of the related Obligor has improved since the Cut-Off Date with respect to such Collateral Obligation and (y) such reduction (when taken together with all other reductions with respect
to such Collateral Obligation) is by less than 10% of the coupon payable as of the related Cut-Off Date; 

(c)        contractually or structurally subordinates such Collateral
Obligation by operation of (i) any priority of payment provisions, (ii) turnover provisions, (iii) the transfer of assets in order to limit recourse to the related Obligor or (iv) the granting of Liens (other than the granting of
Permitted Liens) on any of the collateral securing such Collateral Obligation, each that requires the consent of the Borrower or any lenders thereunder; 

(d)        either (i) extends the maturity date of such
Collateral Obligation past the maturity date as of the related Cut-Off Date or (ii) extends the amortization schedule with respect thereto for a period of greater than four (4) months; 

(e)        substitutes, alters or releases (other than by the
granting of Permitted Liens) the Related Security securing such Collateral Obligation and such substitution, alteration or release, individually or in the aggregate and as determined in the Facility Agent’s reasonable discretion, materially and
adversely affects the value of such Collateral Obligation; 

(f)        results in any less financial information in respect of
reporting frequency, scope or otherwise being provided with respect to the related Obligor or reduces the frequency or total number of any appraisals required thereunder that, in each case, has a material adverse effect on the ability of the
Servicer or the Facility Agent (as determined by the Facility Agent in its reasonable discretion) to make any determinations or calculations required or permitted hereunder; provided, however, that it shall not be a Material Modification if,
on not more than two occasions with respect to such Collateral Obligation (or any other additional occasions approved by the Facility Agent in its sole discretion) any such amendment, waiver, modification or supplement grants an extension (or
extensions) of not more than 30 days of the time for delivery of quarterly or annual financial statements or grants an extension (or extensions) of the time for delivery of, or waives delivery of, financial statements; provided further, that
any waiver of delivery of quarterly and annual financial statements shall be deemed to be “material”; 

(g)        amends, waives, forbears, supplements or otherwise
modifies in any way the definition of “indebtedness” or “permitted lien” (or any such similar term) in a manner that is materially adverse to any Lender; 

(h)        results in any change in the currency or composition of
any payment of interest or principal to any currency other than that in which such Collateral Obligation was originally denominated; 

(i)        with respect to an Asset Based Loan, results in a material
change to or grants material relief from the borrowing base or any related definition; or 

(j)        results in a change to the calculation of EBITDA for the
related Obligor by including any other non-cash charges that were deducted in determining earnings of such Obligor from continuing operations for such period, unless (w) such modification or non-cash 

  
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charges were set forth on the related Approval Notice, (x) such modification or non-cash charges were otherwise approved by the Facility Agent in its
sole discretion, (y) the Servicer continues to calculate the EBITDA of such Obligor without giving effect to such modification for all purposes under this Agreement, or if the Servicer elects to calculate the EBITDA of such Obligor after giving
effect to such modification, the Servicer shall recalculate the Original Leverage Multiple for such Collateral Obligation by giving pro forma effect to such modification of the calculation of EBITDA or (z) both (1) at the time of such
modification, the Equityholder and its Subsidiaries did not collectively possess an ability to prevent the effectiveness of such modification and (2) no Revaluation Event described in clause (g) of the definition thereof occurs with
respect to such Collateral Obligation as a result of such modification. 
 “Maximum Portfolio Advance Rate”
means, (i) other than during the Post-Pricing Period, 70% and (ii) at any time following the Post-Pricing Period (or such earlier date as agreed by the Facility Agent, in its sole discretion), the lesser of (x) 75% and (y) the
Attachment Point. 
 “Maximum Weighted Average Life Test” means a test that will be satisfied on any date
of determination if the Weighted Average Life of all Eligible Collateral Obligations included in the Collateral is less than or equal to 6.0 years. 

“Maximum Weighted Average Moody’s Rating Test” means a test that will be satisfied on any day if the
Weighted Average Moody’s Rating Factor of all Eligible Collateral Obligations included in the Collateral is less than or equal to (x) prior to the date that is one month after the Effective Date, 4000 and (y) thereafter, 3750. 

“Measurement Date” means each of the following, as applicable: (i) the Effective Date; (ii) each
Determination Date; (iii) each Funding Date; (iv) the date of any repayment or prepayment pursuant to Section 2.4; (v) the date that the Servicer has actual knowledge of the occurrence of any Revaluation Event
with respect to any Collateral Obligation; (vi) the date of any optional repurchase or substitution pursuant to Section 7.11; (vii) the last date of the Revolving Period; and (viii) the date of any Optional Sale.

 “Merger” means the contemplated merger between the Borrower and FS Senior Funding Ltd. on or about
September 24, 2018. 
 “Minimum Diversity Test” means a test that will be satisfied on any date of
determination if the Diversity Score of all Eligible Collateral Obligations included in the Collateral is equal to or greater than 20. 

“Minimum Equity Test” means a test that will be satisfied on any date of determination if the Effective
Equity is equal to or greater than the greater of (A) the sum of the Collateral Obligation Amounts of the five Obligors with Collateral Obligations constituting the highest aggregate Collateral Obligation Amounts and (B) $30,000,000;
provided that, for purposes of calculating clause (A) above, the Collateral Obligation Amount with respect to any Obligor shall be the sum of all Collateral Obligation Amounts with respect to which such Person is an Obligor. 

“Minimum Weighted Average Coupon Test” means a test that will be satisfied on any date of determination if
the Weighted Average Coupon of all Eligible Collateral Obligations that are 

  
 -30- 

 
Fixed Rate Collateral Obligations included in the Collateral on such day is equal to or greater than 6.00%. 

“Minimum Weighted Average Spread Test” means a test that will be satisfied on any date of determination if
the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 4.25%. 

“Monthly Report” means a monthly report in the form of Exhibit D prepared as of the close of business
on each Reporting Date. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor
thereto. 
 “Moody’s Industry Classification” means the industry classifications set forth in
Schedule 2 hereto, as such industry classifications shall be updated at the option of the Facility Agent in its sole discretion if Moody’s publishes revised industry classifications. 

“Moody’s RiskCalc” has the meaning specified in Schedule 4. 

“Non-Approval Event” means, as of any date of determination, an event
that (x) will be deemed to have occurred if the ratio (measured on a rolling-six month basis) of (i) the number of Asset Approval Requests resulting in
Non-Approved Loans over (ii) the total number of Asset Approval Requests is greater than 50% and (y) will be continuing until the conditions set forth in clause (x) of this definition are no
longer true. 
 “Non-Approved Loan” means each Loan that is
otherwise fully eligible for inclusion in the Borrowing Base for which an Asset Approval Request is submitted by the Servicer in good faith to the Facility Agent for inclusion in the Borrowing Base, and such Asset Approval Request is not approved by
the Facility Agent. 
 “Note” means a promissory grid note in the form of Exhibit A, made payable to
an Agent on behalf of the related Lender Group. 
 “Note Agent” has the meaning set forth in
Section 14.1. 
 “Obligations” means all obligations (monetary or otherwise) of
the Borrower to the Lenders, the Agents, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, the Facility Agent or any other Affected Person or Indemnified Party arising under or in connection with this Agreement, the Notes
and each other Transaction Document. 
 “Obligor” means any Person that owes payments under any Collateral
Obligation and, solely for purposes of calculating the Excess Concentration Amount pursuant to clauses (b), (c) and (d) of the definition thereof, any Obligor that is an Affiliate of another Obligor shall
be treated as the same Obligor; provided that for purposes of this definition, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common
Financial Sponsor. 
 “Obligor Information” means, with respect to any Obligor, (i) the legal name of
such Obligor, (ii) the jurisdiction in which such Obligor is domiciled, (iii) the audited financial 

  
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statements for the two prior fiscal years (or such shorter period of time that the Obligor has been in existence) of such Obligor, (iv) the Servicer’s internal credit memo with respect
to the Obligor and the related Collateral Obligation, (v) the annual report for the most recent fiscal year of such Obligor, (vi) a company forecast of such Obligor including plans related to capital expenditures, (vii), the business
model, company strategy and names of known peers of such Obligor, (viii) the shareholding pattern and details of the management team of such Obligor and (ix) details of any banking facilities and the debt maturity schedule of such Obligor.

 “OFAC” has the meaning set forth in Section 9.29(a). 

“Offer” means a tender offer, voluntary redemption, exchange offer, conversion or other similar action. 

“Officer’s Certificate” means a certificate signed by an Executive Officer. 

“Official Body” means any government or political subdivision or any agency, authority, regulatory body,
bureau, central bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. 

“Opinion of Counsel” means a written opinion of independent counsel reasonably acceptable in form and
substance and from counsel reasonably acceptable to the Facility Agent. 
 “Optional Sale” has the meaning
set forth in Section 7.10. 
 “Original Effective LTV” means, with respect to any
Collateral Obligation, the Effective LTV of such Collateral Obligation as calculated by the Servicer and approved by the Facility Agent in accordance with the definitions of Effective LTV and the definitions used therein and set forth in the related
Approval Notice. 
 “Original Leverage Multiple” means, with respect to any Collateral Obligation, the
Leverage Multiple applicable to such Collateral Obligation as calculated by the Servicer (and, to the extent set forth in the Asset Approval Request, approved by the Facility Agent) in accordance with the definition of Leverage Multiple and the
definitions used therein and set forth in the related Approval Notice. 
 “Other Connection Taxes” means,
with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in the Obligations or
any Transaction Document). 
 “Other Taxes” means all present or future stamp, court or documentary,
intangible, mortgage, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
with respect to, any Transaction Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 

  
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 “Participant” has the meaning set forth in
Section 15.9(a). 
 “Participant Register” has the meaning set forth in
Section 15.9(c). 
 “Participation Interest” means a participation interest
(other than an Effective Date Participation Interest) in a loan that would, at the time of acquisition or the Borrower’s commitment to acquire the same, satisfy each of the following criteria: (i) such participation interest, if acquired
directly by the Borrower, would qualify as an Eligible Collateral Obligation, (ii) the selling institution is a lender on the loan or commitment, (iii) the aggregate participation interest in the loan granted by such selling institution to
any one or more participants does not exceed the principal amount or commitment with respect to which the selling institution is a lender under such loan, (iv) such participation interest does not grant, in the aggregate, to the participant in
such participation interest a greater interest than the selling institution holds in the loan or commitment that is the subject of the participation interest, (v) the entire purchase price for such participation interest is paid in full
(without the benefit of financing from the selling institution or its Affiliates) at the time of the Borrower’s acquisition (or, to the extent of a participation interest in the unfunded commitment under a Variable Funding Asset, at the time of
the funding of such loan), (vi) the participation interest provides the participant all of the economic benefit and risk of the whole or part of the Loan or commitment that is the subject of the loan participation interest and (vii) such
participation interest is documented under a Loan Syndication and Trading Association, Loan Market Association or similar agreement standard for loan participation transactions among institutional market participants. 

“PBGC” means the Pension Benefit Guaranty Corporation and its successors and assigns. 

“Permitted Investment” means, at any time: 

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

(c)         commercial paper that (i) is payable in Dollars and (ii) is rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s; or 

(d)         units of money market funds rated in the highest credit rating category by each
Rating Agency. 

  
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 Permitted Investments may be purchased by or through the Collateral
Custodian or any of its Affiliates. All Permitted Investments shall be held in the name of the Securities Intermediary. No Permitted Investment shall have an “f”, “r”, “p”, “pi”, “q”, “sf”
or “t” subscript affixed to its Standard & Poor’s rating. Any such investment may be made or acquired from or through the Collateral Agent or the Facility Agent or any of their respective affiliates, or any entity for whom
the Collateral Agent or the Facility Agent or any of their respective affiliates provides services and receives compensation (so long as such investment otherwise meets the applicable requirements of the foregoing definition of Permitted Investment
at the time of acquisition); provided, that notwithstanding the foregoing clauses (a) through (d), Permitted Investments may only include obligations or securities that constitute cash equivalents for purposes of the rights
and assets in paragraph (c)(8)(i)(B) of the exclusions from the definition of “covered fund” for purposes of the Volcker Rule. 

“Permitted Lien” means (i) the Lien in favor of the Collateral Agent for the benefit of the Secured
Parties, (ii) Liens for Taxes and mechanics’ or suppliers’ liens for services or materials supplied, in either case, not yet due and payable and for which adequate reserves have been established in accordance with GAAP, (iii) as
to Related Security (1) the Lien in favor of the Borrower herein and (2) any Liens on the Related Security permitted pursuant to the applicable Underlying Instruments and (iv) as to agented Loans, Liens in favor of the agent on behalf
of all the lenders of the related Obligor. 
 “Permitted Offer” means an offer (i) pursuant to the
terms of which the offeror offers to acquire a debt obligation (including a Collateral Obligation) in exchange for consideration consisting solely of cash in an amount equal to or greater than the full face amount of such debt obligation plus any
accrued and unpaid interest, and (ii) as to which the Servicer has reasonably determined that the offeror has sufficient access to financing to consummate the offer. 

“Permitted Working Capital Lien” means, with respect to any Collateral Obligation, a Lien on the applicable
Related Property (a) that is first priority under Applicable Law, (b) on specified accounts, documents, instruments, chattel paper, letter-of-credit rights,
supporting obligations, deposit and investment accounts and (c) that is set forth on the related Approval Notice or otherwise approved by the Facility Agent in writing in its sole discretion. 

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

“Post-Pricing Period” means the period commencing on the Pricing Date and ending on the earliest to occur of
(x) the date of the CLO Takeout and (y) the date that is six weeks after the Pricing Date. 
 “Preference
Share Purchase Agreement” means the Preference Share Purchase Agreement by and between the Borrower and the Equityholder, as the same may be amended, modified, waived, supplemented or restated from time to time. 

  
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 “Preference Shares” means preference shares in the capital
of the Borrower, which have a nominal or par value of $0.0001 per share and have the rights and entitlements ascribed thereto in the Borrower’s memorandum and articles of association. 

“Pricing Date” means the date after the commencement of the CLO Marketing Period on which the Borrower
notifies in writing the Facility Agent, the Collateral Agent, the Equityholder and the Servicer that it has received Purchase Commitments for CLO Securities with an aggregate par amount greater than or equal to the Target CLO Amount. 

“Principal Balance” means with respect to any Collateral Obligation and as of any date, the lower of
(A) the Purchase Price paid by the Borrower for such Collateral Obligation and (B) the outstanding principal balance of such Collateral Obligation, exclusive of (x) any interest on such Collateral Obligation deferred or capitalized
(1) except to the extent set forth on the related Asset Approval Request, prior to the related Cut-Off Date and (2) after the related Cut-Off Date and
(y) any unfunded amounts with respect to any Variable Funding Asset included in the Collateral as of such date; provided, that for purposes of calculating the “Principal Balance” of any Deferrable Collateral Obligation,
principal payments received on such Collateral Obligation shall first be applied to reducing or eliminating any outstanding deferred or capitalized interest. The “Principal Balance” of any Equity Security shall be zero. 

“Principal Collections” means any and all amounts of collections received with respect to the Collateral
other than Interest Collections, including (but not limited to) (i) all collections attributable to principal on such Collateral (including any proceeds received by the Borrower as a result of exercising any Warrant Asset at any time), (ii) all
payments received by the Borrower pursuant to any Hedging Agreement, (iii) the earnings on Principal Collections in the Collection Account that are invested in Permitted Investments, and (iv) all Repurchase Amounts, in each case other than
Retained Interests. 
 “Principal Collection Account” means a segregated,
non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) number 84108602, which is created and maintained on the books and records
of the Securities Intermediary entitled “Principal Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant
to Section 8.1(a). 
 “Proceeding” means any voluntary or involuntary insolvency,
bankruptcy, receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the
liquidation, dissolution or other winding up of a Person. 
 “Purchase Commitment” means a commitment by an
investor to purchase CLO Securities that complies with the purchaser eligibility requirements and criteria specified in the terms of the CLO Securities and that is acceptable to DBSI in its sole discretion and “Purchase Commitments”
means each Purchase Commitment together with each other Purchase Commitment. 
 “Purchase Price” means,
with respect to any Collateral Obligation, the greater of (a) zero and (b) the actual purchase price in Dollars (or, if different principal amounts of such Collateral Obligation were purchased at different purchase prices, the weighted
average of such purchase 

  
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prices) paid by the Borrower for such Collateral Obligation (exclusive of any interest, accreted interest, original issue discount and upfront fees) divided by the principal balance of the
portion of such Collateral Obligation purchased by the Borrower outstanding as of the date of such purchase (exclusive of any interest, accreted interest, original issue discount and upfront fees); provided, that with respect to any
Collateral Obligation with a “Purchase Price” greater than or equal to 95% and determined by the Servicer to be a par loan (as certified by the Servicer to the Required Lenders), the “Purchase Price” of such Collateral Obligation
shall be deemed to be 100%; provided, further, that with respect to any Collateral Obligation with a “Purchase Price” greater than 100%, the “Purchase Price” of such Collateral Obligation shall be deemed to be 100%.
For the avoidance of doubt, the Purchase Price will be subject to adjustment by the Discount Factor, as provided herein. 

“Qualified Substitute Arrangement” has the meaning set forth in Section 10.6(c).

 “Rating Agencies” means Standard & Poor’s and Moody’s. 

“Recipient” means (a) the Facility Agent, (b) any Lender, (c) any Agent and (d) any other
recipient of a payment hereunder. 
 “Records” means the Collateral Obligation File for any Collateral
Obligation and all other documents, books, records and other information prepared and maintained by or on behalf of the Borrower with respect to any Collateral Obligation and the Obligors thereunder, including all documents, books, records and other
information prepared and maintained by the Borrower or the Servicer with respect to such Collateral Obligation or Obligors. 

“Reinvestment” has the meaning set forth in Section 8.3(c). 

“Reinvestment Date” has the meaning set forth in Section 8.3(c). 

“Reinvestment Request” has the meaning set forth in Section 8.3(c). 

“Related Collateral Obligation” means any Collateral Obligation where any Affiliate of the Borrower, Servicer
or the Equityholder owns a Variable Funding Asset pursuant to the same Underlying Instruments; provided that any such asset will cease to be a Related Collateral Obligation once all commitments by such Affiliate of the Borrower, Servicer or
the Equityholder to make advances or fund such Variable Funding Asset to the related Obligor expire or are irrevocably terminated or reduced to zero. 

“Related Committed Lender” means, with respect to any Uncommitted Lender, each Committed Lender in its Lender
Group. 
 “Related Property” means, with respect to a Collateral Obligation, any property or other assets
designated and pledged or mortgaged as collateral to secure repayment of such Collateral Obligation, including, without limitation, any pledge of the stock, membership or other ownership interests in the related Obligor or its subsidiaries, all
Warrant Assets with respect to such Collateral Obligation and all proceeds from any sale or other disposition of such property or other assets. 

“Related Security” means, with respect to each Collateral Obligation: 

  
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 (a)          any Related Property securing
a Collateral Obligation, all payments paid in respect thereof and all monies due, to become due and paid in respect thereof accruing after the applicable Advance Date and all liquidation proceeds thereof; 

(b)          all guaranties, indemnities and warranties, insurance policies, financing
statements and other agreements or arrangements of whatever character from time to time supporting or securing payment of any such indebtedness; 

(c)          all Collections with respect to such Collateral Obligation and any of the
foregoing; 
 (d)          any guarantees or similar credit enhancement for an
Obligor’s obligations under any Collateral Obligation, all UCC financing statements or other filings relating thereto, including all rights and remedies, if any, against any Related Security, including all amounts due and to become due to the
Borrower thereunder and all rights, remedies, powers, privileges and claims of the Borrower thereunder (whether arising pursuant to the terms of such agreement or otherwise available to the Borrower at law or in equity); 

(e)          all Records with respect to such Collateral Obligation and any of the
foregoing; and 
 (f)          all recoveries and proceeds of the foregoing. 

“REO Asset” means, with respect to any Collateral Obligation, any real property that is Related Property that
has been foreclosed on or repossessed from the current Obligor by the Servicer, and is being managed by the Servicer on behalf of, and in the name of, any REO Asset Owner, for the benefit of the Secured Parties and any other equity holder of such
REO Asset Owner. 
 “REO Asset Owner” has the meaning set forth in in
Section 7.12(a). 
 “REO Servicing Standard” has the meaning set forth in in
Section 7.12(a). 
 “Replacement Hedging Agreement” means one or more Hedging
Agreements, which in combination with all other Hedging Agreements then in effect, after giving effect to any planned cancellations of any presently outstanding Hedging Agreements satisfy the Borrower’s covenant contained in
Section 10.6, of this Agreement to maintain Hedging Agreements. 
 “Reporting
Date” means (a) with respect to any month in which a Distribution Date occurs, the second Business Day prior to such Distribution Date and (b) with respect to any other month, the 10th Business Day of such month. 

“Repurchase Amount” means, for any Warranty Collateral Obligation for which a payment or substitution is
being made pursuant to Section 7.11 as of any time of determination, the sum of (i) the greater of (a) an amount equal to the purchase price paid by the Borrower for such Collateral Obligation (excluding purchased
accrued interest and original issue discount) less all payments of principal received in connection with such Collateral Obligation since the date it was added to the Collateral and (b) the Collateral Obligation Amount of such Collateral
Obligation, (ii) any accrued and unpaid interest thereon since the last Distribution Date and (iii) all Hedge Breakage Costs owed to any relevant Hedge Counterparty for any termination of one or more Hedge Transactions,

  
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in whole or in part, as required by the terms of any Hedging Agreement, incurred in connection with such payment or repurchase and the termination of any Hedge Transactions in whole or in part in
connection therewith. 
 “Repurchased Collateral Obligation” means, with respect to any Collection Period,
any Collateral Obligation as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Borrower or the Servicer, as applicable, on or before the immediately prior Reporting Date and any Collateral Obligation
purchased by the Equityholder pursuant to the Sale Agreement as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Equityholder. 

“Request for Release and Receipt” means a form substantially in the form of Exhibit F-2 completed and signed by the Servicer. 
 “Required Lenders”
means, at any time, the Facility Agent and Lenders holding Advances aggregating 50% of all Advances Outstanding or if there are no Advances Outstanding, Lenders holding Commitments aggregating 50% of all Commitments. 

“Responsible Officer” means, with respect to (a) the Servicer or the Borrower, its Chief Executive
Officer, Chief Operating Officer, or any other officer, authorized person or employee of the Servicer or the Borrower directly responsible for the administration or collection of the Collateral Obligations, (b) the Collateral Agent or
Collateral Custodian, any officer within the Corporate Trust Office, including any director, vice president, assistant vice president or associate having direct responsibility for the administration of this Agreement, who at the time shall be such
officers, respectively, or to whom any matter is referred because of his or her knowledge of and familiarity with the particular subject, or (c) any other Person, the President, any Vice-President or
Assistant Vice-President, Corporate Trust Officer or the Controller of such Person, or any other officer or employee having similar functions. 

“Retained Economic Interest” has the meaning set forth in Section 10.24(a). 

“Retained Interest” means, with respect to any Collateral Obligation included in the Collateral,
(a) such obligations to provide additional funding with respect to such Collateral Obligation that have been retained by the other lender(s) of such Collateral Obligation, (b) all of the rights and obligations, if any, of the agent(s)
under the Underlying Instruments, (c) any unused commitment fees associated with the additional funding obligations that are being retained in accordance with clause (a) above, and (d) any agency or similar fees associated with the
rights and obligations of the agent(s) that are being retained in accordance with clause (b) above. 

“Retention Requirements” means (i) Part 5 of the Capital Requirements Regulation as supplemented by
Commission Delegated Regulation (EU) No. 625/2014 of 13 March 2014 and Commission Implementing Regulation (EU) No. 602/2014 of 4 June 2014; (ii) any guidelines and related documents published from time to time in relation thereto
by the European Banking Authority (or successor agency or authority) and adopted by the European Commission; (iii) the guidelines and related documents previously published in relation to the preceding risk retention legislation by the European
Banking Authority (and/or its predecessor, the Committee of European Banking Supervisors) which as at the date hereof continue to apply to the Capital Requirements 

  
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Regulation, together with any amendments, supplements or revisions thereto approved by the parties hereto for purposes of this definition, each to the extent legally binding in the Member State
of a Lender and in each case as determined or imposed by any regulatory body having supervisory authority over any Lender. 

“Revaluation Diversion Event” means an event that shall occur (and be deemed continuing at all times
thereafter) if, at any time after the end of the Revolving Period (a) the sum of all decreases in the Collateral Obligation Amount (solely as a result of (x) decreases in the related Discount Factor pursuant to
Section 2.7(b) or (y) any Eligible Collateral Obligation becoming a Defaulted Collateral Obligation) first equals or exceeds the product of (A) 7.5% multiplied by (B) the Adjusted Aggregate Eligible
Collateral Obligation Balance as of the first Business Day after the end of the Revolving Period and (b) a Revaluation Event shall occur with respect to three (3) or more Collateral Obligations after the end of the Revolving Period. 

“Revaluation Event” means each occurrence of any of the following with respect to any Collateral Obligation
during the time such Collateral Obligation is Collateral (other than during the Post-Pricing Period): 

(a)        the occurrence of a default as to the payment of principal, interest and/or
unutilized/commitment fee has occurred and is continuing with respect to such Collateral Obligation (following the lapse of the shorter of any grace period applicable thereto and five (5) Business Days from the related due date); 

(b)        the occurrence of an Insolvency Event with respect to any related Obligor;

 (c)        the occurrence of a default as to the payment of principal and/or
interest has occurred and is continuing with respect to another debt obligation of the same Obligor secured by the same collateral and which is either full recourse or senior to or pari passu with in right of payment to such Collateral
Obligation (following the lapse of the shorter of any grace period applicable thereto and five (5) Business Days from the related due date); 

(d)        the Servicer determines, in its sole discretion, in accordance with the
Servicing Standard, that all or a portion of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status; 

(e)        the occurrence of a Material Modification with respect to such Collateral
Obligation that is not previously approved by the Facility Agent (in its sole discretion); 

(f)        the related Obligor fails to deliver to the Borrower or the Servicer any
financial reporting information (i) as required by the Underlying Instruments of such Collateral Obligation (on two or more occasions (excluding any other additional occasions approved by the Facility Agent in its sole discretion) with respect
to the related Obligor, following the lapse of 30 calendar days) and (ii) no less frequently than quarterly, and such failure has an adverse effect on the ability of the Servicer or the Facility Agent (as determined by the Facility Agent in its
reasonable discretion) to make any determinations or calculations required or permitted hereunder; 

(g)        with respect to any Enterprise Value Loan, the Leverage Multiple with
respect to such Collateral Obligation becomes more than 1.00x higher than the applicable Original Leverage 

  
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Multiple; provided that, each subsequent increase of 1.00x over the applicable Original Leverage Multiple shall be an additional Revaluation Event; 

(h)        with respect to any Asset Based Loan, (A) the Borrower fails (or fails
to cause the Obligor to) retain an Approved Valuation Firm to re-calculate the Appraised Value of (x) with respect to any such Asset Based Loan that has intellectual property, equipment or real property,
as the case may be, in its borrowing base, the collateral securing such Asset Based Loan that at least once every twelve (12) months that such Loan is included in the Collateral (subject to a 30 day grace period with respect to any such review)
and (y) with respect to all other Asset Based Loans included in the Collateral, the collateral securing such Loan at least once every six (6) months that such Loan is included in the Collateral (subject to a 30 day grace period with
respect to any such review) or (B) the Borrower (or the related Obligor, as applicable) changes the Approved Valuation Firm with respect to any Asset Based Loan that or the related Approved Valuation Firm changes the metric for valuing the
collateral of such Loan, each without the written approval of the Facility Agent; 

(i)        with respect to any Asset Based Loan, the Effective LTV of such Collateral
Obligation is greater than 1.0 or increases by more than an amount equal to 10% of the Original Effective LTV of such Collateral Obligation; provided that each subsequent increase of an additional 10% over the applicable Original Effective
LTV shall be an additional Revaluation Event; 
 (j)        such Collateral
Obligation, if rated, receives (x) a public rating by Standard & Poor’s of “CCC-” or below or (y) a Moody’s probability of default rating (as published by Moody’s)
of “Caa3” or below; or 
 (k)        if any Agency Rating of such
Collateral Obligation is based on a credit estimate, shadow rating or similar rating and not on a public rating, the failure by the Borrower or the Servicer on behalf of the Borrower to refresh such credit estimate or shadow rating on an annual
basis thereafter. 
 “Revolving Loan” means a Collateral Obligation that specifies a maximum aggregate
amount that can be borrowed by the related Obligor and permits such Obligor to re-borrow any amount previously borrowed and subsequently repaid during the term of such Collateral Obligation. 

“Revolving Period” means the period of time starting on the Effective Date and ending on the earliest to
occur of (i) the six-month anniversary of the Effective Date or, if such date is extended pursuant to Section 2.6, the date mutually agreed upon by the Borrower and each Agent,
(ii) the date on which the Facility Amount is terminated in full pursuant to Section 2.5 or (iii) the occurrence of an Event of Default. 

“S&P Industry Classification” means the industry classifications set forth in
Schedule 2A hereto, as such industry classifications shall be updated at the option of the Facility Agent in its sole discretion if Standard & Poor’s publishes revised industry classifications. 

“Sale Agreement” means the Sale and Contribution Agreement, dated as of the date hereof, by and between the
Equityholder, as seller, and the Borrower, as purchaser. 

  
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 “Sanctions” has the meaning set forth in
Section 9.29(a). 
 “Sanctioned Countries” has the meaning set forth in
Section 9.29(a). 
 “Schedule of Collateral Obligations” means the list or lists
of Collateral Obligations attached to each Asset Approval Request and each Reinvestment Request. Each such schedule shall identify the assets that will become Collateral Obligations, shall set forth such information with respect to each such
Collateral Obligation as the Borrower or the Facility Agent may reasonably require and shall supplement any such schedules attached to previously-delivered Asset Approval Requests and Reinvestment Requests.

 “Scheduled Collateral Obligation Payment” means each periodic installment payable by an Obligor under a
Collateral Obligation for principal and/or interest in accordance with the terms of the related Underlying Instrument. 

“Second Lien Loan” means any Loan (including any portion of a unitranche Loan as set forth in the related
Approval Notice) that (i) is not (and that by its terms is not permitted to become) subordinate in right of payment to any other obligation of the related Obligor other than a First Lien Loan with respect to the liquidation of such Obligor or
the collateral for such Loan and (ii) is secured by a valid second priority perfected Lien to or on specified collateral securing the related Obligor’s obligations under the Loan, which Lien is not subordinate to the Lien securing any
other debt for borrowed money other than a First Lien Loan on such specified collateral and any Permitted Liens. For the avoidance of doubt, a Collateral Obligation will not be a Second Lien Loan (i) solely because such Collateral
Obligation is subordinated to a Permitted Working Capital Lien or (ii) if the Facility Agent designates such Collateral Obligation as a First Lien Loan pursuant to the proviso at the end of the definition of such term. 

“Secured Parties” means, collectively, the Collateral Agent, the Collateral Custodian, the Securities
Intermediary, each Lender, the Facility Agent, each Agent, each other Affected Person, Indemnified Party and Hedge Counterparty and their respective permitted successors and assigns. 

“Securities Intermediary” means the Collateral Custodian, or any subsequent institution acceptable to the
Facility Agent at which the Accounts are kept. 
 “Senior Servicing Fee” means with respect to any
Distribution Date, the senior fee payable to the Servicer or successor servicer (as applicable) for services rendered during the related Collection Period, which shall be equal to one-fourth of the product of
(i) the Senior Servicing Fee Percentage multiplied by (ii) the average of the values of the Aggregate Eligible Collateral Obligation Amount on the first day and the last day of the related Collection Period. 

“Senior Servicing Fee Percentage” means 0.25%. 

“Servicer” has the meaning set forth in the Preamble. 

“Servicer Default” means the occurrence of one of the following events: 

  
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 (a)         any failure by the Servicer to
deposit or credit, or to deliver for deposit, in the Collection Account any amount required hereunder to be so deposited, credited or delivered or to make any required distributions therefrom, which failure shall continue for two (2) Business
Days; 
 (b)         failure on the part of the Servicer duly to observe or to perform in any
material respect any other covenant or agreement of the Servicer set forth in this Agreement which failure continues unremedied for a period of thirty (30) days after the date on which written notice of such failure shall have been given to the
Servicer by the Borrower, the Collateral Agent or the Facility Agent (with a copy to each Agent); 

(c)         the occurrence of an Insolvency Event with respect to the Servicer; 

(d)         any representation, warranty or statement of the Servicer made in this Agreement or
any certificate, report or other writing delivered pursuant hereto shall prove to be false or incorrect as of the time when the same shall have been made or deemed made (i) which incorrect representation, warranty or statement has a material
and adverse effect on (1) the validity, enforceability or collectability of this Agreement or any other Transaction Document or (2) the rights and remedies of any Secured Party with respect to matters arising under this Agreement or any
other Transaction Document, and (ii) within thirty (30) days after written notice thereof shall have been given to the Servicer by the Borrower, the Collateral Agent or the Facility Agent, the circumstance or condition in respect of which
such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; 

(e)         an Event of Default occurs; 

(f)         the failure of the Servicer to make any payment when due (after giving effect to any
related grace period) under one or more agreements for borrowed money to which it is a party in an aggregate amount in excess of $2,500,000, individually or in the aggregate; or (ii) the occurrence of any event or condition that has resulted in
or permits the acceleration of such recourse debt, whether or not waived; 
 (g)         the
rendering against the Servicer of one or more final, non-appealable judgments, decrees or orders for the payment of money in excess of $2,500,000 (excluding, if such aggregate amount is less than $10,000,000,
the portion of any such payments made from insurance proceeds), individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than sixty (60) consecutive days without a
stay of execution; or 
 (h)         a Change of Control occurs with respect to the Servicer
and it is not approved in writing by the Facility Agent. 
 “Servicer Expenses” means any accrued and
unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Servicer (other than the Servicing Fees) under the Transaction Documents. 

“Servicing Fees” means the Senior Servicing Fee and the Subordinated Servicing Fee. 

  
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 “Servicing Standard” means, with respect to any Collateral
Obligations, to service and administer such Collateral Obligations on behalf of the Secured Parties in accordance with the Underlying Instruments and all customary and usual servicing practices using the same care, skill, prudence and diligence with
which the Servicer services and administers loans for its own account or for the account of others. 
 “Specified
Borrowing Base Breach” means (a) an amendment to the Discount Factor of one or more Collateral Obligations by the Facility Agent pursuant to Section 2.7(b) or (b) an increase in the Excess Concentration
Amount not caused by the purchase of a Collateral Obligation which, in either case, causes the aggregate principal amount of all Advances outstanding hereunder to exceed the Borrowing Base by an amount (calculated as a percentage) equal to or less
than 10% (in the aggregate); provided that such event shall not be a Specified Borrowing Base Breach if any other event occurred on the same date that either decreased the Borrowing Base (other than by operation of
Section 8.3) or increased the Advances outstanding hereunder. 
 “Standard &
Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and any successor or successors thereto. 

“Structured Finance Obligation” means any obligation issued by a special purpose entity secured directly by,
referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt obligations,
collateral loan obligations, asset backed securities and commercial mortgage backed securities or any resecuritization thereof. 

“Structuring Fee” means a fee payable by the Borrower to the Facility Agent in an amount equal to 0.25% of
the aggregate Commitments, which fee shall be payable on the Facility Termination Date. 
 “Subordinated Servicing
Fee” means with respect to any Distribution Date, the subordinated fee payable to the Servicer or successor servicer (as applicable) for services rendered during the related Collection Period, which shall be equal to one-fourth of the product of (i) the Subordinated Servicing Fee Percentage multiplied by (ii) the average of the values of the Aggregate Eligible Collateral Obligation Amount on the first day and the last
day of the related Collection Period. 
 “Subordinated Servicing Fee Percentage” means 0.25%. 

“Subsidiary” means, with respect to any Person, a corporation, partnership or other entity of which such
Person and/or its other Subsidiaries own, directly or indirectly, such number of outstanding shares as have more than 50% of the ordinary voting power for the election of directors. 

“Substituted Collateral Obligation” means, with respect to any Collection Period, any Warranty Collateral
Obligation with respect to which the Equityholder has substituted in a replacement Eligible Collateral Obligation pursuant to Section 7.11 and the Sale Agreement. 

“Tangible Net Worth” means, with respect to any Person, the consolidated net worth of such Person and its
consolidated Subsidiaries calculated in accordance with GAAP after 

  
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subtracting therefrom the aggregate amount of the intangible assets of such Person and its consolidated Subsidiaries, including, without limitation, goodwill, franchises, licenses, patents,
trademarks, tradenames, copyrights and service marks. 
 “Target CLO Amount” means $350,000,000. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. 

“Transaction Documents” means this Agreement, the Notes, the Sale Agreement, the Collateral Agent and
Collateral Custodian Fee Letter, each Fee Letter, the Account Control Agreement, the Administration Agreement, the Preference Share Purchase Agreement, the Master Participation Agreement and the other documents to be executed and delivered in
connection with this Agreement, specifically excluding from the foregoing, however, Underlying Instruments delivered in connection with this Agreement. 

“UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or
jurisdictions. 
 “Uncommitted Lender” means any Conduit Lender designated as an “Uncommitted
Lender” for any Lender Group and any of its assignees. 
 “Underlying Instrument” means the Credit
Agreement and each other agreement that governs the terms of or secures the obligations represented by such Collateral Obligation or of which the holders of such Collateral Obligation are the beneficiaries. 

“Undrawn Fee” a fee payable pursuant to Section 3.2 for each day of the related
Collection Period equal to the product of (x) the aggregate Commitments on such day minus the aggregate principal amount of outstanding Advances on such day times (y) the Undrawn Fee Rate times (z) 1/360. 

“Undrawn Fee Rate” means (a) prior to the three-month anniversary of the Effective Date, 0.25% and
(b) thereafter, 0.50%. 
 “Unfunded Exposure Account” means a segregated, non-interest bearing securities account number 84108600, which is created and maintained on the books and records of the Securities Intermediary entitled “Unfunded Exposure Account” in the name of the
Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a). 

“Unfunded Exposure Shortfall” has the meaning set forth in Section 8.1(a). 

“Unmatured Event of Default” means any event that, if it continues uncured, will, with lapse of time or
notice or lapse of time and notice, constitute an Event of Default. 
 “Unmatured Servicer Default” means
any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute a Servicer Default. 

  
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 “USA Patriot Act” means the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56. 

“U.S. Borrower” means any Borrower that is a U.S. Person. 

“U.S. Person” means any Person that is a “United States person” as defined in
Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning set forth in
Section 4.3(f). 
 “Valuation Standard” means one or a combination of customary
and usual valuation methodologies generally accepted in the pricing and valuation market to derive a fair assessment of the current “fair value” as specified below of a Collateral Obligation and without regard to any compensation received
from, or agency relationship with, any Person; provided that such fair value shall be based on the most recent financial reporting and/or any other customary financial and other information with respect to such Collateral Obligation
including, without limitation, the following: (i) the financial performance of the Obligor of such Collateral Obligation; (ii) a fundamental analysis which may be based on discounted cash flow and a multiples-based approach based on
comparable companies in the relevant sector or another generally accepted methodology for valuing companies in the relevant sector; and (iii) the current market environment (e.g., quoted trading levels on the Collateral Obligation (if
available) and the relative trading levels and yields for debt instruments of comparable companies). For purposes of this definition, “fair value” is defined as the price that would be received when selling a Collateral Obligation in an
orderly transaction between market participants on the date of measuring such a value. 
 “Variable Funding
Asset” means any Revolving Loan or other asset that by its terms may require one or more future advances to be made to the related Obligor by any lender thereon or owner thereof. 

“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the
applicable rules and regulations thereunder. 
 “Warrant Asset” means any equity purchase warrants or
similar rights convertible into or exchangeable or exercisable for any equity interests received by the Borrower as an “equity kicker” from the Obligor in connection with a Collateral Obligation. 

“Warranty Collateral Obligation” has the meaning set forth in Section 7.11. 

“Weighted Average Advance Rate” means, as of any date of determination with respect to all Eligible
Collateral Obligations included in the Adjusted Aggregate Eligible Collateral Obligation Balance, the number obtained by (i) summing the products obtained by multiplying (a) the Advance Rate of each such Eligible Collateral
Obligation by (b) such Eligible Collateral Obligation’s contribution to the Adjusted Aggregate Eligible Collateral Obligation Balance and (ii) dividing such sum by the Adjusted Aggregate Eligible Collateral Obligation Balance.

 “Weighted Average Coupon” means, as of any day, the number expressed as a percentage equal to
(i) the sum, for each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that is a Fixed Rate 

  
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Collateral Obligation of (x) the interest rate for such Collateral Obligation minus the LIBOR Rate multiplied by (y) the Collateral Obligation Amount of each such Collateral Obligation
divided by (ii) the sum of the Collateral Obligation Amounts for all Eligible Collateral Obligations that are Fixed Rate Collateral Obligations. 

“Weighted Average Life” means, as of any day with respect to all Eligible Collateral Obligations included in
the Collateral, the number of years following such date obtained by (i) summing the products obtained by multiplying (a) the Average Life at such time of each such Eligible Collateral Obligation by (b) the Collateral Obligation
Amount of such Collateral Obligation and (ii) dividing such sum by the aggregate Collateral Obligation Amounts of all Eligible Collateral Obligations included in the Collateral. 

“Weighted Average Moody’s Rating Factor” has the meaning specified in Schedule 5. 

“Weighted Average Spread” means, as of any day, the number expressed as a percentage equal to (i) the
Aggregate Funded Spread divided by (ii) the Aggregate Eligible Collateral Obligation Amount. 
 “Withholding
Agent” means the Borrower, the Facility Agent, the Collateral Agent and the Servicer. 
 “Write-Down and
Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the
applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

“written” or “in writing” (and other variations thereof) means any form of written
communication or a communication by means of telex, telecopier device, telegraph or cable. 
 “Yield”
means, with respect to any period, the daily interest accrued on Advances during such period as provided for in Article III. 

Section 1.2    Other Definitional Provisions. (a) Unless otherwise specified therein, all
terms defined in this Agreement have the meanings as so defined herein when used in the Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto. 

(b)        Each term defined in the singular form in
Section 1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement, the Notes or any other Transaction Document, certificate, report or other document made
or delivered pursuant hereto or thereto, and each term defined in the plural form in Section 1.1 shall mean the singular thereof when the singular form of such term is used herein or therein. 

(c)        The words “hereof,” “herein,”
“hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, the term “including” means “including without limitation,” and
article, 

  
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section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified. 

(d)        The following terms which are defined in the UCC in effect
in the State of New York on the date hereof are used herein as so defined: Accounts, Certificated Securities, Chattel Paper, Control, Documents, Equipment, Financial Assets, Funds-Transfer System, General
Intangibles, Indorse and Indorsed, Instruments, Inventory, Investment Property, Proceeds, Securities Accounts, Securities Intermediary, Security Certificates, Security Entitlements, Security Interest and Uncertificated Securities. 

(e)        For the avoidance of doubt, on each Measurement Date, the
status of each Collateral Obligation shall be re-determined by the Servicer as of such date and, as a consequence thereof, (i) Collateral Obligations that were previously Eligible Collateral Obligations
on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount calculated on such Measurement Date and (ii) to the extent a new Approval Notice is provided by the Facility Agent, Collateral Obligations that
were previously excluded from the Aggregate Eligible Collateral Obligation Amount on a prior Measurement Date may be included in the Aggregate Eligible Collateral Obligation Amount calculated on such Measurement Date. 

(f)        Unless otherwise specified, each reference in this
Agreement or in any other Transaction Document to a Transaction Document shall mean such Transaction Document as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the terms of the Transaction
Documents. 
 (g)        Unless otherwise specified, each reference
to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other
provision of any Applicable Law means that provision of such Applicable Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision. 

(h)        All calculations required to be made hereunder with
respect to the Collateral Obligations and Borrowing Base shall be made on a trade date basis and after giving effect to (x) all purchases or sales to be entered into on such trade date, (y) all Advances requested to be made on such trade
date plus the balance of all unfunded Advances to be made in connection with the Borrower’s purchase of previously requested (and approved) Collateral Obligations and (z) in the case of calculations pursuant to
Section 8.3(a), all distributions to be made at or prior to the relevant time of determination. 

(i)        Any use of “knowledge” or “actual
knowledge” in this Agreement shall mean actual knowledge after reasonable inquiry. 

(j)        Any use of “material” or “materially”
or words of similar meaning in this Agreement shall mean material, as determined by the Facility Agent in its commercially reasonable discretion. 

  
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 (k)        For
purposes of this Agreement, an Event of Default or Servicer Default shall be deemed to be continuing until it is waived in accordance with Section 17.2. 

ARTICLE II 
 THE FACILITY, ADVANCE
PROCEDURES AND NOTES 
 Section 2.1        Advances. (a) On the
terms and subject to the conditions set forth in this Agreement, each Lender Group hereby agrees to make advances to or on behalf of the Borrower (individually, an “Advance” and collectively the “Advances”) from
time to time on any date (each such date on which an Advance is made, an “Advance Date”) during the period from the Effective Date to the end of the Revolving Period; provided that there shall be no more than three
(3) Advance Dates during any calendar week. 

(b)        Under no circumstances shall any Lender make an Advance
if, after giving effect to such Advance and any purchase of Eligible Collateral Obligations in connection therewith, the aggregate outstanding principal amount of all Advances would exceed the lower of (i) the Facility Amount and (ii) the
Borrowing Base on such day. Subject to the terms of this Agreement, during the Revolving Period, the Borrower may borrow, reborrow, repay and prepay (subject to the provisions of Section 2.4) one or more Advances. 

Section 2.2        Funding of Advances. (a) Subject to the
satisfaction of the conditions precedent set forth in Section 6.2, the Borrower (or the Servicer on its behalf) may request Advances hereunder by giving notice delivered in accordance with Section 17.3 to the
Facility Agent, each Agent and the Collateral Agent of the proposed Advance at or prior to 4:00 p.m., New York City time, at least (x) in the case of Advances of more than 20% of the then-current Facility Amount,
sixty-one (61) days (or such shorter period as may be agreed to by the Facility Agent in its sole discretion) or (y) in the case of Advances of up to 20% of the then-current Facility Amount, two
(2) Business Days prior to the proposed Advance Date. Such notice (herein called the “Advance Request”) shall be in the form of Exhibit C-1 and shall include (among other things)
the proposed Advance Date (specifically identifying whether such Advance will be on two (2) Business Days’ notice or sixty-one (61) days’ notice (or such shorter period as may be agreed to
by the Facility Agent in its sole discretion) and, if on two (2) Business Days’ notice, a calculation showing that after giving effect to such Advance the Advances outstanding requested by the Borrower on less than sixty-one (61) days’ notice (or such shorter period as may be agreed to by the Facility Agent in its sole discretion)) does not exceed 20% of the then-current Facility Amount and amount of such proposed
Advance, and shall, if applicable, be accompanied by an Asset Approval Request setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Advance Date (if applicable). The amount
of any Advance shall at least be equal to the least of (x) $500,000, (y) the (1) Borrowing Base on such day minus (2) the Advances outstanding on such day and (z) the (1) Facility Amount on such day minus
(2) the Advances outstanding on such day before giving effect to the requested Advance as of such date. Any Advance Request given by the Borrower pursuant to this Section 2.2, shall be irrevocable and binding on
the Borrower; provided, that any Advance Request which is conditioned upon the effectiveness of other transactions may be revoked or delayed by the Borrower (by notice delivered in accordance with Section 17.3 to
each Agent on or prior to the proposed Advance Date) if such other transactions fail to become effective (and, for the avoidance 

  
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of doubt, the Borrower shall be liable for any breakage or other reasonable and documented out-of-pocket costs
incurred by the Facility Agent or any Lender in connection with such revocation or delay). The Facility Agent shall have no obligation to lend funds hereunder in its capacity as Facility Agent. Subject to receipt by the Collateral Agent of an
Officer’s Certificate of the Borrower confirming the satisfaction of the conditions precedent set forth in Section 6.2, and the Collateral Agent’s receipt of such funds from the Lenders, the Collateral Agent shall
make the proceeds of such requested Advances available to the Borrower by deposit to such account as may be designated by the Borrower in the Advance Request in same day funds no later than 3:00 p.m., New York City time, on such Advance Date. 

(b)        Committed Lender’s Commitment.
At no time will any Uncommitted Lender have any obligation to fund an Advance. At all times on and after the Conduit Advance Termination Date, all Advances shall be made by the Agent on behalf of the applicable Committed Lenders. At any time when
any Uncommitted Lender has failed to or has rejected a request to fund an Advance, its Agent shall so notify the Related Committed Lender and such Related Committed Lender shall fund such Advance. Notwithstanding anything contained in this
Section 2.2(b) or elsewhere in this Agreement to the contrary, no Committed Lender shall be obligated to provide its Agent or the Borrower with funds in connection with an Advance in an amount that would result in the
portion of the Advances then funded by it exceeding its Commitment then in effect. The obligation of the Committed Lender in each Lender Group to remit any Advance shall be several from that of the other Lenders, and the failure of any Committed
Lender to so make such amount available to its Agent shall not relieve any other Committed Lender of its obligation hereunder. 

(c)        Unfunded Commitment Provisions. Notwithstanding
anything to the contrary herein, upon the occurrence of the earlier of (i) any acceleration of the maturity of Advances pursuant to Section 13.2 or (ii) the end of the Revolving Period, the Borrower shall request
an Advance in the amount of the Aggregate Unfunded Amount minus the amount already on deposit in the Unfunded Exposure Account. Following receipt of such Advance Request, the Lenders shall fund such requested amount by depositing such amount
directly to the Collateral Custodian to be deposited into the Unfunded Exposure Account, notwithstanding anything to the contrary herein (including, without limitation, the Borrower’s failure to satisfy any of the conditions precedent set forth
in Section 6.2). 
 Section 2.3        Notes.
The Borrower shall, upon request of any Lender Group, on or after such Lender Group becomes a party hereto (whether on the Closing Date or by assignment or otherwise), execute and deliver a Note evidencing the Advances of such Lender Group. Each
such Note shall be payable to the Agent for such Lender Group in a face amount equal to the applicable Lender Group’s Commitment as of the Closing Date or the effective date on which such Lender Group becomes a party hereto, as applicable. The
Borrower hereby irrevocably authorizes each Agent to make (or cause to be made) appropriate notations on the grid attached to the Notes (or on any continuation of such grid, or at the option of such Agent, in its records), which notations, if made,
shall evidence, inter alia, the date of the outstanding principal of the Advances evidenced thereby and each payment of principal thereon. Such notations shall be rebuttably presumptive evidence of the subject matter thereof absent
manifest error; provided, that the failure to make any such notations shall not limit or otherwise affect any of the Obligations or any payment thereon; provided, further, that any such Note shall be consistent with the
information in the Register. 

  
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 Section 2.4        Repayment
and Prepayments. (a) The Borrower shall repay the Advances outstanding (i) on each Distribution Date to the extent required to be paid hereunder and funds are available therefor pursuant to Section 8.3 and
(ii) in full on the Facility Termination Date. 

(b)        Prior to the Facility Termination Date, the Borrower may,
from time to time, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of any Advance using Principal Collections on deposit in the Principal Collection Account or other funds available to the Borrower on such date;
provided, that 
 (i)        all such voluntary prepayments shall require
prior written notice delivered in accordance with Section 17.3 to the Facility Agent (with a copy to the Collateral Agent and each Agent) by 11:00 a.m. two (2) Business Days prior to such voluntary prepayment; 

(ii)       each such voluntary partial prepayment shall be in a minimum amount of
$500,000; and 
 (iii)      if received by 3:00 p.m., New York City time, each prepayment
shall be applied on the Business Day received by the Facility Agent on such day as the Amount Available constituting Principal Collections pursuant to Section 8.3(a) as if (x) the date of such prepayment were a
Distribution Date and (y) such prepayment occurred during the Collection Period to which such Distribution Date relates. 
 Each such
prepayment shall be subject to the payment of any amounts required by Section 2.5(b) (if any) resulting from a prepayment or payment. 

(c)        On the Facility Termination Date, the Borrower shall pay
to each Agent, for the respective accounts of the Lenders, any applicable Structuring Fee; provided that no Structuring Fee shall be payable if (x) a Non-Approval Event has occurred and is
continuing, (y) the Borrower has paid Increased Costs to the applicable Lender pursuant to Section 5.1 within the immediately preceding 30 days or (z) the Facility Amount is permanently reduced in whole in
connection with the CLO Takeout. 
 Section 2.5        Permanent Reduction
of Facility Amount. (a) The Borrower may (or as required by Section 2.4(b)(iv) shall), at any time upon five Business Days’ prior written notice delivered in accordance with
Section 17.3 to the Facility Agent and each Agent subject to the fees set forth in Section 2.5(b), permanently reduce the Facility Amount (i) in whole or in part upon payment in full (in
accordance with Section 2.4) of the aggregate outstanding principal amount of all Advances or (ii) in part by any pro rata amount that the Facility Amount exceeds the aggregate outstanding principal amount of
all Advances (after giving effect to any concurrent prepayment thereof). In connection with any permanent reduction of the Facility Amount under this Section 2.5(a), the Commitment of each Committed Lender shall
automatically, and without any further action by any party, be reduced pro rata with all other Committed Lenders such that the sum of all Commitments will equal the newly reduced Facility Amount. 

(b)        As a condition precedent to any permanent reduction of the Facility Amount
pursuant to Section 2.5(a), the Borrower shall pay to each Agent, for the respective accounts of the Lenders, any applicable Structuring Fee; provided that no Structuring Fee shall be payable if, as of the date of
such permanent reduction, (A) the Facility Amount is permanently 

  
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reduced in whole in connection with the CLO Takeout or (B)(1) no Unmatured Event of Default or Event of Default has occurred and is continuing and (2)(x) a Non-Approval Event has occurred and is continuing or (y) the Borrower has paid Increased Costs to the applicable Lender pursuant to Section 5.1 within the immediately preceding 30
days. 
 Section 2.6    Extension of Revolving Period. The Borrower may, at any time after
the three-month anniversary of the Effective Date and prior to the date that is thirty days prior to the last date of the Revolving Period, deliver a written notice to each Lender (with a copy to the Facility Agent and each Agent) requesting an
extension of the Revolving Period for an additional six (6) months (an “Extension Request”). Each Lender may approve or decline an Extension Request in its sole discretion; provided, that the Lenders shall respond
to an Extension Request in writing not later than 30 days following receipt of such Extension Request, and if any Lender does not respond in writing by the end of such 30 day period it shall be deemed to have denied such Extension Request. No
request by the Borrower to extend the Revolving Period shall be considered an “Extension Request” if such request is conditioned on an amendment to any other provision of the Transaction Documents. 

Section 2.7        Calculation of Discount Factor. 

(a)        In connection with the purchase of each Collateral
Obligation and prior to such Collateral Obligation being purchased by the Borrower and included in the Collateral or in connection with the circumstances described in clause (c) below, the Facility Agent will assign (in its sole discretion) a
Discount Factor for such Collateral Obligation, which Discount Factor shall remain effective for such Collateral Obligation except as provided in clause (b) below. 

(b)        If a Revaluation Event occurs with respect to any
Collateral Obligation, the Discount Factor of such Collateral Obligation may be amended by the Facility Agent, in its sole discretion; provided that the Borrower may dispute the Discount Factor and at the expense of the Borrower elect to
retain an Approved Valuation Firm to determine the Discount Factor no later than sixty (60) days after such assignment by the Facility Agent and in accordance with the Valuation Standard; provided, further, that if the Facility
Agent disputes the determination of the Discount Factor by such Approved Valuation Firm, the Facility Agent may at the expense of the Borrower for up to two (2) Collateral Obligations and at the expense of the Facility Agent thereafter elect to
retain a different Approved Valuation Firm to determine the Discount Factor in accordance with the Valuation Standard; provided, further, that the Borrower shall not at any time retain a different Approved Valuation Firm to determine a
different Discount Factor for the same Collateral Obligation; provided, further, that any and all determinations by any Approved Valuation Firm of the Discount Factor shall be re-calculated, at
the Borrower’s sole expense, every six (6) months after the date of such initial determination. If any additional Revaluation Event occurs with respect to any Collateral Obligation or the Leverage Multiple (as measured solely through the
tranche or tranches of such Collateral Obligation actually held by the Borrower) with respect to such Collateral Obligation becomes (i) more than 2.00x higher than the applicable Original Leverage Multiple (as measured solely through the
tranche or tranches of such Collateral Obligation actually held by the Borrower) and is greater than 8.00x total (as measured solely through the tranche or tranches of such Collateral Obligation actually held by the Borrower) or (ii) more than
3.00x higher than the applicable Original Leverage 

  
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Multiple (as measured solely through the tranche or tranches of such Collateral Obligation actually held by the Borrower), the Discount Factor of such Collateral Obligation may be amended by the
Facility Agent, in its sole discretion, and the Borrower may not dispute such Discount Factor. The Discount Factor (determined as the lower of (x) the Purchase Price paid by the Borrower for such Collateral Obligation and (y) the
outstanding principal balance of such Collateral Obligation) shall be recalculated (by the Facility Agent) based on the average of the valuations provided by the Approved Valuation Firms. The Facility Agent will provide written notice of the revised
Discount Factor to the Borrower, the Servicer and the Collateral Agent and each Agent. To the extent a Responsible Officer of the Servicer has actual knowledge or has received notice of any Revaluation Event with respect to any Collateral
Obligation, the Servicer shall give prompt notice thereof to the Facility Agent and the Collateral Agent (but, in any event, not later than two (2) Business Days after it receives notice or a Responsible Officer of the Servicer gains actual
knowledge thereof). 
 (c)        If the circumstances giving rise
to any Revaluation Event with regard to any Collateral Obligation cease to be applicable, the Servicer may provide written notice of such changed circumstance to the Facility Agent and each Agent, and if no Revaluation Event shall then be continuing
for such Collateral Obligation, the Facility Agent may assign a new Discount Factor for such Collateral Obligation in its sole discretion as set forth in clause (a) above. 

Section 2.8        Increase in Facility Amount. The Borrower may, with the
prior written consent of the Facility Agent (which consent may be conditioned on one or more conditions precedent in its sole discretion), (i) increase the Commitment of the existing Lender Groups (pro rata) with the consent of each such
Lender Group, (ii) add additional Lender Groups and/or (iii) increase the Commitment of any Lender Group with the consent of such Lender Group, in each case which shall increase the Facility Amount by the amount of the
Commitment of each such existing or additional Lender Group. Each increase in the Facility Amount shall be allocated to each participating Lender Group pro rata based on their Commitments immediately prior to giving effect to such increase.
Notwithstanding the foregoing, no such increase shall be permitted without the prior written consent of each of the Servicer and DBNY if, after giving effect to any such increase, DBNY’s Commitment will no longer be at least 51% of the Facility
Amount.  
 Section 2.9        Defaulting Lenders. (a)
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 

(i)        any payment of principal, interest, fees or other amounts received by the
Collateral Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Facility Agent as follows: first, to the payment of any
amounts owing by that Defaulting Lender to the Facility Agent hereunder; second, as the Borrower may request (so long as no Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender, as
determined by the Facility Agent in its sole discretion)), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Facility Agent;
third, if so determined by the Facility Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund future
Advances under this Agreement; fourth, to the 

  
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payment of any amounts owing to the other Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Facility Agent in
its sole discretion), to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Advances in respect
of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to
the payment of any Advances of such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to
this Section 2.9 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; and 

(ii)        for any period during which such Lender is a Defaulting Lender, such
Defaulting Lender shall not be entitled to receive any Undrawn Fee for any period during which that Lender is a Defaulting Lender (and under no circumstance shall the Borrower retroactively be or become required to pay any such fee that otherwise
would have been required to have been paid to such Defaulting Lender). 

(b)        If the Facility Agent and the Borrower determine in their
sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Facility Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth
therein (which may include arrangements with respect to any cash collateral), such Lender will, to the extent applicable, purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Facility Agent may
determine to be necessary to cause the Advances to be held on a pro rata basis by the Lenders, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; provided, further, that except to the extent otherwise expressly agreed by the affected parties and subject to Section 17.19, no
change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE III 
 YIELD, UNDRAWN FEE,
ETC. 
 Section 3.1        Yield and Undrawn Fee. (a) The Borrower
hereby promises to pay, on the dates specified in Section 3.2, Yield on the outstanding amount of each Advance (or each portion thereof) for the period commencing on the applicable Advance Date until such Advance is paid in
full. No provision of this Agreement or the Notes shall require the payment or permit the collection of Yield in excess of the maximum amount permitted by Applicable Law. 

  
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 (b)        The
Borrower shall pay the Undrawn Fee on the dates specified in Section 3.2. 

Section 3.2    Yield Distribution Dates. Yield accrued on each Advance (including any
previously accrued and unpaid Yield) and Undrawn Fee (as applicable) shall be payable, without duplication: 

(a)        on the Facility Termination Date; 

(b)        on the date of any payment or prepayment, in whole or in
part, of principal outstanding on such Advance; and 

(c)        on each Distribution Date. 

Section 3.3    Yield Calculation. Each Note shall bear interest on each day during each
Accrual Period at a rate per annum equal to the product of (a) the Interest Rate for such Accrual Period multiplied by (b) the outstanding Advances attributable to such Note on such day. All Yield shall be computed on the
basis of the actual number of days (including the first day but excluding the last day) occurring during the period for which such Yield is payable over a year comprised of 360 days. 

Section 3.4        Computation of Yield, Fees, Etc. Each Agent (on behalf
of its respective Lender Group) and the Facility Agent shall determine the applicable Yield and all Fees to be paid by the Borrower on each Distribution Date for the related Accrual Period and shall advise the Collateral Agent thereof in writing no
later than the Determination Date immediately prior to such Distribution Date. Such reporting may also include an accounting of any amounts due and payable pursuant to Sections 4.3 and 5.1. 

ARTICLE IV 
 PAYMENTS; TAXES 

Section 4.1        Making of Payments. Subject to, and in accordance with,
the provisions hereof and Section 2.4 or Section 8.3(a), as applicable, all payments of principal of or Yield on the Advances and other amounts due to the Lenders shall be made pursuant to
Section 8.3(a) by no later than 3:00 p.m., New York City time, on the day when due in lawful money of the United States of America in immediately available funds. Payments received by any Lender or Agent after 3:00 p.m.,
New York City time, on any day will be deemed to have been received by such Lender or Agent on the next following Business Day. The respective Agent for each Lender Group shall allocate to the Lenders in its Lender Group each payment in respect of
the Advances received by the respective Agent as provided by Section 8.3 or Section 2.4, as applicable. Payments in reduction of the principal amount of the Advances shall be allocated and applied
to Lenders pro rata based on their respective portions of such Advances, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with such Agent and the Borrower. Payments of Yield and
Undrawn Fee shall be allocated and applied to Lenders pro rata based upon the respective amounts of such Yield and Undrawn Fee due and payable to them. 

  
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 Section 4.2      Due Date
Extension. If any payment of principal or Yield with respect to any Advance falls due on a day which is not a Business Day, then such due date shall be extended to the next following Business Day, and additional Yield shall accrue and be payable
for the period of such extension at the rate applicable to such Advance. 

Section 4.3      Taxes. (a) Payments Free of Taxes. Any and all payments
by or on account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion
of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the
full amount deducted or withheld to the relevant Official Body in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section 4.3) the applicable Recipient receives an amount equal to the sum it would have received had no such
deduction or withholding been made. 
 (b)        Payment of
Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Official Body in accordance with Applicable Law, or at the option of the Facility Agent timely reimburse it for the payment of, any Other Taxes. 

(c)        Indemnification by the Borrower. The Borrower shall
indemnify each Recipient, within 10 days after written demand therefor, which demand shall be accompanied with documents evidencing the same, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section 4.3) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the
Facility Agent and each Agent), or by the Facility Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d)        Indemnification by the Lenders. Each Lender shall
severally indemnify the Facility Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Facility Agent for such
Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 15.9 relating to the maintenance of a
Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Facility Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to any Lender by the Facility Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Facility Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction Document or otherwise payable by the

  
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Facility Agent to the Lender from any other source against any amount due to the Facility Agent under this Section 4.3(d). 

(e)    Evidence of Payments. As soon as practicable after any payment of Taxes by
the Borrower to an Official Body pursuant to this Section 4.3, the Borrower shall deliver to the Facility Agent the original or a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of
the return reporting such payment or other evidence of such payment reasonably satisfactory to the Facility Agent. 

(f)        Status of Lenders. 

(i)        Any Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any Transaction Document shall deliver to the Borrower, the Facility Agent and the Collateral Agent, at the time or times reasonably requested by the Borrower, the Facility Agent or the Collateral
Agent, such properly completed and executed documentation reasonably requested by the Borrower, the Facility Agent or the Collateral Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender, if reasonably requested by the Borrower, the Facility Agent or the Collateral Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower, the Facility Agent or the Collateral Agent
as will enable the Borrower, the Facility Agent or the Collateral Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 4.3(f)(ii)(A), Section 4.3(f)(ii)(B) and
Section 4.3(f)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender. 

(ii)        Without limiting the generality of the foregoing, if the Borrower is a
U.S. Borrower: 
 (A)        any Lender that is a U.S. Person shall
deliver to the Borrower and the Facility Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent) executed originals
of IRS Form W-9 (or successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B)        any Foreign Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Facility Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower or the Facility Agent) whichever of the following is applicable: 

  
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 (I)        in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed originals of IRS Form
W-8BEN or IRS Form W-8BEN-E, or successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or IRS Form W-8BEN-E or successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty; 
 (II)        executed originals of IRS
Form W-8ECI (or successor form); 

(III)        in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E or successor form; or 

(IV)        to the extent a Foreign Lender is not the beneficial owner, executed
originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable, or successor form of each of the foregoing documents; provided that if the Foreign Lender is a partnership and one or more
direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
G-4 on behalf of each such direct and indirect partner; 

(C)        any Foreign Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Facility Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower or the Facility Agent) executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by Applicable Law to permit 

  
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the Borrower or the Facility Agent to determine the withholding or deduction required to be made; and 

(D)        if a payment made to a Lender under any Transaction
Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with FATCA, such Lender shall deliver to the Borrower and the Facility Agent at the time or times prescribed by law and at such time or
times reasonably requested by the Borrower or the Facility Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
Borrower or the Facility Agent as may be necessary for the Borrower and the Facility Agent to (x) comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or
(y) determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification or promptly notify the Borrower and the Facility Agent in writing of its legal inability to do so. 

(g)        Treatment of Certain Refunds. If any party
determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 4.3 (including by the payment of additional amounts
pursuant to this Section 4.3), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 4.3 with respect to the
Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by
the relevant Official Body with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 4.3(g) (plus
any penalties, interest or other charges imposed by the relevant Official Body) in the event that such indemnified party is required to repay such refund to such Official Body. Notwithstanding anything to the contrary in this
Section 4.3(g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 4.3(g) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This
Section 4.3(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person. 
 (h)        Survival. Each party’s
obligations under this Section 4.3 shall survive the resignation or replacement of the Facility Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all
obligations under any Transaction Document. 

  
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(i)        Defined Terms. For the avoidance of doubt, for
purposes of this Section 4.3, the term “Applicable Law” includes FATCA. 
 ARTICLE V 

INCREASED COSTS, ETC. 

Section 5.1      Increased Costs, Capital Adequacy. (a) If, due to either
(i) the introduction of or any change following the date hereof (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation, administration or application arising following
the date hereof of any Applicable Law, in each case whether foreign or domestic or (ii) the compliance with any guideline or request following the date hereof from any central bank or other Official Body (whether or not having the force of
law), (A) there shall be any increase in the cost (other than Taxes) to the Facility Agent, any Agent, any Lender, successor or assign thereof (each of which shall be an “Affected Person”) of agreeing to make or making, funding or
maintaining any Advance (or any reduction of the amount of any payment (whether of principal, interest, fee, compensation or otherwise) to any Affected Person hereunder), as the case may be, (B) there shall be any reduction (other than as a
result of the deduction or withholding of any Taxes) in the amount of any sum received or receivable by an Affected Person under this Agreement or under any other Transaction Document, or (C) any Recipient is subject to any Taxes (other than
(A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its
deposits, reserves, other liabilities or capital attributable thereto, then, in each case, the Borrower shall, from time to time, after written demand by the Facility Agent (which demand shall be accompanied by a statement setting forth in
reasonable detail the basis for such demand), on behalf of such Affected Person, pay to the Facility Agent, on behalf of such Affected Person, additional amounts sufficient to compensate such Affected Person for such increased costs or reduced
payments within thirty (30) days after such demand; provided, that the amounts payable under this Section 5.1 shall be (i) without duplication of amounts payable under Section 4.3
and (ii) due and payable on a given date only to the extent there are amounts available therefor pursuant to Section 8.3. Any demand for compensation under this Section 5.1 must be made within
270 days of the date the related cost, damage, loss or expense is incurred by the applicable Affected Person and the Borrower shall not be the only borrower or customer that such Affected Person is charging for similar costs, damages, losses or
expenses at such time. 
 (b)        If either (i) the
introduction of or any change following the date hereof in or in the interpretation, administration or application arising following the date hereof of any law, guideline, rule or regulation, directive or request or (ii) the compliance by any
Affected Person with any law, guideline, rule, regulation, directive or request following the date hereof, from any central bank, any Official Body or agency, including, without limitation, compliance by an Affected Person with any request or
directive regarding capital adequacy, has or would have the effect of reducing the rate of return on the capital of any Affected Person, as a consequence of its obligations hereunder or any Transaction Document or arising in connection herewith or
therewith to a level below that which any such Affected Person could have achieved but for such introduction, change or compliance (taking into consideration the policies of such 

  
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Affected Person with respect to capital adequacy), by an amount deemed by such Affected Person to be material, then, from time to time, on the Distribution Date following the Borrower’s
receipt of such written demand by such Affected Person (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), the Borrower shall pay the Facility Agent on behalf of such Affected Person such
additional amounts as will compensate such Affected Person for such reduction but only to the extent there are amounts available therefore on any given day pursuant to Section 8.3. 

(c)        If an Affected Person shall at
any time (without regard to whether any Basel III Regulations are then in effect) suffer or incur (i) any explicit or implicit charge, assessment, cost or expense by reason of the amount or type of assets, capital or supply of funding such
Affected Person or any of its Affiliates is required or expected to maintain in connection with the transactions contemplated herein, without regard to (A) whether such charge, assessment, cost or expense is imposed or recognized internally,
externally or inter-company or (B) whether it is determined in reference to a reduction in the rate of return on such Affected Person’s or Affiliate’s assets or capital, an inherent cost of the establishment
or maintenance of a reserve of stable funding, a reduction in the amount of any sum received or receivable by such Affected Person or its Affiliates or otherwise, or (ii) any other imputed cost or expense arising by reason of the actual or
anticipated compliance by such Affected Person or any of its Affiliates with the Basel III Regulations, then, on the Distribution Date following the Borrower’s receipt of such written demand by or on behalf of such Affected Person through the
Facility Agent, the Borrower shall pay to the Facility Agent, for the benefit of such Affected Person, such amount as will, in the determination of such Affected Person, compensate such Affected Person therefor but only to the extent there are
amounts available therefor on any given day pursuant to Section 8.3. A certificate of the applicable Affected Person setting forth the amount or amounts necessary to compensate the Affected Person
under this Section 5.1(c) shall be delivered to the Borrower and shall be conclusive absent manifest error. 

(d)        In determining any amount provided for in this
Section 5.1, the Affected Person may use any reasonable averaging and attribution methods. The Facility Agent, on behalf of any Affected Person making a claim under this Section 5.1, shall submit
to the Borrower a certificate setting forth in reasonable detail the basis for and the computations of such additional or increased costs, which certificate shall be conclusive absent manifest error. 

ARTICLE VI 
 EFFECTIVENESS;
CONDITIONS TO ADVANCES 
 Section 6.1      Effectiveness. This Agreement shall
become effective on the first day (the “Effective Date”) on which the Facility Agent, on behalf of the Lenders, shall have received the following, each in form and substance reasonably satisfactory to the Facility Agent: 

(a)        Transaction Documents. This Agreement and each
other Transaction Document to be executed on the Effective Date, in each case duly executed by each party thereto; 

  
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(b)        Notes. For each Lender Group that has requested the
same, a Note duly completed and executed by the Borrower and payable to the Agent for such Lender Group; 

(c)        Establishment of Accounts. Evidence that each
Account has been established; 
 (d)        Resolutions.
Certified copies of the resolutions of the board of managers or directors (or similar items) of the Borrower, the Equityholder and the Servicer approving the Transaction Documents to be delivered by it hereunder and the transactions contemplated
hereby, certified by its secretary or assistant secretary or other authorized officer; 

(e)        Organizational Documents. The certificate of
formation or incorporation (or similar organizational document) of each of the Borrower, the Equityholder and the Servicer certified by the applicable governmental authority of its jurisdiction of organization; and a certified, executed copy of the
Borrower’s and the Servicer’s organizational documents; 

(f)        Good Standing Certificates. Good standing
certificates for each of the Borrower, the Equityholder and the Servicer issued by the applicable Official Body of its jurisdiction of organization or incorporation (as the case may be); 

(g)        Incumbency. A certificate of the secretary or
assistant secretary or authorized officer (or, in the case of the Borrower, the Cayman Administrator) of each of the Borrower, the Equityholder and the Servicer certifying the names and true signatures of the officers authorized on its behalf to
sign this Agreement and the other Transaction Documents to be delivered by it; 

(h)        Filings. Copies of proper financing statements, as
may be necessary or, in the opinion of the Facility Agent, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all Collateral in
which an interest may be pledged hereunder; 

(i)        Opinions. Legal opinions of Walkers, counsel for
the Borrower, Milbank, Tweed, Hadley and McCloy LLP, counsel for the Borrower, the Equityholder and the Servicer, and Locke Lord LLP, counsel for the Collateral Agent, each in form and substance reasonably satisfactory to the Facility Agent covering
such matters as the Facility Agent may reasonably request; 

(j)        No Event of Default, etc. Each of the Transaction
Documents to be executed on the Effective Date is in full force and effect and no Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the issuance of the Notes and the borrowing hereunder; 

(k)        Liens. The Facility Agent shall have received
(i) the results of a recent search by a Person reasonably satisfactory to the Facility Agent, of the UCC, judgment, security interest and tax lien filings which may have been filed with respect to personal property of the Borrower, and
bankruptcy and pending lawsuits with respect to the Borrower and the results of such search shall be reasonably satisfactory to the Facility Agent and (ii) filed UCC termination statements, if any, necessary to release all security interests
and other rights of any Person in 

  
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any Collateral previously granted by the Borrower and any executed pay-off letters reasonably requested by the Facility Agent; 

(l)        Payment of Fees. The Facility Agent shall have
received evidence, to its sole satisfaction, that all Fees due to the Lenders on the Effective Date have been paid in full; 

(m)        No Material Adverse Effect. No Material Adverse
Effect shall have occurred since the date of the financial statements of the Equityholder most recently delivered to the Facility Agent and no litigation shall have commenced which, if successful, could have a Material Adverse Effect; 

(n)        Financial Statements. The Facility Agent has
received the most recently available copies of the financial statements and reports described in Section 7.5(k) certified by a Responsible Officer of the Servicer to be true and correct and such financial statements fairly
present in all material respects the financial condition of such Person as of the applicable date of issuance; and 

(o)        Other. Such other approvals, documents, opinions,
certificates and reports as the Facility Agent may reasonably request. 

Section 6.2        Advances and Reinvestments. The making of any Advance
(including the initial Advance hereunder) and any Reinvestment are all subject to the condition that the Effective Date shall have occurred and to the following further conditions precedent that: 

(a)        No Event of Default, Etc. Each of the Transaction
Documents shall be in full force and effect (unless terminated in accordance with the terms of such Transaction Document) and (i) no Event of Default or Unmatured Event of Default shall have occurred and be continuing or will result from the
making of such Advance or Reinvestment (other than in connection with an Advance made pursuant to Section 2.2(c)), (ii) no Servicer Default or Unmatured Servicer Default shall have occurred and be continuing or will
result from the making of such Advance or Reinvestment (other than in connection with an Advance made pursuant to Section 2.2(c)), (iii) the representations and warranties of the Borrower and the Servicer contained
herein and in the other Transaction Documents shall be true and correct in all material respects (or if such representation and warranty is already qualified by the words “material”, “materially” or “Material Adverse
Effect”, then such representation and warranty shall be true and correct in all respects) as of the related Funding Date (or if such representation and warranty specifically refers to an earlier date, such earlier date), with the same effect as
though made on the date of (and after giving effect to) such Advance or Reinvestment (or, if applicable, such earlier specified date), and (iv) after giving effect to such Advance or Reinvestment (and any purchase of Eligible Collateral
Obligations in connection therewith), the aggregate outstanding principal balance of the Advances will not exceed the Borrowing Base; 

(b)        Requests. (i) In connection with the funding
of any Advance pursuant to Section 2.2(a), the Collateral Agent, each Agent and the Facility Agent shall have received the Advance Request for such Advance in accordance with Section 2.2(a),
together with all items required to be delivered in connection therewith and (ii) in connection with any Reinvestment, the Collateral Agent, each Agent and the Facility Agent shall have received the Reinvestment

  
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Request for such Reinvestment in accordance with Section 8.3(c), together with all items required to be delivered in connection therewith; 

(c)        Revolving Period. The Revolving Period shall not
have ended (other than in connection with an Advance made pursuant to Section 2.2(c)); 

(d)        Document Checklist. The Facility Agent and each
Agent shall have received a Document Checklist, in the case of each item on such Document Checklist, to the extent reasonably available to the Borrower for each Eligible Collateral Obligation to be added to the Collateral on the related Funding
Date; 
 (e)        Borrowing Base Confirmation. The
Collateral Agent, each Agent and the Facility Agent shall have received an Officer’s Certificate of the Borrower or the Servicer (which may be included as part of the Advance Request or Reinvestment Request) computed as of the date of such
request and after giving effect thereto and to the purchase by the Borrower of the Collateral Obligations to be purchased by it on such date (if any), demonstrating that the aggregate principal amount of all outstanding Advances shall not exceed the
Borrowing Base or the Facility Amount, calculated as of the Funding Date as if the Collateral Obligations purchased by the Borrower on such Funding Date were owned by the Borrower; 

(f)        Collateral Quality Tests, Minimum Equity Test. The
Collateral Agent, each Agent and the Facility Agent shall have received an Officer’s Certificate (which may be included as part of the Advance Request or Reinvestment Request) computed as of the proposed Funding Date and after giving effect
thereto and to the purchase by the Borrower of the Collateral Obligations to be purchased by it on such Funding Date, demonstrating that (i) with respect to each Advance, all of the Collateral Quality Tests and the Minimum Equity Test are
satisfied, or (ii) with respect to each Reinvestment, (A) the Diversity Score is at least 10 and (B) each other Collateral Quality Test is satisfied or, if not satisfied, maintained or improved, and the Minimum Equity Test is
satisfied. 
 (g)        Hedging Agreements. The Facility
Agent shall have received evidence, in form and substance reasonably satisfactory to the Required Lenders, that the Borrower has entered into Hedging Agreements to the extent required by, and satisfying the requirements of,
Section 10.6; 
 (h)        Facility
Agent Approval. In connection with the acquisition of any Collateral Obligation by the Borrower, the Borrower shall have received a copy of an Approval Notice with respect to such Collateral Obligation, evidencing (1) the approval of the
Facility Agent, in its sole discretion, of any and all Collateral Obligations to be added to the Collateral, (2) the assigned Discount Factor for such Collateral Obligation, (3) whether such Collateral Obligation is an Enterprise Value
Loan or an Asset Based Loan, (4) whether such Collateral Obligation is a First Lien Loan, FILO, Second Lien Loan or such other Loan type permitted for purchase hereunder, (5) with respect to any Asset Based Loan, whether such Asset Based
Loan is secured by working capital, fixed assets or intellectual property and (6) any related Permitted Working Capital Liens; 

  
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(i)        Permitted Use. The proceeds of any Advance or
Reinvestment will be used solely by the Borrower (A) to acquire Collateral Obligations as identified on the applicable Asset Approval Request or (B) to satisfy any unfunded commitments in connection with any Variable Funding Asset; 

(j)        Appraised Value. In connection with the acquisition
of each Asset Based Loan and within the time periods set forth below, the Borrower or the Servicer (on behalf of the Borrower) shall have retained or shall have caused the Obligor to retain an Approved Valuation Firm to calculate the Appraised Value
of (A) with respect to any such Collateral Obligation that has intellectual property, equipment or real property, as the case may be, in its borrowing base, the collateral securing such Collateral Obligation within twelve (12) months prior
to the acquisition of such Collateral Obligation and inclusion into the Collateral and (B) with respect to all other Asset Based Loans, the collateral securing such Collateral Obligation within six (6) months prior to the acquisition of
such Collateral Obligation and inclusion into the Collateral. The Servicer shall report the Approved Valuation Firm, appraisal metric and Appraised Value for such Collateral Obligation to the Facility Agent (with a copy to each Agent) in the Advance
Request related to such Collateral Obligation. In addition, the Servicer shall deliver promptly following receipt thereof (x) to the Facility Agent, each updated Appraised Value for a Collateral Obligation and (y) to each Agent, any
updated Appraised Value for a Collateral Obligation required by clause (h) of the definition of “Revaluation Event”; 

(k)        Borrower’s Certification. The Borrower shall
have delivered to the Collateral Agent, each Agent and the Facility Agent an Officer’s Certificate (which may be included as part of the Advance Request or Reinvestment Request) dated the date of such requested Advance or Reinvestment
certifying that the conditions described in Sections 6.2(a) through (j) have been satisfied; 

(l)        Rating Letters. Solely with respect to the initial
advance to be made by each Conduit Lender, the applicable Agent shall have received a letter from each applicable Rating Agency confirming its rating of such Conduit Lender; and 

(m)        Other. The Facility Agent shall have received such
other approvals, documents, opinions, certificates and reports as it may request, which request is reasonable as to scope, content and timing. 

Section 6.3        Transfer of Collateral Obligations and Permitted
Investments. (a) The Collateral Custodian shall hold all Certificated Securities (whether Collateral Obligations or Permitted Investments) and Instruments in physical form at its offices located at 425 Hennepin Ave., Minneapolis, MN 55414.

 (b)        On the Effective Date (with respect to each
Collateral Obligation and Permitted Investment owned by the Borrower on such date) and each time that the Borrower or the Servicer shall direct or cause the acquisition of any Collateral Obligation or Permitted Investment, the Borrower or the
Servicer shall, if such Permitted Investment or, in the case of a Collateral Obligation, the related promissory note or assignment documentation has not already been delivered to the Collateral Custodian in accordance with the requirements set forth
in Section 18.3(a), cause the delivery of such Permitted Investment or, in the case of a Collateral 

  
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Obligation, the related promissory note or assignment documentation in accordance with the requirements set forth in Section 18.3(a) to the Collateral Custodian to be
credited by the Collateral Custodian to the Collection Account in accordance with the terms of this Agreement. 

(c)        The Borrower or the Servicer shall cause all Collateral
Obligations or Permitted Investments acquired by the Borrower to be transferred to the Collateral Custodian for credit by it to the Collection Account, and shall cause all Collateral Obligations and Permitted Investments acquired by the Borrower to
be delivered to the Collateral Custodian by one of the following means (and shall take any and all other actions necessary to create and perfect in favor of the Collateral Agent a valid security interest in each Collateral Obligation and Permitted
Investment (in each case, whether now existing or hereafter acquired), which security interest shall be senior (subject to Permitted Liens) to that of any other creditor of the Borrower: 

(i)        in the case of an Instrument or a Certificated Security in registered form
by having it Indorsed to the Collateral Custodian or in blank by an effective Indorsement or registered in the name of the Collateral Custodian and by (A) delivering such Instrument or Certificated Security to the Collateral Custodian at the
Corporate Trust Office and (B) causing the Collateral Custodian to maintain (on behalf of the Collateral Agent for the benefit of the Secured Parties) continuous possession of such Instrument or Certificated Security at its offices located at
425 Hennepin Ave., Minneapolis, MN 55414; 
 (ii)        in the case of an
Uncertificated Security, by (A) causing the Collateral Custodian to become the registered owner of such Uncertificated Security and (B) causing such registration to remain effective (for the avoidance of doubt, interests in Collateral
Obligations consisting of loans that are evidenced by delivery of a security (as defined in the UCC) shall not be treated as an Uncertificated Security); 

(iii)        in the case of any Security Entitlement, by causing each such Security
Entitlement to be credited to the Account in the name of the Securities Intermediary; and 

(iv)        in the case of General Intangibles (including any Collateral Obligation
or Permitted Investment not evidenced by an Instrument) by filing, maintaining and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the secured party and describing the Collateral Obligation or Permitted
Investment (or a description of “all assets” of the Borrower) as the collateral at the filing office of the Recorder of Deeds of the District of Columbia. 

ARTICLE VII 
 ADMINISTRATION AND
SERVICING OF COLLATERAL OBLIGATIONS 
 Section 7.1        Retention and
Termination of the Servicer. The servicing, administering and collection of the Collateral Obligations shall be conducted by the Person designated as Servicer from time to time in accordance with this Section 7.1.
Subject to early termination due to the occurrence of a Servicer Default or as otherwise provided below in this Article VII, the Borrower hereby designates Oaktree Strategic Income Corporation, and Oaktree Strategic Income

  
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Corporation hereby agrees to serve, as Servicer until the termination of this Agreement. For the avoidance of doubt, the Servicer is not an agent of the Facility Agent, any Agent or any Lender.

 Section 7.2        Resignation and Removal of the Servicer; Appointment
of Successor Servicer. (a) If a Servicer Default shall occur and be continuing, the Facility Agent (individually or as directed by the Required Lenders) by written notice given to the Servicer (with a copy to each Agent), may terminate all
of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof. In addition, if the Servicer is terminated upon the occurrence of a Servicer Default, the Servicer shall, if so requested by the Facility Agent,
acting at the direction of the Required Lenders, deliver to any successor servicer copies of its Records within ten (10) Business Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission
acceptable to such successor servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Obligations. 

(b)        The Servicer shall not resign from the obligations and
duties imposed on it by this Agreement as Servicer, except upon a reasonable determination that (i) by reason of a change in applicable legal requirements, the performance of its duties hereunder would cause it to be in violation of such legal
requirements or (ii) by reason of a change in accounting treatment, the performance of its duties hereunder would cause consolidation issues. Any such determination permitting the resignation of the Servicer pursuant to this
Section 7.2(b) shall be evidenced by an Officer’s Certificate to such effect delivered to the Facility Agent and each Agent and acceptable to the Facility Agent. Notwithstanding the foregoing, no resignation of the
Servicer shall become effective other than in accordance with the provisions of Section 7.2(d) below. 

(c)        Any Person (i) into which the Servicer may be merged
or consolidated in accordance with the terms of this Agreement, (ii) resulting from any merger or consolidation to which the Servicer shall be a party, (iii) acquiring by conveyance, transfer or lease substantially all of the assets of the
Servicer, or (iv) succeeding to the business of the Servicer in any of the foregoing cases, shall execute an agreement of assumption to perform every obligation of the Servicer under this Agreement and, whether or not such assumption agreement
is executed, shall be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding.

 (d)        Subject to the last sentence of this
Section 7.2(d), until a successor Servicer has commenced servicing activities in the place of Oaktree Strategic Income Corporation, Oaktree Strategic Income Corporation shall continue to perform the obligations of the
Servicer hereunder. On and after the termination or resignation of the Servicer pursuant to this Section 7.2, the successor servicer appointed by the Facility Agent shall be the successor in all respects to the Servicer in
its capacity as Servicer under this Agreement and the transactions set forth or provided for in this Agreement and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto
placed on the Servicer by the terms and provisions of this Agreement. The Servicer agrees to cooperate and use reasonable efforts in effecting the transition of the responsibilities and rights of servicing of the Collateral Obligations, including
the transfer to any successor servicer for the 

  
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administration by it of all cash amounts that shall at the time be held by the Servicer for deposit, or have been deposited by the Servicer, or thereafter received with respect to the Collateral
Obligations and the delivery to any successor servicer in an orderly and timely fashion of all files and records in its possession or reasonably obtainable by it with respect to the Collateral Obligations containing all information necessary to
enable the successor servicer to service the Collateral Obligations. Notwithstanding anything contained herein to the contrary and to the extent permitted by Applicable Law without causing the Servicer to have liability, the resignation or
termination of the Servicer shall not become effective until an entity acceptable to the Facility Agent in its sole discretion shall have assumed the responsibilities and obligations of the Servicer. 

(e)        At any time, any of the Facility Agent or any Lender may
irrevocably waive any rights granted to such party under Section 7.2(a). Any such waiver shall be in writing and executed by such party that is waiving its rights hereunder. A copy of such waiver shall be promptly delivered
by the waiving party to the Servicer and the Facility Agent (with a copy to each Agent). 

Section 7.3        Duties of the Servicer. The Servicer shall manage,
service, administer and make collections on the Collateral Obligations and perform the other actions required by the Servicer in accordance with the terms and provisions of this Agreement and the Servicing Standard. 

(a)        The Servicer shall take or cause to be taken all such
actions, as may be reasonably necessary or advisable to attempt to recover Collections from time to time, all in accordance with (i) Applicable Law, (ii) the applicable Collateral Obligation and its Underlying Instruments and
(iii) the Servicing Standard. The Borrower hereby appoints the Servicer, from time to time designated pursuant to Section 7.1, as agent for itself and in its name to enforce and administer its rights and interests in
the Collections and the related Collateral Obligations. 

(b)        The Servicer shall administer the Collections in
accordance with the procedures described herein. The Servicer shall deposit all Collections received directly by it into the Collection Account within one (1) Business Day of receipt thereof. The Servicer shall identify all Collections as
either Principal Collections or Interest Collections, as applicable. The Servicer shall make such deposits or payments by electronic funds transfer through the Automated Clearing House system, or by wire transfer. 

(c)        The Servicer shall maintain for the Borrower and the
Secured Parties in accordance with their respective interests all Records that evidence or relate to the Collections not previously delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the Facility Agent,
make available, or, upon the Facility Agent’s demand following the occurrence and during the continuation of a Servicer Default, deliver to the Facility Agent and the Collateral Agent (with a copy to each Agent) copies of all Records in its
possession which evidence or relate to the Collections. 

(d)        The Servicer shall, as soon as practicable following
receipt thereof, turn over to the applicable Person any cash collections or other cash proceeds received with respect 

  
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to each Collateral Obligation that does not constitute a Collateral Obligation or was paid in connection with a Retained Interest. 

(e)        On each Measurement Date, the Servicer (on behalf of the
Borrower) shall re-determine the status of each Collateral Obligation as of such calculation date and to provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral Agent
and, as a consequence thereof, Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date and, to the
extent a new Approval Notice is provided by the Facility Agent, Collateral Obligations that were previously excluded from the Aggregate Eligible Collateral Obligation Amount may be included on such Measurement Date. 

(f)        The Servicer may execute any of its duties under this
Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys in fact; provided that, it shall remain liable for all such duties as if it performed such duties itself. 

Section 7.4        Representations and Warranties of the Servicer. The
Servicer represents, warrants and covenants as of the Effective Date and each Funding Date as to itself: 

(a)        Organization and Good Standing. It has been duly
organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of organization, with power and authority to own its properties and to conduct its business as such properties are currently owned and such
business is currently conducted; 
 (b)        Due
Qualification. It is duly qualified to do business as a corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would have a Material Adverse Effect; 

(c)        Power and Authority. It has the power, authority
and legal right to execute and deliver this Agreement and the Transaction Documents to which it is a party (in any capacity) and to perform its obligations hereunder and thereunder; and the execution, delivery and performance of this Agreement and
the Transaction Documents to which it is a party (in any capacity) have been duly authorized by the Servicer by all necessary corporate action; 

(d)        Binding Obligations. This Agreement and the
Transaction Documents to which it is a party (in any capacity) have been duly executed and delivered by the Servicer and, assuming due authorization, execution and delivery by each other party hereto and thereto, constitute its legal, valid and
binding obligations enforceable against it in accordance with their respective terms, except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’
rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing;

 (e)        No Violation. The execution, delivery and
performance of this Agreement and the Transaction Documents to which it is a party (in any capacity), the 

  
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consummation of the transactions contemplated thereby and the fulfillment of the terms thereof do not (A) conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, (1) its organizational documents, or (2) any material indenture, agreement, mortgage, deed of trust or other instrument to which it is a party or by which it or its
properties are bound, (B) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such material indenture, agreement, mortgage, deed of trust or other instrument (except as may be
created pursuant to this Agreement or any other Transaction Document), or (C) violate in any material respect any Applicable Law except, in the case of this subclause (C), to the extent that such conflict or violation would not reasonably be
expected to have a Material Adverse Effect; 
 (f)        No
Proceedings. There are no proceedings or investigations pending or, to the best of the Servicer’s knowledge, threatened against it, before any Official Body having jurisdiction over it or its properties (A) asserting the invalidity of
any of the Transaction Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by the Transaction Documents or (C) seeking any determination or ruling that would reasonably be
expected to have a Material Adverse Effect; 
 (g)        No
Consents. No consent, license, approval, authorization or order of, or registration, declaration or filing with, any Official Body having jurisdiction over it or any of its properties is required to be made in connection with the execution,
delivery or performance of this Agreement and the Transaction Documents to which it is a party (in any capacity) or the consummation of the transactions contemplated thereby, in each case other than (A) consents, licenses, approvals,
authorizations, orders, registrations, declarations or filings which have been obtained or made and continuation statements and renewals in respect thereof and (B) where the lack of such consents, licenses, approvals, authorizations, orders,
registrations, declarations or filings would not have a Material Adverse Effect; 

(h)        [Reserved]; 

(i)        Information True and Correct. All information
(other than projections and forward-looking information) heretofore furnished by or on behalf of the Servicer in writing to any Lender, the Collateral Agent, any Agent or the Facility Agent in connection with this Agreement or any transaction
contemplated hereby (including, without limitation, prior to the Effective Date) is (when taken as a whole) true and correct in all material respects (or, in the case of general economic data, industry information or information relating to third
parties, or if not prepared by or under the direction of the Servicer, true and correct in all material respects to the knowledge of the Servicer after reasonable inquiry) and does not and will not omit to state a material fact necessary to make the
statements contained therein (when taken as a whole) not misleading (or, in the case of general economic data, industry information or information relating to third parties, or if not prepared by or under the direction of the Servicer, does not omit
to state such a fact to the knowledge of the Servicer after reasonable inquiry); 

(j)        Financial Statements. The Servicer has delivered to
each Lender complete and correct copies of the unaudited consolidated financial statements of the Servicer for the fiscal quarter most recently ended, in each case when required to be delivered under Section 7.5(k). Such
financial statements (including the related notes) fairly present the 

  
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financial condition of the Servicer as of the respective dates thereof and the results of operations for the periods covered thereby, each in accordance with GAAP. There has been no material
adverse change in the business, operations, financial condition, properties or assets of the Servicer since June 30, 2018; 

(k)        Eligibility of Collateral Obligations. All
Collateral Obligations included as Eligible Collateral Obligations in the most recent calculation of the Borrowing Base most recently required to be determined hereunder were Eligible Collateral Obligations as of the date of such calculation; 

(l)        Collections. The Servicer acknowledges that all
Collections received by it or its Affiliates (other than any Excluded Amount) are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account; 

(m)        Bulk Sales. The execution, delivery and performance
of this Agreement do not require compliance with any “bulk sales” act or similar law by the Servicer; 

(n)        Solvency. The Servicer is not the subject of any
Insolvency Event. The transactions under this Agreement and any other Transaction Document to which the Servicer is a party do not and will not render the Servicer not solvent; 

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

(p)        No Injunctions. No injunction, writ, restraining
order or other order of any nature materially adversely affects the Servicer’s performance of its obligations under this Agreement or any Transaction Document to which the Servicer is a party; 

(q)        [Reserved]; 

(r)        Allocation of Charges. There is not any agreement
or understanding between the Servicer and the Borrower (other than as expressly set forth herein or as consented to by the Facility Agent), providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes,
fees, assessments or other governmental charges; and 

(s)        Selection Procedures. In selecting the Collateral
Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed which are intended to be adverse to the interests of any Agent or Lender. 

Section 7.5        Covenants of the Servicer. Until the date on or after
the Facility Termination Date on which the Commitments have been terminated in full and the Obligations 

  
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(other than contingent Obligations for which no claim has been made) shall have been repaid in full: 

(a)        Compliance with Agreements and Applicable Laws. The
Servicer shall perform each of its obligations under this Agreement and the other Transaction Documents and comply with all Applicable Laws, including those applicable to the Collateral Obligations and all Collections thereof, except to the extent
that the failure to so comply would not reasonably be expected to have a Material Adverse Effect. 

(b)        Maintenance of Existence and Conduct of Business.
The Servicer shall: (i) do or cause to be done all things necessary to (A) preserve and keep in full force and effect its existence as a corporation and its rights and franchises in the jurisdiction of its formation and (B) qualify
and remain qualified as a foreign corporation in good standing and preserve its rights and franchises in each jurisdiction in which the failure to so qualify and remain qualified and preserve its rights and franchises would reasonably be expected to
have a Material Adverse Effect; (ii) continue to conduct its business substantially as now conducted or as otherwise permitted hereunder or under its organizational documents; and (iii) at all times maintain, preserve and protect all of
its licenses, permits, charters and registrations except where the failure to maintain, preserve and protect such licenses, permits, charters and registrations would not reasonably be expected to have a Material Adverse Effect. 

(c)        Books and Records. The Servicer shall keep proper
books of record and account in which full and correct entries shall be made of all financial transactions and the assets and business of the Servicer in accordance with GAAP, maintain and implement administrative and operating procedures, and keep
and maintain all documents, books, records and other information necessary or reasonably advisable for the collection of all Collateral Obligations. 

(d)        Payment, Performance and Discharge of Obligations.
The Servicer shall pay, perform and discharge or cause to be paid, performed and discharged promptly all Charges payable by it except where the failure to so pay, discharge or otherwise satisfy such obligation would not, individually or in the
aggregate, be expected to have a Material Adverse Effect. 

(e)        ERISA. The Servicer shall give the Facility Agent,
the Collateral Agent and each Agent prompt written notice of any event that results in the imposition of a Lien on the Collateral under Section 430 of the Code or Section 303(k) or 4068 of ERISA. The Servicer shall not, and shall not cause
or permit any of its Affiliates to, cause or permit to occur an event that results in the imposition of a Lien on the Collateral under Section 430 of the Code or Section 303(k) or 4068 of ERISA. 

(f)        Compliance with Collateral Obligations and Servicing
Standard. The Servicer shall, at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under any Collateral Obligations (except, in the case of a successor
Servicer, such material provisions, covenants and other provisions shall only include those provisions relating to the collection and servicing of the Collateral Obligations to the extent such obligations are set forth in a document included in the
related Collateral Obligation File) and shall comply with the Servicing Standard in all material respects with respect to all Collateral Obligations. 

  
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(g)        Maintain Records of Collateral Obligations. The
Servicer shall, at its own cost and expense, maintain reasonably satisfactory and complete records of the Collateral, including a record of all payments received and all credits granted with respect to the Collateral and all other dealings with the
Collateral. The Servicer shall maintain its computer systems so that, from and after the time of sale of any Collateral Obligation to the Borrower, the Servicer’s master computer records (including any
back-up archives) that refer to such Collateral Obligation shall indicate the interest of the Borrower and the Collateral Agent in such Collateral Obligation and that such Collateral Obligation is owned by the
Borrower and has been pledged to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement. 

(h)        Liens. The Servicer shall not create, incur, assume
or permit to exist any Lien on or with respect to any of its rights under any of the Transaction Documents, whether with respect to the Collateral Obligations or any other Collateral other than Permitted Liens. 

(i)        Mergers. The Servicer shall not directly or
indirectly, by operation of law or otherwise, merge with, consolidate with, acquire all or substantially all of the assets or capital stock of, or otherwise combine with or acquire, any Person, except that the Servicer shall be allowed to merge with
any entity so long as the Servicer remains the surviving corporation of such merger and such merger does not result in a Change of Control without the consent of the Facility Agent. The Servicer shall give prior written notice of any merger to the
Facility Agent, the Collateral Agent and each Agent. 

(j)        Servicing Obligations. The Servicer will not
(i) agree to any amendment, waiver or other modification of any Transaction Document to which it is a party and to which the Facility Agent is not a party without the prior written consent of the Facility Agent, (ii) agree or permit the
Borrower to agree to a Material Modification with respect to any Collateral Obligation without the prior written consent of the Facility Agent, (iii) interpose any claims, offsets or defenses it may have as against the Borrower as a defense to
its performance of its obligations in favor of any Affected Person hereunder or under any other Transaction Documents or (iv) change its fiscal year so that the reports described in Section 7.5(k) would be delivered to
the Facility Agent or any Agent less frequently than every 12 months. 

(k)        Financial Reports. The Servicer shall furnish, or
cause to be furnished, to the Facility Agent and each Agent: 
 (i)        as soon
as available and in any event within 135 days after the end of each fiscal year, a copy of the audited consolidated financial statements for the prior year for the Servicer and the Equityholder and their respective consolidated Subsidiaries,
including the prior comparable period (if any) from the preceding fiscal year and certified by Independent Accountants (the report of which shall be unqualified), together with consolidating financial statements for the Servicer or the Equityholder,
as applicable, certified by an Executive Officer of the Servicer or the Equityholder, as applicable, with appropriate knowledge stating that the information set forth therein fairly presents the financial condition of the Servicer or the
Equityholder, as applicable, and its respective consolidated Subsidiaries as of and for such fiscal year, with all such financial statements being prepared in accordance with GAAP applied consistently throughout the period involved (except for
changes in the application of GAAP approved by such accountants in accordance with GAAP and disclosed therein); and 

  
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 (ii)        as soon as available
and in any event within 60 days after the end of each fiscal quarter of each fiscal year (other than the last fiscal quarter of each fiscal year), an unaudited consolidated and consolidating balance sheet of the Servicer and the Equityholder
and their respective consolidated Subsidiaries as of the end of such fiscal quarter and including the prior comparable period (if any), and the unaudited consolidated and consolidating statements of income, and of cash flow, of the Servicer and the
Equityholder and their respective consolidated Subsidiaries for such fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, certified by an Executive Officer of the
Servicer or the Equityholder, as applicable, identifying such documents as being the documents described in this paragraph (ii) and stating that the information set forth therein fairly presents the financial condition of
the Servicer or the Equityholder, as applicable, and its respective consolidated Subsidiaries as of and for the periods then ended, subject to year-end adjustments and confirming that the Servicer or the
Equityholder, as applicable, is in compliance with all financial covenants in the Transaction Documents (or, if the Servicer or the Equityholder, as applicable, is not in compliance, specifying the nature and status thereof). 

(l)        Obligor Reports. The Servicer shall furnish to the
Facility Agent, the Collateral Agent and each Agent, with respect to each Obligor: 

(i)        within 10 Business Days of the completion of the Servicer’s portfolio
review of such Obligor (which, for any individual Obligor, shall occur no less frequently than quarterly) (A) any financial reporting packages with respect to such Obligor and with respect to each Collateral Obligation for each Obligor
(including any attached or included information, statements and calculations) received by the Borrower and/or the Servicer as of the date of the Servicer’s most recent portfolio review and (B) the internal monitoring report prepared by the
Servicer with respect to each Obligor. In no case, however, shall the Servicer be obligated hereunder to deliver such Obligor reports to the Facility Agent and each Agent more than once per calendar month. Upon demand by the Facility Agent or any
Agent, the Servicer will provide such other information as the Facility Agent or such Agent may reasonably request with respect to any Collateral Obligation or Obligor (to the extent reasonably available to the Servicer); and 

(ii)        once per quarter, for each such Obligor for which the one-year anniversary of the date on which the related Collateral Obligation was acquired by the Borrower occurred in the previous quarter, updated Obligor Information . 

(m)        Commingling. The Servicer shall not, and shall not
permit any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute Collections or other proceeds of any Collateral Obligations into the Collection Account. 

(n)        Notice of Agency Ratings. The Servicer shall
promptly notify the Facility Agent of any change of which the Servicer actually knows in the calculation of the Agency Rating of any Collateral Obligation, including when Moody’s RiskCalc is no longer used as the basis of such calculation. 

(o)        [Reserved]; 

  
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(p)        Corporate Formalities. The Equityholder will adhere
to the corporate formalities of the Borrower in all transfers of assets and other transactions between the Equityholder and the Borrower. In general, the Equityholder observes the appropriate corporate formalities of the Borrower under Applicable
Law. 
 Section 7.6        Servicing Fees; Payment of Certain Expenses by
Servicer. On each Distribution Date, to the extent not waived, the Servicer shall be entitled to receive out of the Collection Account the Servicing Fees for the related Collection Period pursuant to Section 8.3(a). The
Servicer shall not be permitted to defer payment of any accrued but unpaid Servicing Fees. The Servicer shall be reimbursed for all expenses pursuant to Section 8.3, subject to the limitations therein. 

Section 7.7        Collateral Reporting. The Servicer shall cooperate with
the Collateral Agent in the performance of the Collateral Agent’s duties under Section 11.3. Without limiting the generality of the foregoing, the Servicer shall supply in a timely fashion any information maintained by
it that the Collateral Agent may from time to time reasonably request with respect to the Collateral Obligations and reasonably necessary to complete the reports and certificates required to be prepared by the Collateral Agent hereunder or required
to permit the Collateral Agent to perform its obligations hereunder. 

Section 7.8        Notices. The Servicer shall deliver to the Facility
Agent, each Agent and the Collateral Agent, promptly (but in no event later than (a) three (3) Business Days with respect to any Unmatured Servicer Default, Unmatured Event of Default, Servicer Default or Event of Default and (b) five (5)
Business Days with respect to any Revaluation Event or Material Modification) after any of its Responsible Officers having obtained actual knowledge thereof, notice of any Unmatured Servicer Default, Unmatured Event of Default, Servicer Default,
Event of Default, Revaluation Event or Material Modification which was not previously approved by the Facility Agent. 

Section 7.9        Procedural Review of Collateral Obligations; Access to
Servicer and Servicer’s Records. (a) The Servicer shall, at the Borrower’s expense, retain Protiviti, Inc. (or another nationally recognized audit firm acceptable to the Facility Agent in its sole discretion) to
conduct and complete a procedural review of the Collateral Obligations in compliance with the standards set forth on Exhibit B hereto once annually at the request of the Facility Agent. The Servicer shall promptly forward the results of such
audit to the Facility Agent and, upon request, the Servicer shall forward a copy of such audit to each Agent that has previously executed a release letter acceptable to Protiviti or such other nationally recognized audit firm. 

(b)        Each of the Borrower and the Servicer shall permit
representatives of the Facility Agent at any time and from time to time as the Facility Agent shall reasonably request (a) to inspect and make copies of and abstracts from its records relating to the Collateral Obligations, and (b) to
visit its properties in connection with the collection, processing or servicing of the Collateral Obligations for the purpose of examining such records, and to discuss matters relating to the Collateral Obligations or such Person’s performance
under this Agreement and the other Transaction Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters. Each of the Borrower and the Servicer agrees to render to the Facility Agent such clerical and
other assistance as may be reasonably 

  
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requested with regard to the foregoing; provided, that such assistance shall not interfere in any material respect with the Servicer’s business and operations. So long as no Unmatured
Event of Default, Event of Default, Unmatured Servicer Default or Servicer Default has occurred and is continuing, such visits and inspections shall occur only (i) upon five Business Days’ prior written notice, (ii) during normal
business hours and (iii) no more than once in any calendar year. During the existence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Default or a Servicer Default, there shall be no limit on the timing or number of
such inspections and no prior notice will be required before any inspection, but such inspection must occur at reasonable times and for a reasonable cost. 

(c)        The Borrower and the Servicer, as applicable, shall
provide to the Facility Agent access to the Collateral Obligations and all other documents regarding the Collateral Obligations included as part of the Collateral and the Related Security in each case, in its possession, in such cases where the
Facility Agent is required in connection with the enforcement of the rights or interests of the Lenders, or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two
Business Days’ prior written notice (so long as no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing), (ii) during normal business hours and (iii) up to once per calendar year (so long as
no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing). From and after the Effective Date and periodically thereafter at the reasonable discretion of the Facility Agent, the Facility Agent may review the
Borrower’s and the Servicer’s collection and administration of the Collateral Obligations in order to assess compliance by the Servicer with the Servicer’s written policies and procedures, as well as this Agreement and may, no more
than once in any calendar year, conduct an audit of the Collateral Obligations and Records in conjunction with such review, subject to the limits set forth in Section 7.9(e). In connection with the foregoing, the Facility
Agent shall use commercially reasonable efforts to comply with any applicable confidentiality provisions of any relevant Underlying Instrument. 

(d)        Nothing in this Section 7.9
shall derogate from the obligation of the Borrower and the Servicer to observe any Applicable Law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as a result of such obligation shall
not constitute a breach of this Section 7.9. 

(e)        The Servicer shall bear the costs and expenses of all
audits and inspections permitted by this Section 7.9 as well as Section 18.6. 

Section 7.10      Optional Sales. (a) The Borrower shall have the right to sell
all or a portion of the Collateral Obligations (each, an “Optional Sale”), subject to the following terms and conditions: 

(i)        immediately after giving effect to such Optional Sale:

 (A)      each Collateral Quality Test is satisfied (or, (1) if
(x) any Collateral Quality Test (other than the Minimum Diversity Test) is not satisfied it is maintained or improved and (y) the Minimum Diversity Test is satisfied, or (2) the Facility Agent shall have consented to such sale, in its
sole discretion); 

  
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 (B)        the
Minimum Equity Test is satisfied; 
 (C)        the Borrowing Base
is greater than or equal to the Advances outstanding; and 

(D)        no Event of Default, Unmatured Event of Default, Unmatured
Servicer Default or Servicer Default shall have occurred and be continuing; 
 provided, notwithstanding clause
(A) through (C) above, so long as the Minimum Diversity Test is satisfied immediately after giving effect to such sale, the Borrower may at any time make solely during the Revolving Period, any Optional Sale of any Collateral Obligation if the
sale price is equal to or greater than an amount equal to the Advance Rate multiplied by the greater of par and the related Purchase Price (expressed in Dollars) of such Collateral Obligation; provided, further, clause
(D) shall not apply to any Optional Sale of assets during an Unmatured Event of Default so long as (x) the sale price of such assets is equal to the fair market value thereof, (y) the proceeds of such sale are sufficient to cure such
Unmatured Event of Default and (z) no more than three (3) such sales occur in any calendar year. 

(ii)        No later than the trade date of any Optional Sale, the Servicer, on
behalf of the Borrower, shall give the Facility Agent, the Collateral Custodian and the Collateral Agent written notice (which may be via email to the Facility Agent, the Collateral Custodian and the Collateral Agent) of such Optional Sale, which
notice shall identify the related Collateral subject to such Optional Sale and the expected proceeds from such Optional Sale and include (x) a written representation from the Servicer that, immediately after giving effect to such Optional Sale,
the Minimum Equity Test is satisfied and the Borrowing Base is greater than or equal to the Advances outstanding and (y) a written calculation of the Diversity Score immediately after giving effect to such Optional Sale; 

(iii)        such Optional Sale shall be made by the Servicer, on behalf of the
Borrower (A) in accordance with the Servicing Standard, (B) reflecting arm’s length market terms and (C) in a transaction in which the Borrower makes no representations, warranties or covenants and provides no indemnification for
the benefit of any other party (other than those which are customarily made or provided in connection with the sale of assets of such type); 

(iv)        if such Optional Sale is to an Affiliate of the Borrower or the Servicer,
the Facility Agent has given its prior written consent; provided that, the aggregate Principal Balance of all Collateral Obligations sold pursuant to Optional Sales to the Equityholder from and after the Effective Date shall not exceed 20% of
the highest Facility Amount in effect during the Revolving Period; and 

(v)        on the date of such Optional Sale, all proceeds from such Optional Sale
will be deposited directly into the Collection Account. 

(b)        In connection with any Optional Sale, following deposit of
all proceeds from such Optional Sale into the Collection Account, the Collateral Agent shall be deemed to release and transfer to the Borrower without recourse, representation or warranty all of the right, title and interest of the Collateral Agent
for the benefit of the Secured Parties in, to and under 

  
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such Collateral Obligation(s) and related Collateral subject to such Optional Sale and such portion of the Collateral so transferred shall be released from the Lien of this Agreement. 

(c)        The Borrower hereby agrees to pay the reasonable and
documented outside counsel legal fees and out-of-pocket expenses of the Facility Agent, the Collateral Agent, the Collateral Custodian, each Agent and each Lender in
connection with any Optional Sale (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent, on behalf of the Secured Parties, in the Collateral in connection with such Optional Sale). 

(d)        In connection with any Optional Sale, the Collateral Agent
shall, at the sole expense of the Borrower, execute such instruments of release with respect to the portion of the Collateral subject to such Optional Sale to the Borrower, in recordable form if necessary, as the Borrower may reasonably request.

 Section 7.11    Repurchase or Substitution of Warranty Collateral Obligations. (a) In the
event of a breach of Section 9.5, Section 9.13 or Section 9.26 or of a material breach of any other representation, warranty, undertaking or covenant set forth in
Sections 7.14(k), 9.14, 9.15, 9.16, 9.17, 9.23, 9.25, 10.21, 10.23, 18.3 or 18.5(b) with respect to a Collateral Obligation that exists as of the Cut-Off Date (or the Related Security and other related collateral constituting part of the Collateral related to such Collateral Obligation) (each such Collateral Obligation, a “Warranty Collateral
Obligation”), no later than 30 days after the earlier of (x) knowledge of such breach on the part of a Responsible Officer of the Equityholder or the Servicer and (y) receipt by the Equityholder or the Servicer of written
notice thereof given by the Facility Agent (with a copy to the Collateral Agent and each Agent), the Borrower shall either (a) repay Advances outstanding in an amount equal to the aggregate Repurchase Amount of such Warranty Collateral
Obligation(s) to which such breach relates on the terms and conditions set forth below or (b) substitute for such Warranty Collateral Obligation one or more Eligible Collateral Obligations with an aggregate Collateral Obligation Amount at least
equal to the Repurchase Amount of the Warranty Collateral Obligation(s) being replaced; provided, that no such repayment or substitution shall be required to be made with respect to any Warranty Collateral Obligation (and such Collateral
Obligation shall cease to be a Warranty Collateral Obligation) if, on or before the expiration of such 30 day period, the representations and warranties in Article IX with respect to such Warranty Collateral Obligation shall be made true
and correct in all material respects (or if such representation and warranty is already qualified by the words “material”, “materially” or “Material Adverse Effect”, then such representation and warranty shall be true
and correct in all respects) with respect to such Warranty Collateral Obligation as if such Warranty Collateral Obligation had become part of the Collateral on such day or if (during the Revolving Period only) the Advances outstanding do not exceed
the Borrowing Base. For the avoidance of doubt, any breach of a representation or warranty set forth in the first sentence of this Section 7.11 caused solely by a failure with respect to one or more Collateral Obligations
shall not constitute an Event of Default if the Servicer otherwise complies with this Section 7.11 with respect to each such Collateral Obligation. 

Section 7.12    Servicing of REO Assets. (a) If, in the reasonable business judgment of
the Servicer, it becomes necessary to convert any Collateral Obligation that is secured by real property into an REO Asset, the Servicer shall first cause the Borrower to transfer and assign such Collateral Obligation (or the portion thereof owned
by the Borrower) to a special purpose vehicle 

  
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(the “REO Asset Owner”) using a contribution agreement reasonably acceptable to the Facility Agent. All equity interests of the REO Asset Owner acquired by the Borrower shall
immediately become a part of the Collateral and be subject to the grant of a security interest under Section 12.1 and shall be promptly delivered to the Collateral Agent, each undated and duly indorsed in blank. The REO
Asset Owner shall be formed and operated pursuant to organizational documents reasonably acceptable to the Facility Agent. After execution thereof, the Servicer shall prevent the REO Asset Owner from agreeing to any amendment or other modification
of the REO Asset Owner’s organizational documents which would be materially adverse to the interests of the Secured Parties under this Agreement without first obtaining the written consent of the Facility Agent. The Servicer shall cause each
REO Asset to be serviced (i) in accordance with Applicable Laws, (ii) with reasonable care and diligence and (iii) in accordance with the applicable REO Asset Owner’s operating agreement (collectively, the “REO Servicing
Standard”). The Servicer will cause all “Distributable Cash” (or comparable definition set forth in the REO Asset Owner’s organization documents) to be deposited into the Collection Account within five (5) Business Days
of receipt thereof. 
 (b)        In the event that title to any
Related Property is acquired on behalf of the REO Asset Owner for the benefit of its members in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the
name of a REO Asset Owner. The Servicer shall cause the REO Asset Owner to manage, conserve, protect and operate each REO Asset for its members solely for the purpose of its prompt disposition and sale. 

(c)        Notwithstanding any provision to the contrary contained in
this Agreement, the Servicer shall not (and shall not permit the REO Asset Owner to) obtain title to any Related Property as a result of or in lieu of foreclosure or otherwise, obtain title to any direct or indirect partnership interest in any
Obligor pledged pursuant to a pledge agreement and thereby be the beneficial owner of Related Property, have a receiver of rents appointed with respect to, and shall not otherwise acquire possession of, or take any other action with respect to, any
Related Property if, as a result of any such action, the REO Asset Owner would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be
an “owner” or “operator” of, such Related Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable state or local
Environmental Law, unless the Servicer has previously determined in accordance with the REO Servicing Standard, based on an updated Phase I environmental assessment report generally prepared in accordance with the ASTM Phase I Environmental Site
Assessment Standard E 1527-05, as may be amended or, with respect to residential property, a property inspection and title report, that: 

(i)        such Related Property is in compliance in all material respects with
applicable Environmental Laws, and 
 (ii)        there are no circumstances
present at such Related Property relating to the use, management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation would reasonably be
expected to be required by the owner, occupier or operator of the Related Property under applicable federal, state or local law or regulation. 

  
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 (d)        In the
event that the Phase I or other environmental assessment first obtained by the Servicer with respect to Related Property indicates that such Related Property may not be in compliance with applicable Environmental Laws or that Hazardous Materials may
be present but does not definitively establish such fact, the Servicer shall cause the Borrower to immediately sell the related Collateral Obligation in accordance with Section 7.10 to the extent permitted thereunder. 

ARTICLE VIII 
 ACCOUNTS; PAYMENTS

 Section 8.1        Accounts. (a) Within two Business Days
following the Effective Date, the Servicer shall establish each Account in the name of the Borrower and each Account shall be a segregated, non-interest bearing trust account established with the Securities
Intermediary, who shall forward funds from the Collection Account to the Collateral Agent upon its request for application by the Collateral Agent pursuant to Section 8.3 and the applicable Monthly Report. If at any time a
Responsible Officer of the Collateral Agent obtains actual knowledge that any Account ceases to be an Eligible Account (with notice to the Servicer, each Agent and the Facility Agent), then the Servicer shall transfer such account to another
institution such that such account shall meet the requirements of an Eligible Account. 
 Except as set
forth below, amounts on deposit in the Unfunded Exposure Account may be withdrawn by the Borrower or the Servicer (i) to fund any draw requests of the relevant Obligors under any Variable Funding Asset included in the Collateral as of such
date, or (ii) to make a deposit into the Collection Account as Principal Collections if, after giving effect to such withdrawal, the aggregate amount on deposit in the Unfunded Exposure Account plus, solely during the Revolving Period,
the undrawn portion of the Commitments available to be drawn hereunder, is equal to or greater than the Aggregate Unfunded Amount. 

Following the Facility Termination Date, any draw request made by an Obligor under a Variable Funding Asset
included in the Collateral as of such date, along with wiring instructions for the applicable Obligor, shall be forwarded by the Servicer to the Collateral Agent (with a copy to the Facility Agent and each Agent) along with an instruction to the
Collateral Agent to withdraw the applicable amount from the Unfunded Exposure Account and a certification that the conditions to fund such draw are satisfied, and the Collateral Agent shall fund such draw request in accordance with such instructions
from the Servicer. 
 Following the end of the Revolving Period, if the Borrower shall receive any
Principal Collections from an Obligor with respect to a Variable Funding Asset included in the Collateral as of such date and, as of the date of such receipt (and after taking into account such repayment), the aggregate amount on deposit in the
Unfunded Exposure Account is less than the Aggregate Unfunded Amount (the amount of such shortfall, in each case, the “Unfunded Exposure Shortfall”), the Servicer shall direct the Collateral Agent to and the Collateral Agent shall
deposit into the Unfunded Exposure Account an amount of such Principal Collections equal to the lesser of (a) the aggregate amount of such Principal Collections and (b) the Unfunded Exposure Shortfall. 

  
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 (b)        All
amounts held in any Account shall, to the extent permitted by Applicable Laws, be invested by the Collateral Agent, as directed by the Servicer in writing (or, if the Servicer fails to provide such direction, such amounts shall remain uninvested),
in Permitted Investments that mature (i) with respect to the Collection Account, not later than one Business Day prior to the Distribution Date for the Collection Period to which such amounts relate and (ii) with respect to the Unfunded
Exposure Account, on the immediately following Business Day. Any such written direction shall certify that any such investment is authorized by this Section 8.1. Investments in Permitted Investments shall be made in the
name of the Collateral Agent on behalf of the Secured Parties, and, except as specifically required below, such investments shall not be sold or disposed of prior to their maturity. If any amounts are needed for disbursement from the Collection
Account and sufficient uninvested funds are not available therein to make such disbursement, the Collateral Agent shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such account to make such disbursement
in accordance with and upon the written direction of the Servicer or, if the Servicer shall fail to give such direction, the Facility Agent. The Collateral Agent shall, upon written request, provide the Facility Agent with all information in its
possession regarding transfer into and out of the Collection Account (including, but not limited to, the identity of the counterparty making or receiving such transfer). In no event shall the Collateral Agent be liable for the selection of any
investments or any losses in connection therewith, or for any failure of the Servicer or the Facility Agent, as applicable, to timely provide investment instructions or disposition instructions, as applicable, to the Securities Intermediary. The
Collateral Agent or the Collateral Custodian and their respective Affiliates shall be permitted to receive additional compensation that could be deemed to be in the Collateral Agent’s or the Collateral Custodian’s economic self-interest
for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with respect to certain of the Permitted Investments, (ii) using affiliates to effect
transactions in certain Permitted Investments, and (iii) effecting transactions in certain investments. Such compensation shall not be considered an amount that is reimbursable or payable pursuant to this Agreement. 

(c)        Neither the Borrower nor the Servicer shall have any
rights of direction or withdrawal, with respect to amounts held in any Account, except to the extent explicitly set forth herein (including the withdrawal rights for the Unfunded Exposure Account set forth in
Section 8.1(a)). 
 Subject to the other provisions hereof, the Collateral Agent shall have sole
Control (within the meaning of the UCC) over each Account and each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered to the Collateral Agent or its agent,
together with each document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent in a manner that complies with this Section 8.1. All interest, dividends, gains upon sale and other
income from, or earnings on, investments of funds in the Accounts shall be deposited or transferred to the Collection Account and distributed pursuant to Section 8.3(a). 

(d)        The Equityholder may, from time to time in its sole
discretion (x) deposit amounts into the Principal Collection Account or the Unfunded Exposure Account and/or (y) transfer Eligible Collateral Obligations as equity contributions to the Borrower. All such

  
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amounts will be included in each applicable compliance calculation under this Agreement, including, without limitation, calculation of the Borrowing Base and the Minimum Equity Test. 

(e)        For all U.S. federal income tax reporting purposes, all
income earned on the funds invested and allocable to the Accounts is legally owned by the Borrower (and beneficially owned by the Borrower). The Borrower is required to provide to Wells Fargo Bank, National Association, in its capacity as Collateral
Custodian (i) an IRS Form W-8 no later than the Effective Date, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or
times required by Applicable Law or upon the reasonable request of the Collateral Custodian as may be necessary (a) to reduce or eliminate the imposition of U.S. withholding taxes and (b) to permit the Collateral Custodian to fulfill its
tax reporting obligations under Applicable Law with respect to the Accounts or any amounts paid to the Borrower. The Borrower is further required to report to the Collateral Custodian any change in the legal or beneficial ownership of the income
allocable to the Accounts. Wells Fargo Bank, National Association, both in its individual capacity and in its capacity as Collateral Custodian, shall have no liability to the Borrower or any other person in connection with any tax withholding
amounts paid, or retained for payment, to a governmental authority from the Accounts arising from the Borrower’s failure to timely provide an accurate, correct and complete IRS Form W-8 or such other
documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Accounts absent the Collateral Custodian having first received (x) instructions with respect to the investment of such
funds, and (y) the forms and other documentation required by this paragraph. 

Section 8.2        Excluded Amounts. The Servicer may direct the
Collateral Agent and the Securities Intermediary to withdraw from the applicable Account and pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Servicer has, prior to such withdrawal and consent,
delivered to the Facility Agent and the Collateral Agent a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Facility Agent, which report shall include a brief description of the facts
and circumstances supporting such request and designate a date for the payment of such reimbursement, which date shall not be earlier than two (2) Business Days following delivery of such notice. 

Section 8.3        Distributions, Reinvestment and Dividends. (a) On
each Distribution Date (other than a date upon which the CLO Takeout occurs), the Collateral Agent shall distribute from the Interest Collection Account, in accordance with the applicable Monthly Report prepared by the Collateral Agent and approved
by the Facility Agent pursuant to Section 8.5, the Amount Available for such Distribution Date in the following order of priority: 

(i)        FIRST, to the payment of taxes and governmental fees owing by the
Borrower, if any, which expenses shall not exceed $25,000 on any Distribution Date; 

(ii)        SECOND, (1) to the Collateral Agent and the Collateral Custodian,
any accrued and unpaid Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses for the related Collection Period, which expenses shall not exceed the amount of the Capped Fees/Expenses, (2) to the Cayman Administrator, any
accrued and unpaid fees and expenses and (3) to the Servicer, any accrued and unpaid Servicer Expenses, which amounts 

  
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payable pursuant to clauses (2) and (3) collectively shall not exceed $30,000 on any Distribution Date; 

(iii)        THIRD, pro rata, based on the amounts owed to such Persons under
this Section 8.3(a)(iii), (A) to the Agents on behalf of their respective Lenders, an amount equal to the Yield on the Advances accrued during the Accrual Period with respect to such Distribution Date (and any Yield
with respect to any prior Accrual Period to the extent not paid on a prior Distribution Date), (B) to the Facility Agent and the Agents on behalf of their respective Lenders, all accrued and unpaid Fees due to the Lenders, the Agents and the
Facility Agent and (C) to the Hedge Counterparties, any amounts owed for the current and prior Distribution Dates to the Hedge Counterparties under Hedging Agreements (other than Hedge Breakage Costs), together with interest accrued thereon;

 (iv)        FOURTH, to the extent not waived or deferred by the Servicer, to the
Servicer, any accrued and unpaid Senior Servicing Fee for the related Collection Period; 

(v)        FIFTH, to the Agents on behalf of their respective Lenders pro rata
in accordance with the outstanding Advances, (1) in the amount necessary to reduce the Advances outstanding to an amount not to exceed any Borrowing Base and (2) if either the Minimum Diversity Test or the Minimum Equity Test is not
satisfied on such Distribution Date, in the amount necessary to reduce the Advances outstanding to zero; 

(vi)        SIXTH, after the end of the Revolving Period, (1) if no Revaluation
Diversion Event has occurred, the Diversity Score is greater than 10 and no Unmatured Event of Default or an Event of Default has occurred and is continuing, to the Borrower, otherwise (2) to the Agents on behalf of their respective Lenders
pro rata to repay the Advances outstanding in the amount necessary to reduce the Advances outstanding to zero; 

(vii)        SEVENTH, pro rata based on amounts owed to such Persons under
this Section 8.3(a)(vii), to the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with interest accrued thereon; 

(viii)        EIGHTH, to any Affected Persons, any Increased Costs then due and
owing; 
 (ix)        NINTH, to the extent not previously paid pursuant to
Section 8.3(a)(i) above, to the payment of taxes and governmental fees owing by the Borrower, if any; 

(x)        TENTH, to the extent not previously paid by or on behalf of the Borrower,
to each Indemnified Party, any Indemnified Amounts then due and owing to each such Indemnified Party; 

(xi)        ELEVENTH, to the extent not previously paid pursuant to
Section 8.3(a)(ii) above, to the Collateral Agent and the Collateral Custodian, any Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses due to the Collateral Agent and the Collateral Custodian;

  
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 (xii)        TWELFTH, to the extent
not waived or deferred by the Servicer, to the Servicer, any accrued and unpaid Subordinated Servicing Fee for the related Collection Period; 

(xiii)        THIRTEENTH, to pay any other amounts due from the Borrower under this
Agreement and the other Transaction Documents and not previously paid pursuant to this Section 8.3(a); 

(xiv)        FOURTEENTH, during the Revolving Period if an Unmatured Event of Default
or an Event of Default has not occurred and is continuing and at the election of the Servicer, to be deposited in the Principal Collection Account as Principal Collections; 

(xv)        FIFTEENTH, (1) if an Unmatured Event of Default or an Event of
Default has occurred and is continuing, to remain in the Collection Account as Interest Collections, otherwise (2) the remaining Amount Available, to the Equityholder in accordance with the Preference Share Purchase Agreement. 

(b)        On each Distribution Date (other than a date upon which
the CLO Takeout occurs), the Collateral Agent shall distribute from the Principal Collection Account, in accordance with the applicable Monthly Report prepared by the Collateral Agent and approved by the Facility Agent pursuant to
Section 8.5, the Amount Available for such Distribution Date in the following order of priority: 

(i)        FIRST, to pay, in accordance with Section 8.3(a)
above, the amounts referred to in clauses (i) through (iv) above; 

(ii)        SECOND, after the end of the Revolving Period, to the Agents on behalf of
their respective Lenders pro rata to repay the Advances outstanding; 

(iii)        THIRD, to pay, in accordance with
Section 8.3(a) above, the amounts referred to in clauses (vi) through (xii) above; 

(iv)        FOURTH, during the Revolving Period, to remain in the Principal
Collection Account as Principal Collections; and 
 (v)        FIFTH, after the end
of the Revolving Period, the remaining Amount Available, to the Equityholder in accordance with the Preference Share Purchase Agreement. 

(c)        During the Revolving Period, the Borrower may withdraw
from the Collection Account any Principal Collections and apply such Principal Collections to (A) prepay the Advances outstanding in accordance with Section 2.4 or (B) acquire additional Collateral Obligations
(each such reinvestment of Principal Collections, a “Reinvestment”), subject to the following conditions: 

(i)        the Borrower shall have given written notice to the Collateral Agent, each
Agent and the Facility Agent of the proposed Reinvestment at or prior to 12:00 p.m., New York City time, on the date of such Reinvestment (the “Reinvestment Date”). Such notice (the “Reinvestment Request”) shall be
in the form of Exhibit C-2 and shall include (among other things) 

  
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the proposed Reinvestment Date, the amount of such proposed Reinvestment and a Schedule of Collateral Obligations setting forth the information required therein with respect to the Collateral
Obligations to be acquired by the Borrower on the Reinvestment Date (if applicable); 

(ii)        each condition precedent set forth in
Section 6.2 shall be satisfied; 
 (iii)        upon the
written request of the Borrower (or the Servicer on the Borrower’s behalf) delivered to the Collateral Agent no later than 12:00 p.m. (or 12:30 p.m. if the applicable Reinvestment Request is submitted after 11:00 a.m. on such Business Day) New
York City time on the applicable Reinvestment Date, the Collateral Agent shall have provided to the Facility Agent and each Agent by facsimile or e-mail (to be received no later than 1:30 p.m. New York City
time on that same day) a statement reflecting the total amount on deposit on such day in the Collection Account; and 

(iv)        any Reinvestment Request given by the Borrower pursuant to this
Section 8.3(c), shall be irrevocable and binding on the Borrower. 

(d)        Notwithstanding the above, with respect to the
Distribution Date occurring on the date of the CLO Takeout, all Interest Collections and Principal Collections in the Collection Account will be distributed by the Collateral Agent in accordance with the flow-of-funds memo agreed to between the Facility Agent, the Equityholder and the Servicer (a copy of which will be provided to the Collateral Agent) and, in the event of any conflict between such flow-of-funds memo and any provision of this Agreement, such flow-of-funds memo will control.

 (e)        Notwithstanding the foregoing, if the CLO Takeout
does not occur by reason of an Event of Default, then Borrower shall pay as administrative expenses the costs of setting up this facility, the Transaction Documents and related documentation. 

Subject to the Collateral Agent’s receipt of an Officer’s Certificate of the Servicer as to the satisfaction of the
conditions precedent set forth in Section 6.2 and this Section 8.3, the Collateral Agent will release funds from the Collection Account to the Borrower in an amount not to exceed the lesser of
(A) the amount requested by the Borrower and (B) the amount of Collections on deposit in the Collection Account. 

Section 8.4        Fees. The Borrower shall pay the Undrawn Fee, the
Structuring Fee and any other fees (collectively, “Fees”) in the amounts and on the dates set forth herein or in one or more fee letter agreements, dated on or after the date hereof, signed by the Borrower, the Facility Agent and/or
any applicable Lender Group (as any such fee letter agreement may be amended, restated, supplemented or otherwise modified from time to time, a “Fee Letter”). 

Section 8.5        Monthly Report. The Collateral Agent shall prepare
(based on information provided to it by the Servicer, the Facility Agent, the Agents and the Lenders as set forth herein) a Monthly Report in the form of Exhibit D determined as of the close of business on each Determination Date and make
available such Monthly Report to the Facility Agent, each Agent the Borrower and the Servicer on each Reporting Date starting with the Reporting Date in October 2018. If any party receiving any Monthly Report disagrees with any items of such report,
it shall contact the Collateral Agent and notify it of such disputed item and provide reasonably sufficient 

  
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information to correct such item, with (if other than the Facility Agent) a copy of such notice and information to the Facility Agent, each Agent and the Servicer. If the Collateral Agent agrees
with any such correction and unless the Collateral Agent is otherwise timely directed by the Facility Agent, the Collateral Agent shall distribute a revised Monthly Report on the Business Day after it receives such information. If the Collateral
Agent does not agree with any such correction or it is directed by the Facility Agent that the Collateral Agent should not make such correction, the Collateral Agent shall (within one Business Day) contact the Facility Agent and request instructions
on how to proceed. The Facility Agent’s reasonable determination with regard to any disputed item in the Monthly Report shall be final. 

The Servicer shall reasonably cooperate with the Collateral Agent in connection with the preparation of the Monthly Reports
and any supplement thereto. Without limiting the generality of the foregoing, the Servicer shall supply any information maintained by it that the Collateral Agent may from time to time reasonably request with respect to the Collateral and reasonably
needs to complete the reports, calculations and certificates required to be prepared by the Collateral Agent hereunder or required to permit the Collateral Agent to perform its obligations hereunder. Without limiting the generality of the foregoing,
in connection with the preparation of a Monthly Report, (i) the Servicer shall be responsible for providing the Collateral Agent the information required for parts (a) through (c) of Exhibit D for such Monthly Report and
(ii) the Facility Agent and the Agents shall be responsible for providing to the Collateral Agent the information required by Section 3.4 for part (d) of Exhibit D for such Monthly Report on which the
Collateral Agent may conclusively rely. The Servicer and the Facility Agent shall review and verify the contents of the aforesaid reports (including the Monthly Report), instructions, statements and certificates. Upon receipt of approval from the
Servicer and the Facility Agent, the Collateral Agent shall send such reports, instructions, statements and certificates to the Borrower and the Servicer for execution. 

ARTICLE IX 
 REPRESENTATIONS AND
WARRANTIES OF THE BORROWER 
 In order to induce the other parties hereto to enter into this Agreement and, in the case of
the Lenders, to make Advances hereunder, the Borrower hereby represents and warrants to the Facility Agent, the Agents and the Lenders as to itself, as of the Effective Date and each Funding Date, as follows: 

Section 9.1        Organization and Good Standing. It has been duly
incorporated and is validly existing under the laws of the jurisdiction of its incorporation, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted.
It had at all relevant times and now has, power, authority and legal right (x) to acquire and own the Collateral Obligations and the Related Security, and to grant to the Collateral Agent a security interest in the Collateral Obligations and
the Related Security and the other Collateral and (y) to enter into and perform its obligations under this Agreement and the other Transaction Documents to which it is a party. 

Section 9.2        Due Qualification. It is duly qualified to do business
and has obtained all necessary licenses and approvals and made all necessary filings and registrations in all 

  
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jurisdictions, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

Section 9.3        Power and Authority. It has the power, authority and
legal right to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder; has full power, authority and legal right to grant to the Collateral Agent, for the
benefit of the Secured Parties, a valid and enforceable security interest in the Collateral Obligations and the other Collateral and has duly authorized such grant by all necessary action. 

Section 9.4        Binding Obligations. This Agreement and the Transaction
Documents to which it is a party have been duly executed and delivered by the Borrower and are enforceable against the Borrower in accordance with their respective terms, except as such enforceability may be limited by (A) bankruptcy,
insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law and (C) implied covenants of good faith and fair dealing. 

Section 9.5        Security Interest. This Agreement creates a valid and
continuing Lien on the Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC, and is enforceable as such against creditors of and purchasers from the
Borrower; the Collateral is comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under
the applicable UCC as to which the Borrower has complied with its obligations as set forth herein; with respect to Collateral that constitute Security Entitlements (a) all of such Security Entitlements have been credited to the Accounts and the
Securities Intermediary has agreed to treat all assets credited to the Accounts as Financial Assets, (b) the Borrower has taken all steps necessary to enable the Collateral Agent to obtain Control with respect to the Accounts and (c) the
Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; the Borrower has not instructed the Securities Intermediary to comply with the entitlement order
of any Person other than the Collateral Agent; provided that, until the Collateral Agent delivers a Notice of Exclusive Control (as defined in the Account Control Agreement), the Borrower may, or may cause the Servicer to, cause cash in the
Accounts to be invested or distributed in accordance with this Agreement; all Accounts constitute Securities Accounts; the Borrower owns and has good and marketable title to the Collateral free and clear of any Lien (other than Permitted Liens); the
Borrower has received all consents and approvals required by the terms of any Collateral Obligation to the transfer and granting of a security interest in the Collateral Obligations hereunder to the Collateral Agent, on behalf of the Secured
Parties; the Borrower has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest
in that portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the District of Columbia; all original executed copies of each underlying promissory note constituting or
evidencing any Collateral Obligation have been or, subject to the delivery requirements contained herein and/or Section 18.3, will be delivered to the Collateral Custodian; the Borrower has received, or subject to the
delivery requirements contained herein will receive, a written 

  
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acknowledgment from the Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note evidencing a Collateral Obligation solely on behalf of the
Collateral Agent for the benefit of the Secured Parties; none of the underlying promissory notes that constitute or evidence the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed
to any Person other than the Collateral Agent on behalf of the Secured Parties; with respect to Collateral that constitutes a Certificated Security, such certificated security has been delivered to the Collateral Custodian and, if in registered
form, has been specially Indorsed (within the meaning of the UCC) to the Collateral Custodian or in blank by an effective Indorsement or has been registered in the name of the Collateral Custodian upon original issue or registration of transfer by
the Borrower of such Certificated Security, in each case to be held by the Collateral Custodian on behalf of the Collateral Agent for the benefit of the Secured Parties; and in the case of an Uncertificated Security, by (A) causing the
Collateral Custodian to become the registered owner of such uncertificated security and (B) causing such registration to remain effective. 

Section 9.6        No Violation. The execution, delivery and performance
of this Agreement and the other Transaction Documents to which it is a party, the consummation of the transactions contemplated hereby and thereby, and the fulfillment of the terms of this Agreement and the other Transaction Documents to which it is
a party, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, its organizational documents, or any indenture, agreement, mortgage, deed of trust
or other instrument to which the Borrower is a party or by which it is bound or any of its properties are subject, or result in the creation or imposition of any Lien (other than Permitted Liens) upon any of its properties pursuant to the terms of
any such indenture, agreement, mortgage, deed of trust or other instrument, or violate in any material respect any Applicable Law or in any way materially adversely affect the Borrower’s ability to perform its obligations under this Agreement
or the other Transaction Documents to which it is a party. 

Section 9.7        No Proceedings. There are no proceedings or
investigations pending or, to the Borrower’s knowledge, threatened against the Borrower, before any Official Body having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the other Transaction
Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling that might materially and adversely affect the
performance by the Borrower of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents or (D) seeking any determination or ruling that would reasonably be expected to have a material
adverse effect on any of the Collateral or on the assignments and security interests granted by the Borrower in this Agreement. 

Section 9.8        No Consents. It is not required to obtain the consent
of any other Person or any approval, authorization, consent, license, approval or authorization, or registration or declaration with, any Official Body having jurisdiction over it or its properties in connection with the execution, delivery,
performance, validity or enforceability of this Agreement or the other Transaction Documents to which it is a party, in each case other than consents, licenses, approvals, authorizations, orders, registrations, declarations or filings which have
been obtained or made and continuation statements and renewals in respect thereof, other than any consents or approvals which the failure to obtain would not reasonably be expected to result in a Material Adverse Effect. 

  
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Section 9.9        Solvency. It is solvent and will not become insolvent
after giving effect to the transactions contemplated by this Agreement and the Transaction Documents. After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, it will have an adequate amount of
capital to conduct its business in the foreseeable future. 

Section 9.10        Compliance with Laws. It has complied and will comply
in all respects with all Applicable Laws, judgments, agreements with Official Bodies, decrees and orders with respect to its business and properties and all Collateral, other than non-compliance which would
not reasonably be expected to result in a Material Adverse Effect. 

Section 9.11        Taxes. For U.S. federal income tax purposes, it is,
and always has been, either a disregarded entity or a partnership for U.S. federal income tax purposes and has not engaged in or permitted any activity that has caused it to be treated as a corporation for U.S. federal income tax purposes,
including, without, limitation, by election or by operation of Section 7704 of the Code. Each Person that is treated as an equityholder of the Borrower for U.S. federal income tax purposes is a U.S. Person. It has filed on a timely basis all
federal and other material Tax returns (including foreign, state, local and otherwise) required to be filed, if any, and has paid all federal and other material Taxes due and payable by it and any assessments made against it or any of its property
and all other Taxes imposed on it or any of its property by any Official Body (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with
GAAP have been provided on the books of the Borrower). No Lien or similar Adverse Claim has been filed, and no claim is being asserted, with respect to any Tax. Any material Taxes payable by the Borrower in connection with the execution and delivery
of this Agreement and the other Transaction Documents and the transactions contemplated hereby or thereby including the transfer of each Collateral Obligation and the Related Security to the Borrower have been paid or shall have been paid if and
when due at or prior to the Effective Date or the Advance Date, as applicable. 

Section 9.12        Monthly Report. Each Monthly Report is accurate in all
material respects as of the date thereof, or, in the case of information contained therein received from any un-Affiliated third party (which shall include any statements and calculations to the extent such
statements or calculations are inaccurate solely as a result of such information), is true and correct in all material respects to the Borrower’s knowledge. 

Section 9.13        No Liens, Etc. The Collateral and each part thereof is
owned by the Borrower free and clear of any Adverse Claim (other than Permitted Liens) or restrictions on transferability and the Borrower has the full right, power and lawful authority to assign, transfer and pledge the same and interests therein,
and upon the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest (except, as to priority, for any Permitted Liens) in such Collateral, free
and clear of any Adverse Claim (other than Permitted Liens) or restrictions on transferability, to the extent (as to perfection and priority) that a security interest in said Collateral may be perfected under the applicable UCC. The Borrower has not
pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral and no effective financing statement (other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming
the Borrower or any of its Affiliates as debtor and covering all or any part of the Collateral is on file in any recording office, except such as may have been filed in favor of the Collateral Agent as

  
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“Secured Party” pursuant hereto or as necessary or advisable in connection with the Sale Agreement. There are no judgments, claims being asserted or Liens for Taxes that are not
material Taxes against the Borrower if such Taxes are not at the time be due and payable or if the Borrower is currently be contesting the validity thereof in good faith by appropriate proceedings and has made (or has caused to be made) reserves in
accordance with GAAP on the applicable books and records. 

Section 9.14        Information True and Correct. All information (other
than projections, forward-looking information, general economic data, industry information or information relating to third parties) heretofore furnished by or on behalf of the Borrower in writing to any Lender, the Collateral Agent, any Agent or
the Facility Agent in connection with this Agreement or any transaction contemplated hereby (including, without limitation, prior to the Closing Date but after taking into account all updates, modifications and supplements to such information) is
(when taken as a whole) true and correct in all material respects (or, in the case of general economic data, industry information or information relating to third parties, or if not prepared by or under the direction of the Borrower, is true and
correct in all material respects to the Borrower’s knowledge) and does not omit to state a material fact necessary to make the statements contained therein (when taken as a whole) not misleading (or, in the case of general economic data,
industry information or information relating to third parties, or if not prepared by or under the direction of the Borrower, does not omit to state such a fact to the Borrower’s knowledge). Without limiting the foregoing, all Collateral
Obligations included as Eligible Collateral Obligations in the calculation of the Borrowing Base in the most recently delivered Monthly Report are Eligible Collateral Obligations as of the date of such calculation. 

Section 9.15        Bulk Sales. The grant of the security interest in the
Collateral by the Borrower to the Collateral Agent, for the benefit of the Secured Parties, pursuant to this Agreement, is in the ordinary course of business for the Borrower and is not subject to the bulk transfer or any similar statutory
provisions in effect in any applicable jurisdiction. 

Section 9.16        Collateral. Except as otherwise expressly permitted or
required by the terms of this Agreement, no item of Collateral has been sold, transferred, assigned or pledged by the Borrower to any Person. 

Section 9.17        Selection Procedures. In selecting the Collateral
Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed which are intended to be adverse to the interests of the Facility Agent, any Agent or any Lender. 

Section 9.18        Indebtedness. The Borrower has no Indebtedness or
other indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred pursuant to certain
ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Transaction Documents. 

Section 9.19        No Injunctions. No injunction, writ, restraining order
or other order of any nature adversely affects the Borrower’s performance of its obligations under this Agreement or any Transaction Document to which the Borrower is a party. 

  
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 Section 9.20        No
Subsidiaries. The Borrower has no Subsidiaries other than any REO Asset Owners. 

Section 9.21        ERISA Compliance. It has no benefit plans subject to
ERISA. It is not a Benefit Plan Investor. 
 Section 9.22        Investment
Company Status. It is not an “investment company” or a company controlled by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended. 

Section 9.23        Set-Off, Etc.
No Collateral Obligation has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Borrower or the Obligor thereof, and no Collateral is subject to compromise,
adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of
transactions concerning the Collateral or otherwise, by the Borrower or the Obligor with respect thereto, except, in each case, pursuant to the Transaction Documents and for amendments, extensions and modifications, if any, to such Collateral
otherwise permitted hereby and in accordance with the Servicing Standard; provided, that, any breach of this Section 9.23 caused solely by a failure with respect to one or more Collateral Obligations shall not
constitute an Event of Default if the Equityholder otherwise complies with Section 6.2 of the Sale Agreement with respect to each such Collateral Obligation. 

Section 9.24        Collections. The Borrower acknowledges that all
Collections received by it or its Affiliates with respect to the Collateral pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties until deposited into the Collection Account
in accordance with Section 10.10. 

Section 9.25        Value Given. The Borrower has given fair consideration
and reasonably equivalent value to the Equityholder in exchange for the purchase of the Collateral Obligations (or any number of them). No such transfer has been made for or on account of an antecedent debt and no such transfer is or may be voidable
or subject to avoidance under any section of the Bankruptcy Code. 

Section 9.26        Use of Proceeds. The Borrower is not engaged in the
business of extending credit for the purpose of purchasing or carrying Margin Stock and none of the proceeds of the Advances will be used, directly or indirectly, for a purpose that violates Regulation T, Regulation U, Regulation X or any other
regulation promulgated by the FRS Board from time to time. 

Section 9.27        Separate Existence. The Borrower is operated as an
entity with assets and liabilities distinct from those of any of its Affiliates or any Affiliates of the Servicer, and the Borrower hereby acknowledges that the Facility Agent, each of the Agents and each of the Lenders are entering into the
transactions contemplated by this Agreement in reliance upon the Borrower’s identity as a separate legal entity (other than, if applicable, for U.S. federal income tax purposes). Since its formation, the Borrower has been (and will be) operated
in such a manner as to comply with the covenants set forth in Section 10.5. 

  
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 There is not now, nor will there be at any time in the future, any agreement
or understanding between the Borrower and the Servicer (other than as expressly set forth herein and the other Transaction Documents) providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes. 

Section 9.28        Transaction Documents. The Transaction Documents
delivered to the Facility Agent represent all material agreements between the Equityholder, on the one hand, and the Borrower, on the other. Upon the purchase and/or contribution of each Collateral Obligation (or an interest in a Collateral
Obligation) pursuant to the this Agreement or the Sale Agreement, the Borrower shall be the lawful owner of, and have good title to, such Collateral Obligation and all assets relating thereto, free and clear of any Adverse Claim. All such assets are
transferred to the Borrower without recourse to the Equityholder except as described in the Sale Agreement. The purchases of such assets by the Borrower constitute valid and true sales for consideration (and not merely a pledge of such assets for
security purposes) and the contributions of such assets received by the Borrower constitute valid and true transfers for consideration, each enforceable against creditors of the Equityholder, and no such assets shall constitute property of the
Equityholder. 
 Section 9.29        Anti-Terrorism, Anti-Money
Laundering. (a) Neither the Borrower nor any Affiliate, officer, employee or director, acting on behalf of the Borrower is (i) a country, territory, organization, person or entity named on any sanctions list administered or imposed by
the U.S. Government including, without limitation, the Office of Foreign Asset Control (“OFAC”) list, or any other list maintained for the purposes of sanctions enforcement by any of the United Nations, the European Union, Her
Majesty’s Treasury in the UK, Germany, Canada, Australia, and any other country or multilateral organization (collectively, “Sanctions”), including but not limited to Cuba, Sudan, Iran, Syria, North Korea, and the Crimea region
in Ukraine (the “Sanctioned Countries”); (ii) a Person that resides, is organized or located in any of the Sanctioned Countries or which is designated as a “Non-Cooperative
Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction or any Sanctioned Countries or is owned 50% or more or otherwise controlled, directly or
indirectly by, or acting on behalf of, one or more Person who is the subject or target of Sanctions ; (iii) a “Foreign Shell Bank” within the meaning of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in
any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the
United States Secretary of the Treasury under Sections 311 or 312 of the USA Patriot Act as warranting special measures due to money laundering concerns. The Borrower is and each Affiliate, officer, employee or director, acting on behalf of the
Borrower is (and is taking no action which would result in any such Person not being) in compliance with (a) all OFAC rules and regulations, (b) all United States of America, United Kingdom, United Nations, European Union, German,
Canadian, Australian and all other sanctions, embargos and trade restrictions that the Borrower or any of its Affiliates is subject and (c) the Anti-Money Laundering Laws. In addition, the described purpose (“trade related business
activities”) does not include any kind of activities or business of or with any Person or in any country or territory that is subject to or the target of any sanctions administered by the U.S. Government, OFAC, the United Kingdom, the European
Union, Germany, Canada, Australia or the United Nations Security Council (including the Sanctioned Countries) and does not involve commodities or services of a Sanctioned Country origin or shipped 

  
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to, through or from a Sanctioned County, or on vessels or aircrafts owned or registered by a Sanctioned Country, or financed or subsidized any of the foregoing. 

(b)        The Borrower has complied, in all material respects, with
all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act (collectively, the “Anti-Money Laundering Laws”). No actions, suits, proceedings or investigations by any court,
governmental, or regulatory agency are ongoing or pending against the Borrower, its directors, officers or employees or anyone acting on its behalf in relation to a breach of the Anti-Money Laundering Laws, or, to the knowledge of the Borrower,
threatened. 
 Section 9.30    Anti-Bribery and Corruption. 

(a)        Neither the Borrower nor, to the best of the
Borrower’s knowledge, any director, officer, employee, or anyone acting on behalf of the Borrower has engaged in any activity, or will take any action, directly or indirectly, which would breach applicable anti-bribery and corruption laws and
regulations, including but not limited to the US Foreign and Corrupt Practices Act 1977, as amended, and the Bribery Act 2010 of the United Kingdom (the “Anti-Bribery and Corruption Laws”). 

(b)        The Borrower and their Affiliates have each conducted
their businesses in compliance with Anti-Bribery and Corruption Laws and have instituted and maintain policies and procedures reasonably designed to promote and ensure continued compliance with all Anti-Bribery and Corruption Laws and with the
representation and warranty contained herein. 
 (c)        No
actions, suits, proceedings or investigations by any court, governmental, or regulatory agency are ongoing or pending against the Borrower, its directors, officers or employees or anyone acting on its behalf in relation to a breach of the
Anti-Bribery and Corruption Laws, or, to the knowledge of the Borrower, threatened. 

(d)        The Borrower will not directly or indirectly use, lend or
contribute the proceeds of the Advances for any purpose that would breach the Anti-Bribery and Corruption Laws. 
 ARTICLE X 

COVENANTS 
 From
the date hereof until the first day following the Facility Termination Date on which all Obligations shall have been finally and fully paid and performed (other than as expressly survive the termination of this Agreement), the Borrower hereby
covenants and agrees with the Lenders, the Agents and the Facility Agent that: 

Section 10.1    Protection of Security Interest of the Secured Parties. (a) At or prior
to the Effective Date, the Borrower shall have filed or caused to be filed a UCC-1 financing statement, naming the Borrower as debtor and the Collateral Agent (for the benefit of the Secured Parties) as
secured party and describing the Collateral, with the office of the Recorder of Deeds of the District of Columbia. From time to time thereafter, the Borrower shall file such financing statements and 

  
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cause to be filed such continuation statements, all in such manner and in such places as may be required by Applicable Law fully to preserve, maintain and protect the interest of the Collateral
Agent in favor of the Secured Parties under this Agreement in the Collateral and in the proceeds thereof. The Borrower shall deliver (or cause to be delivered) to the Collateral Agent file-stamped copies of,
or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that the Borrower fails to perform its obligations under this subsection, the Collateral Agent or the Facility Agent may (but
shall have no obligation to) do so, in each case at the expense of the Borrower, however neither the Collateral Agent nor the Facility Agent shall have any liability in connection therewith. 

(b)        The Borrower shall not change its name, identity or
corporate structure in any manner that would make any financing statement or continuation statement filed by the Borrower (or by the Collateral Agent on behalf of the Borrower) in accordance with subsection (a) above
seriously misleading or change its jurisdiction of incorporation, unless the Borrower shall have given the Facility Agent, each Agent and the Collateral Agent at least 30 days prior written notice thereof, and shall promptly file appropriate
amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments to the Collateral Agent, each Agent and Facility Agent together with an Officer’s Certificate to the effect that
all appropriate amendments or other documents in respect of previously filed statements have been filed). 

(c)        The Borrower shall maintain its computer systems, if any,
so that, from and after the time of the first Advance under this Agreement, the Borrower’s master computer records (including archives) that shall refer to the Collateral indicate clearly that such Collateral is subject to the first priority
security interest in favor of the Collateral Agent, for the benefit of the Secured Parties. Indication of the Collateral Agent’s (for the benefit of the Secured Parties) security interest shall be deleted from or modified on the Borrower’s
computer systems when, and only when, the Collateral in question shall have been paid in full, the security interest under this Agreement has been released in accordance with its terms, upon such Collateral Obligation becoming a Repurchased
Collateral Obligation or Substituted Collateral Obligation, or otherwise as expressly permitted by this Agreement. 

(d)        Without limiting any of the other provisions hereof, if at
any time the Borrower shall propose to sell, grant a security interest in, or otherwise transfer any interest in loan receivables to any prospective lender or other transferee, the Borrower shall give to such prospective lender or other transferee
computer tapes, records, or print-outs (including any restored from archives) that, if they shall refer in any manner whatsoever to any Collateral shall indicate clearly that such Collateral is subject to a
first priority security interest in favor of the Collateral Agent, for the benefit of the Secured Parties. 

Section 10.2    Other Liens or Interests. Except for the security interest granted hereunder
and as otherwise permitted pursuant to Sections 7.10, 7.11 and 10.16, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Collateral or
any interest therein (other than Permitted Liens), and the Borrower shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders in and to the Collateral against all claims of third
parties claiming through or under the Borrower (other than Permitted Liens). 

  
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 Section 10.3    Costs and Expenses. The
Borrower shall pay (or cause to be paid) all of its reasonable costs and disbursements in connection with the performance of its obligations hereunder and under the Transaction Documents. 

Section 10.4    Reporting Requirements. The Borrower shall furnish, or cause to be furnished,
to the Facility Agent, each Agent the Collateral Agent and each Lender: 

(a)        as soon as possible and in any event within three
(3) Business Days after a Responsible Officer of the Borrower shall have knowledge of the occurrence of an Event of Default, Unmatured Event of Default, Servicer Default or Unmatured Servicer Default, the statement of an Executive Officer of
the Borrower setting forth complete details of such event and the action which the Borrower has taken, is taking and proposes to take with respect thereto; 

(b)        promptly, from time to time, such other information,
documents, records or reports respecting the Collateral Obligations or the Related Security, the other Collateral or the condition or operations, financial or otherwise, of the Borrower as such Person may, from time to time, reasonably request so
long as such information is within the possession of the Borrower or may be obtained with neither undue burden nor expense; and 

(c)        promptly, upon a Responsible Officer of the Borrower
having actual knowledge thereof, in reasonable detail, notice (i) of any Adverse Claim that is made or asserted against any of the Collateral, (ii) any Revaluation Event and (iii) any Material Modification. 

Section 10.5    Separate Existence. (a) The Borrower shall conduct its business solely in
its own name through its duly authorized officers or agents so as not to mislead others as to the identity of the entity with which such persons are concerned, and shall use its best efforts to avoid the appearance that it is conducting business on
behalf of any Affiliate thereof or that the assets of the Borrower are available to pay the creditors of any of its equityholders or any Affiliate thereof. 

(b)        It shall maintain records and books of account separate
from those of any other Person. 
 (c)        It shall pay its own
operating expenses and liabilities from its own funds. 

(d)        It shall not hold itself out as being liable for the debts
of any other Person. It shall not pledge its assets to secure the obligations of any other Person. It shall not guarantee any obligation of any Person, including any Affiliate or become obligated for the debts of any other Person or hold out its
credit or assets as being available to pay the obligations of any other Person. 

(e)        It shall keep its assets and liabilities separate from
those of all other entities. Except as expressly contemplated herein with respect to Excluded Amounts, it shall not commingle its assets with assets of any other Person. 

(f)        It shall maintain bank accounts or other depository
accounts separate from any other person or entity, including any Affiliate. 

  
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 (g)        To the
extent required under GAAP, it shall ensure that any consolidated financial statements including the Borrower, if any, have notes to the effect that the Borrower is a separate entity whose creditors have a claim on its assets prior to those assets
becoming available to its equity holders. 
 (h)        It shall
not amend, supplement or otherwise modify its organizational documents (as defined therein), except in accordance therewith and with the prior written consent of the Facility Agent (which consent shall not be unreasonably withheld, delayed or
conditioned). 
 (i)        It shall at all times hold itself out
to the public and all other Persons as a legal entity separate from its member and from any other Person (other than, if applicable, for U.S. federal income tax purposes). 

(j)        It shall file its own tax returns separate from those of
any other Person, if and to the extent required to file tax returns under Applicable Law, except to the extent that it is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under Applicable Law. 

(k)        It shall conduct its business only in its own name and
comply with all organizational formalities necessary to maintain its separate existence. 

(l)        It shall maintain separate financial statements, showing
its assets and liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person; provided, that its assets may be included in a consolidated financial statement of its
Affiliate so long as (i) appropriate notation shall be made on such consolidated financial statements (if any) to indicate its separateness from such Affiliate and to indicate that its assets and credit are not available to satisfy the debts
and other obligations of such Affiliate or any other Person and (ii) such assets shall also be listed on its own separate balance sheet. 

(m)        It shall not, except for capital contributions or capital
distributions permitted under the terms and conditions of its organizational documents and properly reflected on its books and records, enter into any transaction with an Affiliate except on commercially reasonable terms similar to those available
to unaffiliated parties in an arm’s-length transaction. 

(n)        It shall maintain a sufficient number of employees (which
number may be zero) in light of its contemplated business purpose and pay the salaries of its own employees, if any, only from its own funds. 

(o)        It shall use separate invoices bearing its own name. 

(p)        It shall correct any known misunderstanding regarding its
separate identity and not identify itself as a department or division of any other Person. 

(q)        It shall maintain adequate capital in light of its
contemplated business purpose, transactions and liabilities; provided, however, that the foregoing shall not require its equityholders to make additional capital contributions. 

  
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 (r)        It shall
not acquire any obligation or securities of its members or of any Affiliate other than the Collateral in compliance with the Transaction Documents. 

(s)        It shall not make or permit to remain outstanding any loan
or advance to, or own or acquire any stock or securities of, any Person, except that it may invest in those investments permitted under the Transaction Documents and may hold the equity of REO Asset Owners. 

(t)        It shall not, to the fullest extent permitted by law,
engage in any dissolution, liquidation, consolidation, merger, sale or transfer of all or substantially all of its assets and such activities as are expressly permitted pursuant to the Transaction Documents. 

(u)        It shall not buy or hold evidence of indebtedness issued
by any other Person (other than cash or investment-grade securities), except as expressly contemplated by the Transaction Documents. 

(v)        Except as expressly permitted by the Transaction Documents
(which permits, for the avoidance of doubt, the formation of REO Asset Owners), it shall not form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity.

 (w)        It shall not own any asset or property other than
Collateral and such other financial assets as permitted by the Transaction Documents. 

(x)        It shall not engage, directly or indirectly, in any
business other than as required or permitted to be performed by the Transaction Documents. 

(y)        It shall allocate fairly and reasonably any overhead
expenses that are shared with any of its Affiliates, including for shared office space and for services performed by an employee of any Affiliate. 

Section 10.6    Hedging Agreements. (a) With respect to any Fixed Rate Collateral
Obligation (other than Fixed Rate Collateral Obligations not counted as “excess” pursuant to clause (d) of the definition of “Excess Concentration Amount”), the Borrower hereby covenants and agrees that, upon the direction
of the Facility Agent in its sole discretion as notified to the Borrower and the Servicer on or prior to the related Funding Date for such Collateral Obligation, the Borrower shall obtain and deliver to the Collateral Agent (with a copy to the
Facility Agent and each Agent) one or more Hedging Agreements from qualified Hedge Counterparties having, singly or in the aggregate, an Aggregate Notional Amount not less than the amount determined by the Facility Agent in its reasonable
discretion, which (1) shall each have a notional principal amount equal to or greater than the lesser of (I) the Principal Balance of such Fixed Rate Collateral Obligation and (II) $1,000,000, (2) may provide for reductions of the
Aggregate Notional Amount on each Distribution Date on an amortization schedule for such Aggregate Notional Amount assuming a 0.0 ABS prepayment speed (or such other ABS prepayment speed as may be approved in writing by the Facility Agent) and zero
losses, and (3) shall have other terms and conditions and be represented by Hedging Agreements otherwise acceptable to the Facility Agent in its sole discretion. 

  
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 (b)        In the
event that any Hedge Counterparty defaults in its obligation to make a payment to the Borrower under one or more Hedging Agreements on any date on which payments are due pursuant to a Hedging Agreement, the Borrower shall make a demand no later than
the Business Day following such default on such Hedge Counterparty, or any guarantor, if applicable, demanding payment under the applicable Hedging Agreement in accordance with the terms of such Hedging Agreement. The Borrower shall give notice to
the Lenders upon the continuing failure by any Hedge Counterparty to perform its obligations during the two Business Days following a demand made by the Borrower on such Hedge Counterparty, and shall take such action with respect to such continuing
failure as may be directed by the Facility Agent. 
 (c)        In
the event that any Hedge Counterparty no longer maintains the ratings specified in the definition of “Hedge Counterparty,” then within 30 days after receiving notice of such decline in the creditworthiness of such Hedge Counterparty
as determined by any Rating Agency, the Borrower shall provide the Hedge Counterparty notice of the potential termination event resulting from such downgrade and, if the Hedge Counterparty fails to cure such potential termination event within the
time frame specified in the related Hedging Agreement, the Borrower shall, at the written direction of the Facility Agent, (i) provided that a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of
Section 10.6(d) has been obtained, (A) provide written notice to such Hedge Counterparty (with a copy to the Collateral Agent, each Agent and the Facility Agent) of its intention to terminate the applicable Hedging
Agreement within the 30-day period following the expiration of the cure period set forth in the applicable Hedging Agreement and (B) terminate the applicable Hedging Agreement within such 30-day period, request the payment to it of all amounts due to the Borrower under the applicable Hedging Agreement through the termination date and deposit any such amounts so received, on the day of receipt, to the
Collection Account, or (ii) establish any other arrangement (including an arrangement or arrangements in addition to or in substitution for any prior arrangement made in accordance with the provisions of this
Section 10.6(c)) with the written consent (in its sole discretion) of the Facility Agent (a “Qualified Substitute Arrangement”); provided, that in the event at any time any alternative arrangement
established pursuant to the above shall cease to be satisfactory to the Facility Agent, then the provisions of this Section 10.6(c), shall again be applied and in connection therewith the
30-day period referred to above shall commence on the date the Borrower receives notice of such cessation or termination, as the case may be. 

(d)        Unless an alternative arrangement pursuant to
Section 10.6(c) is being established, the Borrower shall use its best efforts to obtain a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of this
Section 10.6 during the 30-day period following the expiration of the cure period set forth in the applicable Hedging Agreement. The Borrower shall not terminate the Hedging Agreement
unless, prior to the expiration of such 30-day period, the Borrower delivers to the Collateral Agent (with a copy to the Facility Agent and each Agent) (i) a Replacement Hedging Agreement or Qualified
Substitute Arrangement, (ii) to the extent applicable, an Opinion of Counsel reasonably satisfactory to the Facility Agent as to the due authorization, execution and delivery and validity and enforceability of such Replacement Hedging Agreement
or Qualified Substitute Arrangement, as the case may be, and (iii) evidence that the Facility Agent has consented in writing to the termination of the applicable Hedging Agreement and its replacement with such Replacement Hedging Agreement or
Qualified Substitute Arrangement. 

  
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 (e)        The
Servicer or the Borrower shall notify the Facility Agent, each Agent and the Collateral Agent within five Business Days after a Responsible Officer of such Person shall obtain knowledge that the senior unsecured debt rating of a Hedge Counterparty
has been withdrawn or reduced by any Rating Agency. 

(f)        The Borrower may at any time obtain a Replacement Hedging
Agreement with the consent (in its sole discretion) of the Facility Agent. 

(g)        The Borrower shall not agree to any amendment to any
Hedging Agreement without the consent (in its sole discretion) of the Facility Agent. 

(h)        The Borrower shall notify the Facility Agent, each Agent
and the Collateral Agent after a Responsible Officer of the Borrower shall obtain actual knowledge of the transfer by the related Hedge Counterparty of any Hedging Agreement, or any interest or obligation thereunder. 

(i)        The Borrower, with the consent of the Facility Agent in
its sole discretion, may sell all or a portion of the Hedging Agreements. The Borrower shall have the duty of obtaining a fair market value price for the sale of any Hedging Agreement, notifying the Facility Agent, each Agent and the Collateral
Agent of prospective purchasers and bids, and selecting the purchaser of such Hedging Agreement. The Borrower and, at the Borrower’s request, the Collateral Agent, upon receipt of the purchase price in the Collection Account shall, with the
prior written consent of the Facility Agent, execute all documentation necessary to release the Lien of the Collateral Agent on such Hedging Agreement and proceeds thereof. 

Notwithstanding anything to the contrary in this Section 10.6, the parties hereto agree that should
the Borrower fail to observe or perform any of its obligations under this Section 10.6 with respect to any Hedging Agreement, the sole result will be that the Collateral Obligation or Collateral Obligations that are the
subject of such Hedging Agreement shall immediately cease to be Eligible Collateral Obligations for all purposes under this Agreement. 

Section 10.7    Tangible Net Worth. The Borrower shall maintain at all times a positive
Tangible Net Worth. 
 Section 10.8    Taxes. The Borrower will be either a disregarded
entity or a partnership for U.S. federal income tax purposes and will not engage in or permit any activity that causes it to be treated as a corporation for U.S. federal income tax purposes, including, without, limitation, by election or by
operation of Section 7704 of the Code. Each Person that is treated as an equityholder of the Borrower for U.S. federal income tax purposes shall at all times be a U.S. Person. The Borrower will file on a timely basis all federal and other
material Tax returns (including foreign, state, local and otherwise) required to be filed, if any, and will pay all federal and other material Taxes due and payable by it and any assessments made against it or any of its property (other than any
amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the Borrower). 

Section 10.9    Merger, Consolidation, Etc. The Borrower shall not merge or consolidate
with any other Person or permit any other Person to become the successor to all or substantially 

  
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all of its business or assets without the prior written consent of the Facility Agent in its sole discretion, other than in connection with the Merger. 

Section 10.10    Deposit of Collections. The Borrower shall transfer, or cause to be
transferred, all Collections to the Collection Account by the close of business on the Business Day following the date such Collections are received by the Borrower, the Equityholder, the Servicer or any of their respective Affiliates. 

Section 10.11    Indebtedness; Guarantees. The Borrower shall not create, incur, assume or
suffer to exist any Indebtedness other than Indebtedness permitted under the Transaction Documents. The Borrower shall incur no Indebtedness secured by the Collateral other than the Obligations. The Borrower shall not assume, guarantee, endorse or
otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to
maintain any amount of capital, other than as expressly permitted under the Transaction Documents. 

Section 10.12    Limitation on Purchases from Affiliates. Other than pursuant to the Sale and
Contribution Agreement, the Borrower shall not purchase any asset from the Equityholder or the Servicer or any Affiliate of the Borrower, the Equityholder or the Servicer. 

Section 10.13    Documents. Except as otherwise expressly permitted herein, it shall not
cancel or terminate any of the Transaction Documents to which it is party (in any capacity), or consent to or accept any cancellation or termination of any of such agreements, or amend or otherwise modify any term or condition of any of the
Transaction Documents to which it is party (in any capacity) or give any consent, waiver or approval under any such agreement, or waive any default under or breach of any of the Transaction Documents to which it is party (in any capacity) or take
any other action under any such agreement not required by the terms thereof, unless (in each case) the Facility Agent shall have consented thereto in its sole discretion. 

Section 10.14    Preservation of Existence. The Borrower shall do or cause to be done all
things necessary to (i) preserve and keep in full force and effect its existence as an exempted company and take all reasonable action to maintain its rights and franchises in the jurisdiction of its formation and (ii) qualify and remain
qualified as an exempted company in good standing in each jurisdiction where the failure to qualify and remain qualified would reasonably be expected to have a Material Adverse Effect. 

Section 10.15    Limitation on Investments. The Borrower shall not form, or cause to be
formed, any Subsidiaries other than REO Asset Owners; or make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or
evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the other Transaction Documents. 

Section 10.16    Distributions. (a) The Borrower shall not declare or make
(i) payment of any distribution on or in respect of any equity interests, or (ii) any payment on account of the purchase, redemption, retirement or acquisition of any option, warrant or other right to acquire

  
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such equity interests; provided that so long as no Event of Default or Unmatured Event of Default shall have occurred and be continuing, the Borrower may make a distribution of amounts
paid to it pursuant to Section 8.3(a) on the applicable Distribution Date. 

(b)        Prior to foreclosure by the Facility Agent upon any Collateral pursuant to
Section 13.3(c), nothing in this Section 10.16 or otherwise in this Agreement shall restrict the Borrower from exercising any Warrant Assets issued to it by Obligors from time to time to the extent
funds are available to the Borrower under Section 8.3(a) or made available to the Borrower. 

Section 10.17    Performance of Borrower Assigned Agreements. The Borrower shall
(i) perform and observe in all material respects all the terms and provisions of the Transaction Documents (including each of the Borrower Assigned Agreements) to which it is a party to be performed or observed by it, maintain such Transaction
Documents in full force and effect, and enforce such Transaction Documents in accordance with their terms, and (ii) upon reasonable request of the Facility Agent, make to any other party to such Transaction Documents such demands and requests
for information and reports or for action as the Borrower is entitled to make thereunder. 

Section 10.18    Reserved. 

Section 10.19    Further Assurances; Financing Statements. (a) The Borrower agrees that
at any time and from time to time, at its expense and upon reasonable request of the Facility Agent or the Collateral Agent, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is
necessary or desirable to perfect and protect the assignments and security interests granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and enforce its rights and remedies
under this Agreement with respect to any Collateral. Without limiting the generality of the foregoing, the Borrower authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or notices as
may be necessary or desirable or that the Collateral Agent (acting solely at the Facility Agent’s request) may reasonably request to protect and preserve the assignments and security interests granted by this Agreement. Such financing
statements filed against the Borrower may describe the Collateral in the same manner specified in Section 12.1 or in any other manner as the Facility Agent may reasonably determine is necessary to ensure the perfection of
such security interest (without disclosing the names of, or any information relating to, the Obligors thereunder), including describing such property as all assets or all personal property of the Borrower whether now owned or hereafter acquired.

 (b)        The Borrower and each Secured Party hereby severally
authorize the Collateral Agent, upon receipt of written direction from the Facility Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral. 

(c)        It shall furnish to the Collateral Agent and the Facility
Agent from time to time such statements and schedules further identifying and describing the Related Security and such other reports in connection with the Collateral as the Collateral Agent (acting solely at the Facility Agent’s request) or
the Facility Agent may reasonably request, all in reasonable detail. 

  
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 Section 10.20    Obligor Payment
Instructions. The Borrower acknowledges that the power of attorney granted in Section 13.10 to the Collateral Agent permits the Collateral Agent to send (at the Facility Agent’s written direction after the
occurrence of an Event of Default) Obligor notification forms to give notice to the Obligors of the Collateral Agent’s interest in the Collateral and the obligation to make payments as directed by the Collateral Agent (at the written direction
of the Facility Agent). The Borrower further agrees that it shall (or it shall cause the Servicer to) provide prompt notice to the Facility Agent of any misdirected or errant payments made by any Obligor with respect to any Collateral Obligation and
direct such Obligor to make payments as required hereunder. 
 Section 10.21    Delivery of
Collateral Obligation Files. The Borrower (or the Servicer on behalf of the Borrower) shall deliver to the Collateral Custodian (with a copy to the Facility Agent at the following e-mail addresses (for
electronic copies): amit.patel@db.com, james.kwak@db.com, andrew.goldsmith@db.com and josh.buckman@db.com and each Agent) the Collateral Obligation Files identified on the related Document Checklist promptly upon receipt but in no event later than
three (3) Business Days of the related Funding Date; provided that any file-stamped document included in any Collateral Obligation File shall be delivered as soon as they are reasonably available
(but in no event later than thirty (30) calendar days after the related Funding Date). 

Section 10.22    Collateral Obligation Schedule. As of the end of each March, June, September
and December of each year, the Borrower shall deliver an update of the Collateral Obligation Schedule to the Facility Agent (with a copy to the Collateral Agent and each Agent), certified true and correct by each of the Borrower and the Servicer.
The Borrower hereby authorizes a UCC-3 amendment to be filed quarterly attaching each such updated Collateral Obligation Schedule and shall file such UCC-3 amendment at
the request of the Facility Agent. Upon filing, a copy of such UCC-3 shall be provided to the Collateral Agent and Facility Agent. 

Section 10.23    Notice to Specified Obligors. With respect to any Collateral Obligation where
the related Obligor is also an obligor in respect of a Variable Funding Asset on which the Equityholder or any Affiliate thereof is a lender, the Borrower shall, or shall cause the Servicer to, deliver notice to each such Obligor within ten Business
Days of the related Cut-Off Date that the related Collateral Obligation has been assigned to the Borrower. 

Section 10.24    Risk Retention. 

(a)        For so long as any Obligations are outstanding, the
Equityholder represents and undertakes to the Facility Agent and the Lenders that: (A) it holds and will retain unencumbered 100% of the Preference Shares of the Borrower (representing no less than 6.0% of the aggregate nominal value of all the
Collateral Obligations measured at the time of origination (being the occasion of each origination or acquisition of a Collateral Obligation by the Borrower)); (B) the Borrower shall have no other issued equity interests other than to Walkers
Fiduciary Limited, and the aggregate Preference Shares held by the Equityholder with respect to its equity interests in the Borrower shall represent at least 5.0% of the aggregate nominal value of all the Collateral Obligations measured at the time
of origination as described in (A) above; (C) the Equityholder shall not sell or enter into any credit risk mitigation, short positions or any other hedges or otherwise seek to mitigate its credit risk with respect to its

  
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equity interests in the Borrower (except as permitted by the Capital Requirements Regulation) and (D) not less than 5% of the aggregate outstanding principal balance of the Collateral
Obligations has been originated and underwritten by the Equityholder (as Servicer for the Borrower) or the Borrower as the named lender in the Underlying Instruments at origination thereof; 

(b)        The Equityholder represents that for purposes of the
Retention Requirements that it established the securitisation transaction contemplated by the Agreement by incorporating the Borrower, determining the Borrower’s policies and eligibility criteria for the acquisition and origination of
Collateral Obligations, determining the transaction structure and negotiating the Transaction Documents with the various transaction parties; and 

(c)        Each Monthly Report shall contain or be accompanied by a
certification from the Equityholder containing a representation that all of the conditions set forth in clause (a) above are true and have been true up to and on each date of the related Collection Period. The Equityholder shall provide
to the Facility Agent and/or any Lender that is subject to the Retention Requirements: (A) prompt written notice of any breach of its obligations set forth in Section 10.24(a); (B) confirmation that all of the
conditions set forth in Section 10.24(a) above continue to be complied with (x) in the event of material change in the performance of the Collateral Obligations and risk characteristics of the Advances and
(y) upon the occurrence of any Event of Default or becoming aware of any breach of its obligations contained in any Transaction Document and (C) all information that any such entity requests in connection with its obligations under the
Retention Requirements. 
 Section 10.25    Moody’s RiskCalc. With
respect to any Collateral Obligation, at any time that the Agency Rating hereunder is determined by the use of Moody’s RiskCalc: (1) the Borrower (or the Servicer on behalf of the Borrower) shall request a credit estimate, shadow rating or
similar rating within 10 Business Days of the applicable Cut-Off Date and (2) the Borrower (or the Servicer on behalf of the Borrower) shall refresh such Moody’s RiskCalc promptly upon the occurrence
of a Revaluation Event with respect to such Collateral Obligation. 

Section 10.26    Repurchase of Preference Shares. The Borrower shall not repurchase or agree
to repurchase any Preference Share or redeem or agree to redeem any Preference Share except in accordance with the Preference Share Purchase Agreement. 

ARTICLE XI 
 THE COLLATERAL AGENT

 Section 11.1    Appointment of Collateral Agent. Wells Fargo Bank, National Association
is hereby appointed as Collateral Agent pursuant to the terms hereof. The Secured Parties hereby appoint the Collateral Agent to act exclusively as the agent for purposes of perfection of a security interest in the Collateral and Collateral Agent of
the Secured Parties to act as specified herein and in the other Transaction Documents to which the Collateral Agent is a party. The Collateral Agent hereby accepts such agency appointment to act as Collateral Agent pursuant to the terms of this
Agreement, until its resignation or removal as Collateral Agent or Collateral Custodian pursuant to the terms hereof. 

  
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 Section 11.2    Monthly Reports. The
Collateral Agent shall prepare the Monthly Report in accordance with Section 8.5 and distribute funds in accordance with such Monthly Report in accordance with Section 8.3. 

Section 11.3    Collateral Administration. The Collateral Agent shall maintain a database of
certain characteristics of the Collateral on an ongoing basis, and provide to the Borrower, the Servicer, each Agent and the Facility Agent certain reports, schedules and calculations, all as more particularly described in this
Section 11.3, based upon information and data received from the Servicer pursuant to Section 7.7 or from the Agents and/or the Facility Agent. 

(a)        In connection therewith, the Collateral Agent shall: 

(i)    within 15 days after the Effective Date, create a database with respect to the Collateral that has
been pledged to the Collateral Agent for the benefit of the Secured Parties from time to time, comprised of the Collateral Obligations credited to the Accounts from time to time and Permitted Investments in which amounts held in the Accounts may be
invested from time to time, as provided in this Agreement (the “Collateral Database”); 

(ii)        update the Collateral Database on a periodic basis for changes and to
reflect the sale or other disposition of assets included in the Collateral and any additional Collateral granted to the Collateral Agent from time to time, in each case based upon, and to the extent of, information furnished to the Collateral Agent
by the Borrower or the Servicer as may be reasonably required by the Collateral Agent from time to time or based upon notices received by the Collateral Agent from the issuer, or trustee or agent bank under an underlying instrument, or similar
source; 
 (iii)        track the receipt and allocation to the Collection Account
of Principal Collections and Interest Collections and any withdrawals therefrom and, on each Business Day, provide to the Servicer and Facility Agent daily reports reflecting such actions to the accounts as of the close of business on the preceding
Business Day and the Collateral Agent shall provide any such report to the Facility Agent and any Agent upon its request therefor; 

(iv)        distribute funds in accordance with such Monthly Report in accordance
with Section 8.3; 
 (v)        prepare and deliver to
the Facility Agent, each Agent, the Borrower and the Servicer on each Reporting Date, the Monthly Report and any update pursuant to Section 8.5 when requested by the Servicer, the Borrower, any Agent or the Facility Agent,
on the basis of the information contained in the Collateral Database as of the applicable Determination Date, the information provided by each Agent and the Facility Agent pursuant to Section 3.4 and such other information
as may be provided to the Collateral Agent by the Borrower, the Servicer, the Facility Agent or any Agent; 

(vi)        provide other such information with respect to the Collateral as may be
routinely maintained by the Collateral Agent in performing its ordinary Collateral Agent function pursuant hereunder, as the Borrower, the Servicer, the Facility Agent or any Agent may reasonably request from time to time; 

  
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 (vii)        upon the written
request of the Servicer on any Business Day and no later than the Business Day following the Collateral Agent’s receipt of such request (provided such request is received by 12:00 Noon (New York time) on such date (otherwise such request will
be deemed made on the next succeeding Business Day) and the Collateral Agent maintains or has received any information reasonably requested by it, the Collateral Agent shall perform the following functions: as of the date the Servicer commits on
behalf of the Borrower to purchase Collateral Obligations to be included in the Collateral, perform a pro forma calculation of the tests and other requirements set forth in Sections 6.2(e) and (f), in each case, based upon
information contained in the Collateral Database and report the results thereof to the Servicer in a mutually agreed format; and 

(viii)        upon the Collateral Agent’s receipt on any Business Day of written
notification from the Servicer of its intent to sell (in accordance with Section 7.10) Collateral Obligations, the Collateral Agent shall perform, no later than the Business Day following the Collateral Agent’s receipt
of such request (provided such request is received by no later than 12:00 Noon (New York time) on such date (otherwise such request will be deemed made on the next succeeding Business Day) a pro forma calculation of the tests and other
requirements set forth in Sections 7.10(i)(A), (B) and (C) and (iii) based upon information contained in the Collateral Database and information furnished by the Servicer, compare the results thereof and report the
results to the Servicer in a mutually agreed format. 
 (ix)        track the
Principal Balance of each Collateral Obligation and report such balances to the Facility Agent and the Servicer no later than 12:00 Noon (New York City time) on each Business Day as of the close of business on the preceding Business Day. 

(b)        The Collateral Agent shall provide to the Servicer a copy
of all written notices and communications identified as being sent to it in connection with the Collateral Obligations and the other Collateral held hereunder which it receives from the related Obligor, participating bank and/or agent bank. In no
instance shall the Collateral Agent be under any duty or obligation to take any action on behalf of the Servicer in respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific written instructions from
the Servicer, at any time when an Event of Default or a Servicer Default is not continuing or the Facility Agent, during the continuance of an Event of Default or a Servicer Default, in which event the Collateral Agent shall vote, consent or take
such other action in accordance with such instructions. 

(c)        In addition to the above: 

(i)        The Facility Agent and each Secured Party further authorizes the
Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms hereof and thereof, together with such
powers as are reasonably incidental thereto. In furtherance, and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction of the Facility Agent) as its agent to execute and
deliver all further instruments and documents, and take all further action (at the written direction of the Facility Agent) that the Facility Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security
interests granted by the Borrower hereunder, 

  
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or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution or filing by the Collateral Agent as secured party/assignee
of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Collateral Obligations now existing or hereafter arising, and such other instruments or notices, as may be necessary or
appropriate for the purposes stated hereinabove. Nothing in this Section 11.3(c)(i) shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent
(for the benefit of the Secured Parties) in the Collateral, including to file financing and continuation statements in respect of the Collateral in accordance with Section 10.1. It is understood and agreed that any and all
actions performed by the Collateral Agent in connection with this Section 11.3(c)(i) shall be at the written direction of the Facility Agent, and the Collateral Agent shall have no responsibility or liability in connection
with determining any actions necessary or desirable to perfect, protect or more fully secure the security interest granted by the Borrower hereunder or to enable any Person to exercise or enforce any of their respective rights hereunder. 

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

(d)        If, in performing its duties under this Agreement, the
Collateral Agent is required to decide between alternative courses of action, the Collateral Agent may request 

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

(e)        Concurrently herewith, the Facility Agent directs the
Collateral Agent and the Collateral Agent is authorized to enter into (i) the Account Control Agreement, (ii) the consent in connection with the Merger and (iii) any other related agreements in the form delivered to the Collateral
Agent. For the avoidance of doubt, all of the Collateral Agent’s rights, protections and immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the Account Control Agreement and any
other related agreements in such capacity. 
 Section 11.4    Removal or Resignation of
Collateral Agent. The Collateral Agent may at any time resign and terminate its obligations under this Agreement upon at least 60 days’ prior written notice to the Servicer, the Borrower, each Agent and the Facility Agent; provided,
that no resignation or removal of the Collateral Agent will be permitted unless a successor Collateral Agent has been appointed which successor Collateral Agent, so long as no Unmatured Servicer Default, Servicer Default, Unmatured Event of Default
or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer. Promptly after receipt of notice of the Collateral Agent’s resignation, the Facility Agent shall promptly appoint a successor Collateral Agent by
written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, each Agent, the resigning Collateral Agent and to the successor Collateral Agent. In the event no successor Collateral Agent shall have
been appointed within 60 days after the giving of notice of such resignation, the Collateral Agent may petition any court of competent jurisdiction to appoint a successor Collateral Agent. The Facility Agent or the Borrower upon at least 60
days’ prior written notice to the Collateral Agent, may with or without cause remove and discharge the Collateral Agent or any successor Collateral Agent thereafter appointed from the performance of its duties under this Agreement. Promptly
after giving notice of removal of the Collateral Agent, the Facility Agent shall, with the prior written consent of the Servicer, appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral Agent. Any such appointment
shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be delivered to the Collateral Agent and the successor Collateral Agent, with a copy delivered to the Borrower, each Agent and the
Servicer. 
 If the Collateral Agent resigns or is removed then the entity acting in such role shall also resign or be
removed as Collateral Custodian on the same day and in the same manner as they resign or are removed as Collateral Agent. 

For the avoidance of doubt, no amendment of this Section 11.4 shall be required in connection with the appointment of a
successor Collateral Agent. 

  
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 Section 11.5   Representations and Warranties. The
Collateral Agent represents and warrants to the Borrower, the Facility Agent, the Lenders and Servicer that: 

(a)        the Collateral Agent has the corporate power and authority
and the legal rights to execute and deliver, and to perform its obligations under, this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement; 

(b)        no consent or authorization of, filing with, or other act
by or in respect of, any arbitrator or Official Body and no consent of any other Person (including any stockholder or creditor of the Collateral Agent) is required in connection with the execution, delivery, performance, validity or enforceability
of this Agreement; and 
 (c)        this Agreement has been duly
executed and delivered on behalf of the Collateral Agent and constitutes a legal, valid and binding obligation of the Collateral Agent enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in proceedings in equity or at law). 

Section 11.6   No Adverse Interest of Collateral Agent. By execution of this Agreement, the Collateral
Agent represents and warrants that it currently holds and during the existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in any Collateral Obligation or any document in the Collateral Obligation Files.
Neither the Collateral Obligations nor any documents in the Collateral Obligation Files shall be subject to any security interest, lien or right of set-off by the Collateral Agent or any third party claiming
through the Collateral Agent, and the Collateral Agent shall not pledge, encumber, hypothecate, transfer, dispose of, or otherwise grant any third party interest in, the Collateral Obligations or documents in the Collateral Obligation Files, except
that the preceding clause shall not apply to the Collateral Agent or the Collateral Custodian with respect to (i) the Collateral Agent Fees and Expenses or the Collateral Custodian Fees and Expenses, and (ii) in the case of any accounts,
with respect to (x) returned or charged-back items, (y) reversals or cancellations of payment orders and other electronic fund transfers, or (z) overdrafts in the Collection Account. 

Section 11.7   Reliance of Collateral Agent. In the absence of bad faith on the part of the Collateral
Agent, the Collateral Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instruction, certificate, opinion or other document furnished to the Collateral Agent,
reasonably believed by the Collateral Agent to be genuine and to have been signed or presented by the proper party or parties and conforming to the requirements of this Agreement; but in the case of a request, instruction, document or certificate
which by any provision hereof is specifically required to be furnished to the Collateral Agent, the Collateral Agent shall be under a duty to examine the same in accordance with the requirements of this Agreement to determine that they conform to
the form required by such provision. For avoidance of doubt, Collateral Agent may rely conclusively on Borrowing Base Certificates and Officer’s Certificates delivered by the Servicer. The Collateral Agent shall not be liable for any action
taken by it in good faith and reasonably believed by it to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction by 

  
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which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action in the absence of its own bad faith, fraud, gross
negligence, willful misconduct or reckless disregard. 
 Section 11.8   Limitation of Liability and
Collateral Agent Rights. (a) The Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith
it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in acting upon (i) the written instructions of any designated officer of
the Facility Agent or (ii) the verbal instructions of the Facility Agent. 

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

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

(d)        The Collateral Agent makes no warranty or representation
and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will not be required
to and will not make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Agent shall not be obligated to take any action hereunder that might in its judgment
involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it. 

(e)        The Collateral Agent shall have no duties or
responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and the other Transaction Documents to which it is a party and no covenants or obligations shall be implied in this Agreement against the
Collateral Agent. 
 (f)        The Collateral Agent shall not be
required to expend or risk its own funds in the performance of its duties hereunder. 

(g)        It is expressly agreed and acknowledged that the
Collateral Agent is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral. 

(h)        In case any reasonable question arises as to its duties
hereunder, the Collateral Agent may, prior to the occurrence of an Event of Default, request instructions from the Servicer and may, after the occurrence of an Event of Default, request instructions from the Facility Agent, and shall be entitled at
all times to refrain from taking any action unless it has 

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

(i)        In the event that the Collateral Custodian is not the same
entity as the Collateral Agent, the Collateral Agent shall not be liable for the acts or omissions of the Collateral Custodian under this Agreement and shall not be required to monitor the performance of the Collateral Custodian. 

(j)        Without limiting the generality of any terms of this
section, the Collateral Agent shall have no liability for any failure, inability or unwillingness on the part of the Servicer, any Agent, the Facility Agent or the Borrower to provide accurate and complete information on a timely basis to the
Collateral Agent, or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Agent’s part of any of its
duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other party to comply with the terms hereof. 

(k)        The Collateral Agent shall not be bound to make any
investigation into the facts or matters stated in any certificate, report or other document; provided, however, that, if the form thereof is prescribed by this Agreement, the Collateral Agent shall examine the same to determine whether it conforms
on its face to the requirements hereof. The Collateral Agent shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Collateral Agent. It is expressly acknowledged by the Borrower, the
Servicer, the Facility Agent and each Agent that application and performance by the Collateral Agent of its various duties hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall
be based upon, and in reliance upon, data, information and notice provided to it by the Servicer, the Facility Agent, any Agent, the Borrower and/or any related bank agent, obligor or similar party with respect to the Collateral Obligation, and the
Collateral Agent shall have no responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate). Nothing herein shall impose or imply
any duty or obligation on the part of the Collateral Agent to verify, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any issuer of the Collateral is in default or in compliance with the
underlying documents governing or securing such securities, from time to time. 

(l)        The Collateral Agent may exercise any of its rights or
powers hereunder or perform any of its duties hereunder either directly or, by or through agents or attorneys, and the Collateral Agent shall not be responsible for any misconduct or gross negligence on the part of any non-affiliated agent or
attorney appointed hereunder with due care by it. Neither the Collateral Agent nor any of its affiliates, directors, officers, shareholders, agents or employees will be liable to the Servicer, Borrower or any other Person, except by reason of acts
or 

  
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omissions by the Collateral Agent constituting bad faith, willful misfeasance, gross negligence or reckless disregard of the Collateral Agent’s duties hereunder. The Collateral Agent shall
in no event have any liability for the actions or omissions of the Borrower, the Servicer, the Facility Agent or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results from or is caused by
inaccurate, untimely or incomplete information or data received by it from the Borrower, the Servicer, the Facility Agent or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Agent’s own bad
faith, willful misfeasance, gross negligence or reckless disregard of its duties hereunder. The Collateral Agent shall not be liable for failing to perform or delay in performing its specified duties hereunder which results from or is caused by a
failure or delay on the part of the Borrower or the Servicer, the Facility Agent or another Person in furnishing necessary, timely and accurate information to the Collateral Agent. For purposes of monitoring changes in ratings, the Collateral Agent
shall be entitled to use and rely (in good faith) exclusively upon a single reputable electronic financial information reporting services (which for ratings by Standard & Poor’s shall be www.standardandpoors.com or
www.ratingsdirect.com) and shall have no liability for any inaccuracies in the information reported by, or other errors or omissions of, any such service. It is hereby expressly agreed that Bloomberg Financial Markets is one such reputable service.

 (m)        The Collateral Agent shall be under no obligation to
exercise or honor any of the rights or powers vested in it by this Agreement at the request or direction of the Facility Agent (or any other Person authorized or permitted to direct the Collateral Agent hereunder) pursuant to this Agreement, unless
the Facility Agent (or such other Person) shall have offered the Collateral Agent security or indemnity reasonably acceptable to the Collateral Agent against costs, expenses and liabilities (including any legal fees) that might reasonably be
incurred by it in compliance with such request or direction. 

(n)        In no event shall the Collateral Agent be liable for any
failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action (including
any laws, ordinances, regulations) or the like that delay, restrict or prohibit the providing of services by the Collateral Agent as contemplated by this Agreement. 

Section 11.9   Tax Reports. The Collateral Agent shall not be responsible for the preparation or filing
of any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than in respect of the Collateral Agent’s compensation or for reimbursement of expenses. 

Section 11.10 Merger or Consolidation. Any Person (i) into which the Collateral Agent may be merged or
consolidated, (ii) that may result from any merger or consolidation to which the Collateral Agent shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Agent substantially as a whole, which Person in
any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Agent hereunder, shall be the successor to the Collateral Agent under this Agreement without further act of any of the parties to this
Agreement. 

  
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 Section 11.11 Collateral Agent Compensation. As compensation for
its activities hereunder, the Collateral Agent (in each of its capacities hereunder and as Securities Intermediary under the Account Control Agreement) shall be entitled to its fees and expenses from the Borrower as set forth in the Collateral Agent
and Collateral Custodian Fee Letter and any other accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the
Collateral Agent and Securities Intermediary under the Transaction Documents (including, without limitation, Indemnified Amounts payable under Article XVI) (collectively, the “Collateral Agent Fees and Expenses”). The
Borrower agrees to reimburse the Collateral Agent in accordance with the provisions of Section 8.3 and Section 17.4 for all reasonable, out-of-pocket, documented expenses, disbursements and advances incurred or made by the
Collateral Agent in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents. The Collateral Agent’s entitlement to receive fees
(other than any previously accrued and unpaid fees) shall cease on the earlier to occur of (i) its removal as Collateral Agent and appointment and acceptance by the successor Collateral Agent pursuant to Section 11.4 or (ii) the
termination of this Agreement. 
 Section 11.12 Anti-Terrorism Laws. In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Collateral Agent and the Collateral Custodian are required to
obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Collateral Agent and the Collateral Custodian. Accordingly, each of the parties agrees to provide to the Collateral
Agent and the Collateral Custodian, upon their request from time to time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent and the Collateral Custodian to comply with Applicable
Laws as set forth above. 
 ARTICLE XII 

GRANT OF SECURITY INTEREST 

Section 12.1   Borrower’s Grant of Security Interest. As security for the prompt payment or
performance in full when due, whether at stated maturity, by acceleration or otherwise, of all Obligations (including Advances, Yield, all Fees and other amounts at any time owing hereunder), the Borrower hereby assigns and pledges to the Collateral
Agent for the benefit of the Secured Parties, and grants to the Collateral Agent for the benefit of the Secured Parties, a security interest in and lien upon, all of the Borrower’s personal property, including the Borrower’s right, title
and interest in and to the following (other than Retained Interests), in each case whether now or hereafter existing or in which Borrower now has or hereafter acquires an interest and wherever the same may be located, other than Excepted Property
(collectively, the “Collateral”): 

(a)        all Collateral Obligations; 

(b)        all Related Security; 

(c)        this Agreement, the Sale Agreement and all other documents
now or hereafter in effect to which the Borrower is a party (collectively, the “Borrower Assigned  

  
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Agreements”), including (i) all rights of the Borrower to receive moneys due and to become due under or pursuant to the Borrower Assigned Agreements, (ii) all rights of the
Borrower to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Borrower Assigned Agreements, (iii) claims of the Borrower for damages arising out of or for breach of or default under the Borrower Assigned
Agreements, and (iv) the right of the Borrower to amend, waive or terminate the Borrower Assigned Agreements, to perform under the Borrower Assigned Agreements and to compel performance and otherwise exercise all remedies and rights under the
Borrower Assigned Agreements; 
 (d)        all of the following
(the “Account Collateral”): 
 (i)        each Account, all funds
held in any Account (other than Excluded Amounts), and all certificates and instruments, if any, from time to time representing or evidencing any Account or such funds, 

(ii)        all investments from time to time of amounts in the Accounts and all
certificates and instruments, if any, from time to time representing or evidencing such investments, 

(iii)        all notes, certificates of deposit and other instruments from time to
time delivered to or otherwise possessed by the Collateral Agent or any Secured Party or any assignee or agent on behalf of the Collateral Agent or any Secured Party in substitution for or in addition to any of the then existing Account Collateral,
and 
 (iv)        all interest, dividends, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or in exchange for any and all of the then existing Account Collateral; 

(e)        all additional property that may from time to time
hereafter be granted and pledged by the Borrower or by anyone on its behalf under this Agreement; 

(f)        all Accounts, all Certificated Securities, all Chattel
Paper, all Documents, all Equipment, all Financial Assets, all General Intangibles, all Instruments, all Investment Property, all Inventory, all Securities Accounts, all Security Certificates, all Security Entitlements and all Uncertificated
Securities of the Borrower; 
 (g)        each Hedging Agreement,
including all rights of the Borrower to receive moneys due and to become due thereunder; and 

(h)        all Proceeds, accessions, substitutions, rents and profits
of any and all of the foregoing Collateral (including proceeds that constitute property of the types described in subsections (a) through (g) above) and, to the extent not otherwise included, all payments under insurance
(whether or not the Collateral Agent or a Secured Party or any assignee or agent on behalf of the Collateral Agent or a Secured Party is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or
otherwise with respect to any of the foregoing Collateral. 

  
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 Section 12.2   Borrower Remains Liable.
Notwithstanding anything in this Agreement, (a) except to the extent of the Servicer’s duties under the Transaction Documents, the Borrower shall remain liable under the Collateral Obligations, Borrower Assigned Agreements and other
agreements included in the Collateral to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by a Secured Party or the Collateral Agent of any of its rights under
this Agreement shall not release the Borrower or the Servicer from any of their respective duties or obligations under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral, (c) the Secured
Parties and the Collateral Agent shall not have any obligation or liability under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral by reason of this Agreement, and (d) neither the
Collateral Agent nor any of the Secured Parties shall be obligated to perform any of the obligations or duties of the Borrower or the Servicer under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the
Collateral or to take any action to collect or enforce any claim for payment assigned under this Agreement. 

Section 12.3   Release of Collateral. Until the Obligations have been paid in full (other than
contingent unmatured reimbursement and indemnification obligations for which no claim has been made), the Collateral Agent may not release any Lien covering any Collateral except for (i) Collateral Obligations sold pursuant to
Section 7.10, (ii) any Related Security identified by the Borrower (or the Servicer on behalf of the Borrower) to the Collateral Agent so long as the Facility Termination Date has not occurred, (iii) Repurchased Collateral
Obligations or Substituted Collateral Obligations pursuant to Section 7.11 or (iv) amounts paid to the Borrower pursuant to Section 8.3. 

In connection with the release of a Lien on any Collateral permitted pursuant to this Section 12.3 and conducted
in the ordinary course of business consistent with industry standards and practices (including the use of escrows), the Collateral Agent, on behalf of the Secured Parties, will, at the sole expense of the Servicer, execute and deliver to the
Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Collateral; provided, that the Collateral Agent,
on behalf of the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. 

ARTICLE XIII 
 EVENTS OF DEFAULT

 Section 13.1   Events of Default. Each of the following shall constitute an Event of Default under
this Agreement: 
 (a)        any default in the payment when due
of (i) any principal of any Advance or (ii) any other amount payable by the Borrower or the Servicer hereunder, including any Yield on any Advance, any Undrawn Fee or any other Fee, in each case, which default shall continue for two
Business Days; 

  
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 (b)        the
Borrower or the Servicer shall fail to perform or observe in any material respect any other term, covenant or agreement contained in this Agreement, or any other Transaction Document on its part to be performed or observed and, except in the case of
the covenants and agreements contained in Section 10.7, Section 10.9, Section 10.11 and Section 10.16 as to each of which no grace period shall apply, any such failure shall remain unremedied for
thirty (30) days after the earlier to occur of (i) the date on which a Responsible Officer of the Borrower or the Servicer acquires actual knowledge thereof and (ii) the date on which written notice of such failure requiring the same
to be remedied shall have been given by the Facility Agent to the Borrower or the Servicer; 

(c)        any representation or warranty of the Borrower or the
Servicer made or deemed to have been made hereunder or in any other Transaction Document or any other writing or certificate furnished by or on behalf of the Borrower or the Servicer to the Facility Agent, any Agent or any Lender for purposes of or
in connection with this Agreement or any other Transaction Document (including any Monthly Report) shall prove to have been false or incorrect in any material respect when made or deemed to have been made and the same continues unremedied for a
period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower or the Servicer, and
(ii) the date on which a Responsible Officer of the Borrower or the Servicer acquires knowledge thereof; provided, that no breach shall be deemed to occur hereunder in respect of any representation or warranty relating to the
“eligibility” of any Collateral Obligation if the Borrower complies with its obligations in Section 7.11 with respect to such Collateral Obligation; 

(d)        an Insolvency Event shall have occurred and be continuing
with respect to either the Borrower, the Servicer or the Equityholder; 

(e)        other than as a result of a Specified Borrowing Base
Breach, the aggregate principal amount of all Advances outstanding hereunder exceeds the Borrowing Base, calculated in accordance with Section 1.2(h), and such condition continues unremedied for three (3) consecutive Business Days;

 (f)        the Internal Revenue Service shall file notice of a
Lien pursuant to Section 6323 of the Code with regard to any of the assets of the Borrower, or the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the
Borrower; 
 (g)        (i) any Transaction Document or any
Lien granted thereunder shall (except in accordance with its terms), in whole or in material part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower; or (ii) the Borrower or
the Servicer or any other Person shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document; or (iii) any security interest securing any Obligation shall, in
whole or in part, cease to be a perfected first priority security interest (except, as to priority, for Permitted Liens), except as permitted in accordance with Section 12.3; 

  
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 (h)        a
Servicer Default shall have occurred and be continuing past any applicable notice or cure period provided in the definition thereof; 

(i)        failure of the Borrower to make any payment when due
(after giving effect to any related grace period) under one or more agreements for borrowed money to which it is a party in an aggregate amount in excess of $250,000, individually or in the aggregate; or the occurrence of any event or condition that
gives rise to a right of acceleration with respect to such recourse debt in excess of $250,000; 

(j)        a Change of Control shall have occurred without the
consent of the Facility Agent; 
 (k)        the Borrower shall
become required to register as an “investment company” within the meaning of the 1940 Act or the arrangements contemplated by the Transaction Documents shall require registration as an “investment company” within the meaning of
the 1940 Act; 
 (l)        failure on the part of the Borrower,
the Equityholder or the Servicer to (i) make any payment or deposit (including, without limitation, with respect to bifurcation and remittance of Principal Collections and Interest Collections or any other payment or deposit required to be made
by the terms of the Transaction Documents) required by the terms of any Transaction Document in accordance with Section 7.3(b) and Section 10.10 or (ii) otherwise observe or perform any covenant, agreement or obligation
with respect to the management and distribution of funds received with respect to the Collateral; 

(m)        [reserved]; 

(n)        the Borrower makes any assignment or attempted assignment
of its respective rights or obligations under this Agreement or any other Transaction Document without first obtaining the specific written consent of the Required Lenders, which consent may be withheld in the exercise of their respective sole and
absolute discretion; 
 (o)        any court shall render a final,
non-appealable judgment against the Borrower in an amount in excess of $100,000 (excluding, if such aggregate amount is less than $2,500,000, the portion of any such payments made from insurance proceeds) which shall not be satisfactorily stayed,
discharged, vacated, set aside or satisfied within 30 days of the making thereof; 

(p)        [reserved]; 

(q)        failure to pay, on the Facility Termination Date, all
outstanding Obligations; 
 (r)        during the Revolving Period,
the Minimum Equity Test is not satisfied and such condition continues unremedied for three (3) consecutive Business Days; or 

(s)        a Specified Borrowing Base Breach shall have occurred and
continue unremedied for ninety (90) consecutive days. 

  
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 Section 13.2   Effect of Event of Default. 

(a)        Optional Termination. Upon notice by the Collateral
Agent or the Facility Agent (acting on its own or at the direction of the Required Lenders) that an Event of Default (other than an Event of Default described in Section 13.1(d)) has occurred, the Revolving Period will automatically
terminate and no Advances will thereafter be made, and the Collateral Agent (at the direction of the Facility Agent) or the Required Lenders may declare all or any portion of the outstanding principal amount of the Advances and other Obligations to
be due and payable, whereupon the full unpaid amount of such Advances and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment (all of which are
hereby expressly waived by the Borrower) and the Facility Termination Date shall be deemed to have occurred. 

(b)        Automatic Termination. Upon the occurrence of an
Event of Default described in Section 13.1(d), the Facility Termination Date shall be deemed to have occurred automatically, and all outstanding Advances under this Agreement and all other Obligations under this Agreement shall become
immediately and automatically due and payable, all without presentment, demand, protest or notice of any kind (all of which are hereby expressly waived by the Borrower). 

(c)        Specified Borrowing Base Breach. Upon the
occurrence of any Specified Borrowing Base Breach, such event shall be deemed to be continuing until such time as the Advances outstanding no longer exceed the Borrowing Base (or as otherwise waived by the Facility Agent in its sole discretion).

 Section 13.3   Rights upon Event of Default. If an Event of Default shall have occurred and be
continuing, the Facility Agent may, in its sole discretion, or shall, at the direction of the Required Lenders, direct the Collateral Agent to exercise any of the remedies specified herein in respect of the Collateral and the Collateral Agent may
(with the consent of the Facility Agent) but shall have no obligation, or the Collateral Agent shall promptly, at the written direction of the Facility Agent, also do one or more of the following (subject to Section 13.9): 

(a)        institute proceedings in its own name and on behalf of the
Secured Parties as Collateral Agent for the collection of all Obligations, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Borrower and any other obligor with respect thereto moneys adjudged due, for the
specific enforcement of any covenant or agreement in any Transaction Document or in the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Collateral Agent by Applicable Law or any
Transaction Document; 
 (b)        exercise any remedies of a
secured party under the UCC and take any other appropriate action to protect and enforce the right and remedies of the Collateral Agent and the Secured Parties which rights and remedies shall be cumulative; and 

(c)        require the Borrower and the Servicer, at the
Servicer’s expense, to (1) assemble all or any part of the Collateral as directed by the Collateral Agent (at the direction of the Facility Agent) and make the same available to the Collateral Agent at a place to be

  
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designated by the Collateral Agent (at the direction of the Facility Agent) that is reasonably convenient to such parties and (2) without notice except as specified below, sell the
Collateral or any part thereof in one or more parcels at a public or private sale, at any of the Collateral Agent’s or the Facility Agent’s offices or elsewhere in accordance with Applicable Law. The Borrower agrees that, to the extent
notice of sale shall be required by law, at least ten days’ notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent
shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent (at the direction of the Facility Agent) may adjourn any public or private sale from time to time by announcement at the time
and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. All cash proceeds received by the Collateral Agent in respect of any sale of, collection from, or other realization
upon, all or any part of the Collateral (after payment of any amounts incurred in connection with such sale) shall be deposited into the Collection Account and to be applied against all or any part of the outstanding Advances pursuant to
Section 4.1 or otherwise in such order as the Collateral Agent shall be directed by the Facility Agent (in its sole discretion). 

Section 13.4    Collateral Agent May Enforce Claims Without Possession of Notes. All
rights of action and of asserting claims under the Transaction Documents, may be enforced by the Collateral Agent (at the direction of the Facility Agent) without the possession of the Notes or the production thereof in any trial or other
proceedings relative thereto, and any such action or proceedings instituted by the Collateral Agent shall be brought in its own name as Collateral Agent and any recovery of judgment, subject to the payment of the reasonable, out-of-pocket and documented expenses, disbursements and compensation of the Collateral Agent, each predecessor Collateral Agent and their respective agents and attorneys,
shall be for the ratable benefit of the holders of the Notes and other Secured Parties. 

Section 13.5    Collective Proceedings. In any proceedings brought by the Collateral
Agent to enforce the Liens under the Transaction Documents (and also any proceedings involving the interpretation of any provision of any Transaction Document), the Collateral Agent shall be held to represent all of the Secured Parties, and it shall
not be necessary to make any Secured Party a party to any such proceedings. 

Section 13.6    Insolvency Proceedings. In case there shall be pending,
relative to the Borrower or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Borrower, its property or such other obligor or Person, or
in case of any other comparable judicial proceedings relative to the Borrower or other obligor upon the Notes, or to the creditors of property of the Borrower or such other obligor, the Collateral Agent irrespective of whether the principal of the
Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered but
without any obligation, subject to Section 13.9(a), by intervention in such proceedings or otherwise: 

  
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 (a)        to file
and prove a claim or claims for the whole amount of principal and Yield owing and unpaid in respect of the Notes, all other amounts owing to the Lenders and to file such other papers or documents as may be necessary or advisable in order to have the
claims of the Collateral Agent (including any claim for reimbursement of all expenses (including the fees and expenses of counsel) and liabilities incurred, and all advances, if any, made, by the Collateral Agent and each predecessor Collateral
Agent except as determined to have been caused by its own gross negligence or willful misconduct) and of each of the other Secured Parties allowed in such proceedings; 

(b)        unless prohibited by Applicable Law and regulations, to
vote (with the consent of the Facility Agent) on behalf of the holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; 

(c)        to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Secured Parties on their behalf; and 

(d)        to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Collateral Agent or the Secured Parties allowed in any judicial proceedings relative to the Borrower, its creditors and its property; 

and any trustee, receiver, liquidator, collateral agent or trustee or other similar official in any such proceeding is hereby
authorized by each of such Secured Parties to make payments to the Collateral Agent and, in the event that the Collateral Agent (at the direction of the Facility Agent) shall consent to the making of payments directly to such Secured Parties, to pay
to the Collateral Agent such amounts as shall be sufficient to cover all reasonable expenses and liabilities incurred, and all advances made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by
its own gross negligence or willful misconduct. 
 Section 13.7    Delay or Omission Not
Waiver. No delay or omission of the Collateral Agent or of any other Secured Party to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default
or an acquiescence therein. Every right and remedy given by this Section 13.7 or by law to the Collateral Agent or to the other Secured Parties may be exercised from time to time, and as often as may be deemed expedient, by
the Collateral Agent or by the other Secured Parties, as the case may be. 

Section 13.8    Waiver of Stay or Extension Laws. The Borrower waives and covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force
(including filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy,
insolvency, receivership or similar law now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Agreement; and the Borrower (to the extent that it may lawfully do so) hereby expressly waives all
benefits or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the 

  
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Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 13.9    Limitation on Duty of Collateral Agent in Respect of Collateral.
(a) Beyond the safekeeping of the Collateral Obligation Files in accordance with Article XVIII, neither the Collateral Agent nor the Collateral Custodian shall have any duty as to any Collateral in its possession or
control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and neither the Collateral Agent nor the Collateral Custodian shall be
responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral.
Neither the Collateral Agent nor the Collateral Custodian shall be liable or responsible for any misconduct, negligence or loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency
or other agent, attorney or bailee selected by the Collateral Agent or the Collateral Custodian in good faith and with due care hereunder. 

(b)        Neither the Collateral Agent nor the Collateral Custodian
shall be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action
or omission to act on its part hereunder, or for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 

(c)        Neither the Collateral Agent nor the Collateral Custodian
shall have any duty to act outside of the United States in respect of any Collateral located in any jurisdiction other than the United States. 

Section 13.10    Power of Attorney. (a) Each of the Borrower and the Servicer hereby
irrevocably appoints the Collateral Agent as its true and lawful attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in
connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement including without limitation the following powers: (i) to give any necessary receipts or acquittance
for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or
appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower and the Servicer hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder
and pursuant hereto, and (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document. Nevertheless, if so requested by the Collateral Agent, the Borrower shall ratify and confirm any such
sale or other disposition by executing and delivering to the Collateral Agent all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. 

(b)        No person to whom this power of attorney is presented as
authority for the Collateral Agent to take any action or actions contemplated by clause (a) shall inquire into or seek confirmation from the Borrower or the Servicer as to the authority of the Collateral Agent to take any action described
below, or as to the existence of or fulfillment of any condition 

  
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to the power of attorney described in clause (a), which is intended to grant to the Collateral Agent unconditionally the authority to take and perform the actions contemplated herein, and each of
the Borrower and the Servicer irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this power of attorney. The power of
attorney granted in clause (a) is coupled with an interest and may not be revoked or canceled by the Borrower or the Servicer until all obligations of each of the Borrower and the Servicer under the Transaction Documents have been paid in full
and the Collateral Agent has provided its written consent thereto. 

(c)        Notwithstanding anything to the contrary herein, the power
of attorney granted pursuant to this Section 13.10 shall only be effective after the occurrence of an Event of Default. 

ARTICLE XIV 
 THE FACILITY AGENT

 Section 14.1    Appointment. Each Lender and each Agent hereby irrevocably designates and
appoints DBNY as Facility Agent hereunder and under the other Transaction Documents, and authorizes the Facility Agent to take such action on its behalf under the provisions of this Agreement and the other Transaction Documents and to exercise such
powers and perform such duties as are expressly delegated to the Facility Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are reasonably incidental thereto. Each Lender in each Lender
Group hereby irrevocably designates and appoints the Agent for such Lender Group as the agent of such Lender under this Agreement, and each such Lender irrevocably authorizes such Agent, as the agent for such Lender, to take such action on its
behalf under the provisions of this Agreement and the other Transaction Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Agent by the terms of this Agreement and the other Transaction
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Facility Agent nor any Agent (the Facility Agent and each Agent being referred to
in this Article as a “Note Agent”) shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Agreement or otherwise exist against any Note Agent. 

Section 14.2    Delegation of Duties. Each Note Agent may execute any of its duties under this
Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. No Note Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it
with reasonable care. 
 Section 14.3    Exculpatory Provisions. No Note Agent (acting in
such capacity) nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them or any Person described in Section 14.2 under or in
connection with this Agreement or the other Transaction Documents (except, solely with respect to liability to the Borrower, for its, their or such Person’s own gross negligence or willful misconduct), or

  
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(b) responsible in any manner to any Person for any recitals, statements, representations or warranties of any Person (other than itself) contained in the Transaction Documents or in any
certificate, report, statement or other document referred to or provided for in, or received under or in connection with, the Transaction Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the
Transaction Documents or any other document furnished in connection therewith or herewith, or for any failure of any Person (other than itself or its directors, officers, agents or employees) to perform its obligations under any Transaction Document
or for the satisfaction of any condition specified in a Transaction Document. Except as otherwise expressly provided in this Agreement, no Note Agent shall be under any obligation to any Person to ascertain or to inquire as to the observance or
performance of any of the agreements or covenants contained in, or conditions of, the Transaction Documents, or to inspect the properties, books or records of the Borrower or the Servicer. 

Section 14.4    Reliance by Note Agents. Each Note Agent shall in all cases be entitled to
rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed
by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to each of the Lenders), Independent Accountants and other experts selected by
such Note Agent. Each Note Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement, any other Transaction Document or any other document furnished in connection herewith or therewith unless it shall
first receive such advice or concurrence of the Lenders, as it deems appropriate, or it shall first be indemnified to its satisfaction (i) in the case of the Facility Agent, by the Lenders or (ii) in the case of an Agent, by the Lenders in
its Lender Group, against any and all liability, cost and expense which may be incurred by it by reason of taking or continuing to take any such action. The Facility Agent shall in all cases be fully protected in acting, or in refraining from
acting, under this Agreement, the other Transaction Documents or any other document furnished in connection herewith or therewith in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents or any other document furnished in connection herewith or
therewith in accordance with a request of the Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon
all the Lenders in such Lender Group. 
 Section 14.5    Notices. No Note Agent shall be
deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Event of Default unless it has received notice from the Servicer, the Borrower or any Lender, referring to this Agreement and describing
such event. In the event that any Agent receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group. The Facility Agent shall take such action with respect to such event as shall be reasonably directed in writing
by the Required Lenders, and each Agent shall take such action with respect to such event as shall be reasonably directed by Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such Lender Group; provided,
that unless and until such Note Agent shall have received such directions, such Note Agent may (but shall not be obligated to) take such action, or refrain from taking such 

  
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action, with respect to such event as it shall deem advisable in the best interests of the Lenders or of the Lenders in its Lender Group, as applicable. 

Section 14.6    Non-Reliance on Note Agents.
The Lenders expressly acknowledge that no Note Agent, nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations
or warranties to it and that no act by any Note Agent hereafter taken, including any review of the affairs of the Borrower or the Servicer, shall be deemed to constitute any representation or warranty by such Note Agent to any Lender. Each Lender
represents to each Note Agent that it has, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations and made its own decision to purchase its interest in the Notes hereunder and enter into this Agreement.
Each Lender also represents that it will, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals
and decisions in taking or not taking action under any of the Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness
of the Borrower, the Servicer, and the Collateral Obligations. Except as expressly provided herein, no Note Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the Collateral or the
business, operations, property, prospects, financial and other condition or creditworthiness of the Borrower, the Servicer or the Lenders which may come into the possession of such Note Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 
 In no event
shall any Note Agent be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if such Note Agent has been advised of the likelihood of such loss or damage
and regardless of the form of action. In no event shall any Note Agent be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood,
war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by
this Agreement. 
 Section 14.7    Indemnification. The Lenders agree to indemnify the
Facility Agent and its officers, directors, employees, representatives and agents (to the extent not reimbursed by the Borrower or the Servicer under the Transaction Documents, and without limiting the obligation of such Persons to do so in
accordance with the terms of the Transaction Documents), ratably according to the outstanding amounts of their Advances (or their Commitments, if no Advances are outstanding) from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for the Facility Agent or the affected Person in connection with any investigative,
or judicial proceeding commenced or threatened, whether or not the Facility Agent or such affected Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Facility Agent or such affected
Person as a result of, or arising out of, or in any way related to or by reason of, any of the 

  
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transactions contemplated hereunder or under the Transaction Documents or any other document furnished in connection herewith or therewith. 

Section 14.8    Successor Note Agent. If the Facility Agent shall resign as Facility Agent
under this Agreement, then the Required Lenders shall appoint a successor agent, whereupon such successor agent shall succeed to the rights, powers and duties of the Facility Agent, and the term “Facility Agent” shall mean such successor
agent, effective upon its acceptance of such appointment, and the former Facility Agent’s rights, powers and duties as Facility Agent shall be terminated, without any other or further act or deed on the part of such former Facility Agent or any
of the parties to this Agreement. In addition, prior to any assignment or participation by DBNY of any interest in its Commitment which, in either case, after giving effect to such assignment or participation would result in DBNY holding
(unparticipated) less than 25% of the Facility Amount, the Required Lenders shall be permitted to appoint a new Facility Agent with the consent of the Servicer. Any Agent may resign as Agent upon ten days’ notice to the Lenders in its Lender
Group and the Facility Agent (with a copy to the Borrower) with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Agent pursuant to this Section 14.8. If an Agent
shall resign as Agent under this Agreement, then Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such Lender Group shall appoint a successor agent for such Lender Group. After any Note Agent’s
resignation hereunder, the provisions of this Article XIV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Note Agent under this Agreement. No resignation of any Note Agent
shall become effective until a successor Note Agent shall have assumed the responsibilities and obligations of such Note Agent hereunder; provided, that in the event a successor Note Agent is not appointed within 60 days after such notice of
its resignation is given as permitted by this Section 14.8, the applicable Note Agent may petition a court for its removal. 

Section 14.9    Note Agents in their Individual Capacity. Each Note Agent and its Affiliates
may make loans to, accept deposits from and generally engage in any kind of business with the Borrower or the Servicer as though such Note Agent were not an agent hereunder. Any Person which is a Note Agent may act as a Note Agent without regard to
and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. 

ARTICLE XV 
 ASSIGNMENTS 

Section 15.1    Restrictions on Assignments by the Borrower and the Servicer. Except as
specifically provided herein, neither the Borrower nor the Servicer may assign any of their respective rights or obligations hereunder or any interest herein without the prior written consent of the Facility Agent and the Required Lenders in their
respective sole discretion and any attempted assignment in violation of this Section 15.1 shall be null and void. 

Section 15.2    Documentation. In connection with any permitted assignment, each Lender shall
deliver to each assignee an assignment, in such form as such Lender and the related assignee may agree, duly executed by such Lender assigning any such rights, obligations, Advance or Note to the assignee; and such Lender shall promptly execute and
deliver all further instruments and 

  
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documents, and take all further action, that the assignee may reasonably request, in order to perfect, protect or more fully evidence the assignee’s right, title and interest in and to the
items assigned, and to enable the assignee to exercise or enforce any rights hereunder or under the Notes evidencing such Advance. 

Section 15.3    Rights of Assignee. Upon the foreclosure of any assignment of any Advances
made for security purposes, or upon any other assignment of any Advance from any Lender pursuant to this Article XV, the respective assignee receiving such assignment shall have all of the rights of such Lender hereunder
with respect to such Advances and all references to the Lender or Lenders in Sections 4.3, 5.1 or 15.5 shall be deemed to apply to such assignee. 

Section 15.4    Assignment by Lenders. So long as no Unmatured Event of Default or Event of
Default has occurred and is continuing, no Lender may make any assignment, other than any proposed assignment (i) to an Affiliate of such Lender, (ii) to another Lender hereunder or (iii) to any Person if (x) such Lender makes a
determination that its ownership of any of its rights or obligations hereunder is prohibited by Applicable Law (including, without limitation, the Volcker Rule) and (y) to the extent such Lender assigns its interest herein to any Person other
than a Competitor, without the prior written consent of the Borrower (such consent not to be unreasonably withheld, delayed or conditioned). Each Lender shall endorse the Notes to reflect any assignments made pursuant to this
Article XV or otherwise. 
 Section 15.5    Registration; Registration
of Transfer and Exchange. (a) The Facility Agent, acting solely for this purpose as agent for the Borrower (and, in such capacity, the “Loan Registrar”), shall maintain a register for the recordation of the name and address
of each Lender (including any assignees), and the principal amounts (and stated interest) owing to such Lender pursuant to the terms hereof from time to time (the “Loan Register”). The entries in the Loan Register shall be
conclusive absent manifest error, and the Borrower, the Collateral Agent, the Facility Agent, each Agent and each Lender shall treat each Person whose name is recorded in the Loan Register pursuant to the terms hereof as a Lender hereunder. The
Loan Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice. 

(b)        Each Person who has or who acquired an interest in a Note
shall be deemed by such acquisition to have agreed to be bound by the provisions of this Section 15.5. A Note may be exchanged (in accordance with Section 15.5(c)) and transferred to the holders
(or their agents or nominees) of the Advances and to any assignee (in accordance with Section 15.4) (or its agent or nominee) of all or a portion of the Advances. The Loan Registrar shall not register (or cause to be
registered) the transfer of such Note, unless the proposed transferee shall have delivered to the Loan Registrar either (i) an Opinion of Counsel that the transfer of such Note is exempt from registration or qualification under the Securities
Act of 1933, as amended, and all applicable state securities laws and that the transfer does not constitute a non-exempt “prohibited transaction” under ERISA or (ii) an express agreement by the
proposed transferee to be bound by and to abide by the provisions of this Section 15.5 and the restrictions noted on the face of such Note. 

(c)        At the option of the holder thereof, a Note may be
exchanged for one or more new Notes of any authorized denominations and of a like class and aggregate principal 

  
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amount at an office or agency of the Borrower. Whenever any Note is so surrendered for exchange, the Borrower shall execute and deliver (through the Loan Registrar) the new Note which the holder
making the exchange is entitled to receive at the Loan Registrar’s office, located at DB Services Americas Inc., 5022 Gate Parkway, Suite 200, Jacksonville, Florida, 32256, Attention: Transfer Unit. 

(d)        Upon surrender for registration of transfer of any Note at
an office or agency of the Borrower, the Borrower shall execute and deliver (through the Loan Registrar), in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like class and
aggregate principal amount. 
 (e)        All Notes issued upon any
registration of transfer or exchange of any Note in accordance with the provisions of this Agreement shall be the valid obligations of the Borrower, evidencing the same debt, and entitled to the same benefits under this Agreement, as the Note(s)
surrendered upon such registration of transfer or exchange. 

(f)        Every Note presented or surrendered for registration of
transfer or for exchange shall (if so required by the Borrower or the Loan Registrar) be fully endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Loan Registrar, duly executed by the holder thereof or his
attorney duly authorized in writing. 
 (g)        No service
charge shall be made for any registration of transfer or exchange of a Note, but the Borrower may require payment from the transferee holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer of exchange of a Note. 
 (h)        The
holders of the Notes shall be bound by the terms and conditions of this Agreement. 

Section 15.6    Mutilated, Destroyed, Lost and Stolen Notes. (a) If any mutilated Note is
surrendered to the Loan Registrar, the Borrower shall execute and deliver (through the Loan Registrar) in exchange therefor a new Note of like class and tenor and principal amount and bearing a number not contemporaneously outstanding. 

(b)        If there shall be delivered to the Borrower and the Loan
Registrar prior to the payment of the Notes (i) evidence to their satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of
them harmless, then, in the absence of notice to the Borrower or the Loan Registrar that such Note has been acquired by a bona fide Lender, the Borrower shall execute and deliver (through the Loan Registrar), in lieu of any such destroyed,
lost or stolen Note, a new Note of like class, tenor and principal amount and bearing a number not contemporaneously outstanding. 

(c)        Upon the issuance of any new Note under this
Section 15.6, the Borrower may require the payment from the transferor holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected
therewith. 

  
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 (d)        Every
new Note issued pursuant to this Section 15.6 and in accordance with the provisions of this Agreement, in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the
Borrower, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Notes duly issued hereunder. 

(e)        The provisions of this
Section 15.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of a mutilated, destroyed, lost or stolen Note. 

Section 15.7    Persons Deemed Owners. The Borrower, the Servicer, the Facility Agent, the
Collateral Agent and any agent for any of the foregoing may treat the holder of any Note as reflected in the Register as the owner of such Note for all purposes whatsoever, whether or not such Note may be overdue, and none of Borrower, the Servicer,
the Facility Agent, the Collateral Agent and any such agent shall be affected by notice to the contrary. 

Section 15.8    Cancellation. All Notes surrendered for payment or registration of transfer or
exchange shall be promptly canceled. The Borrower shall promptly cancel and deliver to the Loan Registrar any Notes previously authenticated and delivered hereunder which the Borrower may have acquired in any manner whatsoever, and all Notes so
delivered shall be promptly canceled by the Borrower. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 15.8, except as expressly permitted by this Agreement. 

Section 15.9    Participations; Pledge. (a) At any time and from time to time, each
Lender may, in accordance with Applicable Law, grant participations in all or a portion of its Note and/or its interest in the Advances and other payments due to it under this Agreement to any Person (each, a “Participant”). Each
Lender hereby acknowledges and agrees that (A) any such participation will not alter or affect such Lender’s direct obligations hereunder, and (B) none of the Borrower, the Servicer, the Facility Agent, any Agent, any Lender, the
Collateral Agent nor the Servicer shall have any obligation to have any communication or relationship with any Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Section 4.3 and
Section 5.1 (subject to the requirements and limitations therein, including the requirements under Section 4.3(f) (it being understood that the documentation required under
Section 4.3(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Article XV; provided that such Participant
(A) agrees to be subject to the provisions of Section 17.16 as if it were an assignee under this Article XV; and (B) shall not be entitled to receive any greater payment under
Section 4.3 or Section 5.1, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent that such entitlement to receive a greater
payment results from a change in any Applicable Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to
cooperate with the Borrower to effectuate the provisions of Section 17.16(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 17.1 as though it were a Lender. 

  
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(b)        Notwithstanding anything in
Section 15.9(a) to the contrary, each Lender may pledge its interest in the Advances and the Notes to any Federal Reserve Bank as collateral in accordance with Applicable Law without the prior written consent of any Person.

 (c)        Each Lender that sells a participation shall, acting
solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the obligations under the
Transaction Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any
information relating to a Participant’s interest in any obligations under any Transaction Document) except to the extent that such disclosure is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Facility Agent (in its capacity as Facility Agent) shall have no
responsibility for maintaining a Participant Register. 
 ARTICLE XVI 

INDEMNIFICATION 

Section 16.1    Borrower Indemnity. Without limiting any other rights which any such Person
may have hereunder or under Applicable Law, the Borrower agrees to indemnify the Facility Agent, the Agents, the Lenders, the Servicer, the Loan Registrar, the Collateral Custodian and the Collateral Agent and each of their Affiliates, and each of
their respective successors, transferees, participants and assigns and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an
“Indemnified Party”), forthwith on demand, from and against any and all damages (including punitive damages but excluding consequential, special, exemplary and indirect damages and lost profits), losses, claims, liabilities and
related reasonable and documented out-of-pocket costs and expenses, including reasonable and documented attorneys’ and accountants’ fees and disbursements (all
of the foregoing being collectively called “Indemnified Amounts”) awarded against or incurred by any of them arising out of or relating to any Transaction Document or the transactions contemplated hereby or thereby (including the
structuring and arranging of such transactions) or the use of proceeds therefrom by the Borrower, including in respect of the funding of any Advance or any breach of any representation, warranty or covenant of the Borrower in any Transaction
Document or in any certificate or other written material delivered by any of them pursuant to any Transaction Document, excluding, however, Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a
court of competent jurisdiction to have resulted from gross negligence, bad faith, fraud, criminal conduct, reckless disregard or willful misconduct on the part of any Indemnified Party and (b) resulting from the performance of the Collateral
Obligations. 
 Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, the Servicer agrees that the
all amounts owing to it under this Section 16.1 shall be subordinate 

  
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and junior to the amounts owing to the Lenders, the Agents, the Collateral Agent, the Collateral Custodian and the Facility Agent under this Section 16.1 in all
respects. In the event the Borrower is subject to an Insolvency Event, any claim that the Servicer has against the Borrower shall, notwithstanding anything to the contrary herein and notwithstanding any objection to, or rescission of, such filing,
be fully subordinate in right of payment to any claim of the Facility Agent, the Agents, the Collateral Agent, the Collateral Custodian and any Lender. The foregoing sentence shall constitute a “subordination agreement” within the meaning
of Section 510(a) of the Bankruptcy Code. 
 Indemnification under this Section 16.1 shall survive the
termination of this Agreement and the resignation or removal of any Indemnified Party and shall include reasonable and documented fees and out-of-pocket expenses of
counsel and reasonable and documented out-of-pocket expenses of litigation. This Section 16.1 shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

Section 16.2    Servicer Indemnity. Without limiting any other rights which any such Person
may have hereunder or under Applicable Law, the Servicer agrees to indemnify the Indemnified Parties forthwith on demand, from and against any and all Indemnified Amounts incurred by such Indemnified Party by reason of any acts or omissions of the
Servicer in its capacity as Servicer and related to any Transaction Document, the transactions contemplated thereby or any certificate or other written material delivered by the Servicer pursuant hereto or thereto, excluding, however,
Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a court of competent jurisdiction to have resulted from gross negligence, fraud, bad faith, criminal conduct, reckless disregard or willful misconduct on the
part of any Indemnified Party and (b) resulting from the performance of the Collateral Obligations. 
 If the Servicer
has made any indemnity payments to any Indemnified Party pursuant to this Section 16.2 and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified Party will as promptly as possible
repay such amounts collected to the Servicer. 
 Indemnification under this Section 16.2 shall
survive the termination of this Agreement and the resignation or removal of any Indemnified Party and shall include reasonable and documented fees and out-of-pocket
expenses of counsel and reasonable and documented out-of-pocket expenses of litigation. 

Section 16.3    Contribution. (a) If for any reason (other than the exclusions set forth
in the first paragraph of Section 16.1) the indemnification provided above in Section 16.1 is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the
Borrower agrees to contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified
Party, on the one hand, and the Borrower and its Affiliates, on the other hand, but also the relative fault of such Indemnified Party, on the one hand, and the Borrower and its Affiliates, on the other hand, as well as any other relevant equitable
considerations. 
 (b)        If for any reason (other than the
exclusions set forth in the first paragraph of Section 16.2) the indemnification provided above in Section 16.2 is unavailable to an 

  
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Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Servicer agrees to contribute to the amount paid or payable by such Indemnified Party as a result of such
loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party, on the one hand, and the Servicer and its Affiliates, on the other hand, but also the relative fault
of such Indemnified Party, on the one hand, and the Servicer and its Affiliates, on the other hand, as well as any other relevant equitable considerations. 

ARTICLE XVII 
 MISCELLANEOUS 

Section 17.1    No Waiver; Remedies. No failure on the part of any Lender, the Facility Agent,
the Collateral Agent, the Collateral Custodian, any Agent, any Indemnified Party or any Affected Person to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise by any of them of any right, power or remedy hereunder preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law. Without limiting the foregoing, each Lender is hereby authorized by the Borrower during the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all deposits relating to the Borrower
or the transactions contemplated hereby (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by it to or for the credit or the account of the Borrower to the amounts owed by the
Borrower under this Agreement, to the Facility Agent, the Collateral Agent, the Collateral Custodian, any Agent, any Affected Person, any Indemnified Party or any Lender or their respective successors and assigns. Without limiting the foregoing,
each Lender is hereby authorized by the Servicer during the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time
held and other indebtedness at any time owing by it to or for the credit or the account of the Servicer to the amounts owed by the Servicer under this Agreement, to the Facility Agent, the Collateral Agent, the Collateral Custodian, any Affected
Person, any Indemnified Party, any Agent or any Lender or their respective successors and assigns. 

Section 17.2    Amendments, Waivers. This Agreement may not be amended, supplemented or
modified nor may any provision hereof be waived except in accordance with the provisions of this Section 17.2. 

The Borrower, the Servicer and the Facility Agent may, from time to time enter into written amendments, supplements, waivers
or modifications hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of
this Agreement; provided, that no such amendment, supplement, waiver or modification shall (i) reduce the amount of or extend the maturity of any payment with respect to an Advance or reduce the rate or extend the time of payment of
Yield thereon, or reduce or alter the timing of any other amount payable to any Lender hereunder, in each case without the consent of each Lender affected thereby, (ii) amend, modify or waive any provision of this
Section 17.2 or Section 17.11, or reduce the percentage specified in the definition of Required Lenders, in each case without the 

  
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written consent of all Lenders, (iii) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Agent, in each case without the prior written
consent of the Collateral Agent and (iv) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Custodian, in each case without the prior written consent of the Collateral Custodian. Upon execution
of any amendments by the Borrower, the Servicer and the Facility Agent as provided herein, the Servicer shall deliver a copy of such amendment to the Collateral Agent, the Collateral Custodian and each Agent. Any waiver of any provision of this
Agreement shall be limited to the provisions specifically set forth therein for the period of time set forth therein and shall not be construed to be a waiver of any other provision of this Agreement. 

Notwithstanding the foregoing, upon the determination by any Lender that its ownership of any of its rights or obligations
hereunder is prohibited by Applicable Law (including, without limitation, the Volcker Rule), each of the Borrower, the Servicer, each Lender, each Agent, the Collateral Agent, the Collateral Custodian and the Facility Agent hereby agree to work in
good faith to amend or amend and restate the commercial terms of this Agreement (including, if necessary, to re-document under a note purchase agreement or indenture) to ensure future compliance with such
Applicable Law. 
 Section 17.3    Notices, Etc. All notices and other communications
provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile communication) and shall be personally delivered or sent by certified mail, electronic mail, postage prepaid, or by facsimile, to the intended party at
the address or facsimile number of such party set forth under its name on Annex A or at such other address or facsimile number as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective, (a) if personally delivered, when received, (b) if sent by certified mail, three (3) Business Days after having been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day
after having been given to such courier, and (d) if transmitted by facsimile, when sent, receipt confirmed by telephone or electronic means, except that notices and communications pursuant to Section 2.2, shall not be
effective until received. 
 Section 17.4    Costs and Expenses. In addition to the rights
of indemnification granted under Section 16.1, the Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and
expenses of the Facility Agent, the Collateral Agent, the Collateral Custodian, the Agents and the Lenders in connection with the preparation, execution, delivery, syndication and administration of this Agreement, any liquidity support facility and
the other documents and agreements to be delivered hereunder or with respect hereto, and, subject to any cap on such costs and expenses agreed upon in a separate letter agreement among the Borrower, the Servicer and the Facility Agent or the
Collateral Agent and Collateral Custodian Fee Letter, as applicable, and the Borrower further agrees to pay all reasonable and documented out-of-pocket costs and
expenses of the Facility Agent, the Collateral Agent, the Collateral Custodian and the Lenders in connection with any amendments, waivers or consents executed in connection with this Agreement, including the reasonable fees and reasonable and
documented out-of-pocket expenses of counsel to the Facility Agent, each Agent and any related Lender, the Collateral Agent and the Collateral Custodian with respect
thereto and with respect to advising the Facility Agent and the Lenders as to its rights and remedies under this Agreement, and to pay all reasonable, documented and
out-of-pocket costs and expenses, if any (including reasonable outside counsel fees and expenses), of the Facility Agent, the Collateral Agent, the Collateral Custodian,
the Agents and the Lenders, in 

  
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connection with the enforcement against the Servicer or the Borrower of this Agreement or any of the other Transaction Documents and the other documents and agreements to be delivered hereunder
or with respect hereto; provided that in the case of reimbursement of counsel for the Lenders other than the Facility Agent, such reimbursement shall be limited to one outside counsel to the Facility Agent, each Agent and any related Lender.

 Section 17.5    Binding Effect; Survival. This Agreement shall be binding upon and inure
to the benefit of Borrower, the Lenders, the Agents, the Facility Agent, the Servicer, the Collateral Agent, the Collateral Custodian and their respective successors and assigns, and the provisions of Section 4.3,
Article V, and Article XVI shall inure to the benefit of the Affected Persons and the Indemnified Parties, respectively, and their respective successors and assigns; provided, nothing in the
foregoing shall be deemed to authorize any assignment not permitted by Article XV. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain
in full force and effect until (subject to the immediately following sentence) such time when all Obligations have been finally and fully paid in cash and performed. The rights and remedies with respect to any breach of any representation and
warranty made by the Borrower pursuant to Article IX and the indemnification and payment provisions of Article V, Article XVI and the provisions of
Section 17.10, Section 17.11 and Section 17.12 shall be continuing and shall survive any termination of this Agreement and any termination of any Person’s rights to
act as Servicer hereunder or under any other Transaction Document. 
 Section 17.6    Captions
and Cross References. The various captions (including the table of contents) in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless
otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section of or Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause
or subclause are to such subsection, clause or subclause of such Section, subsection or clause. 

Section 17.7    Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of
such provision in any other jurisdiction. 
 Section 17.8    GOVERNING LAW. THIS AGREEMENT
AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

Section 17.9    Counterparts. This Agreement may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original but all of which shall constitute together but one and the same agreement. Delivery of this Agreement by facsimile or electronic mail shall be equally as effective as delivery of an
original executed counterpart of this Agreement. 
 Section 17.10  WAIVER OF JURY TRIAL. EACH OF THE
PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED 

  
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HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF THE EQUITYHOLDER, THE BORROWER, THE SERVICER, THE FACILITY AGENT, THE AGENTS, THE INVESTORS OR ANY OTHER AFFECTED PERSON. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION
(AND EACH OTHER PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT. 

Section 17.11    No Proceedings. 

(a)        Notwithstanding any other provision of this Agreement,
each of the Servicer, the Collateral Agent, the Collateral Custodian, each Agent, each Lender and the Facility Agent hereby agrees that it will not institute against the Borrower, or join any other Person in instituting against the Borrower, any
insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency Event) so long as any Advances or other amounts due from the Borrower hereunder shall be outstanding or there shall not have elapsed one year plus
one day since the last day on which any such Advances or other amounts shall be outstanding. The foregoing shall not limit such Person’s right to file any claim in or otherwise take any action with respect to any insolvency proceeding that was
instituted by any Person other than such Person. 
 (b)        Each
of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against any Conduit Lender, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency
Event) so long as any commercial paper note issued by such applicable Conduit Lender shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such commercial paper notes shall be outstanding. 

(c)        The provisions of this paragraph shall survive the
termination of this Agreement. The provisions of this Section 17.11 are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term
hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of Section 17.11 and the Facility Agent may seek and obtain specific performance of such provisions (including
injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws,
or any similar laws. 
 Section 17.12  Limited Recourse.    (a) No recourse
under any obligation, covenant or agreement of a Lender contained in this Agreement shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely
by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly 

  
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agreed and understood that this Agreement is solely a corporate obligation of each Lender, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder,
officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of a Lender contained
in this Agreement, or implied therefrom, and that any and all personal liability for breaches by a Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such
incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. 

(b)        Notwithstanding any other provision of this Agreement,
(i) no recourse under any obligation, covenant or agreement of the Borrower or the Servicer contained in this Agreement shall be had against any incorporator, stockholder, partner, officer, director, member, manager, employee or agent of the
Borrower, the Servicer or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and
understood that this Agreement is solely a corporate obligation of the Borrower and the Servicer, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee
or agent of the Borrower, the Servicer or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of the Borrower or the Servicer contained in this
Agreement, or implied therefrom, and that any and all personal liability for breaches by the Borrower or the Servicer of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every
such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement and (ii) the parties hereto acknowledge that the
obligations of the Borrower arising hereunder are from time to time and at any time limited recourse obligations payable solely from the Collateral available at such time (the “Borrower Available Funds”) and, following the
application of such Borrower Available Funds or the proceeds thereof, any claims of the parties hereto (and the obligations of the Borrower) shall be extinguished and shall not thereafter revive. This Section 17.12(b) shall survive the
expiration or termination of this Agreement. 

(c)        Notwithstanding anything to the contrary in this Agreement
or in any of the Transaction Documents, the parties hereto acknowledge that the obligations of any Conduit Lender arising hereunder are limited recourse obligations payable solely from the unsecured assets of such Conduit Lender (the
“Available Funds”) and, following the application of such Available Funds or the proceeds thereof, any claims of the parties hereto (and the obligations of such Conduit Lender) shall be extinguished. No recourse shall be had for the
payment of any amount owing under this Agreement against any officer, member, director, employee, security holder or incorporator of any Conduit Lender or its successors or assigns and no action may be brought against any officer, member, director,
employee, security holder or incorporator of any Conduit Lender personally. The parties hereto agree that they will not petition a court, or take any action or commence any proceedings, for the liquidation or the
winding-up of, or the appointment of an examiner to, any Conduit Lender or any other bankruptcy or insolvency proceedings with respect to such Conduit Lender; provided that nothing in this sentence
shall 

  
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limit the right of any party hereto to file any claim or otherwise take any action with respect to any proceeding of the type described in this sentence that was instituted against any Conduit
Lender by any Person other than such party. The provisions of this paragraph shall survive the termination of this Agreement. The provisions of this Section 17.12(c) are a material inducement for the Secured Parties to enter into this Agreement
and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of Section 17.12(c) and the Facility Agent may seek and obtain specific
performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United
States federal or state bankruptcy laws, or any similar laws. 
 Each Conduit Lender shall only be required to pay
(a) any fees or liabilities that it may incur under this Agreement only to the extent such Conduit Lender has Excess Funds on the date of such determination and (b) any expenses, indemnities or other liabilities that it may incur under
this Agreement or any fees, expenses, indemnities or other liabilities under any other Transaction Document only to the extent such Conduit Lender receives funds designated for such purposes or to the extent it has Excess Funds not required, after
giving effect to all amounts on deposit in its commercial paper account, to pay or provide for the payment of all of its outstanding commercial paper notes as of the date of such determination. In addition, no amount owing by any Conduit Lender
hereunder in excess of the liabilities that such Conduit Lender is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against such Conduit Lender.

 Section 17.13  ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND
DELIVERED HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES. 
 Section 17.14  Confidentiality. (a) The Borrower, the Servicer, the Collateral
Custodian and the Collateral Agent shall hold in confidence, and not disclose to any Person, the identity of any Lender or the terms of any fees payable in connection with this Agreement except they may disclose such information (i) to their
officers, directors, employees, agents, counsel, accountants, auditors, advisors, prospective lenders, equity investors or representatives, (ii) with the consent of such Lender, (iii) to the extent such information has become available to
the public other than as a result of a disclosure by or through such Person, (iv) to the extent the Borrower, the Servicer, the Collateral Custodian or the Collateral Agent or any Affiliate of any of them should be required by any law or
regulation applicable to it (including securities laws) or requested by any Official Body to disclose such information or (v) disclose the Agreement and such information in any suit, action, proceeding or investigation (whether in law or in
equity or pursuant to arbitration) involving any of the Transaction Documents for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any
of the Transaction Documents. 

  
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 (b)        The
Facility Agent, the Collateral Agent, the Collateral Custodian, each Agent and each Lender, severally and with respect to itself only, covenants and agrees that any information about the Borrower or its Affiliates or the Obligors, the Collateral
Obligations, the Related Security or otherwise obtained by the Facility Agent, the Collateral Agent, such Agent or such Lender pursuant to this Agreement shall be held in confidence (it being understood that documents provided to the Facility Agent
hereunder may in all cases be distributed by the Facility Agent to the Lenders and Agents) except that the Facility Agent, the Collateral Agent, the Collateral Custodian, such Agent or such Lender may disclose such information (i) to its
affiliates, officers, directors, employees, agents, counsel, accountants, auditors, advisors or representatives, (ii) to the extent such information has become available to the public other than as a result of a disclosure by or through the
Facility Agent, the Collateral Agent, the Collateral Custodian, such Agent or such Lender, (iii) to the extent such information was available to the Facility Agent, such Agent or such Lender on a
non-confidential basis prior to its disclosure to the Facility Agent, such Agent or such Lender hereunder, (iv) with the consent of the Servicer, (v) to the extent permitted by
Article XV, or (vi) to the extent the Facility Agent, such Agent or such Lender should be (A) required in connection with any legal or regulatory proceeding or (B) requested by any Official Body to disclose
such information; provided, that in the case of clause (vi) above, the Facility Agent, such Agent or such Lender, as applicable, will use reasonable efforts to maintain confidentiality and will (unless
otherwise prohibited by law) notify the Servicer of its intention to make any such disclosure prior to making any such disclosure. 

Section 17.15  Non-Confidentiality of Tax Treatment. All parties
hereto agree that each of them and each of their employees, representatives, and other agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind
(including, without limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment and tax structure. “Tax treatment” and “tax structure” shall have the same meaning as such terms have
for purposes of Treasury Regulation Section 1.6011-4; provided that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax
structure of the transaction as well as other information, the provisions of this Section 17.15 shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the
transactions contemplated hereby. 
 Section 17.16  Replacement of Lenders. 

(a)        If any Lender requests compensation under
Section 5.1, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or Official Body for the account of any Lender pursuant to Section 4.3, then such Lender shall
(at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking the Obligations or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.3 or Section 5.1, as the case may be, in the future, and
(ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment. 

  
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 (b)        At any
time there is more than one Lender, the Borrower shall be permitted, at its sole expense and effort, to replace any Lender, except (i) the Facility Agent (unless the Facility Agent is the subject of a
Bail-In Action) or (ii) any Lender which is administered by the Facility Agent or an Affiliate of the Facility Agent (unless such Lender is the subject of a Bail-In
Action), that (a) requests reimbursement, payment or compensation for any amounts owing pursuant to Section 4.3 or Section 5.1 or (b) has received a written notice from the Borrower of an
impending change in law that would entitle such Lender to payment of additional amounts pursuant to Section 4.3 or Section 5.1, unless such Lender designates a different lending office before such
change in law becomes effective pursuant to Section 17.16(a) and such alternate lending office obviates the need for the Borrower to make payments of additional amounts pursuant to Section 4.3 or
Section 5.1 or (c) has not consented to any proposed amendment, supplement, modification, consent or waiver, each pursuant to Section 17.2, (d) defaults in its obligation to make Advances
hereunder or (e) is the subject of a Bail-In Action; provided, that (i) nothing herein shall relieve a Lender from any liability it might have to the Borrower or to the other Lenders for its
failure to make any Advance, (ii) the replacement financial institution shall purchase, at par, all Advances and other amounts owing to such replaced Lender on or prior to the date of replacement, (iii) during the Revolving Period, the
replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Facility Agent so long as the Facility Agent is not the subject of a Bail-In Action, (iv) the replaced
Lender shall be obligated to make such replacement in accordance with the provisions of Section 15.5, (v) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any)
for Increased Costs or Taxes, as the case may be, otherwise required to be paid hereunder, (vi) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Facility Agent or any other Lender shall have against
the replaced Lender, (vii) if such replacement is being effected as a result of a Lender requesting compensation pursuant to Section 4.3 or Section 5.1, such replacement, if effected, will
result in a reduction in such compensation or payment thereafter and (viii) such replacement is not the subject of a Bail-In Action. Notwithstanding anything contained to the contrary in this Agreement,
no Lender removed or replaced under the provisions hereof shall have any right to receive any amounts set forth in Section 2.5(b) in connection with such removal or replacement. A Lender shall not be required to make any
such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

Section 17.17  Consent to Jurisdiction. Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby
irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the
fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. 

Section 17.18  Option to Acquire Rating. Each party hereto hereby acknowledges and agrees that the
Facility Agent (on behalf and at the expense of the Lenders) may, at any time and 

  
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in its sole discretion, obtain a public rating for this loan facility. The Borrower and the Servicer hereby agree (at the sole expense of the Lenders) to use commercially reasonable efforts, at
the request of the Facility Agent, to cooperate with the acquisition and maintenance of any such rating. 

Section 17.19    Acknowledgement and Consent to Bail-In of
EEA Financial Institutions. Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA
Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to
be bound by: 
 (a)        the application of any Write-Down and Conversion Powers
by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)        the effects of any Bail-in Action
on any such liability, including, if applicable: 
 (i)        a
reduction in full or in part or cancellation of any such liability; 

(ii)        a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or 

(iii)        the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 ARTICLE XVIII 

COLLATERAL CUSTODIAN 

Section 18.1    Designation of Collateral Custodian. The role of Collateral Custodian with
respect to the Collateral Obligation Files shall be conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 18.1. Wells Fargo Bank, National Association is
hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof. 

Section 18.2    Duties of the Collateral Custodian. 

(a)        Duties. The Collateral Custodian shall perform, on
behalf of the Secured Parties, the following duties and obligations: 

(i)        The Collateral Custodian, as the duly appointed agent of the Secured
Parties, shall take and retain custody of the Collateral Obligation Files delivered to it by, or on behalf of, the Borrower for each Collateral Obligation listed on the Schedule of Collateral 

  
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Obligations attached to the related Asset Approval Request. The Collateral Custodian acknowledges that in connection with any Asset Approval Request, additional Collateral Obligation Files
(specified on an accompanying Schedule of Collateral Obligations supplement) may be delivered to the Collateral Custodian from time to time. Promptly upon the receipt of any such delivery of Collateral Obligation Files and without any review, the
Collateral Custodian shall send notice of such receipt to the Servicer, the Borrower, each Agent and the Facility Agent. 

(ii)        With respect to each Collateral Obligation File which has been or will be
delivered to the Collateral Custodian, the Collateral Custodian shall act exclusively as the custodian of the Secured Parties, and has no instructions to hold any Collateral Obligation File for the benefit of any Person other than the Secured
Parties and undertakes to perform such duties and only such duties as are specifically set forth in this Agreement. In so taking and retaining custody of the Collateral Obligation Files, the Collateral Custodian shall be deemed to be acting for the
purpose of perfecting the Collateral Agent’s security interest therein under the UCC. Except as permitted by Section 18.5, no Collateral Obligation File or other document constituting a part of a Collateral Obligation
File shall be released from the possession of the Collateral Custodian. 

(iii)        The Collateral Custodian shall maintain continuous custody of all
Collateral Obligation Files in its possession in secure facilities in accordance with customary standards for such custody and shall reflect in its records the interest of the Secured Parties therein. Each Collateral Obligation File which comes into
the possession of the Collateral Agent (other than documents delivered electronically) shall be maintained in fire-resistant vaults or cabinets at the office of the Collateral Custodian specified in Annex A or at such other offices as shall be
specified to the Facility Agent and the Servicer in a written notice at least thirty (30) days prior to such change. Each Collateral Obligation File shall be marked with an appropriate identifying label and maintained in such manner so as to
permit retrieval and access by the Collateral Custodian and the Facility Agent. The Collateral Custodian shall keep the Collateral Obligation Files clearly segregated from any other documents or instruments in its files. 

(iv)        With respect to the documents comprising each Collateral Obligation File,
the Collateral Custodian shall (i) act exclusively as Collateral Custodian for the Secured Parties, (ii) hold all documents constituting such Collateral Obligation File received by it for the exclusive use and benefit of the Secured
Parties and (iii) make disposition thereof only in accordance with the terms of this Agreement or with written instructions furnished by the Facility Agent; provided, that in the event of a conflict between the terms of this Agreement and the
written instructions of the Facility Agent, the Facility Agent’s written instructions shall control. 

(v)        The Collateral Custodian shall accept only written instructions of an
Executive Officer, in the case of the Borrower or the Servicer, or a Responsible Officer, in the case of the Facility Agent, concerning the use, handling and disposition of the Collateral Obligation Files. 

(vi)        In the event that (i) the Borrower, the Facility Agent, the
Servicer, the Collateral Custodian, any Agent or the Collateral Agent shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Collateral Obligation File or a document included within a Collateral
Obligation File or (ii) a third party shall institute any court proceeding by which any Collateral Obligation File or a document included within a Collateral 

  
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Obligation File shall be required to be delivered other than in accordance with the provisions of this Agreement, the party receiving such service shall promptly deliver or cause to be delivered
to the other parties to this Agreement (to the extent not prohibited by Applicable Law) copies of all court papers, orders, documents and other materials concerning such proceedings. The Collateral Custodian shall, to the extent permitted by law,
continue to hold and maintain all the Collateral Obligation Files that are the subject of such proceedings pending a final, nonappealable order of a court of competent jurisdiction permitting or directing disposition thereof. Upon final
determination of such court, the Collateral Custodian shall dispose of such Collateral Obligation File or a document included within such Collateral Obligation File as directed by the Facility Agent, which shall give a direction consistent with such
determination. Expenses of the Collateral Custodian incurred as a result of such proceedings shall be borne by the Borrower. 

(vii)        The Facility Agent may direct the Collateral Custodian to take any such
incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall not be required to take any such incidental action hereunder,
but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Facility Agent; provided that the Collateral Custodian shall not be required to take any
action hereunder at the request of the Facility Agent, any Secured Parties or otherwise if the taking of such action, in the reasonable determination of the Collateral Custodian, (x) shall be in violation of any Applicable Law or contrary to
any provisions of this Agreement or (y) shall expose the Collateral Custodian to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral
Custodian requests the consent of the Facility Agent and the Collateral Custodian does not receive a consent (either positive or negative) from the Facility Agent within ten (10) Business Days of its receipt of such request, then the Facility
Agent shall be deemed to have declined to consent to the relevant action. 

(viii)        The Collateral Custodian shall not be liable for any action taken,
suffered or omitted by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian, or the Facility Agent in the absence of its
own bad faith, fraud, gross negligence, willful misconduct or reckless disregard. The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless a Responsible Officer of the
Collateral Custodian has actual knowledge of such matter or written notice thereof is received by the Collateral Custodian. 

Section 18.3    Delivery of Collateral Obligation Files. (a) The Servicer (on behalf of
the Borrower) shall deliver, on or prior to the applicable Funding Date (but no more than five (5) Business Days after such Funding Date, except as set forth in Section 10.22) the Collateral Obligation Files for each
Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Asset Approval Request. In connection with each delivery of a Collateral Obligation File to the Collateral Custodian, the Servicer shall represent and
warrant that the Collateral Obligation Files delivered to the Collateral Custodian include all of the documents listed in the related Document Checklist and all of such documents and the information contained in the Schedule of Collateral
Obligations are complete in all material respects pursuant to a certification in the form of Exhibit H executed by an Executive Officer of the Servicer. 

  
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 (b)        From
time to time, the Servicer, promptly following receipt, shall forward to the Collateral Custodian (as identified on an accompanying Schedule of Collateral Obligations supplement) additional documents evidencing any assumption, modification,
consolidation or extension of a Collateral Obligation, and upon receipt of any such other documents, the Collateral Custodian shall hold such other documents as the Servicer shall deliver in writing from time to time. 

(c)        With respect to any documents comprising the Collateral
Obligation File that have been delivered or are being delivered to recording offices for recording and have not been returned to the Borrower or the Servicer in time to permit their delivery hereunder at the time required, in lieu of delivering such
original documents, the Borrower or the Servicer shall indicate such on a Schedule of Collateral Obligations supplement and deliver to the Collateral Custodian a true copy thereof. The Borrower or the Servicer shall deliver such original documents
to the Collateral Custodian promptly when they are received. 
 Section 18.4    Collateral
Obligation File Certification. (a) On or prior to each Funding Date, the Servicer shall provide a Schedule of Collateral Obligations and related Document Checklist dated as of such Funding Date to the Collateral Custodian, the Collateral
Agent, each Agent and the Facility Agent (such information contained in the Schedule of Collateral Obligations shall also be delivered in Microsoft Excel format or another format reasonably acceptable to the Collateral Custodian) with respect to the
Collateral Obligations to be delivered to the Collateral Agent on such Funding Date. 

(b)        In connection with (and as part of) each Monthly Report,
with respect to the Collateral Obligation Files delivered at least three (3) Business Days’ prior to the related Reporting Date, the Collateral Custodian shall prepare a report (to be included as a part of each Monthly Report) in respect
of each of the Collateral Obligations, to the effect that, as to each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Advance Request or Reinvestment Request, based on the Collateral Custodian’s
examination of the Collateral Obligation File for each Collateral Obligation and the related Document Checklist, except for variances from the documents identified in the Document Checklist with respect to the related Collateral Obligation Files,
(i) all documents required to be delivered in respect of such Collateral Obligations pursuant to the Document Checklist have been delivered and are in the possession of the Collateral Custodian as part of the Collateral Obligation File for such
Collateral Obligation (other than those released pursuant to Section 18.5), and (ii) all such documents have been reviewed by the Collateral Custodian and appear on their face to be regular and to relate to such
Collateral Obligation. The Collateral Custodian shall also maintain records of the total number of Collateral Obligation Files that do not have the documents provided on the Document Checklist and will include such total in each Monthly Report. 

(c)        Notwithstanding any language to the contrary herein, the
Collateral Custodian shall make no representations as to, and shall not be responsible to verify, (i) the validity, legality, ownership, title, perfection, priority, enforceability, due authorization, recordability, sufficiency for any purpose,
or genuineness of any of the documents contained in each Collateral Obligation File or (ii) the collectibility, insurability, effectiveness or suitability of any such Collateral Obligation. 

  
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 Section 18.5    Release of Collateral Obligation
Files. (a) Upon satisfaction of any of the conditions set forth in Section 12.3, the Servicer will provide an Officer’s Certificate to such effect to the Collateral Custodian (with a copy to the Collateral
Agent) and shall request in writing delivery to it of the Collateral Obligation File and a copy thereof shall be sent concurrently by the Servicer to each Agent and the Facility Agent. Upon receipt of such certification and request, unless it
receives notice to the contrary from the Facility Agent, any Agent, the Collateral Custodian shall within three days release the related Collateral Obligation File to the Servicer and the Servicer will not be required to return the related
Collateral Obligation File to the Collateral Custodian. 

(b)        From time to time and as appropriate for the servicing or
foreclosure of any of the Collateral Obligations, including, for this purpose, collection under any insurance policy relating to the Collateral Obligations, the Collateral Custodian shall, upon receipt of a Request for Release and Receipt
substantially in the form of Exhibit F-2 from an authorized representative of the Servicer (as listed on Exhibit F-1, as such exhibit may be amended
from time to time by the Servicer with notice to the Collateral Custodian, the Facility Agent and each Agent), release the related Collateral Obligation File or the documents set forth in such Request for Release and Receipt to the Servicer. In the
event an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Default or a Servicer Default has occurred and is continuing, the Servicer shall not make any such request with respect to any original documents unless the Facility
Agent shall have consented in writing thereto (which consent may be evidenced by an executed counterpart to such request). The Servicer shall return each and every original document previously requested from the Collateral Obligation File to the
Collateral Custodian when (x) the need therefor by the Servicer no longer exists or (y) the Collateral Obligation File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Related Security either judicially or non-judicially, the Servicer shall deliver to the Collateral Custodian
a certificate executed by an Executive Officer certifying as to the name and address of the Person to which such Collateral Obligation File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of
the Servicer substantially in the form of Exhibit F-3, with a copy to the Facility Agent and each Agent, stating that such Collateral Obligation was either (x) liquidated and that all
amounts received or to be received in connection with such liquidation that are required to be deposited have been so deposited, or (y) sold pursuant to an Optional Sale in accordance with Section 7.10, the Collateral
Custodian shall within three (3) Business Days (provided that the Collateral Custodian has received such request by 12:00 p.m., New York City time, and if received after 12:00 p.m., New York City time, four (4) Business Days) of
receipt of the Request for Release and Receipt, release the requested Collateral Obligation File, and the Servicer will not be required to return the related Collateral Obligation File to the Collateral Custodian. 

(c)        Notwithstanding anything to the contrary set forth herein,
the Servicer shall not, without the prior written consent of the Facility Agent, request any documents (other than copies thereof) held by the Collateral Custodian if the sum of the unpaid Principal Balances of all Collateral Obligations for which
the Servicer is then in possession of the related Collateral Obligation File or any document comprising such Collateral Obligation File (other than for Collateral Obligations then held by the Servicer which have been sold, repurchased, paid off or
liquidated in accordance with this Agreement) (including the documents to be requested) 

  
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exceeds 5% of the Adjusted Aggregate Eligible Collateral Obligation Balance. The Servicer may hold, and hereby acknowledges that it shall hold, any documents and all other property included in
the Collateral that it may from time to time receive hereunder as custodian for the Secured Parties solely at the will of the Collateral Custodian and the Secured Parties for the sole purpose of facilitating the servicing of the Collateral
Obligations and such retention and possession shall be in a custodial capacity only. To the extent the Servicer, as agent of the Collateral Custodian and the Borrower, holds any Collateral, the Servicer shall do so in accordance with the Servicing
Standard as such standard applies to servicers acting as custodial agent. The Servicer shall promptly report to the Collateral Custodian and the Facility Agent the loss by it of all or part of any Collateral Obligation File previously provided to it
by the Collateral Custodian and shall promptly take appropriate action to remedy any such loss. The Servicer shall hold (in accordance with Section 9-313(C) of the UCC) all documents comprising the
Collateral Obligation Files in its possession as agent of the Collateral Agent. In such custodial capacity, the Servicer shall have and perform the following powers and duties: 

(i)        hold the Collateral Obligation Files and any document comprising a
Collateral Obligation File that it may from time to time have in its possession for the benefit of the Collateral Custodian, on behalf of the Secured Parties, maintain accurate records pertaining to each Collateral Obligation to enable it to comply
with the terms and conditions of this Agreement, and maintain a current inventory thereof; 

(ii)        implement policies and procedures consistent with the Servicing Standard
and requirements of this Agreement so that the integrity and physical possession of such Collateral Obligation Files will be maintained; and 

(iii)        take all other actions, in accordance with the Servicing Standard, in
connection with maintaining custody of such Collateral Obligation Files on behalf of the Collateral Agent. 
 Acting as custodian of the
Collateral Obligation Files pursuant to this Section 18.5, the Servicer agrees that it does not and will not have or assert any beneficial ownership interest in the Collateral Obligations or the Collateral Obligation Files.

 Section 18.6    Examination of Collateral Obligation Files. Upon reasonable prior notice
to the Collateral Custodian, the Borrower, the Servicer and their agents, accountants, attorneys and auditors will be permitted during normal business hours to examine and make copies of the Collateral Obligation Files, documents, records and other
papers in the possession of or under the control of the Collateral Custodian relating to any or all of the Collateral Obligations. Prior to the occurrence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Default or a
Servicer Default, upon the request of the Facility Agent and at the cost and expense of the Servicer, the Collateral Custodian shall promptly provide the Facility Agent with the Collateral Obligation Files or copies, as designated by the Facility
Agent, subject to the cap on costs and expenses and other terms and conditions set forth in Section 7.9(e); provided, the Collateral Custodian shall not be required to provide such copies if it does not receive
adequate assurance of payment. 

  
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 Section 18.7    Lost Note Affidavit. In the
event that the Collateral Custodian fails to produce any original promissory note delivered to it related to a Collateral Obligation that was in its possession pursuant to Section 10.22 within five (5) Business Days
after required or requested by the Facility Agent and provided that (a) the Collateral Custodian previously certified in writing to the Facility Agent that it had received such original promissory note and (b) such original
promissory note is not outstanding pursuant to a Request for Release and Receipt, then the Collateral Custodian shall with respect to any missing original promissory note, promptly deliver to the Facility Agent upon request a lost note affidavit.

 Section 18.8    Transmission of Collateral Obligation Files. Written instructions as to
the method of shipment and shipper(s) the Collateral Custodian is directed to utilize in connection with the transmission of Collateral Obligation Files in the performance of the Collateral Custodian’s duties hereunder shall be delivered by the
Facility Agent or the Servicer to the Collateral Custodian prior to any shipment of any Collateral Obligation Files hereunder. In the event the Collateral Custodian does not receive such written instruction from the Facility Agent or the Servicer
(as applicable), the Collateral Custodian shall be authorized and indemnified as provided herein to utilize a nationally recognized courier service. The Servicer shall arrange for the provision of such services at its sole cost and expense (or, at
the Collateral Custodian’s option, reimburse the Collateral Custodian for all costs and expenses incurred by the Collateral Custodian consistent with such instructions) and shall maintain such insurance against loss or damage to the Collateral
Obligation Files as the Servicer deems appropriate. 
 Section 18.9    Merger or
Consolidation. Any Person (i) into which the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed
to the properties and assets of the Collateral Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Custodian hereunder, shall be the
successor to the Collateral Custodian under this Agreement without further act of any of the parties to this Agreement. 

Section 18.10    Collateral Custodian Compensation. As compensation for its Collateral
Custodian activities hereunder, the Collateral Custodian shall be entitled to its fees and expenses from the Borrower as set forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued and unpaid fees, expenses (including
reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the Collateral Custodian (including Indemnified Amounts under Article XVI) under the
Transaction Documents (collectively, the “Collateral Custodian Fees and Expenses”). The Borrower agrees to reimburse the Collateral Custodian in accordance with the provisions of Section 8.3 and
Section 17.4 for all reasonable expenses, disbursements and advances incurred or made by the Collateral Custodian in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement
of any provision hereof or in the other Transaction Documents. The Collateral Custodian’s entitlement to receive fees (other than any previously accrued and unpaid fees) shall cease on the earlier to occur of: (i) its removal as Collateral
Custodian and appointment and acceptance by the successor Collateral Custodian pursuant to Section 18.11 and the Collateral Custodian has ceased to hold any Collateral Files or (ii) the termination of this Agreement.

  
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 Section 18.11    Removal or Resignation of
Collateral Custodian. (a) The Collateral Custodian may at any time resign and terminate its obligations under this Agreement upon at least 60 days’ prior written notice to the Servicer, the Borrower, each Agent and the Facility Agent;
provided, that no resignation or removal of the Collateral Custodian will be permitted unless a successor Collateral Custodian has been appointed which successor Collateral Custodian is (a) an Approved Custodian and (b) so long as
no Unmatured Servicer Default, Servicer Default, Unmatured Event of Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer. Promptly after receipt of notice of the Collateral Custodian’s
resignation, the Facility Agent shall promptly appoint a successor Collateral Custodian by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, each Agent, the resigning Collateral Custodian
and to the successor Collateral Custodian. In the event no successor Collateral Custodian shall have been appointed within 60 days after the giving of notice of such resignation, the Collateral Custodian may petition any court of competent
jurisdiction to appoint a successor Collateral Custodian. 

(b)        The Facility Agent or the Borrower, upon at least 60
days’ prior written notice to the Collateral Custodian and each Agent, may remove and discharge the Collateral Custodian or any successor Collateral Custodian thereafter appointed from the performance of its duties under this Agreement for
cause. Promptly after giving notice of removal of the Collateral Custodian, the Facility Agent shall, with the prior written consent of the Servicer, appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral
Custodian. Any such appointment shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be delivered to the Collateral Custodian and the successor Collateral Custodian, with a copy delivered
to the Borrower and the Servicer. 
 (c)        In the event of any
such resignation or removal, the Collateral Custodian shall, no later than five (5) Business Days after receipt of notice of the successor Collateral Custodian, transfer to the successor Collateral Custodian, as directed in writing by the
Facility Agent, all the Collateral Obligation Files being administered under this Agreement. The cost of the shipment of Collateral Obligation Files arising out of the resignation of the Collateral Custodian pursuant to
Section 18.11(a), or the termination for cause of the Collateral Custodian pursuant to Section 18.11(b), shall be at the expense of the Collateral Custodian. Any cost of shipment arising out of the
removal or discharge of the Collateral Custodian without cause pursuant to Section 18.11(b) shall be at the expense of the Borrower. 

(d)        If the Collateral Custodian resigns or is removed then the
entity acting in such role shall also resign or be removed as Collateral Agent on the same day and in the same manner as they resign or are removed as Collateral Custodian. 

(e)        For the avoidance of doubt, no amendment of this
Section 18.11 shall be required in connection with the appointment of a successor Collateral Custodian. 

Section 18.12    Limitations on Liability. (a) The Collateral Custodian may conclusively
rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper
party or parties. The Collateral Custodian may 

  
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rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Facility Agent or (b) the verbal instructions of the
Facility Agent. 
 (b)        The Collateral Custodian may consult
counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or
opinion of such counsel. 
 (c)        The Collateral Custodian
shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of
its willful misconduct or grossly negligent performance or omission of its duties and in the case of the grossly negligent performance of its duties in taking and retaining custody of the Collateral Obligation Files. 

(d)        The Collateral Custodian makes no warranty or
representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will
not be required to and will not make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take any action hereunder that might
in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it. 

(e)        The Collateral Custodian shall have no duties or
responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian. 

(f)        The Collateral Custodian shall not be required to expend
or risk its own funds in the performance of its duties hereunder. In no event shall the Collateral Custodian be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including,
but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action (including any laws, ordinances, regulations) or the like that delay, restrict or prohibit the providing of services by
the Collateral Custodian as contemplated by this Agreement. 

(g)        It is expressly agreed and acknowledged that the
Collateral Custodian is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral. 

(h)        In case any reasonable question arises as to its duties
hereunder, the Collateral Custodian may, prior to the occurrence of an Event of Default or the Facility Termination Date, request instructions from the Servicer and may, after the occurrence of an Event of Default or the Facility Termination Date,
request instructions from the Facility Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Servicer or the Facility Agent, as applicable. The Collateral Custodian shall in all
events have no liability, risk or cost for any action taken pursuant to and in 

  
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compliance with the instruction of the Facility Agent. In no event shall the Collateral Custodian be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Collateral Custodian has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i)        Each of the protections, reliances, indemnities and
immunities offered to the Collateral Agent in Section 11.7 and Section 11.8 shall be afforded to the Collateral Custodian. 

Section 18.13    Collateral Custodian as Agent of Collateral Agent. The Collateral Custodian
agrees that, with respect to any Collateral Obligation File at any time or times in its possession or held in its name, the Collateral Custodian shall be the agent and custodian of the Collateral Agent, for the benefit of the Secured Parties, for
purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent’s security interest in the Collateral and for the purpose of ensuring that such security interest is entitled to first priority status under the UCC. For so
long as the Collateral Custodian is the same entity as the Collateral Agent, the Collateral Custodian shall be entitled to the same rights and protections afforded to the Collateral Agent hereunder. 

[signature pages begin on next page] 

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

			
	OCSI SENIOR FUNDING LTD., as Borrower
		
	By:	 	 /s/ Dianne Farjallah

		 	Name: Dianne Farjallah
		 	Title: Director

			
	OAKTREE STRATEGIC INCOME CORPORATION, as Servicer
	
	By:   Oaktree Capital Management, L.P.
	Its:    Investment Adviser
		
	By:	 	 /s/ Mary Gallegly

		 	Name: Mary Gallegly
		 	Title: Senior Vice President
		
	By:	 	 /s/ Jordan Mikes

		 	Name: Jordan Mikes
		 	Title: Vice President

			
	OAKTREE STRATEGIC INCOME CORPORATION, as Equityholder
	
	By:   Oaktree Capital Management, L.P.
	Its:    Investment Adviser
		
	By:	 	 /s/ Mary Gallegly

		 	Name: Mary Gallegly
		 	Title: Senior Vice President
		
	By:	 	 /s/ Jordan Mikes

		 	Name: Jordan Mikes
		 	Title: Vice President

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Collateral Agent and as Collateral Custodian

		
	By:	 	 /s/ Jose M. Rodriguez

		 	Name: Jose M. Rodriguez
		 	Title: Vice President

			
	DEUTSCHE BANK AG, NEW YORK BRANCH, as Facility Agent
		
	By:	 	 /s/ Amit Patel

		 	Name: Amit Patel
		 	Title: Director
		
	By:	 	 /s/ Kevin Tanzer

		 	Name: Kevin Tanzer
		 	Title: Managing Director

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH, as an Agent and as a Committed Lender
		
	 By:
  
	 	 /s/ Amit Patel
  

		 	Name: Amit Patel
		 	Title: Director
		
	 By:
  
	 	 /s/ Kevin Tanzer
  

		 	Name: Kevin Tanzer
		 	Title: Managing Director

 ANNEX A 

OCSI SENIOR FUNDING LTD., 
 as Borrower 

1301 Avenue of the Americas, 34th Floor 
 New York, New York
10019 
 Attention:  Matt Stewart 
 Telephone:  212-284-7856 
 Email:  mstewart@oaktreecapital.com

 With a copy to: 
 333 South Grand Avenue, 28th Floor 
 Los Angeles, California 90071 

Attention:  Mary Gallegly 
 Telephone:  213-356-3521

Email:  
mgallegly@oaktreecapital.com 

OAKTREE STRATEGIC INCOME CORPORATION, 
 as Servicer

 1301 Avenue of the Americas, 34th Floor 
 New York, New
York 10019 
 Attention:  Matt Stewart 
 Telephone:  212-284-7856 
 Email:  mstewart@oaktreecapital.com

 With a copy to: 
 333 South Grand Avenue, 28th Floor 
 Los Angeles, California 90071 

Attention:  Mary Gallegly 
 Telephone:  213-356-3521

Email:  
mgallegly@oaktreecapital.com 

OAKTREE STRATEGIC INCOME CORPORATION, 
 as Equityholder

 1301 Avenue of the Americas, 34th Floor 
 New York, New
York 10019 
 Attention:  Matt Stewart 
 Telephone:  212-284-7856 
 Email:  mstewart@oaktreecapital.com

 With a copy to: 

  
 A-1 

 333 South Grand Avenue, 28th Floor 

Los Angeles, California 90071 
 Attention:   Mary
Gallegly 
 Telephone:   213-356-3521

Email:   mgallegly@oaktreecapital.com 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

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

9062 Old Annapolis Road 
 Columbia, MD 21045 

Attention:   CDO Trust Services 
 Telephone:
  (410) 884-2000 
 Facsimile:   (410) 715-3748 

DEUTSCHE BANK AG, NEW YORK BRANCH, 
 as Facility Agent,
an Agent and as a Committed Lender 
 60 Wall Street 
 New
York, New York 10005 
 Attention: Asset Finance Department 

Facsimile No.: 212-797-5160 

  
 A-2 

 Annex B 

 

			
		
	 Lender
	  	Commitment
		
	 Deutsche Bank AG, New York Branch
	  	(a) Prior to the Pricing Date, $250,000,000 and (b) on and after the Pricing Date with the consent of the Facility Agent (in its sole discretion), $300,000,000

  
 B-1EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
 SALE
AND CONTRIBUTION AGREEMENT 
 between 

OAKTREE STRATEGIC INCOME CORPORATION, 

as Seller 
 and 

OCSI SENIOR FUNDING LTD., 
 as
Purchaser 
 Dated as of September 24, 2018 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	DEFINITIONS	  	 	1	 
			
	 SECTION 1.1
	 	 Definitions
	  	 	1	 
	 SECTION 1.2
	 	 Other Terms
	  	 	3	 
	 SECTION 1.3
	 	 Computation of Time Periods
	  	 	3	 
	 SECTION 1.4
	 	 Interpretation
	  	 	3	 
	 SECTION 1.5
	 	 References
	  	 	4	 
			
	 ARTICLE II
	 	CONVEYANCES OF TRANSFERRED ASSETS	  	 	4	 
			
	 SECTION 2.1
	 	 Conveyances
	  	 	4	 
	 SECTION 2.2
	 	 Indemnification
	  	 	6	 
	 SECTION 2.3
	 	 Assignments
	  	 	6	 
			
	 ARTICLE III
	 	CONSIDERATION AND PAYMENT; REPORTING	  	 	7	 
			
	 SECTION 3.1
	 	 Purchase Price
	  	 	7	 
	 SECTION 3.2
	 	 Payment of Purchase Price
	  	 	7	 
			
	 ARTICLE IV
	 	REPRESENTATIONS AND WARRANTIES	  	 	7	 
			
	 SECTION 4.1
	 	 Seller’s Representations and Warranties
	  	 	7	 
	 SECTION 4.2
	 	 Reaffirmation of Representations and Warranties by the Seller; Notice of Breach
	  	 	13	 
			
	 ARTICLE V
	 	COVENANTS OF THE SELLER	  	 	14	 
			
	 SECTION 5.1
	 	 Covenants of the Seller
	  	 	14	 
			
	 ARTICLE VI
	 	WARRANTY LOANS	  	 	16	 
			
	 SECTION 6.1
	 	 Warranty Collateral Obligations
	  	 	16	 
	 SECTION 6.2
	 	 Dilutions, Etc.
	  	 	17	 
		
	 ARTICLE VII CONDITIONS PRECEDENT
	  	 	17	 
			
	 SECTION 7.1
	 	 Conditions Precedent
	  	 	17	 

  
 -i- 

							
	 ARTICLE VIII
	 	MISCELLANEOUS PROVISIONS	  	 	18	 
			
	 SECTION 8.1
	 	 Amendments, Etc.
	  	 	18	 
	 SECTION 8.2
	 	 Governing Law: Submission to Jurisdiction
	  	 	18	 
	 SECTION 8.3
	 	 Notices
	  	 	18	 
	 SECTION 8.4
	 	 Severability of Provisions
	  	 	19	 
	 SECTION 8.5
	 	 Assignment
	  	 	20	 
	 SECTION 8.6
	 	 Further Assurances
	  	 	20	 
	 SECTION 8.7
	 	 No Waiver; Cumulative Remedies
	  	 	20	 
	 SECTION 8.8
	 	 Counterparts
	  	 	20	 
	 SECTION 8.9
	 	 No Petition Covenant; Limited Recourse
	  	 	21	 
	 SECTION 8.10
	 	 Transfer of Seller’s Interest
	  	 	21	 
	 SECTION 8.11
	 	 Binding Effect; Third-Party Beneficiaries
	  	 	21	 
	 SECTION 8.12
	 	 Merger and Integration
	  	 	21	 
	 SECTION 8.13
	 	 Headings
	  	 	21	 

  
 -ii- 

 This SALE AND CONTRIBUTION AGREEMENT, dated as of September 24, 2018 (as
amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”), between Oaktree Strategic Income Corporation, a Delaware corporation, as seller (in such capacity, the “Seller”) and
OCSI Senior Funding Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands, as purchaser (in such capacity, the “Purchaser”). 

W I T N E S S E T H: 

WHEREAS, on and after the Effective Date, the Seller may, from time to time on each Purchase Date, sell or contribute,
transfer, and otherwise convey, to the Purchaser, without recourse except to the extent specifically provided herein, and the Purchaser may, from time to time on each Purchase Date, purchase or accept a contribution of all right, title and interest
of the Seller (whether now owned or hereafter acquired or arising, and wherever located) in and to the Collateral Obligations mutually agreed by the Seller and the Purchaser; 

WHEREAS, to effect the sale, assignment, and contribution of such Transferred Assets, the Seller, from time to time, has
entered into, and may in the future enter into Assignment Agreements with the Purchaser, pursuant to which all of the Seller’s right, title and interest in and to the Transferred Assets set forth therein have been or will be conveyed by the
Seller to the Purchaser; and 
 WHEREAS, it is the Seller’s and the Purchaser’s intention that the conveyance of
the Transferred Assets under each Assignment Agreement and this Agreement is a “true sale” or a “true contribution” for all purposes, such that, upon payment of the purchase price therefor or the making of a contribution, the
Transferred Assets will constitute property of the Purchaser from and after the applicable transfer date; 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the Purchaser and the Seller as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of the terms defined). All capitalized terms used herein but not defined herein shall have the respective meanings specified in, or incorporated by reference into, the
Loan Financing and Servicing Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the “Loan and Servicing Agreement”), by and among the Purchaser, as borrower, the
Seller, as servicer (in such capacity, the “Servicer”) and equityholder, the lenders from time to time party thereto (the “Lenders”), Deutsche Bank AG, 

  
 -1- 

 New York Branch, as facility agent (in such capacity, the “Facility
Agent”), the other agents parties thereto, and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian (in each such capacity, the “Collateral Agent” and the “Collateral
Custodian”, respectively). 
 “Agreement” has the meaning set forth in the preamble hereto. 

“Assignment Agreement” means any assignment and assumption agreement, assignment and acceptance or similar
assignment agreement at any time entered into between the Seller and the Purchaser, and if applicable, accepted by the agent or trustee under any Underlying Instrument for the purpose of conveying the Seller’s right, title and interest in and
to the Collateral Obligations set forth therein to the Purchaser. 
 “Convey” means to sell, transfer,
assign, contribute or otherwise convey assets hereunder. 
 “Conveyance” means, as the context may
require, the Initial Conveyance or a Subsequent Conveyance. 
 “Indorsement” has the meaning specified in
Section 8 102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning. 
 “Initial
Conveyance” has the meaning set forth in Section 2.1(a). 
 “Purchase
Date” means each Subsequent Conveyance Date and the date of the Initial Conveyance. 
 “Purchase
Notice” has the meaning set forth in Section 2.1(b). 
 “Purchase
Price” has the meaning set forth in Section 3.1. 
 “Purchaser” has the
meaning set forth in the preamble hereto. 
 “Schedule of Collateral Obligations” means a schedule of each
Collateral Obligation to be transferred on each Purchase Date in the form attached hereto as Schedule A. 

“Seller” has the meaning set forth in the preamble hereto. 

“Subsequent Conveyance” has the meaning set forth in Section 2.1(b). 

“Subsequent Conveyance Date” has the meaning set forth in Section 2.1(b). 

“Transferred Assets” means the Collateral Obligations and Related Security Conveyed by the Seller to the
Purchaser. 
 “Transfer Documents” has the meaning set forth in Section 2.3.

 “Transferred Collateral Obligations” means each Collateral Obligation Conveyed from the Seller to the
Purchaser pursuant to the terms of this Agreement. 

  
 -2- 

 “Warranty Collateral Obligations” has the meaning set
forth in Section 6.1. 
 SECTION 1.2 Other Terms. All accounting terms not specifically
defined herein shall be construed in accordance with generally accepted accounting principles in the United States. All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as defined in such Article 9. The term
“including” when used in this Agreement means “including without limitation.” 
 SECTION 1.3
Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each means “to but excluding.” 
 SECTION 1.4 Interpretation. In this
Agreement, unless a contrary intention appears: reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by the Transaction Documents; 

(ii)     reference to any gender includes each other gender; 

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

 (iv)     unless otherwise stated, reference to any time means New York time; 

(v)     references to “writing” include printing, typing, lithography,
electronic or other means of reproducing words in a visible form; 
 (vi)     reference
to any agreement (including any Transaction Document or Underlying Instrument), document or instrument means such agreement, document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to
time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement
therefor; 
 (vii)     reference to any requirement of law means such requirement of
law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any requirement of law means
that provision of such requirement of law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; and 

(viii)    references to “including” means “including, without
limitation”. 

  
 -3- 

 SECTION 1.5 References. 

All Section references (including references to the Preamble), unless otherwise indicated, shall be to Sections (and the
Preamble) in this Agreement. 
 ARTICLE II 

CONVEYANCES OF TRANSFERRED ASSETS 

SECTION 2.1 Conveyances. 

(a)     On the terms and subject to the conditions set forth in this Agreement, on the Effective Date,
the Seller and the Purchaser shall execute and deliver (i) this Agreement with a completed Schedule of Collateral Obligations (the Schedule of Collateral Obligations shall be the Schedule of Collateral Obligations to be delivered on the
Effective Date under the Loan and Servicing Agreement), and (ii) for each Transferred Asset included in the Schedule of Collateral Obligations, the Assignment Agreement required pursuant to the applicable Underlying Instrument governing such
Transferred Asset. Upon receipt of this Agreement and each executed Assignment Agreement, the Seller Conveys to the Purchaser without recourse (except to the extent specifically provided herein), and the Purchaser accepts Conveyance from the Seller
(the “Initial Conveyance”), of all of the Seller’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in the Transferred Assets (other than Excluded Amounts). 

(b)     After the Initial Conveyance, the Seller may Convey additional Collateral Obligations to the
Purchaser by delivering written notice thereof to the Facility Agent substantially in the form set forth in Schedule B hereto (each, a “Purchase Notice”), designating the date of the proposed Conveyance (a “Subsequent
Conveyance Date”) and attaching a supplement to the Schedule of Collateral Obligations identifying the Transferred Assets proposed to be Conveyed. On the terms and subject to the conditions set forth in this Agreement and the Loan and
Servicing Agreement, the Seller shall Convey to the Purchaser without recourse (except to the extent specifically provided herein), and the Purchaser shall accept such Conveyance, on the applicable Subsequent Conveyance Date (each such Conveyance
being herein called a “Subsequent Conveyance”), all of the Seller’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in and to each Transferred Asset. 

(c)     It is the express intent of the Seller and the Purchaser that each Conveyance of Transferred
Assets by the Seller to the Purchaser pursuant to this Agreement be construed as an absolute sale and/or contribution of such Transferred Assets by the Seller to the Purchaser providing the Purchaser with the full risks and benefits of ownership of
the Transferred Assets. Further, it is not the intention of the Seller and the Purchaser that any Conveyance be deemed a grant of a security interest in the Transferred Assets by the Seller to the Purchaser to secure a debt or other obligation of
the Seller. However, in the event that, notwithstanding the intent of the parties expressed herein, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then (i) this Agreement also shall be deemed to
be, and hereby is, a security agreement within the meaning of the UCC and other 

  
 -4- 

 
applicable law and (ii) the Conveyances by the Seller provided for in this Agreement shall be deemed to be, and the Seller hereby grants to the Purchaser, a security interest in, to and
under all of the Seller’s right, title and interest in, to and under, whether now owned or hereafter acquired, such Transferred Assets and all proceeds of the foregoing. The Purchaser and its assignees shall have, with respect to such
Transferred Assets and other related rights, in addition to all the other rights and remedies available to the Purchaser and its assignees hereunder and under the Underlying Instruments, all the rights and remedies of a secured party under any
applicable UCC. 
 (d)     The Seller and the Purchaser shall, to the extent consistent with this
Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Transferred Assets to secure a debt or other obligation, such security interest would be deemed to be a perfected
security interest in favor of the Purchaser under applicable law and will be maintained as such throughout the term of this Agreement. The Seller represents and warrants that the Transferred Assets are being transferred with the intention of
removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code. The Purchaser assumes all risk relating to nonpayment or failure by the Obligors to make any distributions owed by them under the Transferred Assets.
Except with respect to breach of representations, warranties and covenants expressly stated in this Agreement, the Seller assigns each Transferred Asset “as is,” and makes no covenants, representations or warranties regarding the
Transferred Assets. 
 (e)     In connection with the Initial Conveyance, the Seller agrees to file or
cause to be filed on or prior to the Effective Date (or within one Business Day after the Effective Date), at its own expense, a financing statement or statements with respect to the Transferred Assets Conveyed by the Seller hereunder from time to
time meeting the requirements of applicable state law in the jurisdiction of the Seller’s organization to perfect and protect the interests of the Purchaser created hereby under the UCC against all creditors of, and purchasers from, the Seller,
and to deliver a file-stamped copy of such financing statements or other evidence of such filings to the Purchaser as soon as reasonably practicable after its receipt thereof. 

(f)     The Seller agrees that from time to time, at its expense, it will promptly execute and deliver
all instruments and documents and take all actions as may be reasonably necessary or as the Purchaser may reasonably request, in order to perfect or protect the interest of the Purchaser in the Transferred Assets Conveyed hereunder or to enable the
Purchaser to exercise or enforce any of its rights hereunder. Without limiting the foregoing, the Seller will, in order to accurately reflect the Conveyances contemplated by this Agreement, execute and file such financing or continuation statements
or amendments thereto or assignments thereof (as permitted pursuant hereto) or other documents or instruments as may be reasonably requested by the Purchaser and mark its master computer records (or related sub-ledger) noting the Conveyance to the
Purchaser of the Transferred Assets. The Seller hereby authorizes the Purchaser to file and, to the fullest extent permitted by applicable law, the Purchaser shall be permitted to sign (if necessary) and file without further action on the part of
the Seller, initial financing statements, continuation statements and amendments thereto and assignments thereof without the Seller’s signature; provided that the description of collateral contained in such financing statements shall be
limited to only Transferred Assets. Carbon, photographic or other 

  
 -5- 

 
reproduction of this Agreement or any financing statement shall be sufficient as a financing statement. 

(g)     Each of the Seller and the Purchaser agree that prior to the time of Conveyance of any Collateral
Obligation hereunder, the Purchaser has no rights to or claim of benefit from any Collateral Obligation (or any interest therein) owned by the Seller. 

(h)     The Transferred Assets acquired, transferred to and assumed by the Purchaser from the Seller
shall include the Seller’s entitlement to any surplus or responsibility for any deficiency that, in either case, arises under, out of, in connection with, or as a result of, the foreclosure upon or acceleration of any such Transferred Assets.

 SECTION 2.2 Indemnification. Without limiting any other rights which any such Person may have hereunder or under
applicable law, the Seller agrees to indemnify on an after-tax basis the Purchaser and its successors, transferees, and assigns (including each Secured Party) and all officers, directors, shareholders, controlling persons, employees and agents of
any of the foregoing (each of the foregoing Persons being individually called an “Indemnified Party”), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related reasonable and documented
out-of-pocket costs and expenses, including reasonable and documented attorneys’ fees and disbursements of external counsel (all of the foregoing being collectively called “Indemnified Amounts”) awarded against or incurred by
such Indemnified Party arising out of any acts or omissions of the Seller and relating to this Agreement and the transactions contemplated hereby (and not, for the avoidance of doubt, as a result of any acts or omissions of the Purchaser relating to
this Agreement or the Loan and Servicing Agreement), excluding, however, (a) Indemnified Amounts in respect of any Transferred Asset due to the applicable Obligor’s creditworthiness, (b) Indemnified Amounts payable to an
Indemnified Party to the extent determined by a court of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party or its agent or subcontractor, (c) except as otherwise
specifically provided herein, non-payment by any Obligor of an amount due and payable with respect to a Transferred Asset, (d) any Excluded Taxes or (e) any punitive, indirect, consequential, special or exemplary damages. 

SECTION 2.3 Assignments. It is the intention of the Seller and the Purchaser that this Agreement, the Schedule of
Collateral Obligations and each Purchase Notice (collectively, the “Transfer Documents”) shall supplement each Assignment Agreement required to be executed under any Underlying Instrument relating to any Transferred Asset, and that
whenever possible, each provision of the Transfer Documents shall be interpreted in such manner as to be effective and valid under each applicable Underlying Instrument and without replacing or superseding such Assignment Agreement. However, to the
extent that there is a conflict or inconsistency between any provision of any Transfer Document, on the one hand, and any provision of any Assignment Agreement, on the other hand, such Assignment Agreement shall control and prevail to the extent any
such conflict or inconsistency would invalidate the sale, transfer and assignment contemplated thereby, without invalidating the remainder of such provision of such Transfer Document or the remaining provisions of the Transfer Documents, and to the
extent any provision of any Transfer Document would conflict with the Underlying Instrument applicable to any Transferred Asset in a manner that would invalidate the sale, transfer and assignment contemplated hereby, such Underlying Instrument shall
be controlling as 

  
 -6- 

 
to such provision without invalidating the remainder of such provision or the remaining provisions of the Transfer Documents. The Seller and the Purchaser acknowledge and agree that, solely for
administrative convenience, any Transfer Document or Assignment Agreement required to be executed and delivered in connection with the transfer of a Transferred Asset in accordance with the terms of the related Underlying Instruments may reflect
that (i) the Seller (or any Affiliate or third party from whom the Seller or the applicable Affiliate may purchase Transferred Asset) is assigning such Transferred Asset directly to the Purchaser or (ii) the Purchaser is acquiring such
Transferred Asset at the closing of such Transferred Asset. 
 ARTICLE III 

CONSIDERATION AND PAYMENT; REPORTING 

SECTION 3.1 Purchase Price. The purchase price (the “Purchase Price”) for the Transferred Collateral
Obligations Conveyed on each Purchase Date shall be a dollar amount equal to the fair market value (as agreed upon between the Seller and the Purchaser at the time of such Conveyance) of such Transferred Collateral Obligations as of such date. 

SECTION 3.2 Payment of Purchase Price. The Purchase Price for the Transferred Collateral Obligations Conveyed shall be
paid on the related Purchase Date (a) by payment in cash in immediately available funds in an amount not greater than the sum of (i) the proceeds of Advances made to the Purchaser with respect to such Collateral Obligations to be Conveyed
on such Purchase Date and (ii) amounts constituting Principal Collections in the Collections Account utilized for a Reinvestment pursuant to Section 8.3(c) of the Loan and Servicing Agreement and/or (b) to the extent not paid in cash,
as a Capital Contribution (as defined in the Preference Share Purchase Agreement) by the Seller to the Purchaser in an amount equal to the unpaid portion of the Purchase Price, as specified by the Seller in the Purchase Notice. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Seller’s Representations and Warranties. The Seller represents and warrants to the Purchaser as of
the Effective Date and as of each Purchase Date (unless such representation or warranty is made as of a specified date, in which case the Seller represents and warrants only as of such specified date): 

(a)        Organization and Good Standing. The Seller is a Delaware
corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of organization and is duly qualified to do business, and is in good standing, in every jurisdiction in which the nature of its business and the
performance of its obligations hereunder and under the other Transaction Documents to which it is a party requires it to be so qualified, except where the failure to be so qualified or in good standing would not reasonably be expected to have a
material adverse effect on (i) its ability to perform its obligations under this Agreement, (ii) the 

  
 -7- 

 
validity or enforceability of the Transferred Assets and the Related Security and (iii) its ability to perform its obligations under the other Transaction Documents to which it is a party.

 (b)        Power and Authority. The Seller has the corporate power and
authority to own, pledge, mortgage and convey the Transferred Assets, to conduct its business as now, or proposed to be, conducted and to execute and deliver this Agreement and the Transaction Documents to which it is a party and to consummate the
transactions contemplated hereby and thereby. 
 (c)        Authorization;
Contravention. The execution, delivery and performance by the Seller of this Agreement, each other Transaction Document to which it is a party and all other agreements, instruments and documents which are delivered by it pursuant hereto or
thereto and the transactions contemplated hereby and thereby (i) have been duly authorized by all necessary corporate action on the part of the Seller, (ii) do not contravene or cause the Seller to be in default in any material respect
under (A) its certificate of incorporation or limited liability company agreement, (B) any contractual restriction with respect to any Indebtedness of the Seller or contained in any indenture, loan or credit agreement, lease, mortgage,
security agreement, bond, note or other material agreement or instrument binding on or affecting it or its property, or (C) any law, rule, regulation, order, license, requirement, writ, judgment, award, injunction or decree applicable to,
binding on or affecting it or any of its property and (iii) do not result in or require the creation of any Lien upon or with respect to any of its properties (other than Liens created pursuant to this Agreement or any other Transaction
Document). 
 (d)        Execution and Delivery. This Agreement and each
other Transaction Document to which the Seller is a party have been duly executed and delivered by the Seller. 

(e)        Governmental Authorization. No approval, consent of, notice to,
filing with or permits, licenses, qualifications or other action by any Official Body having jurisdiction over it or its properties is required or necessary (i) for the conduct of the Seller’s business as currently conducted, for the
ownership, use, operation or maintenance of its properties and for the due execution, delivery and performance by the Seller of this Agreement or any of the other Transaction Documents, (ii) for the perfection of the Liens granted hereunder, or
(iii) to ensure the legality, validity, or enforceability of this Agreement in any jurisdiction in which the Seller does business, in each case other than (A) the UCC financing statements, consents, notices, filings and other actions which
have been obtained or made and continuation statements and renewals in respect thereof and (B) where the lack of such consent, notice, filing or other action would not have a material adverse effect on its ability to perform its obligations
hereunder and under the Transaction Documents to which it is a party. 

(f)        Legality; Validity; Enforceability. Assuming due authorization,
execution and delivery by each other party hereto and thereto, this Agreement and each other Transaction Document to which it is a party is the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its
respective terms, except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally, (B) equitable limitations on the
availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing. 

  
 -8- 

 (g)        No Litigation.
There are no proceedings or investigations pending or, to its knowledge, threatened against the Seller, before any court or Official Body having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement, or any of
the other Transaction Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, or any of the other Transaction Documents, (C) seeking any determination or ruling that would materially
and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents, (D) that would reasonably be expected to have a material adverse effect
on any of the Transferred Assets or (E) seeking to impose any excise, franchise, transfer or similar tax upon the conveyance of the Transferred Assets hereunder. 

(h)        Legal Compliance. The Seller has complied in all respects with all
Applicable Laws, judgments, agreements with governmental authorities, decrees and orders with respect to its business and properties and the Transferred Assets, other than non-compliance which would not reasonably be expected to result in a Material
Adverse Effect. 
 (i)        Tax Status. The Seller has timely filed all
federal and other material tax returns (foreign, federal, state, local and otherwise) required to be filed by it and has paid all federal and other material taxes due and payable by it or any assessments made against it or any of its property and
all other taxes, fees or other charges imposed on it or any of its property by any governmental authority (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which
reserves in conformity with GAAP have been provided on the books of the Seller). It is not liable for taxes payable by any other Person. No tax lien or similar Adverse Claim has been filed, and no claim has been filed or is being asserted, with
respect to any such tax, fee, assessment or other governmental charge. Any taxes, fees and other governmental charges payable by the Seller in connection with the transactions contemplated by this Agreement and the other Transaction Documents and
the execution and delivery of this Agreement and the Transaction Documents have been paid or shall have been paid if and when due at or prior to the Effective Date or the Purchase Date, as applicable. 

(j)        Place of Business. The principal place of business and chief
executive office of the Seller, and the offices where the Seller keeps all its Records, are located at its address specified in Schedule 4.1(j) attached hereto, or such other locations notified to the Purchaser in accordance with this Agreement.
There are currently no, and during the past four months (or such shorter time as the Seller has been in existence) there have not been, any other locations where the Seller is located (as that term is used in the UCC of the jurisdiction where such
principal place of business is located). 
 (k)        Backup Security
Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then: 

i.         this Agreement creates a valid and continuing Lien on the
Seller’s right, title and interest in and to the Transferred Assets in favor of the Purchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC
(to the extent such security 

  
 -9- 

 
interest may be perfected by filing a UCC financing statement under such article), and is enforceable as such against creditors of and purchasers from the Seller; 

ii.        the Transferred Assets are comprised of Instruments,
Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has
complied with its obligations as set forth herein; 

iii.        the Seller owns and has good and marketable title to the
Transferred Collateral Obligations Conveyed to the Purchaser on the applicable Purchase Date, free and clear of any Lien; 

iv.        the Seller has received all consents and approvals
required by the terms of any Collateral Obligation to the sale and granting of a security interest in the Collateral Obligations hereunder to the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; 

v.        the Seller has caused or authorized the filing of all
appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that portion of the Transferred Assets in which a security interest may be perfected by
filing pursuant to Article 9 of the UCC as in effect in Delaware; 

vi.        the Seller has not filed or authorized the filing of, and
is not aware of, any financing statement against the Seller that includes as a description of collateral covering any Collateral Obligation other than financing statements (A) relating to the security interest granted to the Purchaser and the
Collateral Agent under this Agreement or pursuant to any other Transaction Document, or (B) that has been terminated and/or fully and validly assigned to the Collateral Agent on or prior to the Effective Date; 

vii.        all original executed copies of each underlying
promissory note constituting or evidencing any Transferred Collateral Obligation have been or, subject to the delivery requirements contained in the Loan and Servicing Agreement, will be delivered to the Purchaser; 

viii.        none of the underlying promissory notes that constitute
or evidence the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties;

 ix.        with respect to a Transferred Asset that constitutes
a Certificated Security, such certificated security has been delivered to the Purchaser or, will be delivered to the Purchaser and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Purchaser or in blank by an
effective Indorsement or has been registered in the name of the Purchaser upon original issue or registration of transfer by the Seller of such Certificated Security, in each case, promptly upon receipt but in no event later than three
(3) Business Days following the related Funding Date; provided that any file-

  
 -10- 

 
stamped document, promissory note and certificates including in any Collateral Obligation File shall be delivered as soon as they are reasonably available (even if not within three
(3) Business Days of the related Funding Date); and in the case of an Uncertificated Security, by (A) causing the Purchaser to become the registered owner of such uncertificated security and (B) causing such registration to remain
effective. 
 (l)        Fair Consideration; No Avoidance for Collateral
Obligation Payments. With respect to each Transferred Collateral Obligation sold or contributed hereunder, the Seller sold or contributed such Transferred Collateral Obligation to the Purchaser in exchange for payment, made in accordance with
the provisions of this Agreement, in an amount which constitutes fair consideration and reasonably equivalent value. Each such Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by
the Seller to the Purchaser and, accordingly, no such sale is or may be voidable or subject to avoidance under title 11 of the United States Code and the rules and regulations thereunder. In addition, no such Conveyance shall have been made with the
intent to hinder or delay payment to or defraud any creditor of the Seller. 

(m)        Eligibility of Transferred Collateral Obligations. Each Transferred
Collateral Obligation Conveyed hereunder is, at the time of such Conveyance, an Eligible Collateral Obligation. At the time of such Conveyance, no event has occurred and is continuing which could reasonably be expected to affect the collectibility
of such Transferred Collateral Obligation or cause it not to be paid in full. 

(n)        Adequate Capitalization; No Insolvency. The Seller is not the
subject of any Insolvency Event. The Seller is solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement and the other Transaction Documents. The Seller is, and after giving effect to the
transactions contemplated by this Agreement and the other Transaction Documents, will be, adequately capitalized for its business as proposed to be conducted in the foreseeable future and does not expect the commencement of any insolvency,
bankruptcy or similar proceedings or the appointment of a receiver, liquidator or similar official in respect of its assets. The Seller executed and delivered each of the Transaction Documents to which it is a party for fair consideration and
reasonably equivalent value and without the intent to hinder, delay or defraud any of its creditors or any other Person. The Conveyance by the Seller of the Seller’s interest in the Transferred Assets constitutes a reasonable and practicable
action in the ordinary course of the Seller’s business. 
 (o)        True
Sale or True Contribution. Each Transferred Asset sold or contributed hereunder shall have been sold or contributed by the Seller to the Purchaser in a “true sale” or a “true contribution.” 

(p)        True and Complete Information. All information (other than
projections and forward-looking information) heretofore or hereafter furnished by or on behalf of the Seller in writing to any Lender, the Collateral Agent or the Facility Agent in connection with this Agreement, the other Transaction Documents, the
Transferred Assets, or any transaction contemplated hereby is and will be (when taken as a whole) true, correct and complete in all material respects (or, in the case of general economic data, industry information or information

  
 -11- 

 
relating to third parties, or if not prepared by or under the direction of the Seller, is true and correct in all material respects to the knowledge of the Seller after reasonable inquiry). 

(q)        Selection Procedures. In selecting the Transferred Collateral
Obligations, no selection procedures were employed which are intended to be adverse to the interests of the Purchaser or the Lenders. The Purchase Price has been determined by the Seller in good faith in accordance with Section 3.1. 

(r)        [Reserved]. 

(s)         Payment in Full. As of the date such Transferred Collateral
Obligation was Conveyed to the Purchaser, the Seller has no actual knowledge of any fact which leads it or should have led a reasonable person to expect that (and no event has occurred and is continuing which could reasonably be expected to cause)
any payments on any Transferred Asset at the time of Conveyance will not be paid in full when due or to expect any other material adverse effect on (i) the performance by the Seller of its obligations under this Agreement or any of the other
Transaction Documents to which it is a party, (ii) the validity or enforceability of this Agreement or any of the other Transaction Documents to which it is a party, or (iii) the Transferred Assets or the interests of the Seller therein.

 (t)        Representations and Warranties True and Correct. Each of the
representations and warranties of the Seller contained in the Transaction Documents (other than this Agreement) is true and correct in all material respects (or if such representation and warranty is already qualified by the words
“material”, “materially” or “Material Adverse Effect”, then such representation and warranty shall be true and correct in all respects) and the Seller hereby makes each such representation and warranty to, and for the
benefit of, the Purchaser, the Lenders and the Facility Agent, as if the same were set forth in full in this Agreement. 

(u)        No Unmatured Servicer Default; Servicer Default; Unmatured Event of
Default; Event of Default. No Unmatured Servicer Default, Servicer Default, Unmatured Event of Default or Event of Default has occurred and is continuing. 

(v)        No Brokers or Finders. No broker or finder acting on behalf of the
Seller was employed or utilized in connection with this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby and the Seller has no obligation to any Person in respect of any finder’s or broker’s
fees in connection therewith. 
 (w)        Restricted Payments. The Seller
shall not cause or permit the Purchaser to make any payments or distributions which would violate Section 10.16 of the Loan and Servicing Agreement. 

(x)        Special Purpose Entity. The Purchaser is an entity with assets and
liabilities separate and distinct from those of the Seller and any Affiliates thereof, and the Seller hereby acknowledges that the Facility Agent, the Lenders and the other Secured Parties are entering into the transactions contemplated by the Loan
and Servicing Agreement in reliance upon the Purchaser’s identity as a legal entity that is separate from the Seller and from each other Affiliate of the Seller. Without limiting the foregoing, Section 9.27 and Section 10.5 of the
Loan 

  
 -12- 

 
and Servicing Agreement shall apply mutatis mutandis to this clause (x) as if fully set forth herein, as applicable. 

(y)        Transferred Collateral Obligations. The information contained in
Schedule A is true, correct and complete as of such Purchase Date. 

(z)        Set–Off, etc. No Transferred Collateral Obligation included in
any Borrowing Base was, at the time of Conveyance thereof, compromised, adjusted, extended, satisfied, subordinated, rescinded, set–off or modified by the Seller or by the Obligor thereof, and no Transferred Collateral Obligation included in
any Borrowing Base was, at the time of Conveyance thereof, subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set–off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction,
termination or modification, whether arising out of transactions concerning the Transferred Collateral Obligations or otherwise, by the Seller or by the Obligor with respect thereto, except, in each case, for amendments, extensions and
modifications, if any, to such Transferred Collateral Obligation otherwise permitted or not prohibited under the Transaction Documents and in accordance with the Servicing Standard. 

(aa)        No Fraud. Each Collateral Obligation was originated without any
fraud or material misrepresentation by the Seller or, to the Seller’s knowledge, the related Obligor. 

(bb)        Price of Collateral Obligations. The Purchase Price for each
Collateral Obligation Conveyed by the Seller to the Purchaser hereunder represents the fair market value of such Collateral Obligation as of the time of conveyance hereunder, as may have changed from the time such Collateral Obligation was
originally acquired by the Seller. 
 (cc)        Notice to Agents and
Obligors. The Seller will direct any agent, facility agent or Obligor for any Collateral Obligation included in the Transferred Assets to remit all payments and collections with respect to such Collateral Obligation directly to the Purchaser.

 (dd)        Collections. The Seller acknowledges that all interest and
principal collections received by it or its Affiliates with respect to the Transferred Assets (other than any Excluded Amount) Conveyed to the Purchaser are held and shall be held in trust for the benefit of the Purchaser and its assignees until
deposited into the applicable Account as required in the Loan and Servicing Agreement. The Seller promptly shall remit to the Purchaser or the Purchaser’s designee any payment or any other sums relating to, or otherwise payable on account of,
the Transferred Assets (other than any Excluded Amount) that the Seller receives after the applicable Purchase Date. 

(ee)        Covenants. All covenants, agreements and undertakings of the
Seller hereunder required to be performed as of such date have been fully performed. 
 SECTION 4.2 Reaffirmation of
Representations and Warranties by the Seller; Notice of Breach. On the Effective Date and on each Purchase Date, the Seller, by accepting the proceeds of such Conveyance, shall be deemed to have certified that all representations and warranties
described in Section 4.1 are true and correct in all material respects (or if such representation and warranty is already qualified by the words “material”, “materially” or “Material Adverse
Effect”, then such representation and warranty shall be true and correct in all 

  
 -13- 

 
respects) on and as of such day as though made on and as of such day (or if specifically referring to an earlier date, as of such earlier date). The representations and warranties set forth in
Section 4.1 shall survive (i) the Conveyance of the Transferred Assets to the Purchaser, (ii) the termination of the rights and obligations of the Purchaser and the Seller under this Agreement and (iii) the
termination of the rights and obligations of the Purchaser under the Loan and Servicing Agreement. Upon discovery by a Responsible Officer of the Purchaser or the Seller of a breach of any of the foregoing representations and warranties in any
material respect, the party discovering such breach shall give prompt written notice to the other and to the Facility Agent. 
 ARTICLE V

 COVENANTS OF THE SELLER 

SECTION 5.1 Covenants of the Seller. The Seller hereby covenants and agrees with the Purchaser that, from the date
hereof, and until the termination of this Agreement, unless the Purchaser otherwise consents in writing: 

(a)        Compliance with Agreements and Applicable Laws. The Seller shall
perform each of its obligations under this Agreement and the other Transaction Documents and comply with all Applicable Laws, including those applicable to the Transferred Assets and all proceeds thereof, except to the extent that the failure to so
comply would not reasonably be expected to have a material adverse effect on (i) its ability to perform its obligations under the Transaction Documents to which it is a party, (ii) its assets, operations, properties, financial condition,
or business or (iii) the validity or enforceability of this Agreement or any of the other Transaction Documents. 

(b)        Maintenance of Existence and Conduct of Business. The Seller shall:
(i) do or cause to be done all things necessary to (A) preserve and keep in full force and effect its existence as a corporation and maintain its rights and franchises in its jurisdiction of incorporation and (B) qualify and remain
qualified as a corporation in good standing and preserve its rights and franchises in each jurisdiction in which the failure to so qualify and remain qualified and preserve its rights and franchises would reasonably be expected to have a material
adverse effect on its assets, operations, properties, financial condition, or business; (ii) continue to conduct its business substantially as now conducted or as otherwise permitted hereunder and under its organizational documents (which, for
the avoidance of doubt, shall not prohibit the Seller from entering into similar transactions with other persons); and (iii) at all times maintain, preserve and protect all of its licenses, permits, charters and registrations in each case
except where the failure to maintain such licenses, permits, charters and registrations would not reasonably be expected to have a material adverse effect on its assets, operations, properties, financial condition, or business. 

(c)        Cash Management Systems: Deposit of Collections. The Seller shall
transfer, or cause to be transferred, all Collections (if any) it receives to the Collection Account by the close of business on the Business Day following the date such Collections are received by the Seller. 

  
 -14- 

 (d)        Books and
Records. The Seller shall keep proper books of record and account in which full and correct entries in all material respects shall be made of all financial transactions with the Purchaser and the assets and business of the Seller related to its
obligations under this Agreement or any Transferred Asset in accordance with GAAP, maintain and implement administrative and operating procedures; and keep and maintain all documents, books, records and other information necessary or reasonably
advisable and relating to the Transferred Assets prior to their Conveyance hereunder for the collection of all Transferred Assets. 

(e)        Accounting of Purchases. Other than for tax and consolidated
accounting purposes, the Seller will not account for or treat the transactions contemplated hereby in any manner other than as a sale or contribution of the Transferred Assets by the Seller to the Purchaser; provided that solely for federal
income tax reporting purposes, the Purchaser is treated as a “disregarded entity” and, therefore, the Conveyance of Transferred Assets by the Seller to the Purchaser hereunder will not be recognized. 

(f)        Payment, Performance and Discharge of Obligations. The Seller shall
pay, perform and discharge or cause to be paid, performed and discharged promptly all Charges payable by it except where the failure to so pay, discharge or otherwise satisfy such obligation would not, individually or in the aggregate, be expected
to have a material adverse effect on (i) its ability to perform its obligations under the Transaction Documents to which it is a party, (ii) its assets, operations, properties, financial condition, or business or (iii) the validity or
enforceability of this Agreement or any of the other Transaction Documents. 

(g)        Taxes. The Seller will file on a timely basis all tax returns
(including foreign, federal, state, local and otherwise) required to be filed and will pay all taxes due and payable by it or any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of
its property by any Official Body (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the Seller). 

(h)        ERISA. The Seller shall not, and shall not cause or permit any of
its Affiliates to, cause or permit to occur an event that results in the imposition of a Lien on any Transferred Asset under Section 412 of the IRC or Section 303(K) or 4068 of ERISA. 

(i)        Liens. The Seller shall not create, incur, assume or permit to
exist any Lien on or with respect to any of its rights under any of the Transaction Documents or on or with respect to any of its rights in the Transferred Assets, in each case other than Permitted Liens. For the avoidance of doubt, this
Section 5.1(i) shall not apply to any property retained by the Seller and not Conveyed or purported to be Conveyed hereunder. 

(j)        Change of Name. Etc. The Seller shall not change its name, identity
or corporate structure in any manner that would make any financing statement or continuation statement filed by the Seller or Purchaser pursuant hereto (or by the Facility Agent on behalf of the Seller or Purchaser) in accordance with
Section 2.1(c) seriously misleading or change its jurisdiction of organization, unless the Seller shall have given the Purchaser at least 30 days prior 

  
 -15- 

 
written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements. 

(k)        Sale Characterization. The Seller shall not make statements or
disclosures, or treat the transactions contemplated by this Agreement (other than for tax or consolidated accounting purposes) in any manner other than as a true sale, contribution or absolute assignment of the title to and sole record and
beneficial ownership interest of the Transferred Assets (which, with respect to any Related Security, shall only be to the extent of the Seller’s interest therein) Conveyed or purported to be Conveyed hereunder; provided that the Seller
may consolidate the Purchaser and/or its properties and other assets for accounting purposes in accordance with GAAP. 

(l)        Commingling. The Seller shall not, and shall not permit any of its
Affiliates to, deposit or permit the deposit of any funds that do not constitute Collections or other proceeds of any Collateral Obligations into the Collection Account. 

(m)        Separate Identity. The Seller acknowledges that the Facility Agent,
the Lenders and the other Secured Parties are entering into the transactions contemplated by this Agreement and the Loan Agreement in reliance upon the Purchaser’s identity as a legal entity that is separate from the Seller and each other
Affiliate of the Seller. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, Section 9.27 and Section 10.5 of the Loan and Servicing Agreement shall apply mutatis mutandis to
this clause (m) as if fully set forth herein, as applicable. 
 ARTICLE VI 

WARRANTY LOANS 

SECTION 6.1 Warranty Collateral Obligations. The Seller agrees that, with respect to any Transferred Collateral
Obligation, in the event of a breach of any representation or warranty or covenant set forth in Section 4.1(k) or (o) hereof or Sections 9.13 or 9.26 of the Loan and Servicing Agreement or a material breach of
any other representation, warranty, undertaking or covenant set forth in Section 4.1(l), (p), (q), (z) or (cc) hereof or Sections 9.15, 9.16, 10.21, 18.3 or 18.5(b) of the Loan and Servicing
Agreement that exists as of the related Purchase Date (each such Transferred Collateral Obligation, a “Warranty Collateral Obligation”), no later than 30 days after the earlier of (x) actual knowledge of such breach on the part
of a Responsible Officer of the Seller or the Purchaser and (y) receipt by the Seller of written notice thereof, the Seller shall either (a) pay to the Collection Account in immediately available funds the Repurchase Amount with respect to
the Warranty Collateral Obligation(s) to which such breach relates or (b) substitute for such Warranty Collateral Obligation(s) one or more Eligible Collateral Obligation with an aggregate Collateral Obligation Amount at least equal to the
Repurchase Amount of the Warranty Collateral Obligation(s) being replaced; provided, that no such repayment or substitution shall be required to be made with respect to any Warranty Collateral Obligation (and such Collateral Obligation shall
cease to be a Warranty Collateral Obligation) if, on or before the expiration of such 30 day period, the representations and warranties in Article IV with respect to such Warranty Collateral Obligation shall be made true and correct in all
material respects (or if such representation and warranty is already qualified by 

  
 -16- 

 
the words “material”, “materially” or “Material Adverse Effect”, then such representation and warranty shall be true and correct in all respects) with respect to
such Warranty Collateral Obligation as if such Warranty Collateral Obligation had been Conveyed to the Purchaser on such day or if the Advances outstanding do not exceed the Borrowing Base. For the avoidance of doubt, any breach of a representation
or warranty set forth in the first sentence of this Section 6.1 caused solely by a failure with respect to one or more Collateral Obligations shall not constitute an Event of Default under the Loan and Servicing Agreement
if the Seller otherwise complies with this Section 6.1 with respect to each such Collateral Obligation. 

SECTION 6.2 Dilutions, Etc. The Seller agrees that if, on any day following the Revolving Period (x) either (1)
an Unmatured Event of Default or an Event of Default has occurred and is continuing or (2) any Collateral Quality Test or the Minimum Equity Test is not satisfied and (y) the Principal Balance of a Transferred Collateral Obligation that
has been sold by the Seller hereunder is either reduced or adjusted as a result of any setoff by the Obligor against the Seller, the Seller shall be deemed to have received on such day a Collection of such Transferred Collateral Obligation in the
amount of such setoff and shall, within two (2) Business Days, pay to the Collection Account in immediately available funds an amount equal to such setoff. 

ARTICLE VII 
 CONDITIONS
PRECEDENT 
 SECTION 7.1 Conditions Precedent. The obligations of the Purchaser to pay the Purchase Price for
the Transferred Assets sold on the Effective Date and any Purchase Date shall be subject to the satisfaction of the following conditions: 

(a)        All representations and warranties of the Seller contained in this
Agreement shall be true and correct in all material respects (or if such representation and warranty is already qualified by the words “material”, “materially” or “Material Adverse Effect”, then such representation and
warranty shall be true and correct in all respects) on such date; 
 (b)        All
information concerning the Transferred Assets provided to the Purchaser and the Facility Agent shall be true and correct, when taken as a whole, in all material respects as of such date; 

(c)        The Seller shall have performed in all material respects all other
obligations required to be performed by it pursuant to the provisions of this Agreement, the Underlying Instruments and the other Transaction Documents to which it is a party as of such date; 

(d)        The Seller shall have either filed or caused to be filed (or shall have
arranged for such filing to be made within one Business Day) the financing statement(s) required to be filed pursuant to Section 2.1(c); and 

(e)        All organizational and legal proceedings, and all instruments in
connection with the transactions contemplated by this Agreement and the other Transaction Documents shall 

  
 -17- 

 
be reasonably satisfactory in form and substance to the Purchaser, and the Purchaser shall have received from the Seller copies of all documents (including records of corporate proceedings)
relevant to the transactions herein contemplated as the Purchaser may reasonably have requested. 
 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

SECTION 8.1 Amendments, Etc. This Agreement and the rights and obligations of the parties hereunder may not be
amended, supplemented, waived or otherwise modified except in an instrument in writing signed by the Purchaser and the Seller and consented to in writing by the Facility Agent. Any reconveyance executed in accordance with the provisions hereof shall
not be considered an amendment or modification to this Agreement. 
 SECTION 8.2 Governing Law: Submission to
Jurisdiction. 
 (a)        THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. 

(b)        Each party hereto hereby irrevocably submits to the non-exclusive
jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby irrevocably agrees that all claims in respect of such
action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an
inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. 
 SECTION 8.3 Notices. All notices and other communications provided for hereunder
shall, unless otherwise stated herein, be in writing (including facsimile or other electronic communication) and shall be personally delivered or sent by certified mail, postage prepaid, by electronic mail or by facsimile, to the intended party at
the address or facsimile number of such party set forth below: 
 (a)        in the
case of the Purchaser: 

  
 -18- 

 OCSI Senior Funding Ltd. 

1301 Avenue of the Americas, 34th Floor 

New York, New York 10019 

Attention: Matthew Stewart 

Telephone: 212-284-7856 

Email: mstewart@oaktreecapital.com 
 With a copy to: 

333 South Grand Avenue, 28th Floor 

Los Angeles, California 90072 

Attention: Mary Gallegly 

Telephone: 213-356-3521 

Email: mgallegly@oaktreecapital.com 
  

	 	(b)	 in the case of the Seller: 

Oaktree Strategic Income Corporation 

1301 Avenue of the Americas, 34th Floor 

New York, New York 10019 

Attention: Matthew Stewart 

Telephone: 212-284-7856 

Email: mstewart@oaktreecapital.com 
 With a copy to: 

333 South Grand Avenue, 28th Floor 

Los Angeles, California 90072 

Attention: Mary Gallegly 

Telephone: 213-356-3521 

Email: mgallegly@oaktreecapital.com 

(in each case, with a copy to the Facility Agent at the address for notice provided under the Loan and Servicing Agreement)

 All such notices and communications shall be effective, (a) if personally delivered, when received, (b) if sent by certified mail, three
Business Days after having been deposited in the mail, postage prepaid, (c) if sent by two-day mail, two Business Days after having been deposited in the mail, postage prepaid, (d) if sent by overnight courier, one Business Day after
having been given to such courier, and (e) if transmitted by email, when sent, receipt confirmed by electronic means. 

SECTION 8.4 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this
Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement. 

  
 -19- 

 SECTION 8.5 Assignment. The Purchaser and the Seller each agree that
at any time and from time to time, at its expense and upon reasonable request of the Facility Agent or the Collateral Agent, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is
necessary or desirable to perfect and protect the Conveyances and security interests granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and enforce its rights and remedies
under this Agreement with respect to any Transferred Assets. Without limiting the generality of the foregoing, the Seller authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or
notices as may be necessary or desirable or that the Purchaser or the Collateral Agent (acting solely at the Facility Agent’s request) as the assignee of the Purchaser may reasonably request to protect and preserve the Conveyances and security
interests granted by this Agreement. 
 SECTION 8.6 Further Assurances. 

(a)        The Purchaser and the Seller agree to do and perform, from time to time,
any and all acts and to execute any and all further instruments reasonably requested by the other party more fully to effect the purposes of this Agreement and the other Transaction Documents, including the execution of any financing statements or
continuation statements or equivalent documents relating to the Transferred Assets for filing under the provisions of the UCC or other laws of any applicable jurisdiction. 

(b)        The Purchaser and the Seller hereby severally authorize the Collateral
Agent, upon receipt of written direction from the Facility Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Transferred Assets. 

(c)        The Seller shall furnish to the Collateral Agent and the Facility Agent
from time to time such statements and schedules further identifying and describing the Related Security and such other reports in connection with the Transferred Assets as the Collateral Agent (acting solely at the Facility Agent’s request) or
the Facility Agent may reasonably request, all in reasonable detail. 
 SECTION 8.7 No Waiver; Cumulative Remedies.
No failure to exercise and no delay in exercising, on the part of the Purchaser, the Seller or the Facility Agent, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive
of any rights, remedies, powers and privilege provided by law. 
 SECTION 8.8 Counterparts. This Agreement may be
executed in two or more counterparts including telecopy transmission thereof (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of
an executed counterpart of a signature page to this Agreement by facsimile or e-mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 SECTION 8.9 No Petition Covenant; Limited Recourse.
Section 17.12 of the Loan and Servicing Agreement shall apply mutatis mutandis to this Agreement as if fully set forth herein, as applicable. 

SECTION 8.10        Transfer of Seller’s Interest. With respect to each
transfer of a Transferred Asset on any Purchase Date, (i) the Purchaser shall, as to each Transferred Asset, be a party to the relevant Underlying Instruments and have the rights and obligations of a lender thereunder, and (ii) the Seller
shall, to the extent provided in this Agreement, and the applicable Underlying Instruments, relinquish its rights and be released from its obligations, as to each Transferred Asset. The obligors or agents on the Transferred Asset were or will be
notified of the transfer of the Transferred Asset to the Purchaser to the extent required under the applicable Underlying Instruments. The Purchaser, the Servicer or the Collateral Agent will have possession of the related Underlying Instrument
(including the underlying promissory notes, if any). 
 SECTION
8.11        Binding Effect; Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. The
Facility Agent, for the benefit of the Secured Parties, is intended by the parties hereto to be a third-party beneficiary of this Agreement. 

SECTION 8.12        Merger and Integration. Except
as specifically stated otherwise herein, this Agreement and the other Transaction Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by
this Agreement and the other Transaction Documents. 
 SECTION
8.13        Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

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 IN WITNESS WHEREOF, the Purchaser and the Seller each have caused this Sale and
Contribution Agreement to be duly executed by their respective officers as of the day and year first above written. 
  

			
	OAKTREE STRATEGIC INCOME CORPORATION, as Seller
		
	By:	 	Oaktree Capital Management, L.P.
	Its:	 	Investment Adviser
		
	By:	 	 /s/ Mary Gallegly

		 	Name:     Mary Gallegly
		 	Title:       Senior Vice President
		
	By:	 	 /s/ Jordan Mikes

		 	Name:     Jordan Mikes
		 	Title:       Vice President

  
  
  

Sale and Contribution Agreement 

			
	OCSI SENIOR FUNDING LTD., as Purchaser

 
			
		
	By:	 	 /s/ Dianne Farjallah

			
	Name: Dianne Farjallah
	Title: Director

  
  

 
  
 Sale and
Contribution Agreement

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