ORCIC SENIOR LOAN FUND LLC AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

In addition to the foregoing representations, each Member represents to the Company and to the other Members as follows:

It is duly organized and validly existing under the laws of the jurisdiction of its organization;

It has the power to execute and deliver this Agreement and the documents referred to in this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorize the execution, delivery, and performance;

The execution, delivery, and performance do not violate or conflict with any law applicable to it, any provision of its organizational documents, any order or judgment of any court or other agency of government applicable to it, or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

All governmental and other consents that are required to have been obtained by it with respect to this Agreement and the documents referred to in this Agreement have been obtained and are in full force and effect and all conditions of any such consents have been complied with;

This Agreement constitutes and, upon execution of the documents referred to in this Agreement, those documents will constitute, its legal, valid, and binding obligation, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium, or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law);

It is entering into this Agreement for its own account for investment and not with a view to any distribution of the interests in the Company. It fully understands, accepts, and is able to bear the economic risks associated with the obligations and undertakings contained in this Agreement;

It has taken or will take all necessary steps to ensure its compliance with all applicable federal and state securities laws and regulations; and

It is not a “benefit plan investor” within the meaning of Section 3(42) of ERISA, as modified by 29 CFR 2510.3-101(f)(2), or under any provisions of any other federal, state, local, non-U.S. or other laws or regulations that are similar to those provisions contained in such portions of ERISA (collectively, “Other Plan Laws”) (a “Benefit Plan Member”), and it will notify the Company if the Member reasonably expects that the Member will become a Benefit Plan Member.

In addition to the foregoing representations, in connection with its entry into this Agreement, ORCIC represents to OSTRS as follows:

As of the date hereof, and during the two-year period prior to such date, neither it, the Company, nor any of its affiliates or other Covered Associates has knowingly made a Contribution to any Restricted Person, other than as permitted by the Investment Advisers Act of 1940. ORCIC covenants and agrees that it will update and re-make the foregoing representation in writing upon OSTRS’s request (no more frequently than annually). In the event that ORCIC, or any of their affiliates or other Covered Associates makes or has made a Contribution that would cause this representation to be untrue, ORCIC shall promptly notify OSTRS in writing upon becoming aware of such Contribution.

The registered office of the Company in the State of Delaware shall be c/o The Corporation Trust Company at Corporation Trust Center, ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇. The principal business office of the Company shall be at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, or such other place as may be approved by Board Approval. The Company may also maintain additional offices at such place or places as may be approved by Board Approval.

The agent for service of process on the Company pursuant to the Act shall be The Corporation Trust Company at Corporation Trust Center, ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, or such other Person as may be approved by Board Approval.

The principal purpose of the Company is to make Investments, either directly or indirectly through Subsidiaries or other Persons, primarily in Loans that are made to middle market companies, in Broadly Syndicated Loans and in CLO Notes.

In furtherance of such purpose, the Company, either directly or indirectly, shall have the following powers:

To originate or otherwise acquire and finance Loans and to acquire and finance Broadly Syndicated Loans and CLO Notes;

to form, invest in or through, transfer, dispose of or otherwise deal in the interests of, and exercise all rights, powers, privileges and other incidents of ownership with respect to, investment and financing vehicles (formed in the United States or otherwise), including Financing Subsidiaries which hold one or more Investments, including, without limitation, investment and financing vehicles that are wholly or partially controlled, managed or administered by the Company, by a Member or by any Affiliate of any thereof, and investment and financing vehicles that are partially owned by Persons other than the Company (including but not limited to Persons that may be controlled, managed or administered by a Member or any of its Affiliates), and investment vehicles formed for the purpose of making and administering Investments and allocating related Profit or Loss;

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

to incur indebtedness for borrowed money (which may be on a joint and several basis with Alternative Investment Vehicles), and to pledge, hypothecate, mortgage, collaterally assign, or otherwise grant security interests or liens on any assets owned directly or indirectly by the Company, including without limitation, the Capital Commitments and the power and authority to call the Capital Commitments (any credit facility secured by any such assets, a “Facility”);

to guarantee, or otherwise become liable for, the obligations of other Persons, including, without limitation, Portfolio Companies, Alternative Investment Vehicles and Financing Subsidiaries;

to act as manager and/or collateral manager of a Financing Subsidiary;

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

to engage and compensate attorneys, accountants, administrative agents, investment advisors, technical advisors, consultants, custodians, contractors and agents;

to pay and incur other expenses and obligations incident to the operation of the Company and/or Financing Subsidiaries and to make capital contributions to Financing Subsidiaries;

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

to establish, maintain, and close accounts with brokers;

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

subject to Board approval, maintain a fidelity bond insurance program to insure against dishonesty and fraud with limits in excess of $1 million; and

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

Each Member’s Capital Commitment shall be set forth on the Member List and shall be payable in cash in U.S. dollars or, with Board Approval, in in-kind contributions of Investments. Each such payment shall be made from time to time within ten (10) business days after notice from the Administrative Agent (or any other Person with the power and authority to call the Capital Commitments) specifying the amount then to be paid, or such later date as may be specified in such notice; provided that any such amount to be used for a purpose requiring Prior Investment Committee Approval or Board Approval shall be subject to such Prior Investment Committee Approval or Board Approval, as applicable. Capital Contributions shall be made by all Members pro rata based on their respective Capital Commitments and in no event will a Member be required to make Capital Contributions that, in the aggregate, exceed its Capital Commitment.

Capital Contributions which are not used for their intended purpose shall be returned to the Members within ninety (90) days in the same proportion in which made, in which case such amount shall be added back to the unfunded Capital Commitments of the Members and may be recalled by the Company as set forth in this Article III. Capital Contributions which have been returned to Members also may be recalled to the extent provided by Section 5.04.

Upon the failure of any Member (a “Defaulting Member”) to pay in full any portion of such Member’s Capital Commitment within ten (10) days after written notice from the other Member (the “Default Date”) that such payment is overdue, the other Member, in its sole discretion, shall have the right to pursue one or more of the following remedies on behalf of the Company if such failure has not been cured in full within such ten-day period:

collect such unpaid portion (and all attorneys’ fees and other costs incident thereto) by exercising and/or pursuing any legal remedy the Company may have;

upon thirty (30) days’ written notice (which period may commence during the ten-day notice period provided above), and provided that the overdue payment has not been made, dissolve and wind down the Company in accordance with Article VIII as long as such action is not prohibited by Section 8.02(b); and

upon thirty (30) days’ written notice (which period may commence during the ten-day notice period provided above) and if such failure has not been cured in full within such thirty-day period, compel the Defaulting Member to sell or transfer all or a portion of its interest in whole or in part subject to the following:

If the other Member notifies the Defaulting Member to sell or transfer all or a part of its interest, such Defaulting Member shall do so within sixty (60) days after the expiration of such thirty-day period; provided, however, that the non-Defaulting Member must consent, in its sole discretion, to such transfer and such transfer must otherwise be in accordance with Section 7.01 hereof.

Upon any failure of the Defaulting Member, under any circumstances, to sell or transfer all of its interests that are required to be sold within such sixty (60) day period, the other Member may purchase such interest or sell or transfer such interest to a third party or, subject to applicable law, to an Affiliate of a Member or the Company. The price for such sale or transfer shall be not less than the minimum cash purchase price for the Defaulting Member’s interest in the Company as determined by the Independent Valuation Firm selected by the other Member for a hypothetical sale of such interest to an unaffiliated third party willing to purchase such interest within a ninety (90) day time period; provided, however, that if no such buyer is found within such ninety (90) day period to purchase the Defaulting Member’s interest at such minimum price or a higher price, then the other Member may direct the sale or transfer of the Defaulting Member’s interest at a price and subject to such terms and conditions as it deems commercially reasonable in its good faith judgment and sole discretion, which terms and conditions may include the acceptance by the Defaulting Member of a promissory note issued by the purchaser thereof.

To the extent any amounts are owed by a Defaulting Member to a non-Defaulting Member with respect to a Default Loan, any purchase price that would otherwise be payable to the Defaulting Member under this Section 3.03(a)(iii) shall instead first be paid to the non-Defaulting Member pursuant to the terms of Section 3.03(b)(iii) hereof until each such Default Loan (and accrued interest thereon) has been repaid in full with the remainder of such purchase price, if any, payable to the Defaulting Member.

Notwithstanding any provision of this Agreement to the contrary,

a Defaulting Member shall not be entitled to distributions made after the Default Date until the default is cured and any such distributions to which such Defaulting Member would otherwise have been entitled if such default had not occurred shall be debited against the Capital Account of the Defaulting Member so as to reduce the remaining amount of the default;

the Company shall not make new Investments after the Default Date until the default is cured except as permitted pursuant to clauses (ii) through (vii) of Valid Company Purposes; and

the non-Defaulting Member(s), in its or their sole discretion, may fund all or any portion of the defaulted amount on behalf of the Defaulting Member(s) with notice to the other Members, if applicable. The Members agree and acknowledge that any amount so funded by the non-Defaulting Member(s) shall be treated as a loan from the non-Defaulting Member(s) to the Defaulting Member(s) (a “Default Loan”), the proceeds of which are used by the Defaulting Member(s) to make a Capital Contribution to the Company which, if in a sufficient amount, may cure a related default by such Defaulting Member. A Default Loan shall (A) bear interest from the date of such funding until repaid by the Defaulting Member(s) at a rate equal to the lower of 15% per annum or the maximum rate permitted by applicable law, (B) be pre-payable by the Defaulting Member(s) at any time and (C) be fully recourse to the Defaulting Member(s). Until such time that any Default Loan (including any accrued interest thereon) has been fully repaid, (x) any amounts that would otherwise be distributable to the Defaulting Member(s) under Section 5.01(b)(iii) or Section 5.02 hereof shall instead be distributed to the non-Defaulting Member(s) and (y) any purchase price payable to the Defaulting Member(s) in connection with any sale of its or their respective interests in the Company shall first be payable to the non-Defaulting Members until the repayment in full of the Default Loan(s) (including any accrued interest thereon) proportionate to the amount of Default Loan(s) so extended by the non-Defaulting Member(s) to such Defaulting Member(s). Any amounts distributed to the non-Defaulting Member(s) pursuant to the previous sentence shall be treated as for all purposes of this Agreement and for U.S. federal, state and local income tax purposes as having been made by the Company to the Defaulting Member notwithstanding the Company’s distribution of such amounts to the non-Defaulting Member(s) and any amounts distributed or payable to the non-Defaulting Member(s) pursuant to the previous sentence shall reduce the amounts owed to the non-Defaulting Member(s) under the related Default Loan, first as to interest and then as to principal.

The Members may, with Board Approval, (i) admit additional Members upon terms approved by Board Approval, (ii) permit existing Members to subscribe for additional interests in the Company; and (iii) admit a substitute Member in accordance with Section 7.01.

Each additional Member shall execute and deliver a written instrument satisfactory to the existing Members whereby such Member becomes a party to this Agreement, as well as a subscription agreement and any other documents required by the existing Members. Each such additional Member shall thereafter be entitled to all the rights and subject to all the obligations of Members as set forth herein. Upon the admission of or the increase in the interest of any Member as herein provided, the Administrative Agent is hereby authorized to update the Member List, as required, to reflect such admission or increase.

The Members intend that allocations of income, gain, loss, and deduction of the Company for income tax purposes comply with Code section 704 and the Treasury Regulations thereunder, and this Agreement shall be interpreted consistently therewith. Except as otherwise required by Code section 704 and the Treasury Regulations thereunder, with respect to each taxable year or other period, each item of income, gain, loss, deduction or credit shall be allocated for income tax purposes in the same proportion as items are allocated pursuant to Section 4.02 for such period.

In accordance with Code section 704(c) and the Treasury Regulations thereunder, (i) income, gain, loss and deduction with respect to any property contributed to the capital of the Company, or after any Company asset has been revalued under Treas. Reg. § 1.704-1(b)(2)(iv)(f), shall, solely for federal income tax purposes, be allocated among the Members so as to take into account any variation between the adjusted tax basis of such asset and its book value (as computed for purposes of Code Section 704(b) and the Treasury Regulations hereunder) using any permissive method(s) and (ii) with respect to any property contributed to the capital of the Company that has a “built-in loss” (as defined in Section 704(c)(1)), the Company shall comply with Section 704(c)(1)(C); provided, that, in each case, any determination or decision in applying the preceding clauses (i) or (ii) with respect to any property contributed to the capital of the Company by a Member shall require the approval of such Member, which approval shall not be unreasonably withheld, conditioned or delayed. For the avoidance of doubt, the Company shall comply with Treas. Reg. § 1.704-1(b)(2)(iv)(g) in making allocations of depreciation, depletion, amortization (including in connection with any accrual of market discount or premium), and gain or loss, as computed for purposes of Code section 704(b) and the Treasury Regulations hereunder.

Subject to Board Approval and to the extent of available cash and cash equivalents, the Company shall make distributions quarterly in an amount equal to the investment company taxable income and net capital gains (each as computed under section 852 of the Code) earned in the preceding quarter, shared among the Members as set forth in Section 5.01(b) below. Available cash and cash equivalents shall exclude Reserved Amounts and amounts that are likely to be used for Valid Company Purposes.

Except as otherwise provided in this Article V or Section 8.03, distributions shall be shared among the Members as set forth in this Section 5.01(b). The Members, with Board Approval, may determine to make a distribution in addition to that required by Section 5.01(a) hereof from available cash or cash equivalents received from one or more Investments (whether from principal repayment or otherwise and after reduction as provided by Section 5.03 and Section 5.04). Any distribution shall be shared among the Members as follows:

First, to pay any outstanding Temporary Advances; and

Second, to the Members as distributions in respect of their interests in the Company in proportion to their respective Capital Account balances; provided, however, that to the extent any amounts are owed by a Defaulting Member to a non-Defaulting Member with respect to a Default Loan, any amounts that would otherwise be distributable to the Defaulting Member under this section shall instead be distributed to the non-Defaulting Member pursuant to the terms of Section 3.03(b)(iii) hereof.

Subject to Section 5.03(b), the Company may withhold from any distribution to any Member any amount which the Company has paid or is obligated to pay (or that is otherwise borne by the Company) in respect of any withholding or other tax, including, without limitation, any interest, penalties or additions with

OSTRS is a tax-exempt entity under United States federal, state and local laws and has never been subject to any income tax and other tax withholding requirements of the United States federal, state or local laws. Based on the foregoing, the Members agree that, before withholding and paying over to any United States federal, state or local taxing authority any amount purportedly representing a tax liability of OSTRS pursuant to Section 5.03(a), the Company will provide OSTRS with advanced written notice of the claim of any such taxing authority that such withholding and payment is required by law sufficient to provide OSTRS with the opportunity to contest such claim during any period. Upon OSTRS’s reasonable request, the Company shall use commercially reasonable efforts to assist OSTRS to obtain any available exemption, exclusion, credit and/or refund associated with the taxation (including but not limited to withholding tax) on any amounts distributable to OSTRS, provided that any costs and expenses incurred by the Company in providing such assistance shall be borne or reimbursed by OSTRS. In addition, if requested by OSTRS, the Company shall provide any additional information that OSTRS may reasonably request in order to comply with its filing requirements with any applicable taxing authority, provided that any costs and expenses incurred by the Company in providing such information shall be fully borne or reimbursed by OSTRS. The Company further agrees that it will take reasonable best efforts to minimize any withholding taxes payable to any taxing authority with respect to income earned by the Company that is allocable to OSTRS, to the extent such withholding tax can be avoided or reduced through the delivery of an appropriate certificate or otherwise.

Each Member shall provide to the Company such information as is reasonably requested by the Company from time-to-time with respect to any taxes or tax returns of or involving the Company. If a Member delivers to the Company a properly executed withholding tax exemption certificate (or such other form as the Internal Revenue Service or the applicable foreign or state taxing authority may require) providing for a complete exemption from withholding tax, the Company shall not withhold from a distribution (or respect to such allocation) covered by such exemption certificate.

The Company may withhold from any distribution a reasonable reserve which the Board determines to be appropriate for working capital of the Company or to discharge costs, Expenses and liabilities of the Company (whether or not accrued or contingent), or otherwise to be in the best interests of the Company for any Valid Company Purpose. Any part or all of such reserved amount (“Reserved Amount”) that is released from reserve (other than to make payments on account of a purpose for which the reserve was established) shall be distributed to the Members in accordance with Section 5.01 through Section 5.03. To the extent such distributed amount to a Member represents a distribution other than from cumulative undistributed Profit, net of cumulative Loss, allocated to such Member, such amount shall be added to the unfunded Capital Commitment of such Member and may be recalled by the Company under Article III.

Amounts received by the Company with respect to the payment of principal or return of capital and not distributed pursuant to Section 5.01, shall be retained and used, or reserved to be used, to make any Investment. Alternatively, with Board Approval, the Company may distribute, in accordance with Section 5.01 through Section 5.03, any amount that could be retained as set forth in the preceding sentence and the amount of such distribution that represents a distribution other than from cumulative undistributed Profit, net of cumulative Loss, allocated to such Member, shall be added to the unfunded Capital Commitment of such Member and may be recalled by the Company under Article III.

In no event shall the Company be required to make a distribution to the extent that it would (i) render the Company insolvent, or (ii) violate Section 18-607(a) of the Act.

No part of any distribution shall be paid to any Member from which there is due and owing to the Company, at the time of such distribution, any amount required to be paid to the Company pursuant to Article III. Any such withheld distribution shall (i) be paid to such Member, without interest, when all past due installments of such Member’s Capital Commitment have been paid in full by such Member or (ii) be applied against the past due amounts under such Member’s Capital Commitment has been paid in full.

The Company shall not distribute Illiquid Securities other than with Board Approval. Distributions of securities and of other non-cash assets of the Company other than upon the dissolution and liquidation of the Company shall only be made pro rata to all Members (in proportion to their respective shares of the total distribution) with respect to each security or other such asset distributed. Securities listed on a national securities exchange that are not restricted as to transferability and unlisted securities for which an active trading market exists and that are not restricted as to transferability shall be valued in the manner contemplated by Section 9.05 as of the close of business on the day preceding the distribution, and all other securities and non-cash assets shall be valued as determined in the last valuation made pursuant to Section 9.05.

The management of the Company and its affairs shall be vested in the Board. The Board shall act as the “manager” of the Company for the purposes of the Act. The Members shall not manage or control the business and affairs of the Company, except for situations in which the approval of all or certain Members is required by this Agreement or by non-waivable provisions of applicable law. Matters requiring Board Approval are set forth in further detail in Schedule A hereto, which is incorporated by reference herein.

Notwithstanding section 6.01(a), the matters detailed in Schedule B of this Agreement will require the approval (“Prior Investment Committee Approval”) of a committee (the “Investment Committee”), rather than Board Approval.

The Company is entering into the Administrative Services Agreement with the Administrative Agent, pursuant to which certain administrative functions are delegated to the Administrative Agent, which Administrative Agent may further delegate any such functions to a sub-administrator with Board Approval. The Administrative Services Agreement is hereby approved by the Members, provided that material amendments thereto are subject to Board Approval. The function of the Administrative Agent shall be non-discretionary and administrative only. The Company shall provide the Members with copies of all notices to the Company from the Administrative Agent.

The Members may determine at any time by mutual agreement the number of Directors to constitute the Board and the authorized number of Directors may be increased or decreased by the Members at any time by mutual agreement, upon notice to all Directors; provided that at all times each Member has an equal number of Directors on the Board. The initial number of Directors shall be two (2), and each Member shall elect, designate, or appoint one (1) Director. The initial Director appointed by ORCIC is ▇▇▇▇ ▇▇▇▇▇▇ and the initial Director appointed by OSTRS is ▇▇▇ ▇▇▇▇▇▇▇▇. Each Director elected, designated, or appointed by a Member shall hold office until a successor is elected and qualified by the Member or until the Director’s earlier death, resignation, expulsion, or removal; provided, however, that any such successor Director appointed by ▇▇▇▇▇ must be approved by ▇▇▇▇▇ (such approval not to be unreasonably withheld) and any such successor Director appointed by OSTRS must be approved by ▇▇▇▇▇ (such approval not to be unreasonably withheld). A Director need not be a Member.

The Directors will determine the number of members of the Investment Committee and the authorized number of committee members may be increased or decreased by the Directors at any time provided that at all time each Member has appointed an equal number of members to the Investment Committee. The initial number of members of the Investment Committee shall be four (4), and each Member shall elect,

Each Director, ORCIC IC Representative, and OSTRS IC Representative shall devote such time as reasonably necessary to conduct the business affairs of the Company in an appropriate manner.

Subject to matters requiring Board Approval and Prior Investment Committee Approval, the Investment Committee shall have the power to do any and all acts necessary, convenient, or incidental to or for the furtherance of the purposes described in this Agreement, including all powers, statutory or otherwise. The Investment Committee has the authority to bind the Company.

At all meetings of the Board the presence of two (2) Directors shall constitute a quorum for the transaction of business, provided that there are an equal number of Directors present that were elected, designated, or appointed by each Member. If a quorum shall not be present at any meeting of the Board, then the Directors present at the meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.

Every act or decision done or made by the Board shall require the unanimous approval of all Directors present at a meeting duly held at which a quorum is present. The Company shall not have the authority without Board Approval to approve or undertake any item set forth in Section 1 of Schedule A of this Agreement (as such schedule may be amended from time to time with Board Approval). Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting, without notice, and without a vote if all Directors entitled to vote with respect to the subject matter of that action consent to the action in writing (including by e-mail), and the writing or writings are filed with the minutes of proceedings of the Board.

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

The investment adviser of ORCIC and its Affiliates may manage or administer other investment funds and other accounts with similar or dissimilar mandates, and may be subject to the provisions of the 1940 Act, including, without limitation, Section 57 thereof, and the U.S. Investment Advisers Act of 1940, as amended, and the rules, regulations and interpretations thereof, with respect to the allocation of investment opportunities among such other investment funds and other accounts.

Subject to the foregoing provisions of this Section 6.11 and other provisions of this Agreement,the Administrative Agent, each of the Members and each of their respective Affiliates and their respective owners, principals, shareholders, members, directors, officers, employees and agents may engage in, invest in, participate in or otherwise enter into other business ventures of any kind, nature and description, individually and with others, including, without limitation, the formation and management of other investment funds with or without the same or similar purposes as the Company, and the ownership of and investment in assets, and neither the Company nor any other Member shall have any right in or to any such activities or the income or profits derived therefrom. For the avoidance of doubt and notwithstanding anything contained herein to the contrary, the Members acknowledge the fact that each Member and its respective Affiliates invest directly and indirectly with third parties from time to time in all manner of

Subject to the limitations and conditions as provided in this Section 6.12, each Person who was or is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or arbitrative or in the nature of an alternative dispute resolution in lieu of any of the foregoing (other than any of the foregoing between the two Members, hereinafter a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact that such Person, or a Person of which the Person is the legal representative, is or was a Director, an ORCIC IC Representative, an OSTRS IC Representative or an officer or representative or agent of the Company, a Member or an employee, director, officer, owner, principal, shareholder, member, or partner of a Member, shall be indemnified by the Company to the fullest extent permitted by applicable law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment) against all liabilities and expenses (including, without limitation, judgments, penalties (including, without limitation, excise and similar taxes and punitive damages), losses, fines, settlements and reasonable expenses (including, without limitation, reasonable attorneys’ and experts’ fees)) actually incurred by such Person in connection with such Proceeding, appeal, inquiry or investigation (each a “Harm”), unless such Harm shall have been primarily the result of gross negligence, fraud or intentional misconduct by the Person seeking indemnification hereunder, in which case such indemnification shall not cover such Harm to the extent resulting from such gross negligence, fraud or intentional misconduct. Indemnification under this Section 6.12 shall continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder. The rights granted pursuant to this Section 6.12 shall be deemed contract rights, and no amendment, modification or repeal of this Section 6.12 shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings, appeals, inquiries or investigations arising prior to any amendment, modification or repeal. To the fullest extent permitted by law, no Person entitled to indemnification under this Section 6.12 shall be liable to the Company or any Member for any act or omission performed or omitted by or on behalf of the Company; provided that such act or omission has not been fully adjudicated to constitute fraud, willful misconduct or gross negligence. In addition, any Person entitled to indemnification under this Section 6.12 may consult with legal counsel selected with reasonable care and shall incur no liability to the Company or any Member to the extent that such Person acted or refrained from acting in good faith in reliance upon the opinion or advice of such counsel and such Person provided such counsel all material facts.

The right to indemnification conferred in Section 6.12(a) shall include the right to be paid or reimbursed by the Company for the reasonable expenses incurred by a Person entitled to be indemnified under Section 6.12(a) who was, is or is threatened to be made a named defendant or respondent in a Proceeding in advance of the final disposition of the Proceeding and without any determination as to the Person’s ultimate entitlement to indemnification; provided, however, that the payment of such expenses incurred by any such Person in advance of the final disposition of a Proceeding shall be made only upon delivery to the Company of a written undertaking by such Person to repay all amounts so advanced if it shall be finally adjudicated that such indemnified Person is not entitled to be indemnified under this Section 6.12 or otherwise.

The right to indemnification and the advancement and payment of expenses conferred in this Section 6.12 shall not be exclusive of any other right that a Member or other Person indemnified pursuant to this Section 6.12 may have or hereafter acquire under any law (common or statutory) or provision of this Agreement.

The indemnification rights provided by this Section 6.12 shall inure to the benefit of the heirs, executors, administrators, successors, and assigns of each Person indemnified pursuant to this Section 6.12.

Other than with respect to the sale and transfer of the interest of a Defaulting Member in accordance with Section 3.03, the interest of a Member may not be transferred or assigned without Board Approval and may not be pledged or otherwise hypothecated without Board Approval. In addition, other than in accordance with the preceding sentence, the interest of a Member may not be assigned without first offering the other Member a right of first refusal to purchase the interest as set forth in Section 7.01(f). Notwithstanding the foregoing, without Board Approval or the offering of such right of first refusal, any Member may assign its entire interest to an Affiliate of such Member (which, with respect to OSTRS, shall include (1) an affiliate, successor or affiliated governmental entity of the State of Ohio, or (2) an entity established by the Ohio state legislature or by OSTRS’s Retirement Board which is a successor to substantially all of OSTRS’s assets under state law), if such Affiliate remains liable for its Capital Commitment. No assignment by a Member shall be binding upon the Company until the Company receives an executed copy of such assignment, which shall be in form and substance satisfactory to the other Member, and any assignment pursuant to this Section 7.01(a) shall be subject to satisfaction of the conditions set forth in Section 7.01(e).

Any Person which acquires a Company interest by assignment in accordance with the provisions of this Agreement shall be admitted as a substitute Member only upon approval of the non-transferring Member. The admission of an assignee as a substitute Member shall be conditioned upon the assignee’s written assumption, in form and substance satisfactory to the other Member, of all obligations of the assignor in respect of the assigned interest and execution of an instrument satisfactory to the other Member whereby such assignee becomes a party to this Agreement.

In the event any Member shall be adjudicated as bankrupt, or in the event of the winding up or liquidation of a Member, the legal representative of such Member shall, upon written notice to the other Member of the happening of any of such events and satisfaction of the conditions set forth in Section 7.01(e), become an assignee of such Member’s interest, subject to all of the terms of this Agreement as then in effect.

Any assignee of the interest of a Member, irrespective of whether such assignee has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the acceptance of such assignment to have agreed to be subject to the terms and provisions of this Agreement in the same manner as its assignor.

As additional conditions to the validity of any assignment of a Member’s interest, such assignment shall not:

cause the securities issued by the Company to be required to be registered under the registration provisions of the U.S. Securities Act of 1933, as amended, or the securities laws of any applicable jurisdiction,

cause the Company to cease to be entitled to the exemption from the definition of an “investment company” pursuant to Section 3(c)(7) of the 1940 Act, and the rules and regulations of the SEC thereunder,

result in the termination of the Company under the Code or in the Company being classified as a “publicly traded partnership” under the Code,

unless the other Member waives in writing the application of this clause (iv) with respect to such assignment (which the other Member may refuse to do in its absolute discretion), be to a Person which is an ERISA Plan, or

cause the Company or the other Member to be in violation of, or effect an assignment to a Person that is in violation of, applicable Investor Laws.

Except for assignments under the third sentence of Section 7.01(a) or with respect to sales or transfers pursuant to Section 3.03, each Member hereby unconditionally and irrevocably grants to the other Member or its designee a right of first refusal to purchase all, but not less than all, of any interest in the Company that such assigning Member may propose to assign to another Person, at the same price and on the same terms and conditions as those offered to the prospective assignee.

Each Member proposing to make an assignment that is subject to this Section 7.01(f) must deliver a notice (a “Notice of Intent”) to the other Member not later than thirty (30) days prior to the proposed closing date of such assignment. The Notice of Intent shall contain the material terms and conditions (including, without limitation, price and form of consideration) of the proposed assignment and the identity of the prospective assignee.

To exercise its right of first refusal under this Section 7.01(f), the Member receiving the Notice of Intent must deliver a notice to the selling Member within forty-five (45) days of receipt of such Notice of Intent (the “Acceptance Period”), stating that it elects to exercise its right of first refusal and, if applicable, providing the identity of any Person that the non-assigning Member designates as the purchaser.

Following expiration of the Acceptance Period, the selling Member shall be free to assign interest in the Company to a third party in a Transfer (which third party shall be the party identified in the Notice of Intent, if known by the selling Member) that otherwise meets the requirements of this Section 7.01 on

Notwithstanding anything in this Agreement to the contrary, each Member acknowledges and agrees that in the event such Member is entitled to transfer its interest from the Company, prior to the effectiveness of such transfer, such Member shall be obligated to fund such Capital Contributions as may be required under the terms of the Facility as a result of such transfer; provided, that in no event shall any amounts funded by such Member exceed its uncalled Capital Commitment.

Notwithstanding any provision contained herein to the contrary, if a Member shall obtain an opinion of counsel to the effect that, as a result of the other Member’s ownership of an interest in the Company, the Company would be required to register as an investment company under the 1940 Act, such other Member shall, upon written notice from such first Member, withdraw from or reduce (in accordance with the provisions of clause (c) below) its interest in the Company (including its Capital Commitment) to the extent such first Member has determined, based upon such opinion of counsel, to be necessary in order for the Company not to be required to so register. Each Member shall, upon written request from the other Member, promptly furnish to the other Member such information as the other Member may reasonably request from time to time in order to make a determination pursuant to this Section 7.02(a), but in no event later than ten (10) business days after such request.

Notwithstanding any provision herein to the contrary, if a Member breaches such Member’s obligation under the immediately following sentence, or if the other Member shall obtain an opinion of counsel to the effect that any contribution or payment by a Member to the Company would cause the Company or the other Member to be in violation of, or to the effect that such Member is in violation of, the United States Bank Secrecy Act, the United States Money Laundering Act of 1986, the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, the USA Patriot Act or any other law or regulation to which the Company, a Member, or such Member’s investment in the Company may be subject from time to time (collectively, “Investor Laws”), such Member shall, upon written notice from the other Member, withdraw from the Company in accordance with the provisions of clause (c) below. Each Member shall, upon written request from the other Member, promptly furnish to the other Member such information as the other Member may reasonably request from time to time in order to make a determination pursuant to this Section 7.02(b), but in no event later than ten (10) business days after such request.

If a Member partially withdraws its interest in the Company pursuant to this Section 7.02, it shall receive, in full payment for such withdrawn interest from cash and cash equivalents available for distribution pursuant to Article V (and subject to the proviso in Section 5.01(b)(iii) if then applicable to such Member is the obligor with respect to an outstanding Default Loan), the sum of the portion of the Capital Account attributable to such withdrawn interest (adjusted to reflect the Value of the Company as determined as of the date of the last valuation pursuant to Section 9.05). If a Member withdraws its entire interest in the Company pursuant to this Section 7.02, then, subject to Section 8.02(b), the Company shall dissolve as provided by Article VIII.

The Company shall be dissolved and its affairs wound up upon the occurrence of any of the following events:

the expiration of the term of the Company determined pursuant to Section 8.01;

distribution of all assets of the Company;

the full withdrawal of a Member of the Company pursuant to Section 7.02;

a bankruptcy, insolvency, dissolution or liquidation of a Member, or the making of an assignment for the benefit of creditors by a Member, at the election of the other Member by providing written notice of such election; or

a default under Section 3.03 by a Member which remains uncured or unwaived after the expiration of the cure period set forth in Section 3.03, at the election of the other Member by providing written notice of such election;

a determination by the SEC to subject ORCIC’s participation in the Company to an accounting or reporting treatment or other consequence which ORCIC, in its sole discretion, determines to be materially adverse to it, or a change by the SEC of its approval of ORCIC’s interest in the Company or the terms of such approval or its conclusions regarding the accounting or reporting treatment or other consequence which ORCIC, in its sole discretion, determines to be materially adverse to it, in each case at the election of ORCIC by providing written notice of such election to the other Member;

the entry of a decree of judicial dissolution pursuant to the Act, in which event the provisions of Section 8.03, as modified by said decree, shall govern the winding up of the Company’s affairs; or

a written notice by a Member to the other Member to dissolve the Company, which notice shall become effective as stated therein but no less than ninety (90) days after delivery (unless the other Member waives the notice requirement).

Notwithstanding Section 8.02(a), and subject to applicable law, the Company shall not be required to wind up, dissolve or terminate if any such action would cause the Company or any wholly-owned Financing Subsidiary to violate any law or contract applicable to any such Person.

Upon the dissolution of the Company, the Company shall be liquidated in accordance with this Article and the Act. The liquidation shall be conducted and supervised by the Members in the same manner provided by Article VI with respect to the operation of the Company during its term; provided that in the case of a dissolution and winding up of the Company pursuant to Section 8.02(a)(iii) or Section 8.02(a)(iv), the Member that elects such dissolution and winding up may elect further (subject to all of the provisions of this Agreement), by written notice to the other Member, to exercise as liquidating agent all of the rights, powers and authority with respect to the assets and liabilities of the Company in connection with the liquidation of the Company, to the same extent as the Board would have during the term of the Company.

From and after the date on which an event set forth in Section 8.02(a) becomes effective, the Company shall cease to make Investments after that date, except for Investments permitted pursuant to clauses (ii) through (vii) of Valid Company Purposes. Capital calls against the Capital Commitment of the Members shall cease from and after such effective date; provided that capital calls against the Capital

Distributions to the Members during the winding down of the Company shall be made no less frequently than quarterly to the extent consisting of a Member’s allocable share of cash and cash equivalents, after taking into account reasonable reserves deemed appropriate by Board Approval (or in the event of a dissolution and winding up of the Company pursuant to Section 8.02(a)(iii) or Section 8.02(a)(iv), by a Member that has elected to act as liquidating agent pursuant to Section 8.03(a)), to fund Investments in which the Company continues to participate, Expenses and all other obligations (including without limitation contingent obligations) of the Company (each as set forth in the immediately preceding paragraph). Unless waived by Board Approval, the Company also shall withhold ten percent (10%) of distributions in any calendar year, which withheld amount shall be distributed within sixty (60) days after the completion of the annual audit covering such year. Except as otherwise provided herein, a Member shall remain a member of the Company until all Investments in which the Company participates are repaid or otherwise disposed of, all equity interests of the Company in each Financing Subsidiary are redeemed or such Financing Subsidiary is dissolved, the Member’s allocable share of all Expenses and all other obligations (including without limitation contingent obligations) of the Company are paid, and all distributions are made hereunder, at which time the Member shall have no further rights under this Agreement. Notwithstanding the foregoing, in case of the dissolution and winding up of the Company, and subject to this Section 8.03, distributions may be made in-kind, or a combination of cash and assets (including any debt or equity held by the Company in any Financing Subsidiary), as the Members or liquidating agent may select in its sole and absolute discretion provided that any distribution-in-kind shall not cause a breach by the Company or any Financing Subsidiary of any applicable law or contract. In the event of any distributions in-kind, the assets to be distributed will be valued pursuant to the valuation procedures set forth herein.

Upon dissolution of the Company, final allocations of all items of Company Profit and Loss shall be made in accordance with Section 4.02. Upon dissolution of the Company, the assets of the Company shall be applied in the following order of priority:

To creditors (other than Members) in satisfaction of liabilities of the Company (whether by payment or by the making of reasonable provision for payment thereof), including, without limitation, to establish any reasonable reserves which the Board may by Board Approval, in its reasonable judgment, deem necessary or advisable for any contingent, conditional or unmatured liability of the Company and to establish any reasonable reserves with respect to amounts the Company may pay or contribute in connection with Financing Subsidiaries;

To creditors who are Members in satisfaction of liabilities of the Company (whether by payment or by the making of reasonable provision for payment of those liabilities), including to establish any reasonable reserves which the Board may by Board Approval, in its reasonable judgment, deem necessary or advisable for any contingent, conditional, or unmatured liability of the Company and to establish any reasonable reserves with respect to amounts the Company may pay or contribute in connection with Financing Subsidiaries;

To establish any reserves which the Board may by Board Approval, in its reasonable judgment, deem necessary or advisable for any contingent, conditional or unmatured liability of the Company to Members; and

The balance, if any, to the Members in accordance with Section 5.01(b).

Notwithstanding the foregoing, upon the occurrence of an event described in Section 8.02(a)(iii), (iv) or (v), the Member that may elect a dissolution and winding up (such Member, the “Electing Member”) may elect alternatively, by written notice (the “Election to Purchase”) to the other Member, for a period of

In the event that an audit or reconciliation relating to the fiscal year in which a Member receives a distribution under this Section 8.03 reveals that such Member received a distribution in excess of that to which such Member was entitled, the Company or the other Member may, in its discretion, seek repayment of such distribution to the extent that such distribution exceeded what was due to such Member.

Each Member shall be furnished with a statement prepared by the Company’s accountant, which shall set forth the assets and liabilities of the Company as at the date of complete liquidation, and each Member’s share thereof. Upon compliance with the distribution plan set forth in this Section 8.03, the Members shall cease to be such, and either Member may execute, acknowledge and cause to be filed a certificate of cancellation of the Company.

Complete and accurate books and accounts shall be kept and maintained for the Company at its principal office. Such books and accounts shall be kept on the accrual basis method of accounting and shall include separate Capital Accounts for each Member. Capital Accounts for financial reporting purposes and for purposes of this Agreement shall be maintained in accordance with Section 4.01. For purposes of complying with Section 4.04, to the extent the Administrative Agent determines it to be necessary, the Company shall also maintain capital accounts in a manner consistent with applicable Treasury Regulations section 704-1(b)(4).. Each Member or its duly authorized representative, at its own expense, shall at all reasonable times and upon reasonable prior written notice to the Administrative Agent have access to, and may inspect, such books and accounts and any other records of the Company for any purpose reasonably related to its interest in the Company.

All funds received by the Company shall be deposited in the name of the Company in such bank account or accounts or with such custodian, and assets owned by the Company may be deposited with such custodian, as may be designated by Board Approval from time to time and withdrawals therefrom shall be made upon such signature or signatures on behalf of the Company as may be designated by Board Approval from time to time.

The Company shall engage an independent certified public accountant selected and approved by Board Approval to act as the accountant for the Company and to audit the Company’s books and accounts as of the end of each fiscal year. As soon as practicable, but no later than one hundred twenty (120) days, after the end of such fiscal year, the Members shall cause the Administrative Agent to deliver, by any of the methods described in Section 10.07, to each Member and to each former Member who withdrew during such fiscal year:

audited financial statements of the Company as at the end of and for such fiscal year, including a balance sheet and statement of income, together with the report thereon of the Company’s independent certified public accountant, which annual financial statements shall be approved by Board Approval;

a statement of holdings of assets of the Company, including both the cost and the valuation of such assets as determined pursuant to Section 9.05, and a statement of such Member’s Capital Account;

a Schedule K-1 for such Member with respect to such fiscal year, prepared in accordance with the Code, together with corresponding forms for state income tax purposes, setting forth such Member’s distributive share of Company items of Profit or Loss for such fiscal year and the amount of such Member’s Capital Account at the end of such fiscal year provided that, to the extent that the requisite information is not available within such 120 day period, the Company will provide the items required by this Section 9.02(a)(iii) as soon as reasonably practicable thereafter; and

such other financial information and documents respecting the Company and its business as the Administrative Agent deems appropriate, or as a Member may reasonably require and request, to enable such Member to monitor and evaluate its interest in the Company, to comply with regulatory requirements applicable to it or to prepare its federal and state income tax returns.

The Board shall cause the Administrative Agent to prepare and timely file after the end of each fiscal year of the Company all federal and state income tax returns of the Company for such fiscal year.

As soon as practicable, but in no event later than sixty (60) days, after the end of each of the first three fiscal quarters of a fiscal year, the Board shall cause the Administrative Agent to prepare and deliver, by any of the methods described in Section 10.07, to each Member (i) unaudited financial information with respect to such Member’s allocable share of Profit or Loss and changes to its Capital Account as of the end of such fiscal quarter and for the portion of the fiscal year then ended, (ii) a statement of holdings of assets of the Company as to which such Member participates, including both the cost and the valuation of such assets as determined pursuant to Section 9.05, (iii) unaudited primary financial statements, including a balance sheet and statement of income but excluding notes to financials and related disclosures, and (iv) such other financial information as the Administrative Agent deems appropriate, or as a Member may reasonably require and request, to enable such Member to monitor and evaluate its interest in the Company or to comply with regulatory requirements applicable to it.

On a weekly basis, the Board shall cause the Company to provide the “Names Reports” referenced in Schedule B hereto.

Each Member agrees to maintain the confidentiality of the Company’s records, reports and affairs, and all information and materials furnished to such Member by the Company, any Financing Subsidiary, any other Member, ORCIC’s investment adviser, the Administrative Agent or their Affiliates with respect to their respective businesses and activities; each Member agrees not to provide to any other Person copies of any financial statements, tax returns or other records or reports, or other information or materials, provided or made available to such Member; and each Member agrees not to disclose to any other Person any information contained therein (including any information with respect to Portfolio Companies), without the express prior written consent of the disclosing party; provided, that each Member may disclose (x) any such information as may be required by law in connection with the filing of any periodic reports under the U.S. Securities Exchange Act of 1934, as amended, any registration statements under the U.S. Securities Act of 1933, as amended or any other filings made with the SEC; provided, however, that ▇▇▇▇▇ agrees to provide its initial disclosures relating to the Company to OSTRS prior to making such disclosures and to the extent that ORCIC’s subsequent filings include disclosures relating to OSTRS that differ materially from those initially provided to OSTRS, ORCIC will, to the extent practicable, use commercially reasonable efforts to provide such additional disclosures to OSTRS, and (y) the names of borrowers of loans made by the Company and summaries of such loan transactions in any marketing materials (including tombstone ads) in connection with any offering of such Member’s securities; provided, further that any Member may provide financial statements, tax returns and other information contained therein (i) to such Member’s accountants, internal and external auditors, legal counsel, financial advisors and other fiduciaries and representatives (who may be Affiliates of such Member), including its officers, directors, and employees, including, in the case of OSTRs, Retirement Board members, members, officers, employees or agents as long as such Member instructs such Persons to maintain the confidentiality thereof and not to disclose to any other Person any information contained therein, (ii) to potential transferees of such Member’s Company interest that agree in writing, for the benefit of the Company, to maintain the confidentiality thereof, but only after reasonable advance notice to the Company, (iii) if and to the extent required by law (including judicial or administrative order); provided that, to the extent legally permissible, the Company is given prior notice to enable it to seek a protective order or similar relief, (iv) to representatives of any governmental regulatory agency or authority with jurisdiction over such Member, or as otherwise may be necessary to comply with regulatory requirements applicable to such Member; (v) as required or advisable to obtain financing directly by the Company or by a Financing Subsidiary or as required or permitted to be disclosed under any related offering or transaction documents; and (vi) in order to enforce rights under this Agreement. Notwithstanding the foregoing, the following shall not be considered confidential information for purposes of this Agreement: (a) information generally known to the public; (b) information obtained by a Member from a third party who is not prohibited from disclosing the information; (c) information in the possession of a Member prior to its disclosure by the Company, a Financing Subsidiary, another Member, ORCIC’s investment adviser, the Administrative Agent or their Affiliates; or (d) information which a Member can show by written documentation was developed independently of disclosure by the Company, a Financing Subsidiary, another Member, ▇▇▇▇▇’s investment adviser, the Administrative Agent or their Affiliates. Without limitation to the foregoing, no Member shall engage in the purchase, sale or other trading of securities or derivatives thereof based upon confidential information received from the Company, a Financing Subsidiary, another Member, ▇▇▇▇▇’s investment adviser, the Administrative Agent or their Affiliates.

Each of the Company, a Financing Subsidiary, a Member, ▇▇▇▇▇’s investment adviser, the Administrative Agent or any of their Affiliates may, in its reasonable discretion, keep confidential from any Member information to the extent such Person reasonably determines that: (i) disclosure of such information to such Member likely would have a material adverse effect upon the Company, a Financing Subsidiary or a Portfolio Company due to an actual or likely conflict of business interests between such Member and one or more other parties or an actual or likely imposition of additional statutory or regulatory constraints upon the Company, a Financing Subsidiary, a Member, ORCIC’s investment adviser, the Administrative Agent, any of its Affiliates or a Portfolio Company; or (ii) such Member cannot or will not adequately protect against the improper disclosure of confidential information, the disclosure of which likely would have a material adverse effect upon the Company, a Financing Subsidiary, a Member, ▇▇▇▇▇’s investment adviser, the Administrative Agent, any of its Affiliates or a Portfolio Company. In the event that any

Each Member: (i) acknowledges that the Company, another Member, ▇▇▇▇▇’s investment adviser, the Administrative Agent, its Affiliates, and their respective direct or indirect members, members, managers, officers, directors and employees are expected to acquire confidential third-party information (e.g., through Portfolio Company directorships held by such Persons or otherwise) that, pursuant to fiduciary, contractual, legal or similar obligations, cannot be disclosed to the Company or the Member; and (ii) agree that none of such Persons shall be in breach of any duty under this Agreement or the Act as a result of acquiring, holding or failing to disclose such information to the Company or the Member.

The Company and ORCIC acknowledge that OSTRS is a public pension fund subject to the laws of the State of Ohio, which could result in the disclosure of information regarding the Company pursuant to such laws, including, without limitation, the Ohio Revised Code Chapters 121 and 149 (together the “Ohio Act”). In connection with OSTRS status as such, each of ORCIC and the Company consents in advance to disclosure of Company Level Information and agrees that any such disclosure shall not constitute a breach of this Agreement. “Company Level Information” means (i) the fact that OSTRS has made an investment in the Company and the year in which the investment was made, (ii) the amount of OSTRS’s original, and each additional, investment in the Company, (iii) the aggregate cash contributions made by OSTRS to the Company and the aggregate cash distributions OSTRS has received from the Company from the time of OSTRS’s initial investment in the Company, (iv) OSTRS’s internal rate of return resulting from OSTRS’s investment in the Company, (v) the fair market value of OSTRS’s investment in the Company and the corresponding “quartile ranking” of the fund, (vi) the amount of the Management Fee paid on an annual basis (and in the aggregate) by the Company or OSTRS and (vii) a brief description of the general investment strategy of the Company. In addition, each of ORCIC and the Company agree that, (i) notwithstanding anything to the contrary in this Agreement, OSTRS has the right, if and to the extent that OSTRS reasonably determines that it is required by the Ohio Act or any similar law, rule, policy, regulation or legal process applicable to OSTRS, to disclose Confidential Information or other confidential information provided to OSTRS in connection with its investment in the Company, and (ii) in no case will OSTRS be deemed to be in violation of the Agreement as a result of such disclosure. OSTRS, to the extent provided by law, will use reasonable efforts to give ORCIC prior notice of any such required disclosure. Each of ORCIC and the Company agree that OSTRS will not be required to institute or voluntarily participate as a party in legal proceedings in connection with OSTRS’s obligations under the Information Acts relating to protecting such information under this Agreement. This Section 9.04(d) shall survive and continue to be effective indefinitely notwithstanding the termination of this Agreement or OSTRS ceasing to be a Member.

Any confidentiality agreement that a Member may be required to agree to in order to access any website maintained by the Company for the purpose of making certain documents available or delivering notices to the Members under this Agreement shall be subject to the confidentiality provisions of this Agreement.

Each Member acknowledges that the United States securities laws restrict (i) the purchase or sale of securities by any person who has received material, non-public information from the issuer of such securities, and (ii) the communication of such information to any other person when it is reasonably foreseeable that such other person is likely to purchase or sell such securities in reliance upon such information. To the extent that any information disclosed to a Member hereunder constitutes material, non-public information, such Member agrees to refrain from trading in the securities of the party or parties to which such information relates until such time as no violation of the applicable securities laws would result from such securities trading.

Valuations shall be made as of the end of each fiscal quarter and upon liquidation of the Company (each a “Valuation Date”) in accordance with the following provisions and the Company’s valuation guidelines then in effect (which shall be consistent with ORCIC’s valuation guidelines then in effect):

Within 5 business days of a Valuation Date, the Administrative Agent shall deliver to the Members the recommended valuation as of such date, and provide such Persons with a reasonable opportunity to request information and to provide comments with respect to the information.

For all investments in which a pricing feed or broker quote is available, such fair value shall be determined by the bid side of such pricing feed or broker quote (average of bid side if multiple); and

For all investments in which a pricing feed or broker quote is not available, such fair value shall be determined by an Independent Valuation Firm retained by the Company with Board Approval.

When the recommended valuation as of such date is approved by Board Approval, then the valuation that has been approved shall be final.

Liabilities of the Company shall be taken into account at the amounts at which they are carried on the books of the Company, and provision shall be made in accordance with GAAP for contingent or other liabilities not reflected on such books and, in the case of the liquidation of the Company, for the expenses (to be borne by the Company) of the liquidation and winding up of the Company’s affairs.

No value shall be assigned to the Company name and goodwill or to the office records, files, statistical data, or any similar intangible assets of the Company not normally reflected in the Company’s accounting records.

All valuations shall be made in accordance with the foregoing shall be final and binding on all Members, absent actual and apparent error. Valuations of the Company’s assets by the Independent Valuation Firm shall be at the Company’s expense, including the costs of any third party pricing services.

Each Member irrevocably constitutes and appoints ORCIC the true and lawful attorney-in-fact of such Member to execute, acknowledge, swear to and file any of the following:

Any certificate or other instrument which may be required to be filed by the Company under the laws of the United States, the State of Delaware, or any other jurisdiction; provided that no such certificate or instrument shall have the effect of amending this Agreement other than as permitted hereby; and

Any amendment or modification of any certificate or other instrument referred to in this Section 10.01.

Each Member irrevocably constitutes and appoints the other Member the true and lawful attorney-in-fact of such Member to execute, acknowledge, swear to and file any agreement, document, certificate or other instrument in connection with the sale and transfer of such Member’s interest in the Company pursuant to Section 3.03 by the other Member.

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

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

The captions used herein are intended for convenience of reference only and shall not modify or affect in any manner the meaning or interpretation of any of the provisions of this Agreement.

As used herein, the singular shall include the plural (and vice versa), the masculine gender shall include the feminine and neuter, and the neuter gender shall include the masculine and feminine, unless the context otherwise requires.

The words “hereof,” “herein,” and “hereunder,” and words of similar import, when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

References in this Agreement to Articles, Sections and Schedules are intended to refer to Articles, Sections and Schedules of this Agreement unless otherwise specifically stated.

Nothing in this Agreement shall be deemed to create any right in or benefit for any creditor of the Company that is not a party hereto, and this Agreement shall not be construed in any respect to be for the benefit of any creditor of the Company that is not a party hereto. Notwithstanding the foregoing, the lenders under a Facility are express, intended third-party beneficiaries hereof, entitled to enforce the provisions of Section 3.01 in their own name in accordance with the terms governing such Facility.

References to any Person includes such Person’s successors (including any successor by merger, consolidation, conversion or acquisition of all or substantially all of such Person’s assets) and assigns provided that, if restricted by this Agreement, only if such successors and assigns are permitted hereunder.

Reference to day or days without further qualification means calendar days.

References to any agreement, document or instrument means such agreement, document or instrument, together with all schedules, exhibits and annexes thereto, in each case as amended, modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof.

References 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 including those constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision.

The term “including” shall mean “including without limitation.”

Tax Adjustments. With respect to tax adjustments and assessments made under the Bipartisan Budget Act of 2015, the Company will use commercially reasonable efforts to either (a) make an election under Section 6226 of the Code (as amended by the Bipartisan Budget Act of 2015) or (b) apply the procedures of Section 6225(c) of the Code (as amended by the Bipartisan Budget Act of 2015) to modify any imputed underpayment of tax (including, for all purposes of this paragraph, any interest, penalties, additions to tax or additional amounts). In the event the Company applies the procedures of Section 6225(c) of the Code, the Company will use commercially reasonable efforts not to allocate any imputed underpayment of tax assessed to the Company to “Tax-Exempt Entities” (including OSTRS), as defined in Section 168(h)(2) of the Code.

Non-U.S. Tax. The Company agrees to promptly inform the Members if it receives any written notification from a governmental, regulatory or tax authority that either Member is required to file a tax return in any jurisdiction in which the Company has made an investment solely as a result of such Member being a Member, and to use reasonable efforts to provide to such Member all necessary and reasonably available tax-related information required for such Member to make such tax filing in a timely manner. The Company shall use reasonable efforts to structure its investments so as to avoid the imposition by any governmental authority within any non-U.S. jurisdictions in which the Company makes its investments of any tax liability on the Company. In the event that, notwithstanding such reasonable efforts, either Member is required to file a tax return in a non-U.S. jurisdiction or the Company is subject to a tax liability or required to withhold or make any payment with respect to any tax liability, in each case solely as a result of an investment by the Company, the Company shall use its reasonable efforts to provide such Member with sufficient information as to permit it to complete all requisite tax forms and reports and to make in a timely manner any and all related tax filings, all as may be required by the relevant governmental authority, which information shall include, without limitation, appropriate tax forms and filing information, and, if requested in writing by such Member, the Company shall cause such tax forms and reports to be prepared on such Member’s behalf. In addition, Company shall use its reasonable efforts to obtain or to assist the Members in obtaining, any available tax refunds or exemptions from withholding tax arising out of such Member’s interest in the Company.

Foreign Account Tax Compliance Act; Common Reporting Standards.

To the extent that any payments to the Company (or any entity formed under non-U.S. law that is part of an Alternative Investment Vehicle) would be subject to withholding under Sections 1471 through 1474 of the Code, and the Treasury Regulations promulgated thereunder (“FATCA”) or similar law or regulation, the Company shall use commercially reasonable efforts to avoid the imposition of such withholding tax, including, without limitation, by using its reasonable best efforts to cause any such non-U.S. entity to meet the requirements of Section 1471(b) of the Code. In the event of any payments to the Company are subject to a withholding tax because the Company has one or more “recalcitrant account holders” (as defined under FATCA) or similar law or regulation, the Company shall use reasonable best efforts to ensure that neither Members bears the economic burden of any such withheld taxes, unless such Member is in law and fact a “recalcitrant account holder” within the meaning of Section 1471 of the Code or similar law or regulation, provided that, for the avoidance of doubt, neither Member or the Company shall be required to indemnify any Member for any such withheld amounts. The Members acknowledge that OSTRS is a governmental instrumentality and qualified pension plan of the State of Ohio and agree that OSTRS is not a “specified United States person” as described in section 1473(3) of the Code and the Treasury Regulations thereunder because it is exempt from tax under Section 501(a) of the Code.

The Company shall use reasonable best efforts to allocate any withholding pursuant to FATCA or similar law or regulation (and any corresponding reduction in distributable proceeds) to those Members (or any Parallel Fund or Alternative Investment Vehicle) whose existence, actions or inactions are responsible for requiring the Company (or Parallel Fund or Alternative Investment Vehicle) to withhold amounts in accordance with FATCA or similar law or regulation.

ORCIC acknowledges that based upon the current administrative interpretations of FATCA, a properly completed up-to-date IRS Form W-9 from OSTRS indicating its FATCA exemption code satisfies OSTRS’s current obligation to provide any information, representations, certificates or other forms relating to OSTRS in respect of FATCA.

Name/Address

Owl Rock Core Income Corp.

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State Teachers Retirement System of Ohio

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Approve or modify on a monthly basis parameters or guidelines (the “Parameters”) pursuant to which the Company may invest in Broadly Syndicated Loans and CLO Notes; provided, however, that on a weekly basis the Investment Committee must approve the Company’s weekly investible capital, the name of the issuers in which the Company may invest, the maximum size of the investment and the range of acceptable interest rates (the “Minimum Criteria”). The initial Parameters and Minimum Criteria are set forth on Schedule B-1 hereto.

Enter into any transaction with a Member or an Affiliate of a Member.

Make short sales of assets or engage in hedging or other derivative or commodities transactions.

Enter into any credit facility, including in particular enter into a senior credit facility to leverage the Company’s Investments, or materially modify or waive the terms thereof or make a voluntary prepayment.

Guarantee, or otherwise become liable for, the obligations of other Persons, including, without limitation, Portfolio Companies and Alternative Investment Vehicles.

Replace the Administrative Agent for the Company, or materially modify or waive the terms of the Administrative Services Agreement.

Approve a sub-administration agreement, or materially modify or waive the terms of a sub-administration agreement.

Approve a transfer or pledge of an interest in the Company in accordance with Article VII, except as provided otherwise herein, including pursuant to Section 3.03.

File for bankruptcy.

Commence or settle any material claims or litigation.

Distribute Illiquid Securities.

Take any action or decision which pursuant to any provision of the Company’s operating agreement requires Board Approval.

Modify or waive any material provision of this Agreement.

Change the name or principal office of the Company, or open additional offices of the Company;

Form, acquire an interest in, or transfer or otherwise dispose of an interest in, any Financing Subsidiary, Alternative Investment Vehicle, or any other subsidiary owned by it, or materially modify or waive the terms thereof;

Retain a custodian of its assets and open bank accounts on its behalf; and

Take any action or decision which pursuant to any provision of this Agreement requires Board Approval.

Take any action or decision which results in the investment of any amount (including any additional amount) in a Loan (other than an amount invested pursuant to a binding obligation previously entered into with Prior Investment Committee Approval) or the sale, transfer or other disposition of any Loan (other than an amount sold, transferred or otherwise disposed of pursuant to a binding obligation previously entered into with Prior Investment Committee Approval).

Approve on a weekly basis the Minimum Criteria which, for the avoidance of doubt, will be consistent with the then current Parameters.

Appoint, on a monthly basis, a designated member of the Board or Investment Committee who will be responsible for (i) overseeing the Company’s investments in Broadly Syndicated Loans and CLO Notes and assuring that they comply with the Parameters, including the Minimum Criteria; (ii) providing a monthly report to the Members regarding the Company’s investments in Broadly Syndicated Loans and CLO Notes and their compliance with the Parameters; (iii) providing a weekly report (the “Names Report”) to the Members with respect to all of the Company’s Broadly Syndicated Loan and CLO Note activity in such week.

Approving, on a weekly basis, all Broadly Syndicated Loan and CLO Note investments reported in each Names Report (with the understanding that any such Broadly Syndicated Loan or CLO Note investments not so approved will be sold).

Materially modify or waive the terms of any Loan which results in any of the following: (1) an extension of additional capital or commitments; (2) an amendment or waiver of a financial covenant; (3) an approval of an acquisition which is expected to represent more than 20% of the earnings before interest, taxes, depreciation and amortization of the obligor or issuer; (4) an approval of a sale of assets which represents more than 20% of the earnings before interest, taxes, depreciation and amortization of the obligor or issuer; (5) the incurrence of additional senior debt by the obligor or issuer equal to or greater than 20% of the existing senior commitments or which results in leverage increasing by more than 0.5 times; or (6) an amendment or waiver of any payment term, including mandatory prepayments; provided that if the Members cannot agree as to any such material modification or waiver of an Investment, the Members shall vote in a manner consistent with a majority in interest of the other participants in such Investment (excluding other participants that are affiliates of a Member).

Materially modify or waive the terms of any Broadly Syndicated Loan or CLO Note in a manner that is inconsistent with the Parameters then in effect.

Such Broadly Syndicated Loans must be structured as 1^st or 2^nd lien secured loans or senior secured notes which, for the avoidance of doubt, shall not include bridge loans, operating or finance leases of letters of credit,

Issuers must have at least $150M of total potential indebtedness.

Issuers must have a rating or credit estimate of Caa3 or CCC-.¹

Issuers must be domiciled or have their principal place of business in the U.S., Canada, or other OECD countries.²

Such Broadly Syndicated Loans must bear a stated coupon.

The minimum purchase price for the Broadly Syndicated Loans must be greater than 70% of the S&P/LSTA Leveraged Loan Index.

On or before November 1, 2023:

such Broadly Syndicated Loans must be at least 90% 1^st lien loans,

such Broadly Syndicated Loans must not be more than 5% senior secured notes, senior secured bonds, senior unsecured bonds, or subordinated bonds

such Broadly Syndicated Loans must be not more than 10% with a rating/credit estimate lower than B3 or B-

no particular Broadly Syndicated Loan can comprise more than 3% of the Company’s total Investments, and

no industry can comprise more than 17.5% of the Company’s total Investments.

no countries outside the U.S. or Canada (or Tax Jurisdictions) will comprise more than 10% of the Company’s total Investments.

For the period from November 1, 2022 to November 1, 2023 the Company may investment in senior and subordinated notes issued by collateralized loan obligations (“CLO Notes”) that satisfy the following criteria and any legal or regulatory constraints applicable to the Members; provided, however, that CLO Notes excludes any CLO notes issued by a CLO sponsored or managed by WellFleet. Any investments that do not satisfy these Parameters, must be specifically approved by the Board:

Exceptions for DIP/Restructuring should be specifically approved.

Exceptions for tax jurisdictions should be separately approved.

the underlying collateral must satisfy all of the Broadly Syndicated Loan criteria noted above,

no single class of CLO Notes can comprise more than 3% of the Company’s Investments, and

no single CLO manager can comprise more than 15% of the Company’s Investments.