NOTICE OF EXECUTED FIFTH SUPPLEMENTAL INDENTURE KVK CLO LTD. KVK CLO LLC

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1 Corporate Trust Services 9062 Old Annapolis Road Columbia, MD MAC: R NOTICE OF EXECUTED FIFTH SUPPLEMENTAL INDENTURE KVK CLO LTD. KVK CLO LLC To: The Parties Listed on Schedule I hereto. June 23, 2017 Ladies and Gentlemen: Reference is made to that certain Indenture dated as of May 21, 2015 (as amended, modified or supplemented, the Indenture ) among KVK CLO LTD., as Issuer (the Issuer ), KVK CLO LLC, as Co-Issuer (the Co-Issuer, and together with the Issuer, the Co-Issuers ), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee (the Trustee ). Capitalized terms used herein without definition shall have the meanings given to such terms in the Indenture. I. Notice to Nominees and Custodians. If you act as or hold Notes as a nominee or custodian for or on behalf of other persons, please transmit this notice immediately to the beneficial owner of such Notes or such other representative who is authorized to take actions. Your failure to act promptly in compliance with this paragraph may impair the chance of the beneficial owners on whose behalf you act to take any appropriate actions concerning the matters described in this notice. II. Notice of Executed Fifth Supplemental Indenture. Reference is further made to that certain Notice of Proposed Fifth Supplemental Indenture dated May 10, 2017 wherein the Trustee provided notice of a proposed fifth supplemental indenture to be entered into pursuant to Section 8.2(a) of the Indenture (the Supplemental Indenture ). Pursuant to Section 8.3(e) of the Indenture, you are hereby notified of the execution of the Supplemental Indenture dated as of June 22, A copy of the executed Supplemental Indenture is attached hereto as Exhibit A. All questions should be directed to the attention of Maire Farrell by telephone at (410) , by at maire.farrell@wellsfargo.com, by facsimile at (866) , or by mail addressed to Wells Fargo Bank, National Association, Collateralized Debt Obligations, Attn.: Maire Farrell, MAC R , 9062 Old Annapolis, Columbia, MD The Trustee may conclude that a specific response to particular inquiries from individual Holders is not consistent with equal and full dissemination of material information to all Holders. Holders of

2 Notes should not rely on the Trustee as their sole source of information. The Trustee does not make recommendations or give investment advice herein or as to the Notes generally. WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 2 of 4

3 Holders of Notes: Notes Schedule I Addressees CUSIP Rule 144A CUSIP * Reg S Class A-R Notes 48274TAJ3 G9000AAE1 Class B-R Notes 48274TAK0 G9000AAF8 Class C-R Notes 48274TAL8 G9000AAG6 Class D Notes 48274TAG9 G9000AAD3 Class E Notes 48274UAA9 G90005AA0 Class F Notes 48274UAC5 G90005AB8 Subordinated Notes 48274UAE1 G90004AC6 Issuer: KVK CLO Ltd. c/o Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square P.O. Box 1984, Cayman Islands Attn: The Directors admin.cayman@db.com Co-Issuer: KVK CLO LLC c/o Puglisi & Associates 850 Library Avenue, Suite 204 Newark, Delaware Attn: Independent Manager dpuglisi@puglisiassoc.com Collateral Administrator/Information Agent: Wells Fargo Bank, National Association 9062 Old Annapolis Road Columbia, Maryland Rating Agency: Moody s: cdomonitoring@moodys.com Irish Stock Exchange: 28 Anglesea Street Dublin 2, Ireland Collateral Manager: Kramer Van Kirk Credit Strategies LP 200 West Monroe Street, Suite 1330 Chicago, Illinois Attn: David Cifonelli Fax: (312) dcifonelli@kvkcs.com The Trustee shall not be responsible for the use of the CUSIP, CINS, ISIN or Common Code numbers selected, nor is any representation made as to their correctness indicated in the notice or as printed on any Note. The numbers are included solely for the convenience of the Holders. 3 of 4

4 EXHIBIT A EXECUTED FIFTH SUPPLEMENTAL INDENTURE 4 of 4

5 EXECUTION VERSION This FIFTH SUPPLEMENTAL INDENTURE dated as of June 22, 2017 (this Supplemental Indenture ) to the Indenture dated as of May 21, 2015 (as amended on July 24, 2015 by the First Supplemental Indenture (the First Supplemental Indenture ), on July 27, 2015 by the Second Supplemental Indenture (the Second Supplemental Indenture ), on May 22, 2017 by the Third Supplemental Indenture (the Third Supplemental Indenture ) and on June 9, 2017 by the Fourth Supplemental Indenture (the Fourth Supplemental Indenture ), and as the same may be further amended, restated, extended, supplemented or otherwise modified in writing from time to time, the Indenture ) is entered into among KVK CLO Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the Issuer ), KVK CLO LLC, a limited liability company organized under the laws of the State of Delaware (the Co-Issuer and, together with the Issuer, the Co-Issuers ), and Wells Fargo Bank, National Association, a national banking association, as trustee under the Indenture (together with its successors in such capacity, the Trustee ). Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Indenture. WHEREAS, pursuant to Section 8.2(a) of the Indenture, (subject to Section 8.3(h) of the Indenture) the Trustee and the Co-Issuers may enter into one or more indentures supplemental to the Indenture to add provisions to, or change in any manner or eliminate any provisions of, the Indenture or modify in any manner the rights of the Holders of the Notes of such Class with (i) the consent of a Majority of the Rated Notes of each Class of Notes materially adversely affected thereby, (ii) the consent of a Majority of the Subordinated Notes and (iii) satisfaction of certain other conditions set forth in the Indenture; WHEREAS, pursuant to Section 8.3(h) of the Indenture, if Holders of at least 33-1/3% of the Aggregate Outstanding Amount of the Class A Notes or the Class B Notes have provided notice to the Trustee (with a copy to the Collateral Manager) at least one Business Day prior to the proposed execution date of any supplemental indenture that such Class would be materially and adversely affected thereby, the Trustee and the Co-Issuers shall not enter into such supplemental indenture unless consent is obtained from a Majority of such Class (or such other specified percentages, if any, set forth in Section 8.2(a)); WHEREAS, the Co-Issuers wish to amend the Indenture as set forth in this Supplemental Indenture; WHEREAS, pursuant to Section 8.3(c) of the Indenture, the Trustee has provided a notice attaching a copy of this Supplemental Indenture to the Collateral Manager, the Collateral Administrator, the Rating Agency and the Noteholders not later than 30 days prior to the execution of this Supplemental Indenture; and WHEREAS, the conditions set forth for entry into a supplemental indenture pursuant to Sections 8.2 and 8.3 of the Indenture have been satisfied; NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties agree as follows: EAST\

6 I. Amendments. Effective as of the date hereof, the following amendments, which have been consented to by a Majority of each Class of Rated Notes and a Majority of the Subordinated Notes, shall be made to the Indenture pursuant to Section 8.2(a) of the Indenture: (i) Section 12.2(b)(iii) of the Indenture is deleted in its entirety and replaced with the following: (iii) either (a) the Weighted Average Life Test is satisfied or (b)(i) the Weighted Average Life Test was satisfied as of the last Business Day of the Reinvestment Period and (ii) the Weighted Average Life Test is maintained or improved; II. Governing Law. THIS SUPPLEMENTAL INDENTURE AND EACH NOTE AND ALL DISPUTES ARISING THEREFROM OR RELATING THERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARDS TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS AND OF THE NEW YORK GENERAL OBLIGATIONS LAW). III. Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Supplemental Indenture by electronic means (including or telecopy) will be effective as delivery of a manually executed counterpart of this Supplemental Indenture. IV. Concerning the Trustee. The recitals contained in this Supplemental Indenture shall be taken as the statements of the Co-Issuers, and the Trustee assumes no responsibility for their correctness. Except as provided in the Indenture, the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Supplemental Indenture and makes no representation with respect thereto. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee. V. No Other Changes. Except as explicitly provided herein, the Indenture shall remain unchanged and in full force and effect, and each reference to the Indenture and words of similar import in the Indenture, as amended hereby, shall be a reference to the Indenture as amended hereby and as the same may be further amended, supplemented and otherwise modified and in effect from time to time. This Supplemental Indenture may be used to create a conformed amended and restated Indenture for the convenience of administration by the parties hereto. EAST\

7 VI. Execution, Delivery and Validity. Each of the Co-Issuers represents and warrants to the Trustee that this Supplemental Indenture has been duly and validly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. VII. Amended and Restated Indenture. This Supplemental Indenture may be incorporated into an Amended and Restated Indenture. VIII. Binding Effect. This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. IX. Direction to the Trustee. The Issuer hereby directs the Trustee to execute this Supplemental Indenture and acknowledges and agrees that the Trustee will be fully protected in relying upon the foregoing direction. X. Limited Recourse; Non-Petition. The limited recourse provisions set forth in Section 2.7(i) of the Indenture and the nonpetition provisions set forth in Section 5.4(d) of the Indenture shall apply mutatis mutandis. EAST\

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9 KVK CLO LLC, as Co-Issuer By: ~L Name~tf%Puglisi Title: Manager KVK2015-l Supplemental Indenture EAST\

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