Exhibit 4.1


 


TWELFTH SUPPLEMENTAL INDENTURE


 


between


 


ARES CAPITAL CORPORATION


 


and


 


U.S. BANK NATIONAL ASSOCIATION,


 


as Trustee


 


Dated as of July 15, 2020


 


 


TWELFTH SUPPLEMENTAL INDENTURE


 


THIS TWELFTH SUPPLEMENTAL INDENTURE (this
 “Twelfth Supplemental Indenture”), dated as of July 15, 2020, is between Ares Capital Corporation, a Maryland corporation
(the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms
used herein shall have the meaning set forth in the Base Indenture (as defined below) unless otherwise defined herein.


 


RECITALS OF THE COMPANY


 


The Company and the Trustee executed and
delivered an Indenture, dated as of October 21, 2010 (the “Base Indenture” and, as supplemented by this Twelfth
Supplemental Indenture, together, the “Indenture”), to provide for the issuance by the Company from time to time of
the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued
in one or more series as provided in the Indenture.


 


The Company desires to issue and sell $750,000,000
aggregate principal amount of the Company’s 3.875% Notes due 2026 (the “Notes”).


 


Sections 9.01(v) and 9.01(vii) of the Base
Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there
is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled to the benefit
of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01 and Section 3.01
of the Base Indenture.


 


The Company desires to establish the form
and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of
the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future Supplemental
Indenture”)).


 


The Company has duly authorized the execution
and delivery of this Twelfth Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary
to make this Twelfth Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement
of the Company, in accordance with its terms, have been done and performed.


 


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


 





For and in consideration of the premises
and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders
of the Notes, as follows:


 






     


     


    

 


ARTICLE I

TERMS OF THE NOTES


 


Section 1.01.      Terms of the Notes.
The following terms relating to the Notes are hereby established:


 


(a)       The
Notes shall constitute a series of Securities having the title “3.875% Notes due 2026” and shall be designated as Senior
Securities under the Indenture. The Notes shall bear a CUSIP number of 04010L AZ6 and an ISIN number of US04010LAZ67.


 


(b)       The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections
3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $750,000,000. Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders
of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest
rate, maturity, CUSIP number and other terms as the Notes; provided that such Additional Notes must be part of the same
issue as the Notes for U.S. federal income tax purposes. Any Additional Notes and the existing Notes will constitute a single series
under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise
requires.


 


(c)       The
entire Outstanding principal amount of the Notes shall be payable on January 15, 2026, unless earlier redeemed or repurchased in
accordance with the provisions of this Twelfth Supplemental Indenture.


 


(d)       The
rate at which the Notes shall bear interest shall be 3.875% per annum (the “Applicable Interest Rate”). The date from
which interest shall accrue on the Notes shall be July 15, 2020, or the most recent Interest Payment Date to which interest has
been paid or provided for; the Interest Payment Dates for the Notes shall be January 15 and July 15 of each year, commencing January
15, 2021 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made
on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest
period will be the period from and including July 15, 2020 (or the most recent Interest Payment Date to which interest has been
paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods
from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case
may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person
in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for
such interest, which shall be January 1 and
July 1 (whether or not a Business Day), as the case may be, immediately preceding
such Interest Payment Date. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the
Corporate Trust Office of the Trustee in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company, payment of interest may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Interest
on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.


 






    2 


     


    

 





(e)       The
Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this Twelfth Supplemental
Indenture. Each Global Note shall represent the Outstanding Notes as shall be specified therein and each shall provide that it
shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate amount of Outstanding
Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.
Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes represented
thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base Indenture.


 


(f)       The
depositary for such Global Notes shall be the Depositary. The Security Registrar with respect to the Global Notes shall be the
Trustee.


 


(g)       The
Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained in Section
14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.06, 10.08 and 10.09 of the Indenture.


 


(h)       The
Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:


 


(i)       The
Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to the Redemption Date:


 


		(a)	100% of the principal amount of the Notes to be redeemed, or



 


		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided,
however, that if the Company redeems any Notes on or after December 15, 2025, the Redemption Price for the Notes will be equal
to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption
Date.



 


For purposes of calculating the Redemption
Price in connection with the redemption of the Notes, on any Redemption Date, the following terms have the meanings set forth below:


 


“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Redemption Price and the Treasury Rate will be determined by the Company.


 


“Comparable Treasury Issue”
means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining
term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice,
in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes being redeemed.


 






    3 


     


    

 





“Comparable Treasury Price”
means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.


 


“Quotation Agent” means a Reference
Treasury Dealer selected by the Company.


 


“Reference Treasury Dealer”
means each of (1) BofA Securities, Inc., (2) J.P. Morgan Securities LLC, (3) a primary U.S. government securities dealer selected
by SMBC Nikko Securities America, Inc. and (4) Wells Fargo Securities, LLC, or their respective affiliates which are primary U.S.
government securities dealers and their respective successors; provided, however, that if any of the foregoing or
their affiliates shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury
Dealer”), the Company shall select another Primary Treasury Dealer.


 


“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day
preceding such Redemption Date.


 


All determinations made by any Reference
Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and binding absent
manifest error.


 


(ii)       Notice
of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date,
at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth
in Section 11.04 of the Base Indenture.


 


(iii)       Any
exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent
applicable.


 


(iv)       If
the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected in accordance with
the applicable procedures of the Trustee and, so long as the Notes are registered to the Depositary or its nominee, the Depositary;
provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not
redeemed to less than $2,000.


 


(v)       Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the
Notes called for redemption hereunder.


 


(i)       The
Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.


 


(j)       The
Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


(k)       Holders
of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance with Article
XIII of the Indenture.


 






    4 


     


    

 





ARTICLE II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION


 


Section 2.01.     Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined
terms to Section 1.01 in appropriate alphabetical sequence, as follows:


 


“Below Investment Grade Rating
Event” means the Notes are downgraded below Investment Grade by all three Rating Agencies on any date from the date of
the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice
of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced
consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change
of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise
apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in
whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change
of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating
Event).


 


“Change of Control” means
the occurrence of any of the following:


 


(1) the direct or indirect sale, lease,
transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions,
of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person”
or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders;
provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or
its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition;


 


(2) the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of which is that any “person” or “group”
(as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the "beneficial
owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding
Voting Stock of the Company, measured by voting power rather than number of shares; or


 


(3) the approval by the Company’s
stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.


 


“Change of Control Repurchase Event”
means the occurrence of a Change of Control and a Below Investment Grade Rating Event.


 


“Controlled Subsidiary”
means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by the Company and its
direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction
of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.


 






    5 


     


    

 





“Depositary” means, with
respect to each Note in global form, The Depository Trust Company, until a successor shall have been appointed and becomes such
person, and thereafter, Depositary shall mean or include such successor.


 


“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and any statute successor thereto, in each case as amended from time to time and
the rules and regulations of the Commission promulgated thereunder.


 


“Fitch” means Fitch,
Inc., also known as Fitch Ratings, or any successor thereto.


 


“GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight
Board and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other
entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from
time to time.


 


“Investment Company Act”
means the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to
the extent applicable, and any statute successor thereto.


 


"Investment Grade" means
a rating of BBB– or better by Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by
Moody's (or its equivalent under any successor rating categories of Moody's) and BBB– or better by S&P (or its equivalent
under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons
outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company
as a replacement Rating Agency).


 


“Moody’s” means
Moody’s Investor Services, Inc., or any successor thereof.


 


“Permitted Holders” means
(i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) Ares Capital Management LLC or any Affiliate
of Ares Capital Management LLC that is organized under the laws of a jurisdiction located in the United States of America and in
the business of managing or advising clients.


 


“Rating Agency” means
(1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Notes or fails
to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by the Company as a replacement
agency for Fitch, Moody’s and/or S&P, as the case may be.


 


“S&P” means Standard
 & Poor's Ratings Services, a division of McGraw-Hill, Inc., or any successor thereto.


 


“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X
under the Exchange Act, as such regulation is in effect on the date of this Indenture (but excluding any Subsidiary which is (a)
a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with
the Company for purposes of GAAP).


 






    6 


     


    

 





“Voting Stock” as applied
to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person,
other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.


 


Section 2.02.      Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the definition
of “Subsidiary” in Section 1.01 to add the following sentence at the end of such definition:


 


“In addition, for purposes of this
definition, “Subsidiary” shall exclude any investments held by the Company in the ordinary course of business which
are not, under GAAP, consolidated on the financial statements of the Company and its Subsidiaries.”


 


Section 2.03.     Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the definition
of “Company Request” and “Company Order” in Section 1.01 as follows:


 


“Company Request” and
 “Company Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman
(or a Co-Chairman, if applicable), the Chief Executive Officer, the President (or a Co-President, if applicable) or a Vice President,
and by the Chief Financial Officer, the Chief Operating Officer, if any, the Treasurer, the Secretary or an Assistant Secretary,
of the Company, and delivered to the Trustee.


 


Section 2.04.Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the definition
of “Officers’ Certificate” in Section 1.01 as follows:


 


“Officers’ Certificate”
means a certificate signed by the Chairman (or a Co-Chairman, if applicable), the Chief Executive Officer, the President (or a
Co-President, if applicable) or any Vice President and by the Chief Financial Officer, the Chief Operating Officer, if any, the
Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.


 


Section 2.05.      Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following language
in Section 1.01 as clause (h):


 


“(h) any reference to “execute”,
 “executed”, “sign”, “signed”, “signature” or any other like term hereunder shall
include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic or
image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce
Act (“E-SIGN”) or the New York Electronic Signatures and Records Act (“ESRA”), which includes
any electronic signature provided using Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified
by the Company and reasonably available at no undue burden or expense to the Trustee), except to the extent the Custodian requests
otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten
signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder.”


 






    7 


     


    

 





ARTICLE III

SECURITIES FORMS


 


Section 3.01.     Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Two of the Base Indenture shall be amended by adding the following new
Section 2.04 thereto, as set forth below:


 


“Section 2.04.     Certificated Notes.
Notwithstanding anything to the contrary in the Indenture, Notes in physical, certificated form will be issued and delivered to
each person that the Depositary identifies as a beneficial owner of the related Notes only if:


 


(a)       the
Depositary notifies the Company at any time that it is unwilling or unable to continue as depositary for the Notes in global form
and a successor depositary is not appointed within 90 days;


 


(b)       the
Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within
90 days; or


 


(c)       an
Event of Default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be
issued in physical, certificated form.”


 


ARTICLE IV

REMEDIES


 


Section 4.01.      Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing clause (ii) thereof
with the following:


 


“(ii)     default in the
payment of the principal of (or premium, if any on) any Note when it becomes due and payable at its Maturity, including upon any
Redemption Date or required repurchase date; or”


 


Section 4.02.     Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing (iv) thereof
with the following:


 


		“(iv)	the Company’s failure for 60 consecutive days after written notice from the Trustee or the
Holders of at least 25% in principal amount of the Notes then Outstanding has been received to comply with any of the Company’s
other agreements contained in the Notes or this Indenture;”



 


Section 4.03.      Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by adding the following language
as clause (ix):


 


		“(ix):	default by the Company or any of its Significant Subsidiaries, with respect to any mortgage, agreement
or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money
borrowed in excess of $100 million in the aggregate
of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting
in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest
of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise,
unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period
of 30 calendar days after written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.”



 






    8 


     


    

 


Section 4.04.     Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing the first paragraph
of Section 5.02 with the following:


 


“If an Event of Default
with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section
5.01(v) or 5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare
the principal of all the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by the Holders), and upon any such declaration such principal shall become immediately due and payable; provided
that 100% of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable in the case
of an Event of Default specified in Section 5.01(v) or 5.01(vi) hereof.


 


Section 4.05.     Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 5.12 of the Base Indenture shall be amended by replacing clause (iii)
thereof with the following:


 


“the Trustee need not take
any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to the Holders of Notes
not consenting.”


 


ARTICLE V

COVENANTS


 


Section 5.01.     Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new
Sections 10.08, and 10.09 thereto, each as set forth below:


 


“Section 10.08   Section 18(a)(1)(A)
of the Investment Company Act.


 


The Company hereby agrees that for the period
of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject to, Section 18(a)(1)(A)
as modified by Section 61(a)of the Investment Company Act or any successor provisions thereto of the Investment Company Act, as
such obligation may be amended or superseded but giving effect to any exemptive relief granted to the Company by the Commission.”


 






    9 


     


    

 





“Section 10.09 Commission Reports
and Reports to Holders.


 


If, at any time, the Company is not subject
to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission, the
Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding:
(i) within 90 days after the end of the each fiscal year of the Company, audited annual consolidated financial statements of the
Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal
quarter), unaudited interim consolidated financial statements of the Company. All such financial statements shall be prepared,
in all material respects, in accordance with GAAP, as applicable.”


 


ARTICLE VI

SUCCESSOR COMPANIES


 


Except as may be provided in a Future Supplemental
Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter
issued and Outstanding, Article Eight of the Base Indenture shall be amended by replacing Section 8.01 with the following:


 


“Section 8.01 Merger, Consolidation
or Sale of Assets.


 


The Company shall not merge or consolidate
with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the Company) or sell, transfer,
lease, convey or otherwise dispose of all or substantially all of its property (provided that, for the avoidance of doubt,
a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to
be any such sale, transfer, lease, conveyance or disposition) in one transaction or series of related transactions unless:


 


(a)       the
Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company)
formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation
or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof;


 


(b)       the
Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the
Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and
premium, if any, and interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants
and conditions of this Indenture to be performed by the Company;


 


(c)       immediately
before and immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default
shall have occurred and be continuing; and


 


(d)       the
Company shall deliver, or cause to be delivered, to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each
stating that such transaction and the supplemental indenture, if any, in respect thereto comply with this Section 8.01 and that
all conditions precedent in this Indenture relating to such transaction have been complied with.


 


For the purposes of this Section 8.01,
the sale, transfer, lease, conveyance or other disposition of all the property of one or more Subsidiaries of the Company, which
property, if held by the Company instead of such Subsidiaries, would constitute all or substantially all the property of the Company
on a consolidated basis, shall be deemed to be the transfer of all or substantially all the property of the Company.”


 






    10 


     


    

 


ARTICLE VII

OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT


 


Except as may be provided in a Future Supplemental
Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter
issued and Outstanding, Article Thirteen of the Base Indenture shall be amended by replacing Sections 13.01 to 13.05 with the following:


 


“Section 13.01   Change of Control.


 


If a Change of Control Repurchase Event
occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make an offer to each
Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased
plus any accrued and unpaid interest on the Notes repurchased to the date of purchase. Within 30 days following any Change of Control
Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change
of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute or may constitute
the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date
will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior
to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control
Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event.


 


To the extent that the provisions of any
securities laws or regulations conflict with this Section 13.01, the Company shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue of such conflict.


 


On the Change of Control Repurchase Event
payment date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the Company shall,
to the extent lawful:


 


(1)       accept
for payment all Notes or portions of Notes properly tendered pursuant to its offer;


 


(2)       deposit
with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered;
and


 


(3)       deliver
or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate
principal amount of Notes being purchased by the Company.


 


The Paying Agent will promptly remit to
each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or
cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes
surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000
in excess thereof.


 









    11 


     


    

 


If any Repayment Date upon a Change of Control
Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on the next succeeding Business
Day and no additional interest will accrue as a result of such delayed payment.


 


The Company will not be required to make
an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in respect of the Notes
in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and such third party
purchases all Notes properly tendered and not withdrawn under its offer.”


 


ARTICLE VIII

MISCELLANEOUS


 


Section 8.01.       This Twelfth Supplemental
Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard
to principles of conflicts of laws that would cause the application of laws of another jurisdiction. This Twelfth Supplemental
Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the
extent applicable, be governed by such provisions. If any provision of the Indenture limits, qualifies or conflicts with the duties
imposed by Section 318(c) of the Trust Indenture Act, the imposed duties will control.


 


Section 8.02.       In case any provision in
this Twelfth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.


 


Section 8.03.       This Twelfth Supplemental
Indenture may be executed in any number of counterparts, each of which will be an original, but such counterparts will together
constitute but one and the same Twelfth Supplemental Indenture. The exchange of copies of this Twelfth Supplemental Indenture and
of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery
of this Twelfth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission,
email or other electronic means shall be deemed to be their original signatures for all purposes. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture
or any document to be signed in connection with this Twelfth Supplemental Indenture shall be deemed to include electronic signatures
(including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other “electronic
signature” as defined under E-SIGN or ESRA, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar
platform identified by the Company and reasonably available at no undue burden or expense to the Trustee), deliveries or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto
consent to conduct the transactions contemplated hereunder by electronic means.


 


Section 8.04.       The Base Indenture, as
supplemented and amended by this Twelfth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture
and this Twelfth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes.
All provisions included in this Twelfth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture
with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented
by this Twelfth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented
by this Twelfth Supplemental Indenture.


 






    12


     


    

 


Section 8.05.       The provisions of this
Twelfth Supplemental Indenture shall become effective as of the date hereof.


 


Section 8.06.       Notwithstanding anything
else to the contrary herein, the terms and provisions of this Twelfth Supplemental Indenture shall apply only to the Notes and
shall not apply to any other series of Securities under the Indenture and this Twelfth Supplemental Indenture shall not and does
not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the
Indenture, whether now or hereafter issued and Outstanding.


 


Section 8.07.       The recitals contained
herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Twelfth Supplemental Indenture, the Notes or any
Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Twelfth Supplemental
Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable
for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof.


 






    13


     


    

 


IN WITNESS WHEREOF, the parties hereto have
caused this Twelfth Supplemental Indenture to be duly executed as of the date first above written.


 


	 	ARES CAPITAL CORPORATION
	 	  
	 	By:	 /s/ Penni F. Roll
	 	Name:	 Penni F. Roll
	 	Title:	Chief Financial Officer
	 	  
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	  
	 	By:	/s/ Karen R. Beard
	 	Name:	 Karen R. Beard
	 	Title:	 Vice President




  


[Signature
Page to Twelfth Supplemental Indenture] 



    


     


    




 


Exhibit A – Form of Global Note


 


This Security is a Global Note within the
meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or a nominee thereof.
This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or
in part may be registered, in the name of any Person other than The Depository Trust Company or a nominee thereof, except in the
limited circumstances described in the Indenture.


 


Unless this certificate is presented
by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange
or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such other
name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof for
value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein.


 


Ares Capital Corporation


 


	No. ___	$______________
	 	CUSIP No. 04010L AZ6




 


	 	ISIN No. US04010LAZ67




 


3.875% Notes due 2026


 


Ares Capital Corporation, a corporation
duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of ________________ (U.S. $____________) on January 15, 2026, and to pay interest thereon from July
15, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
January 15 and July 15 in each year, commencing January 15, 2021, at the rate of 3.875% per annum, until the principal hereof is
paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business
on the Regular Record Date for such interest, which shall be January 1 and July 1
(whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not
less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.


 


Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register.


 






    


     


    

 


Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.


 


Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.


 






    2


     


    

 


IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.


  


Dated: _________________


 


	 	ARES CAPITAL CORPORATION
	 	  
	 	By:	            
	 	 	Name:
	 	 	Title:




  



    3


     


    




 


This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.


  


Dated: ___________________


 


	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	  
	 	By:	     
	 	 	Authorized Signatory




  



    4


     


    




 


Ares Capital Corporation


3.875% Notes due 2026


  


This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of October 21, 2010 (herein called the “Base Indenture”, which term shall have the meaning
assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by
the Twelfth Supplemental Indenture, relating to the Securities, dated as of July 15, 2020, by and between the Company and the Trustee
(herein called the “Twelfth Supplemental Indenture”; and the Twelfth Supplemental Indenture and the Base Indenture
together are herein called the “Indenture”). In the event of any conflict between the Base Indenture and the Twelfth
Supplemental Indenture, the Twelfth Supplemental Indenture shall govern and control.


 


This Security is one of the series designated
on the face hereof, initially limited in aggregate principal amount to $____________. Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities, provided that such
Additional Securities must be part of the same issue as the Securities for U.S. federal income tax purposes. Any Additional Securities
and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein
shall include the Additional Securities unless the context otherwise requires. The aggregate amount of Outstanding Securities represented
hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.


 


The Securities of this series are subject
to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption Price equal to
the greater of the following amounts, plus, in each case, accrued and unpaid interest to the Redemption Date:


 


		(a)	100% of the principal amount of the Securities to be redeemed, or



 


		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis
points; provided, however, that if the Company redeems any Securities on or after December 15, 2025, the Redemption Price
for the Securities will be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest,
if any, to, but excluding the Redemption Date.



 


For purposes of calculating the Redemption
Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the meanings set forth
below:


 


“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Redemption Price and the Treasury Rate will be determined by the Company.




 






    5


     


    

 


“Comparable Treasury Issue”
means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining
term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financing
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities being
redeemed.


 


“Comparable Treasury Price”
means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.


 


“Quotation Agent” means a Reference
Treasury Dealer selected by the Company.


 


“Reference Treasury Dealer”
means each of (1) BofA Securities, Inc., (2) J.P. Morgan Securities LLC, (3) a primary U.S. government securities dealer selected
by SMBC Nikko Securities America, Inc. and (4) Wells Fargo Securities, LLC, or their affiliates which are primary U.S. government
securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates
shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”),
the Company shall select another Primary Treasury Dealer.


 


“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day
preceding such Redemption Date.


 


All determinations made by any Reference
Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and binding absent
manifest error.


 


Notice of redemption shall be given in writing
and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities
to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address
appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base
Indenture.


 


Any exercise of the Company’s option
to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.


 


If the Company elects to redeem only a portion
of the Securities, the particular Securities to be redeemed will be selected in accordance with the applicable procedures of the
Trustee and, so long as the Securities are registered to the Depositary or its nominee, the Depositary. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.


 






    6


     


    

 


Unless the Company defaults in payment of
the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.


 


Holders will have the right to require the
Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set forth in the Indenture.


 


The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to
this Security, in each case upon compliance with certain conditions set forth in the Indenture.


 


If an Event of Default with respect to Securities
of this series shall occur and be continuing (other than Events of Default related to certain events of bankruptcy, insolvency
or reorganization as set forth in the Indenture), the principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy, insolvency or reorganization
described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities will automatically become
due and payable.


 


The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.


 


As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of
any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.


 


No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.


 






    7


     


    

 


As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.


 


The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.


 


No service charge shall be made for any
such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith.


 


Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.


 


All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture.


 


To the extent any provision of this Security
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.


 


The Indenture and this Security shall be
governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.


  



    8