# EDGAR Filing Document

**Accession Number:** 0001747172
**File Stem:** 0001213900-26-037538
**Filing Date:** 2026-3
**Character Count:** 836077
**Document Hash:** 6946b5696bb3e2df83321808c8b8a319
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-037538.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001213900-26-037538

**CONFORMED SUBMISSION TYPE**: N-2ASR

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kayne Anderson BDC, Inc.
- **CENTRAL INDEX KEY:** 0001747172

**ORGANIZATION NAME:**
- **EIN:** 830531326
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294788
- **FILM NUMBER:** 26822851

**BUSINESS ADDRESS:**
- **STREET 1:** 717 TEXAS AVENUE
- **STREET 2:** 22ND FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-493-2000

**MAIL ADDRESS:**
- **STREET 1:** 717 TEXAS AVENUE
- **STREET 2:** 22ND FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kayne Anderson BDC, LLC
- **DATE OF NAME CHANGE:** 20180718

?xml version='1.0' encoding='ASCII'?

#### As filed with the Securities and Exchange Commission on March 31, 2026

#### Securities Act File No. 333- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

#### –––––––––––––––––––––––––––––––––

#### Form N-2

#### REGISTRATION STATEMENT

#### –––––––––––––––––––––––––––––––––
☒ **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** ☐ **PRE**-EFFECTIVE **AMENDMENT NO.** ☐ **POST**-EFFECTIVE **AMENDMENT NO.**

**and/or**

☐ **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** ☐ **Amendment No.** 

#### Kayne Anderson BDC, Inc.

#### Registrant Exact Name as Specified in Charter

#### –––––––––––––––––––––––––––––––––

#### 717 Texas Avenue, Suite 2200 Houston, Texas 77002 Address of Principal Executive Offices (Number, Street, City, State, Zip Code)
**(713) 493-2020 Registrant's Telephone Number, including Area Code**

#### –––––––––––––––––––––––––––––––––

#### Matt Barbabella 2121 Avenue of the Stars, 9 <sup>th</sup> Floor Los Angeles, California 90067 Name and Address (Number, Street, City, State, Zip Code) of Agent for Service

#### –––––––––––––––––––––––––––––––––

#### COPIES TO:

---

| | |
|:---|:---|
|  **David A. Hearth<br>Paul Hastings LLP<br>101 California Street, 48**<sup>th</sup> **Floor<br>San Francisco, California 94111<br>(415) 856**-7000 | **R. William Burns<br>Paul Hastings LLP<br>609 Main Street, Suite 2500<br>Houston, Texas 77002<br>(713) 860**-7300 |

---

#### –––––––––––––––––––––––––––––––––
**Approximate date of commencement of proposed public offering:**

From time to time after the effective date of this Registration Statement.

 ☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. 

 ☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan. 

 ☒ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. 

 ☒ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. 

 ☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. 

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#### It is proposed that this filing will become effective (check appropriate box):
    <u> ☐ </u>   <u> When declared effective pursuant to Section 8(c) of the Securities Act. </u>

#### If appropriate, check the following box:
 ☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement]. 

 ☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _______. 

 ☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_______. 

 ☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_______. 

#### Check each box that appropriately characterizes the Registrant:
 ☐ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")). 

 ☒ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act). 

 ☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act). 

 ☒ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

 ☒ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). 

 ☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")). 

 ☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. 

 ☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). 

------

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**PROSPECTUS**

#### $500,000,000

#### KAYNE ANDERSON BDC, INC.
**Common Stock**

**Preferred Stock**

**Subscription Rights**

**Warrants**

**Debt Securities**

#### –––––––––––––––––––––––––––––––––
Kayne Anderson BDC, Inc. (the "Company", "we", "us" and "our") is a business development company ("BDC") that invests primarily in first lien senior secured loans with a secondary focus on unitranche and split-lien loans to private middle market companies. We are managed by our investment adviser, KA Credit Advisors, LLC (the "Advisor"), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. ("Kayne Anderson"), a prominent alternative investment management firm. Our investment objective is to generate current income and, to a lesser extent, capital appreciation.

Under normal market conditions, we expect at least 90% of our portfolio (including investments purchased with proceeds from borrowings under credit facilities and issuances of senior unsecured notes) to be invested in first lien senior secured, unitranche and split-lien loans to middle market companies. We expect that a majority of these debt investments will be made in "core middle market companies" (as defined in "*Prospectus Summary — Investment Objective, Principal Strategy and Investment Structure*") and will have stated maturities of three to six years. We expect that the loans in which we principally invest will be to companies that are located in the United States. We determine the location of a company as being in the United States by (i) such company being organized under the laws of one of the states in the United States; or (ii) during its most recent fiscal year, such company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the United States or has at least 50% of its assets in the United States.

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended ("1940 Act").

We have elected to be treated, and intend to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") for U.S. federal income tax purposes. As a BDC and a RIC, we are required to comply with certain regulatory requirements.

We may offer, from time to time, in one or more offerings or series, up to $500,000,000 of our common stock, preferred stock, subscription rights to purchase shares of common stock, debt securities or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, which we refer to, collectively, as the "securities". The preferred stock, subscription rights, debt securities and warrants offered hereby may be convertible or exchangeable into shares of common stock. The securities may be offered at prices and on terms to be described in one or more supplements to this prospectus.

In the event we offer common stock, the offering price per share of our common stock less any underwriting discounts or commissions will generally not be less than the net asset value ("NAV") per share of our common stock at the time we make the offering. However, we may issue shares of our common stock pursuant to this prospectus at a price per share that is less than our NAV per share (i) in connection with a rights offering to our existing shareholders, (ii) with the prior approval of the majority (as defined in the 1940 Act) of our common shareholders or (iii) under such other circumstances as the SEC may permit.

The securities may be offered directly to one or more purchasers, including to existing shareholders in a rights offering, through agents designated from time to time by us, or to or through underwriters or dealers. Each prospectus supplement relating to an offering will identify any agents or underwriters involved in the sale of the securities, and

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will disclose any applicable purchase price, fee, discount or commissions arrangement between us and our agents or underwriters or among our underwriters or the basis upon which such amount may be calculated. See "Plan of Distribution" in this prospectus. We may not sell any of the securities through agents, underwriters or dealers without delivery of this prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

Our common stock is traded on The New York Stock Exchange ("NYSE") under the symbol "KBDC". The reported closing price of our common stock on the NYSE on March 25, 2026 was $13.95 per share. The NAV per share of our common stock at December 31, 2025 (the last date prior to the date of this prospectus for which we reported NAV) was $16.32 per share.

**Investing in our securities involves a high degree of risk, including credit risk and the risk of the use of leverage in the form of borrowings under credit facilities and issuances of senior unsecured notes, and is highly speculative. We invest in debt that is typically not rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade, which are sometimes referred to as "high yield bonds" or "junk bonds." Before investing in our securities, you should read the discussion of the material risks of investing in our securities, including the risk of leverage, in "Risk Factors" beginning on page 12 of this prospectus or otherwise incorporated by reference herein and included in, or incorporated by reference into, the applicable prospectus supplement and in any free writing prospectuses we have authorized for use in connection with a specific offering, and under similar headings in the other documents that are incorporated by reference into this prospectus.**

This prospectus describes some of the general terms that may apply to an offering of our securities. We will provide the specific terms of these offerings and securities in one or more supplements to this prospectus. We may also authorize one or more free writing prospectuses to be provided to you in connection with these offerings. Any accompanying prospectus supplement and any related free writing prospectus may also add, update, or change information contained in this prospectus. You should carefully read this prospectus, any accompanying prospectus supplement, any related free writing prospectus and the documents incorporated by reference herein before deciding whether to invest in the securities being offered and retain it for future reference. We also file annual, quarterly, and current reports, proxy statements and other information about us with the United States Securities and Exchange Commission (the "SEC"), and such filings will be available upon written or oral request and without charge. You may request a free copy of this information about us or make stockholder inquiries, by calling us at (713) 493-2020 or by contacting us at 717 Texas Avenue, Suite 2200, Houston, Texas 77002. Such information about the Company also will be available for free on our website at *www.kaynebdc.com*. Information on our website is not incorporated into or a part of this prospectus, and you should not consider that information to be part of this prospectus. The SEC maintains a website (*http://www.sec.gov*) that contains material incorporated by reference and other information regarding the Company.

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

#### The date of this prospectus is March 31, 2026.

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [ABOUT THIS PROSPECTUS](#T34) | ii |
|  [PROSPECTUS SUMMARY](#T33) | 1 |
|  [OFFERINGS](#T32) | 7 |
|  [FEES AND EXPENSES](#T31) | 9 |
|  [FINANCIAL HIGHLIGHTS](#T30) | 11 |
|  [RISK FACTORS](#T29) | 12 |
|  [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#T28) | 13 |
|  [USE OF PROCEEDS](#T27) | 15 |
|  [PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS](#T26) | 16 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T99500) | 17 |
|  [SENIOR SECURITIES](#T25) | 18 |
|  [THE COMPANY](#T24) | 20 |
|  [PORTFOLIO COMPANIES](#T23) | 21 |
|  [MANAGEMENT](#T22) | 40 |
|  [MANAGEMENT AND OTHER AGREEMENTS](#T21) | 46 |
|  [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS](#T20) | 50 |
|  [CONTROL PERSONS AND PRINCIPAL STOCKHOLDERS](#T19) | 51 |
|  [PORTFOLIO MANAGEMENT](#T18) | 53 |
|  [DETERMINATION OF NET ASSET VALUE](#T17) | 56 |
|  [DIVIDEND REINVESTMENT PLAN](#T16) | 57 |
|  [DESCRIPTION OF SECURITIES](#T15) | 58 |
|  [DESCRIPTION OF CAPITAL STOCK](#T14) | 59 |
|  [DESCRIPTION OF PREFERRED STOCK](#T13) | 64 |
|  [DESCRIPTION OF SUBSCRIPTION RIGHTS](#T12) | 65 |
|  [DESCRIPTION OF WARRANTS](#T11) | 67 |
|  [DESCRIPTION OF DEBT SECURITIES](#T10) | 69 |
|  [CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#T9) | 84 |
|  [REGULATION](#T8) | 92 |
|  [PLAN OF DISTRIBUTION](#T7) | 93 |
|  [SUB-ADMINISTRATOR, FUND ACCOUNTANT, CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT AND REGISTRAR](#T6) | 95 |
|  [BROKERAGE ALLOCATION AND OTHER PRACTICES](#T5) | 96 |
|  [LEGAL MATTERS](#T4) | 97 |
|  [EXPERTS](#T3) | 97 |
|  [AVAILABLE INFORMATION](#T2) | 98 |
|  [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#T1) | 99 |

---

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#### ABOUT THIS PROSPECTUS
This prospectus is part of an automatic shelf registration statement that we have filed with the SEC as a "well-known seasoned issuer" as defined in Rule 405 under the Securities Act. Under the shelf registration process, which constitutes a delayed offering in reliance on Rule 415 under the Securities Act, we may offer, from time to time, in one or more offerings, up to $500,000,000 of our common stock, preferred stock, subscription rights to purchase shares of common stock, debt securities or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, on terms to be determined at the time of the offering. The securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of our offerings of securities that we may conduct pursuant to this prospectus. Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering.

We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. In a prospectus supplement or free writing prospectus, we may also add, update, or change any of the information contained in this prospectus or in the documents we incorporate by reference in this prospectus. This prospectus, together with the applicable prospectus supplement, any related free writing prospectus, and the documents incorporated by reference in this prospectus and the applicable prospectus supplement, will include all material information relating to the applicable offering. Before buying any of the securities being offered, you should carefully read both this prospectus and any applicable prospectus supplements and any related free writing prospectus, together with any exhibits and the additional information described in the sections titled "Available Information," "Incorporation of Certain Information by Reference," "Prospectus Summary" and "Risk Factors" in this prospectus.

This prospectus includes summaries of certain provisions contained in some of the documents described in this prospectus, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described in the section titled "Available Information" in this prospectus.

Statistical and market data used in this prospectus has been obtained from independent industry sources and publications. We have not independently verified the data obtained from these sources. Forward-looking information obtained from these sources is subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements contained in this prospectus. See "Cautionary Statement Regarding Forward-Looking Statements".

You should rely only on the information contained in this prospectus, any prospectus supplement or in any free writing prospectus prepared by, or on behalf of, us or to which we have referred you. We have not authorized any dealer, salesman or other person to give any information or to make any representation other than those contained in this prospectus, any prospectus supplement or in any free writing prospectus prepared by, or on behalf of, us or to which we have referred you. You must not rely upon any information or representation not contained in this prospectus, any such prospectus supplements or free writing prospectuses as if we had authorized it. This prospectus, any such prospectus supplements or free writing prospectuses do not constitute an offer to sell or a solicitation of any offer to buy any security other than the registered securities to which they relate, nor do they constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. The information contained in, or incorporated by reference in, this prospectus, any such prospectus supplements or free writing prospectuses is, or will be, accurate as of the dates on their respective covers. Our business, financial condition, results of operations, cash flows and prospects may have changed since then.

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#### PROSPECTUS SUMMARY
*This summary highlights information included elsewhere in this prospectus or incorporated by reference. It is not complete and may not contain all of the information that you should consider before making your investment decision. You should carefully read the entire prospectus, the applicable prospectus supplement, and any related free writing prospectus, including the risks of investing in our securities discussed in the section titled "Risk Factors" in this prospectus and the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus.*

#### Overview
Kayne Anderson BDC, Inc. is a Delaware corporation formed to make investments in middle-market companies and commenced operations on February 5, 2021. Following our initial public offering ("IPO"), our common stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "KBDC" on May 22, 2024. We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we intend to qualify, annually, as a RIC under Subchapter M of the Code.

We are a business development company ("BDC") that invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to private middle market companies. We are managed by our investment advisor KA Credit Advisors, LLC (the "Advisor"), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. ("Kayne Anderson"), a prominent alternative investment management firm. Our Advisor operates within Kayne Anderson's middle market private credit platform ("KAPC" or "Kayne Anderson Private Credit") which was established in 2011. Our Advisor is registered with the United States Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

We generally intend to distribute, out of assets legally available for distribution, 90% to 100% of our available earnings, on a quarterly or annual basis, as determined by our Board of Directors (the "Board") in its sole discretion. The distributions we pay to our stockholders in a year may exceed our taxable income for that year and, accordingly, a portion of such distributions equal to such excess of distributions over taxable income may constitute a return of invested capital for federal income tax purposes. Such a return of capital (i.e., a distribution that represents a return of an investor's original investment) would be nontaxable to the stockholder and would reduce its basis in its shares. As a result, income tax related to the portion of such distributions treated as return of capital would be deferred until any subsequent sale of shares of common stock. The specific tax characteristics of our distributions will be reported to stockholders after the end of the calendar year.

#### Investment Objective, Principal Strategy and Investment Structure
Our investment objective is to generate current income and, to a lesser extent, capital appreciation. We intend to have nearly all of our debt investments in private middle market companies. We use "private" to refer to companies that are not traded on a securities exchange and define "middle market companies" as companies that, in general, generate between $10 million and $150 million of annual earnings before interest, taxes, depreciation and amortization, or EBITDA. Further, we refer to companies that generate between $10 million and $75 million of annual EBITDA as "core middle market companies" and companies that generate between $75 million and $150 million, or more, of annual EBITDA as "upper middle market companies." We typically adjust EBITDA for non-recurring and/or normalizing items to assess the financial performance of our borrowers over time.

We intend to achieve our investment objective by investing primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. Under normal market conditions, we expect at least 90% of our portfolio (including investments purchased with proceeds from borrowings under credit facilities and issuances of senior unsecured notes) to be invested in first lien senior secured, unitranche and split-lien loans. We expect the remainder of our portfolio to be invested in second-lien loans, subordinated debt or equity securities (including those purchased in conjunction with other credit investments). We expect that a majority of these debt investments will be made in core middle market companies and will generally have stated maturities of three to six years. We expect that the loans in which we principally invest will be to companies that are located in the United States. We determine the location of a company as being in the United States by (i) such company being

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organized under the laws of one of the states in the United States; or (ii) during its most recent fiscal year, such company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the United States or has at least 50% of its assets in the United States.

The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC's underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network.

We intend to principally invest in the following types of debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>First lien debt</u>:&nbsp;&nbsp;&nbsp;&nbsp;Typically senior on a lien basis to the other liabilities in the issuer's capital structure with a first priority lien against substantially all assets of the borrower and often including a pledge of the capital stock of the business. The security interest ranks above the security interest of second lien lenders on those assets. These securities are typically floating rate investments priced with a spread to the reference rate (typically SOFR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Split-lien debt</u>:&nbsp;&nbsp;&nbsp;&nbsp;Typically includes (i) a first lien on fixed and intangible assets of the borrower and often including a pledge of the capital stock of the business and (ii) a second lien on working capital assets, used in conjunction with an asset based lender who has a first lien on the borrower's working capital assets. These securities are typically floating rate investments priced with a spread to the reference rate (typically SOFR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Unitranche debt</u>:&nbsp;&nbsp;&nbsp;&nbsp;Combines features of first lien, second lien and subordinated debt, generally in a first lien position. These securities can generally be thought of as first lien investments beyond what may otherwise be considered "typical" first lien leverage levels, effectively representing a greater portion of the overall capitalization of the underlying business. These securities are typically structured as floating rate investments priced with a spread to the reference rate (typically SOFR).

Senior secured debt often has restrictive covenants for the purpose of pursuing principal protection and repayment before junior creditors as covenants provide opportunities for lenders to take action following a covenant breach. The loans in which we principally invest have financial maintenance covenants, which require borrowers to maintain certain financial performance criteria and financial ratios on a monthly or quarterly basis. We do not expect to principally invest in "covenant-lite" loans; we use the term "covenant lite" to refer generally to loans that do not have a customary set of financial maintenance covenants.

Subject to our Advisor's discretion, based on its belief about the pace and amount of investment activity in middle market companies, a portion of our portfolio may be comprised of liquid credit investments (i.e., broadly syndicated loans). The percentage of our portfolio allocated to the liquid investment strategy will be at the discretion of our Advisor.

We invest in debt that is typically not rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade, which are sometimes referred to as "high yield bonds" or "junk bonds."

#### Kayne Anderson, Kayne Anderson Private Credit and The Advisor

#### Kayne Anderson
Founded in 1984, Kayne Anderson is a prominent alternative investment management firm which is registered with the SEC under the Advisers Act, focused on real estate, credit and infrastructure/energy. Kayne Anderson provides corporate and management services (such as information technology, human resources, compliance and legal services) to the Advisor.

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#### Kayne Anderson Private Credit
KAPC was established in 2011 and is Kayne Anderson's line of business focused on private credit that operates various fund vehicles targeting middle market first lien senior secured, unitranche, and split-lien loans.

KAPC's integrated and scaled platform combines direct loan origination, strong fundamental credit analysis and relative-value perspective.

#### The Advisor — KA Credit Advisors, LLC
Our investment activities are managed by our Advisor, an indirect controlled subsidiary of Kayne Anderson, and the Advisor operates within KAPC's line of business. The Advisor is an investment advisor registered with the SEC under the Advisers Act pursuant to the Amended and Restated Investment Advisory Agreement (as amended, the "Investment Advisory Agreement"). In accordance with the Advisers Act, our Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments and monitoring our investments and portfolio companies on an ongoing basis. The Advisor benefits from the scale and resources of Kayne Anderson and specifically KAPC. While we do not have any employees, the Advisor and its affiliates have a team of approximately 35 investment professionals who are primarily focused on credit investments. The investment team is supported by a team of finance, legal, compliance, operations and administrative professionals.

The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC's underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network.

The Advisor's investment committee has overall responsibility for evaluating and unanimously approving the Company's investments, and its portfolio allocations, subject to the oversight of our Board. The Advisor's investment committee review process is intended to bring the diverse experience and perspectives of the Advisor's investment committee members to the analysis and consideration of every investment. The Advisor's investment committee currently consists of Terrence J. Quinn, Vice Chairman of Kayne Anderson and Vice Chair of the Company; Paul S. Blank, President and Chief Operating Officer of Kayne Anderson; Douglas L. Goodwillie, Co-Head of Private Credit at Kayne Anderson and Co-Chief Executive Officer of the Company; and Kenneth B. Leonard, Co-Head of Private Credit at Kayne Anderson and Co-Chief Executive Officer of the Company. The Advisor's investment committee also determines appropriate investment sizing and mandates ongoing monitoring requirements. Douglas L. Goodwillie and Kenneth B. Leonard, each a Co-Chief Executive Officer of the Company, are jointly and primarily responsible for the day-to-day management of the Company's portfolio.

In addition to reviewing investments, the Advisor's investment committee meetings serve as a forum to discuss credit views and outlooks. The Advisor's investment committee also reviews potential transactions and deal flow on a regular basis. Members of the investment team are encouraged to share information and views on credit with the committee early in their analysis. We believe this process improves the quality of the analysis and enables investment team members to work more efficiently.

We make investments alongside certain entities and accounts advised by our Advisor and its affiliates. Under the 1940 Act, we are prohibited from knowingly participating in certain joint transactions with our affiliates without the prior approval of the independent directors and, in some cases, prior approval by the SEC. However, we generally make investments alongside affiliated entities and accounts pursuant to exemptive relief granted by the SEC to us, our Advisor, and certain of our affiliates. Pursuant to such exemptive relief, and subject to certain conditions, we are permitted to co-invest in the same security with our affiliates in a manner that is consistent with our investment objective, investment strategy, regulatory consideration and other relevant factors. If opportunities arise that would

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otherwise be appropriate for us and an affiliate to purchase different securities in the same issuer, our Advisor will need to decide which account will proceed with such investment. Our Advisor's investment allocation policy incorporates the conditions of exemptive relief to seek to ensure that investment opportunities are allocated in a manner that is fair and equitable.

The principal executive offices of our Advisor are located at 717 Texas Avenue, Suite 2200, Houston, Texas, 77002.

#### Risk Factors
Investing in our securities involves a number of significant risks. You should carefully consider information found in the section entitled "Risk Factors" in our annual report on Form 10-K. Some of the risks involved in investing in our securities include:

#### Principal Risks Relating to Our Business and Structure
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a limited operating history and may not replicate the historical results achieved by other entities managed by members of the Advisor's investment committee, the Advisor or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use leverage pursuant to borrowings under credit facilities and issuances of senior unsecured notes to finance our investments and changes in interest rates will affect our cost of capital and net investment income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We depend upon our Advisor and Administrator for our success and upon their access to the investment professionals and partners of Kayne Anderson and its affiliates. Any inability of the Advisor or the Administrator to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our financial condition, results of operations and cash flows depend on our ability to manage our business and future growth effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are significant potential conflicts of interest that could affect our investment returns, including conflicts related to obligations the Advisor's investment committee, the Advisor or its affiliates have to other clients and conflicts related to fees and expenses of such other clients, the valuation process for certain portfolio holdings of ours, other arrangements with the Advisor or its affiliates and the Advisor's recommendations given to us may differ from those rendered to their other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generally may make investments that could give rise to a conflict of interest and our ability to enter into transactions with our affiliates will be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be subject to corporate-level income tax if we are unable to continue to qualify as a RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We finance our investments with borrowings under credit facilities and issuances of senior unsecured notes, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adverse developments in the credit markets may impair our ability to enter into new credit facilities or our ability to issue senior unsecured notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of our portfolio investments are recorded at fair value as determined in good faith by our Advisor and, as a result, there may be uncertainty as to the value of our portfolio investments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval, and we may temporarily deviate from our regular investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efforts to comply with the Exchange Act and the Sarbanes-Oxley Act involve significant expenditures, and non-compliance would adversely affect us and the value of our shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are highly dependent on information systems, and cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies, which may, in turn, negatively affect the value of our shares of common stock and our ability to pay distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of shares of our common stock by us under our open market repurchase program, including the Company Rule 10b5-1 Plan, may result in the price of shares of our common stock being higher than the price that otherwise might exist in the open market and are subject to our ability to finance such repurchases.

#### Principal Risks Relating to Our Investments
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to risks associated with the current interest rate environment, and rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We invest in highly leveraged companies, which could cause us to lose all or a part of our investment in those companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to risks associated with our investments in unitranche secured loans and securities, including the potential loss of all or part of such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investments in securities that are rated below investment grade (i.e. "junk bonds") may be risky and we could lose all or part of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defaults by our portfolio companies, including defaults relating to collateral, will harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lack of liquidity and price decline in our investments may adversely affect our business, including by reducing our NAV through increased net unrealized depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments and there is no assurance that portfolio company management will be able to operate their companies in accordance with our expectations.

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#### Risks Relating to Our Common Stock
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot assure you that a market for our shares of common stock will continue, or that the market price of our shares of common stock will not decline. Our share of common stock price may be volatile and may fluctuate substantially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of substantial amounts of our shares of common stock in the public market may have an adverse effect on the market price of our shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading and liquidity in our shares may be limited and our shares may trade below their NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During extended periods of capital market disruption and instability, there is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A stockholder's interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.

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#### OFFERINGS
We may offer, from time to time, up to $500,000,000 of our common stock, preferred stock, subscription rights to purchase shares of common stock, debt securities or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, on terms to be determined at the time of each offering.

Our securities may be offered directly to one or more purchasers, including to existing shareholders in a rights offering, through agents designated from time to time by us, or to or through underwriters or dealers. The prospectus supplement relating to an offering will identify any agents or underwriters involved in the sale of our securities, and will disclose any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters or among our underwriters or the basis upon which such amount may be calculated. See "*Plan of Distribution*" in this prospectus and "*Underwriting*" in any applicable prospectus supplement. We may not sell any of our securities through agents, underwriters or dealers without delivery of this prospectus and a prospectus supplement describing the method and terms of the offering of securities. Set forth below is additional information regarding offerings of securities pursuant to this prospectus:

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| | |
|:---|:---|
|  Symbol on the New York Stock Exchange | "KBDC". |
|  Use of Proceeds | Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities for new investments in portfolio companies in accordance with our investment objective and strategies described in this prospectus, to temporarily repay indebtedness (which will be subject to reborrowing), to pay our operating expenses and distributions to our shareholders and for general corporate purposes, and other working capital needs. Pending such use, we will invest the net proceeds primarily in high quality, short-term debt securities consistent with our BDC election and our election to be taxed as a RIC. See "*Use of Proceeds*" in this prospectus. |
|  Distributions | We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution, as determined by our Board in its discretion and in accordance with the RIC requirements.<br> The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. Future quarterly distributions, if any, will be determined by our Board. See "*Price Range of Common Stock and Distributions*" in this prospectus.<br> To maintain our tax treatment as a RIC, we must make certain distributions. See "Certain U.S. Federal Income Tax Considerations — Taxation as a RIC." |
|  Taxation | We have elected to be treated for U.S federal income tax purposes as a RIC, and intend to comply with the requirements to continue to qualify annually as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to U.S. federal income tax on any net ordinary income or capital gains that are timely distributed to our shareholders as distributions. To maintain our RIC tax treatment, we must meet specified source-of-income and asset diversification requirements and distribute annually to our shareholders at least 90.0% of our investment company taxable income, if any. See "*Price Range of Common Stock and Distributions*" and "*Certain U.S. Federal Income Tax Considerations*" in this prospectus. |

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| | |
|:---|:---|
|  Dividend Reinvestment Plan | We have adopted an "opt-out" dividend reinvestment plan ("DRIP") that provides for reinvestment of any dividends or other distributions we declare in cash on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if our Board authorizes, and we declare, a cash dividend, then our stockholders who have not "opted out" of our DRIP will have their cash dividends automatically reinvested in additional shares of our common stock, rather than receiving the cash dividends. There are no brokerage charges or other charges to stockholders who participate in the DRIP. The DRIP Administrator's fees under the plan will ultimately be borne by our common stockholders.<br> Stockholders whose cash dividends are reinvested in shares of our common stock are subject to the same U.S. federal, state and local tax consequences as are stockholders who elect to receive their dividends in cash and will not receive a corresponding cash dividend with which to pay any applicable tax. See "*Dividend Reinvestment Plan*." |
|  Management Arrangements | We are managed by our investment adviser, KA Credit Advisors, LLC (the "Advisor"), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. ("Kayne Anderson"), a prominent alternative investment management firm. See "*Business*" in our most recent Annual Report on Form 10-K for additional information about our adviser. |
|  Available Information | We are required to file annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. This information is also available on the SEC's website, and you should not consider information contained on the SEC's website to be part of this prospectus unless incorporated by reference therein. See "*Incorporation of Certain Information by Reference*." |
|  Incorporation of Certain Information by Reference | <br>This prospectus is part of a registration statement that we have filed with the SEC. We may "incorporate by reference" the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file that information. Any reports filed by us with the SEC subsequent to the date of this prospectus until we have sold all of the securities offered by this prospectus or the offering is otherwise terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus. See "*Incorporation of Certain Information by Reference*" in this prospectus. |

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#### FEES AND EXPENSES
The following table is intended to assist you in understanding the costs and expenses that an investor in shares of our common stock will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. The expenses shown in the table under "Annual Expenses" assume a debt-to-equity ratio of 1.02x (which equates to asset coverage of 198%) based on our actual ratio as of December 31, 2025. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown.

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| | |
|:---|:---|
|  **Stockholder Transaction Expenses:** |  |
|  Sales Load (as a percentage of offering price)<sup>(1)</sup> |  |
|  Offering expenses (as a percentage of offering price)<sup>(2)</sup> |  |
|  Dividend Reinvestment Plan Fees<sup>(3)</sup> | $15.00 |
|  **Total Stockholder Transaction Expenses (as a percentage of offering price)** |  |

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| | |
|:---|:---|
|  **Annual Expenses (as a percentage of net assets attributable to common stock)**<sup>(4)</sup> |  |
|  Management Fees<sup>(5)</sup> | 1.98% |
|  Incentive Fees<sup>(6)</sup> | 1.57% |
|  Interest Payments and fees paid on Borrowed Funds<sup>(7)</sup> | 6.89% |
|  Other Expenses<sup>(8)</sup> | 0.39% |
|  **Total Annual Expenses** | 10.83% |

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____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; In the event that the securities to which any applicable prospectus relates are sold or through underwriters or agents, a corresponding prospectus supplement will disclose the applicable sales load (underwriting discount and commission).

(2)&nbsp;&nbsp;&nbsp;&nbsp; Any related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated amount of offering expenses borne by us as a percentage of the offering price.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Participants in the DRIP may withdraw at any time by giving notice to the DRIP Administrator. There is no brokerage charge for reinvestment of dividends or distributions in common stock. If a DRIP participant elects to have the DRIP Administrator sell its shares in connection with a withdrawal from the DRIP, the DRIP Administrator is authorized to deduct a $15 transaction fee plus a $0.10 per share brokerage commission from the proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The expenses of the DRIP are included in "other expenses" in the table above. Our common stockholders will ultimately bear indirectly the DRIP Administrator's fees. For additional information, see "*Dividend Reinvestment Plan*" in this prospectus.

(4)&nbsp;&nbsp;&nbsp;&nbsp; Net assets employed as the denominator for expense ratio computation is $1,110 million.

(5)&nbsp;&nbsp;&nbsp;&nbsp; Includes management fees paid by Kayne Anderson BDC Financing, LLC ("KABDCF") and Kayne Anderson BDC Financing II, LLC ("KABDCF II"), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The base management fee is calculated at an annual rate of 1.00% of the fair market value of our investments including, in each case, assets purchased with borrowings under credit facilities and issuances of senior unsecured notes, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase.

(6)&nbsp;&nbsp;&nbsp;&nbsp; The Incentive Fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on our income and a portion is based on our capital gains. The table reflects each incentive fee calculated at a rate of 15.0%.

(7)&nbsp;&nbsp;&nbsp;&nbsp; Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under credit facilities and issuances of senior unsecured notes. The assumed weighted average interest rate outstanding under our credit facilities and senior unsecured notes was 6.77%. We intend to further borrow under credit facilities and/or issue senior unsecured notes in the future in order to finance our investments and may issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act.

(8)&nbsp;&nbsp;&nbsp;&nbsp; "Other Expenses" includes estimated general and administrative expenses, professional fees and director fees and is based on amounts estimated for the current fiscal year. Includes expenses paid by KABDCF and KABDCF II, respectively.

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#### Example
**The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our shares of common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are excluded from the table below. In the event that the securities to which any applicable prospectus relates are sold to or through underwriters or agents, a corresponding prospectus supplement will disclose any transaction expenses.**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains<sup>(1)</sup> | $105 | $297 | $468 | $814 |
|  You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income<sup>(2)</sup> | $91 | $261 | $416 | $751 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp; Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee). Because our investment strategy involves investments that primarily generate current income, we believe that a 5% annual return resulting from realized capital gains is unlikely.

(2)&nbsp;&nbsp;&nbsp;&nbsp; The income based incentive fee is subject to a 6.00% hurdle. Accordingly, no incentive fee would be payable in this example.

While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. There is no incentive compensation either on income or on capital gains under our Investment Advisory Agreement assuming a 5% annual return and therefore it is not included in the example. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive compensation of a material amount, our distributions to our stockholders and our expenses would likely be higher. In addition, while the example assumes reinvestment of all dividends and distributions at NAV, under certain circumstances, reinvestment of dividends and other distributions under our DRIP may occur at a price per share that differs from NAV. See *"Dividend Reinvestment Plan"* for additional information regarding our DRIP.

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#### FINANCIAL HIGHLIGHTS
Information regarding our financial highlights is incorporated by reference herein, from our most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q.

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#### RISK FACTORS
Investing in our securities involves a number of significant risks. In addition to the other information contained in this prospectus and any accompanying prospectus supplement, you should consider carefully the following information before making an investment in our securities. Before deciding whether to invest in our securities, you should carefully consider the risks and uncertainties described in the section titled "Risk Factors" in the applicable prospectus supplement and any related free writing prospectus, and discussed in the section titled "Part I, Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K, and any subsequent filings we have made with the SEC that are incorporated by reference into this prospectus, together with other information in this prospectus, the documents incorporated by reference in this prospectus or any prospectus supplement, and any free writing prospectus that we may authorize for use in connection with this offering. The risks and uncertainties described in these documents could materially adversely affect our business, financial condition, and results of operations. The risks described in these documents are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, reputation, financial condition, results of operations, and future prospects could be seriously harmed. This could cause our NAV and the trading price of our securities to decline, resulting in a loss of all or part of your investment. Please also read carefully the section titled "Cautionary Statement Regarding Forward-Looking Statements."

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#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the documents incorporated by reference contain forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, current and prospective portfolio investments, the industry, beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the Company and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;business prospects and the prospects of portfolio companies in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the ability of our Advisor to locate suitable investments and to monitor and administer investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the ability of the Advisor and its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;risks associated with possible disruptions in our operations, the operations of our portfolio companies or the economy generally, including disruptions due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the timing of cash flows, distributions and dividends, if any, from the operations of the companies in which the Company invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the ability to maintain qualification as a BDC and as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the use of borrowings under our credit facilities and issuances of senior unsecured notes to finance a portion of the Company's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the adequacy, availability and pricing of financing sources and working capital for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;actual or potential conflicts of interest with the Advisor and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the risks associated with an economic downturn, increased inflation, political instability, tariffs and trade policy instability, supply chain issues, interest rate volatility, loss of key personnel, and the illiquid nature of investments of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the risks, uncertainties and other factors we identify elsewhere in our most recent Annual Report on Form 10-K, in our other filings with the SEC that we make from time to time and elsewhere contained or incorporated by reference in this prospectus and any applicable prospectus supplement or free writing prospectus.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of forward-looking statements in this prospectus, including the documents incorporated by reference herein, and any applicable prospectus supplement or free writing prospectus, including documents incorporated therein, should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply

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only as of the dates of this prospectus, the applicable prospectus supplement, any documents we may incorporate by reference herein, and any related free writing prospectus. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements and projections contained in this prospectus are excluded from the safe harbor protections provided by Section 27A of the Securities Act and Section 21E of the Exchange Act. Notwithstanding the foregoing, the Company understands it has a continuing obligation to update this prospectus during the offering period to reflect any material changes.

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#### USE OF PROCEEDS
Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities pursuant to this prospectus for new investments in portfolio companies in accordance with our investment objective and strategies described in this prospectus, to temporarily repay indebtedness (which will be subject to reborrowing), to pay our operating expenses, to pay distributions to our shareholders and for general corporate purposes, and other working capital needs. We are continuously identifying, reviewing and, to the extent consistent with our investment objective, funding new investments. As a result, we typically raise capital as we deem appropriate to fund such new investments. The applicable prospectus supplement or a free writing prospectus that we have authorized for use relating to an offering will more fully identify the use of the proceeds from such offering.

We estimate that it will take less than six months for us to substantially invest the net proceeds of any offering made pursuant to this prospectus, depending on the availability of attractive opportunities, market conditions and the amount raised. However, we can offer no assurance that we will be able to achieve this goal.

Proceeds not immediately used for new investments or the temporary repayment of debt will be invested primarily in cash, cash equivalents, U.S. government securities and other high-quality investments that mature in one year or less from the date of investment. These securities may have lower yields than the types of investments we would typically make in accordance with our investment objective and, accordingly, may result in lower distributions, if any, during such period.

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#### PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS
Our common stock began trading on May 22, 2024 and is currently traded on The New York Stock Exchange under the symbol "KBDC". The following table sets forth: (i) the NAV per share of our common stock as of the applicable period end, (ii) the range of high and low closing sale prices of our common stock as reported on The New York Stock Exchange during the applicable period, (iii) the closing high and low sale prices as a percentage of NAV and (iv) the dividends and distributions per share of our common stock declared during the applicable period. Our shares of common stock have historically traded at prices both above and below our NAV per share. It is not possible to predict whether shares of our common stock will trade at, above or below our NAV in the future. See "*Risk Factors*."

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **<br>Closing Sales Price<sup>(2)</sup>** | **<br>Closing Sales Price<sup>(2)</sup>** | **Premium <br>(Discount) of <br>High Sales <br>Price to<br>NAV<sup>(3)</sup>** | **Premium <br>(Discount) of <br>Low Sales <br>Price to<br>NAV<sup>(3)</sup>** | **Cash <br>Dividend <br>Per Share<sup>(4)</sup>** |
|  | **NAV<sup>(1)</sup>** | **High** | **Low** | **Premium <br>(Discount) of <br>High Sales <br>Price to<br>NAV<sup>(3)</sup>** | **Premium <br>(Discount) of <br>Low Sales <br>Price to<br>NAV<sup>(3)</sup>** | **Cash <br>Dividend <br>Per Share<sup>(4)</sup>** |
|  **For the Year Ending December 31, 2025** |  |  |  |  |  |  |
|  Fourth Quarter | $16.32 | $15.71 | $13.14 | (3.7)% | (19.5)% | $0.40 |
|  Third Quarter | $16.34 | $16.24 | $13.32 | (0.6)% | (18.5)% | $0.40 |
|  Second Quarter | $16.37 | $16.37 | $14.61 | —% | (10.8)% | $0.50<br><sup>(5)</sup> |
|  First Quarter | $16.51 | $17.92 | $16.07 | 8.5% | (2.7)% | $0.50<br><sup>(5)</sup> |
|  **For the Year Ending December 31, 2024** |  |  |  |  |  |  |
|  Fourth Quarter | $16.70 | $17.00 | $15.85 | 1.8% | (5.1)% | $0.50<br><sup>(5)</sup> |
|  Third Quarter | $16.70 | $16.40 | $15.70 | (1.8)% | (6.0)% | $0.40 |
|  Second Quarter (from May 22, 2024 through June 30, 2024) | $16.57 | $16.55 | $15.95 | (0.1)% | (3.7)% | $0.40 |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Closing sales price as provided by the NYSE.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Calculated as of the respective high or low closing sales price divided by the quarter end NAV and subtracting 1.

(4)&nbsp;&nbsp;&nbsp;&nbsp; Represents the dividend or distribution declared for the relevant quarter.

(5)&nbsp;&nbsp;&nbsp;&nbsp; Includes a special dividend of $0.10 per share and regular dividend of $0.40 per share.

On March 25, 2026, the reported closing sales price of our common stock was $13.95 per share. As of March 25, 2026, we had 47 holders of record of our common stock, which did not include stockholders for whom shares are held in "nominee" or "street name".

Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount or premium to NAV is separate and distinct from the risk that our NAV will decrease.

[**Table of Contents**](#TOC001)

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information contained under the captions "*Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations*" of our most recent Annual Report on Form 10-K is incorporated by reference herein and should be read in conjunction with, and are qualified by reference to, our financial statements and notes thereto included in such Annual Report on Form 10-K.

[**Table of Contents**](#TOC001)

#### SENIOR SECURITIES
This information about the Company's senior securities should be read in conjunction with the Company's audited consolidated financial statements and related notes thereto included in its most recent Annual Report on Form 10-K. The report of our independent registered public accounting firm as of December 31, 2025, December 31, 2024 and December 31, 2023 is included in our recent Annual Reports on Form 10-K and is incorporated by reference into the registration statement of which this prospectus is a part.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Class and Period** | **Total Amount <br>Outstanding <br>Exclusive of <br>Treasury <br>Securities<sup>(1)</sup> <br>($ in millions)** | **Asset Coverage <br>per Unit<sup>(2)</sup> <br>($ in millions)** | **Involuntary <br>Liquidating <br>Preference <br>per Unit<sup>(3)</sup>** | **Average Market <br>Value per Unit<sup>(4)</sup>** |
|  **Corporate Credit Facility** |  |  |  |  |
|  December 31, 2025 | $135 | $1980 |  | N/A |
|  December 31, 2024 | $250 | $2380 |  | N/A |
|  December 31, 2023 | $234 | $1980 |  | N/A |
|  December 31, 2022 | $269 | $2030 |  | N/A |
|  December 31, 2021 |  |  |  | N/A |
|  **Revolving Funding Facility** |  |  |  |  |
|  December 31, 2025 | $525 | $1980 |  | N/A |
|  December 31, 2024 | $420 | $2380 |  | N/A |
|  December 31, 2023 | $306 | $1980 |  | N/A |
|  December 31, 2022 | $200 | $2030 |  | N/A |
|  December 31, 2021 |  |  |  | N/A |
|  **Revolving Funding Facility II**<sup>(5)</sup> |  |  |  |  |
|  December 31, 2025 | $195 | $1980 |  | N/A |
|  December 31, 2024 | $113 | $2380 |  | N/A |
|  December 31, 2023 | $70 | $1980 |  | N/A |
|  December 31, 2022 |  |  |  | N/A |
|  December 31, 2021 |  |  |  | N/A |
|  **Subscription Credit Agreement**<sup>(6)</sup> |  |  |  |  |
|  December 31, 2025 |  |  |  | N/A |
|  December 31, 2024 |  |  |  | N/A |
|  December 31, 2023 | $11 | $1980 |  | N/A |
|  December 31, 2022 | $108 | $2030 |  | N/A |
|  December 31, 2021 | $105 | $2170 |  | N/A |
|  **Loan and Security Agreement (LSA)**<sup>(7)</sup> |  |  |  |  |
|  December 31, 2025 |  |  |  | N/A |
|  December 31, 2024 |  |  |  | N/A |
|  December 31, 2023 |  |  |  | N/A |
|  December 31, 2022 |  |  |  | N/A |
|  December 31, 2021 | $162 | $2170 |  | N/A |

---

[**Table of Contents**](#TOC001)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Class and Period** | **Total Amount <br>Outstanding <br>Exclusive of <br>Treasury <br>Securities<sup>(1)</sup> <br>($ in millions)** | **Asset Coverage <br>per Unit<sup>(2)</sup> <br>($ in millions)** | **Involuntary <br>Liquidating <br>Preference <br>per Unit<sup>(3)</sup>** | **Average Market <br>Value per Unit<sup>(4)</sup>** |
|  **Notes** |  |  |  |  |
|  December 31, 2025 | $275 | $1980 |  | N/A |
|  December 31, 2024 | $75 | $2380 |  | N/A |
|  December 31, 2023 | $75 | $1980 |  | N/A |
|  December 31, 2022 |  |  |  | N/A |
|  December 31, 2021 |  |  |  | N/A |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Total amount of senior securities outstanding at the end of the period presented.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)&nbsp;&nbsp;&nbsp;&nbsp; The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it.

(4)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable because the senior securities are not registered for public trading.

(5)&nbsp;&nbsp;&nbsp;&nbsp; The Revolving Funding Facility II was entered into on December 22, 2023.

(6)&nbsp;&nbsp;&nbsp;&nbsp; The Subscription Credit Agreement was terminated on April 1, 2024.

(7)&nbsp;&nbsp;&nbsp;&nbsp; The Loan and Security Agreement ("LSA") was terminated on February 18, 2022.

[**Table of Contents**](#TOC001)

#### THE COMPANY
The information contained in "*Part I, Item 1. Business*," "*Part I, Item 2. Properties*" and "*Part I, Item 3. Legal Proceedings*" of our most recent Annual Report on Form 10-K, is incorporated herein by reference.

[**Table of Contents**](#TOC001)

#### PORTFOLIO COMPANIES
The following table ($ in 000, except share and per share data) sets forth certain information as of December 31, 2025 for each portfolio company in which the Company had an investment. Percentages shown for class of securities held by the Company represent percentage of the class owned and do not necessarily represent voting ownership or economic ownership.

For more information relating to the Company's investments, see the Company's audited and interim financial statements incorporated by reference in this prospectus.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  **Debt and Equity Investments** |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Debt Investments** |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Aerospace & defense** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Aviation Concepts, LLC |  | 110 North Wacker <br>Drive, Suite 2200, <br>Chicago, IL 60606 | First lien senior secured loan | 9.24% | 5.50% |  | SOFR(M) | 12/17/2030 | $16420 | $15919 | $16420 | $1.5% |
|  |  |  | First lien senior secured delayed draw loan | 9.24% | 5.50% |  | SOFR(M) | 12/17/2030 |  |  |  | 0.0% |
|  |  |  | First lien senior secured revolving loan | 9.24% | 5.50% |  | SOFR(M) | 12/17/2030 |  |  |  | 0.0% |
|  Fastener Distribution <br>Holdings, LLC |  | 13402 Beach <br>Avenue, Marina <br>Del Ray, <br>CA 90292 | First lien senior secured loan | 8.42% | 4.75% |  | SOFR(Q) | 11/4/2031 | 19866 | 19724 | 20065 | 1.8% |
|  |  |  | First lien senior secured delayed draw loan | 8.42% | 4.75% |  | SOFR(Q) | 11/4/2031 | 2885 | 2855 | 2913 | 0.3% |
|  TransDigm Inc | (7) | The Tower <br>at Erieview, <br>1301 East <br>9<sup>th</sup>Street, Suite 30, <br>Cleveland, <br>OH 44114 | First lien senior secured loan | 6.22% | 2.50% |  | SOFR(M) | 2/28/2031 | 6924 | 6953 | 6948 | 0.6% |
|  Vitesse Systems Parent, <br>LLC |  | 2021 McKinney Ave., Suite 1200, Dallas, TX 75201 | First lien senior secured loan | 10.93% | 7.26% |  | SOFR(M) | 12/22/2028 | 30584 | 30075 | 30431 | 2.7% |
|  |  |  | First lien senior secured revolving loan | 10.96% | 7.26% |  | SOFR(Q) | 12/22/2028 | 6239 | 6128 | 6208 | 0.6% |
|  |  |  |  |  |  |  |  |  | 82918 | 81654 | 82985 | 7.5% |
|  **Automobile components** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Clarios Global LP | (7)(8) | Florist Tower, <br>5757 North Green <br>Bay Avenue, <br>Milwaukee, <br>WI 53201 | First lien senior secured loan | 6.22% | 2.50% |  | SOFR(M) | 5/6/2030 | 4985 | 5002 | 4985 | 0.4% |
|  Speedstar Holding LLC |  | 7350 Young Drive, <br>Walton Hills, <br>OH 44146 | First lien senior secured loan | 9.84% | 6.00% |  | SOFR(M) | 7/22/2027 | 6039 | 6000 | 5948 | 0.5% |
|  |  |  | First lien senior secured delayed draw loan | 9.84% | 6.00% |  | SOFR(M) | 7/22/2027 | 659 | 654 | 650 | 0.1% |
|  WAM CR Acquisition, Inc. <br>(Wolverine) |  | 39400 Woodward <br>Avenue, Suite 240, <br>Bloomfield Hills, <br>MI 48304 | First lien senior secured loan | 10.09% | 6.25% |  | SOFR(Q) | 7/23/2029 | 26561 | 26151 | 26826 | 2.4% |
|  |  |  |  |  |  |  |  |  | 38244 | 37807 | 38409 | 3.4% |
|  **Biotechnology** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Alcami Corporation |  | 4620 Creekstone <br>Drive, Durham, <br>NC 27703 | First lien senior secured delayed draw loan | 10.83% | 7.10% |  | SOFR(M) | 12/21/2028 | 838 | 838 | 838 | 0.1% |
|  |  |  | First lien senior secured revolving loan | 10.83% | 7.10% |  | SOFR(M) | 12/21/2028 | 332 | 305 | 332 | 0.0% |
|  |  |  | First lien senior secured loan | 10.97% | 7.15% |  | SOFR(Q) | 12/21/2028 | 11383 | 11161 | 11383 | 1.0% |
|  |  |  |  |  |  |  |  |  | 12553 | 12304 | 12553 | 1.1% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  **Building products** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ruff Roofers Buyer, LLC |  | 1420 Knecht <br>Ave., Baltimore, <br>MD 21227 | First lien senior secured loan | 8.84% | 5.00% |  | SOFR(Q) | 11/19/2029 | 7043 | 6778 | 6972 | 0.6% |
|  |  |  | First lien senior secured loan | 8.67% | 5.00% |  | SOFR(Q) | 11/19/2029 | 2640 | 2611 | 2613 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 8.84% | 5.00% |  | SOFR(Q) | 11/19/2029 |  |  |  | 0.0% |
|  |  |  | First lien senior secured delayed draw loan | 8.84% | 5.00% |  | SOFR(Q) | 11/19/2029 |  |  |  | 0.0% |
|  |  |  | First lien senior secured delayed draw loan | 8.84% | 5.00% |  | SOFR(Q) | 11/19/2029 | 5264 | 5234 | 5211 | 0.5% |
|  |  |  | First lien senior secured delayed draw loan | 8.67% | 5.00% |  | SOFR(Q) | 11/19/2029 | 2642 | 2642 | 2615 | 0.2% |
|  US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.) |  | 505 Fifth <br>Avenue, 25<sup>th</sup> <br>Floor, New York, <br>NY 10017 | First lien senior secured loan | 8.67% | 5.00% |  | SOFR(Q) | 7/15/2029 | 17021 | 16741 | 17021 | 1.5% |
|  |  |  | First lien senior secured revolving loan | 8.73% | 5.00% |  | SOFR(M) | 7/15/2029 | 370 | 321 | 370 | 0.1% |
|  |  |  |  |  |  |  |  |  | 34980 | 34327 | 34802 | 3.1% |
|  **Chemicals** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Fralock Buyer LLC |  | 28525 W. Industry <br>Dr., Valencia, <br>CA 91355 | First lien senior secured loan | 9.67% | 6.00% |  | SOFR(Q) | 9/30/2026 | 12913 | 12798 | 12881 | 1.2% |
|  |  |  | First lien senior secured loan | 9.67% | 6.00% |  | SOFR(Q) | 9/30/2026 | 4443 | 4426 | 4432 | 0.4% |
|  |  |  | First lien senior secured revolving loan | 9.67% | 6.00% |  | SOFR(Q) | 9/30/2026 | 3338 | 3336 | 3330 | 0.3% |
|  Gage CR Acquisition, <br>LLC |  | 39400 Woodward <br>Ave, Ste 240, <br>Bloomfield Hills, <br>MI 48304 | First lien senior secured loan | 8.92% | 5.25% |  | SOFR(Q) | 10/1/2030 | 27048 | 26570 | 27048 | 2.4% |
|  |  |  | First lien senior secured revolving loan | 8.92% | 5.25% |  | SOFR(Q) | 10/1/2030 |  |  |  | 0.0% |
|  |  |  | First lien senior secured loan | 8.67% | 5.00% |  | SOFR(Q) | 6/30/2031 | 33605 | 33252 | 34025 | 3.1% |
|  TL Atlas Merger Sub Corp. (Zep) |  | 1111 Santa Monica Blvd., Suite 2170, Los Angeles, CA 90025 | First lien senior secured revolving loan | 8.67% | 5.00% |  | SOFR(Q) | 6/30/2031 |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  |  | 81347 | 80382 | 81716 | 7.4% |
|  **Commercial services & supplies** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Advanced Environmental Monitoring Intermediate, Inc. | (9) | 12410 Milestone Center Drive, Suite 300, Germantown, MD 20876 | First lien senior secured loan | 10.24% | 6.40% |  | SOFR(Q) | 12/31/2028 | 3651 | 3610 | 3651 | 0.3% |
|  |  |  | First lien senior secured loan | 10.24% | 6.40% |  | SOFR(Q) | 12/31/2028 | 12559 | 12386 | 12559 | 1.1% |
|  |  |  | First lien senior secured loan | 10.09% | 6.40% |  | SOFR(Q) | 12/31/2028 | 7372 | 7340 | 7372 | 0.7% |
|  |  |  | First lien senior secured loan | 10.09% | 6.40% |  | SOFR(Q) | 12/31/2028 | 2787 | 2725 | 2787 | 0.3% |
|  AeriTek Global Holdings LLC |  | 1177 Avenue of the Americas, 45<sup>th</sup> Floor, New York, NY 10036 | First lien senior secured loan | 10.32% | 6.50% |  | SOFR(Q) | 8/27/2030 | 10027 | 9886 | 10027 | 0.9% |
|  |  |  | First lien senior secured revolving loan | 10.32% | 6.50% |  | SOFR(Q) | 8/27/2030 | 415 | 400 | 415 | 0.0% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  Allentown, LLC |  | 13 Buckingham Drive, Princeton, NJ 08540 | First lien senior secured loan | 10.97% | 6.15% | 1.00% | SOFR(Q) | 4/22/2027 | 7580 | 7518 | 7371 | 0.7% |
|  |  |  | First lien senior secured delayed draw loan | 10.97% | 6.15% | 1.00% | SOFR(Q) | 4/22/2027 | 1369 | 1356 | 1332 | 0.1% |
|  |  |  | First lien senior secured revolving loan | 12.75% | 5.00% | 1.00% | PRIME | 4/22/2027 | 104 | 98 | 101 | 0.0% |
|  American Equipment Holdings LLC |  | 451 W. 3440 South, Salt Lake City, UT 84115 | First lien senior secured loan | 10.19% | 6.00% |  | SOFR(S) | 5/5/2028 | 13056 | 12813 | 13056 | 1.2% |
|  |  |  | First lien senior secured loan | 10.19% | 6.00% |  | SOFR(S) | 5/5/2028 | 1398 | 1393 | 1398 | 0.1% |
|  |  |  | First lien senior secured loan | 10.06% | 6.00% |  | SOFR(S) | 5/5/2028 | 1679 | 1662 | 1679 | 0.1% |
|  |  |  | First lien senior secured loan | 10.20% | 6.00% |  | SOFR(S) | 5/5/2028 | 456 | 456 | 456 | 0.0% |
|  |  |  | First lien senior secured loan | 10.04% | 6.00% |  | SOFR(S) | 5/5/2028 | 520 | 514 | 520 | 0.0% |
|  |  |  | First lien senior secured loan | 10.01% | 6.00% |  | SOFR(S) | 5/5/2028 | 2135 | 2115 | 2135 | 0.2% |
|  |  |  | First lien senior secured delayed draw loan | 10.19% | 6.00% |  | SOFR(S) | 5/5/2028 | 5035 | 5014 | 5035 | 0.5% |
|  |  |  | First lien senior secured delayed draw loan | 10.06% | 6.00% |  | SOFR(S) | 5/5/2028 | 4010 | 3917 | 4010 | 0.4% |
|  |  |  | First lien senior secured revolving loan | 10.19% | 6.00% |  | SOFR(S) | 5/5/2028 |  |  |  | 0.0% |
|  Arborworks Acquisition, LLC | (10)(11) | 40266 Junction Drive, Oakhurst, CA 93644 | First lien senior secured loan |  |  |  |  | 11/6/2028 | 4688 | 4688 | 4688 | 0.4% |
|  |  |  | First lien senior secured revolving loan |  |  |  |  | 11/6/2028 | 2139 | 2139 | 2139 | 0.2% |
|  Bloomington Holdco, LLC (BW Fusion) |  | 3850 Concept Court, Suite 101, Fort Wayne, IN 46808 | First lien senior secured loan | 9.90% | 6.00% |  | SOFR(Q) | 5/1/2030 | 21035 | 20659 | 21035 | 1.9% |
|  |  |  | First lien senior secured revolving loan | 9.67% | 6.00% |  | SOFR(Q) | 5/1/2030 | 3612 | 3442 | 3612 | 0.3% |
|  BLP Buyer, Inc. (Bishop Lifting Products) |  | 2301 Commerce Street, Ste 110, Houston, TX 77002 | First lien senior secured loan | 9.97% | 6.25% |  | SOFR(M) | 12/22/2029 | 25708 | 25360 | 25708 | 2.3% |
|  |  |  | First lien senior secured loan | 9.97% | 6.25% |  | SOFR(M) | 12/22/2029 | 1208 | 1189 | 1208 | 0.1% |
|  |  |  | First lien senior secured loan | 10.29% | 6.25% |  | SOFR(S) | 12/22/2029 | 506 | 499 | 506 | 0.0% |
|  |  |  | First lien senior secured loan | 9.97% | 6.25% |  | SOFR(M) | 12/22/2029 | 563 | 555 | 563 | 0.1% |
|  |  |  | First lien senior secured delayed draw loan | 9.97% | 6.25% |  | SOFR(M) | 12/22/2029 | 3146 | 3102 | 3146 | 0.3% |
|  |  |  | First lien senior secured revolving loan | 9.97% | 6.25% |  | SOFR(M) | 12/22/2029 | 2773 | 2721 | 2773 | 0.2% |
|  Connect America.Com, <br>LLC | (9) | 3 Bala Plaza West, Suite 200, 251 St. Asaphs Road, Bala Cynwyd, PA 19004 | First lien senior secured loan | 9.42% | 5.75% |  | SOFR(Q) | 10/11/2029 | 25509 | 25203 | 24999 | 2.2% |
|  Diverzify Intermediate <br>LLC |  | 865 W. Irving Park Rd., Itasca, IL 60143 | First lien senior secured delayed draw loan | 9.74% | 6.01% |  | SOFR(M) | 6/11/2031 |  |  |  | 0.0% |
|  |  |  | First lien senior secured loan | 9.74% | 6.01% |  | SOFR(Q) | 5/11/2027 | 5972 | 5909 | 5823 | 0.5% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  Gusmer Enterprises, Inc. |  | 1165 Globe Avenue, Mountainside, NJ 07092 | First lien senior secured loan | 9.33% | 5.61% |  | SOFR(M) | 5/7/2027 | 2721 | 2705 | 2721 | 0.2% |
|  |  |  | First lien senior secured delayed draw loan | 9.33% | 5.61% |  | SOFR(M) | 5/7/2027 | 3750 | 3729 | 3750 | 0.3% |
|  |  |  | First lien senior secured delayed draw loan | 9.33% | 5.61% |  | SOFR(M) | 5/7/2027 | 990 | 985 | 990 | 0.1% |
|  |  |  | First lien senior secured revolving loan | 9.39% | 5.61% |  | SOFR(M) | 5/7/2027 | 735 | 716 | 735 | 0.1% |
|  Superior Intermediate <br>LLC (Landmark Structures) |  | 3120 Sabre Drive, Southlake, TX 76092 | First lien senior secured loan | 9.22% | 5.50% |  | SOFR(M) | 12/18/2029 | 17223 | 16834 | 17395 | 1.6% |
|  |  |  | First lien senior secured delayed draw loan | 9.22% | 5.50% |  | SOFR(M) | 12/18/2029 |  |  |  | 0.0% |
|  |  |  | First lien senior secured revolving loan | 9.22% | 5.50% |  | SOFR(M) | 12/18/2029 |  |  |  | 0.0% |
|  PMFC Holding, LLC |  | 480 Pilgrim Way, Suite 1400, Green Bay, WI 54304 | First lien senior secured loan | 11.84% | 8.15% |  | SOFR(Q) | 7/31/2026 | 5445 | 5423 | 5445 | 0.5% |
|  |  |  | First lien senior secured delayed draw loan | 11.99% | 8.15% |  | SOFR(Q) | 7/31/2026 | 2731 | 2730 | 2731 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 11.99% | 8.15% |  | SOFR(Q) | 7/31/2026 | 34 | 34 | 34 | 0.0% |
|  Regiment Security Partners LLC | (12) | 2001 Central Park Avenue, New York, NY 10710 | First lien senior secured loan | 13.84% | 10.15% |  | SOFR(Q) | 9/15/2026 | 6360 | 6325 | 5381 | 0.5% |
|  |  |  | First lien senior secured loan | 15.50% | 8.75% |  | PRIME | 9/15/2026 | 3305 | 3305 | 2796 | 0.3% |
|  |  |  | First lien senior secured delayed draw loan | 13.84% | 10.15% |  | SOFR(Q) | 9/15/2026 | 2602 | 2590 | 2201 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 13.84% | 10.15% |  | SOFR(Q) | 9/15/2026 | 780 | 774 | 660 | 0.1% |
|  Tempo Acquisition, LLC | (7) | 345 Park Avenue, New York, NY 10154 | First lien senior secured loan | 5.47% | 1.75% |  | SOFR(M) | 8/31/2028 | 8103 | 8124 | 7774 | 0.7% |
|  Tapco Buyer LLC |  | 5100 West Brown Deer Road, Brown Deer, WI 53223 | First lien senior secured loan | 8.22% | 4.50% |  | SOFR(M) | 11/15/2030 | 10471 | 10340 | 10576 | 1.0% |
|  |  |  | First lien senior secured loan | 8.23% | 4.50% |  | SOFR(M) | 11/15/2030 | 2921 | 2887 | 2950 | 0.3% |
|  |  |  | First lien senior secured delayed draw loan | 8.23% | 4.50% |  | SOFR(M) | 11/15/2030 | 7221 | 7050 | 7293 | 0.7% |
|  |  |  | First lien senior secured revolving loan | 8.22% | 4.50% |  | SOFR(M) | 11/15/2030 |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  |  | 246404 | 243220 | 243536 | 21.9% |
|  **Containers & packaging** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Carton Packaging Buyer, Inc. (Century Box) |  | 150 N. Riverside Plaza, Suite 2050, Chicago, IL 60606 | First lien senior secured loan | 10.09% | 6.25% |  | SOFR(Q) | 10/30/2028 | 23776 | 23400 | 23538 | 2.1% |
|  |  |  | First lien senior secured loan | 9.99% | 6.25% |  | SOFR(S) | 10/30/2028 | 11905 | 11692 | 11786 | 1.0% |
|  |  |  | First lien senior secured revolving loan | 9.98% | 6.25% |  | SOFR(M) | 10/30/2028 | 854 | 814 | 846 | 0.1% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  Drew Foam Companies <br>Inc. |  | 6 Cadillac Dr, Ste 150, Nashville, TN 37027 – 5069 | First lien senior secured loan | 9.82% | 6.15% |  | SOFR(Q) | 12/5/2026 | 6904 | 6836 | 6904 | 0.6% |
|  |  |  | First lien senior secured loan | 10.02% | 6.15% |  | SOFR(Q) | 12/5/2026 | 19625 | 19549 | 19625 | 1.8% |
|  FCA, LLC |  | 7601 John Deere Parkway, Moline, IL 61265 | First lien senior secured loan | 9.21% | 5.00% |  | SOFR(S) | 7/18/2028 | 18673 | 18537 | 18673 | 1.7% |
|  |  |  | First lien senior secured loan | 9.47% | 5.75% |  | SOFR(M) | 7/18/2028 | 740 | 731 | 748 | 0.1% |
|  M2S Group Intermediate Holdings, Inc. |  | 852 East Wisconsin Avenue, Appleton, WI 54911 | First lien senior secured loan | 8.59% | 4.75% |  | SOFR(M) | 8/25/2031 | 37471 | 35215 | 36534 | 3.3% |
|  Monza Purchaser, LLC <br>(Smyth) |  | 1085 Snelling Avenue North, Saint Paul, MN 55108 | First lien senior secured loan | 9.17% | 5.50% |  | SOFR(Q) | 2/28/2030 | 26360 | 25917 | 26360 | 2.4% |
|  |  |  | First lien senior secured revolving loan | 9.17% | 5.50% |  | SOFR(Q) | 2/28/2030 | 1234 | 1095 | 1234 | 0.1% |
|  |  |  | First lien senior secured delayed draw loan | 9.35% | 5.50% |  | SOFR(Q) | 2/28/2030 | 5271 | 5178 | 5271 | 0.5% |
|  The Robinette Company |  | 250 Blackley Rd., Bristol, TN 37620 | First lien senior secured loan | 9.84% | 6.00% |  | SOFR(Q) | 5/10/2029 | 10123 | 9976 | 10225 | 0.9% |
|  |  |  | First lien senior secured revolving loan | 9.84% | 6.00% |  | SOFR(Q) | 5/10/2029 | 2414 | 2355 | 2438 | 0.2% |
|  |  |  | First lien senior secured delayed draw loan | 9.84% | 6.00% |  | SOFR(Q) | 5/10/2029 |  |  |  | 0.0% |
|  WCHG Buyer, Inc. <br>(Handgards) |  | 6250 N River Road, Suite 10-100, Rosemont, IL 60018 | First lien senior secured loan | 8.47% | 4.75% |  | SOFR(M) | 4/10/2031 | 37363 | 37007 | 37363 | 3.4% |
|  |  |  |  |  |  |  |  |  | 202713 | 198302 | 201545 | 18.2% |
|  **Diversified consumer services** |  |  |  |  |  |  |  |  |  |  |  |  |
|  BCDI Meteor Acquisition, LLC |  | 690 NE 23<sup>rd</sup> Avenue, Gainesville, FL 32609 | First lien senior secured loan | 10.77% | 7.10% |  | SOFR(Q) | 6/29/2028 | 15722 | 15523 | 15722 | 1.4% |
|  |  |  | First lien senior secured loan | 10.77% | 7.10% |  | SOFR(Q) | 6/29/2028 | 2167 | 2136 | 2167 | 0.2% |
|  |  |  |  |  |  |  |  |  | 17889 | 17659 | 17889 | 1.6% |
|  **Diversified telecommunication services** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Network Connex (f/k/a NTI Connect, LLC) |  | 5101 Thatcher Rd., Downers Grove, IL 60515 | First lien senior secured loan | 8.57% | 4.90% |  | SOFR(Q) | 7/31/2027 | 3552 | 3542 | 3552 | 0.3% |
|  **Financial services** |  |  |  |  |  |  |  |  |  |  |  |  |
|  SGCP Intermediate, Inc. <br>(SG Credit) | (13)(14) | 500 Newport Center Drive, Suite 580, Newport Beach, CA 92660 | First lien senior secured loan | 11.00% | 11.00% |  | FIXED | 7/15/2030 | 80000 | 78557 | 80000 | 7.2% |
|  |  |  | First lien senior secured loan | 11.00% | 11.00% |  | FIXED | 7/15/2030 | 13000 | 12547 | 13000 | 1.2% |
|  |  |  |  |  |  |  |  |  | 93000 | 91104 | 93000 | 8.4% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  **Food products** |  |  |  |  |  |  |  |  |  |  |  |  |
|  BC CS 2, L.P. (Cuisine Solutions, Inc.) | (8)(14) | 200 Clarendon Street, Boston, MA 02116 |  | 10.31% | 6.10% |  | SOFR(S) | 7/8/2028 | 14793 | 14604 | 14793 | 1.3% |
|  BR PJK Produce, LLC <br>(Keany) |  | 3310 75<sup>th</sup> Avenue, Landover, MD 20785 | First lien senior secured loan | 10.39% | 6.40% |  | SOFR(Q) | 12/14/2027 | 29042 | 28733 | 29042 | 2.6% |
|  |  |  | First lien senior secured loan | 10.39% | 6.40% |  | SOFR(Q) | 12/14/2027 | 4295 | 4237 | 4295 | 0.4% |
|  |  |  | First lien senior secured delayed draw loan | 10.38% | 6.40% |  | SOFR(Q) | 12/14/2027 | 4321 | 4253 | 4321 | 0.4% |
|  |  |  | First lien senior secured delayed draw loan | 10.39% | 6.40% |  | SOFR(Q) | 12/14/2027 | 1404 | 1389 | 1404 | 0.1% |
|  CCFF Buyer, LLC (California Custom Fruits & Flavors, <br>LLC) |  | 15800 Tapia Street, Irwindale, CA 91706 | First lien senior secured loan | 9.08% | 5.00% |  | SOFR(S) | 2/26/2030 | 13757 | 13500 | 13894 | 1.3% |
|  |  |  | First lien senior secured delayed draw loan | 9.06% | 5.00% |  | SOFR(S) | 2/26/2030 | 8375 | 8264 | 8459 | 0.8% |
|  |  |  | First lien senior secured revolving loan | 9.08% | 5.00% |  | SOFR(S) | 2/26/2030 |  |  |  | 0.0% |
|  City Line Distributors <br>LLC |  | 20 Industry Dr., West Haven, CT 06516 | First lien senior secured loan | 10.10% | 6.26% |  | SOFR(Q) | 8/31/2028 | 8717 | 8586 | 8717 | 0.8% |
|  |  |  | First lien senior secured delayed draw loan | 10.13% | 6.26% |  | SOFR(Q) | 8/31/2028 | 3572 | 3537 | 3572 | 0.3% |
|  |  |  | First lien senior secured revolving loan | 10.10% | 6.26% |  | SOFR(Q) | 8/31/2028 |  |  |  | 0.0% |
|  Gulf Pacific Acquisition, LLC |  | 12010 Taylor Rd., Houston, TX, 77041 | First lien senior secured loan | 10.82% | 7.10% |  | SOFR(M) | 9/29/2028 | 19771 | 19523 | 19771 | 1.8% |
|  |  |  | First lien senior secured delayed draw loan | 10.83% | 7.10% |  | SOFR(M) | 9/29/2028 | 1667 | 1664 | 1667 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 10.82% | 7.10% |  | SOFR(M) | 9/29/2028 | 2697 | 2635 | 2697 | 0.2% |
|  IF&P Foods, LLC (FreshEdge) |  | 4501 Massachusetts Avenue, Indianapolis, IN 46218 | First lien senior secured loan | 9.40% | 5.73% |  | SOFR(Q) | 10/3/2028 | 26694 | 26345 | 26427 | 2.4% |
|  |  |  | First lien senior secured loan | 9.77% | 6.10% |  | SOFR(Q) | 10/3/2028 | 212 | 208 | 211 | 0.0% |
|  |  |  | First lien senior secured loan | 9.02% | 5.35% |  | SOFR(Q) | 10/3/2028 | 704 | 683 | 690 | 0.1% |
|  |  |  | First lien senior secured delayed draw loan | 9.40% | 5.73% |  | SOFR(Q) | 10/3/2028 | 3964 | 3917 | 3924 | 0.4% |
|  |  |  | First lien senior secured revolving loan | 9.40% | 5.73% |  | SOFR(Q) | 10/3/2028 | 3490 | 3450 | 3455 | 0.3% |
|  J&K Ingredients, LLC |  | 160 East 5<sup>th</sup> Street, Paterson, NJ 07524 | First lien senior secured loan | 8.67% | 5.00% |  | SOFR(Q) | 11/16/2028 | 24313 | 23915 | 24252 | 2.2% |
|  |  |  | First lien senior secured loan | 8.67% | 5.00% |  | SOFR(Q) | 11/16/2028 | 7888 | 7811 | 7868 | 0.7% |
|  |  |  | First lien senior secured loan | 8.67% | 5.00% |  | SOFR(Q) | 11/16/2028 |  |  |  | 0.0% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  ML Buyer, LLC (Mama Lycha Foods, LLC) |  | 4747 Bethesda Avenue, Suite 1150, Bethesda, MD 20814 | First lien senior secured loan | 9.49% | 5.75% |  | SOFR(Q) | 9/7/2029 | 11439 | 11260 | 11553 | 1.0% |
|  |  |  | First lien senior secured revolving loan | 9.49% | 5.75% |  | SOFR(Q) | 9/7/2029 | 798 | 739 | 806 | 0.1% |
|  Siegel Egg Co., LLC | (10)(11) | 90 Salem Rd, North Billerica, MA 01862 | First lien senior secured loan |  |  |  |  | 12/29/2026 | 14727 | 14620 | 8615 | 0.8% |
|  |  |  | First lien senior secured loan |  |  |  |  | 12/29/2026 | 382 | 375 | 382 | 0.0% |
|  |  |  | First lien senior secured loan |  |  |  |  | 12/29/2026 | 912 | 894 | 912 | 0.1% |
|  |  |  | First lien senior secured revolving loan |  |  |  |  | 12/29/2026 | 3179 | 3157 | 1860 | 0.2% |
|  Texas Coffee Holdco <br>LLC |  | 35980 Woodward Ave, Ste 300, Bloomfield Hills, MI 48304 | First lien senior secured delayed draw loan | 11.49% | 7.65% |  | SOFR(Q) | 10/31/2030 | 15000 | 14451 | 15000 | 1.3% |
|  |  |  | First lien senior secured delayed draw loan | 11.49% | 7.65% |  | SOFR(Q) | 10/31/2030 |  |  |  | 0.0% |
|  Worldwide Produce Acquisition, LLC |  | 2652 Long Beach Avenue, Unit 2, Los Angeles, CA 90058 | First lien senior secured delayed draw loan | 11.59% | 2.50% | 5.25% | SOFR(Q) | 1/18/2029 | 571 | 561 | 553 | 0.0% |
|  |  |  | First lien senior secured delayed draw loan | 11.59% | 2.50% | 5.25% | SOFR(Q) | 1/18/2029 | 474 | 455 | 459 | 0.0% |
|  |  |  | First lien senior secured delayed draw loan | 11.59% | 2.50% | 5.25% | SOFR(Q) | 1/18/2029 |  |  |  | 0.0% |
|  |  |  | First lien senior secured revolving loan | 10.61% | 6.75% |  | SOFR(Q) | 1/18/2029 | 64 | 64 | 62 | 0.0% |
|  |  |  | First lien senior secured loan | 11.59% | 2.50% | 5.25% | SOFR(Q) | 1/18/2029 | 2913 | 2864 | 2819 | 0.3% |
|  |  |  |  |  |  |  |  |  | 230135 | 226694 | 222480 | 20.1% |
|  **Health care equipment & supplies** |  |  |  |  |  |  |  |  |  |  |  |  |
|  ECS Opco 1, LLC (Spectrum Vascular) |  | 50 Main Street, Suite 100, White Plains, NY 10606 | First lien senior secured loan | 8.42% | 4.75% |  | SOFR(Q) | 3/26/2031 | 5861 | 5775 | 5670 | 0.5% |
|  |  |  | First lien senior secured delayed draw loan | 8.42% | 4.75% |  | SOFR(Q) | 3/26/2031 |  |  |  | 0.0% |
|  |  |  | First lien senior secured revolving loan | 8.42% | 4.75% |  | SOFR(Q) | 3/26/2031 |  |  |  | 0.0% |
|  LSL Industries, LLC |  | 50 E. Washington St., Ste 400, Chicago IL 60602 | First lien senior secured loan | 10.67% | 6.76% |  | SOFR(Q) | 11/3/2027 | 17897 | 17531 | 17763 | 1.6% |
|  |  |  | First lien senior secured delayed draw loan | 10.67% | 6.76% |  | SOFR(Q) | 11/3/2027 |  |  |  | 0.0% |
|  |  |  | First lien senior secured revolving loan | 10.67% | 6.76% |  | SOFR(Q) | 11/3/2027 |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  |  | 23758 | 23306 | 23433 | 2.1% |
|  **Health care providers & services** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Aegis Toxicology Sciences Corporation |  | 530 Great Circle Rd, Nashville, TN 37228 | First lien senior secured loan | 9.69% | 6.00% |  | SOFR(Q) | 6/20/2030 | 27360 | 26755 | 27360 | 2.5% |
|  |  |  | First lien senior secured revolving loan | 9.69% | 6.00% |  | SOFR(Q) | 6/20/2030 |  |  |  | 0.0% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  Brightview, LLC |  | 615 Elsinore Pl #300, Cincinnati, OH 45202 | First lien senior secured loan | 9.58% | 5.86% |  | SOFR(M) | 12/14/2026 | 12607 | 12602 | 12607 | 1.1% |
|  |  |  | First lien senior secured delayed draw loan | 9.58% | 5.86% |  | SOFR(M) | 12/14/2026 | 1684 | 1683 | 1684 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 9.58% | 5.86% |  | SOFR(M) | 12/14/2026 | 620 | 618 | 620 | 0.1% |
|  Guardian Dentistry Practice Management, LLC |  | 5803 NW 151 St., Suite 201, Miami Lakes, FL, 33014 | First lien senior secured loan | 9.33% | 5.61% |  | SOFR(M) | 8/20/2027 | 5853 | 5799 | 5853 | 0.5% |
|  |  |  | First lien senior secured delayed draw loan | 9.33% | 5.61% |  | SOFR(M) | 8/20/2027 | 11472 | 11371 | 11472 | 1.0% |
|  |  |  | First lien senior secured delayed draw loan | 9.33% | 5.61% |  | SOFR(M) | 8/20/2027 | 4475 | 4462 | 4475 | 0.4% |
|  |  |  | First lien senior secured revolving loan | 11.25% | 4.50% |  | Prime | 8/20/2027 | 155 | 155 | 155 | 0.0% |
|  Guided Practice Solutions: Dental, LLC (GPS) |  | 515 W. Washington Avenue, Jonesboro, AR 72401 | First lien senior secured delayed draw loan | 10.08% | 6.36% |  | SOFR(M) | 11/24/2026 | 16486 | 16345 | 16486 | 1.5% |
|  |  |  | First lien senior secured delayed draw loan | 10.08% | 6.36% |  | SOFR(M) | 11/24/2026 | 3940 | 3940 | 3940 | 0.4% |
|  |  |  | First lien senior secured delayed draw loan | 10.08% | 6.36% |  | SOFR(M) | 11/24/2026 | 9637 | 9609 | 9637 | 0.9% |
|  Integrated Dermatology <br>LLC |  | 4700 Exchange Court, Suite 110, Boca Raton, FL 33431 | First lien senior secured delayed draw loan | 10.35% | 6.50% |  | SOFR(Q) | 8/1/2030 | 25425 | 24907 | 25552 | 2.3% |
|  |  |  | First lien senior secured revolving loan | 10.35% | 6.50% |  | SOFR(Q) | 8/1/2030 |  |  |  | 0.0% |
|  |  |  | First lien senior secured delayed draw loan | 10.36% | 6.50% |  | SOFR(Q) | 8/1/2030 | 938 | 835 | 942 | 0.1% |
|  Light Wave Dental Management, LLC |  | 13580 Groupe Dr., Suite 305, Woodbridge, VA 22192 | First lien senior secured revolving loan | 9.19% | 5.50% |  | SOFR(Q) | 6/30/2029 | 3837 | 3751 | 3837 | 0.3% |
|  |  |  | First lien senior secured loan | 9.19% | 5.50% |  | SOFR(Q) | 6/30/2029 | 21972 | 21560 | 21972 | 2.0% |
|  |  |  | First lien senior secured loan | 9.19% | 5.50% |  | SOFR(Q) | 6/30/2029 | 2727 | 2680 | 2727 | 0.2% |
|  |  |  | First lien senior secured loan | 9.19% | 5.50% |  | SOFR(Q) | 6/30/2029 | 489 | 478 | 489 | 0.0% |
|  |  |  | First lien senior secured loan | 9.19% | 5.50% |  | SOFR(Q) | 6/30/2029 | 2265 | 2234 | 2265 | 0.2% |
|  MVP VIP Borrower, <br>LLC |  | 1815 Clarkson Road, Chesterfield, MO 63017 | First lien senior secured loan | 10.17% | 6.50% |  | SOFR(Q) | 1/3/2029 | 19283 | 18966 | 19283 | 1.7% |
|  |  |  | First lien senior secured delayed draw loan | 10.17% | 6.50% |  | SOFR(Q) | 1/3/2029 | 1555 | 1530 | 1555 | 0.1% |
|  NMA Holdings, LLC (Neuromonitoring <br>Associates) |  | 4500 W. Eldorado Parkway, Suite 3300 and 3400, McKinney, TX 75070 | First lien senior secured loan | 8.70% | 5.00% |  | SOFR(Q) | 12/18/2030 | 16261 | 15974 | 16423 | 1.5% |
|  |  |  | First lien senior secured revolving loan | 8.70% | 5.00% |  | SOFR(Q) | 12/18/2030 |  |  |  | 0.0% |
|  |  |  | First lien senior secured delayed draw loan | 8.70% | 5.00% |  | SOFR(Q) | 12/18/2030 | 769 | 732 | 777 | 0.1% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  Redwood MSO, LLC (Smile Partners) |  | 1560 Sherman Avenue, Suite 1200, Evanston, IL 60201 | First lien senior secured loan | 9.17% | 5.50% |  | SOFR(Q) | 12/20/2029 | 11103 | 10920 | 11103 | 1.0% |
|  |  |  | First lien senior secured delayed draw loan | 9.17% | 5.50% |  | SOFR(Q) | 12/20/2029 | 1216 | 1190 | 1216 | 0.1% |
|  |  |  | First lien senior secured revolving loan | 11.25% | 4.50% |  | PRIME | 12/20/2029 | 283 | 267 | 283 | 0.0% |
|  Refocus Management Services, LLC |  | 600 Summer Street, Unit 600, Stamford, CT 06901 | First lien senior secured loan | 9.27% | 5.60% |  | SOFR(Q) | 2/14/2029 | 18037 | 17656 | 18037 | 1.6% |
|  |  |  | First lien senior secured delayed draw loan | 9.44% | 5.60% |  | SOFR(Q) | 2/14/2029 | 7091 | 6933 | 7091 | 0.6% |
|  |  |  | First lien senior secured delayed draw loan | 9.27% | 5.60% |  | SOFR(Q) | 2/14/2029 | 3527 | 3527 | 3527 | 0.3% |
|  |  |  | First lien senior secured revolving loan | 9.44% | 5.60% |  | SOFR(Q) | 2/14/2029 | 496 | 464 | 496 | 0.1% |
|  Salt Dental Collective <br>LLC |  | 1245 SE 3<sup>rd</sup> Street, Suite A-2, Bend, OR 97702 | First lien senior secured delayed draw loan | 10.57% | 6.85% |  | SOFR(M) | 2/15/2028 | 3940 | 3940 | 3940 | 0.4% |
|  |  |  |  |  |  |  |  |  | 235503 | 231883 | 235804 | 21.2% |
|  **Household durables** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Curio Brands, LLC |  | 501 Highway 12, Starkville, MS 39759 | First lien senior secured loan | 8.92% | 5.25% |  | SOFR(Q) | 4/2/2031 | 10333 | 10227 | 10540 | 0.9% |
|  |  |  | First lien senior secured revolving loan | 8.92% | 5.25% |  | SOFR(Q) | 4/2/2031 |  |  |  | 0.0% |
|  |  |  | First lien senior secured delayed draw loan | 8.92% | 5.25% |  | SOFR(Q) | 4/2/2031 |  |  |  | 0.0% |
|  Del-Air Heating, Air Conditioning & Refrigeration, LLC |  | 531 Codisco Way, Sanford, FL 32771 | First lien senior secured loan | 9.37% | 5.50% |  | SOFR(Q) | 2/4/2031 | 5259 | 5190 | 5259 | 0.5% |
|  |  |  | First lien senior secured revolving loan | 9.36% | 5.50% |  | SOFR(Q) | 2/4/2031 | 1078 | 1048 | 1078 | 0.1% |
|  |  |  | First lien senior secured delayed draw loan | 9.32% | 5.50% |  | SOFR(Q) | 2/4/2031 | 3362 | 3306 | 3362 | 0.3% |
|  |  |  |  |  |  |  |  |  | 20032 | 19771 | 20239 | 1.8% |
|  **Household products** |  |  |  |  |  |  |  |  |  |  |  |  |
|  CREO Group Inc. (HMS Manufacturing) |  | 2050 Avenue A, Kissimmee, FL 34758 | First lien senior secured loan | 10.35% | 6.51% |  | SOFR(Q) | 9/24/2029 | 33794 | 33211 | 32949 | 3.0% |
|  |  |  | First lien senior secured revolving loan | 10.18% | 6.51% |  | SOFR(Q) | 9/24/2029 | 4908 | 4810 | 4785 | 0.4% |
|  Home Brands Group Holdings, Inc. <br>(ReBath) |  | 426 N. 44<sup>th</sup> Street, Suite 410, Phoenix, AZ 85008 | First lien senior secured loan | 8.72% | 5.00% |  | SOFR(M) | 1/8/2028 | 15141 | 15019 | 15141 | 1.4% |
|  |  |  | First lien senior secured revolving loan | 8.72% | 5.00% |  | SOFR(M) | 1/8/2028 |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  |  | 53843 | 53040 | 52875 | 4.8% |
|  **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Allcat Claims Service, <br>LLC |  | 16 Cascade Caverns Road, Boerne, TX 78015 | First lien senior secured loan | 8.57% | 4.85% |  | SOFR(M) | 7/7/2027 | 971 | 964 | 971 | 0.1% |
|  |  |  | First lien senior secured delayed draw loan | 8.57% | 4.85% |  | SOFR(M) | 7/7/2027 | 21169 | 20850 | 21169 | 1.9% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  |  |  | First lien senior secured delayed draw loan | 8.57% | 4.85% |  | SOFR(M) | 7/7/2027 |  |  |  | 0.0% |
|  |  |  | First lien senior secured revolving loan | 8.57% | 4.85% |  | SOFR(M) | 7/7/2027 |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  |  | 22140 | 21814 | 22140 | 2.0% |
|  **IT services** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Improving Acquisition <br>LLC |  | 2001 Ross Avenue, Suite 4250, Dallas, TX 75201 | First lien senior secured loan | 10.32% | 6.65% |  | SOFR(Q) | 7/26/2027 | 34538 | 34264 | 34538 | 3.1% |
|  |  |  | First lien senior secured revolving loan | 10.59% | 6.65% |  | SOFR(M) | 7/26/2027 | 167 | 156 | 167 | 0.0% |
|  |  |  |  |  |  |  |  |  | 34705 | 34420 | 34705 | 3.1% |
|  **Leisure products** |  |  |  |  |  |  |  |  |  |  |  |  |
|  MacNeill Pride Group <br>Corp. |  | 155 Franklin Road, Suite 250, Brentwood, TN 37027 | First lien senior secured loan | 10.18% | 6.51% |  | SOFR(Q) | 4/22/2026 | 7824 | 7816 | 7824 | 0.7% |
|  |  |  | First lien senior secured delayed draw loan | 10.18% | 6.51% |  | SOFR(Q) | 4/22/2026 | 1465 | 1463 | 1465 | 0.1% |
|  |  |  | First lien senior secured delayed draw loan | 10.18% | 6.51% |  | SOFR(Q) | 4/22/2026 | 1639 | 1631 | 1639 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 10.18% | 6.51% |  | SOFR(Q) | 4/22/2026 |  |  |  | 0.0% |
|  Olibre Borrower LLC <br>(Revelyst) |  | One Vista Way, Anoka, MN 55303 | First lien senior secured loan | 9.42% | 5.75% |  | SOFR(Q) | 1/3/2030 | 33586 | 33021 | 33670 | 3.0% |
|  TG Parent Newco LLC (Trademark Global <br>LLC) | (10)(11)(13) | 7951 West Erie Avenue, Lorain, OH 44053 | First lien senior secured loan |  |  |  |  | 6/30/2027 | 12623 | 12555 | 7100 | 0.6% |
|  |  |  | First lien senior secured revolving loan |  |  |  |  | 6/30/2027 | 2815 | 2800 | 1583 | 0.2% |
|  VENUplus, Inc. (f/k/a CTM Group, Inc.) |  | 5 Industrial Way Suite 1A, Salem, NH, 03079 | First lien senior secured loan | 11.32% | 6.85% | 0.75% | SOFR(M) | 11/30/2026 | 4446 | 4410 | 4424 | 0.4% |
|  |  |  |  |  |  |  |  |  | 64398 | 63696 | 57705 | 5.2% |
|  **Machinery** |  |  |  |  |  |  |  |  |  |  |  |  |
|  MRC Keystone Acquisition LLC (Automated Handing Solutions) |  | 2397 Highway 23, Oskaloosa, IA 52577 | First lien senior secured loan | 10.17% | 6.50% |  | SOFR(Q) | 12/18/2029 | 13876 | 13583 | 13391 | 1.2% |
|  |  |  | First lien senior secured revolving loan | 10.17% | 6.50% |  | SOFR(Q) | 12/18/2029 |  |  |  | 0.0% |
|  CMT Intermediate Holdings, LLC (Capital Machine Technologies) |  | 911 US Hwy 301 South, Tampa, FL 33619 | First lien senior secured loan | 9.22% | 5.50% |  | SOFR(M) | 3/29/2030 | 16197 | 15838 | 16359 | 1.5% |
|  |  |  | First lien senior secured revolving loan | 9.22% | 5.50% |  | SOFR(M) | 3/29/2030 |  |  |  | 0.0% |
|  LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.) |  | 200 Newbury St, Boston, MA 02116 | First lien senior secured loan | 9.62% | 5.75% |  | SOFR(Q) | 4/24/2031 | 11150 | 10997 | 11150 | 1.0% |
|  |  |  | First lien senior secured loan | 9.59% | 5.75% |  | SOFR(Q) | 4/24/2031 | 15502 | 15282 | 15502 | 1.4% |
|  |  |  | First lien senior secured delayed draw loan | 9.59% | 5.75% |  | SOFR(Q) | 4/24/2031 | 4899 | 4807 | 4899 | 0.5% |
|  |  |  | First lien senior secured revolving loan | 9.59% | 5.75% |  | SOFR(Q) | 4/24/2031 |  |  |  | 0.0% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  Eppinger Technologies, <br>LLC | (8) | 9930 E. 56<sup>th</sup> Street, Indianapolis, IN 46236 | First lien senior secured loan | 12.32% | 7.90% | 0.75% | SOFR(Q) | 2/4/2026 | 24847 | 24810 | 24847 | 2.2% |
|  |  |  | First lien senior secured revolving loan | 11.52% | 6.90% | 0.75% | SOFR(Q) | 2/4/2026 | 1884 | 1880 | 1884 | 0.2% |
|  Luxium Solutions, LLC |  | 17900 Great Lakes Parkway, Hiram, OH 44234 | First lien senior secured loan | 8.92% | 5.25% |  | SOFR(Q) | 12/1/2027 | 3776 | 3742 | 3776 | 0.3% |
|  |  |  | First lien senior secured loan | 8.92% | 5.25% |  | SOFR(Q) | 12/1/2027 | 4650 | 4608 | 4650 | 0.4% |
|  |  |  | First lien senior secured delayed draw loan | 8.92% | 5.25% |  | SOFR(Q) | 12/1/2027 | 1221 | 1215 | 1221 | 0.1% |
|  PVI Holdings, Inc (Vytl Controls Group Inc) |  | 19011 Highland Road, Baton Rouge, LA 70809 | First lien senior secured loan | 8.92% | 4.94% |  | SOFR(Q) | 1/18/2028 | 23411 | 23250 | 23411 | 2.1% |
|  RMH Systems, LLC |  | 1130 SE Westbrooke Dr., Waukee, IA 50263 | First lien senior secured loan | 8.90% | 5.00% |  | SOFR(Q) | 2/4/2030 | 10185 | 10013 | 9930 | 0.9% |
|  |  |  | First lien senior secured delayed draw loan | 8.84% | 5.00% |  | SOFR(Q) | 2/4/2030 | 2697 | 2553 | 2630 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 8.90% | 5.00% |  | SOFR(Q) | 2/4/2030 |  |  |  | 0.0% |
|  United Titanium, LLC |  | 3450 Old Airport Road, Wooster, OH 44691 | First lien senior secured loan | 8.42% | 4.75% |  | SOFR(M) | 8/29/2031 | 18412 | 18146 | 18596 | 1.7% |
|  |  |  | First lien senior secured revolving loan | 8.42% | 4.75% |  | SOFR(M) | 8/29/2031 |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  |  | 152707 | 150724 | 152246 | 13.7% |
|  **Personal care products** |  |  |  |  |  |  |  |  |  |  |  |  |
|  DRS Holdings III, Inc. (Dr. Scholl's) |  | 255 State Street, 7<sup>th</sup> Floor, Boston, MA 02109 | First lien senior secured loan | 8.97% | 5.25% |  | SOFR(M) | 11/1/2028 | 10039 | 9984 | 10039 | 0.9% |
|  |  |  | First lien senior secured revolving loan | 8.97% | 5.25% |  | SOFR(M) | 11/1/2028 |  |  |  | 0.0% |
|  |  |  | First lien senior secured loan | 8.78% | 5.00% |  | SOFR(S) | 9/28/2027 | 13920 | 13699 | 13920 | 1.3% |
|  |  |  |  |  |  |  |  |  | 23959 | 23683 | 23959 | 2.2% |
|  **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Foundation Consumer Brands, LLC |  | 1190 Omega Drive, Pittsburgh, PA 15205 | First lien senior secured loan | 9.09% | 5.15% |  | SOFR(Q) | 2/12/2029 | 6103 | 6055 | 6103 | 0.6% |
|  |  |  | First lien senior secured revolving loan | 9.09% | 5.15% |  | SOFR(Q) | 2/12/2029 |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  |  | 6103 | 6055 | 6103 | 0.6% |
|  **Professional services** |  |  |  |  |  |  |  |  |  |  |  |  |
|  4 Over International, <br>LLC | (15) | 125 Los Angeles St., Glendale, CA 91204 | First lien senior secured loan | 10.82% | 7.10% |  | SOFR(M) | 12/7/2026 | 18772 | 18511 | 18209 | 1.7% |
|  CI (MG) Group, LLC (Mariani Premier <br>Group) |  | 110 Albrecht Dr., Lake Bluff, IL 60044 | First lien senior secured loan | 9.17% | 5.50% |  | SOFR(Q) | 3/27/2030 | 21188 | 20910 | 21400 | 1.9% |
|  |  |  | First lien senior secured delayed draw loan | 9.17% | 5.50% |  | SOFR(Q) | 3/27/2030 | 4407 | 4316 | 4451 | 0.4% |
|  |  |  | First lien senior secured delayed draw loan | 9.17% | 5.50% |  | SOFR(Q) | 3/27/2030 | 922 | 910 | 931 | 0.1% |
|  |  |  | First lien senior secured revolving loan | 9.17% | 5.50% |  | SOFR(Q) | 3/27/2030 | 1537 | 1503 | 1552 | 0.1% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  DISA Holdings Corp. |  | 10900 Corporate Centre Dr., Ste 250, Houston, TX 77041 | First lien senior secured delayed draw loan | 8.99% | 5.00% |  | SOFR(Q) | 9/9/2028 | 8236 | 8126 | 8236 | 0.7% |
|  |  |  | First lien senior secured delayed draw loan | 8.99% | 5.00% |  | SOFR(Q) | 9/9/2028 | 1051 | 1050 | 1051 | 0.1% |
|  |  |  | First lien senior secured revolving loan | 8.99% | 5.00% |  | SOFR(Q) | 9/9/2028 | 631 | 601 | 631 | 0.1% |
|  |  |  | First lien senior secured loan | 8.99% | 5.00% |  | SOFR(Q) | 9/9/2028 | 1298 | 1285 | 1298 | 0.1% |
|  |  |  | First lien senior secured loan | 8.99% | 5.00% |  | SOFR(Q) | 9/9/2028 | 21729 | 21392 | 21729 | 2.0% |
|  Envirotech Services, LLC |  | 910 54<sup>th</sup> Avenue, Suite 230, Greeley, CO 80634 | First lien senior secured loan | 9.34% | 5.50% |  | SOFR(S) | 1/18/2029 | 32315 | 31731 | 32441 | 2.9% |
|  |  |  | First lien senior secured loan | 9.33% | 5.50% |  | SOFR(S) | 1/18/2029 | 121 | 120 | 122 | 0.0% |
|  |  |  | First lien senior secured revolving loan | 9.34% | 5.50% |  | SOFR(S) | 1/18/2029 |  |  |  | 0.0% |
|  PGI Parent LLC (Prime Electric) |  | 3460 161<sup>st</sup> Ave SE, Bellevue, WA 98008 | First lien senior secured loan | 8.67% | 5.00% |  | SOFR(Q) | 12/31/2031 | 13160 | 13000 | 13160 | 1.2% |
|  |  |  | First lien senior secured revolving loan | 8.67% | 5.00% |  | SOFR(Q) | 12/31/2031 |  |  |  | 0.0% |
|  KAMC Holdings, Inc. (Franklin Energy) |  | 102 N. Franklin St., Port Washington, WI 53074 | First lien senior secured loan | 9.10% | 5.25% |  | SOFR(Q) | 8/1/2031 | 18792 | 18530 | 18792 | 1.7% |
|  |  |  | First lien senior secured revolving loan | 9.07% | 5.25% |  | SOFR(Q) | 8/1/2031 | 472 | 447 | 472 | 0.0% |
|  |  |  |  |  |  |  |  |  | 144631 | 142432 | 144475 | 13.0% |
|  **Specialty retail** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Harbor Freight Tools USA Inc | (7) | 3491 Mission Oaks Blvd., Camarillo, CA 93011 | First lien senior secured loan | 5.97% | 2.25% |  | SOFR(M) | 10/19/2027 | 17281 | 17295 | 17096 | 1.6% |
|  Sundance Holdings Group, <br>LLC | (10)(11)(16) | 3865 W 2400 S, Salt Lake City, UT 84120 | First lien senior secured loan |  |  |  |  | 6/30/2025 | 9246 | 9210 | 239 | 0.0% |
|  |  |  | First lien senior secured delayed draw loan |  |  |  |  | 6/30/2025 | 628 | 628 | 16 | 0.0% |
|  |  |  | First lien senior secured delayed draw loan |  |  |  |  | 6/30/2025 | 173 | 152 | 260 | 0.0% |
|  |  |  |  |  |  |  |  |  | 27328 | 27285 | 17611 | 1.6% |
|  **Textiles, apparel & luxury goods** |  |  |  |  |  |  |  |  |  |  |  |  |
|  American Soccer Company, Incorporated <br>(SCORE) |  | 726 E. Anaheim Street, Wilmington, CA 90744 | First lien senior secured loan | 14.07% | 7.40% | 3.00% | SOFR(Q) | 7/20/2027 | 28286 | 27712 | 25175 | 2.3% |
|  |  |  | First lien senior secured revolving loan | 14.07% | 7.40% | 3.00% | SOFR(Q) | 7/20/2027 | 4843 | 4751 | 4310 | 0.4% |
|  BEL USA, LLC | (10)(11) | 12610 NW 115<sup>th</sup> Avenue, #200, Medley, FL 33178 | First lien senior secured loan |  |  |  |  | 6/2/2026 | 5486 | 5423 | 3106 | 0.3% |
|  |  |  | First lien senior secured loan |  |  |  |  | 6/2/2026 | 90 | 89 | 51 | 0.0% |
|  YS Garments, LLC |  | 15730 S. Figueroa St., Gardena, CA 90248 | First lien senior secured loan | 11.48% | 7.60% |  | SOFR(Q) | 8/9/2027 | 7065 | 6942 | 6571 | 0.6% |
|  |  |  |  |  |  |  |  |  | 45770 | 44917 | 39213 | 3.6% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  **Distributors (Trading companies & distributors)** | **(17)** |  |  |  |  |  |  |  |  |  |  |  |
|  AIDC IntermediateCo 2, LLC (Peak <br>Technologies) |  | 901 Elkridge Landing Rd, Suite 300, Linthicum Heights, MD 21090 | First lien senior secured loan | 8.97% | 5.25% |  | SOFR(M) | 7/22/2027 | 33950 | 33513 | 33950 | 3.0% |
|  CGI Automated Manufacturing, LLC |  | 275 Innovation Drive, Romeoville, IL 60446 | First lien senior secured loan | 10.83% | 2.61% | 4.50% | SOFR(M) | 12/15/2028 | 17386 | 17072 | 17298 | 1.6% |
|  |  |  | First lien senior secured loan | 10.83% | 2.61% | 4.50% | SOFR(M) | 12/15/2028 | 3178 | 3127 | 3162 | 0.3% |
|  |  |  | First lien senior secured loan | 10.83% | 2.61% | 4.50% | SOFR(M) | 12/15/2028 | 6699 | 6614 | 6665 | 0.6% |
|  |  |  | First lien senior secured delayed draw loan | 10.83% | 2.61% | 4.50% | SOFR(M) | 12/15/2028 | 3625 | 3524 | 3607 | 0.3% |
|  |  |  | First lien senior secured revolving loan | 10.83% | 7.11% |  | SOFR(M) | 12/15/2028 | 3 |  | 3 | 0.0% |
|  Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS) |  | 360 N. Crescent Drive, South Bldg., Beverly Hills, CA 90210 | First lien senior secured loan | 9.67% | 6.00% |  | SOFR(Q) | 7/12/2029 | 7394 | 7147 | 7394 | 0.7% |
|  |  |  | First lien senior secured loan | 9.67% | 6.00% |  | SOFR(Q) | 7/12/2029 | 3905 | 3835 | 3905 | 0.4% |
|  Engineered Fastener Company, LLC (EFC International) |  | 1940 Craigshire, St. Louis, MO 63146 – 4008 | First lien senior secured loan | 10.32% | 6.65% |  | SOFR(Q) | 11/1/2027 | 23128 | 22871 | 23128 | 2.1% |
|  Genuine Cable Group, <br>LLC |  | 1051 Perimeter Dr., 300, Schaumburg, Illinois, 60173 | First lien senior secured loan | 9.57% | 5.85% |  | SOFR(M) | 11/1/2026 | 28468 | 28246 | 28397 | 2.5% |
|  |  |  | First lien senior secured loan | 9.57% | 5.85% |  | SOFR(M) | 11/1/2026 | 5394 | 5348 | 5381 | 0.5% |
|  I.D. Images Acquisition, LLC |  | 1120 West 130<sup>th</sup> Street, Brunswick, OH 44212 | First lien senior secured loan | 9.47% | 5.75% |  | SOFR(M) | 7/30/2027 | 5591 | 5542 | 5591 | 0.5% |
|  |  |  | First lien senior secured loan | 9.47% | 5.75% |  | SOFR(M) | 7/30/2027 | 7770 | 7731 | 7770 | 0.7% |
|  |  |  | First lien senior secured loan | 9.47% | 5.75% |  | SOFR(M) | 7/30/2027 | 4427 | 4394 | 4427 | 0.4% |
|  |  |  | First lien senior secured loan | 9.47% | 5.75% |  | SOFR(M) | 7/30/2027 | 1021 | 1016 | 1021 | 0.1% |
|  |  |  | First lien senior secured delayed draw loan | 9.47% | 5.75% |  | SOFR(M) | 7/30/2027 | 2433 | 2401 | 2433 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 9.47% | 5.75% |  | SOFR(M) | 7/30/2027 |  |  |  | 0.0% |
|  Krayden Holdings, Inc. |  | 1491 West 124<sup>th</sup> Ave., Westminster, CO 80234 | First lien senior secured delayed draw loan | 8.42% | 4.75% |  | SOFR(Q) | 3/1/2029 | 1772 | 1772 | 1772 | 0.2% |
|  |  |  | First lien senior secured delayed draw loan | 8.42% | 4.75% |  | SOFR(Q) | 3/1/2029 | 1772 | 1772 | 1772 | 0.2% |
|  |  |  | First lien senior secured revolving loan | 8.48% | 4.75% |  | SOFR(M) | 3/1/2029 | 608 | 575 | 608 | 0.0% |
|  |  |  | First lien senior secured loan | 8.42% | 4.75% |  | SOFR(Q) | 3/1/2029 | 9300 | 9121 | 9300 | 0.8% |
|  Lakewood Acquisition Corporation (R&B Wholesale) |  | 360 N. Crescent Drive, South Bldg., Beverly Hills, CA 90210 | First lien senior secured loan | 9.37% | 5.50% |  | SOFR(Q) | 1/24/2030 | 29473 | 28803 | 29767 | 2.7% |
|  |  |  | First lien senior secured revolving loan | 9.37% | 5.50% |  | SOFR(Q) | 1/24/2030 |  |  |  | 0.0% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **<br>Portfolio Company** | **<br>Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **<br>Address** | **<br>Investment<sup>(3)</sup>** | **<br>Interest <br>Rate** | **<br>Spread<sup>(4)</sup>** | **<br>PIK <br>Rate** | **<br>Reference<sup>(5)</sup>** | **<br>Maturity <br>Date** | **<br>Principal/ <br>Par** | **<br>Amortized <br>Cost<sup>(6)</sup>** | **<br>Fair <br>Value** | **Percentage<br> of <br>Net Assets** |
|  OAO Acquisitions, Inc. (BearCom) |  | 950 Tower Lane, Suite 1000, Foster City, CA 94404 | First lien senior secured loan | 8.74% | 5.00% |  | SOFR(M) | 12/27/2029 | 20996 | 20764 | 20996 | 1.9% |
|  |  |  | First lien senior secured loan | 8.74% | 5.00% |  | SOFR(M) | 12/27/2029 | 851 | 844 | 851 | 0.1% |
|  |  |  | First lien senior secured delayed draw loan | 8.74% | 5.00% |  | SOFR(M) | 12/27/2029 | 4463 | 4433 | 4463 | 0.4% |
|  |  |  | First lien senior secured revolving loan | 8.74% | 5.00% |  | SOFR(M) | 12/27/2029 |  |  |  | 0.0% |
|  TL Alpine Holding Corp. (Air Distribution Technologies Inc.) |  | 10877 Wilshire Blvd, Suite 660, Los Angeles, CA 90024 | First lien senior secured loan | 9.72% | 6.00% |  | SOFR(Q) | 8/1/2030 | 18070 | 17772 | 18070 | 1.6% |
|  Univar (Windsor Holdings <br>LLC) | (7) | 3075 Highland Parkway, Suite 200, Downers Grove, Il 60515 | First lien senior secured loan | 6.47% | 2.75% |  | SOFR(M) | 8/1/2030 | 9860 | 9907 | 9874 | 0.9% |
|  Workholding US Holdings, LLC (Forkardt <br>Hardinge) |  | 1 Hardinge Drive, Elmira, NY 14903 | First lien senior secured loan | 9.36% | 5.50% |  | SOFR(Q) | 10/23/2029 | 7303 | 7164 | 7303 | 0.6% |
|  |  |  | First lien senior secured revolving loan | 9.27% | 5.50% |  | SOFR(Q) | 10/23/2029 | 3422 | 3365 | 3422 | 0.3% |
|  |  |  |  |  |  |  |  |  | 262262 | 258673 | 262330 | 23.6% |
|  **Wireless telecommunication services** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Centerline Communications, LLC | (15) | 750 West Center Street, Suite 301, West Bridgewater, MA 02379 | First lien senior secured loan | 11.47% |  | 11.47% | SOFR(Q) | 8/10/2027 | 6529 | 6452 | 5909 | 0.5% |
|  |  |  | First lien senior secured loan | 11.97% |  | 11.97% | SOFR(Q) | 8/10/2027 | 936 | 924 | 941 | 0.1% |
|  |  |  | First lien senior secured loan | 11.47% |  | 11.47% | SOFR(Q) | 8/10/2027 | 10108 | 10031 | 9148 | 0.8% |
|  |  |  | First lien senior secured delayed draw loan | 11.47% |  | 11.47% | SOFR(Q) | 8/10/2027 | 7842 | 7785 | 7097 | 0.6% |
|  |  |  | First lien senior secured delayed draw loan | 11.47% |  | 11.47% | SOFR(Q) | 8/10/2027 | 6826 | 6771 | 6178 | 0.6% |
|  |  |  | First lien senior secured revolving loan | 11.47% |  | 11.47% | SOFR(Q) | 8/10/2027 | 1998 | 1979 | 1808 | 0.2% |
|  |  |  | First lien senior secured loan | 11.47% |  | 11.47% | SOFR(Q) | 8/10/2027 | 1119 | 1103 | 1013 | 0.1% |
|  |  |  |  |  |  |  |  |  | 35358 | 35045 | 32094 | 2.9% |
|  **Total Debt Investments** |  |  |  |  |  |  |  |  | **2196232** | **2163739** | **2157399** | **194.4%** |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **Address** | **Investment** | **Acquisition <br>Date** | **Number of <br>Shares/Units** | **Cost** | **Fair <br>Value** | **Percentage <br>of <br>Net Assets** |
|  **Equity Investments**<sup>(10)(18)</sup> |  |  |  |  |  |  |  |  |
|  **Building products** |  |  |  |  |  |  |  |  |
|  US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.) | (19) | 505 Fifth Avenue, 25<sup>th</sup> Floor, New York, NY 10017 | Class A common | 7/15/2024 | 566666 |  |  | 0.0% |
|  |  |  | Preferred | 7/15/2024 | 566666 | 566 | 608 | 0.1% |
|  |  |  |  |  |  | 566 | 608 | 0.1% |
|  **Commercial services & supplies** |  |  |  |  |  |  |  |  |
|  American Equipment Holdings LLC | (20) | 451 W. 3440 South, Salt Lake City, UT 84115 | Class A units | 4/8/2022 | 175 | 284 | 477 | 0.1% |
|  ArborWorks Intermediate Holdco, LLC | (19) | 40266 Junction Drive, Oakhurst, CA 93644 | Class A preferred units | 11/6/2023 | 21716 | 9179 | 15767 | 1.4% |
|  |  |  | Class B preferred units | 11/6/2023 | 21716 |  |  | 0.0% |
|  |  |  | Class A common units | 11/6/2023 | 2604 |  |  | 0.0% |
|  Bloomington Holdings, LP (BW Fusion) | (19) | 40266 Junction Drive, Oakhurst, CA 93644 | Class A1 common units | 11/5/2024 | 500 | 500 | 400 | 0.0% |
|  BLP Buyer, Inc. (Bishop Lifting Products) | (21) | 2301 Commerce Street, Ste 110, Houston, TX 77002 | Class A common | 2/1/2022 | 582469 | 652 | 814 | 0.1% |
|  |  |  |  |  |  | 10615 | 17458 | 1.6% |
|  **Containers & packaging** |  |  |  |  |  |  |  |  |
|  Robinette Company Acquisition, LLC | (19) | 250 Blackley Rd., Bristol, TN 37620 | Class A common units | 5/10/2024 | 9 |  | 90 | 0.0% |
|  |  |  | Class A preferred units | 5/10/2024 | 500 | 500 | 515 | 0.0% |
|  |  |  |  |  |  | 500 | 605 | 0.0% |
|  **Financial services** |  |  |  |  |  |  |  |  |
|  SGCP Holdings, LLC <br>(SG Credit) | (13) | 500 Newport Center Drive, Suite 580, Newport Beach, CA 92660 | Class A common | 7/15/2025 | 408387 | 11437 | 11437 | 1.0% |
|  |  |  | Class C common | 7/15/2025 | 102260 | 563 | 563 | 0.1% |
|  |  |  |  |  |  | 12000 | 12000 | 1.1% |
|  **Food products** |  |  |  |  |  |  |  |  |
|  BC CS 2, L.P. (Cuisine Solutions, Inc.) | (8)(14) | 200 Clarendon Street, Boston, MA 02116 | Series A preferred stock | 7/8/2022 | 2000000 | 2000 | 3440 | 0.3% |
|  CCFF Parent, LLC (California Custom Fruits & Flavors, LLC) | (19) | 15800 Tapia Street, Irwindale, CA 91706 | Class A-1<br>units | 2/26/2024 | 750 | 511 | 1000 | 0.1% |
|  City Line Distributors LLC | (19) | 20 Industry Dr., West Haven, CT 06516 | Class A units | 8/31/2023 | 669866 | 670 | 621 | 0.1% |
|  Gulf Pacific Holdings, LLC | (20) | 12010 Taylor Rd., Houston, TX, 77041 | Class A common | 9/30/2022 | 250 | 250 |  | 0.0% |
|  |  |  | Class C common | 9/30/2022 |  |  |  | 0.0% |
|  ML Buyer, LLC (Mama Lycha Foods, LLC) | (19) | 4747 Bethesda Avenue, Suite 1150, Bethesda, MD 20814 | Class A units | 9/9/2024 | 250 | 250 | 188 | 0.0% |
|  Siegel Parent, LLC | (22) | 90 Salem Rd, North Billerica, MA 01862 | Common | 12/29/2021 | 250 | 250 |  | 0.0% |
|  |  |  | Convertible note | 1/19/2024 | 28 | 28 |  | 0.0% |
|  NSC Coffee Investors, LLC | (19) | 35980 Woodward Ave, Ste 300, Bloomfield Hills, MI 48304 | Class A preferred | 10/31/2025 | 182277 | 2000 | 2000 | 0.2% |

---

[**Table of Contents**](#TOC001)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **Address** | **Investment** | **Acquisition <br>Date** | **Number of <br>Shares/Units** | **Cost** | **Fair <br>Value** | **Percentage <br>of <br>Net Assets** |
|  WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC – FreshEdge) | (20) | 4501 Massachusetts Avenue, Indianapolis, IN 46218 | Class A preferred | 10/3/2022 | 773 | 773 | 476 | 0.0% |
|  |  |  | Class B common | 10/3/2022 |  |  |  | 0.0% |
|  |  |  |  |  |  | 6732 | 7725 | 0.7% |
|  **Health care equipment & supplies** |  |  |  |  |  |  |  |  |
|  LSL Industries, LLC (LSL Healthcare) | (20) | 50 E. Washington St., Ste 400, Chicago IL 60602 | Common | 11/1/2022 | 7500 | 750 | 363 | 0.0% |
|  **Health care providers & services** |  |  |  |  |  |  |  |  |
|  NMA Super Holdings, LLC (Neuromonitoring Associates) | (19) | 4500 W. Eldorado Parkway, Suite 3300 and 3400, McKinney, TX 75070 | Class A membership interests | 12/18/2024 | 1000000 | 1000 | 1963 | 0.2% |
|  **Leisure products** |  |  |  |  |  |  |  |  |
|  TG Parent Newco LLC (Trademark Global LLC) | (13)(19) | 7951 West Erie Avenue, Lorain, OH 44053 | Common | 9/16/2024 | 8 |  |  | 0.0% |
|  **Machinery** |  |  |  |  |  |  |  |  |
|  RMH Parent LLC (RMH Systems) | (19) | 1130 SE Westbrooke Dr., Waukee, IA 50263 | Class A-1<br>Units | 2/4/2025 | 500 | 500 | 300 | 0.0% |
|  **Specialty retail** |  |  |  |  |  |  |  |  |
|  Sundance Direct Holdings, Inc. | (16) | 3865 W 2400 S, Salt Lake City, UT 84120 | Common | 10/27/2023 | 21479 |  |  | 0.0% |
|  **Textiles, apparel & luxury goods** |  |  |  |  |  |  |  |  |
|  BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated) | (22) | 726 E. Anaheim Street, Wilmington, CA 90744 | Common | 7/20/2022 | 1000000 | 1000 |  | 0.0% |
|  |  |  | Preferred | 7/20/2022 | 97964 | 98 |  | 0.0% |
|  **Total Equity Investments** |  |  |  |  |  | **33761** | **41022** | **3.7%** |
|  **Total Debt and Equity Investments** |  |  |  |  |  | **2197500** | **2198421** | **198.1%** |

---

[**Table of Contents**](#TOC001)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Footnotes <sup>(1)</sup> <sup>(2)</sup>** | **Number of <br>Shares** | **Cost** | **Fair Value** | **Percentage of <br>Net Assets** |
|  **Investments in Money Market Funds** |  |  |  |  |  |
|  Morgan Stanley Institutional Liquidity Fund, Institutional Class, 3.63% | (23) | 25409468 | 25409 | 25409 | 2.3% |
|  **Total Investments in Money Market Funds** |  | **25409468** | **25409** | **25409** | **2.3%** |
|  **Total Investments** |  |  | $**2222909** | $**2223830** | **200.4%** |
|  Liabilities in Excess of Other Assets |  |  |  | (1113899) | (100.4)% |
|  **Net Assets** |  |  |  | $**1109931** | **100.0%** |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; As of December 31, 2025, unless otherwise noted, investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, the total value of the Company's non-controlled, non-affiliated investments was $2,084,737.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise noted, security is a Level 3 holding. As of December 31, 2025, the aggregate value of Level 3 securities held by the Company was $2,151,743.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Debt investments are pledged to the Company's credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.

(4)&nbsp;&nbsp;&nbsp;&nbsp; Includes Secured Overnight Financing Rate ("SOFR") credit spread adjustment if applicable.

(5)&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise noted, all loans contain a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either SOFR (which can include one-(M), three-(Q) or six-month (S) SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate).

(6)&nbsp;&nbsp;&nbsp;&nbsp; The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(7)&nbsp;&nbsp;&nbsp;&nbsp; Security is a Level 2 holding. As of December 31, 2025, the aggregate value of Level 2 securities held by the Company was $46,678.

(8)&nbsp;&nbsp;&nbsp;&nbsp; Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, 2.2% of the Company's total assets were in non-qualifying investments.

(9)&nbsp;&nbsp;&nbsp;&nbsp; The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the "last-out" portion is at a greater risk of loss. Certain lenders represent a "first out" portion of the investment and have priority to the "last-out" portion with respect to payments of principal and interest.

(10)&nbsp;&nbsp;&nbsp;&nbsp;Debt investment on non-accrual status as of December 31, 2025.

(11)&nbsp;&nbsp;&nbsp;&nbsp;Non-income producing investment.

(12)&nbsp;&nbsp;&nbsp;&nbsp;On February 5, 2026, the Company amended its senior credit facility with Regiment Security Partners LLC and capitalized all interest earned during fiscal 2025. As a result, the Company is reflecting all cash pay interest accrued in fiscal year 2025 as PIK interest income.

(13)&nbsp;&nbsp;&nbsp;&nbsp;As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement ("non-controlled affiliate").

As of December 31, 2025, the total value of the Company's investments in non-controlled affiliates was $113,684 (5.4% of amortized cost of total long-term investments) and are described below. In September 2024, the Company completed a restructure of the investment in Trademark Global LLC whereby the existing term loan and revolver became a restructured term loan and revolver and no debt was converted to equity. The Company received new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson entities in aggregate own 20.77%).

In July 2025, the Company made an investment in SG Credit Partners, Inc. through debt and equity investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC (collectively "SG Credit), an independent national credit platform focused on lower middle market investments. The Company's investment in SG Credit was structured as an $80,000 term loan facility, $34,000 unfunded delayed draw term loan facility and a $12,000 common equity investment. Through the common equity investment, the Company owns 22.5% of the outstanding common equity of SG Credit.

[**Table of Contents**](#TOC001)

The common equity investment includes a call option providing the Company the right, but not the obligation, to purchase additional equity interests in SG Credit through June 30, 2028 (the "Option Expiration Date"). The fixed call option price is based on the performance of SG Credit over the option period. Upon exercise, the Company would own 72.0% - 91.0% of the outstanding common equity of SG Credit depending upon certain tag-along rights and any shares issued under SG Credit's management incentive plan. If the call option is exercised, the Company would still not control SG Credit, nor would it consolidate its common equity investment in SG Credit.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investment<sup>(1)</sup>** | **Value at <br>12/31/2024** | **Gross <br>Additions<sup>(a)</sup>** | **Gross <br>Reductions<sup>(b)</sup>** | **Net <br>Change in <br>Unrealized <br>Gains <br>(Losses)** | **Value at <br>12/31/2025** | **Interest <br>and PIK <br>Income** | **Dividend <br>Income** | **Other <br>Income** |
|  TG Parent Newco LLC (Trademark Global LLC) – debt investment | $12196 | $— | $(82) | $(3430) | $8684 | $— | $— | $— |
|  TG Parent Newco LLC (Trademark Global LLC) – equity investment |  |  |  |  |  |  |  |  |
|  SGCP Intermediate, Inc. (SG Credit) – debt investment |  | 91103 |  | 1897 | 93000 | 4763 |  |  |
|  SGCP Holdings, LLC (SG Credit) – equity investment |  | 12000 |  |  | 12000 |  |  |  |
|  Total | $12196 | $103103 | $(82) | $(1533) | $113684 | $4763 | $— | $— |

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––––––––––––

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(14)&nbsp;&nbsp;&nbsp;&nbsp;The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc. that is characterized as subordinated debt. In addition, the Company's senior secured loan in SG Credit is considered subordinated debt.

(15)&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the stated interest rate may be settled in PIK for a specified period pursuant to the credit agreement.

(16)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio company is in a liquidation process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. Our debt investment in this portfolio company is on non-accrual status.

(17)&nbsp;&nbsp;&nbsp;&nbsp;The Company uses Global Industry Classification (GICS), Level 3 — Industry, for classifying the industry groupings of its portfolio companies. In instances where the composition of portfolio companies within a category does not as closely align with the GICS, Level 3 — Industry, the Company presents a more specific description, keeping the GICS, Level 3 — Industry in parenthesis for reference.

(18)&nbsp;&nbsp;&nbsp;&nbsp;Security is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act.

(19)&nbsp;&nbsp;&nbsp;&nbsp;KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns common and/or preferred equity of ArborWorks Intermediate Holdco, LLC, Bloomington Holdings, LP (BW Fusion), City Line Distributors LLC, CCFF Parent, LLC (California Custom Fruits & Flavors, LLC), ML Buyer, LLC (Mama Lycha Foods, LLC), NMA Super Holdings, LLC (Neuromonitoring Associates), NSC Coffee Investors, LLC (Texas Coffee Partners Ltd.), Robinette Company Acquisition, LLC, RMH Parent LLC (RMH Systems), TG Parent Newco LLC (Trademark Global LLC) and US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.).

(20)&nbsp;&nbsp;&nbsp;&nbsp;The Company owns 31.07% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the "Aggregator Blocker"), which holds the Company's equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC — FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company's ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments.

(21)&nbsp;&nbsp;&nbsp;&nbsp;The Company owns 0.53% of the common equity of BLP Buyer, Inc. (Bishop Lifting Products).

(22)&nbsp;&nbsp;&nbsp;&nbsp;The Company owns 17.59% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the "Aggregator"), which holds the Company's equity investments in Siegel Parent, LLC and BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated). Through the Company's ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments.

(23)&nbsp;&nbsp;&nbsp;&nbsp;The indicated rate is the yield as of December 31, 2025.

[**Table of Contents**](#TOC001)

The following table sets forth securities acquired in transactions exempt from registration under the Securities Act of 1933 and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $41.0 million, or 3.7% of the Company's net assets. The acquisition dates of the restricted securities are set forth below.

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| | | |
|:---|:---|:---|
|  **Portfolio Company** | **Investment** | **Acquisition Date** |
|  American Equipment Holdings LLC | Class A common | April 8, 2022 |
|  BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated) | Common units, preferred | July 20, 2022 |
|  Arborworks Acquisition LLC | Class A preferred units | November 6, 2023 |
|  Arborworks Acquisition LLC | Class B preferred units | November 6, 2023 |
|  Arborworks Acquisition LLC | Class A common units | November 6, 2023 |
|  Bloomington Holdings, LP (BW Fusion) | Class A1 common units | November 5, 2024 |
|  BLP Buyer, Inc. (Bishop Lifting Products) | Class A common | February 1, 2022 |
|  CCFF Parent, LLC (California Custom Fruits & Flavors, LLC) | Class A-1 units | February 26, 2024 |
|  City Line Distributors, LLC | Class A units | August 31, 2023 |
|  BC CS 2, L.P. (Cuisine Solutions, Inc.) | Preferred stock | July 8, 2022 |
|  WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC — FreshEdge) | Class A preferred, Class B common | October 3, 2022 |
|  Gulf Pacific Holdings, LLC | Class A common, Class C common | September 30, 2022 |
|  LSL Industries, LLC (LSL Healthcare) | Common units | November 1, 2022 |
|  ML Buyer, LLC (Mama Lycha Foods, LLC) | Class A units | September 9, 2024 |
|  NMA Super Holdings, LLC (Neuromonitoring Associates) | Class A membership interests | December 18, 2024 |
|  NSC Coffee Investors, LLC | Class A preferred | October 31, 2025 |
|  RMH Parent LLC (RMH Systems) | Class A-1 units | February 4, 2025 |
|  Robinette Company Acquisition, LLC | Class A common units, | May 10, 2024 |
|  Robinette Company Acquisition, LLC | Class A preferred units, | May 10, 2024 |
|  SGCP Holdings, LLC (SG Credit) | Class A common, Class C common | July 15, 2025 |
|  Siegel Parent, LLC | Common units | December 29, 2021 |
|  Siegel Parent, LLC | Convertible note | January 19, 2024 |
|  Sundance Direct Holdings, Inc. | Common units | October 27, 2023 |
|  TG Parent Newco LLC (Trademark Global LLC) | Common units | September 16, 2024 |
|  US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.). | Class A common, preferred | July 15, 2024 |

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[**Table of Contents**](#TOC001)

#### MANAGEMENT
The following tables set forth each director's name and year of birth; position(s) with the Company and length of time served; principal occupations during the past five years; and other directorships held during the past five years. The address for each nominee and other directors is 717 Texas Avenue, Suite 2200, Houston, TX 77002.

#### Information Regarding Independent Directors

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| | | | |
|:---|:---|:---|:---|
|  **Name <br>(Year Born)** | **Position(s) Held with <br>the Company, Term of <br>Office/Time of Service** | **Principal Occupations <br>During Past Five Years** | **Other Directorships Held by <br>Director During Past Five Years** |
|  George E. Marucci, Jr. <br>(born 1952) | Director. Served since 2020. To serve until the 2028 Annual Meeting of Stockholders. | Marketing consultant for BMW North America. Golf commentator for NBC Sports. Chair of leading automotive family office in Baltimore, MD. Co-owner, President and acting Chief Financial Officer for Pennmark Automotive Enterprises. |  |
|  Mariel A. Joliet <br>(born 1966) | Director. Served since 2020. To serve until the 2027 Annual Meeting of Stockholders. Lead Independent Director of the KBDC Board. | Senior Vice President and Treasurer of Hilton Hotels Corporation (1998 – 2008). | ASGN, Incorporated (information technology services) |
|  Susan C. Schnabel <br>(born 1961) | Director. Served since 2020. To serve until the 2026 Annual Meeting of Stockholders. | Co-founder and Co-Managing Partner of aPriori Capital Partners. Managing Director in the asset management division of Credit Suisse (1998 – 2014). | Altice USA, Inc. (cable provider); Laramie Energy II (energy company) (2011 – 2023); KKR Private Equity Conglomerate LLC (private equity holding company) |
|  Rhonda S. Smith <br>(born 1959) | Director. Served since 2022. To serve until the 2027 Annual Meeting of Stockholders. | Chief Financial Officer and Deputy Director of the Houston Police Department (2017 – present). Executive Director for the Houston Municipal Employees Pension System (HMEPS) (2010 – 2016). | Houston Municipal Employees Pension System (pension plan); St. Luke's Health System (hospital network) |

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The term "Independent Director" is used to refer to a director who is not an "interested person," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Company, of Kayne Anderson or of the Company's underwriters in offerings of its securities from time to time as defined in the 1940 Act. None of the Independent Directors, nor any of their immediate family members, has ever been a director, officer or employee of Kayne Anderson or its affiliates. Each of James (Jim) Robo, Albert (Al) Rabil III and Terrence J. Quinn is an "interested person" or "Interested Director" by virtue of his employment relationship with Kayne Anderson.

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#### Information Regarding Interested Directors

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| | | | |
|:---|:---|:---|:---|
|  **Name<sup>(1)</sup> <br>(Year Born)** | **Position(s) Held with <br>the Company, Term of <br>Office/Time of Service** | **Principal Occupations <br>During Past Five Years** | **Other Directorships Held by <br>Director During Past Five Years** |
|  James (Jim) Robo <br>(born 1962) | Director and Chairman of the Board of KBDC. Served since 2023. To serve until the 2028 Annual Meeting of Stockholders. | Private investor. Chairman and Chief Executive Officer of NextEra Energy, Inc. (2013 – 2022). Chairman and Chief Executive Officer of NextEra Energy Partners, LP (2014 – 2022). | J.B. Hunt Transport Services, Inc. (transportation and logistics company); NextEra Energy, Inc. (energy company) (2013 – 2022); NextEra Energy Partners, LP (energy company) (2014 – 2022) |
|  Terrence J. Quinn <br>(born 1951) | Director of KBDC. Served since 2020. To serve until the 2028 Annual Meeting of Stockholders. | Vice Chairman of Kayne Anderson and of the Company. | Kayne Anderson |
|  Albert (Al) Rabil III <br>(born 1963) | Director. Served since 2021. To serve until the 2026 Annual Meeting of Stockholders. | Chief Executive Officer of Kayne Anderson (2021 – present) and Kayne Anderson Real Estate (2007 – present). | Kayne Anderson |

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____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Mr. Robo, Mr. Quinn and Mr. Rabil are "interested persons" of the Company as defined in the 1940 Act by virtue of their employment relationship with Kayne Anderson and/or indirect ownership interest in KBDC Advisor.

#### Information about Each Director's Experience, Attributes or Skills
*Mariel A. Joliet*.&nbsp;&nbsp;&nbsp;&nbsp;Ms. Joliet serves as Chairperson of our Board of Directors, Lead Independent Director of our Board of Directors and Chairperson of our Nominating Committees. Ms. Joliet also serves as a director on the Board of Directors of ASGN, Incorporated (NYSE: ASGN) and is a member of ASGN's Audit and Compensation Committees. ASGN Incorporated is one of the foremost providers of IT and professional services in the technology, digital, creative, engineering and life sciences fields across commercial and government sectors. From 1998 to 2008, Ms. Joliet was employed by the Hilton Hotels Corporation, a publicly traded hotel company, as senior vice president and treasurer. During her time at the Hilton Hotels Corporation, Ms. Joliet participated in its sale to the Blackstone Group, one of the ten-largest leveraged buyouts in history at the time. As Treasurer, Ms. Joliet was responsible for capital markets and financial investment initiatives, including credit ratings, debt/equity issuances, interest rate risk management, cash management and foreign exchange. Prior to her employment with Hilton Hotels Corporation, Ms. Joliet worked for ten years as a coverage officer and corporate banker at Wachovia Bank and Corestates Bank, where she was responsible for client relationships and portfolio management. Ms. Joliet serves on Las Madrinas, a philanthropic organization supporting pediatric care and research, at Children's Hospital Los Angeles. Ms. Joliet also served as a member of Know the Glow Foundation. She received a B.S. at the University of Scranton and earned an M.B.A. from Marywood University. Ms. Joliet has a strong background in financing, acquisitions, deal structuring, strategic planning, and operational integration.

*George E. Marucci, Jr.&nbsp;&nbsp;&nbsp;&nbsp;*Mr. Marucci is an accomplished finance executive and entrepreneur in various industries and fields. Mr. Marucci serves as the Lead Valuation Director on our Audit Committees. Mr. Marucci currently serves as a marketing consultant for BMW North America. Previously, Mr. Marucci was a golf commentator for NBC Sports. Mr. Marucci was also previously the co-owner, president and acting chief financial officer for Pennmark Automotive Enterprises, a luxury automobile dealership, and co-owner and president of Pennmark Real Estate Investment Group, which specialized in commercial real estate and development, including the development and operation of 50 Walmart retail centers. Prior to owning and operating these companies, Mr. Marucci served as an investment advisor and stockbroker at White Weld and Co. and Merrill Lynch. In those roles, Mr. Marucci was responsible for institutional sales and client development. Mr. Marucci began his career with a family-based accounting firm, Marucci, Ortals and Co. Mr. Marucci received a B.A. in Accounting in 1974 from The University of Maryland.

*Susan C. Schnabel.&nbsp;&nbsp;&nbsp;&nbsp;*Ms. Schnabel serves as Chairperson of our Audit Committees of our Boards of Directors. Ms. Schnabel is the co-founder and co-managing partner of aPriori Capital Partners, an independent leveraged buyout fund advisor. aPriori Capital Partners was created in connection with the spin-off of DLJ Merchant Banking Partners from Credit Suisse in 2014. Prior to forming aPriori Capital, Ms. Schnabel worked at Credit Suisse from 1998 to 2014,

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where she served as a managing director in the Asset Management Division and co-head of DLJ Merchant Banking. Over the course of her thirty-plus year career she has served on over thirty public and private boards including the roles of Lead Director (NYSE), Audit, Compensation and Nominating & Governance Chair. Ms. Schnabel serves on the Board of Altice USA, Inc. (ATUS), where she serves on the Audit and Compensation Committee, as well as KKR Private Equity Conglomerate LLC, where she serves as Audit Chair. She also serves on the Board of Trustees of Cornell University — Executive and Investment Committee and as Co-Chair of the Research & Innovation Committee. Ms. Schnabel recently completed her terms on the US Olympic and Paralympic Foundation Board of Directors — Finance Committee; the California Institute of Technology — Investment Committee and The Harvard Business School Alumni Advisory Board, where she served on the Executive Committee. Ms. Schnabel earned a Bachelor of Science in Chemical Engineering from Cornell University and an M.B.A. from Harvard Business School.

*Rhonda S. Smith.&nbsp;&nbsp;&nbsp;&nbsp;*Ms. Smith is the chief financial officer and deputy director for the Houston Police Department (HPD), the fifth largest police department in the U.S. Ms. Smith joined HPD in 2017, with budget oversight, including financial reporting, accounting, procurements, and grants. Prior to joining HPD, from 2010 to 2016, Ms. Smith was the executive director for Houston Municipal Employees Pension System (HMEPS) and director of administration from 2008 to 2010. Ms. Smith has over 30 years of experience in finance, accounting, regulatory compliance, auditing, change management and leadership. She has worked within large, complex municipal organizations and pension funds, and with public corporations where she served as an auditor. Ms. Smith is recognized as a financial and pension expert who provides leadership in investment best practices, pension reform, company rebranding, political risk management and board governance. Ms. Smith serves on the Board of St. Luke's Health System, where she is a member of the Audit and Compliance Committee. She also serves as Trustee on the HMEPS Board of Directors and as Board Secretary. Ms. Smith earned an M.B.A. from the University of Houston, a B.S. in accounting from Ohio State University and an investment portfolio management certificate from the Wharton School of the University of Pennsylvania.

*Albert (Al) Rabil III.&nbsp;&nbsp;&nbsp;&nbsp;*Mr. Rabil is the Chief Executive Officer of Kayne Anderson, overseeing strategic initiatives, operations and asset management across Kayne's investment platforms. In 2007, Mr. Rabil co-founded Kayne Anderson's real estate private equity platform ("KA Real Estate") and continues to serve as KA Real Estate's CEO, setting strategic direction, overseeing overall investment activities, and leading fundraising for all KA Real Estate investments. Immediately prior to co-founding KA Real Estate, Mr. Rabil founded and was a principal of two real estate investment firms, RAMZ, LLC and Rabil Properties, LLC, where he developed and acquired a substantial portfolio of off-campus student housing properties. This was preceded by an almost ten-year stint at UBS where Mr. Rabil served as a Managing Director and Head of Real Estate Banking for the Americas and Europe. During his tenure there he played a key role in making UBS a market leader in both syndicated debt and large loan commercial mortgage-backed securities. Mr. Rabil began his career in the Real Estate Finance Group of the Bankers Trust Company. Mr. Rabil earned a B.A. cum laude from Yale University in 1985 and an M.B.A. in Finance from Columbia University in 1988.

*James (Jim) Robo.&nbsp;&nbsp;&nbsp;&nbsp;*Mr. Robo serves as Chairman of our Board of Directors. Mr. Robo is a private investor and former Chairman and Chief Executive Officer of NextEra Energy, Inc., a leading clean energy company, and NextEra Energy Partners, LP, a growth-oriented limited partnership formed by NextEra Energy, Inc. to acquire, manage, and own contracted clean energy projects. During Mr. Robo's 10-year tenure as CEO, NextEra Energy's market capitalization grew substantially, becoming the largest electric utility in the world, as well as the largest renewable company in the world. Prior to joining NextEra Energy in 2002, Mr. Robo spent 10 years at General Electric Company, serving as President and Chief Executive Officer of GE Mexico from 1997 until 1999 and as President and Chief Executive Officer of the GE Capital TIP/Modular Space division from 1999 until February 2002. From 1984 through 1992, he worked for Mercer Management Consulting. Mr. Robo serves on the Board of J. B. Hunt Transport Services, Inc. and is Lead Director and Chairman of the Governance and Nominating Committee. Mr. Robo received a B.A. summa cum laude from Harvard College and an M.B.A. from Harvard Business School, where he was a Baker Scholar.

*Terrence J. Quinn*.&nbsp;&nbsp;&nbsp;&nbsp;Mr. Quinn is our Vice Chairman. Mr. Quinn is the vice chairman for Kayne Anderson and is responsible for managing new business opportunities and select client relations. He serves on the firm's Credit and Real Estate Investment Committees. Mr. Quinn was a founding member of the Board of KYN. Prior to joining Kayne Anderson in 2006, Mr. Quinn was a founding partner of a merchant banking firm specializing in private equity and advisory services. He was president and chief executive officer of several operating companies and member of the executive committee of a leading regional bank. Mr. Quinn was manager of pension investments for the 3M Company and founding chief executive officer of a leading mezzanine fund group. Mr. Quinn has served on the Boards of directors of several public and private firms. Mr. Quinn earned a B.A. in Economics in 1973 and an M.B.A. from the University of Minnesota in 1974.

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#### Board Leadership Structure
The Company's business and affairs are managed under the direction of its Board, including the duties performed for the Company pursuant to its investment advisory agreement. Among other things, the Board sets broad policies for the Company, approves the appointment of the Company's investment adviser, administrator, and officers, and approves the engagement and review the performance of the Company's independent registered public accounting firm. The role of the Board and of any individual director is one of oversight and not of management of the day-to-day affairs of the Company.

The Board has four Independent Directors, including one Lead Independent Director. As part of each regular Board meeting, the Independent Directors meet separately from Kayne Anderson officers and Interested Directors and, as part of at least one Board meeting each year, with the Company's Chief Compliance Officer. The Board reviews its leadership structure periodically as part of its annual self-assessment process and believes that its structure is appropriate to enable the Board to exercise its oversight of the Company.

Under the Company's Bylaws, a Board may designate a Chairperson to preside over meetings of the Board and meetings of stockholders, and to perform such other duties as may be assigned to him or her by the Board. The Company has not established a policy as to whether the Chairperson of the Board shall be an Independent Director and the Company believes that having the flexibility to designate its Chairperson and reorganize its leadership structure from time to time is in the best interests of the Company and its stockholders.

Presently, Mr. Robo serves as Chairman of the Board, and Ms. Joliet serves as Lead Independent Director of the Board. While Ms. Joliet is the Lead Independent Director of the Board, all of the Independent Directors play an active role in serving on the Board. The Independent Directors constitute a majority of the Company's Board and are closely involved in all material deliberations related to the Company. The Board of the Company believes that, with these practices, the Independent Directors have a stake in the Board's actions and oversight role and accountability to the Company and its stockholders.

#### Board Role in Risk Oversight
The Board oversees the services provided by Kayne Anderson, including certain risk management functions. Risk management is a broad concept comprised of many disparate elements (such as, for example, investment risk, issuer and counterparty risk, compliance risk, operational risk, and business continuity risk). Consequently, Board oversight of different types of risks is handled in different ways, and the Board implements its risk oversight function both as a whole and through its Board committees. In the course of providing oversight, the Board and its committees receive reports on the Company's activities, including those related to the Company's investment portfolio and its financial accounting and reporting. The Board also meets at least quarterly with the Company's Chief Compliance Officer, who reports on the compliance of the Company with the federal securities laws and the Company's internal compliance policies and procedures. The meetings of the Audit Committee with the Company's independent registered public accounting firm also contribute to Board oversight of certain internal control risks. In addition, the Board meets periodically with representatives of the Company and Kayne Anderson to receive reports regarding the management of the Company, including those related to certain investment and operational risks, and the Independent Directors of the Company are encouraged to communicate directly with senior management.

The Company believes that Board roles in risk oversight must be evaluated on a case-by-case basis and that the Board's existing role in risk oversight is appropriate. Management of the Company believes that the Company has robust internal processes in place and a strong internal control environment to identify and manage risks. However, not all risks that may affect the Company can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are beyond any control of the Company or Kayne Anderson, its affiliates or other service providers.

#### Code of Ethics and Policies Regarding Transactions with Related Parties
The Company, the Advisor and the Company's officers, directors, employees, agents, and affiliates may be subject to certain potential conflicts of interest in connection with the Company's activities and investments. For example, the terms of the Advisor's management and incentive fees (if any) may create an incentive for the Advisor to approve and cause the Company to make more speculative investments than it would otherwise make in the absence of such fee structure. In addition, the other funds and separate accounts of the Advisor and its affiliates may take positions in securities and/or issuers that are in a different part of the capital structure of an issuer or adverse to the Company.

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The members of the senior management and investment teams and the investment committee of the Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company, or of investment funds managed by the Advisor or its affiliates. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfilment of which may not be in the Company's best interests or in the best interest of the Company's stockholders.

The Company's investment objective may overlap with the investment objectives of such investment funds, accounts, or other investment vehicles. For example, the Advisor concurrently manages accounts that are pursuing an investment strategy similar to the Company's strategies, and the Company may compete with these and other entities managed by affiliates of the Advisor for capital and investment opportunities. As a result, those individuals at the Advisor may face conflicts in the allocation of investment opportunities between the Company and other investment funds or accounts advised by principals of, or affiliated with, the Advisor. The Advisor has agreed with the Company's Board that, when the Company is able to co-invest with other investment funds or accounts managed by an Advisor, allocations among the Company and other investment funds or accounts will generally be made consistent with the 1940 Act. The Company and Kayne Anderson have received an exemptive order from the SEC that permits the Company to co-invest with affiliates of the Advisor, including private funds managed by the Advisor, if the Company's Board determines that it would be advantageous for the Company to co-invest with other funds managed by the Advisor or its affiliates in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions, as well as regulatory requirements and other pertinent factors.

The Company has adopted a code of ethics, as required by federal securities laws, which applies to, among others, its directors and officers. Copies of the code of ethics may be obtained free of charge by visiting KBDC's website at *www.kaynebdc.com*.

The Company has also adopted, as part of its Code of Ethics, insider trading policies and procedures governing the purchase, sale, and/or other dispositions of the Company's securities by directors and officers that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company. As a public company, KBDC's Code of Ethics includes provisions prohibiting, among other things, buying or selling puts or calls or other derivative securities (other than derivative securities issued by KBDC, such as convertible notes) based on the KBDC securities; engaging in the short sale of KBDC securities; or entering into hedging or monetization transactions or similar arrangements with respect to KBDC securities.

The Company has adopted policies with respect to affiliated and related party transactions to the extent required by the 1940 Act and related regulatory guidance.

#### Information about Executive Officers
The following table sets forth each executive officer's name and year of birth; position(s) with the Company, term of office, and length of time served; principal occupations during the past five years; and directorships. The address for the Company's offices is 717 Texas Avenue, Suite 2200, Houston, TX 77002.

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| | | |
|:---|:---|:---|
|  **Name <br>(Year Born)** | **Position(s) Held with the Company, <br>Term of Office/Time of Service** | **Principal Occupation During Past Five Years** |
|  Terrence J. Quinn <br>(born 1951) | Director. Served since 2020. To serve until the 2028 Annual Meeting of Stockholders. | Vice Chairman of Kayne Anderson and of the Company. |
|  Douglas L. Goodwillie <br>(born 1975) | Co-Chief Executive Officer since 2023. Co-Chief Investment Officer from inception to 2023. | Managing partner and co-head of Kayne Anderson's private credit group (2011 – present). |
|  Kenneth B. Leonard <br>(born 1963) | Co-Chief Executive Officer. Served since 2023. Co-Chief Investment Officer from inception to 2023. | Managing Partner and Co-Head of Kayne Anderson Private Credit (2011 – present). |
|  Terry A. Hart <br>(born 1969) | Chief Financial Officer. Served since inception. | Managing Director of Kayne Anderson (2005 – present). Chief Operating Officer of KYN (2022 – 2023). Chief Financial Officer of KYN (2005 – 2022). |

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| | | |
|:---|:---|:---|
|  **Name <br>(Year Born)** | **Position(s) Held with the Company, <br>Term of Office/Time of Service** | **Principal Occupation During Past Five Years** |
|  Michael J. O'Neil <br>(born 1983) | Secretary since July 2021. Chief Compliance Officer since inception. | Chief Compliance Officer of Kayne Anderson (2012 – present) and of KYN (2013 – March 2024) and of KA Associates, Inc. (broker-dealer) (January 2013 – present). Executive Vice President of KYN (March 2024 – present). |
|  Frank P. Karl <br>(born 1988) | President. Served since 2025. Senior Vice President from 2023 to 2025. | Managing Director (2021 – present), Director (2019 – 2021) and Vice President (2016 – 2019) of Kayne Anderson. |
|  Andy Wedderburn-Maxwell <br>(born 1975) | Senior Vice President. Served since 2025. | Senior Vice President (2025 – present) and Managing Director (2021 – present) of Kayne Anderson. |
|  John B. Riley <br>(born 1974) | Vice President. Served since inception. | Vice President (2021 – present) and Controller (2006 – present) of Kayne Anderson. |

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#### Compensation
Pursuant to investment management agreements between KBDC and the Advisor, the Advisor is responsible for supervising the investments and reinvestments of the Company's assets. The Advisor, at its own expense, maintains staff and employs personnel as it determines is necessary to perform its obligations under the investment management agreement. The Company pays various management fees to its Advisor for the advisory and other services performed by its Advisor under the investment management agreement.

The executive officers who manage the Company's regular business are employees of the Advisor or its affiliates. The Company's executive officers do not receive direct compensation from the Company. Compensation paid for services relating to financial reporting and compliance functions are paid by the Advisor. Accordingly, the Company does not directly pay salaries, bonuses or other compensation to its executive officers but instead indirectly bears such cost. The Company does not have employment agreements with its executive officers. The Company does not provide pension or retirement benefits, perquisites, or other personal benefits to its executive officers. The Company does not maintain compensation plans under which their equity securities are authorized for issuance. The Company does not have arrangements to make payments to its executive officers upon their termination or in the event of a change in control of the Company.

The investment management agreement for the Company does not require the Advisor to dedicate specific personnel to fulfilling its obligation to the Company under its investment management agreement or require personnel of the Advisor to dedicate a specific amount of time to the management of the Company. In their capacities as executive officers or employees of the Advisor or their affiliates, they devote such portion of their time to the Company's affairs as required for the performance of the Advisor's duties under the investment management agreements.

The executive officers of the Company are compensated by the Advisor or its affiliates. The Company understands that its Advisor takes into account the performance of the Company as a factor in determining the compensation of certain of its senior managers, and such compensation may be increased depending on the Company's performance. In addition to compensation for services performed for the Company, certain of the executive officers receive compensation for services performed for various investment funds of the Advisor or their affiliates.

For further information regarding compensation, see "*Portfolio Management*."

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#### MANAGEMENT AND OTHER AGREEMENTS

#### Kayne Anderson, Kayne Anderson Private Credit and The Advisor

#### Kayne Anderson
Founded in 1984, Kayne Anderson is a prominent alternative investment management firm which is registered with the SEC under the Advisers Act, focused on real estate, credit and infrastructure/energy. Kayne Anderson provides corporate and management services (such as information technology, human resources, compliance and legal services) to the Advisor.

#### Kayne Anderson Private Credit
KAPC was established in 2011 and is Kayne Anderson's line of business focused on private credit that operates various fund vehicles targeting middle market first lien senior secured, unitranche, and split-lien loans.

KAPC's integrated and scaled platform combines direct loan origination, strong fundamental credit analysis and relative-value perspective.

#### The Advisor — KA Credit Advisors, LLC
Our investment activities are managed by our Advisor, an indirect controlled subsidiary of Kayne Anderson, and the Advisor operates within KAPC's line of business. The Advisor is an investment advisor registered with the SEC under the Advisers Act pursuant to the Investment Advisory Agreement. In accordance with the Advisers Act, our Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments and monitoring our investments and portfolio companies on an ongoing basis. The Advisor benefits from the scale and resources of Kayne Anderson and specifically KAPC. While we do not have any employees, the Advisor and its affiliates have a team of approximately 35 investment professionals who are primarily focused on credit investments. The investment team is supported by a team of finance, legal, compliance, operations and administrative professionals.

The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC's underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network.

The Advisor's investment committee has overall responsibility for evaluating and unanimously approving the Company's investments, and its portfolio allocations, subject to the oversight of our Board. The Advisor's investment committee review process is intended to bring the diverse experience and perspectives of the Advisor's investment committee members to the analysis and consideration of every investment. The Advisor's investment committee currently consists of Terrence J. Quinn, Vice Chairman of Kayne Anderson and Vice Chair of the Company; Paul S. Blank, President and Chief Operating Officer of Kayne Anderson; Douglas L. Goodwillie, Co-Head of Private Credit at Kayne Anderson and Co-Chief Executive Officer of the Company; and Kenneth B. Leonard, Co-Head of Private Credit at Kayne Anderson and Co-Chief Executive Officer of the Company. The Advisor's investment committee also determines appropriate investment sizing and mandates ongoing monitoring requirements. Douglas L. Goodwillie and Kenneth B. Leonard, each a Co-Chief Executive Officer of the Company, are jointly and primarily responsible for the day-to-day management of the Company's portfolio.

In addition to reviewing investments, the Advisor's investment committee meetings serve as a forum to discuss credit views and outlooks. The Advisor's investment committee also reviews potential transactions and deal flow on a regular basis. Members of the investment team are encouraged to share information and views on credit with the committee early in their analysis. We believe this process improves the quality of the analysis and enables investment team members to work more efficiently.

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We make investments alongside certain entities and accounts advised by our Advisor and its affiliates. Under the 1940 Act, we are prohibited from knowingly participating in certain joint transactions with our affiliates without the prior approval of the independent directors and, in some cases, prior approval by the SEC. However, we generally make investments alongside affiliated entities and accounts pursuant to exemptive relief granted by the SEC to us, our Advisor, and certain of our affiliates. Pursuant to such exemptive relief, and subject to certain conditions, we are permitted to co-invest in the same security with our affiliates in a manner that is consistent with our investment objective, investment strategy, regulatory consideration and other relevant factors. If opportunities arise that would otherwise be appropriate for us and an affiliate to purchase different securities in the same issuer, our Advisor will need to decide which account will proceed with such investment. Our Advisor's investment allocation policy incorporates the conditions of exemptive relief to seek to ensure that investment opportunities are allocated in a manner that is fair and equitable.

The principal executive offices of our Advisor are located at 717 Texas Avenue, Suite 2200, Houston, Texas, 77002.

*Controlled/Affiliated Portfolio Companies* — under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated, and non-controlled, affiliated, investments is contained in the consolidated financial statements, appearing in our most recent Annual Report on Form 10-K, which are incorporated by reference in this prospectus.

*Administration Agreement* — on February 5, 2021, the Company entered into an Administration Agreement with its Advisor, which serves as its Administrator and provides or oversees the performance of its required administrative services and professional services rendered by others, which include (but are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation and filing of its tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC. On February 12, 2026, the Board approved an additional one-year term of the Administration Agreement through March 15, 2027.

The Company reimburses the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions received by its officers (including our Chief Compliance Officer and Chief Financial Officer) and its respective staff who provide services to the Company. As the Company reimburses the Administrator for its expenses, the Company indirectly bears such cost. The Administrator has a sub-administration agreement with Ultimus Fund Solutions, LLC to serve as our sub-administrator and fund accountant. The Company pays a semi-variable fee, based on its long-term assets, of approximately $140,000 per quarter for the sub-administrator's fund administration and fund accounting services. The Administration Agreement may be terminated by either party with 60 days' written notice.

*Investment Advisory Agreement* — on February 5, 2021, the Company entered into an Investment Advisory Agreement with its Advisor. Pursuant to the Investment Advisory Agreement with its Advisor, the Company pays its Advisor a fee for investment advisory and management services consisting of two components — a base management fee and an incentive fee. The Advisor may, from time-to-time, grant waivers on the Company's obligations, including waivers of the base management fee and/or incentive fee, under the Investment Advisory Agreement. The Investment Advisory Agreement may be terminated by either party with 60 days' written notice.

On March 6, 2024, the Board approved an amended and restated investment advisory agreement (the "Amended Investment Advisory Agreement") and a fee waiver agreement (the "Fee Waiver Agreement") between the Company and the Advisor, which became effective upon the completion of the initial public offering of the Company's shares of common stock on May 24, 2024 (the "IPO Date").

The Amended Investment Advisory Agreement is materially the same as the Investment Advisory Agreement except, following the IPO Date, the base management fee is calculated at an annual rate of 1.00% and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% as opposed to a single quarter

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measurement and is subject to an Incentive Fee Cap (as defined below) based on the Company's Cumulative Pre-Incentive Fee Net Return (as defined below). This lookback feature provides that the Advisor's income incentive fee may be reduced if the Company's portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters (as defined below). Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor implemented waivers of (i) the income incentive fee for three calendar quarters commencing the quarter the initial public offering was completed and (ii) a portion of the base management fee for one year following the completion of the initial public offering. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

*<u>*<u>Base Management Fee</u>*</u>*

Commencing on the IPO Date, the base management fee is calculated at an annual rate of 1.00% of the fair market value of the Company's investments. Since the IPO Date was on a date other than the first day of a calendar quarter, the management fee was calculated for the calendar quarter at a weighted rate based on the fee rates applicable before and after the IPO Date based on the number of days in such calendar quarter before and after the IPO Date. Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor has contractually agreed to waive the base management fee at an annual rate of 0.25% for one year following the IPO Date.

*<u>*<u>Incentive Fee</u>*</u>*

The Company also pays the Advisor an incentive fee. The incentive fee consists of two parts — an incentive fee on income and an incentive fee on capital gains. Described in more detail below, these components of the incentive fee are largely independent of each other with the result that one component may be payable even if the other is not.

*Incentive Fee on Income*

The incentive fee based on income (the "income incentive fee") is determined and paid quarterly in arrears in cash. The Company's quarterly pre-incentive fee net investment income must exceed a preferred return of 1.50% of the Company's NAV at the end of the immediately preceding calendar quarter (6.0% annualized but not compounded) (the "Hurdle Amount") in order for the Company to receive an income incentive fee.

<u><u>Incentive Fee on Income</u></u>

Commencing on the IPO Date, the Company pays the Advisor an income incentive fee based on its aggregate pre-incentive fee net investment income with respect to the then-current calendar quarter and the eleven preceding calendar quarters beginning with the quarter ended September 30, 2024 (or the appropriate portion thereof in the case of any of the Company's first eleven calendar quarters that commence with the quarter ended September 30, 2024) (those calendar quarters, the "Trailing Twelve Quarters").

Commencing with the quarter ended September 30, 2024, subject to the Incentive Fee Cap (described below), the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a "Hurdle Rate" equal to the product of (i) the hurdle rate of 1.50% per quarter (6.00% annualized) and (ii) the sum of our net assets at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Rate is calculated after making appropriate adjustments to the Company's NAV at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its DRIP, and distributions during the applicable calendar quarter. The income incentive fee for each calendar quarter is determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no income incentive fee is payable to the Advisor in any calendar quarter in which aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate, but is less than or equal to an amount, which we refer to as the "Catch-up Amount," determined on a quarterly basis by multiplying 1.7647% by the Company's NAV at the beginning of each applicable

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calendar quarter comprising the relevant Trailing Twelve Quarters (after making appropriate adjustments to the Company's NAV at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its DRIP, and distributions during the applicable calendar quarter); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.0% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

Commencing with the quarter ended September 30, 2024, each income incentive fee is subject to an "Incentive Fee Cap" that in respect of any calendar quarter is an amount equal to 15.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the Trailing Twelve Quarters less the aggregate income incentive fees that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. In the event the Incentive Fee Cap is zero or a negative value then no income incentive fee shall be payable and if the Incentive Fee Cap is less than the amount of income incentive fee that would otherwise be payable, the amount of income incentive fee shall be reduced to an amount equal to the Incentive Fee Cap.

"Cumulative Pre-Incentive Fee Net Return" means (x) with respect to the First Calendar Quarter, the sum of pre-incentive fee net investment income in respect of the First Calendar Quarter, (y) with respect to the relevant Trailing Twelve Quarters, the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters minus any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no income incentive fee to the Advisor for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

"Net Capital Loss" in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

*Incentive Fee on Capital Gains*

<u><u>Incentive Fee on Capital Gains</u></u>

Commencing on the IPO Date, the incentive fee on capital gains is calculated and payable in arrears in cash as 15.0% of the Company's realized capital gains, if any, on a cumulative basis from formation through the end of a given calendar year or upon termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory Agreement terminates as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying a capital gain incentive fee.

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#### CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The Company, the Advisor and the Company's officers, directors, employees, agents, and affiliates may be subject to certain potential conflicts of interest in connection with the Company's activities and investments. For example, the terms of the Advisor's management and incentive fees (if any) may create an incentive for the Advisor to approve and cause the Company to make more speculative investments than it would otherwise make in the absence of such fee structure. In addition, the other funds and separate accounts of the Advisor and its affiliates may take positions in securities and/or issuers that are in a different part of the capital structure of an issuer or adverse to the Company.

The members of the senior management and investment teams and the investment committee of the Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company, or of investment funds managed by the Advisor or its affiliates. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfilment of which may not be in the Company's best interests or in the best interest of the Company's stockholders.

The Company's investment objective may overlap with the investment objectives of such investment funds, accounts, or other investment vehicles. For example, the Advisor concurrently manages accounts that are pursuing an investment strategy similar to the Company's strategies, and the Company may compete with these and other entities managed by affiliates of the Advisor for capital and investment opportunities. As a result, those individuals at the Advisor may face conflicts in the allocation of investment opportunities between the Company and other investment funds or accounts advised by principals of, or affiliated with, the Advisor. The Advisor has agreed with the Company's Board that, when the Company is able to co-invest with other investment funds or accounts managed by an Advisor, allocations among the Company and other investment funds or accounts will generally be made consistent with the 1940 Act. Each of the Company and Kayne Anderson have received an exemptive order from the SEC that permits the Company to co-invest with affiliates of the Advisor, including private funds managed by the Advisor, if the Company's Board determines that it would be advantageous for the Company to co-invest with other funds managed by the Advisor or its affiliates in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions, as well as regulatory requirements and other pertinent factors.

The Company has adopted a code of ethics, as required by federal securities laws, which applies to, among others, its directors and officers. Copies of the code of ethics may be obtained free of charge by visiting KBDC's website at *www.kaynebdc.com*.

The Company has also adopted, as part of its Code of Ethics, insider trading policies and procedures governing the purchase, sale, and/or other dispositions of the Company's securities by directors and officers that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company. As a public company, KBDC's Code of Ethics includes provisions prohibiting, among other things, buying or selling puts or calls or other derivative securities (other than derivative securities issued by KBDC, such as convertible notes) based on the KBDC securities; engaging in the short sale of KBDC securities; or entering into hedging or monetization transactions or similar arrangements with respect to KBDC securities.

The Company has adopted policies with respect to affiliated and related party transactions to the extent required by the 1940 Act and related regulatory guidance.

For further information regarding agreements and related party transactions, see "*Management and Other Agreements*."

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#### CONTROL PERSONS AND PRINCIPAL STOCKHOLDERS
The following tables set forth the number of shares of the Company's common stock as of March 13, 2026, beneficially owned by the Company's current directors and executive officers as a group, and certain other beneficial owners, according to information furnished to the Company by such persons. As of March 13, 2026, five persons beneficially owned more than 5% of the Company's outstanding common stock. Beneficial ownership is determined in accordance with Rule 13d-3 under the 1934 Act and, unless indicated otherwise, includes voting or investment power with respect to the securities.

The address for each of our directors and executive officers is c/o Kayne Anderson BDC, Inc., 717 Texas Avenue, Suite 2200, Houston, Texas, 77002.

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Shares** | **Percent of <br>Class<sup>(1)</sup>** |
|  **Independent Directors** |  |  |
| &nbsp;&nbsp;&nbsp; Mariel A. Joliet | 13000 | \* |
| &nbsp;&nbsp;&nbsp; George E. Marucci, Jr. | 10000 | \* |
| &nbsp;&nbsp;&nbsp; Susan C. Schnabel | 13121 | \* |
| &nbsp;&nbsp;&nbsp; Rhonda S. Smith | 1615 | \* |
|  **Interested Directors & Executive Officers** |  |  |
| &nbsp;&nbsp;&nbsp; Douglas L. Goodwillie | 18255 | \* |
| &nbsp;&nbsp;&nbsp; Terry A. Hart | 21790 | \* |
| &nbsp;&nbsp;&nbsp; Frank P. Karl | 6783 | \* |
| &nbsp;&nbsp;&nbsp; Kenneth B. Leonard | 67757 | \* |
| &nbsp;&nbsp;&nbsp; Michael J. O'Neil | 5094 | \* |
| &nbsp;&nbsp;&nbsp; Albert (Al) Rabil III |  | \* |
| &nbsp;&nbsp;&nbsp; John B. Riley |  | \* |
| &nbsp;&nbsp;&nbsp; James (Jim) Robo<sup>(2)</sup> | 1738174 | 2.6% |
| &nbsp;&nbsp;&nbsp; Terrence J. Quinn | 24896 | \* |
| &nbsp;&nbsp;&nbsp; Andy Wedderburn-Maxwell | 565 | \* |
|  **All Independent Directors, Interested Directors & Executive Officers as a Group (14 persons)** | 1921050 | 2.9% |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Shares** | **Percent of <br>Class<sup>(1)</sup>** |
|  **Name of Beneficial Owner of Common Stock** |  |  |
|  The Bank of New York Mellon, as Trustee for the Koch Companies Defined Benefit Master Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4111 East 37<sup>th</sup> Street North Wichita, KS 67220 | 12181352 | 18.3% |
|  State of Michigan Retirement System |  |  |
| &nbsp;&nbsp;&nbsp; 2501 Coolidge Road, Suite 400 East Lansing, MI 48823 | 6566762 | 9.9% |
|  San Bernardino County Employees' Retirement Association |  |  |
| &nbsp;&nbsp;&nbsp; 348 West Hospitality Lane, Suite 100 San Bernardino, CA 92408 | 4784006 | 7.2% |
|  Adam Beren Family<sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; 2020 North Bramblewood, Wichita, KS 67206 | 4711056 | 7.1% |
|  Bank of America Corp |  |  |
| &nbsp;&nbsp;&nbsp; 100 N Tryon Street, Charlotte, NC 28255 | 5447842 | 8.2% |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 1% of class.

(1)&nbsp;&nbsp;&nbsp;&nbsp; Based on 66,566,769 shares outstanding as of March 13, 2026.

(2)&nbsp;&nbsp;&nbsp;&nbsp; The shares of common stock that Mr. Robo beneficially owns have been pledged as security in connection with a line of credit with a third-party financial institution unaffiliated with the Company.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Adam Beren Family owns shares of the Company through several partnerships, family trusts and LLCs.

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The table below sets forth information about securities owned by the independent directors of the Company and their respective immediate family members, as of December 31, 2025, in entities directly or indirectly controlling, controlled by, or under common control with, the Company's investment adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Director** | **Name of <br>Owners and <br>Relationships to <br>Director** | **Fund<sup>(1)</sup>** | **Title of Class** | **Dollar <br>Range of <br>Securities** |
|  Susan C. Schnabel | Self | Kayne Anderson Energy Fund VII, L.P. | Partnership Units | $213534<br> \* |
|  |  | Kayne Anderson Energy Fund VIII, L.P. | Partnership Units | $560534<br> \* |
|  |  | KEPE Selling Fund II, L.P. | Partnership Units | $50759<br> \* |
|  |  | Kayne Private Energy Income Fund III, L.P. | Partnership Units | $224958<br> \* |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 1% of class.

(1)&nbsp;&nbsp;&nbsp;&nbsp; Kayne Anderson may be deemed to "control" the fund by virtue of its role as the fund's general partner.

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#### PORTFOLIO MANAGEMENT
Our Advisor utilizes KAPC's direct lending platform to pursue investment opportunities. The leadership team of KAPC has invested in this market across multiple platforms (e.g., not only as part of KAPC) and economic cycles, working directly together as a team for the better part of three decades. This experience over multiple decades allows KAPC to focus on transactions in markets where it has substantial experience and where it can bring its expertise in negotiating and structuring investments. The Advisor's investment committee consists of four members (Terry Quinn, Paul Blank, Doug Goodwillie and Ken Leonard) with average experience in credit investing in excess of 30 years. The Advisor's investment committee has overall responsibility for evaluating and unanimously approving the Company's investments and portfolio allocations, subject to the oversight of our Board.

#### Portfolio Management
Set forth below is information regarding the team of professionals at the Advisor (who are not Officers or Directors of the Company) that support overseeing the day-to-day management of the Company. The Advisor utilizes a team approach, with decisions derived from interaction among various investment management sector specialists. Under this team approach, management of the Company's portfolio will reflect a consensus of interdisciplinary views. Mr. Goodwillie and Mr. Leonard are jointly and primarily responsible for overseeing the day-to-day management of the Company.

**Andrew D. Marek**, *Managing Partner, Middle Market Direct Lending at Kayne Anderson.* Mr. Marek is a managing partner for Kayne Anderson's middle market direct lending strategies. Prior to joining Kayne Anderson, Mr. Marek was with Cerberus Capital where he was a co-founder of Dymas Capital Management and helped lead the development of a middle market, private equity focused lending business. Prior to joining Cerberus, Mr. Marek worked at Heller Financial from 1989 to 2002, where he last served as a senior vice president and worked in loan restructuring, portfolio management and originations management and where he was a co-manager of a significant portfolio and a 22-member team of professionals responsible for originating, underwriting and managing loans to and investments with middle market private equity sponsors. From 1984 to 1989, he worked with Deloitte Haskins & Sells. Mr. Marek earned a B.S. in Accounting from the University of Illinois in 1984 and an M.B.A. from Northwestern University's Kellogg School of Management.

**John K. McNulty, Jr.**, *Senior Managing Director — Investments, Middle Market Direct Lending at Kayne Anderson*. Prior to joining Kayne Anderson in 2009, he was an executive director in the Leveraged Capital Markets Group at UBS Securities. Prior to joining UBS in 2006, Mr. McNulty worked in the Loan Markets Group at RBS where he was responsible for the origination, structuring, diligence and distribution of middle market financings. From 1996 to 2003, he worked in the Leveraged Finance Investment Banking Group at Merrill Lynch & Company. Mr. McNulty received a B.A. in Geology with a concentration in Economics from Dartmouth College.

**Liam A. Alling**, *Managing Director — Investments, Middle Market Direct Lending at Kayne Anderson.* Prior to joining Kayne Anderson in 2013, Mr. Alling was an Associate at AlpInvest Partners, focusing on execution of mezzanine debt and private equity investments in leveraged buyouts. Prior to AlpInvest Partners, Mr. Alling was an investment banking Analyst in the Financial Institutions Group at Citigroup, focusing on mergers and acquisitions, and debt and equity capital raising in the asset management and financial technology sectors. Mr. Alling graduated magna cum laude from Georgetown University with a B.S. in Finance and Accounting.

**Lee E. Feingold**, *Managing Director — Investment Management, Middle Market Direct Lending at Kayne Anderson*. Prior to joining Kayne Anderson in 2018, Mr. Feingold spent several years in middle market management consulting at the Keystone Group. Mr. Feingold's primary focus was on turnaround situations within the manufacturing and distribution space. These projects included interim management, lender negotiations, and refinance initiatives. Mr. Feingold also served in a portfolio management role at The Riverside Company, where he monitored company performance, supported investor requests and performed ad hoc analyses on behalf of the fund managers. Mr. Feingold graduated magna cum laude with a BS in Finance from Indiana University and later received his MBA from New York University.

**Brendan G. McKay**, *Managing Director — Investments, Middle Market Direct Lending at Kayne Anderson.* Prior to joining Kayne Anderson in 2022, Brendan worked at ONEX — Falcon where he was responsible for west coast origination and coverage efforts. Prior to working at ONEX — Falcon, he was an investment banking analyst in the Consumer Retail & Business Services Group at Deutsche Bank in New York. Mr. McKay received a B.S. in Finance and B.S. in Accounting from The Carroll School of Management Honors Program at Boston College.

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**Rick W. Persutti**, *Managing Director — Investments, Middle Market Direct Lending at Kayne Anderson.* Prior to joining Kayne Anderson in 2013, Mr. Persutti was a Senior Analyst in the Leveraged Finance group at Bank of America Merrill Lynch, focusing on the origination, execution and syndication of high yield and leveraged loan transactions. Prior to Bank of America Merrill Lynch, Mr. Persutti was an investment banking Analyst in the Public Finance group at M.R. Beal & Company, focusing on municipal underwriting. Mr. Persutti graduated from the College of the Holy Cross with a B.A. in Economics.

**Ethan A. Schweir**, *Managing Director — Investments, Middle Market Direct Lending at Kayne Anderson.* Prior to joining Kayne Anderson in 2016, Mr. Schweir was at Bank of Montreal, focusing on structuring, underwriting and executing leveraged loan transactions for financial sponsors and corporate clients. Mr. Schweir received a B.A. in Economics from DePauw University.

**Steven M. Wierema, Jr.**, *Managing Director — Investments, Middle Market Direct Lending at Kayne Anderson.* Prior to joining Kayne Anderson in 2012, Mr. Wierema spent three years with Lake Capital Management, a middle market private equity firm focused on business services, most recently as a senior associate. Prior to Lake Capital, Mr. Wierema was an Analyst in the investment banking division of Citigroup. Mr. Wierema holds a B.B.A. from the University of Notre Dame and an M.B.A. from the University of Chicago Booth School of Business.

#### Other Accounts Managed by Portfolio Managers
The portfolio managers primarily responsible for our day-to-day management also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of December 31, 2025: (i) the number of other registered investment companies (other than the Company), other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of Account** | **Number of <br>Accounts** | **Assets of <br>Accounts <br>($ in million)<sup>(2)</sup>** | **Number of <br>Accounts <br>Subject to a <br>Performance <br>Fee** | **Assets <br>Subject to a <br>Performance <br>Fee <br>($ in millions)** |
|  Registered investment companies | 1 | $352.9 |  | $— |
|  Other pooled investment vehicles:<sup>(1)</sup> | 15 | $2441.1 | 12 | $1977.4 |
|  Other accounts | 13 | $2244.4 |  | $— |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Includes investment companies that have elected to be regulated as business development companies under the 1940 Act.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Total assets includes commitments to acquire limited partner interests in private funds that may not be fully funded as of the date set forth above.

#### Compensation
For the Company, directors and officers who are "interested persons" by virtue of their employment by Kayne Anderson, including all executive officers, serve without any compensation from the Company. For the fiscal year ended December 31, 2025, the independent directors received the following compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to October 1, 2025, each Independent Director of the Company's Board received an annual retainer of $135,000 for his or her service. After October 1, 2025, each Independent Director of the Company's Board received an annual retainer of $141,000 for his or her service. The Independent Directors, voting separately, have authority to set their compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lead independent director received an annual retainer of $20,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairperson of the Company's Audit Committee received an annual retainer of $12,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lead valuation director of the Company's Audit Committee received an annual retainer of $12,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Independent Director received $12,000 for service on the Company's Audit Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Independent Director received $2,500 per special board meeting attended, whether in-person or telephonic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Independent Directors are reimbursed for expenses incurred as a result of attendance at meetings of the Board and its committees.

The following table sets forth the compensation paid by the Company for service during the fiscal year ended December 31, 2025, to the Independent Directors. The Company does not have a retirement or pension plan or any compensation plans under which the Company's equity securities are authorized for issuance.

---

| | |
|:---|:---|
|  | **Total <br>Compensation** |
| &nbsp;&nbsp;&nbsp; **Independent Directors** |  |
| &nbsp;&nbsp;&nbsp; Mariel A. Joliet | $168500 |
| &nbsp;&nbsp;&nbsp; George E. Marucci, Jr. | $160500 |
| &nbsp;&nbsp;&nbsp; Susan C. Schnabel | $160500 |
| &nbsp;&nbsp;&nbsp; Rhonda S. Smith | $148500 |
| &nbsp;&nbsp;&nbsp; **Interested Directors** |  |
| &nbsp;&nbsp;&nbsp; Albert (Al) Rabil III |  |
| &nbsp;&nbsp;&nbsp; James (Jim) Robo |  |
| &nbsp;&nbsp;&nbsp; Terrence J. Quinn |  |

---

The table below shows the dollar range of shares of our common stock to be beneficially owned by our portfolio managers as of December 31, 2025.

---

| | |
|:---|:---|
|  **Name of Portfolio Manager** | **Dollar Range of <br>Equity Securities in <br>the Company** |
|  Douglas L. Goodwillie | $100001 – $500000 |
|  Kenneth B. Leonard | $500001 – $1000000 |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Dollar ranges are as follows: none; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001 – $500,000; $500,001 – $1,000,000; or over $1,000,000.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Dollar ranges were determined using the number of shares that are beneficially owned as of December 31, 2025 multiplied by the Company's closing price per share per the NYSE as of December 31, 2025.

#### Portfolio Manager Compensation
The Advisor's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary and a discretionary bonus.

***Base Compensation.&nbsp;&nbsp;&nbsp;&nbsp;***Generally, portfolio managers receive base compensation and employee benefits based on their individual seniority and/or their position with the Company.

***Discretionary Compensation.&nbsp;&nbsp;&nbsp;&nbsp;***In addition to base compensation, portfolio managers may receive discretionary compensation. Discretionary compensation of the portfolio managers is based on the portfolio managers and the Advisor sharing in the management fees and incentive allocation generated by separate accounts, privately offered pooled investment vehicles, and registered investment companies under management (including those managed by affiliates) after expenses, including analyst salaries and allocated overhead.

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#### DETERMINATION OF NET ASSET VALUE
The NAV per share of our outstanding shares of common stock is determined quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding.

Consistent with accounting principles generally accepted in the United States of America ("GAAP") and the 1940 Act, we calculate the value of our investments in accordance with the procedures described below.

*Traded Investments (Level 1 or Level 2)*

Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of our Advisor, fair value will be determined using our Advisor's valuation process for investments that are privately issued or otherwise restricted as to resale.

We may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While we anticipate these equity securities to be issued by private companies, we may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. ("NASDAQ") are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices.

*Non-Traded Investments (Level 3)*

Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of our Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of our Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. We expect that a significant majority of our investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for our Level 3 investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Valuation Designee*.&nbsp;&nbsp;&nbsp;&nbsp;The applicable investments will be valued no less frequently than quarterly by the Advisor, with new investments valued at the time such investment was made. The value of each Level 3 investment will be initially reviewed by the persons responsible for such portfolio company or investment. The Advisor will use a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs to determine a preliminary value. The Advisor will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Valuation Firm*.&nbsp;&nbsp;&nbsp;&nbsp;Quarterly, a third-party valuation firm engaged by the Advisor reviews the valuation methodologies and calculations employed for each of the Company's investments that the Advisor has placed on the "watch list" and approximately 25% of the Company's remaining investments. The third-party valuation firm will review and independently value all of the Level 3 investments at least once per year, on a rolling twelve-month basis. The quarterly report issued by the third-party valuation firm will provide positive assurance on the fair values of the investments reviewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oversight*.&nbsp;&nbsp;&nbsp;&nbsp;The Board has appointed the Advisor as the valuation designee for the Company for purposes of making determinations of fair value as permitted by Rule 2a-5 under the 1940 Act. The valuation designee performs fair valuation of the Company's portfolio holdings in accordance with the Company's Valuation Program. The Audit Committee shall aid the Board in overseeing the Advisor's fair valuation of securities that are not publicly traded or for which current market values are not readily available. The Audit Committee shall meet quarterly to review the fair value determinations, processes and written reports of the Advisor as part of the Board's oversight responsibilities.

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#### DIVIDEND REINVESTMENT PLAN
We have adopted an "opt-out" DRIP that provides for reinvestment of any dividends or other distributions we declare in cash on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if our Board authorizes, and we declare, a cash dividend, then our stockholders who have not "opted out" of our DRIP will have their cash dividends automatically reinvested in additional shares of our common stock, rather than receiving the cash dividends.

No action is required on the part of a registered stockholder to have their cash dividend reinvested in shares of our common stock. A registered stockholder may elect to receive an entire cash dividend in cash by notifying Equiniti Trust Company, LLC (the "DRIP Administrator") in writing so that such notice is received by the DRIP Administrator no later than ten calendar days prior to the record date fixed by the Board for dividends to stockholders. Such notice may be delivered by mail at the address included below. The DRIP Administrator will set up an account for shares acquired through the DRIP for each stockholder who has not elected to receive dividends in cash and hold such shares in non-certificated form. We will notify stockholders of any applicable record date by means of a publicly disseminated press release published on the Company's website.

Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or another financial intermediary of their election. If you hold your common stock with a broker that does not participate in the DRIP, you will not be able to participate in the DRIP and any dividend reinvestment may be effected on different terms than those described above. Consult your financial advisor for more information. See "*Regulation*" for further information.

To implement the DRIP, we may use newly issued shares or we may purchase shares in the open market, in each case to the extent permitted under applicable law, whether our shares are trading at, above or below NAV. If our shares are trading at or above NAV, we will issue new shares to implement the DRIP. If newly issued shares are used to implement the DRIP, the number of shares to be issued to a stockholder shall be determined by dividing the total dollar amount of the dividend payable to such stockholder by the market price per share of our common stock at the close of regular trading on The New York Stock Exchange on the dividend payment date. Market price per share on that date shall be the closing price for such shares on The New York Stock Exchange or, if no sale is reported for such day, at the average of their reported bid and asked prices. The Company believes it is in the best interest of its stockholders to issue additional shares for the DRIP in these circumstances because the participating stockholders would receive the same number of shares for the dollar amount of dividends reinvested compared to purchasing those shares in the open market and the Company would not need to make a cash expenditure to purchase those shares. If our shares are trading below NAV, we will purchase shares in the open market to implement the DRIP. If shares are purchased in the open market to implement the DRIP, the number of shares to be issued to a stockholder shall be determined by dividing the dollar amount of the cash dividend payable to such stockholder by the weighted average price per share for all shares purchased by the DRIP Administrator in the open market in connection with the dividend. The Company believes it is in the best interest of stockholders to effect open market purchases in these circumstances because stockholders would receive more shares for the dollar amount of dividends reinvested (compared to issuing shares to them at NAV). The number of shares of our common stock to be outstanding after giving effect to payment of the dividend cannot be established until the value per share at which additional shares will be issued has been determined and elections of our stockholders have been tabulated.

There are no brokerage charges or other charges to stockholders who participate in the DRIP. The DRIP Administrator's fees under the plan will ultimately be borne by our common stockholders. If a participant elects by notice to the DRIP Administrator to have the DRIP Administrator sell part or all of the shares held by the DRIP Administrator in the participant's account and remit the proceeds to the participant, the DRIP Administrator is authorized to deduct a transaction fee of up to $15 plus a $0.10 per share fee from the proceeds.

Stockholders whose cash dividends are reinvested in shares of our common stock are subject to the same U.S. federal, state and local tax consequences as are stockholders who elect to receive their dividends in cash and will not receive a corresponding cash dividend with which to pay any applicable tax. A stockholder's initial basis for determining gain or loss upon the sale of stock received in a dividend from us will be equal to the total dollar amount of the dividend payable to the stockholder. Any stock received on reinvestment of a cash dividend will have a new holding period for tax purposes commencing on the day following the day on which the shares are credited to the U.S. stockholder's account. See "*Certain U.S. Federal Income Tax Considerations*."

The DRIP may be terminated by us upon notice in writing mailed to each participant at least 30 calendar days prior to any record date for the payment of any dividend by us. Additional information about the DRIP may be obtained by contacting the DRIP Administrator by mail at PO Box 10027, Newark, NJ 07101 or by telephone at (800) 937-5449.

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#### DESCRIPTION OF SECURITIES
This prospectus contains a summary of the common stock, preferred stock, subscription rights, warrants and debt securities. These summaries are not meant to be a complete description of each security. However, this prospectus contains, and any applicable prospectus supplement or related free writing prospectus that we may authorize to be provided to you related to any security being offered will contain, the material terms and conditions for each security.

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#### DESCRIPTION OF CAPITAL STOCK
*The following description is based on relevant portions of the DGCL and our certificate of incorporation and bylaws. This summary is not necessarily complete, and we refer you to the DGCL and the full text of our certificate of incorporation and bylaws for a more detailed description of the provisions summarized below.*

#### Capital Stock
Our authorized stock consists of 100 million shares of common stock, par value $0.001 per share, and 1 million shares of preferred stock, par value $0.001 per share. There are no outstanding options or warrants to purchase our shares of common stock. No stock has been authorized for issuance under any equity compensation plans. Under Delaware law, our stockholders generally are not personally liable for our debts or obligations.

The following are our outstanding classes of securities as of March 25, 2026:

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| | | | |
|:---|:---|:---|:---|
|  **Title of Class** | **Amount <br>Authorized** | **Amount Held by <br>us or for Our <br>Account** | **Amount Outstanding <br>Exclusive of Amounts <br>Shown Under** |
|  Common Stock | 100,000,000 | 0 | 66,510,355 |

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Under our certificate of incorporation, our Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock and authorize the issuance of shares of stock without obtaining stockholder approval. As permitted by the DGCL, our certificate of incorporation provides that the Board, without any action by our stockholders, may amend the certificate of incorporation from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.

All of our shares of common stock have equal rights as to earnings, assets, dividends and other distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our Board and declared by us out of assets legally available therefor. Our shares of common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except when their transfer is restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will not be able to elect any directors.

#### Provisions of the DGCL and Our Certificate of incorporation and Bylaws

#### Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses
The indemnification of our officers and directors will be governed by Section 145 of the DGCL, our certificate of incorporation and bylaws. Subsection (a) of DGCL Section 145 empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if (1) such person acted in good faith, (2) in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and (3) with respect to any criminal action or proceeding, such person had no reasonable cause to believe the person's conduct was unlawful.

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Subsection (b) of DGCL Section 145 empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the corporation, and except that no indemnification may be made in respect of any claim, issue or matter as to which such person has been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court deems proper.

DGCL Section 145 further provides that to the extent that a present or former director or officer is successful, on the merits or otherwise, in the defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person will be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with such action, suit or proceeding. In all cases in which indemnification is permitted under subsections (a) and (b) of Section 145 (unless ordered by a court), it will be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the applicable standard of conduct has been met by the party to be indemnified. Such determination must be made, with respect to a person who is a director or officer at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, (2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (4) by the stockholders. The statute authorizes the corporation to pay expenses incurred by an officer or director in advance of the final disposition of a proceeding upon receipt of an undertaking by or on behalf of the person to whom the advance will be made, to repay the advances if it is ultimately determined that he or she was not entitled to indemnification. DGCL Section 145 also provides that indemnification and advancement of expenses permitted under such Section are not to be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. DGCL Section 145 also authorizes the corporation to purchase and maintain liability insurance on behalf of its directors, officers, employees and agents regardless of whether the corporation would have the statutory power to indemnify such persons against the liabilities insured.

Our certificate of incorporation provides that our directors will not be liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by the current DGCL or as the DGCL may be amended. DGCL Section 102(b)(7) provides that the personal liability of a director to a corporation or its stockholders for breach of fiduciary duty as a director may be eliminated except for liability (1) for any breach of the director's duty of loyalty to the registrant or its stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) under Section 174 of the DGCL, relating to unlawful payment of dividends or unlawful stock purchases or redemption of stock or (4) for any transaction from which the director derives an improper personal benefit.

As a BDC, we are not permitted to and will not indemnify the Advisor, any of our executive officers and directors, or any other person against liability arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office, or by reason of reckless disregard of obligations and duties of such person arising under contract or agreement.

#### Election of Directors
Our bylaws provide that the affirmative vote of a majority of the total votes cast "for" or "against" a nominee for director at a duly called meeting of stockholders at which a quorum is present is required to elect a director in an uncontested election. In a contested election, directors are elected by a plurality of the votes cast at a meeting of stockholders duly called and at which is a quorum is present. Our bylaws provide that our Board may amend the bylaws to alter the vote required to elect directors.

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#### Classified Board of Directors
Our Board is divided into three classes of directors serving staggered three-year terms, with the term of office of only one of the three classes expiring each year. At each annual meeting of stockholders, directors of the class of directors whose term expires at such meeting will be elected to hold office for a term expiring at the third succeeding annual meeting of stockholders following the meeting at which they were elected and until their successors are duly elected and qualified. A classified Board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified Board helps to ensure the continuity and stability of our management and policies.

#### Number of Directors; Removal; Vacancies
Our certificate of incorporation and bylaws provide that the number of directors will be set only by the Board. Our bylaws provide that a majority of our entire Board may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never be less than four nor more than eight. Except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board, including a vacancy resulting from an enlargement of the Board, may be filled only by vote of a majority of the directors then in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualified, subject to any applicable requirements of the 1940 Act. Our certificate of incorporation provides that a director may be removed only for cause, as defined in our certificate of incorporation, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of directors. The limitations on the ability of our stockholders to remove directors and fill vacancies could make it more difficult for a third-party to acquire, or discourage a third party from seeking to acquire, control of us.

#### Action by Stockholders
Pursuant to our certificate of incorporation, any action required or permitted to be taken by the stockholders must be effected at an annual or special meeting of the stockholders, and may not be taken by written consent. These provisions, combined with the requirements of our bylaws regarding the calling of a stockholder-requested meeting of stockholders discussed below, may have the effect of delaying consideration of a stockholder proposal until the next annual meeting.

#### Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals
Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the Board and the proposal of business to be considered by stockholders may be made only (1) by or at the direction of the Board, (2) pursuant to our notice of meeting or (3) by a stockholder who was a stockholder of record at the time of provision of notice, at the record date and at the time of the meeting, who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) by or at the direction of the Board or (2) provided that the special meeting has been called in accordance with our bylaws for the purposes of electing directors, by a stockholder who was a stockholder of record at the time of provision of notice, at the record date and at the time of the meeting, who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.

The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board any power to disapprove stockholder nominations for the election of directors or proposals will recommend certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders.

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#### Calling of Special Meetings of Stockholders
Our certificate of incorporation and bylaws provide that special meetings of stockholders may be called by our Board, the chairman of our Board and our Chief Executive Officer.

#### Delaware Anti-takeover Law
The DGCL contains provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. Our certificate of incorporation and bylaws contain provisions that limit liability and provide for indemnification of our directors and officers. These provisions and others which we may adopt also may have the effect of deterring hostile takeovers or delaying changes in control or management. We are subject to Section 203 of the DGCL, the application of which is subject to any applicable requirements of the 1940 Act. This section generally prohibits us from engaging in mergers and other business combinations with stockholders that beneficially own 15% or more of our voting stock, either individually or together with their affiliates, unless our directors or stockholders approve the business combination in the prescribed manner. Section 203 of the DGCL may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer.

We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general, these provisions prohibit a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior to such time, the Board approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at or subsequent to such time, the business combination is approved by the Board and authorized at a meeting of stockholders, by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

Section 203 of the DGCL defines "business combination" to include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any merger or consolidation involving the corporation and the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any sale, transfer, pledge or other disposition (in one transaction or a series of transactions) of 10% or more of either the aggregate market value of all the assets of the corporation or the aggregate market value of all the outstanding stock of the corporation involving the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation owned by the interested stockholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 of the DGCL defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by any of these entities or persons.

The statute could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us.

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#### Conflict with Federal Securities Laws
The Company is aware of certain recent federal and state court decisions regarding certain control share statutes in jurisdictions other than Delaware holding that such control share statutes are not consistent with the 1940 Act and acknowledges the possibility that a court may determine that Section 203 of the DGCL similarly conflicts with federal securities laws, such as the 1940 Act. Our bylaws and certificate of incorporation provide that, if and to the extent that any provision of the DGCL, or any provision of our bylaws or certificate of incorporation conflicts with any provision of federal securities laws such as the 1940 Act, the applicable provision of such federal securities laws (such as the 1940 Act) will control.

#### Exclusive Forum
Our certificate of incorporation provides that, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (A)(1) any derivative action or proceeding brought on behalf of the Company, (2) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's stockholders, (3) any action asserting a claim arising pursuant to any provision of the DGCL, our certificate of incorporation or bylaws or the securities, antifraud, unfair trade practices or similar laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder, or (4) any action asserting a claim governed by the internal affairs doctrine will be a federal or state court located in the state of Delaware; and (B) the resolution of any complaint asserting a cause of action arising under the Securities Act, shall be the federal district courts of the United States. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Company will be deemed, to the fullest extent permitted by law, to have notice of and consented to these exclusive forum provisions in our certificate of incorporation and to have irrevocably submitted to, and waived any objection to, the exclusive jurisdiction of such courts in connection with any such action or proceeding and consented to process being served in any such action or proceeding, without limitation, by United States mail addressed to the stockholder at the stockholder's address as it appears on the records of the Company, with postage thereon prepaid. The exclusive forum provisions in our certificate of incorporation may increase costs to bring a claim and may discourage claims or limit investors' ability to bring a claim in a judicial forum that they find favorable. In addition, there may exist questions of law as to whether a court would enforce the exclusive forum provisions in our certificate of incorporation. The exclusive forum provisions in our certificate of incorporation do not apply to claims arising under the federal securities laws.

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#### DESCRIPTION OF PREFERRED STOCK
In addition to shares of common stock, our Charter authorizes the issuance of preferred stock. If we offer preferred stock under this prospectus, we will issue an appropriate prospectus supplement. We may issue preferred stock from time to time in one or more classes or series, without shareholder approval. Prior to issuance of shares of each class or series, our Board is required by Delaware law and by our Charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Any such issuance must adhere to the requirements of the 1940 Act, Delaware law and any other limitations imposed by law.

The following is a general description of the terms of the preferred stock we may issue from time to time. Particular terms of any preferred stock we offer will be described in the prospectus supplement relating to such preferred stock. If we issue preferred stock, it will pay dividends to the holders of the preferred stock at either a fixed rate or a rate that will be reset frequently based on short-term interest rates, as described in a prospectus supplement accompanying each preferred share offering.

The 1940 Act currently requires, among other things, that (a) immediately after issuance and before any distribution is made with respect to common stock, the liquidation preference of the preferred stock, together with all other senior securities, must not exceed an amount equal to 66.7% of our total assets (taking into account such distribution), (b) the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on the preferred stock are in arrears by two years or more and (c) such class of stock have complete priority over any other class of stock as to distribution of assets and payment of dividends, which dividends shall be cumulative.

For any series of preferred stock that we may issue, our Board will determine and the amendment to the Charter and the prospectus supplement relating to such series will describe:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the designation and number of shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rate and time at which, and the preferences and conditions under which, any dividends will be paid on shares of such series, as well as whether such dividends are participating or non-participating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions relating to convertibility or exchangeability of the shares of such series, including adjustments to the conversion price of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rights and preferences, if any, of holders of shares of such series upon our liquidation, dissolution or winding up of our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the voting powers, if any, of the holders of shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions relating to the redemption of the shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any limitations on our ability to pay dividends or make distributions on, or acquire or redeem, other securities while shares of such series are outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any conditions or restrictions on our ability to issue additional shares of such series or other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, a discussion of certain U.S. federal income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other relative powers, preferences and participating, optional or special rights of shares of such series, and the qualifications, limitations or restrictions thereof.

All shares of preferred stock that we may issue will be identical and of equal rank except as to the particular terms thereof that may be fixed by our Board, and all shares of each series of preferred stock will be identical and of equal rank except as to the dates from which dividends, if any, thereon will be cumulative. We urge you to read the applicable prospectus supplement and any free writing prospectus that we may authorize to be provided to you related to any preferred stock being offered, as well as the complete certificate of designation that contain the terms of the applicable series of preferred stock.

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#### DESCRIPTION OF SUBSCRIPTION RIGHTS

#### General
We may issue subscription rights to our shareholders to purchase common stock. Subscription rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with a subscription rights offering to our shareholders, we would distribute certificates evidencing the subscription rights and a prospectus supplement to our shareholders on the record date that we set for receiving subscription rights in such subscription rights offering. We urge you to read the applicable prospectus supplement and any free writing prospectus that we may authorize to be provided to you related to any subscription rights offering.

The applicable prospectus supplement would describe the following terms of subscription rights in respect of which this prospectus is being delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the period of time the offering would remain open (which shall be open a minimum number of days such that all record holders would be eligible to participate in the offering and shall not be open longer than 120 days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the title of such subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the exercise price for such subscription rights (or method of calculation thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the ratio of the offering (which, in the case of transferable rights, will require a minimum of three shares to be held of record before a person is entitled to purchase an additional share);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the number of such subscription rights issued to each shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the extent to which such subscription rights are transferable and the market on which they may be traded if they are transferable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, a discussion of certain U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date on which the right to exercise such subscription rights shall commence, and the date on which such right shall expire (subject to any extension);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any termination right we may have in connection with such subscription rights offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other terms of such subscription rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such subscription rights.

#### Exercise Of Subscription Rights
Each subscription right would entitle the holder of the subscription right to purchase for cash such amount of shares of common stock at such exercise price as shall in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to the subscription rights offered thereby. Subscription rights may be exercised at any time up to the close of business on the expiration date for such subscription rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised subscription rights would become void.

Subscription rights may be exercised as set forth in the prospectus supplement relating to the subscription rights offered thereby. Upon receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement we will forward, as soon as practicable, the shares of common stock purchasable upon such exercise. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable prospectus supplement.

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#### Dilutive Effects
Any shareholder who chooses not to participate in a rights offering should expect to own a smaller interest in us upon completion of such rights offering. Any rights offering will dilute the ownership interest and voting power of shareholders who do not fully exercise their subscription rights. Further, because the net proceeds per share from any rights offering may be lower than our current NAV per share, the rights offering may reduce our NAV per share. The amount of dilution that a shareholder will experience could be substantial, particularly to the extent we engage in multiple rights offerings within a limited time period. In addition, the market price of our common stock could be adversely affected while a rights offering is ongoing as a result of the possibility that a significant number of additional shares may be issued upon completion of such rights offering. All of our shareholders will also indirectly bear the expenses associated with any rights offering we may conduct, regardless of whether they elect to exercise any rights.

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#### DESCRIPTION OF WARRANTS
The following is a general description of the terms of the warrants we may issue from time to time. Particular terms of any warrants we offer will be described in the prospectus supplement relating to such warrants. We urge you to read the applicable prospectus supplement and any free writing prospectus that we may authorize to be provided to you related to any warrants offering.

We may issue warrants to purchase shares of our common stock, preferred stock or debt securities. Such warrants may be issued independently or together with shares of common stock, preferred stock or debt securities and may be attached or separate from such shares of common stock, preferred stock or debt securities. We will issue each series of warrants under a separate warrant agreement to be entered into between us and a warrant agent. The warrant agent will act solely as our agent and will not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants.

A prospectus supplement will describe the particular terms of any series of warrants we may issue, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the title of such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate number of such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the price or prices at which such warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the currency or currencies, including composite currencies, in which the price of such warrants may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which this principal amount of debt securities may be purchased upon such exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date on which the right to exercise such warrants shall commence and the date on which such right will expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether such warrants will be issued in registered form or bearer form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the number of such warrants issued with each share of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the date on and after which such warrants and the related shares of common stock will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;information with respect to book-entry procedures, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, a discussion of certain U.S. federal income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.

We and the warrant agent may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the warrants issued thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect the interests of the holders of the warrants.

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Prior to exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including, in the case of warrants to purchase debt securities, the right to receive principal, premium, if any, or interest payments, on the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture or, in the case of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or payments upon our liquidation, dissolution or winding up or to exercise any voting rights.

Under the 1940 Act, we may generally only offer warrants provided that (1) the warrants expire by their terms within ten years; (2) the exercise or conversion price is not less than the current market value at the date of issuance; (3) our shareholders authorize the proposal to issue such warrants, and our Board approves such issuance on the basis that the issuance is in the best interests of us and our shareholders; and (4) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants at the time of issuance may not exceed 25.0% of our outstanding voting securities.

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#### DESCRIPTION OF DEBT SECURITIES
We may issue debt securities in one or more series. The specific terms of each series of debt securities will be described in the particular prospectus supplement relating to that series. The prospectus supplement may or may not modify the general terms found in this prospectus and will be filed with the SEC. For a complete description of the terms of a particular series of debt securities, you should read this prospectus, the applicable prospectus supplement and any free writing prospectus that we may authorize to be provided to you relating to that particular series of debt securities.

As required by federal law for all bonds and notes of companies that are publicly offered, the debt securities will be governed by a document called an "indenture." An indenture is a contract between us and the financial institution acting as trustee on your behalf, and is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf, described in the second paragraph under "— Events of Default — Remedies if an Event of Default Occurs." Second, the trustee performs certain administrative duties for us with respect to the debt securities.

This section includes a description of the material provisions that will be included in the indenture. Any accompanying prospectus supplement will describe any other material terms of the debt securities being offered thereunder. Because this section is a summary, however, it does not describe every aspect of the debt securities and the indenture. We urge you to read the indenture that will govern our debt securities because it, and not this description, will define your rights as a holder of debt securities. We have filed the form of base indenture with the SEC. We will file a supplemental indenture with the SEC in connection with any debt offering, at which time the supplemental indenture would be publicly available. See "*Available Information*" in this prospectus for information on how to obtain a copy of the indenture.

The prospectus supplement, which will accompany this prospectus, will describe the particular series of debt securities being offered, including among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the designation or title of the series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the total principal amount of the series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the percentage of the principal amount at which the series of debt securities will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date or dates on which principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rate or rates (which may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date or dates from which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether any interest may be paid by issuing additional securities of the same series in lieu of cash (and the terms upon which any such interest may be paid by issuing additional securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms for redemption, extension or early repayment, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the currencies in which the series of debt securities are issued and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the amount of payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the place or places of payment, transfer, conversion and/or exchange of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the denominations in which the offered debt securities will be issued (if other than $1,000 and any integral multiple thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the provision for any sinking fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any restrictive covenants;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Events of Default (as defined in "Events of Default" below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the series of debt securities is issuable in certificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions for defeasance or covenant defeasance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any special U.S. federal income tax implications, including, if applicable, U.S. federal income tax considerations relating to original issue discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether and under what circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions for convertibility or exchangeability of the debt securities into or for any other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the debt securities are subject to subordination and the terms of such subordination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the debt securities are secured and the terms of any security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the listing, if any, on a securities exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other terms.

The debt securities may be secured or unsecured obligations. Under the provisions of the 1940 Act, we, as a BDC, are permitted to issue debt only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of debt (which means we can borrow $200 for every $100 of our equity), but giving effect to any exemptive relief granted to us by the SEC. Unless the prospectus supplement states otherwise, principal (and premium, if any) and interest, if any, will be paid by us in immediately available funds.

#### General
The indenture will provide that any debt securities proposed to be sold under this prospectus and the accompanying prospectus supplement ("offered debt securities") may be issued under the indenture in one or more series.

For purposes of this prospectus, any reference to the payment of principal of, or premium or interest, if any, on, debt securities will include additional amounts if required by the terms of the debt securities.

The indenture will not limit the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the indenture, when a single trustee is acting for all debt securities issued under the indenture, are called the "indenture securities." The indenture will also provide that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See "— Resignation of Trustee" below. At a time when two or more trustees are acting under the indenture, each with respect to only certain series, the term "indenture securities" means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the indenture, the powers and trust obligations of each trustee described in this prospectus will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures.

Except as described under "— Events of Default" and "— Merger or Consolidation" below, the indenture will not contain any provisions that give you protection in the event we issue a large amount of debt or we are acquired by another entity.

We refer you to the prospectus supplement for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants, as applicable, that are described below, including any addition of a covenant or other provision providing event risk protection or similar protection.

We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created.

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#### Conversion and Exchange
If any debt securities are convertible into or exchangeable for other securities, the prospectus supplement will explain the terms and conditions of the conversion or exchange, including the conversion price or exchange ratio (or the calculation method), the conversion or exchange period (or how the period will be determined), if conversion or exchange will be mandatory or at the option of the holder or us, provisions for adjusting the conversion price or the exchange ratio and provisions affecting conversion or exchange in the event of the redemption of the underlying debt securities. These terms may also include provisions under which the number or amount of other securities to be received by the holders of the debt securities upon conversion or exchange would be calculated according to the market price of the other securities as of a time stated in the prospectus supplement.

#### Issuance of Securities in Registered Form
We may issue the debt securities in registered form, in which case we may issue them either in book-entry form only or in "certificated" form. Debt securities issued in book-entry form will be represented by global securities. We expect that we will usually issue debt securities in book-entry only form represented by global securities.

#### Book-Entry Holders
We will issue registered debt securities in book-entry form only, unless we specify otherwise in the applicable prospectus supplement. This means debt securities will be represented by one or more global securities registered in the name of a depositary that will hold them on behalf of financial institutions that participate in the depositary's book-entry system. These participating institutions, in turn, hold beneficial interests in the debt securities held by the depositary or its nominee. These institutions may hold these interests on behalf of themselves or customers.

Under the indenture, only the person in whose name a debt security will be registered will be recognized as the holder of that debt security. Consequently, for debt securities issued in book-entry form, we will recognize only the depositary as the holder of the debt securities and we will make all payments on the debt securities to the depositary. The depositary will then pass along the payments it receives to its participants, which in turn will pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the debt securities.

As a result, investors will not own debt securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary's book-entry system or holds an interest through a participant. As long as the debt securities are represented by one or more global securities, investors will be indirect holders, and not holders, of the debt securities.

#### Street Name Holders
In the future, we may issue debt securities in certificated form or terminate a global security. In these cases, investors may choose to hold their debt securities in their own names or in "street name." Debt securities held in street name are registered in the name of a bank, broker or other financial institution chosen by the investor, and the investor would hold a beneficial interest in those debt securities through the account he or she maintains at that institution.

For debt securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the debt securities are registered as the holders of those debt securities, and we will make all payments on those debt securities to them. These institutions will pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold debt securities in street name will be indirect holders, and not holders, of the debt securities.

#### Legal Holders
Our obligations, as well as the obligations of the applicable trustee and those of any third parties employed by us or the applicable trustee, run only to the legal holders of the debt securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a debt security or has no choice because we are issuing the debt securities only in book-entry form.

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For example, once we make a payment or give a notice to the holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly, if we want to obtain the approval of the holders for any purpose (for example, to amend an indenture or to relieve us of the consequences of a default or of our obligation to comply with a particular provision of an indenture), we would seek the approval only from the holders, and not the indirect holders, of the debt securities. Whether and how the holders contact the indirect holders is up to the holders.

When we refer to you in this Description of Debt Securities, we mean those who invest in the debt securities being offered by this prospectus, whether they are the holders or only indirect holders of those debt securities. When we refer to your debt securities, we mean the debt securities in which you hold a direct or indirect interest.

#### Special Considerations for Indirect Holders
If you hold debt securities through a bank, broker or other financial institution, either in book-entry form or in street name, we urge you to check with that institution to find out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;how it handles securities payments and notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether it imposes fees or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;how it would handle a request for the holders' consent, if ever required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether and how you can instruct it to send you debt securities registered in your own name so you can be a holder, if that is permitted in the future for a particular series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;how it would exercise rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the debt securities are in book-entry form, how the depositary's rules and procedures will affect these matters.

#### Global Securities
As noted above, we usually will issue debt securities as registered securities in book-entry form only. A global security represents one or any other number of individual debt securities. Generally, all debt securities represented by the same global securities will have the same terms.

Each debt security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the applicable prospectus supplement, The Depository Trust Company, New York, New York, known as DTC, will be the depositary for all debt securities issued in book-entry form.

A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. We describe those situations below under "— Termination of a Global Security." As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all debt securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that has an account with the depositary. Thus, an investor whose security is represented by a global security will not be a holder of the debt security, but only an indirect holder of a beneficial interest in the global security.

#### Special Considerations for Global Securities
As an indirect holder, an investor's rights relating to a global security will be governed by the account rules of the investor's financial institution and of the depositary, as well as general laws relating to securities transfers. The depositary that holds the global security will be considered the holder of the debt securities represented by the global security.

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If debt securities are issued only in the form of a global security, an investor should be aware of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an investor cannot cause the debt securities to be registered in his, her or its name and cannot obtain certificates for his, her or its interest in the debt securities, except in the special situations we describe below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an investor will be an indirect holder and must look to his, her or its own bank or broker for payments on the debt securities and protection of his, her or its legal rights relating to the debt securities, as we describe under "— Issuance of Securities in Registered Form" above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an investor may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their securities in non-book-entry form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an investor may not be able to pledge his, her or its interest in a global security in circumstances where certificates representing the debt securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the depositary's policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor's interest in a global security. We and the trustee have no responsibility for any aspect of the depositary's actions or for its records of ownership interests in a global security. We and the trustee also do not supervise the depositary in any way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if we redeem less than all the debt securities of a particular series being redeemed, DTC's practice is to determine by lot the amount to be redeemed from each of its participants holding that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an investor is required to give notice of exercise of any option to elect repayment of its debt securities, through its participant, to the applicable trustee and to deliver the related debt securities by causing its participant to transfer its interest in those debt securities, on DTC's records, to the applicable trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC requires that those who purchase and sell interests in a global security deposited in its book-entry system use immediately available funds, your broker or bank may also require you to use immediately available funds when purchasing or selling interests in a global security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financial institutions that participate in the depositary's book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the debt securities; there may be more than one financial intermediary in the chain of ownership for an investor; we do not monitor, nor are we responsible for the actions of, any of those intermediaries.

#### Termination of a Global Security
If a global security is terminated for any reason, interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated debt securities directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders. We have described the rights of legal holders and street name investors under "— Issuance of Securities in Registered Form" above.

The prospectus supplement may list situations for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. If a global security is terminated, only the depositary, and not us or the applicable trustee, is responsible for deciding the investors in whose names the debt securities represented by the global security will be registered and, therefore, who will be the holders of those debt securities.

#### Payment and Paying Agents
We will pay interest to the person listed in the applicable trustee's records as the owner of the debt security at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the debt security on the interest due date. That day, usually about two weeks in advance of the interest due date, is

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called the "record date." Since we will pay all the interest for an interest period to the holders on the record date, holders buying and selling debt securities must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the debt securities to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called "accrued interest."

#### Payments on Global Securities
We will make payments on a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder's right to those payments will be governed by the rules and practices of the depositary and its participants, as described under "— Special Considerations for Global Securities."

#### Payments on Certificated Securities
We will make payments on a certificated debt security as follows. We will pay interest that is due on an interest payment date to the holder of debt securities as shown on the trustee's records as of the close of business on the regular record date at the office that shall be specified in the prospectus supplement. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee specified in the prospectus supplement or in a notice to holders against surrender of the debt security.

Alternatively, at our option we may pay any cash interest that becomes due on the debt security by mailing a check to the holder at his, her or its address shown on the trustee's records as of the close of business on the regular record date or by transfer to an account at a bank in the United States, in either case, on the due date.

#### Payment When Offices Are Closed
If any payment is due on a debt security on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the indenture as if they were made on the original due date, except as otherwise indicated in the attached prospectus supplement. Such payment will not result in a default under any debt security or the indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day.

Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on their debt securities.

#### Events of Default
You will have rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection.

The term "Event of Default" in respect of the debt securities of your series means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we do not pay the principal of, or any premium on, a debt security of the series within five days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we do not pay interest on a debt security of the series within 30 days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we do not deposit any sinking fund payment in respect of debt securities of the series within five business days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we remain in breach of a covenant in respect of debt securities of the series for 90 days after we receive a written notice of default stating we are in breach (the notice must be sent by either the trustee or holders of at least 25.0% of the principal amount of outstanding debt securities of the series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we voluntarily file for bankruptcy or consent to the commencement of certain other events of bankruptcy, insolvency or reorganization;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a court of competent jurisdiction enters an order or decree under bankruptcy law that is for relief against us in an involuntary case or proceeding, adjudges us bankrupt or insolvent or orders the winding up or liquidation of us and the continuance of any such decree or order remains undischarged or unstayed for a period of 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the series of debt securities has an asset coverage, as such term is defined in the 1940 Act, of less than 100.0% on the last business day of each of 24 consecutive calendar months, giving effect to any exemptive relief granted to us by the SEC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other Event of Default in respect of debt securities of the series described in the prospectus supplement occurs.

An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal, premium, interest, or sinking or purchase fund installment, if it in good faith considers the withholding of notice to be in the interest of the holders.

#### Remedies if an Event of Default Occurs
If an Event of Default has occurred and is continuing, the trustee or the holders of not less than 25.0% in principal amount of the outstanding debt securities of the affected series may (and the trustee shall at the request of such holders) declare the entire principal amount of all the outstanding debt securities of that series to be due and immediately payable by a notice in writing to us (and to the trustee if given by such holders). This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the outstanding debt securities of the affected series if (1) we have deposited with the trustee all amounts due and owing with respect to the securities (other than principal that has become due solely by reason of such acceleration) and certain other amounts, and (2) any other Events of Default have been cured or waived.

The trustee will not be required to take any action under the indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability reasonably satisfactory to it (called an "indemnity"). If indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass your trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;you must give the trustee written notice that an Event of Default with respect to the relevant series of debt securities has occurred and remains uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the holders of at least 25.0% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must offer indemnity, security, or both reasonably satisfactory to the trustee against the costs, expenses, and other liabilities of taking that action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity and/or security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the holders of a majority in principal amount of the outstanding debt securities of that series must not have given the trustee a direction inconsistent with the above notice during that 60-day period.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date.

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**Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity.**

Each year, we will furnish to each trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the indenture and the debt securities, or else specifying any default.

#### Waiver of Default
Holders of a majority in principal amount of the outstanding debt securities of the affected series may waive any past defaults other than a default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the payment of principal, any premium or interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of a covenant that cannot be modified or amended without the consent of each holder.

#### Merger or Consolidation
Under the terms of the indenture, we will generally be permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where we merge out of existence or sell substantially all our assets, the resulting entity or transferee must agree to be legally responsible for our obligations under the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the merger or sale of assets must not cause a default on the debt securities and we must not already be in default (unless the merger or sale would cure the default). For purposes of this no-default test, a default would include an Event of Default that has occurred and has not been cured, as described under "Events of Default" above. A default for this purpose would also include any event that would be an Event of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we must deliver certain certificates and documents to the trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we must satisfy any other requirements specified in the prospectus supplement relating to a particular series of debt securities.

#### Modification or Waiver
There are three types of changes we will be able to make to the indenture and the debt securities issued thereunder.

#### Changes Requiring Your Approval
First, there are changes that we cannot make to your debt securities without your specific approval. The following is a list of those types of changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the stated maturity of the principal of or interest on a debt security or the terms of any sinking fund with respect to any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce any amounts due on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the amount of principal payable upon acceleration of the maturity of an original issue discount or indexed security following a default or upon the redemption thereof or the amount thereof provable in a bankruptcy proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adversely affect any right of repayment at the holder's option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the place or currency of payment on a debt security (except as otherwise described in the prospectus or prospectus supplement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impair your right to sue for payment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adversely affect any right to convert or exchange a debt security in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify the subordination provisions in the indenture in a manner that is adverse to outstanding holders of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the percentage of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify any other aspect of the provisions of the indenture dealing with supplemental indentures with the consent of holders, waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change any obligation we have to pay additional amounts.

#### Changes Not Requiring Approval
The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications, establishment of the form or terms of new securities of any series as will be permitted by the indenture and certain other changes that would not adversely affect holders of the outstanding debt securities in any material respect. We also do not need any approval to make any change that affects only debt securities to be issued under the indenture after the change takes effect.

#### Changes Requiring Majority Approval
Any other change to the indenture and the debt securities would require the following approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, the required approval must be given by written consent.

The holders of a majority in principal amount of a series of debt securities that will be issued under the indenture, voting together as one class for this purpose, may waive our compliance with some of the covenants applicable to that series of debt securities. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "— Changes Requiring Your Approval."

#### Further Details Concerning Voting
When taking a vote, we will use the following rules to decide how much principal to attribute to a debt security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for original issue discount securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities were accelerated to that date because of a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for debt securities whose principal amount is not known (for example, because it is based on an index), we will use the principal face amount at original issuance or a special rule for that debt security described in the prospectus supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent.

Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption or if we, any other obligor, or any of our affiliates, or any obligor own such debt securities. Debt securities will also not be eligible to vote if they have been fully defeased as described later under "— Defeasance — Full Defeasance".

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We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. However, the record date may not be more than 30 days before the date of the first solicitation of holders to vote on or take such action. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding indenture securities of those series on the record date and must be taken within 11 months following the record date.

**Book**-entry **and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the debt securities or request a waiver.**

#### Defeasance
The following provisions will be applicable to each series of debt securities unless we state in the applicable prospectus supplement that the provisions of covenant defeasance and full defeasance will not be applicable to that series.

#### Covenant Defeasance
Under current U.S. federal tax law and the indenture, we will be able to make the deposit described below and be released from some of the restrictive covenants in the indenture under which the particular series was issued. This is called "covenant defeasance". In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your debt securities. If we achieve covenant defeasance and your debt securities were subordinated as described under "*—* Indenture Provisions *—* Subordination" below, such subordination would not prevent the trustee under the indenture from applying the funds available to it from the deposit described in the first bullet below to the payment of amounts due in respect of such debt securities for the benefit of the subordinated debt holders. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities any differently than if such covenant defeasance had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act and a legal opinion and officers' certificate stating that all conditions precedent to covenant defeasance have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defeasance must not result in a breach or violation of, or result in a default under, of the indenture or any of our other material agreements or instruments, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;satisfy the conditions for covenant defeasance contained in any supplemental indentures.

If we accomplish covenant defeasance, you can still look to us for repayment of the debt securities if there were a shortfall in the trust deposit or the trustee is prevented from making payment. For example, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately due and payable, there might be such a shortfall. However, there is no assurance that we would have sufficient funds to make payment of the shortfall.

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#### Full Defeasance
If there is a change in U.S. federal tax law or we obtain or there has been published an Internal Revenue Service ("IRS") ruling, as described in the second bullet below, we can legally release ourselves from all payment and other obligations on the debt securities of a particular series (called "full defeasance") if we put in place the following other arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we must deliver to the trustee a legal opinion of our counsel confirming that there has been a change in current U.S. federal tax law or we obtain or there has been published an IRS ruling that allows us to make the above deposit without causing you to be taxed on the debt securities any differently than if such defeasance had not occurred. Under current U.S. federal tax law, the deposit and our legal release from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act and a legal opinion and officers' certificate stating that all conditions precedent to defeasance have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defeasance must not result in a breach or violation of, or constitute a default under, of the indenture or any of our other material agreements or instruments, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;satisfy the conditions for full defeasance contained in any supplemental indentures.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors, as applicable, if we ever became bankrupt or insolvent. If your debt securities were subordinated as described later under "— Indenture Provisions — Subordination", such subordination would not prevent the trustee under the indenture from applying the funds available to it from the deposit referred to in the first bullet of the preceding paragraph to the payment of amounts due in respect of such debt securities for the benefit of the subordinated debt holders.

#### Form, Exchange and Transfer of Certificated Registered Securities
If registered debt securities cease to be issued in book-entry form, they will be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;only in fully registered certificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;without interest coupons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless we indicate otherwise in the prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000.

Holders may exchange their certificated securities for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed and as long as the denomination is greater than the minimum denomination for such securities.

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Holders may exchange or transfer their certificated securities at the office of the trustee. We have appointed the trustee to act as our agent for registering debt securities in the names of holders transferring debt securities. We may appoint another entity to perform these functions or perform them ourselves.

Holders will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent, as applicable, is satisfied with the holder's proof of legal ownership.

If we have designated additional transfer agents for your debt security, they will be named in the prospectus supplement. We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

If any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we may block the transfer or exchange of those debt securities during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security that will be partially redeemed.

If a registered debt security is issued in book-entry form, only the depositary will be entitled to transfer and exchange the debt security as described in this subsection, since it will be the sole holder of the debt security.

#### Resignation of Trustee
Each trustee may resign or be removed with respect to one or more series of indenture securities provided that a successor trustee is appointed to act with respect to these series and has accepted such appointment. In the event that two or more persons will be acting as trustee with respect to different series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

#### Indenture Provisions — Subordination
Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated to the extent that the indenture will provide in right of payment to the prior payment in full of all Senior Indebtedness (as defined below), but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any, may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money's worth.

In the event that, notwithstanding the foregoing, any payment by us is received by the trustee in respect of subordinated debt securities or by the holders of any of such subordinated debt securities, upon our dissolution, winding up, liquidation or reorganization before all Senior Indebtedness is paid in full, the payment or distribution must be paid over to the holders of the Senior Indebtedness or on their behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out of the distributive share of such subordinated debt securities.

By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover more, ratably, than holders of any subordinated debt securities or the holders of any indenture securities that are not Senior Indebtedness. The indenture will provide that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the indenture.

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Senior Indebtedness will be defined in the indenture as the principal of (and premium, if any) and unpaid interest on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed, that we have designated as "Senior Indebtedness" for purposes of the indenture and in accordance with the terms of the indenture (including any indenture securities designated as Senior Indebtedness), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;renewals, extensions, modifications and refinancings of any of this indebtedness.

If this prospectus is being delivered in connection with the offering of a series of indenture securities denominated as subordinated debt securities, the accompanying prospectus supplement will set forth the approximate amount of our Senior Indebtedness and of our other Indebtedness outstanding as of a recent date.

#### Secured Indebtedness and Ranking
Certain of our indebtedness, including certain series of indenture securities, may be secured. The prospectus supplement for each series of indenture securities will describe the terms of any security interest for such series and will indicate the approximate amount of our secured indebtedness as of a recent date. Any unsecured indenture securities will effectively rank junior to any existing and future secured indebtedness, including any credit facilities or secured indenture securities, that we incur to the extent of the value of the assets securing such secured indebtedness. Our debt securities, whether secured or unsecured, will rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities, with respect to claims on the assets of any such subsidiaries, financing vehicles or similar facilities.

In the event of bankruptcy, liquidation, reorganization or other winding up, any of our assets that secure secured debt will be available to pay obligations on unsecured debt securities only after all indebtedness under such secured debt has been repaid in full from such assets. We advise you that there may not be sufficient assets remaining to pay amounts due on any or all unsecured debt securities then outstanding after fulfillment of this obligation. As a result, the holders of unsecured indenture securities may recover less, ratably, than holders of any of our secured indebtedness.

#### The Trustee under the Indenture
Initially, Wilmington Trust, National Association will serve as the trustee under the indenture.

#### Certain Considerations Relating to Foreign Currencies
Debt securities denominated or payable in foreign currencies may entail significant risks. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved and will be more fully described in the applicable prospectus supplement.

#### Book-Entry Procedures
The Depository Trust Company ("DTC") will act as securities depository for the debt securities. The debt securities will be issued as fully registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered certificate will be issued for the debt securities, in the aggregate principal amount of such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500 million, one global note certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.

DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to

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the provisions of Section 17A of the Exchange Act. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC's participants ("Direct Participants"), deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC").

DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rules applicable to its Participants are on file with the SEC. More information about DTC can be found at *www.dtcc.com*.

Purchases of debt securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the debt securities on DTC's records. The ownership interest of each actual purchaser of each security (the "Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the debt securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in debt securities, except in the event that use of the book-entry system for the debt securities is discontinued.

To facilitate subsequent transfers, all debt securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co. or such other name as may be requested by an authorized representative of DTC. The deposit of debt securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the debt securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such debt securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Redemption notices shall be sent to DTC. If less than all of the debt securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the debt securities unless authorized by a Direct Participant in accordance with DTC's Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to us as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consent or voting rights to those Direct Participants to whose accounts the debt securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds, distributions, and interest payments on the debt securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from us or the trustee on the payment date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such

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Participant and not of DTC nor its nominee, the trustee, or us, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of us or the trustee, but disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as depository with respect to the debt securities at any time by giving reasonable notice to us or to the trustee. Under such circumstances, in the event that a successor depository is not obtained, certificates are required to be printed and delivered. We may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered to DTC.

The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy thereof.

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#### CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a general summary of the material U.S. federal income tax considerations applicable to us and to an investment in our shares of common stock. This summary does not purport to be a complete description of the U.S. federal income tax considerations applicable to such an investment. For example, we have not described certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including persons who hold our common stock as part of a straddle or hedging, integrated or constructive sale transaction, stockholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, brokers or dealers in securities, traders in securities that elect to mark-to-market their securities holdings, pension plans and trusts, persons that have a functional currency (as defined in Section 985 of the Code) other than the U.S. dollar, investors with "applicable financial statements" within the meaning of Section 451(b) of the Code, U.S. expatriates, regulated investment companies, real estate investment trusts, personal holding companies, persons who acquire an interest in the Company in connection with the performance of services and financial institutions. Such persons should consult with their own tax advisers as to the U.S. federal income tax consequences of an investment in our shares of common stock, which may differ substantially from those described herein. This summary assumes that investors hold our shares of common stock as capital assets (within the meaning of Section 1221 of the Code).

The discussion is based upon the Code, U.S. Treasury regulations, and administrative and judicial interpretations, each as of the date of this prospectus and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. We have not sought and will not seek any ruling from the IRS, regarding any offering of our shares of common stock. This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. It does not discuss the special treatment under U.S. federal income tax laws that could result if we invested in tax-exempt securities or certain other investment assets. For purposes of this discussion, references to "dividends" are to dividends within the meaning of the U.S. federal income tax laws and associated regulations and may include amounts subject to treatment as a return of capital under section 19(a) of the 1940 Act. A return of capital distribution is a return to stockholders of a portion of their original investment in the Company and does not represent income or capital gains to the extent of the stockholder's basis in its shares of our common stock.

A "U.S. stockholder" is a beneficial owner of our shares of common stock that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a trust if either a U.S. court can exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust was in existence on August 20, 1996, was treated as a U.S. person prior to that date, and has made a valid election to be treated as a U.S. person.

A "non-U.S. stockholder" is a beneficial owner of our shares of common stock that is neither a U.S. stockholder nor a partnership (or other pass-through entity) for U.S. federal income tax purposes.

If a partnership (or other pass-through entity, including an entity treated as a partnership for U.S. federal income tax purposes) holds shares of common stock, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective investor that is a partner in a partnership that will hold shares of common stock should consult its tax advisors with respect to the purchase, ownership and disposition of shares of common stock.

Tax matters are very complex and the tax consequences to an investor of an investment in our shares of common stock will depend on the facts of his, her or its particular situation. We encourage investors to consult their own tax advisors regarding the specific consequences of such an investment, including tax reporting requirements, the applicability of U.S. federal, state, local and foreign tax laws, eligibility for the benefits of any applicable tax treaty, and the effect of any possible changes in the tax laws.

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#### Election to Be Taxed as a RIC
We have elected to be treated, and intend to qualify each year, as a RIC under Subchapter M of the Code. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that we timely distribute to our stockholders as dividends. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify for RIC treatment, we must distribute to our stockholders, for each taxable year, dividends of an amount at least equal to the sum of 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid, and 90% of our net tax-exempt interest income, if any (the "Annual Distribution Requirement"). Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute to our stockholders in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized capital gains over our realized capital losses, or capital gain net income (adjusted for certain ordinary losses), generally for the one-year period ending on October 31 of the calendar year and (3) the sum of any net ordinary income plus capital gains net income for preceding years that were not distributed during such years and on which we paid no federal income tax (the "Excise Tax Avoidance Requirement").

#### Taxation as a RIC
If we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;qualify as a RIC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;satisfy the Annual Distribution Requirement;

then we will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain, defined as net long-term capital gains in excess of net short-term capital losses, we distribute to stockholders. As a RIC, we will be subject to U.S. federal income tax at regular corporate rates on any net income or net capital gain not distributed (or deemed distributed) as dividends to our stockholders.

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have in effect an election to be treated as a BDC under the 1940 Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, or other income derived with respect to our business of investing in such stock or securities, or currencies, other income derived with respect to our business of investing in such stock, securities or currencies and net income derived from interests in "qualified publicly traded partnerships" (partnerships that are traded on an established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends and other permitted RIC income) (the "90% Income Test"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or in the securities of one or more qualified publicly traded partnerships.

We may invest in partnerships, including qualified publicly traded partnerships, which may result in our being subject to state, local or foreign income, franchise or other tax liabilities.

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In addition, as a RIC, we are subject to ordinary income and capital gain distribution requirements under U.S. federal excise tax rules for each calendar year (as discussed above). If we do not meet the required distributions under the Excise Tax Avoidance Requirement, we will be subject to a 4% nondeductible federal excise tax on the undistributed amount. The failure to meet the Excise Tax Avoidance Requirement will not cause us to lose our RIC status. Although we currently intend to make sufficient distributions each taxable year to satisfy the Excise Tax Avoidance Requirement, under certain circumstances, we may choose to retain taxable income or capital gains in excess of current year distributions into the next tax year in an amount less than what would trigger payments of federal income tax under Subchapter M of the Code. We may then be required to pay a 4% excise tax on such income or capital gains.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If our deductible expenses in a given taxable year exceed our investment company taxable income, we may incur a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its stockholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Due to these limits on deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several taxable years that we are required to distribute and that is taxable to our stockholders even if such taxable income is greater than the net income we actually earn during those taxable years.

Any underwriting fees paid by us with respect to our own stock are not deductible. We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK interest or, in certain cases, with increasing interest rates or issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any OID accrued will be included in our investment company taxable income for the taxable year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount. Furthermore, a portfolio company in which we hold equity or debt instruments may face financial difficulty that requires us to work out, modify, or otherwise restructure such equity or debt instruments. Any such restructuring could, depending upon the terms of the restructuring, cause us to incur unusable or nondeductible losses or recognize future non-cash taxable income.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (1) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (2) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible for such treatment, (3) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (4) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (5) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (6) cause us to recognize income or gain without a corresponding receipt of cash, (7) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (8) adversely alter the characterization of certain complex financial transactions and (9) produce income that will not be qualifying income for purposes of the 90% Income Test. We intend to monitor our transactions and may make certain tax elections to mitigate the effect of these provisions and prevent our ability to be subject to tax as a RIC.

Gain or loss realized by us from warrants acquired by us as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long term or short term, depending on how long we held a particular warrant.

Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the 1940 Act, we are not permitted to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. See "*Item 1. Business — Regulation as a Business Development Company — Senior Securities and Indebtedness*" in our most recent Annual Report on Form 10-K. Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements

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relating to our qualification as a RIC, including the diversification tests described above (the "Diversification Tests"). If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

Some of the income and fees that we may recognize, such as fees for providing managerial assistance, certain fees earned with respect to our investments, income recognized in a work-out or restructuring of a portfolio investment, or income recognized from an equity investment in an operating partnership, will not satisfy the 90% Income Test. In order to manage the risk that such income and fees might disqualify us as a RIC for a failure to satisfy the 90% Income Test, we may be required to recognize such income and fees indirectly through one or more entities treated as corporations for U.S. federal income tax purposes (such amounts to be treated as dividends from such corporations). Such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce our return on such income and fees.

There may be uncertainty as to the appropriate treatment of certain of our investments for U.S. federal income tax purposes. In particular, we may invest a portion of our net assets in below investment grade instruments. U.S. federal income tax rules with respect to such instruments are not entirely clear about issues such as if an instrument is treated as debt or equity, whether and to what extent we should recognize interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us, to the extent necessary, in order to seek to ensure that we distribute sufficient income to qualify, and maintain our qualification as, a RIC and to ensure that we do not become subject to U.S. federal income or excise tax.

#### Failure to Qualify as a RIC
If we were unable to qualify for treatment as a RIC and are unable to cure the failure, for example, by disposing of certain investments quickly or raising additional capital to prevent the loss of RIC status, we would be subject to tax on all of our taxable income at regular corporate rates. The Code provides some relief from RIC disqualification due to failures to comply with the 90% Income Test and the Diversification Tests, although there may be additional taxes due in such cases. We cannot assure you that we would qualify for any such relief should we fail the 90% Income Test or the Diversification Tests.

Should failure occur, not only would all our taxable income be subject to tax at regular corporate rates, we would not be able to deduct dividend distributions to stockholders, nor would they be required to be made. Distributions, including distributions of net long-term capital gain, would generally be taxable to our stockholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, certain corporate stockholders would be eligible to claim a dividends received deduction with respect to such dividends and non-corporate stockholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder's tax basis, and any remaining distributions would be treated as a capital gain. If we fail to qualify as a RIC, we may be subject to regular corporate tax on any net built-in gains with respect to certain of our assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize on requalification or when recognized over the next five taxable years.

The remainder of this discussion assumes that we qualify as a RIC and have satisfied the Annual Distribution Requirement for each taxable year.

#### Taxation of U.S. Stockholders
Distributions by us generally are taxable to U.S. stockholders as ordinary income or capital gains. Distributions of our "investment company taxable income" (which is, generally, our net ordinary income plus net short-term capital gains in excess of net long-term capital losses) will be taxable as ordinary income to U.S. stockholders to the extent of our current or accumulated earnings and profits, whether paid in cash or reinvested in additional shares of common stock. To the extent such distributions paid by us to non-corporate stockholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations and if certain holding period requirements are met, such distributions generally will be treated as qualified dividend income and generally eligible for a maximum U.S. federal tax rate of either 15% or 20%, depending on whether the individual stockholder's

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income exceeds certain threshold amounts, and if other applicable requirements are met, such distributions generally will be eligible for the corporate dividends received deduction to the extent such dividends have been paid by a U.S. corporation. In this regard, it is anticipated that distributions paid by us will generally not be attributable to dividends and, therefore, generally will not qualify for the preferential maximum U.S. federal tax rate applicable to non-corporate stockholders as well as will not be eligible for the corporate dividends received deduction.

Distributions of our net capital gains (which is generally our realized net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as "capital gain dividends" will be taxable to a U.S. stockholder as long-term capital gains (currently generally at a maximum rate of either 15% or 20%, depending on whether the individual stockholder's income exceeds certain threshold amounts) in the case of individuals, trusts or estates, regardless of the U.S. stockholder's holding period for his, her or its shares of common stock and regardless of whether paid in cash or reinvested in additional shares of common stock. Distributions in excess of our earnings and profits first will reduce a U.S. stockholder's adjusted tax basis in such stockholder's shares of common stock and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. stockholder. Stockholders receiving dividends or distributions in the form of additional shares of common stock purchased in the market should be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the stockholder would have received if the stockholder had received the distribution in cash, and generally will have a cost basis in the shares received equal to such amount. Stockholders receiving dividends in newly issued shares of common stock will be treated as receiving a distribution equal to the fair market value of the shares received and generally will have a cost basis of such amount.

Although we currently intend to distribute any net capital gains at least annually, we may in the future decide to retain some or all of our net capital gains but designate the retained amount as a "deemed distribution." In that case, among other consequences, we will pay tax on the retained amount, each U.S. stockholder will be required to include their share of the deemed distribution in income as if it had been distributed to the U.S. stockholder, and the U.S. stockholder will be entitled to claim a credit or refund equal to their allocable share of the tax paid on the deemed distribution by us. The amount of the deemed distribution net of such tax will be added to the U.S. stockholder's tax basis for their shares of common stock. Since we expect to pay tax on any retained net capital gains at our regular corporate tax rate, and since that rate is in excess of the maximum rate currently payable by individuals on long-term capital gains, the amount of tax that individual stockholders will be treated as having paid and for which they will receive a credit or refund will exceed the tax they owe on the retained net capital gain. Such excess generally may be claimed as a credit against the U.S. stockholder's other U.S. federal income tax obligations or may be refunded to the extent it exceeds a stockholder's liability for U.S. federal income tax. A stockholder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In order to utilize the deemed distribution approach, we must provide written notice to our stockholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a "deemed distribution."

We expect to be treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code) as a result of our stock (including our common stock and/or preferred stock) either (1) collectively being held by at least 500 persons at all times during a taxable year, (2) being continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act), or (3) being treated as regularly traded on an established securities market for any taxable year. If we are not treated as a publicly offered regulated investment company for any taxable year, for purposes of computing the taxable income of U.S. stockholders that are individuals, trusts or estates, (1) our earnings will be computed without taking into account such U.S. stockholders' allocable shares of the management and incentive fees paid to our Advisor and certain of our other expenses, (2) each such U.S. stockholder will be treated as having received or accrued a dividend from us in the amount of such U.S. stockholder's allocable share of these fees and expenses for such taxable year, (3) each such U.S. stockholder will be treated as having paid or incurred such U.S. stockholder's allocable share of these fees and expenses for the calendar year and (4) each such U.S. stockholder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. stockholder. Miscellaneous itemized deductions generally are not deductible by a U.S. stockholder that is an individual, trust or estate.

For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any tax year and (2) the amount of capital gain dividends paid for that tax year, we may, under certain circumstances, elect to treat a dividend that is paid during the following tax year as if it had been paid during the tax year in question. If we make such

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an election, the U.S. stockholder will still be treated as receiving the dividend in the tax year in which the distribution is made. However, any dividend declared by us in October, November or December of any calendar year, payable to stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been received by our U.S. stockholders on December 31 of the calendar year in which the dividend was declared.

With respect to the reinvestment of dividends, if a U.S. stockholder owns shares of common stock registered in its own name, the U.S. stockholder will have all cash distributions automatically reinvested in additional shares of common stock unless the U.S. stockholder opts out of the reinvestment of dividends by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. Any distributions reinvested will nevertheless remain taxable to the U.S. stockholder. The U.S. stockholder will have an adjusted basis in the additional shares of common stock purchased through the reinvestment equal to the amount of the reinvested distribution. The additional shares of common stock will have a new holding period commencing on the day following the day on which the shares are credited to the U.S. stockholder's account.

If an investor purchases shares of common stock shortly before the record date of a distribution, the price of the shares of common stock will include the value of the distribution and the investor will be subject to tax on the distribution even though it represents a return of their investment.

A stockholder generally will recognize taxable gain or loss if the stockholder sells or otherwise disposes of their shares of common stock. Any gain arising from such sale or disposition generally will be treated as long-term capital gain or loss if the stockholder has held their shares of common stock for more than one year. Otherwise, it would be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of shares of common stock held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such shares of common stock. In addition, all or a portion of any loss recognized upon a disposition of shares of common stock may be disallowed if other shares of common stock are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition. In such a case, the basis of shares of common stock acquired will be increased to reflect the disallowed loss.

In general, individual U.S. stockholders are subject to a maximum U.S. federal income tax rate of either 15% or 20% (depending on whether the individual U.S. stockholder's income exceeds certain threshold amounts) on their net capital gain, i.e., the excess of realized net long-term capital gain over realized net short-term capital loss for a taxable year, including a long-term capital gain derived from an investment in our shares of common stock. Such rate is lower than the maximum federal income tax rate on ordinary taxable income currently payable by individuals. Corporate U.S. stockholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate stockholders incurring net capital losses for a tax year (i.e., net capital losses in excess of net capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each tax year; any net capital losses of a non-corporate stockholder in excess of $3,000 generally may be carried forward and used in subsequent tax years as provided in the Code. Corporate stockholders generally may not deduct any net capital losses for a tax year, but may carry back such losses for three tax years or carry forward such losses for five tax years.

We will send to each of our U.S. stockholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per share and per distribution basis, the amounts includible in such U.S. stockholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the U.S. federal tax status of each calendar year's distributions generally will be reported to the IRS. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. stockholder's particular situation. Dividends distributed by us generally will not be eligible for the dividends-received deduction or the lower tax rates applicable to certain qualified dividends.

Backup withholding, currently at a rate of 24%, may be applicable to all taxable distributions to any non-corporate U.S. stockholder (1) who fails to furnish us with a correct taxpayer identification number or a certificate that such stockholder is exempt from backup withholding or (2) with respect to whom the IRS notifies us that such stockholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. stockholder's U.S. federal income tax liability and may entitle such stockholder to a refund, provided that proper information is timely provided to the IRS.

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If a U.S. stockholder recognizes a loss with respect to shares of common stock of $2 million or more for an individual stockholder in any single tax year (or $4 million or more in any combination of tax years) or $10 million or more for a corporate stockholder in any single tax year (or $20 million or more in any combination of tax years), the stockholder must file with the IRS a disclosure statement on Form 8886. Direct stockholders of portfolio securities are in many cases exempted from this reporting requirement, but under current guidance, stockholders of a RIC are not exempted. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. U.S. stockholders should consult their tax advisors to determine the applicability of these regulations in light of their specific circumstances.

A U.S. stockholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income ("UBTI"). The direct conduct by a tax-exempt U.S. stockholder of the activities we propose to conduct could give rise to UBTI. However, a BDC (including a BDC taxed as a RIC) is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its stockholders for purposes of determining their treatment under current U.S. federal income tax law. Therefore, a tax-exempt U.S. stockholder generally should not be subject to U.S. taxation on dividends with respect to our common stock. Moreover, under current law, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. stockholder. Therefore, a tax-exempt U.S. stockholder should not be treated as earning income from "debt-financed property" and dividends we pay should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that we incur. Legislation has been introduced in Congress in the past, and may be introduced again in the future, which would change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments if enacted. In the event that any such proposals were to be adopted and applied to BDCs (including BDCs taxed as RICs), the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if we were to invest in certain real estate mortgage investment conduits, which we do not currently plan to do, that could result in a tax-exempt U.S. stockholder recognizing income that would be treated as UBTI.

An additional 3.8% federal tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from us and net gains from redemptions or other taxable dispositions of our shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceed certain threshold amounts.

#### Taxation of Non-U.S. Stockholders
The following discussion only applies to certain non-U.S. stockholders. Whether an investment in the shares of common stock is appropriate for a non-U.S. stockholder will depend upon that person's particular circumstances. An investment in the shares of common stock by a non-U.S. stockholder may have adverse tax consequences. Non-U.S. stockholders should consult their tax advisors before investing in our shares of common stock.

Subject to the discussion below, distributions of our "investment company taxable income" to non-U.S. stockholders (including interest income, net short-term capital gain or foreign-source dividend and interest income, which foreign-source payments generally would be free of withholding if paid to non-U.S. stockholders directly) will be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of our current and accumulated earnings and profits unless the distributions are effectively connected with a U.S. trade or business of the non-U.S. stockholder (and, if required by an applicable treaty, are attributable to a U.S. permanent establishment of the non-U.S. stockholder), in which case the distributions will generally be subject to U.S. federal income tax at the rates applicable to U.S. persons. In that case, we will not be required to withhold U.S. federal tax if the non-U.S. stockholder complies with applicable certification and disclosure requirements, such as providing IRS Form W-8ECI). Special certification requirements apply to a non-U.S. stockholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.

Certain properly reported dividends received by a non-U.S. stockholder generally are exempt from U.S. federal withholding tax when they (1) are paid in respect of our "qualified net interest income" (generally, our U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which we are at least a 10% stockholder, reduced by expenses that are allocable to such income), or (2) are paid in connection with our "qualified short-term capital gains" (generally, the excess of our net short-term capital gain over our long-term capital loss for a tax year) as well as if certain other requirements are satisfied. Nevertheless, it should

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be noted that in the case of shares of our stock held through an intermediary, the intermediary may have withheld U.S. federal income tax even if we reported the payment as an interest-related dividend or short-term capital gain dividend. Moreover, depending on the circumstances, we may report all, some or none of our potentially eligible dividends as derived from such qualified net interest income or as qualified short-term capital gains, or treat such dividends, in whole or in part, as ineligible for this exemption from withholding.

Actual or deemed distributions of our net capital gains to a non-U.S. stockholder, and gains realized by a non-U.S. stockholder upon the sale of our shares of common stock, will not be subject to U.S. federal withholding tax and generally will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the non-U.S. stockholder and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. stockholder in the United States or, in the case of an individual non-U.S. stockholder, the stockholder is present in the United States for 183 days or more during the year of the sale or capital gain dividend and certain other conditions are met.

If we distribute our net capital gains in the form of deemed rather than actual distributions (which we may do in the future), a non-U.S. stockholder will be entitled to a U.S. federal income tax credit or tax refund equal to the stockholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the non-U.S. stockholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the non-U.S. stockholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate non-U.S. stockholder, distributions (both actual and deemed), and gains realized upon the sale of our shares of common stock that are effectively connected with a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

A non-U.S. stockholder who is a non-resident alien individual, and who is otherwise subject to withholding of U.S. federal income tax, may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the non-U.S. stockholder provides us or the dividend paying agent with a U.S. nonresident withholding tax certification (e.g., an IRS Form W-8BEN, IRS Form W-8BEN-E, or an acceptable substitute form) or otherwise meets documentary evidence requirements for establishing that it is a non-U.S. stockholder or otherwise establishes an exemption from backup withholding.

Withholding of U.S. tax (at a 30% rate) is required by the Foreign Account Tax Compliance Act, or FATCA, provisions of the Code and the U.S. Treasury and IRS guidance issued thereunder with respect to payments of dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Under proposed U.S. Treasury regulations, which may be relied upon until final U.S. Treasury regulations are published, there is no FATCA withholding on gross proceeds from the sale of disposition of shares of common stock or on certain capital gain distributions. Stockholders may be requested to provide additional information to enable the applicable withholding agent to determine whether withholding is required.

An investment in shares by a non-U.S. person may also be subject to U.S. federal estate tax. Non-U.S. stockholders should consult their own tax advisors with respect to the U.S. federal income tax, U.S. federal estate tax, withholding tax, and state, local and foreign tax consequences of acquiring, owning or disposing of our shares of common stock.

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#### REGULATION
For more information on regulation, please see the information contained in "*Part I, Item 1. Business — Regulation as a Business Development Company*" of our most recent Annual Report on Form 10-K, which is incorporated herein by reference. See "*Available Information*" below for more information regarding where you can obtain a copy of our code of ethics and the Proxy Voting Policies and Procedures of our Investment Advisor.

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#### PLAN OF DISTRIBUTION
We may offer, from time to time, in one or more offerings or series, together or separately, up to $500,000,000 of our common stock, preferred stock, warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, subscription rights or debt securities in one or more underwritten public offerings, at-the-market offerings, negotiated transactions, block trades, best efforts or a combination of these methods. We may sell the securities through underwriters or dealers, directly to one or more purchasers, including existing stockholders in a rights offering, through agents or through a combination of any such methods of sale. Any underwriter or agent involved in the offer and sale of the securities will be named in the applicable prospectus supplement. A prospectus supplement or supplements will also describe the terms of the offering of the securities, including: the purchase price of the securities and the proceeds, if any, we will receive from the sale; any over-allotment options under which underwriters may purchase additional securities from us; any agency fees or underwriting discounts and other items constituting agents' or underwriters' compensation; the public offering price; any discounts or concessions allowed or re-allowed or paid to dealers; and any securities exchange or market on which the securities may be listed. Only underwriters named in the prospectus supplement will be underwriters of the securities offered by the prospectus supplement.

The distribution of the securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at prevailing market prices at the time of sale, at prices related to such prevailing market prices, or at negotiated prices, provided, however, that the offering price per share of our common stock, less any underwriting commissions or discounts, must equal or exceed the NAV per share of our common stock at the time of the offering except (1) in connection with a rights offering to our existing stockholders, (2) offerings completed within one year of the receipt of consent of the majority of our common stockholders or (3) under such circumstances as the SEC may permit. The price at which securities may be distributed may represent a discount from prevailing market prices.

In connection with the sale of the securities, underwriters or agents may receive compensation from us or from purchasers of the securities, for whom they may act as agents, in the form of discounts, concessions or commissions. Our common stockholders will indirectly bear such fees and expenses as well as any other fees and expenses incurred by us in connection with any sale of securities. Underwriters may sell the securities to or through dealers and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of the securities may be deemed to be underwriters under the Securities Act, and any discounts and commissions they receive from us and any profit realized by them on the resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified and any such compensation received from us will be described in the applicable prospectus supplement. We may also reimburse the underwriter or agent for certain fees and legal expenses incurred by it.

Any underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering or other short-covering transactions involve purchases of the securities, either through exercise of the over-allotment option or in the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time.

Any underwriters that are qualified market makers on The New York Stock Exchange may engage in passive market making transactions in our common stock on The New York Stock Exchange in accordance with Regulation M under the Exchange Act, during the business day prior to the pricing of the offering, before the commencement of offers or sales of our common stock. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

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We may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent will act on a best-efforts basis for the period of its appointment.

Unless otherwise specified in the applicable prospectus supplement or free writing prospectus, each class or series of securities will be a new issue with no trading market, other than our common stock, which is traded on The New York Stock Exchange. We may elect to list any other class or series of securities on any exchanges, but we are not obligated to do so. We cannot guarantee the liquidity of the trading markets for any securities.

Under agreements that we may enter, underwriters, dealers and agents who participate in the distribution of shares of our securities may be entitled to indemnification by us against certain liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents or underwriters may make with respect to these liabilities. Underwriters, dealers and agents may engage in transactions with, or perform services for, us in the ordinary course of business.

If so indicated in the applicable prospectus supplement, we will authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to purchase our securities from us pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must be approved by us. The obligations of any purchaser under any such contract will be subject to the condition that the purchase of our securities shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth the commission payable for solicitation of such contracts.

We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third parties in such sale transactions will be underwriters and, if not identified in this prospectus, will be identified in the applicable prospectus supplement.

In order to comply with the securities laws of certain states, if applicable, our securities offered hereby will be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition, in certain states, the securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

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#### SUB-ADMINISTRATOR, FUND ACCOUNTANT, CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT AND REGISTRAR
The Administrator has a sub-administration agreement with Ultimus Fund Solutions, LLC to serve as our sub-administrator and fund accountant. The Company reimburses the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement. The Company pays a semi-variable fee, based on its long-term assets, of approximately $140,000 per quarter for the sub-administrator's fund administration and fund accounting services. The principal business address of Ultimus Fund Solutions, LLC is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio, 45246, telephone number: (816) 435-3455.

Our securities are held under a custody agreement by Wilmington Trust, N.A. The address of the custodian is 1100 North Market Street, Wilmington, Delaware, 19890.

Equiniti Trust Company, LLC acts as our transfer agent and dividend paying agent for our common shares. The principal business address of Equiniti Trust Company, LLC is PO Box 10027, Newark, NJ 07101, telephone number: (800) 937-5449.

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#### BROKERAGE ALLOCATION AND OTHER PRACTICES
Since we will generally acquire and dispose of our investments in privately negotiated transactions, we will infrequently use brokers in the normal course of our business. Subject to policies established by the Board, if any, the Advisor will be primarily responsible for the execution of any publicly-traded securities portfolio transactions and the allocation of brokerage commissions. The Advisor does not expect to execute transactions through any particular broker or dealer but will seek to obtain the best net results for us, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. While the Advisor generally will seek reasonably competitive trade execution costs, we will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Advisor may select a broker based partly upon brokerage or research services provided to it and us and any other clients. In return for such services, we may pay a higher commission than other brokers would charge if the Advisor determines in good faith that such commission is reasonable in relation to the services provided.

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#### LEGAL MATTERS
Certain legal matters regarding the securities offered hereby will be passed upon for us by Paul Hastings LLP, Houston, Texas. Certain legal matters in connection with the offering will be passed upon for the underwriters, if any, by the counsel named in the applicable prospectus supplement.

#### EXPERTS
The financial statements and management's assessment of the effectiveness of internal control over financial reporting (which is included in Management's Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2025 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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#### AVAILABLE INFORMATION
This prospectus is part of a registration statement on Form N-2 we filed with the SEC under the Securities Act. This prospectus does not contain all of the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and the securities we are offering under this prospectus, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or other document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit.

We are required to file with or submit to the SEC annual, quarterly and current reports, proxy statements and other information meeting the informational requirements of the Exchange Act. The SEC maintains a website that contains reports, proxy and information statements and other information filed electronically by us with the SEC, which are available free of charge on the SEC's website at *www.sec.gov*. This information will also be available free of charge by contacting us at 717 Texas Avenue, Suite 2200 Houston, Texas 77002, by telephone at (713) 493-2020, or on our website at *www.kaynebdc.com*. Information contained on our website or on the SEC's web site about us is not incorporated into this prospectus and you should not consider information contained on our website or on the SEC's website to be part of this prospectus.

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#### INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
This prospectus is part of a registration statement that we have filed with the SEC. We may "incorporate by reference" the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is deemed to comprise a part of this prospectus from the date we file that document. Any reports filed by us with the SEC subsequent to the date of this prospectus and before the date that any offering of any securities by means of this prospectus and any accompanying prospectus supplement is terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus.

We incorporate by reference into this prospectus our filings listed below and any future filings that we may file with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, subsequent to the date of this prospectus until all of the securities offered by this prospectus and any accompanying prospectus supplement have been sold or we otherwise terminate the offering of these securities; provided, however, that information "furnished" under Item 2.02 or Item 7.01 of Form 8-K or other information "furnished" to the SEC which is not deemed filed is not incorporated by reference in this prospectus and any accompanying prospectus supplement. Information that we file with the SEC subsequent to the date of this prospectus will automatically update and may supersede information in this prospectus, any accompanying prospectus supplement and information previously filed with the SEC.

This prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth below that have previously been filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1747172/000121390026022392/ea0274005-10k_kayne.htm) for the fiscal year ended December 31, 2025 filed with the SEC on March 2, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the description of our common stock contained in our registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1747172/000121390024045398/ea0206573-01_8a12b.htm) (No. 001-42108), as filed with the SEC on May 21, 2024, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering of the common stock registered hereby.

To obtain copies of these filings, see "*Available Information*" in this prospectus, or you may request a copy of these filings (other than exhibits, unless the exhibits are specifically incorporated by reference into these documents) at no cost by writing or calling the following address and telephone number:

Kayne Anderson BDC, Inc.

717 Texas Avenue, Suite 2200

Houston, Texas 77002

(713) 493-2020

You should rely only on the information incorporated by reference or provided in this prospectus or any prospectus supplement. We have not authorized anyone to provide you with different or additional information, and you should not rely on such information if you receive it. We are not making an offer of or soliciting an offer to buy any securities in any state or other jurisdiction where such offer or sale is not permitted. You should not assume that the information in this prospectus or in the documents incorporated by reference is accurate as of any date other than the date on the front of this prospectus or those documents.

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#### $500,000,000

#### Kayne Anderson BDC, Inc.

#### Common Stock Preferred Stock Subscription Rights Warrants Debt Securities
_________________________

#### Prospectus
_________________________

#### March 31, 2026

------

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#### PART C — OTHER INFORMATION

#### Item 25. &nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits
1.&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements:

The financial statements as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 have been incorporated by reference in this registration statement in "Part A — Incorporation of Certain Information by Reference."

2.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits:

---

| | |
|:---|:---|
|  **Exhibit Number** | **Description of Exhibits** |
|  (a)(1) | [Certificate of Formation<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312521059867/d122096dex31.htm) |
|  (a)(2) | [Initial Limited Liability Company Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex9931.htm) |
|  (a)(3) | [Certificate of Conversion<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312521032702/d36497dex31.htm) |
|  (a)(4) | [Certificate of Incorporation<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312521032702/d36497dex32.htm) |
|  (b)(1) | [Amended and Restated Bylaws<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390022047906/f10q0622ex3-5_kayneand.htm) |
|  (c) | Not applicable |
|  (d)(1) | [Subscription Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex9941.htm) |
|  (d)(2) | [Form of Indenture, by and between the Company and Wilmington Trust, National Association, as trustee.\*](ea0283168-01_ex99d2.htm) |
|  (d)(3) | [Statement of Eligibility of Trustee on Form T-1.\*](ea0283168-01_ex99d3.htm) |
|  (e) | [Form of Dividend Reinvestment Plan<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390024028261/ea0202689-01_ex99e.htm) |
|  (f) | Not applicable. |
|  (g)(1) | [Investment Advisory Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99101.htm) |
|  (g)(2) | [Amendment to Investment Advisory Agreement<sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390023019300/f10k2022ex10-2_kayneanders.htm) |
|  (g)(3) | [Amended and Restated Investment Advisory Agreement<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390024028261/ea0202689-01_ex99g3.htm) |
|  (g)(4) | [Administration Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99102.htm) |
|  (g)(5) | [License Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99103.htm) |
|  (g)(6) | [Indemnification Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99104.htm) |
|  (g)(7) | [Fee Waiver Agreement<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390024028261/ea0202689-01_ex99g7.htm) |
|  (h)(1) | Form of Underwriting Agreement for equity securities\*\* |
|  (h)(2) | Form of Underwriting Agreement for debt securities\*\* |
|  (i) | Not applicable. |
|  (j)(1) | [Custody Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99105.htm) |
|  (j)(2) | [Sub-Administration Agreement, dated March 28, 2023, by and between KA Credit Advisors, LLC and Ultimus Fund Solutions, LLC.<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390024028261/ea0202689-01_ex99j2.htm) |
|  (k)(1) | [Loan and Security Agreement, dated as of February 5, 2021, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312521032702/d36497dex101.htm) |
|  (k)(2) | [Credit Agreement, dated February 5, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lenders signatories thereto, and agent and the lead arranger<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312521032702/d36497dex102.htm) |
|  (k)(3) | [Second Amendment to Credit Agreement, dated December 3, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lender signatories thereto, and agent and lead arranger<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390022047906/f10q0622ex10-9_kayneand.htm) |
|  (k)(4) | [Third Amendment to the Credit Agreement, dated December 30, 2022, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390023001252/ea171245ex10-1_kayne.htm) |
|  (k)(5) | [Fourth Amendment to the Credit Agreement, dated December 31, 2023, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders<sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390024001581/ea191260ex10-1_kayne.htm) |
|  (k)(6) | [Senior Secured Revolving Credit Agreement<sup>(13)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390022009497/ea156212ex10-1_kayneanderson.htm) |
|  (k)(7) | [Second Amendment to Senior Secured Revolving Credit Agreement<sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390024102455/ea022260501ex10-1_kayne.htm) |
|  (k)(8) | [Third Amendment to the Senior Secured Revolving Credit Agreement<sup>(15)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390025074300/ea024937201ex10-14_kayne.htm) |
|  (k)(9) | [Loan and Security Agreement<sup>(13)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390022009497/ea156212ex10-2_kayneanderson.htm) |
|  (k)(7) | [First Amendment to Loan and Security Agreement, dated November 17, 2022, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390022074495/ea169130ex10-1_kayne.htm) |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **Exhibit Number** | **Description of Exhibits** |
|  (k)(8) | [Second Amendment to Loan and Security Agreement, dated June 29, 2023, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders<sup>(17)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390023054283/ea181304ex10-1_kayne.htm) |
|  (k)(9) | [Third Amendment to Loan and Security Agreement, dated April 3, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390024030899/ea020342201ex10-1_kayne.htm) |
|  (k)(10) | [Fourth Amendment to Loan and Security Agreement, dated December 13, 2024, by and between KA Credit Advisors, LLC as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders.<sup>(19)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390025019408/ea022920501ex10-20_kayne.htm) |
|  (k)(11) | [Fifth Amendment to Loan and Security Agreement, dated as of February 13, 2025, by and among KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders.<sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390025014912/ea023139101ex10-1_kayne.htm) |
|  (k)(12) | [Sixth Amendment to Loan and Security Agreement, dated as of February 20, 2026, by and among KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders.<sup>(9)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390026022392/ea027400501ex10-23_kayne.htm) |
|  (k)(13) | [Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders<sup>(21)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390023099821/ea190890ex10-1_kayne.htm) |
|  (k)(14) | [Amendment No. 2 to Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders.<sup>(22)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390025011427/ea023038901ex10-1_kayne.htm) |
|  (k)(15) | [Notes Purchase Agreement, dated June 29, 2023, by and among the Company and the Purchasers party thereto<sup>(17)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390023054281/ea181307ex10-1_kayneand.htm) |
|  (k)(16) | [Notes Purchase Agreement, dated September 9, 2023, by and among the Company and the Purchasers party thereto.<sup>(23)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390025086598/ea025671301ex10-1_kayne.htm) |
|  (l) | [Opinion and Consent of Paul Hastings LLP\*](ea0283168-01_ex99l.htm) |
|  (m) | Not applicable. |
|  (n)(1) | [Consent of PricewaterhouseCoopers, LLP\*](ea0283168-01_ex99n1.htm) |
|  (n)(2) | [Power of Attorney.\*\*\*](http://www.sec.gov/Archives/edgar/data/1747172/000121390024041008/ea0202689-07_n2a.htm) |
|  (o) | Not applicable. |
|  (p) | Not applicable. |
|  (q) | Not applicable. |
|  (r)(1) | [Code of Ethics<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99991.htm) |
|  (r)(2) | [Code of Ethics as amended March 1, 2021<sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390023019300/f10k2022ex14-1_kayneand.htm) |
|  (r)(3) | [Code of Ethics as amended November 9, 2023<sup>(9)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390026022392/ea027400501ex14-1_kayne.htm) |
|  (r)(4) | [Supplemental Antifraud Code of Ethics for Principal Officers and Senior Financial Officers<sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/1747172/000121390023019300/f10k2022ex14-2_kayneanders.htm) |
|  (s) | [Calculation of Filing Fees Tables\*](ea0283168-01_ex99s.htm) |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's Form 10-K, as filed with the Securities and Exchange Commission on February 26, 2021.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's Amendment No. 2 to Form 10, as filed with the Securities and Exchange Commission on November 9, 2020.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on February 9, 2021.

(4)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on August 15, 2022.

(5)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's registration statement on Form N-2 filed on April 1, 2024.

(6)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's Form 10-K, as filed with the Securities and Exchange Commission on March 13, 2023.

(7)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's Quarterly report on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on August 13, 2024.

[**Table of Contents**](#TOC001)

(8)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on April 8, 2024.

(9)&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference from the Company's Form 10-K, as filed with the Securities and Exchange Commission on March 2, 2026.

(10)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on August 13, 2024

(11)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on January 6, 2023.

(12)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on January 5, 2024.

(13)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on February 25, 2022.

(14)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on November 26, 2024.

(15)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on August 11, 2025.

(16)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on November 22, 2022.

(17)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on July 5, 2023.

(18)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on April 8, 2024.

(19)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 10-K, as filed with the Securities and Exchange Commission on March 3, 2025.

(20)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on February 18, 2025.

(21)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on December 29, 2023.

(22)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on February 10, 2025.

(23)&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on September 10, 2025.

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp; To be filed by amendment.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp;Previously filed as an exhibit to the Company's Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2 (File No. 333-278414) filed with the Securities and Exchange Commission on May 9, 2024.

#### Item 26. &nbsp;&nbsp;&nbsp;&nbsp; Arrangements
The information contained under the heading "Plan of Distribution" in this registration statement is incorporated herein by reference.

#### Item 27. &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses of Issuance and Distribution
The following table sets forth the estimated expenses to be incurred in connection with the offering described in this registration statement:

---

| |
|:---|
|  Securities and Exchange Commission fees<br><sup>)</sup> |
|  Accounting fees and expenses<br><sup>(1)</sup> |
|  Legal fees and expenses<br><sup>(1)</sup> |
|  Printing expenses<br><sup>(1)</sup> |
|  Miscellaneous<br><sup>(1)</sup> |
|  Total<br><sup>(1)</sup> |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Estimated fees and expenses are not presently known. The foregoing sets forth the general categories of expenses (other than underwriting discounts and commissions) that we anticipate that we will incur in connection with the offering of securities under this registration statement. An estimate of the aggregate expenses in connection with the issuance and distribution of the securities being offered will be included in any applicable prospectus supplement.

[**Table of Contents**](#TOC001)

#### Item 28. &nbsp;&nbsp;&nbsp;&nbsp; Persons Controlled by or Under Common Control
The information contained under the headings "The Company," "Management" and "Control Persons and Principal Stockholders" in this registration statement is incorporated herein by reference.

The following table sets forth the Company's consolidated subsidiaries.

---

| | |
|:---|:---|
|  **Name** | **Jurisdiction** |
|  KABDC Corp, LLC | Delaware |
|  KABDC Corp II, LLC | Delaware |
|  Kayne Anderson BDC Financing, LLC | Delaware |
|  Kayne Anderson BDC Financing II, LLC | Delaware |

---

#### Item 29. &nbsp;&nbsp;&nbsp;&nbsp; Number of Holders of Securities
As of March 25, 2026, the number of record holders of each class of securities of the Registrant was:

---

| | |
|:---|:---|
|  **Title of Class** | **Number of <br>Record Holders** |
|  Common stock, $0.001 par value per share | 47 |

---

#### Item 30. &nbsp;&nbsp;&nbsp;&nbsp; Indemnification
The information contained under the heading "Description of Our Capital Stock — Provisions of the DGCL and Our Certificate of Incorporation and Bylaws — Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses" in this registration statement is incorporated herein by reference.

Section 145 of the Delaware General Corporation Law empowers a Delaware corporation to indemnify its officers and directors and specific other persons to the extent and under the circumstances set forth therein.

Section 102(b)(7) of the Delaware General Corporation Law allows a Delaware corporation to eliminate the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liabilities arising (a) from any breach of the director's duty of loyalty to the corporation or its stockholders; (b) from acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (c) under Section 174 of the Delaware General Corporation Law; or (d) from any transaction from which the director derived an improper personal benefit.

The above discussion of Section 145 of the Delaware General Corporation Law is not intended to be exhaustive and is respectively qualified in its entirety by such statute.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The Company has obtained primary and excess insurance policies insuring our directors and officers against some liabilities they may incur in their capacity as directors and officers. Under such policies, the insurer, on the Company's behalf, may also pay amounts for which the Company has granted indemnification to the directors or officers.

The Company has agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.

[**Table of Contents**](#TOC001)

Under the Investment Advisory Agreement, the Company has agreed to indemnify the Advisor and each of its officers, directors, members, managers and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties under the Investment Advisory Agreement.

Under the Administration Agreement, the Company has agreed to indemnify the Administrator and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Administrator from and against any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising out of or otherwise based upon the performance in good faith of any of the Administrator's duties or obligations under the Administration Agreement or otherwise as Administrator for the Company, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties under the Administration Agreement.

#### Item 31. &nbsp;&nbsp;&nbsp;&nbsp; Business and Other Connections of Investment Advisor
The information contained under the captions "*Part I, Item 1. Business — Kayne Anderson, Kayne Anderson Private Credit and The Advisor — The Advisor — KA Credit Advisors, LLC*" of our most recent Annual Report on Form 10-K is incorporated by reference herein.

#### Item 32. &nbsp;&nbsp;&nbsp;&nbsp; Location of Accounts and Records
The Registrant's accounts, books, and other documents are maintained at the offices of the Registrant, the Registrant's investment Advisor, KA Credit Advisors, LLC, 717 Texas Avenue, Suite 2200, Houston, Texas 77002, at the offices of the custodian, Wilmington Trust, N.A., 1100 North Market Street, Wilmington, Delaware, 19890, at the offices of the transfer agent, Equiniti Trust Company, LLC, PO Box 10027, Newark, NJ 07101, or at the offices of the Administrator, KA Credit Advisors, LLC, 717 Texas Avenue, Suite 2200, Houston, TX 77002.

#### Item 33. &nbsp;&nbsp;&nbsp;&nbsp; Management Services
Not applicable.

#### Item 34. &nbsp;&nbsp;&nbsp;&nbsp; Undertakings
1.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

2.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

3.&nbsp;&nbsp;&nbsp;&nbsp; We hereby undertake:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

Provided, however, that paragraphs 3(a)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act of 1934 that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;that, for the purpose of determining any liability under the Securities Act, each post-effective amendment to the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;that, for the purpose of determining liability under the Securities Act to any purchaser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; if we are relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;each prospectus filed pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if we are subject to Rule 430C under the Securities Act, each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of this registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness, provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; that for the purpose of determining our liability under the Securities Act to any purchaser in the initial distribution of securities, we undertake that in a primary offering of our securities pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, we will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; any preliminary prospectus or prospectus of us relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;free writing prospectuses relating to the offering prepared by or on behalf of us or used or referred to by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectuses or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about us or our securities provided by or on behalf of us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by us to the purchaser.

4.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

5.&nbsp;&nbsp;&nbsp;&nbsp; We hereby undertake that, for purposes of determining any liability under the Securities Act, each filing of our annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

6.&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

7.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any statement of additional information.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Houston and State of Texas, on the 31<sup>st</sup> day of March 2026.

---

| | |
|:---|:---|
|  **KAYNE ANDERSON BDC, INC.** | **KAYNE ANDERSON BDC, INC.** |
|  By: | /s/ Douglas L. Goodwillie |
|  | Douglas L. Goodwillie |
|  | *Co*-Chief *Executive Officer* |
|  | *(Principal Executive Officer)* |

---

---

| | |
|:---|:---|
|  By: | /s/ Kenneth B. Leonard |
|  | Kenneth B. Leonard |
|  | *Co*-Chief *Executive Officer* |
|  | *(Principal Executive Officer)* |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Capacity** | **Date** |
|  /s/ Douglas L. Goodwillie | Co-Chief Executive Officer; | March 31, 2026 |
|  Douglas L. Goodwillie | Principal Executive Officer |  |
|  /s/ Kenneth B. Leonard | Co-Chief Executive Officer; | March 31, 2026 |
|  Kenneth B. Leonard | Principal Executive Officer |  |
|  /s/ Terry A. Hart | Chief Financial Officer; | March 31, 2026 |
|  Terry A. Hart | Principal Accounting and Financial Officer |  |
|  /s/ Mariel A. Joliet | Director | March 31, 2026 |
|  Mariel A. Joliet |  |  |
|  /s/ George E. Marucci, Jr. | Director | March 31, 2026 |
|  George E. Marucci, Jr. |  |  |
|  /s/ Susan C. Schnabel | Director | March 31, 2026 |
|  Susan C. Schnabel |  |  |
|  /s/ Rhonda S. Smith | Director | March 31, 2026 |
|  Rhonda S. Smith |  |  |
|  /s/ Albert (Al) Rabil III | Director | March 31, 2026 |
|  Albert (Al) Rabil III |  |  |
|  /s/ James (Jim) Robo | Director | March 31, 2026 |
|  James (Jim) Robo |  |  |
|  /s/ Terrence J. Quinn | Director | March 31, 2026 |
|  Terrence J. Quinn |  |  |
|  /s/ R. William Burns | Attorney-in-Fact (Pursuant to Powers of | March 31, 2026 |
|  R. William Burns | Attorney filed herewith) |  |

---

## Ex-99.(D)(2)

**Exhibit (d)(2)**

**KAYNE ANDERSON BDC, INC.**

**as Issuer**

**and**

**Wilmington Trust, National Association**

**as Trustee**

**Indenture**

**Dated as of [•], 20[•]**

**Providing for the Issuance**

**of**

**Debt Securities**

**KAYNE ANDERSON BDC, INC.**

**Reconciliation and tie between Trust Indenture Act of 1939<br> and Indenture, dated as of [•], 20[•]**

---

| | |
|:---|:---|
| **Trust Indenture Act Section** | **Indenture Section** |
| §310 (a)(1) | 6.07 |
| §310 (a)(2) | 6.07 |
| §310 (b) | 6.09 |
| §312 (c) | 7.01 |
| §314 (a) | 7.04 |
| §314 (a)(4) | 10.05 |
| §314 (c)(1) | 1.02 |
| §314 (c)(2) | 1.02 |
| §314 (e) | 1.02 |
| §315 (b) | 6.01 |
| §316 (a) (last sentence) | 1.01 ("Outstanding") |
| §316 (a)(1)(A) | 5.02, 5.12 |
| §316 (a)(1)(B) | 5.13 |
| §316 (b) | 5.08 |
| §317 (a)(1) | 5.03 |
| §317 (a)(2) | 5.04 |
| §318 (a) | 1.11 |
| §318 (c) | 1.11 |

---

NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| Article I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION | Article I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION | 1 |
| Section 1.01. | Definitions. | 1 |
| Section 1.02. | Compliance Certificates and Opinions. | 10 |
| Section 1.03. | Form of Documents Delivered to Trustee. | 11 |
| Section 1.04. | Acts of Holders. | 11 |
| Section 1.05. | Notices, Etc., to Trustee and Company. | 13 |
| Section 1.06. | Notice to Holders; Waiver. | 13 |
| Section 1.07. | Conflict with TIA. | 14 |
| Section 1.08. | Effect of Headings and **Table of Contents**. | 14 |
| Section 1.09. | Successors and Assigns. | 14 |
| Section 1.10. | Separability Clause. | 14 |
| Section 1.11. | Benefits of Indenture. | 14 |
| Section 1.12. | Governing Law; Waiver of Jury Trial. | 14 |
| Section 1.13. | Legal Holidays. | 15 |
| Section 1.14. | Submission to Jurisdiction. | 15 |
| Section 1.15. | Counterparts. | 15 |
| Section 1.16. | Miscellaneous. | 15 |
| Article II SECURITIES FORMS | Article II SECURITIES FORMS | 16 |
| Section 2.01. | Forms of Securities. | 16 |
| Section 2.02. | Form of Trustee's Certificate of Authentication. | 16 |
| Section 2.03. | Securities Issuable in Global Form. | 16 |
| Article III THE SECURITIES | Article III THE SECURITIES | 18 |
| Section 3.01. | Amount Unlimited; Issuable in Series. | 18 |
| Section 3.02. | Denominations. | 21 |
| Section 3.03. | Execution, Authentication, Delivery and Dating. | 21 |
| Section 3.04. | Temporary Securities. | 23 |
| Section 3.05. | Registration, Registration of Transfer and Exchange. | 24 |
| Section 3.06. | Mutilated, Destroyed, Lost and Stolen Securities. | 26 |
| Section 3.07. | Payment of Interest; Interest Rights Preserved; Optional Interest Reset. | 27 |
| Section 3.08. | Optional Extension of Maturity. | 29 |

---

---

| | | |
|:---|:---|:---|
| Section 3.09. | Persons Deemed Owners. | 30.0 |
| Section 3.10. | Cancellation. | 31.0 |
| Section 3.11. | Computation of Interest. | 31.0 |
| Section 3.12. | Currency and Manner of Payments in Respect of Securities. | 31.0 |
| Section 3.13. | Appointment and Resignation of Successor Exchange Rate Agent. | 35.0 |
| Section 3.14. | CUSIP Numbers. | 35.0 |
| Article IV SATISFACTION AND DISCHARGE | Article IV SATISFACTION AND DISCHARGE | 36.0 |
| Section 4.01. | Satisfaction and Discharge of Indenture. | 36.0 |
| Section 4.02. | Application of Trust Funds. | 37.0 |
| Article V REMEDIES | Article V REMEDIES | 37.0 |
| Section 5.01. | Events of Default. | 37.0 |
| Section 5.02. | Acceleration of Maturity; Rescission and Annulment. | 39.0 |
| Section 5.03. | Collection of Indebtedness and Suits for Enforcement by Trustee. | 40.0 |
| Section 5.04. | Trustee May File Proofs of Claim. | 41.0 |
| Section 5.05. | Trustee May Enforce Claims Without Possession of Securities. | 42.0 |
| Section 5.06. | Application of Money Collected. | 42.0 |
| Section 5.07. | Limitation on Suits. | 42.0 |
| Section 5.08. | Unconditional Right of Holders to Receive Principal, Premium and Interest. | 43.0 |
| Section 5.09. | Restoration of Rights and Remedies. | 43.0 |
| Section 5.10. | Rights and Remedies Cumulative. | 43.0 |
| Section 5.11. | Delay or Omission Not Waiver. | 44.0 |
| Section 5.12. | Control by Holders of Securities. | 44.0 |
| Section 5.13. | Waiver of Past Defaults. | 44.0 |
| Section 5.14. | Waiver of Stay or Extension Laws. | 45.0 |
| Section 5.15. | Undertaking for Costs. | 45.0 |
| Article VI THE TRUSTEE | Article VI THE TRUSTEE | 45.0 |
| Section 6.01. | Notice of Defaults. | 45.0 |
| Section 6.02. | Certain Rights and Duties of Trustee. | 46.0 |
| Section 6.03. | Not Responsible for Recitals or Issuance of Securities. | 49.0 |
| Section 6.04. | May Hold Securities. | 49.0 |
| Section 6.05. | Money Held in Trust; No Liability for Interest. | 49.0 |
| Section 6.06. | Compensation and Reimbursement and Indemnification of Trustee. | 49.0 |

---

---

| | | |
|:---|:---|:---|
| Section 6.07. | Corporate Trustee Required; Eligibility. | 51.0 |
| Section 6.08. | Disqualification; Conflicting Interests. | 51.0 |
| Section 6.09. | Resignation and Removal; Appointment of Successor. | 51.0 |
| Section 6.10. | Acceptance of Appointment by Successor. | 53.0 |
| Section 6.11. | Merger, Conversion, Consolidation or Succession to Business. | 54.0 |
| Section 6.12. | Appointment of Authenticating Agent. | 54.0 |
| Article VII HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY | Article VII HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY | 56.0 |
| Section 7.01. | Company to Furnish Trustee Names and Addresses of Holders. | 56.0 |
| Section 7.02. | Preservation of Information; Communications to Holders. | 56.0 |
| Section 7.03. | Reports by Trustee. | 56.0 |
| Section 7.04. | Reports by Company. | 57.0 |
| Section 7.05. | Calculation of Original Issue Discount. | 57.0 |
| Article VIII CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER | Article VIII CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER | 58.0 |
| Section 8.01. | Company May Consolidate, Etc., Only on Certain Terms. | 58.0 |
| Section 8.02. | Successor Person Substituted. | 58.0 |
| Article IX SUPPLEMENTAL INDENTURES | Article IX SUPPLEMENTAL INDENTURES | 59.0 |
| Section 9.01. | Supplemental Indentures Without Consent of Holders. | 59.0 |
| Section 9.02. | Supplemental Indentures with Consent of Holders. | 60.0 |
| Section 9.03. | Execution of Supplemental Indentures. | 61.0 |
| Section 9.04. | Effect of Supplemental Indentures. | 61.0 |
| Section 9.05. | Conformity with Trust Indenture Act. | 61.0 |
| Section 9.06. | Reference in Securities to Supplemental Indentures. | 62.0 |
| Article X COVENANTS | Article X COVENANTS | 62.0 |
| Section 10.01. | Payment of Principal, Premium, if any, and Interest. | 62.0 |
| Section 10.02. | Maintenance of Office or Agency. | 62.0 |
| Section 10.03. | Money for Securities Payments to Be Held in Trust. | 63.0 |
| Section 10.04. | Additional Amounts. | 64.0 |
| Section 10.05. | Statement as to Compliance. | 65.0 |
| Section 10.06. | Waiver of Certain Covenants. | 65.0 |
| Article XI REDEMPTION OF SECURITIES | Article XI REDEMPTION OF SECURITIES | 65.0 |
| Section 11.01. | Applicability of Article. | 65.0 |
| Section 11.02. | Election to Redeem; Notice to Trustee. | 65.0 |

---

---

| | | |
|:---|:---|:---|
| Section 11.03. | Selection by Trustee of Securities to Be Redeemed. | 66.0 |
| Section 11.04. | Notice of Redemption. | 66.0 |
| Section 11.05. | Deposit of Redemption Price. | 67.0 |
| Section 11.06. | Securities Payable on Redemption Date. | 68.0 |
| Section 11.07. | Certificated Securities Redeemed in Part. | 68.0 |
| Article XII SINKING FUNDS | Article XII SINKING FUNDS | 68.0 |
| Section 12.01. | Applicability of Article. | 68.0 |
| Section 12.02. | Satisfaction of Sinking Fund Payments with Securities. | 69.0 |
| Section 12.03. | Redemption of Securities for Sinking Fund. | 69.0 |
| Article XIII REPAYMENT AT THE OPTION OF HOLDERS | Article XIII REPAYMENT AT THE OPTION OF HOLDERS | 69.0 |
| Section 13.01. | Applicability of Article. | 69.0 |
| Section 13.02. | Repayment of Securities. | 70.0 |
| Section 13.03. | Exercise of Option. | 70.0 |
| Section 13.04. | When Securities Presented for Repayment Become Due and Payable. | 71.0 |
| Section 13.05. | Certificated Securities Repaid in Part. | 71.0 |
| Article XIV DEFEASANCE AND COVENANT DEFEASANCE | Article XIV DEFEASANCE AND COVENANT DEFEASANCE | 71.0 |
| Section 14.01. | Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance. | 71.0 |
| Section 14.02. | Defeasance and Discharge. | 72.0 |
| Section 14.03. | Covenant Defeasance. | 72.0 |
| Section 14.04. | Conditions to Defeasance or Covenant Defeasance. | 73.0 |
| Section 14.05. | Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. | 74.0 |
| Article XV MEETINGS OF HOLDERS OF SECURITIES | Article XV MEETINGS OF HOLDERS OF SECURITIES | 75.0 |
| Section 15.01. | Purposes for Which Meetings May Be Called. | 75.0 |
| Section 15.02. | Call, Notice and Place of Meetings. | 75.0 |
| Section 15.03. | Persons Entitled to Vote at Meetings. | 75.0 |
| Section 15.04. | Quorum; Action. | 76.0 |
| Section 15.05. | Determination of Voting Rights; Conduct and Adjournment of Meetings. | 77.0 |
| Section 15.06. | Counting Votes and Recording Action of Meetings. | 77.0 |

---

---

| | | |
|:---|:---|:---|
| Article XVI SUBORDINATION OF SECURITIES | Article XVI SUBORDINATION OF SECURITIES | 78.0 |
| Section 16.01. | Agreement to Subordinate. | 78.0 |
| Section 16.02. | Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities. | 78.0 |
| Section 16.03. | No Payment on Subordinated Securities in Event of Default on Senior Indebtedness. | 80.0 |
| Section 16.04. | Payments on Subordinated Securities Permitted. | 80.0 |
| Section 16.05. | Authorization of Holders to Trustee to Effect Subordination. | 80.0 |
| Section 16.06. | Notices to Trustee. | 80.0 |
| Section 16.07. | Trustee as Holder of Senior Indebtedness. | 81.0 |
| Section 16.08. | Modifications of Terms of Senior Indebtedness. | 81.0 |
| Section 16.09. | Reliance on Judicial Order or Certificate of Liquidating Agent. | 81.0 |

---

INDENTURE, dated as of [•], 2026, between Kayne Anderson BDC, Inc., a Delaware corporation (hereinafter called the "<u>Company</u>"), having its principal office at 717 Texas Avenue, Suite 2200, Houston, Texas 77002, and Wilmington Trust, National Association, a national banking association, as Trustee (hereinafter called the "<u>Trustee</u>"), having its office at 1310 Silas Deane Highway, Wethersfield, CT 06109.

**RECITALS OF THE COMPANY**

The Company deems it necessary to issue from time to time for its lawful purposes debt securities (hereinafter called the "<u>Securities</u>") evidencing its secured or unsecured indebtedness, which may or may not be convertible into or exchangeable for any securities of any Person (as defined herein) (including the Company), and has duly authorized the execution and delivery of this Indenture (as defined herein) to provide for the issuance from time to time of the Securities, to be issued in one or more series, unlimited as to principal amount, to bear such rates of interest, to mature at such times and to have such other provisions as shall be fixed as hereinafter provided.

This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions.

All things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

For and in consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities, or of a series thereof, as follows:

**Article I<br>DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION**

**Section 1.01. Definitions.**

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the terms defined in this <u>Article I</u> have the meanings assigned to them in this <u>Article I</u>, and include the plural as well as the singular and, pursuant to <u>Section 3.01</u>, any such item may, with respect to any particular series of Securities, be amended or modified or specified as being inapplicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all other terms used herein that are defined in the Trust Indenture Act (as defined herein), either directly or by reference therein, have the meanings assigned to them therein, and the terms "cash transaction" and "self-liquidating paper," as used in <u>Section 3.11</u> of the Trust Indenture Act, shall have the meanings assigned to them in the rules of the Commission (as defined herein) adopted under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States of America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the words "herein", "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

Certain terms, used in other Articles herein, are defined in those Articles.

"<u>Act,</u>" when used with respect to any Holder of a Security, has the meaning specified in <u>Section 1.04(a)</u>.

"<u>Additional Amounts</u>" means any additional amounts that are specified as contemplated by <u>Section 3.01</u> with respect to Securities of any series under the specified circumstances, to be paid by the Company in respect of certain taxes imposed on certain Holders and that are owing to such Holders.

"<u>Affiliate</u>" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

"<u>Authenticating Agent</u>" means any authenticating agent appointed by the Trustee pursuant to <u>Section 6.12</u> to act on behalf of the Trustee to authenticate Securities of one or more series.

"<u>Authorized Newspaper</u>" means a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Business Day.

"<u>Board of Directors</u>" means the board of directors of the Company, the executive committee or any committee of that board duly authorized to act hereunder.

"<u>Board Resolution</u>" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors (or by a committee of the Board of Directors, to the extent that any such other committee has been authorized by the Board of Directors to establish or approve the matters contemplated) and to be in full force and effect on the date of such certification, and delivered to the Trustee.

"<u>Business Day</u>," when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified with respect to any Securities pursuant to <u>Section 3.01</u>, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a federal holiday or a day on which banking institutions or trust companies in that Place of Payment or particular location are authorized or obligated by law, regulation or executive order to close.

"<u>Commission</u>" means the United States Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

"<u>Company</u>" means the Person named as the "Company" in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Company" shall mean such successor Person.

"<u>Company Request</u>" and "<u>Company Order</u>" mean, respectively, a written request or order signed in the name of the Company by any one of the Chief Executive Officer, President, a Co-President, an Executive Vice President or a Vice President of the Company, and by the Chief Financial Officer, Chief Accounting Officer, Chief Compliance Officer, Treasurer, Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

"<u>Conversion Date</u>" has the meaning specified in <u>Section 3.12(d)</u>.

"<u>Conversion Event</u>" means the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the Euro within the Economic and Monetary Union of the European Union or (iii) any currency unit (or composite currency) other than the Euro for the purposes for which it was established.

"<u>Corporate Trust Office</u>" means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 1310 Silas Deane Highway, Wethersfield, CT 06109, Attention: Kayne Anderson BDC, Inc. Administrator or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).

"<u>Corporation</u>" includes corporations, associations, companies and business trusts.

"<u>Currency</u>" means any currency or currencies, composite currency or currency unit or currency units issued by the government of one or more countries or by any reorganized confederation or association of such governments.

"<u>Default</u>" means any event that is, or after notice or passage of time or both would be, an Event of Default.

"<u>Defaulted Interest</u>" has the meaning specified in <u>Section 3.07</u>.

"<u>Depository</u>" means the clearing agency registered under the Exchange Act that is designated to act as the Depository for global Securities. Unless otherwise specified with respect to any series of Securities pursuant to <u>Section 3.01,</u> DTC shall be the initial Depository for each series of Securities issued in global form, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, "Depository" shall mean or include such successor.

"<u>Dollar</u>" or "<u>$</u>" means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private debts.

"<u>DTC</u>" means The Depository Trust Company.

"<u>Election Date</u>" has the meaning specified in <u>Section 3.12(h)</u>.

"<u>Euro</u>" means the euro or other equivalent unit in such official coin or currency of the European Union.

"<u>Event of Default</u>" has the meaning specified in <u>Article V</u>.

"<u>Exchange Act</u>" means the United States Securities Exchange Act of 1934, and the rules and regulations promulgated by the Commission thereunder and any statute successor thereto, in each case as amended from time to time.

"<u>Exchange Rate Agent</u>," with respect to Securities of or within any series, means, unless otherwise specified with respect to any series of Securities pursuant to <u>Section 3.01</u>, a bank that is a member of the New York Clearing House Association, designated pursuant to <u>Section 3.01</u> or <u>Section 3.13</u>.

"<u>Exchange Rate Officer's Certificate</u>" means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable bid quotation and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security having the lowest denomination principal amount determined in accordance with <u>Section 3.02</u> in the relevant Currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate or the applicable bid quotation signed by the Chief Financial Officer, Chief Accounting Officer or any President, Co-President or Vice President of the Company.

"<u>Foreign Currency</u>" means any Currency, including, without limitation, the Euro, issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments.

"<u>Government Obligations</u>" means securities that are (i) direct obligations of the United States of America or the government that issued the Foreign Currency in which the Securities of a particular series are payable, for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government that issued the Foreign Currency in which the Securities of such series are payable, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt; <u>provided</u> that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt.

"<u>Holder</u>" means the Person in whose name a Security is registered in the Security Register.

"<u>Indenture</u>" means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by <u>Section 3.01</u>; <u>provided</u>, <u>however</u>, that, if at any time more than one Person is acting as Trustee under this instrument, "Indenture" shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular series of Securities for which such Person is Trustee established as contemplated by <u>Section 3.01</u>, exclusive, however, of any provisions or terms that relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.

"<u>Indexed Security</u>" means a Security as to which all or certain interest payments and/or the principal amount payable at Maturity are determined by reference to prices, changes in prices, or differences between prices, of securities, Currencies, intangibles, goods, articles or commodities or by such other objective price, economic or other measures as are specified in or pursuant to <u>Section 3.01</u> hereof.

"<u>interest</u>," when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity, and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to <u>Section 10.04</u>, includes such Additional Amounts.

"<u>Interest Payment Date</u>," when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

"<u>Market Exchange Rate</u>" means, unless otherwise specified with respect to any Securities pursuant to <u>Section 3.01</u>, (i) for any conversion involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and Dollars or such Foreign Currency calculated by the method specified pursuant to <u>Section 3.01</u> for the Securities of the relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being made from major banks located in either New York City, London or any other principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities pursuant to <u>Section 3.01</u>, in the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York City, London or other principal market for such currency or currency unit in question, or such other quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency unit by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency unit shall be that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or currency unit in order to make payments in respect of such securities as determined by the Exchange Rate Agent, in its sole discretion.

"<u>Maturity</u>," when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment, notice of exchange or conversion or otherwise.

"<u>Notice of Default</u>" has the meaning specified in <u>Section 5.01</u>.

"<u>Officers' Certificate</u>" means a certificate signed by any two of the Chief Executive Officer, President, a Co-President, an Executive Vice President or a Vice President of the Company, and by the Chief Financial Officer, Chief Accounting Officer, Chief Compliance Officer, Treasurer, Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

"<u>Opinion of Counsel</u>" means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company and who shall be reasonably satisfactory to the Trustee.

"<u>Original Issue Discount Security</u>" means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to <u>Section 5.02</u>.

"<u>Outstanding</u>," when used with respect to Securities or any series of Securities, means, as of the date of determination, all Securities or all Securities of such series, as the case may be, theretofore authenticated and delivered under this Indenture, <u>except</u>:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities theretofore cancelled by
 the Trustee or delivered to the Trustee for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities, or portions thereof, for
 whose payment or redemption or repayment at the option of the Holder money in the necessary
 amount has been theretofore deposited with the Trustee or any Paying Agent (other than the
 Company) in trust or set aside and segregated in trust by the Company (if the Company shall
 act as its own Paying Agent) for the Holders of such Securities, <u>provided</u> that, if
 such Securities are to be redeemed, notice of such redemption has been duly given pursuant
 to this Indenture or provision therefor satisfactory to the Trustee has been made;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Securities, except to the extent provided
 in <u>Sections 14.02</u> and <u>14.03</u>, with respect to which the Company has effected
 defeasance and/or covenant defeasance as provided in <u>Article XIV</u>;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Securities that have been changed into
 any other securities of the Company or any other Person in accordance with this Indenture
 if the terms of such Securities provide for convertibility or exchangeability pursuant to <u>Section 3.01</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;(v) Securities which have been paid pursuant
 to <u>Section 3.06</u> or in exchange for or in lieu of which other Securities have
 been authenticated and delivered pursuant to this Indenture, other than any such Securities
 in respect of which there shall have been presented to the Trustee proof satisfactory to
 it that such Securities are held by a protected purchaser in whose hands such Securities
 are valid obligations of the Company;

<u>provided</u>, <u>however</u>, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations required by TIA <u>Section 313</u>, (i) the principal amount of an Original Issue Discount Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the Maturity thereof pursuant to <u>Section 5.02</u>, (ii) the principal amount of any Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to the Dollar Equivalent, determined as of the date such Security is originally issued by the Company as set forth in an Exchange Rate Officer's Certificate delivered to the Trustee, of the principal amount (or, in the case of an Original Issue Discount Security or Indexed Security, the Dollar Equivalent as of such date of original issuance of the amount determined as provided in clause (i) above or (iii) below, respectively) of such Security, (iii) the principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security pursuant to <u>Section 3.01</u>, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the presence of a quorum, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.

Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee's right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

"<u>Paying Agent</u>" means any Person authorized by the Company to pay the principal of (or premium, if any) or interest, if any, on any Securities on behalf of the Company.

"<u>Person</u>" means any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other entity.

"<u>Place of Payment</u>," when used with respect to the Securities of or within any series, means the place or places where the principal of (and premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by <u>Sections 3.01</u> and <u>10.02</u>.

"<u>Predecessor Security</u>" of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under <u>Section 3.06</u> in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

"<u>Redemption Date</u>," when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture.

"<u>Redemption Price</u>," when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

"<u>Registered Security</u>" means any Security that is registered in the Security Register.

"<u>Regular Record Date</u>" for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified for that purpose as contemplated by <u>Section 3.01</u>, whether or not a Business Day.

"<u>Repayment Date</u>," when used with respect to any Security to be repaid at the option of the Holder, means the date fixed for such repayment by or pursuant to this Indenture.

"<u>Repayment Price</u>," when used with respect to any Security to be repaid at the option of the Holder, means the price at which it is to be repaid by or pursuant to this Indenture.

"<u>Responsible Officer</u>" means any officer of the Trustee in its Corporate Trust Office and, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject, and shall also mean any officer who has direct responsibility for the administration of this Indenture.

"<u>Security</u>" or "<u>Securities</u>" has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated and delivered under this Indenture; <u>provided</u>, <u>however</u>, that, if at any time there is more than one Person acting as Trustee under this Indenture, "Securities" with respect to this Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

"<u>Security Register</u>" and "<u>Security Registrar</u>" have the respective meanings specified in <u>Section 3.05</u>.

"<u>Senior Indebtedness</u>" means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed, that has been designated by the Company as "Senior Indebtedness" for purposes of this Indenture by a Company Order delivered to the Trustee, (ii) Senior Securities, and (iii) renewals, extensions, modifications and refinancings of any such indebtedness.

"<u>Senior Security</u>" or "<u>Senior Securities</u>" means any Security or Securities designated pursuant to <u>Section 3.01</u> as a Senior Security.

"<u>Special Record Date</u>" for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Trustee pursuant to <u>Section 3.07</u>.

"<u>Stated Maturity</u>," when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable, as such date may be extended pursuant to the provisions of <u>Section 3.08</u>.

"<u>Subordinated Indebtedness</u>" means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is provided that such indebtedness ranks junior in right of payment to the Company's Senior Indebtedness, equally and *pari passu* in right of payment with all other Subordinated Indebtedness, (ii) Subordinated Securities, and (iii) renewals, extensions, modifications and refinancings of any such Subordinated Indebtedness.

"<u>Subordinated Security</u>" or "<u>Subordinated Securities</u>" means any Security or Securities designated pursuant to <u>Section 3.01</u> as a Subordinated Security.

"<u>Subsidiary</u>" means (i) any corporation a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company, (ii) any other Person (other than a corporation) in which such Person, one or more Subsidiaries of such Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest, or (iii) a partnership in which such Person or a Subsidiary of such Person is, at the time, a general partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest. For the purposes of this definition, "voting stock" means stock having voting power for the election of directors or trustees, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.

"<u>Trust Indenture Act</u>" or "<u>TIA</u>" means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture was executed, except as provided in <u>Section 9.05</u>.

"<u>Trustee</u>" means the Person named as the "Trustee" in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Trustee" shall mean or include each Person who is then a Trustee hereunder; <u>provided</u>, <u>however</u>, that if at any time there is more than one such Person, "Trustee" as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.

"<u>United States</u>" means, unless otherwise specified with respect to any Securities pursuant to <u>Section 3.01</u>, the United States of America (including the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

"<u>United States person</u>" means, unless otherwise specified with respect to any Securities pursuant to <u>Section 3.01</u>, any individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury regulations), any estate the income of which is subject to United States federal income taxation regardless of its source, or any trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust. Notwithstanding the preceding sentence, to the extent provided in the Treasury regulations, certain trusts in existence on August 20, 1996, and treated as United States persons prior to such date that elect to continue to be treated as United States persons, will also be United States persons.

"<u>Valuation Date</u>" has the meaning specified in <u>Section 3.12(c)</u>.

"<u>Yield to Maturity</u>" means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles.

**Section 1.02. Compliance Certificates and Opinions.**

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee (i) an Officers' Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to <u>Section 10.05</u>) shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such condition or covenant has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

**Section 1.03. Form of Documents Delivered to Trustee.**

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion as to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate or representations may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information as to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations as to such matters are erroneous.

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

**Section 1.04. Acts of Holders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of <u>Article XV</u>, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "<u>Act</u>" of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this <u>Section 1.04</u>. The record of any meeting of Holders of Securities shall be proved in the manner provided in <u>Section 15.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing or the authority of the Person executing the same may also be proved in any other reasonable manner that the Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The ownership of Registered Securities shall be proved by the Security Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; <u>provided</u> that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security.

**Section 1.05. Notices, Etc., to Trustee and Company.**

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished, filed or mailed, first-class postage prepaid in writing to or with the Trustee at its Corporate Trust Office, Attention: Kayne Anderson BDC, Inc. Administrator, or at any other address previously furnished in writing to the Company by the Trustee, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture, to the attention of its Secretary or at any other address previously furnished in writing to the Trustee by the Company, or if in writing and sent by facsimile transmission or email to the facsimile number or email address designated by the Company to the Trustee.

**Section 1.06. Notice to Holders; Waiver.**

Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and (a) in the case of certificated Securities, mailed, first-class postage prepaid, by overnight courier guaranteeing next day delivery, or by facsimile transmission or email, followed by delivery of original documentation within one Business Day, to each such Holder affected by such event, at such Holder's address, facsimile number or email address, as applicable, as it appears in the Security Register, or (b) in the case of global Securities, delivered to the Depository in accordance with its applicable procedures, in each case, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given by mail or by overnight courier guaranteeing next day delivery, or where notice is given by facsimile or email with the original documentation to follow, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities. Any notice mailed or sent to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice.

If by reason of the suspension of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, facsimile or email, then such notification to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder.

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication.

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

**Section 1.07. Conflict with TIA.**

If any provision of this Indenture limits, qualifies or conflicts with a provision of the TIA that is required under the TIA to be a part of and govern this Indenture, the provision of the TIA shall control. If any provision of this Indenture modifies or excludes any provision of the TIA that may be so modified or excluded, the provision of the TIA shall be deemed to apply to this Indenture as so modified or only to the extent not so excluded, as the case may be.

**Section 1.08. Effect of Headings and **Table of Contents**.**

The Article and Section headings herein and the **Table of Contents** are for convenience only and shall not affect the construction hereof.

**Section 1.09. Successors and Assigns.**

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

**Section 1.10. Separability Clause.**

In case any provision in this Indenture or in any Security 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 1.11. Benefits of Indenture.**

Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.

**Section 1.12. Governing Law; Waiver of Jury Trial.**

This Indenture and the Securities shall be governed by and construed in accordance with the law of the State of New York without regard to principles of conflicts of laws. In connection with a registered offering of Securities, this Indenture is subject to the provisions of the Trust Indenture Act required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

**Section 1.13. Legal Holidays.**

In any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security other than a provision in the Securities of any series which specifically states that such provision shall apply in lieu of this <u>Section 1.13</u>), payment of principal (or premium, if any) or interest, if any, need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity; <u>provided</u> that no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be.

**Section 1.14. Submission to Jurisdiction.**

The Company hereby irrevocably submits to the non-exclusive jurisdiction of any New York state or federal court sitting in The City of New York in any action or proceeding arising out of or relating to this Indenture and the Securities of any series, and the Company hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York state or federal court. The Company hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.

**Section 1.15. Counterparts.**

This 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 Indenture. The exchange of copies of this Indenture and delivery of signature pages by facsimile, .pdf transmission, e-mail or other electronic means shall constitute effective execution and delivery of this Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, e-mail or other electronic means shall be deemed to be their original signatures for all purposes.

**Section 1.16. Miscellaneous.**

For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to the Securities with which this Indenture relates must be in writing, <u>provided</u> that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to the Trustee by the authorized representative), in English. The Company agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

**Article II<br>SECURITIES FORMS**

**Section 2.01. Forms of Securities.**

The Registered Securities of each series, the temporary global Securities of each series, if any, and the permanent global Securities of each series, if any, shall be in substantially the forms as shall be established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution and set forth in an Officers' Certificate in accordance with <u>Section 3.01</u>, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Securities may be listed, or to conform to usage.

The definitive Securities shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities.

**Section 2.02. Form of Trustee's Certificate of Authentication.**

Subject to <u>Section 6.11</u>, the Trustee's certificate of authentication shall be in substantially the following form:

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

[•], as Trustee

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| | |
|:---|:---|
| By | |
|  | Authorized Officer |
| Dated: | |

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**Section 2.03. Securities Issuable in Global Form.**

If Securities of or within a series are issuable in global form, as specified as contemplated by <u>Section 3.01</u>, then, notwithstanding clause (8) of <u>Section 3.01</u> and the provisions of <u>Section 3.02</u>, any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee or the Security Registrar in such manner and upon instructions given by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to <u>Section 3.03</u> or <u>Section 3.04</u>. Subject to the provisions of <u>Section 3.03</u> and, if applicable, <u>Section 3.04</u>, the Trustee or the Security Registrar shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to <u>Section 3.03</u> or <u>Section 3.04</u> has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement, delivery or redelivery of a Security in global form shall be in writing but need not comply with <u>Section 1.02</u> and need not be accompanied by an Opinion of Counsel.

The provisions of the last sentence of <u>Section 3.03</u> shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company and the Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions (which need not comply with <u>Section 1.02</u> and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of <u>Section 3.03</u>.

Notwithstanding the provisions of <u>Section 3.07</u>, unless otherwise specified as contemplated by <u>Section 3.01</u>, payment of principal of (and premium, if any) and interest, if any, on any Security in permanent global form shall be made to the Person or Persons specified therein.

Notwithstanding the provisions of <u>Section 3.09</u> and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security, the Holder of such permanent global Security.

Unless otherwise specified as contemplated by <u>Section 3.01</u> for the Securities evidenced thereby, every global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY 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 SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

**Article III<br>THE SECURITIES**

**Section 3.01. Amount Unlimited; Issuable in Series.**

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

The Securities may be issued in one or more series as Registered Securities and shall be designated as Senior Securities or Subordinated Securities. Senior Securities are unsubordinated, shall rank equally and *pari passu* with all of the Company's other Senior Indebtedness and senior to all of the Company's Subordinated Indebtedness. Subordinated Securities shall rank junior to the Company's Senior Indebtedness and equally and *pari passu* with all of the Company's other Subordinated Indebtedness. There shall be established in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to <u>Section 3.03</u>, set forth, or determined in the manner provided, in an Officers' Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, any or all of the following, as applicable (each of which (except for the matters set forth in clauses (1), (2) and (15) below), if so provided, may be determined from time to time by the Company with respect to unissued Securities of the series when issued from time to time):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the title of the Securities of the series including CUSIP numbers (which shall distinguish the Securities of such series from all other series of Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to <u>Section 3.04</u>, <u>3.05</u>, <u>3.06</u>, <u>9.06</u>, <u>11.07</u> or <u>13.05</u>, and except for any Securities which, pursuant to <u>Section 3.03</u>, are deemed never to have been authenticated and delivered hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the Securities of the series shall be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, the Interest Payment Dates on which such interest will be payable and the Regular Record Date, if any, for the interest payable on any Registered Security on any Interest Payment Date, or the method by which such date shall be determined, the basis upon which such interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Place of Payment where the principal of (and premium, if any) and interest, if any, on Securities of the series shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange, where Securities of that series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices or demands to or upon the Company in respect of the Securities of the series and this Indenture (other than the service of process) may be served;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the period or periods within which, or the date or dates on which, the price or prices at which, the Currency or Currencies in which, and other terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have the option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous provision or at the option of a Holder thereof, and the period or periods within which or the date or dates on which, the price or prices at which, the Currency or Currencies in which, and other terms and conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if other than denominations of $1,000 and any integral multiple thereof, the denomination or denominations in which any Registered Securities of the series shall be issuable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if other than the Trustee, the identity of each Security Registrar and/or Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) if other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to <u>Section 5.02</u>, upon redemption of the Securities of the series which are redeemable before their Stated Maturity, upon surrender for repayment at the option of the Holder, or which the Trustee shall be entitled to claim pursuant to <u>Section 5.04</u> or the method by which such portion shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if other than Dollars, the Currency or Currencies in which payment of the principal of (or premium, if any) or interest, if any, on the Securities of the series shall be made or in which the Securities of the series shall be denominated and the particular provisions applicable thereto in accordance with, in addition to or in lieu of any of the provisions of <u>Section 3.12</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) whether the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more Currencies, commodities, equity indices or other indices), and the manner in which such amounts shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) whether the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in one or more Currencies other than that in which such Securities are denominated or stated to be payable, the period or periods within which (including the Election Date), and the terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency or Currencies in which such Securities are denominated or stated to be payable and the Currency or Currencies in which such Securities are to be paid, in each case in accordance with, in addition to or in lieu of any of the provisions of <u>Section 3.12</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any deletions from, modifications of or additions to the Events of Default or covenants (including any deletions from, modifications of or additions to any of the provisions of <u>Section 10.06</u>) of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global Security may exchange such interests for Securities of such series in certificated form and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in <u>Section 3.05</u>, and the circumstances under which and the place or places where such exchanges may be made and if Securities of the series are to be issuable as a global Security, the identity of the Depository for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) the Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, and the extent to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be paid; and the extent to which, or the manner in which, any interest payable on a permanent global Security on an Interest Payment Date will be paid if other than in the manner provided in <u>Section 3.07</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) the applicability, if any, of <u>Sections 14.02</u> and/or <u>14.03</u> to the Securities of the series and any provisions in modification of, in addition to or in lieu of any of the provisions of <u>Article XIV</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) if the Securities of such series are to be issuable in certificated form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) whether, under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by <u>Section 10.04</u> on the Securities of the series to any Holder who is not a United States person (including any modification to the definition of such term) in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) the designation of the initial Exchange Rate Agent, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) if the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to be authenticated and delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) if the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) if the Securities of the series are to be secured, the terms and conditions upon which such Securities will be so secured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) the appointment of any calculation agent, foreign currency exchange agent or other additional agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) if the Securities of the series are to be listed on a securities exchange, the name of such exchange may be indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) the guarantees, if any, of the Securities of the series, and the extent of the guarantees (including provisions relating to seniority, subordination and the release of the guarantors), if any, and any additions or changes to permit or facilitate guarantees of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) any restrictions on the sale or transfer of the Securities of the series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) any other terms of the series (which terms shall not be inconsistent with the requirements of the Trust Indenture Act).

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above (subject to <u>Section 3.03</u>) and set forth in the Officers' Certificate referred to above or in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series.

If any of the terms of the Securities of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s) shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers' Certificate setting forth the terms of the Securities of such series.

**Section 3.02. Denominations.**

The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by <u>Section 3.01</u>. With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Registered Securities of such series, other than Registered Securities issued in global form (which may be of any denomination) shall be issuable in denominations of $1,000 and any integral multiple thereof.

**Section 3.03. Execution, Authentication, Delivery and Dating.**

The Securities shall be executed on behalf of the Company by any one of its Chief Executive Officer, its President, its Chief Financial Officer, its Chief Accounting Officer, or any of its Co-Presidents, Executive Vice Presidents or Vice Presidents and attested by its Secretary or any of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or by facsimile, .pdf attachment or other electronically transmitted signature (with an original manual signature to be sent to the Trustee via overnight mail immediately thereafter) of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities.

Securities bearing the signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order and an Officers' Certificate and Opinion of Counsel in accordance with <u>Section 1.02</u> for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If all the Securities of any series are not to be issued at one time and if the Board Resolution and Officers' Certificate or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series, such as interest rate, maturity date, date of issuance and date from which interest shall accrue. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to TIA <u>Section 315(a)</u> through <u>315(d)</u>) shall be fully protected in relying upon,

&nbsp;&nbsp;&nbsp;&nbsp;(i) an Opinion of Counsel stating,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the form or forms of such Securities have been established in conformity with the provisions of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the terms of such Securities have been established in conformity with the provisions of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that such Securities, when executed and delivered by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors' rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders of such Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Officers' Certificate stating,
 to the best of the knowledge of the signers of such certificate, that no Event of Default
 with respect to any of the Securities Outstanding under this Indenture shall have occurred
 and be continuing.

Notwithstanding the provisions of <u>Section 3.01</u> and of this <u>Section 3.03</u>, if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officers' Certificate otherwise required pursuant to <u>Section 3.01</u> or the Opinion of Counsel or Officers' Certificate otherwise required pursuant to the preceding paragraph at the time or issuance of each Security of such series, but such opinion and certificates, with appropriate modifications to cover such future issuances, shall be delivered at or before the time of issuance of the first Security of such series.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) If such form or terms have been so
 established, the Trustee shall not be required to authenticate such Securities if the issue
 of such Securities pursuant to this Indenture will affect the Trustee's own rights,
 duties, obligations or immunities under the Securities and this Indenture or otherwise in
 a manner that is not reasonably acceptable to the Trustee. Notwithstanding the generality
 of the foregoing, the Trustee will not be required to authenticate Securities denominated
 in a Foreign Currency if the Trustee reasonably believes that it would be unable to perform
 its duties with respect to such Securities.

Each Registered Security shall be dated the date of its authentication.

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein duly executed by the Trustee or an Authenticating Agent by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in <u>Section 3.10</u> together with a written statement (which need not comply with <u>Section 1.02</u> and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

**Section 3.04. Temporary Securities.**

Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary Securities may be in global form.

Except in the case of temporary Securities in global form (which shall be exchanged as provided as contemplated by <u>Section 3.01</u> with respect to such series of Securities), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and, upon Company Order, the Trustee shall authenticate and deliver in exchange therefor a like principal amount and like tenor of definitive Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.

**Section 3.05. Registration, Registration of Transfer and Exchange.**

The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the "<u>Security Register</u>") in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities and an office or agency where Notes may be presented for payment ("<u>Paying Agent</u>"). The Security Register shall be in written form or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate Trust Office, is hereby initially appointed as Paying Agent hereunder and as "<u>Security Registrar</u>" for the purpose of registering Registered Securities and transfers of Registered Securities on such Security Register as herein provided, and for facilitating exchanges of temporary global Securities for permanent global Securities or certificated Securities, or both, or of permanent global Securities for certificated Securities, or both, as herein provided. In the event that the Trustee shall cease to be Security Registrar, it shall have the right to examine the Security Register at all reasonable times. The Company may appoint one or more co-registrars and one or more additional paying agents. The Company shall promptly notify the Trustee in writing of the name and address of any agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Security Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its subsidiaries may act as Paying Agent or Security Registrar. In acting hereunder and in connection with the Securities, the Security Registrar and the Paying Agent shall act solely as agents of the Company, and will not thereby assume any obligations towards or relationship of agency or trust for or with any Holder.

Upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company in a Place of Payment for that series, the Company shall execute, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing a number not contemporaneously outstanding and containing identical terms and provisions.

At the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered Securities to be exchanged at any such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and, upon Company Order, the Trustee shall authenticate and deliver, the Registered Securities that the Holder making the exchange is entitled to receive.

Whenever any Securities are so surrendered for exchange, the Company shall execute, and upon Company Order, the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive.

Notwithstanding the foregoing, except as otherwise specified as contemplated by <u>Section 3.01</u>, any permanent global Security shall be exchangeable only as provided in this paragraph. If any beneficial owner of an interest in a permanent global Security is entitled to exchange such interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by <u>Section 3.01</u> and provided that any applicable notice provided in the permanent global Security shall have been given, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall deliver to the Trustee certificated Securities in aggregate principal amount equal to the principal amount of such beneficial owner's interest in such permanent global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global Security shall be surrendered by the Depository specified as contemplated by <u>Section 3.01</u> to the Trustee, as the Company's agent for such purpose, or to the Security Registrar, to be exchanged, in whole or from time to time in part, for certificated Securities of the same series without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent global Security, an equal aggregate principal amount of certificated Securities of the same series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged; <u>provided</u>, <u>however</u>, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those selected for redemption. If a Registered Security is issued in exchange for any portion of a permanent global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest or interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent global Security is payable in accordance with the provisions of this Indenture.

All Securities issued upon any registration of transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

Every Registered Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar or any transfer agent duly authorized in writing) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney or any transfer agent duly authorized in writing.

No service charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to <u>Section 3.04</u>, <u>9.06</u>, <u>11.07</u> or <u>13.05</u> not involving any transfer.

The Company shall not be required (i) to issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption during a period beginning at the opening of business 15 days before selection of the Securities to be redeemed under <u>Section 11.03</u> and ending at the close of business on the day of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed or (iii) to issue, register the transfer of or exchange any Security that has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid.

The Trustee shall have no responsibility or obligation to any beneficial owner of a global Security, a member of, or a participant in, any Depository or other Person with respect to the accuracy of the records of any Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Securities (or other security or property) under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Securities shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a global Security). The rights of beneficial owners in any global Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners.

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depository participants, members or beneficial owners in any global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Neither the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by the Depository.

**Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities.**

If any mutilated Security is surrendered to the Trustee or the Company, together with, in proper cases, such security and/or indemnity as may be required by the Company or the Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall, upon Company Order, authenticate and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously Outstanding.

If there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) such security and/or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of written notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall, subject to the following paragraph, execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding.

Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

Upon the issuance of any new Security under this <u>Section 3.06</u>, the Company, the Paying Agent, or the Security Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the reasonable and documented fees and expenses of the Trustee, the Paying Agent, or the Security Registrar) connected therewith.

Every new Security of any series issued pursuant to this <u>Section 3.06</u> in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.

The provisions of this <u>Section 3.06</u> are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

**Section 3.07. Payment of Interest; Interest Rights Preserved; Optional Interest Reset.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specified with respect to a series of Securities in accordance with the provisions of <u>Section 3.01</u>, interest, if any, on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to <u>Section 10.02</u>; <u>provided</u>, <u>however</u>, that each installment of interest, if any, on any Registered Security may at the Company's option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to <u>Section 3.09</u>, to the address of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located in the United States.

Except as otherwise specified with respect to a series of Securities in accordance with the provisions of <u>Section 3.01</u>, any interest on any Registered Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called "<u>Defaulted Interest</u>") shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to <u>Section 3.01</u> for the Securities of such series and except, if applicable, as provided in <u>Sections 3.12(b)</u>, <u>3.12(d)</u> and <u>3.12(e)</u>) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Registered Securities of such series in accordance with Section 1.06 not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this <u>Section 3.07(b)</u> may be made applicable to any series of Securities pursuant to <u>Section 3.01</u> (with such modifications, additions or substitutions as may be specified pursuant to such <u>Section 3.01</u>). The interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company on the date or dates specified on the face of such Security (each an "<u>Optional Reset Date</u>"). The Company may exercise such option with respect to such Security by notifying the Trustee of such exercise at least 45 but not more than 60 days prior to an Optional Reset Date for such Security. Not later than 35 days prior to each Optional Reset Date, the Trustee shall transmit, in the manner provided for in <u>Section 1.06</u>, to the Holder of any such Security a notice (the "<u>Reset Notice</u>") indicating whether the Company has elected to reset the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable), and if so (i) such new interest rate (or such new spread or spread multiplier, if applicable) and (ii) the provisions, if any, for redemption during the period from such Optional Reset Date to the next Optional Reset Date or if there is no such next Optional Reset Date, to the Stated Maturity of such Security (each such period a "<u>Subsequent Interest Period</u>"), including the date or dates on which or the period or periods during which and the price or prices at which such redemption may occur during the Subsequent Interest Period.

Notwithstanding the foregoing, not later than 20 days prior to the Optional Reset Date (or if 20 days does not fall on a Business Day, the next succeeding Business Day), the Company may, at its option, revoke the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish a higher interest rate (or a spread or spread multiplier providing for a higher interest rate, if applicable) for the Subsequent Interest Period by causing the Trustee to transmit, in the manner provided for in <u>Section 1.06</u>, notice of such higher interest rate (or such higher spread or spread multiplier providing for a higher interest rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) is reset on an Optional Reset Date, and with respect to which the Holders of such Securities have not tendered such Securities for repayment (or have validly revoked any such tender) pursuant to the next succeeding paragraph, will bear such higher interest rate (or such higher spread or spread multiplier providing for a higher interest rate, if applicable).

The Holder of any such Security will have the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset Date, the Holder must follow the procedures set forth in <u>Article XIII</u> for repayment at the option of Holders except that the period for delivery or notification shall be at least 25 but not more than 35 days prior to such Optional Reset Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written notice to the Company and the Trustee (or, in the case of global Securities, by complying the applicable procedures of the Depository), revoke such tender or repayment until the close of business on the tenth day before such Optional Reset Date.

Subject to the foregoing provisions of this <u>Section 3.07</u> and <u>Section 3.05</u>, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

**Section 3.08. Optional Extension of Maturity.**

The provisions of this <u>Section 3.08</u> may be made applicable to any series of Securities pursuant to <u>Section 3.01</u> (with such modifications, additions or substitutions as may be specified pursuant to such <u>Section 3.01</u>). The Stated Maturity of any Security of such series may be extended at the option of the Company for the period or periods specified on the face of such Security (each an "<u>Extension Period</u>") up to but not beyond the date (the "<u>Final Maturity</u>") set forth on the face of such Security. The Company may exercise such option with respect to any Security by notifying the Trustee of such exercise at least 45 but not more than 60 days prior to the Stated Maturity of such Security in effect prior to the exercise of such option (the "<u>Original Stated Maturity</u>"). If the Company exercises such option, the Trustee shall transmit, in the manner provided for in <u>Section 1.06</u>, to the Holder of such Security not later than 35 days prior to the Original Stated Maturity a notice (the "<u>Extension Notice</u>"), prepared by the Company, indicating (i) the election of the Company to extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the interest rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable), if any, applicable to the Extension Period and (iv) the provisions, if any, for redemption during such Extension Period. Upon the Trustee's transmittal of the Extension Notice, the Stated Maturity of such Security shall be extended automatically and, except as modified by the Extension Notice and as described in the next paragraph, such Security will have the same terms as prior to the transmittal of such Extension Notice.

Notwithstanding the foregoing, not later than 20 days before the Original Stated Maturity (or if 20 days does not fall on a Business Day, the next succeeding Business Day) of such Security, the Company may, at its option, revoke the interest rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable) provided for in the Extension Notice and establish a higher interest rate (or spread, spread multiplier or other formula to calculate such higher interest rate, if applicable) for the Extension Period by causing the Trustee to transmit, in the manner provided for in <u>Section 1.06</u>, notice of such higher interest rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities of the series with respect to which the Stated Maturity is extended will bear such higher interest rate.

If the Company extends the Stated Maturity of the Security of any series, the Holder will have the option to elect repayment of such Security by the Company on the Original Stated Maturity at a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original Stated Maturity once the Company has extended the Stated Maturity thereof, the Holder must follow the procedures set forth in <u>Article XIII</u> for repayment at the option of Holders, except that the period for delivery or notification shall be at least 25 but not more than 35 days prior to the Original Stated Maturity and except that, if the Holder has tendered any Security for repayment pursuant to an Extension Notice, the Holder may by written notice to the Company and the Trustee (or, in the case of global Securities, by complying the applicable procedures of the Depository) revoke such tender for repayment until the close of business on the tenth day before the Original Stated Maturity.

**Section 3.09. Persons Deemed Owners.**

Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to <u>Sections 3.05</u> and <u>3.07</u>) interest, if any, on such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

Notwithstanding the foregoing, with respect to any global temporary or permanent Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depository, as a Holder, with respect to such global Security or impair, as between the relevant Depository and owners of beneficial interests in such global Security, the operation of customary practices governing the exercise of the rights of such Depository (or its nominee) as Holder of such global Security.

**Section 3.10. Cancellation.**

All Securities surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities surrendered directly to the Trustee for any such purpose shall be promptly cancelled by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this <u>Section 3.10</u>, except as expressly permitted by this Indenture. Cancelled Securities held by the Trustee shall be destroyed by the Trustee in accordance with its customary procedures, unless by a Company Order the Company directs the Trustee to deliver a certificate of such destruction to the Company or to return them to the Company.

**Section 3.11. Computation of Interest.**

Except as otherwise specified as contemplated by <u>Section 3.01</u> with respect to Securities of any series, interest, if any, on the Securities of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

**Section 3.12. Currency and Manner of Payments in Respect of Securities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified with respect to any Securities pursuant to <u>Section 3.01</u>, with respect to Registered Securities of any series not permitting the election provided for in paragraph (b) below or the Holders of which have not made the election provided for in paragraph (b) below, payment of the principal of (and premium, if any, on) and interest, if any, on any Registered Security of such series will be made in the Currency in which such Registered Security is payable. The provisions of this <u>Section 3.12</u> may be modified or superseded with respect to any Securities pursuant to <u>Section 3.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It may be provided pursuant to <u>Section 3.01</u> with respect to Registered Securities of any series that Holders shall have the option, subject to paragraphs (d) and (e) below, to receive payments of principal of (or premium, if any, on) or interest, if any, on such Registered Securities in any of the Currencies which may be designated for such election by delivering to the Trustee for such series of Registered Securities a written election with signature guarantees and in the applicable form established pursuant to <u>Section 3.01</u>, not later than the close of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects to receive such payments in any such Currency, such election will remain in effect for such Holder or any transferee of such Holder until changed by such Holder or such transferee by written notice to the Trustee for such series of Registered Securities (but any such change must be made not later than the close of business on the Election Date immediately preceding the next payment date to be effective for the payment to be made on such payment date and no such change of election may be made with respect to payments to be made on any Registered Security of such series with respect to which an Event of Default has occurred or with respect to which the Company has deposited funds pursuant to <u>Article IV</u> or <u>XIV</u> or with respect to which a notice of redemption has been given by the Company or a notice of option to elect repayment has been sent by such Holder or such transferee). Any Holder of any such Registered Security who shall not have delivered any such election to the Trustee of such series of Registered Securities not later than the close of business on the applicable Election Date will be paid the amount due on the applicable payment date in the relevant Currency as provided in <u>Section 3.12(a)</u>. The Trustee for each such series of Registered Securities shall notify the Exchange Rate Agent as soon as practicable after the Election Date of the aggregate principal amount of Registered Securities for which Holders have made such written election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise specified pursuant to <u>Section 3.01</u>, if the election referred to in paragraph (b) above has been provided for pursuant to <u>Section 3.01</u>, then, not later than the fourth Business Day after the Election Date for each payment date for Registered Securities of any series, the Exchange Rate Agent will deliver to the Company a written notice specifying the Currency in which Registered Securities of such series are payable, the respective aggregate amounts of principal of (and premium, if any, on) and interest, if any, on the Registered Securities to be paid on such payment date, specifying the amounts in such Currency so payable in respect of the Registered Securities as to which the Holders of Registered Securities denominated in any Currency shall have elected to be paid in another Currency as provided in paragraph (b) above. Unless the Trustee is acting as the Exchange Rate Agent, the Trustee shall have no obligation to complete the actual exchange of distribution amounts from one Currency to another Currency. If the election referred to in paragraph (b) above has been provided for pursuant to <u>Section 3.01</u> and if at least one Holder has made such election, then, unless otherwise specified pursuant to <u>Section 3.01</u>, on the second Business Day preceding such payment date the Company will deliver to the Trustee for such series of Registered Securities an Exchange Rate Officer's Certificate in respect of the Dollar or Foreign Currency or Currencies payments to be made on such payment date. Unless otherwise specified pursuant to <u>Section 3.01</u>, the Dollar or Foreign Currency or Currencies amount receivable by Holders of Registered Securities who have elected payment in a Currency as provided in paragraph (b) above shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second Business Day (the "<u>Valuation Date</u>") immediately preceding each payment date, and such determination shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than pursuant to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal of (and premium, if any) and interest, if any, on the applicable Securities denominated or payable in such Foreign Currency occurring after the last date on which such Foreign Currency was used (the "<u>Conversion Date</u>"), the Dollar shall be the currency of payment for use on each such payment date. Unless otherwise specified pursuant to <u>Section 3.01</u>, the Dollar amount to be paid by the Company to the Trustee of each such series of Securities and by such Trustee or any Paying Agent to the Holders of such Securities with respect to such payment date shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate Agent in the manner provided in paragraph (f) or (g) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless otherwise specified pursuant to <u>Section 3.01</u>, if the Holder of a Registered Security denominated in any Currency shall have elected to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such elected Currency, such Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such Holder shall receive payment in Dollars as provided in paragraph (d) of this <u>Section 3.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The "<u>Dollar Equivalent of the Foreign Currency</u>" shall be determined by the Exchange Rate Agent and shall be obtained for each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Dollar Equivalent of the Currency Unit</u>" shall be determined by the Exchange Rate Agent and subject to the provisions of paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For purposes of this <u>Section 3.12</u>, the following terms shall have the following meanings:

A "<u>Component Currency</u>" shall mean any currency which, on the Conversion Date, was a component currency of the relevant currency unit.

A "<u>Specified Amount</u>" of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the relevant currency unit on the Conversion Date. If after the Conversion Date the official unit of any Component Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed in such single currency, and such amount shall thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified Amount of such Component Currency shall be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement equal to the Dollar Equivalent of the Specified Amount of such former Component Currency at the Market Exchange Rate immediately before such division, and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If, after the Conversion Date of the relevant currency unit, a Conversion Event (other than any event referred to above in this definition of "<u>Specified Amount</u>") occurs with respect to any Component Currency of such currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted by the Exchange Rate Agent into Dollars at the Market Exchange Rate in effect on the Conversion Date of such Component Currency.

An "<u>Election Date</u>" shall mean the Regular Record Date for the applicable series of Registered Securities or at least 16 days prior to Maturity, as the case may be, or such other prior date for any series of Registered Securities as specified pursuant to clause (13) of <u>Section 3.01</u> by which the written election referred to in <u>Section 3.12(b)</u> may be made.

All decisions and determinations of the Exchange Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the appropriate series of Securities and all Holders of the Securities of such series denominated or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written notice to the Company and the Trustee for the appropriate series of Securities of any such decision or determination.

In the event that the Company determines in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written notice thereof to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent and the Trustee will promptly thereafter give notice in the manner provided in <u>Section 1.06</u> to the affected Holders specifying the Conversion Date. In the event the Company so determines that a Conversion Event has occurred with respect to any other currency unit in which Securities are denominated or payable, the Company will immediately give written notice thereof to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent and the Trustee will promptly thereafter give notice in the manner provided in <u>Section 1.06</u> to the affected Holders specifying the Conversion Date and the Specified Amount of each Component Currency on the Conversion Date. In the event the Company determines in good faith that any subsequent change in any Component Currency as set forth in the definition of Specified Amount above has occurred, the Company will similarly give written notice to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent and the Trustee will promptly thereafter give notice in the manner provided in <u>Section 1.06</u> to the affected Holders.

The Trustee of the appropriate series of Securities shall be fully justified and protected in conclusively relying and acting upon information received by it from the Company and/or the Exchange Rate Agent and shall not otherwise have any duty or obligation to determine or verify the accuracy or validity of such information independent of the Company or the Exchange Rate Agent or otherwise.

**Section 3.13. Appointment and Resignation of Successor Exchange Rate Agent.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified pursuant to <u>Section 3.01</u>, if and so long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will engage and maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent. The Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the manner specified pursuant to <u>Section 3.01</u> for the purpose of determining the applicable rate of exchange and, if applicable, for the purpose of converting the issued Foreign Currency into the applicable payment Currency for the payment of principal (and premium, if any) and interest, if any, pursuant to <u>Section 3.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this <u>Section 3.13</u> shall become effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to the Company and the Trustee of the appropriate series of Securities accepting such appointment executed by the successor Exchange Rate Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Exchange Rate Agent for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that or those series (it being understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such series and that, unless otherwise specified pursuant to <u>Section 3.01</u>, at any time there shall only be one Exchange Rate Agent with respect to the Securities of any particular series that are originally issued by the Company on the same date and that are initially denominated and/or payable in the same Currency).

**Section 3.14. CUSIP Numbers.**

The Company in issuing the Securities may use "CUSIP" numbers (if then generally in use), and, if so, the Trustee shall indicate the respective "CUSIP" numbers of the Securities in notices of redemption as a convenience to Holders; <u>provided</u> that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee as promptly as practicable in writing of any change in the CUSIP numbers.

**Article IV<br>SATISFACTION AND DISCHARGE**

**Section 4.01. Satisfaction and Discharge of Indenture.**

Except as set forth below, this Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for herein or pursuant hereto, any surviving rights of tender for repayment at the option of the Holders and any right to receive Additional Amounts, as provided in <u>Section 10.04</u>), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in <u>Section 3.06</u> and (ii) Securities of such series for whose payment money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in <u>Section 10.03</u>) have been delivered to the Trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Securities of such series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have become due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will become due and payable at their
 Stated Maturity within one year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if redeemable at the option of the Company,
 are to be called for redemption within one year under arrangements satisfactory to the Trustee
 for the giving of notice of redemption by the Trustee in the name, and at the expense, of
 the Company,

and the Company, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, solely for the benefit of the Holders, an amount in the Currency in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company has irrevocably paid or caused to be irrevocably paid all other sums payable hereunder by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under <u>Section 6.06</u>, the obligations of the Company to any Authenticating Agent under <u>Section 6.12</u> and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this <u>Section 4.01</u>, the obligations of the Trustee under <u>Section 4.02</u> and the last paragraph of <u>Section 10.03</u> shall survive any termination of this Indenture.

**Section 4.02. Application of Trust Funds.**

Subject to the provisions of the last paragraph of <u>Section 10.03</u>, all money deposited with the Trustee pursuant to <u>Section 4.01</u> shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest, if any, for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated from other funds except to the extent required by law. In acting under this Indenture and in connection with the Securities, the Paying Agent shall act solely as an agent of the Company, and will not thereby assume any obligations towards or relationship of agency or trust for or with any Holder.

**Article V<br>REMEDIES**

**Section 5.01. Events of Default.**

"<u>Event of Default</u>," wherever used herein with respect to any particular series of Securities, means any one of the following events (whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless it is either inapplicable to a particular series or is specifically deleted or modified as contemplated by <u>Section 3.01</u> with respect to the Securities of any series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default in the payment of any interest upon any Security of that series when such interest becomes due and payable, and continuance of such default for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default in the payment of the principal of (or premium, if any, on) any Security of that series when it becomes due and payable at its Maturity, and continuance of such default for a period of 5 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) default in the deposit of any sinking fund payment, when and as due by the terms of any Security of that series, and continuance of such default for a period of 5 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) default in the performance, or breach, of any covenant or agreement of the Company in this Indenture with respect to any Security of that series (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this <u>Section 5.01</u> specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Company, pursuant to or within the meaning of any Bankruptcy Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) commences a voluntary case or proceeding under any Bankruptcy Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) consents to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent seeking reorganization or relief against it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) consents to the entry of a decree or order for relief against it in an involuntary case or proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) consents to the filing of such petition or to the appointment of or taking possession by a Custodian of the Company or for all or substantially all of its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) makes an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts generally as they become due or takes any corporate action in furtherance of any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is for relief against the Company in an involuntary case or proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) adjudges the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) appoints a Custodian of the Company or for all or substantially all of its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) orders the winding up or liquidation of the Company;

and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) if, pursuant to Sections 18(a)(1)(c)(ii) and 61 of the Investment Company Act of 1940, as amended, on the last business day of each of twenty-four consecutive calendar months Securities of that series shall have an asset coverage (as such term is used in the Investment Company Act of 1940) of less than 100 per centum, giving effect to any exemptive relief granted to the Company by the Commission; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any other Event of Default provided with respect to Securities of that series.

The term "<u>Bankruptcy Law</u>" means title 11, U.S. Code or any applicable federal or state bankruptcy, insolvency, reorganization or other similar law. The term "<u>Custodian</u>" means any custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official under any Bankruptcy Law.

**Section 5.02. Acceleration of Maturity; Rescission and Annulment.**

If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may (and the Trustee shall at the request of such Holders) declare the principal (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of all the Securities of that series 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 or specified portion thereof shall become immediately due and payable.

Any application by the Trustee for written instructions from the requisite amount of Holders (as determined pursuant to this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions from the requisite amount of Holders (as determined pursuant to this Indenture) in response to such application specifying the action to be taken or omitted.

At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this <u>Article V</u>, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to <u>Section 3.01</u> for the Securities of such series and except, if applicable, as provided in <u>Sections 3.12(b)</u>, <u>3.12(d)</u> and <u>3.12(e)</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all overdue installments of interest, if any, on all Outstanding Securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal of (and premium, if any, on) all Outstanding Securities of that series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided for in such Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium, if any) or interest on Securities of that series that have become due solely by such declaration of acceleration, have been cured or waived as provided in <u>Section 5.13</u>.

No such rescission shall affect any subsequent default or impair any right consequent thereon.

**Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee.**

The Company covenants that if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default is made in the payment of any installment of interest on any Security of any series when such interest becomes due and payable and such default continues for a period of 30 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default is made in the payment of the principal of (or premium, if any, on) any Security of any series at its Maturity,

then the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of Securities of such series, the whole amount then due and payable on such Securities for principal (and premium, if any) and interest, if any, with interest upon any overdue principal (and premium, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest, if any, at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the reasonable and documented costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, the Paying Agent and the Security Registrar.

If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon Securities of such series and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities of such series, wherever situated.

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

**Section 5.04. Trustee May File Proofs of Claim.**

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal, premium or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim for the whole amount of principal (or in the case of Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be provided for in the terms thereof) (and premium, if any) and interest, if any, owing and unpaid in respect of the Securities and to file such other papers or documents, and take such other actions, including serving on a committee of creditors, as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such series to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under <u>Section 6.06</u>.

Subject to <u>Article VIII</u> and <u>Section 9.02</u> and unless otherwise provided as contemplated by <u>Section 3.01</u>, nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security in any such proceeding.

**Section 5.05. Trustee May Enforce Claims Without Possession of Securities.**

All rights of action and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

The Trustee shall be entitled to participate, in its capacity as Trustee, on behalf of (and at the request of) the Holders, as a member of any official committee of creditors in the matters it deems advisable.

**Section 5.06. Application of Money Collected.**

Any money collected by the Trustee pursuant to this <u>Article V</u> shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under <u>Section 6.06</u> and any other agent hereunder;

SECOND: To the payment of the amounts then due and unpaid upon the Securities for principal (and premium, if any) and interest, if any, in respect of which or for the benefit of which such money has been collected, giving effect to <u>Article XVI</u>, if applicable, but otherwise ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal (and premium, if any) and interest, if any, respectively; and

THIRD: To the payment of the remainder, if any, to the Company or any other Person or Persons entitled thereto.

**Section 5.07. Limitation on Suits.**

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Holder or Holders have offered to the Trustee indemnity, security, or both, satisfactory to the Trustee, against the costs, expenses and liabilities to be incurred in compliance with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity and/or security has failed to institute any such proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

**Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest.**

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right which is absolute and unconditional to receive payment of the principal of (and premium, if any) and (subject to <u>Sections 3.05</u> and <u>3.07</u>) interest, if any, on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of the Holders on the Repayment Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

**Section 5.09. Restoration of Rights and Remedies.**

If the Trustee or any Holder of a Security has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and the Holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

**Section 5.10. Rights and Remedies Cumulative.**

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of <u>Section 3.06</u>, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

**Section 5.11. Delay or Omission Not Waiver.**

No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this <u>Article V</u> or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Securities, as the case may be.

**Section 5.12. Control by Holders of Securities.**

Subject to <u>Section 6.02</u>, the Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such direction shall not be in conflict with any rule of law or with this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee need not take any action that might involve it in personal liability or be unjustly prejudicial to the Holders of Securities of such series not consenting (it being understood that the Trustee shall have no duty or obligation to determine if such action is unjustly prejudicial to such Holders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) prior to taking any such action hereunder, the Trustee may demand security and/or indemnity satisfactory to it in accordance with <u>Section 6.02</u>.

**Section 5.13. Waiver of Past Defaults.**

Subject to <u>Section 5.02</u>, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to Securities of such series and its consequences, except a default

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in respect of a covenant or provision hereof which under <u>Article IX</u> cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

**Section 5.14. Waiver of Stay or Extension Laws.**

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

**Section 5.15. Undertaking for Costs.**

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorney's fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This <u>Section 5.15</u> does not apply to a suit by the Trustee, a suit by a Holder pursuant to <u>Section 5.08</u> hereof, or a suit by Holders of more than 10% in principal amount of the then Outstanding Securities, or to any action, suit or proceeding instituted by any Holder of Securities of any series for the enforcement of the payment of the principal or premium, if any, or the interest on, any of the Securities of such series, on or after the respective due dates expressed in such Securities.

**Article VI<br>THE TRUSTEE**

**Section 6.01. Notice of Defaults.**

Within 90 days after the occurrence of any Default hereunder with respect to the Securities of any series of which a Responsible Officer of the Trustee is deemed to have knowledge in accordance with <u>Section 6.02(11)</u>, the Trustee shall transmit in the manner and to the extent provided in TIA <u>Section 313(c)</u>, notice of such Default to the Holders of the Securities of the relevant series, unless such Default shall have been cured or waived; <u>provided</u>, however, that, except in the case of a Default in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or in the payment of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of trustees, the executive committee or a trust committee of trustees and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of the Securities of such series; and <u>provided further</u> that in the case of any Default or breach of the character specified in <u>Section 5.01(4)</u> with respect to the Securities of such series, no such notice to Holders shall be given until at least 90 days after the occurrence thereof.

**Section 6.02. Certain Rights and Duties of Trustee.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Prior to the time when a Responsible Officer of the Trustee is deemed to have knowledge of the occurrence of an Event of Default in accordance with <u>Section 6.02(11)</u> and after the curing or waiving of all such Events of Default with respect to a series of Securities that may have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee hereunder and with respect to the Securities of any series shall be determined solely by the express provisions of this Indenture, including without limitation <u>Section 1.07</u> of this Indenture, and the Trustee shall not be liable with respect to the Securities except for the performance of such duties and obligations as are specifically set forth in this Indenture, including without limitation <u>Section 1.07</u> of this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this <u>Section 6.02(3)</u> does not limit the effect of <u>Section 6.02(1)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority in principal amount of the Outstanding Securities of a series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to such Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds, give any bond or surety in respect of the performance of its powers and duties hereunder, or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate security and/or indemnity against such risk or liability is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than delivery of any Security, to the Trustee for authentication and delivery pursuant to <u>Section 3.03</u> which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may require and may conclusively rely upon a Board Resolution, an Opinion of Counsel and/or an Officers' Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Notwithstanding anything herein to the contrary, the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee security and/or indemnity satisfactory to the Trustee against the costs, expenses and liabilities (including the reasonable and documented fees and expenses of its agents and counsel) which might be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled upon reasonable notice and at reasonable times during normal business hours to examine the books, records and premises of the Company, personally or by agent or attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any willful misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person retained to act hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) The permissive rights of the Trustee enumerated herein shall not be construed as duties and the Trustee shall not be answerable for other than its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct with respect to such permissive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority in principal amount of the Outstanding Securities of a series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) The Trustee may request that the Company deliver an Officers' Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers' Certificate may be signed by any person authorized to sign an Officers' Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; terrorism; wars; civil or military disturbances; sabotage; epidemics; pandemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authorities and governmental action or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) The Trustee shall have no responsibility for monitoring the Company's compliance with any of its covenants under this Indenture.

Every provision of this Indenture relating to the conduct of, or affecting the liability of, or affording protection to, the Trustee shall be subject to the relevant provisions of this <u>Section 6.02</u> and the TIA.

The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain, verify, record and update information that identifies each person establishing a relationship or opening an account. The parties to this Indenture agree that they will provide to the Trustee such information as it may request, from time to time, in order for the Trustee to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account and may also ask for formation documents such as Articles of Incorporation or other identifying documents to be provided.

**Section 6.03. Not Responsible for Recitals or Issuance of Securities.**

The statements contained herein and in the Securities, except the Trustee's certificate of authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Paying Agent, Security Registrar, or Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture, the Securities or any offering materials, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Paying Agent, Security Registrar, or Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

**Section 6.04. May Hold Securities.**

The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to TIA <u>Sections 310(b)</u> and <u>311</u>, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.

**Section 6.05. Money Held in Trust; No Liability for Interest.**

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on or the investment of any money received or held by it hereunder except as otherwise agreed with the Company in writing.

**Section 6.06. Compensation and Reimbursement and Indemnification of Trustee.**

The Company agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To pay to the Trustee or any predecessor Trustee from time to time such reasonable compensation for all services rendered by it hereunder as has been agreed upon from time to time in writing (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Except as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee or any predecessor Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents, counsel, accountants and experts), except any such expense, disbursement or advance as may be attributable to its own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To indemnify each of the Trustee or any predecessor Trustee and their respective officers, directors, employees, representatives and agents, for, and to hold each of them harmless for, from and against, any and all damage, claim, loss, liability or expense incurred without gross negligence or willful misconduct on its own part (as finally determined by a court of competent jurisdiction), arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including any reasonable and documented costs and expenses of enforcing the Trustee's rights under this Indenture (including this <u>Section 6.06</u>) and the reasonable and documented costs and expenses (including reasonable and documented fees and expenses of its agents and counsel) of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder (whether asserted by any Holder, the Company or other Person). The Trustee shall notify the Company promptly of any third-party claim for which it may seek indemnity of which it has received written notice. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder unless, and solely to the extent that, such failure prejudices the Company's defense of such claim (as finally determined by a court of competent jurisdiction). The Company shall defend the claim, with counsel satisfactory to the Trustee, and the Trustee shall provide reasonable cooperation at the Company's expense in the defense; provided that if the Trustee shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Company, or the Trustee has concluded that there may be any other actual or potential conflicting interests between the Company and the Trustee, the Trustee shall have the right to select separate counsel and the Company shall be required to pay the reasonable and documented fees and expenses of such separate counsel. Any settlement which affects the Trustee may not be entered into without the written consent of the Trustee, which consent will not be unreasonably withheld. Any settlement by the Trustee which affects the Company may not be entered into without the written consent of the Company, which consent will not be unreasonably withheld.

As security for the performance of the obligations of the Company under this <u>Section 6.06</u>, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on particular Securities.

When the Trustee incurs expenses or renders services after an Event of Default occurs, the expenses and compensation for such services are intended to constitute expenses of administration under Title 11, U.S. Code, or any similar Federal, State or analogous foreign law for the relief of debtors.

The provisions of this <u>Section 6.06</u> shall survive the resignation or removal of the Trustee and the satisfaction, termination or discharge of this Indenture.

**Section 6.07. Corporate Trustee Required; Eligibility.**

There shall at all times be a Trustee hereunder that shall be eligible to act as Trustee under TIA <u>Section 310(a)(1)</u> and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of Federal, State, Territorial or the District of Columbia supervising or examining authority, then for the purposes of this <u>Section 6.07</u>, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this <u>Section 6.07</u>, it shall resign immediately in the manner and with the effect hereinafter specified in this <u>Article VI</u>.

**Section 6.08. Disqualification; Conflicting Interests.**

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

**Section 6.09. Resignation and Removal; Appointment of Successor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this <u>Article VI</u> shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of <u>Section 6.10</u>. All outstanding fees, expenses and indemnities of the Trustee and its agents and counsel shall be satisfied by the Company upon resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may be removed at any time with respect to the Securities of any series by (i) the Company, by an Officers' Certificate delivered to the Trustee, <u>provided</u> that contemporaneously therewith (x) the Company immediately appoints a successor Trustee with respect to the Securities of such series meeting the requirements of <u>Section 6.07</u> hereof and (y) the terms of <u>Section 6.10</u> hereof are complied with in respect of such appointment (the Trustee being removed hereby agreeing to execute the instrument contemplated by <u>Section 6.10(b)</u> hereof, if applicable, under such circumstances), and <u>provided further</u> that no Default with respect to such Securities shall have occurred and then be continuing at such time, or (ii) an Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Trustee and to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee shall cease to be eligible under <u>Section 6.07</u> and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

then, in any such case, (i) the Company by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of a notice of resignation or the delivery of an Act of removal, the Trustee resigning or being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series). If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner hereinafter provided, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to Securities of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the Holders of Securities in <u>Section 1.06</u>. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

**Section 6.10. Acceptance of Appointment by Successor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in <u>Section 6.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and that (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. Whenever there is a successor Trustee with respect to one or more (but less than all) series of securities issued pursuant to this Indenture, the terms "Indenture" and "Securities" shall have the meanings specified in the provisos to the respective definition of those terms in <u>Section 1.01</u> which contemplate such situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon request of any such successor Trustee, the Company shall execute any and all instruments necessary to more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this <u>Section 6.10</u>, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this <u>Article VI</u>.

**Section 6.11. Merger, Conversion, Consolidation or Succession to Business.**

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee (including its obligations with respect to any series of Securities issued pursuant to this Indenture), shall be the successor of the Trustee hereunder, <u>provided</u> such corporation shall be otherwise qualified and eligible under this <u>Article VI</u>, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. In case any Securities shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

**Section 6.12. Appointment of Authenticating Agent.**

At any time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents (which may be an Affiliate or Affiliates of the Company) with respect to one or more series of Securities that shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue or upon exchange, registration of transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee's certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and, except as may otherwise be provided pursuant to <u>Section 3.01</u>, shall at all times be a bank or trust company or corporation organized and doing business and in good standing under the laws of the United States of America or of any State or the District of Columbia, authorized under such laws to act as Authenticating Agent, eligible to serve as trustee hereunder pursuant to <u>Section 6.07</u>. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this <u>Section 6.12</u>, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this <u>Section 6.12</u>, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this <u>Section 6.12</u>.

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this <u>Section 6.12</u>, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating Agent.

An Authenticating Agent for any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company. The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this <u>Section 6.12</u>, the Trustee for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall promptly give written notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve in the manner set forth in <u>Section 1.06</u>. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this <u>Section 6.12</u>.

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this <u>Section 6.12</u>.

If an appointment with respect to one or more series is made pursuant to this <u>Section 6.12</u>, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee's certificate of authentication, an alternate certificate of authentication substantially in the following form:

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

[•], as Trustee

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| | |
|:---|:---|
| By: |  |
|  | as Authenticating Agent |
| By: |  |
|  | Authorized Officer |
| Dated: |  |

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**Article VII<br>HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY**

**Section 7.01. Company to Furnish Trustee Names and Addresses of Holders.**

The Company will furnish or cause to be furnished to the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Semi-annually, not later than March 15 and September 15 in each year, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of each series as of the preceding March 1 or September 1, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At such other times as the Trustee may request in writing, within thirty (30) calendar days after receipt by the Company of any such request, a list of similar form and content as of a date not more than fifteen (15) calendar days prior to the time such list is furnished;

 

*Excluding* from any such list names and addresses received by the Trustee in its capacity as Security Registrar.

**Section 7.02. Preservation of Information; Communications to Holders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in <u>Section 7.01</u> and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in <u>Section 7.01</u> upon receipt of a new list so furnished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Security Registrar nor any agent of any of them shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b).

**Section 7.03. Reports by Trustee.**

Within 60 days after May 15 of each year commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall transmit by mail (at the expense of the Company) to all Holders of Securities in the manner and to the extent provided in TIA <u>Section 313(c)</u> a brief report dated as of such May 15 which meets the requirements of TIA <u>Section 313(a)</u>.

A copy of each such report shall, at the time of such transmission to such Holders, be filed by the Company with each stock exchange, if any, upon which the Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee of the listing of the Securities on any stock exchange. In the event that, on any such reporting date, no events have occurred under the applicable sections of the TIA within the 12 months preceding such reporting date, the Trustee shall be under no duty or obligation to provide such reports.

**Section 7.04. Reports by Company.**

The Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) deliver to the Trustee, within 30 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver to the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations.

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers' Certificates). Notwithstanding anything to the contrary set forth herein, for the purposes of this <u>Section 7.04</u>, any information, documents or reports filed electronically with the Commission and made publicly available shall be deemed filed with and delivered to the Trustee at the same time as filed with the Commission.

The Trustee shall transmit by mail to the Holders of Securities (at the expense of the Company), within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA <u>Section 313(c)</u>, such summaries of any information, documents and reports required to be filed by the Company pursuant to subparagraphs (1) and (2) of this <u>Section 7.04</u> as may be required by rules and regulations prescribed from time to time by the Commission. In no event shall the Trustee have any duty to monitor or confirm, on a continuing basis or otherwise, whether any report, information or document has been filed with the Commission or posted on the EDGAR system (or any successor electronic delivery procedure) or any website or whether the Company has delivered the reports described under this <u>Section 7.04</u> or otherwise complied with its obligations under this <u>Section 7.04</u>.

**Section 7.05. Calculation of Original Issue Discount.**

The Company shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original issue discount (including daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year.

**Article VIII<br>CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER**

**Section 8.01. Company May Consolidate, Etc., Only on Certain Terms.**

Unless otherwise specified with respect to Securities of any series pursuant to <u>Section 3.01</u>, the Company shall not consolidate with or merge with or into any other entity or convey or transfer all or substantially all of its properties and assets to any Person, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either the Company shall be the continuing entity, or the entity (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety shall be a corporation, statutory trust or limited liability company organized and existing under the laws of the United States or any state or territory thereof and expressly assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately after giving effect to such transaction, no Default or Event of Default shall have happened and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company or the successor Person has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer and, if applicable, such supplemental indenture comply with this <u>Article VIII</u> and that all conditions precedent herein provided for relating to such transaction and the execution of such supplemental indenture, if applicable, have been complied with.

**Section 8.02. Successor Person Substituted.**

Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with <u>Section 8.01</u>, the successor entity formed by such consolidation or into which the Company is merged or the successor Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the applicable Securities with the same effect as if such successor had been named as the Company herein; and in the event of any such conveyance or transfer, the Company shall be discharged from all obligations and covenants under this Indenture and the Securities and may be dissolved and liquidated.

**Article IX<br>SUPPLEMENTAL INDENTURES**

**Section 9.01. Supplemental Indentures Without Consent of Holders.**

Without the consent of any Holders of Securities, 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 hereto for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities contained in accordance with <u>Article VIII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of such series); <u>provided</u>, <u>however</u>, that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of Outstanding Securities to which such additional Events of Default apply to waive such default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to change or eliminate any of the provisions of this Indenture; <u>provided</u> that any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to secure the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to establish the form or terms of Securities of any series as permitted by <u>Sections 2.01</u> and <u>3.01</u>, including the provisions and procedures relating to Securities convertible into or exchangeable for any securities of any Person (including the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; <u>provided</u> that such action shall not adversely affect the interests of the Holders of Securities of any series in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to add guarantors or co-obligors with respect to any series of Securities or to release guarantors from their guarantees of Securities in accordance with the terms of the applicable series of Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance, covenant defeasance or satisfaction and discharge of this Indenture with respect to any series of Securities pursuant to <u>Sections 4.01</u>, <u>14.02</u> and <u>14.03</u>; <u>provided</u> that any such action shall not adversely affect the interests of the Holders of Securities of such series or any other series of Securities in any material respect.

**Section 9.02. Supplemental Indentures with Consent of Holders.**

With the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture that affects such series of Securities or of modifying in any manner the rights of the Holders of such series of Securities under this Indenture; <u>provided</u>, however that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) change the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any Security, subject to the provisions of <u>Section 3.08</u>; or the terms of any sinking fund with respect to any Security; or reduce the principal amount thereof or the rate of interest (or change the manner of calculating the rate of interest, thereon, or any premium payable upon the redemption thereof, or change any obligation of the Company to pay Additional Amounts pursuant to <u>Section 10.04</u> (except as contemplated by <u>Section 8.01(1)</u> and permitted by <u>Section 9.01(1)</u>)), or reduce the portion of the principal of an Original Issue Discount Security or Indexed Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to <u>Section 5.02</u>, or upon the redemption thereof or the amount thereof provable in bankruptcy pursuant to <u>Section 5.04</u>, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the Currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may be), or adversely affect any right to convert or exchange any Security as may be provided pursuant to <u>Section 3.01</u> herein, or modify the subordination provisions set forth in <u>Article XVI</u> in a manner that is adverse to the Holder of any Outstanding Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements of <u>Section 15.04</u> for quorum or voting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) modify any of the provisions of this <u>Section 9.02</u>, <u>Section 5.13</u> or <u>Section 10.06</u>, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; <u>provided</u>, <u>however</u>, that this clause shall not be deemed to require the consent of any Holder of a Security with respect to changes in the references to "the Trustee" and concomitant changes in this <u>Section 9.02</u>, or the deletion of this proviso, in accordance with the requirements of <u>Sections 6.10(b)</u> and <u>9.01(8)</u>.

It shall not be necessary for any Act of Holders under this <u>Section 9.02</u> to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; provided, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date that is eleven months after such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled and of no further effect.

**Section 9.03. Execution of Supplemental Indentures.**

**Section 9.04. Effect of Supplemental Indentures.**

Upon the execution of any supplemental indenture under this <u>Article IX</u>, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of the applicable series of Securities theretofore or thereafter authenticated and delivered hereunder to which such supplemental indenture relates shall be bound thereby.

**Section 9.05. Conformity with Trust Indenture Act.**

Every supplemental indenture executed pursuant to this <u>Article IX</u> shall conform to the requirements of the Trust Indenture Act as then in effect.

**Section 9.06. Reference in Securities to Supplemental Indentures.**

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this <u>Article IX</u> may, and shall, if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Company, to any such supplemental indenture may be prepared and executed by the Company and, upon Company Order, authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

**Article X<br>COVENANTS**

**Section 10.01. Payment of Principal, Premium, if any, and Interest.**

The Company covenants and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium, if any, on) and interest, if any, on the Securities of that series in accordance with the terms of such series of Securities and this Indenture. Unless otherwise specified with respect to Securities of any series pursuant to <u>Section 3.01</u>, at the option of the Company, all payments of principal may be paid by check to the registered Holder of the Registered Security or other person entitled thereto against surrender of such Security.

**Section 10.02. Maintenance of Office or Agency.**

The Company shall maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture (other than service of process) may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency. If at any time the Company shall fail to maintain any such required office or agency in respect of any series of Securities or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands (other than service of process) may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee at its Corporate Trust Office as its agent to receive such respective presentations, surrenders, notices and demands (other than service of process).

The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all of such purposes, and may from time to time rescind such designations; <u>provided</u>, however that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified with respect to any Securities pursuant to <u>Section 3.01</u> with respect to a series of Securities, the Company hereby initially appoints the Trustee at its Corporate Trust Office as its agent to receive all such presentations, surrenders, notices and demands (other than service of process).

Unless otherwise specified with respect to Securities of any series pursuant to <u>Section 3.01</u>, if and so long as the Securities of any series (i) are denominated in a currency other than Dollars or (ii) may be payable in a currency other than Dollars, or so long as it is required under any other provision of this Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent.

**Section 10.03. Money for Securities Payments to Be Held in Trust.**

If the Company shall at any time act as its own Paying Agent with respect to any series of any Securities, it will, on or before each due date of the principal of (or premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to <u>Section 3.01</u> for the Securities of such series and except, if applicable, as provided in <u>Sections 3.12(b)</u>, <u>3.12(d)</u> and <u>3.12(e)</u>), sufficient to pay the principal (and premium, if any) and interest, if any, on Securities of such series so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.

Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or before each due date of the principal of (or premium, if any) or interest, if any, on any Securities of that series, deposit with a Paying Agent a sum (in the Currency or Currencies described in the preceding paragraph) sufficient to pay the principal (or premium, if any) or interest, if any, so becoming due, such sum of money to be held in trust for the benefit of the Persons entitled to such principal, premium or interest and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums of money held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

Unless otherwise specified as contemplated by <u>Section 3.01</u> with respect to the Securities of any series, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company upon Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money held in trust, and all liability of the Company as trustee thereof, shall thereupon cease; <u>provided</u>, <u>however</u>, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

**Section 10.04. Additional Amounts.**

If the Securities of a series provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series such Additional Amounts as may be specified as contemplated by <u>Section 3.01</u>. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for by the terms of such series established pursuant to <u>Section 3.01</u> to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.

Except as otherwise specified as contemplated by <u>Section 3.01</u>, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal premium is made), and at least 10 days prior to each date of payment of principal, premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers' Certificate, the Company will furnish the Trustee and the Company's principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers' Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal, premium or interest on the Securities of that series shall be made to Holders of Securities of that series who are not United States persons without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Officers' Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that series and contain a certification that the Company will remit such amount to the applicable taxing authority and the Company will pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. In the event that the Trustee or any Paying Agent, as the case may be, shall not so receive the above-mentioned certificate, then the Trustee or such Paying Agent shall be entitled (i) to assume that no such withholding or deduction is required with respect to any payment of principal or interest with respect to any Securities of a series until it shall have received an Officers' Certificate advising otherwise and (ii) to make all payments of principal and interest with respect to the Securities of a series without withholding or deductions until otherwise advised. The Company covenants to indemnify each of the Trustee and any Paying Agent for, and to hold each of them harmless for, from and against, any loss, liability, damage, cost or expense reasonably incurred without gross negligence or willful misconduct on its part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers' Certificate furnished pursuant to this <u>Section 10.04</u> or in reliance on the Company's not furnishing such an Officers' Certificate.

**Section 10.05. Statement as to Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company will deliver to the Trustee, within 120 days after the end of each fiscal year ending after the date hereof (which fiscal year ends on December 31), so long as any Security is Outstanding hereunder, an Officers' Certificate which shall be executed by at least one of the principal executive officer, principal financial officer or principal accounting officer of the Company as to such Officers' knowledge of the Company's compliance with all conditions and covenants under this Indenture. For purposes of this <u>Section 10.05</u>, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company will, so long as any series of Securities are Outstanding, deliver to the Trustee, within 5 Business Days of any officer listed in (1) above becoming aware of any Default, Event of Default or default in the performance of any covenant, agreement or condition contained in this Indenture, an Officers' Certificate specifying such Default, Event of Default, default or event of default and what action the Company is taking or proposes to take with respect thereto and the status thereof.

**Section 10.06. Waiver of Certain Covenants.**

As specified pursuant to <u>Section 3.01(15)</u>, for Securities of any series, the Company may omit in any particular instance to comply with any covenant or condition set forth in any covenants of the Company added to <u>Article X</u> pursuant to <u>Section 3.01(14)</u> or <u>Section 3.01(15)</u> in connection with the Securities of a series, if before or after the time for such compliance the Holders of at least a majority in aggregate principal amount of all Outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect.

**Article XI<br>REDEMPTION OF SECURITIES**

**Section 11.01. Applicability of Article.**

Securities of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by <u>Section 3.01</u> for Securities of any series) in accordance with this <u>Article XI</u>.

**Section 11.02. Election to Redeem; Notice to Trustee.**

The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than all of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), an Officers' Certificate notifying the Trustee in writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed, and, if applicable, of the tenor of the Securities to be redeemed, and, to the extent applicable, shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant to <u>Section 11.03</u>. In the case of any redemption of Securities of any series prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers' Certificate evidencing compliance with such restriction.

**Section 11.03. Selection by Trustee of Securities to Be Redeemed.**

If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date (a) in the case of non-global Securities held in certificated form, by the Trustee on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate, and (b) in the case of global securities, subject to and otherwise in accordance with the procedures of the applicable Depository, in each case, from the Outstanding Securities of such series not previously called for redemption, and, if applicable, in compliance with the requirements of the principal national securities exchange on which the Securities are listed (if the Securities are listed on any national securities exchange); provided that such method complies with the rules of any national securities exchange or quotation system on which the Securities are listed, and may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series; <u>provided</u>, <u>however</u>, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities of such series.

The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected by the Trustee for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.

**Section 11.04. Notice of Redemption.**

Notice of redemption shall be given in the manner provided in <u>Section 1.06</u>, not less than 15 days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to <u>Section 3.01</u>, to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof.

Any notice that is given to the Holders of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice.

All notices of redemption shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Redemption Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in <u>Section 11.06</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in case any Security is to be redeemed in part only, the notice that relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the Holder will receive, without a charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in <u>Section 11.06</u> will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the Place or Places of Payment where such Securities, are to be surrendered for payment of the Redemption Price and accrued interest, if any,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) that the redemption is for a sinking fund, if such is the case, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the CUSIP number of such Security, if any.

A notice of redemption published as contemplated by <u>Section 1.06</u> need not identify particular Registered Securities to be redeemed. Notice of redemption of Securities to be redeemed shall be given by the Company or, at the Company's written request attaching the form of notice of redemption delivered to the Trustee at least 5 Business Days prior to the date notice of redemption is deliverable to the Holders, by the Trustee in the name and at the expense of the Company.

**Section 11.05. Deposit of Redemption Price.**

On or prior to 10:00 a.m. in the Place of Payment, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, which it may not do in the case of a sinking fund payment under <u>Article XII</u>, segregate and hold in trust as provided in <u>Section 10.03</u>) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to <u>Section 3.01</u> for the Securities of such series and except, if applicable, as provided in <u>Sections 3.12(b)</u>, <u>3.12(d)</u> and <u>3.12(e)</u>) sufficient to pay on the Redemption Date the Redemption Price of, and (unless otherwise specified pursuant to <u>Section 3.01</u>) accrued interest on, all the Securities or portions thereof which are to be redeemed on that date; provided, however, that to the extent any such funds are received by the Trustee or a Paying Agent from the Company after 10:00 a.m. in the Place of Payment, on the due date, such funds will be deemed deposited within one Business Day of receipt thereof.

**Section 11.06. Securities Payable on Redemption Date.**

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to <u>Section 3.01</u> for the Securities of such series and except, if applicable, as provided in <u>Sections 3.12(b)</u>, <u>3.12(d)</u> and <u>3.12(e)</u>) (together with accrued interest, if any, to, but excluding, the Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if any) such Securities shall if the same were interest-bearing cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to, but excluding, the Redemption Date; <u>provided</u>, <u>however</u>, that unless otherwise specified as contemplated by <u>Section 3.01</u>, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of <u>Section 3.07</u>.

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from the Redemption Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity of such Security.

**Section 11.07. Certificated Securities Redeemed in Part.**

Any Registered Security that is in non-global form that is to be redeemed only in part (pursuant to the provisions of this <u>Article XI</u> or of <u>Article XII</u>) shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder's attorney duly authorized in writing) and the Company shall execute and, upon Company Order, the Trustee shall authenticate and deliver to the Holder of such Security at the expense of the Company and without service charge a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

**Article XII<br>SINKING FUNDS**

**Section 12.01. Applicability of Article.**

The provisions of this <u>Article XII</u> shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by <u>Section 3.01</u> for Securities of such series.

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred to as an "optional sinking fund payment". If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in <u>Section 12.02</u>. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

**Section 12.02. Satisfaction of Sinking Fund Payments with Securities.**

The Company may, at its option, in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities of such series (other than any previously called for redemption) and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities; <u>provided</u> that such Securities so delivered or applied as a credit have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.

**Section 12.03. Redemption of Securities for Sinking Fund.**

Not less than 60 days prior to each sinking fund payment date for Securities of any series, the Company will deliver to the Trustee an Officers' Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to <u>Section 3.01</u> for the Securities of such series and except, if applicable, as provided in <u>Sections 3.12(b)</u>, <u>3.12(d)</u> and <u>3.12(e)</u>) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to <u>Section 12.02</u>, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited. If such Officers' Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days before each such sinking fund payment date, the Securities to be redeemed upon such sinking fund payment date shall be selected in the manner specified in <u>Section 11.03</u> and the Company shall cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in <u>Section 11.04</u>. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in <u>Sections 11.06</u> and <u>11.07</u>.

**Article XIII<br>REPAYMENT AT THE OPTION OF HOLDERS**

**Section 13.01. Applicability of Article.**

Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except as otherwise specified by the terms of such series established pursuant to <u>Section 3.01</u>) in accordance with this <u>Article XIII</u>.

**Section 13.02. Repayment of Securities.**

Unless otherwise specified as contemplated by <u>Section 3.01</u>, Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will be repaid at the Repayment Price thereof, together with interest, if any, thereon accrued to, but excluding, the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that on or before 10:00 a.m. in the Place of Payment, on the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in <u>Section 10.03</u>) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to <u>Section 3.01</u> for the Securities of such series and except, if applicable, as provided in <u>Sections 3.12(b)</u>, <u>3.12(d)</u> and <u>3.12(e)</u>) sufficient to pay the Repayment Price of, and (unless otherwise specified pursuant to <u>Section 3.01</u>) accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date; provided, however, that to the extent any such funds are received by the Trustee or a Paying Agent from the Company after 10:00 a.m. in the Place of Payment, on the due date, such funds will be distributed to the Holders within one Business Day of receipt thereof.

**Section 13.03. Exercise of Option.**

Certificated Securities of any series subject to repayment at the option of the Holders thereof will contain an "Option to Elect Repayment" form on the reverse of such Securities. To be repaid at the option of the Holder, any certificated Security so providing for such repayment, with the "Option to Elect Repayment" form on the reverse of such Security duly completed by the Holder (or by the Holder's attorney duly authorized in writing), must be received by the Company at the Place of Payment therefor specified in the terms of such certificated Security (or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) (or, in the case of global Securities, comply with the applicable procedures of the Depository) not earlier than 45 days nor later than 30 days prior to the Repayment Date. If less than the entire Repayment Price of such Security is to be repaid in accordance with the terms of such Security, the portion of the Repayment Price of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of such Security surrendered that is not to be repaid, must be specified. Any Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.

**Section 13.04. When Securities Presented for Repayment Become Due and Payable.**

If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this <u>Article XIII</u> and as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest. Upon surrender of any such Security for repayment in accordance with such provisions, the Repayment Price of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to, but excluding, the Repayment Date; <u>provided</u>, <u>however</u>, that installments of interest on Registered Securities, whose Stated Maturity is prior to (or, if specified pursuant to <u>Section 3.01</u>, on) the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of <u>Section 3.07</u>.

If any Security surrendered for repayment shall not be so repaid upon surrender thereof, the Repayment Price shall, until paid, bear interest from the Repayment Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity of such Security.

**Section 13.05. Certificated Securities Repaid in Part.**

Upon surrender of any certificated Registered Security that is to be repaid in part only, the Company shall execute and, upon Company Order, the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new certificated Registered Security or Securities of the same series, and of like tenor, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such certificated Security so surrendered that is not to be repaid.

**Article XIV<br>DEFEASANCE AND COVENANT DEFEASANCE**

**Section 14.01. Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance.**

If pursuant to <u>Section 3.01</u> provision is made for either or both of (a) defeasance of the Securities of or within a series under <u>Section 14.02</u> or (b) covenant defeasance of the Securities of or within a series under <u>Section 14.03</u>, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this <u>Article XIV</u> (with such modifications thereto as may be specified pursuant to <u>Section 3.01</u> with respect to any Securities), shall be applicable to such Securities, and the Company may at its option by Board Resolution, at any time, with respect to such Securities, elect to have either <u>Section 14.02</u> (if applicable) or <u>Section 14.03</u> (if applicable) be applied to such series of Outstanding Securities upon compliance with the conditions set forth below in this <u>Article XIV</u>.

**Section 14.02. Defeasance and Discharge.**

Upon the Company's exercise of the above option applicable to this <u>Section 14.02</u> with respect to any Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities on and after the date the conditions set forth in <u>Section 14.04</u> are satisfied (hereinafter, "<u>defeasance</u>"). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities, which shall thereafter be deemed to be "Outstanding" only for the purposes of <u>Section 14.05</u> and the other Sections of this Indenture referred to in clauses (A) and (B) of this <u>Section 14.02</u>, and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in <u>Section 14.04</u> and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any, on) and interest, if any, on such Securities when such payments are due, (B) the Company's obligations with respect to such Securities under <u>Sections 3.05</u>, <u>3.06</u>, <u>10.02</u> and <u>10.03</u> and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by <u>Section 10.04</u>, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder, (D) the obligations of the Company to the Trustee and any predecessor Trustee under <u>Section 6.06</u> and to any Authenticating Agent under <u>Section 6.12</u> and (E) this <u>Article XIV</u>. Subject to compliance with this <u>Article XIV</u>, the Company may exercise its option under this <u>Section 14.02</u> notwithstanding the prior exercise of its option under <u>Section 14.03</u> with respect to such Securities. Following a defeasance, payment of such Securities may not be accelerated because of an Event of Default.

**Section 14.03. Covenant Defeasance.**

Upon the Company's exercise of the above option applicable to this <u>Section 14.03</u> with respect to any Securities of or within a series, if specified pursuant to <u>Section 3.01</u>, the Company shall be released from its obligations under the specified covenants, with respect to such Outstanding Securities on and after the date the conditions set forth in <u>Section 14.04</u> are satisfied (hereinafter, "<u>covenant defeasance</u>"), and such Securities shall thereafter be deemed to be not "Outstanding" for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such covenant, but shall continue to be deemed "Outstanding" for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under <u>Section 5.01(4)</u> or <u>5.01(8)</u> or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. Following a covenant defeasance, payment of such Securities may not be accelerated because of an Event of Default solely by reference to such Sections specified above in this <u>Section 14.03</u>.

**Section 14.04. Conditions to Defeasance or Covenant Defeasance.**

The following shall be the conditions to application of either <u>Section 14.02</u> or <u>Section 14.03</u> to any Outstanding Securities of or within a series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee satisfying the requirements of <u>Section 6.07</u> who shall agree to comply with the provisions of this <u>Article XIV</u> applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for the benefit of, and dedicated solely to, the Holders of such Securities, (1) an amount (in such Currency in which such Securities are then specified as payable at Stated Maturity), or (2) Government Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any, on) and interest, if any, on such Securities, money in an amount, or (3) a combination thereof in an amount, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium, if any, on) and interest, if any, on such Outstanding Securities on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Default or Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit or, insofar as <u>Sections 5.01(5)</u> and <u>5.01(6)</u> are concerned, at any time during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of an election under <u>Section 14.02</u>, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the case of an election under <u>Section 14.03</u>, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent to either the defeasance under <u>Section 14.02</u> or the covenant defeasance under <u>Section 14.03</u> (as the case may be) have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any other provisions of this <u>Section 14.04</u>, such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to <u>Section 3.01</u>.

**Section 14.05. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.**

Subject to the provisions of the last paragraph of <u>Section 10.03</u>, all money and Government Obligations (or other property as may be provided pursuant to <u>Section 3.01</u>) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this <u>Section 14.05</u>, the "<u>Trustee</u>") pursuant to <u>Section 14.04</u> in respect of any Outstanding Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds except to the extent required by law.

Unless otherwise specified as contemplated by <u>Section 3.01</u> with respect to Securities of any series, if, after a deposit referred to in <u>Section 14.04(a)</u> has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to <u>Section 3.12(b)</u> or the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to <u>Section 14.04(a)</u> has been made in respect of such Security, or (b) a Conversion Event occurs as contemplated in <u>Section 3.12(d)</u> or <u>3.12(e)</u> or by the terms of any Security in respect of which the deposit pursuant to <u>Section 14.04(a)</u> has been made, the indebtedness represented by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any, on) and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable Market Exchange Rate for such Currency in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, such conversion shall be based on the applicable Market Exchange Rate for such Currency in effect (as nearly as feasible) at the time of the Conversion Event.

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the money or Government Obligations deposited pursuant to <u>Section 14.04</u> or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities.

Anything in this <u>Article XIV</u> to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in <u>Section 14.04</u> which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this <u>Article XIV</u>.

**Article XV<br>MEETINGS OF HOLDERS OF SECURITIES**

**Section 15.01. Purposes for Which Meetings May Be Called.**

A meeting of Holders of any series of Securities may be called at any time and from time to time pursuant to this <u>Article XV</u> to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series.

**Section 15.02. Call, Notice and Place of Meetings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in <u>Section 15.01</u>, to be held at such time and at such place in the Borough of Manhattan, The City of New York as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in <u>Section 1.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in <u>Section 15.01</u>, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication or mailing of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New York for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this <u>Section 15.01</u>.

**Section 15.03. Persons Entitled to Vote at Meetings.**

To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

**Section 15.04. Quorum; Action.**

The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; <u>provided</u>, <u>however</u>, that if any action is to be taken at such meeting with respect to a consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or taken by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in <u>Section 15.02(a)</u>, except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute a quorum.

Except as limited by the proviso to <u>Section 9.02</u>, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; <u>provided</u>, <u>however</u>, that, except as limited by the proviso to <u>Section 9.02</u>, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.

Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this <u>Section 15.04</u> shall be binding on all the Holders of Securities of such series, whether or not present or represented at the meeting.

Notwithstanding the foregoing provisions of this <u>Section 15.04</u>, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the Holders of such series and one or more additional series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall be no minimum quorum requirement for such meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal amount of the Outstanding Securities of such series that vote in favor of such consent, waiver, request, demand, notice, authorization, direction or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Indenture.

**Section 15.05. Determination of Voting Rights; Conduct and Adjournment of Meetings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in <u>Section 1.04</u> and the appointment of any proxy shall be proved in the manner specified in <u>Section 1.04</u>. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in <u>Section 1.04</u> or other proof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in <u>Section 15.02(b)</u>, in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of the Outstanding Securities of such series held or represented by such Holder; <u>provided</u>, <u>however</u>, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any meeting of Holders of Securities of any series duly called pursuant to <u>Section 15.02</u> at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the meeting may be held as so adjourned without further notice.

**Section 15.06. Counting Votes and Recording Action of Meetings.**

The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any Series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in <u>Section 15.02</u> and, if applicable, <u>Section 15.04</u>. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

**Article XVI<br>SUBORDINATION OF SECURITIES**

**Section 16.01. Agreement to Subordinate.**

The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of Subordinated Securities by his acceptance thereof, likewise covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness.

**Section 16.02. Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities.**

Upon any distribution of assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred in this Indenture upon the Senior Indebtedness and the holders thereof with respect to the Securities and the holders thereof by a lawful plan of reorganization under applicable bankruptcy law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holders of all Senior Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if any) and interest due thereon (including post-petition interest) before the Holders of the Subordinated Securities are entitled to receive any payment upon the principal (or premium, if any) or interest, if any, on indebtedness evidenced by the Subordinated Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this <u>Article XVI</u> shall be paid by the liquidating trustee or agent or other person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of (and premium, if any) and interest on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, shall be received by the Trustee or the Holders of the Subordinated Securities before all Senior Indebtedness is paid in full, such payment or distribution shall be paid over, upon written notice to the Trustee, to the holder of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instrument evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, for application to payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.

Subject to the payment in full of all Senior Indebtedness, the Holders of the Subordinated Securities shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to Senior Indebtedness until the principal of (and premium, if any, on) and interest, if any, on the Subordinated Securities shall be paid in full and no such payments or distributions to the Holders of the Subordinated Securities of cash, property or securities otherwise distributable to the holders of Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated Securities be deemed to be a payment by the Company to or on account of the Subordinated Securities. It is understood that the provisions of this <u>Article XVI</u> are and are intended solely for the purpose of defining the relative rights of the Holders of the Subordinated Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand. Nothing contained in this <u>Article XVI</u> or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Subordinated Securities the principal of (and premium, if any) and interest, if any, on the Subordinated Securities as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders of the Subordinated Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or in the Subordinated Securities prevent the Trustee or the Holder of any Subordinated Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this <u>Article XVI</u> of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this <u>Article XVI</u>, the Trustee, subject to the provisions of <u>Section 6.01</u>, shall be entitled to rely upon a certificate of the liquidating trustee or agent or other person making any distribution to the Trustee for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this <u>Article XVI</u>.

If the Trustee or any Holder of Subordinated Securities does not file a proper claim or proof of debt in the form required in any proceeding referred to above prior to 30 days before the expiration of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness is hereby authorized, and has the right, to file an appropriate claim or claims for or on behalf of such Holder of Subordinated Securities.

With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this <u>Article XVI</u> and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee does not owe any fiduciary duties to the holders of Senior Indebtedness other than Securities issued under this Indenture and the Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders of Securities, the Company or any other person money or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this <u>Article XVI</u> or otherwise.

**Section 16.03. No Payment on Subordinated Securities in Event of Default on Senior Indebtedness.**

No payment by the Company on account of principal (or premium, if any), sinking funds or interest, if any, on the Subordinated Securities shall be made unless full payment of amounts then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made or duly provided for in money or money's worth.

**Section 16.04. Payments on Subordinated Securities Permitted.**

Nothing contained in this Indenture or in any of the Subordinated Securities shall (a) affect the obligation of the Company to make, or prevent the Company from making, at any time except as provided in <u>Sections 16.02</u> and <u>16.03</u>, payments of principal of (or premium, if any) or interest, if any, on the Subordinated Securities, (b) without limiting clause (c) of this sentence, prevent the application by the Trustee of any moneys deposited with it hereunder to the payment of or on account of the principal of (or premium, if any) or interest, if any, on the Subordinated Securities, unless the Trustee shall have received at its Corporate Trust Office written notice of any event prohibiting the making of such payment more than three Business Days prior to the date fixed for such payment or (c) prevent the application by the Trustee of any moneys or the proceeds of Government Obligations deposited with it pursuant to <u>Section 14.04(a)</u> to the payment of or on account of the principal of (or premium, if any, on) or interest, if any, on the Subordinated Securities if all the conditions specified in <u>Section 14.04</u> to the application of <u>Section 14.02</u> or <u>Section 14.03</u>, as applicable, have been satisfied prior to the date the Trustee shall have received at its Corporate Trust Office written notice of any event prohibiting the making of such payment.

**Section 16.05. Authorization of Holders to Trustee to Effect Subordination.**

Each Holder of Subordinated Securities by his acceptance thereof authorizes and directs the Trustee on such Holder's behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this <u>Article XVI</u> and appoints the Trustee such Holder's attorney-in-fact for any and all such purposes.

**Section 16.06. Notices to Trustee.**

Notwithstanding the provisions of this <u>Article XVI</u> or any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall be charged with knowledge of the existence of any Senior Indebtedness or of any event that would prohibit the making of any payment of moneys to or by the Trustee or such Paying Agent, unless and until the Trustee or such Paying Agent shall have received (in the case of the Trustee, at its Corporate Trust Office) written notice thereof from the Company or from the holder of any Senior Indebtedness or from the trustee for any such holder, together with proof satisfactory to the Trustee of such holding of Senior Indebtedness or of the authority of such trustee; provided, however, that if at least three Business Days prior to the date upon which by the terms hereof any such moneys may become payable for any purpose (including, without limitation, the payment of either the principal (or premium, if any) or interest, if any, on any Subordinated Security) the Trustee shall not have received with respect to such moneys the notice provided for in this <u>Section 16.06</u>, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary, which may be received by it within three Business Days prior to such date. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such a notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this <u>Article XVI</u>, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this <u>Article XVI</u> and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

**Section 16.07. Trustee as Holder of Senior Indebtedness.**

The Trustee in its individual capacity shall be entitled to all the rights set forth in this <u>Article XVI</u> in respect of any Senior Indebtedness at any time held by it to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder.

Nothing in this <u>Article XVI</u> shall apply to claims of, or payments to, the Trustee under or pursuant to <u>Section 6.06</u>.

**Section 16.08. Modifications of Terms of Senior Indebtedness.**

Any renewal or extension of the time of payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under any instrument creating or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder, may be made or done all without notice to or assent from the Holders of the Subordinated Securities or the Trustee.

No compromise, alteration, amendment, modification, extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or not any of the foregoing are in accordance with the provisions of any applicable document, shall in any way alter or affect any of the provisions of this <u>Article XVI</u> or of the Subordinated Securities relating to the subordination thereof.

**Section 16.09. Reliance on Judicial Order or Certificate of Liquidating Agent.**

Upon any payment or distribution of assets of the Company referred to in this <u>Article XVI</u>, the Trustee and the Holders of the Securities shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of Subordinated Securities, for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this <u>Article XVI</u>.

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the day and year first above written.

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| |
|:---|
| KAYNE ANDERSON BDC, INC. |
| By: |
| Name: |
| Title: |
| Wilmington Trust, National Association, as Trustee |
| By: |
| Name: |
| Title: |

---

[*Signature page to Indenture*]

## Ex-99.(D)(3)

**Exhibit (d)(3)**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM T-1**

☐ Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

(Exact name of trustee as specified in its charter)

**16-1486454**

(I.R.S. employer identification no.)

**1100 North Market Street**

**Wilmington, DE 19890-0001**

(Address of principal executive offices)

**Kyle Barry**

**Senior Vice President**

**Wilmington Trust Company**

**285 Delaware Ave.**

**Buffalo, NY 14202**

**(716) 839-6909**

(Name, address and telephone number of agent for service)

**Kayne Anderson BDC, Inc.**

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| | |
|:---|:---|
| &nbsp;&nbsp;(Exact name of obligor as specified in its charter) | &nbsp;&nbsp;(Exact name of obligor as specified in its charter) |
| &nbsp;&nbsp;**Delaaware** | &nbsp;&nbsp;**83-0531326** |
| &nbsp;&nbsp;(State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp;(I.R.S. Employer <br> Identification No.) |

---

**717 Texas Avenue, Suite 2200**

**Houston, Texas 77002**

(Address of principal executive offices, including zip code)

**Debt Securities**

(Title of the indenture securities)

**ITEM 1. GENERAL INFORMATION.**

Furnish the following information as to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name
 and address of each examining or supervising authority to which it is subject.

Comptroller of Currency, Washington, D.C.

Federal Deposit Insurance Corporation, Washington, D.C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether
 it is authorized to exercise corporate trust powers.

The trustee is authorized to exercise corporate trust powers.

---

| | |
|:---|:---|
| **ITEM 2.** | **AFFILIATIONS WITH THE OBLIGOR.** |

---

If the obligor is an affiliate of the trustee, describe each affiliation:

Based upon an examination of the books and records of the trustee and information available to the trustee, the obligor is not an affiliate of the trustee.

**ITEM 3 – 15.** Not Applicable.

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| | |
|:---|:---|
| **ITEM 16.** | **LIST OF EXHIBITS.** |

---

Listed below are all exhibits filed as part of this Statement of Eligibility and Qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 copy of the Charter for Wilmington Trust, National Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 authority of Wilmington Trust, National Association to commence business was granted under
 the Charter for Wilmington Trust, National Association, incorporated herein by reference
 to Exhibit 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 authorization to exercise corporate trust powers was granted under the Charter for Wilmington
 Trust, National Association, incorporated herein by reference to Exhibit 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A
 copy of the existing By-Laws of Trustee, as now in effect, incorporated herein by reference
 to Exhibit 4 of this Form T-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 consent of Wilmington Trust, National Association as required by Section 321(b) of the Trust
 Indenture Act of 1939, attached hereto as Exhibit 6 of this Form T-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Current
 Report of the Condition of Wilmington Trust, National Association, published pursuant to
 law or the requirements of its supervising or examining authority, attached hereto as Exhibit
 7 of this Form T-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Not
 applicable.

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Wethersfield and State of Connecticut on the 31st day of March, 2026.

---

| | |
|:---|:---|
| **WILMINGTON TRUST, NATIONAL ASSOCIATION** | **WILMINGTON TRUST, NATIONAL ASSOCIATION** |
| By: | /s/ Nedine P. Sutton |
| Name: | Nedine P. Sutton |
| Title: | Vice President |

---

**EXHIBIT 1**

**CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION**

**ARTICLES OF ASSOCIATION**

**OF**

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

For the purpose of organizing an association to perform any lawful activities of national banks, the undersigned do enter into the following articles of association:

FIRST. The title of this association shall be Wilmington Trust, National Association.

SECOND. The main office of the association shall be in the City of Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main office and its branches.

THIRD. The board of directors of this association shall consist of not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact number is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the association or of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination of these values may be based as of either (i) the date of purchase or (ii) the date the person became a director, whichever value is greater. Any combination of common or preferred stock of the association or holding company may be used.

Any vacancy in the board of directors may be filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase the number of directors between meetings of shareholders to a number which:

1) exceeds by more than two the number of directors last elected by shareholders where the number was 15 or less; or

2) exceeds by more than four the number of directors last elected by shareholders where the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the bank from the 25-member limit.

Directors shall be elected for terms of one year and until their successors are elected and qualified. Terms of directors, including directors selected to fill vacancies, shall expire at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualifies or until there is a decrease in the number of directors and his or her position is eliminated.

Honorary or advisory members of the board of directors, without voting power or power of final decision in matters concerning the business of the association, may be appointed by resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory directors shall not be counted to determine the number of directors of the association or the presence of a quorum in connection with any board action, and shall not be required to own qualifying shares.

FOURTH. There shall be an annual meeting of the shareholders to elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient place the board of directors may designate, on the day of each year specified therefor in the bylaws, or, if that day falls on a legal holiday in the state in which the association is located, on the next following banking day. If no election is held on the day fixed, or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds of the shares issued and outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders' meeting shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The sole shareholder of the bank is permitted to waive notice of the shareholders' meeting.

In all elections of directors, the number of votes each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number of directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder may not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all other questions, each common shareholder shall be entitled to one vote for each share of stock held by him or her.

Nominations for election to the board of directors may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to vote for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in writing and be delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; provided, however, that if less than 21 days notice of the meeting is given to shareholders, such nominations shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the notifying shareholder:

1) The name and address of each proposed nominee.

2) The principal occupation of each proposed nominee.

3) The total number of shares of capital stock of the association that will be voted for each proposed nominee.

4) The name and residence address of the notifying shareholder.

5) The number of shares of capital stock of the association owned by the notifying shareholder.

Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes cast for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.

A director may resign at any time by delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective when the notice is delivered unless the notice specifies a later effective date.

A director may be removed by shareholders at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove the director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided, however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted against the director's removal.

FIFTH. The authorized amount of capital stock of this association shall be ten thousand shares of common stock of the par value of one hundred dollars ($100) each; but said capital stock may be increased or decreased from time to time, according to the provisions of the laws of the United States.

No holder of shares of the capital stock of any class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the association, whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued, or sold, nor any right of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and at such price as the board of directors may from time to time fix. Preemptive rights also must be approved by a vote of holders of two-thirds of the bank's outstanding voting shares. Unless otherwise specified in these articles of association or required by law, (1) all matters requiring shareholder action, including amendments to the articles of association, must be approved by shareholders owning a majority voting interest in the outstanding voting stock, and (2) each shareholder shall be entitled to one vote per share.

Unless otherwise specified in these articles of association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval. If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the classes or series so affected must vote together as a single voting group on the proposed amendment.

Shares of one class or series may be issued as a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series may be issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be cast by the class or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise provided by the board of directors, the record date for determining shareholders entitled to a share dividend shall be the date authorized by the board of directors for the share dividend.

Unless otherwise provided in the bylaws, the record date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.

If a shareholder is entitled to fractional shares pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a) issue fractional shares; (b) in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share upon surrendering enough script or warrants to equal a full share; (c) if there is an established and active market in the association's stock, make reasonable arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction, or purchase of the additional fraction required for a full share; (d) remit the cash equivalent of the fraction to the shareholder; or (e) sell full shares representing all the fractions at public auction or to the highest bidder after having solicited and received sealed bids from at least three licensed stock brokers; and distribute the proceeds pro rata to shareholders who otherwise would be entitled to the fractional shares. The holder of a fractional share is entitled to exercise the rights for shareholder, including the right to vote, to receive dividends, and to participate in the assets of the association upon liquidation, in proportion to the fractional interest. The holder of script or warrants is not entitled to any of these rights unless the script or warrants explicitly provide for such rights. The script or warrants may be subject to such additional conditions as: (1) that the script or warrants will become void if not exchanged for full shares before a specified date; and (2) that the shares for which the script or warrants are exchangeable may be sold at the option of the association and the proceeds paid to scriptholders.

The association, at any time and from time to time, may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders. Obligations classified as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders, do not carry voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification of all or part of securities into securities of another class or series.

SIXTH. The board of directors shall appoint one of its members president of this association, and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents, a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating the records of the association, and such other officers and employees as may be required to transact the business of this association.

A duly appointed officer may appoint one or more officers or assistant officers if authorized by the board of directors in accordance with the bylaws.

The board of directors shall have the power to:

1) Define the duties of the officers, employees, and agents of the association.

2) Delegate the performance of its duties, but not the responsibility for its duties, to the officers, employees, and agents of the association.

3) Fix the compensation and enter into employment contracts with its officers and employees upon reasonable terms and conditions consistent with applicable law.

4) Dismiss officers and employees.

5) Require bonds from officers and employees and to fix the penalty thereof.

6) Ratify written policies authorized by the association's management or committees of the board.

7) Regulate the manner in which any increase or decrease of the capital of the association shall be made, provided that nothing herein shall restrict the power of shareholders to increase or decrease the capital of the association in accordance with law, and nothing shall raise or lower from two-thirds the percentage required for shareholder approval to increase or reduce the capital.

8) Manage and administer the business and affairs of the association.

9) Adopt initial bylaws, not inconsistent with law or the articles of association, for managing the business and regulating the affairs of the association.

10) Amend or repeal bylaws, except to the extent that the articles of association reserve this power in whole or in part to shareholders.

11) Make contracts.

12) Generally perform all acts that are legal for a board of directors to perform.

SEVENTH. The board of directors shall have the power to change the location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the shareholders, or with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of Wilmington Delaware, but not more than 30 miles beyond such limits. The board of directors shall have the power to establish or change the location of any branch or branches of the association to any other location permitted under applicable law, without approval of shareholders, subject to approval by the Comptroller of the Currency.

EIGHTH. The corporate existence of this association shall continue until termination according to the laws of the United States.

NINTH. The board of directors of this association, or any one or more shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting of shareholders at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place, and purpose of every annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class mail, unless the OCC determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole shareholder may waive notice of the shareholders' meeting. Unless otherwise provided by the bylaws or these articles, any action requiring approval of shareholders must be effected at a duly called annual or special meeting.

TENTH. For purposes of this Article Tenth, the term "institution-affiliated party" shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).

Any institution-affiliated party (or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the board of directors.

Expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the bank in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be given under these articles of association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution-affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as authorized by these articles of association and (b) approval by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.

In the event that a majority of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors may rely on such opinion in authorizing the requested indemnification.

In the event that all of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If legal counsel opines that said conditions have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.

To the extent permitted under applicable law, the rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available with respect to events occurring prior to the adoption of these articles of association, (b) shall continue to exist after any restrictive amendment of these articles of association with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.

The rights of indemnification and to the advancement of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a resolution of the board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these articles of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.

If this Article Tenth or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it enforceable, and the remainder of this Article Tenth shall remain fully enforceable.

The association may, upon affirmative vote of a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in these articles of association; provided, however, that no such insurance shall include coverage to pay or reimburse any institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person in an administrative proceeding or civil action commenced by any federal banking agency. Such insurance may, but need not, be for the benefit of all institution-affiliated parties.

ELEVENTH. These articles of association may be amended at any regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this association, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater amount. The association's board of directors may propose one or more amendments to the articles of association for submission to the shareholders.

**EXHIBIT 4**

**BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION**

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

**AMENDED AND RESTATED BYLAWS**

**(Effective as of March 7, 2024)**

**AMENDED AND RESTATED BYLAWS OF**

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

**ARTICLE I**

**<u>Meetings of Shareholders</u>**

**Section 1. Annual Meeting**. The annual meeting of shareholders shall be held on such date and at such time as may be designated by the chair of the Board of Directors, the chief executive officer, the president, the chief operating officer, the secretary, or the Board of Directors for the purpose of the election of directors and for the transaction of such other business as may properly come before the meeting, except such date shall not be a legal holiday in Delaware. Notice of the meeting shall be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior to the date thereof, addressed to each shareholder at his or her address appearing on the books of the association. If, for any cause, an election of directors is not made on that date, an election may be held on any subsequent day within 60 days of the date fixed, to be designated by the Board of Directors, or, if the directors fail to fix the date, by shareholders representing two-thirds of the shares. In these circumstances, at least 10 days' notice must be given by first class mail to shareholders.

**Section 2. Special Meetings**. The chair of the Board of Directors, the president, the chief executive officer, the secretary, or the Board of Directors may call a special meeting of the shareholders. A special meeting shall be called to act on any matter that may properly be considered at a meeting of shareholders upon the written request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at the meeting. Every such special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than 10 days nor more than 60 days prior to the date fixed for the meeting, to each shareholder at the address appearing on the books of the association a notice stating the purpose of the meeting.

The Board of Directors may fix a record date for determining shareholders entitled to notice and to vote at any meeting, in reasonable proximity to the date of giving notice to the shareholders of such meeting. The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs a demand for the meeting describing the purpose or purposes for which it is to be held.

**Section 3. Adjournment**. If an annual or special shareholders' meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date, time or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or the association becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to the date to which the meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned meeting must be given to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors is adjourned before the election takes place, at least ten days' notice of the new election must be given to the shareholders by first-class mail.

**Section 4. Nominations of Directors**. Nominations for election to the Board of Directors may be made by the Board of Directors or by any shareholder of any outstanding class of capital stock of the association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing management of the association, shall be made in writing and shall be delivered or mailed to the president of the association, not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; *provided, however,* that if less than 21 days' notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the notifying shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 name and address of each proposed nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 principal occupation of each proposed nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 total number of shares of capital stock of the association that will be voted for each proposed
 nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 name and residence of the notifying shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 number of shares of capital stock of the association owned by the notifying shareholder

Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chair of the meeting, and upon his/her instructions, all votes cast for each such nominee may be disregarded.

**Section 5. Proxies**. Shareholders may vote at any meeting of the shareholders by proxies duly authorized in writing, but no officer or employee of this association shall act as proxy. A director or an attorney of the association may act as proxy for shareholders voting if they are not also employed as an officer of the association. Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall be dated and filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted proxies may be counted upon receipt of a written confirmation from the shareholder. Proxies meeting the above requirements submitted at any time during a meeting shall be accepted.

**Section 6. Quorum**. A majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law, but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law or by the articles of association. If a meeting for the election of directors is not held on the fixed date, at least 10 days' notice must be given by first-class mail to the shareholders.

**ARTICLE II**

**<u>Directors</u>**

**Section 1. Board of Directors**. The Board of Directors shall have the power to manage and administer the business and affairs of the association. Except as expressly limited by law, all corporate powers of the association shall be vested in and may be exercised by the Board of Directors.

**Section 2. Number**. The Board of Directors shall consist of not less than five nor more than twenty-five members, unless the OCC has exempted the association from the 25-member limit. The exact number within such minimum and maximum limits is to be fixed and determined from time to time by resolution of a majority of the full Board of Directors or by resolution of a majority of the shareholders at any meeting thereof. The Board of Directors may not increase the number of directors between meetings of shareholders to a number which: (a) exceeds by more than 2 the number of directors last elected by shareholders where the number was 15 or less; or (b) exceeds by more than 4 the number of directors last elected by shareholders where the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the association from the 25-member limit.

**Section 3. Qualifications.** Each director must be a citizen of the United States and must own in his or her own right either shares of the capital stock of the association or a company that controls the association that has not less than an aggregate par value of $1,000, an aggregate shareholders' equity of $1,000, or an aggregate fair market value of $1,000. The value of the common or preferred stock held by a director is valued as of the date purchased or the date on which the individual became a director, whichever is greater.

**Section 4. Organization Meeting**. After each annual meeting of shareholders at which directors shall have been elected, the Board of Directors shall meet as soon as practicable for the purpose of organization and the transaction of other business. Such first regular meeting shall be held at any place as may be designated by the chair, the president or the Board of Directors for such first regular meeting or, in default of such designation, where the immediately preceding meeting of shareholders was held.

**Section 5. Regular Meetings**. Regular meetings of the Board of Directors shall be held on such dates and at such places as may be designated from time to time by the chair. No notice of regular meetings shall be necessary.

**Section 6. Special Meetings**. Special meetings of the Board of Directors may be called at any time by the chair, the chief executive officer, the president or by a majority of the then- acting directors by vote at a meeting or in writing, or by a majority of the members of the executive committee, if one is constituted, by vote at a meeting or in writing. A special meeting of the Board of Directors shall be held on such date and at any place as may be designated from time to time by the Board of Directors. In the absence of such designation, such meeting shall be held at such place as may be designated in the call. Each member of the Board of Directors shall be given notice stating the date, time and place, by letter, electronic delivery or in person, of each special meeting not less than one day before the meeting. Such notice need not specify the purpose for which the meeting is called, unless required by the Articles of Association or the bylaws.

**Section 7. Quorum**. A majority of the entire Board then in office shall constitute a quorum at any meeting, except when otherwise provided by law or these Bylaws, but a lesser number may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. If the number of directors present at the meeting is reduced below the number that would constitute a quorum, no business may be transacted, except selecting directors to fill vacancies in conformance with Article II, Section 11. If a quorum is present, the board of directors may take action through the vote of a majority of the directors who are in attendance. No director may vote by proxy.

**Section 8. Attendance by Electronic, Telephonic or Similar Means.** Any one or more members of the Board of Directors or any committee thereof may participate in a regular or special meeting of such board or committee by, or conduct the meeting through the use of, conference telephone or other communications equipment by which all directors or committee members participating may simultaneously hear each other during the meeting. Participation in a meeting by these means constitutes presence in person at a meeting.

**Section 9. Procedures**. The order of business and all other matters of procedure at every meeting of the Board of Directors may be determined by the person presiding at the meeting.

**Section 10. Removal of Directors**. Any director may be removed for cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by vote of the shareholders. Any director may be removed without cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by the vote of the holders of a majority of the shares of the association entitled to vote. Any director may be removed for cause at any meeting of the directors, notice of which shall have referred to the proposed action, by vote of a majority of the entire Board of Directors.

**Section 11. Vacancies**. When any vacancy occurs among the directors, a majority of the remaining members of the Board of Directors may appoint a director to fill such vacancy until the next election at any regular meeting of the Board of Directors, or at a special meeting called for that purpose at which a quorum is present, or if the directors remaining in office constitute fewer than a quorum of the Board of Directors, by the affirmative vote of a majority of all the directors remaining in office, or by shareholders at a special meeting called for that purpose in conformance with Section 2 of Article I. A vacancy that will occur at a specific later date (by reason of a resignation effective at a later date) may be filled before the vacancy occurs but the new director may not take office until the vacancy occurs.

**Section 12. Consent of Directors without a Meeting**. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if the action is taken by all members of the Board. The action may be evidenced by one or more written consents signed by each director before or after such action, describing the action taken, and included in the minutes or filed with the corporate records. A director's consent to action taken without a meeting may be in electronic form and delivered by electronic means.

**Section 13. Ratification**. The board of directors may ratify and make binding on the association any action or inaction by the association or its officers to the extent that the Board of Directors or the shareholders could have originally authorized the matter and as permitted by law. Moreover, any action or inaction questioned in any shareholders' derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the Board of Directors or by the shareholders, and if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the shareholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

**ARTICLE III**

**<u>Committees</u>**

**Section 1. Executive Committee**. The Board of Directors may appoint an Executive Committee, which shall have and may exercise, during the intervals between meetings of the Board of Directors, all the powers of the Board of Directors in the management of the business, properties and affairs of the association except as prohibited by law, the Articles of Association or these Bylaws. All acts done and powers conferred by the Executive Committee shall be deemed to be and may be certified as being, done or conferred under authority of the Board of Directors.

**Section 2. Trust Audit Committee.** Unless delegated pursuant to Section 5 of this Article III, there shall be a Trust Audit Committee composed of not less than 2 directors, appointed by the Board of Directors, which shall, at least once during each calendar year make suitable audits of the association's fiduciary activities or cause suitable audits to be made by auditors responsible only to the Board, and at such time shall ascertain whether fiduciary powers have been administered according to law, Part 9 of the Regulations of the Comptroller of the Currency, and sound fiduciary principles. Such committee: (1) must not include any officers of the association or an affiliate who participate significantly in the administration of the association's fiduciary activities; and (2) must consist of a majority of members who are not also members of any committee to which the Board of Directors has delegated power to manage and control the fiduciary activities of the bank.

**Section 3. Examining Committee**. Unless delegated pursuant to Section 5 of this Article III, there shall be an examining committee composed of not less than 2 directors, exclusive of any active officers, appointed by the board of directors annually or more often. The duty of that committee shall be to examine at least once during each calendar year and within 15 months of the last examination the affairs of the association or cause suitable examinations to be made by auditors responsible only to the board of directors and to report the result of such examination in writing to the board of directors at the next regular meeting thereafter. Such report shall state whether the association is in a sound condition, and whether adequate internal controls and procedures are being maintained and shall recommend to the board of directors such changes in the manner of conducting the affairs of the association as shall be deemed advisable.

**Section 4. Other Committees**. The Board of Directors may from time to time by resolution adopted by affirmative vote of a majority of the Board of Directors, appoint other committees of the Board of Directors which shall have such powers and duties as the Board of Directors may properly determine. No such other committee of the Board of Directors shall be composed of fewer than three (3) directors. The Board of Directors may also appoint one or more directors as alternative members of a committee. All acts done and powers conferred by the Board of Directors on committees of the Board of Directors shall be deemed to be and may be certified as being, done or conferred under that authority of the Board of Directors.

**Section 5. Delegation of Responsibility and Authority**. The responsibility, authority and constitution of any committee under this Article III may, if authorized by law, be given over to a duly constituted committee of the association's parent corporation by resolution adopted by the Board of Directors.

**ARTICLE IV**

**<u>Officers and Employees</u>**

**Section 1 Officers.** The Board of Directors shall annually, at the Annual Reorganization Meeting of the Board of Directors following the annual meeting of shareholders, appoint or elect a chair of the Board, a chief executive officer, a president, one (1) or more senior executive vice presidents, a corporate secretary, a treasurer, a chief auditor, and such other officers as it may determine, each to hold office until the next Annual Reorganization meeting.

The officers below the level of senior executive vice president may be elected as follows: the head of the Human Resources Department of M&T Bank, or his or her designee, may appoint officers up to and including (without limitation as to title or number) one (1) or more executive vice presidents, senior vice presidents, vice presidents, assistant vice presidents, assistant secretaries, assistant treasurers, and assistant auditors, and any other officer positions as they deem necessary and appropriate, except the chair of the board, chief executive officer, president, any "Executive Officer" of the association for the purposes of Regulation O (codified at 12 C.F.R. §215.2(e)(1)), and any "Senior Executive Officer" within the meaning of 12 C.F.R. §5.51(c)(4) may only be appointed by the Board of Directors.

**Section 2. Chair of the Board**. The Board of Directors shall appoint one of its members to be the chair of the Board to serve at its pleasure. Such person shall preside at all meetings of the Board of Directors. The chair of the Board shall supervise the carrying out of the policies adopted or approved by the Board of Directors; shall have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such further powers and duties as from time to time may be conferred upon or assigned by the Board of Directors.

**Section 3. President**. The Board of Directors shall appoint one of its members to be the president of the association. The president shall be a member of the Board of Directors. In the absence of the chair, the president shall preside at any meeting of the Board of Directors. The president shall have general executive powers and shall have and may exercise any and all other powers and duties pertaining by law, regulation, or practice to the office of president, or imposed by these Bylaws. The president shall also have and may exercise such further powers and duties as from time to time may be conferred or assigned by the Board of Directors.

**Section 4. Vice President**. The Board of Directors may appoint one or more vice presidents. Each vice president shall have such powers and duties as may be assigned by the Board of Directors. One vice president shall be designated by the Board of Directors, in the absence of the president, to perform all the duties of the president.

**Section 5. Secretary**. The Board of Directors shall appoint a secretary or other designated officer who shall be secretary of the Board of Directors and of the association and who shall keep accurate minutes of all meetings. The secretary shall attend to the giving of all notices required by these Bylaws; shall be custodian of the corporate seal, records, documents and papers of the association; shall provide for the keeping of proper records of all transactions of the association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, or imposed by these bylaws; and shall also perform such other duties as may be assigned from time to time, by the Board of Directors.

**Section 6. Other Officers**. The Board of Directors may appoint one or more assistant vice presidents, one or more trust officers, one or more officers, one or more assistant secretaries, one or more assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys in fact as from time to time may appear to the Board of Directors to be required or desirable to transact the business of the association. Such officers shall respectively exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon or assigned to them by the Board of Directors, the chair of the Board, or the president. The Board of Directors may authorize an officer to appoint one or more officers or assistant officers.

**Section 7. Resignation**. An officer may resign at any time by delivering notice to the association. A resignation is effective when the notice is given unless the notice specifies a later effective date.

**ARTICLE V**

**<u>Stock and Stock Certificates</u>**

**Section 1. Transfers**. Shares of stock shall be transferable on the books of the association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming a shareholder by such transfer shall in proportion to such shareholder's shares, succeed to all rights of the prior holder of such shares. The Board of Directors may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the association with respect to stock transfers, voting at shareholder meetings and related matters and to protect it against fraudulent transfers.

**Section 2. Stock Certificates**. Certificates of stock shall bear the signature of the president (which may be engraved, printed or impressed) and shall be signed manually, by facsimile process, or electronic means by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed by the Board of Directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved thereon. Each certificate shall recite on its face that the stock represented thereby is transferable only upon the books of the association properly endorsed and otherwise comply with the requirements of 12 U.S.C. 52 and 12 C.F.R. §7.2016(b).

**Section 3. Lost, Stolen or Destroyed Certificates**. In case any certificate representing shares shall be lost, stolen or destroyed, the Board of Directors, in its discretion, or any officer or officers thereunder duly authorized by the Board of Directors, may authorize the issue of a substitute certificate or substitute shares in uncertificated form in the place of the certificate so lost, stolen or destroyed.

**Section 4. Fixing of Record Date**. The Board of Directors may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall be the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 10 days before the meeting.

**ARTICLE VII**

**<u>Corporate Seal</u>**

**Section 1. Seal**. The seal of the association shall be in such form as may be determined from time to time by the Board of Directors. The president, the treasurer, the secretary or any assistant treasurer or assistant secretary, or other officer thereunto designated by the Board of Directors shall have authority to affix the corporate seal to any document requiring such seal and to attest the same. The seal on any corporate obligation for the payment of money may be facsimile.

**ARTICLE VIII**

**<u>Miscellaneous Provisions</u>**

**Section 1. Fiscal Year**. The fiscal year of the association shall be the calendar year.

**Section 2. Execution of Instruments**. All agreements, indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be signed, executed, acknowledged, verified, delivered or accepted on behalf of the association by any officer elected or appointed pursuant to Article IV of these Bylaws. Any such instruments may also be executed, acknowledged, verified, delivered or accepted on behalf of the association in such other manner and by such other officers as the Board of Directors may from time to time direct. The provisions of this Section 2 are supplementary to any other provision of these Bylaws.

**Section 3. Records**. The Articles of Association, the Bylaws and the proceedings of all meetings of the shareholders, the Board of Directors, and standing committees of the Board of Directors shall be recorded in appropriate minute books provided for that purpose. The minutes of each meeting shall be signed by the secretary, treasurer or other officer appointed to act as secretary of the meeting.

**Section 4. Corporate Governance Procedures.** To the extent not inconsistent with federal banking statutes and regulations, or safe and sound banking practices, the association may follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended 1994, and as amended thereafter) with respect to matters of corporate governance procedures.

**Section 5. Indemnification.** For purposes of this Section 5 of Article VIII, the term "institution-affiliated party" shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).

Any institution-affiliated party (or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the Board of Directors.

Expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the Board of Directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the association in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be given under the Articles of Association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution- affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as authorized by these Bylaws and (b) approval by the Board of Directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by shareholders. To the extent permitted by law, the Board of Directors or, if applicable, the shareholders, shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.

In the event that a majority of the members of the Board of Directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the Board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the Board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the Board of Directors may rely on such opinion in authorizing the requested indemnification.

In the event that all of the members of the Board of Directors are named as respondents in an administrative proceeding or civil action and request indemnification, the Board shall authorize independent legal counsel to review the indemnification request and provide the Board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If legal counsel opines that said conditions have been met, the Board of Directors may rely on such opinion in authorizing the requested indemnification.

To the extent permitted under applicable law, the rights of indemnification and to the advancement of expenses provided in the Articles of Association (a) shall be available with respect to events occurring prior to the adoption of these Bylaws, (b) shall continue to exist after any restrictive amendment of these Bylaws with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.

The rights of indemnification and to the advancement of expenses provided in these Bylaws shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution-affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in the association's Articles of Association, these Bylaws, a resolution of shareholders, a resolution of the Board of Directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these Bylaws shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.

If this Section 5 of Article VIII or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it enforceable, and the remainder of this Section 5 of Article VIII shall remain fully enforceable.

The association may, upon affirmative vote of a majority of its Board of Directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in these Bylaws; provided, however, that no such insurance shall include coverage for a final order assessing civil money penalties against such persons by a bank regulatory agency. Such insurance may, but need not, be for the benefit of all institution- affiliated parties.

**ARTICLE IX**

**<u>Inspection and Amendments</u>**

**Section 1. Inspection**. A copy of the bylaws of the association, with all amendments, shall at all times be kept in a convenient place at the main office of the association, and shall be open for inspection to all shareholders during banking hours.

**Section 2. Amendments**. The Board of Directors shall have the power, at any regular or special meeting thereof, to amend, alter or repeal the bylaws of the association, or to make and adopt new bylaws. These Bylaws may be amended, altered or repealed and new bylaws may be adopted by the shareholders of the association to the extent and as permitted in the Articles of Association or applicable law.

**EXHIBIT 6**

**Section 321(b) Consent**

Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as amended, Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.

---

| | | | |
|:---|:---|:---|:---|
|  | **WILMINGTON TRUST, NATIONAL ASSOCIATION** | **WILMINGTON TRUST, NATIONAL ASSOCIATION** | **WILMINGTON TRUST, NATIONAL ASSOCIATION** |
| Dated: March 31, 2026 | By: | /s/ Nedine P. Sutton | /s/ Nedine P. Sutton |
|  |  | Name: | Nedine P. Sutton |
|  |  | Title: | Vice President |

---

**EXHIBIT 7**

**R E P O R T O F C O N D I T I O N**

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

As of the close of business on December 31, 2025

---

| | |
|:---|:---|
| ASSETS | **Thousands of Dollars** |
| Cash and balances due from depository institutions: | 649326 |
| Securities: | 1109 |
| Federal funds sold and securities purchased under agreement to resell: | 0 |
| Loans and leases held for sale: | 0 |
| Loans and leases net of unearned income, allowance: | 26573 |
| Premises and fixed asset | 25283 |
| Other real estate owned: | 0 |
| Investments in unconsolidated subsidiaries and associated companies: | 0 |
| Direct and indirect investments in real estate ventures: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Intangible assets: | 0 |
| Other assets: | 70506 |
| **Total Assets:** | 772799 |

---

---

| | |
|:---|:---|
| **LIABILITIES** | **Thousands of Dollars** |
| Deposits | 5130 |
| Federal funds purchased and securities sold under agreements to repurchase | 0 |
| Other borrowed money: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Other Liabilities: | 98259 |
| **Total Liabilities** | 103389 |

---

---

| | |
|:---|:---|
| **EQUITY CAPITAL** | **Thousands of Dollars** |
| Common Stock | 1000 |
| Surplus | 359386 |
| Retained Earnings | 309018 |
| Accumulated other comprehensive income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| **Total Equity Capital** | 669410 |

---

---

| | |
|:---|:---|
| **Total Liabilities and Equity Capital** | 772799 |

---

## Ex-99.(L)

**Exhibit (l)**

![](ex99i_001.jpg)

March 31, 2026

Kayne Anderson BDC, Inc.

717 Texas Avenue, Suite 2200

Houston, Texas 7702

Re: Registration Statement on Form N-2

Ladies and Gentlemen:

We have acted as counsel to Kayne Anderson BDC, Inc., a Delaware corporation (the "***Company***"), in connection with the preparation and filing on the date hereof with the U.S. Securities and Exchange Commission (the "***Commission***") of a registration statement on Form N-2 (the "***Registration Statement***") under the Securities Act of 1933, as amended (the "***Act***"). The Registration Statement provides that the Securities may be issued from time to time in amounts, at prices, and on terms to be set forth in one or more supplements (each, a "***Prospectus Supplement***") to the prospectus included in the Registration Statement at the time it becomes effective (the "***Prospectus***").

The Registration Statement relates to the proposed issuance and sale from time to time, pursuant to Rule 415 of the rules and regulations promulgated under the Act, of the following securities of the Company having an indeterminate aggregate initial offering price: (i) shares of the Company's common stock, par value $0.001 per share (the "***Common Stock***"), (ii) shares of the Company's preferred stock, par value $0.001 per share (the "***Preferred Stock***"), (iii) one or more series of debt securities (collectively, the "***Debt Securities***") to be issued pursuant to indentures to be entered into between the Company, as issuer, and a trustee (the "***Trustee***"), the form of which is filed as Exhibit (d)(2) to the Registration Statement (each, an "***Indenture***"), (iv) warrants to purchase Common Stock, Preferred Stock or Debt Securities (collectively, the "***Warrants***"), which may be issued under warrant agreements (each, a "***Warrant Agreement***"), to be dated on or about the date of the first issuance of the applicable Warrants thereunder, by and between the Company and a warrant agent to be selected by the Company (the "***Warrant Agent***") and (v) subscription rights to purchase shares of Common Stock (the "***Subscription Rights***"). The Common Stock, Preferred Stock, Debt Securities, Warrants, and Subscription Rights are collectively referred to herein as the "***Securities***."

This opinion letter is being furnished in connection with the requirements of Item 25 of Form N-2 under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement, the Prospectus or any Prospectus Supplement, other than as expressly stated herein with respect to the issuance of the Securities.

As such counsel and for purposes of our opinions set forth herein, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of such documents, resolutions, certificates and other instruments of the Company and corporate records furnished to us by the Company, and have reviewed certificates of public officials, statutes, records and such other instruments and documents, and have made such investigations of law as we have deemed necessary or appropriate as a basis for the opinions set forth in this opinion letter. In such examination and in rendering the opinions expressed below, we have assumed, without independent investigation or verification: (i) the genuineness of all signatures on all agreements, instruments, corporate records, certificates and other documents submitted to us, (ii) the legal competency, capacity and authority of all persons or entities (other than the Company) executing all agreements, instruments, corporate records, certificates and other documents submitted to us, (iii) the authenticity and completeness of all agreements, instruments, corporate records, certificates and other documents submitted to us as originals, (iv) that all agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile, conformed, photostatic or other copies conform to the originals thereof, and that such originals are authentic and complete, (v) the due authorization, execution and delivery of all agreements, instruments, corporate records, certificates and other documents by all parties thereto (other than the Company), (vi) that no documents submitted to us have been amended or terminated orally or in writing, except as has been disclosed to us in writing, (vii) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct on and as of the date hereof, (viii) that there has not been and there will not be any change in the good standing status of the Company from that which was reported in the certificate of good standing regarding the Company obtained from the Secretary of State of the State of Delaware, and (ix) that each of the officers and directors of the Company has properly exercised his or her fiduciary duties. As to all questions of fact material to this opinion letter and as to the materiality of any fact or other matter referred to herein, we have relied (without independent investigation or verification) upon representations and certificates or comparable documents of officers and representatives of the Company. Our knowledge of the Company and its legal and other affairs is limited by the scope of our engagement, which scope includes the delivery of this opinion letter. We do not represent the Company with respect to all legal matters or issues. The Company may employ other independent counsel and, to our knowledge, handles certain legal matters and issues without the assistance of independent counsel.

![](ex99i_002.jpg)

![](ex99i_001.jpg)

Kayne Anderson BDC, Inc.

March 31, 2026

With your consent, we have assumed that (i) each of the Debt Securities, the Indentures and any related supplemental indenture, term sheet or certificate establishing the terms thereof, the Warrants and any related Warrant Agreement, the Subscription Rights and any related rights agreement, and any purchase agreement, underwriting agreement, sales agreement or similar agreement (collectively, the "***Documents***") will be governed by the internal laws of the State of New York and that the choice of law is legally enforceable, (ii) the Warrants, Warrant Agreements, Subscription Rights, rights agreements will contain all provisions required under the laws of the State of Delaware in respect of contracts for the sale of securities issued by a Delaware corporation, (iii) each of the Documents will be duly authorized, executed and delivered by the parties thereto other than the Company, and (iv) each of the Documents will constitute valid and binding obligations of the parties thereto other than the Company, enforceable against such parties in accordance with their respective terms.

We also have assumed that none of (i) the execution, delivery and performance of any of the Documents, (ii) the terms of any of the Securities to be established after the date hereof, (iii) the issuance or delivery of such Securities, or (iv) the compliance by the Company with the terms of such Securities will (a) violate any applicable law, rule or regulation to which the Company is then subject or the Company's Certificate of Incorporation filed with the Secretary of State of the State of Delaware, as amended or restated from time to time (the "***Certificate of Incorporation***") or its Amended and Restated Bylaws then in effect, (b) result in a breach of or default under any instrument or agreement then binding upon the Company or any of its properties, or (c) violate, or cause the Company not to comply with, any consent, approval, license, authorization, restriction or requirement imposed by, or any filing, recording or registration with, any court or governmental body having jurisdiction over the Company.

We have further assumed that (i) an appropriate Prospectus Supplement relating to the Securities offered thereby will have been prepared and filed with the Commission in compliance with the Act and will comply with all applicable laws at the time the Securities are offered and issued as contemplated by the Registration Statement, the Prospectus and such Prospectus Supplement, (ii) the terms of the Securities will conform to the descriptions thereof in the Registration Statement, the Prospectus, and any Prospectus Supplement, as applicable, and the corporate action of the Company authorizing the issuance and sale of such Securities, (iii) all Securities will be issued and sold in compliance with the applicable provisions of the Act, the Trust Indenture Act of 1939, as amended, if applicable, and the securities or blue sky laws of various states and in the manner stated in the Registration Statement, the Prospectus and any Prospectus Supplement, as applicable, (iv) the Indentures and the Trustee will have been qualified pursuant to the Trust Indenture Act of 1939, as amended, at the time the Securities are offered or issued (or such later time as may be permitted pursuant to the rules, regulations, interpretations or positions of the Commission) as contemplated by the Registration Statement, and (v) the number of shares of Common Stock or Preferred Stock, as the case may be, offered pursuant to the Registration Statement, the Prospectus and any Prospectus Supplement, as applicable, or, in the case of Preferred Stock, Debt Securities, Warrants, and Subscription Rights, as applicable, represented by, comprising or issuable upon exchange, exercise or conversion of such Securities, does not exceed, at the time of issuance of such Securities, the authorized but unissued shares of Common Stock or Preferred Stock, as the case may be. We have also assumed that the Registration Statement and any amendments thereto will have become effective under the Act (and such effectiveness shall not have been terminated or rescinded) and comply with all applicable laws at the time the Securities are offered and issued as contemplated by the Registration Statement, the Prospectus, and any Prospectus Supplement, as applicable.

![](ex99i_001.jpg)

Kayne Anderson BDC, Inc.

March 31, 2026

Based upon the foregoing, and in reliance thereon, and subject to the assumptions, limitations, qualifications and exceptions set forth herein, it is our opinion that, as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any shares of Common Stock to be offered by the Company pursuant to the Registration Statement (including any shares of Common Stock duly issued upon the exchange, exercise or conversion of Securities that are exchangeable or exercisable for, or convertible into, Common Stock), when (i) the issuance of such shares of Common Stock has been duly authorized by all necessary corporate action of the Company, and (ii) such shares of Common Stock have been duly issued and delivered against payment of the consideration therefor (not less than the par value of the Common Stock) as contemplated by the Registration Statement, the Prospectus, any applicable Prospectus Supplement, any applicable Documents and such corporate action, such shares of Common Stock will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any shares of Preferred Stock to be offered by the Company pursuant to the Registration Statement (including any shares of Preferred Stock duly issued upon the exchange, exercise or conversion of Securities that are exchangeable or exercisable for, or convertible into, Preferred Stock), when (i) a series of Preferred Stock has been duly established in accordance with the terms of the Certificate of Incorporation and applicable law and authorized by all necessary corporate action of the Company, (ii) the relative rights, preferences and limitations of such series of Preferred Stock have been designated by all necessary corporate action of the Company and set forth in a Certificate of Designation or amendment to the Certificate of Incorporation properly filed with the Secretary of State of the State of Delaware, (iii) the issuance of such shares of Preferred Stock has been duly authorized by all necessary corporate action of the Company, (iv) such shares of Preferred Stock have been duly issued and delivered against payment of the consideration therefor (not less than the par value of the Preferred Stock) as contemplated by the Registration Statement, the Prospectus, any applicable Prospectus Supplement, any applicable Documents and such corporate action, and (v) if such shares of Preferred Stock are convertible into shares of Common Stock, such shares of Common Stock have been duly authorized and reserved for issuance by all necessary corporate action of the Company, such shares of Preferred Stock will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to any series of Debt Securities (including any Debt Securities duly issued upon conversion, exchange or exercise of any other Debt Securities, Preferred Stock or Warrants) to be offered by the Company pursuant to the Registration Statement, when (i) the applicable Indenture has been duly authorized, executed and delivered by the Company and the Trustee and has been qualified under the Trust Indenture Act of 1939, as amended, (ii) the specific terms of a particular series of Debt Securities have been duly established in accordance with such Indenture and applicable law, (iii) such Debt Securities have been duly authorized by all necessary corporate action of the Company, duly authenticated by the Trustee and duly executed, issued and delivered against payment of the consideration therefor in accordance with such Indenture and any applicable purchase, underwriting, sales or similar agreement and as contemplated by the Registration Statement, the Prospectus, any applicable Prospectus Supplement, any applicable Documents and such corporate action, and (iv) if such Debt Securities are convertible into shares of Common Stock or Preferred Stock, such shares of Common Stock or Preferred Stock have been duly authorized and reserved for issuance by all necessary corporate action of the Company and in accordance with the applicable Indenture, such Debt Securities will constitute binding obligations of the Company, enforceable against the Company in accordance with their terms.

![](ex99i_001.jpg)

Kayne Anderson BDC, Inc.

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to any Warrants to be offered by the Company pursuant to the Registration Statement, when (i) a Warrant Agreement has been duly authorized, executed and delivered by the Company and the Warrant Agent named therein, (ii) the specific terms of the particular issuance of Warrants have been duly established in accordance with such Warrant Agreement and applicable law and authorized by all necessary corporate action of the Company, (iii) the Warrants have been duly executed, countersigned, issued and delivered against payment therefor in accordance with such Warrant Agreement and as contemplated by the Registration Statement, the Prospectus, any applicable Prospectus Supplement, any applicable Documents and such corporate action, and (iv) as applicable, (a) the shares of Common Stock or Preferred Stock issuable upon exercise of the Warrants have been duly authorized and reserved for issuance upon exercise of the Warrants, or (b) the Debt Securities issuable upon exercise of such Warrants have been duly authorized, executed and authenticated in accordance with the provisions of the applicable Indenture and reserved for delivery upon exercise of the Warrants, in each case by all necessary corporate action of the Company and in accordance with the terms of the Warrants and the Warrant Agreement, such Warrants will constitute binding obligations of the Company, enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to Subscription Rights to be offered by the Company pursuant to the Registration Statement, when (i) a rights agreement has been duly authorized, executed and delivered by the Company and the subscription agent named therein, (ii) the specific terms of the particular issuance of Rights have been duly established in accordance with such rights agreement and applicable law and authorized by all necessary corporate action of the Company, (iii) the Subscription Rights have been duly executed, countersigned, issued and delivered against payment therefor in accordance with such rights agreement and as contemplated by the Registration Statement, the Prospectus, any applicable Prospectus Supplement, any applicable Documents and such corporate action, and (iv) the shares of Common Stock or Preferred Stock relating to such Subscription Rights, as applicable, have been duly authorized and reserved for issuance by all necessary corporate action of the Company and in accordance with the terms of the Subscription Rights and the rights agreement, such Rights will constitute binding obligations of the Company, enforceable against the Company in accordance with their terms.

Our opinions are subject to (i) the effect of any bankruptcy, insolvency, reorganization, moratorium or similar laws and principles affecting creditors' rights generally (including, without limitation, fraudulent transfer or fraudulent conveyance laws), and (ii) the effect of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing) and the availability of equitable remedies (including, without limitation, specific performance and equitable relief), regardless of whether considered in a proceeding in equity or at law.

Without limiting any of the other limitations, exceptions and qualifications stated elsewhere herein, we express no opinion as to any provision (i) that could be construed as a penalty or forfeiture, (ii) indemnifying a party against liability for its own wrongful or negligent acts or otherwise in cases where indemnification or contribution could be considered contrary to public policy (including, without limitation, under federal and state securities laws and regulations as interpreted by applicable governmental authorities), (iii) exculpating another party from liability or waiving defenses or other rights, (iv) to the effect that terms of a document may not be waived or modified except in writing, (v) regarding the recovery of attorneys' fees for a person who is not the prevailing party in a final proceeding, (vi) imposing a payment obligation with respect to the Company's obligations, or (vii) whereby a party purports to ratify acts in advance of the occurrence of such acts.

![](ex99i_001.jpg)

Kayne Anderson BDC, Inc.

March 31, 2026

We express no opinion with respect to the validity or enforceability of (i) any provision allowing any party to exercise any remedial rights without notice to the Company, (ii) any waiver of demand by the Company or any waiver of any rights or any defense that as a matter of law or public policy cannot be waived, (iii) any provision purporting to establish evidentiary standards, (iv) any provision that purports to establish the subject matter jurisdiction of the United States District Court to adjudicate any controversy, (v) any provision that purports to entitle any person or entity to specific performance of any provision of such document, (vi) any provision that requires a person or entity to cause another person or entity to take or to refrain from taking action under circumstances in which such person or entity does not control such other person or entity, (vii) any provision insofar as it purports to effect a choice of governing law or choice of forum for the adjudication of disputes, (viii) any provision to the extent that it requires that a claim with respect to a security denominated in other than U.S. dollars (or a judgment in respect of such a claim) be converted into U.S. dollars at a rate of exchange at a particular date, to the extent applicable law otherwise provides, or (ix) the effectiveness of service of process by mail in any suit, action or proceeding of any nature. Further, we express no opinion as to the acceptance by a federal court located in the State of New York of jurisdiction of a dispute arising under any Document.

We express no opinion as to the validity or enforceability of any provision that (i) waives (a) vague or broadly stated rights, (b) future rights, (c) the benefits of statutory, regulatory or constitutional rights, unless and to the extent that the statute, regulation or constitution expressly allows waiver, (d) unknown future defenses, or (e) rights to damages, (ii) states that rights or remedies are not exclusive, that every right or remedy is cumulative and may be exercised in addition to any other right or remedy, that the election of some particular remedy does not preclude recourse to one or more others or that the failure to exercise or delay in exercising rights or remedies will not operate as a waiver of any such right or remedy, (iii) grants set-off rights, (iv) imposes penalties, forfeitures, late payment charges or an increase in interest rate upon delinquency in payment or the occurrence of a default, (v) appoints one party as an attorney-in-fact for an adverse party or (vi) states that time is of the essence.

Without limiting any of the other limitations, exceptions and qualifications stated elsewhere herein, we express no opinion with regard to the applicability or effect of the laws of any jurisdiction other than, with respect to any shares of Common Stock and Preferred Stock, the General Corporation Law of the State of Delaware and, with respect to the Documents, the internal laws of the State of New York, in each case as in effect on the date hereof.

This opinion letter deals only with the specified legal issues expressly addressed herein, and you should not infer any opinion that is not explicitly stated herein from any matter addressed in this opinion letter.

This opinion letter is rendered solely in connection with the Registration Statement. This opinion letter is rendered as of the date hereof, and we assume no obligation to advise you or any other person with regard to any change after the date hereof in the circumstances or the law that may bear on the matters set forth herein even if the change may affect the legal analysis or a legal conclusion or other matters in this opinion letter. We hereby consent to the filing of this opinion letter as Exhibit (l) to the Registration Statement and to the reference to our firm in the Prospectus under the heading "Legal Matters". In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules or regulations of the Commission promulgated thereunder.

![](ex99i_001.jpg)

Kayne Anderson BDC, Inc.

March 31, 2026

Very truly yours,

/s/ Paul Hastings LLP

## Ex-99.(N)(1)

**Exhibit (n)(1)**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 of Kayne Anderson BDC, Inc. of our report dated March 2, 2026 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in Kayne Anderson BDC, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2025. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

March 31, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**N-2**

**Kayne Anderson BDC, Inc.**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Common Stock, $0.01 par value | (1) | 457(r) |  | $| $— | 0.0001381 | $0.00 |
| Fees to be Paid | Equity | Preferred Stock | (2) | 457(r) |  |  |  | 0.0001381 | 0.00 |
| Fees to be Paid | Other | Subscription Rights | (3) | 457(r) |  |  |  | 0.0001381 | 0.00 |
| Fees to be Paid | Debt | Debt Securities | (4) | 457(r) |  |  |  | 0.0001381 | 0.00 |
| Fees to be Paid | Other | Warrants | (5) | 457(r) |  | $| $— | 0.0001381 | $0.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $0.00 |  | 0.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) In accordance with Rule 456(b) and Rule 457(r) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), Kayne Anderson BDC, Inc. (the "Registrant") is deferring payment of all of the registration fees. In no event will the aggregate offering price of all securities issued from time to time pursuant to this registration statement exceed $500,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;(4) See Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;(5) See Note 1.