Document:

Exhibit
10.5

 

Meng
Dong (James) Tan

6
Eu Tong Sen Street

#08-13
Singapore 059817

 

8i
Acquisition 2 Corp.

6
Eu Tong Sen Street

#08-13
Singapore 059817

Ladies
and Gentlemen:

 

8i
Acquisition 2 Corp. (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or
entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities
Act”), in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration
Statement”).

 

The
undersigned hereby commits that it will purchase up to 234,750 units of the Company (reduced pro rata to the extent the over-allotment
option is not exercised by the underwriters in full or in part pursuant to the Registration Statement) (“Private Units”),
each Private Unit consisting of one ordinary share of the Company, no par (the “Ordinary Shares”), one warrant (the “Warrants”)
entitling its holder to purchase one-half (1/2) of one Ordinary Share, and one right to receive one-tenth (1/10) of an Ordinary Share
(each a “Right”), at $10.00 per Private Unit, for a purchase price of up to $2,347,500 (the “Private Unit Purchase
Price”) At least twenty-four (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the
Private Unit Purchase Price to be delivered to Loeb & Loeb LLP (“Loeb”), counsel for the Company, by wire transfer as
set forth in the instructions attached as Exhibit A to hold in a non-interest bearing account until the Company consummates the IPO.

 

The
consummation of the purchase and issuance of the Private Units shall occur simultaneously with the consummation of the IPO. Simultaneously
with the consummation of the IPO, Loeb shall deposit the Private Unit Purchase Price, without interest or deduction, into the trust fund
(“Trust Fund”) established by the Company for the benefit of the Company’s public shareholders as described in the
Registration Statement. If the Company does not complete the IPO within ten (10) days from the date of this letter, the Private Unit
Purchase Price (without interest or deduction) will be returned to the undersigned.

 

Each
of the Company, and the undersigned acknowledges and agrees that Loeb is serving hereunder solely as a convenience to the parties to
facilitate the purchase of the Private Units and Loeb’s sole obligation under this letter agreement is to act with respect to holding
and disbursing the Private Unit Purchase Price as described above. Loeb shall not be liable to the Company, Maxim or the undersigned
or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with performing its services
hereunder unless Loeb has acted in a manner constituting gross negligence or willful misconduct. The Company and the undersigned shall
indemnify Loeb against any claim made against it (including reasonable attorney’s fees) by reason of it acting or failing to act
in connection with this letter agreement except as a result of its gross negligence or willful misconduct. Loeb may rely and shall be
protected in acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and believed
by it to be genuine and to have been signed or presented by the proper party or parties.

 

The
Private Units will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees:

 

	 	●	to
    vote the Ordinary Shares included in the Private Units in favor of any proposed Business Combination;
	 	 	 
	 	●	not
    to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles of Association
    that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s Ordinary Shares
    sold in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the IPO (or
    up to 21 months, as applicable), unless the Company provides the holders of Ordinary Shares sold in the IPO with the opportunity
    to redeem their Ordinary Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
    amount of the Trust Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company’s
    franchise and income taxes, divided by the number of then outstanding Ordinary Shares sold in the IPO;

 

    	 

    	 

    

 

	 	●	not
    to convert any Ordinary Shares included in the Private Units into the right to receive cash from the Trust Fund in connection with
    a shareholder vote to approve either a Business Combination or an amendment to the provisions of the Company’s Amended and
    Restated Memorandum and Articles of Association, and not to tender the Private Units in connection with a tender offer conducted
    prior to the closing of a Business Combination;
	 	 	 
	 	●	the
    undersigned will not participate in any liquidation distribution with respect to the Private Units (but will participate in liquidation
    distributions with respect to any units or Ordinary Shares purchased by the undersigned in the IPO or in the open market) if the
    Company fails to consummate a Business Combination;
	 	 	 
	 	●	that
    the Private Units and underlying securities will not be transferable until after the consummation of a Business Combination except
    (i) to the Company’s pre-IPO shareholders, or to the Company’s officers, directors, advisors and employees, (ii) transfers
    to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate planning purposes,
    (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) by
    private sales made in connection with the consummation of a Business Combination at prices no greater than the price at which the
    Private Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation of a Business
    Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions; and
	 	 	 
	 	●	the
    Private Units will include any additional terms or restrictions as is customary in other similarly structured blank check company
    offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each of which will be set
    forth in the Registration Statement.

 

The
undersigned acknowledges and agrees that the purchaser of the Private Units will execute agreements in form and substance typical for
transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as
are reasonably acceptable to the undersigned, including but not limited to an insider letter.

 

The
undersigned hereby represents and warrants that:

 

	 	(a)	it
    has been advised that the Private Units have not been registered under the Securities Act;
	 	 	 
	 	(b)	it
    will be acquiring the Private Units for its account for investment purposes only;
	 	 	 
	 	(c)	it
    has no present intention of selling or otherwise disposing of the Private Units in violation of the securities laws of the United
    States;
	 	 	 
	 	(d)	it
    is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended;
	 	 	 
	 	(e)	it
    has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons
    acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

    	2

    	 

    

 

	 	(f)	it
    is familiar with the proposed business, management, financial condition and affairs of the Company;
	 	 	 
	 	(g)	it
    has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to
    consummate the transactions contemplated in this letter; and
	 	 	 
	 	(h)	this
    letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 

This
letter agreement constitutes the entire agreement between the undersigned and the Company with respect to the purchase of the Private
Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral,
with respect to the same.

 

	 	Very
    truly yours,
	 	 
	 	 
	 	Meng
    Dong (James) Tan

 

	Accepted
    and Agreed:	 
	 	 
	8I
    ACQUISITION 2 CORP.	 
	 	 
	By:	 	 
	Name:	Meng
    Dong (James) Tan	 
	Title:	Chief
    Executive Officer	 

 

    	3

    	 

    

 

Exhibit
A

 

Wire
Instructions

 

	Bank
    Name:	Citigroup
    Private Bank
	 	 
	Bank
    Address:	153
    East 53rd Street
	 	New
    York, NY 10022
	 	 
	Account
    Name:	Loeb
    & Loeb LLP – Trust Account
	 	 
	Account
    Number:	24576266
	 	 
	Routing/ABA
    Number (Domestic Wires):	021000089
	 	 
	Swift
    Code (Foreign Wire):	CITIUS33
	 	 
	Note:	8i
    Acquisition 2 Corp.
	 	 
	236938-10001	 

 

    	A-1EX-4.1

 Exhibit 4.1 

FOURTH SUPPLEMENTAL INDENTURE 

between 
 FIRST EAGLE
ALTERNATIVE CAPITAL BDC, INC. 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
May 25, 2021 
  
  

FOURTH SUPPLEMENTAL INDENTURE 

THIS FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of May 25, 2021, is between First Eagle
Alternative Capital BDC, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used but not otherwise defined herein shall have the meaning set forth
in the Base Indenture (as defined below). 
 RECITALS OF THE COMPANY 

The Company and the Trustee executed and delivered an Indenture, dated as of November 18, 2014 (the “Base Indenture” and, as
amended and supplemented by this Fourth Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the
“Securities”), to be issued in one or more series as provided in the Indenture. 
 The Company previously entered into the First
Supplemental Indenture, dated as of November 18, 2014 (the “First Supplemental Indenture”), the Second Supplemental Indenture, dated as of December 14, 2015 (the “Second Supplemental Indenture”), and the Third
Supplemental Indenture, dated as of October 5, 2018, each of which supplemented and amended the Base Indenture. None of the First Supplemental Indenture, the Second Supplemental Indenture or the Third Supplemental Indenture is applicable to the
Notes (as defined below). 
 The Company desires to issue and sell up to $69,000,000 in aggregate principal amount of the Company’s
5.00% Notes due 2026 (the “Notes”). 
 Sections 9.01(iv) and 9.01(vi) of the Base Indenture provide that without the consent of
Holders of the Securities of any series issued under the Indenture, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base
Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security Outstanding of any series created prior to the execution of the supplemental indenture that is entitled to the benefit of such provision and
(ii) establish the form or terms of Securities of any series as permitted by Section 2.01 and Section 3.01 of the Base Indenture. 

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

The Company has duly authorized the execution and delivery of this Fourth Supplemental Indenture to provide for the issuance of the Notes and
amendment of certain provisions of the Base Indenture as herein provided and all acts and things necessary to make this Fourth Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the
Company, in accordance with its terms, have been done and performed. 
 NOW, THEREFORE, for and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE I 
 TERMS OF THE
NOTES 
 Section 1.01 Terms of the Notes. The following terms relating to the Notes are hereby
established: 
 (a) The Notes shall constitute a series of Senior Securities having the title “5.00% Notes due 2026.” The Notes
shall bear a CUSIP number of 26943B 407 and an ISIN number of US 26943B4077. 
 (b) The aggregate principal amount of the Notes that may be
initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05 of
the Base Indenture, and except for any Securities that, pursuant to Section 3.03 of the Base Indenture, are deemed never to have been authenticated and delivered under the Indenture) shall be $69,000,000. Under a Board Resolution,
Officers’ Certificate pursuant to Board Resolutions or Future Supplemental Indenture, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having
the same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the
Additional Notes unless the context otherwise requires. 
 (c) The entire outstanding principal of the Notes shall be payable on
May 25, 2026. 

  
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 (d) The rate at which the Notes shall bear interest shall be 5.00% per annum. The date from
which interest shall accrue on the Notes shall be May 25, 2021, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be March 30, June 30,
September 30, and December 30 of each year, commencing September 30, 2021 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day
and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including May 25, 2021, to, but excluding, the initial Interest Payment Date, and the subsequent interest
periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date, will be paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be March 1, June 1, September 1,
or December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes will be made at the office of the Trustee located
at 111 Fillmore Avenue East, Mailcode: EP-MN-WS2N, St. Paul, MN 55107, Attention: Bondholder Services,
EP-MN-WS2N, Reference: First Eagle Alternative Capital BDC, Inc. (5.00% Notes Due 2026) or at such other address as designated by the Trustee, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with the
procedures established by The Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.

 (e) The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the
Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Fourth Supplemental Indenture. Each Global Note shall represent the outstanding Notes as shall be specified therein and each shall provide
that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections
2.03 and 3.05 of the Base Indenture. 
 (f) The depositary for such Global Notes (the “Depositary”) shall be The Depository Trust
Company, New York, New York. The Security Registrar with respect to the Global Notes shall be the Trustee. 
 (g) The Notes shall be
defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.06, 10.08, and 10.09 of the
Indenture. 
 (h) The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows: 

  
 3 

 (i) The Notes will be redeemable in whole or in part at any time or from
time to time, at the option of the Company, on or after May 25, 2023, at a redemption price equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly
interest period accrued to but not including the date fixed for redemption. 
 (ii) Notice of redemption shall be given in
writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, provided that so long as the Notes are registered to Cede & Co., such notice shall be given in
accordance with the Trustee’s and the Depositary’s standard practices and procedures, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture. 

(iii) Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Indenture and the
Investment Company Act and the rules, regulations and interpretations promulgated thereunder, to the extent applicable. 

(iv) If the Company elects to redeem only a portion of the Notes, the Trustee will determine the method for selecting the
particular Notes to be redeemed, in accordance with Section 11.03 of the Indenture and the Investment Company Act and the rules of any national securities exchange or quotation system on which the Notes are listed (which rules will be certified
to the Trustee by the Company or such national securities exchange at the Trustee’s request), in each case, to the extent applicable. 

(v) Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to
accrue on the Notes called for redemption hereunder. 
 (i) The Notes shall not be subject to any sinking fund pursuant to
Section 12.01 of the Base Indenture. 
 (j) The Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess
thereof. 
 (k) Holders of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity. 

(l) The Notes are hereby designated as “Senior Securities” under the Indenture. 

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

  
 4 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
any statute successor thereto.” 
 “GAAP” means generally accepted accounting principles in the United States set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to
time.” 
 ARTICLE III 

EXECUTION OF SECURITIES 

Section 3.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 3.03 of the Base Indenture shall be amended by replacing the first paragraph thereof with the following: 

“The Securities shall be executed on behalf of the Company by any one of the Chairman of the Board, the Chief Executive Officer, the
Chief Financial Officer or one of its Co-Presidents and attested by its Secretary. The signature of any of these officers on the Securities may be manual or facsimile signatures of the present or any future
such authorized officer and may be imprinted or otherwise reproduced on the Securities.” 
 ARTICLE IV 

REMEDIES 

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

“(ii) default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity;
or” 
 “(vii) if, pursuant to Section 18(a)(1)(c)(ii) and Section 61 of the Investment Company Act, on the last business
day of each of twenty-four consecutive calendar months any class of Securities shall have an asset coverage (as such term is used in the Investment Company Act) of less than 100 per centum, giving effect to any exemptive relief granted to the
Company by the Commission; or” 

  
 5 

 ARTICLE V 

REPORTS BY THE COMPANY 

Section 5.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 7.04 of the Base Indenture shall be amended by adding the following new paragraph after the first full paragraph thereof: 

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

ARTICLE VI 
 COVENANTS

 Section 6.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders
of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article X of the Base Indenture shall be amended by adding the following new Sections 10.08 and 10.09 thereto, as set forth below:

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

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

“Section 10.09. Section 18(a)(1)(B) of the Investment Company Act. 

The Company hereby agrees that, for the period of time during which Notes are Outstanding, the Company will not declare any dividend (except a
dividend payable in its stock), or declare any other distribution (except a distribution payable in its stock), upon any class of its capital stock, or purchase or redeem any of its capital stock, if the Company’s asset coverage, as defined in
the Investment Company Act and after giving effect to any exemptive relief granted to the Company by the Commission with respect to such asset coverage is (i) below 150% at the time of the declaration of such dividend or distribution or
purchase or redemption and after deducting the amount of such dividend, distribution, purchase or redemption and (ii) has been below 150% for the six consecutive months immediately preceding such declaration or purchase or redemption, in each
case whether or not the Company continues to be subject to the asset coverage requirements set forth in Section 18(a)(1)(B) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment
Company Act. Notwithstanding the foregoing restriction, the Company may declare a cash dividend or distribution on its capital stock only up to such amount as is necessary for the Company to maintain its status as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended. 

  
 6 

 ARTICLE VII 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 

Section 7.01 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 8.01 of the Base Indenture shall be amended by replacing clauses (ii) and (iii) thereof with the following: 

“(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have happened and be continuing; 

(iii) if, as a result of such transaction, any property or assets of the Company or a Subsidiary would become subject to any mortgage, lien,
pledge, charge or other encumbrance, the Notes shall be secured as to payment or principal and interest equally and ratably with or senior to the indebtedness secured by such mortgage, lien, pledge, charge or other encumbrance; and 

(iv) the Company and the successor Person have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating
that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.” 

ARTICLE VIII 
 MEETINGS
OF HOLDERS OF SECURITIES 
 Section 8.01 Except as may be provided in a Future Supplemental Indenture, for the
benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 15.05 of the Base Indenture shall be amended by replacing clause (c) thereof with the
following: 
 “(c) At any meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each
$25.00 principal amount of the Outstanding Securities of such series held or represented by such Holder; provided, however, 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.” 

ARTICLE IX 

MISCELLANEOUS 

Section 9.01 This Fourth Supplemental Indenture and the Notes 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. This Fourth Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent
applicable, be governed by such provisions. 

  
 7 

 Section 9.02 In case any provision in this Fourth Supplemental
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 9.03 This Fourth Supplemental Indenture may be executed in counterparts, each of which will be an original,
but such counterparts will together constitute but one and the same Fourth Supplemental Indenture. The exchange of copies of this Fourth Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means
shall constitute effective execution and delivery of this Fourth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their
original signatures for all purposes. 
 Section 9.04 The Base Indenture, as supplemented and amended by this
Fourth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions
included in this Fourth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented
by this Fourth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Fourth Supplemental Indenture. 

Section 9.05 The provisions of this Fourth Supplemental Indenture shall become effective as of the date hereof. 

Section 9.06 Notwithstanding anything else to the contrary herein, the terms and provisions of this Fourth
Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Indenture and this Fourth Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the
terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding. 

Section 9.07 The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the
Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is
duly authorized to execute and deliver this Fourth Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the
Notes or any Additional Notes or the proceeds thereof. 
  

  
 8 

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

			
	FIRST EAGLE ALTERNATIVE CAPITAL
	BDC, INC.
		
	By:	 	 /s/ Terrence W. Olson

	Name:	 	Terrence W. Olson
	Title:	 	Chief Operating Officer, Chief Financial Officer and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Donald Higgins

	Name:	 	Donald Higgins
	Title:	 	Vice President

 Exhibit A – Form of Global Note 

This Security is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or
a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a
nominee thereof, except in the limited circumstances described in the Indenture. 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such other
name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest
herein. 
 First Eagle Alternative Capital BDC, Inc. 
  

			
	No.	  	$
		  	CUSIP No. 26943B 407
		  	ISIN No. US26943B4077

 5.00% Notes due 2026 

First Eagle Alternative Capital BDC, Inc., a corporation duly organized and existing under the laws of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                 U.S. DOLLARS (U.S.$                 ) on May 25, 2026, and to pay
interest thereon from May 25, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on March 30, June 30, September 30, and December 30 in each year, commencing
September 30, 2021, at the rate of 5.00% per annum, until the principal hereof is paid or made available for payment (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on
the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment). The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be March 1, June 1, September 1, or December 1 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name
this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series. 

 Payment of the principal of (and premium, if any, on) and any such interest on this Security
will be made at the office of the Trustee located at 111 Fillmore Avenue East, Mailcode: EP-MN-WS2N, St. Paul, MN 55107, Attention: Bondholder Services, EP-MN-WS2N, Reference: First Eagle Alternative Capital BDC, Inc. (5.00% Notes Due 2026) and at such other address as designated by the Trustee, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in accordance with the
procedures established by The Depository Trust Company and the Trustee. 
 Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

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

  
 2 

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

Dated: 
  

			
	 FIRST EAGLE ALTERNATIVE CAPITAL

BDC, INC.

		
	By:	 	
                     
           

	Name:	 	
	Title:	 	

  

			
	Attest
		
	By:	 	
                     
                   

	Name:	 	
	Title:	 	

 [Signature Page to Global Note] 

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

			
	U.S. BANK NATIONAL ASSOCIATION as Trustee
		
	By:	 	
                     
               

		 	Authorized Signatory

 First Eagle Alternative Capital BDC, Inc. 

5.00% Notes due 2026 
 This
Security is one of a duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of November 18, 2014 (herein called the
“Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered, as amended and supplemented by the Fourth Supplemental Indenture relating to the Securities, dated as of May 25, 2021, by and between the Company and the Trustee
(herein called the “Fourth Supplemental Indenture”; and together with the Base Indenture, the “Indenture”). In the event of any conflict between the Base Indenture and the Fourth Supplemental Indenture, the Fourth Supplemental
Indenture shall govern and control. 
 This Security is one of the series designated on the face hereof, which series is initially limited
in aggregate principal amount to $60,000,000 (or up to $69,000,000 in aggregate principal amount if the underwriters’ overallotment option to purchase additional Securities is exercised in full). Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional
Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities. Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the
relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions. 
 The Securities of this series are subject to redemption in whole or in part at any time or from time to time,
at the option of the Company, on or after May 25, 2023, at a redemption price per security equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly
interest period accrued to but not including the date fixed for redemption. 
 Notice of redemption shall be given in writing and mailed,
first-class postage prepaid or by overnight courier guaranteeing next-day delivery, provided that so long as the Securities are registered to Cede & Co., such notice shall be given in accordance with
the Trustee’s and the Depositary’s standard practices and procedures, to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s
address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture. 

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

 If the Company elects to redeem only a portion of the Securities, the Trustee will determine
the method for selecting the particular Securities to be redeemed, in accordance with the Indenture and the Investment Company Act, to the extent applicable. In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the
Securities called for redemption. 
 Holders of Securities do not have the option to have the Securities repaid prior to May 25, 2026.

 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If
an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not
have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

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

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

The Securities of this series are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

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

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

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