Document:

SUPPLEMENTAL INDENTURE NO. 1

(Golub Capital BDC 2010-1 LLC)

 

THIS SUPPLEMENTAL
INDENTURE NO. 1 (this “First Supplemental Indenture”), dated as of February 15, 2013, is entered into in
connection with that certain Indenture, dated as of July 16, 2010 (as amended, supplemented, restated or replaced from time to
time, the “Indenture”), by and between GOLUB CAPITAL BDC 2010-1 LLC, a Delaware limited liability company (the
“Issuer”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (herein, together with
its permitted successors in the trusts hereunder, called the “Trustee”). Capitalized terms used and not otherwise
defined herein shall have the meanings given to such terms in the Indenture.

 

RECITALS

 

WHEREAS, the
above-named parties have entered into the Indenture pursuant to which the existing Class A Notes (the “Existing Class
A Notes”), the existing Class B Notes (the “Existing Class B Notes”) and the existing Subordinated
Notes (the “Existing Subordinated Notes” and, together with the Existing Class A Notes and Existing Class B
Notes, the “Existing Notes”) were issued;

 

WHEREAS, pursuant
to and in accordance with Section 8.2 thereof, the Issuer desires to amend the Indenture and the Existing Notes in certain respects
as provided herein;

 

WHEREAS,  pursuant
to and in accordance with Section 2.13 and Section 3.2, as amended hereby, the Issuer desires to provide for the issuance of additional
Class A Notes, Class B Notes and Subordinated Notes;

 

NOW, THEREFORE,
based upon the above Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

 

SECTION
1. AMENDMENTS.

 

(a)The Existing
Notes are hereby amended and restated as set forth in the respective forms of Notes comprising Exhibits A through Exhibit
C hereto.

 

(b)There is hereby
created and designated the following additional Notes to be issued pursuant to the Indenture and this First Supplemental Indenture:
(i) additional Class A Notes in an aggregate principal amount of $29,000,000 (the “Additional Class A Notes”),
(ii) additional Class B Notes in an aggregate principal amount of $2,000,000 (the “Additional Class B Notes”),
and (iii) additional Subordinated Notes in an aggregate principal amount of $19,000,000 (the “Additional Subordinated
Notes” and, together with the Additional Class A Notes and Additional Class B Notes, the “Additional Notes”).
The Issuer hereby authorizes and issues the Additional Notes and directs Trustee to authenticate such Notes. The Additional Notes
shall be subject to the same terms and conditions as the Existing Notes (as such terms and conditions are modified herein).

 

    	 

    	 	

    
 

(c)The Existing
Class A Notes (as amended and restated hereby) and Additional Class A Notes shall be combined and issued together in the same form
(as set forth on Exhibit A-1 and Exhibit A-2 hereto) and shall share the same CUSIP. The Existing Class B Notes (as
amended and restated hereby) and Additional Class B Notes shall be combined and issued together in the same form (as set forth
on Exhibit B-1 and Exhibit B-2 hereto) and shall share the same CUSIP. The Existing Subordinated Notes (as amended
and restated hereby) and Additional Subordinated Notes shall be combined and issued together in the same form (as set forth on
Exhibit C hereto) and shall share the same CUSIP.

 

(d)Section 1.1
of the Indenture is hereby amended by adding the following definitions in the appropriate alphabetical order:

 

“17g-5 Information Provider”: shall
mean the Trustee.

 

“17g-5 Information Provider’s Website”:
means the internet website of the 17g-5 Information Provider, initially located at www.structuredfn.com under the tab “NRSRO,”
access to which is limited to Rating Agencies and to NRSRO’s that have provided an NRSRO Certification.

 

(e)Section 1.1
of the Indenture is hereby amended by amending the definition of “Aggregate Excess Funded Spread” by replacing the
words “Target Initial Par Amount” appearing in the last line thereof with the words “Reinvestment Target Par
Balance”.

 

(f)Section 1.1
of the Indenture is hereby amended by amending the definition of “Class A Notes” by adding the words “and the
First Supplemental Indenture” after the words “this Indenture”.

 

(g)Section 1.1
of the Indenture is hereby amended by amending the definition of “Class B Notes” by adding the words “and the
First Supplemental Indenture” after the words “this Indenture”.

 

(h)Section 1.1
of the Indenture is hereby amended by amending the definition of “Defaulted Obligation” by adding the following the
words “pursuant to clauses (b) through (e) above” immediately after the words “shall not constitute a Defaulted
Obligation” appearing in clause (y) of the proviso.

 

(i)Section 1.1
of the Indenture is hereby amended by amending the definition of “Discount Obligation” by replacing the words “Target
Initial Par Amount” appearing in the last line thereof with the words “Reinvestment Target Par Balance”.

 

(j)Section 1.1
of the Indenture is hereby amended by amending the definition of “Distressed Exchange” by replacing the words “Target
Initial Par Amount” appearing in the last line thereof with the words “Reinvestment Target Par Balance”.

 

(k)Section 1.1
of the Indenture is hereby amended by adding the following definitions in the appropriate alphabetical order:

 

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“First Supplemental Indenture”: that
certain Supplemental Indenture No. 1, dated as of February 15, 2013, entered into by the Issuer and the Trustee.

 

“First Supplemental Indenture Date”:
February 15, 2013.

 

(l)Section 1.1
of the Indenture is hereby amended by amending and restating the definition of “Group II Country” in its entirety as
follows:

 

“Group II Country”: Germany, Sweden
and Switzerland (or such other countries as may be notified by Moody’s to the Collateral Manager from time to time).

 

(m)Section 1.1
of the Indenture is hereby amended by amending and restating the definition of “Group III Country” in its entirety
as follows:

 

“Group III Country”: Austria, Belgium,
Denmark, Finland, France, Iceland, Liechtenstein, Luxembourg and Norway (or such other countries as may be notified by Moody’s
to the Collateral Manager from time to time).

 

(n)Section 1.1
of the Indenture is hereby amended by amending the definition of “Minimum Weighted Average Moody’s Recovery Rate Test”
by replacing the percentage “43.00%” appearing in the third line thereof with the percentage “41.00%”.

 

(o)Section 1.1
of the Indenture is hereby amended by amending the definition of “Moody’s Rating Condition” by replacing the
words “be deemed” appearing in the sixth line thereof with the words “not be required”.

 

(p)Section 1.1
of the Indenture is hereby amended by amending the definition of “Moody’s Recovery Rate” by replacing the table
appearing at the end of clause (ii) thereof in its entirety with the following table:

 

	Number of Moody’s Ratings Subcategories Difference Between the Moody’s Rating and the Moody’s Default Probability Rating	Moody’s Senior Secured Loans	Moody’s Non-Senior Secured Loans
	+2 or more	60%	35%
	+1	50%	30%
	0	45%	25%
	1	40%	10%
	2	30%	5%
	3 or less	20%	0%

 

 

(q)Section 1.1
of the Indenture is hereby amended by amending the definition of “Non-Call Period” by replacing the date “July
2013” where it appears in clause (i) thereof with the date “July 20, 2015”.

 

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(r)Section 1.1
of the Indenture is hereby amended by adding the following definitions in the appropriate alphabetical order:

 

“NRSRO”: Any nationally recognized
statistical rating organization.

 

“NRSRO Certification”:
A letter, in a form acceptable to the 17g-5 Information Provider, executed by an NRSRO and addressed to the 17g-5 Information Provider,
with a copy to the Trustee, the Issuer and the Collateral Manager, attaching a copy of a certification satisfying the requirements
of paragraph (a)(3)(iii)(B) of Rule 17g-5, upon which the 17g-5 Information Provider may conclusively rely for purposes of granting
such NRSRO access to the 17g-5 Information Provider’s Website.

 

(s)Section 1.1
of the Indenture is hereby amended by amending the definition of “Payment Date” by adding the words “and, for
the avoidance of doubt, the first Payment Date following the First Supplemental Indenture shall be April 22, 2013” immediately
after the parenthetical phrase “(or, if such day is not a Business Day, the next succeeding Business Day)” appearing
in the last line thereof.

 

(t)Section 1.1
of the Indenture is hereby amended by amending the definition of “Reinvestment Period” by replacing the date “July
22, 2013” appearing in clause (i) thereof with the date “July 20, 2015”;

 

(u)Section 1.1
of the Indenture is hereby amended by amending the definition of “Reinvestment Period Extension Date” by replacing
the date “July 20, 2015” with the date “July 20, 2017”.

 

(v)Section 1.1
of the Indenture is hereby amended by amending the definition of “Reinvestment Target Par Balance” by adding a “(i)”
after the word “Amount” in the second line thereof and by adding the following words to the end thereof: “plus
(ii) the Aggregate Outstanding Amount of any additional Notes issued pursuant to Sections 2.13 and 3.2, or,
if greater, the aggregate amount of Principal Proceeds that result from the issuance of such additional Notes”.

 

(w)Section 1.1
of the Indenture is hereby amended by amending the definition of “Weighted Average Moody’s Rating Factor” by
replacing the words “of 1” appearing in the last line thereof with the words “based on the Moody’s Default
Probability Rating of the United States government”.

 

(x)Section 1.1
of the Indenture is hereby amended by adding the following definition in the appropriate alphabetical order:

 

“Rule 17g-5”: Rule 17g-5 under the
Exchange Act.

 

(y)Section 1.1
of the Indenture is hereby amended by amending the definition of “Subordinated Notes” by adding the words “and
the First Supplemental Indenture” after the words “this Indenture”.

 

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(z)Section 1.2
of the Indenture is hereby amended by adding the following sentence to the end thereof: “All references herein or in any
Transaction Document to any of the Notes shall be deemed to include all Notes issued pursuant to the First Supplemental Indenture.”

 

(aa)Section 2.3
of the Indenture is hereby amended by amending and restating the first and second paragraphs thereof in their entirety as follows:

 

Authorized
Amount; Stated Maturity; Denominations. The aggregate principal amount of Secured Notes and Subordinated Notes that may be
authenticated and delivered under this Indenture is limited to U.S.$350,000,000 aggregate principal amount of Notes (except for
(i) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant
to Section 2.5, Section 2.6 or Section 8.5 of this Indenture or (ii) additional Notes
issued in accordance with Sections 2.13 and 3.2).

 

Such Notes
shall be divided into the Classes, having the designations, original principal amounts and other characteristics as follows:

 

	Class Designation	A	B	Subordinated
	Principal Amount1	U.S.$203,000,000	U.S.$12,000,000	U.S.$135,000,000
	Stated Maturity	July 20, 2023	July 20, 2023	July 20, 2023
	Fixed Rate Note	No	No	N/A
	Interest Rate:	 	 	 
	Floating Rate Note	Yes	Yes	N/A
	Index	LIBOR	LIBOR	N/A
	Index Maturity	3 month 2	3 month2	N/A
	Spread	1.74%3	2.40%	N/A
	Initial Rating(s):	 	 	 
	S&P	AAA	AA+	None
	Moody’s	Aaa	Aa1	None
	Priority Classes	None	A	A, B
	Pari Passu Classes	None	None	None
	Junior Classes	B, Subordinated	Subordinated	None
	Listed Notes	Yes	Yes	No
	Interest deferrable	No	No	N/A

 

		1	As of the date of the
First Supplemental Indenture.

		2	LIBOR shall be calculated
by reference to three-month LIBOR, in accordance with the definition of LIBOR set forth in Exhibit C hereto.

		3	For the Interest Accrual
Period in which the First Supplemental Indenture Date occurs, the spread for the Class A Notes shall equal 2.40% for each day
prior to the First Supplemental Indenture Date and shall equal 1.74% for the First Supplemental Indenture Date and each day thereafter.

 

(bb)Section 2.13
of the Indenture is hereby amended by adding the following parenthetical after the phrase “Subordinated Notes” where
such phrase appears in the second line of clause (a) thereof: “(and, solely in the case of the First Supplemental Indenture,
additional Secured Notes)”.

 

(cc)Section 2.13(a)
of the Indenture is hereby amended by adding the following sentence to the end thereof:

 

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For the avoidance
of doubt, any additional issuance of any Class of Secured Notes (other than pursuant to the First Supplemental Indenture) shall
require the consent of a Majority of each Class of Secured Notes and a Majority of Subordinated Notes and may only be effected
in accordance with Section 8.2 of this Indenture.

 

(dd)Section 3.2(a)
of the Indenture is hereby amended by adding the parenthetical “(and, solely in the case of the First Supplemental Indenture,
additional Secured Notes, as applicable)” after the phrase “Subordinated Notes” where such phrase appears (1)
in the first line thereof, (2) in the third and fifth lines of subclause (i) thereof, (3) in the fifth and eighth line of subclause
(ii) thereof and (4) in the fourth, tenth and twelfth lines of subclause (iii) thereof.

 

(ee)Section 7.8(a)
of the Indenture is hereby amended by deleting the word “Subordinated” where it appears before the word “Notes”
in the second line thereof.

 

(ff)Section 7.18(g)
of the Indenture is hereby amended by amending and restating the second sentence thereof in its entirety as follows:

 

Thereafter,
at any time on written notice of one Business Day to the Trustee and S&P, the Collateral Manager may elect a different “row/column
combination” to apply to the Collateral Obligations; provided that if: (i) the Collateral Obligations are currently
in compliance with the Asset Quality Matrix case then applicable to the Collateral Obligations, the Collateral Obligations comply
with the Asset Quality Matrix case to which the Collateral Manager desires to change or (ii) the Collateral Obligations are
not currently in compliance with the Asset Quality Matrix case then applicable to the Collateral Obligations or would not be in
compliance with any other Asset Quality Matrix case, the Collateral Obligations need not comply with the Asset Quality Matrix case
to which the Collateral Manager desires to change so long as the degree of compliance of such Collateral Obligations with each
of the Minimum Floating Spread Test, the Moody’s Diversity Test, and Maximum Moody’s Rating Factor Test not in compliance
would be maintained or improved if the Asset Quality Matrix case to which the Collateral Manager desires to change is used.

 

(gg)Article VII
of the Indenture is hereby amended by adding the following Section 7.21 to the end thereof:

 

Section 7.21
Rule 17g-5 Compliance.

 

(a)To
enable the Rating Agencies to comply with their obligations under Rule 17g-5, the Issuer shall post on a password-protected internet
website, at the same time such information is provided to the Rating Agencies, all information (which shall not include any Passing
Accountants’ Certificate) the Issuer provides to the Rating Agencies for the purposes of re-affirming the initial credit
rating of the Notes or undertaking credit rating surveillance of the Notes. In the case of information provided for the purposes
of undertaking credit rating surveillance of the Notes, such information shall be posted on a password protected internet website
in accordance with the procedures set forth in Section 7.21(b).

 

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(b)(i)
To the extent that a Rating Agency makes an inquiry or initiates communications with the Issuer, the Collateral Manager, the Collateral
Administrator or the Trustee that is relevant to such Rating Agency’s credit rating surveillance of the Secured Notes, all
responses to such inquiries or communications from such Rating Agency shall be formulated in writing by the responding party or
its representative or advisor and shall be provided to the 17g-5 Information Provider who shall promptly post such written response
to the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 7.21(d), after
the responding party or its representative or advisor receives written notification from the 17g-5 Information Provider (which
the 17g-5 Information Provider agrees to provide on a reasonably prompt basis) (which may be in the form of e-mail) that such response
has been posted on the 17g-5 Information Provider’s Website, such responding party or its representative or advisor may provide
such response to such Rating Agency and (ii) to the extent that any of the Issuer, the Collateral Manager, the Collateral Administrator
or the Trustee is required to provide any information to, or communicate with, any Rating Agency in accordance with its obligations
under this Indenture or the Collateral Management Agreement, the Issuer, the Collateral Manager, the Collateral Administrator or
the Trustee, as applicable (or their respective representatives or advisors), shall provide such information or communication to
the 17g-5 Information Provider by e-mail at golubcapital17g5@usbank.com, which the 17g-5 Information Provider shall promptly upload
to the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 7.21(d), and after
the applicable party has received written notification from the 17g-5 Information Provider (which the 17g-5 Information Provider
agrees to provide on a reasonably prompt basis) (which may be in the form of e-mail) that such information has been uploaded to
the 17g-5 Information Provider’s Website, the applicable party or its representative or advisor shall provide such information
to such Rating Agency.

 

(c)Subject
to Section 14.16 hereof, the Issuer, the Collateral Manager, the Collateral Administrator and the Trustee (and their respective
representatives and advisors) shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding
any Collateral Obligation or the Notes; provided, that such party summarizes the information provided to the Rating Agencies
in such communication and provides the 17g-5 Information Provider with such summary in accordance with the procedures set forth
in this Section 7.21 within one Business Day of such communication taking place. The 17g-5 Information Provider shall post
such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 7.21(d).

 

(d)All
information to be made available to the Rating Agencies pursuant to this Section 7.21 shall be made available by the 17g-5
Information Provider on the 17g-5 Information Provider’s Website. Information will be posted on the same Business Day of
receipt provided that such information is received by 12:00 p.m. (Eastern time) or, if received after 12:00 p.m. (Eastern time),
on the next Business Day. The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine
whether the information being delivered is accurate, complete, conforms to the transaction or otherwise is or is not anything other
than what it purports to be. In the event that any information is delivered or posted in error, the 17g-5 Information Provider
may remove it from the 17g-5 Information Provider’s Website. None of the Trustee, the Collateral Manager, the Collateral
Administrator and the 17g-5 Information Provider shall have obtained or shall be deemed to have obtained actual knowledge of any
information solely due to receipt and posting to the 17g-5 Information Provider’s Website. Access will be provided by the
17g-5 Information Provider to (A) any NRSRO (other than the Rating Agencies) upon receipt by the Issuer and the 17g-5 Information
Provider of an NRSRO Certification from such NRSRO (which may be submitted electronically via the 17g-5 Information Provider’s
Website) and (B) to the Rating Agencies, without submission of an NRSRO Certification. Questions regarding delivery of information
to the 17g-5 Information Provider may be directed to golubcapital17g5@usbank.com.

 

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(e)In
connection with providing access to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider may require
registration and the acceptance of a disclaimer. The 17g-5 Information Provider shall not be liable for unauthorized disclosure
of any information that it disseminates in accordance with this Section 7.21 and makes no representations or warranties
as to the accuracy or completeness of information made available on the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the Rating Agencies or NRSROs unless such information
was delivered to the 17g-5 Information Provider at the email address set forth in Section 7.21(b)(ii), with a subject heading
of “Golub Capital BDC 2010-1” and sufficient detail to indicate that such information is required to be posted on the
17g-5 Information Provider’s Website.

 

(f)Neither
the 17g-5 Information Provider nor the Trustee shall be responsible or liable for the dissemination of any identification numbers
or passwords for the 17g-5 Information Provider’s Website, including by the Issuer, the Rating Agencies, any nationally recognized
statistical rating organization, any of their respective agents or any other party. Additionally, neither the 17g-5 Information
Provider nor the Trustee shall be liable for the use of information posted on the 17g-5 Information Provider’s Website, whether
by the Issuer, the Rating Agencies, any nationally recognized statistical rating organization or any other third party that may
gain access to the 17g-5 Information Provider’s Website or the information posted thereon.

 

(g)Notwithstanding
anything therein to the contrary, the maintenance by the Trustee of the website described in Section 10.7(g) shall not be
deemed as compliance by or on behalf of the Issuer with Rule 17g-5 or any other law or regulation related thereto.

 

(hh)Section 8.1(a)(i)
of the Indenture is hereby amended by adding the words “pursuant to Section 7.10 hereof” immediately after the words
“herein and in the Notes”.

 

(ii)Section 10.1
of the Indenture is hereby amended by amending and restating the third sentence thereof in its entirety as follows:

 

Each Account
shall be established and maintained with (a) a federal or state-chartered depository institution rated at least “A-1”
by S&P (or at least “A+” by S&P and “Aa3” by Moody’s if such institution has no short-term
rating) and  “P-1” and “A-1” by Moody’s and if such institution’s rating falls below “A-1”
by S&P (or below “A+” by S&P or “Aa3” by Moody’s if such institution has no short-term rating)
or “P-1” and “A-1” by Moody’s, the assets held in such Account shall be moved within 30 calendar
days to another institution that is rated at least “A-1” by S&P (or at least “A+” by S&P and “Aa3”
by Moody’s if such institution has no short-term rating) and “P-1” and “A-1” by Moody’s
or (b) in segregated trust accounts with the corporate trust department of a federal or state-chartered deposit institution
which satisfies the ratings requirements specified clause (a) above and subject to regulations regarding fiduciary funds on deposit
similar to Title 12 of the Code of Federal Regulation Section 9.10(b), and if such institution’s rating falls below the ratings
requirements specified in clause (a) above, then the assets held in such Account shall be moved within 30 calendar days to another
institution that satisfies the ratings requirements of clause (a) above.

 

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(jj)Section 10.9(b)
of the Indenture is hereby amended by deleting the phrase “and each Rating Agency” where it appears in the third and
fourth lines thereof.

 

(kk)Section 10.10
of the Indenture is hereby amended by (i) adding the phrase “(with the exception of any Accountants’ Certificate)”
(A) after the words “delivered to the Trustee hereunder” appearing on the fourth line thereof and (B) after the words
“reasonably request” appearing in the fifth line thereof and (ii) adding the phrase “and any annual audited financial
statements of any Obligor received by the Issuer (or the Collateral Manager on behalf of the Issuer) since the most recent Monthly
Report” immediately after the words “Collateral Obligations” appearing in the twenty-fourth line thereof.

 

(ll)Section 12.3(a)(iii)
of the Indenture is hereby amended by amending and restating the last sentence thereof in its entirety as follows:

 

To the extent
any Substitute Obligation received by the Issuer exceeds the value of the Collateral Obligation being substituted for, such excess
shall be deemed a capital contribution from the Originator to the Depositor and from the Depositor to the Issuer.

 

(mm)Section 12.2
of the Indenture is hereby amended by deleting the word “Subordinated” where it appears in the fourth line of the first
paragraph thereof.

 

(nn)Article XII
of the Indenture is hereby amended by adding the following Section 12.15 to the end thereof:

 

Section 12.5
Consent to Extension of Maturity. The Issuer shall be permitted to consent to an amendment, waiver or other modification
to any Collateral Obligation that would extend the maturity thereof if, after giving effect to such amendment, waiver or other
modification the extended maturity date of such Collateral Obligation would not be later than the Stated Maturity of the Notes.

 

(oo)Article XIV
of the Indenture is hereby amended by adding the following Section 14.16 to the end thereof:

 

Section 14.16
Communications with Rating Agencies.

 

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If the Issuer
shall receive any written or oral communication from any Rating Agency (or any of their respective officers, directors or employees)
with respect to the transactions contemplated hereby or under the Transaction Documents or in any way relating to the Notes, the
Issuer agrees to refrain from communicating with such Rating Agency and to promptly (and, in any event, within one Business Day)
notify the Collateral Manager of such communication. The Issuer agrees that in no event shall it engage in any oral or written
communication with respect to the transactions contemplated hereby or under the Transaction Documents or in any way relating to
the Notes with any Rating Agency (or any of their respective officers, directors or employees) without the participation of the
Collateral Manager, unless otherwise agreed to in writing by the Collateral Manager. The Trustee agrees that in no event shall
a Trust Officer engage in any oral or written communication with respect to the transactions contemplated hereby or under the Transaction
Documents or in any way relating to the Notes with any Rating Agency without the prior written consent (which may be in the form
of e-mail correspondence) or participation of the Collateral Manager, unless otherwise agreed to in writing by the Collateral Manager;
provided that nothing in this Section 14.16 shall prohibit the Trustee from making available on its internet website
the Monthly Reports, Distribution Reports, any information required pursuant to Section 7.21 and other notices or documentation
relating to the Notes or this Indenture (other than any Accountants’ Certificate).

 

(pp)Schedule 5
to the Indenture is hereby amended by amending and restating the last sentence under the section entitled “MOODY’S
RATING” in its entirety as follows:

 

For purposes
of the definitions of “Moody’s Default Probability Rating”, “Moody’s Derived Rating” and “Moody’s
Rating”, any credit estimate assigned by Moody’s and any Moody’s RiskCalc rating obtained by the Issuer or Collateral
Manager shall expire one year from the date such estimate was issued; provided that, for purposes of any calculation under the
Indenture, if Moody’s fails to renew for any reason a credit estimate for a previously acquired Collateral Obligation thereunder
on or before such one-year anniversary (which may be extended at Moody’s option to the extent the annual audited financial
statements for the Obligor have not yet been received), after the Issuer or the Collateral Manager on the Issuer’s behalf
has submitted to Moody’s all information required to provide such renewal, (1) the Issuer for a period of 30 days will continue
using the previous credit estimate assigned by Moody’s with respect to such Collateral Obligation until such time as Moody’s
renews the credit estimate for such Collateral Obligation, (2) after 30 days until the 90th day or until such time as
Moody’s renews the credit estimate for such Collateral Obligation, the Collateral Obligation will be treated as having been
downgraded by one rating subcategory and (3) after 90 days but before Moody’s renews the credit estimate for such Collateral
Obligation, the Collateral Obligation will be deemed to have a Moody’s rating of “Caa3”.

 

(qq)Schedule 7
to the Indenture is hereby amended by amending and restating the definition of “.EDF” in its entirety as follows:

 

“.EDF”
means, with respect to any Collateral Obligation, the lowest of (A) the lowest of the 5-year expected default frequencies for the
current year and previous 4 years for such Collateral Obligation as determined by running the current version of Moody’s
RiskCalc in the Credit Cycle Adjusted (“CAA”) mode and (B) the 5-year expected default frequency for such Collateral
Obligation as determined by running the current version of Moody’s RiskCalc in the Financial Statement Only (“FSO”)
mode.

 

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(rr)Schedule 7
to the Indenture is hereby amended by amending and restating the definition of “Pre-Qualifying Conditions” in
its entirety as follows:

 

(b)debt/EBITDA ratio is less
than 6.0:1.0;

 

(ss)Schedule 7
to the Indenture is hereby amended by replacing the table appearing in clause (ii) of Section 3 thereof in its entirety with the
following table:

 

	Type of Collateral Obligation	Moody’s Recovery Rate
	
        U.S. or Canadian Obligor

        senior secured, first priority, first lien
        and first out
	50%
	
        U.S. or Canadian Obligor

        second lien, first lien and last out, all

        other senior secured
	25%
	
        U.S. or Canadian Obligor

        senior unsecured
	25%
	
        U.S. or Canadian Obligor

        senior subordinated or
        junior

        subordinated
	25%
	
        Non-U.S. Non-Canadian
        Obligor

        any loan
	25%

 

(tt)Schedule 6
to the Indenture is hereby amended by amending and restating Section 1 thereof in its entirety as follows:

 

(a)(i) If a Collateral
Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows:

 

	S&P Recovery Rating
 of a Collateral
 Obligation	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	75%	85%	88%	90%	92%	95%
	1	65%	75%	80%	85%	90%	95%
	2	50%	60%	66%	73%	79%	85%
	3	30%	40%	46%	53%	59%	65%
	4	20%	26%	33%	39%	43%	45%
	5	5%	10%	15%	20%	23%	25%
	6	2%	4%	6%	8%	10%	10%
	 	Recovery rate

 

    	11

    	 

    
 

		(ii)	If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral
Obligation is a senior unsecured loan or second lien loan and (y) the issuer of such Collateral Obligation has issued another
debt instrument that is outstanding and senior to such Collateral Obligation that is a Senior Secured Loan (a “Senior
Secured Debt Instrument”) that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation
shall be determined as follows:

 

For Collateral Obligations Domiciled in Group A

	S&P Recovery Rating
 of the Senior Secured
 Debt Instrument	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	18%	20%	23%	26%	29%	31%
	1	18%	20%	23%	26%	29%	31%
	2	18%	20%	23%	26%	29%	31%
	3	12%	15%	18%	21%	22%	23%
	4	5%	8%	11%	13%	14%	15%
	5	2%	4%	6%	8%	9%	10%
	6	--	--	--	--	--	--
	 	Recovery rate

 

For Collateral Obligations Domiciled in Group B

	S&P Recovery Rating
 of the Senior Secured
 Debt Instrument	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	16%	18%	21%	24%	27%	29%
	1	16%	18%	21%	24%	27%	29%
	2	16%	18%	21%	24%	27%	29%
	3	10%	13%	15%	18%	19%	20%
	4	5%	5%	5%	5%	5%	5%
	5	2%	2%	2%	2%	2%	2%
	6	--	--	--	--	--	--
	 	Recovery rate

 

    	12

    	 

    
 

For Collateral Obligations Domiciled in Group C

	S&P Recovery Rating
 of the Senior Secured
 Debt Instrument	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	13%	16%	18%	21%	23%	25%
	1	13%	16%	18%	21%	23%	25%
	2	13%	16%	18%	21%	23%	25%
	3	8%	11%	13%	15%	16%	17%
	4	5%	5%	5%	5%	5%	5%
	5	2%	2%	2%	2%	2%	2%
	6	--	--	--	--	--	--
	 	Recovery rate

 

		(iii)	If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral
Obligation is a subordinated loan or subordinated bond and (y) the issuer of such Collateral Obligation has issued another
debt instrument that is outstanding and senior to such Collateral Obligation that is a Senior Secured Debt Instrument that has
an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows:

 

For Collateral Obligations Domiciled in Groups A, B and C

	S&P Recovery Rating
 of the Senior Secured
 Debt Instrument	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	8%	8%	8%	8%	8%	8%
	1	8%	8%	8%	8%	8%	8%
	2	8%	8%	8%	8%	8%	8%
	3	5%	5%	5%	5%	5%	5%
	4	2%	2%	2%	2%	2%	2%
	5	--	--	--	--	--	--
	6	--	--	--	--	--	--
	 	Recovery rate

 

    	13

    	 

    
 

(b)If a recovery
rate cannot be determined using clause (a), the recovery rate shall be determined using the following table.

 

Recovery rates for obligors Domiciled in Group A, B, C or D:

 

	Priority Category	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and “CCC”
	Senior Secured Loans
	Group A	50%	55%	59%	63%	75%	79%
	Group B	45%	49%	53%	58%	70%	74%
	Group C	39%	42%	46%	49%	60%	63%
	Group D	17%	19%	27%	29%	31%	34%
	Senior Secured Loans (Cov-Lite Loans)
	Group A	41%	46%	49%	53%	63%	67%
	Group B	37%	41%	44%	49%	59%	62%
	Group C	32%	35%	39%	41%	50%	53%
	Group D	17%	19%	27%	29%	31%	34%
	Senior unsecured loans
	Group A	18%	20%	23%	26%	29%	31%
	Group B	16%	18%	21%	24%	27%	29%
	Group C	13%	16%	18%	21%	23%	25%
	Group D	10%	12%	14%	16%	18%	20%
	Subordinated loans
	Group A	8%	8%	8%	8%	8%	8%
	Group B	10%	10%	10%	10%	10%	10%
	Group C	9%	9%	9%	9%	9%	9%
	Group D	5%	5%	5%	5%	5%	5%
	 	Recovery rate
	
        Group A: Hong Kong, Norway,
        Singapore, Sweden, U.K., Ireland, Finland, Denmark, Netherlands, Australia, and New Zealand

         

        Group B: Belgium, Germany, Austria,
        Portugal, Luxembourg, South Africa, Switzerland, Canada, Israel, Japan and United States

         

        Group C: France, Italy, Greece,
        South Korea, Taiwan, Argentina, Brazil, Chile, Mexico, Spain, Turkey and United Arab Emirates

         

        Group D: Kazakhstan, Russia,
        Ukraine and others not included in Group A, Group B or Group C

         

 

    	14

    	 

    
 

(uu)Schedule 6
to the Indenture is hereby amended by amending and restating Section 2 thereof in its entirety as follows:

 

2. S&P CDO Monitor

 

	
        Liability
Rating
	
        “AAA”
	
        “AA”
	
        “A”
	
        “BBB”
	
        “BB”

	
        Weighted 

Average 

S&P 

Recovery 

Rate
	38.00%	44.19%	47.94%	53.24%	60.31%
	38.50%	44.77%	48.57%	53.94%	61.11%
	39.00%	45.35%	49.20%	54.65%	61.90%
	39.50%	45.93%	49.83%	55.35%	62.69%
	40.00%	46.51%	50.47%	56.05%	63.49%
	40.50%	47.09%	51.10%	56.75%	64.28%
	41.00%	47.67%	51.73%	57.45%	65.08%
	41.50%	48.26%	52.36%	58.15%	65.87%
	42.00%	48.84%	52.99%	58.85%	66.66%
	42.50%	48.84%	52.99%	58.85%	66.66%
	43.00%	50.00%	54.25%	60.25%	68.25%
	43.50%	50.58%	54.88%	60.95%	69.04%
	44.00%	51.16%	55.51%	61.65%	69.84%
	44.50%	51.74%	56.14%	62.35%	70.63%
	45.00%	52.33%	56.77%	63.05%	71.42%
	45.50%	52.91%	57.40%	63.75%	72.22%
	46.00%	53.49%	58.03%	64,45%	73.01%
	46.50%	54.07%	58.67%	65.15%	73.81%
	47.00%	54.65%	59.30%	65.85%	74.60%
	47.50%	55.23%	59.93%	66.56%	75.39%
	48.00%	55.81%	60.56%	67.26%	76.19%
	48.50%	56.40%	61.19%	67.96%	76.98%
	49.00%	56.98%	61.82%	68.66%	77.77%
	49.50%	57.56%	62.45%	69.36%	78.57%

 

    	15

    	 

    
 

SECTION
2. AGREEMENT IN FULL FORCE AND EFFECT AS AMENDED.

 

Except as specifically
amended hereby, all provisions of the Indenture shall remain in full force and effect. This First Supplemental Indenture shall
not be deemed to expressly or impliedly waive, amend or supplement any provision of the Indenture other than as expressly set forth
herein and shall not constitute a novation of the Indenture.

 

SECTION
3. REPRESENTATIONS.

 

The Issuer represents
and warrants as of the date of this First Supplemental Indenture as follows:

 

(a)it
is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or
organization;

 

(b)the
execution, delivery and performance by it of this First Supplemental Indenture are within its powers, have been duly authorized,
and do not contravene (A) its charter, by-laws or other organizational documents, or (B) any applicable law or regulation;

 

(c)no
consent, license, permit, approval or authorization of, or registration, filing or declaration with, any governmental authority
is required in connection with the execution, delivery, performance, validity or enforceability of this First Supplemental Indenture
by or against it;

 

(d)this
First Supplemental Indenture has been duly executed and delivered by it; and

 

(e)this
First Supplemental Indenture constitutes its legal, valid and binding obligation, enforceable against it in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally or by general principles of equity.

 

SECTION
4. CONDITIONS TO EFFECTIVENESS.

 

Pursuant to Section
8.2 of the Indenture, the effectiveness of this First Supplemental Indenture is conditioned upon (a) obtaining consent of 100%
of each Class of Secured Notes, (b) obtaining consent of 100% of the Subordinated Notes, (c) obtaining the consent of the Collateral
Manager, (d) obtaining the consent of the Collateral Administrator, (e) delivering to the Trustee an Opinion of Counsel pursuant
to Section 8.3(d) of the Indenture, (f) satisfaction of the Global Rating Agency Condition and (g) acknowledgement by the Issuer
that it has received adequate consideration for the issuance of the Additional Notes.

 

SECTION
5. CONSENT AND WAIVER OF COLLATERAL MANAGER.

 

GC Advisors LLC, as
Collateral Manager hereby (i) consents to the amendments set forth in this First Supplemental Indenture and (ii) waives any and
all rights it may have to any notices and notice periods in respect of the First Supplemental Indenture, including but not limited
to any notices and notice periods (both before and after the execution of the First Supplemental Indenture) set forth in Section
8.2 of the Indenture.

 

    	16

    	 

    
 

SECTION
6. CONSENT AND WAIVER OF COLLATERAL ADMINISTRATOR.

 

U.S. Bank National
Association as Collateral Administrator hereby (i) consents to the amendments set forth in this First Supplemental Indenture and
(ii) waives any and all rights it may have to any notices and notice periods in respect of the First Supplemental Indenture, including
but not limited to any notices and notice periods (both before and after the execution of the First Supplemental Indenture) set
forth in Section 8.3(a) of the Indenture.

 

SECTION 8. DIRECTION
AND RELEASE.

 

Notwithstanding anything
to the contrary herein, each of the Issuer and the Collateral Manager (i) acknowledges that the Trustee enjoys all the rights and
protections granted to it under the Indenture, (ii) directs the Trustee to enter into, execute and deliver this First Supplemental
Indenture and (iii) agrees that the Trustee shall be fully protected in relying upon the foregoing direction.

 

SECTION
9. MISCELLANEOUS.

 

(a)This First Supplemental
Indenture may be executed in any number of counterparts (including by facsimile or other electronic means) and by the different
parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which
together shall constitute one and the same agreement.

 

(b)The descriptive
headings of the various sections of this First Supplemental Indenture are inserted for convenience of reference only and shall
not be deemed to affect the meaning or construction of any of the provisions hereof.

 

(c)This First Supplemental
Indenture may not be amended or otherwise modified except as provided in the Indenture.

 

(d)The failure
or unenforceability of any provision hereof shall not affect the other provisions of this First Supplemental Indenture.

 

(e)Whenever the
context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural,
and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

 

(f)The Trustee
accepts the amendments to the Indenture as set forth in this First Supplemental Indenture and agrees to perform the duties of the
Trustee upon the terms and conditions set forth herein and in the Indenture set forth therein. Without limiting the generality
of the foregoing, the Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken
as the statements of the Issuer and, except as provided in the Indenture, the Trustee shall not be responsible or accountable in
any way whatsoever for or with respect to the validity, execution or sufficiency of this First Supplemental Indenture and makes
no representation with respect thereto.

 

    	17

    	 

    
 

(g)This First Supplemental
Indenture represents the final agreement between the parties only with respect to the subject matter expressly covered hereby and
may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten
oral agreements between the parties.

 

(h)THIS FIRST
SUPPLEMENTAL INDENTURE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED
BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

    	18

    	 

    
 

IN WITNESS WHEREOF,
the undersigned have caused this First Supplemental Indenture No. 1 to be executed by their respective officers thereunto duly
authorized, as of the date first above written.

 

Executed as a deed by:

 

GOLUB CAPITAL BDC 2010-1 LLC,

as the Issuer

 

By: /s/ David B.
Golub

Name: David B. Golub

Title: Manager

 

    	 	S-1	Golub
                                                                                                                                                                                                                                                                                                                                                          Capital
                                                                                                                                                                                                                                                                                                                                                          BDC
                                                                                                                                                                                                                                                                                                                                                          2010-1
                                                                                                                                                                                                                                                                                                                                                          Supplemental
                                                                                                                                                                                                                                                                                                                                                          Indenture
                                                                                                                                                                                                                                                                                                                                                          No.
                                                                                                                                                                                                                                                                                                                                                          1

    	 

    
 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

By: /s/ Jeffrey
B. Stone

Name: Jeffrey B. Stone

Title: Vice President

 

    	 	S-2	Golub
                                                                                                                                                                                                                                                                                                                                                          Capital
                                                                                                                                                                                                                                                                                                                                                          BDC
                                                                                                                                                                                                                                                                                                                                                          2010-1
                                                                                                                                                                                                                                                                                                                                                          Supplemental
                                                                                                                                                                                                                                                                                                                                                          Indenture
                                                                                                                                                                                                                                                                                                                                                          No.
                                                                                                                                                                                                                                                                                                                                                          1

    	 

    

 

Acknowledged and Agreed to:

 

GC ADVISORS LLC,

as Collateral Manager

 

 

By:/s/ David B.
Golub

Name: David B. Golub

Title: Manager

 

    	 	S-3	Golub
                                                                                                                                                                                                                                                                                                                                                          Capital
                                                                                                                                                                                                                                                                                                                                                          BDC
                                                                                                                                                                                                                                                                                                                                                          2010-1
                                                                                                                                                                                                                                                                                                                                                          Supplemental
                                                                                                                                                                                                                                                                                                                                                          Indenture
                                                                                                                                                                                                                                                                                                                                                          No.
                                                                                                                                                                                                                                                                                                                                                          1

    	 

    
Acknowledged and Agreed to:

 

U.S. BANK NATIONAL ASSOCIATION,

as Collateral Administrator

 

 

By: /s/ Jeffrey B. Stone

Name: Jeffrey B. Stone

Title: Vice President

 

    	 	S-4	Golub
                                                                                                                                                                                                                                                                                                                                                          Capital
                                                                                                                                                                                                                                                                                                                                                          BDC
                                                                                                                                                                                                                                                                                                                                                          2010-1
                                                                                                                                                                                                                                                                                                                                                          Supplemental
                                                                                                                                                                                                                                                                                                                                                          Indenture
                                                                                                                                                                                                                                                                                                                                                          No.
                                                                                                                                                                                                                                                                                                                                                          1

    	 

    
 

Exhibit A-1

 

FORM of
Global Class A Note

 

[RULE 144A][REGULATION S] GLOBAL SECURED
NOTE

representing

AMENDED AND RESTATED CLASS A SENIOR SECURED FLOATING RATE NOTES DUE 2023

 

THIS AMENDED AND RESTATED NOTE (THIS “NOTE’)
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAW AND ONLY (1) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER FOR PURPOSES OF SECTION
3(C)(7) OF THE 1940 ACT, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED
PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” (WITHIN THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE, SUBJECT TO (A) THE RECEIPT
BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER
EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAW AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE
SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) TO A QUALIFIED PURCHASER IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER
THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT.
THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR
INDIRECTLY ACQUIRING OR HOLDING THE NOTE OR ANY INTEREST THEREIN ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN
(AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY PLAN TO WHICH SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF SUCH AN EMPLOYEE
BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”), OR GOVERNMENTAL,
NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION SUBSTANTIVELY SIMILAR
OR OF SIMILAR EFFECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“OTHER PLAN LAW”) OR (II) EITHER ITS ACQUISITION,
HOLDING AND DISPOSITION OF SUCH OFFERED NOTE (A) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE, PROHIBITED
TRANSACTION CLASS EXEMPTION (“PTCE”) 96-23, PTCE 95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED, OR AN EXEMPTION
SIMILAR TO THE FOREGOING EXEMPTIONS OR (B) IN THE CASE OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO OTHER
PLAN LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF OTHER PLAN LAW. SUCH REPRESENTATION SHALL BE DEEMED MADE ON
EACH DAY FROM THE DATE ON WHICH THE ACQUIRER ACQUIRES ITS INTEREST IN THE OFFERED NOTE THROUGH AND INCLUDING THE DATE ON WHICH
THE ACQUIRER DISPOSES OF ITS INTEREST IN THE OFFERED NOTE.

 

    	Ex. A-1-1

    	 

    
 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS
NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW
YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO.).

 

TRANSFERS OF THIS NOTE SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 

TRANSFERS OF THIS NOTE SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE.

 

    	Ex. A-1-2

    	 

    
 

THE FAILURE TO PROVIDE THE ISSUER, THE
TRUSTEE AND ANY PAYING AGENT WITH THE PROPERLY COMPLETED AND SIGNED TAX CERTIFICATIONS (GENERALLY, IN THE CASE OF U.S. FEDERAL
INCOME TAX, AN INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED
STATES PERSON” WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE OR THE APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8
(OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION
7701(a)(30) OF THE CODE) OR THE FAILURE TO MEET ITS NOTEHOLDER REPORTING OBLIGATIONS MAY RESULT IN WITHHOLDING FROM PAYMENTS IN
RESPECT OF SUCH NOTE, INCLUDING U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING.

 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE BY ACQUIRING THIS NOTE AGREES AND COVENANTS THAT IT WILL PROVIDE TO THE ISSUER AND THE TRUSTEE ANY INFORMATION AS IS NECESSARY
(IN THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE ISSUER AND THE TRUSTEE TO DETERMINE ITS STATUS
FOR PURPOSES OF SECTIONS 1471 THROUGH 1474 OF THE CODE (INCLUDING ANY INFORMATION REQUIRED TO DETERMINE THE PROPER RATE OF WITHHOLDING
UNDER SUCH CODE SECTIONS).

 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE OR AN INTEREST IN THIS NOTE THAT IS NOT A “UNITED STATES PERSON” (AS DEFINED IN SECTION 7701(a)(30) OF THE CODE)
WILL MAKE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO MAKE, A REPRESENTATION TO THE EFFECT THAT (A)
EITHER (I) IT IS NOT A BANK EXTENDING CREDIT PURSUANT TO A LOAN AGREEMENT ENTERED INTO IN THE ORDINARY COURSE OF ITS TRADE OR BUSINESS
(WITHIN THE MEANING OF SECTION 881(c)(3)(A) OF THE CODE), OR (II) IT IS A PERSON THAT IS ELIGIBLE FOR BENEFITS UNDER AN INCOME
TAX TREATY WITH THE UNITED STATES THAT ELIMINATES U.S. FEDERAL INCOME TAXATION OF U.S. SOURCE INTEREST NOT ATTRIBUTABLE TO A PERMANENT
ESTABLISHMENT IN THE UNITED STATES, AND (B) IT IS NOT PURCHASING THIS NOTE IN ORDER TO REDUCE ITS U.S. FEDERAL INCOME TAX LIABILITY
PURSUANT TO A TAX AVOIDANCE PLAN.

 

EACH HOLDER AND EACH BENEFICIAL OWNER OF
THIS NOTE, BY ACQUIRING THIS NOTE OR ITS INTEREST IN THIS NOTE, AS THE CASE MAY BE, SHALL BE DEEMED TO HAVE AGREED TO TREAT, AND
SHALL TREAT, THIS NOTE AS DEBT OF THE ISSUER FOR U.S. FEDERAL AND, TO THE EXTENT PERMITTED BY LAW, STATE AND LOCAL INCOME AND FRANCHISE
TAX PURPOSES AND SHALL TAKE NO ACTION INCONSISTENT WITH SUCH TREATMENT UNLESS REQUIRED BY ANY RELEVANT TAXING AUTHORITY.

 

[THIS NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING
AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

 

1 For Regulation S Notes only.

 

    	Ex. A-1-3

    	 

    
 

GOLUB CAPITAL BDC 2010-1 LLC

[RULE 144A][REGULATION S] GLOBAL SECURED NOTE

representing

AMENDED AND RESTATED CLASS A SENIOR SECURED FLOATING RATE NOTES DUE 2023

 

	A/[R][S]-1	[DATE]
	 	 
	CUSIP
    No.: 38172Y AG22U38257 AD03	Up to U.S.$203,000,000
	 	 
	ISIN No.: US38172YAG264USU38257AD085	 

 

GOLUB CAPITAL BDC 2010-1
LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promises to pay to CEDE
& CO. or its registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture
referred to below), the principal sum as indicated on Schedule A hereto on July 20, 2023 (the “Stated Maturity”)
except as provided below and in the Indenture. The obligations of the Issuer under this Class A Note and the Indenture are limited
recourse obligations of the Issuer payable solely from the Assets in accordance with the Indenture, and following realization of
the Assets in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive.

 

The Issuer promises
to pay interest, if any, on the 20th day of January, April, July and October in each year (or, if any such day is not a Business
Day, the next succeeding Business Day), at the rate set forth in the Indenture on the Aggregate Outstanding Amount hereof until
the principal hereof is paid or duly provided for. Interest shall be computed on the basis of the actual number of days elapsed
in the applicable Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Class A Note (or one or more predecessor Notes) is registered at the close
of business on the Record Date for such interest, which shall be the fifteenth day (whether or not a Business Day) prior to such
Payment Date.

 

Interest will cease
to accrue on each Class A Note, or in the case of a partial repayment, on such repaid part, from the date of repayment. If this
Class A Note is called for redemption and principal payments hereon are not paid upon surrender of this Class A Note, the principal
thereof shall, until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest
Accrual Period this Class A Note remains Outstanding; provided that the reason for such non-payment is not the fault of
such Noteholder. The principal of this Class A Note shall be payable on the first Payment Date on which funds are permitted to
be used for such purpose in accordance with the Priority of Payments. The principal of this Class A Note shall be payable no later
than the Stated Maturity unless the unpaid principal of this Class A Note becomes due and payable at an earlier date by declaration
of acceleration, call for redemption or otherwise.

 

 

 

2 Rule 144A
Global Class A Note.

3 Regulation S Global Class A Note.

4 Rule 144A Global Class A Note.

5 Regulation S Global Class A Note.

 

    	Ex. A-1-4

    	 

    
 

Unless the certificate
of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their Responsible
Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

This Note is one of
a duly authorized issue of Amended and Restated Class A Senior Secured Floating Rate Notes due 2023 (the “Class A Notes”
and, together with the other classes of Notes issued under the Indenture, as supplemented as of February 15, 2013, the “Notes”)
issued and to be issued under an indenture dated as of July 16, 2010 and as supplemented pursuant to Supplemental Indenture No.
1, dated as of February 15, 2013 (the “Indenture”), among the Issuer and U.S. Bank National Association, as
trustee (the “Trustee”, which term includes any successor trustee as permitted under the Indenture). Reference
is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes
are, and are to be, authenticated and delivered.

 

Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This Note is subject
to optional redemption, in whole but not in part, as specified in the Indenture. In the case of any optional redemption of Class
A Notes, payments of interest on Secured Notes so to be redeemed which are payable on or prior to the Redemption Date will be payable
to the Holders of such Class A Notes, or one or more predecessor Class A Notes, registered as such at the close of business on
the relevant Record Date.

 

Transfers of this [Rule
144A][Regulation S] Global Secured Note shall be limited to transfers of such Global Note in whole, but not in part, to a nominee
of the DTC or to a successor of the DTC or such successor’s nominee, except as otherwise set forth in the Indenture.

 

Interests in this [Rule
144A][Regulation S] Global Secured Note will be transferable in accordance with the DTC’s rules and procedures in use at
such time.

 

If (a) a redemption
occurs because any Coverage Test is not satisfied as set forth in Section 9.1 of the Indenture, (b) a redemption occurs because
a Majority of the Subordinated Notes provides written direction to this effect as set forth in Section 9.2 of the Indenture, (c)
a Special Redemption occurs (x) during the Reinvestment Period, if the Collateral Manager is unable to identify additional Collateral
Obligations in sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection
Account or (y) after the Effective Date, due to the failure to obtain Rating Agency confirmation of the Initial Ratings of the
Secured Notes, each as set forth in Section 9.6 of the Indenture or (d) a redemption occurs because a Majority of an Affected Class
or a Majority of the Subordinated Notes so direct the Trustee following the occurrence of a Tax Event as set forth in Section 9.3
of the Indenture, then in each case this Note may be redeemed, in whole or (in respect of any redemption other than pursuant to
clauses (b) (except in the case of a redemption in part by Class from Refinancing Proceeds) and (d)) in part, in the manner, under
the conditions and with the effect provided in the Indenture. In connection with any redemption pursuant to clause (d), Holders
of 100% of the Aggregate Outstanding Amount of any Class of Secured Notes may elect to receive less than 100% of the Redemption
Price that would otherwise be payable to such Holders of Secured Notes.

 

    	Ex. A-1-5

    	 

    
 

The Issuer, the Trustee
and any agent of the Issuer or the Trustee shall treat the Person in whose name this Note is registered as the owner of this Note
on the Register on the applicable Record Date for the purpose of receiving payments of principal of and interest on this Note (whether
or not this Note is overdue) and, except as otherwise expressly provided in the Indenture, on any other date for all other purposes
whatsoever, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the
contrary.

 

If an Event of Default
shall occur and be continuing, the Class A Notes may become or be declared due and payable in the manner and with the effect provided
in the Indenture.

 

Interests in this [Rule
144A][Regulation S] Global Secured Note may be exchanged for an interest in, or transferred to a transferee taking an interest
in, the corresponding [Regulation S][Rule 144A] Global Secured Note subject to the restrictions as set forth in the Indenture.
This [Rule 144A][Regulation S] Global Secured Note is subject to mandatory exchange for Certificated Notes under the limited circumstances
set forth in the Indenture.

 

Upon redemption, exchange
of or increase in any interest represented by this [Rule 144A][Regulation S] Global Secured Note, this [Rule 144A][Regulation S]
Global Secured Note shall be endorsed on Schedule A hereto to reflect the reduction of or increase in the principal amount
evidenced hereby.

 

The Class A Notes will
be issued in minimum denominations of U.S.$1,000,000 and integral multiples of U.S.$1,000 in excess thereof.

 

Title to Notes shall
pass by registration in the Register kept by the Registrar.

 

No service charge shall
be made for registration of transfer or exchange of this Note, but the Issuer, the Registrar or the Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Registrar or the Trustee
shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature of the transferor
and the transferee.

 

AS PROVIDED IN THE
INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THE INDENTURE AND THE NOTES AND ANY MATTERS ARISING
OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE INDENTURE AND THE NOTES (WHETHER IN CONTRACT, TORT OR OTHERWISE), SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK.

 

- signature page follows -

 

    	Ex. A-1-6

    	 

    
 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be duly executed as of the date set forth above.

 

GOLUB CAPITAL BDC 2010-1 LLC

 

By:
Golub Capital BDC, Inc.,

its designated manager

 

 

By:_____________________________

Name:

Title:

 

    	Ex. A-1-7

    	 

    
 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A Notes referred
to in the within-mentioned Indenture.

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

By: _________________________________

Authorized
Signatory

 

    	Ex. A-1-8

    	 

    
 

SCHEDULE A

 

SCHEDULE OF
EXCHANGES OR REDEMPTIONS

 

The outstanding principal
amount of the Class A Notes represented by this [Rule 144A][Regulation S] Global Secured Note on the Closing Date is U.S.$203,000,000.
The following exchanges, redemptions of or increase in the whole or a part of the Class A Notes represented by this [Rule 144A][Regulation
S] Global Secured Note have been made:

 

	Date exchange/ increase made	Original
    principal amount of this [Rule 144A][Regulation S] Global Secured Note	Part of principal amount of this [Rule 144A][Regulation S] Global Secured Note exchanged/redeemed/ increased	Remaining principal amount of this [Rule 144A][Regulation S] Global Secured Note following such exchange/redemption/ increase	Notation made by or on behalf of the Issuer
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	Ex. A-1-9

    	 

    
 

Exhibit A-2

 

FORM OF CERTIFICATED CLASS A NOTE

 

CERTIFICATED NOTE

representing

Amended and restated CLASS A SENIOR SECURED FLOATING RATE NOTES DUE 2023

 

THIS AMENDED AND RESTATED NOTE (THIS “NOTE”)
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAW AND ONLY (1) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER FOR PURPOSES OF SECTION
3(C)(7) OF THE 1940 ACT, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED
PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” (WITHIN THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE, SUBJECT TO (A) THE RECEIPT
BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER
EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAW AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE
SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) TO A QUALIFIED PURCHASER IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER
THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT.
THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR
INDIRECTLY ACQUIRING OR HOLDING THE NOTE OR ANY INTEREST THEREIN ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN
(AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY PLAN TO WHICH SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF SUCH AN EMPLOYEE
BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”), OR GOVERNMENTAL,
NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION SUBSTANTIVELY SIMILAR
OR OF SIMILAR EFFECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“OTHER PLAN LAW”) OR (II) EITHER ITS ACQUISITION,
HOLDING AND DISPOSITION OF SUCH OFFERED NOTE (A) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE, PROHIBITED
TRANSACTION CLASS EXEMPTION (“PTCE”) 96-23, PTCE 95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED, OR AN EXEMPTION
SIMILAR TO THE FOREGOING EXEMPTIONS OR (B) IN THE CASE OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO OTHER
PLAN LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF OTHER PLAN LAW. SUCH REPRESENTATION SHALL BE DEEMED MADE ON
EACH DAY FROM THE DATE ON WHICH THE ACQUIRER ACQUIRES ITS INTEREST IN THE OFFERED NOTE THROUGH AND INCLUDING THE DATE ON WHICH
THE ACQUIRER DISPOSES OF ITS INTEREST IN THE OFFERED NOTE.

 

    	Ex. A-2-1

    	 

    
 

TRANSFERS OF THIS NOTE SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE.

 

THE FAILURE TO PROVIDE THE ISSUER, THE
TRUSTEE AND ANY PAYING AGENT WITH THE PROPERLY COMPLETED AND SIGNED TAX CERTIFICATIONS (GENERALLY, IN THE CASE OF U.S. FEDERAL
INCOME TAX, AN INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED
STATES PERSON” WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE OR THE APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8
(OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION
7701(a)(30) OF THE CODE) OR THE FAILURE TO MEET ITS NOTEHOLDER REPORTING OBLIGATIONS MAY RESULT IN WITHHOLDING FROM PAYMENTS IN
RESPECT OF SUCH NOTE, INCLUDING U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING.

 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE BY ACQUIRING THIS NOTE AGREES AND COVENANTS THAT IT WILL PROVIDE TO THE ISSUER AND THE TRUSTEE ANY INFORMATION AS IS NECESSARY
(IN THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE ISSUER AND THE TRUSTEE TO DETERMINE ITS STATUS
FOR PURPOSES OF SECTIONS 1471 THROUGH 1474 OF THE CODE (INCLUDING ANY INFORMATION REQUIRED TO DETERMINE THE PROPER RATE OF WITHHOLDING
UNDER SUCH CODE SECTIONS).

 

    	Ex. A-2-2

    	 

    
 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE OR AN INTEREST IN THIS NOTE THAT IS NOT A “UNITED STATES PERSON” (AS DEFINED IN SECTION 7701(a)(30) OF THE CODE)
WILL MAKE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO MAKE, A REPRESENTATION TO THE EFFECT THAT (A)
EITHER (I) IT IS NOT A BANK EXTENDING CREDIT PURSUANT TO A LOAN AGREEMENT ENTERED INTO IN THE ORDINARY COURSE OF ITS TRADE OR BUSINESS
(WITHIN THE MEANING OF SECTION 881(c)(3)(A) OF THE CODE), OR (II) IT IS A PERSON THAT IS ELIGIBLE FOR BENEFITS UNDER AN INCOME
TAX TREATY WITH THE UNITED STATES THAT ELIMINATES U.S. FEDERAL INCOME TAXATION OF U.S. SOURCE INTEREST NOT ATTRIBUTABLE TO A PERMANENT
ESTABLISHMENT IN THE UNITED STATES, AND (B) IT IS NOT PURCHASING THIS NOTE IN ORDER TO REDUCE ITS U.S. FEDERAL INCOME TAX LIABILITY
PURSUANT TO A TAX AVOIDANCE PLAN.

 

EACH HOLDER AND EACH BENEFICIAL OWNER OF
THIS NOTE, BY ACQUIRING THIS NOTE OR ITS INTEREST IN THIS NOTE, AS THE CASE MAY BE, SHALL BE DEEMED TO HAVE AGREED TO TREAT, AND
SHALL TREAT, THIS NOTE AS DEBT OF THE ISSUER FOR U.S. FEDERAL AND, TO THE EXTENT PERMITTED BY LAW, STATE AND LOCAL INCOME AND FRANCHISE
TAX PURPOSES AND SHALL TAKE NO ACTION INCONSISTENT WITH SUCH TREATMENT UNLESS REQUIRED BY ANY RELEVANT TAXING AUTHORITY.

 

    	Ex. A-2-3

    	 

    
 

GOLUB CAPITAL BDC 2010-1 LLC

 

CERTIFICATED NOTE

representing

AMENDED AND RESTATED CLASS A SENIOR SECURED FLOATING RATE NOTES DUE 2023

 

	A/R-1	[DATE]
	 	 
	CUSIP No.: 38172Y AH0	U.S.$[______________]
	 	 
	ISIN No.: US38172YAH09	 

 

GOLUB CAPITAL BDC 2010-1
LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promises to pay to [____________________],
or its registered assigns, upon presentation and surrender of this Class A Note (except as otherwise permitted by the Indenture
referred to below), the principal sum of [__________________] United States Dollars (U.S.$[___________]) on July 20, 2023 (the
“Stated Maturity”), except as provided below and in the Indenture. The obligations of the Issuer under this
Class A Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Assets in accordance with
the Indenture, and following realization of the Assets in accordance with the Indenture, all claims of Noteholders shall be extinguished
and shall not thereafter revive.

 

The Issuer promises
to pay interest, if any, on the 20th day of January, April, July and October in each year (or, if such day is not a Business Day,
the next succeeding Business Day), at the rate set forth in the Indenture on the Aggregate Outstanding Amount hereof until the
principal hereof is paid or duly provided for. Interest shall be computed on the basis of the actual number of days elapsed in
the applicable Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Class A Note (or one or more predecessor Class A Notes) is registered at the close of
business on the Record Date for such interest, which shall be the fifteenth day (whether or not a Business Day) prior to such Payment
Date.

 

Interest will cease
to accrue on each Class A Note, or in the case of a partial repayment, on such repaid part, from the date of repayment. If this
Class A Note is called for redemption and principal payments hereon are not paid upon surrender of this Class A Note, the principal
thereof shall, until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest
Accrual Period this Class A Note remains Outstanding; provided that the reason for such non-payment is not the fault of
such Noteholder. The principal of this Class A Note shall be payable on the first Payment Date on which funds are permitted to
be used for such purpose in accordance with the Priority of Payments. The principal of this Class A Note shall be payable no later
than the Stated Maturity unless the unpaid principal of this Class A Note becomes due and payable at an earlier date by declaration
of acceleration, call for redemption or otherwise.

 

Unless the certificate
of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their Responsible
Officers, this Class A Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    	Ex. A-2-4

    	 

    
 

This Note is one of
a duly authorized issue of Amended and Restated Class A Senior Secured Floating Rate Notes due 2023 (the “Class A Notes”
and, together with the other classes of Notes issued under the Indenture, as supplemented as of February 15, 2013, the “Notes”)
issued and to be issued under an indenture dated as of July 16, 2010 and supplemented pursuant to that Supplemental Indenture No.
1, dated as of February 15, 2013 (the “Indenture”), among the Issuer and U.S. Bank National Association, as
trustee (the “Trustee”, which term includes any successor trustee as permitted under the Indenture). Reference
is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes
are, and are to be, authenticated and delivered.

 

Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This Class A Note is
subject to optional redemption, in whole but not in part, as specified in the Indenture. In the case of any optional redemption
of Class A Notes, payments of interest on such Notes so to be redeemed which are payable on or prior to the Redemption Date will
be payable to the Holders of such Class A Notes, or one or more predecessor Class A Notes, registered as such at the close of business
on the relevant Record Date.

 

If (a) a redemption
occurs because any Coverage Test is not satisfied as set forth in Section 9.1 of the Indenture, (b) a redemption occurs because
a Majority of the Subordinated Notes provides written direction to this effect as set forth in Section 9.2 of the Indenture, (c)
a Special Redemption occurs (x) during the Reinvestment Period, if the Collateral Manager is unable to identify additional Collateral
Obligations in sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection
Account or (y) after the Effective Date, due to the failure to obtain Rating Agency confirmation of the Initial Ratings of the
Secured Notes, each as set forth in Section 9.6 of the Indenture or (d) a Tax Redemption occurs because a Majority of an Affected
Class or a Majority of the Subordinated Notes so direct the Trustee following the occurrence of a Tax Event as set forth in Section
9.3 of the Indenture, then in each case this Note may be redeemed, in whole or (in respect of any redemption other than pursuant
to clauses (b) (except in the case of a redemption in part by Class from Refinancing Proceeds) and (d)) in part, in the manner,
under the conditions and with the effect provided in the Indenture. In connection with any redemption pursuant to clause (d), Holders
of 100% of the Aggregate Outstanding Amount of any Class of Secured Notes may elect to receive less than 100% of the Redemption
Price that would otherwise be payable to such Holders of Secured Notes.

 

The Issuer, the Trustee,
and any agent of the Issuer or the Trustee shall treat the Person in whose name this Class A Note is registered as the owner of
this Class A Note on the Register on the applicable Record Date for the purpose of receiving payments of principal of and interest
on this Class A Note (whether or not this Class A Note is overdue) and, except as otherwise expressly provided in the Indenture,
on any other date for all other purposes whatsoever, and neither the Issuer nor the Trustee nor any agent of the Issuer or the
Trustee shall be affected by notice to the contrary.

 

    	Ex. A-2-5

    	 

    
 

If an Event of Default
shall occur and be continuing, the Class A Notes may become or be declared due and payable in the manner and with the effect provided
in the Indenture.

 

The Class A Notes will
be issued in minimum denominations of U.S.$1,000,000 and integral multiples of U.S.$1,000 in excess thereof.

 

Title to Notes shall
pass by registration in the Register kept by the Registrar.

 

No service charge shall
be made for registration of transfer or exchange of this Class A Note, but the Issuer, the Registrar or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Registrar or the
Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature of
the transferor and the transferee.

 

AS PROVIDED IN THE
INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THE INDENTURE AND THE NOTES AND ANY MATTERS ARISING
OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE INDENTURE AND THE NOTES (WHETHER IN CONTRACT, TORT OR OTHERWISE), SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK.

  

- signature page follows -

 

    	Ex. A-2-6

    	 

    

 

IN WITNESS WHEREOF, the Issuer has caused this Note to be duly
executed as of the date set forth above.

 

 

GOLUB CAPITAL BDC 2010-1 LLC

 

By:
Golub Capital BDC, Inc.,

its designated manager

 

By:_____________________________

Name:

Title:

 

    	Ex. A-2-7

    	 

    
 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class A Notes referred
to in the within-mentioned Indenture.

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

By:____________________________________

Authorized Signatory

 

    	Ex. A-2-8

    	 

    
 

ASSIGNMENT FORM

 

For value received ___________________________________________

 

does hereby sell, assign, and transfer
to

 

___________________________________________

 

___________________________________________

Please insert social security or

other identifying number of assignee

 

Please print or
type name 

and address, including zip code, 

of assignee:

 

___________________________________________________________

 

___________________________________________________________

 

___________________________________________________________

 

___________________________________________________________

 

the within Security and does hereby irrevocably
constitute and appoint _____________________ Attorney to transfer the Security on the books of the Trustee with full power of substitution
in the premises.

 

Date: _______________                          Your Signature_________________________________

(Sign exactly as your name

appears in the security)

 

    	Ex. A-2-9

    	 

    
 

Exhibit B-1

 

FORM
of Global Class B Note

 

[RULE 144A][REGULATION S] GLOBAL SECURED
NOTE

representing

AMENDED AND RESTATED CLASS B SENIOR SECURED FLOATING RATE NOTES DUE 2023

 

THIS AMENDED AND RESTATED NOTE (THIS “NOTE”)
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAW AND ONLY (1) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER FOR PURPOSES OF SECTION
3(C)(7) OF THE 1940 ACT, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED
PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” (WITHIN THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE, SUBJECT TO (A) THE RECEIPT
BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER
EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAW AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE
SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) TO A QUALIFIED PURCHASER IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER
THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT.
THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR
INDIRECTLY ACQUIRING OR HOLDING THE NOTE OR ANY INTEREST THEREIN ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN
(AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY PLAN TO WHICH SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF SUCH AN EMPLOYEE
BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”), OR GOVERNMENTAL,
NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION SUBSTANTIVELY SIMILAR
OR OF SIMILAR EFFECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“OTHER PLAN LAW”) OR (II) EITHER ITS ACQUISITION,
HOLDING AND DISPOSITION OF SUCH OFFERED NOTE (A) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE, PROHIBITED
TRANSACTION CLASS EXEMPTION (“PTCE”) 96-23, PTCE 95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED, OR AN EXEMPTION
SIMILAR TO THE FOREGOING EXEMPTIONS OR (B) IN THE CASE OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO OTHER
PLAN LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF OTHER PLAN LAW. SUCH REPRESENTATION SHALL BE DEEMED MADE ON
EACH DAY FROM THE DATE ON WHICH THE ACQUIRER ACQUIRES ITS INTEREST IN THE OFFERED NOTE THROUGH AND INCLUDING THE DATE ON WHICH
THE ACQUIRER DISPOSES OF ITS INTEREST IN THE OFFERED NOTE.

 

    	Ex. B-1-1

    	 

    
  

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS
NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW
YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO.).

 

TRANSFERS OF THIS NOTE SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 

TRANSFERS OF THIS NOTE SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE.

 

    	Ex. B-1-2

    	 

    
 

THE FAILURE TO PROVIDE THE ISSUER, THE
TRUSTEE AND ANY PAYING AGENT WITH THE PROPERLY COMPLETED AND SIGNED TAX CERTIFICATIONS (GENERALLY, IN THE CASE OF U.S. FEDERAL
INCOME TAX, AN INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED
STATES PERSON” WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE OR THE APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8
(OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION
7701(a)(30) OF THE CODE) OR THE FAILURE TO MEET ITS NOTEHOLDER REPORTING OBLIGATIONS MAY RESULT IN WITHHOLDING FROM PAYMENTS IN
RESPECT OF SUCH NOTE, INCLUDING U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING.

 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE BY ACQUIRING THIS NOTE AGREES AND COVENANTS THAT IT WILL PROVIDE TO THE ISSUER AND THE TRUSTEE ANY INFORMATION AS IS NECESSARY
(IN THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE ISSUER AND THE TRUSTEE TO DETERMINE ITS STATUS
FOR PURPOSES OF SECTIONS 1471 THROUGH 1474 OF THE CODE (INCLUDING ANY INFORMATION REQUIRED TO DETERMINE THE PROPER RATE OF WITHHOLDING
UNDER SUCH CODE SECTIONS).

 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE OR AN INTEREST IN THIS NOTE THAT IS NOT A “UNITED STATES PERSON” (AS DEFINED IN SECTION 7701(a)(30) OF THE CODE)
WILL MAKE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO MAKE, A REPRESENTATION TO THE EFFECT THAT (A)
EITHER (I) IT IS NOT A BANK EXTENDING CREDIT PURSUANT TO A LOAN AGREEMENT ENTERED INTO IN THE ORDINARY COURSE OF ITS TRADE OR BUSINESS
(WITHIN THE MEANING OF SECTION 881(c)(3)(A) OF THE CODE), OR (II) IT IS A PERSON THAT IS ELIGIBLE FOR BENEFITS UNDER AN INCOME
TAX TREATY WITH THE UNITED STATES THAT ELIMINATES U.S. FEDERAL INCOME TAXATION OF U.S. SOURCE INTEREST NOT ATTRIBUTABLE TO A PERMANENT
ESTABLISHMENT IN THE UNITED STATES, AND (B) IT IS NOT PURCHASING THIS NOTE IN ORDER TO REDUCE ITS U.S. FEDERAL INCOME TAX LIABILITY
PURSUANT TO A TAX AVOIDANCE PLAN.

 

EACH HOLDER AND EACH BENEFICIAL OWNER OF
THIS NOTE, BY ACQUIRING THIS NOTE OR ITS INTEREST IN THIS NOTE, AS THE CASE MAY BE, SHALL BE DEEMED TO HAVE AGREED TO TREAT, AND
SHALL TREAT, THIS NOTE AS DEBT OF THE ISSUER FOR U.S. FEDERAL AND, TO THE EXTENT PERMITTED BY LAW, STATE AND LOCAL INCOME AND FRANCHISE
TAX PURPOSES AND SHALL TAKE NO ACTION INCONSISTENT WITH SUCH TREATMENT UNLESS REQUIRED BY ANY RELEVANT TAXING AUTHORITY.

 

[THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE
DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]6

 

 

 

6 For Regulation S Notes only.

 

    	Ex. B-1-3

    	 

    
 

THIS NOTE MAY HAVE BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT”
WITHIN THE MEANING OF SECTION 1272, ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. UPON WRITTEN REQUEST, THE ISSUER
WILL PROMPTLY PROVIDE TO ANY HOLDER OF THE NOTE INFORMATION REGARDING (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE
AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. SUCH REQUEST SHOULD BE SENT TO THE ISSUER
AT 150 South Wacker Drive, Suite 800, Chicago, Illinois 60606, Attention: David Golub,
facsimile No. (312) 201-9167.

 

    	Ex. B-1-4

    	 

    
 

GOLUB CAPITAL BDC 2010-1 LLC

 

[RULE 144A][REGULATION S] GLOBAL SECURED
NOTE

representing

AMENDED AND RESTATED CLASS B SENIOR SECURED FLOATING RATE NOTES DUE 2023

 

	B/[R][S]-1	[DATE]
	 	 
	CUSIP
    No.: 38172Y AJ67U38257 AE88	Up to U.S.$12,000,000
	 	 
	ISIN
    No.: US38172YAJ649USU38257AE8010	 

 

GOLUB CAPITAL BDC 2010-1
LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promises to pay to CEDE
& CO. or its registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture
referred to below), the principal sum as indicated on Schedule A hereto on July 20, 2023 (the “Stated Maturity”)
except as provided below and in the Indenture. The obligations of the Issuer under this Class B Note and the Indenture are limited
recourse obligations of the Issuer payable solely from the Assets in accordance with the Indenture, and following realization of
the Assets in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive.

 

The Issuer promises
to pay interest, if any, on the 20th day of January, April, July and October in each year (or, if any such day is not a Business
Day, the next succeeding Business Day), at the rate equal to LIBOR plus 2.40% per annum on the Aggregate Outstanding Amount hereof
until the principal hereof is paid or duly provided for. Interest shall be computed on the basis of the actual number of days elapsed
in the applicable Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Class B Note (or one or more predecessor Notes) is registered at the close
of business on the Record Date for such interest, which shall be the fifteenth day (whether or not a Business Day) prior to such
Payment Date.

 

Payments of principal
of and interest on this Class B Note are subordinated to the payment on each Payment Date of certain other amounts in accordance
with the Priority of Payments and Section 13.1 of the Indenture.

 

Interest will cease
to accrue on each Class B Note, or in the case of a partial repayment, on such repaid part, from the date of repayment. If this
Class B Note is called for redemption and principal payments hereon are not paid upon surrender of this Class B Note, the principal
thereof shall, until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest
Accrual Period this Class B Note remains Outstanding; provided that the reason for such non-payment is not the fault of
such Noteholder. The principal of this Class B Note shall be payable on the first Payment Date on which funds are permitted to
be used for such purpose in accordance with the Priority of Payments. The principal of this Class B Note shall be payable no later
than the Stated Maturity unless the unpaid principal of this Class B Note becomes due and payable at an earlier date by declaration
of acceleration, call for redemption or otherwise.

 

 

 

		7	Rule 144A Global Class B Note.

		8	Regulation S Global Class B Note.

		9	Rule 144A Global Class B Note.

		10	Regulation S Global Class B Note.

 

    	Ex. B-1-5

    	 

    
 

Unless the certificate
of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their Responsible
Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

This Note is one of
a duly authorized issue of Amended and Restated Class B Senior Secured Floating Rate Notes due 2023 (the “Class B Notes”
and, together with the other classes of Notes issued under the Indenture, as supplemented as of February 15, 2013, the “Notes”)
issued and to be issued under an indenture dated as of July 16, 2010 and supplemented pursuant to that Supplemental Indenture No.1,
dated as of February 15, 2013 (the “Indenture”), among the Issuer and U.S. Bank National Association, as trustee
(the “Trustee”, which term includes any successor trustee as permitted under the Indenture). Reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes are,
and are to be, authenticated and delivered.

 

Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This Note is subject
to optional redemption, in whole but not in part, as specified in the Indenture. In the case of any optional redemption of Class
B Notes, payments of interest on Secured Notes so to be redeemed which are payable on or prior to the Redemption Date will be payable
to the Holders of such Class B Notes, or one or more predecessor Class B Notes, registered as such at the close of business on
the relevant Record Date.

 

Transfers of this [Rule
144A][Regulation S] Global Secured Note shall be limited to transfers of such Global Note in whole, but not in part, to a nominee
of the DTC or to a successor of the DTC or such successor’s nominee, except as otherwise set forth in the Indenture.

 

Interests in this [Rule
144A][Regulation S] Global Secured Note will be transferable in accordance with the DTC’s rules and procedures in use at
such time.

 

If (a) a redemption
occurs because any Coverage Test is not satisfied as set forth in Section 9.1 of the Indenture, (b) a redemption occurs because
a Majority of the Subordinated Notes provides written direction to this effect as set forth in Section 9.2 of the Indenture, (c)
a Special Redemption occurs (x) during the Reinvestment Period, if the Collateral Manager is unable to identify additional Collateral
Obligations in sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection
Account or (y) after the Effective Date, due to the failure to obtain Rating Agency confirmation of the Initial Ratings of the
Secured Notes, each as set forth in Section 9.6 of the Indenture or (d) a redemption occurs because a Majority of an Affected Class
or a Majority of the Subordinated Notes so direct the Trustee following the occurrence of a Tax Event as set forth in Section 9.3
of the Indenture, then in each case this Note may be redeemed, in whole or (in respect of any redemption other than pursuant to
clauses (b) (except in the case of a redemption in part by Class from Refinancing Proceeds) and (d)) in part, in the manner, under
the conditions and with the effect provided in the Indenture. In connection with any redemption pursuant to clause (d), Holders
of 100% of the Aggregate Outstanding Amount of any Class of Secured Notes may elect to receive less than 100% of the Redemption
Price that would otherwise be payable to such Holders of Secured Notes.

 

    	Ex. B-1-6

    	 

    
 

The Issuer, the Trustee
and any agent of the Issuer or the Trustee shall treat the Person in whose name this Note is registered as the owner of this Note
on the Register on the applicable Record Date for the purpose of receiving payments of principal of and interest on this Note (whether
or not this Note is overdue) and, except as otherwise expressly provided in the Indenture, on any other date for all other purposes
whatsoever, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the
contrary.

 

If an Event of Default
shall occur and be continuing, the Class B Notes may become or be declared due and payable in the manner and with the effect provided
in the Indenture.

 

Interests in this [Rule
144A][Regulation S] Global Secured Note may be exchanged for an interest in, or transferred to a transferee taking an interest
in, the corresponding [Regulation S][Rule 144A] Global Secured Note subject to the restrictions as set forth in the Indenture.
This [Rule 144A][Regulation S] Global Secured Note is subject to mandatory exchange for Certificated Notes under the limited circumstances
set forth in the Indenture.

 

Upon redemption, exchange
of or increase in any interest represented by this [Rule 144A][Regulation S] Global Secured Note, this [Rule 144A][Regulation S]
Global Secured Note shall be endorsed on Schedule A hereto to reflect the reduction of or increase in the principal amount
evidenced hereby.

 

The Class B Notes will
be issued in minimum denominations of U.S.$1,000,000 and integral multiples of U.S.$1,000 in excess thereof.

 

Title to Notes shall
pass by registration in the Register kept by the Registrar.

 

No service charge shall
be made for registration of transfer or exchange of this Note, but the Issuer, the Registrar or the Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Registrar or the Trustee
shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature of the transferor
and the transferee.

 

AS PROVIDED IN THE
INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THE INDENTURE AND THE NOTES AND ANY MATTERS ARISING
OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE INDENTURE AND THE NOTES (WHETHER IN CONTRACT, TORT OR OTHERWISE), SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK.

 

- signature page follows -

 

    	Ex. B-1-7

    	 

    
 

IN WITNESS WHEREOF, the Issuer has caused
this Note to be duly executed as of the date set forth above.

 

GOLUB CAPITAL BDC 2010-1 LLC

 

By:
Golub Capital BDC, Inc.,

its designated manager

 

By:_____________________________

Name:

Title:

 

    	Ex. B-1-8

    	 

    
 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class B Notes referred
to in the within-mentioned Indenture.

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

By:____________________________________

Authorized Signatory

 

    	Ex. B-1-9

    	 

    
 

SCHEDULE A

 

SCHEDULE OF
EXCHANGES OR REDEMPTIONS

 

The outstanding principal
amount of the Class B Notes represented by this [Rule 144A][Regulation S] Global Secured Note on the Closing Date is U.S.$12,000,000.
The following exchanges, redemptions of or increase in the whole or a part of the Class B Notes represented by this [Rule 144A][Regulation
S] Global Secured Note have been made:

 

	Date exchange/ increase made	Original principal amount of this [Rule 144A][Regulation S] Global Secured Note	Part of principal amount of this [Rule 144A][Regulation S] Global Secured Note exchanged/redeemed/ increased	Remaining principal amount of this [Rule 144A][Regulation S] Global Secured Note following such exchange/redemption/ increase	Notation made by or on behalf of the Issuer
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	Ex. B-1-10

    	 

    
 

Exhibit B-2

 

FORM OF CERTIFICATED CLASS B NOTE

 

CERTIFICATED NOTE

representing

AMENDED AND RESTATED CLASS B SENIOR SECURED FLOATING RATE NOTES DUE 2023

 

THIS AMENDED AND RESTATED NOTE (THIS “NOTE”)
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAW AND ONLY (1) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER FOR PURPOSES OF SECTION
3(C)(7) OF THE 1940 ACT, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED
PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” (WITHIN THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE, SUBJECT TO (A) THE RECEIPT
BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER
EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAW AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE
SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) TO A QUALIFIED PURCHASER IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER
THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT.
THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR
INDIRECTLY ACQUIRING OR HOLDING THE NOTE OR ANY INTEREST THEREIN ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN
(AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY PLAN TO WHICH SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF SUCH AN EMPLOYEE
BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”), OR GOVERNMENTAL,
NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION SUBSTANTIVELY SIMILAR
OR OF SIMILAR EFFECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“OTHER PLAN LAW”) OR (II) EITHER ITS ACQUISITION,
HOLDING AND DISPOSITION OF SUCH OFFERED NOTE (A) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE, PROHIBITED
TRANSACTION CLASS EXEMPTION (“PTCE”) 96-23, PTCE 95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED, OR AN EXEMPTION
SIMILAR TO THE FOREGOING EXEMPTIONS OR (B) IN THE CASE OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO OTHER
PLAN LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF OTHER PLAN LAW. SUCH REPRESENTATION SHALL BE DEEMED MADE ON
EACH DAY FROM THE DATE ON WHICH THE ACQUIRER ACQUIRES ITS INTEREST IN THE OFFERED NOTE THROUGH AND INCLUDING THE DATE ON WHICH
THE ACQUIRER DISPOSES OF ITS INTEREST IN THE OFFERED NOTE.

 

    	Ex. B-2-1

    	 

    
 

TRANSFERS OF THIS NOTE SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE.

 

THE FAILURE TO PROVIDE THE ISSUER, THE
TRUSTEE AND ANY PAYING AGENT WITH THE PROPERLY COMPLETED AND SIGNED TAX CERTIFICATIONS (GENERALLY, IN THE CASE OF U.S. FEDERAL
INCOME TAX, AN INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED
STATES PERSON” WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE OR THE APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8
(OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION
7701(a)(30) OF THE CODE) OR THE FAILURE TO MEET ITS NOTEHOLDER REPORTING OBLIGATIONS MAY RESULT IN WITHHOLDING FROM PAYMENTS IN
RESPECT OF SUCH NOTE, INCLUDING U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING.

 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE BY ACQUIRING THIS NOTE AGREES AND COVENANTS THAT IT WILL PROVIDE TO THE ISSUER AND THE TRUSTEE ANY INFORMATION AS IS NECESSARY
(IN THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE ISSUER AND THE TRUSTEE TO DETERMINE ITS STATUS
FOR PURPOSES OF SECTIONS 1471 THROUGH 1474 OF THE CODE (INCLUDING ANY INFORMATION REQUIRED TO DETERMINE THE PROPER RATE OF WITHHOLDING
UNDER SUCH CODE SECTIONS).

 

    	Ex. B-2-2

    	 

    
 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
NOTE OR AN INTEREST IN THIS NOTE THAT IS NOT A “UNITED STATES PERSON” (AS DEFINED IN SECTION 7701(a)(30) OF THE CODE)
WILL MAKE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO MAKE, A REPRESENTATION TO THE EFFECT THAT (A)
EITHER (I) IT IS NOT A BANK EXTENDING CREDIT PURSUANT TO A LOAN AGREEMENT ENTERED INTO IN THE ORDINARY COURSE OF ITS TRADE OR BUSINESS
(WITHIN THE MEANING OF SECTION 881(c)(3)(A) OF THE CODE), OR (II) IT IS A PERSON THAT IS ELIGIBLE FOR BENEFITS UNDER AN INCOME
TAX TREATY WITH THE UNITED STATES THAT ELIMINATES U.S. FEDERAL INCOME TAXATION OF U.S. SOURCE INTEREST NOT ATTRIBUTABLE TO A PERMANENT
ESTABLISHMENT IN THE UNITED STATES, AND (B) IT IS NOT PURCHASING THIS NOTE IN ORDER TO REDUCE ITS U.S. FEDERAL INCOME TAX LIABILITY
PURSUANT TO A TAX AVOIDANCE PLAN.

 

EACH HOLDER AND EACH BENEFICIAL OWNER OF
THIS NOTE, BY ACQUIRING THIS NOTE OR ITS INTEREST IN THIS NOTE, AS THE CASE MAY BE, SHALL BE DEEMED TO HAVE AGREED TO TREAT, AND
SHALL TREAT, THIS NOTE AS DEBT OF THE ISSUER FOR U.S. FEDERAL AND, TO THE EXTENT PERMITTED BY LAW, STATE AND LOCAL INCOME AND FRANCHISE
TAX PURPOSES AND SHALL TAKE NO ACTION INCONSISTENT WITH SUCH TREATMENT UNLESS REQUIRED BY ANY RELEVANT TAXING AUTHORITY.

 

THIS NOTE MAY HAVE BEEN ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” WITHIN THE MEANING OF SECTION 1272, ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. UPON WRITTEN
REQUEST, THE ISSUER WILL PROMPTLY PROVIDE TO ANY HOLDER OF THE NOTE INFORMATION REGARDING (1) THE ISSUE PRICE AND ISSUE DATE OF
THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. SUCH REQUEST SHOULD
BE SENT TO THE ISSUER AT 150 South Wacker Drive, Suite 800, Chicago, Illinois 60606, Attention:
David Golub, facsimile No. (312) 201-9167.

 

    	Ex. B-2-3

    	 

    
 

GOLUB CAPITAL BDC 2010-1 LLC

 

CERTIFICATED NOTE

representing

AMENDED AND RESTATED CLASS B SENIOR SECURED FLOATING RATE NOTES DUE 2023

 

	B/R-1	[DATE]
	 	 
	CUSIP No.: 38172Y AK3	U.S.$[______________]
	 	 
	ISIN No.: US38172YAK38	 

 

GOLUB CAPITAL BDC 2010-1
LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promises to pay to [____________________],
or its registered assigns, upon presentation and surrender of this Class B Note (except as otherwise permitted by the Indenture
referred to below), the principal sum of [__________________] United States Dollars (U.S.$[___________]) on July 20, 2023 (the
“Stated Maturity”), except as provided below and in the Indenture. The obligations of the Issuer under this
Class B Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Assets in accordance with
the Indenture, and following realization of the Assets in accordance with the Indenture, all claims of Noteholders shall be extinguished
and shall not thereafter revive.

 

The Issuer promises
to pay interest, if any, on the 20th day of January, April, July and October in each year (or, if such day is not a Business Day,
the next succeeding Business Day), at the rate equal to LIBOR plus 2.40% per annum on the Aggregate Outstanding Amount hereof until
the principal hereof is paid or duly provided for. Interest shall be computed on the basis of the actual number of days elapsed
in the applicable Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Class B Note (or one or more predecessor Class B Notes) is registered at the
close of business on the Record Date for such interest, which shall be the fifteenth day (whether or not a Business Day) prior
to such Payment Date.

 

Payments of principal
of and interest on this Class B Note are subordinated to the payment on each Payment Date of certain other amounts in accordance
with the Priority of Payments and Section 13.1 of the Indenture.

 

Interest will cease
to accrue on each Class B Note, or in the case of a partial repayment, on such repaid part, from the date of repayment. If this
Class B Note is called for redemption and principal payments hereon are not paid upon surrender of this Class B Note, the principal
thereof shall, until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest
Accrual Period this Class B Note remains Outstanding; provided that the reason for such non-payment is not the fault of
such Noteholder. The principal of this Class B Note shall be payable on the first Payment Date on which funds are permitted to
be used for such purpose in accordance with the Priority of Payments. The principal of this Class B Note shall be payable no later
than the Stated Maturity unless the unpaid principal of this Class B Note becomes due and payable at an earlier date by declaration
of acceleration, call for redemption or otherwise.

 

    	Ex. B-2-4

    	 

    
 

Unless the certificate
of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their Responsible
Officers, this Class B Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

This Note is one of
a duly authorized issue of Amended and Restated Class B Senior Secured Floating Rate Notes due 2023 (the “Class B Notes”
and, together with the other classes of Notes issued under the Indenture, as supplemented as of February 15, 2103, the “Notes”)
issued and to be issued under an indenture dated as of July 16, 2010, as supplemented pursuant to that Supplemental Indenture No.
1, dated as of February 15, 2013 (the “Indenture”), among the Issuer and U.S. Bank National Association, as
trustee (the “Trustee”, which term includes any successor trustee as permitted under the Indenture). Reference
is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes
are, and are to be, authenticated and delivered.

 

Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This Class B Note is
subject to optional redemption, in whole but not in part, as specified in the Indenture. In the case of any optional redemption
of Class B Notes, payments of interest on such Notes so to be redeemed which are payable on or prior to the Redemption Date will
be payable to the Holders of such Class B Notes, or one or more predecessor Class B Notes, registered as such at the close of business
on the relevant Record Date.

 

If (a) a redemption
occurs because any Coverage Test is not satisfied as set forth in Section 9.1 of the Indenture, (b) a redemption occurs because
a Majority of the Subordinated Notes provides written direction to this effect as set forth in Section 9.2 of the Indenture, (c)
a Special Redemption occurs (x) during the Reinvestment Period, if the Collateral Manager is unable to identify additional Collateral
Obligations in sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection
Account or (y) after the Effective Date, due to the failure to obtain Rating Agency confirmation of the Initial Ratings of the
Secured Notes, each as set forth in Section 9.6 of the Indenture or (d) a Tax Redemption occurs because a Majority of an Affected
Class or a Majority of the Subordinated Notes so direct the Trustee following the occurrence of a Tax Event as set forth in Section
9.3 of the Indenture, then in each case this Note may be redeemed, in whole or (in respect of any redemption other than pursuant
to clauses (b) (except in the case of a redemption in part by Class from Refinancing Proceeds) and (d)) in part, in the manner,
under the conditions and with the effect provided in the Indenture. In connection with any redemption pursuant to clause (d), Holders
of 100% of the Aggregate Outstanding Amount of any Class of Secured Notes may elect to receive less than 100% of the Redemption
Price that would otherwise be payable to such Holders of Secured Notes.

 

The Issuer, the Trustee,
and any agent of the Issuer or the Trustee shall treat the Person in whose name this Class B Note is registered as the owner of
this Class B Note on the Register on the applicable Record Date for the purpose of receiving payments of principal of and interest
on this Class B Note (whether or not this Class B Note is overdue) and, except as otherwise provided in the Indenture, on any other
date for all other purposes whatsoever, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall
be affected by notice to the contrary.

 

    	Ex. B-2-5

    	 

    
 

If an Event of Default
shall occur and be continuing, the Class B Notes may become or be declared due and payable in the manner and with the effect provided
in the Indenture.

 

The Class B Notes will
be issued in minimum denominations of U.S.$1,000,000 and integral multiples of U.S.$1,000 in excess thereof.

 

Title to Notes shall
pass by registration in the Register kept by the Registrar.

 

No service charge shall
be made for registration of transfer or exchange of this Class B Note, but the Issuer, the Registrar or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Registrar or the
Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature of
the transferor and the transferee.

 

AS PROVIDED IN THE
INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THE INDENTURE AND THE NOTES AND ANY MATTERS ARISING
OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE INDENTURE AND THE NOTES (WHETHER IN CONTRACT, TORT OR OTHERWISE), SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK.

 

- signature page follows –

 

    	Ex. B-2-6

    	 

    
 

IN WITNESS WHEREOF, the Issuer has caused
this Note to be duly executed as of the date set forth above.

 

 

GOLUB CAPITAL BDC 2010-1 LLC

 

By: Golub Capital BDC, Inc.,

its designated manager

 

By:_____________________________

Name:

Title:

 

    	Ex. B-2-7

    	 

    
 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class B Notes referred
to in the within-mentioned Indenture.

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

By:____________________________________

Authorized Signatory

 

    	Ex. B-2-8

    	 

    
 

ASSIGNMENT FORM

 

For value received ___________________________________________

 

does hereby sell, assign, and transfer
to

 

___________________________________________

 

___________________________________________

Please insert social security or

other identifying number of assignee

 

Please print or type name

and address, including zip code,

of assignee:

 

___________________________________________________________

 

___________________________________________________________

 

___________________________________________________________

 

___________________________________________________________

 

the within Security and does hereby irrevocably
constitute and appoint _____________________ Attorney to transfer the Security on the books of the Trustee with full power of substitution
in the premises.

 

Date: _______________                                 Your Signature____________________________________

(Sign exactly as your name appears

in the security)

 

    	Ex. B-2-9

    	 

    
 

Exhibit C

 

FORM OF CERTIFICATED SUBORDINATED NOTE

 

AMENDED AND RESTATED CERTIFICATED SUBORDINATED
NOTE

 

SUBORDINATED NOTES DUE 2023

 

THIS AMENDED AND RESTATED SUBORDINATED
NOTE (THIS “SUBORDINATD NOTE”) HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING
THIS SUBORDINATED NOTE, AGREES THAT THIS SUBORDINATED NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER APPLICABLE LAW TO A UNITED STATES PERSON AS DEFINED IN SECTION 7701(a)(30) OF THE CODE, AND ONLY
(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER FOR PURPOSES
OF SECTION 3(C)(7) OF THE 1940 ACT, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO
IS A QUALIFIED PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501 (a)(1)-(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED
PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE, SUBJECT TO (A) THE
RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH
OTHER EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT
AND OTHER APPLICABLE LAW OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES
AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE
UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A VALID REGISTRATION STATEMENT.
THE HOLDER HEREOF, BY ACQUIRING THIS SUBORDINATED NOTE, REPRESENTS THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY
ACQUIRING OR HOLDING THIS SUBORDINATED NOTE OR ANY INTEREST THEREIN ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN
(AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY PLAN TO WHICH SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF SUCH AN EMPLOYEE
BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”), OR GOVERNMENTAL,
NON-U.S. OR CHURCH PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION SUBSTANTIVELY SIMILAR
OR OF SIMILAR EFFECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“OTHER PLAN LAW”); OR (II)(A) IF IT IS, OR
IS ACTING ON BEHALF OF, A BENEFIT PLAN INVESTOR, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS SUBORDINATED NOTE WILL NOT CONSTITUTE
OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (B) IF IT IS A GOVERNMENTAL,
CHURCH OR NON-U.S. PLAN, (I) IT IS NOT, AND FOR SO LONG AS IT HOLDS THIS SUBORDINATED NOTE OR INTEREST THEREIN WILL NOT BE, SUBJECT
TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW OR REGULATION THAT COULD CAUSE THE UNDERLYING ASSETS OF THE ISSUER TO BE TREATED
AS ASSETS OF THE HOLDER OF THIS SUBORDINATED NOTE (OR ANY INTEREST THEREIN) BY VIRTUE OF ITS INTEREST AND THEREBY SUBJECT THE ISSUER
OR THE COLLATERAL MANAGER (OR OTHER PERSONS RESPONSIBLE FOR THE INVESTMENT AND OPERATION OF THE ISSUER’S ASSETS) TO OTHER
PLAN LAW (“SIMILAR LAW”) AND (II) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS SUBORDINATED NOTE WILL NOT CONSTITUTE
OR RESULT IN A NON-EXEMPT VIOLATION OF ANY OTHER PLAN LAW. THE HOLDER HEREOF, BY ACQUIRING THIS SUBORDINATED NOTE, ACKNOWLEDGES
BOTH THAT (I) IT MUST PROVIDE TO THE REGISTRAR OF THE SUBORDINATED NOTE ANY INFORMATION REQUIRED UNDER THE INDENTURE (IN THE SOLE
DETERMINATION OF THE ISSUER, TRUSTEE OR REGISTRAR, AS APPLICABLE) TO MAKE SUCH ACQUISITION EFFECTIVE AND IN THE FORM OF CERTIFICATE
REQUIRED BY THE INDENTURE, AND (II) IT MUST AGREE TO CERTAIN TRANSFER RESTRICTIONS REGARDING ITS INTEREST IN THIS SUBORDINATED
NOTE.

 

    	Ex. C-1

    	 

    
 

THE PRINCIPAL OF THIS SUBORDINATED NOTE
IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS SUBORDINATED NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

THIS SUBORDINATED NOTE IS A PRINCIPAL ONLY
NOTE AND DOES NOT BEAR ANY INTEREST.

 

THE RIGHTS OF THE HOLDERS OF THIS SUBORDINATED
NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES AND THE CLASS B NOTES TO RECEIVE PRINCIPAL
AND INTEREST TO THE EXTENT SET FORTH IN THE INDENTURE.

 

THIS SUBORDINATED NOTE MAY NOT BE ACQUIRED
OR OWNED BY ANY PERSON THAT IS CLASSIFIED FOR U.S. FEDERAL INCOME TAX PURPOSES AS A DISREGARDED ENTITY (UNLESS THE BENEFICIAL OWNER
FOR U.S. FEDERAL INCOME TAX PURPOSES OF THE DISREGARDED ENTITY IS A CORPORATION, OTHER THAN A SUBCHAPTER S CORPORATION, OR IS OTHERWISE
TAXABLE AS A CORPORATION), PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST UNLESS SUCH PERSON OBTAINS AN OPINION OF COUNSEL
THAT SUCH TRANSFER WILL NOT CAUSE GOLUB CAPITAL BDC 2010-1 LLC (THE “ISSUER”) TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP
TAXABLE AS A CORPORATION.

 

    	Ex. C-2

    	 

    
 

THIS SUBORDINATED NOTE (AND ANY INTEREST
HEREIN) MAY NOT BE ACQUIRED, SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF OR CAUSED TO BE MARKETED,
(I) ON OR THROUGH AN “ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE CODE, INCLUDING,
WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS, (II) ON OR THROUGH
A “SECONDARY MARKET (OR THE SUBSTANTIAL EQUIVALENT THEREOF)” WITHIN THE MEANING OF SECTION 7704(b)(2) OF THE CODE,
INCLUDING A MARKET WHEREIN ANY NOTE (OR INTEREST THEREIN) IS REGULARLY QUOTED BY ANY PERSON MAKING A MARKET IN SUCH INTERESTS AND
A MARKET WHEREIN ANY PERSON REGULARLY MAKES AVAILABLE BID OR OFFER QUOTES WITH RESPECT TO ANY NOTE (OR INTEREST THEREIN) AND STANDS
READY TO EFFECT BUY OR SELL TRANSACTIONS AT THE QUOTED PRICES FOR ITSELF OR ON BEHALF OF OTHERS, OR (III) IF SUCH ACQUISITION,
SALE, TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR OTHER DISPOSITION WOULD CAUSE THE SUBORDINATED NOTES (OR INTEREST THEREIN)
TO BE HELD BY MORE THAN 100 PERSONS.

 

THIS SUBORDINATED NOTE (AND ANY INTEREST
HEREIN) MAY NOT BE TRANSFERRED IN AN AMOUNT LESS THAN THE MINIMUM DENOMINATION APPLICABLE TO THIS SUBORDINATED NOTE.

 

NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION
OF ONE OR MORE NOTES (A “TRANSFER”) SHALL BE MADE UNLESS SIMULTANEOUSLY WITH THE TRANSFER (1) A PROPORTIONATE AMOUNT
OF MEMBERSHIP INTERESTS OF THE ISSUER (“MEMBERSHIP INTERESTS”) ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE
INTEREST OF THE MEMBERSHIP INTERESTS SO TRANSFERRED TO ALL MEMBERSHIP INTERESTS AND THE RATIO OF THE PERCENTAGE INTEREST OF THE
NOTES SO TRANSFERRED TO ALL NOTES ARE EQUAL, (2) THE TRANSFERS OF MEMBERSHIP INTERESTS AND NOTES REFERRED TO HEREIN ARE MADE TO
THE SAME PERSON, AND (3) THE PERCENTAGE INTEREST OF THE MEMBERSHIP INTERESTS AND NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS
THAN TEN (10%) PERCENT.

 

AS A CONDITION TO THE PAYMENT OF ANY AMOUNT
HEREUNDER WITHOUT THE IMPOSITION OF WITHHOLDING TAX, THE TRUSTEE SHALL REQUIRE CERTIFICATION ACCEPTABLE TO IT TO ENABLE THE ISSUER
AND THE TRUSTEE TO DETERMINE THEIR DUTIES AND LIABILITIES WITH RESPECT TO ANY TAXES THAT THEY MAY BE REQUIRED TO PAY, DEDUCT OR
WITHHOLD IN RESPECT OF THIS SUBORDINATED NOTE OR THE HOLDER HEREOF UNDER ANY PRESENT OR FUTURE LAW OR REGULATION OF THE UNITED
STATES OR ANY PRESENT OR FUTURE LAW OR REGULATION OF ANY POLITICAL SUBDIVISION THEREOF OR TAXING AUTHORITY THEREIN OR TO COMPLY
WITH ANY REPORTING OR OTHER REQUIREMENTS UNDER ANY SUCH LAW OR REGULATION.

 

    	Ex. C-3

    	 

    
 

EACH HOLDER AND BENEFICIAL OWNER OF THIS
SUBORDINATED NOTE BY ACQUIRING THIS SUBORDINATED NOTE AGREES AND COVENANTS THAT IT WILL PROVIDE TO THE ISSUER AND THE TRUSTEE ANY
INFORMATION AS IS NECESSARY (IN THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE ISSUER AND THE TRUSTEE
TO DETERMINE ITS STATUS FOR PURPOSES OF SECTIONS 1471 THROUGH 1474 OF THE CODE (INCLUDING ANY INFORMATION REQUIRED TO DETERMINE
THE PROPER RATE OF WITHHOLDING UNDER SUCH CODE SECTIONS).

 

EACH HOLDER AND EACH BENEFICIAL OWNER OF
THIS SUBORDINATED NOTE, BY ACQUIRING THIS SUBORDINATED NOTE OR AN INTEREST IN THIS SUBORDINATED NOTE, AS THE CASE MAY BE, SHALL
BE DEEMED TO HAVE AGREED TO TREAT, AND SHALL TREAT, THIS SUBORDINATED NOTE AS EQUITY IN THE ISSUER FOR U.S. FEDERAL AND, TO THE
EXTENT PERMITTED BY LAW, STATE AND LOCAL INCOME AND FRANCHISE TAX PURPOSES AND SHALL TAKE NO ACTION INCONSISTENT WITH SUCH TREATMENT
UNLESS REQUIRED BY ANY RELEVANT TAXING AUTHORITY.

 

    	Ex. C-4

    	 

    
 

GOLUB CAPITAL BDC 2010-1 LLC

 

CERTIFICATED SUBORDINATED NOTE

representing

AMENDED AND RESTATED SUBORDINATED NOTES DUE 2023

 

 

	S/R-1	[DATE]
	 	 
	CUSIP
    No.: 38172Y AL11138172Y AM912	U.S.$135,000,000
	 	 
	ISIN No.: US38172YAL1113US38172YAM9314	 

 

GOLUB CAPITAL BDC 2010-1
LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promises to pay to [__________]
or its registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred
to below), the principal sum of One Hundred Thirty Five Million United States Dollars (U.S.$135,000,000) on July 20, 2023 (the
“Stated Maturity”), except as provided below and in the Indenture.

 

The obligations of
the Issuer under this Subordinated Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Assets in accordance with the Indenture, and following realization of the Assets in accordance with the Indenture, all claims of
Subordinated Noteholders shall be extinguished and shall not thereafter revive. The Subordinated Notes represent unsecured, subordinated
obligations of the Issuer and are not entitled to security under the Indenture.

 

The principal of this
Subordinated Note shall be payable no later than the Stated Maturity unless the unpaid principal of this Subordinated Note becomes
due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise.

 

Payments of Interest
Proceeds and Principal Proceeds to the Holders of the Subordinated Notes are subordinated to payments in respect of the Secured
Notes as set forth in the Indenture and failure to pay such amounts to the Holders of the Subordinated Notes will not constitute
an Event of Default under the Indenture.

 

Unless the certificate
of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their Responsible
Officers, this Subordinated Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

This Subordinated Note
is one of a duly authorized issue of Amended and Restated Subordinated Notes due 2023 (the “Subordinated Notes”
and, together with the Secured Notes issued under the Indenture, as supplemented as of February 15, 2013 the “Notes”)
issued and to be issued under an indenture dated as of July 16, 2010, and supplemented pursuant to that Supplemental Indenture
No. 1, dated as of February 2013 (the “Indenture”), among the Issuer and U.S. Bank National Association, as
trustee (the “Trustee”, which term includes any successor trustee as permitted under the Indenture). Reference
is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes
are, and are to be, authenticated and delivered.

 

 

 

11 Transferees other than Accredited Investors.

12 Transferees that are Accredited Investors.

13 Transferees other than Accredited Investors.

14 Transferees that are Accredited Investors.

 

    	Ex. C-5

    	 

    
 

Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This Subordinated Note
may be redeemed, in whole but not in part, (a) on any Payment Date on or after the redemption or repayment in full of the Secured
Notes, at the direction of a Majority of the Subordinated Notes, or (b) if a Tax Redemption occurs because a Majority of an Affected
Class or a Majority of the Subordinated Notes so direct the Trustee following the occurrence of a Tax Event as set forth in Section
9.3 of the Indenture, in the manner, under the conditions and with the effect provided in the Indenture.

 

This Certificated Subordinated
Note may be transferred to a transferee acquiring Certificated Subordinated Notes, subject to and in accordance with the restrictions
set forth in the Indenture.

 

The Issuer, the Trustee,
and any agent of the Issuer or the Trustee shall treat the Person in whose name this Subordinated Note is registered as the owner
of this Subordinated Note on the Register on the applicable Record Date for the purpose of receiving distributions of Principal
Proceeds of and Interest Proceeds on this Subordinated Note (whether or not this Subordinated Note is overdue) and, except as otherwise
expressly provided in the Indenture, on any other date for all other purposes whatsoever, and neither the Issuer nor the Trustee
nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary.

 

The Subordinated Notes
in the form of Certificated Subordinated Notes will be issued in minimum denominations of U.S.$100,000 and integral multiples of
U.S.$1.00 in excess thereof.

 

Title to Subordinated
Notes shall pass by registration in the Register kept by the Registrar.

 

No service charge shall
be made for registration of transfer or exchange of this Subordinated Note, but the Issuer, the Registrar or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Registrar or the
Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature of
the transferor and the transferee.

 

AS PROVIDED IN THE
INDENTURE, THE INDENTURE AND THE SUBORDINATED NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THE INDENTURE AND THE SUBORDINATED
NOTES AND ANY MATTERS ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE INDENTURE AND THE SUBORDINATED NOTES (WHETHER IN
CONTRACT, TORT OR OTHERWISE), SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

 

- signature page follows -

 

    	Ex. C-6

    	 

    
 

IN WITNESS WHEREOF, the Issuer has caused
this Subordinated Note to be duly executed as of the date set forth above.

 

 

GOLUB CAPITAL BDC 2010-1 LLC

 

By: Golub Capital BDC, Inc.,

its designated manager

 

By:_____________________________

Name:

Title:

 

    	Ex. C-7

    	 

    
 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Subordinated Notes referred to in the within-mentioned
Indenture.

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

By:____________________________________

Authorized Signatory

 

    	Ex. C-8

    	 

    
 

ASSIGNMENT FORM

 

For value received ___________________________________________

 

does hereby sell, assign, and transfer
to

 

___________________________________________

 

___________________________________________

Please insert social security or

other identifying number of assignee

 

Please print or type name

and address, including zip code,

of assignee:

 

___________________________________________________________

 

___________________________________________________________

 

___________________________________________________________

 

___________________________________________________________

 

the within Security and does hereby irrevocably
constitute and appoint _____________________ Attorney to transfer the Security on the books of the Trustee with full power of substitution
in the premises.

 

Date:
                                 Your Signature                                          
 (Sign exactly as your name
 appears in the security

 

 

    	Ex. C-9Exhibit 4.1

 

	 
	ALCOBRA LTD.
	 
	Convertible Loan Agreement
	 

 

This Convertible Loan Agreement (the “Agreement”),
dated [_____], and effective [_____], is made and entered between Alcobra Ltd., an Israeli company (“Company”),
and [_____] (“Lender”).

 

	Loan Amount:	[_____], (the “Loan Amount”), to be disbursed to the Company no later than [_____] (“Closing”). 
	 	 
	 	The convertible loan hereunder is to be made as part of a series of convertible loans, in an aggregate amount of up to US$600,000 (the “Aggregate Loan Amount”), disbursed or to be disbursed to the Company by certain individuals and entities (the “Lenders”) during the period commencing July 23, 2012 and ending [________]. 
	 	 
	Interest:	The Loan Amount shall bear interest at a rate of 6% per annum (the Loan Amount, together with accrued interest, the “Total Loan Amount”). 
	 	 
	Conversion:
    	The Total Loan Amount shall be automatically converted into securities of the Company upon the earlier of the following events: 
	 	 
	 	1.     Financing Round. Upon investment in the Company's share capital by at least one investor (“Financing Round”), the Total Loan Amount shall be automatically converted into the most senior class of shares issued in the course of the Financing Round, under the same terms and conditions set forth therein with respect thereof (including issuance of warrants, etc.), at a 25% discount from the lowest price per share paid for such shares in the course of the Financing Round.
	 	 
	 	2.     Initial Public Offering. Upon closing of an underwritten public offering by the Company of its Ordinary Shares (“IPO”), the Total Loan Amount shall be automatically converted, as of immediately after the closing of the IPO, into Ordinary Shares of the Company at a 25% discount from the effective price per share determined for such shares in the IPO.
	 	 
	 	In case the Total Loan Amount remains due and outstanding upon the elapse of 12 months from Closing, and unless Company is otherwise instructed by Lenders holding a majority share in the Aggregate Loan Amount, then the Total Loan Amount shall be automatically converted into an amount of Ordinary Shares of the Company reflecting a pre-money Company valuation of US$25,000,000 on fully diluted basis. 

 

    	 

    	 

    

 

	 	Conversion of the Total Loan Amount shall be deemed repayment in full of the Total Loan Amount.
	 	 
	 	Until conversion of the Total Loan Amount, the Lender shall not have any rights as shareholder of the Company by virtue of the Total Loan Amount.
	 	 
	Events
    of Default:	Notwithstanding the aforesaid, the Total Loan Amount will immediately become due and payable upon the occurrence of any of the following events prior to the conversion of the Total Loan Amount: (a) commencement by the Company of any liquidation proceedings or the adoption of a winding up resolution by the Company; (b) appointment of a receiver or trustee over the whole or any substantial part of the Company’s assets, which has not been terminated within 60 days thereafter; (c) calling by the Company of a meeting of creditors for the purpose of entering into a scheme or arrangement with them which would affect the Lender; or (d) commencement by third parties of any liquidation proceedings of the Company, which have not been terminated within 120 days thereafter. The Company shall notify the Lender within 3 business days of being notified of any Event of Default.
	 	 
	Use of Proceeds:	The Company shall use the proceeds of the Loan Amount as the Company’s Board of Directors shall deem fit from time to time.
	 	 
	Miscellaneous:	This Agreement constitutes the full and entire understanding and agreement among the parties with regard to the convertible loan hereunder, and supersedes all prior agreements among the parties hereof with regard to such subject matter. This Agreement shall be governed for all purposes by the laws of Israel, and the competent courts in Tel Aviv shall have exclusive jurisdiction over any and all disputes there under or in connection herewith.
	 	 
	Counterparts:	This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

    	2

    	 

    

 

IN WITNESS WHEREOF, the parties have signed this Agreement as
of the date first hereinabove set forth.

 

	Alcobra Ltd.	 
	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 
	 	 
	Lender:	 
	 	 
	[_________]	 
	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 

 

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