Document:

Exhibit
10.1

 

SECOND
AMENDMENT TO

 

THEMAVEN,
INC. 

 

2019
EQUITY INCENTIVE PLAN

 

WHEREAS,
the Board of Directors of TheMaven, Inc. (the “Company”) has adopted the Company’s 2019 Equity Incentive
Plan (as amended by the First Amendment to TheMaven, Inc. 2019 Equity Incentive Plan dated as of March 16, 2020, the “Plan”)
and has recommended the Plan be presented to the shareholders of the Company for their approval;

 

WHEREAS,
pursuant to Section 3(a) of the Plan, a Share Reserve (as defined under the Plan) of 85,000,000 shares of the Common Stock (as
defined under the Plan) has been reserved for issuance under the Plan;

 

WHEREAS,
the Company desires to increase the Share Reserve to an aggregate of 185,000,000 shares of Common Stock, including shares and
Stock Awards previously issued thereunder; and

 

WHEREAS,
Section 2(b) of the Plan permits the Board of Directors of the Company to amend the Plan from time to time, subject only to certain
limitations specified therein.

 

NOW,
THEREFORE, the following amendments and modifications are hereby made a part of the Plan, subject to the approval of shareholders
of the Company:

 

1.
Section 3(a) of the Plan shall be, and hereby is, amended to increase the Share Reserve to 185,000,000, and the first sentence
of such section is thereby to read as follows:

 

“Subject
to the provisions of Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that
may be issued pursuant to Stock Awards beginning on the Effective Date may not exceed 185,000,000 shares (the “Share Reserve”).”

 

2.
In all other respects, the Plan, as amended, is hereby ratified and confirmed and shall remain in full force and effect.

 

IN
WITNESS WHEREOF, the Company has executed this Second Amendment to its 2019 Equity Incentive Plan as of February 18, 2021.

 

	 	THEMAVEN,
    INC.
	 	 	 
	 	By:	/s/
    Douglas Smith
	 	Name:
    	Douglas
    Smith
	 	Title:
    	Chief
    Financial OfficerExhibit 4.1

 

SECOND SUPPLEMENTAL INDENTURE

 

between

 

GOLUB CAPITAL BDC, INC.

 

and

 

U.S. BANK NATIONAL
ASSOCIATION,

 

as Trustee

 

Dated as of February 24,
2021

 

 

 

SECOND SUPPLEMENTAL INDENTURE

 

THIS SECOND SUPPLEMENTAL INDENTURE
(this “Second Supplemental Indenture”), dated as of February 24, 2021, is between Golub Capital BDC, Inc., a
Delaware corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”).
All capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Base Indenture (as defined
below).

 

RECITALS OF THE COMPANY

 

The Company and the Trustee
executed and delivered an Indenture, dated as of October 2, 2020 (the “Base Indenture” and, as amended and supplemented
by this Second Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time
to time of the Company’s secured or unsecured indebtedness (the “Securities”), to be issued in one or
more series as provided in the Indenture.

 

The Company desires to
issue and sell $400,000,000 aggregate principal amount of the Company’s 2.500% Notes due 2026 (the “Notes”).

 

The
Company previously entered into the First Supplemental Indenture, dated as of October 2, 2020 (the “First Supplemental
Indenture”), which amended and supplemented the Base Indenture. The First Supplemental Indenture is not applicable to
the Notes.

 

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

 

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

 

     

     

    

 

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

 

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

 

ARTICLE I

TERMS OF THE NOTES

 

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

 

(a)               
The Notes shall constitute a series of Senior Securities having the title “2.500% Notes due 2026.” The
Notes shall bear a CUSIP number of 38173M AB8 and an ISIN number of US38173MAB81.

 

(b)                The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for
Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant
to Sections 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05 of the Base Indenture, and except for any Securities that, pursuant to
Section 3.03 of the Base Indenture, are deemed never to have been authenticated and delivered under the Indenture) shall be
$400,000,000. Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or Future Supplemental
Indenture, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any
such case “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms
as the Notes provided that, if such Additional Notes are not fungible with the Notes (or any other tranche of Additional
Notes) for U.S. federal income tax purposes, then such Additional Notes will have different CUSIP numbers from the Notes (and
any such other tranche of Additional Notes). Any Additional Notes and the existing Notes will constitute a single series
under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context
otherwise requires.

 

(c)               
The entire outstanding principal of the Notes shall be payable on August 24, 2026, unless earlier redeemed or repurchased
in accordance with the provisions of this Second Supplemental Indenture.

 

(d)                The
rate at which the Notes shall bear interest shall be 2.500% per annum. The date from which interest shall accrue on the Notes
shall be February 24, 2021, or the most recent Interest Payment Date to which interest has been paid or provided for; the
Interest Payment Dates for the Notes shall be February 24 and August 24 of each year, commencing August 24, 2021 (if an
Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the
next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial
interest period will be the period from and including February 24, 2021 (or the most recent Interest Payment Date to which
interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest
periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or
the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date, will be paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be February 1 and August 1 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any,
on) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee or at such other address as
designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; provided, however, that at the option of the Company payment of interest may
be made by (1) check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register or (2) transfer to an account maintained by the Person entitled thereto located in the United States; provided,
further, however, that so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer
in accordance with the procedures established by The Depository Trust Company and the Trustee. Interest on the Notes will be
computed on the basis of a 360-day year of twelve 30-day months.

 

    	 	2	 

     

    

 

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

 

(f)                
The depository for such Global Notes (the “Depository”) shall be The Depository Trust Company. The Security
Registrar with respect to the Global Notes shall be the Trustee.

 

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

 

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

 

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

 

		(1)	100% of the principal amount of the Notes to be redeemed,
or

 

		(2)	the sum of the present values of the remaining scheduled
payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed
through the Par Call Date, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) using the applicable Treasury Rate plus 30 basis points.

 

    (B)Notwithstanding
the foregoing, at any time on or after July 24, 2026, the Company may redeem some or all of the Notes at any time or from time
to time at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest,
if any, to, but excluding, the Redemption Date.

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

“Par Call
Date” means July 24, 2026, which is the date that is one month prior to the maturity date of the Notes.

 

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

 

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

 

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

 

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

 

(ii)              
Notice of redemption shall be given in writing and mailed, first-class postage prepaid, by overnight courier guaranteeing
next-day delivery, by facsimile, or by electronic mail, provided that so long as the Notes are registered to Cede & Co., such
notice shall be given in accordance with the Trustee’s and the Depository’s standard practices and procedures, to each
Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address, facsimile number or email address appearing in the Security Register. All notices of redemption shall contain
the information set forth in Section 11.04 of the Base Indenture.

 

    	 	4	 

     

    

 

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

 

(iv)             
If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected in accordance
with the applicable procedures of the Depository so long as the Notes are registered to the Depository or its nominee and, if the
Notes to be redeemed are not then held by the Depository, the Trustee shall select the Notes to be redeemed (A) if the Notes are
listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on
which the Notes are listed, (B) on a pro rata basis to the extent practicable or (C) to the extent that selection on a pro
rata basis is not practicable, by lot or such other similar method the Trustee deems to be fair and appropriate; provided,
however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.

 

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

 

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

 

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

 

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

 

ARTICLE II

DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION

 

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

 

“Adviser” means GC Advisors LLC,
a Delaware limited liability company.

 

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

 

    	 	5	 

     

    

 

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

 

	 	(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition;
	 	(2)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or
	 	(3)	the approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.

 

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

 

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

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any statute successor thereto.

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

“Rating Agency” means:

 

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

 

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

 

“S&P” means S&P Global Ratings,
or any successor thereto.

 

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

 

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

 

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

 

ARTICLE III

SECURITIES FORMS

 

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

 

“SECTION
2.04. Certificated Notes.

 

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

 

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

 

    	 	7	 

     

    

 

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

 

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

 

ARTICLE IV

REMEDIES

 

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

 

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

 

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

 

“(iv)default in the
performance, or breach, of any covenant or agreement of the Company in this Indenture or the Notes (other than a covenant or agreement
a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or that has expressly been
included in this Indenture solely for the benefit of a series of Securities other than the Notes), and continuance of such default
or breach for a period of 60 consecutive days after there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder;”

 

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

 

“(vii)if, pursuant
to Section 18(a)(1)(c)(ii) and Section 61 of the Investment Company Act, or any successor provisions, on the last Business Day
of each of twenty-four consecutive calendar months any class of the Company’s securities shall have an asset coverage (as
such term is used in the Investment Company Act) of less than 100 per centum, giving effect to any amendments to such provision
of the Investment Company Act and any exemptive relief granted to the Company by the Commission;”

 

    	 	8	 

     

    

 

Section 4.04Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01(a) of the Base Indenture shall be amended by
adding the following language as clause (ix) thereof:

 

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

 

Section 4.05Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Five of the Base Indenture shall be amended by deleting
Section 5.01(b).

 

Section 4.06Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Five of the Base Indenture shall be amended by replacing
the first paragraph of Section 5.02 with the following:

 

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

 

Section 4.07Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Five of the Base Indenture shall be amended by replacing
the clauses (iii) and (iv) of Section 5.07 with the following:

 

“(iii)such Holder
or Holders have offered to the Trustee indemnity, security or both satisfactory to the Trustee against the costs, expenses and
liabilities to be incurred in compliance with such request;

 

(iv)  the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity, security or both has failed to institute
any such proceeding; and”

 

ARTICLE V

COVENANTS

 

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

 

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

 

The Company
agrees that for the period of time during which the Notes are Outstanding, the Company will not violate, whether or not it is
subject to, Section 18(a)(1)(A) of the Investment Company Act as modified by Section 61(a)(1) and (2) of the Investment
Company Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive
relief granted to the Company by the Commission.”

 

    	 	9	 

     

    

 

SECTION 10.09. Commission Reports
and Reports to Holders.

 

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

 

ARTICLE VI

CONSOLIDATION, MERGER,
CONVEYANCE OR TRANSFER

 

Section 6.01Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Eight of the Base Indenture shall be amended by replacing
Section 8.01 thereof with the following:

 

“SECTION 8.01. Company
May Consolidate, Etc., Only on Certain Terms.

 

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

 

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

 

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

 

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

 

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

 

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

 

 

    	 	10	 

     

    

ARTICLE VII

OFFER TO REPURCHASE
UPON A CHANGE OF CONTROL REPURCHASE EVENT

 

Section 7.01Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Thirteen of the Base Indenture shall be amended by
replacing Sections

		13.1	to 13.05 with the following:

 

“SECTION 13.01. Change
of Control.

 

If a Change of Control Repurchase
Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make an offer to
each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal
amount in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount
of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase.
Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control,
but after the public announcement of the Change of Control, the Company shall mail a notice to each Holder describing the transaction
or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the
payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice
is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The
Company shall comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of
a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with this
Section 13.01, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations under this Section 13.01 by virtue of such conflict.

 

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

 

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

 

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

 

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

 

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

 

    	 	11	 

     

    

 

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

 

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

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.01This
Second Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New
York. This Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of
the Indenture and shall, to the extent applicable, be governed by such provisions.

 

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

 

Section 8.03This
Second Supplemental Indenture may be executed in counterparts, each of which shall be an original, but such counterparts will together
constitute but one and the same Second Supplemental Indenture. Counterparts may be delivered via facsimile, pdf, attachment, electronic
mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the
Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

Section
8.04 The Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified and
confirmed, and the Base Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same
instrument with respect to the Notes.

All provisions included in this Second Supplemental
Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by
law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Second Supplemental Indenture, and agrees
to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Second Supplemental Indenture.

 

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

 

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

 

    	 	12	 

     

    

 

Section
8.07The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of
this Second Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly
authorized to execute and deliver this Second Supplemental Indenture, authenticate the Notes and any Additional Notes and
perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the
Notes or any Additional Notes or the proceeds thereof. In acting hereunder and with respect to the Notes, the rights,
privileges, protections, immunities and benefits afforded to the Trustee under the Base Indenture, including, without
limitation, its right to be indemnified, are deemed to be incorporated herein, and shall be enforceable by the Trustee
hereunder, in each of its capacities hereunder as if set forth herein in full.

 

Section 8.08For
the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to the Notes
must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed
manually or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified
in writing to Trustee by the authorized representative), in English. The Company agrees to assume all risks arising out of the
use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk
of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

    	 	13	 

     

    

 

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

 

	 	GOLUB CAPITAL BDC, INC.
	 	 	 
	 	By:	/s/ David B. Golub
	 	Name:	David B. Golub
	 	Title:	Chief Executive Officer
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Karen R. Beard
	 	Name:	Karen R. Beard
	 	Title:	Vice President

 

[Signature page to Second Supplemental Indenture]

 

    	 	 

     

    

 

Exhibit A –
Form of Global Note

 

THIS SECURITY IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

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

 

Golub Capital BDC,
Inc.

 

	No.	 	$
	 	 	CUSIP No. 38173M AB8 
	 	 	ISIN No. US38173MAB81
	 	2.500% Notes due 2026	 

 

Golub Capital BDC,
Inc., a corporation duly organized and existing under the laws of Delaware (herein called the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede
 & Co., or registered assigns, the principal sum of                              
  (U.S. $          ) on August
24, 2026, and to pay interest thereon from February 24, 2021 or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually on February 24 and August 24 in each year, commencing August 24, 2021, at the rate
of 2.500% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security is registered at the close of business on the Regular Record Date for such interest, which shall be February 1 and
August 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

    	 	 

     

    

 

Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be made by (1) check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (2) transfer to an account maintained
by the Person entitled thereto located in the United States; provided, further, however, that so long as this Security
is registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The
Depository Trust Company and the Trustee.

 

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

 

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

 

    	 	A-2	 

     

    

 

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

 

Dated:

 

	 	 	GOLUB CAPITAL BDC, INC.	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	Attest	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Name:		 	 
	 	Title:		 	 

 

    	 	A-3	 

     

    

 

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

 

 

Dated:

 

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

 

    	 	A-4	 

     

    

 

 

Golub Capital BDC, Inc.

2.500% Notes due 2026

 

This Security is one of
a duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued
in one or more series under an Indenture, dated as of October 2, 2020 (herein called the “Base Indenture”, which term
shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby
made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as amended and supplemented by the Second Supplemental Indenture relating to the Securities, dated as of February
24, 2021, between the Company and the Trustee (herein called the “Second Supplemental Indenture”; and the Second Supplemental
Indenture and the Base Indenture together are herein called the “Indenture”). In the event of any conflict between
the Base Indenture and the Second Supplemental Indenture, the Second Supplemental Indenture shall govern and control.

 

This Security is one of
the series designated on the face hereof, initially limited in aggregate principal amount to $400,000,000. Under a Board Resolution,
Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without
the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”)
having the same ranking and the same interest rate, maturity and other terms as the Securities, provided that, if such Additional
Securities are not fungible with the Securities (or any other tranche of Additional Securities) for U.S. federal income tax purposes,
then such Additional Securities will have different CUSIP numbers from the Securities represented hereby (and any such other tranche
of Additional Securities). Any Additional Securities and the existing Securities will constitute a single series under the Indenture
and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires.
The aggregate amount of Outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate,
to reflect exchanges and redemptions.

 

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

 

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

	 	 	 
		(b)	the sum of the present values of the remaining scheduled payments of principal
and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed thought the Par
Call Date, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
using the applicable Treasury Rate plus 30 basis points.

Notwithstanding the foregoing,
at any time on or after July 24, 2026, the Company may redeem some or all of the Securities at any time or from time to time at
a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if
any, to, but excluding, the Redemption Date.

 

    	 	A-5	 

     

    

 

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

 

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

 

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

 

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

 

“Par Call Date”
means July 24, 2026, which is the date that is one month prior to the Maturity Date of the Securities.

 

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

 

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

 

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

 

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

 

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

 

    	 	A-6	 

     

    

 

If the Company
elects to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected in accordance
with the applicable procedures of the Depository so long as the Securities are registered to the Depository or its nominee
and, if the Securities to be redeemed are not then held by the Depository or its nominee, the Trustee shall select the
Securities to be redeemed (A) if the Securities are listed on any national securities exchange, in compliance with the
requirements of the principal national securities exchange on which the Securities are listed, (B) on a pro rata basis
to the extent practicable or (C) to the extent that selection on a pro rata basis is not practicable, by lot or such
other similar method the Trustee deems to be fair and appropriate; provided, however, that no such partial redemption shall
reduce the portion of the principal amount of a Security not redeemed to less than

$2,000.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	A-7	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

The Indenture and this Security
shall be governed by and construed in accordance with the laws of the State of New York.

 

    	 	A-8

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