Document:

EX-4.1

 Exhibit 4.1 

FOURTH SUPPLEMENTAL INDENTURE 

between 
 OAKTREE
SPECIALTY LENDING CORPORATION 
 (F/K/A FIFTH STREET FINANCE CORP.) 

and 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, 
 as Trustee 

Dated as of October 17, 2017 

 FOURTH SUPPLEMENTAL INDENTURE 

THIS FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of October 17, 2017, is between Oaktree
Specialty Lending Corporation (f/k/a Fifth Street Finance Corp.), a Delaware corporation (the “Company”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April 30, 2012 (the “Base Indenture”), as
supplemented by the First Supplemental Indenture, dated as of October 18, 2012 (the “First Supplemental Indenture”), relating to the Company’s 5.875% Senior Notes due 2024 (the “5.875% Notes”), as further supplemented
by the Second Supplemental Indenture, dated as of April 4, 2013 (the “Second Supplemental Indenture”), relating to the Company’s 6.125% Senior Notes due 2028 (the “6.125% Notes”), and as further supplemented by the
Third Supplemental Indenture, dated as of February 26, 2014 (collectively with the Base Indenture, the First Supplemental Indenture and the Second Supplemental Indenture, the “Original Indenture” and the Original Indenture together
with this Fourth Supplemental Indenture, the “Indenture”), relating to the Company’s 4.875% Senior Notes due 2019 (the “4.875% Notes” and collectively with the 5.875% Notes and the 6.125% Notes, the “Notes”), each
between the Company and the Trustee; 
 WHEREAS, pursuant to Section 901(8) of the Original Indenture the Company, when authorized by
or pursuant to a Board Resolution, and the Trustee, may enter into one or more indentures supplemental to the Original Indenture without the consent of Holders of the Notes to cure any ambiguity, to correct or supplement any provision of the
Original Indenture which may be inconsistent with any other provision, or to make any other provisions with respect to matters or questions arising under the Indenture; provided that such supplement does not adversely affect the interests of the
Holders of the Notes in any material respect; 
 WHEREAS, Fifth Street Finance Corp. has changed its name to Oaktree Specialty Lending
Corporation and in connection with such name change obtained new CUSIP and ISIN identifiers for the Notes; 
 WHEREAS, the Company desires
(i) that the existing global Securities representing the Notes be cancelled by the Trustee and (ii) in exchange, global Securities identical to such cancelled global Securities in all respects, except that the name of the Company, the
CUSIP and ISIN identifiers and date of execution reflected on such global Securities shall be updated, be immediately executed by the Company and authenticated and delivered by the Trustee to the Holders (the “Reissuance”); 

WHEREAS, neither the execution and delivery of this Fourth Supplemental Indenture nor consummation of the Reissuance will adversely affect the
interests of the Holders of the Notes in any material respect; 
 WHEREAS, the Board of Directors has duly adopted resolutions authorizing
the Company to execute and deliver this Fourth Supplemental Indenture; and 
 WHEREAS, the Company has requested that the Trustee execute
and deliver this Supplemental Indenture, and all requirements necessary to make this Fourth Supplemental Indenture a valid instrument in accordance with its terms have been performed, and the execution and delivery of this Fourth Supplemental
Indenture have been duly authorized in all respects; 

  
 2 

 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 benefit of the Company and the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE 1 

DEFINITIONS 

SECTION 1.01. Scope of Supplemental Indenture. The provisions of this Fourth Supplemental Indenture shall supersede any
corresponding or conflicting provisions in the Original Indenture. 
 SECTION 1.02. Definitions. For all purposes of this
Fourth Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, all words, terms and phrases not otherwise defined herein shall have the same meaning as in the Original Indenture. 

ARTICLE 2 

CANCELLATION 

SECTION 2.01. Cancellation. The following shall be inserted immediately following the third sentence in Section 310 of the
Original Indenture: “In addition, the Company may from time to time direct the Trustee to cancel the Securities of any series and to authenticate and deliver in exchange for such cancelled Securities, Securities of a like principal amount and
like tenor solely in order to reflect a change in name of the Company and/or a revision to the CUSIP or ISIN identifiers of such series of Securities.” 

ARTICLE 3 

SECTION 3.01. Ratification of Original Indenture. The Original Indenture, as supplemented by this Fourth Supplemental Indenture,
is in all respects ratified and confirmed, and this Fourth Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. 

The Trustee hereby accepts the trusts in this Fourth Supplemental Indenture declared and provided, upon the terms and conditions herein above
set forth. 
 [Remainder of the page intentionally left blank] 

  
 3 

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

			
	OAKTREE SPECIALTY LENDING CORPORATION
		
	By:	 	 /s/ Mathew M. Pendo

	Name:	 	Mathew M. Pendo
	Title:	 	Chief Operating Officer

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	 /s/ Carol Ng

	Name:	 	Carol Ng
	Title:	 	Vice President
		
	By:	 	 /s/ Julia Engel

	Name:	 	Julia Engel
	Title:	 	Vice PresidentEX-4.2

 Exhibit 4.2 

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. 

Oaktree Specialty Lending Corporation 

(f/k/a Fifth Street Finance Corp.) 
  

			
	No.	  	$
		  	CUSIP No. [                        ]
		  	ISIN No.     [                        ]

 4.875% Senior Notes due 2019 

Oaktree Specialty Lending Corporation, 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 March 1, 2019, and to pay interest
thereon from February 26, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 1 and September 1 in each year, commencing September 1, 2014, at the rate
of 4.875% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be February 15 and August 15 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. This Security may be issued as part of a series. 

 Payment of the principal of (and premium, if any, on) and any such interest on this
Security will be made at the office of the Trustee located at 60 Wall Street, MS NYC 60-1630, New York, New York 10005, Attention: Trust and Agency Services – Corporates Team and at such other address as designated by the Trustee, in such coin
or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in
accordance with the procedures established by The Depository Trust Company and the Trustee.  
 Reference is hereby made to the
further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

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

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

Dated: October 17, 2017 
  

			
	OAKTREE SPECIALTY LENDING CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 Attest 
  

			
	By:	 	  

		 	Name:
		 	Title:

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

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Oaktree Specialty Lending Corporation 

4.875% Senior Notes due 2019 

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 April 30, 2012 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and Deutsche Bank Trust
Company Americas, 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 Third Supplemental
Indenture relating to the Securities, dated February 26, 2014, by and between the Company and the Trustee (herein called the “Third Supplemental Indenture”) and the Fourth Supplemental Indenture relating to the Securities, dated as of
the date hereof by and between the Company and the Trustee (herein called the “Fourth Supplemental Indenture,” together with the Third Supplemental Indenture and the Base Indenture, the “Indenture”). In the event of any conflict
between the Base Indenture and the Third Supplemental Indenture, the Third Supplemental Indenture shall govern and control. In the event of any conflict between the Base Indenture, the Third Supplemental Indenture and the Fourth Supplemental
Indenture, the Fourth Supplemental Indenture shall govern and control. 
 This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to $            . Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company
may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity 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 per security 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 Notes to be redeemed, and 

  

	 	(B)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points. 

 For purposes of calculating the Redemption Price in connection with the redemption of the Notes,
on any Redemption Date, the following terms have the meanings set forth below: 
 “Treasury Rate” means, with respect to any
Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a
maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of the Notes being redeemed. 
 “Comparable Treasury Price” means (1) the average of the remaining
Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Quotation Agent” means a Reference Treasury Dealer selected by the Company. 

“Reference Treasury Dealer” means each of (1) Goldman, Sachs & Co., (2) Morgan Stanley & Co. LLC,
(3) Barclays Capital Inc., and (4) J.P. Morgan Securities LLC or their respective affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their
affiliates shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), we shall select another Primary Treasury Dealer. 

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

Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain
the information set forth in Section 1104 of the Base Indenture. 

 Any exercise of the Company’s option to redeem the Securities will be done in compliance
with the Investment Company Act, to the extent applicable. 
 If the Company elects to redeem only a portion of the Securities, the
particular Securities to be redeemed will be selected in accordance with the applicable procedures of the Trustee and, so long as the Securities are registered to the Depositary or its nominee, the Depositary. In the event of redemption of this
Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.  
 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 reasonably 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. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the
respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

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

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

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

 To the extent any provision of this Security conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Indenture and this Security shall be governed by and
construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.

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