Document:

Document

Exhibit 4.1

SIXTH SUPPLEMENTAL INDENTURE

SIXTH SUPPLEMENTAL INDENTURE, dated as of March 30, 2021 (this “Sixth Supplemental Indenture”), among Albemarle Corporation, a Virginia corporation (the “Company”), whose principal office is located at 4250 Congress Street, Suite 900, Charlotte, North Carolina 28209, Albemarle New Holding GmbH (“New Holding”), Gesellschaft mit beschränkter Haftung incorporated under the laws of the Federal Republic of Germany, a wholly owned subsidiary of the Company, and U.S. Bank National Association, as trustee (the “Trustee).

W I T N E S S E T H
WHEREAS, the Company and Trustee  have duly executed and delivered an Indenture, dated as of January 20, 2005 (as amended and supplemented, the “Indenture”), providing for the authentication, issuance, delivery and administration of unsecured notes, debentures or other evidences of indebtedness to be issued in one or more series by the Company (herein called a “Security” or the “Securities”); and
WHEREAS, the Company desires to amend and supplement the provisions of the Indenture for the purpose of adding New Holding as a Guarantor of Company Securities (the “Guarantor’) issued and Outstanding prior to the date hereof and issuable pursuant to the Indenture on or after the date hereof; and
WHEREAS, Section 9.01 of the Indenture expressly permits the Company and the Trustee, subject to certain conditions, to enter into one or more supplemental indentures for the purposes, inter alia, of adding to, changing or eliminating any of the provisions of the Indenture in respect of one or more series of Securities, and permits the execution of such supplemental indentures without the consent of the Holders of any Securities then outstanding; and 
WHEREAS, Section 9.01 of the Indenture expressly permits the Company and the Trustee, subject to certain conditions, to enter into one or more supplemental indentures for the purposes, inter alia, of adding to the covenants of the Company and the Restricted Subsidiaries, as applicable, for the benefit of the Holders of all or any series of Securities, and permits the execution of such supplemental indentures without the consent of the Holders of any Securities then outstanding; and
WHEREAS, for the purposes recited above, and pursuant to due corporate action, the Company and the Guarantor have duly determined to execute and deliver to the Trustee this Sixth Supplemental Indenture; and
WHEREAS, all conditions and requirements necessary to make this Sixth Supplemental Indenture a valid instrument in accordance with its terms have been done and performed, and the execution and delivery hereof have been in all respects duly authorized.
NOW, THEREFORE, in consideration of the premises, the Company, the Guarantor and the Trustee mutually covenant and agree as follows:
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ARTICLE 1.DEFINITIONS.
1.1    All terms contained in this Sixth Supplemental Indenture shall, except as specifically provided herein or except as the context may otherwise require, have the meanings given to such terms in the Indenture.
1.2    “Guarantee” has the meaning set forth in Section 2.1.
ARTICLE 2.GUARANTEES
The provisions of this Article 2 shall apply to every series of Securities issued by the Company and Outstanding on the date of this Sixth Supplemental Indenture and to every series of Securities issued by the Company pursuant to the Indenture on or after the date of this Sixth Supplemental Indenture if specified in the applicable supplemental indenture or Officers’ Certificate pursuant to Section 3.01 of the Indenture.
2.1 Guarantee
(a)The issued and Outstanding Securities of the Company on the date of this Sixth Supplemental Indenture, and, if Securities of or within a series are specified, as contemplated by Section 3.01 of the Indenture, to be guaranteed by the Guarantor, then  the Guarantor hereby fully and unconditionally guarantees (the “Guarantee”)  to each Holder of any such Security which is authenticated and delivered by the Trustee and to the Trustee for itself and on behalf of each such Holder, the due and punctual payment of the principal of (and premium, if any, on) and interest (including, in case of default, interest on principal and, to the extent permitted by applicable law, on overdue interest and including any additional interest required to be paid according to the terms of any such Security), if any, on each such Security, and the due and punctual payment of any sinking fund payment (or analogous obligation), if any, provided for with respect to any such Security, when and as the same shall become due and payable, whether at Maturity, upon redemption, upon acceleration, upon tender for repayment at the option of any Holder or otherwise, according to the terms thereof and of the Indenture (the “Guarantor Obligations”).  In case of the failure of the Company or any successor thereto punctually to pay any such principal, premium, interest or sinking fund payment, each such Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at Maturity, upon redemption, upon declaration of acceleration, upon tender for repayment at the option of any Holder or otherwise, as if such payment were made by the Company.
(b)The Guarantor hereby agrees that its Guarantor Obligations hereunder shall be as if it were principal debtor and not merely surety and shall be absolute and unconditional, irrespective of the identity of the Company, the validity, regularity or enforceability of any such Security or the Indenture, the absence of any action to enforce the same, any waiver or consent by the Holder of any such Security with respect to any provisions thereof, the recovery of any judgment against the Company or any action to enforce the same, or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that its Guarantee will not be discharged except by complete performance of its obligations contained in any such Security and in this Guarantee.
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(c)The Guarantor hereby agrees that, in the event of a default in payment of principal or premium, if any, or interest on any such Security, whether at its Maturity, by acceleration, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of any such Security, subject to the terms and conditions set forth in this Supplemental Indenture, directly against the Guarantor to enforce its Guarantee without first proceeding against the Company.
(d)If any Holder or the Trustee is required by any court or otherwise to return to the Company or the Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantor, any amount paid in respect of a Security by any of them to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
(e)This Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation, reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of any such Security are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on any such Security, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof is rescinded, reduced, restored or returned, any such Security shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
2.1    Severability. In case any provision of this Guarantee 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.
2.2    Priority of Guarantee. Unless otherwise specified pursuant to Section 3.01 of the Indenture with respect to any future series of Securities, this Guarantee shall be an unsecured and unsubordinated obligation of the Guarantor, ranking pari passu with all other existing and future unsubordinated and unsecured indebtedness of the Company and the Guarantor, respectively.
2.3    Limitation of Guarantors’ Liability. Each Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that this Guarantee does not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Holders and each Guarantor hereby irrevocably agree that the obligations of each such Guarantor under this Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of each such Guarantor, result in the obligations of such Guarantor under this Guarantee constituting such fraudulent transfer or conveyance.
2.4    Guarantee Limitations for German Guarantors, including New Holding.  (a)  The Trustee and each Holder agrees not to enforce a Guarantee granted by a Guarantor incorporated 
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in Germany in the form of a limited liability company (GmbH) (including, New Holding, a "German Guarantor") if and to the extent that:
(i)the Guarantee is for the obligations or liabilities of:
(A)an Affiliate that is not a direct or indirect subsidiary (within the meaning of sections 271 paragraph 2, 290 of the German Commercial Code (Handelsgesetzbuch), a "Subsidiary") of that German Guarantor; or
(B)a direct or indirect Subsidiary of that German Guarantor if and to the extent such obligations or liabilities (including guarantees) secure obligations or liabilities of an Affiliate that is not a direct or indirect Subsidiary of that German Guarantor (an "Up-Stream or Cross-Stream Guarantee"); and
(ii)the German Guarantor demonstrates pursuant to paragraph (b) below that the enforcement otherwise had the effect of:
(A)reducing the net assets (Reinvermögen) (calculated in accordance with the general accepted accounting principles in Germany as consistently applied and the jurisprudence from time to time of the German Federal Supreme Court (Bundesgerichtshof) relating to the protection of liable capital under sections 30 and 31 of the German Limited Liability Companies Act (GmbHG) (as amended from time to time)) (the "Net Assets") of that German Guarantor to an amount which is less than the amount required to maintain its stated share capital (Stammkapital); or
(B)increasing an existing shortage of its stated share capital,
provided that, for the purposes of the calculation of the enforceable amount (if any):
(I)the amount of any increase of the stated share capital (Stammkapital) of that German Guarantor after the date of this Sixth Supplemental Indenture (or, as the case may be, after the date on which it becomes an Guarantor) shall be deducted from the stated share capital (Stammkapital) unless permitted pursuant to the Indenture or this Sixth Supplemental Indenture or the Trustee has granted its consent to such increase of the stated share capital;
(II)in case the stated share capital (Stammkapital) of that German Guarantor is not fully paid in, the amount by which the stated share capital (Stammkapital) exceeds the amount of the share capital paid in shall be deducted from the stated share capital (Stammkapital);
(III)loans provided to such German Guarantor shall be disregarded if such loans are subordinated (for the benefit of its creditors in general) by contract or pursuant to section 39 paragraph 1 no. 5 of the German Insolvency Code (InsO); and
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(IV)loans and other liabilities incurred by such German Guarantor in violation of the provisions of any of this Sixth Supplemental Indenture or the Securities shall be disregarded to the extent such violation can be attributed to willful misconduct or negligence of the managing directors (Geschäftsführer) of such German Guarantor.
(b)The limitations set out in the preceding paragraph shall only apply if and to the extent that:

(i)within 30 days following the making of a demand against a German Guarantor under the Guarantee that German Guarantor has confirmed in writing to the Trustee:
(A)to what extent the Guarantee is an Up-stream or Cross-stream Guarantee; and
(B)the amount of such Up-stream or Cross-stream Guarantee which cannot be enforced as it would otherwise cause its Net Assets to fall below its stated share capital or increase an existing shortage of its stated share capital, taking into account the adjustments set out in paragraph (a) above) (setting out in reasonable detail to what extent the share capital would fall below the stated share capital or an increase of an existing shortage would occur, providing an up-to-date pro forma balance sheet and a statement if and to what extent a realisation or other measures undertaken in accordance with the mitigation provisions set out in paragraph (d) below would not prevent such situation) (the "Management Determination") the Management Determination shall be prepared as of the date of the Trustee's demand as described above. The Trustee and the Holders shall be entitled to enforce the guarantee in an amount which would, in accordance with the Management Determination, not cause the German Guarantor's Net Assets to fall below its stated share capital or increase an existing shortage of its stated share capital; and
(ii)if the Trustee notifies the German Guarantor against which a demand under the Guarantee has been made that it disagrees with the Management Determination, within 50 days following such notice the respective German Guarantor has provided the Trustee with a determination by auditors of international standard and reputation (the "Auditor' s Determination") appointed by the German Guarantor of the amount that would have been necessary on the date the demand under the guarantee was made to maintain its stated share capital or to avoid the increase of an existing shortage of its stated share capital. The Auditor's Determination shall be prepared in accordance with the 
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general accepted accounting principles in Germany as consistently applied and shall include an up- to-date balance sheet of the German Guarantor and shall contain further information (in reasonable detail) relating to the items to be adjusted pursuant to paragraph (a) above
(c)If the Trustee disagrees with the Auditor's Determination, it shall notify the respective German Guarantor accordingly. The Trustee and/or the Holders shall only be entitled to enforce the guarantee up to the amount which on the basis of the Auditor's Determination can be enforced in compliance with the limitations set out in paragraph (a) above. In relation to the amount which is disputed by the Trustee, the Trustee and/or the Holders shall be entitled to further pursue their claims under the Guarantee (if any) in court.
(d)Where a German Guarantor claims in accordance with the provisions of paragraph (b) above that the guarantee granted hereunder can only be enforced in a limited amount, it shall within 3 months after receipt of the enforcement notice realise, to the extent lawful and at arm's length terms, any and all of its assets that are shown in its balance sheet with a book value (Buchwert) that is significantly lower than their market value to the extent such assets are not necessary for its business (nicht betriebsnotwendig). After the expiry of the earlier of (i) the expiry of such three (3) months' period and (ii) the realisation of such assets, the German Guarantor shall, within 5 days, notify the Trustee of the amount of the net proceeds from the sale and submit a statement with a new calculation of the amount of the Net Assets of the German Guarantor taking into account such proceeds. Such calculation shall, upon the Trustee's request (acting reasonably), be confirmed by the relevant German Guarantor's auditor within a period of 50 days following the request.
(e)The limitations set out in this Section 2.5 shall only apply:
(i)to the extent the relevant German Guarantor is not a party to a domination and/or profit and loss pooling agreement (Beherrschungs- und/oder Gewinnabführungsvertrag, "DPLPA"), unless the existence of such domination and/or profit and loss pooling agreement (Beherrschungs- und/oder Gewinnabführungsvertrag) does not lead to the inapplicability of section 30 paragraph 1 sentence 1 of the German Limited Liabilities Company Act (GmbHG); and
(ii)if and to the extent that they are necessary for the purposes of protecting the German Guarantor's directors from any liability under sections 30, 43 GmbHG; and
(iii)to the extent that the Guarantee does not relate to any funds which have been on- lent to, or issued for, the benefit of that German Guarantor or any of its Subsidiaries and such amounts on-lent have not been repaid or returned prior to a demand for payment being made under the Guarantee; and
(iv)to the extent the relevant German Guarantor will not acquire a valuable consideration or recourse claim (vollwertiger Gegenleistungs- oder 
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Rückgewähranspruch) against any of its direct or indirect shareholders at the time of the demand pursuant to paragraph (b) above.
(f)No reduction of the amount enforceable under the Guarantee in accordance with the above limitations will prejudice the rights of the Trustee and each Holder to continue enforcing the Guarantee (subject always to the restrictions set out in this Section 2.5 above at the time of such enforcement) until full and irrevocable satisfaction of the Guarantor Obligations.

2.5    Subrogation.  The Guarantor shall be subrogated to all rights of Holders of the Securities of a series against the Company in respect of any amounts paid by any the Guarantor on account of such Securities or the Indenture; provided, however, that, if an Event of Default has occurred and is continuing, the Guarantor shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under the Indenture or the Securities shall have been paid in full.
2.6    Reinstatement.  The Guarantor hereby agrees that its Guarantee provided for in Section 3.1 shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Company upon the bankruptcy or insolvency of the Company or such Guarantor. Subject to the preceding sentence, once released in accordance with its terms and the Indenture, a Guarantee shall not be required to be reinstated for any reason.
2.7    Release of Guarantor.  (a)  Concurrently with the discharge of the Securities under Section 4.01 of the Indenture or the defeasance of the Securities under Section 13.02 or 13.03 of the Indenture, or pursuant to the terms of such Guarantee established in accordance with this Sixth Supplemental Indenture and/or with Section 3.01 of the Indenture, each Guarantor shall be released from all its obligations under its Guarantee under the Indenture.
(b)So long as no Default exists or upon the occurrence of the following events, with notice or lapse of time or both, would exist, this Guarantee and any Liens securing this Guarantee shall be automatically and unconditionally released and discharged:
(i)upon any sale, exchange, transfer to any Person that is not an Affiliate of the Company of all of the Company’s Capital Stock in a Guarantor, which transaction is otherwise in compliance with the Indenture.
(ii)upon any consolidation or merger of a Guarantor with or into the Company or another Guarantor, which transaction is otherwise in compliance with the Indenture.
(iii)Upon the redemption, defeasance, retirement or any other discharge (a “repayment”) of the Priority Debt such that, after giving effect to such repayment of Priority Debt and the release of this Guarantee (together with the simultaneous release of other Guarantees), Priority Debt shall not exceed 25% of the consolidated outstanding Indebtedness of the Company and its Restricted Subsidiaries.

Priority Debt means Indebtedness of the Company or any Restricted Subsidiary that is Guaranteed by a Restricted Subsidiary that does not also Guarantee the Securities.
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(c)    Upon written instruction from the Company and delivery of an Officers’ Certificate and Opinion of Counsel that all conditions precedent provided for in the Indenture and relating to such release have been complied with, the Trustee shall execute and deliver any documents, instructions or instruments evidencing any release of a Guarantee.
2.8    Benefits Acknowledged.  Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and that its guarantee and waivers pursuant to the Guarantee are knowingly made in contemplation of such benefits.
ARTICLE 3.MISCELLANEOUS.
3.1    Ratification of Indenture.  The Indenture, as supplemented by this Sixth Supplemental Indenture, is in all respects ratified and confirmed, and this Sixth Supplemental Indenture shall be deemed a part of the Indenture in the manner and to the extent herein and therein provided.
3.2    Governing Law.  This Sixth Supplemental Indenture and each Note shall be governed by, and construed in accordance with, the laws of the State of New York.
3.3    Counterparts.  This Sixth Supplemental Indenture may be executed in several counterparts, each of which shall be an original, and all collectively but one and the same instrument.  Counterparts may be delivered via facsimile, 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. 
3.4    The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Sixth Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company.  All rights, privileges, protections, indemnities and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be applicable to all actions taken, suffered or omitted by the Trustee under this Sixth Supplemental Indenture.
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IN WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental Indenture to be executed as of the date first above written.
ALBEMARLE CORPORATION, as Issuer
By:  /s/ Scott A. Tozier    
Name:  Scott A. Tozier
Title:   Executive Vice President and Chief Financial Officer
ALBEMARLE NEW HOLDING GmbH, as Guarantor
By:  /s/ Nicolas Roßler    
Name:  Nicolas Roßler
Title:   Managing Director
U.S. BANK NATIONAL ASSOCIATION, as Trustee
By:  /s/ Paul Vaden    
Name:  Paul Vaden
Title:   Vice President
[Sixth Supplemental Indenture Signature Page]Second Supplemental Indenture, dated as of March 31, 2021

 Exhibit 4.1 

SECOND SUPPLEMENTAL INDENTURE 

between 
 INVESTCORP
CREDIT MANAGEMENT BDC, INC. 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
March 31, 2021 
 THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated as of
March 31, 2021, is between Investcorp Credit Management BDC, Inc. (formerly known as CM Finance Inc), a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized
terms used 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 July 2, 2018 (the “Base Indenture”
and, as supplemented by this Second Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the
“Securities”), to be issued in one or more series as provided in the Indenture. 
 The Company desires to issue
and sell $65,000,000 aggregate principal amount of the Company’s 4.875% Notes due 2026 (the “Notes”). 
 The
Company previously entered into the First Supplemental Indenture, dated as of July 2, 2018 (the “First Supplemental Indenture”), which amended and supplemented the Base Indenture. The First Supplemental Indenture is not
applicable to the Notes. 
 Sections 901(4) and 901(6) 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
in form reasonably satisfactory to the Trustee 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 201 and Section 301 of the Base Indenture. 

The Company desires to establish the form and terms of the Notes and to modify, alter, supplement and change certain
provisions of the Base Indenture for the benefit of the Holders of 

 
the Notes (except as may be provided in a future supplemental indenture to the Indenture (each, a “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 1.01.    Terms of the Notes. The following terms relating
to the Notes are hereby established: 
 (a)      The Notes shall constitute a series of
Senior Securities having the title “4.875% Notes due 2026.” The Notes shall bear a CUSIP number of 46090R AA2 and an ISIN number of US46090RAA23, as may be supplemented or replaced from time to time. 

(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 304, 305, 306, 906, 1107 or 1305 of the Base Indenture, and except for
any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered under the Indenture) shall be $65,000,000. 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 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 and ISIN 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 April 1, 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 4.875% per annum. The date
from which interest shall accrue on the Notes shall be March 31, 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 April 1 and October 1
of each year, commencing October 1, 2021 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment 

  
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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
March 31, 2021, to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity,
as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest, which shall be March 15 and September 15 (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 located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Investcorp Credit Management BDC, Inc. (4.875% Notes Due 2026) and at such other address as designated by
the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, if the holder of the Notes requests the Company to do so, the
Company will pay any amount that becomes due on the Notes by wire transfer of immediately available funds to an account at a bank in New York, New York (upon not less than 15 Business Days’ notice prior to the time of payment); provided,
further, however, that so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company and the Trustee. Interest on
the Notes will be computed on the basis of a 360-day year of twelve 30-day months. 

(e)      The Notes shall be initially issuable in global form (each such Note, a “Global
Note”). The Global Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Second Supplemental Indenture. Each Global Note shall represent the aggregate amount of 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 203 and 305 of the Base Indenture. 

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

(g)      The Notes shall be defeasible pursuant to Section 1402 or Section 1403 of
the Base Indenture. Covenant defeasance contained in Section 1403 of the Base Indenture shall apply to the covenants contained in Sections 1007, 1008 and 1009 of the Indenture. For the avoidance of doubt, Article Four of the Base Indenture also
applies to the Notes. 
 (h)      The Notes shall be redeemable pursuant to Section 1101
of the Base Indenture and as follows: 
 (i)      The Notes will be redeemable in whole or in
part, at any time or from time to time, at the option of the Company, at a Redemption Price equal to the greater of the 

  
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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, 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 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; 

provided, however, that if the Company redeems any Notes on or after January 1, 2026, the Redemption Price for the
Notes will be 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. 

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: 
 “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 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 any four primary U.S. government
securities dealers selected by the Company. 
 “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. 

  
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 “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. 
 (ii)      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 Notes to be redeemed, not less than thirty (30) nor more than sixty
(60) days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture. 

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

(iv)      If the Company elects to redeem only a portion of the Notes, the Trustee or, with
respect to the Global Notes, the Depository will determine the method for selecting the particular Notes to be redeemed, in accordance with Section 1103 of the Indenture and the Investment Company Act and the rules of any national securities
exchange or quotation system on which the Notes are listed, in each case to the extent applicable; 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 1201 of
the Base Indenture. 
 (j)      The Notes shall be issuable in minimum 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. 

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

 ARTICLE II 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 2.01.    Except as may be provided in a Future Supplemental Indenture,
for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms to
Section 101 in appropriate alphabetical sequence, as follows: 

  
 5 

 “‘Below Investment Grade Rating Event’ means the Notes
are downgraded below Investment Grade by the Rating Agency 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 the Rating Agency); 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 Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform the Trustee in writing at
the Trustee’s request (acting at the written direction of holders of a majority in Principal amount of the Notes) 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).” 

“‘Change of Control’ means the occurrence of any of the following: 

(i) 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; 
 (ii) 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 
 (iii) 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.” 
 “‘Corporate Trust
Office’ means the principal designated office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is (i) 

  
 6 

 
solely for purposes of surrender for registration of transfer or exchange or for presentation for payment or repurchase or for conversion is located at 111 Fillmore Avenue, St. Paul, MN 55107,
Attention: Investcorp Credit Management BDC, Inc., and (ii) for all other purposes is located as One Federal Street, 3rd Floor, Boston, MA 02110, Attention: Investcorp Credit Management BDC, Inc., or such other address as the Trustee may
designate from time to time by notice to the Holders and the Company, or the principal designated corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company).” 
 “‘Egan-Jones’ means Egan-Jones Ratings Company or any successor
thereto.” 
 “‘Exchange Act’ means the Securities Exchange Act of 1934, as amended, and any
statute successor thereto.” 
 “‘GAAP’ means generally accepted accounting principles in the
United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the
statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from
time to time.” 
 “‘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
Egan-Jones (or its equivalent under any successor rating categories of Egan-Jones) (or, 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).” 
 “‘Permitted Holders’ means
(i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries or (iii) CM Investment Partners LLC, any affiliate of CM Investment Partners LLC or any entity that is managed or advised by CM Investment Partners LLC or
any of their affiliates.” 
 “‘Rating Agency’ means: 

(1) Egan-Jones; and 

(2) if Egan-Jones 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 Egan-Jones.” 

“‘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 

  
 7 

 
limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with the Company for purposes of GAAP).” 

“‘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 2.02.    Except as may be provided in a Future Supplemental Indenture,
for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the definition of
“Subsidiary” in Section 101 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.” 

Section 2.03.    Except as may be provided in a Future Supplemental Indenture,
for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 104 of the Base Indenture shall be amended by replacing clause (d) with the
following: 
 “(d) If the Company shall solicit from the Holders of Registered Securities any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be
a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders
of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed
as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months
after the record date.” 
 Section 2.04.    Except as may be provided in
a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 105 of the Base Indenture shall be amended by replacing
clause (1) with the following: 

  
 8 

 “(1) the Trustee by any Holder or by the Company shall be sufficient
for every purpose hereunder if made, given, furnished, filed or mailed, first-class postage prepaid in writing to or with the Trustee at its Corporate Trust Office, Attention: Investcorp Credit Management BDC, Inc. (David W. Doucette, Vice
President), or at any other address previously furnished in writing to the Company by the Trustee, or” 
 ARTICLE III 

REMEDIES 

Section 3.01.    Except as may be provided in a Future Supplemental Indenture,
for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 501 of the Base Indenture shall be amended by replacing clauses (2) and (6) with
the following clauses (2) and (6) and adding the following clause (9) thereto: 
 “(2)
default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity;” 

“(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

 

	 	(A)	 is for relief against the Company in an involuntary case or proceeding, or 

 

	 	(B)	 adjudges the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company, or 

  

	 	(C)	 appoints a Custodian of the Company or for all or substantially all of its property, or 

 

	 	(D)	 orders the winding up or liquidation of the Company, 

and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60
consecutive days;” 
 “(9) 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 $25 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.” 

  
 9 

 Section 3.02.    Except as may
be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 502 of the Base Indenture shall be
amended by replacing the first paragraph thereof with the following: 
 “If an Event of Default (other
than an Event of Default under Section 501(5) or Section 501(6)) with respect to the Notes at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of
the Outstanding Notes may (and the Trustee shall at the written request of such Holders) declare the principal of all the 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, but does not entitle any Holder to any redemption payout or redemption premium. If an Event of Default under Section 501(5) or
Section 501(6) occurs, the entire principal amount of all the Notes will automatically become due and immediately payable.” 

ARTICLE IV 
 COVENANTS

 Section 4.01.    Except as may be provided in a Future Supplemental
Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections
1007, 1008 and 1009 thereto, each as set forth below: 
 “Section 1007. Section 18(a)(1)(A)
of the Investment Company Act. 
 The Company hereby agrees that for the period of time during which the Notes are
Outstanding, the Company will not violate Section 18(a)(1)(A) as modified by Section 61(a)(2) of the Investment Company Act or any successor provisions thereto, whether or not the Company continues to be subject to such provisions of the
Investment Company Act, but giving effect, in either case, to any exemptive relief granted to the Company by the Commission.” 

“Section 1008. Section 18(a)(1)(B) of the Investment Company Act. 

The Company hereby agrees that, for the period of time during which the Notes are Outstanding, the Company will not violate
Section 18(a)(1)(B) as modified by Section 61(a)(2) of the Investment Company Act or any successor provisions thereto giving effect to any no-action relief granted by the Commission to another
business development company and upon which the Company may reasonably rely (or to the Company if the Company determines to seek such similar no-action or other relief) permitting the business development
company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the Investment Company Act in order to maintain such business development
company’s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.” 

“Section 1009. Commission Reports and Reports to Holders. 

  
 10 

 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 the Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90
days after the end of the each fiscal year of the Company, audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal
quarter), unaudited interim consolidated financial statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance with applicable GAAP.” 

ARTICLE V 
 REDEMPTION OF
SECURITIES 
 Section 5.01.  Except as may be provided in a Future Supplemental
Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 1103 of the Base Indenture shall be amended by replacing the first paragraph
thereof with the following: 
 “If less than all the Securities of any series issued on the same day
with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected by the Trustee, or by the Depository in the case of global Securities, in compliance with the requirements of DTC, from the Outstanding Securities of
such series issued on such date with the same terms not previously called for redemption, in compliance with the requirements of the principal national securities exchange on which the Securities are listed (if the Securities are listed on any
national securities exchange), or if the Securities are not held through DTC or listed on any national securities exchange, or DTC prescribed no method of selection, by such method as the Trustee shall deem fair and appropriate and subject to and
otherwise in accordance with the procedures of the applicable Depository; provided that such method may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any
integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series; provided, however, that no such partial redemption shall reduce
the portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities of such series.” 

ARTICLE VI 
 REPAYMENT AT
THE OPTION OF HOLDERS 
 Section 6.01.  Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Thirteen of the Base Indenture shall be amended by replacing
Sections 1301 to 1305 with the following: 

“Section 1301.              
Change of Control Repurchase Event. 
 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 

  
 11 

 
Holder of Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount) 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 excluding, the date of repurchase. 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 shall 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 1301, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under this Section 1301 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 will, to the extent lawful: 

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

(c)      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 receipt of a Company Order, the Trustee will promptly authenticate, upon receipt of a Company order, 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. 

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. 

  
 12 

 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 times 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 VII 

MISCELLANEOUS 

Section 7.01.  This Second Supplemental Indenture and the Notes shall be governed by and
construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws. This 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 7.02.  In 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 7.03.  This Second Supplemental Indenture may be executed in counterparts, each of
which will be an original, but such counterparts will together constitute but one and the same Second Supplemental Indenture. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email
or other electronic means shall constitute effective execution and delivery of this Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall
be deemed to be their original signatures for all purposes. For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to this Second Supplemental Indenture 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. 

Section 7.04.  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. 

  
 13 

 Section 7.05.   The provisions of
this Second Supplemental Indenture shall become effective as of the date hereof. 

Section 7.06.   Notwithstanding 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. 

Section 7.07.   The recitals contained herein and in the Notes shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this 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. All of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, indemnities, and duties of the Trustee shall be
applicable in respect of this Second Supplemental Indenture as fully and with like force and effect as though fully set forth in full herein. 

  
 14 

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

			
	INVESTCORP CREDIT
MANAGEMENT BDC, INC.
		
	By:	 	/s/ Michael C. Mauer                          
	Name:	 	Michael C. Mauer
	Title:	 	Chief Executive Officer
	
	U.S. BANK NATIONAL
ASSOCIATION, as Trustee
		
	By:	 	/s/ David W. Doucette                        
	Name:	 	David W. Doucette
	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. 
 Investcorp Credit Management BDC, Inc. 

 

			
	No.	 	$
		 	CUSIP No. 46090R AA2
		 	ISIN No. US46090RAA23

 4.875% Notes due 2026 

Investcorp Credit Management BDC, Inc. (formerly known as CM Finance Inc), a corporation duly organized and existing under the
laws of Maryland (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 April 1, 2026, and to pay interest thereon from March 31, 2021 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on April 1 and October 1 in each year, commencing October 1, 2021, 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 March 15 and September 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, which
shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and 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. 

  
 Exhibit A – 1 

 Payment of the principal of (and premium, if any, on) and any such interest
on this Security will be made at the Corporate Trust Office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Investcorp Credit Management BDC, Inc. (4.875% Notes Due 2026) and at such other address as designated by the
Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, if the Holder of the Notes requests the Company to do so, the Company will
pay any amount that becomes due on the Notes by wire transfer of immediately available funds to an account at a bank in New York, New York (upon not less than 15 Business Days’ notice prior to the time of payment); 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. 

  
 Exhibit A – 2 

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

			
	INVESTCORP CREDIT
MANAGEMENT BDC, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Attest
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit 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

  
 Exhibit A – 4 

 Investcorp Credit Management BDC, Inc. 

4.875% 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 July 2, 2018 (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 supplemented by the Second
Supplemental Indenture relating to the Securities, dated March 31, 2021, by and between the Company and the Trustee (herein called the “Second Supplemental Indenture”; the Second Supplemental Indenture and together with the Base
Indenture, collectively 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, which series is 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 and ISIN numbers from the Securities (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 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, 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; 

  
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 provided, however, that if the Company redeems any Securities on or after
January 1, 2026, the Redemption Price for the Securities will be 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. 

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: 
 “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 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 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 any four primary U.S. government securities dealers selected by the
Company. 
 “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. 
 “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. 
 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 Indenture and the
Investment Company Act, to the extent applicable. 

  
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 If the Company elects to redeem only a portion of the Securities, the
Trustee or, with respect to global Securities, the Depository will determine the method for selecting the particular Securities to be redeemed, in accordance with Section 1.01 of the Second Supplemental Indenture and Section 1103 of the
Indenture. In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to
accrue on the Securities called for redemption. Holders 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
under Section 501(5) or Section 501(6) of 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. If an Event of Default under
Section 501(5) or Section 501(6) of the Indenture occurs the entire principal amount of the Securities of this series will automatically become due and immediately 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 security, indemnity, 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 

  
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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 and/or security. 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 minimum 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 of Securities, but the Company or the 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 shall 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 none of the Company, the Trustee or any agent thereof 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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