Document:

Unassociated Document

    

      EXECUTION
COPY

      
        
          
            
              	
                       

                    

            

          

        

      

       

      MASTER
LOAN SALE AGREEMENT

       

      among

       

      GOLUB
CAPITAL BDC, INC.,

      as
the Originator,

       

      GOLUB
CAPITAL BDC 2010-1 HOLDINGS LLC,

      as
the Depositor,

       

      and

       

      GOLUB
CAPITAL BDC 2010-1 LLC,

      as
the Issuer

       

      Dated as
of July 16, 2010

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      TABLE
OF CONTENTS

      

      
        
          
            
              
                
                  
                    
                      	 
      	 
      	
                              Page

                            
	 
      	 
      	 
      
	
                              ARTICLE
      I         
      DEFINITIONS

                            	
                              2

                            
	
                              Section
      1.1.

                            	
                              Definitions

                            	
                              2

                            
	
                              Section
      1.2.

                            	
                              Other
      Terms

                            	
                              4

                            
	
                              Section
      1.3.

                            	
                              Computation
      of Time Periods

                            	
                              4

                            
	
                              Section
      1.4.

                            	
                              Interpretation

                            	
                              4

                            
	
                              Section
      1.5.

                            	
                              References

                            	
                              5

                            
	ARTICLE
      II         TRANSFER
      OF THE CONVEYED COLLATERAL	
                              5

                            
	
                              Section
      2.1.

                            	
                              Transfer
      of the Conveyed Collateral

                            	
                              5

                            
	
                              Section
      2.2.

                            	
                              Conveyance
      of Initial Conveyed Collateral

                            	
                              7

                            
	
                              Section
      2.3.

                            	
                              Acceptance
      of Initial Conveyed Collateral

                            	
                              8

                            
	
                              Section
      2.4.

                            	
                              Conveyance
      of Subsequent Conveyed Collateral

                            	
                              8

                            
	
                              Section
      2.5.

                            	
                              Optional
      Substitution or Repurchase of Collateral Obligations

                            	
                              9

                            
	
                              Section
      2.6.

                            	
                              Direct
      Assignments

                            	
                              11

                            
	
                              Section
      2.7.

                            	
                              Delivery
      of Documents

                            	
                              11

                            
	
                              ARTICLE
      III        REPRESENTATIONS AND
      WARRANTIES

                            	
                              11

                            
	
                              Section
      3.1.

                            	
                              Representations
      and Warranties of the Originator

                            	
                              11

                            
	
                              Section
      3.2.

                            	
                              Representations
      and Warranties Regarding the Collateral Obligations

                            	
                              15

                            
	
                              Section
      3.3.

                            	
                              Representations
      and Warranties of the Depositor to the Originator and the
      Issuer

                            	
                              16

                            
	
                              Section
      3.4.

                            	
                              Additional
      Representations and Warranties of the Depositor to  the
      Issuer

                            	
                              18

                            
	
                              Section
      3.5.

                            	
                              Representations
      and Warranties of the Issuer

                            	
                              19

                            
	
                              ARTICLE
      IV        PERFECTION OF TRANSFER AND
      PROTECTION OF SECURITY INTERESTS

                            	
                              21

                            
	
                              Section
      4.1.

                            	
                              Custody
      of Collateral Obligation

                            	
                              21

                            
	
                              Section
      4.2.

                            	
                              Filing

                            	
                              21

                            
	
                              Section
      4.3.

                            	
                              Changes
      in Name, Corporate Structure or Location

                            	
                              21

                            
	
                              Section
      4.4.

                            	
                              Costs
      and Expenses

                            	
                              21

                            
	
                              Section
      4.5.

                            	
                              Sale
      Treatment

                            	
                              22

                            
	
                              Section
      4.6.

                            	
                              Separateness

                            	
                              22

                            

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

       

      
        TABLE
OF CONTENTS

        (continued)

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 	

                                    Page

                                  
	 	 
	
                                    ARTICLE
      V         COVENANTS

                                  	
                                    22

                                  
	
                                    Section
      5.1.

                                  	
                                    Covenants
      of the Originator

                                  	
                                    22

                                  
	
                                    Section
      5.2.

                                  	
                                    Covenants
      of the Depositor

                                  	
                                    23

                                  
	
                                    ARTICLE
      VI       INDEMNIFICATION BY THE
      ORIGINATOR

                                  	
                                    25

                                  
	
                                    Section
      6.1.

                                  	
                                    Indemnification

                                  	
                                    25

                                  
	
                                    Section
      6.2.

                                  	
                                    Liabilities
      to Obligors

                                  	
                                    25

                                  
	
                                    Section
      6.3.

                                  	
                                    Operation
      of Indemnities

                                  	
                                    26

                                  
	
                                    Section
      6.4.

                                  	
                                    Limitation
      on Liability

                                  	
                                    26

                                  
	
                                    ARTICLE
      VII      OPTIONAL AND MANDATORY
      REPURCHASES

                                  	
                                    26

                                  
	
                                    Section
      7.1.

                                  	
                                    Optional
      Repurchases

                                  	
                                    26

                                  
	
                                    Section
      7.2.

                                  	
                                    Mandatory
      Repurchases

                                  	
                                    27

                                  
	
                                    Section
      7.3.

                                  	
                                    Reassignment
      of Substituted or Repurchased Collateral Obligations

                                  	
                                    27

                                  
	
                                    Section
      7.4.

                                  	
                                    Substitution
      and Repurchase Limitations

                                  	
                                    27

                                  
	
                                    ARTICLE
      VIII     MISCELLANEOUS

                                  	
                                    28

                                  
	
                                    Section
      8.1.

                                  	
                                    Amendment

                                  	
                                    28

                                  
	
                                    Section
      8.2.

                                  	
                                    Governing
      Law

                                  	
                                    29

                                  
	
                                    Section
      8.3.

                                  	
                                    Notices

                                  	
                                    29

                                  
	
                                    Section
      8.4.

                                  	
                                    Severability
      of Provisions

                                  	
                                    29

                                  
	
                                    Section
      8.5.

                                  	
                                    Third
      Party Beneficiaries

                                  	
                                    29

                                  
	
                                    Section
      8.6.

                                  	
                                    Counterparts

                                  	
                                    30

                                  
	
                                    Section
      8.7.

                                  	
                                    Headings

                                  	
                                    30

                                  
	
                                    Section
      8.8.

                                  	
                                    No
      Bankruptcy Petition: Disclaimer

                                  	
                                    30

                                  
	
                                    Section
      8.9.

                                  	
                                    Jurisdiction

                                  	
                                    30

                                  
	
                                    Section
      8.10.

                                  	
                                    Prohibited
      Transactions with Respect to the Issuer

                                  	
                                    30

                                  
	
                                    Section
      8.11.

                                  	
                                    No
      Partnership

                                  	
                                    31

                                  
	
                                    Section
      8.12.

                                  	
                                    Successors
      and Assigns

                                  	
                                    31

                                  
	
                                    Section
      8.13.

                                  	
                                    Duration
      of Agreement

                                  	
                                    31

                                  
	
                                    Section
      8.14.

                                  	
                                    Limited
      Recourse

                                  	
                                    31

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      THIS MASTER LOAN SALE
AGREEMENT, dated as of July 16, 2010 (as amended, modified, restated, or
supplemented from time to time, this “Agreement”), is made
by and among GOLUB CAPITAL BDC
INC., a Delaware corporation (together with its successors and assigns in
such capacity, the “Originator”), GOLUB CAPITAL BDC 2010-1 HOLDINGS
LLC, a Delaware limited liability company (together with its successors
and assigns in such capacity, the “Depositor”), and
GOLUB CAPITAL BDC 2010-1 LLC,
a Delaware limited liability company (together with its
successors and assigns in such capacity, the “Issuer”).

       

      PREAMBLE

       

      WHEREAS, in the regular course
of its business, the Originator originates and/or otherwise acquires Collateral
Obligations;

       

      WHEREAS, pursuant to an
Assignment Agreement, dated as of the date hereof (as amended, modified,
restated or supplemented from time to time, the “GCMF Assignment
Agreement”) between Golub Capital Master Funding LLC, a Delaware limited
liability company which is a wholly owned subsidiary of the Originator (“GCMF”), and the
Originator, GCMF will convey to the Originator certain Collateral Obligations
owned by GCMF (including those in which a Closing Date Participation Interest
will be granted);

       

      WHEREAS, the Depositor desires
to acquire the initial Collateral Obligations from the Originator on the Closing
Date (the “Initial
Collateral Obligations”) listed on Schedule 1 hereto and may acquire from
time to time thereafter certain additional Collateral Obligations (the “Additional Collateral
Obligations”) and Substitute Collateral Obligations, together with
certain related property, as more fully described as the “Assets” in the
Indenture, dated as of the date hereof (as amended, modified, restated or
supplemented from time to time, the “Indenture”), between
the Issuer, as issuer, and U.S. Bank National Association, as trustee (together
with its successors and assigns in such capacity, the “Trustee”);

       

      WHEREAS, it is a condition to
the Depositor’s acquisition of the Collateral Obligations from the Originator
that the Originator make certain representations, warranties and covenants
regarding all Collateral Obligations and related Assets transferred pursuant to
this Agreement for the benefit of the Depositor as well as the Issuer and it is
a condition to the Issuer’s acquisition of the Collateral Obligations from the
Depositor that the Depositor make certain representations, warranties and
covenants regarding the Conveyed Collateral for the benefit of the Issuer;
and

       

      WHEREAS, on the Closing Date,
the Depositor will transfer all of its right, title and interest in the Initial
Collateral Obligations to the Issuer, and, thereafter, the Issuer will from time
to time acquire certain Additional Collateral Obligations and Substitute
Collateral Obligations, all pursuant to the terms and conditions set forth
herein and in the Indenture.

       

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

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      ARTICLE
I

      DEFINITIONS

       

      Section
1.1.          Definitions.

       

      Capitalized
terms used but not otherwise defined herein shall have the meanings attributed
to such terms in the Indenture. In addition, as used herein, the following
defined terms, unless the context otherwise requires, shall have the following
meanings:

       

      “Additional Collateral
Obligations”:  The meaning assigned in the Preamble of this
Agreement.

       

      “Additional Conveyed
Collateral”: The meaning specified in Section
2.1(c).

       

      “Conveyed Collateral”:
Collectively, the Initial Conveyed Collateral and Subsequent Conveyed
Collateral.

       

      “Depositor”: Golub
Capital BDC 2010-1 Holdings LLC, together with its successors and
assigns.

       

      “Golub”: Collectively,
Golub Capital Incorporated and Golub Capital Management LLC, together with their
respective successors and assigns.

       

       “Indemnified Party”:
The meaning specified in Section
6.1.

       

      “Ineligible Collateral
Obligation”: The meaning specified in Section
7.2.

       

      “Initial Collateral
Obligations”.  As defined in the Preamble of this
Agreement.

       

      “Initial Conveyed
Collateral”: The meaning specified in Section
2.1(a).

       

      “Insolvency Law”: The
Bankruptcy Code and all other applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization,
suspension of payments, or similar debtor relief laws from time to time in
effect affecting the rights of creditors generally.

       

      “Issuer”: Golub
Capital BDC 2010-1 LLC, together with its successors and assigns.

       

      “Noteless Collateral
Obligation”: A Collateral Obligation with respect to which (a) the
related Underlying Documents do not require the Obligor to execute and deliver
an Underlying Note to evidence the indebtedness created under such Collateral
Obligation and (b) no Underlying Notes are outstanding with respect to the
portion of the Collateral Obligation transferred to the Issuer.

       

      “Originator”:  Golub
Capital BDC, Inc., together with its successors and assigns.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      “Permitted Liens”
means with respect to the interest of the Originator, the Depositor and the
Issuer in the Collateral Obligations included in the Assets:  (i)
security interests, liens and other encumbrances in favor of the Depositor
created pursuant to this Agreement and transferred to the Issuer pursuant
hereto, (ii) security interests, liens and other encumbrances in favor of the
Issuer created pursuant to this Agreement, (iii) security interests, liens and
other encumbrances in favor of the Trustee created pursuant to the Indenture
and/or this Agreement, (iv) with respect to agented Collateral Obligations,
security interests, liens and other encumbrances in favor of the lead agent, the
collateral agent or the paying agent on behalf of all holders of indebtedness of
such Obligor under the related facility, (v) with respect to any Equity
Security, any security interests, liens and other encumbrances granted on such
Equity Security to secure indebtedness of the related Obligor and/or
any  security interests, liens and other rights or encumbrances
granted under any governing documents or other agreement between or among or
binding upon the Issuer as the holder of equity in such Obligor and (vi)
security interests, liens and other encumbrances, if any, which have priority
over first priority perfected security interests in the Collateral Obligations
or any portion thereof under the UCC or any other applicable law.

       

      “Repurchase and Substitution
Limit”: The meaning specified in Section
7.4.

       

      “Required Loan
Documents”: For each Collateral Obligation, the items set forth
below:

       

      (i)       (x)
other than in the case of a Noteless Collateral Obligation or a Participation
Interest, the original or, if accompanied by a “lost note” affidavit and
indemnity, a copy of the Underlying Note, endorsed by the prior holder of record
either in blank or to the Trustee (and evidencing an unbroken chain of
endorsements from the prior holder(s) thereof evidenced in the chain of
endorsements in blank or to the Trustee, subject to Section 2.6), with
any endorsement to the Trustee to be in the following form: “U.S. Bank National
Association, its successors and assigns, as Trustee for the Secured Parties,”
and (y) in the case of a Noteless Collateral Obligation or a Participation
Interest, a copy of each transfer document or assignment agreement relating to
such Noteless Collateral Obligation or Participation Interest evidencing the
assignment of such Noteless Collateral Obligation or Participation Interest to
the Originator, from the Originator to the Depositor and from the Depositor to
the Issuer (subject to Section 2.6);
and

       

      (ii)      originals
or copies of each of the following, to the extent applicable to the related
Collateral Obligation: any related loan agreement or credit
agreement.

       

      “Schedule of Collateral
Obligations”: The meaning specified in Section
2.1(c).

       

      “Subsequent Conveyed
Collateral”:  The meaning specified in Section
2.1(c).

       

      “Subsequent Transfer
Agreement”:  The meaning specified in Section
2.1(c).

       

      “Substitute Conveyed
Collateral”:  The meaning specified in Section
2.1(c).

       

      “Substitution
Period”:  The meaning specified in Section
2.5(b).

       

      “Transfer
Date”:  The meaning specified in Section
2.1(c).

       

      “Trustee”:  As
defined in the Preamble of this Agreement.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      “Underlying Note”: One
or more promissory notes executed by the applicable Obligor evidencing a
Collateral Obligation.

       

      Section
1.2.          Other
Terms.

       

      All
accounting terms used but not specifically defined herein shall be construed in
accordance with generally accepted accounting principles as in effect from time
to time in the United States.

       

      Section
1.3.          Computation
of Time Periods.

       

      Unless
otherwise stated in this Agreement, in the computation of a period of time from
a specified date to a later specified date, the word “from” means “from and
including”, the words “to” and “until” each mean “to but excluding”, and the
word “within” means “from and excluding a specified date and to and including a
later specified date”.

       

      Section
1.4.          Interpretation.

       

      In this
Agreement, unless a contrary intention appears:

       

      (i)          the
singular number includes the plural number and vice versa;

       

      (ii)         reference
to any Person includes such Person’s successors and assigns but, if applicable,
only if such successors and assigns are permitted by the Transaction
Documents;

       

      (iii)        reference
to any gender includes each other gender;

       

      (iv)        reference
to day or days without further qualification means calendar days;

       

      (v)         unless
otherwise stated, reference to any time means New York, New York
time;

       

      (vi)        references
to “writing” include printing, typing, lithography, electronic or other means of
reproducing words in a visible form;

       

      (vii)       reference
to any agreement (including any Transaction Document), document or instrument
means such agreement, document or instrument as amended, modified, supplemented,
replaced, restated, waived or extended and in effect from time to time in
accordance with the terms thereof and, if applicable, the terms of the other
Transaction Documents, and reference to any promissory note includes any
promissory note that is an extension or renewal thereof or a substitute or
replacement therefor;

       

      (viii)      reference
to any requirement of law means such requirement of law as amended, modified,
codified, replaced or reenacted, in whole or in part, and in effect from time to
time, including rules and regulations promulgated thereunder and reference to
any Section or other provision of any requirement of law means that provision of
such requirement of law from time to time in effect and constituting the
substantive amendment, modification, codification, replacement or reenactment of
such Section or other provision; and

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      (ix)        
references to “including” means “including, without limitation”.

       

      Section
1.5.          References.

       

      All
Section references (including references to the Preamble), unless otherwise
indicated, shall be to Sections (and the Preamble) in this
Agreement.

       

      ARTICLE
II

      TRANSFER
OF THE CONVEYED COLLATERAL

       

      Section
2.1.          Transfer
of the Conveyed Collateral.

       

      (a)           Transfer from the Originator
to the Depositor. Subject to and upon the terms and conditions set forth
herein, the Originator hereby sells, conveys and transfers to the Depositor all
of the Originator’s right, title and interest in, to and under the Initial
Collateral Obligations and any related Assets with respect thereto (the “Initial Conveyed
Collateral”) for a purchase price on the date hereof of $233,663,693,
which purchase price shall be the value thereof as determined by the board of
directors of the Originator in accordance with the 1940 Act (but in no event at
less than fair market value).   The consideration for the
transfer of the Initial Conveyed Collateral from the Originator to the Depositor
shall consist of cash paid by the Depositor to the Originator on the date hereof
and, to the extent that such cash so paid on the date hereof is less than the
purchase price thereof, the difference shall be deemed a capital contribution
from the Originator to the Depositor on the date hereof.

       

      (b)           Transfer from the Depositor
to the Issuer. Subject to and upon the terms and conditions set forth
herein, the Depositor hereby sells, conveys and transfers to the Issuer all of
the Depositor’s right, title and interest in, to and under the Initial Conveyed
Collateral for a purchase price on the date hereof of
$233,663,693.  The consideration for the transfer of the Initial
Conveyed Collateral from the Depositor to the Issuer shall consist of cash paid
by the Issuer to the Depositor on the date hereof and the issuance by the Issuer
to the Depositor of all of the Subordinated Notes.

       

      (c)           Each
of the Originator, the Depositor and the Issuer agrees and acknowledges that the
Issuer may, as permitted under the Indenture, acquire Additional Collateral
Obligations and related Assets with respect thereto (the “Additional Conveyed
Collateral”), and may acquire Substitute Collateral Obligations and any
related Assets as set forth in Section 2.5 and the
Indenture with respect thereto (the “Substitute Conveyed
Collateral” and, together with the Additional Conveyed Collateral, the
“Subsequent Conveyed
Collateral”), in each case, pursuant to a Subsequent Transfer Agreement,
substantially in the form of Exhibit A hereto,
duly executed by each of the Originator, the Depositor and the Issuer (each such
agreement, a “Subsequent Transfer
Agreement”) and the parties hereto agree that each such Subsequent
Transfer Agreement will be deemed to become part of this Agreement as of the
date of its execution (each such date, a “Transfer Date”)
without further amendment hereof.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      (d)          Each
of the Originator, the Depositor and the Issuer agrees that (i) the
representations, warranties and covenants of the Originator and the Depositor
set forth herein will run to and be for the benefit of the Issuer and the
Trustee and (ii) either the Issuer or the Trustee may enforce, directly without
joinder of the Depositor, the repurchase obligations of the Originator with
respect to breaches of such representations, warranties and covenants as set
forth herein.  The parties hereto acknowledge and agree that the
Trustee for the benefit of the Secured Parties is a third party beneficiary of
such representations, warranties and covenants.  By its signature
below, the Trustee hereby acknowledges such rights granted to it
hereunder.

       

      (e)           Each
of the Originator, the Depositor and the Issuer intends and agrees that (i) the
transfer of the Conveyed Collateral by the Originator to the Depositor pursuant
to this Agreement, and the transfer of the Conveyed Collateral by the Depositor
to the Issuer pursuant to this Agreement is, in each and every case, intended to
be an absolute sale, conveyance and transfer of ownership of the applicable
Conveyed Collateral rather than the mere granting of a security interest to
secure a financing and (ii) such Conveyed Collateral shall not be part of the
Originator’s or the Depositor’s respective estate in the event of a filing of a
bankruptcy petition or other action by or against such Person under any
Insolvency Law. In the event, however, that notwithstanding such intent and
agreement, any of such transfers are deemed to secure indebtedness, the
Originator hereby Grants to the Depositor, and the Depositor hereby Grants to
the Issuer, as the case may be, a security interest in all of its right, title
and interest in, to and under such Conveyed Collateral (whether now existing or
hereafter created) and the Issuer hereby further Grants such security interest
to the Trustee for the benefit of the Secured Parties.  For such
purposes, this Agreement shall constitute a security agreement under the UCC,
securing the repayment of the purchase price paid hereunder and the obligations
or interests represented by the Notes, in the order and priorities, and subject
to the other terms and conditions of, this Agreement and the Indenture, together
with such other obligations or interest as may arise hereunder and thereunder in
favor of the parties hereto and thereto.

       

      (f)           If
any such transfer of Conveyed Collateral by the Originator to the Depositor
(whether Initial Conveyed Collateral transferred pursuant to Section 2.1(a) or
Subsequent Conveyed Collateral transferred pursuant to Section 2.1(c)) is
deemed to be the mere granting of a security interest to secure a financing, the
Depositor may, to secure the Depositor’s own obligations under this Agreement
(to the extent that the transfer of Conveyed Collateral by the Depositor to the
Issuer hereunder is deemed to be the mere granting of a security interest to
secure a financing), repledge and reassign to the Issuer (and the Issuer may
repledge and reassign to the Trustee) (1) all or a portion of the Conveyed
Collateral pledged to the Depositor by the Originator and with respect to which
the Depositor has not released its security interest at the time of such pledge
and assignment and (2) all proceeds thereof. Such repledge and reassignment may
be made with or without a repledge and reassignment by the Depositor of its
rights under any agreement with the Originator, and without further notice to or
acknowledgement from the Originator.  The Originator hereby waives, to
the extent permitted by applicable law, all claims, causes of action and
remedies, whether legal or equitable (including any right of setoff), against
the Depositor or any assignee relating to such repledge and reassignment in
connection with the transactions contemplated by this Agreement and the other
Transaction Documents. The Originator and the Depositor shall file or shall
cause to be filed a UCC-1 financing statement naming the Originator as debtor,
the Depositor as secured party and the Trustee as assignee, listing all of the
Conveyed Collateral pledged hereunder as collateral thereunder.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      (g)           If
any such transfer of Conveyed Collateral by the Depositor to the Issuer (whether
Initial Conveyed Collateral transferred pursuant to Section 2.1(b) or
Subsequent Conveyed Collateral transferred pursuant to Section 2.1(c)) is
deemed to be the mere granting of a security interest to secure a financing, the
Issuer may, to secure the Issuer’s obligations under the Indenture, repledge and
reassign to the Trustee for the benefit of the Secured Parties (1) all or a
portion of the Conveyed Collateral pledged to the Issuer by the Depositor and
with respect to which the Issuer has not released its security interest at the
time of such pledge and assignment and (2) all proceeds thereof.  Such
repledge and reassignment may be made with or without a repledge and
reassignment by the Issuer of its rights under any agreement with the Depositor,
and without further notice to or acknowledgment from the
Depositor.  The Depositor hereby waives, to the extent permitted by
applicable law, all claims, causes of action and remedies, whether legal or
equitable (including any right of setoff), against the Issuer or any assignee
relating to such repledge or reassignment in connection with the transactions
contemplated by this Agreement and the other Transaction Documents. The Issuer
and the Depositor shall file or shall cause to be filed a UCC-1 financing
statement naming the Depositor as debtor, the Issuer as secured party and the
Trustee as assignee, listing all of the Conveyed Collateral pledged hereunder as
collateral thereunder.

       

      (h)           To
the extent that (i) the consideration received by the Originator from the
Depositor in exchange for any Conveyed Collateral and (ii) the consideration
received by the Depositor from the Issuer for any Conveyed Collateral is less
than the fair market value of such Conveyed Collateral, the difference between
such fair market value and the consideration so received shall be deemed to be a
capital contribution by the Originator to the Depositor (in the case of clause (i) above),
and by the Depositor to the Issuer (in the case of clause (ii) above)
made on the Closing Date in the case of the Initial Conveyed Collateral and as
of the related Transfer Date in the case of any Subsequent Conveyed
Collateral.  For all purposes of this Agreement, any contributed
Conveyed Assets shall be treated the same as the Conveyed Assets sold for cash
or other property including, without limitation, for purposes of Section
7.2.

       

      Section
2.2.          Conveyance
of Initial Conveyed Collateral.

       

      (a)           On
or before the Closing Date, the Originator or the Depositor, as applicable,
shall deliver or cause to be delivered to the Trustee each of the documents,
certificates and other items as follows:

       

      (i)     
    officially certified recent evidence of due
incorporation and good standing of the Originator, the Depositor and the Issuer,
in each case under the laws of the State of Delaware;

       

      (ii)         a
copy of a written consent of the board of directors of Golub Capital BDC, Inc.,
in its capacity as Originator and in its capacities as the designated manager of
the Depositor and of the Issuer, approving the execution, delivery and
performance of this Agreement and the transactions contemplated hereunder,
certified, in each case as applicable, by an Officer of Golub Capital BDC, Inc.,
in such capacities (which, for the avoidance of doubt, constitutes the First
Tier Loan Sale Agreement and Second Tier Loan Sale Agreement authorized by such
written consent);

      
        
           

        

        
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      (iii)        evidence
that the lien of Citigroup Global Markets Realty Corp. against GCMF under the
GCMF Credit Facility is released;

       

      (iv)        a
UCC financing statement executed by the Originator, as debtor, naming the
Depositor as secured party (and the Trustee as assignee for the benefit of the
Secured Parties) and identifying the Conveyed Collateral as collateral for
filing with the office of the Secretary of State for the State of Delaware; and
execution and delivery of a UCC financing statement executed by the Depositor,
as debtor, naming the Issuer as secured party (and the Trustee as assignee for
the benefit of the Secured Parties) and identifying the Conveyed Collateral as
collateral for filing with the office of the Secretary of State for the State of
Delaware; and execution and delivery of UCC financing statements executed by the
Issuer, as debtor, and naming the Trustee, for the benefit of the Secured
Parties, as secured party and identifying the Conveyed Collateral, as collateral
for filing with the office of the Secretary of State for the State of
Delaware;

       

      (v)         a
fully executed copy of each Transaction Document; and

       

      (vi)        all
Opinions of Counsel required to be delivered pursuant to Section 3.1(iii) of the
Indenture.

       

      (b)          Concurrently
with the transfer of the Initial Conveyed Collateral by the Originator to the
Depositor and by the Depositor to the Issuer, the (i) the Originator shall
transfer to the Collection Account all Principal Proceeds and Interest Proceeds
received with respect to such Initial Conveyed Collateral, on and after the
Closing Date, (ii) each of the representations and warranties made by the
Originator pursuant to Article III
applicable to the Initial Conveyed Collateral shall be true and correct as of
the Closing Date, and (iii) the Originator shall, at its own expense, not later
than the Closing Date, indicate in its records that ownership of the Initial
Conveyed Collateral has been conveyed to it by GCMF pursuant to the GCMF
Assignment Agreement and then conveyed by it to the Depositor and by the
Depositor to the Issuer pursuant to this Agreement.

       

      Section
2.3.          Acceptance of Initial
Conveyed Collateral

       

      On the
Closing Date, upon satisfaction of the conditions set forth in Section 2.2, the
Issuer hereby instructs the Depositor, and the Depositor hereby instructs the
Originator, and the Originator hereby agrees to deliver, on behalf of the
Issuer, the Initial Conveyed Collateral to the Trustee, and such delivery to and
acceptance by the Trustee shall be deemed to be delivery to and acceptance by
the Issuer and by the Depositor.

       

      Section
2.4.          Conveyance
of Subsequent Conveyed Collateral.

       

      (a)           As
and when permitted by the Indenture and subject to this Section 2.4 and the
satisfaction of the conditions imposed under the Indenture with respect to the
acquisition of Subsequent Conveyed Collateral, the Originator may at its option
(but shall not be obligated to) sell, convey and transfer to the Depositor (by
delivery of an executed Subsequent Transfer Agreement) all the right, title and
interest of the Originator in and to the Subsequent Conveyed Collateral
identified on Schedule 1 thereto, in each and every case without recourse other
than as expressly provided herein and therein and the Depositor shall be
required to purchase from the Originator and sell, convey and transfer to the
Issuer (by delivery of an executed Subsequent Transfer Agreement) all the right,
title and interest of the Depositor in and to the Subsequent Conveyed Collateral
identified on Schedule 1 thereto, in each and every case without recourse other
than as expressly provided herein and therein.

      
        
           

        

        
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      (b)          Concurrently
with the transfer of any Subsequent Conveyed Collateral by the Originator to the
Depositor and by the Depositor to the Issuer, (i) the Originator shall transfer
to the Collection Account all Principal Proceeds and Interest Proceeds received
with respect to such Subsequent Conveyed Collateral, on and after the related
Cut-Off Date, (ii) each of the representations and warranties made by the
Originator pursuant to Article III
applicable to the Subsequent Conveyed Collateral shall be true and correct as of
the related Transfer Date and (iii) the Originator shall, at its own expense, on
or prior to the applicable date of transfer to the Depositor, indicate in its
records that ownership of the Subsequent Conveyed Collateral identified in the
Subsequent Transfer Agreement has been sold by the Originator to the Depositor
and by the Depositor to the Issuer pursuant to this Agreement.

       

      Section
2.5.          Optional Substitution of
Collateral Obligations.

       

      (a)           Subject
to Section 12.3 of the Indenture, this Section 2.5 and the
Repurchase and Substitution Limit, with respect to any Collateral Obligation as
to which a Substitution Event has occurred, the Originator may (but shall not be
obligated to except as required under the Indenture) either (x) convey to the
Depositor and cause the Depositor to contemporaneously convey to the Issuer one
or more Collateral Obligations in exchange for such Collateral Obligation or (y)
deposit into the Principal Collection Subaccount the Transfer Deposit Amount
with respect to such Collateral Obligation and then, prior to the expiration of
the Substitution Period, convey to the Depositor and cause the Depositor to
convey to the Issuer one or more Collateral Obligations in exchange for the
funds so deposited or a portion thereof.

       

      (b)          Any
substitution pursuant to this Section 2.5 shall be
initiated by delivery of a Notice of Substitution, as set forth in the
Indenture, by the Originator to the Trustee, the Depositor, the Issuer and the
Collateral Manager that the Originator intends to substitute a Collateral
Obligation pursuant to this Section 2.5 and shall
be completed prior to the earliest of: (x) the expiration of 90 days after
delivery of such notice; (y) delivery of written notice to the Trustee from the
Originator stating that the Originator does not intend to convey any additional
Substitute Collateral Obligations to the Issuer in exchange for any remaining
amounts deposited in the Principal Collection Subaccount under clause (a)(y) above;
or (z) in the case of a Collateral Obligation which has become subject to a
Specified Amendment, the effective date set forth in such Specified Amendment
(such period described in clause (x), (y) or (z), as applicable, being the
“Substitution
Period”).

      
        
           

        

        
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      (c)           Each
Notice of Substitution shall specify the Collateral Obligation to be
substituted, the reasons for such substitution and the Transfer Deposit Amount
with respect to the Collateral Obligation.  On the last day of any
Substitution Period, any amounts previously deposited in accordance with clause (a)(y) above
which relate to such Substitution Period that have not been applied to purchase
one or more Substitute Collateral Obligations or to fund the Revolver Funding
Account if necessary with respect thereto shall be deemed to constitute
Principal Proceeds; provided that prior to the
expiration of the related Substitution Period any such amounts shall not be
deemed to be Principal Proceeds and shall remain in the Principal Collection
Subaccount until applied to acquire Substitute Collateral Obligations or to fund
the Revolver Funding Account if necessary with respect thereto. The price paid
(or deemed paid, in the case of a contemporaneous conveyance of a Substitute
Loan pursuant to Section 2.3(a)(x)) by
the Issuer to the Depositor and by the Depositor to the Originator, as
applicable, for any Substitute Collateral Obligation shall be an amount equal to
the value thereof, as determined by the board of directors of the Originator in
accordance with the 1940 Act (but in no event less than the fair market value
thereof). To the extent any cash or other property received by the Issuer in
connection with a Substitute Collateral Obligation exceeds the fair market value
thereof, such excess shall be deemed a capital contribution from the Originator
to the Depositor and from the Depositor to the Issuer.

       

      (d)          The
substitution of any Substitute Collateral Obligation will be subject to the
satisfaction of the Substitute Collateral Obligations Qualification Conditions
as of the related Transfer Date for each such Collateral Obligation (after
giving effect to such substitution).

       

      (e)           With
respect to any Substitute Collateral Obligations to be conveyed to the Depositor
by the Originator as described in this Section 2.5, (i) the
Originator hereby sells, transfers, assigns, sets over and otherwise conveys to
the Depositor, without recourse other than as expressly provided herein (and the
Depositor shall purchase through cash payment and/or by exchange of one or more
related Collateral Obligations released by the Issuer to the Depositor and by
the Depositor to the Issuer on the related Cut-Off Date), all the right, title
and interest of the Originator in and to the Substitute Collateral Obligation
and (ii) the Depositor hereby sells, transfers, assigns, sets over and otherwise
conveys to the Issuer without recourse other than as expressly provided herein
(and the Issuer shall purchase through cash payment and/or by exchange of one or
more related Collateral Obligations released by the Issuer to the Depositor on
the related Cut-Off Date), all the right, title and interest of the Depositor in
and to the Substitute Collateral Obligation.  To the extent any cash
or other property received by the Issuer in connection with a Substitute
Collateral Obligation exceeds the fair market value thereof, such excess shall
be deemed a capital contribution from the Originator to the Depositor and from
the Depositor to the Issuer.

       

      (f)           The
Originator and Depositor shall execute and deliver to the Issuer and the Trustee
a Subsequent Transfer Agreement with respect to each Substitute Collateral
Obligation and shall cooperate with the Collateral Manager and the Issuer so
that they may satisfy their respective obligations with respect to any
substitution of Collateral Obligations pursuant to the Indenture.

       

      (g)          The
Originator shall bear all transaction costs incurred in connection with a
substitution of Collateral Obligations effected pursuant to this Agreement and
the Indenture.

      
        
           

        

        
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      Section
2.6.          Direct
Assignments.

       

      The
Originator, the Depositor and the Issuer acknowledge and agree that, solely for
administrative convenience, any transfer document or assignment agreement (or,
in the case of any Underlying Note, any chain of endorsement) required to be
executed and delivered in connection with the transfer of a Collateral
Obligation in accordance with the terms of related Underlying Documents may
reflect that (i) the Originator (or GCMF or any third party from whom the
Originator, the Depositor or the Issuer may purchase a Collateral Obligation) is
assigning such Collateral Obligation directly to the Issuer or (ii) the Issuer
is acquiring such Collateral Obligation at the closing of such Collateral
Obligation.  Nothing in any such transfer document or assignment
agreement (or, in the case of any Underlying Note, nothing in such chain of
endorsement) shall be deemed to impair the transfers of the Collateral
Obligations by the Originator to the Depositor and the Depositor to the Issuer
in accordance with the terms of this Agreement.

       

      Section
2.7.          Delivery
of Documents.

       

      With
respect to each Collateral Obligation transferred hereunder as part of the
Conveyed Collateral, within five Business Days after the related Transfer Date
(or on or prior to the Closing Date, with respect to the Initial Collateral
Obligations), the Originator, on behalf of the Depositor and the Issuer, will
deliver or cause to be delivered to the Custodian, to the extent not previously
delivered, each of the Required Loan Documents with respect to such Collateral
Obligations.

       

      ARTICLE
III

      REPRESENTATIONS
AND WARRANTIES

       

      The
Originator and the Depositor, as applicable, each makes, and upon execution of
each Subsequent Transfer Agreement is deemed to make, the following
representations and warranties, on which the Depositor or the Issuer, as
applicable, will rely in acquiring the Initial Conveyed Collateral on the
Closing Date, and any Subsequent Conveyed Collateral on any applicable Transfer
Date pursuant to the applicable Subsequent Transfer Agreement, and on which, in
each case, each of the parties hereto acknowledges and agrees that the Trustee,
for the benefit of the Secured Parties, shall be entitled to rely as an express
third party beneficiary as a condition of the Issuer entering into the
Transaction Documents to which it is a party and of the Noteholders purchasing
the Notes.  Each of the parties hereto acknowledges and agrees that
such representations and warranties are being made by the Originator and the
Depositor for the benefit of the Issuer and the Trustee, for the benefit of the
Secured Parties.

       

      The
representations and warranties set forth in this Article III are given
as of the Closing Date (or Transfer Date, as applicable), but shall survive the
sale, transfer and assignment of the Conveyed Collateral to the Depositor and to
the Issuer hereunder or under a Subsequent Transfer Agreement, as
applicable.

       

      The
representations and warranties set forth in Sections 3.1(j) and
3.4(a) may not be waived by any Person and shall survive the termination
of this Agreement.

       

      Section
3.1.          Representations
and Warranties of the Originator.

       

      By its
execution of this Agreement and each Subsequent Transfer Agreement, the
Originator represents and warrants that:

      
        
           

        

        
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      (a)           Organization and Good
Standing.  The Originator is a corporation duly incorporated,
validly existing and in good standing under the laws of the State of Delaware,
and has full power and authority to own its assets and to transact the business
in which it is currently engaged, and is duly qualified as a foreign corporation
and is in good standing under the laws of each jurisdiction where its ownership
or lease of property, the conduct of its business or the performance of this
Agreement or any other Transaction Document applicable to it would require such
qualification, except for those jurisdictions in which the failure to be so
qualified, authorized or licensed would not have a material adverse effect on
the business operations, assets or financial condition of the Originator or on
the validity or enforceability of this Agreement or the provisions of any other
Transaction Document applicable to the Originator, or the performance by the
Originator of its duties hereunder or thereunder.

       

      (b)          Authorization; Valid Sale;
Binding Obligations.  The Originator has the power and
authority to make, execute, deliver and perform this Agreement and the other
Transaction Documents to which it is a party and all of the transactions
contemplated under this Agreement and the other Transaction Documents to which
it is a party, and had the power and authority to form the Depositor and cause
it to make, execute, deliver and perform its obligations under this Agreement
and the other Transaction Documents to which it is a party and has taken all
necessary corporate action to authorize the execution, delivery and performance
of this Agreement and the other Transaction Documents to which it is a
party.  This Agreement and each Subsequent Transfer Agreement, if any,
shall effect a valid sale (or contribution, as the case may be), transfer and
assignment of, or Grant of a security interest in, the Conveyed Collateral being
so transferred, conveyed and assigned from the Originator to the Depositor,
enforceable against the Originator and creditors of and purchasers from the
Originator.  This Agreement and the other Transaction Documents to
which the Originator is a party constitute the legal, valid and binding
obligations of the Originator enforceable in accordance with their terms, except
as enforcement of such terms may be limited by bankruptcy, reorganization,
insolvency, moratorium and other laws affecting the enforcement of creditors’
rights generally and general principles of equity, whether considered in a suit
at law or in equity.

       

      (c)           No Consent
Required.  No consent of any other Person and no license,
permit, order, approval or authorization of, exemption by, notice or report to,
or registration, filing or declaration with, any governmental authority or court
or any other Person is required to be obtained by the Originator in connection
with this Agreement or any other Transaction Document to which it is a party or
the execution, delivery, performance, validity or enforceability of this
Agreement or any other Transaction Document to which it is a party or the
obligations imposed on the Originator hereunder or under the terms of the
Indenture or any other Transaction Document to which it is a party other than
those that have been obtained or made.

       

      (d)          No
Violations.  The execution, delivery and performance of this
Agreement and the other Transaction Documents to which it is a party, and the
consummation of the transactions contemplated hereby and thereby, will not
violate its articles of incorporation or bylaws or any material requirement of
law applicable to the Originator, or constitute a material breach of any
mortgage, indenture, contract or other agreement to which the Originator is a
party or by which the Originator or any of the Originator’s properties may be
bound, or result in the creation or imposition of any security interest, lien,
charge, pledge or encumbrance of any kind upon any of its properties pursuant to
the terms of any such mortgage, indenture, contract or other agreement, other
than as contemplated by the Transaction Documents.

      
        
           

        

        
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      (e)           Litigation.  No
litigation or administrative proceeding of or before any court, tribunal or
governmental body is currently pending, or to the knowledge of the Originator
threatened, against the Originator or any of its properties or with respect to
this Agreement, the other Transaction Documents to which it is a party or the
Notes (1) that, if adversely determined, would in the reasonable judgment of the
Originator be expected to have a material adverse effect on (i) the business,
properties, assets or condition (financial or otherwise) of the Originator or
(ii) the transactions contemplated by this Agreement or the other Transaction
Documents to which the Originator is a party or (2) seeking to adversely affect
the federal income tax or other federal, state or local tax attributes of the
Notes.

       

      (f)           Solvency.  The
Originator, at the time of and after giving effect to each conveyance of
Conveyed Collateral hereunder, is solvent and is not aware of any pending
insolvency.

       

      (g)          Taxes.  The
Originator has filed or caused to be filed all tax returns which, to its
knowledge, are required to be filed and has paid all taxes shown to be due and
payable on such returns or on any assessments made against it or any of its
property and all other taxes, fees or other charges imposed on it or any of its
property by any governmental authority (other than any amount of tax due, the
validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which reserves in accordance with generally
accepted accounting principles have been provided on its books); no tax lien has
been filed and, to the Originator’s knowledge, no claim is being asserted, with
respect to any such tax, fee or other charge.

       

      (h)          Place of Business; No
Changes.   The Originator has not changed its name or the
State under whose laws it is formed, whether by amendment of its articles of
incorporation, by reorganization or otherwise.

       

      (i)           Sale
Treatment.  Other than for tax and accounting purposes, the
Originator has treated the transfer of the Conveyed Collateral to the Depositor
for all purposes as a sale and purchase on all of its relevant books and
records.

       

      (j)           Security
Interest.

       

      (i)       
  in the event that the transfer by the Originator to the Depositor of
any Conveyed Collateral is determined not to be an absolute transfer, this
Agreement is effective to create in favor of the Depositor a valid and
continuing security interest (as defined in the UCC) in all of the right, title
and interest of the Originator in, to and under such Conveyed Collateral, which
security interest is perfected and is prior to all other liens (other than
Permitted Liens), and is enforceable as such against, all creditors of and
purchasers from the Originator;

       

      (ii)         each
Collateral Obligation transferred hereunder constitutes or is evidenced by a
Financial Asset, an Instrument, a Certificated Security or a general intangible
(as defined in the UCC);

      
        
           

        

        
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      (iii)        the
Originator owns the Conveyed Collateral being conveyed hereunder, free and clear
of any lien, claim or encumbrance of any Person (other than Permitted Liens),
and, upon the transfer by the Originator to the Depositor of any Conveyed
Collateral pursuant to this Agreement or any Subsequent Transfer Agreement, the
Depositor will own such Conveyed Collateral free and clear of any and all liens,
claims or encumbrances created by, or attaching to property of, the Originator
(other than Permitted Liens);

       

      (iv)        the
Originator has received all consents and approvals required by the terms of any
Conveyed Collateral to the conveyance of such Conveyed Collateral hereunder to
the Depositor;

       

      (v)         the
Originator has caused the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in
order to perfect the security interest in such Conveyed Collateral granted to
the Depositor under this Agreement to the extent perfection can be achieved by
filing a financing statement;

       

      (vi)        other
than the conveyance to the Depositor and the security interest granted to the
Depositor pursuant to this Agreement, the Originator has not pledged, assigned,
sold, granted a security interest in or otherwise conveyed any of such Conveyed
Collateral.  The Originator has not authorized the filing of, and is
not aware of, any financing statements against the Originator that include a
description of collateral covering such Conveyed Collateral other than (A) any
financing statement relating to the security interest Granted to the Depositor
under this Agreement and (B) any financing statement that has been
terminated.  The Originator is not aware of the filing of any
judgment, employee benefit or tax lien filings against it;

       

      (vii)       on
or prior to the Closing Date (with respect to the Initial Collateral
Obligations) and within five Business Days after the related Transfer Date (with
respect to the Additional Collateral Obligations), copies (or originals, if
required by the definition of “Required Loan Documents”) of the Required Loan
Documents have been delivered to the Custodian; and

       

      (viii)      none
of the Underlying Notes that constitute or evidence the Conveyed Collateral has
any marks or notations indicating that it has been pledged, assigned or
otherwise conveyed to any Person other than the Issuer or in blank or to the
Trustee.

       

      (k)           Value
Given.  The cash payments and corresponding increase in the
Originator’s equity interest in the Depositor received by the Originator in
respect of the purchase price of all Conveyed Collateral conveyed hereunder
constitutes reasonably equivalent value in consideration for the transfer to the
Depositor of such Conveyed Collateral under this Agreement, such transfer was
not made for or on account of an antecedent debt owed by the Depositor to the
Originator, and such transfer was not and is not voidable or subject to
avoidance under any Insolvency Law.

      
        
           

        

        
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      (l)           No
Defaults.  The Originator is in not default with respect to any
order or decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default might have consequences
that would materially and adversely affect the condition (financial or
otherwise) or operations of it or its respective properties or might have
consequences that would materially and adversely affect its performance
hereunder.

       

      (m)          Bulk Transfer
Laws.  The transfer, assignment and conveyance of the Conveyed
Collateral by the Originator pursuant to this Agreement are not subject to the
bulk transfer laws or any similar statutory provisions in effect in any
applicable jurisdiction.

       

      (n)          Origination and Collection
Practices.  The origination and collection practices used with
respect to each Collateral Obligation have been in all material respects legal,
proper, and customary in the Collateral Obligation origination and servicing
business.

       

      (o)          Lack of Intent to Hinder,
Delay or Defraud.  Neither the Originator nor any of its
Affiliates sold or will sell any interest in any Conveyed Collateral with any
intent to hinder, delay or defraud any of their respective
creditors.

       

      (p)          Nonconsolidation.  The
Originator conducts, and will at all times conduct, its affairs such that
neither the Depositor nor the Issuer would be substantively consolidated in the
estate of the Originator and their respective separate existences would not be
disregarded in the event of a bankruptcy of the Originator.

       

      (q)          Accuracy of
Information.  All written factual information heretofore
furnished by the Originator for purposes of or in connection with this Agreement
or the other Transaction Documents to which the Originator is a party, or any
transaction contemplated hereby or thereby is, and all such written factual
information hereafter furnished by the Originator to any such party will be,
true and accurate in every material respect, on the date such information is
stated or certified; provided that the Originator
shall not be responsible for any factual information furnished to it by any
third party not affiliated with it except to the extent that a Responsible
Officer of the Originator has actual knowledge that such factual information is
inaccurate in any material respect.

       

      (r)           Investment Company
Act.  The Originator: (i) is an “investment company” that has
elected to be regulated as a “business development company” within the meaning
of the 1940 Act and qualifies as a regulated investment company under the Code;
(ii) conducts its business and other activities (a) in compliance in all
material respects with the applicable provisions of the 1940 Act and any
applicable rules, regulations or orders issued by the Securities and Exchange
Commission thereunder and (b) in such a way that the consummation of the
transactions contemplated by this Agreement and the other Transaction Documents
does not violate in any material respect the provisions of the 1940 Act or any
rules, regulations or orders issued by the Securities and Exchange Commission
thereunder.

       

      Section
3.2.          Representations
and Warranties Regarding the Collateral Obligations.

       

      The
Originator hereby represents to the Issuer and to the Trustee for the benefit of
the Secured Parties that (i) each Collateral Obligation conveyed hereunder, as
of its related Cut-Off Date, satisfies the definition of “Collateral Obligation”
under the Indenture and (ii) the information set forth on Schedule 1 hereto or
on Schedule 1 to any Subsequent Transfer Agreement, as applicable, and in the
Schedule of Collateral Obligations under the Indenture is true and correct in
all material respects.

      
        
           

        

        
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      Section
3.3.          Representations
and Warranties of the Depositor.

       

      By its
execution of this Agreement and each Subsequent Transfer Agreement, the
Depositor represents and warrants that:

       

      (a)           Organization and Good
Standing.  The Depositor is a limited liability company duly
organized, validly existing and in good standing under the law of the State of
Delaware, and has full power and authority to own its assets and to transact the
business in which it is currently engaged, and is duly qualified as a foreign
corporation and is in good standing under the laws of each jurisdiction where
its ownership or lease of property, the conduct of its business or the
performance of this Agreement or any other Transaction Document applicable to it
would require such qualification, except for those jurisdictions in which the
failure to be so qualified, authorized or licensed would not have a material
adverse effect on the business operations, assets or financial condition of the
Depositor or on the validity or enforceability of this Agreement or the
provisions of any other Transaction Document applicable to the Depositor, or the
performance by the Depositor of its duties hereunder or thereunder.

       

      (b)           Authorization; Valid Sale;
Binding Obligations.  The Depositor has the power and authority
to make, execute, deliver and perform this Agreement and the other Transaction
Documents to which it is a party and all of the transactions contemplated under
this Agreement and the other Transaction Documents to which it is a party, and
had the power and authority to form the Issuer and cause it to make, execute,
deliver and perform its obligations under this Agreement and the other
Transaction Documents to which it is a party and has taken all necessary limited
liability company action to authorize the execution, delivery and performance of
this Agreement and the other Transaction Documents to which it is a
party.  This Agreement and each Subsequent Transfer Agreement, if any,
shall effect a valid sale (or contribution, as the case may be), transfer and
assignment of, or Grant of a security interest in, the Conveyed Collateral being
so transferred, conveyed and assigned from the Depositor to the Issuer,
enforceable against the Depositor and creditors of and purchasers from the
Depositor.  This Agreement and the other Transaction Documents to
which the Depositor is a party constitute the legal, valid and binding
obligations of the Depositor enforceable in accordance with their terms, except
as enforcement of such terms may be limited by bankruptcy, reorganization,
insolvency, moratorium and other laws affecting the enforcement of creditors’
rights generally and general principles of equity, whether considered in a suit
at law or in equity.

       

      (c)           No Consent
Required.  No consent of any other Person and no license,
permit, order, approval or authorization of, exemption by, notice or report to,
or registration, filing or declaration with, any governmental authority or court
or any other Person is required to be obtained by the Depositor in connection
with this Agreement or any other Transaction Document to which it is a party or
the execution, delivery, performance, validity or enforceability of this
Agreement or any other Transaction Document to which it is a party or the
obligations imposed on the Depositor hereunder or under the terms of the
Indenture or any other Transaction Document to which it is a party other than
those that have been obtained or made.

      
        
           

        

        
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      (d)          No
Violations.  The execution, delivery and performance of this
Agreement and the other Transaction Documents to which it is a party by the
Depositor, and the consummation of the transactions contemplated hereby and
thereby, will not violate its organizational documents or any material
requirement of law applicable to the Depositor, or constitute a material breach
of any mortgage, indenture, contract or other agreement to which the Depositor
is a party or by which the Depositor or any of the Depositor’s properties may be
bound, or result in the creation or imposition of any security interest, lien,
charge, pledge, preference, equity or encumbrance of any kind upon any of its
properties pursuant to the terms of any such mortgage, indenture, contract or
other agreement, other than as contemplated by the Transaction
Documents.

       

      (e)           Litigation.  No
litigation or administrative proceeding of or before any court, tribunal or
governmental body is currently pending, or to the knowledge of the Depositor
threatened, against the Depositor or any of its properties or with respect to
this Agreement, the other Transaction Documents to which it is a party or the
Notes (1) that, if adversely determined, would in the reasonable judgment of the
Depositor be expected to have a material adverse effect on (i) the business,
properties, assets or condition (financial or otherwise) of the Depositor or
(ii) the transactions contemplated by this Agreement or the other Transaction
Documents to which the Depositor is a party or (2) seeking to adversely affect
the federal income tax or other federal, state or local tax attributes of the
Notes.

       

      (f)           Solvency.  The
Depositor, at the time of and after giving effect to each conveyance of Conveyed
Collateral hereunder, is solvent and is not aware of any pending
insolvency.

       

      (g)          Taxes.  The
Depositor has filed or caused to be filed all tax returns which, to its
knowledge, are required to be filed and has paid all taxes shown to be due and
payable on such returns or on any assessments made against it or any of its
property and all other taxes, fees or other charges imposed on it or any of its
property by any governmental authority (other than any amount of tax due, the
validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which reserves in accordance with generally
accepted accounting principles have been provided on its books); no tax lien has
been filed and, to the Depositor’s knowledge, no claim is being asserted, with
respect to any such tax, fee or other charge.

       

      (h)          Place of Business; No
Changes.  The Depositor has not changed its name or the State
under whose laws it is formed, whether by amendment of its certificate of
formation, by reorganization or otherwise.

       

      (i)           Sale
Treatment.  Other than for tax and accounting purposes, the
Depositor has treated each of (1) the acquisition of the Conveyed Collateral
from the Originator and (2) the transfer of the Conveyed Collateral to the
Issuer for all purposes as a sale and purchase on all of its relevant books and
records.

       

      (j)           No
Defaults.  The Depositor is not in default with respect to any
order or decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default might have consequences
that would materially and adversely affect the condition (financial or
otherwise) or operations of it or its respective properties or might have
consequences that would materially and adversely affect its performance
hereunder.

      
        
           

        

        
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      (k)           Bulk Transfer
Laws.  The transfer, assignment and conveyance of the Conveyed
Collateral by the Depositor pursuant to this Agreement are not subject to the
bulk transfer laws or any similar statutory provisions in effect in any
applicable jurisdiction.

       

      (l)   
        Lack of Intent to Hinder,
Delay or Defraud.  The Depositor did not and will not sell any
interest in any Conveyed Collateral with any intent to hinder, delay or defraud
any of its creditors.

       

      (m)          Nonconsolidation.  The
Depositor conducts, and will at all times conduct, its affairs such that neither
the Issuer nor the Originator would be substantively consolidated in the estate
of the Depositor and their respective separate existences would not be
disregarded in the event of the Depositor’s bankruptcy.

       

      (n)           Accuracy of
Information.  All written factual information heretofore
furnished by the Depositor for purposes of or in connection with this Agreement
or the other Transaction Documents to which the Depositor is a party, or any
transaction contemplated hereby or thereby is, and all such written factual
information hereafter furnished by the Depositor to any such party will be, true
and accurate in every material respect, on the date such information is stated
or certified; provided
that the Depositor shall not be responsible for any factual information
furnished to it by any third party not affiliated with it, or the Originator,
except to the extent that a Responsible Officer of the Depositor has actual
knowledge that such factual information is inaccurate in any material
respect.

       

      (o)          Investment Company
Act.  The Depositor is not required to register as an
“investment company” under the 1940 Act.

       

      Section
3.4.          Additional
Representations and Warranties of the Depositor.

       

      By its
execution of this Agreement and each Subsequent Transfer Agreement, the
Depositor additionally represents and warrants that:

       

      (a)           Security
Interest.

       

      (i)        
 In the event that the transfer by the Depositor to the Issuer of any
Conveyed Collateral is determined not to be an absolute transfer, this Agreement
is effective to create in favor of the Issuer a valid and continuing security
interest (as defined in the UCC) in all of the right, title and interest of the
Depositor in, to and under such Conveyed Collateral, which security interest is
perfected and is prior to all other liens (other than Permitted Liens), and is
enforceable as such against, all creditors of and purchasers from the
Depositor;

       

      (ii)         Each
Collateral Obligation transferred hereunder constitutes or is evidenced by a
Financial Asset, an Instrument, a Certificated Security or a general intangible
(as defined in the UCC);

      
        
           

        

        
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      (iii)        Upon
the transfer by the Depositor to the Issuer of any Conveyed Collateral pursuant
to this Agreement or any Subsequent Transfer Agreement, the Issuer will own such
Conveyed Collateral free and clear of any and all liens, claims or encumbrances
created by, or attaching to property of, the Depositor (other than Permitted
Liens);

       

      (iv)        The
Depositor has received all consents and approvals required by the terms of any
Conveyed Collateral to the conveyance of such Conveyed Collateral hereunder to
the Depositor;

       

      (v)         The
Depositor has caused the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in
order to perfect the security interest in such Conveyed Collateral granted to
the Issuer under this Agreement to the extent perfection can be achieved by
filing a financing statement;

       

      (vi)        Other
than the conveyance to the Issuer and the security interest granted to the
Issuer pursuant to this Agreement, the Depositor has not pledged, assigned,
sold, granted a security interest in or otherwise conveyed any of such Conveyed
Collateral.  The Depositor has not authorized the filing of, and is
not aware of, any financing statements against the Depositor that include a
description of such Conveyed Collateral other than any financing statement that
has been terminated.  The Depositor is not aware of the filing of any
judgment, employee benefit or tax lien filings against it;

       

      (vii)       On
or prior to the Closing Date (with respect to the Initial Collateral
Obligations) and within five Business Days after the related Transfer Date (with
respect to the Additional Collateral Obligations), copies (or originals, if
required by the definition of “Required Loan Documents”) of the Required Loan
Documents have been delivered to the Custodian; and

       

      (viii)      None
of the Underlying Notes that constitute or evidence the Conveyed Collateral has
any marks or notations indicating that it has been pledged, assigned or
otherwise conveyed to any Person other than the Issuer or in blank or to the
Trustee.

       

      (b)           Value
Given.  The cash payments and corresponding increase in the
Depositor’s equity interest in the Issuer received by the Depositor in respect
of the purchase price of all Conveyed Collateral conveyed hereunder constitutes
reasonably equivalent value in consideration for the transfer to the Issuer of
such Conveyed Collateral under this Agreement, such transfer was not made for or
on account of an antecedent debt owed by the Issuer to the Depositor, and such
transfer was not and is not voidable or subject to avoidance under any
Insolvency Law.

       

      Section
3.5.          Representations
and Warranties of the Issuer.

       

      By its
execution of this Agreement and each Subsequent Transfer Agreement, the Issuer
represents and warrants to the Depositor and the Originator
that:

      
        
           

        

        
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      (a)           Organization and Good
Standing. The Issuer is a limited liability company duly organized,
validly existing and in good standing under the laws of the State of Delaware
and in each jurisdiction where the conduct of its business requires such
license, qualification or good standing, except where the failure to be so
licensed or qualified or in good standing would not have a material adverse
effect the ownership or use of its assets, the validity or enforceability of the
Transaction Documents to which it is a party, or the ability of the Issuer to
perform its obligations hereunder or thereunder.

       

      (b)           Power and Authority.
The Issuer has the power and authority to execute and deliver the Transaction
Documents and all other documents and agreements contemplated hereby and thereby
to which it is a party, as well as to carry out the terms hereof and
thereof.

       

      (c)           Valid Execution; Binding
Obligations. The Issuer has taken all necessary action, including but not
limited to all requisite limited liability company action, to authorize the
execution, delivery and performance of the Transaction Documents and all other
documents and agreements contemplated hereby and thereby to which it is a
party.  When executed and delivered by the Issuer each of the
Transaction Documents will constitute the legal, valid and binding obligation of
the Issuer enforceable in accordance with its terms subject, as to enforcement,
to applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect affecting the enforcement of creditors
rights in general, and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in
equity).

       

      (d)           Authorizations. All
authorizations, licenses, permits, certificates, franchises, consents, approvals
and undertakings which are required to be obtained by the Issuer under any
applicable law which are material to (i) the conduct of its business, (ii) the
ownership, use, operation or maintenance of its properties or (iii) the
performance by the Issuer of its obligations under or in connection with the
Transaction Documents to which it is a party, have been received and all such
authorizations, licenses, permits, certificates, franchises, consents, approvals
and undertakings are in full force and effect.

       

      (e)           No Violations. The
execution, issuance and delivery of, and performance by the Issuer of its
obligations under, the Transaction Documents to which it is a party and any and
all instruments or documents required to be executed or delivered pursuant to or
in connection herewith or therewith were and are within the powers of the Issuer
and will not violate any provision of any law, regulation, decree or
governmental authorization applicable to the Issuer or its limited liability
company agreement, and will not violate or cause a default under any provision
of any contract, agreement, mortgage, indenture or other undertaking to which
the Issuer is a party or which is binding upon the Issuer or any of its property
or assets, and will not result in the imposition or creation of any lien, charge
or encumbrance upon any of the properties or assets of the Issuer pursuant to
the provisions of any such contract, agreement, mortgage, indenture or
undertaking, other than as specifically set forth in the Indenture.

       

      (f)           Litigation. There are
no legal, governmental or regulatory proceedings pending to which the Issuer is
a party or to which any of its property is subject, which if determined
adversely to the Issuer would individually or in the aggregate have a material
adverse effect on the performance by the Issuer of the Transaction Documents to
which it is a party or the consummation of the transactions contemplated
hereunder or thereunder, and to the best of its knowledge, no such proceedings
are threatened or contemplated.

      
        
           

        

        
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      ARTICLE
IV

      PERFECTION
OF TRANSFER

      AND
PROTECTION OF SECURITY INTERESTS

       

      Section
4.1.          Custody
of Collateral Obligation.

       

      On or
prior to the Closing Date (with respect to the Initial Collateral Obligations)
and within five Business Days after the related Transfer Date (with respect to
the Additional Collateral Obligations), copies (or originals, if required by the
definition of Required Loan Documents) of the Required Loan Documents shall be
delivered to the Custodian.

       

      Section
4.2.          Filing.

       

      On or
prior to the Closing Date, the Originator shall cause the UCC financing
statement(s) referred to in Section 2.2(a)(iv)
hereof to be filed.  Notwithstanding the obligation of the Originator
set forth in the preceding sentence, each of the Originator, the Depositor and
the Issuer hereby authorizes the Collateral Manager to prepare and file, at the
expense of the Collateral Manager, such UCC financing statements (including but
not limited to renewal, continuation or in lieu statements) and amendments or
supplements thereto or other instruments as the Collateral Manager may from time
to time deem necessary or appropriate in order to perfect and maintain the
security interests granted hereunder in accordance with the UCC.

       

      Section
4.3.          Changes
in Name, Corporate Structure or Location.

       

      (a)           During
the term of this Agreement, neither the Originator nor the Depositor shall
change its name, identity, structure, existence, state of formation or location
without first giving at least 30 days’ prior written notice to the Trustee and
the Collateral Manager.

       

      (b)           If
any change in the Originator’s or the Depositor’s name, identity, structure,
existence, state of formation, location or other action would make any financing
or continuation statement or notice of ownership interest or lien relating to
any Conveyed Collateral seriously misleading within the meaning of applicable
provisions of the UCC or any title statute, the Originator or the Depositor, as
applicable, no later than five Business Days after the effective date of such
change, shall file such amendments as may be required to preserve and protect
the Depositor’s, the Issuer’s and the Trustee’s respective interests in the
Conveyed Collateral.

       

      Section
4.4.          Costs and
Expenses.

       

      The
Collateral Manager under the Collateral Management Agreement will be obligated
to pay all reasonable costs and disbursements in connection with the perfection
and the maintenance of perfection, as against all third parties, of the
Depositor’s, Issuer’s and Trustee’s respective right, title and interest in and
to the Conveyed Collateral (including, without limitation, the security
interests provided for in the Indenture).

      
        
           

        

        
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      Section
4.5.          Sale
Treatment.

       

      Other
than for tax and accounting purposes, the Originator and the Depositor shall
treat the transfer of Conveyed Collateral made hereunder for all purposes as a
sale and purchase on all of its relevant books and records.

       

      Section
4.6.          Separateness.

       

      The
Originator agrees to take or refrain from taking or engaging in (with respect to
the Depositor and the Issuer) and the Depositor agrees to take or refrain from
taking or engaging in (with respect to the Originator and the Issuer) each of
the actions or activities specified in the “substantive consolidation” opinion
of Dechert LLP (including any certificates delivered in connection therewith)
delivered on the Closing Date, upon which the conclusions and opinions therein
are based.

       

      ARTICLE
V

      COVENANTS

       

      Section
5.1.          Covenants of the
Originator.

       

      The
Originator makes the following covenants, on which the Depositor will rely in
conveying the Initial Conveyed Collateral on the Closing Date (and any
Subsequent Conveyed Collateral on any applicable Transfer Date) to the Issuer,
and on which the Originator acknowledges and agrees that the Issuer and the
Trustee, for the benefit of the Secured Parties, shall be entitled to rely as an
express third party beneficiary as a condition of the Issuer and the Trustee
entering into the Transaction Documents to which each of them is a party and as
a condition to the Noteholders purchasing the Notes.  The Depositor
acknowledges that such covenants are being made by the Originator for the
benefit of the Issuer and for the benefit of the Trustee, for the benefit of the
Secured Parties.

       

      (a)           Corporate
Existence.  During the term of this Agreement, the Originator
will keep in full force and effect its existence, rights and franchises as a
corporation under the laws of the jurisdiction of its organization and will
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the other Transaction Documents and each other
instrument or agreement necessary or appropriate to the proper administration of
this Agreement and the transactions contemplated hereby.  In addition,
all transactions and dealings between the Originator and the Depositor will be
conducted on an arm’s length basis.

       

      (b)           Collateral Obligations Not
to Be Evidenced by Promissory Notes.  The Originator will take
no action, nor permit any action to be taken, to cause any Collateral Obligation
not originally evidenced by a promissory note to be evidenced by an Instrument,
except in connection with the enforcement or collection of such Collateral
Obligation. In the event that any Collateral Obligation not originally evidenced
by a promissory note is evidenced by an Instrument, the Originator shall deliver
such Instrument to the Custodian.

      
        
           

        

        
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      (c)           Security
Interests.  Except as expressly provided herein, the Originator
will not sell, pledge, assign or transfer to any other Person, or grant, create,
incur, assume or suffer to exist any lien on any Conveyed
Collateral.  The Originator will promptly notify the Depositor, the
Issuer and the Trustee of the existence of any lien on any Conveyed Collateral;
and the Originator shall defend the respective right, title and interest of the
Depositor and the Issuer in, to and under the Conveyed Collateral against all
claims of third parties; provided that nothing in this
Section 5.1(c)
shall prevent or be deemed to prohibit the Originator from suffering to exist
Permitted Liens upon any of the Conveyed Collateral. The Originator shall
promptly take all actions required (including, but not limited to, all filings
and other acts necessary or advisable under the UCC of each relevant
jurisdiction) in order to continue (subject to Permitted Liens) the first
priority perfected security interest of the Depositor in all Conveyed Collateral
which has not been released pursuant to the Indenture.

       

      (d)           Compliance with
Law.  The Originator hereby agrees to comply in all material
respects with all requirements of law applicable to it except where the failure
to do so would not have a material adverse effect on the Issuer.

       

      (e)           Location.  The
Originator shall not move its jurisdiction of formation outside of the State of
Delaware without 30 days’ prior written notice to the Depositor, the Issuer and
the Trustee.

       

      (f)           Merger or Consolidation of
the Originator.

       

      (i)    
     Any Person into which the Originator may be merged
or consolidated, or any Person resulting from such merger or consolidation to
which the Originator is a party, or any Person succeeding by acquisition or
transfer to substantially all of the assets and the business of the Originator
shall be the successor to the Originator hereunder and the other Transaction
Documents to which the Originator is a party, without execution or filing of any
paper or any further act on the part of any of the parties hereto,
notwithstanding anything herein to the contrary.

       

      (ii)         Upon
the merger or consolidation of the Originator or transfer of substantially all
of its assets and its business as described in this Section 5.1(f), the
Originator shall provide the Depositor, the Trustee, the Issuer and the Rating
Agencies notice of such merger, consolidation or transfer of substantially all
of the assets and business within 30 days after completion of the
same.

       

      (g)           Regulatory
Filings.  The Originator shall make, or shall cause to be made,
any filings, reports, notices, applications and registrations with, and seek any
consents or authorizations from, the Securities and Exchange Commission and any
state securities authority on behalf of the Originator, the Depositor and the
Issuer as may be necessary or that the Originator deems advisable to comply with
any federal or state securities or reporting requirements laws relating to the
transactions contemplated by the Transaction Documents or as may be otherwise
required by applicable law.

       

      Section
5.2.          Covenants of the
Depositor.

       

      The
Depositor makes the following covenants, on which the Originator and the Issuer
will rely in connection with the conveyance of Initial Conveyed Collateral on
the Closing Date (and any Subsequent Conveyed Collateral on any applicable
Transfer Date) to the Depositor and the Issuer, and on which the Depositor
acknowledges and agrees the Issuer and the Trustee for the benefit of the
Secured Parties shall be entitled to rely as an express third party beneficiary
as a condition of the Issuer and the Trustee entering into the Transaction
Documents to which each of them is a party and as a condition to the Noteholders
purchasing the Notes.  Each of the Originator and the Issuer
acknowledges that such covenants are being made by the Depositor for the benefit
of the Originator, the Issuer and the Trustee for the benefit of the Secured
Parties.

      
        
           

        

        
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      (a)           Legal
Existence.  During the term of this Agreement, the Depositor
will keep in full force and effect its existence, rights and franchises as a
limited liability company under the laws of the jurisdiction of its organization
and will obtain and preserve its qualification to do business in each
jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Agreement, the other Transaction Documents
and each other instrument or agreement necessary or appropriate to the proper
administration of this Agreement and the transactions contemplated
hereby.  In addition, all transactions and dealings between (i) the
Depositor and the Originator, and (ii) the Depositor and the Issuer will be
conducted on an arm’s length basis.

       

      (b)           Collateral Obligations Not
to Be Evidenced by Promissory Notes.  The Depositor will take
no action, nor permit any action to be taken, to cause any Collateral Obligation
not originally evidenced by a promissory note to be evidenced by an Instrument,
except in connection with the enforcement or collection of such Collateral
Obligation. In the event that any Collateral Obligation not originally evidenced
by a promissory note is evidenced by an Instrument, the Depositor shall deliver
such Instrument to the Custodian.

       

      (c)           Security
Interests.  Except as expressly provided herein, the Depositor
will not sell, pledge, assign or transfer to any other Person, or grant, create,
incur, assume or suffer to exist any lien on any Conveyed
Collateral.  The Depositor will promptly notify the Originator, the
Issuer and the Trustee of the existence of any lien on any Conveyed Collateral;
and the Depositor shall defend the respective right, title and interest of the
Issuer in, to and under the Conveyed Collateral against all claims of third
parties; provided that
nothing in this Section 5.2(c) shall
prevent or be deemed to prohibit the Grant of the Conveyed Collateral to the
Trustee under the Indenture.  The Depositor shall promptly take all
actions required (including, but not limited to, all filings and other acts
necessary or advisable under the UCC of each relevant jurisdiction) in order to
continue (subject to any Permitted Lien) the first priority perfected security
interest of the Issuer in all Conveyed Collateral which has not been released
pursuant to the Indenture.

       

      (d)           Compliance with
Law.  The Depositor hereby agrees to comply in all material
respects with all requirements of law applicable to it except where the failure
to do so would not have a material adverse effect on the Issuer.

       

      (e)           Location.  The
Depositor shall not move its jurisdiction of formation outside of the State of
Delaware without 30 days’ prior written notice to the Issuer and the
Trustee.

      
        
           

        

        
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      (f)           Merger or Consolidation;
Sales.  The Depositor shall not enter into any transaction of
merger or consolidation, or liquidate or dissolve itself (or suffer any
liquidation or dissolution) or acquire or be acquired by any Person, or convey,
sell, lease or otherwise dispose of all or substantially all of its property or
business other than to the Issuer in accordance with the Transaction
Documents.

       

      ARTICLE
VI

      INDEMNIFICATION BY THE ORIGINATOR

       

      Section
6.1.          Indemnification.

       

      The
Originator agrees to indemnify, defend and hold the Depositor, the Issuer, the
Trustee and any of their respective managers, members, officers, directors,
employees and agents (any one of which is an “Indemnified Party”)
harmless from and against any and all claims, losses, penalties, fines,
forfeitures, reasonable legal fees and related costs, judgments and any other
reasonable costs, fees and expenses (provided that any indemnification for
damages is limited to actual damages, not consequential, special or punitive
damages) that such Person may sustain as a result of the failure of the
Originator to perform its duties in compliance in all material respects with the
terms of this Agreement, except to the extent arising from the gross negligence,
willful misconduct or fraud by the Person claiming indemnification; provided that, for the
avoidance of doubt, the obligations of the Originator set forth in Section 7.2 shall
constitute the sole recourse to the Originator for any breach of the
representations or warranties set forth in Section
3.2.  An Indemnified Party shall promptly notify the Originator
if a claim is made by a third party with respect to this Agreement, and the
Originator shall assume (with the consent of the Indemnified Party) the defense
and any settlement of any such claim and pay all expenses in connection
therewith, including reasonable counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against the Indemnified
Party in respect of such claim.  If the consent of the Indemnified
Party required in the immediately preceding sentence is unreasonably withheld
with respect to any claim, the Originator shall be relieved of its
indemnification obligations hereunder with respect to such claim.  The
parties agree that the provisions of this Section 6.1 shall not
be interpreted to provide recourse to the Originator against loss by reason of
the bankruptcy, insolvency or lack of creditworthiness of an Obligor with
respect to a Collateral Obligation. The Originator shall have no liability for
making indemnification hereunder to the extent any such indemnification
constitutes recourse for uncollectible or uncollected amounts payable under any
Collateral Obligation.

       

      Section
6.2.          Liabilities
to Obligors.

       

      Except
with respect to the funding commitment assumed by the Issuer with respect to any
Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, the
Originator hereby acknowledges and agrees that no obligation or liability of the
Originator to any Obligor under any of the Collateral Obligations is intended to
be assumed by the Depositor, the Issuer, the Trustee or the Noteholders under or
as a result of this Agreement, any Subsequent Transfer Agreement and the
transactions contemplated hereby and under the other Transaction Documents, and
the Trustee for the benefit of the Secured Parties is expressly named as a third
party beneficiary of this Agreement for purposes of this Section
6.2.

      
        
           

        

        
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      Section
6.3.          Operation
of Indemnities.

       

      If the
Originator has made any indemnity payments to any Indemnified Party pursuant to
this Article VI
and such Indemnified Party thereafter collects any such amounts from others,
such Indemnified Party will repay such amounts collected to the
Originator.

       

      Section
6.4.          Limitation
on Liability.

       

      The
Originator shall be liable under this Agreement only to the extent of the
obligations specifically undertaken by the Originator under this
Agreement.  The Originator and any director, officer, employee or
agent of the Originator may rely in good faith on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder.  The Originator and any director, officer, employee
or agent of the Originator shall be reimbursed by the Depositor or by the Issuer
(subject to the availability of funds in accordance with the Priority of
Payments), as applicable, for any liability or expense incurred by reason of the
Depositor’s or the Issuer’s willful misfeasance, bad faith or negligence (except
errors in judgment) in the performance of its respective duties hereunder, or by
reason of reckless disregard of its obligations and duties
hereunder.  The Originator shall not be under any obligation to appear
in, prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement or the other Transaction Documents and that in
its opinion may involve it in any expense or liability.

       

      ARTICLE
VII

      OPTIONAL
AND MANDATORY REPURCHASES

       

      Section
7.1.          Optional
Repurchases.

       

      In
addition to the right to substitute for any Collateral Obligations that become
subject to a Substitution Event, the Originator shall have the right, but not
the obligation, to repurchase from the Issuer any such Collateral Obligation
subject to the Repurchase and Substitution Limit and the conditions set forth in
the Indenture.  In the event of such a repurchase, the Originator
shall deposit in the Collection Account an amount equal to the Transfer Deposit
Amount for such Collateral Obligation (or applicable portion thereof) as of the
date of such repurchase.  The Originator, the Depositor and the Issuer
shall execute and deliver such instruments, consents or other documents and
perform all acts reasonably requested by the Originator and the Collateral
Manager in order to effect the transfer and release of any of the Issuer’s
interests in the Collateral Obligations (together with the Assets related
thereto) that are being repurchased and the release thereof from the lien of the
Indenture.

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

       

      Section
7.2.          Mandatory
Repurchases.

       

      Upon
discovery by a Responsible Officer of the Collateral Manager or the Trustee of
(i) a breach of the representation set forth in Section 3.2 which
materially and adversely affects the value of the Collateral Obligations or the
interest of the Noteholders or which materially and adversely affects the
interests of the Noteholders in the related Collateral Obligation in the case of
a representation and warranty relating to a particular Collateral Obligation or
(ii) the failure of any Closing Date Participation Interest to be converted to a
full assignment within 60 days following the Closing Date (each such Collateral
Obligation, an “Ineligible Collateral
Obligation”), the party discovering such breach or failure shall give
prompt written notice to the other parties hereunder and the parties to the
Indenture.  Within 30 days of the earlier of its discovery or its
receipt of notice of any such breach or any failure of a Closing Date
Participation Interest to be converted to a full assignment, the Originator
shall (a) promptly cure such breach in all material respects, (b) purchase the
Collateral Obligation by depositing in the Collection Account, within such
30-day period, an amount equal to the Transfer Deposit Amount of such Collateral
Obligation or (c) remove such Collateral Obligation from the Issuer and
substitute therefor one or more Substitute Collateral Obligations satisfying the
criteria listed under Section 2.5 of this
Agreement and Section
12.3 of the Indenture by not later than 30 days after notice or discovery
of such breach. Such repurchase and substitution obligations constitute the sole
remedy available for a breach of Section 3.2 or the
failure to convert a Closing Date Participation Interest to a full assignment
within 60 days following the Closing Date.

       

      Section
7.3.          Reassignment of Substituted
or Repurchased Collateral Obligations.

       

      Upon (i)
receipt by the Trustee for deposit in the Collection Account of the Transfer
Deposit Amount, in the case of any repurchased Collateral Obligation or (ii) or
upon the Cut-Off Date related to a Substitute Collateral Obligation described in
Section 2.5,
the Issuer hereby assigns to the Depositor and the Depositor hereby assigns to
the Originator all of the Issuer’s (or Depositor’s, as applicable) right, title
and interest in the Collateral Obligation being repurchased or substituted
(together with the Assets related thereto) without recourse, representation or
warranty.  Such reassigned Collateral Obligation (together with the
Assets related thereto) shall no longer thereafter be deemed a part of the
Assets.

       

      Section
7.4.          Substitution
and Repurchase Limitations.

       

      At all
times, (i) the aggregate principal balance of all Collateral Obligations that
are Substitute Collateral Obligations (excluding substitutions occurring as a
result of a Substitution Event pursuant to clause (v) of the definition thereof)
plus (ii) the aggregate
Principal Balance related to all Collateral Obligations that have been
repurchased by the Originator hereunder pursuant to its right of optional
repurchase or substitution (other than a substitution occurring as a result of a
Substitution Event pursuant to clause (v) of the definition thereof) and not
subsequently applied to purchase a Substitute Collateral Obligation may not
exceed an amount equal to 15% of the Net Purchased Loan Balance; provided that clause (ii)
above shall not include (A) the principal balance related to any Collateral
Obligation that is repurchased by the Originator in connection with a proposed
Specified Amendment to such Collateral Obligation so long as (x) the Originator
certifies to the Collateral Manager and the Trustee that such purchase is, in
the commercially reasonable business judgment of the Originator, necessary or
advisable in connection with the restructuring of such Collateral Obligation and
such restructuring is expected to result in a Specified Amendment to such
Collateral Obligation, and (y) the Collateral Manager certifies to the Trustee
that the Collateral Manager either would not be permitted to or would not elect
to enter into such Specified Amendment pursuant to the Collateral Manager
Standard or any provision of the Indenture or the Collateral Management
Agreement or (B) the purchase price of any Collateral Obligations or, for the
avoidance of doubt, any Equity Securities sold by the Issuer to the Originator
as described in Section 12.1 of the Indenture.  The foregoing
provisions in this paragraph constitute the “Repurchase and Substitution
Limit”.

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

       

      ARTICLE
VIII

      MISCELLANEOUS

       

      Section
8.1.          Amendment.

       

      (a)           This
Agreement may be amended or waived from time to time by the parties hereto by
written agreement, with the prior written notice to and consent of the Trustee,
but without consent of the Noteholders, to (i) cure any ambiguity or to correct
or supplement any provisions herein, (ii) comply with any changes in the Code,
(iii) to enable the Issuer or Depositor to rely upon any exemption from
registration under the Securities Act or the 1940 Act, (iv) to enable the
Issuer, Depositor or Originator to comply with any applicable securities law or
U.S. securities laws (including the regulations implementing such laws), (v)
conform this Agreement to the Offering Circular and (vi) to evidence the
succession of another Person to the Issuer, Depositor or Originator, as
applicable and the assumption by any such successor Person of the covenants of
the Issuer, Depositor or Originator, as applicable herein.  Any other
amendment or waiver to this Agreement shall be subject to the consent of a
Majority of the Controlling Class; provided that no such
amendment or waiver shall reduce in any manner the amount of, or delay the
timing of, any amounts received on Collateral Obligations which are required to
be distributed on any Note without the consent of the related Noteholder, or
change the rights or obligations of any other party hereto without the consent
of such party.

       

      (b)           Prior
to the execution of any such amendment or waiver, the Originator shall furnish
to the Trustee and the Trustee shall furnish to each Rating Agency and each
Noteholder written notification of the substance of such proposed amendment or
waiver, together with a copy thereof.

       

      (c)           Promptly
after the execution of any such amendment or waiver, the Trustee shall furnish
written notification of the substance of such amendment or waiver to the Rating
Agencies and to each Noteholder.  It shall not be necessary for the
consent of any Noteholders pursuant to Section 8.1(a) to
approve the particular form of any proposed amendment or consent, but it shall
be sufficient if such consent shall approve the substance
thereof.  The manner of obtaining such consents and of evidencing the
authorization by Noteholders of the execution thereof shall be subject to such
reasonable requirements as the Trustee may prescribe.

       

      (d)           Prior
to the execution of any amendment to this Agreement, the Issuer and the Trustee
shall be entitled to receive and rely upon an Opinion of Counsel (which Opinion
of Counsel may rely upon an Officer’s certificate of the Issuer or of the
Collateral Manager with respect to the effect of any such amendment or waiver on
the economic interests of the Noteholders) stating that the execution of such
amendment is authorized or permitted by this Agreement.  The Trustee
may, but shall not be obligated to, consent to any such amendment that affects
such Trustee’s own rights, duties or immunities under this Agreement or
otherwise.

       

      (e)           The
Trustee, by its signature below, acknowledges and agrees to be bound by the
provisions of this Section
8.1.

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

       

      Section
8.2.          Governing
Law.

       

      (a)           This
Agreement shall be construed in accordance with, and this Agreement and all
matters arising out of or relating in any way whatsoever (whether in contract,
tort or otherwise) to this Agreement shall be governed by, the law of the State
of New York

       

      (b)          
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT.  Each party hereto (i) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (ii) acknowledges that it and the other parties hereto have
been induced to enter into this Agreement by, among other things, the mutual
waivers and certifications in this Section
8.2(b).

       

      Section
8.3.          Notices.

       

      All
notices, demands, certificates, requests, directions and communications
hereunder (notices) shall be in writing and shall be effective (a) upon receipt
when sent through the U.S.  mails, registered or certified mail,
return receipt requested, postage prepaid, with such receipt to be effective the
date of delivery indicated on the return receipt, (b) one Business Day after
delivery to an overnight courier, (c) on the date personally delivered to a
Responsible Officer of the party to which sent, or (d) on the date transmitted
by legible facsimile transmission or electronic mail transmission with a
confirmation of receipt, in all cases addressed to the recipient at such
recipient’s address for notices set forth in Schedule
2.

       

      Section
8.4.          Severability
of Provisions.

       

      If one or
more of the covenants, agreements, provisions or terms of this Agreement shall
be for any reason whatsoever prohibited or held invalid or unenforceable, then
such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of
this Agreement and any such prohibition, invalidity or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such covenant,
agreement, provision or term in any other jurisdiction.

       

      Section
8.5.          Third
Party Beneficiaries.

       

      The
parties hereto hereby manifest their intent that except as otherwise expressly
provided herein, no third party (other than the Trustee, on behalf of the
Secured Parties) shall be deemed a third party beneficiary of this Agreement,
and specifically that the Obligors are not third party beneficiaries of this
Agreement.

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

       

      Section
8.6.          Counterparts.

       

      This
Agreement may be executed by facsimile signature and in several counterparts,
each of which shall be an original and all of which shall together constitute
but one and the same instrument.

       

      Section
8.7.          Headings.

       

      The
headings of the various Sections herein are for convenience of reference only
and shall not define or limit any of the terms or provisions
hereof.

       

      Section
8.8.          No
Bankruptcy Petition; Disclaimer.

       

      (a)           Each
of the Originator and the Depositor covenants and agrees that, prior to the date
that is one year and one day after the satisfaction and discharge of the
Indenture or, if longer, the applicable preference period then in effect, it
will not institute against the Depositor (in the case of the Originator), or the
Issuer (in the case of the Originator or the Depositor), or join any other
Person in instituting against the Depositor or the Issuer, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other
similar proceedings under the laws of the United States or any state of the
United States.  This Section 8.8 will
survive the termination of this Agreement.

       

      (b)           The
provisions of this Section 8.8 shall be
for the third party benefit of those entitled to rely thereon, including the
Trustee for the benefit of the Secured Parties, and shall survive the
termination of this Agreement.

       

      Section
8.9.          Jurisdiction.

       

      Each
party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any
New York State or Federal court sitting in the Borough of Manhattan in The City
of New York in any action or proceeding arising out of or relating this
Agreement, and hereby irrevocably agrees that all claims in respect of such
action or proceeding may be heard and determined in such New York State or
Federal court.  Each party hereto hereby irrevocably waives, to the
fullest extent that it may legally do so, the defense of an inconvenient forum
to the maintenance of such action or proceeding.  Each party hereto
irrevocably consents to the service of any and all process in any action or
proceeding by the mailing or delivery of copies of such process to it the
address set forth in Schedule
2.  Each party hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by
law.

       

      Section
8.10.       Prohibited
Transactions with Respect to the Issuer.

       

      The
Originator shall not:

       

      (a)           Provide
credit to any Noteholder for the purpose of enabling such Noteholder to purchase
Notes; or

       

      (b)          Purchase
any Notes in an agency or trustee capacity.

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

       

      Section
8.11.       No
Partnership.

       

      Nothing
herein contained shall be deemed or construed to create a co-partnership or
joint venture between the parties hereto.

       

      Section
8.12.       Successors
and Assigns.

       

      This
Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and permitted assigns.

       

      Section
8.13.       Duration
of Agreement.

       

      This
Agreement shall continue in existence and effect until the satisfaction and
discharge of the Indenture.

       

      Section
8.14.       Limited
Recourse.

       

      The
obligations of the Issuer, the Depositor and the Originator under this Agreement
and the other Transaction Documents are solely the limited liability company or
corporate obligations, as applicable, of the Issuer, the Depositor and
Originator, respectively.  No recourse shall be had for the payment of
any amount owing by the Issuer, the Depositor or Originator under this
Agreement, any Transaction Document or for the payment by the Issuer, the
Depositor or Originator of any fee in respect hereof or any other obligation or
claim of or against the Issuer, the Depositor or Originator arising out of or
based upon this Agreement or any Transaction Document, against any employee,
officer, director, shareholder, partner, member or manager of the Issuer, the
Depositor or Originator or of any Affiliate of such Person (other than the
Originator, the Depositor or the Issuer, as applicable).  The
provisions of this Section 8.14 shall
survive the termination of this Agreement.

       

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have caused this Agreement .to be duly
executed by their respective officers as of the day and year first above
written.

       

      
        
          
            
              
                
                  
                    	 
      	
                            GOLUB
      CAPITAL BDC, INC.

                          
	 
      	 
      	 
      
	 
      	
                            By:

                          	/s/
      David B. Golub 
	 
      	 
      	
                            Name:
      David B. Golub

                          
	 
      	 
      	
                            Title:
      Chief Executive Officer

                          
	 	 
	 
      	
                            GOLUB
      CAPITAL BDC 2010-1 HOLDINGS LLC

                          
	 
      	 
      	 
      
	 
      	
                            By:  Golub
      Capital BDC, Inc., its designated manager

                          
	 
      	 
      	 
      
	 
      	
                            By:

                          	/s/
      David B. Golub 
	 
      	 
      	
                                  
                              Name:
      David B. Golub

                            

                          
	 
      	 
      	
                                  
                              Title:
      Chief Executive Officer

                            

                          
	 	 
	 
      	
                            GOLUB
      CAPITAL BDC 2010-1 LLC

                          
	 
      	 
      	 
      
	 
      	
                            By:  Golub
      Capital BDC, Inc., its designated manager

                          
	 
      	 
      	 
      
	 
      	
                            By:

                          	/s/
      David B. Golub 
	 
      	 
      	
                                  
                              Name:
      David B. Golub

                            

                          
	 
      	 
      	
                            Title:
      Manager

                          

                  

                

              

            

          

        

      

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      

      Acknowledged
and Agreed:

      

      U.S.
BANK NATIONAL ASSOCIATION

      Not in
its individual capacity, except as herein expressly provided, but solely as the
Trustee

       

      
        
          
            	
                    By:

                  	/s/
      Dawn M. Zanotti	 
      
	
                    Name:
      Dawn M. Zanotti

                  
	
                    Title:
      Vice President

                  

          

        

      

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

      SCHEDULE
1

      

      Schedule
of Initial Conveyed Collateral

      
        
           

        

        
          S-1-1

          
            

          

        

        
           

        

      

      SCHEDULE
2

      NOTICE
INFORMATION

      Originator:

       

      Golub
Capital BDC, Inc.

      150 South
Wacker Drive

      Suite
800

      Chicago,
Illinois 60606

      Attention:
David Golub

      Facsimile
No. (312) 201-9167

      Email:  dgolub@golubcapital.com

      

      Depositor:

       

      Golub
Capital BDC 2010-1 Holdings LLC

      150 South
Wacker Drive

      Suite
800

      Chicago,
Illinois 60606

      Attention:
David Golub

      Facsimile
No. (312) 201-9167

      Email:  dgolub@golubcapital.com

      

      Issuer:

       

      Golub
Capital BDC 2010-1 LLC.

      150 South
Wacker Drive

      Suite
800

      Chicago,
Illinois 60606

      Attention:
David Golub

      Facsimile
No. (312) 201-9167

      Email:  dgolub@golubcapital.com

      

      Collateral
Manager:

      

      GC
Advisors LLC

      150 South
Wacker Drive

      Suite
800

      Chicago,
Illinois 60606

      Attention:
David Golub

      Facsimile
No. (312) 201-9167

      Email:  dgolub@golubcapital.com

      

      Trustee:

      

      U.S. Bank
National Association

      One
Federal Street

      3rd
Floor

      Boston,
Massachusetts 02110

      Attention:
Jeffrey Stone

      Facsimile
No. (866) 977-1416

      Email:
jeffrey.stone@usbank.com

      
        
           

        

        
          S-2-1

          
            

          

        

        
           

        

      

      EXHIBIT
A

       

      FORM
OF SUBSEQUENT TRANSFER AGREEMENT

       

      ________
__, 20__

       

      This
Subsequent Transfer Agreement, dated as of ______ __, 20__ (this “Agreement”), is made by and
among GOLUB CAPITAL BDC, INC. (the “Originator”), GOLUB
CAPITAL BDC 2010-1 HOLDINGS LLC (the “Depositor”) and GOLUB
CAPITAL BDC 2010-1 LLC (the “Issuer”).  Capitalized
terms used but not defined herein have the respective meanings attributed to
such terms in that certain Master Loan Sale Agreement, dated as of July 16, 2010
(such agreement as amended, restated, supplemented or modified from time to
time, the “Master Loan
Sale Agreement”), among the Originator, the Depositor and the
Issuer.

       

      Subject
to and upon the terms and conditions set forth in the Master Loan Sale
Agreement, in exchange for good and valuable consideration, the adequacy of
which is duly acknowledged by the Originator and the Depositor, the Originator
hereby absolutely transfers to the Depositor as of the date hereof (the “Transfer Date”) all
of the Originator’s right, title and interest in, to and under the Subsequent
Conveyed Collateral identified in Schedule I
hereto.

       

      Subject
to and upon the terms and conditions set forth in the Master Loan Sale
Agreement, the Depositor hereby absolutely transfers, in exchange for good and
valuable consideration, the adequacy of which is duly acknowledged by the
Depositor and the Issuer, to the Issuer as of the Transfer Date all of the
Depositor’s right, title and interest in, to and under the Subsequent Conveyed
Collateral identified in Schedule I
hereto.

       

      By its
execution of this Agreement each of the parties hereto makes the representations
and warranties set forth in Article III of the Master Loan Sale Agreement, as
applicable, as of the Transfer Date and the provisions of Section 8.14 of the
Master Loan Sale Agreement are hereby incorporated herein by
reference.

       

      [Remainder
of page intentionally left blank.]

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

    
       

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

       

      
        
          
            
              
                
                  	 
      	
                          GOLUB
      CAPITAL BDC, INC.

                        
	 
      	 
      	 
      
	 
      	
                          By:

                        	 
      
	 
      	 
      	
                          Name:

                        
	 
      	 
      	
                          Title:

                        
	 
      	 
      	 
      
	 
      	
                          GOLUB
      CAPITAL BDC 2010-1 HOLDINGS LLC

                        
	 
      	 
      	 
      
	 
      	
                          By:  Golub
      Capital BDC, Inc., its designated manager

                        
	 
      	 
      	 
      
	 
      	
                          By:

                        	 
      
	 
      	 
      	
                          Name:

                        
	 
      	 
      	
                          Title:

                        
	 
      	 
      	 
      
	 
      	
                          GOLUB
      CAPITAL BDC 2010-1 LLC

                        
	 
      	 
      	 
      
	 
      	
                          By:  Golub
      Capital BDC, Inc., its designated manager

                        
	 
      	 
      	 
      
	 
      	
                          By:

                        	 
      
	 
      	 
      	
                          Name:

                        
	 
      	 
      	
                          Title:

                        

                

              

            

          

        

      

      
        
           

        

        
          A-2

          
            

          

        

        
           

        

      

      Schedule
I

      to Subsequent Transfer
Agreement

       

      Subsequent
Conveyed Collateral

      
        
           

        

        
          A-3Unassociated Document

    EXECUTION
COPY 

    
      
        
          	
                   
      

                

        

      

    

      

    INDENTURE

     

    by and
between

     

    GOLUB
CAPITAL BDC 2010-1 LLC

    Issuer

     

    and

     

    U.S.
BANK NATIONAL ASSOCIATION

    Trustee

     

    Dated as
of July 16, 2010 

    
      
        
          
            	
                     
      

                  

          

        

      

    

        

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    

    
      
        	 
      	 
      	
                Page

              
	 
      	 
      	 
      
	
                ARTICLE
      I

              	
                DEFINITIONS

              	
                2

              
	
                Section
      1.1

              	
                Definitions

              	
                2

              
	
                Section
      1.2

              	
                Usage
      of Terms

              	
                60

              
	
                Section
      1.3

              	
                Assumptions
      as to Assets

              	
                60

              
	 
      	 
      	 
      
	
                ARTICLE
      II

              	
                THE
      NOTES

              	
                63

              
	 
      	 
      	 
      
	
                Section
      2.1

              	
                Forms
      Generally

              	
                63

              
	
                Section
      2.2

              	
                Forms
      of Notes

              	
                63

              
	
                Section
      2.3

              	
                Authorized
      Amount; Stated Maturity; Denominations

              	
                65

              
	
                Section
      2.4

              	
                Execution,
      Authentication, Delivery and Dating

              	
                65

              
	
                Section
      2.5

              	
                Registration,
      Registration of Transfer and Exchange

              	
                66

              
	
                Section
      2.6

              	
                Mutilated,
      Defaced, Destroyed, Lost or Stolen Note

              	
                74

              
	
                Section
      2.7

              	
                Payment
      of Principal and Interest and Other Amounts; Principal and Interest Rights
      Preserved

              	
                75

              
	
                Section
      2.8

              	
                Persons
      Deemed Owners

              	
                78

              
	
                Section
      2.9

              	
                Cancellation

              	
                78

              
	
                Section
      2.10

              	
                DTC
      Ceases to be Depository

              	
                78

              
	
                Section
      2.11

              	
                Non-Permitted
      Holders

              	
                79

              
	
                Section
      2.12

              	
                Treatment
      and Tax Certification

              	
                81

              
	
                Section
      2.13

              	
                Additional
      Issuance

              	
                82

              
	 
      	 
      	 
      
	
                ARTICLE
      III

              	
                CONDITIONS
      PRECEDENT

              	
                83

              
	 
      	 
      	 
      
	
                Section
      3.1

              	
                Conditions
      to Issuance of Notes on Closing Date

              	
                83

              
	
                Section
      3.2

              	
                Conditions
      to Additional Issuance

              	
                86

              
	
                Section
      3.3

              	
                Custodianship;
      Delivery of Collateral Obligations and Eligible
Investments

              	
                88

              
	 
      	 
      	 
      
	
                ARTICLE
      IV

              	
                SATISFACTION
      AND DISCHARGE

              	
                88

              
	 
      	 
      	 
      
	
                Section
      4.1

              	
                Satisfaction
      and Discharge of Indenture

              	
                88

              
	
                Section
      4.2

              	
                Application
      of Trust Money

              	
                89

              
	
                Section
      4.3

              	
                Repayment
      of Monies Held by Paying Agent

              	
                90

              
	 
      	 
      	 
      
	
                ARTICLE
      V

              	
                REMEDIES

              	
                90

              
	 
      	 
      	 
      
	
                Section
      5.1

              	
                Events
      of Default

              	
                90

              
	
                Section
      5.2

              	
                Acceleration
      of Maturity; Rescission and Annulment

              	
                92

              
	
                Section
      5.3

              	
                Collection
      of Indebtedness and Suits for Enforcement by Trustee

              	
                92

              
	
                Section
      5.4

              	
                Remedies

              	
                94

              
	
                Section
      5.5

              	
                Optional
      Preservation of Assets

              	
                96

              
	
                Section
      5.6

              	
                Trustee
      May Enforce Claims Without Possession of Notes

              	
                97

              
	
                Section
      5.7

              	
                Application
      of Money Collected

              	
                97

              

      

    

     

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

    

    
      
        	 
      	 
      	
                Page

              
	 
      	 
      	 
      
	
                Section
      5.8

              	
                Limitation
      on Suits

              	
                97

              
	
                Section
      5.9

              	
                Unconditional
      Rights of Secured Noteholders to Receive Principal and
      Interest

              	
                98

              
	
                Section
      5.10

              	
                Restoration
      of Rights and Remedies

              	
                98

              
	
                Section
      5.11

              	
                Rights
      and Remedies Cumulative

              	
                98

              
	
                Section
      5.12

              	
                Delay
      or Omission Not Waiver

              	
                98

              
	
                Section
      5.13

              	
                Control
      by Majority of Controlling Class

              	
                99

              
	
                Section
      5.14

              	
                Waiver
      of Past Defaults

              	
                99

              
	
                Section
      5.15

              	
                Undertaking
      for Costs

              	
                100

              
	
                Section
      5.16

              	
                Waiver
      of Stay or Extension Laws

              	
                100

              
	
                Section
      5.17

              	
                Sale
      of Assets

              	
                100

              
	
                Section
      5.18

              	
                Action
      on the Notes

              	
                101

              
	 
      	 
      	 
      
	
                ARTICLE
      VI

              	
                THE
      TRUSTEE

              	
                101

              
	 
      	 
      	 
      
	
                Section
      6.1

              	
                Certain
      Duties and Responsibilities

              	
                101

              
	
                Section
      6.2

              	
                Notice
      of Default

              	
                103

              
	
                Section
      6.3

              	
                Certain
      Rights of Trustee

              	
                103

              
	
                Section
      6.4

              	
                Not
      Responsible for Recitals or Issuance of Notes

              	
                106

              
	
                Section
      6.5

              	
                May Hold
      Notes

              	
                106

              
	
                Section
      6.6

              	
                Money
      Held in Trust

              	
                107

              
	
                Section
      6.7

              	
                Compensation
      and Reimbursement

              	
                107

              
	
                Section
      6.8

              	
                Corporate
      Trustee Required; Eligibility

              	
                108

              
	
                Section
      6.9

              	
                Resignation
      and Removal; Appointment of Successor

              	
                108

              
	
                Section
      6.10

              	
                Acceptance
      of Appointment by Successor

              	
                110

              
	
                Section
      6.11

              	
                Merger,
      Conversion, Consolidation or Succession to Business of
    Trustee

              	
                110

              
	
                Section
      6.12

              	
                Co-Trustees

              	
                110

              
	
                Section
      6.13

              	
                Certain
      Duties of Trustee Related to Delayed Payment of Proceeds

              	
                111

              
	
                Section
      6.14

              	
                Authenticating
      Agents

              	
                112

              
	
                Section
      6.15

              	
                Withholding

              	
                112

              
	
                Section
      6.16

              	
                Fiduciary
      for Secured Noteholders Only; Agent for each other Secured Party and the
      Holders of the Subordinated Notes

              	
                113

              
	
                Section
      6.17

              	
                Representations
      and Warranties of the Bank

              	
                113

              
	 
      	 
      	 
      
	
                ARTICLE
      VII

              	
                COVENANTS

              	
                114

              
	 
      	 
      	 
      
	
                Section
      7.1

              	
                Payment
      of Principal and Interest

              	
                114

              
	
                Section
      7.2

              	
                Maintenance
      of Office or Agency

              	
                114

              
	
                Section
      7.3

              	
                Money
      for Note Payments to be Held in Trust

              	
                114

              
	
                Section
      7.4

              	
                Existence
      of Issuer

              	
                116

              
	
                Section
      7.5

              	
                Protection
      of Assets

              	
                116

              
	
                Section
      7.6

              	
                Opinions
      as to Assets

              	
                118

              

      

    

     

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

    

    
      
        	 
      	 
      	
                Page

              
	 
      	 
      	 
      
	
                Section
      7.7

              	
                Performance
      of Obligations

              	
                118

              
	
                Section
      7.8

              	
                Negative
      Covenants

              	
                118

              
	
                Section
      7.9

              	
                Statement
      as to Compliance

              	
                120

              
	
                Section
      7.10

              	
                Issuer
      May Consolidate, etc., Only on Certain Terms

              	
                120

              
	
                Section
      7.11

              	
                Successor
      Substituted

              	
                121

              
	
                Section
      7.12

              	
                No
      Other Business

              	
                121

              
	
                Section
      7.13

              	
                Maintenance
      of Listing

              	
                122

              
	
                Section
      7.14

              	
                Annual
      Rating Review

              	
                122

              
	
                Section
      7.15

              	
                Reporting

              	
                122

              
	
                Section
      7.16

              	
                Calculation
      Agent

              	
                122

              
	
                Section
      7.17

              	
                Certain
      Tax Matters

              	
                123

              
	
                Section
      7.18

              	
                Effective
      Date; Purchase of Additional Collateral Obligations

              	
                124

              
	
                Section
      7.19

              	
                Representations
      Relating to Security Interests in the Assets

              	
                127

              
	
                Section
      7.20

              	
                Representation
      Relating to Closing Date Participation Interests

              	
                129

              
	 
      	 
      	 
      
	
                ARTICLE
      VIII

              	
                SUPPLEMENTAL
      INDENTURES

              	
                130

              
	 
      	 
      	 
      
	
                Section
      8.1

              	
                Supplemental
      Indentures Without Consent of Holders of Notes

              	
                130

              
	
                Section
      8.2

              	
                Supplemental
      Indentures With Consent of Holders of Notes

              	
                131

              
	
                Section
      8.3

              	
                Execution
      of Supplemental Indentures

              	
                132

              
	
                Section
      8.4

              	
                Effect
      of Supplemental Indentures

              	
                134

              
	
                Section
      8.5

              	
                Reference
      in Notes to Supplemental Indentures

              	
                134

              
	 
      	 
      	 
      
	
                ARTICLE
      IX

              	
                REDEMPTION
      OF NOTES

              	
                134

              
	 
      	 
      	 
      
	
                Section
      9.1

              	
                Mandatory
      Redemption

              	
                134

              
	
                Section
      9.2

              	
                Optional
      Redemption

              	
                134

              
	
                Section
      9.3

              	
                Tax
      Redemption

              	
                136

              
	
                Section
      9.4

              	
                Redemption
      Procedures

              	
                137

              
	
                Section
      9.5

              	
                Notes
      Payable on Redemption Date

              	
                139

              
	
                Section
      9.6

              	
                Special
      Redemption

              	
                139

              
	 
      	 
      	 
      
	
                ARTICLE
      X

              	
                ACCOUNTS,
      ACCOUNTINGS AND RELEASES

              	
                140

              
	 
      	 
      	 
      
	
                Section
      10.1

              	
                Collection
      of Money

              	
                140

              
	
                Section
      10.2

              	
                Collection
      Account

              	
                141

              
	
                Section
      10.3

              	
                Transaction
      Accounts

              	
                142

              
	
                Section
      10.4

              	
                The
      Revolver Funding Account

              	
                144

              
	
                Section
      10.5

              	
                [Reserved]

              	
                144

              
	
                Section
      10.6

              	
                Reinvestment
      of Funds in Accounts; Reports by Trustee

              	
                145

              
	
                Section
      10.7

              	
                Accountings

              	
                146

              
	
                Section
      10.8

              	
                Release
      of Assets

              	
                153

              
	
                Section
      10.9

              	
                Reports
      by Independent Accountants

              	
                154

              
	
                Section
      10.10

              	
                Reports
      to Rating Agencies and Additional Recipients

              	
                155

              

      

    

     

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

    

    
      
        	 
      	 
      	
                Page

              
	 
      	 
      	 
      
	
                Section
      10.11

              	
                Procedures
      Relating to the Establishment of Accounts Controlled by the
      Trustee

              	
                156

              
	
                Section
      10.12

              	
                Section
      3(c)(7) Procedures

              	
                156

              
	 
      	 
      	 
      
	
                ARTICLE
      XI

              	
                APPLICATION
      OF MONIES

              	
                158

              
	 
      	 
      	 
      
	
                Section
      11.1

              	
                Disbursements
      of Monies from Payment Account

              	
                158

              
	 
      	 
      	 
      
	
                ARTICLE
      XII

              	
                SALE
      OF COLLATERAL OBLIGATIONS;  PURCHASE OF ADDITIONAL COLLATERAL
      OBLIGATIONS

              	
                163

              
	 
      	 
      	 
      
	
                Section
      12.1

              	
                Sales
      of Collateral Obligations

              	
                163

              
	
                Section
      12.2

              	
                Purchase
      of Additional Collateral Obligations

              	
                166

              
	
                Section
      12.3

              	
                Optional
      Repurchase or Substitution of Collateral Obligations

              	
                168

              
	
                Section
      12.4

              	
                Conditions
      Applicable to All Sale and Purchase Transactions

              	
                170

              
	 
      	 
      	 
      
	
                ARTICLE
      XIII

              	
                NOTEHOLDERS’
      RELATIONS

              	
                171

              
	 
      	 
      	 
      
	
                Section
      13.1

              	
                Subordination

              	
                171

              
	
                Section
      13.2

              	
                Standard
      of Conduct

              	
                171

              
	 
      	 
      	 
      
	
                ARTICLE
      XIV

              	
                MISCELLANEOUS

              	
                172

              
	 
      	 
      	 
      
	
                Section
      14.1

              	
                Form
      of Documents Delivered to Trustee

              	
                172

              
	
                Section
      14.2

              	
                Acts
      of Holders

              	
                173

              
	
                Section
      14.3

              	
                Notices,
      etc., to Trustee, the Issuer, the Collateral Manager, Wells Fargo
      Securities, the Collateral Administrator, the Paying Agent and each Rating
      Agency

              	
                173

              
	
                Section
      14.4

              	
                Notices
      to Holders; Waiver

              	
                175

              
	
                Section
      14.5

              	
                Effect
      of Headings and Table of Contents

              	
                176

              
	
                Section
      14.6

              	
                Successors
      and Assigns

              	
                176

              
	
                Section
      14.7

              	
                Severability

              	
                176

              
	
                Section
      14.8

              	
                Benefits
      of Indenture

              	
                176

              
	
                Section
      14.9

              	
                Legal
      Holidays

              	
                176

              
	
                Section
      14.10

              	
                Governing
      Law

              	
                176

              
	
                Section
      14.11

              	
                Submission
      to Jurisdiction

              	
                177

              
	
                Section
      14.12

              	
                WAIVER
      OF JURY TRIAL

              	
                177

              
	
                Section
      14.13

              	
                Counterparts

              	
                177

              
	
                Section
      14.14

              	
                Acts
      of Issuer

              	
                177

              
	
                Section
      14.15

              	
                Confidential
      Information

              	
                178

              
	 
      	 
      	 
      
	
                ARTICLE
      XV

              	
                ASSIGNMENT
      OF CERTAIN AGREEMENTS

              	
                179

              
	 
      	 
      	 
      
	
                Section
      15.1

              	
                Assignment
      of Collateral Management Agreement

              	
                179

              

      

    

     

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

    
 

    Schedules and
Exhibits

     

    
      
        	
                Schedule 1

              	
                List
      of Collateral Obligations

              
	
                Schedule 2

              	
                Moody’s
      Industry Classification Group List

              
	
                Schedule 3

              	
                S&P
      Industry Classifications

              
	
                Schedule 4

              	
                Diversity
      Score Classification

              
	
                Schedule 5

              	
                Moody’s
      Rating Definitions

              
	
                Schedule 6

              	
                S&P
      Recovery Rate Tables

              
	
                Schedule
      7

              	
                Moody’s
      RiskCalc Calculation

              
	 
      	 
      
	
                Exhibit A

              	
                Forms
      of Notes

              
	
                A-1

              	
                Form
      of Global Class A Note

              
	
                A-2

              	
                Form
      of Global Class B Note

              
	
                A-3

              	
                Form
      of Certificated Subordinated Note

              
	
                A-4

              	
                Form
      of Certificated Class A Note

              
	
                A-5

              	
                Form
      of Certificated Class B Note

              
	 	 
	
                Exhibit B

              	
                Forms
      of Transfer and Exchange Certificates

              
	
                B-1

              	
                Form
      of Transferor Certificate for Transfer of Rule 144A Global Secured Note or
      Certificated Note to Regulation S Global Secured Note

              
	
                B-2

              	
                Form
      of Purchaser Representation Letter for Certificated Secured
      Notes

              
	
                B-3

              	
                Form
      of Transferor Certificate for Transfer of Regulation S Global Secured Note
      to Rule 144A Global Secured Note

              
	
                B-4

              	
                Form
      of Purchaser Representation Letter for Certificated Subordinated
      Notes

              
	
                B-5

              	
                Form
      of Subordinated Note ERISA Certificate

              
	
                B-6

              	
                Form
      of Transferee Certificate of Rule 144A Global Secured
  Note

              
	
                B-7

              	
                Form
      of Transferee Certificate of Regulation S Global Secured
    Note

              
	
                Exhibit
      C

              	
                Calculation
      of LIBOR

              
	
                Exhibit
      D

              	
                Form
      of Beneficial Owner Certificate

              
	
                Exhibit
      E

              	
                Form
      of Direction of Issuer

              
	
                Exhibit
      F

              	
                [Reserved]

              
	
                Exhibit
      G

              	
                Form
      of Weighted Average S&P Recovery Rate Notice

              
	
                Exhibit
      H

              	
                Form
      of Portfolio Acquisition and Disposition Certificate

              
	
                Exhibit
      I

              	
                Form
      of Notice of Substitution or
Repurchase

              

      

    

     

    
      
         

      

      
        v

        
          

        

      

      
         

      

    

    INDENTURE, dated as of July
16, 2010, by and between GOLUB CAPITAL BDC 2010-1 LLC, a Delaware limited
liability company (the “Issuer”) and U.S.
Bank National Association, as trustee (herein, together with its permitted
successors and assigns in the trusts hereunder, the “Trustee”).

     

    PRELIMINARY
STATEMENT

     

    The
Issuer is duly authorized to execute and deliver this Indenture to provide for
the Notes issuable as provided herein. Except as otherwise provided herein, all
covenants and agreements made by the Issuer herein are for the benefit and
security of the Secured Parties.  The Issuer is entering into this
Indenture, and the Trustee is accepting the trusts created hereby, for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.

     

    All
things necessary to make this Indenture a valid agreement of the Issuer in
accordance with the agreement’s terms have been done.

     

    GRANTING
CLAUSES

     

    The
Issuer hereby Grants to the Trustee, for the benefit and security of the Holders
of the Secured Notes, the Trustee, the Collateral Manager and the Collateral
Administrator (collectively, the “Secured Parties”),
all of its right, title and interest in, to and under, in each case, whether now
owned or existing, or hereafter acquired or arising, (a) the Collateral
Obligations (listed, as of the Closing Date, in Schedule 1 to
this Indenture) which the Issuer causes to be delivered to the Trustee
(directly or through an intermediary or bailee) herewith and all payments
thereon or with respect thereto, and all Collateral Obligations which are
delivered to the Trustee in the future pursuant to the terms hereof and all
payments thereon or with respect thereto, (b) each of the Accounts and the
GCMF Accounts, and any Eligible Investments purchased with funds on deposit in
any of the Accounts or the GCMF Accounts, and all income from the investment of
funds therein, (c) the Collateral Management Agreement as set forth in
Article XV
hereof, the Collateral Administration Agreement and the Master Loan Sale
Agreement, (d) all Cash or Money delivered to the Trustee (or its
bailee) from any source for the benefit of the Secured Parties or the
Issuer, (e) any Equity Securities received by the Issuer, (f) all accounts,
chattel paper, deposit accounts, financial assets, general intangibles,
instruments, investment property, letter-of-credit rights and other supporting
obligations relating to the foregoing (in each case as defined in the UCC),
(g) any other property otherwise delivered to the Trustee by or on behalf
of the Issuer (whether or not constituting Collateral Obligations or Eligible
Investments) and (h) all proceeds with respect to the foregoing (the
assets referred to in (a) through (h) are collectively referred to as the “Assets”).

     

    The above
Grant is made in trust to secure the Secured Notes and certain other amounts
payable by the Issuer as described herein.  Except as set forth in the
Priority of Payments and Article XIII of this
Indenture, the Secured Notes are secured by the Grant equally and ratably
without prejudice, priority or distinction between any Secured Note and any
other Secured Note by reason of difference in time of issuance or
otherwise.  The Grant is made to secure, in accordance with the
priorities set forth in the Priority of Payments and Article XIII of this
Indenture, (i) the payment of all amounts due on the Secured Notes in
accordance with their terms, (ii) the payment of all other sums (other than
in respect of the Subordinated Notes) payable under this Indenture,
(iii) the payment of amounts owing by the Issuer under the Collateral
Management Agreement, the Collateral Administration Agreement and the Master
Loan Sale Agreement and (iv) compliance with the provisions of this
Indenture, all as provided herein.  The foregoing Grant shall, for the
purpose of determining the property subject to the lien of this Indenture, be
deemed to include any securities and any investments granted to the Trustee by
or on behalf of the Issuer, whether or not such securities or investments
satisfy the criteria set forth in the definitions of “Collateral
Obligation” or “Eligible
Investments”, as the case may be.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
    

    The
Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with
the provisions hereof, and agrees to perform the duties herein in accordance
with the terms hereof.

     

    ARTICLE
I

     

    DEFINITIONS

     

    Section
1.1      Definitions.  Except
as otherwise specified herein or as the context may otherwise require, the
following terms have the respective meanings set forth below for all purposes of
this Indenture, and the definitions of such terms are equally applicable both to
the singular and plural forms of such terms and to the masculine, feminine and
neuter genders of such terms.  The word “including” shall mean
“including without limitation”.  All references herein to designated
“Articles”, “Sections”, “sub-Sections” and other subdivisions are to the
designated articles, sections, sub-sections and other subdivisions of this
Indenture.  The words “herein”, “hereof”, “hereunder” and other words
of similar import refer to this Indenture as a whole and not to any particular
article, section, sub-Section or other subdivision.

     

    “1940
Act”:  The Investment Company Act of 1940, as amended from time
to time.

     

    “25%
Limitation”:  A limitation that is exceeded only if Benefit
Plan Investors hold 25% or more of the value of any class of equity interests in
the Issuer, as calculated under 29 C.F.R. Section 2510.3-101, as modified by
Section 3(42) of ERISA.

     

    “Accountants’
Certificate”:  A certificate of the firm or firms appointed by
the Issuer pursuant to Section 10.9(a).

     

    “Accounts”:  (i) the
Payment Account, (ii) the Collection Account, (iii) the Ramp-Up
Account, (iv) the Revolver Funding Account, (v) the Expense Reserve
Account and (vi) the Custodial Account.

     

     “Act” and “Act of
Holders”:  The meanings specified in Section 14.2.

     

    “Adjusted Collateral
Principal Amount”:  As of any date of determination,
(a) the Aggregate Principal Balance of the Collateral Obligations (other
than Defaulted Obligations and Discount Obligations), plus (b) without
duplication, the amounts on deposit in the Collection Account and the Ramp-Up
Account (including Eligible Investments therein) representing Principal
Proceeds, plus
(c) the aggregate, for each Defaulted Obligation, of the Defaulted
Obligation Balance thereof, plus (d) the aggregate,
for each Discount Obligation, of the purchase price, excluding accrued interest,
expressed as a percentage of par and multiplied by the outstanding principal
balance thereof, for such Discount Obligation, minus (e) the Excess
CCC/Caa Adjustment Amount; provided that, with respect
to any Collateral Obligation that satisfies more than one of the definitions of
Defaulted Obligation, Discount Obligation, or any asset that falls into the
Excess CCC/Caa Adjustment Amount, such Collateral Obligation shall, for the
purposes of this definition, be treated as belonging to the category of
Collateral Obligations which results in the lowest Adjusted Collateral Principal
Amount on any date of determination.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “Adjusted Weighted Average
Moody’s Rating Factor”:  As of any date of determination, a
number equal to the Weighted Average Moody’s Rating Factor determined in the
following manner: for purposes of determining a Moody’s Default Probability
Rating, Moody’s Rating or Moody’s Derived Rating in connection with determining
the Weighted Average Moody’s Rating Factor for purposes of this definition, the
paragraph immediately preceding the last paragraph of the definition of “Moody’s
Rating” and the last paragraph of each of “Moody’s Default Probability Rating”
and “Moody’s Derived Rating” shall be disregarded, and instead each applicable
rating on credit watch by Moody’s that is on (a) positive watch will be
treated as having been upgraded by one rating subcategory, (b) negative
watch will be treated as having been downgraded by two rating subcategories and
(c) negative outlook will be treated as having been downgraded by one
rating subcategory.

     

     “Administrative Expense
Cap”:  An amount equal on any Payment Date (when taken together
with any Administrative Expenses paid during the period since the preceding
Payment Date or in the case of the first Payment Date, the period since the
Closing Date), to the sum of (a) 0.04% per annum (prorated for the related
Interest Accrual Period on the basis of a 360-day year consisting of twelve
30-day months) of the Fee Basis Amount on the related Determination Date
and (b) U.S.$150,000 per annum (prorated for the related Interest Accrual
Period on the basis of a 360-day year consisting of twelve 30-day months); provided that (1) in
respect of any Payment Date after the third Payment Date following the Closing
Date, if the aggregate amount of Administrative Expenses paid pursuant to Sections
11.1(a)(i)(A), 11.1(a)(ii)(A) and
11.1(a)(iii)(A)
(including any excess applied in accordance with this proviso) on the three
immediately preceding Payment Dates and during the related Collection Periods is
less than the stated Administrative Expense Cap (without regard to any excess
applied in accordance with this proviso) in the aggregate for such three
preceding Payment Dates, then the excess may be applied to the Administrative
Expense Cap with respect to the then-current Payment Date; and (2) in
respect of the third Payment Date following the Closing Date, such excess amount
shall be calculated based on the Payment Dates preceding such Payment
Date.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Administrative
Expenses”:  The fees, expenses (including indemnities) and
other amounts due or accrued with respect to any Payment Date (including, with
respect to any Payment Date, any such amounts that were due and not paid on any
prior Payment Date in accordance with the Priority of Payments) and payable in
the following order by the Issuer:  first, to the Trustee
pursuant to Section 6.7 and
the other provisions of this Indenture, second, to the Collateral
Administrator pursuant to the Collateral Administration Agreement, third, on a pro rata basis, the following
amounts (excluding indemnities) to the following parties: (i) the
Independent accountants, agents (other than the Collateral Manager) and
counsel of the Issuer for fees and expenses; (ii) the Rating Agencies for
fees and expenses (including any annual fee, amendment fees and surveillance
fees) in connection with any rating of the Secured Notes or in connection
with the rating of (or provision of credit estimates in respect of) any
Collateral Obligations; (iii) the Collateral Manager under this Indenture
and the Collateral Management Agreement, including without limitation reasonable
expenses of the Collateral Manager (including fees for its accountants, agents
and counsel) incurred in connection with the purchase or sale of any
Collateral Obligations, any other expenses incurred in connection with the
Collateral Obligations and any other amounts payable pursuant to the Collateral
Management Agreement but excluding the Aggregate Collateral Management Fee; (iv)
the Independent Managers for any fees or expenses due under the management
agreement between the Issuer and Independent Managers; and (v) any other Person
in respect of any other fees or expenses permitted under this Indenture and the
documents delivered pursuant to or in connection with this Indenture (including
without limitation the payment of all legal and other fees and expenses incurred
in connection with the purchase or sale of any Collateral Obligations and any
other expenses incurred in connection with the Collateral Obligations) and
the Notes, including but not limited to, any amounts due in respect of the
listing of the Secured Notes on any stock exchange or trading system and fourth, on a pro rata basis, indemnities
payable to any Person pursuant to any Transaction Document; provided that
(x) amounts due in respect of actions taken on or before the Closing Date
shall not be payable as Administrative Expenses but shall be payable only from
the Expense Reserve Account pursuant to Section 10.3(d) and
(y) for the avoidance of doubt, amounts that are expressly payable to any
Person under the Priority of Payments in respect of an amount that is stated to
be payable as an amount other than as Administrative Expenses (including,
without limitation, interest and principal in respect of the Notes) shall not
constitute Administrative Expenses.

     

    “Affected
Class”:  Any Class of Secured Notes that, as a result of the
occurrence of a Tax Event described in the definition of “Tax Redemption”, has
not received 100% of the aggregate amount of principal and interest that would
otherwise be due and payable to such Class on any Payment Date.

     

    “Affiliate”:  With
respect to a Person, (i) any other Person who, directly or indirectly, is
in control of, or controlled by, or is under common control with, such Person or
(ii) any other Person who is a director, Officer, employee or general
partner (a) of such Person, (b) of any subsidiary or parent company of
such Person or (c) of any Person described in clause
(i) above.  For the purposes of this definition, “control” of a
Person shall mean the power, direct or indirect, (x) to vote more than 50%
of the securities having ordinary voting power for the election of directors of
such Persons or (y) to direct or cause the direction of the management and
policies of such Person whether by contract or otherwise.

     

    “Agent
Members”:  Members of, or participants in, DTC, Euroclear or
Clearstream.

     

    “Aggregate Collateral
Management Fee”: All accrued and unpaid Collateral Management Fees,
Current Deferred Management Fees, Cumulative Deferred Management Fees and
Collateral Management Fee Shortfall Amounts (including accrued interest) due and
payable to the Collateral Manager.

     

    “Aggregate
Coupon”: As
of any Measurement Date, the sum of the products obtained by multiplying, in the case of
each Fixed Rate Obligation (including, for any Permitted Deferrable Obligation,
only the required current cash interest required by the Underlying Documents
thereon), (i) the stated coupon on such Collateral Obligation expressed as
a percentage and (ii) the outstanding principal balance of such Collateral
Obligation.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
    

    “Aggregate Excess Funded
Spread”:  As of any Measurement Date, the amount obtained by
multiplying: (a) the
amount equal to LIBOR applicable to the Secured Notes during the Interest
Accrual Period in which such Measurement Date occurs; by (b) the amount (not less
than zero) equal to (i) the aggregate outstanding principal balance of the
Collateral Obligations (including, for any Permitted Deferrable Obligation, only
the required current cash pay interest required by the Underlying Documents
thereon) and the amount on deposit in any Account (including Eligible
Investments therein) representing Principal Proceeds as of such Measurement Date
minus (ii) the Target
Initial Par Amount.

     

    “Aggregate Funded
Spread”: As of any Measurement Date, the sum of: (a) in the case of
each Floating Rate Obligation (including, for any Permitted Deferrable
Obligation, only the required current cash pay interest required by the
Underlying Documents thereon and excluding the unfunded portion of any Delayed
Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears
interest at a spread over a London interbank offered rate based index,
(i) the stated interest rate spread on such Collateral Obligation above
such index multiplied
by (ii) the outstanding principal balance of such Collateral
Obligation and (b) in the case of each Floating Rate Obligation (including,
for any Permitted Deferrable Obligation, only the required current cash pay
interest required by the Underlying Documents thereon and excluding the unfunded
portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral
Obligation) that bears interest at a spread over an index other than a London
interbank offered rate based index, (i) the excess of the sum of such
spread and such index over LIBOR as of the immediately preceding Interest
Determination Date (which spread or excess may be expressed as a negative
percentage) multiplied
by (ii) the outstanding principal balance of each such Collateral
Obligation.

     

    “Aggregate Outstanding
Amount”:  With respect to any of the Notes as of any date, the
aggregate unpaid principal amount of such Notes Outstanding on such
date.

     

    “Aggregate Principal
Balance”:  When used with respect to all or a portion of the
Collateral Obligations or the Assets, the sum of the Principal Balances of all
or of such portion of the Collateral Obligations or Assets,
respectively.

     

    “Aggregate Unfunded
Spread”: As of any Measurement Date, the sum of the products obtained by
multiplying (i) for each Delayed Drawdown Collateral Obligation and
Revolving Collateral Obligation (other than Defaulted Obligations), the related
commitment fee then in effect as of such date and (ii) the undrawn
commitments of each such Delayed Drawdown Collateral Obligation and Revolving
Collateral Obligation as of such date.

     

    “Applicable Advance
Rate”:  For each Collateral Obligation and for the applicable
number of Business Days between the certification date for a sale or
participation required by Section 9.4 and
the expected date of such sale or participation, the percentage specified
below:

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      
        
          
            	 
      	 	
                    Same Day

                  	 	 	
                    1-2 Days

                  	 	 	
                    3-5 Days

                  	 	 	
                    6-15

                    Days

                  	 
	
                    Senior
      Secured Loans with a Market Value of:

                  	 	 	 	 	 	 	 	 	 	 	 	 
	
                    90%
      or more

                  	 	 	100	%	 	 	93	%	 	 	92	%	 	 	88	%
	
                    below
      90%

                  	 	 	100	%	 	 	80	%	 	 	73	%	 	 	60	%
	
                    Other
      Collateral Obligations with a Moody’s Rating of at least “B3” and a Market
      Value of 90% or more

                  	 	 	100	%	 	 	89	%	 	 	85	%	 	 	75	%
	
                    All
      other Collateral Obligations

                  	 	 	100	%	 	 	75	%	 	 	65	%	 	 	45	%

          

        

      

    

    

    “Applicable Qualified
Valuation”: The meaning assigned in Section
12.1(g).

     

     “Asset Quality
Matrix”:  The following chart used to determine which of the
“row/column combinations” are applicable for purposes of determining compliance
with the Moody’s Diversity Test, the Maximum Moody’s Rating Factor Test and the
Minimum Floating Spread Test, as set forth in Section 7.18(g).

     

    
      
        
          	
                  Minimum

                  Weighted Average

                  Spread

                	
                  Minimum
      Diversity Score

                
	 
      	
                  25

                	
                  28

                	
                  31

                	
                  34

                	
                  37

                	
                  40

                
	
                  4.00%

                	
                  2955

                	
                  3070

                	
                  3155

                	
                  3240

                	
                  3330

                	
                  3380

                
	
                  4.10%

                	
                  2985

                	
                  3095

                	
                  3180

                	
                  3265

                	
                  3355

                	
                  3405

                
	
                  4.20%

                	
                  3020

                	
                  3120

                	
                  3205

                	
                  3295

                	
                  3380

                	
                  3430

                
	
                  4.30%

                	
                  3045

                	
                  3155

                	
                  3230

                	
                  3325

                	
                  3405

                	
                  3465

                
	
                  4.40%

                	
                  3060

                	
                  3170

                	
                  3270

                	
                  3355

                	
                  3430

                	
                  3485

                
	
                  4.50%

                	
                  3080

                	
                  3190

                	
                  3300

                	
                  3380

                	
                  3455

                	
                  3510

                
	
                  4.60%

                	
                  3105

                	
                  3230

                	
                  3325

                	
                  3400

                	
                  3485

                	
                  3540

                
	
                  4.70%

                	
                  3130

                	
                  3245

                	
                  3350

                	
                  3425

                	
                  3510

                	
                  3570

                
	
                  4.80%

                	
                  3155

                	
                  3280

                	
                  3370

                	
                  3455

                	
                  3535

                	
                  3595

                
	
                  4.90%

                	
                  3180

                	
                  3305

                	
                  3390

                	
                  3480

                	
                  3560

                	
                  3635

                
	
                  5.00%

                	
                  3205

                	
                  3330

                	
                  3415

                	
                  3505

                	
                  3585

                	
                  3665

                
	
                  5.10%

                	
                  3235

                	
                  3350

                	
                  3440

                	
                  3530

                	
                  3610

                	
                  3690

                
	
                  5.20%

                	
                  3265

                	
                  3375

                	
                  3470

                	
                  3560

                	
                  3640

                	
                  3710

                
	
                  5.30%

                	
                  3295

                	
                  3395

                	
                  3505

                	
                  3590

                	
                  3670

                	
                  3730

                
	
                  5.40%

                	
                  3325

                	
                  3415

                	
                  3535

                	
                  3610

                	
                  3700

                	
                  3760

                
	
                  5.50%

                	
                  3355

                	
                  3430

                	
                  3560

                	
                  3640

                	
                  3730

                	
                  3790

                
	
                  5.60%

                	
                  3380

                	
                  3450

                	
                  3580

                	
                  3670

                	
                  3750

                	
                  3820

                
	
                  5.70%

                	
                  3400

                	
                  3475

                	
                  3600

                	
                  3700

                	
                  3770

                	
                  3850

                
	
                  5.80%

                	
                  3420

                	
                  3495

                	
                  3620

                	
                  3720

                	
                  3790

                	
                  3870

                
	
                  5.90%

                	
                  3440

                	
                  3515

                	
                  3640

                	
                  3740

                	
                  3810

                	
                  3890

                

        

      

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  Minimum

                  Weighted Average

                  Spread

                	
                  Minimum
      Diversity Score

                
	 
      	
                  25

                	
                  28

                	
                  31

                	
                  34

                	
                  37

                	
                  40

                
	
                  6.00%

                	
                  3460

                	
                  3535

                	
                  3660

                	
                  3760

                	
                  3830

                	
                  3910

                
	
                  6.10%

                	
                  3480

                	
                  3555

                	
                  3680

                	
                  3780

                	
                  3850

                	
                  3930

                
	
                  6.20%

                	
                  3500

                	
                  3575

                	
                  3700

                	
                  3800

                	
                  3870

                	
                  3950

                
	
                  6.30%

                	
                  3520

                	
                  3595

                	
                  3720

                	
                  3820

                	
                  3890

                	
                  3970

                
	 
      	
                  Weighted
      Average Moody’s Rating
Factor

                

        

      

    

    

    “Asset-backed Commercial
Paper”:  Commercial paper or other short-term obligations of a
program that primarily issues externally rated commercial paper backed by assets
or exposures held in a bankruptcy-remote, special purpose entity.

     

    “Assets”:  The
meaning assigned in the Granting Clause hereof.

     

    “Assumed Reinvestment
Rate”:  LIBOR (as determined on the most recent Interest
Determination Date relating to an Interest Accrual Period beginning on a Payment
Date or the Closing Date) minus 0.25% per annum; provided that the Assumed
Reinvestment Rate shall not be less than 0.00%.

     

    “Authenticating
Agent”:  With respect to the Notes or a Class of the Notes, the
Person designated by the Trustee to authenticate such Notes on behalf of the
Trustee pursuant to Section 6.14 hereof.

     

     “Available
Funds”:  With respect to any Payment Date, the amount of any
positive balance (of Cash and Eligible Investments) in the Collection
Account as of the Determination Date relating to such Payment Date and, with
respect to any other date, such amount as of that date.

     

    “Balance”:  On
any date, with respect to Cash or Eligible Investments in any account, the
aggregate of the (i) current balance of Cash, demand deposits, time
deposits, certificates of deposit and federal funds; (ii) principal amount
of interest-bearing corporate and government securities, money market accounts
and repurchase obligations; and (iii) purchase price (but not greater than
the face amount) of non-interest-bearing government and corporate
securities and commercial paper.

     

    “Bank”:  U.S.
Bank National Association, in its individual capacity and not as Trustee, or any
successor thereto.

     

    “Bankruptcy
Code”:  The federal Bankruptcy Code, Title 11 of the United
States Code, as amended from time to time.

     

    “Beneficial Owner”:
With respect to any Note (including any Global Secured Note), the owner of a
beneficial interest in such Note who has delivered written notice or
certification thereof to the Trustee, the Issuer and the Collateral Manager in
accordance with this Indenture.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    “Benefit Plan
Investor”:  An employee benefit plan (as defined in
Section 3(3) of ERISA) that is subject to the fiduciary
responsibility provisions of Title I of ERISA, a plan to which Section 4975
of the Code applies or an entity whose underlying assets include “plan assets”
by reason of such an employee benefit plan’s or a plan’s investment in such
entity.

     

    “Bond”:  A
debt security (other than a loan) issued by a corporation, limited
liability company, partnership or trust.

     

    “Bridge Loan”: Any
loan or other obligation that (x) is incurred in connection with a merger,
acquisition, consolidation, or sale of all or substantially all of the assets of
a Person or similar transaction and (y) by its terms, is required to be
repaid within one year of the incurrence thereof with proceeds from additional
borrowings or other refinancings (it being understood that any such loan or debt
security that has a nominal maturity date of one year or less from the
incurrence thereof but has a term-out or other provision whereby (automatically
or at the sole option of the obligor thereof) the maturity of the
indebtedness thereunder may be extended to a later date is not a Bridge
Loan).

     

    “Business
Day”:  Any day other than (i) a Saturday or a Sunday or
(ii) a day on which commercial banks are authorized or required by
applicable law, regulation or executive order to close in New York, New York or
in the city in which the Corporate Trust Office of the Trustee is located or,
for any final payment of principal, in the relevant place of
presentation.

     

    “Caa Collateral
Obligation”:  A Collateral Obligation (other than a Defaulted
Obligation) with a Moody’s Default Probability Rating of “Caa1” or
lower.

     

    “Calculation
Agent”:  The meaning specified in Section 7.16.

     

    “Cash”:  Such
funds denominated in currency of the United States of America as at the time
shall be legal tender for payment of all public and private debts, including
funds standing to the credit of an Account.

     

    “CCC Collateral
Obligation”:  A Collateral Obligation (other than a Defaulted
Obligation) with an S&P Rating of “CCC+” or lower.

     

    “CCC/Caa Collateral
Obligations”:  The CCC Collateral Obligations and/or the Caa
Collateral Obligations, as the context requires.

     

    “CCC/Caa
Excess”:  The amount equal to the greater of (i) the
excess of the Principal Balance of all CCC Collateral Obligations over an amount
equal to 20.0% of the Collateral Principal Amount as of such date of
determination and (ii) the excess of the Principal Balance of all Caa
Collateral Obligations over an amount equal to 20.0% of the Collateral Principal
Amount as of such date of determination; provided that, in determining
which of the CCC/Caa Collateral Obligations shall be included in the CCC/Caa
Excess, the CCC/Caa Collateral Obligations with the lowest Market Value
(assuming that such Market Value is expressed as a percentage of the outstanding
principal balance of such Collateral Obligations as of such date of
determination) shall be deemed to constitute such CCC/Caa
Excess.

     

    “Certificate of
Authentication”:  The meaning specified in Section 2.1.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    “Certificated
Notes”:  The meaning specified in Section 2.2(b)(iv).

     

    “Certificated Secured
Note”:  The meaning specified in Section 2.2(b)(iii).

     

    “Certificated
Security”:  The meaning specified in
Section 8-102(a)(4) of the UCC.

     

    “Certificated Subordinated
Note”:  The meaning specified in Section 2.2(b)(iv).

     

    “Class”:  In
the case of (i) the Secured Notes, all of the Secured Notes having the same
Interest Rate, Stated Maturity and designation and (ii) the Subordinated
Notes, all of the Subordinated Notes.

     

     “Class A
Notes”:  The Class A Senior Secured Floating Rate Notes
issued pursuant to this Indenture and having the characteristics specified in
Section
2.3.

     

     “Class B
Notes”:  The Class B Senior Secured Floating Rate Notes
issued pursuant to this Indenture and having the characteristics specified in
Section
2.3.

     

    “Class Break-even Default
Rate”:  With respect to any Class or Classes of Secured Notes,
the maximum percentage of defaults, at any time, that the Current Portfolio or
the Proposed Portfolio, as applicable, can sustain, determined through
application of the applicable S&P CDO Monitor chosen by the Collateral
Manager in accordance with the definition of “S&P CDO Monitor” that is
applicable to the portfolio of Collateral Obligations, which, after giving
effect to S&P’s assumptions on recoveries, defaults and timing and to the
Priority of Payments, will result in sufficient funds remaining for the payment
of such Class or Classes of Notes in full.  After the Effective Date,
S&P will provide the Collateral Manager with the Class Break-even Default
Rates for each S&P CDO Monitor based upon the Weighted Average Floating
Spread and the Weighted Average S&P Recovery Rate to be associated with such
S&P CDO Monitor as selected by the Collateral Manager from Section 2 of
Schedule 6
or any other Weighted Average Floating Spread and Weighted Average S&P
Recovery Rate selected by the Collateral Manager from time to time.

     

    “Class Default
Differential”:  With respect to any Class of Secured
Notes, at any time, the rate calculated by subtracting the Class Scenario
Default Rate at such time for such Class of Notes from the Class Break-even
Default Rate for such Class of Notes at such time.

     

    “Class Scenario Default
Rate”:  With respect to any Class of Secured Notes, at any
time, an estimate of the cumulative default rate for the Current Portfolio or
the Proposed Portfolio, as applicable, consistent with S&P’s Initial Rating
of such Class of Notes, determined by the Collateral Manager and the Collateral
Administrator (which determination shall be made solely by application of the
S&P CDO Monitor at such time).

     

    “Clearing
Agency”:  An organization registered as a “clearing agency”
pursuant to Section 17A of the Exchange Act.

     

    “Clearing
Corporation”:  (i) Clearstream, (ii) DTC,
(iii) Euroclear and (iv) any entity included within the meaning of
“clearing corporation” under Section 8-102(a)(5) of the
UCC.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    “Clearing Corporation
Security”:  Securities which are in the custody of or
maintained on the books of a Clearing Corporation or a nominee subject to the
control of a Clearing Corporation and, if they are Certificated Securities in
registered form, properly endorsed to or registered in the name of the Clearing
Corporation or such nominee.

     

    “Clearstream”:  Clearstream
Banking, société anonyme, a corporation
organized under the laws of the Duchy of Luxembourg (formerly known as
Cedelbank, société
anonyme).

     

    “Closing
Date”:  July 16, 2010.

     

    “Closing Date Participation
Interest”: An undivided 100% participation interest granted by GCMF to
the Originator in and to any Collateral Obligation which is assigned by the
Originator to the Depositor and further assigned by the Depositor to the Issuer,
pursuant to which the Issuer holds a Participation Interest as of the Closing
Date; provided that,
for  the avoidance of doubt, upon the conversion of such Closing Date
Participation Interest into a full assignment, such Collateral Obligation shall
no longer be treated as a Closing Date Participation Interest for any purpose
under the Transaction Documents.

     

    “Code”:  The
United States Internal Revenue Code of 1986, as amended, and the Treasury
regulations promulgated thereunder.

     

    “Collateral Administration
Agreement”:  An agreement dated as of the Closing Date relating
to the administration of the Assets among the Issuer, the Collateral Manager and
the Collateral Administrator, as amended from time to time.

     

    “Collateral
Administrator”:  U.S. Bank National Association, in its
capacity as collateral administrator under the Collateral Administration
Agreement, and any successor thereto.

     

    “Collateral Interest
Amount”:  As of any date of determination, without duplication,
the aggregate amount of Interest Proceeds that has been received or that is
expected to be received (other than Interest Proceeds expected to be received
from Defaulted Obligations, but including Interest Proceeds actually received
from Defaulted Obligations), in each case during the Collection Period in which
such date of determination occurs (or after such Collection Period but on or
prior to the related Payment Date if such Interest Proceeds would be treated as
Interest Proceeds with respect to such Collection Period).

     

    “Collateral Management
Agreement”:  The agreement dated as of the Closing Date,
between the Issuer and the Collateral Manager relating to the management of the
Collateral Obligations and the other Assets by the Collateral Manager on behalf
of the Issuer, as amended from time to time in accordance with the terms
thereof.

     

    “Collateral Management
Fee”:  The fee payable to the Collateral Manager in arrears on
each Payment Date (prorated for the related Interest Accrual
Period) pursuant to Section 8(a) of the Collateral Management
Agreement and Section 11.1 of
this Indenture, in an amount equal to 0.35% per annum (calculated on the basis
of a 360-day year consisting of twelve 30-day months) of the Fee Basis
Amount at the beginning of the Collection Period relating to such Payment
Date.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    “Collateral Management Fee
Shortfall Amount”:  To the extent the Collateral Management Fee
is not paid on a Payment Date due to insufficient Interest Proceeds or Principal
Proceeds (and such fee was not voluntarily deferred or waived by the Collateral
Manager), the Collateral Management Fee due on such Payment Date (or the unpaid
portion thereof, as applicable). Such amount is automatically deferred for
payment on the succeeding Payment Date, with interest at the rate specified in
the Collateral Management Agreement, as certified to the Trustee by the
Collateral Manager, in accordance with the Priority of Payments.

     

    “Collateral
Manager”:  GC Advisors LLC, a Delaware limited liability
company, until a successor Person shall have become the Collateral Manager
pursuant to the provisions of the Collateral Management Agreement, and
thereafter “Collateral Manager” shall mean such successor Person.

     

    “Collateral Manager
Standard”: The standard of care applicable to the Collateral Manager set
forth in the Collateral Management Agreement.

     

    “Collateral
Obligation”:  A Senior Secured Loan (including, but not limited
to, interests in middle market loans acquired by way of a purchase or
assignment), or Participation Interest therein, or a Second Lien Loan or
Participation Interest therein (provided that Closing Date
Participation Interests are expected to be converted into full assignments
within 60 days following the Closing Date), that as of the date of acquisition
by the Issuer:

     

    
      	
               
      

            	
              (i)

            	
              is
      U.S. Dollar denominated and is neither convertible by the issuer thereof
      into, nor payable in, any other
currency;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              is
      not a Defaulted Obligation or a Credit Risk
  Obligation;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              is
      not a lease;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              if
      it is a Deferrable Obligation, it is a Permitted Deferrable
      Obligation;

            

    

     

    
      	
               
      

            	
              (v)

            	
              provides
      for a fixed amount of principal payable in Cash on scheduled payment dates
      and/or at maturity and does not by its terms provide for earlier
      amortization or prepayment at a price of less than
  par;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              does
      not constitute Margin Stock;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              the
      Issuer will receive payments due under the terms of such asset and
      proceeds from disposing of such asset free and clear of withholding tax,
      other than withholding tax as to which the obligor or issuer must make
      additional payments so that the net amount received by the Issuer after
      satisfaction of such tax is the amount due to the Issuer before the
      imposition of any withholding tax;

            

    

     

    
      	
            	
              (viii)

            	
              has
      a Moody’s Rating and an S&P
Rating;

            

    

     

    
      	
               
      

            	
              (ix)

            	
              is
      not a debt obligation whose repayment is subject to substantial non-credit
      related risk as determined by the Collateral
  Manager;

            

    

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (x)

            	
              except
      for Delayed Drawdown Collateral Obligations and Revolving Collateral
      Obligations, is not an obligation pursuant to which any future advances or
      payments to the borrower or the Obligor thereof may be required to be made
      by the Issuer;

            

    

     

    
      	
               
      

            	
              (xi)

            	
              does
      not have an “f”, “r”, “p”, “pi”, “q” or “t” subscript assigned by
      S&P;

            

    

     

    
      	
               
      

            	
              (xii)

            	
              is
      not a Zero Coupon Bond, an Unsecured Loan, a Bridge Loan, a Commercial
      Real Estate Loan, a Structured Finance Obligation, a Step-Down Obligation
      or a Step-Up Obligation;

            

    

     

    
      	
            	
              (xiii)

            	
              will
      not require the Issuer or the pool of Assets to be registered as an
      investment company under the 1940
Act;

            

    

     

    
      	
            	
              (xiv)

            	
              is
      not an Equity Security or by its terms convertible into or exchangeable
      for an Equity Security at the option of the issuer thereof or any other
      Person other than the Issuer;

            

    

     

    
      	
               
      

            	
              (xv)

            	
              is
      not the subject of an Offer of exchange, or tender by its issuer, for
      cash, securities or any other type of consideration other than (A) a
      Permitted Offer or (B) an exchange offer in which a security that is not
      registered under the Securities Act is exchanged for a security that has
      substantially identical terms (except for transfer restrictions) but is
      registered under the Securities Act or a security that would otherwise
      qualify for purchase under the Investment Criteria described
      herein;

            

    

     

    
      	
            	
              (xvi)

            	
              does
      not have an S&P Rating that is below “CCC-” or a Moody’s Default
      Probability Rating that is below
“Caa3”;

            

    

     

    
      	
            	
              (xvii)

            	
              does
      not mature after the Stated Maturity of the
  Notes;

            

    

     

    
      	
            	
              (xviii)

            	
              other
      than the case of a Fixed Rate Obligation, accrues interest at a floating
      rate determined by reference to (a) the Dollar prime rate, federal
      funds rate or LIBOR or (b) a similar interbank offered rate,
      commercial deposit rate or any other index in respect of which the S&P
      Rating Condition is satisfied;

            

    

     

    
      	
            	
              (xix)

            	
              is
      Registered;

            

    

     

    
      	
               
      

            	
              (xx)

            	
              is
      not a synthetic security;

            

    

     

    
      	
            	
              (xxi)

            	
              does
      not pay interest less frequently than
  semi-annually;

            

    

     

    
      	
            	
              (xxii)

            	
              does
      not include or support a letter of
credit;

            

    

     

    
      	
            	
              (xxiii)

            	
              is
      not an interest in a grantor trust;

            

    

     

    
      	
            	
              (xxiv)

            	
              is
      purchased at a price at least equal to 50% of its outstanding principal
      balance;

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      	
            	
              (xxv)

            	
              is
      issued by an obligor Domiciled in the United States, Canada, a Group I
      Country, a Group II Country, a Group III Country or a Tax
      Jurisdiction;

            

    

     

    
      	
            	
              (xxvi)

            	
              if
      it is a Participation Interest (other than a Closing Date Participation
      Interest), the Moody's Counterparty Criteria is satisfied with respect to
      the acquisition thereof;

            

    

     

    
      	
            	
              (xxvii)

            	
              is
      an Eligible Asset; and

            

    

     

    
      
        	
              	
                (xxviii)

              	
                is
      not an obligation of a Portfolio
Company.

              

      

    

     

    For the
avoidance of doubt, Collateral Obligations may include Current Pay
Obligations.  In addition, an obligation that is exchanged for, or
results from an amendment, modification or waiver of the terms of, a Collateral
Obligation pursuant to an Offer (i) shall be deemed (as of the date of such
exchange, amendment, modification or waiver) to be a Collateral Obligation
delivered as of such date and shall be deemed to satisfy the definition of
“Collateral Obligation” for all purposes under the Transaction Documents (provided that, for the
avoidance of doubt, to the extent such obligation is a Defaulted Obligation, an
Equity Security, a Current Pay Obligation or a Deferring Obligation, such
obligation shall be treated as a Defaulted Obligation, an Equity Security, a
Current Pay Obligation or a Deferring Obligation, as applicable, for all
purposes under the Transaction Documents) and (ii) may include the acquisition
by the Issuer of Equity Securities in connection therewith.

     

    “Collateral Principal
Amount”:  As of any date of determination, the sum of
(a) the aggregate outstanding principal balance of the Collateral
Obligations (other than Defaulted Obligations, except as otherwise expressly set
forth herein) and (b) without duplication, the amounts on deposit in
any Account (including Eligible Investments therein) representing Principal
Proceeds; provided that
for purposes of calculating the Concentration Limitations, Defaulted Obligations
shall be included in the Collateral Principal Amount with a principal balance
equal to the Defaulted Obligation Balance thereof.

     

    “Collateral Quality
Test”:  A test satisfied on any date of determination on and
after the Effective Date and during the Reinvestment Period if, in the
aggregate, the Collateral Obligations owned (or in relation to a proposed
purchase of a Collateral Obligation, proposed to be owned) by the Issuer satisfy
each of the tests set forth below or, after the Effective Date, if a test is not
satisfied on such date, the degree of compliance with such test is maintained or
improved after giving effect to the investment, calculated in each case as
required by Section
1.3 herein:

     

    
      	
               
      

            	
              (i)

            	
              the
      Minimum Floating Spread Test;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Minimum Weighted Average Coupon
Test;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Maximum Moody’s Rating Factor Test;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      Moody’s Diversity Test;

            

    

     

    
      	
               
      

            	
              (v)

            	
              the
      S&P CDO Monitor Test;

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (vi)

            	
              the
      Minimum Weighted Average Moody’s Recovery Rate
  Test;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              the
      Minimum Weighted Average S&P Recovery Rate Test;
  and

            

    

     

    
      	
            	
              (viii)

            	
              the
      Weighted Average Life Test.

            

    

     

    “Collection
Account”:  The trust account established pursuant to Section 10.2
which consists of the Principal Collection Subaccount and the Interest
Collection Subaccount.

     

    “Collection
Period”:  (i) With respect to the first Payment Date, the
period commencing on the Closing Date and ending at the close of business on the
fifth Business Day of the calendar month in which the first Payment Date occurs;
and (ii) with respect to any other Payment Date, the period commencing on the
day immediately following the prior Collection Period and ending (a) in the case
of the final Collection Period preceding the latest Stated Maturity of any Class
of Notes, on the day of such Stated Maturity, (b) in the case of the final
Collection Period preceding an Optional Redemption or Tax Redemption in whole of
the Notes, on the Redemption Date and (c) in any other case, at the close of
business on the fifth Business Day of the calendar month in which such Payment
Date occurs.

     

    “Commercial Real Estate
Loan”: Any Loan for which the underlying collateral consists primarily of
real property owned by the obligor and is evidenced by a note or other evidence
of indebtedness.

     

    “Concentration
Limitations”:  Limitations satisfied on any date of
determination on or after the Effective Date and during the Reinvestment Period
if, in the aggregate, the Collateral Obligations owned (or in relation to a
proposed purchase of a Collateral Obligation, proposed to be owned) by the
Issuer comply with all of the requirements set forth below (or in relation to a
proposed purchase after the Effective Date, if not in compliance, the relevant
requirements (excluding clause (xi)) must be maintained or improved after giving
effect to the purchase), calculated in each case as required by Section 1.3
herein:

     

    (i)           not
less than 95.0% of the Collateral Principal Amount may consist of Senior Secured
Loans, Cash and Eligible Investments;

     

    (ii)          not
more than 5.0% of the Collateral Principal Amount may consist of Second Lien
Loans;

     

    (iii)         not
more than 3.0% of the Collateral Principal Amount may consist of obligations
issued by a single Obligor and its Affiliates, except that, without duplication,
(A) Collateral Obligations issued by up to fifteen Obligors and their respective
Affiliates may each constitute up to 3.0% of the Collateral Principal Amount,
(B) each of the remaining Obligors constitute up to 2.5% of the Collateral
Principal Amount and (C) Second Lien Loans from each single Obligor may
constitute up to 1.5% of the Collateral Principal Amount each; provided that if at any time
there are ten or more Obligors constituting more than 2.5% of the Collateral
Principal Amount, any new Collateral Obligation must have a Moody’s Default
Probability Rating of at least B3 and an S&P Rating of at least B- if such
purchase would result in the Obligor’s balance exceeding 2.5% of the Collateral
Principal Amount;

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    (iv)        not
more than 20.0% of the Collateral Principal Amount may consist of Collateral
Obligations with a Moody’s Default Probability Rating of “Caa1” or below (other
than a Defaulted Obligation);

     

    (v)         not
more than 20.0% of the Collateral Principal Amount may consist of Collateral
Obligations with an S&P Rating of “CCC+” or below (other than a Defaulted
Obligation);

     

    (vi)        not
more than 5.0% of the Collateral Principal Amount may consist of Fixed Rate
Obligations;

     

    (vii)       not
more than 5.0% of the Collateral Principal Amount may consist of Current Pay
Obligations;

     

    (viii)      not
more than 5.0% of the Collateral Principal Amount may consist of DIP Collateral
Obligations;

     

    (ix)         not
more than 5.0% of the Collateral Principal Amount may consist, in the aggregate,
of unfunded commitments under Delayed Drawdown Collateral Obligations and
unfunded and funded commitments under Revolving Collateral
Obligations;

     

    (x)          not
more than 5.0% of the Collateral Principal Amount may consist of Participation
Interests;

     

    (xi)         the
Third Party Credit Exposure may not exceed 5.0% of the Collateral Principal
Amount and the Third Party Credit Exposure Limits may not be
exceeded;

     

    (xii)        not
more than 10% of the Collateral Principal Amount may have an S&P Rating
derived from a Moody’s Rating as set forth in clause (iii)(a) of the definition
of the term “S&P Rating”;

     

    (xiii)       not
more than 10% of the Collateral Principal Amount may consist of Collateral
Obligations with a Moody’s Rating derived from an S&P Rating as provided in
clauses (e)(i)(A) or (B) under the heading “Moody’s Derived Rating” on
Schedule
5;

     

    (xiv)       (a)
all of the Collateral Obligations must be issued by Non-Emerging Market
Obligors; and (b) no more than the percentage listed below of the Collateral
Principal Amount may be issued by obligors Domiciled in the country or countries
set forth opposite such percentage:

     

    
      
        
          	
                  % Limit

                	 
      	
                  Country or Countries

                
	 
      	 
      	 
      
	
                  5.0%

                	 
      	
                  All
      countries (in the aggregate) other than the United
  States;

                
	 
      	 
      	 
      
	
                  5.0%

                	 
      	
                  Canada;

                
	 
      	 
      	 
      
	
                  2.5%

                	 
      	
                  all
      countries (in the aggregate) other than the United States, Canada and the
      United Kingdom;

                

        

      

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    
 

    
      
        
          	
                  % Limit

                	 
      	
                  Country or Countries

                
	 
      	 
      	 
      
	
                  2.5%

                	 
      	
                  any
      individual Group I Country;

                
	 
      	 
      	 
      
	
                  2.0%

                	 
      	
                  all
      Group II Countries in the aggregate;

                
	 
      	 
      	 
      
	
                  2.0%

                	 
      	
                  any
      individual Group II Country;

                
	 
      	 
      	 
      
	
                  1.5%

                	 
      	
                  all
      Group III Countries in the aggregate;

                
	 
      	 
      	 
      
	
                  1.5%

                	 
      	
                  all
      Tax Jurisdictions in the aggregate; and

                
	 
      	 
      	 
      
	
                  1.0%

                	 
      	
                  any
      individual country other than the United States, the United Kingdom,
      Canada, the Netherlands, any Group II Country or any Group III
      Country.

                

        

      

    

    

    (xv)        not
more than 12.0% of the Collateral Principal Amount may consist of Collateral
Obligations that are issued by obligors that belong to any single S&P
Industry Classification, except that (x) the largest S&P Industry
Classification may represent up to 20.0% of the Collateral Principal Amount; and
(y) the second-largest S&P Industry Classification may represent up to
15.0% of the Collateral Principal Amount;

     

    (xvi)       not
more than 12.0% of the Collateral Principal Amount may consist of Collateral
Obligations that are issued by obligors that belong to any single Moody’s
Industry Classification, except that (x) the largest Moody’s Industry
Classification may represent up to 20.0% of the Collateral Principal Amount; and
(y) the second-largest Moody’s Industry Classification may represent up to 15.0%
of the Collateral Principal Amount;

     

    (xvii)      not
more than 5.0% of the Collateral Principal Amount may consist of Collateral
Obligations that pay interest less frequently than quarterly; and

     

    (xviii)     not
more than 10.0% of the Collateral Principal Amount may consist of Collateral
Obligations that are Discount Obligations.

     

    “Confidential
Information”:  The meaning specified in Section 14.15(b).

     

    “Controlling
Class”:  The Class A Notes so long as any Class A Notes
are Outstanding; then the Class B Notes so long as any Class B Notes are
Outstanding; and then the Subordinated Notes.

     

    “Controlling Person”:
A Person (other than a Benefit Plan Investor) who has discretionary
authority or control with respect to the assets of an entity or any Person who
provides investment advice for a fee (direct or indirect) with respect to
such assets or an affiliate of any such Person.  For this purpose, an
“affiliate” of a Person includes any Person, directly or indirectly, through one
or more intermediaries, controlling, controlled by, or under common control with
the Person.  “Control,” with respect to a Person other than an
individual, means the power to exercise a controlling influence over the
management or policies of such Person.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    “Corporate Trust
Office”:  The principal corporate trust office of the Trustee
at which this Indenture is administered, currently located at (a) for Note
transfer purposes and presentment of the Notes for final payment thereon, 60
Livingston Ave., St. Paul, MN 55107 and (b) for all other purposes, One
Federal St., 3rd Floor,
Boston, MA 02110; or in each case, such other address as the Trustee may
designate from time to time by notice to the Holders, the Collateral Manager and
the Issuer or the principal corporate trust office of any successor
Trustee.

     

    “Cov-Lite
Loan”:  A Collateral Obligation the Underlying Documents for
which do not (i) contain any financial covenants or (ii) require the
borrower thereunder to comply with any Maintenance Covenant (regardless of
whether compliance with one or more Incurrence Covenants is otherwise required
by such Underlying Documents).

     

    “Coverage Tests”: The
Overcollateralization Ratio Test and Interest Coverage Test, each as applied to
the Secured Notes.

     

    “Credit Improved
Criteria”:  The criteria that will be met if, with respect to
any Collateral Obligation, any of the following occur:

     

    
      	
            	
              (a)

            	
              such
      Collateral Obligation has experienced a reduction in its credit spread of
      10% or more compared to the credit spread in effect as of the Cut-Off Date
      for such Collateral Obligation, such reduction in spread being determined
      by reference to an Eligible Loan Index;
or

            

    

     

    
      	
            	
              (b)

            	
              such
      Collateral Obligation has a Market Value above the higher of (i) par and
      (ii) the initial purchase price paid by the Issuer for such Collateral
      Obligation.

            

    

     

    “Credit Improved
Obligation”:  Any Collateral Obligation which, in the
Collateral Manager’s reasonable commercial judgment, has significantly improved
in credit quality after it was acquired by the Issuer; provided, that during a
Restricted Trading Period, a Collateral Obligation will qualify as a Credit
Improved Obligation only if (i) it has been upgraded by any Rating Agency
at least one rating sub-category or has been placed and remains on a credit
watch with positive implication by Moody’s or S&P since it was acquired by
the Issuer, (ii) the Credit Improved Criteria are satisfied with respect to
such Collateral Obligation or (iii) a Majority of the Controlling Class
consents to treat such Collateral Obligation as a Credit Improved
Obligation.

     

    “Credit Risk
Criteria”: The criteria that will be met if, with respect to any
Collateral Obligation, any of the following occur:

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    
      	
            	
              (a)

            	
              the
      spread over LIBOR or other Eligible Loan Index for such Collateral
      Obligation has been increased since the date of purchase by (A) 0.25% or
      more (in the case of a Collateral Obligation with a spread over the
      applicable reference rate selected by the Collateral Manager in the
      exercise of its reasonable business judgment (prior to such increase) less
      than or equal to 2%), (B) 0.375% or more (in the case of a Collateral
      Obligation  with a spread over the applicable reference rate
      selected by the Collateral Manager in the exercise of its reasonable
      business judgment (prior to such increase) greater than 2% but less than
      or equal to 4%) or (C) 0.5% or more (in the case of a Collateral
      Obligation  with a spread over the applicable reference rate
      selected by the Collateral Manager in the exercise of its reasonable
      business judgment (prior to such increase) greater than 4%) due, in each
      case, to a deterioration in the related Obligor’s financial ratios or
      financial results in accordance with the Underlying Documents relating to
      such Collateral Obligation; or

            

    

     

    
      	
            	
              (b)

            	
              the
      Market Value of such Collateral Obligation  has decreased by at
      least 2.5% of the price paid by the Issuer for such Collateral
      Obligation  due to a deterioration in the related Obligor’s
      financial ratios or financial results in accordance with the Underlying
      Documents relating to such Collateral
  Obligation.

            

    

     

    “Credit Risk
Obligation”:  Any Collateral Obligation that, in the Collateral
Manager’s reasonable commercial judgment, has a significant risk of declining in
credit quality or price; provided that, during a
Restricted Trading Period, a Collateral Obligation will qualify as a Credit Risk
Obligation for purposes of sales of Collateral Obligations only if (i) such
Collateral Obligation has been downgraded by any Rating Agency at least one
rating sub-category or has been placed and remains on a credit watch with
negative implication by Moody’s or S&P since it was acquired by the Issuer,
(ii) the Credit Risk Criteria are satisfied with respect to such Collateral
Obligation or (iii) a Majority of the Controlling Class consents to treat
such Collateral Obligation as a Credit Risk Obligation.

     

    “Cumulative Deferred
Management Fee: All or a portion of the previously deferred Collateral
Management Fees or Collateral Management Fee Shortfall Amounts (including
accrued interest prior to the Payment Date on which the payment of such
Collateral Management Fee Shortfall Amount was deferred by the Collateral
Manager), which may be declared due and payable by the Collateral Manager on any
Payment Date.

     

    “Current Deferred Management
Fee”: With respect to a Payment Date, all or a portion of the Collateral
Management Fees or Collateral Management Fee Shortfall Amounts (including
accrued interest), due and owing to the Collateral Manager the payment of which
is voluntarily deferred (for payment on a subsequent Payment Date), without
interest, by the Collateral Manager.

     

    “Current Pay
Obligation”:  Any Collateral Obligation (other than a DIP
Collateral Obligation) that would otherwise be treated as a Defaulted
Obligation but as to which no payments are due and payable that are unpaid and
with respect to which the Collateral Manager has certified to the Trustee (with
a copy to the Collateral Administrator) in writing that it believes, in its
reasonable business judgment, that the obligor or issuer of such Collateral
Obligation (a) will continue to make scheduled payments of interest thereon
and will pay the principal thereof by maturity or as otherwise contractually
due, (b) if the obligor or issuer is subject to a bankruptcy proceeding, it
has been the subject of an order of a bankruptcy court that permits it to make
the scheduled payments on such Collateral Obligation and all interest and
principal payments due thereunder have been paid in Cash when due, (c) the
Collateral Obligation has a Market Value of at least 80% of its par value and
(d) if the Secured Notes are then rated by Moody’s (A) has a Moody’s Rating
of at least “Caa1” and a Market Value of at least 80% of its par value or
(B) has a Moody’s Rating of at least “Caa2” and its Market Value is at
least 85% of its par value (Market Value being determined, solely for the
purposes of clauses (c) and (d), without taking into consideration clause (iii)
of the definition of the term “Market Value”).

    
    

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    “Current
Portfolio”:  At any time, the portfolio of Collateral
Obligations, Cash and Eligible Investments representing Principal Proceeds
(determined in accordance with Section 1.3 to
the extent applicable), then held by the Issuer.

     

    “Custodial
Account”:  The custodial account established pursuant to Section 10.3(b).

     

    “Custodian”: The
meaning specified in the first sentence of Section 3.3(a) with
respect to items of collateral referred to therein, and each entity with which
an Account is maintained, as the context may require, each of which shall be a
Securities Intermediary.

     

    “Cut-Off Date”: Each
date on or after the Closing Date on which a Collateral Obligation is
transferred to the Issuer.

     

    “Default”:  Any
Event of Default or any occurrence that is, or with notice or the lapse of time
or both would become, an Event of Default.

     

    “Defaulted
Obligation”:  Any Collateral Obligation included in the Assets
as to which:

     

    
      	
               
      

            	
              (a)

            	
              a
      default as to the payment of principal and/or interest has occurred and is
      continuing with respect to such Collateral Obligation (without regard to
      any grace period applicable thereto, or waiver or forbearance thereof,
      after the passage (in the case of a default that in the Collateral
      Manager’s judgment, as certified to the Trustee in writing, is not due to
      credit-related causes) of five Business Days or seven calendar days,
      whichever is greater, but in no case beyond the passage of any grace
      period applicable thereto);

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      default as to the payment of principal and/or interest has occurred and is
      continuing on another debt obligation of the same issuer which is senior
      or pari passu in
      right of payment to such Collateral Obligation (without regard to any
      grace period applicable thereto, or waiver or forbearance thereof, after
      the passage (in the case of a default that in the Collateral Manager’s
      judgment, as certified to the Trustee in writing, is not due to
      credit-related causes) of three Business Days or five calendar days,
      whichever is greater, but in no case beyond the passage of any grace
      period applicable thereto; provided that both the
      Collateral Obligation and such other debt obligation are full recourse
      obligations of the applicable obligor or issuer or secured by the same
      collateral);

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      obligor, issuer or others have instituted proceedings to have the obligor
      or issuer adjudicated as bankrupt or insolvent or placed into receivership
      and such proceedings have not been stayed or dismissed or such obligor or
      issuer has filed for protection under Chapter 11 of the Bankruptcy
      Code;

            

    

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    
    

    
      	
               
      

            	
              (d)

            	
              such
      Collateral Obligation has an S&P Rating of “CC” or lower or had such
      rating before such rating was withdrawn or the obligor or issuer on such
      Collateral Obligation has a “probability of default” rating assigned by
      Moody’s of “D” or “LD”;

            

    

     

    
      	
               
      

            	
              (e)

            	
              such
      Collateral Obligation is pari passu in right of
      payment as to the payment of principal and/or interest to another debt
      obligation of the same obligor or issuer which has an S&P Rating of
      “CC” or lower or had such rating before such rating was withdrawn or the
      obligor or issuer on such Collateral Obligation has a “probability of
      default” rating assigned by Moody’s of “D” or “LD”; provided that both the
      Collateral Obligation and such other debt obligation are full recourse
      obligations of the applicable obligor or issuer or secured by the same
      collateral;

            

    

     

    
      	
               
      

            	
              (f)

            	
              a
      default with respect to which the Collateral Manager has received notice
      or a Responsible Officer thereof has actual knowledge that a default has
      occurred under the Underlying Documents and any applicable grace period
      has expired and the holders of such Collateral Obligation have accelerated
      the repayment of the Collateral Obligation (but only until such
      acceleration has been rescinded) in the manner provided in the
      Underlying Documents;

            

    

     

    
      	
               
      

            	
              (g)

            	
              the
      Collateral Manager has in its reasonable commercial judgment otherwise
      declared such debt obligation to be a “Defaulted
    Obligation”;

            

    

     

    
      	
               
      

            	
              (h)

            	
              such
      Collateral Obligation is a Participation Interest with respect to which
      the Selling Institution has defaulted in any respect in the performance of
      any of its payment obligations under the Participation
      Interest;

            

    

     

    
      	
               
      

            	
              (i)

            	
              such
      Collateral Obligation is a Participation Interest in a Loan that would, if
      such Loan were a Collateral Obligation, constitute a “Defaulted
      Obligation” or with respect to which the Selling Institution has an
      S&P Rating of “CC” or lower or had such rating before such rating was
      withdrawn; or

            

    

     

    
      	
               
      

            	
              (j)

            	
              such
      Collateral Obligation is a Deferring
Obligation;

            

    

     

    provided that (x) a
Collateral Obligation shall not constitute a Defaulted Obligation pursuant to
clauses (b) through (e) above if such Collateral Obligation (or, in the case of
a Participation Interest, the underlying Loan) is a Current Pay Obligation
(provided that the
Aggregate Principal Balance of Current Pay Obligations exceeding 5.0% of the
Collateral Principal Amount will be treated as Defaulted Obligations) and (y) a
Collateral Obligation shall not constitute a Defaulted Obligation if such
Collateral Obligation (or, in the case of a Participation Interest, the
underlying Loan) is a DIP Collateral Obligation (other than a DIP Collateral
Obligation that has an S&P Rating of “CC” or lower).

     

    “Defaulted Obligation
Balance”: For any Defaulted Obligation, the lesser of the (i) S&P
Collateral Value of such Defaulted Obligation and (ii) Moody’s Collateral Value
of such Defaulted Obligation; provided that the Defaulted
Obligation Balance will be zero if the Issuer has owned such Defaulted
Obligation for more than three years after its default date.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    “Deferrable
Obligation”:  A Collateral Obligation (including any Permitted
Deferrable Obligation) that by its terms permits the deferral or capitalization
of payment of accrued, unpaid interest.

     

     “Deferring
Obligation”:  A Deferrable Obligation that is deferring
the payment of the cash interest due thereon and has been so deferring the
payment of such cash interest due thereon (i) with respect to Collateral
Obligations that have a Moody’s Rating of at least “Baa3”, for the shorter of
two consecutive accrual periods or one year, and (ii) with respect to
Collateral Obligations that have a Moody’s Rating of “Ba1” or below, for the
shorter of one accrual period or six consecutive months, which deferred
capitalized interest has not, as of the date of determination, been paid in
Cash.

     

    “Delayed Drawdown Collateral
Obligation”:  A Collateral Obligation that (a) requires
the Issuer to make one or more future advances to the borrower under the
Underlying Documents relating thereto, (b) specifies a maximum amount that
can be borrowed on one or more fixed borrowing dates, and (c) does not
permit the re-borrowing of any amount previously repaid by the borrower
thereunder; but any such Collateral Obligation will be a Delayed Drawdown
Collateral Obligation only until all commitments by the Issuer to make advances
to the borrower expire or are terminated or are reduced to zero.

     

    “Deliver” or “Delivered” or “Delivery”:  The
taking of the following steps:

     

    
      	
               
      

            	
              (i)

            	
              in
      the case of each Certificated Security (other than a Clearing Corporation
      Security), Instrument and Participation Interest in which the underlying
      loan is represented by an
Instrument,

            

    

     

    
      	
               
      

            	
              (a)

            	
              causing
      the delivery of such Certificated Security or Instrument to the Custodian
      by registering the same in the name of the Custodian or its affiliated
      nominee or by endorsing the same to the Custodian or in
    blank;

            

    

     

    
      	
               
      

            	
              (b)

            	
              causing
      the Custodian to indicate continuously on its books and records that such
      Certificated Security or Instrument is credited to the applicable Account;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              causing
      the Custodian to maintain continuous possession of such Certificated
      Security or Instrument;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      the case of each Uncertificated Security (other than a Clearing
      Corporation Security),

            

    

     

    
      	
               
      

            	
              (a)

            	
              causing
      such Uncertificated Security to be continuously registered on the books of
      the issuer thereof to the Custodian;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              causing
      the Custodian to indicate continuously on its books and records that such
      Uncertificated Security is credited to the applicable
    Account;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              in
      the case of each Clearing Corporation
Security,

            

    

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (a)

            	
              causing
      the relevant Clearing Corporation to credit such Clearing Corporation
      Security to the securities account of the Custodian,
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              causing
      the Custodian to indicate continuously on its books and records that such
      Clearing Corporation Security is credited to the applicable
      Account;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              in
      the case of each security issued or guaranteed by the United States of
      America or agency or instrumentality thereof and that is maintained in
      book-entry records of a Federal Reserve Bank (“FRB”) (each
      such security, a “Government
      Security”),

            

    

     

    
      	
               
      

            	
              (a)

            	
              causing
      the creation of a Security Entitlement to such Government Security by the
      credit of such Government Security to the securities account of the
      Custodian at such FRB, and

            

    

     

    
      	
               
      

            	
              (b)

            	
              causing
      the Custodian to indicate continuously on its books and records that such
      Government Security is credited to the applicable
  Account;

            

    

     

    
      	
               
      

            	
              (v)

            	
              in
      the case of each Security Entitlement not governed by clauses
      (i) through (iv) above,

            

    

     

    
      	
               
      

            	
              (a)

            	
              causing
      a Securities Intermediary (x) to indicate on its books and records
      that the underlying Financial Asset has been credited to the Custodian’s
      securities account, (y) to receive a Financial Asset from a
      Securities Intermediary or acquiring the underlying Financial Asset for a
      Securities Intermediary, and in either case, accepting it for credit to
      the Custodian’s securities account or (z) to become obligated under
      other law, regulation or rule to credit the underlying Financial Asset to
      a Securities Intermediary’s securities
account,

            

    

     

    
      	
               
      

            	
              (b)

            	
              causing
      such Securities Intermediary to make entries on its books and records
      continuously identifying such Security Entitlement as belonging to the
      Custodian and continuously indicating on its books and records that such
      Security Entitlement is credited to the Custodian’s securities account,
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              causing
      the Custodian to indicate continuously on its books and records that such
      Security Entitlement (or all rights and property of the Custodian
      representing such Security Entitlement) is credited to the applicable
      Account;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              in
      the case of Cash or Money,

            

    

     

    
      	
               
      

            	
              (a)

            	
              causing
      the delivery of such Cash or Money to the Trustee for credit to the
      applicable Account or to the
Custodian,

            

    

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              if
      delivered to the Custodian, causing the Custodian to treat such Cash or
      Money as a Financial Asset maintained by such Custodian for credit to the
      applicable Account in accordance with the provisions of Article 8 of the
      UCC or causing the Custodian to deposit such Cash or Money to a deposit
      account over which the Custodian has control (within the meaning of
      Section 9-104 of the UCC), and

            

    

     

    
      	
               
      

            	
              (c)

            	
              causing
      the Custodian to indicate continuously on its books and records that such
      Cash or Money is credited to the applicable Account;
  and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              in
      the case of each general intangible (including any Participation Interest
      in which neither the Participation Interest nor the underlying loan is
      represented by an Instrument), causing the filing of a Financing Statement
      in the office of the Secretary of State of the State of
      Delaware.

            

    

     

    In
addition, the Collateral Manager on behalf of the Issuer will obtain any and all
consents required by the Underlying Documents relating to any general
intangibles for the transfer of ownership and/or pledge hereunder (except to the
extent that the requirement for such consent is rendered ineffective under
Section 9-406 of the UCC).

     

    “Depositor”: Golub
Capital BDC 2010-1 Holdings LLC, together with its successors and
assigns.

     

    “Determination
Date”:  The last day of each Collection Period.

     

    “DIP Collateral
Obligation”:  A loan made to a debtor-in-possession pursuant to
Section 364 of the Bankruptcy Code having the priority allowed by either
Section 364(c) or 364(d) of the Bankruptcy Code and fully secured
by senior liens.

     

    “Discount
Obligation”:  Any Collateral Obligation forming part of the
Assets which was purchased (as determined without averaging prices of purchases
on different dates) for less than (a) 85.0% of its outstanding principal
balance, if such Collateral Obligation has a Moody’s Rating lower than “B3”, or
(b) 80.0% of its outstanding principal balance, if such Collateral Obligation
has a Moody’s Rating of “B3”or higher; provided that (x) such
Collateral Obligation shall cease to be a Discount Obligation at such time as
the Market Value (expressed as a percentage of the par amount of such Collateral
Obligation) determined for such Collateral Obligation on each day during any
period of 30 consecutive days since the acquisition by the Issuer of such
Collateral Obligation, equals or exceeds 90% on each such day; (y) any
Collateral Obligation that would otherwise be considered a Discount Obligation,
but that is purchased in accordance with the Investment Criteria with the
proceeds of a sale of a Collateral Obligation that was not a Discount Obligation
at the time of its purchase, so long as such purchased Collateral Obligation (A)
is purchased or committed to be purchased within five Business Days of such
sale, (B) is purchased at a purchase price (expressed as a percentage of the par
amount of such Collateral Obligation) equal to or greater than the sale price of
the sold Collateral Obligation, (C) is purchased at a purchase price (expressed
as a percentage of the par amount of such Collateral Obligation) not less than
65.0% and (D) has a Moody’s Default Probability Rating equal to or greater than
the Moody’s Default Probability Rating of the sold Collateral Obligation, will
not be considered to be a Discount Obligation; and (z) clause (y) above in
this proviso shall not apply to any such Collateral Obligation at any time on or
after the acquisition by the Issuer of such Collateral Obligation if, as
determined at the time of such acquisition, such application would result in
(A) more than 5% of the Collateral Principal Amount consisting of
Collateral Obligations to which such clause (y) has been applied (or more
than 2.5% of the Collateral Principal Amount consisting of Collateral
Obligations to which such clause (y) has been applied if the purchase price of
the Collateral Obligation is less than 75% of the outstanding principal balance
thereof) or (B) the aggregate Principal Balance of all Collateral
Obligations to which such clause (y) has been applied since the Closing
Date being more than 10% of the Target Initial Par Amount.

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    “Distressed
Exchange”:  In connection with any Collateral Obligation, a
distressed exchange or other debt restructuring has occurred, as reasonably
determined by the Collateral Manager, pursuant to which the obligor or issuer of
such Collateral Obligation has issued to the holders of such Collateral
Obligation a new obligation or security or package of obligations and securities
that, in the sole judgment of the Collateral Manager, amounts to a diminished
financial obligation or has the purpose of helping the obligor or issuer of such
Collateral Obligation avoid imminent default; provided that no Distressed
Exchange shall be deemed to have occurred if the obligations and securities
received by the Issuer in connection with such exchange or restructuring satisfy
the definition of “Collateral Obligation” (provided that the Aggregate
Principal Balance of all obligations and securities to which this proviso
applies or has applied, measured cumulatively from the Closing Date onward, may
not exceed 50% of the Target Initial Par Amount).

     

    “Distribution Compliance
Period”:  The 40-day period prescribed by Regulation S
commencing on the later of (a) the date upon which Notes are first offered to
Persons other than the Initial Purchaser and any other distributor (as such term
is defined in Regulation S) of the Notes and (b) the Closing Date.

     

    “Distribution
Report”:  The meaning specified in Section 10.7(b).

     

    “Diversity
Score”:  A single number that indicates collateral
concentration in terms of both issuer and industry concentration, calculated as
set forth in Schedule 4
hereto.

     

    “Dollar”, “USD” or “U.S.$”:  A
dollar or other equivalent unit in such coin or currency of the United States of
America as at the time shall be legal tender for all debts, public and
private.

     

    “Domicile” or “Domiciled”:  With
respect to any obligor with respect to, or issuer of, a Collateral
Obligation:

     

    
      	
               
      

            	
              (a)

            	
              except
      as provided in clause (b) below, its country of organization;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              if
      it is organized in a Tax Jurisdiction, each of such jurisdiction and the
      country in which, in the Collateral Manager’s good faith estimate, a
      substantial portion of its operations are located or from which a
      substantial portion of its revenue is derived, in each case directly or
      through subsidiaries (which shall be any jurisdiction and country known at
      the time of designation by the Collateral Manager to be the source of the
      majority of revenues, if any, of such obligor or
  issuer).

            

    

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    “DTC”:  The
Depository Trust Company, its nominees, and their respective
successors.

     

    “Due
Date”:  Each date on which any payment is due on an Asset in
accordance with its terms.

     

    “Effective
Date”:  The earlier to occur of (i) January 5, 2011 and
(ii) the first date on which the Collateral Manager certifies to the
Trustee and the Collateral Administrator that the Target Initial Par Condition
has been satisfied.

     

    “Eligible Assets”:
Financial assets, either fixed or revolving, that by their terms convert into
Cash within a finite time period plus any rights or other assets designed to
assure the servicing or timely distribution of proceeds to
securityholders.

     

    “Eligible Investment Required
Ratings”:  (a) If such obligation or security (i) has both a
long-term and a short-term credit rating from Moody’s, such ratings are “Aa3” or
better (not on credit watch for possible downgrade) and “P-1” (not on credit
watch for possible downgrade), respectively, (ii) has only a long-term credit
rating from Moody’s, such rating is “Aaa” (not on credit watch for possible
downgrade) and (iii) has only a short-term credit rating from Moody’s, such
rating is “P-1” (not on credit watch for possible downgrade)  and (b)
“A-1” or better (or, in the absence of a short-term credit rating, “A+” or
better) from S&P.

     

     “Eligible
Investments”:  Either Cash or any Dollar investment that, at
the time it is Delivered (directly or through an intermediary or bailee),
(x) matures not later than the earlier of (A) the date that is 60 days
after the date of Delivery thereof and (B) the Business Day immediately
preceding the Payment Date immediately following the date of Delivery thereof,
and (y) is one or more of the following obligations or
securities:

     

    
      	
               
      

            	
              (i)

            	
              direct
      Registered obligations of, and Registered obligations the timely payment
      of principal and interest on which is fully and expressly guaranteed by,
      the United States of America or any agency or instrumentality of the
      United States of America whose obligations are expressly backed by the
      full faith and credit of the United States of
  America;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              demand
      and time deposits in, certificates of deposit of, trust accounts with,
      bankers’ acceptances issued by, or federal funds sold by any depository
      institution or trust company incorporated under the laws of the United
      States of America (including the Bank) or any state thereof and
      subject to supervision and examination by federal and/or state banking
      authorities, in each case payable within 183 days after issuance, so long
      as the commercial paper and/or the debt obligations of such depository
      institution or trust company (or, in the case of the principal depository
      institution in a holding company system, the commercial paper or debt
      obligations of such holding company) at the time of such investment
      or contractual commitment providing for such investment have the Eligible
      Investment Required Ratings;

            

    

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (iii)

            	
              unleveraged
      repurchase obligations (if treated as debt by the Issuer and the
      counterparty) with respect to (a) any security described in clause
      (i) above or (b) any other Registered security issued or
      guaranteed by an agency or instrumentality of the United States of
      America, in either case entered into with a depository institution or
      trust company (acting as principal) described in clause
      (ii) above or entered into with an entity (acting as
      principal) with, or whose parent company has (in addition to a
      guarantee agreement with such entity, which guarantee agreement complies
      with S&P’s then-current criteria with respect to guarantees), the
      Eligible Investment Required
Ratings;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              Registered
      debt securities bearing interest or sold at a discount issued by a
      corporation formed under the laws of the United States of America or any
      State thereof that satisfies the Eligible Investment Required Ratings at
      the time of such investment or contractual commitment providing for such
      investment;

            

    

     

    
      	
               
      

            	
              (v)

            	
              commercial
      paper or other short-term obligations (other than Asset-backed Commercial
      Paper) with the Eligible Investment Required Ratings and that either bear
      interest or are sold at a discount from the face amount thereof and have a
      maturity of not more than 183 days from their date of
      issuance;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              a
      Reinvestment Agreement issued by any bank (if treated as a deposit by such
      bank), or a Reinvestment Agreement issued by any insurance company or
      other corporation or entity, in each case with the Eligible Investment
      Required Ratings; provided that
      (a) the Issuer has received written confirmation from each Rating
      Agency (with a copy to the Trustee), that such investment would not cause
      the then-current rating of the Secured Notes to be reduced or withdrawn or
      (b) such Reinvestment Agreement may be unwound at the option of the
      Issuer without penalty; and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              money
      market funds that have, at all times, credit ratings of “Aaa” and “MR1+”
      by Moody’s and “AAAm” or “AAAm-G” by S&P,
  respectively;

            

    

     

    provided that
(1) Eligible Investments purchased with funds in the Collection Account
shall be held until maturity except as otherwise specifically provided herein
and shall include only such obligations or securities, other than those referred
to in clause (vii) above, as mature (or are putable at par to the issuer
thereof) no later than the Business Day prior to the next Payment Date
unless such Eligible Investments are issued by the Trustee in its capacity as a
banking institution, in which event such Eligible Investments may mature on such
Payment Date; and (2) none of the foregoing obligations or securities shall
constitute Eligible Investments if (a) such obligation or security has an
“f”, “r”, “p”, “pi”, “q” or “t” subscript assigned by S&P, (b) all, or
substantially all, of the remaining amounts payable thereunder consist of
interest and not principal payments, (c) payments with respect to such
obligations or securities or proceeds of disposition are subject to withholding
taxes by any jurisdiction unless the payor is required to make “gross-up”
payments that cover the full amount of any such withholding tax on an after-tax
basis, (d) such obligation or security is secured by real property,
(e) such obligation or security is purchased at a price greater than 100%
of the principal or face amount thereof, (f) such obligation or security is
subject of a tender offer, voluntary redemption, exchange offer, conversion or
other similar action, (g) in the Collateral Manager’s judgment, such
obligation or security is subject to material non-credit related risks,
(h) such obligation is a Structured Finance Obligation or (i) such
obligation or security is represented by a certificate of interest in a grantor
trust.  Eligible Investments may include, without limitation, those
investments issued by or made with the Bank or for which the Bank or the Trustee
or an Affiliate of the Bank or the Trustee provides services and receives
compensation.

     

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    “Eligible Loan Index”:
With respect to each Collateral Obligation that is a Senior Secured Loan, one of
the following indices as selected by the Collateral Manager in writing delivered
to the Trustee upon acquisition of such Collateral Obligation: CS Leveraged Loan
Index (formerly CSFB Leveraged Loan Index), the Deutsche Bank Leveraged Loan
Index, the Goldman Sachs/Loan Pricing Corporation Liquid Leveraged Loan Index,
the Banc of America Securities Leveraged Loan Index, the S&P/LSTA Leveraged
Loan Indices or any other loan index for which the Global Rating Agency
Condition has been obtained.

     

    “Enforcement
Event”:  The meaning specified in Section 11.1(a)(iii).

     

    “Entitlement
Order”:  The meaning specified in
Section 8-102(a)(8) of the UCC.

     

    “Equity
Security”:  Any security or debt obligation which at the time
of acquisition, conversion or exchange does not satisfy the requirements of a
Collateral Obligation and is not an Eligible Investment.

     

    “ERISA”:  The
United States Employee Retirement Income Security Act of 1974, as
amended.

     

    “Euroclear”:  Euroclear
Bank S.A./N.V.

     

    “Event of
Default”:  The meaning specified in Section 5.1.

     

    “Excel Default Model Input
File”:  The meaning specified in Section 7.18(c).

     

    “Excess CCC/Caa Adjustment
Amount”:  As of any date of determination, an amount equal to
the excess, if any, of (i) the Principal Balance of all Collateral
Obligations included in the CCC/Caa Excess, over (ii) the sum of the Market
Values of all Collateral Obligations included in the CCC/Caa
Excess.

     

    “Excess Weighted Average
Coupon”:  A percentage equal as of any date of determination to
a number obtained by multiplying (a) the excess,
if any, of the Weighted Average Coupon over the Minimum Weighted Average Coupon
by (b) the number
obtained by dividing the aggregate outstanding principal balance of all Fixed
Rate Obligations by the aggregate outstanding principal balance of all Floating
Rate Obligations.

     

    “Excess Weighted Average
Floating Spread”: A percentage equal as of any date of determination to a
number obtained by multiplying (a) the excess,
if any, of the Weighted Average Floating Spread over the Minimum Floating Spread
by (b) the number
obtained by dividing the aggregate outstanding principal balance of all Floating
Rate Obligations by the aggregate outstanding principal balance of all Fixed
Rate Obligations.

     

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

     

    “Exchange
Act”:  The United States Securities Exchange Act of 1934, as
amended.

     

    “Expense Reserve
Account”:  The trust account established pursuant to Section 10.3(d).

     

    “Federal Reserve
Board”:  The Board of Governors of the Federal Reserve
System.

     

    “Fee Basis
Amount”:  As of any date of determination, the sum of
(a) the Collateral Principal Amount, (b) the aggregate outstanding
principal balance of all Defaulted Obligations and (c) the aggregate amount
of all Principal Financed Accrued Interest.

     

    “Financial
Asset”:  The meaning specified in
Section 8-102(a)(9) of the UCC.

     

    “Financing
Statements”:  The meaning specified in
Section 9-102(a)(39) of the UCC.

     

     “Fixed Rate
Obligation”:  Any Collateral Obligation that bears a fixed rate
of interest.

     

    “Floating Rate
Obligation”:  Any Collateral Obligation that bears a floating
rate of interest.

     

    “GAAP”:  The
meaning specified in Section 6.3(j).

     

     “GCMF”: Golub Capital
Master Funding LLC, a Delaware limited liability company which is a wholly owned
subsidiary of the Originator.

     

    “GCMF Accounts”: The
accounts established by U.S. Bank National Association in the name of U.S. Bank,
as Custodian with account numbers 117315-200 and 117315-201,
respectively.

     

    “GCMF Credit
Facility”: The loan facility entered into by GCMF and Citigroup Global
Markets Realty Corp. pursuant to the terms of that certain Sale and Servicing
Agreement, dated July 27, 2007, as amended and otherwise modified, by and among
GCMF, as the issuer, Golub Capital Incorporated, as the originator and servicer
and U.S. Bank National Association, as the indenture trustee and the collateral
administrator and certain related documents.

     

    “Global Rating Agency
Condition” means, with respect to any action taken or to be taken by or
on behalf of the Issuer, satisfaction of both the Moody’s Rating Condition and
the S&P Rating Condition.

     

    “Global Secured
Note”:  Any Regulation S Global Secured Note or Rule 144A
Global Secured Note.

     

     “Grant” or “Granted”:  To
grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and
grant a security interest in and right of setoff against, deposit, set over and
confirm.  A Grant of the Assets, or of any other instrument, shall
include all rights, powers and options (but none of the obligations) of the
granting party thereunder, including, the immediate continuing right to claim
for, collect, receive and receipt for principal and interest payments in respect
of the Assets, and all other Monies payable thereunder, to give and receive
notices and other communications, to make waivers or other agreements, to
exercise all rights and options, to bring Proceedings in the name of the
granting party or otherwise, and generally to do and receive anything that the
granting party is or may be entitled to do or receive thereunder or with respect
thereto.

     

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

     

    “Group I
Country”:  The Netherlands, Australia, New Zealand and the
United Kingdom (or such other countries as may be notified by Moody’s to the
Collateral Manager from time to time).

     

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

     

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

     

    “Holder” or “holder”:
The registered owner of any Note; provided that, with respect
to the delivery of notices, reports and other communications required to be
delivered thereto under any Transaction Document, the “Holder” or “holder” shall
be the registered owners of the related Class of Notes and each Beneficial Owner
thereof.

     

    “Incurrence
Covenant”:  A covenant by any borrower to comply with one or
more financial covenants only upon the occurrence of certain actions of the
borrower, including a debt issuance, dividend payment, share purchase, merger,
acquisition or divestiture.

     

    “Indenture”:  This
instrument as originally executed and, if from time to time supplemented or
amended by one or more indentures supplemental hereto entered into pursuant to
the applicable provisions hereof, as so supplemented or amended.

     

    “Independent”:  As
to any Person, any other Person (including, in the case of an accountant or
lawyer, a firm of accountants or lawyers, and any member thereof, or an
investment bank and any member thereof) who (i) does not have and is
not committed to acquire any material direct or any material indirect financial
interest in such Person or in any Affiliate of such Person, and (ii) is not
connected with such Person as an Officer, employee, promoter, underwriter,
voting trustee, partner, manager, director or Person performing similar
functions.  “Independent” when used with respect to any accountant may
include an accountant who audits the books of such Person if in addition to
satisfying the criteria set forth above the accountant is independent with
respect to such Person within the meaning of Rule 101 of the Code of
Professional Conduct of the American Institute of Certified Public Accountants.
For purposes of this definition, no manager or director of any Person will fail
to be Independent solely because such Person acts as an independent manager or
independent director thereof or of any such Person’s affiliates.

     

    Whenever
any Independent Person’s opinion or certificate is to be furnished to the
Trustee, such opinion or certificate shall state that the signer has read this
definition and that the signer is Independent within the meaning
hereof.

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

     

    Any
pricing service, certified public accountant or legal counsel that is required
to be Independent of another Person under this Indenture must satisfy the
criteria above with respect to the Issuer, the Collateral Manager and their
Affiliates.

     

    “Independent Manager”:
A natural person who, (A) for the five-year period prior to his or her
appointment as Independent Manager, has not been, and during the continuation of
his or her service as Independent Manager is not: (i) an employee, director,
stockholder, member, manager, partner or officer or direct or indirect legal or
beneficial owner (or a person who controls, whether directly, indirectly, or
otherwise any of the foregoing) of the Issuer, the member of the Issuer or any
of their respective Affiliates (other than his or her service as a special
member or an independent manager of the Issuer or other Affiliates that are
structured to be “bankruptcy remote”); (ii) a customer, consultant, creditor,
contractor or supplier (or a person who controls, whether directly, indirectly,
or otherwise any of the foregoing) of the Issuer, the member of the Issuer or
any of their respective Affiliates (other than his or her service as a special
member or an independent manager of the Issuer); (iii) affiliated with a
tax-exempt entity that receives significant contributions from the member of the
Issuer or any of its Affiliates; or (iv) any member of the immediate family of a
person described in (i), (ii) or (iii) (other than with respect to clause (i),
(ii) or (iii) relating to his or her service as (y) an Independent Manager of
the Issuer or (z) an independent manager of any Affiliate of the Issuer which is
a bankruptcy remote limited purpose entity), and (B) has, (i) prior experience
as an Independent Manager for a corporation or limited liability company whose
charter documents required the unanimous consent of all Independent Managers
thereof before such corporation or limited liability company could consent to
the institution of bankruptcy or insolvency proceedings against it or could file
a petition seeking relief under any applicable federal or state law relating to
bankruptcy and (ii) at least three years of employment experience with one or
more entities that provide, in the ordinary course of their respective
businesses, advisory, management or placement services to issuers of
securitization or structured finance instruments, agreements or
securities.

     

    “Index
Maturity”:  With respect to any Class of Secured Notes, the
period indicated with respect to such Class in Section 2.3.

     

    “Ineligible Collateral
Obligation”: The meaning set forth in the Master Loan Sale
Agreement.

     

    “Information”:  S&P’s
“Credit Estimate Information Requirements” dated June 2007 and any other
available information S&P reasonably requests in order to produce a credit
estimate for a particular asset.

     

    “Initial
Contribution”: The initial contribution of Collateral Obligations from
the Depositor to the Issuer on the Closing Date.

     

    “Initial
Purchaser”:  Wells Fargo Securities, in its capacity as initial
purchaser of the Secured Notes under the Purchase Agreement.

     

    “Initial
Rating”:  With respect to the Secured Notes, the rating or
ratings, if any, indicated in Section 2.3.

     

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    
    

     “Institutional Accredited
Investor”:  The meaning set forth in Rule 501(a)(1), (2), (3)
or (7) under the Securities Act.

     

    “Instrument”:  The
meaning specified in Section 9-102(a)(47) of the UCC.

     

    “Interest Accrual
Period”:  (i) With respect to the initial Payment Date,
the period from and including the Closing Date to but excluding such Payment
Date; and (ii) with respect to each succeeding Payment Date, the period
from and including the immediately preceding Payment Date to but excluding the
following Payment Date until the principal of the Secured Notes is paid or made
available for payment.

     

    “Interest Collection
Subaccount”:  The meaning specified in Section 10.2(a).

     

    “Interest Coverage
Ratio”:  As of any date of determination, the percentage
derived from the following equation:  (A – B) / C,
where:

     

    A = The
Collateral Interest Amount as of such date of determination;

     

    B =
Amounts payable (or expected as of the date of determination to be
payable) on the following Payment Date as set forth in clauses (A) and
(B) in Section 11.1(a)(i);
and

     

    C =
Interest due and payable on the Secured Notes on such Payment Date.

     

    Interest Coverage
Test”:  A test that is satisfied with respect to the Secured
Notes as of any date of determination on, or subsequent to, the Determination
Date occurring immediately prior to the second Payment Date, if (i) the
Interest Coverage Ratio on such date is at least equal to the Required Interest
Coverage Ratio or (ii) the Secured Notes are no longer
outstanding.

     

    “Interest Determination
Date”:  The second London Banking Day preceding the first day
of each Interest Accrual Period.

     

    “Interest Diversion
Test”:  A test that is satisfied if, when measured on each
Measurement Date during the Reinvestment Period on which Class B Notes remain
Outstanding, the Overcollateralization Ratio with respect to the Class B Notes
as of such Measurement date is at least equal to 160.5%.

     

    “Interest
Proceeds”:  With respect to any Collection Period or
Determination Date, without duplication, the sum of:

     

    
      	
               
      

            	
              (i)

            	
              all
      payments of interest and delayed compensation (representing compensation
      for delayed settlement) received in Cash by the Issuer during the related
      Collection Period on the Collateral Obligations and Eligible Investments,
      including the accrued interest received in connection with a sale thereof
      during the related Collection Period, less any such amount that represents
      Principal Financed Accrued
Interest;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              all
      principal and interest payments received by the Issuer during the related
      Collection Period on Eligible Investments purchased with Interest
      Proceeds;

            

    

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (iii)

            	
              all
      amendment and waiver fees, late payment fees and other fees received by
      the Issuer during the related Collection Period, except for those in
      connection with (a) the lengthening of the maturity of the related
      Collateral Obligation or (b) the reduction of the par of the related
      Collateral Obligation, as determined by the Collateral Manager with notice
      to the Trustee and the Collateral
Administrator;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              commitment
      fees and other similar fees received by the Issuer during such Collection
      Period in respect of Revolving Collateral Obligations and Delayed Drawdown
      Collateral Obligations; and

            

    

     

    
      	
               
      

            	
              (v)

            	
              any
      amounts deposited in the Expense Reserve Account pursuant to Section
      3.1(xi)(B);

            

    

     

    provided that (A) any amounts
received in respect of any Defaulted Obligation will constitute Principal
Proceeds (and not Interest Proceeds) until the aggregate of all collections in
respect of such Defaulted Obligation since it became a Defaulted Obligation
equals the outstanding principal balance of such Collateral Obligation at the
time it became a Defaulted Obligation and (B) any amounts deposited in
Collection Account as Principal Proceeds as described in Section 11.1(a)(i)(F)
shall not constitute Interest Proceeds; provided, further, that
capitalized interest shall not constitute Interest Proceeds.

     

    “Interest
Rate”:  With respect to each Class of Secured Notes, the per
annum stated interest rate payable on such Class with respect to each Interest
Accrual Period equal to LIBOR for such Interest Accrual Period plus the spread
specified in Section 2.3.

     

    “Interim Report
Date”:  The meaning specified in Section
7.18(a).

     

    “Investment
Criteria”:  The criteria specified in Section 12.2.

     

    “Irish Paying
Agent”:  The meaning specified in Section 7.2.

     

    “Issuer”:  The
Person named as such on the first page of this Indenture until a successor
Person shall have become the Issuer pursuant to the applicable provisions of
this Indenture, and thereafter “Issuer” shall mean such successor
Person.

     

    “Issuer Order and Issuer
Request”:  A written order or request (which may be a standing
order or request) dated and signed in the name of the Issuer or by a Responsible
Officer of the Issuer or by the Collateral Manager by a Responsible Officer
thereof, on behalf of the Issuer.

     

    “Junior
Class”:  With respect to a particular Class of Notes, each
Class of Notes that is subordinated to such Class, as indicated in Section 2.3.

     

     “LIBOR”:  The
meaning set forth in Exhibit C
hereto.

     

    “Lien”: Any grant of a
security interest in, mortgage, deed of trust, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other),
preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever, including, without limitation, any conditional
sale or other title retention agreement, and any financing lease having
substantially the same economic effect as any of the foregoing (including any
UCC financing statement or any similar instrument filed against a Person’s
assets or properties).

     

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

     

    “Listed
Notes”:  The Notes specified as such in Section 2.3.

     

    “Loan”: Any obligation
for the payment or repayment of borrowed money that is documented by a term loan
agreement, revolving loan agreement or other similar credit
agreement.

     

    “London Banking
Day”:  A day on which commercial banks are open for business
(including dealings in foreign exchange and foreign currency deposits) in
London, England.

     

    “Maintenance
Covenant”:  A covenant by any borrower to comply with one or
more financial covenants during each reporting period, whether or not such
borrower has taken any specified action.

     

    “Majority”:  With
respect to any Class or Classes of Notes, the Holders of more than 50% of the
Aggregate Outstanding Amount of the Notes of such Class or Classes, as
applicable.

     

    “Margin
Stock”:  “Margin Stock” as defined under Regulation U issued by
the Federal Reserve Board, including any debt security which is by its terms
convertible into “Margin Stock”.

     

    “Market
Value”:  With respect to any loans or other assets, the amount
(determined by the Collateral Manager) equal to the product of the
Principal Balance thereof and the price determined in the following
manner:

     

    
      	
               
      

            	
              (i)

            	
              the
      bid price determined by the Loan Pricing Corporation, LoanX Inc. or Markit
      Group Limited; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      the price described in clause (i) is not
  available,

            

    

     

    
      	
               
      

            	
              (A)

            	
              the
      average of the bid prices determined by three broker-dealers active in the
      trading of such asset that are Independent (without giving effect to the
      last sentence in the definition thereof) from each other and the Issuer
      and the Collateral Manager;

            

    

     

    
      	
               
      

            	
              (B)

            	
              if
      only two such bids can be obtained, the lower of the bid prices of such
      two bids; or

            

    

     

    
      	
               
      

            	
              (C)

            	
              if
      only one such bid can be obtained, and such bid was obtained from a
      Qualified Broker/Dealer, such bid;
or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              if
      a value cannot be obtained by the Collateral Manager exercising reasonable
      efforts pursuant to the means contemplated by clauses (i) or (ii), the
      value determined as the bid side market value of such Collateral
      Obligation as reasonably determined by the Collateral Manager consistent
      with the Collateral Manager Standard and certified by the Collateral
      Manager to the Trustee; provided that if such
      Collateral Obligation has a public rating from Moody’s or S&P, the
      Market Value of such Collateral Obligation for a period of 30 days after
      such date of determination shall be the lower
  of:

            

    

     

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

    
    

    
      	
               
      

            	
              (A)

            	
              the
      bid side market value thereof as reasonably determined by the Collateral
      Manager consistent with the Collateral Manager Standard and certified by
      the Collateral Manager to the Trustee;
and

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      higher of (x) 70% multiplied by the Principal Balance of such Collateral
      Obligation and (y) the applicable Moody’s Recovery Rate multiplied by the
      Principal Balance of such Collateral
Obligation,

            

    

     

    and,
following such 30 day period, the Market Value of such Collateral Obligation
shall be zero; or

     

    
      	
               
      

            	
              (iv)

            	
              if
      the Market Value of an asset is not determined in accordance with clause
      (i), (ii) or (iii) above, then such Market Value shall be deemed
      to be zero until such determination is made in accordance with clause (i),
      (ii) or (iii) above.

            

    

     

    “Master Loan Sale
Agreement”: That certain Master Loan Sale Agreement, dated as of the
Closing Date, by and between the Originator, the Issuer and the Depositor
whereby (i) the Originator will sell and/or contribute to the Depositor, without
recourse, all of the right, title and interest of the Originator in and to the
Collateral Obligations and the proceeds thereof and (ii) the Depositor will
transfer and assign to the Issuer, without recourse, all of the right, title and
interest of the Depositor in and to the Collateral Obligations and the proceeds
thereof.

     

     “Material Covenant
Default”: A default by an Obligor with respect to any Collateral
Obligation, and subject to any grace periods contained in the related Underlying
Document, that gives rise to the right of the lender(s) thereunder to accelerate
the principal of such Collateral Obligation.

     

    “Maturity”:  With
respect to any Note, the date on which the unpaid principal of such Note becomes
due and payable as therein or herein provided, whether at the Stated Maturity or
by declaration of acceleration, call for redemption or otherwise.

     

    “Maximum Moody’s Rating
Factor Test”:  A test that will be satisfied on any date of
determination if the Adjusted Weighted Average Moody’s Rating Factor of the
Collateral Obligations is less than or equal to the sum of (A) the number
set forth in the Asset Quality Matrix at the intersection of the applicable
“row/column combination” chosen by the Collateral Manager (or interpolating
between two adjacent rows and/or two adjacent columns, as applicable) as set
forth in Section
7.18(g) plus
(B) the Moody’s Weighted Average Recovery Adjustment.

     

    “Measurement
Date”:  (i) Any day on which a purchase of a Collateral
Obligation occurs, (ii) any Determination Date, (iii) the date as of
which the information in any Monthly Report is calculated, (iv) with five
Business Days prior written notice, any Business Day requested by either Rating
Agency and (v) the Effective Date.

     

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

     

    “Membership
Interests”: As defined in Section
2.5(c)(ii).

     

    “Merging
Entity”:  As defined in Section 7.10.

     

    “Minimum Floating
Spread”:  The number set forth in the column entitled “Minimum
Weighted Average Spread” in the Asset Quality Matrix based upon the applicable
“row/column combination” chosen by the Collateral Manager (or interpolating
between two adjacent rows and/or two adjacent columns, as applicable) in
accordance with Section 7.18(g),
as reduced by the Moody’s Weighted Average Recovery Adjustment.

     

    “Minimum Floating Spread
Test”:  The test that is satisfied on any date of determination
if the Weighted Average Floating Spread plus the Excess Weighted Average Coupon
equals or exceeds the Minimum Floating Spread.

     

    “Minimum Weighted Average
Coupon”:  7.50%.

     

    “Minimum Weighted Average
Coupon Test”:  A test that is satisfied on any date of
determination if the Weighted Average Coupon plus the Excess Weighted
Average Floating Spread equals or exceeds the Minimum Weighted Average
Coupon.

     

    “Minimum Weighted Average
Moody’s Recovery Rate Test”:  The test that will be satisfied
on any date of determination if the Weighted Average Moody’s Recovery Rate
equals or exceeds 43.00%.

     

    “Minimum Weighted Average
S&P Recovery Rate Test”:  The test that will be satisfied
on any date of determination if the Weighted Average S&P Recovery Rate for
each Class of Secured Notes outstanding equals or exceeds the Weighted Average
S&P Recovery Rate for such Class selected by the Collateral Manager in
connection with the S&P CDO Monitor Test.

     

    “Money”:  The
meaning specified in Section 1-201(24) of the UCC.

     

    “Monthly
Report”:  The meaning specified in Section 10.7(a).

     

    “Monthly Report Determination
Date”:  The meaning specified in Section
10.7(a).

     

    “Moody’s”:  Moody’s
Investors Service, Inc. and any successor thereto.

     

    “Moody’s Collateral
Value”:  On any date of determination, with respect to any
Defaulted Obligation, the lesser of (i) the Moody’s Recovery Amount of such
Defaulted Obligation as of such date and (ii) the Market Value of such
Defaulted Obligation as of such date.

     

    “Moody’s Counterparty
Criteria”:  With respect to any Participation Interest (other
than a Closing Date Participation Interest) proposed to be acquired by the
Issuer, criteria that will be met if immediately after giving effect to such
acquisition, (x) the percentage of the Collateral Principal Amount that
consists in the aggregate of Participation Interests with Selling Institutions
that have the same or a lower Moody’s credit rating does not exceed the
“Aggregate Percentage Limit” set forth below for such Moody’s credit rating and
(y) the percentage of the Collateral Principal Amount that consists in the
aggregate of Participation Interests with any single Selling Institution that
has the Moody’s credit rating set forth below or a lower credit rating does not
exceed the “Individual Percentage Limit” set forth below for such Moody’s credit
rating:

     

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

    
    

    
      
        
          	
                  Moody’s
      credit rating of

                  Selling
      Institution (at or

                  below)

                	
                  Aggregate
      Percentage

                  Limit

                	
                  Individual
      Percentage

                  Limit

                
	 
      	 
      	 
      
	
                  Aaa

                	
                  5%

                	
                  5%

                
	
                  Aa1

                	
                  5%

                	
                  5%

                
	
                  Aa2

                	
                  5%

                	
                  5%

                
	
                  Aa3

                	
                  5%

                	
                  3.75%

                
	
                  A1
      and P-1 (both)

                	
                  3.125%

                	
                  2.5%

                
	
                  A2*
      and P-1 (both)

                	
                  1.875%

                	
                  1.25%

                
	
                  A2

                	
                  0%

                	
                  0%

                

        

      

    

     

      

    

    * and not
on watch for possible downgrade

     

    “Moody’s Default Probability
Rating”:  With respect to any Collateral Obligation, the rating
determined pursuant to Schedule 5
hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee,
the Collateral Administrator and the Collateral Manager).

     

    “Moody’s Derived
Rating”:  With respect to any Collateral Obligation whose
Moody’s Rating or Moody’s Default Probability Rating cannot otherwise be
determined pursuant to the definitions thereof, the rating determined for such
Collateral Obligation as set forth in Schedule 5
hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee,
the Collateral Administrator and the Collateral Manager).

     

    “Moody’s Diversity
Test”:  A test that will be satisfied on any date of
determination if the Diversity Score (rounded to the nearest whole
number) equals or exceeds the number set forth in the column entitled
“Minimum Diversity Score” in the Asset Quality Matrix based upon the applicable
“row/column combination” chosen by the Collateral Manager (or interpolating
between two adjacent rows and/or two adjacent columns, as applicable) in
accordance with Section 7.18(g).

     

    “Moody’s Industry
Classification”:  The industry classifications set forth in
Schedule 2
hereto, as such industry classifications shall be updated at the option of the
Collateral Manager if Moody’s publishes revised industry
classifications.

     

    “Moody’s Non-Senior Secured
Loan”:  Any assignment of or Participation Interest in or other
interest in a loan that is not a Moody’s Senior Secured Loan.

     

    “Moody’s Ramp-Up
Failure”:  The meaning specified in Section 7.18(e).

     

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

     

    “Moody’s
Rating”:  With respect to any Collateral Obligation, the rating
determined pursuant to Schedule 5
hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee,
the Collateral Administrator and the Collateral Manager).

     

    “Moody’s Rating
Condition”:  With respect to any action taken or to be taken by
or on behalf of the Issuer, a condition that is satisfied if Moody’s has
confirmed in writing to the Issuer, the Trustee, the Collateral Administrator
and the Collateral Manager that no immediate withdrawal or reduction with
respect to its then-current rating by Moody’s of any Class of Secured Notes
will occur as a result of such action; provided that the Moody’s
Rating Condition will be deemed to be satisfied if no Class of Secured
Notes then Outstanding is rated by Moody’s.

     

    “Moody’s Rating
Factor”:  For each Collateral Obligation, the number set forth
in the table below opposite the Moody’s Default Probability Rating of such
Collateral Obligation.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  Moody’s Default

                                  Probability

                                  Rating

                                	 	
                                  Moody’s Rating

                                  Factor

                                	 	
                                  Moody’s Default

                                  Probability

                                  Rating

                                	 	
                                  Moody’s Rating

                                  Factor

                                
	
                                  Aaa

                                	 	
                                  1

                                	 	
                                  Ba1

                                	 	
                                  940

                                
	
                                  Aa1

                                	 	
                                  10

                                	 	
                                  Ba2

                                	 	
                                  1,350

                                
	
                                  Aa2

                                	 	
                                  20

                                	 	
                                  Ba3

                                	 	
                                  1,766

                                
	
                                  Aa3

                                	 	
                                  40

                                	 	
                                  B1

                                	 	
                                  2,220

                                
	
                                  A1

                                	 	
                                  70

                                	 	
                                  B2

                                	 	
                                  2,720

                                
	
                                  A2

                                	 	
                                  120

                                	 	
                                  B3

                                	 	
                                  3,490

                                
	
                                  A3

                                	 	
                                  180

                                	 	
                                  Caa1

                                	 	
                                  4,770

                                
	
                                  Baa1

                                	 	
                                  260

                                	 	
                                  Caa2

                                	 	
                                  6,500

                                
	
                                  Baa2

                                	 	
                                  360

                                	 	
                                  Caa3

                                	 	
                                  8,070

                                
	
                                  Baa3

                                	 	
                                  610

                                	 	
                                  Ca
      or lower

                                	 	
                                  10,000

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    For
purposes of the Maximum Moody’s Rating Factor Test, any Collateral Obligation
issued or guaranteed by the United States government or any agency or
instrumentality thereof is assigned a Moody’s Rating Factor of 1.

     

    “Moody’s Recovery
Amount”:  With respect to any Collateral Obligation that is a
Defaulted Obligation, an amount equal to (a) the applicable Moody’s
Recovery Rate multiplied
by (b) the Principal Balance of such Collateral
Obligation.

     

    “Moody’s Recovery
Rate”:  With respect to any Collateral Obligation, as of any
date of determination, the recovery rate determined in accordance with the
following, in the following order of priority:

     

    
      	
               
      

            	
              (i)

            	
              if
      the Collateral Obligation has been specifically assigned a recovery rate
      by Moody’s (for example, in connection with the assignment by Moody’s of
      an estimated rating), such recovery
rate;

            

    

     

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (ii)

            	
              if
      the preceding clause does not apply to the Collateral Obligation, and the
      Collateral Obligation is a Moody’s Senior Secured Loan or a Moody’s
      Non-Senior Secured Loan (in each case other than a DIP Collateral
      Obligation), the rate determined pursuant to the table below based on the
      number of rating subcategories difference between the Collateral
      Obligation’s Moody’s Rating and its Moody’s Default Probability Rating
      (for purposes of clarification, if the Moody’s Rating is higher than the
      Moody’s Default Probability Rating, the rating subcategories difference
      will be positive and if it is lower,
negative):

            

    

     

    
      
        
          
            
              
                
                  
                    	
                            Number of Moody’s

                            Ratings Subcategories

                            Difference Between the

                            Moody’s Rating and the

                            Moody’s Default

                            Probability Rating

                          	 	
                            Moody’s Senior

                            Secured Loans

                          	 	
                            Moody’s Non-Senior

                            Secured Loans

                          
	
                            +2
      or more

                          	 	
                            60%

                          	 	
                            45%

                          
	
                            +1

                          	 	
                            50%

                          	 	
                            42.5%

                          
	
                            0

                          	 	
                            45%

                          	 	
                            40%

                          
	
                            -1

                          	 	
                            40%

                          	 	
                            30%

                          
	
                            -2

                          	 	
                            30%

                          	 	
                            15%

                          
	
                            -3
      or less

                          	 	
                            20%

                          	 	
                            10%

                          

                  

                

              

            

          

        

      

    

     

    
      	
               
      

            	
              (iii)

            	
              if
      the Collateral Obligation is a DIP Collateral Obligation (other than a DIP
      Collateral Obligation which has been specifically assigned a recovery rate
      by Moody’s), 50%.

            

    

     

    “Moody’s RiskCalc”:
The meaning specified in Schedule
7.

     

    “Moody’s Senior Secured
Loan”:  The meaning specified in Schedule 5 (or
such other schedule provided by Moody’s to the Issuer, the Trustee and the
Collateral Manager).

     

    “Moody’s Weighted Average
Recovery Adjustment”:  As of any date of determination, the
greater of (a) zero and (b) the product of (i)(A) the Weighted Average Moody’s
Recovery Rate as of such date of determination multiplied by 100 minus (B) 48.0 and
(ii) (A) with respect to the adjustment of  the Maximum Moody’s
Rating Factor Test, 65 and (B) with respect to adjustment of the Minimum
Floating Spread, 0.07%; provided, that if the
Weighted Average Moody’s Recovery Rate for purposes of determining the Moody’s
Weighted Average Recovery Adjustment is greater than 60%, then such Weighted
Average Moody’s Recovery Rate shall equal 60% unless the Moody’s Rating
Condition is satisfied; provided, further, that the amount
specified in clause (b)(i) above may only be allocated once on any
date of determination and the Collateral Manager shall designate to the
Collateral Administrator in writing on each such date the portion of such amount
that shall be allocated to clause (b)(ii)(A) and the portion of such amount that
shall be allocated to clause (b)(ii)(B) (it being understood that, absent
an express designation by the Collateral Manager, all such amounts shall be
allocated to clause (b)(ii)(A)).

     

    “Net Exposure Amount”:
As of the applicable Cut-Off Date, with respect to any Substitute Collateral
Obligation which is a Revolving Collateral Obligation or Delayed Drawdown
Collateral Obligation, the lesser of (i) the aggregate amount of the then
unfunded funding obligations thereunder and (ii) the amount necessary to cause,
upon completion of such substitution on the applicable Cut-Off Date, the amount
of funds on deposit in the Revolver Funding Account to be at least equal to the
sum of the unfunded funding obligations under all Delayed Drawdown Collateral
Obligations and Revolving Collateral Obligations then included in the
Assets.

     

    
      
         

      

      
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    “Net Purchased Loan
Balance”:  As of any date of determination, an amount equal to
(a) the sum of (i) the aggregate principal balance of all Collateral Obligations
(without duplication) conveyed by the Originator to the Depositor and by the
Depositor to the Issuer under the Master Loan Sale Agreement prior to such date,
calculated as of the respective Cut-Off Dates of such Collateral Obligations,
and (ii) the aggregate principal balance of all Collateral Obligations (without
duplication) acquired by the Issuer other than from the Depositor prior to such
date minus (b) the
aggregate principal balance of all Collateral Obligations (other than Ineligible
Collateral Obligations, and without duplication) repurchased or substituted by
the Originator prior to such date.

     

    “Non-Call
Period”:  The period from the Closing Date to but excluding the
Payment Date in the month which is the later to occur of (i) July 2013, or (ii)
the end of the Reinvestment Period (taking into account any extension thereof to
the Reinvestment Period Extension Date).

     

    “Non-Emerging Market
Obligor”:  An obligor that is Domiciled in any country that has
a country ceiling for foreign currency bonds of at least “Aa2” by Moody’s and a
foreign currency issuer credit rating of at least “AA” by S&P.

     

    “Non-Permitted ERISA
Holder”:  As defined in Section 2.11(d).

     

    “Non-Permitted
Holder”:  As defined in Section 2.11(b).

     

    “Note Interest
Amount”:  With respect to any Class of Secured Notes and any
Payment Date, the amount of interest for the related Interest Accrual Period
payable in respect of each U.S.$100,000 outstanding principal amount of such
Class of Secured Notes.

     

    “Note Payment
Sequence”: The application, in accordance with the Priority of Payments,
of Interest Proceeds or Principal Proceeds, as applicable, in the following
order:

     

    (i)           to
the payment of principal of the Class A Notes (including any defaulted interest)
until such amount has been paid in full; and

     

    (ii)           to
the payment of principal of the Class B Notes (including any defaulted interest)
until the Class B Notes have been paid in full.

     

    “Noteholder”:  The
registered owner of any Note; provided that, with respect
to the delivery of notices, reports and other communications required to be
delivered thereto under any Transaction Document, the “Noteholder” shall be the
registered owners of the related Class of Notes and each Beneficial Owner
thereof.

     

    “Noteholder Reporting
Obligations”:  The obligations set forth in Section
2.12(d).

     

    “Notice of
Substitution”: The meaning specified in Section
12.3(a)(ii).

     

    
      
         

      

      
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    “Notes”:  Collectively,
the Secured Notes and the Subordinated Notes authorized by, and
authenticated and delivered under, this Indenture (as specified in Section 2.3).

     

    “Obligor”: With
respect to any Collateral Obligation, any Person or Persons obligated to make
payments pursuant to or with respect to such Collateral Obligation, including
any guarantor thereof, but excluding, in each case, any such Person that is an
obligor or guarantor that is in addition to the primary obligors or guarantors
with respect to the assets, cash flows or credit on which the related Collateral
Obligation is principally underwritten.

     

    “Offer”:  As
defined in Section 10.8(c).

     

    “Offering”:  The
offering of any Notes pursuant to the relevant Offering Circular.

     

    “Offering
Circular”:  Each offering circular relating to the offer and
sale of the Notes, including any supplements thereto.

     

    “Officer”:  (a)
With respect to any corporation, the Chairman of the board of directors, the
President, any Vice President, the Secretary, an Assistant Secretary, the
Treasurer or an Assistant Treasurer of such entity, (b) with respect to any
limited liability company, any person to whom the rights and powers of
management thereof are delegated in accordance with the limited liability
company agreement of such limited liability company, (c) with respect to the
Issuer, any Responsible Officer of the designated manager of the Issuer, or any
Officer of the Collateral Manager on behalf of the Issuer and (d) with respect
to the Collateral Manager, any manager of the Collateral Manager or any duly
authorized officer of the Collateral Manager with direct responsibility for the
administration of the Collateral Management Agreement and this Indenture and
also, with respect to a particular matter, any other duly authorized officer of
the Collateral Manager to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

     

     “Opinion of
Counsel”:  A written opinion addressed to the Trustee and, if
required by the terms hereof, each Rating Agency, in form and substance
reasonably satisfactory to the Trustee (and, if so addressed, each Rating
Agency), of an attorney admitted to practice, or a nationally or internationally
recognized and reputable law firm one or more of the partners of which are
admitted to practice, before the highest court of any State of the United States
or the District of Columbia, which attorney or law firm, as the case may be,
may, except as otherwise expressly provided herein, be counsel for the Issuer,
and which attorney or law firm, as the case may be, shall be reasonably
satisfactory to the Trustee.  Whenever an Opinion of Counsel is
required hereunder, such Opinion of Counsel may rely on opinions of other
counsel who are so admitted and so satisfactory, which opinions of other counsel
shall accompany such Opinion of Counsel and shall be addressed to the Trustee
(and, if required by the terms hereof, each Rating Agency) or shall state that
the Trustee (and, if required by the terms hereof, each Rating Agency) shall be
entitled to rely thereon.

     

    “Optional
Redemption”:  A redemption of the Notes in accordance with
Section 9.2.

     

    “Originator”: Golub
Capital BDC, Inc., together with its successors and assigns.

     

    
      
         

      

      
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    “Other Plan
Law”:  Any state, local, other federal or non-U.S. laws or
regulations that are substantially similar to the prohibited transaction
provisions of Section 406 of ERISA or Section 4975 of the Code.

     

    “Outstanding”:  With
respect to the Notes or the Notes of any specified Class, as of any date of
determination, all of the Notes or all of the Notes of such Class, as the case
may be, theretofore authenticated and delivered under this Indenture,
except:

     

    
      	
               
      

            	
              (i)

            	
              Notes
      theretofore canceled by the Registrar or delivered to the Registrar for
      cancellation in accordance with the terms of Section
      2.9;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Notes
      or portions thereof for whose payment or redemption funds in the necessary
      amount have been theretofore irrevocably deposited with the Trustee or any
      Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii);
      provided that if
      such Notes or portions thereof are to be redeemed, notice of such
      redemption has been duly given pursuant to this Indenture or provision
      therefor satisfactory to the Trustee has been
  made;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Notes
      in exchange for or in lieu of which other Notes have been authenticated
      and delivered pursuant to this Indenture, unless proof satisfactory to the
      Trustee is presented that any such Notes are held by a “protected
      purchaser” (within the meaning of Section 8-303 of the UCC);
      and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              Notes
      alleged to have been mutilated, destroyed, lost or stolen for which
      replacement Notes have been issued as provided in Section 2.6;

            

    

     

    provided that in determining
whether the Holders of the requisite Aggregate Outstanding Amount have given any
request, demand, authorization, direction, notice, consent or waiver hereunder,
(a) Notes owned by the Issuer or (only in the case of a vote on
(i) the removal of the Collateral Manager for “cause”, (ii) the
approval of a successor Collateral Manager if the appointment of the Collateral
Manager is being terminated pursuant to the Collateral Management Agreement for
“cause” and (iii) the waiver of any event constituting “cause”) Notes owned
by the Collateral Manager, an Affiliate thereof, or an account, fund, client or
portfolio established and controlled by the Collateral Manager or an Affiliate
thereof or for which the Collateral Manager or an Affiliate thereof acts as the
investment adviser or with respect to which it or an Affiliate exercises
discretionary authority shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver, only Notes that a Trust Officer of the Trustee actually knows to be so
owned shall be so disregarded and (b) Notes so owned that have been pledged
in good faith shall be regarded as Outstanding if the pledgee establishes to the
reasonable satisfaction of the Trustee the pledgee’s right so to act with
respect to such Notes and that the pledgee is not one of the Persons specified
above.

     

    “Overcollateralization
Ratio”:  As of any date of determination, the percentage
derived from: (i) the Adjusted Collateral Principal Amount on such date
divided by (ii) the Aggregate Outstanding Amount on such date of the
Secured Notes.

     

    
      
         

      

      
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    “Overcollateralization Ratio
Test”:  A test that is satisfied with respect to the Secured
Notes as of any date of determination on which such test is applicable if (i)
the Overcollateralization Ratio on such date is at least equal to the Required
Overcollateralization Ratio or (ii) the Secured Notes are no longer
outstanding.

     

    “Pari Passu
Class”:  With respect to any specified Class of Notes, each
Class of Notes that ranks pari passu to such Class, as indicated in Section 2.3.

     

    “Participation
Interest”:  (i) A participation interest in a loan that, at the
time of acquisition or the Issuer’s commitment to acquire the same, is
represented by a contractual obligation of a Selling Institution that has at the
time of such acquisition or the Issuer’s commitment to acquire the same at least
a short-term rating of “A-1” (or if no short-term rating exists, a long-term
rating of “A+”) by S&P and (ii) each Closing Date Participation
Interest.

     

    “Passing Accountants’
Certificate”:  The meaning specified in Section 7.18(e).

     

    “Paying
Agent”:  Any Person authorized by the Issuer to pay the
principal of or interest on any Notes on behalf of the Issuer as specified in
Section 7.2.

     

    “Payment
Account”:  The payment account of the Trustee established
pursuant to Section 10.3(a).

     

    “Payment
Date”:  The 20th day of January, April, July and October of
each year (or, if such day is not a Business Day, the next succeeding Business
Day), commencing in January, 2011, except that the final Payment Date (subject
to any earlier redemption or payment of the Notes) shall be July 20, 2021
(or, if such day is not a Business Day, the next succeeding Business
Day).

     

    “PBGC”:  The
United States Pension Benefit Guaranty Corporation.

     

    “Permitted Deferrable
Obligation”:  Any Deferrable Obligation that (or the Underlying
Document of which) carries a current cash pay interest rate of not less than (a)
in the case of a Floating Rate Obligation, LIBOR plus 1.00% per annum or (b) in the case
of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating
interest rate swap with a term equal to five years.

     

    “Permitted Liens”:
With respect to the Assets:  (i) security interests, liens and other
encumbrances created pursuant to the Transaction Documents, (ii) security
interests, liens and other encumbrances in favor of the Trustee created pursuant
to the Indenture and/or this Agreement, (iii) with respect to agented Collateral
Obligations, security interests, liens and other encumbrances in favor of the
lead agent, the collateral agent or the paying agent on behalf of all holders of
indebtedness of such Obligor under the related facility, (iv) with respect to
any Equity Security, any security interests, liens and other encumbrances
granted on such Equity Security to secure indebtedness of the related Obligor
and/or any  security interests, liens and other rights or encumbrances
granted under any governing documents or other agreement between or among or
binding upon the Issuer as the holder of equity in such Obligor and (v) security
interests, liens and other encumbrances, if any, which have priority over first
priority perfected security interests in the Collateral Obligations or any
portion thereof under the UCC or any other applicable law.

     

    
      
         

      

      
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    “Permitted
Offer”:  An Offer (i) pursuant to the terms of which the
offeror offers to acquire a debt obligation (including a Collateral Obligation)
in exchange for consideration consisting solely of Cash in an amount equal to or
greater than the full face amount of such debt obligation plus any accrued and unpaid
interest and (ii) as to which the Collateral Manager has determined in its
reasonable commercial judgment that the offeror has sufficient access to
financing to consummate the Offer.

     

    “Person”:  An
individual, corporation (including a business trust), partnership, limited
liability company, joint venture, association, joint stock company, statutory
trust, trust (including any beneficiary thereof), unincorporated association or
government or any agency or political subdivision thereof.

     

    “Portfolio Acquisition and
Disposition Requirements”: With respect to any acquisition (whether by
purchase or substitution) or disposition of a Collateral Obligation, each of the
following conditions, which shall be certified to in writing in the form of
Exhibit H or
Exhibit I
hereto (as applicable) by the Collateral Manager on behalf of the Issuer to the
Trustee: (a) such Collateral Obligation, if being acquired by the Issuer, is an
Eligible Asset; (b) such Collateral Obligation is being acquired or disposed of
in accordance with the terms and conditions set forth herein; (c) the
acquisition or disposition of such Collateral Obligation does not result in a
reduction or withdrawal of the then-current rating issued by any Rating Agency
on any class of Secured Notes then Outstanding; and (d) such Collateral
Obligation is not being acquired or disposed of for the primary purpose of
recognizing gains or decreasing losses resulting from market value
changes.

     

    “Portfolio
Company”:  Any company that is controlled by the Collateral
Manager, an Affiliate thereof, or an account, fund, client or portfolio
established and controlled by the Collateral Manager or an Affiliate
thereof.

     

     “Principal
Balance”:  Subject to Section 1.3,
with respect to (a) any Asset other than a Revolving Collateral Obligation
or Delayed Drawdown Collateral Obligation, as of any date of determination, the
outstanding principal amount of such Asset (excluding any capitalized
interest) and (b) any Revolving Collateral Obligation or Delayed
Drawdown Collateral Obligation, as of any date of determination, the outstanding
principal amount of such Revolving Collateral Obligation or Delayed Drawdown
Collateral Obligation (excluding any capitalized interest), plus (except as
expressly set forth herein) any undrawn commitments that have not been
irrevocably reduced or withdrawn with respect to such Revolving Collateral
Obligation or Delayed Drawdown Collateral Obligation; provided that for all
purposes the Principal Balance of (1) any Equity Security or interest only
strip shall be deemed to be zero and (2) any Defaulted Obligation that is
not sold or terminated within three years after becoming a Defaulted Obligation
shall be deemed to be zero.

     

    “Principal Collection
Subaccount”:  The meaning specified in Section 10.2(a).

     

    “Principal Financed Accrued
Interest”:  The amount of Principal Proceeds, if any, applied
towards the purchase of accrued interest on a Collateral
Obligation.

     

    
      
         

      

      
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    “Principal
Proceeds”:  With respect to any Collection Period or
Determination Date, all amounts received by the Issuer during the related
Collection Period that do not constitute Interest Proceeds and any other amounts
that have been designated as Principal Proceeds pursuant to the terms of this
Indenture.

     

    “Priority
Category”:  With respect to any Collateral Obligation, the
applicable category listed in the table under the heading “Priority Category” in
clause 1(b) of Schedule 6.

     

    “Priority
Class”:  With respect to any specified Class of Notes, each
Class of Notes that ranks senior to such Class, as indicated in Section 2.3.

     

    “Priority of
Payments”:  The meaning specified in Section 11.1(a).

     

    “Proceeding”:  Any
suit in equity, action at law or other judicial or administrative
proceeding.

     

    “Process
Agent”:  The meaning specified in Section 7.2.

     

    “Proposed
Portfolio”:  The portfolio of Collateral Obligations and
Eligible Investments resulting from the proposed purchase, sale, maturity or
other disposition of a Collateral Obligation or a proposed reinvestment in an
additional Collateral Obligation, as the case may be.

     

    “Purchase
Agreement”:  The agreement dated as of July 16, 2010 by and
between the Issuer, the Originator and the Initial Purchaser of the Secured
Notes, as amended from time to time.

     

    “QIB/QP”:  Any
Person that, at the time of its acquisition, purported acquisition or proposed
acquisition of Notes is both a Qualified Institutional Buyer and a Qualified
Purchaser.

     

    “Qualified
Broker/Dealer”:  Any of Bank of America/Merrill Lynch; The Bank
of Montreal; The Bank of New York Mellon, N.A.; Barclays Bank plc; BNP Paribas;
Broadpoint Securities; Calyon; Citibank, N.A.; Credit Agricole S.A.; Canadian
Imperial Bank of Commerce; Credit Suisse; Deutsche Bank AG; Dresdner Bank AG;
Goldman Sachs & Co.; HSBC Bank; Imperial Capital LLC; JPMorgan Chase Bank,
N.A.; Lloyds TSB Bank; Merrill Lynch, Pierce, Fenner & Smith Incorporated;
Morgan Stanley & Co.; Natixis; Northern Trust Company; Royal Bank of Canada;
The Royal Bank of Scotland plc; Societe Generale; The Toronto-Dominion Bank; UBS
AG; U.S. Bank, National Association; and Wells Fargo Bank, National
Association.

     

    “Qualified Institutional
Buyer”:  The meaning specified in Rule 144A under the
Securities Act.

     

    “Qualified
Purchaser”:  The meaning specified in
Section 2(a)(51) of the 1940 Act and Rule 2a51-2 or 2a51-3 under the
1940 Act.

     

    “Ramp-Up
Account”:  The account established pursuant to Section 10.3(c).

     

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

    “Rating
Agency”:  Each of Moody’s and S&P or, with respect to
Assets generally, if at any time Moody’s or S&P ceases to provide rating
services with respect to debt obligations, any other nationally recognized
investment rating agency selected by the Issuer (or the Collateral Manager on
behalf of the Issuer).  If at any time Moody’s ceases to be a Rating
Agency, references to rating categories of Moody’s herein shall be deemed
instead to be references to the equivalent categories of such other rating
agency as of the most recent date on which such other rating agency and Moody’s
published ratings for the type of obligation in respect of which such
alternative rating agency is used; provided that, if any S&P
Rating is determined by reference to a rating by Moody’s, such change shall be
subject to satisfaction of the S&P Rating Condition.  If at any
time S&P ceases to be a Rating Agency, references to rating categories of
S&P herein shall be deemed instead to be references to the equivalent
categories of such other rating agency as of the most recent date on which such
other rating agency and S&P published ratings for the type of obligation in
respect of which such alternative rating agency is used.

     

    “Record
Date”:  With respect to the Global Secured Notes, Certificated
Secured Notes and Certificated Subordinated Notes, the date 15 days prior to the
applicable Payment Date.

     

    “Redemption
Date”:  Any Payment Date specified for a redemption of Notes
pursuant to Article
IX.

     

    “Redemption Price”:
(a) For each Secured Note to be redeemed (x) 100% of the Aggregate Outstanding
Amount of such Secured Note, plus (y) accrued and unpaid
interest thereon to the Redemption Date and (b) for each Subordinated Note, its
proportional share (based on the outstanding principal amount of such Notes) of
the amount of the proceeds of the Assets remaining after giving effect to the
Optional Redemption or Tax Redemption of the Secured Notes in whole or after all
of the Secured Notes have been repaid in full and payment in full of (and/or
creation of a reserve for) all expenses (including all Aggregate Collateral
Management Fees and Administrative Expenses) of the Issuer; provided that, in connection
with any Tax Redemption, holders of 100% of the Aggregate Outstanding Amount of
any Class of Secured Notes may elect to receive less than 100% of the Redemption
Price that would otherwise be payable to the Holders of such Class of Secured
Notes.

     

    “Reference
Banks”:  The meaning specified in Exhibit C
hereto.

     

    “Refinancing”:  A
loan or an issuance of replacement securities, whose terms in each case will be
negotiated by the Collateral Manager on behalf of the Issuer, from one or more
financial institutions or purchasers to refinance the Notes in connection with
an Optional Redemption.

     

    “Refinancing
Proceeds”:  The Cash proceeds from the
Refinancing.

     

    “Register and
Registrar”:  The respective meanings specified in Section 2.5(a).

     

    “Registered”:  In
registered form for U.S. federal income tax purposes and issued after
July 18, 1984; provided that a certificate of
interest in a grantor trust shall not be treated as Registered unless each of
the obligations or securities held by the trust was issued after that
date.

     

    “Registered Investment
Adviser”:  A Person duly registered as an investment adviser in
accordance with and pursuant to Section 203 of the Investment Advisers Act of
1940, as amended.

     

    
      
         

      

      
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    “Regulation S”:  Regulation S,
as amended, under the Securities Act.

     

    “Regulation S Global Secured
Note”:  The meaning specified in Section 2.2(b)(i).

     

    “Reinvestment
Agreement”: A guaranteed reinvestment agreement from a bank, insurance
company or other corporation or entity having an Eligible Investment Required
Rating; provided that
such agreement provides that it is terminable by the purchaser, without penalty,
if the rating assigned to such agreement by either Rating Agency is at any time
lower than such agreement’s Eligible Investment Required Rating.

     

    “Reinvestment Amount”:
Any amount that is available to be distributed on any Payment Date during the
Reinvestment Period to the Issuer pursuant to clause (I) of Section
11.1(a)(i) but is instead deposited in the Principal Collection
Subaccount on such Payment Date at the direction of the Issuer in accordance
with Section
11.1(e).  Each Reinvestment Amount shall be deemed to be paid
to the Issuer on the Payment Date on which it is deposited in the Principal
Collection Subaccount at the direction of the Issuer, and each Reinvestment
Amount will be actually paid to the Issuer after such Payment Date, without
interest thereon and solely to the extent of Principal Proceeds available
therefor pursuant to clause (J) of Section 11.1(a)(ii)
or proceeds in respect of the Assets available therefor pursuant to clause (J)
of Section
11.1(a)(iii), as applicable.

     

    “Reinvestment
Period”:  The period from and including the Closing Date to and
including the earliest of (i) the later of July 22, 2013 and the
Reinvestment Period Extension Date, (ii) the date of the acceleration of
the Maturity of any Class of Secured Notes pursuant to Section 5.2 and (iii)
the date on which the Collateral Manager reasonably determines that it can no
longer reinvest in additional Collateral Obligations in accordance with the
terms hereof or the Collateral Management Agreement; provided, in the case of
clause (iii), the Collateral Manager notifies the Issuer, the Trustee (who shall
notify the Holders of Notes) and the Collateral Administrator thereof in writing
at least one Business Day prior to such date. The initial Reinvestment Period
may be extended at the option of the Issuer, as directed by a Majority of the
Subordinated Notes, to the Reinvestment Period Extension Date, specified in a
written notice from the Issuer to the Trustee, the Collateral Administrator and
the Collateral Manager; provided that at the time
such option is exercised (i) a Supermajority of the Class A Notes have consented
thereto, (ii) the Global Rating Agency Condition is satisfied with respect
thereto, (iii) the ratings on the Class A Notes and Class B Notes are higher
than or equal to the respective ratings thereof on the Closing Date, and (iv)
the Coverage Tests, Collateral Quality Test and Concentration Limitations are in
compliance.

     

    “Reinvestment Period
Extension Date”:  July 20, 2015.

     

    “Reinvestment Target Par
Balance”:  As of any date of determination, the Target Initial
Par Amount minus the amount of any
reduction in the Aggregate Outstanding Amount of the Notes through the payment
of Principal Proceeds.

     

    “Related Person”: With
respect to any Person, the owners of the equity interests therein, directors,
officers, employees, managers, agents and professional advisors
thereof.

     

    “Repurchase and Substitution
Limit”:  The meaning specified in Section
12.3(c).

     

    
      
         

      

      
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    “Required Interest Coverage
Ratio”:  For the Secured Notes, 115.0%.

     

    “Required Interest Diversion
Amount”: The lesser of (x) 50% of Available Funds from the Collateral
Interest Amount on any Payment Date after application of such Collateral
Interest Amount to the payment of amounts set forth in clauses (A) through (E) of Section 11.1(a)(i)
and (y) the minimum amount that needs to be added to the Adjusted Collateral
Principal Amount in order to cause the Interest Diversion Test to be
satisfied.

     

     “Required
Overcollateralization Ratio”: For the Class A Notes and Class B Notes,
158.0%.

     

    “Resolution”: A
resolution of, or written consent of, the board of directors of the designated
manager of the Issuer.

     

    “Responsible Officer”:
With respect to any Person, any duly authorized officer of such Person with
direct responsibility for the administration of the applicable agreement and
also, with respect to a particular matter, any other duly authorized officer of
such Person to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject; provided that, with (i)
respect to the Issuer or Depositor, a Responsible Officer shall only include the
chairman, chief executive officer and chief financial officer of the designated
manager of the Issuer or Depositor, as applicable, and (ii) with respect to the
Originator, a Responsible Officer shall only include the chairman, chief
executive officer and chief financial officer of the Originator. Each party may
receive and accept a certification of the authority of any other party as
conclusive evidence of the authority of any Person to act, and such
certification may be considered as in full force and effect until receipt by
such other party of written notice to the contrary.

     

    “Restricted Trading
Period”:  The period during which (a) the Moody’s rating of any
of the Class A Notes is one or more sub-categories below its rating on the
Closing Date, (b) the Moody’s rating of any of the Class B Notes is two or more
sub-categories below its rating on the Closing Date or (c) the Moody’s rating of
any Class A Notes or Class B Notes (in each case then outstanding) has been
withdrawn and not reinstated; provided, that such period
will not be a Restricted Trading Period (so long as the Moody’s rating of any of
the Class A Notes or the Class B Notes has not been further downgraded,
withdrawn or put on watch for potential downgrade) upon the direction of the
Issuer with the consent of a Majority of the Controlling Class.

     

    “Revolver Funding
Account”:  The account established pursuant to Section 10.4.

     

    “Revolving Collateral
Obligation”:  Any Collateral Obligation (other than a Delayed
Drawdown Collateral Obligation) that is a loan (including, without
limitation, revolving loans, including funded and unfunded portions of revolving
credit lines and letter of credit facilities, unfunded commitments under
specific facilities and other similar loans and investments) that by its
terms may require one or more future advances to be made to the borrower by the
Issuer; provided that
any such Collateral Obligation will be a Revolving Collateral Obligation only
until all commitments to make advances to the borrower expire or are terminated
or irrevocably reduced to zero.

     

    
      
         

      

      
        47

        
          

        

      

      
         

      

    

     

    “Rule
144A”:  Rule 144A, as amended, under the Securities
Act.

     

    “Rule 144A Global Secured
Note”:  The meaning specified in Section 2.2(b)(ii).

     

    “Rule 144A
Information”:  The meaning specified in Section 7.15.

     

    “S&P”:  Standard
& Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business, and any successor or successors thereto.

     

    “S&P CDO
Monitor”:  Each dynamic, analytical computer model developed by
S&P used to calculate the default frequency in terms of the amount of debt
assumed to default as a percentage of the original principal amount of the
Collateral Obligations consistent with a specified benchmark rating level based
upon certain assumptions (including the applicable Weighted Average S&P
Recovery Rate) and S&P’s proprietary corporate default studies, as may
be amended by S&P from time to time upon notice to the Issuer, the
Collateral Administrator and the Trustee.  Each S&P CDO Monitor
shall be chosen by the Collateral Manager and associated with either (x) a
Weighted Average S&P Recovery Rate and a Weighted Average Floating Spread
from Section 2 of
Schedule 6
or (y) a Weighted Average S&P Recovery Rate and a Weighted Average
Floating Spread confirmed by S&P; provided that as of any date
of determination the Weighted Average S&P Recovery Rate for each
Class of Secured Notes Outstanding equals or exceeds the Weighted Average
S&P Recovery Rate for such Class chosen by the Collateral Manager and the
Weighted Average Floating Spread equals or exceeds the Weighted Average Floating
Spread chosen by the Collateral Manager.

     

    “S&P CDO Monitor
Test”:  A test that will be satisfied on any date of
determination on or after the Effective Date following receipt by the Issuer and
the Collateral Administrator of the S&P CDO Monitor (along with the
assumptions and instructions to run the S&P CDO Monitor and in a form that
performs as intended with respect to the Assets) if, after giving effect to the
sale of a Collateral Obligation or the purchase of a Collateral Obligation, each
Class Default Differential of the Proposed Portfolio is positive.  The
S&P CDO Monitor Test will be considered to be improved if each Class
Default Differential of the Proposed Portfolio is greater than the corresponding
Class Default Differential of the Current Portfolio.

     

    “S&P Collateral
Value”:  With respect to any Defaulted Obligation, the lesser
of (i) the S&P Recovery Amount of such Defaulted Obligation, as of the
relevant Measurement Date and (ii) the Market Value of such Defaulted
Obligation, as of the relevant Measurement Date.

     

    “S&P Industry
Classification”:  The S&P Industry Classifications set
forth in Schedule 3
hereto, and such industry classifications shall be updated at the option of the
Collateral Manager if S&P publishes revised industry
classifications.

     

    “S&P
Rating”:  With respect to any Collateral Obligation, as of any
date of determination, the rating determined in accordance with the following
methodology:

     

    
      
         

      

      
        48

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (i)

            	
              (a) if
      there is an issuer credit rating of the issuer of such Collateral
      Obligation by S&P as published by S&P, or the guarantor which
      unconditionally and irrevocably guarantees such Collateral Obligation
      pursuant to a form of guaranty approved by S&P for use in connection
      with this transaction, then the S&P Rating shall be such rating
      (regardless of whether there is a published rating by S&P on the
      Collateral Obligations of such issuer held by the Issuer; provided that private
      ratings (that is, ratings provided at the request of the obligor) may
      be used for purposes of this definition if the related obligor has
      consented to the disclosure thereof and a copy of such consent has been
      provided to S&P) or (b) if there is no issuer credit rating
      of the issuer by S&P but (1) there is a senior secured rating on
      any obligation or security of the issuer, then the S&P Rating of such
      Collateral Obligation shall be one sub-category below such rating;
      (2) if clause (1) above does not apply, but there is a senior
      unsecured rating on any obligation or security of the issuer, the S&P
      Rating of such Collateral Obligation shall equal such rating; and
      (3) if neither clause (1) nor clause (2) above applies, but
      there is a subordinated rating on any obligation or security of the
      issuer, then the S&P Rating of such Collateral Obligation shall be one
      sub-category above such rating if such rating is higher than “BB+”, and
      shall be two sub-categories above such rating if such rating is “BB+” or
      lower;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              with
      respect to any Collateral Obligation that is a DIP Collateral Obligation,
      the S&P Rating thereof shall be the credit rating assigned to such
      issue by S&P;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              if
      there is not a rating by S&P on the issuer or on an obligation of the
      issuer, then the S&P Rating may be determined pursuant to clauses
      (a) through (c) below:

            

    

     

    
      	
               
      

            	
              (a)

            	
              if
      an obligation of the issuer is not a DIP Collateral Obligation and is
      publicly rated by Moody’s, then the S&P Rating will be determined in
      accordance with the methodologies for establishing the Moody’s Rating set
      forth above except that the S&P Rating of such obligation will be
      (1) one sub-category below the S&P equivalent of the Moody’s
      Rating if such Moody’s Rating is “Baa3” or higher and (2) two
      sub-categories below the S&P equivalent of the Moody’s Rating if such
      Moody’s Rating is “Ba1” or lower;

            

    

     

    
      
         

      

      
        49

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              the
      S&P Rating may be based on a credit estimate provided by S&P, and
      in connection therewith, the Issuer, the Collateral Manager on behalf of
      the Issuer or the issuer of such Collateral Obligation shall, prior to or
      within 30 days after the acquisition of such Collateral Obligation,
      apply (and concurrently submit all available Information in respect of
      such application) to S&P for a credit estimate which shall be its
      S&P Rating; provided that, if such
      Information is submitted within such 30-day period, then, pending receipt
      from S&P of such estimate, such Collateral Obligation shall have an
      S&P Rating as determined by the Collateral Manager in its sole
      discretion if the Collateral Manager certifies to the Trustee and the
      Collateral Administrator that it believes that such S&P
      Rating  determined by the Collateral Manager is commercially
      reasonable and will be at least equal to such rating; provided further, that if such
      Information is not submitted within such 30-day period, then, pending
      receipt from S&P of such estimate, the Collateral Obligation shall
      have (1) the S&P Rating as determined by the Collateral Manager
      for a period of up to 90 days after the acquisition of such
      Collateral Obligation and (2) an S&P Rating of “CCC-” following
      such 90-day period; unless, during such 90-day period, the Collateral
      Manager has requested the extension of such period and S&P, in its
      sole discretion, has granted such request; provided further, that if such
      90-day period (or other extended period) elapses pending S&P’s
      decision with respect to such application, the S&P Rating of such
      Collateral Obligation shall be “CCC-”; provided further, that if the
      Collateral Obligation has had a public rating by S&P that S&P has
      withdrawn or suspended within six months prior to the date of such
      application for a credit estimate in respect of such Collateral
      Obligation, the S&P Rating in respect thereof shall be “CCC-” pending
      receipt from S&P of such estimate, and S&P may elect not to
      provide such estimate until a period of six months have elapsed after the
      withdrawal or suspension of the public rating; provided further that the
      S&P Rating may not be determined pursuant to this clause (b) if
      the Collateral Obligation is a DIP Collateral Obligation; provided further that such
      credit estimate shall expire 12 months after the acquisition of such
      Collateral Obligation, following which such Collateral Obligation shall
      have an S&P Rating of “CCC-” unless, during such 12-month period, the
      Issuer applies for renewal thereof in accordance with Section 7.14(b),
      in which case such credit estimate shall continue to be the S&P Rating
      of such Collateral Obligation until S&P has confirmed or revised such
      credit estimate, upon which such confirmed or revised credit estimate
      shall be the S&P Rating of such Collateral Obligation; provided further that such
      confirmed or revised credit estimate shall expire on the next succeeding
      12-month anniversary of the date of the acquisition of such Collateral
      Obligation and (when renewed annually in accordance with Section 7.14(b))
      on each 12-month anniversary
thereafter;

            

    

     

    
      	
               
      

            	
              (c)

            	
              with
      respect to a Collateral Obligation that is not a Defaulted Obligation, the
      S&P Rating of such Collateral Obligation will at the election of the
      Issuer (at the direction of the Collateral Manager) be “CCC-”; provided that
      (i) neither the issuer of such Collateral Obligation nor any of its
      Affiliates are subject to any bankruptcy or reorganization proceedings and
      (ii) the issuer has not defaulted on any payment obligation in
      respect of any debt security or other obligation of the issuer at any time
      within the two year period ending on such date of determination, all such
      debt securities and other obligations of the issuer that are pari passu with or
      senior to the Collateral Obligation are current and the Collateral Manager
      reasonably expects them to remain current;
or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              with
      respect to a DIP Collateral Obligation that has no issue rating by S&P
      or a Current Pay Obligation that is rated “D” or “SD” by S&P, the
      S&P Rating of such DIP Collateral Obligation or Current Pay
      Obligation, as applicable, will be, at the election of the Issuer (at the
      direction of the Collateral Manager), “CCC-” or the S&P Rating
      determined pursuant to clause
  (iii)(b) above;

            

    

     

    
      
         

      

      
        50

        
          

        

      

      
         

      

    

     

    provided, that for purposes
of the determination of the S&P Rating, (x) if the applicable rating
assigned by S&P to an obligor or its obligations is on “credit watch
positive” by S&P, such rating will be treated as being one sub-category
above such assigned rating and (y) if the applicable rating assigned by
S&P to an obligor or its obligations is on “credit watch negative” by
S&P, such rating will be treated as being one sub-category below such
assigned rating.

     

    “S&P Rating
Condition”:  With respect to any action taken or to be taken by
or on behalf of the Issuer, a condition that is satisfied if S&P has
confirmed in writing to the Issuer, the Trustee, the Collateral Administrator
and the Collateral Manager that no immediate withdrawal or reduction with
respect to its then-current rating by S&P of any Class of Secured Notes
will occur as a result of such action; provided that the S&P
Rating Condition will be deemed to be satisfied if no Class of Secured
Notes then Outstanding is rated by S&P.

     

    “S&P Ratings Confirmation
Failure”:  The meaning specified in Section 7.18(e)(y).

     

    “S&P Recovery
Amount”:  With respect to any Collateral Obligation, an amount
equal to: (a) the applicable S&P Recovery Rate multiplied by (b) the
Principal Balance of such Collateral Obligation.

     

    “S&P Recovery
Rate”:  With respect to a Collateral Obligation, the recovery
rate set forth in Section 1 of
Schedule 6
using the initial rating of the most senior Class of Secured Notes
Outstanding at the time of determination.

     

    “S&P Recovery
Rating”:  With respect to a Collateral Obligation for which an
S&P Recovery Rate is being determined, the “Recovery Rating” assigned by
S&P to such Collateral Obligation based upon the following
table:

     

    
      
        
          
            
              
                
                  	
                          Recovery Rating

                        	 	
                          Description of Recovery

                        	 	
                          Recovery Range (%)

                        
	
                          1+

                        	 	
                          High
      expectation, full recovery

                        	 	
                          75-95

                        
	
                          1

                        	 	
                          Very
      high recovery

                        	 	
                          65-95

                        
	
                          2

                        	 	
                          Substantial
      recovery

                        	 	
                          50-85

                        
	
                          3

                        	 	
                          Meaningful
      recovery

                        	 	
                          30-65

                        
	
                          4

                        	 	
                          Average
      recovery

                        	 	
                          20-45

                        
	
                          5

                        	 	
                          Modest
      recovery

                        	 	
                          5-25

                        
	
                          6

                        	 	
                          Negligible
      recovery

                        	 	
                          2-10

                        

                

              

            

          

        

      

    

    

    “Sale”:  The
meaning specified in Section 5.17.

     

    “Sale
Proceeds”:  All proceeds (excluding accrued interest, if
any) received with respect to Assets as a result of sales of such Assets in
accordance with Article XII less
any reasonable expenses incurred by the Collateral Manager, the Collateral
Administrator or the Trustee (other than amounts payable as Administrative
Expenses) in connection with such sales.  Sale Proceeds will
include Principal Financed Accrued Interest received in respect of such
sale.

     

    
      
         

      

      
        51

        
          

        

      

      
         

      

    

    “Schedule of Collateral
Obligations”:  The schedule of Collateral Obligations attached
as Schedule 1
hereto, which schedule shall include the issuer, Principal Balance,
coupon/spread, the stated maturity, the Moody’s Rating, the S&P Rating
(unless such rating is based on a credit estimate or is a private or
confidential rating from S&P), the Moody’s Industry Classification and the
S&P Industry Classification for each Collateral Obligation and the
percentage of the aggregate commitment under each Revolving Collateral
Obligation and Delayed Drawdown Collateral Obligation that is funded, as amended
from time to time (without the consent of or any action on the part of any
Person) to reflect the release of Collateral Obligations pursuant to Article X hereof, the
inclusion of additional Collateral Obligations pursuant to Section 7.18 hereof
and the inclusion of additional Collateral Obligations as provided in Section 12.2 and
Section 12.3
hereof.

     

    “Scheduled
Distribution”: With respect to any Collateral Obligation, each payment of
principal and/or interest scheduled to be made by the related Obligor under the
terms of such Collateral Obligation (determined in accordance with the
assumptions specified in Section 1.3 hereof)
after (a) in the case of the initial Collateral Obligations, the Closing Date or
(b) in the case of Collateral Obligations added or substituted after the Closing
Date, the related Cut-Off Date, as adjusted pursuant to the terms of the related
Underlying Documents.

     

    “Second Lien Loan”
Means any assignment of or Participation Interest in a Loan that:  (a)
is not (and cannot by its terms become) subordinate in right of payment to any
other obligation of the obligor of the Loan but which is subordinated (with
respect to liquidation preferences with respect to pledged collateral) to a
Senior Secured Loan of the obligor; (b) is secured by a valid second-priority
perfected security interest or lien in, to or on specified collateral securing
the obligor’s obligations under the Second Lien Loan the value of which is
adequate (in the commercially reasonable judgment of the Collateral Manager) to
repay the Loan in accordance with its terms and to repay all other Loans of
equal or higher seniority secured by a lien or security interest in the same
collateral and (c) is not secured solely or primarily by common stock or other
equity interests.

     

    “Secured
Noteholders”:  The Holders of the Secured Notes.

     

    “Secured Notes”:  The
Class A Notes and the Class B Notes.

     

    “Secured
Parties”:  The meaning specified in the Granting
Clauses.

     

    “Securities Account Control
Agreement”:  The Securities Account Control Agreement dated as
of the Closing Date between the Issuer, the Trustee and U.S. Bank National
Association, as custodian.

     

    “Securities
Act”:  The United States Securities Act of 1933, as
amended.

     

    “Securities
Intermediary”:  As defined in Section 8-102(a)(14) of
the UCC.

     

    “Security
Entitlement”:  The meaning specified in
Section 8-102(a)(17) of the UCC.

     

    “Selling
Institution”:  The entity obligated to make payments to the
Issuer under the terms of a Participation Interest (other than a Closing Date
Participation Interest).

     

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

    “Senior Secured
Loan”:  Any assignment of or Participation Interest in a Loan
that:  (a) is not (and cannot by its terms
become) subordinate in right of payment to any other obligation of the
obligor of the Loan (other than with respect to liquidation, trade claims,
capitalized leases or similar obligations); (b) is secured by a valid
first-priority perfected security interest or lien in, to or on specified
collateral securing the obligor’s obligations under the Loan; (c) the value
of the collateral securing the Loan at the time of purchase together with other
attributes of the obligor (including, without limitation, its general financial
condition, ability to generate cash flow available for debt service and other
demands for that cash flow) is adequate (in the commercially reasonable
judgment of the Collateral Manager) to repay the Loan in accordance with
its terms and to repay all other Loans of equal seniority secured by a first
lien or security interest in the same collateral and (d) is not secured
solely or primarily by common stock or other equity interests.

     

    “Similar
Law”:  Any federal, state, local, non-U.S. or other law or
regulation that could cause the underlying assets of the Issuer to be treated as
assets of the investor in any Note (or any interest therein) by virtue of its
interest and thereby subject the Issuer or the Collateral Manager (or other
Persons responsible for the investment and operation of the Issuer’s assets) to
laws or regulations that are similar to the fiduciary responsibility or
prohibited transaction provisions contained in Title I of ERISA or Section 4975
of the Code.

     

    “Special
Redemption”:  As defined in Section 9.6.

     

    “Special Redemption
Amount”:  As defined in Section 9.6.

     

    “Special Redemption
Date”:  As defined in Section 9.6.

     

    “Specified Amendment”:
With respect to any Collateral Obligation, any amendment, waiver or modification
which would:

     

    (a)           modify
the amortization schedule with respect to such Collateral Obligation in a manner
that (i) reduces the dollar amount of any Scheduled Distribution by more than
the greater of (x) 25% and (y) $250,000, (ii) postpones any Scheduled
Distribution by more than two payment periods or (iii) causes the Weighted
Average Life of the applicable Collateral Obligation to increase by more than
25%;

     

    (b)           reduce
or increase the cash interest rate payable by the Obligor thereunder by more
than 100 basis points (excluding any increase in an interest rate arising by
operation of a default or penalty interest clause under a Collateral Obligation
or as a result of an increase in the interest rate index for any reason other
than such amendment, waiver or modification);

     

    (c)           extend
the stated maturity date of such Collateral Obligation by more than 24
months;

     

    (d)           contractually
or structurally subordinate such Collateral Obligation by operation of a
priority of payments, turnover provisions, the transfer of assets in order to
limit recourse to the related Obligor or the granting of Liens (other than
permitted Liens) on any of the underlying collateral securing such Collateral
Obligation;

    
      
         

      

      
        53

        
          

        

      

      
         

      

    

    (e)           release
any party from its obligations under such Collateral Obligation, if such release
would have a material adverse effect on the Collateral Obligation;
or

     

    (f)            reduce
the principal amount of the applicable Collateral Obligation.

     

     “Standby Directed
Investment”:  Shall mean, initially, US Bank, N.A. Eurodollar
Deposit (which investment is, for the avoidance of doubt, an Eligible
Investment); provided
that the Issuer, or the Collateral Manager on behalf of the Issuer, may by
written notice to the Trustee change the Standby Directed Investment to any
other Eligible Investment of the type described in clause (ii) of the
definition of “Eligible Investments” maturing not later than the earlier of
(i) 30 days after the date of such investment (unless putable at par
to the issuer thereof) or (ii) the Business Day immediately preceding
the next Payment Date (or such shorter maturities expressly provided
herein).

     

    “Stated
Maturity”:  With respect to the Notes of any Class, the date
specified as such in Section 2.3.

     

    “Step-Down
Obligation”: An obligation or security which by the terms of the related
Underlying Documents provides for a decrease in the per annum interest rate on
such obligation or security (other than by reason of any change in the
applicable index or benchmark rate used to determine such interest rate) or in
the spread over the applicable index or benchmark rate, solely as a function of
the passage of time; provided that an obligation
or security providing for payment of a constant rate of interest at all times
after the date of acquisition by the Issuer shall not constitute a Step-Down
Obligation.

     

    “Step-Up Obligation”:
An obligation or security which by the terms of the related Underlying Documents
provides for an increase in the per annum interest rate on such obligation or
security, or in the spread over the applicable index or benchmark rate, solely
as a function of the passage of time; provided that an obligation
or security providing for payment of a constant rate of interest at all times
after the date of acquisition by the Issuer shall not constitute a Step-Up
Obligation.

     

    “Structured Finance
Obligation”:  Any obligation issued by a special purpose
vehicle and secured directly by, referenced to, or representing ownership of, a
pool of receivables or other financial assets of any obligor, including
collateralized debt obligations and mortgage-backed securities.

     

    “Subordinated
Notes”:  The subordinated notes issued pursuant to this
Indenture and having the characteristics specified in Section 2.3.

     

    “Substitute Collateral
Obligations”: Collateral Obligations conveyed by the Depositor to the
Issuer as substitute Collateral Obligations pursuant to Section
12.3(a).

     

    “Substitute Collateral
Obligations Qualification Conditions”:  The following
conditions:

     

    
      	
               
      

            	
              (i)

            	
              The
      Coverage Tests, Collateral Quality Test and Concentration Limitations are
      maintained or improved;

            

    

    
      
         

      

      
        54

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (ii)

            	
              the
      outstanding principal balance of such Substitute Collateral Obligation
      (or, if more than one Substitute Collateral Obligation will be added in
      replacement of a Collateral Obligation or Collateral Obligations, the
      aggregate outstanding principal balance of such Substitute Collateral
      Obligations) equals or exceeds the outstanding principal balance of the
      Collateral Obligation being substituted and the Net Exposure Amount, if
      any, with respect thereto shall have been deposited in the Revolver
      Funding Account;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Market Value of such Substitute Collateral Obligation (or, if more than
      one Substitute Collateral Obligation will be added in replacement of a
      Collateral Obligation or Collateral Obligations, the aggregate Market
      Value of such Substitute Collateral Obligations) equals or exceeds the
      Market Value of the Collateral Obligation being
    substituted;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              (x)
      if the Collateral Obligation being substituted is a Second Lien Loan, the
      aggregate Principal Balance of all Substitute Collateral Obligations that
      are Second Lien Loans equals or is less than the Principal Balance of the
      Collateral Obligation being substituted and (y) if the Collateral
      Obligation being substituted is not a Second Lien Loan, no Substitute
      Collateral Obligation is a Second Lien
Loan;

            

    

     

    
      	
               
      

            	
              (v)

            	
              the
      Moody’s Rating of each Substitute Collateral Obligation is equal to or
      higher than the Moody’s Rating of the Collateral Obligation being
      substituted; and

            

    

     

    
      	
               
      

            	
              (vi)

            	
              the
      S&P Rating of each Substitute Collateral Obligation is equal to or
      higher than the S&P Rating of the Collateral Obligation being
      substituted.

            

    

     

    “Substitution Period”:
The meaning specified in Section
12.3(a)(ii).

     

    “Substitution Event”:
An event which shall have occurred with respect to any Collateral Obligation
that:

     

    
      	
               
      

            	
              (i)

            	
              becomes
      a Defaulted Obligation;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              has
      a Material Covenant Default;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              becomes
      subject to a proposed Specified
Amendment;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              becomes
      a Credit Risk Obligation; or

            

    

     

    
      	
               
      

            	
              (v)

            	
              becomes
      an Ineligible Collateral Obligation that would cause such Collateral
      Obligation to be subject to mandatory substitution or repurchase under the
      Master Loan Sale Agreement.

            

    

     

    “Successor
Entity”:  The meaning specified in Section 7.10.

     

    “Supermajority”: With
respect to any Class of Notes, the Holders or at least 66-2/3% of the Aggregate
Outstanding Amount of the Notes of such Class.

     

    “Target Initial Par
Amount”:  U.S.$300,000,000.

    
      
         

      

      
        55

        
          

        

      

      
         

      

    

    “Target Initial Par
Condition”:  A condition satisfied as of the Effective Date if
the Aggregate Principal Balance of Collateral Obligations that are (i) held by
the Issuer and (ii) of which the Issuer has committed to purchase on such date,
together with the amount of any proceeds of prepayments, maturities or
redemptions of Collateral Obligations purchased by the Issuer prior to such date
(other than any such proceeds that have been reinvested in Collateral
Obligations by the Issuer on the Effective Date), will equal or exceed the
Target Initial Par Amount; provided that for purposes of
this definition, any Collateral Obligation that becomes a Defaulted Obligation
prior to the Effective Date shall be treated as having a Principal Balance equal
to its Moody’s Collateral Value.

     

    “Tax”:  Any
tax, levy, impost, duty, charge or assessment of any nature (including interest,
penalties and additions thereto) imposed by any governmental taxing
authority.

     

    “Tax
Event”:  An event that occurs if a change in or the adoption of
any U.S. or foreign tax statute or treaty, or any change in or the issuance of
any regulation (whether final, temporary or proposed), rule, ruling, practice,
procedure or judicial decision or interpretation of the foregoing after the
Closing Date results in (i)(x) any obligor under any Collateral Obligation being
required to deduct or withhold from any payment under such Collateral Obligation
to the Issuer for or on account of any Tax for whatever reason (other than
withholding tax imposed as a result of the failure by any Holder to comply with
its Noteholder Reporting Obligations, so long as the Issuer, within 30 days
after the imposition of such withholding tax, exercises its right to demand that
such Non-Permitted Holder transfer its interest to a Person that is not a
Non-Permitted Holder and, if such Non-Permitted Holder fails to so transfer its
Notes, the Issuer exercises its right to sell such Notes or interest therein to
a Person that is not a Non-Permitted Holder) and such obligor is not required to
pay to the Issuer such additional amount as is necessary to ensure that the net
amount actually received by the Issuer (free and clear of Taxes, whether
assessed against such obligor or the Issuer) will equal the full amount that the
Issuer would have received had no such deduction or withholding occurred and (y)
the total amount of such deductions or withholdings on the Assets results in a
payment by, or charge or tax burden to, the Issuer that results or will result
in the withholding of 5% or more of Scheduled Distributions for any Collection
Period, or (ii) any jurisdiction imposing net income, profits or similar Tax on
the Issuer in an aggregate amount in any Collection Period in excess of
U.S.$1,000,000.

     

    “Tax
Jurisdiction”:  The Bahamas, Bermuda, the British Virgin
Islands, the Cayman Islands, the Channel Islands or the Netherlands Antilles and
any other tax advantaged jurisdiction as may be notified by Moody’s to the
Collateral Manager from time to time.

     

    “Tax
Redemption”:  The meaning specified in Section 9.3(a)  hereof.

     

    “Third Party Credit
Exposure”:  As of any date of determination, the Principal
Balance of each Collateral Obligation that consists of a Participation Interest
(other than a Closing Date Participation Interest).

     

    “Third Party Credit Exposure
Limits”:  Limits that shall be satisfied if the Third Party
Credit Exposure with counterparties having the ratings below from S&P do not
exceed the percentage of the Collateral Principal Amount specified
below:

    
      
         

      

      
        56

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  
                    	
                            S&P’s credit rating of

                            Selling Institution

                          	 
      	
                            Aggregate

                            Percentage

                            Limit

                          	 
      	
                            Individual

                            Percentage

                            Limit

                          
	
                            AAA

                          	 
      	
                            5.0%

                          	 
      	
                            5.0%

                          
	
                            AA+

                          	 
      	
                            2.5%

                          	 
      	
                            2.5%

                          
	
                            AA

                          	 
      	
                            2.5%

                          	 
      	
                            2.5%

                          
	
                            AA-

                          	 
      	
                            2.5%

                          	 
      	
                            2.5%

                          
	
                            A+

                          	 
      	
                            1.25%

                          	 
      	
                            1.25%

                          
	
                            A

                          	 
      	
                            1.25%

                          	 
      	
                            1.25%

                          

                  

                

              

            

          

        

      

    

    

    provided that a Selling
Institution having an S&P credit rating of “A” must also have a short-term
S&P rating of “A-1” otherwise its “Aggregate Percentage Limit” and
“Individual Percentage Limit” (each as shown above) shall be 0%.

     

    “Trading
Plan”:  The meaning specified in Section 12.2(b).

     

    “Trading Plan
Period”:  The meaning specified in Section 12.2(b).

     

    “Transaction
Documents”:  The Indenture, the Collateral Management
Agreement, the Master Loan Sale Agreement, the Collateral Administration
Agreement, the Securities Account Control Agreement and the Purchase
Agreement.

     

    “Transfer
Agent”:  The Person or Persons, which may be the Issuer,
authorized by the Issuer to exchange or register the transfer of
Notes.

     

    “Transfer Deposit
Amount”: On any date of determination with respect to any Collateral
Obligation, an amount equal to the sum of the outstanding principal balance of
such Collateral Obligation, together with accrued interest thereon through such
date of determination, and in connection with any Substitute Collateral
Obligation which is a Revolving Collateral Obligation or a Delayed Drawdown
Collateral Obligation, an amount equal to the Net Exposure Amount thereof as of
the applicable Cut-Off Date.

     

    “Trust
Officer”:  When used with respect to the Trustee, any officer
within the Corporate Trust Office (or any successor group of the
Trustee) including any vice president, assistant vice president or officer
of the Trustee customarily performing functions similar to those performed by
the Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred at the Corporate Trust Office because of such
Person’s knowledge of and familiarity with the particular subject and, in each
case, having direct responsibility for the administration of this
transaction.

     

    “Trustee”:  As
defined in the first sentence of this Indenture.

     

    “UCC”:  The
Uniform Commercial Code as in effect in the State of New York or, if different,
the political subdivision of the United States that governs the perfection of
the relevant security interest as amended from time to time.

    
      
         

      

      
        57

        
          

        

      

      
         

      

    

    “Uncertificated
Security”:  The meaning specified in
Section 8-102(a)(18) of the UCC.

     

    “Underlying
Document”:  The indenture, loan agreement, credit agreement or
other customary agreement pursuant to which an Asset has been created or issued
and each other agreement that governs the terms of or secures the obligations
represented by such Asset or of which the holders of such Asset are the
beneficiaries.

     

    “United States owned foreign
entity”:  The meaning specified in Section
2.12(d).

     

    “Unregistered
Securities”:  The meaning specified in Section 5.17(c).

     

    “Unsecured
Loan”:  A senior unsecured Loan obligation of any Person which
is not (and by its terms is not permitted to become) subordinate in right of
payment to any other debt for borrowed money incurred by the obligor under such
Loan.

     

    “U.S. Person” and
“U.S.
person”:  The meanings specified in
Section 7701(a)(30) of the Code or in Regulation S, as the
context requires.

     

    “Valuation” Means,
with respect to any Collateral Obligation, a recent (as determined by the
Collateral Manager in its commercially reasonable business judgment in
accordance with the Collateral Manager Standard) valuation of the fair market
value of such Collateral Obligation established by (a) reference to the “bid
side” price listed on a third-party pricing service such as LoanX or LPC or
other service selected by the Collateral Manager in accordance with the
Collateral Manager Standard; provided that if a fair
market value is available from more than one pricing service, the highest such
“bid side” value so obtained shall be used, or (b) if data for such Collateral
Obligation is not available from such a pricing service, an analysis performed
by a nationally recognized valuation firm to establish a fair market value of
such Collateral Obligation which reflects the “bid side” price that would be
paid by a willing buyer to a willing seller of such Collateral Obligation in an
expedited sale on an arm’s-length basis.

     

    “Weighted Average
Coupon”: As of any Measurement Date, the number obtained by dividing:

     

    
      	
               
      

            	
              (a)

            	
              the
      amount equal to the Aggregate Coupon; by

            

    

     

    
      	
               
      

            	
              (b)

            	
              an
      amount equal to the aggregate outstanding principal balance of all Fixed
      Rate Obligations as of such Measurement Date (in each case including, for
      any Permitted Deferrable Obligation, only the required current cash
      interest required by the Underlying Documents
  thereon).

            

    

     

    “Weighted Average Floating
Spread”:  As of any Measurement Date, the number obtained by
dividing: (a) the
amount equal to (A) the Aggregate Funded Spread plus (B) the Aggregate
Unfunded Spread plus
(C) the Aggregate Excess Funded Spread by (b) an amount equal
to the aggregate outstanding principal balance of all Floating Rate Obligations
(in each case including, for any Permitted Deferrable Obligation, only the
required current cash interest required by the Underlying Documents thereon) as
of such Measurement Date.

    
      
         

      

      
        58

        
          

        

      

      
         

      

    

    “Weighted Average
Life”:  As of any date of determination with respect to all
Collateral Obligations other than Defaulted Obligations, the number of years
following such date obtained by summing the products obtained by multiplying:

     

    (a) the
Average Life at such time of each such Collateral Obligation by (b) the outstanding
principal balance of such Collateral Obligation

     

    and
dividing such sum by:

     

    (b) the
aggregate outstanding principal balance at such time of all Collateral
Obligations other than Defaulted Obligations.

     

    For the
purposes of the foregoing, the “Average Life” is, on any date of determination
with respect to any Collateral Obligation, the quotient obtained by dividing
(i) the sum of the products of (a) the number of years (rounded to the
nearest one hundredth thereof) from such date of determination to the
respective dates of each successive Scheduled Distribution of principal of such
Collateral Obligation and (b) the respective amounts of principal of such
Scheduled Distributions by (ii) the sum of all successive Scheduled
Distributions of principal on such Collateral Obligation.

     

    “Weighted Average Life
Test”:  A test satisfied on any date of determination if the
Weighted Average Life of the Collateral Obligations as of such date is less than
or equal to (i) 6.5 (or, if the Reinvestment Period is extended, 8.5) less (ii)
(x) 0.25 multiplied by
(y) the aggregate number of quarter-year periods that have elapsed since the
Closing Date.

     

    “Weighted Average Moody’s
Rating Factor”:  The number (rounded up to the nearest whole
number) determined by:

     

    (a)
summing the products of (i) the Principal Balance of each Collateral Obligation
(excluding Equity Securities) multiplied by (ii) the
Moody’s Rating Factor of such Collateral Obligation (as described below)
and

     

    (b) dividing such sum by the Principal Balance of
all such Collateral Obligations.

     

    For
purposes of the foregoing, the “Moody’s Rating Factor” relating to any
Collateral Obligation is the number set forth in the table below opposite the
Moody’s Default Probability Rating of such Collateral Obligation.

     

    
      
        	
                
                  Moody’s Default

                  Probability

                  Rating

                

              	 
      	
                
                  Moody’s Rating

                  Factor

                

              	 
      	
                
                  Moody’s Default

                  Probability

                  Rating

                

              	 
      	
                
                  Moody’s Rating

                  Factor

                

              
	
                Aaa

              	 
      	
                1

              	 
      	
                Ba1

              	 
      	
                940

              
	
                Aa1

              	 
      	
                10

              	 
      	
                Ba2

              	 
      	
                1,350

              
	
                Aa2

              	 
      	
                20

              	 
      	
                Ba3

              	 
      	
                1,766

              
	
                Aa3

              	 
      	
                40

              	 
      	
                B1

              	 
      	
                2,220

              
	
                A1

              	 
      	
                70

              	 
      	
                B2

              	 
      	
                2,720

              
	
                A2

              	 
      	
                120

              	 
      	
                B3

              	 
      	
                3,490

              

      

    

    
      
         

      

      
        59

        
          

        

      

      
         

      

    

    

    
      
        	
                
                  Moody’s Default

                  Probability

                  Rating

                

              	 
      	
                
                  Moody’s Rating

                  Factor

                

              	 
      	
                
                  Moody’s Default

                  Probability

                  Rating

                

              	 
      	
                
                  Moody’s Rating

                  Factor

                

              
	
                A3

              	 
      	
                180

              	 
      	
                Caa1

              	 
      	
                4,770

              
	
                Baa1

              	 
      	
                260

              	 
      	
                Caa2

              	 
      	
                6,500

              
	
                Baa2

              	 
      	
                360

              	 
      	
                Caa3

              	 
      	
                8,070

              
	
                Baa3

              	 
      	
                610

              	 
      	
                Ca
      or lower

              	 
      	
                10,000

              

      

    

    

    For
purposes of the Maximum Moody’s Rating Factor Test, any Collateral Obligation
issued or guaranteed by the United States government or any agency or
instrumentality thereof is assigned a Moody’s Rating Factor of 1.

     

    “Weighted Average Moody’s
Recovery Rate”:  As of any date of determination, the number,
expressed as a percentage, obtained by summing the product of the
Moody’s Recovery Rate on such Measurement Date of each Collateral Obligation and
the Principal Balance of such Collateral Obligation, dividing such sum by the aggregate Principal
Balance of all such Collateral Obligations and rounding up to the first
decimal place.

     

    “Weighted Average S&P
Recovery Rate”:  As of any date of determination, the number,
expressed as a percentage and determined separately for each Class of Secured
Notes, obtained by summing the products obtained
by multiplying the
Principal Balance of each Collateral Obligation by its corresponding recovery
rate as determined in accordance with Section 1 of
Schedule 6
hereto, dividing such
sum by the aggregate
Principal Balance of all Collateral Obligations, and rounding to the nearest tenth
of a percent.

     

    “Wells Fargo
Securities”:  Wells Fargo Securities, LLC.

     

     “Zero Coupon
Bond”:  Any debt security that by its terms (a) does not bear
interest for all or part of the remaining period that it is outstanding, (b)
provides for periodic payments of interest in Cash less frequently than
semi-annually or (c) pays interest only at its stated maturity.

     

    Section
1.2      Usage of
Terms.  With respect to all terms in this Indenture, the
singular includes the plural and the plural the singular; words importing any
gender include the other genders; references to “writing” include printing,
typing, lithography and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered
into in accordance with their respective terms and not prohibited by this
Indenture; references to Persons include their permitted successors and assigns;
and the term “including” means “including without limitation.”

     

    Section
1.3      Assumptions as to
Assets.  In connection with all calculations required to be
made pursuant to this Indenture with respect to Scheduled Distributions on any
Asset, or any payments on any other assets included in the Assets, with respect
to the sale of and reinvestment in Collateral Obligations, and with respect to
the income that can be earned on Scheduled Distributions on such Assets and on
any other amounts that may be received for deposit in the Collection Account,
the provisions set forth in this Section 1.3
shall be applied.  The provisions of this Section 1.3
shall be applicable to any determination or calculation that is covered by this
Section 1.3,
whether or not reference is specifically made to Section 1.3,
unless some other method of calculation or determination is expressly specified
in the particular provision.

    
      
         

      

      
        60

        
          

        

      

      
         

      

    

    (a)           All
calculations with respect to Scheduled Distributions on the Assets securing the
Notes shall be made on the basis of information as to the terms of each such
Asset and upon reports of payments, if any, received on such Asset that are
furnished by or on behalf of the issuer of such Asset and, to the extent they
are not manifestly in error, such information or reports may be conclusively
relied upon in making such calculations.

     

    (b)           For
purposes of calculating the Coverage Tests, except as otherwise specified in the
Coverage Tests, such calculations will not include scheduled interest and
principal payments on Defaulted Obligations unless or until such payments are
actually made.

     

    (c)           For
each Collection Period and as of any date of determination, the Scheduled
Distribution on any Asset (including Current Pay Obligations and DIP Collateral
Obligations but excluding Defaulted Obligations, which, except as otherwise
provided herein, shall be assumed to have a Scheduled Distribution of zero,
except to the extent any payments have actually been received) shall be the
sum of (i) the total amount of payments and collections to be received
during such Collection Period in respect of such Asset (including the proceeds
of the sale of such Asset received and, in the case of sales which have not yet
settled, to be received during the Collection Period and not reinvested in
additional Collateral Obligations or Eligible Investments or retained in the
Collection Account for subsequent reinvestment pursuant to Section 12.2) that,
if received as scheduled, will be available in the Collection Account at the end
of the Collection Period and (ii) any such amounts received in prior
Collection Periods that were not disbursed on a previous Payment
Date.

     

    (d)           Each
Scheduled Distribution receivable with respect to an Asset shall be assumed to
be received on the applicable Due Date, and each such Scheduled Distribution
shall be assumed to be immediately deposited in the Collection Account to earn
interest at the Assumed Reinvestment Rate.  All such funds shall be
assumed to continue to earn interest until the date on which they are required
to be available in the Collection Account for application, in accordance with
the terms hereof, to payments of principal of or interest on the Notes or other
amounts payable pursuant to this Indenture.  For purposes of the
applicable determinations required by Section 10.7(b)(iv),
Article XII and
the definition of “Interest Coverage Ratio”, the expected interest on the
Secured Notes and Floating Rate Obligations will be calculated using the then
current interest rates applicable thereto.

     

    (e)           References
in Section 11.1(a) to
calculations made on a “pro forma basis” shall mean such calculations after
giving effect to all payments, in accordance with the Priority of Payments
described herein, that precede (in priority of payment) or include the
clause in which such calculation is made.

     

    (f) 
          For purposes of
calculating all Concentration Limitations, in both the numerator and the
denominator of any component of the Concentration Limitations, Defaulted
Obligations will be treated as having a Principal Balance equal to the Defaulted
Obligation Balance.

    
      
         

      

      
        61

        
          

        

      

      
         

      

    

    (g)           If
a Collateral Obligation included in the Assets would be deemed a Current Pay
Obligation but for the applicable percentage limitation in clause (x) of the
proviso to the definition of “Defaulted Obligation”, then the Current Pay
Obligations with the lowest Market Value (assuming that such Market Value is
expressed as a percentage of the outstanding principal balance of such Current
Pay Obligations as of the date of determination) shall be deemed Defaulted
Obligations.  Each such Defaulted Obligation will be treated as a
Defaulted Obligation for all purposes until such time as the Aggregate Principal
Balance of Current Pay Obligations would not exceed, on a pro forma basis
including such Defaulted Obligation, the applicable percentage of the Collateral
Principal Amount.

     

    (h)           Except
where expressly referenced herein for inclusion in such calculations, Defaulted
Obligations will not be included in the calculation of the Collateral Quality
Test.

     

    (i) 
          For purposes of
calculating compliance with the Investment Criteria, upon the direction of the
Collateral Manager by notice to the Trustee and the Collateral Administrator,
any Eligible Investment representing Principal Proceeds received upon the sale
or other disposition of a Collateral Obligation shall be deemed to have the
characteristics of such Collateral Obligation until reinvested in an additional
Collateral Obligation.  Such calculations shall be based upon the
principal amount of such Collateral Obligation, except in the case of Defaulted
Obligations and Credit Risk Obligations, in which case the calculations will be
based upon the Principal Proceeds received on the disposition or sale of such
Defaulted Obligation or Credit Risk Obligation.

     

    (j)
           For the
purposes of calculating compliance with each of the Concentration Limitations
all calculations will be rounded to the nearest 0.1%.  All other
calculations, unless otherwise set forth herein or the context otherwise
requires, shall be rounded to the nearest ten-thousandth if expressed as a
percentage, and to the nearest one-hundredth if expressed
otherwise.

     

    (k)           For
all purposes where expressly used in this Indenture, the “outstanding principal
balance” of a Revolving Collateral Obligation or a Delayed Drawdown Collateral
Obligation shall exclude all unfunded commitments.

     

    (l) 
          Notwithstanding any
other provision of this Indenture to the contrary, all monetary calculations
under this Indenture shall be in Dollars.

     

    (m)          Any
reference herein to an amount of the Trustee’s or the Collateral Administrator’s
fees calculated with respect to a period at a per annum rate shall be computed
on the basis of a 360-day year of twelve 30-day months prorated for the related
Interest Accrual Period and shall be based on the aggregate face amount of the
Assets.

     

    (n)           To
the extent of any ambiguity in the interpretation of any definition or term
contained herein or to the extent more than one methodology can be used to make
any of the determinations or calculations set forth herein, the Collateral
Administrator shall request direction from the Collateral Manager as to the
interpretation and/or methodology to be used, and the Collateral Administrator
shall follow such direction, and together with the Trustee, shall be entitled to
conclusively rely thereon without any responsibility or liability
therefor.

    
      
         

      

      
        62

        
          

        

      

      
         

      

    

    (o)           For
purposes of calculating the Collateral Quality Test, DIP Collateral Obligations
will be treated as having an S&P Recovery Rate equal to the S&P Recovery
Rate for Senior Secured Loans.

     

    (p)           For
purposes of calculating compliance with any trade testing under this Indenture,
the trade date (and not the settlement date) with respect to any acquisition or
disposition of a Collateral Obligation or Eligible Investment shall be used to
determine whether and when such acquisition or disposition has
occurred.

     

    (q)           If
any Closing Date Participation Interest is not converted into a full assignment
within 60 days of the Closing Date, such Closing Date Participation Interest
shall be deemed to have a Principal Balance and an outstanding principal balance
of zero.

     

    (r)           For
all purposes where expressly used in this Indenture, the “outstanding principal
balance” shall exclude capitalized interest, if any.

     

    ARTICLE
II

      

    THE
NOTES

     

    Section
2.1      Forms
Generally.  The Notes and the Trustee’s or Authenticating
Agent’s certificate of authentication thereon (the “Certificate of
Authentication”) shall be in substantially the forms required by
this Article, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon, as may be consistent herewith, determined by the
Responsible Officers of the Issuer executing such Notes as evidenced by their
execution of such Notes.  Any portion of the text of any Note may be
set forth on the reverse thereof, with an appropriate reference thereto on the
face of the Note.

     

    Section
2.2      Forms of
Notes.  (a) The forms of the Notes, including the forms of
Certificated Secured Notes, Certificated Subordinated Notes, Regulation S
Global Secured Notes and Rule 144A Global Secured Notes, shall be as set forth
in the applicable part of Exhibit A
hereto.

     

    
      	
               
      

            	
              (b)

            	
              Regulation S Global
      Secured Notes and Rule 144A Global Secured
  Notes.

            

    

     

    (i)            The
Secured Notes of each Class sold to Qualified Purchasers who are not U.S.
persons in offshore transactions (as defined in Regulation S) in reliance on
Regulation S shall each be issued initially in the form of one permanent
Global Secured Note per Class in definitive, fully registered form without
interest coupons substantially in the applicable form attached as Exhibit A-1 or
Exhibit A-2
hereto (each, a “Regulation S Global Secured
Note”), and shall be deposited on behalf of the subscribers for such
Notes represented thereby with the Trustee as custodian for, and registered in
the name of a nominee of, DTC for the respective accounts of Euroclear and
Clearstream, duly executed by the Issuer and authenticated by the Trustee as
hereinafter provided.

    
      
         

      

      
        63

        
          

        

      

      
         

      

    

    (ii)           The
Secured Notes of each Class sold to Persons that are QIB/QPs shall each be
issued initially in the form of one permanent Global Secured Note per Class in
definitive, fully registered form without interest coupons substantially in the
applicable form attached as Exhibit A-1 or
Exhibit A-2
hereto (each, a “Rule
144A Global Secured Note”) and shall be deposited on behalf of the
subscribers for such Notes represented thereby with the Trustee as custodian
for, and registered in the name of Cede & Co., a nominee of, DTC, duly
executed by the Issuer and authenticated by the Trustee as hereinafter
provided.

     

    (iii)          The
Secured Notes sold to Persons that, at the time of the acquisition, purported
acquisition or proposed acquisition of any such Secured Note, are Institutional
Accredited Investors that are Qualified Purchasers (or a corporation,
partnership, limited liability company or other entity (other than a trust),
each shareholder, partner, member or other equity owner of which is a Qualified
Purchaser) shall be issued in the form of definitive, fully registered notes
without interest coupons substantially in the applicable form attached as Exhibit A-4 or
Exhibit A-5
hereto (a “Certificated Secured
Note”) which shall be registered in the name of the beneficial owner
or a nominee thereof, duly executed by the Issuer and authenticated by the
Trustee as hereinafter provided.

     

    (iv)          The
Subordinated Notes will only be sold to U.S. persons that are (x) Qualified
Institutional Buyers or Institutional Accredited Investors and (y) Qualified
Purchasers and shall be issued in the form of definitive, fully registered notes
without coupons substantially in the form attached as Exhibit A-3
hereto (each, a “Certificated Subordinated
Note” and, together with the Certificated Secured Notes, “Certificated
Notes”) which shall be registered in the name of the beneficial
owner or a nominee thereof, duly executed by the Issuer and authenticated by the
Trustee as hereinafter provided.  The Subordinated Notes will be sold
only to Persons that give certificates in the form of Exhibits B-4 and
B-5 attached
hereto.

     

    (v)           The
aggregate principal amount of the Regulation S Global Secured Notes and the Rule
144A Global Secured Notes may from time to time be increased or decreased by
adjustments made on the records of the Trustee or DTC or its nominee, as the
case may be, as hereinafter provided.

     

    (c)           Book Entry
Provisions.  This Section 2.2(c) shall
apply only to Global Secured Notes deposited with or on behalf of DTC. In
addition, the Beneficial Owners will have the rights of the Beneficial Owners
expressly provided in this Indenture.

     

    The
provisions of the “Operating Procedures of the Euroclear System” of Euroclear
and the “Terms and Conditions Governing Use of Participants” of Clearstream,
respectively, will be applicable to the Global Secured Notes insofar as
interests in such Global Secured Notes are held by the Agent Members of
Euroclear or Clearstream, as the case may be.

     

    Except,
in each case, to the extent that they may have rights as Beneficial Owners
hereunder, Agent Members shall have no rights under this Indenture with respect
to any Global Secured Notes held on their behalf by the Trustee, as custodian
for DTC and DTC may be treated by the Issuer, the Trustee, and any agent of the
Issuer or the Trustee as the absolute owner of such Note for all purposes
whatsoever.  Notwithstanding the foregoing, nothing herein shall
prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee, from
giving effect to any written certification, proxy or other authorization
furnished by DTC or impair, as between DTC and its Agent Members, the operation
of customary practices governing the exercise of the rights of a Holder of any
Note.

    
      
         

      

      
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    Section
2.3      Authorized Amount; Stated
Maturity; Denominations.  The aggregate principal amount of
Secured Notes and Subordinated Notes that may be authenticated and delivered
under this Indenture is limited to U.S.$300,000,000 aggregate principal amount
of Notes (except for (i) Notes authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5,
Section 2.6 or
Section 8.5 of
this Indenture or (ii) additional Subordinated Notes issued in accordance with
Sections 2.13
and 3.2).

     

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

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  Class
      Designation

                                	 	
                                  A

                                	 	
                                  B

                                	 	
                                  Subordinated

                                
	
                                  Original
      Principal Amount1

                                	 	
                                  U.S.$174,000,000

                                	 	
                                  U.S.$10,000,000

                                	 	
                                  U.S.$116,000,000

                                
	
                                  Stated
      Maturity

                                	 	
                                  July
      20, 2021

                                	 	
                                  July
      20, 2021

                                	 	
                                  July
      20, 2021

                                
	
                                  Fixed
      Rate Note

                                	 	
                                  No

                                	 	
                                  No

                                	 	
                                  N/A

                                
	
                                  Interest
      Rate:

                                	 	 
      	 	 
      	 	 
      
	
                                  Floating
      Rate Note

                                	 	
                                  Yes

                                	 	
                                  Yes

                                	 	
                                  N/A

                                
	
                                  Index

                                	 	
                                  LIBOR

                                	 	
                                  LIBOR

                                	 	
                                  N/A

                                
	
                                  Index
      Maturity

                                	 	
                                  3
      month 2

                                	 	
                                  3
      month

                                	 	
                                  N/A

                                
	
                                  Spread

                                	 	
                                  2.40%

                                	 	
                                  2.40%

                                	 	
                                  N/A

                                
	
                                  Initial
      Rating(s):

                                	 	 
      	 	 
      	 	 
      
	
                                  S&P

                                	 	
                                  AAA

                                	 	
                                  AA

                                	 	
                                  None

                                
	
                                  Moody’s

                                	 	
                                  Aaa

                                	 	
                                  Aa2

                                	 	
                                  None

                                
	
                                  Priority
      Classes

                                	 	
                                  None

                                	 	
                                  A

                                	 	
                                  A,
      B

                                
	
                                  Pari
      Passu Classes

                                	 	
                                  None

                                	 	
                                  None

                                	 	
                                  None

                                
	
                                  Junior
      Classes

                                	 	
                                  B,
      Subordinated

                                	 	
                                  Subordinated

                                	 	
                                  None

                                
	
                                  Listed
      Notes

                                	 	
                                  Yes

                                	 	
                                  Yes

                                	 	
                                  No

                                
	
                                  Interest
      deferrable

                                	 	
                                  No

                                	 	
                                  No

                                	 	
                                  N/A

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    The
Secured Notes shall be issued in minimum denominations of U.S.$1,000,000 and
integral multiples of U.S.$1,000 in excess thereof.  The Subordinated
Notes shall be issued in minimum denominations of U.S.$100,000 and integral
multiples of U.S.$1.00 in excess thereof.  Notes shall only be
transferred or resold in compliance with the terms of this
Indenture.

     

    Section
2.4      Execution, Authentication,
Delivery and Dating.  The Notes shall be executed on behalf of
the Issuer by one of its Officers.  The signature of such Officer on
the Notes may be manual or facsimile.

     

      
        

      

    

    
      	
              1

            	
              As
      of the Closing Date.

            

    

     

    
      	
              2

            	
              LIBOR
      shall be calculated by reference to three-month LIBOR, in accordance with
      the definition of LIBOR set forth in Exhibit C
      hereto; provided that LIBOR for the first Interest Accrual Period shall
      equal 0.73577%.

            

    

    
      
         

      

      
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    Notes
bearing the manual or facsimile signatures of individuals who were at any time
the Officers of the Issuer, shall bind the Issuer notwithstanding the fact that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Notes or did not hold such offices at the
date of issuance of such Notes.

     

    At any
time and from time to time after the execution and delivery of this Indenture,
the Issuer may deliver Notes executed by the Issuer to the Trustee or the
Authenticating Agent for authentication and the Trustee or the Authenticating
Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided
herein and not otherwise.

     

    Each Note
authenticated and delivered by the Trustee or the Authenticating Agent upon
Issuer Order on the Closing Date shall be dated as of the Closing
Date.  All other Notes that are authenticated after the Closing Date
for any other purpose under this Indenture shall be dated the date of their
authentication.

     

    Notes
issued upon transfer, exchange or replacement of other Notes shall be issued in
authorized denominations reflecting the original aggregate principal amount of
the Notes so transferred, exchanged or replaced, but shall represent only the
current outstanding principal amount of the Notes so transferred, exchanged or
replaced.  If any Note is divided into more than one Note in
accordance with this Article II, the
original principal amount of such Note shall be proportionately divided among
the Notes delivered in exchange therefor and shall be deemed to be the original
aggregate principal amount of such subsequently issued Notes.

     

    No Note
shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose, unless there appears on such Note a Certificate of
Authentication, substantially in the form provided for herein, executed by the
Trustee or by the Authenticating Agent by the manual signature of one of their
Responsible Officers, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

     

    Section
2.5      Registration, Registration
of Transfer and Exchange.  (a) The Issuer shall cause the Notes
to be Registered and shall cause to be kept a register (the “Register”) at
the office of the Trustee in which, subject to such reasonable regulations as it
may prescribe, the Issuer shall provide for the registration of Notes and the
registration of transfers of Notes.  The Trustee is hereby initially
appointed registrar (the “Registrar”) for the
purpose of registering Notes and transfers of such Notes with respect to the
Register maintained in the United States as herein provided.  Upon any
resignation or removal of the Registrar, the Issuer shall promptly appoint a
successor or, in the absence of such appointment, assume the duties of
Registrar.

     

    If a
Person other than the Trustee is appointed by the Issuer as Registrar, the
Issuer will give the Trustee prompt written notice of the appointment of a
Registrar and of the location, and any change in the location, of the Register,
and the Trustee shall have the right to inspect the Register at all reasonable
times and to obtain copies thereof and the Trustee shall have the right to rely
upon a certificate executed on behalf of the Registrar by an Officer thereof as
to the names and addresses of the Holders of the Notes and the principal or face
amounts and numbers of such Notes.  Upon written request at any time
the Registrar shall provide to the Issuer, the Collateral Manager, the Initial
Purchaser or any Holder a current list of Holders as reflected in the
Register.

    
      
         

      

      
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    Subject
to this Section 2.5,
upon surrender for registration of transfer of any Notes at the office or agency
of the Issuer to be maintained as provided in Section 7.2, the
Issuer shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Notes of any
authorized denomination and of a like aggregate principal or face
amount.  At any time, the Issuer, the Collateral Manager or the
Initial Purchaser may request a list of Holders from the Trustee.

     

    At the
option of the Holder, Notes may be exchanged for Notes of like terms, in any
authorized denominations and of like aggregate principal amount, upon surrender
of the Notes to be exchanged at such office or agency.  Whenever any
Note is surrendered for exchange, the Issuer shall execute, and the Trustee
shall authenticate and deliver, the Notes that the Holder making the exchange is
entitled to receive.

     

    All Notes
issued and authenticated upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Issuer, evidencing the same debt (to the
extent they evidence debt), and entitled to the same benefits under this
Indenture as the Notes surrendered upon such registration of transfer or
exchange.

     

    Every
Note presented or surrendered for registration of transfer or exchange shall be
duly endorsed, or be accompanied by a written instrument of transfer in a form
reasonably satisfactory to the Registrar, duly executed by the Holder thereof or
such Holder’s attorney duly authorized in writing.

     

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

     

    (b)          No
Note may be sold or transferred (including, without limitation, by pledge or
hypothecation) unless such sale or transfer is exempt from the registration
requirements of the Securities Act, is exempt from the registration requirements
under applicable state securities laws and will not cause the Issuer to become
subject to the requirement that it register as an investment company under the
1940 Act.

     

    (c)           (i)            No
transfer of any Subordinated Note (or any interest therein) will be effective,
and the Trustee will not recognize any such transfer, if after giving effect to
such transfer 25% or more of the Aggregate Outstanding Amount of the
Subordinated Notes would be held by Persons who have represented that they are
Benefit Plan Investors.  For purposes of these calculations and all
other calculations required by this sub-section, (A) any Notes of the Issuer
held by a Controlling Person, the Trustee, the Collateral Manager, the Initial
Purchaser or any of their respective affiliates shall be disregarded and not
treated as Outstanding and (B) an “affiliate” of a Person shall include any
Person, directly or indirectly through one or more intermediaries, controlling,
controlled by or under common control with the Person, and “control” with
respect to a Person other than an individual shall mean the power to exercise a
controlling influence over the management or policies of such Person.  The
Trustee shall be entitled to rely exclusively upon the information set forth in
the face of the transfer certificates received pursuant to the terms of this
Section 2.5 and
only Notes that a Trust Officer of the Trustee actually knows to be so held
shall be so disregarded.

    
      
         

      

      
        67

        
          

        

      

      
         

      

    

    (ii)           No
issuance, transfer, sale, pledge or other disposition of one or more
Subordinated Notes shall be made unless simultaneously with the issuance or
transfer of such Subordinated Note (1) a proportionate amount of the Membership
Interests of the Issuer (the “Membership
Interests,” which shall be initially held by the holder of the
Subordinated Notes) are issued or transferred so that the ratio of the
percentage interest of the Membership Interests so issued or transferred to all
Membership Interests and the ratio of the percentage interest of the
Subordinated Notes so issued or transferred to all Subordinated Notes are equal
and (2) the issuances or the transfers of the Membership Interests and
Subordinated Notes referred to in this paragraph are made to the same Person and
(3) the percentage interest of the Membership Interests and Subordinated Notes,
respectively, so issued or transferred is no less than ten (10%) percent. The
Subordinated Notes and Membership Interests in the Issuer must at all times be
held such that the ratio of the percentage interest of Membership Interests held
by any one Person to all Membership Interests is equal to the ratio of
Subordinated Notes held by the same Person to all outstanding Subordinated
Notes. All of the Subordinated Notes and Membership Interests in the Issuer to
be issued on the Closing Date are intended to be issued to the Depositor, but
may be sold to related and/or unrelated Persons at any time thereafter in
accordance with the applicable provisions of this Indenture and, with respect to
the Membership Interests of the Issuer, the Issuer’s organizational documents.
As to the transfer and ownership of Membership Interests, the Trustee shall be
entitled to rely exclusively upon the information set forth in the transfer
certificates received pursuant to the terms of this Section 2.5, and the
Trustee shall have no obligation to determine or monitor the ownership and
transfer of Membership Interests.

     

    (iii)          No
Subordinated Note (or interest therein) may be acquired or owned by any Person
that is classified for U.S. federal income tax purposes as a disregarded entity
(unless the beneficial owner for U.S. federal income tax purposes of the
disregarded entity is a corporation, other than a subchapter S corporation, or
is otherwise taxable as a corporation), partnership, subchapter S corporation or
grantor trust unless such Person obtains an Opinion of Counsel that such
acquisition or transfer will not cause the Issuer to be treated as a publicly
traded partnership taxable as a corporation.

     

    (iv)          No
Subordinated Note (or interest therein) may be acquired, and no Holder of a
Subordinated Note may sell, transfer, assign, participate, pledge or otherwise
dispose of any Subordinated Note (or interest therein) or cause any Subordinated
Note (or interest therein) to be marketed, (1) on or through an “established
securities market” within the meaning of Section 7704(b)(1) of the Code and
Treas. Reg. § 1.7704-1(b), including, without limitation, an interdealer
quotation system that regularly disseminates firm buy or sell quotations, (2) on
or through a “secondary market (or the substantial equivalent thereof)” within
the meaning of Section 7704(b)(2) of the Code, including a market wherein any
Subordinated Note (or interest therein) is regularly quoted by any Person making
a market in such interests and a market wherein any Person regularly makes
available bid or offer quotes with respect to any Subordinated Note (or interest
therein) and stands ready to effect buy or sell transactions at the quoted
prices for itself or on behalf of others, or (3) if such acquisition, sale,
transfer, assignment, participation, pledge or other disposition would cause the
Subordinated Notes (or interest therein) to be held by more than 100
Persons.

    
      
         

      

      
        68

        
          

        

      

      
         

      

    

    (d)           Notwithstanding
anything contained herein to the contrary, the Trustee shall not be responsible
for ascertaining whether any transfer complies with, or for otherwise monitoring
or determining compliance with, the registration provisions of or any exemptions
from the Securities Act, applicable state securities laws or the applicable laws
of any other jurisdiction, ERISA, the Code, the 1940 Act, or the terms hereof;
provided that if a
certificate is specifically required by the terms of this Section 2.5 to
be provided to the Trustee by a prospective transferor or transferee, the
Trustee shall be under a duty to receive and examine the same to determine
whether or not the certificate substantially conforms on its face to the
applicable requirements of this Indenture and shall promptly notify the party
delivering the same and the Issuer if such certificate does not comply with such
terms.

     

    (e)           [Reserved].

     

    (f)           Transfers
of Global Secured Notes shall only be made in accordance with Section 2.2(b) and
this Section 2.5(f).

     

    (i)            Rule 144A Global Secured
Note to Regulation S Global Secured Note.  If a holder of a
beneficial interest in a Rule 144A Global Secured Note deposited with DTC wishes
at any time to exchange its interest in such Rule 144A Global Secured Note for
an interest in the corresponding Regulation S Global Secured Note, or to
transfer its interest in such Rule 144A Global Secured Note to a Person who
wishes to take delivery thereof in the form of an interest in the corresponding
Regulation S Global Secured Note, such holder (provided that such holder or,
in the case of a transfer, the transferee is (x) not a U.S. person and is
acquiring such interest in an offshore transaction (as defined in Regulation S)
and (y) is a Qualified Purchaser) may, subject to the immediately
succeeding sentence and the rules and procedures of DTC, exchange or transfer,
or cause the exchange or transfer of, such interest for an equivalent beneficial
interest in the corresponding Regulation S Global Secured Note.  Upon
receipt by the Registrar of (A) instructions given in accordance with DTC’s
procedures from an Agent Member directing the Registrar to credit or cause to be
credited a beneficial interest in the corresponding Regulation S Global Secured
Note, but not less than the minimum denomination applicable to such holder’s
Notes, in an amount equal to the beneficial interest in the Rule 144A Global
Secured Note to be exchanged or transferred, (B) a written order given in
accordance with DTC’s procedures containing information regarding the
participant account of DTC and the Euroclear or Clearstream account to be
credited with such increase, (C) a certificate in the form of Exhibit B-1 attached
hereto given by the holder of such beneficial interest stating that the exchange
or transfer of such interest has been made in compliance with the transfer
restrictions applicable to the Global Secured Notes, including that the holder
or the transferee, as applicable, is a Qualified Purchaser and not a U.S.
person, and in an offshore transaction pursuant to and in accordance with
Regulation S, and (D) a written certification in the form of Exhibit B-7
attached hereto given by the transferee in respect of such beneficial interest
stating, among other things, that such transferee is a Qualified Purchaser and a
non-U.S. person purchasing such beneficial interest in an offshore transaction
pursuant to Regulation S, then the Registrar shall approve the instructions
at DTC to reduce the principal amount of the Rule 144A Global Secured Note and
to increase the principal amount of the Regulation S Global Secured Note by the
aggregate principal amount of the beneficial interest in the Rule 144A Global
Secured Note to be exchanged or transferred, and to credit or cause to be
credited to the securities account of the Person specified in such instructions
a beneficial interest in the corresponding Regulation S Global Secured Note
equal to the reduction in the principal amount of the Rule 144A Global Secured
Note.

    
      
         

      

      
        69

        
          

        

      

      
         

      

    

    (ii)           Regulation S Global Secured
Note to Rule 144A Global Secured Note.  If a holder of a
beneficial interest in a Regulation S Global Secured Note deposited with DTC
wishes at any time to exchange its interest in such Regulation S Global Secured
Note for an interest in the corresponding Rule 144A Global Secured Note or to
transfer its interest in such Regulation S Global Secured Note to a Person who
wishes to take delivery thereof in the form of an interest in the corresponding
Rule 144A Global Secured Note, such holder may, subject to the immediately
succeeding sentence and the rules and procedures of Euroclear, Clearstream
and/or DTC, as the case may be, exchange or transfer, or cause the exchange or
transfer of, such interest for an equivalent beneficial interest in the
corresponding Rule 144A Global Secured Note.  Upon receipt by the
Registrar of (A) instructions from Euroclear, Clearstream and/or DTC, as
the case may be, directing the Registrar to cause to be credited a beneficial
interest in the corresponding Rule 144A Global Secured Note in an amount equal
to the beneficial interest in such Regulation S Global Secured Note, but not
less than the minimum denomination applicable to such holder’s Notes to be
exchanged or transferred, such instructions to contain information regarding the
participant account with DTC to be credited with such increase, (B) a
certificate in the form of Exhibit B-3
attached hereto given by the holder of such beneficial interest and stating,
among other things, that, in the case of a transfer, the Person transferring
such interest in such Regulation S Global Secured Note reasonably believes that
the Person acquiring such interest in a Rule 144A Global Secured Note is a
Qualified Purchaser and a Qualified Institutional Buyer, is obtaining such
beneficial interest in a transaction meeting the requirements of Rule 144A and
in accordance with any applicable securities laws of any state of the United
States or any other jurisdiction and (C) a written certification in the
form of Exhibit B-6
attached hereto given by the transferee in respect of such beneficial interest
stating, among other things, that such transferee is a Qualified Institutional
Buyer and a Qualified Purchaser, then the Registrar will approve the
instructions at DTC to reduce, or cause to be reduced, the Regulation S Global
Secured Note by the aggregate principal amount of the beneficial interest in the
Regulation S Global Secured Note to be transferred or exchanged and the
Registrar shall instruct DTC, concurrently with such reduction, to credit or
cause to be credited to the securities account of the Person specified in such
instructions a beneficial interest in the corresponding Rule 144A Global Secured
Note equal to the reduction in the principal amount of the Regulation S Global
Secured Note.

    
      
         

      

      
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    (iii)          Global Secured Note to
Certificated Secured Note.  If a holder of a beneficial
interest in a Global Secured Note deposited with DTC wishes at any time to
transfer its interest in such Global Secured Note to a Person who wishes to take
delivery thereof in the form of a corresponding Certificated Secured Note, such
holder may, subject to the immediately succeeding sentence and the rules and
procedures of Euroclear, Clearstream and/or DTC, as the case may be, transfer,
or cause the transfer of, such interest for a Certificated Secured
Note.  Upon receipt by the Registrar of (A) certificates
substantially in the form of Exhibit B-2 attached
hereto executed by the transferee and (B) appropriate instructions from
DTC, if required, the Registrar will approve the instructions at DTC to reduce,
or cause to be reduced, the Global Secured Note by the aggregate principal
amount of the beneficial interest in the Global Secured Note to be transferred,
record the transfer in the Register in accordance with Section 2.5(a) and
upon execution by the Issuer and authentication and delivery by the Trustee, one
or more corresponding Certificated Secured Notes, registered in the names
specified in the instructions described in clause (B) above, in principal
amounts designated by the transferee (the aggregate of such principal amounts
being equal to the aggregate principal amount of the interest in such Global
Secured Note transferred by the transferor), and in authorized
denominations.

     

    (g)           Transfers
of Certificated Secured Notes shall only be made in accordance with Section 2.2(b) 
and this Section 2.5(g) .

     

    (i)            Transfer of Certificated
Secured Notes to Global Secured Notes.  If a holder of a
Certificated Secured Note wishes at any time to transfer such Certificated
Secured Note to a Person who wishes to take delivery thereof in the form of a
beneficial interest in a corresponding Global Secured Note, such holder may,
subject to the immediately succeeding sentence and the rules and procedures of
Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or
cause the exchange or transfer of, such Certificated Secured Note for a
beneficial interest in a corresponding Global Secured Note.  Upon
receipt by the Registrar of (A) a Holder’s Certificated Secured Note
properly endorsed for assignment to the transferee, (B) a certificate
substantially in the form of Exhibit B-1 or
Exhibit B-3 (as
applicable) attached hereto executed by the transferor and a certificate
substantially in the form of Exhibit B-6 or
B-7 (as
applicable) attached hereto executed by the transferee, (C) instructions
given in accordance with Euroclear, Clearstream or DTC’s procedures, as the case
may be, from an Agent Member to instruct DTC to cause to be credited a
beneficial interest in the applicable Global Secured Notes in an amount equal to
the Certificated Secured Notes to be transferred or exchanged, and (D) a
written order given in accordance with DTC’s procedures containing information
regarding the participant’s account at DTC and/or Euroclear or Clearstream to be
credited with such increase, the Registrar shall cancel such Certificated
Secured Note in accordance with Section 2.9,
record the transfer in the Register in accordance with Section 2.5(a)
and approve the instructions at DTC, concurrently with such cancellation, to
credit or cause to be credited to the securities account of the Person specified
in such instructions a beneficial interest in the corresponding Global Secured
Note equal to the principal amount of the Certificated Secured Note transferred
or exchanged.

    
      
         

      

      
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    (ii)           Transfer of Certificated
Secured Notes to Certificated Secured Notes.  Upon receipt by
the Registrar of (A) a Holder’s Certificated Secured Note properly endorsed
for assignment to the transferee, and (B) certificates substantially in the
form of Exhibit B-2
attached hereto executed by the transferee, the Registrar shall cancel such
Certificated Secured Note in accordance with Section 2.9,
record the transfer in the Register in accordance with Section 2.5(a) and
upon execution by the Issuer and authentication and delivery by the Trustee,
deliver one or more Certificated Secured Notes bearing the same designation as
the Certificated Secured Note endorsed for transfer, registered in the names
specified in the assignment described in clause (A) above, in principal
amounts designated by the transferee (the aggregate of such principal amounts
being equal to the aggregate principal amount of the Certificated Secured Note
surrendered by the transferor), and in authorized denominations.

     

    (h)           Transfer and Exchange of
Certificated Subordinated Note to Certificated Subordinated
Note.  Transfers of Subordinated Notes shall only be made in
accordance with Section 2.2(b)
and this Section 2.5(h).  Upon
receipt by the Registrar of (A) a Holder’s Certificated Subordinated Note
properly endorsed for assignment to the transferee, and (B) certificates in
the form of Exhibits
B-4 and B-5 attached hereto
given by the transferee of such Certificated Subordinated Note, the Registrar
shall cancel such Certificated Subordinated Note in accordance with Section 2.9,
record the transfer in the Register in accordance with Section 2.5(a) and
upon execution by the Issuer and authentication and delivery by the Trustee,
deliver one or more Certificated Subordinated Notes bearing the same designation
as the Certificated Subordinated Note endorsed for transfer, registered in the
names specified in the assignment described in clause (A) above, in
principal amounts designated by the transferee (the aggregate of such principal
amounts being equal to the aggregate principal amount of the Certificated
Subordinated Note surrendered by the transferor), and in authorized
denominations.

     

    (i)            If
Notes are issued upon the transfer, exchange or replacement of Notes bearing the
securities law legends set forth in the applicable part of Exhibit A
hereto, and if a request is made to remove such securities law legend on such
Notes, the Notes so issued shall bear such securities law legend, or such
securities law legend shall not be removed, as the case may be, unless there is
delivered to the Trustee and the Issuer such satisfactory evidence, which may
include an Opinion of Counsel acceptable to them, as may be reasonably required
by the Issuer (and which shall by its terms permit reliance by the Trustee), to
the effect that neither such securities law legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply
with the provisions of the Securities Act and the 1940 Act and, if required
pursuant to Section
8.1(vii), the consent thereto from a Majority of the Controlling Class
and a Majority of each other Class affected thereby (such consent not to be
unreasonably withheld or delayed).  Upon provision of such
satisfactory evidence, the Trustee or its Authenticating Agent, at the written
direction of the Issuer shall, after due execution by the Issuer authenticate
and deliver Notes that do not bear such securities law legend.

     

    (j)            Each
Person who becomes a beneficial owner of Secured Notes represented by an
interest in a Global Secured Note will be deemed to have represented and agreed
as follows:

    
      
         

      

      
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    (i)            In
connection with the purchase of such Notes:  (A) none of the
Issuer, the Collateral Manager, Wells Fargo Securities, the Trustee, the
Collateral Administrator or any of their respective Affiliates is acting as a
fiduciary or financial or investment adviser for such beneficial owner;
(B) such beneficial owner is not relying (for purposes of making any
investment decision or otherwise) upon any advice, counsel or
representations (whether written or oral) of the Issuer, the Collateral
Manager, the Trustee, the Collateral Administrator, Wells Fargo Securities or
any of their respective Affiliates other than any statements in the final
Offering Circular for such Notes, and such beneficial owner has read and
understands such final Offering Circular; (C) such beneficial owner has
consulted with its own legal, regulatory, tax, business, investment, financial
and accounting advisors to the extent it has deemed necessary and has made its
own investment decisions (including decisions regarding the suitability of any
transaction pursuant to this Indenture) based upon its own judgment and
upon any advice from such advisors as it has deemed necessary and not upon any
view expressed by the Issuer, the Collateral Manager, the Trustee, the
Collateral Administrator, Wells Fargo Securities or any of their respective
Affiliates; (D) such beneficial owner is either (1) (in the case of a
beneficial owner of an interest in a Rule 144A Global Secured Note)  both
(a) a Qualified Institutional Buyer and (b) a Qualified Purchaser or (2) both
(a) not a “U.S. person” as defined in Regulation S and is acquiring the
Notes in an offshore transaction (as defined in Regulation S) in
reliance on the exemption from registration provided by Regulation S and
(b) a Qualified Purchaser; (E) such beneficial owner is acquiring its
interest in such Notes for its own account; (F) such beneficial owner was
not formed for the purpose of investing in such Notes; (G) such beneficial
owner understands that the Issuer may receive a list of participants holding
interests in the Notes from one or more book-entry depositories; (H) such
beneficial owner will hold and transfer at least the minimum denomination of
such Notes; (I) such beneficial owner is a sophisticated investor and is
purchasing the Notes with a full understanding of all of the terms, conditions
and risks thereof, and is capable of and willing to assume those risks;
(J) such beneficial owner will provide notice of the relevant transfer
restrictions to subsequent transferees and (K) if it is not a U.S. person, it is
not acquiring any Note as part of a plan to reduce, avoid or evade U.S. federal
income tax.

     

    (ii)           Each
Person who acquires a Secured Note or any interest therein will be required or
deemed to represent, warrant and agree that (A) if such Person is, or is acting
on behalf of, a Benefit Plan Investor, its acquisition, holding and disposition
of such interest does not and will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code, and (B) if such
Person is a governmental, church, non-U.S. or other plan which is subject to any
Other Plan Law, such Person’s acquisition, holding and disposition of such Note
will not constitute or result in a non-exempt violation of any such Other Plan
Law.

     

    (iii)          Such
beneficial owner understands that such Notes are being offered only in a
transaction not involving any public offering in the United States within the
meaning of the Securities Act, such Notes have not been and will not be
registered under the Securities Act, and, if in the future such beneficial owner
decides to offer, resell, pledge or otherwise transfer such Notes, such Notes
may be offered, resold, pledged or otherwise transferred only in accordance with
the provisions of this Indenture and the legend on such Notes.  Such
beneficial owner acknowledges that no representation has been made as to the
availability of any exemption under the Securities Act or any state securities
laws for resale of such Notes.  Such beneficial owner understands that
the Issuer has been registered under the 1940 Act, and that the Issuer is exempt
from registration as such by virtue of Section 3(c)(7) and Rule
3a-7 of the 1940 Act.

    
      
         

      

      
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    (iv)          Such
beneficial owner is aware that, except as otherwise provided herein, any Notes
being sold to it in reliance on Regulation S will be represented by one or
more Regulation S Global Secured Notes and that beneficial interests therein may
be held only through DTC for the respective accounts of Euroclear or
Clearstream.

     

    (v)           Such
beneficial owner will provide notice to each Person to whom it proposes to
transfer any interest in the Notes of the transfer restrictions and
representations set forth in this Section 2.5,
including the Exhibits referenced herein.

     

    (k)           Each
Person who becomes an owner of a Certificated Secured Note will be required to
make the representations and agreements set forth in Exhibit B-2.  Each
Person who becomes an owner of a Certificated Subordinated Note will be required
to make the representations and agreements set forth in Exhibit B-4.

     

    (l)            Any
purported transfer of a Note not in accordance with this Section 2.5
shall be null and void and shall not be given effect for any purpose
whatsoever.

     

    (m)          To
the extent required by the Issuer, as determined by the Issuer or the Collateral
Manager on behalf of the Issuer, the Issuer may, upon written notice to the
Trustee, impose additional transfer restrictions on the Notes to comply with the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 and other similar laws or
regulations, including, without limitation, requiring each transferee of a Note
to make representations to the Issuer in connection with such
compliance.

     

    (n)           The
Registrar, the Trustee and the Issuer shall be entitled to conclusively rely on
the information set forth on the face of any transferor and transferee
certificate delivered pursuant to this Section 2.5 and
shall be able to presume conclusively the continuing accuracy thereof, in each
case without further inquiry or investigation.

     

    (o)           The
Subordinated Notes may only be owned by United States persons (as defined in
Section 7701(a)(30) of the Code).

     

    Section
2.6      Mutilated, Defaced,
Destroyed, Lost or Stolen Note.  If (a) any mutilated or
defaced Note is surrendered to a Transfer Agent, or if there shall be delivered
to the Issuer, the Trustee and the relevant Transfer Agent evidence to their
reasonable satisfaction of the destruction, loss or theft of any Note, and
(b) there is delivered to the Issuer, the Trustee and such Transfer Agent
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Issuer, the Trustee or such
Transfer Agent that such Note has been acquired by a protected purchaser, the
Issuer shall execute and, upon Issuer Order, the Trustee shall authenticate and
deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost
or stolen Note, a new Note, of like tenor (including the same date of
issuance) and equal principal or face amount, registered in the same
manner, dated the date of its authentication, bearing interest from the date to
which interest has been paid on the mutilated, defaced, destroyed, lost or
stolen Note and bearing a number not contemporaneously
outstanding.

    
      
         

      

      
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    If, after
delivery of such new Note, a protected purchaser of the predecessor Note
presents for payment, transfer or exchange such predecessor Note, the Issuer,
the Transfer Agent and the Trustee shall be entitled to recover such new Note
from the Person to whom it was delivered or any Person taking therefrom, and
shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer, the
Trustee and the Transfer Agent in connection therewith.

     

    In case
any such mutilated, defaced, destroyed, lost or stolen Note has become due and
payable, the Issuer in its discretion may, instead of issuing a new Note, pay
such Note without requiring surrender thereof except that any mutilated or
defaced Note shall be surrendered.

     

    Upon the
issuance of any new Note under this Section 2.6, the
Issuer may require the payment by the Holder thereof of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith.

     

    Every new
Note issued pursuant to this Section 2.6 in
lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuer and such new Note
shall be entitled, subject to the second paragraph of this Section 2.6, to
all the benefits of this Indenture equally and proportionately with any and all
other Notes of the same Class duly issued hereunder.

     

    The
provisions of this Section 2.6 are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, defaced,
destroyed, lost or stolen Notes.

     

    Section
2.7      Payment of Principal and
Interest and Other Amounts; Principal and Interest Rights
Preserved.  (a) The Secured Notes of each Class shall accrue
interest during each Interest Accrual Period at the applicable Interest Rate and
such interest will be payable in arrears on each Payment Date on the Aggregate
Outstanding Amount thereof on the first day of the related Interest Accrual
Period (after giving effect to payments of principal thereof on such date),
except as otherwise set forth below.  Payment of interest on each
Class of Secured Notes (and payments of available Interest Proceeds to the
Holders of the Subordinated Notes) will be subordinated to the payment of
interest on each related Priority Class as provided in Section
11.1.  To the extent lawful and enforceable, interest on any
interest that is not paid when due on any Class A Notes or any Class B
Notes shall accrue at the Interest Rate for such Class until paid as provided
herein.

     

    (b)           The
principal of each Secured Note of each Class matures at par and is due and
payable on the date of the Stated Maturity for such Class, unless such principal
has been previously repaid or unless the unpaid principal of such Secured Note
becomes due and payable at an earlier date by declaration of acceleration, call
for redemption or otherwise.  Notwithstanding the foregoing, the
payment of principal of each Class of Secured Notes (and payments of Principal
Proceeds to the Holders of the Subordinated Notes) may only occur in accordance
with the Priority of Payments. Payments of principal on any Class of Secured
Notes, and distributions of Principal Proceeds to Holders of Subordinated Notes,
which are not paid, in accordance with the Priority of Payments, on any Payment
Date (other than the Payment Date which is the Stated Maturity of the such Class
of Notes or any Redemption Date), because of insufficient funds therefor shall
not be considered “due and payable” for purposes of Section 5.1(a) until
the Payment Date on which such principal may be paid in accordance with the
Priority of Payments or all Priority Classes with respect to such Class have
been paid in full.

    
      
         

      

      
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    (c)           Principal
payments on the Notes will be made in accordance with the Priority of Payments
and Article
IX.

     

    (d)           The
Paying Agent shall require the previous delivery of properly completed and
signed applicable tax certifications (generally, in the case of U.S. federal
income tax, an Internal Revenue Service Form W-9 (or applicable successor form)
in the case of a United States person within the meaning of
Section 7701(a)(30) of the Code or the applicable Internal Revenue Service
Form W-8 (or applicable successor form) in the case of a Person that is not a
United States person within the meaning of Section 7701(a)(30) of the Code)
or other certification acceptable to it to enable the Issuer, the Trustee and
any Paying Agent to determine their duties and liabilities with respect to any
taxes or other charges that they may be required to pay, deduct or withhold from
payments in respect of such Note or the Holder or beneficial owner of such Note
under any present or future law or regulation of the United States, any other
jurisdiction or any political subdivision thereof or taxing authority therein or
to comply with any reporting or other requirements under any such law or
regulation.  The Issuer shall not be obligated to pay any additional
amounts to the Holders or beneficial owners of the Notes as a result of
deduction or withholding for or on account of any present or future taxes,
duties, assessments or governmental charges with respect to the
Notes.  Nothing herein shall be construed to obligate the Paying Agent
to determine the duties or liabilities of the Issuer or any other paying agent
with respect to any tax certification or withholding requirements, or any tax
certification or withholding requirements of any jurisdiction, political
subdivision or taxing authority outside the United States.

     

    (e)           Payments
in respect of interest on and principal of any Secured Note and any payment with
respect to any Subordinated Note shall be made by the Trustee or by the Irish
Paying Agent, if applicable, in Dollars to DTC or its designee with respect to a
Global Secured Note and to the Holder or its nominee with respect to a
Certificated Note, by wire transfer, as directed by the Holder, in immediately
available funds to a Dollar account maintained by DTC or its nominee with
respect to a Global Secured Note, and to the Holder or its nominee with respect
to a Certificated Note; provided that in the case of
a Certificated Note (1) the Holder thereof shall have provided written
wiring instructions to the Trustee on or before the related Record Date and
(2) if appropriate instructions for any such wire transfer are not received
by the related Record Date, then such payment shall be made by check drawn on a
U.S. bank mailed to the address of the Holder specified in the
Register.  Upon final payment due on the Maturity of a Note, the
Holder thereof shall present and surrender such Note at the Corporate Trust
Office of the Trustee or at the office of any Paying Agent (other than the Irish
Paying Agent) on or prior to such Maturity; provided that if the Trustee
and the Issuer shall have been furnished such security or indemnity as may be
required by them to save each of them harmless and an undertaking thereafter to
surrender such certificate, then, in the absence of notice to the Issuer or the
Trustee that the applicable Note has been acquired by a protected purchaser,
such final payment shall be made without presentation or
surrender.  Neither the Issuer, the Trustee, the Collateral Manager,
nor any Paying Agent will have any responsibility or liability for any aspects
of the records (or for maintaining, supervising or reviewing such records)
maintained by DTC, Euroclear, Clearstream or any of the Agent Members relating
to or for payments made thereby on account of beneficial interests in a Global
Secured Note.  In the case where any final payment of principal and
interest is to be made on any Secured Note (other than on the Stated Maturity
thereof) or any final payment is to be made on any Subordinated Note (other
than on the Stated Maturity thereof), the Trustee, in the name and at the
expense of the Issuer shall, not more than 30 nor less than 10 days prior
to the date on which such payment is to be made, mail (by first class mail,
postage prepaid) to the Holders thereof at their addresses appearing on the
Register a notice which shall specify the date on which such payment will be
made, the amount of such payment per U.S. $1,000 original principal amount of
Secured Notes, original principal amount of Subordinated Notes and the place
where such Notes may be presented and surrendered for such
payment.

    
      
         

      

      
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    (f)            Payments
of principal to Holders of the Secured Notes of each Class shall be made in the
proportion that the Aggregate Outstanding Amount of the Secured Notes of such
Class registered in the name of each such Holder on the applicable Record Date
bears to the Aggregate Outstanding Amount of all Secured Notes of such Class on
such Record Date.  Payments to the Holders of the Subordinated Notes
from Interest Proceeds and Principal Proceeds shall be made in the proportion
that the Aggregate Outstanding Amount of the Subordinated Notes registered in
the name of each such Holder on the applicable Record Date bears to the
Aggregate Outstanding Amount of all Subordinated Notes on such Record
Date.

     

    (g)           Interest
accrued with respect to the Secured Notes shall be calculated on the basis of
the actual number of days elapsed in the applicable Interest Accrual Period
divided by 360.

     

    (h)           All
reductions in the principal amount of a Note (or one or more predecessor
Notes) effected by payments of installments of principal made on any
Payment Date or Redemption Date shall be binding upon all future Holders of such
Note and of any Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, whether or not such payment is noted on
such Note.

     

    (i)
           Notwithstanding
any other provision of this Indenture, the obligations of the Issuer under the
Notes and this Indenture are limited recourse obligations of the Issuer payable
solely from the Assets and following realization of the Assets, and application
of the proceeds thereof in accordance with this Indenture, all obligations of
and any claims against the Issuer hereunder or in connection herewith after such
realization shall be extinguished and shall not thereafter revive.  No
recourse shall be had against any Officer, director, manager, partner, member,
employee, shareholder, authorized Person or incorporator of the Issuer, the
Collateral Manager or their respective Affiliates, successors or assigns for any
amounts payable under the Notes or this Indenture.  It is understood
that the foregoing provisions of this paragraph (i) shall not
(i) prevent recourse to the Assets for the sums due or to become due under
any security, instrument or agreement which is part of the Assets or
(ii) constitute a waiver, release or discharge of any indebtedness or
obligation evidenced by the Notes or secured by this Indenture until such Assets
have been realized.  It is further understood that the foregoing
provisions of this paragraph (i) shall not limit the right of any Person to
name the Issuer as a party defendant in any Proceeding or in the exercise of any
other remedy under the Notes or this Indenture, so long as no judgment in the
nature of a deficiency judgment or seeking personal liability shall be asked for
or (if obtained) enforced against any such Person or entity.  The
Subordinated Notes are not secured hereunder.

    
      
         

      

      
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    (j) 
          Subject to the
foregoing provisions of this Section 2.7,
each Note delivered under this Indenture and upon registration of transfer of or
in exchange for or in lieu of any other Note shall carry the rights to unpaid
interest and principal (or other applicable amount) that were carried by
such other Note.

     

    Section
2.8      Persons Deemed
Owners.  The Issuer, the Trustee, and any agent of the Issuer
or the Trustee shall treat as the owner of each Note the Person in whose name
such Note is registered on the Register on the applicable Record Date for the
purpose of receiving payments of principal of and interest on such Note and,
except with respect to the rights reserved to the Beneficial Owners hereunder,
on any other date for all other purposes whatsoever (whether or not such Note is
overdue), and, except with respect to the rights reserved to the Beneficial
Owners hereunder, none of the Issuer, the Trustee or any agent of the Issuer or
the Trustee shall be affected by notice to the contrary. 

     

    Section
2.9     Cancellation.  All
Notes surrendered for payment, registration of transfer, exchange or redemption,
or deemed lost or stolen, shall be promptly canceled by the Trustee and may not
be reissued or resold.  No Note may be surrendered (including any
surrender in connection with any abandonment) except for payment as provided
herein, or for registration of transfer, exchange or redemption, or for
replacement in connection with any Note deemed lost or stolen.  Any
such Notes shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee.  No Notes shall be authenticated in lieu of
or in exchange for any Notes canceled as provided in this Section 2.9,
except as expressly permitted by this Indenture.  All canceled Notes
held by the Trustee shall be destroyed or held by the Trustee in accordance with
its standard retention policy unless the Issuer shall direct by an Issuer Order
received prior to destruction that they be returned to it.

     

    Section
2.10     DTC Ceases to be
Depository.  (a) A Global Secured Note deposited with DTC
pursuant to Section 2.2 shall
be transferred in the form of a corresponding Certificated Note to the
beneficial owners thereof only if (A) such transfer complies with Section 2.5 of
this Indenture and (B) either (x) (i) DTC notifies the Issuer
that it is unwilling or unable to continue as depository for such Global Secured
Note or (ii) DTC ceases to be a Clearing Agency registered under the
Exchange Act and, in each case, a successor depository is not appointed by the
Issuer within 90 days after such event or (y) an Event of Default has
occurred and is continuing and such transfer is requested by the Holder of such
Global Secured Note.

     

    (b)           Any
Global Secured Note that is transferable in the form of a corresponding
Certificated Note to the beneficial owner thereof pursuant to this Section 2.10
shall be surrendered by DTC to the Trustee’s office located in the Borough of
Manhattan, the City of New York to be so transferred, in whole or from time to
time in part, without charge, and the Issuer shall execute and the Trustee shall
authenticate and deliver, upon such transfer of each portion of such Global
Secured Note, an equal aggregate principal amount of definitive physical
certificates (pursuant to the instructions of DTC) in authorized
denominations.  Any Certificated Note delivered in exchange for an
interest in a Global Secured Note shall, except as otherwise provided by Section 2.5,
bear the legends set forth in the applicable Exhibit A and
shall be subject to the transfer restrictions referred to in such
legends.

    
      
         

      

      
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    (c)           Subject
to the provisions of paragraph (b) of this Section 2.10,
the Holder of a Global Secured Note may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action which such Holder is entitled to take under
this Indenture or the Notes.

     

    (d)           In
the event of the occurrence of either of the events specified in
sub-Section (a) of this Section 2.10,
the Issuer will promptly make available to the Trustee a reasonable supply of
Certificated Notes.

     

    If
Certificated Notes are not so issued by the Issuer to such beneficial owners of
interests in Global Secured Notes as required by sub-Section (a) of
this Section 2.10,
the Issuer expressly acknowledges that the beneficial owners shall be entitled
to pursue any remedy that the Holders of a Global Secured Note would be entitled
to pursue in accordance with Article V of this
Indenture (but only to the extent of such beneficial owner’s interest in the
Global Secured Note) as if corresponding Certificated Notes had been
issued; provided that
the Trustee shall be entitled to rely upon any certificate of ownership provided
by such beneficial owners (including a certificate in the form of Exhibit D)
and/or other forms of reasonable evidence of such ownership.

     

    Section
2.11     Non-Permitted
Holders.  (a) Notwithstanding anything to the contrary
elsewhere herein, (x) any transfer of a beneficial interest in any Secured
Note to (i) a U.S. person that is not a QIB/QP (other than a U.S. person that is
an Institutional Accredited Investor and is also a Qualified Purchaser (or a
corporation, partnership, limited liability company or other entity (other than
a trust), each shareholder, partner, member or other equity owner of which is a
Qualified Purchaser)) or (ii) a non-U.S. person that is not purchasing such
beneficial interest in an offshore transaction pursuant to Regulation S or that
is not a Qualified Purchaser, and in each case, that is not made pursuant to an
applicable exemption under the Securities Act and the 1940 Act and (y) any
transfer of a beneficial interest in any Subordinated Note to a Person that is
not (i) a U.S. person as defined in Section 7701(a)(30) of the Code, (ii) a
Qualified Institutional Buyer or an Institutional Accredited Investor and
(iii) a Qualified Purchaser and that is not made pursuant to an applicable
exemption under the Securities Act and the 1940 Act shall be null and void and
any such purported transfer of which the Issuer or the Trustee shall have notice
may be disregarded by the Issuer and the Trustee for all
purposes.

    
      
         

      

      
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    (b)           If
(x)(i) any U.S. person that is not a QIB/QP (other than a U.S. person that is an
Institutional Accredited Investor and is also a Qualified Purchaser (or a
corporation, partnership, limited liability company or other entity (other than
a trust), each shareholder, partner, member or other equity owner of which is a
Qualified Purchaser)) or (ii) any non-U.S. person that is not purchasing
such beneficial interest in an offshore transaction pursuant to Regulation S or
that is not a Qualified Purchaser, shall become the beneficial owner of an
interest in any Secured Note, (y) any  Person that is not (i) a U.S.
person as defined in Section 7701(a)(30) of the Code, (ii) a Qualified
Institutional Buyer or an Institutional Accredited Investor and (iii) a
Qualified Purchaser or that does not have an exemption available under the
Securities Act and the 1940 Act shall become the beneficial owner of an interest
in any Subordinated Note or (z) any holder of Notes shall fail to comply with
the Noteholder Reporting Obligations (any such Person a “Non-Permitted
Holder”), the Issuer (or the Collateral Manager on behalf of the Issuer)
shall, promptly after discovery that such Person is a Non-Permitted Holder by
the Issuer or upon notice from the Trustee (if a Trust Officer of the Trustee
obtains actual knowledge) if it makes the discovery (and who agrees to
notify the Issuer of such discovery, if any), send notice to such Non-Permitted
Holder demanding that such Non-Permitted Holder transfer its interest in the
Notes held by such Person to a Person that is not a Non-Permitted Holder within
30 days after the date of such notice.  If such Non-Permitted
Holder fails to so transfer such Notes, the Issuer or the Collateral Manager
acting for the Issuer shall have the right, without further notice to the
Non-Permitted Holder, to sell such Notes or interest in such Notes to a
purchaser selected by the Issuer that is not a Non-Permitted Holder on such
terms as the Issuer may choose.  The Issuer, or the Collateral Manager
acting on behalf of the Issuer, may select the purchaser by soliciting one or
more bids from one or more brokers or other market professionals that regularly
deal in securities similar to the Notes and sell such Notes to the highest such
bidder; provided that
the Collateral Manager, its Affiliates and accounts, funds, clients or
portfolios established and controlled by the Collateral Manager shall be
entitled to bid in any such sale.  However, the Issuer or the
Collateral Manager may select a purchaser by any other means determined by it in
its sole discretion.  The Holder of each Note, the Non-Permitted
Holder and each other Person in the chain of title from the Holder to the
Non-Permitted Holder, by its acceptance of an interest in the Notes, agrees to
cooperate with the Issuer, the Collateral Manager and the Trustee to effect such
transfers.  The proceeds of such sale, net of any commissions,
expenses and taxes due in connection with such sale shall be remitted to the
Non-Permitted Holder.  The terms and conditions of any sale under this
sub-section shall be determined in the sole discretion of the Issuer, and
none of the Issuer, the Trustee or the Collateral Manager shall be liable to any
Person having an interest in the Notes sold as a result of any such sale or the
exercise of such discretion.

     

    (c)           Notwithstanding
anything to the contrary elsewhere herein, any transfer of a beneficial interest
in any Subordinated Note to a Person who has made an ERISA-related
representation required by Section 2.5 that
is subsequently shown to be false or misleading shall be null and void and any
such purported transfer of which the Issuer or the Trustee shall have notice may
be disregarded by the Issuer and the Trustee for all purposes.

     

    (d)           If
any Person shall become the beneficial owner of an interest in any Note who has
made or is deemed to have made a prohibited transaction, Benefit Plan Investor,
Controlling Person, Similar Law or Other Plan Law representation required by
Section 2.5 that
is subsequently shown to be false or misleading or whose beneficial ownership
otherwise causes a violation of the 25% Limitation (any such Person a “Non-Permitted ERISA
Holder”), the Issuer (or the Collateral Manager on behalf of the Issuer)
shall, promptly after discovery that such Person is a Non-Permitted ERISA Holder
by the Issuer or upon notice from the Trustee (if a Trust Officer of the Trustee
obtains actual knowledge) if it makes the discovery (and who agrees to
notify the Issuer of such discovery), send notice to such Non-Permitted ERISA
Holder demanding that such Non-Permitted ERISA Holder transfer all or any
portion of the Notes held by such Person to a Person that is not a Non-Permitted
ERISA Holder within 20 days after the date of such notice.  If
such Non-Permitted ERISA Holder fails to so transfer such Notes, the Issuer
shall have the right, without further notice to the Non-Permitted ERISA Holder,
to sell such Notes or interest in such Notes to a purchaser selected by the
Issuer that is not a Non-Permitted ERISA Holder on such terms as the Issuer may
choose.  The Issuer may select the purchaser by soliciting one or more
bids from one or more brokers or other market professionals that regularly deal
in securities similar to the Notes and selling such Notes to the highest such
bidder.  The Holder of each Note, the Non-Permitted ERISA Holder and
each other Person in the chain of title from the Holder to the Non-Permitted
ERISA Holder, by its acceptance of an interest in the Notes, agrees to cooperate
with the Issuer and the Trustee to effect such transfers.  The
proceeds of such sale, net of any commissions, expenses and taxes due in
connection with such sale shall be remitted to the Non-Permitted ERISA
Holder.  The terms and conditions of any sale under this
sub-Section shall be determined in the sole discretion of the Issuer, and
none of the Issuer, the Trustee or the Collateral Manager shall be liable to any
Person having an interest in the Notes sold as a result of any such sale or the
exercise of such discretion.

    
      
         

      

      
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    Section
2.12     Treatment and Tax
Certification.  (a) The Issuer and the Trustee agree, and each
Holder and each beneficial owner of a Secured Note, by acceptance of such
Secured Note or an interest in such Secured Note shall be deemed to have agreed,
to treat, and shall treat, the Secured Notes as debt of the Issuer for United
States federal and, to the extent permitted by law, state and local income and
franchise tax purposes and shall take no action inconsistent with such treatment
unless required by any relevant taxing authority.  The Issuer will
also treat the Secured Notes as debt for legal and accounting
purposes.

     

    (b)           The
Issuer and the Trustee agree, and each Holder and each beneficial owner of a
Subordinated Note, by acceptance of such Subordinated Note or an interest in
such Subordinated Note shall be deemed to have agreed, to treat, and shall
treat, the Subordinated Notes as equity in the Issuer for United States federal
and, to the extent permitted by law, state and local income and franchise tax
purposes and shall take no action inconsistent with such treatment unless
required by any relevant taxing authority.

     

    (c)           Each
Holder and beneficial owner of a Note, by acceptance of such Note or an interest
in such Note, shall be deemed to understand and acknowledge that failure to
provide the Issuer, the Trustee or any Paying Agent with the properly completed
and signed applicable tax certifications (generally, in the case of U.S. federal
income tax, an Internal Revenue Service Form W-9 (or applicable successor form)
in the case of a U.S. Person or the applicable Internal Revenue Service Form W-8
(or applicable successor form) in the case of a Person that is not a U.S.
Person) or the failure to meet its Noteholder Reporting Obligations may result
in withholding from payments in respect of such Note, including U.S. federal
withholding or back-up withholding.

     

    (d)           Each
purchaser, beneficial owner and subsequent transferee of a Note or interest
therein, by acceptance of such Note or an interest in such Note, shall be deemed
to have agreed (1) to provide the Issuer and Trustee (i) any information as is
necessary (in the sole determination of the Issuer or the Trustee, as
applicable) for the Issuer and the Trustee to determine whether such purchaser,
beneficial owner or transferee is a U.S. Person or a United States owned foreign
entity (as described in Section 1471(d)(3) of the Code) (“United States owned foreign
entity”) and (ii) any additional information that the Issuer or its agent
requests in connection with Sections 1471-1474 of the Code and (2) if it is a
United States person or a United States owned foreign entity that is a Holder or
beneficial owner of Notes or an interest therein as of March 18, 2012 or that
acquires an interest in the Notes after March 18, 2012, be required to (x)
provide the Issuer and Trustee its name, address, U.S. taxpayer identification
number and any other information requested by the Issuer or its agent upon
request and by March 18, 2012 or, if such Holder or beneficial owner acquires an
interest in the Notes after that date, by the date it acquires such interest and
(y) update any such information provided in clause (x) promptly upon learning
that any such information previously provided has become obsolete or incorrect
or is otherwise required (such obligation, the “Noteholder Reporting
Obligations”).  Each purchaser and subsequent transferee of
Notes will be required or deemed to acknowledge that the Issuer may provide such
information and any other information concerning its investment in the Notes to
the U.S. Internal Revenue Service.  Each purchaser and subsequent
transferee of Notes will be required or deemed to understand and acknowledge
that the Issuer has the right, hereunder, to compel any beneficial owner of an
interest in a Note that fails to comply with the foregoing requirements to sell
its interest in such Note, or may sell such interest on behalf of such owner as
provided in Section
2.11(b).

    
      
         

      

      
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    Section
2.13     Additional
Issuance.  (a) At any time, the Issuer may issue and sell
additional Subordinated Notes and use the proceeds to purchase additional
Collateral Obligations or as otherwise permitted under this Indenture; provided that the following
conditions are met:

     

    (i)            the
Collateral Manager consents to such issuance and such issuance is consented to
by a Majority of the Subordinated Notes;

     

    (ii)           the
aggregate principal amount of Subordinated Notes issued in all additional
issuances shall not exceed 100% of the original outstanding principal amount of
the Subordinated Notes;

     

    (iii)          the
terms of the notes issued must be identical to the respective terms of
previously issued Subordinated Notes (except that monies due on additional
Subordinated Notes will accrue from the issue date of such Subordinated Notes
and that the prices of such additional Subordinated Notes do not have to be
identical to those of the initial Subordinated Notes) and such additional
issuance shall not be considered a Refinancing hereunder;

     

    (iv)          such
additional Subordinated Notes must be issued at a price equal to or greater than
the principal amount thereof;

     

    (v)           the
Issuer notifies each Rating Agency of such issuance prior to the issuance
date;

     

    (vi)          the
proceeds of any Subordinated Notes (net of fees and expenses incurred in
connection with such issuance) shall not be treated as Refinancing Proceeds and
shall be treated as Principal Proceeds and used to purchase additional
Collateral Obligations, to invest in Eligible Investments, to fund the Revolver
Funding Account or to apply pursuant to the Priority of Payments;

     

    (vii)         immediately
after giving effect to such issuance, each Coverage Test is satisfied or, with
respect to any Coverage Test that was not satisfied immediately prior to giving
effect to such issuance and will continue not to be satisfied immediately after
giving effect to such issuance, the degree of compliance with such Coverage Test
is maintained or improved immediately after giving effect to such issuance and
the application of the proceeds thereof; and

     

    (viii)        the
applicable provisions of clauses (ii), (iii), and (iv) of Section 2.5(c) are
satisfied.

    
      
         

      

      
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    (b)           For
the avoidance of doubt, at any time the members of the Issuer may make
additional capital contributions to the Issuer.

     

    ARTICLE
III

     

    CONDITIONS
PRECEDENT

     

    Section
3.1      Conditions to Issuance of
Notes on Closing Date.  The Notes to be issued on the Closing
Date may be executed by the Issuer and delivered to the Trustee for
authentication and thereupon the same shall be authenticated and delivered by
the Trustee upon Issuer Order and upon receipt by the Trustee of the
following:

     

    (i)            Officers’ Certificate of the
Issuer Regarding Corporate Matters.  An Officer’s certificate
of the Issuer (A) evidencing the authorization by Resolution of the
execution and delivery of this Indenture, the Collateral Management Agreement,
the Collateral Administration Agreement and related transaction documents and
the execution, authentication and delivery of the Notes applied for by it, with
such Officer’s certificate specifying the Stated Maturity, principal amount and
Interest Rate of each Class of Secured Notes to be authenticated and delivered
and the Stated Maturity and principal amount of Subordinated Notes to be
authenticated and delivered and (B) certifying that (1) the attached
copy of the Resolution is a true and complete copy thereof, (2) such
resolutions have not been rescinded and are in full force and effect on and as
of the Closing Date and (3) the Officers authorized to execute and deliver
such documents hold the offices and have the signatures indicated
thereon.

     

    (ii)           Governmental
Approvals.  From the Issuer either (A) a certificate of
the Issuer or other official document evidencing the due authorization, approval
or consent of any governmental body or bodies, at the time having jurisdiction
in the premises, together with an Opinion of Counsel of Issuer that no other
authorization, approval or consent of any governmental body is required for the
valid issuance of the Notes or (B) an Opinion of Counsel of Issuer that no
such authorization, approval or consent of any governmental body is required for
the valid issuance of such Notes except as has been given.

     

    (iii)          U.S. Counsel
Opinions.  Opinions of (A) Dechert LLP, counsel to the Issuer,
the Collateral Manager and the Originator, (B) Pepper Hamilton LLP, special
Delaware counsel to the Issuer and Depositor and (C) Nixon Peabody LLP, counsel
to the Trustee and Collateral Administrator, each dated the Closing
Date.

     

    (iv)          Officers’ Certificate of the
Issuer Regarding Indenture.  An Officer’s certificate of the
Issuer stating that, to the best of the signing Officer’s knowledge, the Issuer
is not in default under this Indenture and that the issuance of the Notes
applied for by it will not result in a default or a breach of any of the terms,
conditions or provisions of, or constitute a default under, its organizational
documents, any indenture or other agreement or instrument to which it is a party
or by which it is bound, or any order of any court or administrative agency
entered in any Proceeding to which it is a party or by which it may be bound or
to which it may be subject; that all conditions precedent provided herein
relating to the authentication and delivery of the Notes applied for by it have
been complied with; and that all expenses due or accrued with respect to the
Offering of such Notes or relating to actions taken on or in connection with the
Closing Date have been paid or reserves therefor have been made.  The
Officer’s certificate of the Issuer shall also state that, to the best of the
signing Officer’s knowledge, all of the Issuer’s representations and warranties
contained herein are true and correct as of the Closing Date.

    
      
         

      

      
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    (v)          Certain Transaction
Documents.  An executed counterpart of this Indenture, the
Collateral Management Agreement, the Collateral Administration Agreement, the
Securities Account Control Agreement and the Master Loan Sale
Agreement.

     

    (vi)         Certificate of the
Collateral Manager.  An Officer’s certificate of the Collateral
Manager, dated as of the Closing Date, to the effect that immediately before the
Delivery of the Collateral Obligations on the Closing Date:

     

    (A)         the
information with respect to each Collateral Obligation in the Schedule of
Collateral Obligations is true and correct and such schedule is complete with
respect to each such Collateral Obligation;

     

    (B)          each
Collateral Obligation in the Schedule of Collateral Obligations satisfies the
requirements of the definition of “Collateral Obligation”;

     

    (C)          the
Issuer purchased or entered into each Collateral Obligation in the Schedule of
Collateral Obligations in compliance with Section 12.2;
and

     

    (D)          the
Aggregate Principal Balance of the Collateral Obligations which the Issuer has
purchased, acquired in the Initial Contribution or entered into binding
commitments to purchase on or prior to the Closing Date is at least
U.S.$237,874,615.79.

     

    (vii)        Grant of Collateral
Obligations.  The Grant pursuant to the Granting Clauses of
this Indenture of all of the Issuer’s right, title and interest in and to the
Collateral Obligations pledged to the Trustee for inclusion in the Assets on the
Closing Date shall be effective, and Delivery of such Collateral Obligations
(including any promissory note and all other Underlying Documents related
thereto to the extent received by the Issuer) as contemplated by Section 3.3 shall
have been effected.

     

    (viii)       Certificate of the Issuer
Regarding Assets.  An Officer’s certificate of the Issuer,
dated as of the Closing Date, to the effect that:

     

    (A)         in
the case of each Collateral Obligation pledged to the Trustee for inclusion in
the Assets, on the Closing Date and immediately prior to the Delivery thereof
(or immediately after Delivery thereof, in the case of clause (VI)(ii) below) on
the Closing Date;

    
      
         

      

      
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    (I)           the
Issuer is the owner of such Collateral Obligation free and clear of any liens,
claims or encumbrances of any nature whatsoever except for (i) those which
are being released on the Closing Date; (ii) those Granted pursuant to this
Indenture and (iii) any other Permitted Liens;

     

    (II)          the
Issuer has acquired its ownership in such Collateral Obligation in good faith
without notice of any adverse claim, except as described in paragraph (A)
above;

     

    (III)        
the Issuer has not assigned, pledged or otherwise encumbered any interest in
such Collateral Obligation (or, if any such interest has been assigned, pledged
or otherwise encumbered, it has been released) other than interests Granted
pursuant to this Indenture;

     

    (IV)        
the Issuer has full right to Grant a security interest in and assign and pledge
such Collateral Obligation to the Trustee;

     

    (V)          based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi),
the information set forth with respect to such Collateral Obligation in the
Schedule of Collateral Obligations is true and correct;

     

    (VI)         (i)         based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), each
Collateral Obligation included in the Assets satisfies the requirements of the
definition of “Collateral Obligation” and (ii) the requirements of Section 3.1(vii)
have been satisfied; and

     

    (VII)       upon
the Grant by the Issuer, the Trustee has a first priority perfected security
interest in the Collateral Obligations and other Assets, except as permitted by
this Indenture;

     

    (B)         based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), each
Collateral Obligation that the Collateral Manager on behalf of the Issuer
purchased or committed to purchase on or prior to the Closing Date satisfies, or
will upon its acquisition satisfy, the requirements of the definition of
“Collateral Obligation”; and

     

    (C)         based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), the
Aggregate Principal Balance of the Collateral Obligations which the Issuer has
purchased, acquired in the Initial Contribution or entered into binding
commitments to purchase on or prior to the Closing Date is at least
U.S.$237,874,615.79.

     

    (ix)          Rating
Letters.  An Officer’s certificate of the Issuer to the effect
that attached thereto is a true and correct copy of a letter signed by each
Rating Agency, as applicable, and confirming that each Class of Notes has been
assigned the applicable Initial Rating and that such ratings are in effect on
the Closing Date.

    
      
         

      

      
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    (x)           
Accounts.  Evidence
of the establishment of each of the Accounts.

     

    (xi)           Issuer Order for Deposit of
Funds into Accounts.  (A) An Issuer Order signed in the
name of the Issuer by a Responsible Officer of the Issuer, dated as of the
Closing Date, authorizing the deposit of U.S.$62,125,384.21 from the proceeds of
the issuance of the Notes into the Ramp-Up Account for use pursuant to Section 10.3(c),
(B) an Issuer Order signed in the name of the Issuer by a Responsible
Officer of the Issuer, dated as of the Closing Date, authorizing the deposit of
U.S.$50,000 from the proceeds of the issuance of the Notes into the Expense
Reserve Account as Interest Proceeds for use pursuant to Section 10.3(d);
and (C) an Issuer Order signed in the name of the Issuer by a Responsible
Officer of the Issuer, dated as of the Closing Date, authorizing the deposit of
U.S.$0 from the proceeds of the issuance of the Notes into the Revolver Funding
Account for use pursuant to Section 10.4.

     

    (xii)         Accountant’s
Certificate. An accountants’ certificate satisfactory to the Issuer
(i)(A) confirming the information with respect to each Collateral Obligation set
forth on the Schedule of Collateral Obligations attached hereto as Schedule 1, by
reference to such sources as shall be specified therein and (B) confirming the
results of each Coverage Test, each Collateral Quality Test (other than the
S&P CDO Monitor Test) and the Concentration Limitations as of such date, and
(ii) specifying the procedures undertaken by them to review data and
computations relating to the following statement and confirming that each
Coverage Test and each Collateral Quality Test is satisfied.

     

    (xiii)        Payoff Letter.
Evidence that the lien of Citigroup Global Markets Realty Corp. against GCMF
under the GCMF Credit Facility is released.

     

    (xiv)        Other
Documents.  Such other documents as the Trustee may reasonably
require; provided that
nothing in this clause (xiv) shall imply or impose a duty on the part of
the Trustee to require any other documents.

     

    Section
3.2      Conditions to Additional
Issuance.  (a) Any additional Subordinated Notes to be issued
in accordance with Section 2.13(a)
may be executed by the Issuer and delivered to the Trustee for authentication
and thereupon the same shall be authenticated and delivered by the Trustee upon
Issuer Order (setting forth registration, delivery and authentication
instructions) and upon receipt by the Trustee of the following:

     

    (i)           Officers’ Certificate of the
Issuer Regarding Corporate Matters.  An Officer’s certificate
of the Issuer (A) evidencing the authorization by Resolution of the
execution, authentication and delivery of the Subordinated Notes applied for by
it, and such Officer’s certificate specifying the Stated Maturity and principal
amount of the Subordinated Notes to be authenticated and delivered and
(B) certifying that (1) the attached copy of the Resolution is a true
and complete copy thereof, (2) such resolutions have not been rescinded and
are in full force and effect on and as of the date of issuance and (3) the
Officers authorized to execute and deliver such documents hold the offices and
have the signatures indicated thereon.

    
      
         

      

      
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    (ii)           Governmental
Approvals.  From the Issuer either (A) a certificate of
the Issuer or other official document evidencing the due authorization, approval
or consent of any governmental body or bodies, at the time having jurisdiction
in the premises, together with an Opinion of Counsel of Issuer that no other
authorization, approval or consent of any governmental body is required for the
valid issuance of the additional Subordinated Notes or (B) an Opinion of
Counsel of Issuer that no such authorization, approval or consent of any
governmental body is required for the valid issuance of such additional
Subordinated Notes except as has been given.

     

    (iii)          Officers’ Certificate of
Issuer Regarding Indenture.  An Officer’s certificate of the
Issuer stating that, to the best of the signing Officer’s knowledge, the Issuer
is not in default under this Indenture and that the issuance of the additional
Subordinated Notes applied for by it will not result in a default or a breach of
any of the terms, conditions or provisions of, or constitute a default under,
its organizational documents, any indenture or other agreement or instrument to
which it is a party or by which it is bound, or any order of any court or
administrative agency entered in any Proceeding to which it is a party or by
which it may be bound or to which it may be subject; that the provisions of
Section 2.13 and
all conditions precedent provided herein relating to the authentication and
delivery of the additional Subordinated Notes applied for by it have been
complied with; and that all expenses due or accrued with respect to the offering
of such Subordinated Notes or relating to actions taken on or in connection with
the additional issuance have been paid or reserves therefor have been
made.  The Officer’s certificate of the Issuer shall also state that,
to the best of the signing Officer’s knowledge, all of the Issuer’s
representations and warranties contained herein are true and correct as of the
date of additional issuance.

     

    (iv)          Supplemental
Indenture.  A fully executed counterpart of the supplemental
indenture making such changes to this Indenture as shall be necessary to permit
such additional issuance.

     

    (v)           Issuer Order for Deposit of
Funds into Accounts. An Issuer Order signed in the name of the Issuer by
a Responsible Officer of the Issuer, dated as of the date of the additional
issuance, authorizing the deposit of the net proceeds of the issuance into the
Principal Collection Subaccount for use pursuant to Section 10.2.

     

    (vi)          Evidence of Required
Consents. A certificate of the Collateral Manager consenting to such
issuance, and satisfactory evidence of the direction of or consent by a Majority
of the Subordinated Notes to such issuance (which may be in the form of an
Officer’s certificate of the Issuer).

     

    (vii)         Other
Documents.  Such other documents as the Trustee may reasonably
require; provided that
nothing in this clause (vii) shall imply or impose a duty on the part of
the Trustee to require any other documents.

    
      
         

      

      
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    Section
3.3      Custodianship; Delivery of
Collateral Obligations and Eligible Investments.  (a) The
Collateral Manager, on behalf of the Issuer, shall deliver or cause to be
delivered to a custodian appointed by the Issuer, which shall be a Securities
Intermediary (the “Custodian”), all
Assets in accordance with the definition of “Deliver”.  Initially, the
Custodian shall be the Bank.  Any successor custodian shall be a state
or national bank or trust company that has capital and surplus of at least
U.S.$200,000,000 and is a Securities Intermediary.  Subject to the
limited right to relocate Assets as provided in Section 7.5(b),
the Trustee or the Custodian, as applicable, shall hold (i) all Collateral
Obligations, Eligible Investments, Cash and other investments purchased in
accordance with this Indenture and (ii) any other property of the Issuer
otherwise Delivered to the Trustee or the Custodian, as applicable, by or on
behalf of the Issuer, in the relevant Account established and maintained
pursuant to Article
X; as to which in each case the Trustee shall have entered into the
Securities Account Control  Agreement with the Custodian providing,
inter alia, that the establishment and maintenance of such Account will be
governed by a law of a jurisdiction satisfactory to the Issuer and the
Trustee.

     

    (b)           Each
time that the Collateral Manager on behalf of the Issuer directs or causes the
acquisition of any Collateral Obligation, Eligible Investment or other
investment, the Collateral Manager (on behalf of the Issuer) shall, if the
Collateral Obligation, Eligible Investment or other investment is required to
be, but has not already been, transferred to the relevant Account, cause the
Collateral Obligation, Eligible Investment or other investment to be Delivered
to the Custodian to be held in the Custodial Account (or in the case of any such
investment that is not a Collateral Obligation, in the Account in which the
funds used to purchase the investment are held in accordance with Article X) for
the benefit of the Trustee in accordance with this Indenture.  The
security interest of the Trustee in the funds or other property used in
connection with the acquisition shall, immediately and without further action on
the part of the Trustee, be released.  The security interest of the
Trustee shall nevertheless come into existence and continue in the Collateral
Obligation, Eligible Investment or other investment so acquired, including all
interests of the Issuer in to any contracts related to and proceeds of such
Collateral Obligation, Eligible Investment or other investment.

     

    ARTICLE
IV

     

    SATISFACTION
AND DISCHARGE

     

    Section
4.1      Satisfaction and Discharge
of Indenture.  This Indenture shall be discharged and shall
cease to be of further effect except as to (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, defaced, destroyed,
lost or stolen Notes, (iii) rights of Holders to receive payments of
principal thereof and interest thereon, (iv) the rights, obligations and
immunities of the Trustee hereunder, (v) the rights, obligations and
immunities of the Collateral Manager hereunder and under the Collateral
Management Agreement, (vi) the rights, obligations and immunities of the
Collateral Administrator under the Collateral Administration Agreement and
(vii) the rights of Holders as beneficiaries hereof with respect to the
property deposited with the Trustee and payable to all or any of them (and the
Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this
Indenture) when:

    
      
         

      

      
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    (a)           either:

     

    (i)            all
Notes theretofore authenticated and delivered to Holders (other than
(A) Notes which have been mutilated, defaced, destroyed, lost or stolen and
which have been replaced or paid as provided in Section 2.6 and
(B) Notes for whose payment Money has theretofore irrevocably been
deposited in trust and thereafter repaid to the Issuer or discharged from such
trust, as provided in Section 7.3)
have been delivered to the Trustee for cancellation; or

     

    (ii)           all
Notes not theretofore delivered to the Trustee for cancellation (A) have
become due and payable, or (B) will become due and payable at their Stated
Maturity within one year, or (C) are to be called for redemption pursuant
to Article IX
under an arrangement satisfactory to the Trustee for the giving of notice of
redemption by the Issuer pursuant to Section 9.4 and
the Issuer has irrevocably deposited or caused to be deposited with the Trustee,
in trust for such purpose, Cash or non-callable direct obligations of the United
States of America; provided that the obligations
are entitled to the full faith and credit of the United States of America or are
debt obligations which are rated “Aaa” by Moody’s and “AAA” by S&P, in an
amount sufficient, as verified by a firm of Independent certified public
accountants which are nationally recognized, to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the Trustee for
cancellation, for principal and interest to the date of such deposit (in the
case of Notes which have become due and payable), or to their Stated Maturity or
Redemption Date, as the case may be, and shall have Granted to the Trustee a
valid perfected security interest in such Eligible Investment that is of first
priority and free of any adverse claim, as applicable, and shall have furnished
an Opinion of Counsel with respect thereto; provided that this
sub-Section (ii) shall not apply if an election to act in accordance
with the provisions of Section 5.5(a) shall
have been made and not rescinded;

     

    (b)           the
Issuer has paid or caused to be paid all other sums then due and payable
hereunder (including, without limitation, any amounts then due and payable
pursuant to the Collateral Administration Agreement and the Collateral
Management Agreement, in each case,  without regard to the
Administrative Expense Cap) by the Issuer and no other amounts are
scheduled to be due and payable by the Issuer; and

     

    (c)           the
Issuer has delivered to the Trustee, Officers’ certificates and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied
with;

     

    Notwithstanding
the satisfaction and discharge of this Indenture, the rights and obligations of
the Issuer, the Trustee, the Collateral Manager and, if applicable, the Holders,
as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.1, 6.3, 6.6, 6.7, 7.1, 7.3, and 13.1 shall
survive.

     

    Section
4.2      Application of Trust
Money.  All Cash and obligations deposited with the Trustee
pursuant to Section 4.1 shall
be held in trust and applied by it in accordance with the provisions of the
Notes and this Indenture, including, without limitation, the Priority of
Payments, to the payment of principal and interest (or other amounts with
respect to the Subordinated Notes), either directly or through any Paying Agent,
as the Trustee may determine; and such Cash and obligations shall be held in a
segregated account identified as being held in trust for the benefit of the
Secured Parties.

    
      
         

      

      
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    Section
4.3      Repayment of Monies Held by
Paying Agent.  In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all Monies then held by
any Paying Agent other than the Trustee under the provisions of this Indenture
shall, upon demand of the Issuer, be paid to the Trustee to be held and applied
pursuant to Section 7.3 hereof
and in accordance with the Priority of Payments and thereupon such Paying Agent
shall be released from all further liability with respect to such
Monies.

     

    ARTICLE
V

     

    REMEDIES

     

    Section
5.1      Events of
Default.  “Event of Default”,
wherever used herein, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

     

    (a)           a
default in the payment, when due and payable, of (i) any interest on any
Class A Note or any Class B Note and, in each case, the continuation of any
such default, for five Business Days after a Trust Officer of the Trustee has
actual knowledge or receives notice from any holder of Notes of such payment
default, or (ii) any principal of, or interest on, or any Redemption Price
in respect of, any Secured Note at its Stated Maturity or any Redemption Date;
provided that the
failure to effect any Optional Redemption which is withdrawn by the Issuer in
accordance with this Indenture or with respect to which any Refinancing fails to
occur shall not constitute an Event of Default and provided, further, that, in
the case of a failure to disburse funds due to an administrative error or
omission by the Collateral Manager, Trustee, Collateral Administrator or any
Paying Agent, such failure continues for seven Business Days after a Trust
Officer of the Trustee receives written notice or has actual knowledge of such
administrative error or omission;

     

    (b)           the
failure on any Payment Date to disburse amounts available in the Payment Account
in excess of $1,000 in accordance with the Priority of Payments and continuation
of such failure for a period of five Business Days or, in the case of a
failure to disburse due to an administrative error or omission by the Trustee,
Collateral Administrator or any Paying Agent, such failure continues for
seven Business Days after a Trust Officer of the Trustee receives written
notice or has actual knowledge of such administrative error or
omission;

     

    (c)           either
of the Issuer or the Assets becomes an investment company required to be
registered under the 1940 Act;

    
      
         

      

      
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    (d)           except
as otherwise provided in this Section 5.1, a
default in a material respect in the performance, or breach in a material
respect, of any other material covenant of the Issuer herein (it being
understood, without limiting the generality of the foregoing, that any failure
to meet any Concentration Limitation, Collateral Quality Test, Interest
Diversion Test or Coverage Test is not an Event of Default and any failure to
satisfy the requirements of Section 7.18 is
not an Event of Default, except in either case to the extent provided in
clause (g) below), or the failure of any material representation or
warranty of the Issuer made herein or in any certificate or other writing
delivered pursuant hereto or in connection herewith to be correct in each case
in all material respects when the same shall have been made, and the
continuation of such default, breach or failure for a period of 45 days
after notice to the Issuer and the Collateral Manager by registered or certified
mail or overnight delivery service, by the Trustee, or to the Issuer the
Collateral Manager and the Trustee by the Holders of at least a Majority of the
Controlling Class, specifying such default, breach or failure and requiring it
to be remedied and stating that such notice is a “Notice of Default”
hereunder;

     

    (e)           the
entry of a decree or order by a court having competent jurisdiction adjudging
the Issuer as bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of the Issuer
under the Bankruptcy Code or any other applicable law, or appointing a receiver,
liquidator, assignee, or sequestrator (or other similar official) of the
Issuer or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days;

     

    (f)            the
institution by the Issuer of Proceedings to have the Issuer adjudicated as
bankrupt or insolvent, or the consent of the Issuer to the institution of
bankruptcy or insolvency Proceedings against the Issuer, or the filing by the
Issuer of a petition or answer or consent seeking reorganization or relief under
the Bankruptcy Code or any other similar applicable law, or the consent by the
Issuer to the filing of any such petition or to the appointment in a Proceeding
of a receiver, liquidator, assignee, trustee or sequestrator (or other similar
official) of the Issuer or of any substantial part of its property, or the
making by the Issuer of an assignment for the benefit of creditors, or the
admission by the Issuer in writing of its inability to pay its debts generally
as they become due, or the taking of any action by the Issuer in furtherance of
any such action; or

     

    (g)           on
any Measurement Date, failure of the percentage equivalent of a fraction,
(i) the numerator of which is equal to (1) the Collateral Principal
Amount plus
(2) the aggregate Market Value of all Defaulted Obligations on such date
and (ii) the denominator of which is equal to the Aggregate Outstanding
Amount of the Class A Notes, to equal or exceed 100.0%.

     

    Upon a
Responsible Officer’s obtaining knowledge of the occurrence of an Event of
Default, each of (i) the Issuer, (ii) the Trustee and (iii) the
Collateral Manager shall notify each other.  Upon the occurrence of an
Event of Default known to a Trust Officer of the Trustee, the Trustee shall
promptly (and in no event later than three Business Days thereafter) notify the
Noteholders (as their names appear on the Register), each Paying Agent, each of
the Rating Agencies and the Irish Stock Exchange (for so long as any Class of
Notes is listed on the Irish Stock Exchange and so long as the guidelines of
such exchange so require) of such Event of Default in writing (unless such
Event of Default has been waived as provided in Section 5.14).

    
      
         

      

      
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    Section
5.2      Acceleration of Maturity;
Rescission and Annulment.  (a) If an Event of Default occurs
and is continuing (other than an Event of Default specified in Section 5.1(e) or
(f) ), the
Trustee may, and shall, upon the written direction of a Majority of the
Controlling Class, by notice to the Issuer, the Trustee and each Rating Agency,
declare the principal of all the Secured Notes to be immediately due and
payable, and upon any such declaration such principal, together with all accrued
and unpaid interest thereon, and other amounts payable hereunder, shall become
immediately due and payable.  If an Event of Default specified in
Section 5.1(e) or
(f) occurs, all
unpaid principal, together with all accrued and unpaid interest thereon, of all
the Secured Notes, and other amounts payable thereunder and hereunder, shall
automatically become due and payable without any declaration or other act on the
part of the Trustee or any Noteholder.

     

    (b)           At
any time after such a declaration of acceleration of maturity has been made and
before a judgment or decree for payment of the Money due has been obtained by
the Trustee as hereinafter provided in this Article V, a Majority
of the Controlling Class by written notice to the Issuer and the Trustee, may
rescind and annul such declaration and its consequences if:

     

    (i)           The
Issuer has paid or deposited with the Trustee a sum sufficient to
pay:

     

    (A)         all
unpaid installments of interest and principal then due on the Secured Notes;
and

     

    (B)          all
unpaid taxes and Administrative Expenses of the Issuer and other sums paid or
advanced by the Trustee hereunder or by the Collateral Administrator under the
Collateral Administration Agreement or hereunder, accrued and unpaid Aggregate
Collateral Management Fees then due and owing and any other amounts then payable
by the Issuer hereunder prior to such Administrative Expenses and such
Collateral Management Fees.

     

    (ii)          It
has been determined that all Events of Default, other than the nonpayment of the
interest on or principal of the Secured Notes that has become due solely by such
acceleration, have (A) been cured, and a Majority of the Controlling Class
by written notice to the Trustee has agreed with such determination (which
agreement shall not be unreasonably withheld), or (B) been waived as
provided in Section 5.14.

     

    No such
rescission shall affect any subsequent Default or impair any right consequent
thereon.

     

    (c)           Notwithstanding
anything in this Section 5.2 to
the contrary, the Secured Notes will not be subject to acceleration by the
Trustee or the Holders of a Majority of the Controlling Class solely as a result
of the failure to pay any amount due on the Notes that are not of the
Controlling Class other than any failure to pay interest due on the Class B
Notes.

     

    Section
5.3      Collection of Indebtedness
and Suits for Enforcement by Trustee.  The Issuer covenants
that if a default shall occur in respect of the payment of any principal of or
interest when due and payable on any Secured Note, the Issuer will, upon demand
of the Trustee, pay to the Trustee, for the benefit of the Holder of such
Secured Note, the whole amount, if any, then due and payable on such Secured
Note for principal and interest with interest upon the overdue principal and, to
the extent that payments of such interest shall be legally enforceable, upon
overdue installments of interest, at the applicable Interest Rate, and, in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agents and
counsel.

    
      
         

      

      
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    If the
Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its
own name and as trustee of an express trust, may, and shall, subject to the
terms of this Indenture (including Section 6.3(e)) upon
direction of a Majority of the Controlling Class, institute a Proceeding for the
collection of the sums so due and unpaid, may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuer or any
other obligor upon the Secured Notes and collect the Monies adjudged or decreed
to be payable in the manner provided by law out of the Assets.

     

    If an
Event of Default occurs and is continuing, the Trustee may in its discretion,
and shall, subject to the terms of this Indenture (including Section 6.3(e)) upon
written direction of the Majority of the Controlling Class, proceed to protect
and enforce its rights and the rights of the Secured Parties by such appropriate
Proceedings as the Trustee shall deem most effectual (if no such direction is
received by the Trustee) or as the Trustee may be directed by the Majority
of the Controlling Class, to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement herein or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or
legal or equitable right vested in the Trustee by this Indenture or by
law.

     

    In case
there shall be pending Proceedings relative to the Issuer or any other obligor
upon the Secured Notes under the Bankruptcy Code or any other applicable
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or
trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Issuer or its
property or such other obligor or its property, or in case of any other
comparable Proceedings relative to the Issuer or other obligor upon the Secured
Notes, or the creditors or property of the Issuer or such other obligor, the
Trustee, regardless of whether the principal of any Secured Note shall then be
due and payable as therein expressed or by declaration or otherwise and
regardless of whether the Trustee shall have made any demand pursuant to the
provisions of this Section 5.3,
shall be entitled and empowered, by intervention in such Proceedings or
otherwise:

     

    (a)           to
file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Secured Notes upon direction by a Majority of
the Controlling Class and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any
claim for reasonable compensation to the Trustee and each predecessor Trustee,
and their respective agents, attorneys and counsel, and for reimbursement of all
reasonable expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee, except as a result of negligence or bad
faith) and of the Secured Noteholders allowed in any Proceedings relative
to the Issuer or to the creditors or property of the Issuer;

     

    (b)           unless
prohibited by applicable law and regulations, to vote on behalf of the Secured
Noteholders upon the direction of a Majority of the Controlling Class, in any
election of a trustee or a standby trustee in arrangement, reorganization,
liquidation or other bankruptcy or insolvency Proceedings or Person performing
similar functions in comparable Proceedings; and

    
      
         

      

      
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    (c)           to
collect and receive any Monies or other property payable to or deliverable on
any such claims, and to distribute all amounts received with respect to the
claims of the Noteholders and of the Trustee on their behalf; and any trustee,
receiver or liquidator, custodian or other similar official is hereby authorized
by each of the Secured Noteholders to make payments to the Trustee, and, if the
Trustee shall consent to the making of payments directly to the Secured
Noteholders to pay to the Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Trustee, each predecessor Trustee and their
respective agents, attorneys and counsel, and all other reasonable expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee except as a result of negligence or bad faith.

     

    Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Secured Noteholders,
any plan of reorganization, arrangement, adjustment or composition affecting the
Secured Notes or any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Secured Noteholders, as applicable, in any such
Proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

     

    In any
Proceedings brought by the Trustee on behalf of the Holders of the Secured Notes
(and any such Proceedings involving the interpretation of any provision of this
Indenture to which the Trustee shall be a party), the Trustee shall be held to
represent all the Holders of the Secured Notes.

     

    Notwithstanding
anything in this Section 5.3 to
the contrary, the Trustee may not sell or liquidate the Assets or institute
Proceedings in furtherance thereof pursuant to this Section 5.3 except
according to the provisions specified in Section 5.5(a).

     

    Section
5.4      Remedies.  (a)
If an Event of Default has occurred and is continuing, and the Secured Notes
have been declared due and payable and such declaration and its consequences
have not been rescinded and annulled, the Issuer agrees that the Trustee may,
and shall, subject to the terms of this Indenture (including Section 6.3(e)), upon
written direction of a Majority of the Controlling Class, to the extent
permitted by applicable law, exercise one or more of the following rights,
privileges and remedies:

     

    (i)            institute
Proceedings for the collection of all amounts then payable on the Secured Notes
or otherwise payable under this Indenture, whether by declaration or otherwise,
enforce any judgment obtained, and collect from the Assets any Monies adjudged
due;

     

    (ii)           sell
or cause the sale of all or a portion of the Assets or rights or interests
therein, at one or more public or private sales called and conducted in any
manner permitted by law and in accordance with Section 5.17 hereof;

     

    (iii)          institute
Proceedings from time to time for the complete or partial foreclosure of this
Indenture with respect to the Assets;

     

    (iv)          exercise
any remedies of a secured party under the UCC and take any other appropriate
action to protect and enforce the rights and remedies of the Trustee and the
Holders of the Secured Notes hereunder (including exercising all rights of the
Trustee under the Securities Account Control Agreement); and

    
      
         

      

      
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    (v)        
exercise any other rights and remedies that may be available at law or in
equity;

     

    provided that the Trustee may
not sell or liquidate the Assets or institute Proceedings in furtherance thereof
pursuant to this Section 5.4 except
according to the provisions of Section 5.5(a).

     

    The
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking firm of national reputation (the cost of which shall be
payable as an Administrative Expense) in structuring and distributing
securities similar to the Secured Notes, which may be the Initial Purchaser, as
to the feasibility of any action proposed to be taken in accordance with this
Section 5.4 and
as to the sufficiency of the proceeds and other amounts receivable with respect
to the Assets to make the required payments of principal of and interest on the
Secured Notes which opinion shall be conclusive evidence as to such feasibility
or sufficiency.

     

    (b)      If
an Event of Default as described in Section 5.1(d) hereof
shall have occurred and be continuing the Trustee may, and at the direction of
the Holders of not less than 25% of the Aggregate Outstanding Amount of the
Controlling Class shall, subject to the terms of this Indenture (including Section 6.3(e)),
institute a Proceeding solely to compel performance of the covenant or agreement
or to cure the representation or warranty, the breach of which gave rise to the
Event of Default under such Section, and enforce any equitable decree or order
arising from such Proceeding.

     

    (c)      Upon
any sale, whether made under the power of sale hereby given or by virtue of
judicial Proceedings, any Secured Party may bid for and purchase the Assets or
any part thereof and, upon compliance with the terms of sale, may hold, retain,
possess or dispose of such property in its or their own absolute right without
accountability.

     

    Upon any
sale, whether made under the power of sale hereby given or by virtue of judicial
Proceedings, the receipt of the Trustee, or of the Officer making a sale under
judicial Proceedings, shall be a sufficient discharge to the purchaser or
purchasers at any sale for its or their purchase Money, and such purchaser or
purchasers shall not be obliged to see to the application thereof.

     

    Any such
sale, whether under any power of sale hereby given or by virtue of judicial
Proceedings, shall bind the Issuer, the Trustee and the Holders of the Notes,
shall operate to divest all right, title and interest whatsoever, either at law
or in equity, of each of them in and to the property sold, and shall be a
perpetual bar, both at law and in equity, against each of them and their
successors and assigns, and against any and all Persons claiming through or
under them.

     

    
      
        
        

      

      
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    (d)      Notwithstanding
any other provision of this Indenture, none of the Trustee, the Secured Parties
or the Noteholders may, prior to the date which is one year and one day (or if
longer, any applicable preference period) after the payment in full of all
Notes, institute against, or join any other Person in instituting against, the
Issuer or the Depositor any bankruptcy, reorganization, arrangement, insolvency,
moratorium or liquidation Proceedings, or other Proceedings under U.S. federal
or state bankruptcy or similar laws.  Nothing in this Section 5.4 shall
preclude, or be deemed to stop, the Trustee (i) from taking any action
prior to the expiration of the aforementioned period in (A) any case or
Proceeding voluntarily filed or commenced by the Issuer or the Depositor or
(B) any involuntary insolvency Proceeding filed or commenced by a Person
other than the Trustee, or (ii) from commencing against the Issuer or the
Depositor or any of their respective properties any legal action which is not a
bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
Proceeding.

     

    Section
5.5       Optional Preservation of
Assets.  (a) Notwithstanding anything to the contrary herein,
if an Event of Default shall have occurred and be continuing, the Trustee shall
retain the Assets securing the Secured Notes intact, collect and cause the
collection of the proceeds thereof and make and apply all payments and deposits
and maintain all accounts in respect of the Assets and the Notes in accordance
with the Priority of Payments and the provisions of Article X, Article XII and Article XIII
unless:

     

    (i) 
       the Trustee, pursuant to Section 5.5(c),
determines that the anticipated proceeds of a sale or liquidation of the Assets
(after deducting the reasonable expenses of such sale or liquidation) would
be sufficient to discharge in full the amounts then due (or, in the case of
interest, accrued) and unpaid on the Secured Notes for principal and
interest, and all other amounts payable prior to payment of principal on such
Secured Notes (including amounts due and owing as Administrative Expenses
(without regard to the Administrative Expense Cap) and due and unpaid Aggregate
Collateral Management Fees) and a Majority of the Controlling Class agrees with
such determination; or

     

    (ii)  
      Holders of at least a Majority of each Class
of Secured Notes (voting separately by Class) direct the sale and liquidation of
the Assets.

     

    So long
as such Event of Default is continuing, any such retention pursuant to this
Section 5.5(a)
may be rescinded at any time when the conditions specified in clause (i) or
(ii) exist.

     

    (b)      Nothing
contained in Section 5.5(a) shall
be construed to require the Trustee to sell the Assets securing the Secured
Notes if the conditions set forth in clause (i) or (ii) of Section 5.5(a)
are not satisfied.  Nothing contained in Section 5.5(a)
shall be construed to require the Trustee to preserve the Assets securing the
Notes if prohibited by applicable law.

     

    (c)      In
determining whether the condition specified in Section 5.5(a)(i) 
exists, the Trustee shall use reasonable efforts to obtain, with the cooperation
of the Collateral Manager, bid prices with respect to each Asset from two
nationally recognized dealers (as specified by the Collateral Manager in
writing) at the time making a market in such Assets and shall compute the
anticipated proceeds of sale or liquidation on the basis of the lower of such
bid prices for each such Asset.  In addition, for the purposes of
determining issues relating to the execution of a sale or liquidation of the
Assets and the execution of a sale or other liquidation thereof in connection
with a determination whether the condition specified in Section 5.5(a)(i) exists,
the Trustee may retain and rely on an opinion of an Independent investment
banking firm of national reputation (the cost of which shall be payable as an
Administrative Expense).

     

    
      
        
        

      

      
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    The
Trustee shall deliver to the Noteholders and the Collateral Manager a report
stating the results of any determination required pursuant to Section 5.5(a)(i) no
later than 10 days after such determination is made.  The Trustee
shall make the determinations required by Section 5.5(a)(i) within
30 days after an Event of Default and at the request of a Majority of the
Controlling Class at any time during which the Trustee retains the Assets
pursuant to Section 5.5(a)(i).

     

    Section
5.6      Trustee May Enforce
Claims Without Possession of Notes.  All rights of action and
claims under this Indenture or under any of the Secured Notes may be prosecuted
and enforced by the Trustee without the possession of any of the Secured Notes
or the production thereof in any trial or other Proceeding relating thereto, and
any such action or Proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall be
applied as set forth in Section 5.7 hereof.

     

    Section
5.7      Application of Money
Collected.  Any Money collected by the Trustee with respect to
the Notes pursuant to this Article V and any
Money that may then be held or thereafter received by the Trustee with respect
to the Notes hereunder shall be applied, subject to Section 13.1 and
in accordance with the provisions of Section 11.1(a)(iii),
at the date or dates fixed by the Trustee (each such date to occur on a Payment
Date). Upon the final distribution of all proceeds of any liquidation effected
hereunder, the provisions of Section 4.1(b)
shall be deemed satisfied for the purposes of discharging this Indenture
pursuant to Article
IV.

     

    Section
5.8      Limitation on
Suits.  No Holder of any Note shall have any right to institute
any Proceedings, judicial or otherwise, with respect to this Indenture, or for
the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

     

    (a)      such
Holder has previously given to the Trustee written notice of an Event of
Default;

     

    (b)      the
Holders of not less than 25% of the then Aggregate Outstanding Amount of the
Notes of the Controlling Class (or, if the Class A Notes are the Controlling
Class and interest on the Class B Notes is due and unpaid, the Class B Notes)
shall have made written request to the Trustee to institute Proceedings in
respect of such Event of Default in its own name as Trustee hereunder and such
Holder or Holders have provided the Trustee indemnity reasonably satisfactory to
the Trustee against the costs, expenses (including reasonable attorneys’ fees
and expenses) and liabilities to be incurred in compliance with such
request;

     

    (c)      the
Trustee, for 30 days after its receipt of such notice, request and
provision of such indemnity, has failed to institute any such Proceeding;
and

     

    (d)      no
direction inconsistent with such written request has been given to the Trustee
during such 30-day period by a Majority of the Controlling Class; it being
understood and intended that no one or more Holders of Notes shall have any
right in any manner whatever by virtue of, or by availing itself of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holders of Notes of the same Class or to obtain or to seek to obtain
priority or preference over any other Holders of the Notes of the same Class or
to enforce any right under this Indenture, except in the manner herein provided
and for the equal and ratable benefit of all the Holders of Notes of the same
Class subject to and in accordance with Section 13.1 and
the Priority of Payments.

     

    
      
        
        

      

      
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    In the
event the Trustee shall receive conflicting or inconsistent requests and
indemnity pursuant to this Section 5.8 from two
or more groups of Holders of the Controlling Class (or from Class B where
permitted herein), each representing less than a Majority of the Controlling
Class, the Trustee shall act in accordance with the request specified by the
group of Holders with the greatest percentage of the Aggregate Outstanding
Amount of the Controlling Class, notwithstanding any other provisions of this
Indenture.  If all such groups represent the same percentage, the
Trustee, in its sole discretion, may determine what action, if any, shall be
taken.

     

    Section
5.9      Unconditional Rights of
Secured Noteholders to Receive Principal and Interest.  Subject
to Section 2.7(i),
but notwithstanding any other provision of this Indenture, the Holder of any
Secured Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest on such Secured Note, as such
principal, interest and other amounts become due and payable in accordance with
the Priority of Payments and Section 13.1, as
the case may be, and, subject to the provisions of Section 5.8, to
institute proceedings for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.  Holders of
Secured Notes ranking junior to Notes still Outstanding shall have no right to
institute Proceedings or, except as otherwise expressly set forth in Section 5.8(b), to
request the Trustee to institute proceedings for the enforcement of any such
payment until such time as no Secured Note ranking senior to such Secured Note
remains Outstanding, which right shall be subject to the provisions of Section 5.8, and
shall not be impaired without the consent of any such Holder.

     

    Section
5.10    Restoration of Rights and
Remedies.  If the Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under this Indenture and such
Proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Noteholder, then and in every
such case the Issuer, the Trustee and the Noteholder shall, subject to any
determination in such Proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Trustee and the Noteholder shall continue as though no such Proceeding had been
instituted.

     

    Section
5.11    Rights and Remedies
Cumulative.  No right or remedy herein conferred upon or
reserved to the Trustee or to the Noteholders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     

    Section
5.12    Delay or Omission Not
Waiver.  No delay or omission of the Trustee or any Holder of
Secured Notes to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event
of Default or an acquiescence therein or of a subsequent Event of
Default.  Every right and remedy given by this Article V or by law
to the Trustee or to the Holders of the Secured Notes may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the
Holders of the Secured Notes.

     

    
      
        
        

      

      
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    Section
5.13     Control by Majority of
Controlling Class.  A Majority of the Controlling Class shall
have the right following the occurrence, and during the continuance of, an Event
of Default to cause the institution of and direct the time, method and place of
conducting any Proceeding for any remedy available to the Trustee; provided that:

     

    (a)      such
direction shall not conflict with any rule of law or with any express provision
of this Indenture;

     

    (b)      the
Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction; provided that subject to
Section 6.1, the
Trustee need not take any action that it determines might involve it in
liability or expense (unless the Trustee has received the indemnity as set forth
in (c) below);

     

    (c)      the
Trustee shall have been provided with an indemnity reasonably satisfactory to
it; and

     

    (d)      notwithstanding
the foregoing, any direction to the Trustee to undertake a Sale of the Assets
shall be by the Holders of Notes representing the requisite percentage of the
Aggregate Outstanding Amount of Notes of the Controlling Class specified in
Section 5.4 and/or
Section 5.5.

     

    Section
5.14     Waiver of Past
Defaults.  Prior to the time a judgment or decree for payment
of the Money due has been obtained by the Trustee, as provided in this Article V, a Majority
of the Controlling Class may on behalf of the Holders of all the Notes waive any
past Default and its consequences, except a Default:

     

    (a)      in
the payment of the principal of any Secured Note (which may be waived only with
the consent of the Holder of such Secured Note);

     

    (b)      in
the payment of interest on the Notes (which may be waived only with the consent
of the Holder of each Outstanding Note of each affected Class of
Notes);

     

    (c)      in
respect of a covenant or provision hereof that under Section 8.2 cannot
be modified or amended without the waiver or consent of the Holder of each
Outstanding Note materially and adversely affected thereby (which may be waived
only with the consent of each such Holder); or

     

    (d)      in
respect of a representation contained in Section 7.19 (which
may be waived only by a Majority of the Controlling Class if the S&P Rating
Condition and the Moody’s Rating Condition are satisfied).

     

    
      
        
        

      

      
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    In the
case of any such waiver, the Issuer, the Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder, respectively,
but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto.  The Trustee shall promptly give written
notice of any such waiver to each Rating Agency, the Collateral Manager and each
Holder. Upon any such waiver, such Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture.

     

    Section
5.15     Undertaking for
Costs.  All parties to this Indenture agree, and each Holder of
any Note by such Holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.15 shall
not apply to any suit instituted by the Trustee, to any suit instituted by any
Noteholder, or group of Noteholders, holding in the aggregate more than 10% of
the Aggregate Outstanding Amount of the Controlling Class, or to any suit
instituted by any Noteholder for the enforcement of the payment of the principal
of or interest on any Note on or after the applicable Stated Maturity (or, in
the case of redemption, on or after the applicable Redemption
Date).

     

    Section
5.16     Waiver of Stay or Extension
Laws.  The Issuer covenants (to the extent that Issuer may
lawfully do so) that Issuer will not at any time insist upon, or plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any valuation, appraisement, redemption or marshalling law or
rights, in each case wherever enacted, now or at any time hereafter in force,
which may affect the covenants, the performance of or any remedies under this
Indenture; and the Issuer (to the extent that the Issuer may lawfully do
so) hereby expressly waives all benefit or advantage of any such law or
rights, and covenants that the Issuer will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law had been enacted or
rights created.

     

    Section
5.17     Sale of
Assets.  

     

    (a)      The
power to effect any sale (a “Sale”) of any
portion of the Assets pursuant to Sections 5.4 and
5.5 shall not
be exhausted by any one or more Sales as to any portion of such Assets remaining
unsold, but shall continue unimpaired until the entire Assets shall have been
sold or all amounts secured by the Assets shall have been paid.  The
Trustee may upon notice to the Noteholders, and shall, upon direction of a
Majority of the Controlling Class, from time to time postpone any Sale by public
announcement made at the time and place of such Sale.  The Trustee
hereby expressly waives its rights to any amount fixed by law as compensation
for any Sale; provided
that the Trustee shall be authorized to deduct the reasonable costs, charges and
expenses incurred by it in connection with such Sale from the proceeds thereof
notwithstanding the provisions of Section 6.7 or
other applicable terms hereof.

     

    
      
        
        

      

      
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    (b)      The
Trustee may bid for and acquire any portion of the Assets in connection with a
public Sale thereof, and may pay all or part of the purchase price by crediting
against amounts owing on the Secured Notes in the case of the Assets or other
amounts secured by the Assets, all or part of the net proceeds of such Sale
after deducting the reasonable costs, charges and expenses incurred by the
Trustee in connection with such Sale notwithstanding the provisions of Section 6.7 hereof
or other applicable terms hereof.  The Secured Notes need not be
produced in order to complete any such Sale, or in order for the net proceeds of
such Sale to be credited against amounts owing on the Notes.  The
Trustee may hold, lease, operate, manage or otherwise deal with any property so
acquired in any manner permitted by law in accordance with this
Indenture.

     

    (c)      If
any portion of the Assets consists of securities issued without registration
under the Securities Act (“Unregistered
Securities”), the Trustee may seek an Opinion of Counsel, or, if no such
Opinion of Counsel can be obtained and with the consent of a Majority of the
Controlling Class, seek a no action position from the Securities and Exchange
Commission or any other relevant federal or State regulatory authorities,
regarding the legality of a public or private Sale of such Unregistered
Securities.                                                      

     

    (d)      The
Trustee shall execute and deliver an appropriate instrument of conveyance
transferring its interest in any portion of the Assets in connection with a Sale
thereof.  In addition, the Trustee is hereby irrevocably appointed the
agent and attorney in fact of the Issuer to transfer and convey its interest in
any portion of the Assets in connection with a Sale thereof, and to take all
action necessary to effect such Sale.  No purchaser or transferee at
such a sale shall be bound to ascertain the Trustee’s authority, to inquire into
the satisfaction of any conditions precedent or see to the application of any
Monies.

     

    Section
5.18     Action on the
Notes.  The Trustee’s right to seek and recover judgment on the
Notes or under this Indenture shall not be affected by the seeking or obtaining
of or application for any other relief under or with respect to this
Indenture.  Neither the lien of this Indenture nor any rights or
remedies of the Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Trustee against the Issuer or by the levy of any execution
under such judgment upon any portion of the Assets or upon any of the assets of
the Issuer.

     

    ARTICLE
VI

     

    THE
TRUSTEE

     

    Section
6.1      Certain Duties and
Responsibilities.  (a) Except during the continuance of an
Event of Default known to the Trustee:

     

    (i)    
     the Trustee undertakes to perform such duties and
only such duties as are specifically set forth herein, and no implied covenants
or obligations shall be read into this Indenture against the Trustee;
and

     

    (ii)      
  in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; provided that in the case of
any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they substantially conform to the
requirements of this Indenture and shall promptly, but in any event within three
Business Days in the case of an Officer’s certificate furnished by the
Collateral Manager, notify the party delivering the same if such certificate or
opinion does not conform.  If a corrected form shall not have been
delivered to the Trustee within 15 days after such notice from the Trustee, the
Trustee shall so notify the Noteholders.

     

    
      
        
        

      

      
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    (b)      In
case an Event of Default known to the Trustee has occurred and is continuing,
the Trustee shall, prior to the receipt of directions, if any, from a Majority
of the Controlling Class, or such other percentage as permitted by this
Indenture, exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a
prudent Person would exercise or use under the circumstances in the conduct of
such Person’s own affairs.

     

    (c)      No
provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that:

     

    (i)      
    this sub-Section shall not be construed to limit the
effect of sub-Section (a) of this Section 6.1;

     

    (ii)         the
Trustee shall not be liable for any error of judgment made in good faith by a
Trust Officer, unless it shall be proven that the Trustee was negligent in
ascertaining the pertinent facts;

     

    (iii)        the
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Issuer or the
Collateral Manager in accordance with this Indenture and/or a Majority (or such
other percentage as may be required by the terms hereof) of the Controlling
Class (or other Class if required or permitted by the terms hereof), relating to
the time, method and place of conducting any Proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee,
under this Indenture;

     

    (iv)       
no provision of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur any financial or other liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or
powers contemplated hereunder, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity satisfactory to it against
such risk or liability is not reasonably assured to it (if the amount of such
funds or risk or liability is reasonably expected not to exceed the amount
payable to the Trustee pursuant to Section 11.1(a)(i)(A)
on the immediately succeeding Payment Date net of the amounts specified in Section 6.7(a),
the Trustee shall be deemed to be reasonably assured of such
repayment) unless such risk or liability relates to the performance of its
ordinary services, including mailing of notices under this Indenture;
and

     

    (v)        
in no event shall the Trustee be liable for special, indirect or consequential
loss or damage (including lost profits) even if the Trustee has been
advised of the likelihood of such damages and regardless of such
action.

     

    
      
        
        

      

      
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    (d)      For
all purposes under this Indenture, the Trustee shall not be deemed to have
notice or knowledge of any Default or Event of Default described in Sections 5.1(c),
(d), (e), or (f) unless a
Trust Officer assigned to and working in the Corporate Trust Office has actual
knowledge thereof or unless written notice of any event which is in fact such an
Event of Default or Default is received by the Trustee at the Corporate Trust
Office, and such notice references the Notes generally, the Issuer, the Assets
or this Indenture.  For purposes of determining the Trustee’s
responsibility and liability hereunder, whenever reference is made herein to
such an Event of Default or a Default, such reference shall be construed to
refer only to such an Event of Default or Default of which the Trustee is deemed
to have notice as described in this Section 6.1.

     

    (e)      Upon
the Trustee receiving written notice from the Collateral Manager that an event
constituting “Cause” as defined in the Collateral Management Agreement has
occurred, the Trustee shall, not later than one Business Day thereafter, notify
the Noteholders (as their names appear in the Register).

     

    (f)  
    Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section 6.1.

     

    Section
6.2      Notice of
Default.  Promptly (and in no event later than three Business
Days) after the occurrence of any Default actually known to a Trust Officer
of the Trustee or after any declaration of acceleration has been made or
delivered to the Trustee pursuant to Section 5.2, the
Trustee shall transmit by mail to the Collateral Manager, each Rating Agency,
and all Holders, as their names and addresses appear on the Register, and the
Irish Stock Exchange, for so long as any Class of Notes is listed on the Irish
Stock Exchange and so long as the guidelines of such exchange so require, notice
of all Defaults hereunder known to the Trustee, unless such Default shall have
been cured or waived.

     

    Section
6.3      Certain Rights of
Trustee.  Except as otherwise provided in Section 6.1:

     

    (a)      the
Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, note or other paper
or document believed by it to be genuine and to have been signed or presented by
the proper party or parties;

     

    (b)      any
request or direction of the Issuer mentioned herein shall be sufficiently
evidenced by an Issuer Request or Issuer Order, as the case may be;

     

    (c)      whenever
in the administration of this Indenture the Trustee shall (i) deem it
desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely
upon an Officer’s certificate or (ii) be required to determine the value of
any Assets or funds hereunder or the cash flows projected to be received
therefrom, the Trustee may, in the absence of bad faith on its part, rely on
reports of nationally recognized accountants, investment bankers or other
Persons qualified to provide the information required to make such
determination, including nationally recognized dealers in Assets of the type
being valued, securities quotation services, loan pricing services and loan
valuation agents;

     

    
      
        
        

      

      
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    (d)      as
a condition to the taking or omitting of any action by it hereunder, the Trustee
may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken or omitted by it hereunder in good faith and in reliance
thereon;

     

    (e)      the
Trustee shall be under no obligation to exercise or to honor any of the rights
or powers vested in it by this Indenture at the request or direction of any of
the Holders pursuant to this Indenture, unless such Holders shall have provided
to the Trustee security or indemnity reasonably satisfactory to it against the
costs, expenses (including reasonable attorneys’ fees and expenses) and
liabilities which might reasonably be incurred by it in compliance with such
request or direction;

     

    (f)   
   the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, note or
other paper or document, but the Trustee, in its discretion, may, and upon the
written direction of a Majority of the Controlling Class or of a Rating Agency
shall (subject to the right hereunder to be indemnified for associated expense
and liability), make such further inquiry or investigation into such facts or
matters as it may see fit or as it shall be directed, and the Trustee shall be
entitled, on reasonable prior notice to the Issuer and the Collateral Manager,
to examine the books and records relating to the Notes and the Assets,
personally or by agent or attorney, during the Issuer’s or the Collateral
Manager’s normal business hours; provided that the Trustee
shall, and shall cause its agents to, hold in confidence all such information,
except (i) to the extent disclosure may be required by law by any
regulatory or governmental authority and (ii) to the extent that the
Trustee, in its sole discretion, may determine that such disclosure is
consistent with its obligations hereunder; provided, further, that the Trustee may
disclose on a confidential basis any such information to its agents, attorneys
and auditors in connection with the performance of its responsibilities
hereunder;

     

    (g)      the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys; provided that the Trustee
shall not be responsible for any misconduct or negligence on the part of any
non-Affiliated agent appointed and supervised, or non-Affiliated attorney
appointed, with due care by it hereunder;

     

    (h)      the
Trustee shall not be liable for any action it takes or omits to take in good
faith that it reasonably believes to be authorized or within its rights or
powers hereunder;

     

    (i)    
  nothing herein shall be construed to impose an obligation on the
part of the Trustee to recalculate, evaluate or verify or independently
determine the accuracy of any report, certificate or information received from
the Issuer or Collateral Manager (unless and except to the extent otherwise
expressly set forth herein or in the Collateral Administration
Agreement);

     

    (j)    
  to the extent any defined term hereunder, or any calculation
required to be made or determined by the Trustee hereunder, is dependent upon or
defined by reference to generally accepted accounting principles (as in effect
in the United States) (“GAAP”), the Trustee
shall be entitled to request and receive (and rely upon) instruction from
the Issuer or the accountants identified in the Accountants’ Certificate (and in
the absence of its receipt of timely instruction therefrom, shall be entitled to
obtain from an Independent accountant at the expense of the Issuer) as to
the application of GAAP in such connection, in any instance;

     

    
      
        
        

      

      
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    (k)      the
Trustee shall not be liable for the actions or omissions of the Collateral
Manager, the Issuer or any Paying Agent (other than the Trustee) and
without limiting the foregoing, the Trustee shall not be under any obligation to
monitor, evaluate or verify compliance by the Collateral Manager with the terms
hereof or of the Collateral Management Agreement, or to verify or independently
determine the accuracy of information received by the Trustee from the
Collateral Manager (or from any selling institution, agent bank, trustee or
similar source) with respect to the Assets;

     

    (l)    
  notwithstanding any term hereof (or any term of the UCC that might
otherwise be construed to be applicable to a “securities intermediary” as
defined in the UCC) to the contrary, none of the Trustee, the Custodian or
the Securities Intermediary shall be under a duty or obligation in connection
with the acquisition or Grant by the Issuer to the Trustee of any item
constituting the Assets, or to evaluate the sufficiency of the documents or
instruments delivered to it by or on behalf of the Issuer in connection with its
Grant or otherwise, or in that regard to examine any Underlying Document, in
each case, in order to determine compliance with applicable requirements of and
restrictions on transfer in respect of such Assets;

     

    (m)      in
the event the Bank is also acting in the capacity of Paying Agent, Registrar,
Transfer Agent, Custodian, Calculation Agent or Securities Intermediary, the
rights, protections, benefits, immunities and indemnities afforded to the
Trustee pursuant to this Article VI shall also
be afforded to the Bank acting in such capacities;

     

    (n)      any
permissive right of the Trustee to take or refrain from taking actions
enumerated herein shall not be construed as a duty;

     

    (o)      to
the extent permitted by applicable law, the Trustee shall not be required to
give any bond or surety in respect of the execution of this Indenture or
otherwise;

     

    (p)      the
Trustee shall not be deemed to have notice or knowledge of any matter unless a
Trust Officer has actual knowledge thereof or unless written notice thereof is
received by the Trustee at the Corporate Trust Office and such notice references
the Notes generally, the Issuer or this Indenture.  Whenever reference
is made herein to a Default or an Event of Default such reference shall, insofar
as determining any liability on the part of the Trustee is concerned, be
construed to refer only to a Default or an Event of Default of which the Trustee
is deemed to have knowledge in accordance with this paragraph;

     

    (q)      the
Trustee shall not be responsible for delays or failures in performance resulting
from acts beyond its control;

     

    (r)  
    to help fight the funding of terrorism and money
laundering activities, the Trustee will obtain, verify, and record information
that identifies individuals or entities that establish a relationship or open an
account with the Trustee.  The Trustee will ask for the name, address,
tax identification number and other information that will allow the Trustee to
identify the individual or entity who is establishing the relationship or
opening the account.  The Trustee may also ask for formation documents
such as articles of incorporation, an offering memorandum, or other identifying
documents to be provided;

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

     

    (s)      notwithstanding
anything to the contrary herein, any and all communications (both text and
attachments) by or from the Trustee that the Trustee in its sole discretion
deems to contain confidential, proprietary, and/or sensitive information and
sent by electronic mail will be encrypted.  The recipient of the email
communication will be required to complete a one-time registration process.
Information and assistance on registering and using the email encryption
technology can be found at the Trustee’s secure website
http://trustinvestorreporting.com;

     

    (t)    
  to the extent not inconsistent herewith, the rights, protections,
immunities and indemnities afforded to the Trustee pursuant to this Indenture
also shall be afforded to the Collateral Administrator;

     

    (u)      in
making or disposing of any investment permitted by this Indenture, the Trustee
is authorized to deal with itself (in its individual capacity) or with any one
or more of its Affiliates, in each case on an arm’s-length basis, whether it or
such Affiliate is acting as a subagent of the Trustee or for any third party or
dealing as principal for its own account. If otherwise qualified, obligations of
the Bank or any of its Affiliates shall qualify as Eligible Investments
hereunder;

     

    (v)      the
Trustee or its Affiliates are permitted to receive additional compensation that
could be deemed to be in the Trustee’s economic self-interest for (i) serving as
investment adviser, administrator, shareholder, servicing agent, custodian or
subcustodian with respect to certain of the Eligible Investments, (ii) using
Affiliates to effect transactions in certain Eligible Investments and (iii)
effecting transactions in certain Eligible Investments. Such compensation is not
payable or reimbursable under Section 6.7 of this
Indenture; and

     

    (w)    
the Trustee shall have no duty (i) to see to any recording, filing, or
depositing of this Indenture or any supplemental indenture or any financing
statement or continuation statement evidencing a security interest, or to see to
the maintenance of any such recording, filing or depositing or to any
rerecording, refiling or redepositing of any thereof or (ii) to maintain any
insurance.

     

    Section
6.4      Not Responsible for Recitals
or Issuance of Notes.  The recitals contained herein and in the
Notes, other than the Certificate of Authentication thereon, shall be taken as
the statements of the Issuer; and the Trustee assumes no responsibility for
their correctness.  The Trustee makes no representation as to the
validity or sufficiency of this Indenture (except as may be made with respect to
the validity of the Trustee’s obligations hereunder), the Assets or the
Notes.  The Trustee shall not be accountable for the use or
application by the Issuer of the Notes or the proceeds thereof or any Money paid
to the Issuer pursuant to the provisions hereof.

     

    Section
6.5      May Hold
Notes.  The Trustee, any Paying Agent, Registrar or any other
agent of the Issuer, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or any of its
Affiliates with the same rights it would have if it were not Trustee, Paying
Agent, Registrar or such other agent.

     

    
      
        
        

      

      
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    Section
6.6      Money Held in
Trust.  Money held by the Trustee hereunder shall be held in
trust to the extent required herein.  The Trustee shall be under no
liability for interest on any Money received by it hereunder except to the
extent of income or other gain on investments which are deposits in or
certificates of deposit of the Bank in its commercial capacity and income or
other gain actually received by the Trustee on Eligible
Investments.

     

    Section
6.7      Compensation and
Reimbursement.  (a) The Issuer agrees:

     

    (i)  
       to pay the Trustee on each Payment Date
reasonable compensation, as set forth in a separate fee schedule, for all
services rendered by it hereunder (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express
trust);

     

    (ii)        
except as otherwise expressly provided herein, to reimburse the Trustee in a
timely manner upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of
this Indenture or other Transaction Document (including, without limitation,
securities transaction charges and the reasonable compensation and expenses and
disbursements of its agents and legal counsel and of any accounting firm or
investment banking firm employed by the Trustee pursuant to Section 5.4,
5.5, 6.3(c) or 10.7, except any such
expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith) but with respect to securities transaction
charges, only to the extent any such charges have not been waived during a
Collection Period due to the Trustee’s receipt of a payment from a financial
institution with respect to certain Eligible Investments, as specified by the
Collateral Manager;

     

    (iii)       
to indemnify the Trustee and its Officers, directors, employees and agents for,
and to hold them harmless against, any loss, liability or expense (including
reasonable attorneys fees and expenses) incurred without negligence, willful
misconduct or bad faith on their part, arising out of or in connection with the
acceptance or administration of this trust, including the costs and expenses of
defending themselves (including reasonable attorney’s fees and
costs) against any claim or liability in connection with the exercise or
performance of any of their powers or duties hereunder and under any other
agreement or instrument related hereto; and

     

    (iv)       
to pay the Trustee reasonable additional compensation together with its expenses
(including reasonable counsel fees) for any collection action taken
pursuant to Section 6.13 hereof.

     

    (b)      The
Trustee shall receive amounts pursuant to this Section 6.7 and
any other amounts payable to it under this Indenture or in any of the
Transaction Documents to which the Trustee is a party only as provided in Sections
11.1(a)(i) and (ii) but only to
the extent that funds are available for the payment thereof.  Subject
to Section 6.9, the
Trustee shall continue to serve as Trustee under this Indenture notwithstanding
the fact that the Trustee shall not have received amounts due it hereunder;
provided that nothing
herein shall impair or affect the Trustee’s rights under Section 6.9.  No
direction by the Noteholders shall affect the right of the Trustee to collect
amounts owed to it under this Indenture.  If on any date when a fee
shall be payable to the Trustee pursuant to this Indenture insufficient funds
are available for the payment thereof, any portion of a fee not so paid shall be
deferred and payable on such later date on which a fee shall be payable and
sufficient funds are available therefor.

     

    
      
        
        

      

      
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    (c)      The
Trustee hereby agrees not to cause the filing of a petition in bankruptcy for
the non-payment to the Trustee of any amounts provided by this Section 6.7
until at least one year and one day, or, if longer, the applicable preference
period then in effect, after the payment in full of all Notes issued under this
Indenture.

     

    (d)      The
Issuer’s payment obligations to the Trustee under this Section 6.7
shall be secured by the lien of this Indenture, and shall survive the discharge
of this Indenture and the resignation or removal of the Trustee.  When
the Trustee incurs expenses after the occurrence of a Default or an Event of
Default under Section 5.1(e)
or (f), the
expenses are intended to constitute expenses of administration under the
Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency
or similar law.

     

    Section
6.8      Corporate Trustee Required;
Eligibility.  There shall at all times be a Trustee hereunder
which shall be an Independent organization or entity organized and doing
business under the laws of the United States of America or of any state thereof,
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least U.S.$200,000,000, subject to supervision or
examination by federal or state authority, having a rating of at least “Baa1” by
Moody’s and at least “BBB+” by S&P and having an office within the United
States.  If such organization or entity publishes reports of condition
at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section 6.8, the
combined capital and surplus of such organization or entity shall be deemed to
be its combined capital and surplus as set forth in its most recent published
report of condition.  If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 6.8, it
shall resign immediately in the manner and with the effect hereinafter specified
in this Article
VI.

     

    Section
6.9      Resignation and Removal;
Appointment of Successor.  (a) No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article VI shall
become effective until the acceptance of appointment by the successor Trustee
under Section 6.10.

     

    (b)      The
Trustee may resign at any time by giving not less than 30 days’ written
notice thereof to the Issuer, the Collateral Manager, the Holders of the Notes
and each Rating Agency.  Upon receiving such notice of resignation,
the Issuer shall promptly appoint a successor trustee or trustees satisfying the
requirements of Section 6.8 by
written instrument, in duplicate, executed by a Responsible Officer of the
Issuer, one copy of which shall be delivered to the Trustee so resigning and one
copy to the successor Trustee or Trustees, together with a copy to each Holder
and the Collateral Manager; provided that such successor
Trustee shall be appointed only upon the written consent of a Majority of the
Secured Notes of each Class or, at any time when an Event of Default shall have
occurred and be continuing or when a successor Trustee has been appointed
pursuant to Section 6.9(e),
by an Act of a Majority of the Controlling Class.  If no successor
Trustee shall have been appointed and an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee or any Holder,
on behalf of itself and all others similarly situated, may petition any court of
competent jurisdiction for the appointment of a successor Trustee satisfying the
requirements of Section 6.8.

     

    
      
        
        

      

      
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    (c)      The
Trustee may be removed at any time by Act of a Majority of each Class of Notes
or, at any time when an Event of Default shall have occurred and be continuing
by an Act of a Majority of the Controlling Class, delivered to the Trustee and
to the Issuer.

     

    (d)      If
at any time:

     

    (i) 
         the Trustee shall cease to be
eligible under Section 6.8 and
shall fail to resign after written request therefor by the Issuer or by any
Holder; or

     

    (ii)        
the Trustee shall become incapable of acting or shall be adjudged as bankrupt or
insolvent or a receiver or liquidator of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation;

     

    then, in
any such case (subject to Section 6.9(a)),
(A) the Issuer, by Issuer Order, may remove the Trustee, or
(B) subject to Section 5.15,
any Holder may, on behalf of itself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

     

    (e)      If
the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of the Trustee for any reason (other than
resignation), the Issuer, by Issuer Order, shall promptly appoint a successor
Trustee.  If the Issuer shall fail to appoint a successor Trustee
within 60 days after such resignation, removal or incapability or the occurrence
of such vacancy, a successor Trustee may be appointed by a Majority of the
Controlling Class by written instrument delivered to the Issuer and the retiring
Trustee.  The successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede any
successor Trustee proposed by the Issuer.  If no successor Trustee
shall have been so appointed by the Issuer or a Majority of the Controlling
Class and shall have accepted appointment in the manner hereinafter provided,
subject to Section 5.15,
any Holder may, on behalf of itself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor
Trustee.

     

    (f)      The
Issuer shall give prompt notice of each resignation and each removal of the
Trustee and each appointment of a successor Trustee by mailing written notice of
such event by first class mail, postage prepaid, to the Collateral Manager, to
each Rating Agency and to the Holders of the Notes as their names and addresses
appear in the Register.  Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.  If
the Issuer fails to mail such notice within ten days after acceptance of
appointment by the successor Trustee, the successor Trustee shall cause such
notice to be given at the expense of the Issuer.

     

    
      
        
        

      

      
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    Section
6.10      Acceptance of Appointment by
Successor.  Every successor Trustee appointed hereunder shall
meet the requirements of Section 6.8 and
shall execute, acknowledge and deliver to the Issuer and the retiring Trustee an
instrument accepting such appointment.  Upon delivery of the required
instruments, the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts, duties and
obligations of the retiring Trustee; but, on request of the Issuer or a Majority
of any Class of Secured Notes or the successor Trustee, such retiring Trustee
shall, upon payment of its charges then unpaid, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and
trusts of the retiring Trustee, and shall duly assign, transfer and deliver to
such successor Trustee all property and Money held by such retiring Trustee
hereunder.  Upon request of any such successor Trustee, the Issuer
shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and
trusts.

     

    Section
6.11      Merger, Conversion,
Consolidation or Succession to Business of Trustee.  Any
organization or entity into which the Trustee may be merged or converted or with
which it may be consolidated, or any organization or entity resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any organization or entity succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder; provided
that such organization or entity shall be otherwise qualified and eligible under
this Article
VI, without the execution or filing of any paper or any further act on
the part of any of the parties hereto.  In case any of the Notes has
been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Notes so authenticated with the
same effect as if such successor Trustee had itself authenticated such
Notes.

     

    Section
6.12      Co-Trustees.  At
any time or times, for the purpose of meeting the legal requirements of any
jurisdiction in which any part of the Assets may at the time be located, the
Issuer and the Trustee shall have power to appoint one or more Persons to act as
co-trustee (subject to the written approval of the Rating Agencies), jointly
with the Trustee, of all or any part of the Assets, with the power to file such
proofs of claim and take such other actions pursuant to Section 5.6 herein
and to make such claims and enforce such rights of action on behalf of the
Holders, as such Holders themselves may have the right to do, subject to the
other provisions of this Section 6.12.

     

    The
Issuer shall join with the Trustee in the execution, delivery and performance of
all instruments and agreements necessary or proper to appoint a
co-trustee.  If the Issuer does not join in such appointment within 15
days after the receipt by them of a request to do so, the Trustee shall have the
power to make such appointment.

     

    Should
any written instrument from the Issuer be required by any co-trustee so
appointed, more fully confirming to such co-trustee such property, title, right
or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Issuer.  The Issuer agrees to pay,
to the extent funds are available therefor under Section 11.1(a)(i)(A),
for any reasonable fees and expenses in connection with such
appointment.

     

    Every
co-trustee shall, to the extent permitted by law, but to such extent only, be
appointed subject to the following terms:

     

    (a)      the
Notes shall be authenticated and delivered and all rights, powers, duties and
obligations hereunder in respect of the custody of securities, Cash and other
personal property held by, or required to be deposited or pledged with, the
Trustee hereunder, shall be exercised solely by the Trustee;

    
      
         

      

      
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    (b)           the
rights, powers, duties and obligations hereby conferred or imposed upon the
Trustee in respect of any property covered by the appointment of a co-trustee
shall be conferred or imposed upon and exercised or performed by the Trustee or
by the Trustee and such co-trustee jointly as shall be provided in the
instrument appointing such co-trustee;

     

    (c)           the
Trustee at any time, by an instrument in writing executed by it, with the
concurrence of the Issuer evidenced by an Issuer Order, may accept the
resignation of or remove any co-trustee appointed under this Section 6.12,
and in case an Event of Default has occurred and is continuing, the Trustee
shall have the power to accept the resignation of, or remove, any such
co-trustee without the concurrence of the Issuer.  A successor to any
co-trustee so resigned or removed may be appointed in the manner provided in
this Section 6.12;

     

    (d)           no
co-trustee hereunder shall be personally liable by reason of any act or omission
of the Trustee hereunder;

     

    (e)           the
Trustee shall not be liable by reason of any act or omission of a co-trustee;
and

     

    (f)           any
Act of the Holders delivered to the Trustee shall be deemed to have been
delivered to each co-trustee.

     

    The
Issuer shall notify each Rating Agency of the appointment of a co-trustee
hereunder.

     

    Section
6.13      Certain Duties of Trustee
Related to Delayed Payment of Proceeds.  If the Trustee shall
not have received a payment with respect to any Asset on its Due Date,
(a) the Trustee shall promptly notify the Issuer and the Collateral Manager
in writing and (b) unless within three Business Days (or the end of the
applicable grace period for such payment, if any) after such notice
(x) such payment shall have been received by the Trustee or (y) the
Issuer, in its absolute discretion (but only to the extent permitted by Section 10.2(a)),
shall have made provision for such payment satisfactory to the Trustee in
accordance with Section 10.2(a),
the Trustee shall, not later than the Business Day immediately following the
last day of such period and in any case upon request by the Collateral Manager,
request the issuer of such Asset, the trustee under the related Underlying
Document or paying agent designated by either of them, as the case may be, to
make such payment not later than three Business Days after the date of such
request.  If such payment is not made within such time period, the
Trustee, subject to the provisions of clause (iv) of Section 6.1(c),
shall take such action as the Collateral Manager shall direct.  Any
such action shall be without prejudice to any right to claim a Default or Event
of Default under this Indenture.  If the Issuer or the Collateral
Manager requests a release of an Asset and/or delivers an additional Collateral
Obligation or a Substitute Collateral Obligation in connection with any such
action under the Collateral Management Agreement or under this Indenture, such
release and/or substitution shall be subject to Section 10.6 and
Article XII of
this Indenture, as the case may be.  Notwithstanding any other
provision hereof, the Trustee shall deliver to the Issuer or its designee any
payment with respect to any Asset or any additional Collateral Obligation or
Substitute Collateral Obligation received after the Due Date thereof to the
extent the Issuer previously made provisions for such payment satisfactory to
the Trustee in accordance with this Section 6.13 and
such payment shall not be deemed part of the Assets.

    
      
         

      

      
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    Section
6.14     Authenticating
Agents.  Upon the request of the Issuer, the Trustee shall, and
if the Trustee so chooses the Trustee may, appoint one or more Authenticating
Agents with power to act on its behalf and subject to its direction in the
authentication of Notes in connection with issuance, transfers and exchanges
under Sections
2.4, 2.5, 2.6 and 8.5, as fully to all
intents and purposes as though each such Authenticating Agent had been expressly
authorized by such Sections to authenticate such Notes.  For all
purposes of this Indenture, the authentication of Notes by an Authenticating
Agent pursuant to this Section 6.14
shall be deemed to be the authentication of Notes by the Trustee.

     

    Any
corporation into which any Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
consolidation or conversion to which any Authenticating Agent shall be a party,
or any corporation succeeding to the corporate trust business of any
Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, without the execution or filing of any further act on the part of the
parties hereto or such Authenticating Agent or such successor
corporation.

     

    Any
Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and the Issuer.  The Trustee may at any
time terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and the Issuer.  Upon
receiving such notice of resignation or upon such a termination, the Trustee
shall promptly appoint a successor Authenticating Agent and shall give written
notice of such appointment to the Issuer.

     

    Unless
the Authenticating Agent is also the same entity as the Trustee, the Issuer
agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services, and reimbursement for its reasonable expenses
relating thereto as an Administrative Expense.  The provisions of
Sections 2.8,
6.4 and
6.5 shall
be applicable to any Authenticating Agent.

     

    Section
6.15     Withholding.  If
any withholding tax is imposed on the Issuer’s payment (or allocations of
income) under the Notes, such tax shall reduce the amount otherwise
distributable to the relevant Holder.  The Trustee is hereby
authorized and directed to retain from amounts otherwise distributable to any
Holder sufficient funds for the payment of any tax that is legally owed or
required to be withheld by the Issuer (but such authorization shall not prevent
the Trustee from contesting any such tax in appropriate proceedings and
withholding payment of such tax, if permitted by law, pending the outcome of
such proceedings) and to timely remit such amounts to the appropriate taxing
authority.  The amount of any withholding tax imposed with respect to
any Note shall be treated as Cash distributed to the relevant Holder at the time
it is withheld by the Trustee.  If there is a possibility that
withholding tax is payable with respect to a distribution, the Paying Agent or
the Trustee may, in its sole discretion, withhold such amounts in accordance
with this Section 6.15.  If
any Holder or beneficial owner wishes to apply for a refund of any such
withholding tax, the Trustee shall reasonably cooperate with such Person in
providing readily available information so long as such Person agrees to
reimburse the Trustee for any out-of-pocket expenses
incurred.  Nothing herein shall impose an obligation on the part of
the Trustee to determine the amount of any tax or withholding obligation on the
part of the Issuer or in respect of the Notes.

    
      
         

      

      
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    Section
6.16      Fiduciary for Secured
Noteholders Only; Agent for each other Secured Party and the Holders of the
Subordinated Notes.  With respect to the security interest
created hereunder, the delivery of any item of Asset to the Trustee is to the
Trustee as representative of the Secured Noteholders and agent for each other
Secured Party and the Holders of the Subordinated Notes.  In
furtherance of the foregoing, the possession by the Trustee of any Asset, the
endorsement to or registration in the name of the Trustee of any Asset
(including without limitation as entitlement holder of the Custodial
Account) are all undertaken by the Trustee in its capacity as
representative of the Secured Noteholders, and agent for each other Secured
Party and the Holders of the Subordinated Notes.

     

    Section
6.17      Representations and
Warranties of the Bank.  The Bank hereby represents and
warrants as follows:

     

    (a)           Organization.  The
Bank has been duly organized and is validly existing as a national banking
association with trust powers under the laws of the United States and has the
power to conduct its business and affairs as a trustee, paying agent, registrar,
transfer agent, custodian, calculation agent and securities
intermediary.

     

    (b)           Authorization; Binding
Obligations.  The Bank has the corporate power and authority to
perform the duties and obligations of Trustee, Paying Agent, Registrar, Transfer
Agent, Custodian, Calculation Agent and Securities Intermediary under this
Indenture.  The Bank has taken all necessary corporate action to
authorize the execution, delivery and performance of this Indenture, and all of
the documents required to be executed by the Bank pursuant
hereto.  This Indenture has been duly authorized, executed and
delivered by the Bank and constitutes the legal, valid and binding obligation of
the Bank enforceable in accordance with its terms subject, as to enforcement,
(i) to the effect of bankruptcy, insolvency or similar laws affecting
generally the enforcement of creditors’ rights as such laws would apply in the
event of any bankruptcy, receivership, insolvency or similar event applicable to
the Bank and (ii) to general equitable principles (whether enforcement is
considered in a proceeding at law or in equity).

     

    (c)           Eligibility.  The
Bank is eligible under Section 6.8 to
serve as Trustee hereunder.

     

    (d)           No
Conflict.  Neither the execution, delivery and performance of
this Indenture, nor the consummation of the transactions contemplated by this
Indenture, (i) is prohibited by, or requires the Bank to obtain any
consent, authorization, approval or registration under, any law, statute, rule,
regulation, judgment, order, writ, injunction or decree that is binding upon the
Bank or any of its properties or assets, or (ii) will violate any provision
of, result in any default or acceleration of any obligations under, result in
the creation or imposition of any lien pursuant to, or require any consent
under, any material agreement to which the Bank is a party or by which it or any
of its property is bound.

    
      
         

      

      
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    ARTICLE
VII

    

    COVENANTS

    

    Section
7.1        Payment of Principal and
Interest.  The Issuer will duly and punctually pay the
principal of and interest on the Secured Notes, in accordance with the terms of
such Notes and this Indenture pursuant to the Priority of
Payments.  The Issuer will, to the extent funds are available pursuant
to the Priority of Payments, duly and punctually pay all required distributions
on the Subordinated Notes, in accordance with the Subordinated Notes and this
Indenture.

     

    Amounts
properly withheld under the Code or other applicable law by any Person from a
payment under a Note shall be considered as having been paid by the Issuer to
the relevant Holder for all purposes of this Indenture.

     

    Section
7.2        Maintenance of Office or
Agency.  The Issuer hereby appoints the Trustee as a Paying
Agent for payments on the Notes, and appoints the Trustee at its applicable
Corporate Trust Office as the Issuer’s agent where Notes may be surrendered for
registration of transfer or exchange.  

     

    The
Issuer hereby appoints, for so long as any Class of Notes is listed on the Irish
Stock Exchange and the requirements of such exchange so require, Custom House
Administration and Corporate Services Limited (the “Irish Paying
Agent”) as Paying Agent in Ireland in respect of the Listed Notes
for purposes of the payment of principal and interest on the Listed
Notes.

     

    Section
7.3        Money for Note Payments to
be Held in Trust.  All payments of amounts due and payable with
respect to any Notes that are to be made from amounts withdrawn from the Payment
Account shall be made on behalf of the Issuer by the Trustee or a Paying Agent
with respect to payments on the Notes.

     

    When the
Issuer shall have a Paying Agent that is not also the Registrar, the Issuer
shall furnish, or cause the Registrar to furnish, no later than the fifth
calendar day after each Record Date a list, if necessary, in such form as such
Paying Agent may reasonably request, of the names and addresses of the Holders
and of the certificate numbers of individual Notes held by each such
Holder.

     

    Whenever
the Issuer shall have a Paying Agent other than the Trustee, Issuer shall, on or
before the Business Day next preceding each Payment Date and any Redemption
Date, as the case may be, direct the Trustee to deposit on such Payment Date or
such Redemption Date, as the case may be, with such Paying Agent, if necessary,
an aggregate sum sufficient to pay the amounts then becoming due (to the extent
funds are then available for such purpose in the Payment Account), such sum to
be held in trust for the benefit of the Persons entitled thereto and (unless
such Paying Agent is the Trustee) the Issuer shall promptly notify the
Trustee of its action or failure so to act.  Any Monies deposited with
a Paying Agent (other than the Trustee) in excess of an amount sufficient
to pay the amounts then becoming due on the Notes with respect to which such
deposit was made shall be paid over by such Paying Agent to the Trustee for
application in accordance with Article
XI.

    
      
         

      

      
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    The
initial Paying Agent shall be as set forth in Section 7.2.  Any
additional or successor Paying Agents shall be appointed by Issuer Order with
written notice thereof to the Trustee; provided that so long as the
Notes of any Class are rated by a Rating Agency, with respect to any additional
or successor Paying Agent, either (i) such Paying Agent has a long-term
debt rating of “A+” or higher by S&P and “A1” or higher by Moody’s or a
short-term debt rating of “P-1” by Moody’s and “A-1” by S&P or (ii) the
Global Rating Agency Condition is satisfied.  If such successor Paying
Agent ceases to have a long-term debt rating of “A+” or higher by S&P and
“A1” or higher by Moody’s or a short-term debt rating of “P-1” by Moody’s and
“A-1” by S&P, the Issuer shall promptly remove such Paying Agent and appoint
a successor Paying Agent.  The Issuer shall not appoint any Paying
Agent that is not, at the time of such appointment, a depository institution or
trust company subject to supervision and examination by federal and/or state
and/or national banking authorities.  The Issuer shall cause each
Paying Agent other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee and if the
Trustee acts as Paying Agent, it hereby so agrees, subject to the provisions of
this Section 7.3,
that such Paying Agent will:

     

    (a)           allocate
all sums received for payment to the Holders of Notes for which it acts as
Paying Agent on each Payment Date and any Redemption Date among such Holders in
the proportion specified in the applicable Distribution Report to the extent
permitted by applicable law;

     

    (b)           hold
all sums held by it for the payment of amounts due with respect to the Notes in
trust for the benefit of the Persons entitled thereto until such sums shall be
paid to such Persons or otherwise disposed of as herein provided and pay such
sums to such Persons as herein provided;

     

    (c)           if
such Paying Agent is not the Trustee, immediately resign as a Paying Agent and
forthwith pay to the Trustee all sums held by it in trust for the payment of
Notes if at any time it ceases to meet the standards set forth above required to
be met by a Paying Agent at the time of its appointment;

     

    (d)           if
such Paying Agent is not the Trustee, immediately give the Trustee notice of any
default by the Issuer in the making of any payment required to be made;
and

     

    (e)           if
such Paying Agent is not the Trustee, during the continuance of any such
default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent.

     

    The
Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Issuer Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Issuer or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Issuer or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such
Money.

    
      
         

      

      
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    Except as
otherwise required by applicable law, any Money deposited with the Trustee or
any Paying Agent in trust for any payment on any Note and remaining unclaimed
for two years after such amount has become due and payable shall be paid to the
Issuer on Issuer Order; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Issuer for payment of such amounts
(but only to the extent of the amounts so paid to the Issuer) and all
liability of the Trustee or such Paying Agent with respect to such trust Money
shall thereupon cease.  The Trustee or such Paying Agent, before being
required to make any such release of payment, may, but shall not be required to,
adopt and employ, at the expense of the Issuer any reasonable means of
notification of such release of payment, including, but not limited to, mailing
notice of such release to Holders whose Notes have been called but have not been
surrendered for redemption or whose right to or interest in Monies due and
payable but not claimed is determinable from the records of any Paying Agent, at
the last address of record of each such Holder.

     

    Section
7.4        Existence of
Issuer.  (a) The Issuer shall, to the maximum extent permitted
by applicable law, maintain in full force and effect its existence and rights as
a limited liability company organized under the laws of the State of Delaware,
and shall obtain and preserve its qualification to do business as a foreign
limited liability company, in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, or any of the Assets; provided that the Issuer
shall be entitled to change its jurisdiction of formation from the State of
Delaware to any other jurisdiction reasonably selected by the Issuer at the
direction of a Majority of the Subordinated Notes so long as (i) the Issuer
has received a legal opinion (upon which the Trustee may conclusively
rely) to the effect that such change is not disadvantageous in any material
respect to the Holders, (ii) written notice of such change shall have been
given to the Trustee by the Issuer, which notice shall be promptly forwarded by
the Trustee to the Holders, the Collateral Manager and each Rating Agency,
(iii) the S&P Rating Condition is satisfied and (iv) on or prior
to the 15th Business Day following receipt of such notice the Trustee shall not
have received written notice from a Majority of the Controlling Class objecting
to such change.

     

    (b)           The
Issuer shall ensure that all limited liability company formalities regarding its
existence are followed.  The Issuer shall not take any action, or
conduct its affairs in a manner, that is likely to result in its separate
existence being ignored or in its assets and liabilities being substantively
consolidated with any other Person in a bankruptcy, reorganization or other
insolvency proceeding.  Without limiting the foregoing, the Issuer
shall (i) maintain books and records separate from any other Person, (ii)
maintain its accounts separate from those of any other Person, (iii) not
commingle its assets with those of any other Person, (iv) conduct its own
business in its own name, (v) maintain separate financial statements, (vi) pay
its own liabilities out of its own funds, (vii) maintain an arm’s length
relationship with its Affiliates, (viii) use separate stationery, invoices and
checks, (ix) hold itself out as a separate Person and (x) correct any known
misunderstanding regarding its separate identity.

     

    Section
7.5       Protection of
Assets.  (a) The Collateral Manager on behalf of the Issuer
will cause the taking of such action within the Collateral Manager’s control as
is reasonably necessary in order to maintain the perfection and priority of the
security interest of the Trustee in the Assets; provided that the Collateral
Manager shall be entitled to rely on any Opinion of Counsel delivered pursuant
to Section 7.6 and
any Opinion of Counsel with respect to the same subject matter delivered
pursuant to Section 3.1(iii)
 to determine what actions are reasonably necessary, and shall be fully
protected in so relying on such an Opinion of Counsel, unless the Collateral
Manager has actual knowledge that the procedures described in any such Opinion
of Counsel are no longer adequate to maintain such perfection and
priority.  The Issuer shall from time to time execute and deliver all
such supplements and amendments hereto and file or authorize the filing of all
such Financing Statements, continuation statements, instruments of further
assurance and other instruments, and shall take such other action as may be
necessary or advisable or desirable to secure the rights and remedies of the
Holders of the Secured Notes hereunder and to:

    
      
         

      

      
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    (i)        Grant
more effectively all or any portion of the Assets;

     

    (ii)       maintain,
preserve and perfect any Grant made or to be made by this Indenture including,
without limitation, the first priority nature of the lien or carry out more
effectively the purposes hereof;

     

    (iii)      perfect,
publish notice of or protect the validity of any Grant made or to be made by
this Indenture (including, without limitation, any and all actions necessary or
desirable as a result of changes in law or regulations);

     

    (iv)    
 enforce any of the Assets or other instruments or property included in the
Assets;

     

    (v)      
preserve and defend title to the Assets and the rights therein of the Trustee
and the Holders of the Secured Notes in the Assets against the claims of all
Persons and parties; or

     

    (vi)     
pay or cause to be paid any and all taxes levied or assessed upon all or any
part of the Assets.

     

    The
Issuer hereby designates the Trustee as its agent and attorney in fact to
prepare and file any Financing Statement, continuation statement and all other
instruments, and take all other actions, required pursuant to this Section 7.5.  Such
designation shall not impose upon the Trustee, or release or diminish, the
Issuer’s and the Collateral Manager’s obligations under this Section 7.5.  The
Issuer further authorizes and shall cause the Issuer’s counsel to file without
the Issuer’s signature a Financing Statement that names the Issuer as debtor and
the Trustee, on behalf of the Secured Parties, as secured party and that
describes “all personal property of the Debtor now owned or hereafter acquired”
as the Assets in which the Trustee has a Grant.

     

    (b)           The
Trustee shall not, except in accordance with Section 5.5 or
Section 10.8(a),
(b) and
(c), as
applicable, permit the removal of any portion of the Assets or transfer any such
Assets from the Account to which it is credited, or cause or permit any change
in the Delivery made pursuant to Section 3.3 with
respect to any Assets, if, after giving effect thereto, the jurisdiction
governing the perfection of the Trustee’s security interest in such Assets is
different from the jurisdiction governing the perfection at the time of delivery
of the most recent Opinion of Counsel pursuant to Section 7.6 (or,
if no Opinion of Counsel has yet been delivered pursuant to Section 7.6, the
Opinion of Counsel delivered at the Closing Date pursuant to Section 3.1(iii)) unless
the Trustee shall have received an Opinion of Counsel to the effect that the
lien and security interest created by this Indenture with respect to such
property and the priority thereof will continue to be maintained after giving
effect to such action or actions.

    
      
         

      

      
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    Section
7.6        Opinions as to
Assets.  On or before July 30th in each
calendar year, commencing in 2011, the Issuer shall furnish to the Trustee and
Moody’s an Opinion of Counsel relating to the security interest granted by the
Issuer to the Trustee, stating that, as of the date of such opinion, the lien
and security interest created by this Indenture with respect to the Assets
remain in effect and that no further action (other than as specified in such
opinion) needs to be taken to ensure the continued effectiveness of such lien
over the next year.

     

    Section
7.7        Performance of
Obligations.  (a) The Issuer shall not take any action, and
will use its best efforts not to permit any action to be taken by others, that
would release any Person from any of such Person’s covenants or obligations
under any instrument included in the Assets, except in the case of enforcement
action taken with respect to any Defaulted Obligation in accordance with the
provisions hereof and actions by the Collateral Manager under the Collateral
Management Agreement and in conformity therewith or with this Indenture, as
applicable, or as otherwise required hereby or deemed necessary or advisable by
the Collateral Manager in accordance with the Collateral Management
Agreement.

     

    (b)           The
Issuer shall notify S&P and Moody’s within 10 Business Days after it has
received notice from any Noteholder or the Issuer of any material breach of any
Transaction Document, following any applicable cure period for such
breach.

     

    Section
7.8        Negative
Covenants.  (a) The Issuer will not undertake any activities
other than the issuance, redemption and payment of the Notes and any additional
Subordinated Notes issued pursuant to this Indenture, the acquisition, holding,
selling, exchanging, redeeming and pledging of the Assets, solely for its own
account, and other incidental activities, including entering into the
Transaction Documents to which it is a party, and from and after the Closing
Date, the Issuer shall not:

     

    (i)        sell,
transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or
otherwise encumber (or permit such to occur or suffer such to exist), any part
of the Assets, except as expressly permitted by this Indenture and the
Collateral Management Agreement;

     

    (ii)       claim
any credit on, make any deduction from, or dispute the enforceability of payment
of the principal or interest payable (or any other amount) in respect of
the Notes (other than amounts withheld or deducted in accordance with the Code
or any applicable laws or other applicable jurisdiction);

     

    (iii)      (A) incur
or assume or guarantee any indebtedness, other than the Notes, this Indenture
and the transactions contemplated hereby or (B)(1) issue any additional
class of Notes except in accordance with Section 2.13 and
3.2 or
(2) issue any additional Membership Interests, except in accordance with
the Issuer’s organizational documents and as necessary to permit the transfer of
any Subordinated Notes in accordance with this Indenture;

    
      
         

      

      
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    (iv)     (A) permit
the validity or effectiveness of this Indenture or any Grant hereunder to be
impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from
any covenants or obligations with respect to this Indenture or the Notes except
as may be permitted hereby or by the Collateral Management Agreement,
(B) except as permitted by this Indenture, permit any lien, charge, adverse
claim, security interest, mortgage or other encumbrance (other than the lien of
this Indenture) to be created on or extend to or otherwise arise upon or
burden any part of the Assets, any interest therein or the proceeds thereof, or
(C) except as permitted by this Indenture, take any action that would
permit the lien of this Indenture not to constitute a valid first priority
security interest in the Assets;

     

    (v)      amend
the Collateral Management Agreement except pursuant to the terms thereof and
Article XV of
this Indenture;

     

    (vi)     dissolve
or liquidate in whole or in part, except as permitted hereunder or required by
applicable law;

     

    (vii)    pay
any distributions other than in accordance with the Priority of
Payments;

     

    (viii)   permit
the formation of any subsidiaries (provided, however, that this restriction
shall not prohibit the Issuer or the Collateral Manager from receiving any
Equity Securities in accordance with this Indenture or the Collateral Management
Agreement);

     

    (ix)      conduct
business under any name other than its own;

     

    (x)       have
any employees;

     

    (xi)      sell,
transfer, exchange or otherwise dispose of Assets, or enter into an agreement or
commitment to do so or enter into or engage in any business with respect to any
part of the Assets, except as expressly permitted by both this Indenture and the
Collateral Management Agreement; and

     

    (xii)     fail
to maintain an Independent Manager under the Issuer's limited liability company
operating agreement.

     

    (b)         The
Issuer shall not be party to any agreement without including customary
“non-petition” and “limited recourse” provisions therein (and shall not amend or
eliminate such provisions in any agreement to which it is party), except for any
agreements related to the purchase and sale of any Assets which contain
customary (as determined by the Collateral Manager in its sole
discretion) purchase or sale terms or which are documented using customary
(as determined by the Collateral Manager in its sole discretion) loan
trading documentation.

     

    (c)         Notwithstanding
anything contained herein to the contrary, the Issuer may not acquire any of the
Secured Notes; provided
that this Section
7.8(c) shall not be deemed to limit an optional or mandatory redemption
pursuant to the terms of this Indenture.

    
      
         

      

      
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    Section
7.9        Statement as to
Compliance.  On or before July 30th in each
calendar year commencing in 2011, or immediately if there has been a Default
under this Indenture and prior to the issuance of any additional notes pursuant
to Section
2.13, the Issuer shall deliver to the Trustee (to be forwarded by the
Trustee to the Collateral Manager, each Noteholder making a written request
therefor and each Rating Agency) an Officer’s certificate of the Issuer
that, having made reasonable inquiries of the Collateral Manager, and to the
best of the knowledge, information and belief of the Issuer, there did not
exist, as at a date not more than five days prior to the date of the
certificate, nor had there existed at any time prior thereto since the date of
the last certificate (if any), any Default hereunder or, if such Default did
then exist or had existed, specifying the same and the nature and status
thereof, including actions undertaken to remedy the same, and that the Issuer
has complied with all of its obligations under this Indenture or, if such is not
the case, specifying those obligations with which it has not
complied.

     

    Section
7.10      Issuer May Consolidate,
etc., Only on Certain Terms.  The Issuer (the “Merging
Entity”) shall not consolidate or merge with or into any other
Person or transfer or convey all or substantially all of its assets to any
Person, unless permitted by Delaware law and unless:

     

    (a)           the
Merging Entity shall be the surviving corporation, or the Person (if other than
the Merging Entity) formed by such consolidation or into which the Merging
Entity is merged or to which all or substantially all of the assets of the
Merging Entity are transferred (the “Successor
Entity”) (A) shall be a company organized and existing under the
laws of any of the United States, any state thereof or the District of Columbia
or such other jurisdiction approved by a Majority of the Controlling Class;
provided that no such
approval shall be required in connection with any such transaction undertaken
solely to effect a change in the jurisdiction of incorporation pursuant to Section 7.4, and
(B) shall expressly assume, by an indenture supplemental hereto and an omnibus
assumption agreement, executed and delivered to the Trustee, each Holder, the
Collateral Manager and the Collateral Administrator, the due and punctual
payment of the principal of and interest on all Secured Notes, the payments of
the Subordinated Notes and the performance and observance of every covenant of
this Indenture and of each other Transaction Document on its part to be
performed or observed, all as provided herein or therein, as
applicable;

     

    (b)           each
Rating Agency shall have been notified in writing of such consolidation or
merger and the Trustee shall have received written confirmation from each Rating
Agency that its then-current ratings issued with respect to the Secured Notes
then rated by such Rating Agency will not be reduced or withdrawn as a result of
the consummation of such transaction;

     

    (c)           if
the Merging Entity is not the Successor Entity, the Successor Entity shall have
agreed with the Trustee (i) to observe the same legal requirements for the
recognition of such formed or surviving corporation as a legal entity separate
and apart from any of its Affiliates as are applicable to the Merging Entity
with respect to its Affiliates and (ii) not to consolidate or merge with or
into any other Person or transfer or convey the Assets or all or substantially
all of its assets to any other Person except in accordance with the provisions
of this Section 7.10;

    
      
         

      

      
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    (d)           if
the Merging Entity is not the Successor Entity, the Successor Entity shall have
delivered to the Trustee and each Rating Agency an Officer’s certificate and an
Opinion of Counsel each stating that such Person is duly organized, validly
existing and in good standing in the jurisdiction in which such Person is
organized; that such Person has sufficient power and authority to assume the
obligations set forth in sub-Section (a) above and to execute and
deliver an indenture supplemental hereto for the purpose of assuming such
obligations; that such Person has duly authorized the execution, delivery and
performance of a supplemental indenture hereto for the purpose of assuming such
obligations and that such supplemental indenture is a valid, legal and binding
obligation of such Person, enforceable in accordance with its terms, subject
only to bankruptcy, reorganization, insolvency, moratorium and other laws
affecting the enforcement of creditors’ rights generally and to general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law); that, immediately following the event which
causes such Successor Entity to become the successor to the Issuer,
(i) such Successor Entity has title, free and clear of any lien, security
interest or charge, other than the lien and security interest of this Indenture
and any other Permitted Liens, to the Assets securing all of the Secured Notes
and (ii) the Trustee continues to have a valid perfected first priority
security interest in the Assets securing all of the Secured Notes; and in each
case as to such other matters as the Trustee or any Noteholder may reasonably
require;

     

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

     

    (f)           the
Merging Entity shall have notified each Rating Agency of such consolidation,
merger, transfer or conveyance and shall have delivered to the Trustee and each
Noteholder an Officer’s certificate and an Opinion of Counsel each stating that
such consolidation, merger, transfer or conveyance and such supplemental
indenture comply with this Article VII and that
all conditions precedent in this Article VII relating
to such transaction have been complied with; and

     

    (g)           the
Merging Entity shall have delivered to the Trustee an Opinion of Counsel stating
that after giving effect to such transaction, the Issuer (or, if applicable, the
Successor Entity) will not be required to register as an investment company
under the 1940 Act.

     

    Section
7.11      Successor
Substituted.  Upon any consolidation or merger, or transfer or
conveyance of all or substantially all of the assets of the Issuer in accordance
with Section 7.10 in
which the Merging Entity is not the surviving entity, the Successor Entity shall
succeed to, and be substituted for, and may exercise every right and power of,
the Merging Entity under this Indenture with the same effect as if such Person
had been named as the Issuer herein.  In the event of any such
consolidation, merger, transfer or conveyance, the Person named as the “Issuer”
in the first paragraph of this Indenture or any successor which shall
theretofore have become such in the manner prescribed in this Article VII may be
dissolved, wound up and liquidated at any time thereafter, and such Person
thereafter shall be released from its liabilities as obligor and maker on all
the Notes and from its obligations under this Indenture and the other
Transaction Documents to which it is a party.

     

    Section
7.12      No Other
Business.  The Issuer shall not have any employees and shall
not engage in any business or activity other than issuing, paying and redeeming
the Notes and any additional notes issued pursuant to this Indenture,
purchasing, acquiring (including acting as a lender at the time of origination
of a Collateral Obligation), holding, selling, exchanging, redeeming and
pledging, solely for its own account, the Assets and other incidental
activities, including entering into the Transaction Documents to which it is a
party. The Issuer may amend, or permit the amendment of, its certificate of
formation and limited liability company agreement, respectively, only if such
amendment would satisfy the Global Rating Agency Condition.

    
      
         

      

      
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    Section
7.13      Maintenance of
Listing.  So long as any Listed Notes remain Outstanding, the
Issuer shall use reasonable efforts to maintain the listing of such Notes on the
Irish Stock Exchange.

     

    Section
7.14      Annual Rating
Review.  (a) So long as any of the Secured Notes of any Class
remain Outstanding, on or before July 30th in each
year commencing in 2011, the Issuer shall obtain and pay for an annual review of
the rating of each such Class of Secured Notes from each Rating Agency, as
applicable.  The Issuer shall promptly notify the Trustee and the
Collateral Manager in writing (and the Trustee shall promptly provide the
Holders with a copy of such notice) if at any time the then-current rating
of any such Class of Secured Notes has been, or is known will be, changed or
withdrawn.

     

    (b)           The
Issuer shall obtain and pay for an annual review of any Collateral Obligation
which has a Moody’s Rating derived as set forth in clause (e)(ii) under the
heading “Moody’s Derived Rating” in Schedule 5 and
any DIP Collateral Obligation.  The Issuer shall obtain and pay for an
annual review of any Collateral Obligation which has a S&P Rating derived as
set forth in clause (iii)(b) of the part of the definition of the term
“S&P Rating”.

     

    Section
7.15      Reporting.  At
any time when the Issuer is not subject to Section 13 or 15(d) of the
Exchange Act and is not exempt from reporting pursuant to Rule 12g3 -
2(b) under the Exchange Act, upon the request of a Holder or beneficial
owner of a Note, the Issuer shall promptly furnish or cause to be furnished Rule
144A Information to such Holder or beneficial owner, to a prospective purchaser
of such Note designated by such Holder or beneficial owner, or to the Trustee
for delivery to such Holder or beneficial owner or a prospective purchaser
designated by such Holder or beneficial owner, as the case may be, in order to
permit compliance by such Holder or beneficial owner with Rule 144A under the
Securities Act in connection with the resale of such Note.  “Rule 144A
Information” shall be such information as is specified pursuant to Rule
144A(d)(4) under the Securities Act (or any successor provision
thereto).

     

    Section
7.16      Calculation
Agent.  (a) The Issuer hereby agrees that for so long as any
Secured Notes remain Outstanding there will at all times be an agent appointed
(which does not control or is not controlled or under common control with the
Issuer or its Affiliates or the Collateral Manager or its Affiliates) to
calculate LIBOR in respect of each Interest Accrual Period in accordance with
the terms of Exhibit C hereto
(the “Calculation
Agent”).  The Issuer hereby appoints the Trustee as Calculation
Agent.  The Calculation Agent may be removed by the Issuer or the
Collateral Manager, on behalf of the Issuer, at any time.  If the
Calculation Agent is unable or unwilling to act as such or is removed by the
Issuer or the Collateral Manager, on behalf of the Issuer, or if the Calculation
Agent fails to determine any of the information required to be published on the
Irish Stock Exchange via the Companies Announcement Office, as described in
sub-Section (b), in respect of any Interest Accrual Period, the Issuer or
the Collateral Manager, on behalf of the Issuer, will promptly appoint a
replacement Calculation Agent which does not control or is not controlled by or
under common control with the Issuer or its Affiliates or the Collateral Manager
or its Affiliates.  The Calculation Agent may not resign its duties or
be removed without a successor having been duly appointed.

    
      
         

      

      
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    (b)           The
Calculation Agent shall be required to agree (and the Trustee as Calculation
Agent does hereby agree) that, as soon as possible after 11:00 a.m. London
time on each Interest Determination Date, but in no event later than 11:00 a.m.
New York time on the London Banking Day immediately following each Interest
Determination Date, the Calculation Agent will calculate the Interest Rate
applicable to each Class of Secured Notes during the related Interest Accrual
Period and the Note Interest Amount (in each case, rounded to the nearest cent,
with half a cent being rounded upward) payable on the related Payment Date in
respect of such Class of Secured Notes in respect of the related Interest
Accrual Period.  At such time, the Calculation Agent will communicate
such rates and amounts to the Issuer, the Trustee, each Paying Agent, the
Collateral Manager, Euroclear and Clearstream.  The Calculation Agent
will also specify to the Issuer the quotations upon which the foregoing rates
and amounts are based, and in any event the Calculation Agent shall notify the
Issuer before 5:00 p.m. (New York time) on every Interest Determination
Date if it has not determined and is not in the process of determining any
such Interest Rate or Note Interest Amount together with its reasons
therefor.  The Calculation Agent’s determination of the foregoing
rates and amounts for any Interest Accrual Period will (in the absence of
manifest error) be final and binding upon all parties.

     

    Section
7.17      Certain Tax
Matters.  (a) So long as the Subordinated Notes and Membership
Interests are held by one Person, the Issuer will not elect to be treated as
other than an entity disregarded from its owner for U.S. federal income tax
purposes without first obtaining the consent of a Majority of the Holders of the
Subordinated Notes. If at any time the Subordinated Notes or any Membership
Interests in the Issuer are held by more than one Person, in accordance with
this Indenture the Issuer will be regarded as a partnership for U.S. federal
income tax purposes that is not a publicly traded partnership taxable as a
corporation.

     

    (b)           The
Issuer shall file, or cause to be filed, any tax returns, including information
tax returns, required by any governmental authority.

     

    (c)           The
Issuer shall provide to any Holder of a Subordinated Note, in a timely manner
upon request, all information required by a Subordinated Noteholder to satisfy
its obligations, if any, under U.S. Treasury Regulations Section 1.6011-4
with respect to transactions undertaken by the Issuer.

     

    (d)           Notwithstanding
anything herein to the contrary, the Collateral Manager, the Issuer, the
Trustee, the Collateral Administrator, the Initial Purchaser, the Holders and
beneficial owners of the Notes and each employee, representative or other agent
of those Persons may disclose to any and all Persons, without limitation of any
kind, the U.S. tax treatment and tax structure of the transactions contemplated
by this Indenture and all materials of any kind, including opinions or other tax
analyses, that are provided to those Persons.  This authorization to
disclose the U.S. tax treatment and tax structure does not permit disclosure of
information identifying the Collateral Manager, the Issuer, the Trustee, the
Collateral Administrator, the Initial Purchaser or any other party to the
transactions contemplated by this Indenture, the Offering or the pricing (except
to the extent such information is relevant to U.S. tax structure or tax
treatment of such transactions).

    
      
         

      

      
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    Section
7.18      Effective Date; Purchase of
Additional Collateral Obligations.  (a) The Issuer will use
commercially reasonable efforts to purchase, on or before January 5, 2011,
Collateral Obligations (a) such that the Target Initial Par Condition is
satisfied and (b) that satisfy, as of the Effective Date, the Concentration
Limitations, the Collateral Quality Test and the Coverage Tests. In addition,
the Issuer (or the Collateral Manager on its behalf) shall prepare a written
report, determined as of October 20, 2010 (the “Interim Report
Date”), setting forth the Aggregate Principal Balance of the Collateral
Obligations, the Diversity Score, the Weighted Average Moody's Rating Factor,
the Weighted Average Floating Spread and the Weighted Average Moody's Recovery
Rate. Such written report shall also include, for each Closing Date
Participation Interest included in the Assets on the Closing Date, whether each
such Closing Date Participation Interest has been converted into a full
assignment or repurchased by the Originator pursuant to the Master Loan Sale
Agreement, as applicable. Such written report shall be delivered to the Trustee,
Moody's and S&P within five Business Days of the Interim Report
Date.  The Issuer will use commercially reasonable efforts to meet the
following measures as of the Interim Report Date:  the Aggregate
Principal Balance of the Collateral Obligations greater than or equal to
$260,000,000, the Diversity Score greater than or equal to 34, the Weighted
Average Moody's Rating Factor less than or equal to 3350, the Weighted Average
Floating Spread greater than or equal to 4.75% and the Weighted Average Moody's
Recovery Rate greater than or equal to 46.00%.

     

    (b)           During
the period from the Closing Date to and including the Effective Date, the Issuer
will use the following funds to purchase additional Collateral Obligations in
the following order:  (i) to pay for the principal portion of any
Collateral Obligation, first, any amounts on deposit in the Ramp-Up Account, and
second, any Principal Proceeds on deposit in the Collection Account (including
proceeds deposited as a result of a failure to meet the Interest Diversion Test)
and (ii) to pay for accrued interest on any such Collateral Obligation,
first, any amounts on deposit in the Ramp-Up Account and second, any Principal
Proceeds on deposit in the Collection Account (including proceeds deposited as a
result of a failure to meet the Interest Diversion Test).  In
addition, the Issuer will use commercially reasonable efforts to acquire such
Collateral Obligations that will satisfy, on the Effective Date, the
Concentration Limitations, the Collateral Quality Test and the
Overcollateralization Ratio Test.

     

    (c)           Within
10 Business Days after the Effective Date, the Issuer shall provide, or cause
the Collateral Manager to provide, to S&P a Microsoft Excel file (“Excel Default Model Input
File”) that provides all of the inputs required to determine whether
the S&P CDO Monitor Test has been satisfied and the Collateral Manager shall
provide a Microsoft Excel file including, at a minimum, the following data with
respect to each Collateral Obligation:  CUSIP number (if any), name of
Obligor, coupon, spread (if applicable), legal final maturity date, average
life, outstanding principal balance, Principal Balance, identification as a
Cov-Lite Loan or otherwise, settlement date, S&P Industry Classification and
S&P Recovery Rate.

    
      
         

      

      
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    (d)           Unless
clause (e) below is applicable, within 30 Business Days after the Effective
Date (but in no event later than the Determination Date immediately preceding
the first Payment Date), the Issuer shall provide, or cause the Collateral
Manager to provide, the following documents: (i) to each Rating Agency, a
report identifying the Collateral Obligations and requesting that S&P
reaffirm its Initial Ratings of the Secured Notes; and (ii) to the Trustee
and each Rating Agency, an Accountants’ Certificate (A) confirming the
issuer, outstanding principal balance, coupon/spread, stated maturity, country
of domicile, Moody’s Default Probability Rating and S&P Rating with respect
to each Collateral Obligation as of the Effective Date and the information
provided by the Issuer with respect to every other asset included in the Assets,
by reference to such sources as shall be specified therein, (B) calculating
as of the Effective Date the level of compliance with, or satisfaction or
non-satisfaction of (1) the Target Initial Par Condition, (2) the
Overcollateralization Ratio Test, (3)  the Concentration Limitations and
(4) the Collateral Quality Test (excluding the S&P CDO Monitor
Test); and (C) specifying the procedures undertaken by them to review data
and computations relating to such Accountants’ Certificate.

     

    (e)           (x) If
(1) the Issuer or the Collateral Manager, as the case may be, has not
provided to Moody’s an Accountants’ Certificate that shows that the Target
Initial Par Condition was satisfied, the Overcollateralization Ratio Test was
satisfied, the Concentration Limitations were complied with and the Collateral
Quality Test (excluding the S&P CDO Monitor Test) was satisfied (such an
Accountants' Certificate, a “Passing Accountants'
Certificate”) prior to the date 30 Business Days after the Effective Date
(but in no event later than the Determination Date immediately preceding the
first Payment Date) or (2) any of the tests referred to in Section 7.18(d)(ii)(B) above
are not satisfied ((1) or (2) constituting a “Moody’s Ramp-Up
Failure”), then (A) the Issuer (or the Collateral Manager on the
Issuer’s behalf) shall either (i) provide a Passing Accountants’
Certificate to Moody’s prior to the first Payment Date or (ii) request
Moody’s to confirm, prior to the first Payment Date, that it will not reduce or
withdraw its Initial Rating of the Secured Notes and (B) if, prior to the
first Payment Date, the Issuer (or the Collateral Manager on the Issuer’s
behalf) has not provided a Passing Accountants’ Certificate to Moody’s or
obtained the confirmation from Moody’s, each as described in the preceding
clause (A) of this paragraph, the Issuer (or the Collateral Manager on the
Issuer’s behalf) shall instruct the Trustee to transfer amounts from the
Interest Collection Subaccount to the Principal Collection Subaccount and may,
prior to the first Payment Date, purchase additional Collateral Obligations in
an amount sufficient to enable the Issuer (or the Collateral Manager on the
Issuer’s behalf) to (i) provide to Moody’s a Passing Accountants’
Certificate or (ii) obtain from Moody’s written confirmation of its Initial
Rating of the Secured Notes; provided that, in lieu of
this clause (x), the Issuer (or the Collateral Manager on the Issuer’s behalf)
may take such action, including but not limited to, a Special Redemption and/or
transferring amounts from the Interest Collection Subaccount to the Principal
Collection Subaccount as Principal Proceeds (for use in a Special Redemption),
sufficient to enable the Issuer (or the Collateral Manager on the Issuer’s
behalf) to (1) provide to Moody’s a Passing Accountants’ Certificate
described in Section 7.18(d)(ii)
or (2) obtain from Moody’s written confirmation of its Initial Rating of
the Secured Notes; and (y) if S&P (which must receive the Accountants’
Certificate described in Section 7.18(d)(ii)
to provide written confirmation of its Initial Rating of the Secured Notes) does
not provide written confirmation of its Initial Rating of the Secured Notes
(such event, an “S&P Rating Confirmation
Failure”) within 30 Business Days after the Effective Date but in any
event before the first Payment Date, then the Issuer (or the Collateral Manager
on the Issuer’s behalf) will instruct the Trustee to transfer amounts from
the Interest Collection Subaccount to the Principal Collection Subaccount and
may, prior to the first Payment Date, use such funds on behalf of the Issuer for
the purchase of additional Collateral Obligations until such time as S&P has
provided written confirmation of its initial rating of the Secured Notes; provided that, in lieu of
this clause (y), the Issuer (or the Collateral Manager on the Issuer’s behalf)
may take such action, including but not limited to, a Special Redemption and/or
transferring amounts from the Interest Collection Subaccount to the Principal
Collection Subaccount as Principal Proceeds (for use in a Special Redemption),
sufficient to enable the Issuer (or the Collateral Manager on the Issuer’s
behalf) to obtain written confirmation from S&P of its Initial Rating of the
Secured Notes; it being understood that, if the events specified in both of
clauses (x) and (y) occur, the Issuer (or the Collateral Manager on
the Issuer’s behalf) will be required to satisfy the requirements of both
clause (x) and clause (y); provided further, that in the
case of each of the foregoing clauses (x) and (y), amounts may not be
transferred from the Interest Collection Subaccount to the Principal Collection
Subaccount if, after giving effect to such transfer, the amounts available
pursuant to the Priority of Payments on the next succeeding Payment Date would
be insufficient to pay the full amount of the accrued and unpaid interest on any
Class of Secured Notes on such next succeeding Payment Date.

    
      
         

      

      
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    (f)          The
failure of the Issuer to satisfy the requirements of this Section 7.18 will
not constitute an Event of Default unless such failure constitutes an Event of
Default under Section 5.1(d) hereof
and the Issuer, or the Collateral Manager acting on behalf of the Issuer, has
acted in bad faith.  Of the proceeds of the issuance of the Notes
which are not applied to pay for the purchase of Collateral Obligations acquired
by the Issuer on the Closing Date (including, without limitation, the
acquisition of the initial Collateral Obligations from the Depositor on the
Closing Date) U.S.$62,125,384.21 will be deposited in the Ramp-Up Account on the
Closing Date.  At the direction of the Issuer (or the Collateral
Manager on behalf of the Issuer), the Trustee shall apply amounts held in the
Ramp-Up Account to purchase additional Collateral Obligations from the Closing
Date to and including the Effective Date as described in clause
(b) above.  If on the Effective Date, any amounts on deposit in
the Ramp-Up Account have not been applied to purchase Collateral Obligations,
such amounts shall be applied as described in Section 10.3(c).

     

    (g)         Asset Quality
Matrix.  On or prior to the Effective Date, the Collateral
Manager shall elect the “row/column combination” of the Asset Quality Matrix
that shall on and after the Effective Date apply to the Collateral Obligations
for purposes of determining compliance with the Moody’s Diversity Test, the
Maximum Moody’s Rating Factor Test and the Minimum Floating Spread Test, and if
such “row/column combination” differs from the “row/column combination” chosen
to apply as of the Closing Date, the Collateral Manager will so notify the
Trustee and S&P in writing.  Thereafter, at any time on written
notice of one Business Day to the Trustee and S&P, the Collateral Manager
may elect a different “row/column combination” to apply to the Collateral
Obligations; provided
that if:  (i) the Collateral Obligations are currently in
compliance with the Asset Quality Matrix case then applicable to the Collateral
Obligations, the Collateral Obligations comply with the Asset Quality Matrix
case to which the Collateral Manager desires to change or (ii) the
Collateral Obligations are not currently in compliance with the Asset Quality
Matrix case then applicable to the Collateral Obligations or would not be in
compliance with any other Asset Quality Matrix case, the Collateral Obligations
need not comply with the Asset Quality Matrix case to which the Collateral
Manager desires to change; provided that if subsequent
to such election the Collateral Obligations comply with any Asset Quality Matrix
case, the Collateral Manager shall elect a “row/column combination” that
corresponds to a Asset Quality Matrix case in which the Collateral Obligations
are in compliance.  If the Collateral Manager does not notify the
Trustee and the Collateral Administrator that it will alter the “row/column
combination” of the Asset Quality Matrix chosen on the Effective Date in the
manner set forth above, the “row/column combination” of the Asset Quality Matrix
chosen on or prior to the Effective Date shall continue to
apply.  Notwithstanding the foregoing, the Collateral Manager may
elect at any time after the Effective Date, in lieu of selecting a “row/column
combination” of the Asset Quality Matrix, to interpolate between two adjacent
rows and/or two adjacent columns, as applicable, on a straight-line basis and
round the results to two decimal points.

    
      
         

      

      
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    (h)         Weighted Average S&P
Recovery Rate.  On or prior to the Effective Date, the
Collateral Manager shall elect the Weighted Average S&P Recovery Rate that
shall on and after the Effective Date apply to the Collateral Obligations for
purposes of determining compliance with the Minimum Weighted Average S&P
Recovery Rate Test, and if such Weighted Average S&P Recovery Rate differs
from the Weighted Average S&P Recovery Rate chosen to apply as of the
Closing Date, the Collateral Manager will so notify the Trustee and the
Collateral Administrator by providing written notice in the form of Exhibit
G.  Thereafter, at any time on written notice to the Trustee,
the Collateral Administrator and S&P, the Collateral Manager may elect a
different Weighted Average S&P Recovery Rate to apply to the Collateral
Obligations; provided
that, if:  (i) the Collateral Obligations are currently in
compliance with the Weighted Average S&P Recovery Rate case then applicable
to the Collateral Obligations, the Collateral Obligations comply with the
Weighted Average S&P Recovery Rate case to which the Collateral Manager
desires to change or (ii) the Collateral Obligations are not currently in
compliance with the Weighted Average S&P Recovery Rate case then applicable
to the Collateral Obligations and would not be in compliance with any other
Weighted Average S&P Recovery Rate case, the Weighted Average S&P
Recovery Rate to apply to the Collateral Obligations shall be the lowest
Weighted Average S&P Recovery Rate in Section 1 of Schedule 6. If the
Collateral Manager does not notify the Trustee and the Collateral Administrator
that it will alter the Weighted Average S&P Recovery Rate chosen on or prior
to the Effective Date in the manner set forth above, the Weighted Average
S&P Recovery Rate chosen on or prior to the Effective Date shall continue to
apply.

     

    Section
7.19      Representations Relating to
Security Interests in the Assets.  (a) The Issuer hereby
represents and warrants that, as of the Closing Date (which representations and
warranties shall survive the execution of this Indenture and be deemed to be
repeated on each date on which an Asset is Granted to the Trustee
hereunder):

     

    (i)         The
Issuer owns each Asset free and clear of any lien, claim or encumbrance of any
Person, other than such as are created under, or permitted by, this Indenture
and any other Permitted Liens.

     

    (ii)        Other
than the security interest Granted to the Trustee pursuant to this Indenture,
except as permitted by this Indenture, the Issuer has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the
Assets.  The Issuer has not authorized the filing of and is not aware
of any Financing Statements against the Issuer that include a description of
collateral covering the Assets other than any Financing Statement relating to
the security interest granted to the Trustee hereunder or that has been
terminated; the Issuer is not aware of any judgment, PBGC liens or tax lien
filings against the Issuer.

    
      
         

      

      
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    (iii)       All
Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of
the UCC), Instruments, general intangibles (as defined in
Section 9-102(a)(42) of the UCC), uncertificated securities (as
defined in Section 8-102(a)(18) of the UCC), Certificated Securities
or security entitlements to financial assets resulting from the crediting of
financial assets to a “securities account” (as defined in
Section 8-501(a) of the UCC).

     

    (iv)       All
Accounts constitute “securities accounts” under Section 8-501(a) of
the UCC.

     

    (v)        This
Indenture creates a valid and continuing security interest (as defined in
Section 1 - 201(37) of the UCC) in such Assets in favor of the
Trustee, for the benefit and security of the Secured Parties, which security
interest is prior to all other liens, claims and encumbrances (except as
permitted otherwise herein), and is enforceable as such against creditors of and
purchasers from the Issuer.

     

    (b)         The
Issuer hereby represents and warrants that, as of the Closing Date (which
representations and warranties shall survive the execution of this Indenture and
be deemed to be repeated on each date on which an Asset is Granted to the
Trustee hereunder), with respect to Assets that constitute
Instruments:

     

    (i)         Either
(x) the Issuer has caused or will have caused, within ten days after the
Closing Date, the filing of all appropriate Financing Statements in the proper
office in the appropriate jurisdictions under applicable law in order to perfect
the security interest in the Instruments granted to the Trustee, for the benefit
and security of the Secured Parties or (y) (A) all original executed
copies of each promissory note or mortgage note that constitutes or evidences
the Instruments have been delivered to the Trustee or the Issuer has received
written acknowledgement from a custodian that such custodian is holding the
mortgage notes or promissory notes that constitute evidence of the Instruments
solely on behalf of the Trustee and for the benefit of the Secured Parties and
(B) none of the Instruments that constitute or evidence the Assets has any
marks or notations indicating that they are pledged, assigned or otherwise
conveyed to any Person other than the Trustee, for the benefit of the Secured
Parties.

     

    (ii)        The
Issuer has received all consents and approvals required by the terms of the
Assets to the pledge hereunder to the Trustee of its interest and rights in the
Assets.

     

    (c)         
The Issuer hereby represents and warrants that, as of the Closing Date (which
representations and warranties shall survive the execution of this Indenture and
be deemed to be repeated on each date on which an Asset is Granted to the
Trustee hereunder), with respect to the Assets that constitute Security
Entitlements:

     

    (i)         All
of such Assets have been and will have been credited to one of the Accounts
which are securities accounts within the meaning of
Section 8-501(a) of the UCC.  The Securities Intermediary
for each Account has agreed to treat all assets credited to such Accounts as
“financial assets” within the meaning of Section 8-102(a)(9) the
UCC.

    
      
         

      

      
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    (ii)        The
Issuer has received all consents and approvals required by the terms of the
Assets to the pledge hereunder to the Trustee of its interest and rights in the
Assets.

     

    (iii)       (x) The
Issuer has caused or will have caused, within ten days after the Closing Date,
the filing of all appropriate Financing Statements in the proper office in the
appropriate jurisdictions under applicable law in order to perfect the security
interest granted to the Trustee, for the benefit and security of the Secured
Parties, hereunder and (y) (A) the Issuer has delivered to the Trustee
a fully executed Securities Account Control Agreement pursuant to which the
Custodian has agreed to comply with all instructions originated by the Trustee
relating to the Accounts without further consent by the Issuer or (B) the
Issuer has taken all steps necessary to cause the Custodian to identify in its
records the Trustee as the Person having a security entitlement against the
Custodian in each of the Accounts.

     

    (iv)       The
Accounts are not in the name of any Person other than the Issuer or the
Trustee.  The Issuer has not consented to the Custodian to comply with
the entitlement order of any Person other than the Trustee (and the Issuer prior
to a notice of exclusive control being provided by the Trustee).

     

    (d)         The
Issuer hereby represents and warrants that, as of the Closing Date (which
representations and warranties shall survive the execution of this Indenture and
be deemed to be repeated on each date on which an Asset is Granted to the
Trustee hereunder), with respect to Assets that constitute general
intangibles:

     

    (i)         The
Issuer has caused or will have caused, within ten days after the Closing Date,
the filing of all appropriate Financing Statements in the proper filing office
in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Assets granted to the Trustee, for the benefit and
security of the Secured Parties, hereunder.

     

    (ii)        The
Issuer has received, or will receive, all consents and approvals required by the
terms of the Assets to the pledge hereunder to the Trustee of its interest and
rights in the Assets.

     

    The
Issuer agrees to notify the Rating Agencies promptly if the Issuer becomes aware
of the breach of any of the representations and warranties contained in this
Section 7.19 and
shall not, without satisfaction of the S&P Rating Condition, waive any of
the representations and warranties in this Section 7.19 or
any breach thereof.

     

    Section
7.20      Representation Relating to
Closing Date Participation Interests. The Issuer hereby represents and
warrants that the Closing Date Participation Interests included in the Assets as
of the Closing Date shall constitute no more than 40% of the Aggregate Principal
Balance of all the initial Collateral Obligations included in the Assets as of
the Closing Date.

    
      
         

      

      
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    ARTICLE
VIII

    

    SUPPLEMENTAL
INDENTURES

    

    Section
8.1        Supplemental Indentures
Without Consent of Holders of Notes.  (a) Without the consent
of the Holders of any Notes (except any consent required by clauses
(iii),  (vii), (ix), (xi) or (xii) below) but with the written consent
of the Collateral Manager, at any time and from time to time subject to Section 8.3 and
without an Opinion of Counsel being provided to the Issuer or the Trustee as to
whether any Class of Notes would be materially and adversely affected thereby,
the Issuer and the Trustee may enter into one or more indentures supplemental
hereto, for any of the following purposes:

     

    (i)         to
evidence the succession of another Person to the Issuer and the assumption by
any such successor Person of the covenants of the Issuer herein and in the
Notes;

     

    (ii)        to
add to the covenants of the Issuer or the Trustee for the benefit of the Secured
Parties;

     

    (iii)       to
convey, transfer, assign, mortgage or pledge any property to or with the Trustee
or add to the conditions, limitations or restrictions on the authorized amount,
terms and purposes of the issue, authentication and delivery of the Notes; provided that consent to such
supplemental indenture has been obtained from a Majority of the Controlling
Class (such consent not to be unreasonably withheld or delayed);

     

    (iv)       to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee and to add to or change any of the provisions of this Indenture as shall
be necessary to facilitate the administration of the trusts hereunder by more
than one Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12
hereof;

     

    (v)        to
correct or amplify the description of any property at any time subject to the
lien of this Indenture, or to better assure, convey and confirm unto the Trustee
any property subject or required to be subjected to the lien of this Indenture
(including, without limitation, any and all actions necessary or desirable as a
result of changes in law or regulations, whether pursuant to Section 7.5 or
otherwise) or to subject to the lien of this Indenture any additional
property;

     

    (vi)       to
modify the restrictions on and procedures for resales and other transfers of
Notes to reflect any changes in ERISA or other applicable law or regulation (or
the interpretation thereof) or to enable the Issuer to rely upon any
exemption from registration under the Securities Act or the 1940 Act or
otherwise comply with any applicable securities law;

     

    (vii)      to
remove restrictions on resale and transfer to the extent not required under
clause (vi) above; provided
that, consent to such supplemental indenture has been obtained from a
Majority of the Controlling Class (such consent not to be unreasonably withheld
or delayed);

    
      
         

      

      
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    (viii)     to
make such changes (including the removal and appointment of any listing agent or
Paying Agent in Ireland) as shall be necessary or advisable in order for the
Listed Notes to be or remain listed on an exchange, including the Irish Stock
Exchange;

     

    (ix)        to
correct or supplement any inconsistent or defective provisions herein, to cure
any ambiguity, omission or errors herein; provided that consent to such
supplemental indenture has been obtained from a Majority of the Controlling
Class (such consent not to be unreasonably withheld or delayed);

     

    (x)         to
conform the provisions of this Indenture to the Offering Circular;

     

    (xi)        to
take any action necessary or helpful to prevent the Issuer or the Trustee from
becoming subject to any withholding or other taxes or assessments; provided that consent to such
supplemental indenture has been obtained from a Majority of the Controlling
Class (such consent not to be unreasonably withheld or delayed); or

     

    (xii)       with
the consent or at the direction of a Majority of the Subordinated Notes to
permit the Issuer (A) to issue additional Subordinated Notes in accordance with
this Indenture or (B) to issue replacement securities in connection with a
Refinancing in accordance with this Indenture; provided, that, for the
avoidance of doubt, the indenture supplement executed in connection therewith
shall only effect the issuance of such additional Subordinated Notes or such
Refinancing, as applicable, and shall not modify any other provisions of this
Indenture.

     

    Section
8.2        Supplemental Indentures With
Consent of Holders of Notes.  (a) With the written consent of
the Collateral Manager, a Majority of each Class of Secured Notes and a Majority
of the Subordinated Notes, the Trustee and the Issuer may, subject to Section 8.3,
execute one or more indentures supplemental hereto to add any provisions to, or
change in any manner or eliminate any of the provisions of, this Indenture or
modify in any manner the rights of the Holders of the Notes of any Class under
this Indenture; provided that notwithstanding
anything herein to the contrary, no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note of each Class:

     

    (i)         change
the Stated Maturity of the principal of or the due date of any installment of
interest on any Secured Note, reduce the principal amount thereof or the rate of
interest thereon or, except as otherwise expressly permitted by this Indenture,
the Redemption Price with respect to any Note, or change the earliest date on
which Notes of any Class may be redeemed, change the provisions of this
Indenture relating to the application of proceeds of any Assets to the payment
of principal of or interest on the Secured Notes or distributions on the
Subordinated Notes or change any place where, or the coin or currency in which,
Notes or the principal thereof or interest or any distribution thereon is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption,
on or after the applicable Redemption Date);

    
      
         

      

      
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    (ii)        reduce
the percentage of the Aggregate Outstanding Amount of Holders of each Class
whose consent is required for the authorization of any such supplemental
indenture or for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder or their consequences provided for
herein;

     

    (iii)       impair
or adversely affect the Assets except as otherwise permitted
herein;

     

    (iv)       except
as otherwise permitted by this Indenture, permit the creation of any lien
ranking prior to or on a parity with the lien of this Indenture with respect to
any part of the Assets or terminate such lien on any property at any time
subject hereto or deprive the Holder of any Secured Note of the security
afforded by the lien of this Indenture;

     

    (v)        reduce
the percentage of the Aggregate Outstanding Amount of Holders of any Class of
Secured Notes whose consent is required to request the Trustee to preserve the
Assets or rescind the Trustee’s election to preserve the Assets pursuant to
Section 5.5 or
to sell or liquidate the Assets pursuant to Section 5.4 or
5.5;

     

    (vi)       modify
any of the provisions of (x) this Section 8.2,
except to increase the percentage of Outstanding Class A Notes, Class B
Notes or Subordinated Notes the consent of the Holders of which is required for
any such action or to provide that certain other provisions of this Indenture
cannot be modified or waived without the consent of the Holder of each
Class A Note Outstanding, Class B Note Outstanding or Subordinated Note
Outstanding and affected thereby or (y) Section 8.1 or
Section 8.3;

     

    (vii)      modify
the definition of the term “Outstanding” or the Priority of Payments set forth
in Section
11.1(a); or

     

    (viii)     modify
any of the provisions of this Indenture in such a manner as to affect the
calculation of the amount of any payment of interest or principal on any Secured
Note or any amount available for distribution to the Subordinated Notes, or to
affect the rights of the Holders of any Secured Notes to the benefit of any
provisions for the redemption of such Secured Notes contained
herein.

     

    Notwithstanding
any other provision relating to supplemental indentures herein, at any time
after the expiration of the Non-Call Period, if any Class of Notes has been or
contemporaneously with the effectiveness of any supplemental indenture will be
paid in full in accordance with this Indenture, the written consent of any
Holder of any Note of such Class will not be required with respect to such
supplemental indenture.

     

    Section
8.3        Execution of Supplemental
Indentures.  (a) The Collateral Manager shall not be bound to
follow any amendment or supplement to this Indenture unless it has consented
thereto in accordance with this Article VIII. No
amendment to the Indenture will be effective against the Collateral
Administrator if such amendment would adversely affect the Collateral
Administrator, including, without limitation, any amendment or supplement that
would increase the duties or liabilities of, or adversely change the economic
consequences to, the Collateral Administrator, unless the Collateral
Administrator otherwise consents in writing.

    
      
         

      

      
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    (b)           Notwithstanding
anything to the contrary in Section 8.3(e) below,
in the event that a supplemental indenture effects only changes described in
Section
8.1(a)(viii), such supplemental indenture is a supplemental indenture
described in Section
8.1(a)(xii)(A) effecting an additional issuance of Subordinated Notes or
the Holders of each Outstanding Note of each Class consents to such supplemental
indenture, (i) such supplemental indenture shall not be subject to the
satisfaction of the Global Rating Agency Condition, (ii) the Trustee shall not
be required to provide notice of such supplemental indenture to any Rating
Agency and (iii) the Trustee shall not be required to request written
confirmation from any Rating Agency that the Global Rating Agency Condition has
been satisfied. Notwithstanding the foregoing, the Trustee shall subsequently
provide to Moody’s a copy of any supplemental indenture described in Section
8.1(a)(xii)(A) effecting an additional issuance of Subordinated Notes and
to S&P a copy of any supplement indenture described in the immediately
preceding sentence.

     

    (c)           The
Trustee shall join in the execution of any such supplemental indenture and to
make any further appropriate agreements and stipulations which may be therein
contained, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee’s own rights, duties,
liabilities or immunities under this Indenture or otherwise, except to the
extent required by law.

     

    (d)           In
executing or accepting the additional trusts created by any supplemental
indenture permitted by this Article VIII or the
modifications thereby of the trusts created by this Indenture, the Trustee shall
be entitled to receive, and (subject to Sections 6.1 and
6.3) shall be
fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture and that all conditions precedent thereto have been satisfied. The
Trustee shall not be liable for any reliance made in good faith upon such an
Opinion of Counsel.

     

    (e)           At
the cost of the Issuer, for so long as any Notes shall remain Outstanding, not
later than 15 Business Days prior to the execution of any proposed supplemental
indenture pursuant to Section 8.1 and
not later than 10 Business Days prior to the execution of any proposed
supplemental indenture pursuant to Section 8.2, the
Trustee shall deliver to the Collateral Manager, the Collateral Administrator,
the Holders of the Notes and the Beneficial Owners a copy of such supplemental
indenture.  If any Class of Secured Notes is then Outstanding and is
rated by a Rating Agency, the Trustee shall enter into any such supplemental
indenture only if, as a result of such supplemental indenture, the Global Rating
Agency Condition is satisfied.  At the cost of the Issuer, for so long
as any Class of Secured Notes shall remain Outstanding and such Class is rated
by a Rating Agency, the Trustee shall provide to such Rating Agency a copy of
any proposed supplemental indenture at least 10 Business Days prior to the
execution thereof by the Trustee (unless such period is waived by the applicable
Rating Agency) and, for so long as such Class of Secured Notes is Outstanding
and so rated, request written confirmation that the Global Rating Agency
Condition is satisfied and, as soon as practicable after the execution of any
such supplemental indenture, provide to such Rating Agency a copy of the
executed supplemental indenture.  The Trustee shall, at the expense of
the Issuer, notify the Noteholders of any such determination by each Rating
Agency.  At the cost of the Issuer, the Trustee shall provide to the
Holders (in the manner described in Section 14.4) a
copy of the executed supplemental indenture after its execution.  Any
failure of the Trustee to publish or deliver such notice, or any defect therein,
shall not in any way impair or affect the validity of any such supplemental
indenture.

    
      
         

      

      
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    (f)           It
shall not be necessary for any Act of Holders to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient, if the consent
of any Holders to such proposed supplemental indenture is required, that such
Act shall approve the substance thereof.

     

    (g)           For
so long as any Notes are listed on the Irish Stock Exchange, the Issuer shall
notify the Irish Stock Exchange of any modification to this
Indenture.

     

    Section
8.4        Effect of Supplemental
Indentures.  Upon the execution of any supplemental indenture
under this Article
VIII, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Notes theretofore and thereafter authenticated and delivered
hereunder shall be bound thereby.

     

    Section
8.5        Reference in Notes to
Supplemental Indentures.  Notes authenticated and delivered as
part of a transfer, exchange or replacement pursuant to Article II of
Notes originally issued hereunder after the execution of any supplemental
indenture pursuant to this Article VIII may, and
if required by the Issuer shall, bear a notice in form approved by the Trustee
as to any matter provided for in such supplemental indenture.  If the
Issuer shall so determine, new Notes, so modified as to conform in the opinion
of the Trustee and the Issuer to any such supplemental indenture, may be
prepared and executed by the Issuer and authenticated and delivered by the
Trustee in exchange for Outstanding Notes.

     

    ARTICLE
IX

    

    REDEMPTION
OF NOTES

    

    Section
9.1        Mandatory
Redemption.  If a Coverage Test is not met on any Determination
Date on which such Coverage Test is applicable, the Issuer shall apply available
amounts in the Payment Account to make payments on the Secured Notes pursuant to
the Priority of Payments.

     

    Section
9.2        Optional
Redemption.  (a) The Secured Notes shall be redeemable by the
Issuer at the written direction of a Majority of the Subordinated Notes as
follows: (i) the Secured Notes shall be redeemed in whole (with respect to
all Classes of Secured Notes) but not in part on any Payment Date after the end
of the Non-Call Period from Sale Proceeds and/or Refinancing Proceeds or
(ii) the Secured Notes shall be redeemed in part by Class from Refinancing
Proceeds on any Payment Date after the end of the Non-Call Period as long as the
Class of Secured Notes to be redeemed represents not less than the entire Class
of such Secured Notes.  In connection with any such redemption, the
Secured Notes shall be redeemed at the applicable Redemption Prices and a
Majority of Subordinated Notes must provide the above described written
direction to the Issuer and the Trustee not later than 45 days prior to the
Payment Date on which such redemption is to be made; provided that all Secured
Notes to be redeemed must be redeemed simultaneously.

    
      
         

      

      
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    (b)         Upon
receipt of a notice of any redemption of Secured Notes in whole (from the
Trustee via overnight delivery service) pursuant to Section 9.2(a)(i),
the Collateral Manager in its sole discretion shall direct the sale (and the
manner thereof) of all or part of the Collateral Obligations and other Assets
such that the proceeds from such sale and all other funds available for such
purpose in the Collection Account and the Payment Account will be at least
sufficient to pay the Redemption Prices of the Secured Notes to be redeemed and
to pay all Administrative Expenses (regardless of the Administrative Expense
Cap) and Aggregate Collateral Management Fee due and payable under the Priority
of Payments.  If such proceeds of such sale and all other funds
available for such purpose in the Collection Account and the Payment Account
would not be sufficient to redeem all Secured Notes and to pay such fees and
expenses, the Secured Notes may not be redeemed.  The Collateral
Manager, in its sole discretion, may effect the sale of all or any part of the
Collateral Obligations or other Assets through the direct sale of such
Collateral Obligations or other Assets or by participation or other
arrangement.

     

    (c)         The
Subordinated Notes may be redeemed, in whole but not in part, on any Payment
Date on or after the redemption or repayment in full of the Secured Notes, at
the direction of a Majority of the Subordinated Notes.

     

    (d)         In
addition to (or in lieu of) a sale of Collateral Obligations and/or
Eligible Investments in the manner provided in Section 9.2(b),
the Secured Notes may be redeemed in whole from Refinancing Proceeds and Sale
Proceeds or in part by Class from Refinancing Proceeds as provided in Section 9.2(a)(ii)
by a Refinancing; provided that the terms of
such Refinancing and any financial institutions acting as lenders thereunder or
purchasers thereof must be acceptable to the Collateral Manager and a Majority
of the Subordinated Notes and such Refinancing otherwise satisfies the
conditions described below.  Prior to effecting any Refinancing, the
Issuer shall satisfy the Global Rating Agency Condition in relation to such
Refinancing.

     

    (e)         In
the case of a Refinancing upon a redemption of the Secured Notes in whole but
not in part pursuant to Section 9.2(a)(ii),
such Refinancing will be effective only if (i) the Refinancing Proceeds,
all Sale Proceeds from the sale of Collateral Obligations and Eligible
Investments in accordance with the procedures set forth herein, and all other
available funds will be at least sufficient to redeem simultaneously the Secured
Notes then required to be redeemed, in whole but not in part, and to pay the
other amounts included in the aggregate Redemption Prices and all accrued and
unpaid Administrative Expenses (regardless of the Administrative Expense Cap),
including, without limitation, the reasonable fees, costs, charges and expenses
incurred by the Trustee, the Collateral Administrator and the Collateral Manager
(including reasonable attorneys’ fees and expenses) in connection with such
Refinancing, (ii) the Sale Proceeds, Refinancing Proceeds and other
available funds are used (to the extent necessary) to make such redemption and
(iii) the agreements relating to the Refinancing contain limited recourse
and non-petition provisions equivalent (mutatis mutandis) to those
contained in Section 13.1(b)
and Section
2.7(i).

    
      
         

      

      
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    (f)         
In the case of a Refinancing upon a redemption of the Secured Notes in part by
Class pursuant to Section 9.2(a)(ii),
such Refinancing will be effective only if: (i) the Global Rating Agency
Condition has been satisfied with respect to any remaining Secured Notes that
were not the subject of the Refinancing, (ii) the Refinancing Proceeds will
be at least sufficient to pay in full the aggregate Redemption Prices of the
entire Class or Classes of Secured Notes subject to Refinancing, (iii) the
Refinancing Proceeds are used (to the extent necessary) to make such redemption,
(iv) the agreements relating to the Refinancing contain limited recourse and
non-petition provisions equivalent (mutatis mutandis) to those
contained in Section
13.1(b) and Section 2.7(i), (v)
the aggregate principal amount of any obligations providing the Refinancing is
no greater than the Aggregate Outstanding Amount of the Secured Notes being
redeemed with the proceeds of such obligations plus an amount equal to the
reasonable fees, costs, charges and expenses incurred in connection with such
Refinancing, (vi) the stated maturity of each class of obligations providing the
Refinancing is no earlier than the corresponding Stated Maturity of each Class
of Secured Notes being refinanced, (vii) the reasonable fees, costs, charges and
expenses incurred in connection with such Refinancing have been paid or will be
adequately provided for from the Refinancing Proceeds (except for expenses owed
to Persons that the Collateral Manager informs the Trustee will be paid solely
as Administrative Expenses payable in accordance with this Indenture), (viii)
the interest rate of any obligations providing the Refinancing will not be
greater than the interest rate of the Class of Secured Notes subject to such
Refinancing, (ix) the obligations providing the Refinancing are subject to the
Priority of Payments and do not rank higher in priority pursuant to the Priority
of Payments than the Class of Secured Notes being refinanced, (x) the voting
rights, consent rights, redemption rights and all other rights of the
obligations providing the Refinancing are the same as the rights of the
corresponding Class of Secured Notes being refinanced, and (xi) the Majority of
the Subordinated Notes consents thereto or directs the Issuer to effect such
Refinancing.

     

    (g)         The
Holders of the Subordinated Notes will not have any cause of action against the
Issuer, the Collateral Manager, the Collateral Administrator or the Trustee for
any failure to obtain a Refinancing.  If a Refinancing is obtained
meeting the requirements specified above as certified by the Collateral Manager,
the Issuer and the Trustee shall amend this Indenture to the extent necessary to
reflect the terms of the Refinancing and no further consent for such amendments
shall be required from the Holders of Notes other than a Majority of the
Subordinated Notes directing the redemption.  The Trustee shall not be
obligated to enter into any amendment that, in its view, adversely affects its
duties, obligations, liabilities or protections hereunder, and the Trustee shall
be entitled to rely upon an Opinion of Counsel as to matters of law (which may
be supported as to factual (including financial and capital markets) matters by
any relevant certificates and other documents necessary or advisable in the
judgment of counsel delivering such Opinion of Counsel) provided by the Issuer
to the effect that such amendment meets the requirements specified above and is
permitted under this Indenture (except that such counsel shall have no
obligation to opine as to the sufficiency of the Refinancing Proceeds, or the
sufficiency of the Accountants’ Certificate required pursuant to Section 7.18).

     

    (h)         In
the event of any redemption pursuant to this Section 9.2, the
Issuer shall, at least 30 days prior to the Redemption Date, notify the
Trustee in writing of such Redemption Date, the applicable Record Date, the
principal amount of Notes to be redeemed on such Redemption Date and the
applicable Redemption Prices; provided, that failure to
effect any Optional Redemption which is withdrawn by the Issuer in accordance
with this Indenture or with respect to which a Refinancing fails to occur shall
not constitute an Event of Default.

     

    Section
9.3        Tax
Redemption.  (a) The Notes shall be redeemed in whole but not
in part (any such redemption, a “Tax Redemption”) at
the written direction (delivered to the Trustee) of (x) a Majority of any
Affected Class or (y) a Majority of the Subordinated Notes, in either case
following the occurrence and continuation of a Tax Event.

    
      
         

      

      
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    (b)         In
connection with any Tax Redemption, Holders of 100% of the Aggregate Outstanding
Amount of any Class of Secured Notes may elect to receive less than 100% of the
Redemption Price that would otherwise be payable to the Holders of such Class of
Secured Notes.

     

    (c)         Upon
its receipt of such written direction directing a Tax Redemption, the Trustee
shall promptly notify the Collateral Manager, the Holders and each Rating Agency
thereof.

     

    (d)         If
an Officer of the Collateral Manager obtains actual knowledge of the occurrence
of a Tax Event, the Collateral Manager shall promptly notify the Issuer, the
Collateral Administrator and the Trustee thereof, and upon receipt of such
notice the Trustee shall promptly notify the Holders of the Notes and each
Rating Agency thereof

     

    Section
9.4       Redemption
Procedures.  (a) In the event of any redemption pursuant to
Section 9.2, the
written direction of the Holders of the Subordinated Notes and/or the Collateral
Manager (as applicable) required thereby shall be provided to the Issuer, the
Trustee and the Collateral Manager not later than 45 days prior to the Payment
Date on which such redemption is to be made (which date shall be designated in
such notice).  In the event of any redemption pursuant to Section 9.2 or
9.3, a notice
of redemption shall be given by the Trustee by overnight delivery service,
postage prepaid, mailed not later than nine Business Days prior to the
applicable Redemption Date, to each Holder of Notes, at such Holder’s address in
the Register and each Rating Agency.  In addition, for so long as any
Listed Notes are listed on the Irish Stock Exchange and so long as the
guidelines of such exchange so require, notice of redemption pursuant to Section 9.2 or
9.3 shall also
be given to the Holders thereof by publication on the Irish Stock Exchange via
the Companies Announcement Office.

     

    (b)       
  All notices of redemption delivered pursuant to Section 9.4(a)
shall state:

     

    (i)         the
applicable Redemption Date;

     

    (ii)        the
Redemption Prices of the Notes to be redeemed;

     

    (iii)       all
of the Secured Notes that are to be redeemed are to be redeemed in full and that
interest on such Secured Notes shall cease to accrue on the Payment Date
specified in the notice;

     

    (iv)       the
place or places where Notes are to be surrendered for payment of the Redemption
Prices, which shall be the office or agency of the Issuer to be maintained as
provided in Section 7.2 and,
so long as any Notes are listed on the Irish Stock Exchange, the Irish Paying
Agent; and

     

    (v)        if
all Secured Notes are being redeemed, whether the Subordinated Notes are to be
redeemed in full on such Redemption Date and, if so, the place or places where
the Subordinated Notes are to be surrendered for payment of the Redemption
Prices, which shall be the office or agency of the Issuer to be maintained as
provided in Section 7.2.

    
      
         

      

      
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    (c)         The
Issuer may withdraw any such notice of redemption delivered pursuant to Section 9.2 on
any day up to and including the later of (x) the day on which the
Collateral Manager is required to deliver to the Trustee the sale agreement or
agreements or certifications as described in Section 9.4(e),
by written notice to the Trustee that the Collateral Manager will be unable to
deliver the sale agreement or agreements or certifications described in Section 9.4(e) and
Sections
12.1(b) and (g) and (y) the
day on which the Holders of Notes are notified of such redemption in accordance
with Section 9.4(a),
at the written direction of a Majority of the Subordinated Notes to the Trustee
and the Collateral Manager.

     

    (d)         Notice
of redemption pursuant to Section 9.2 or
9.3 shall be
given by the Issuer or, upon an Issuer Order, by the Trustee in the name and at
the expense of the Issuer.  Failure to give notice of redemption, or
any defect therein, to any Holder of any Note selected for redemption shall not
impair or affect the validity of the redemption of any other Notes.

     

    (e)         Unless
Refinancing Proceeds are being used to redeem the Secured Notes in whole or in
part, in the event of any redemption pursuant to Section 9.2 or
9.3, no Secured
Notes may be optionally redeemed unless (i) at least five Business Days
before the scheduled Redemption Date the Collateral Manager shall have furnished
to the Trustee evidence, in a form reasonably satisfactory to the Trustee, that
the Collateral Manager on behalf of the Issuer has entered into a binding
agreement or agreements with a financial or other institution or institutions
whose short-term unsecured debt obligations (other than such obligations whose
rating is based on the credit of a Person other than such institution) are
rated, or guaranteed by a Person whose short-term unsecured debt obligations are
rated, at least “A-1” by S&P and at least “P-1” by Moody’s to purchase
(directly or by participation or other arrangement), not later than the Business
Day immediately preceding the scheduled Redemption Date in immediately available
funds, all or part of the Assets at a purchase price at least sufficient,
together with the Eligible Investments maturing, redeemable or putable to the
issuer thereof at par on or prior to the scheduled Redemption Date, to pay all
Administrative Expenses (regardless of the Administrative Expense Cap) and
Aggregate Collateral Management Fees payable in connection with such Optional
Redemption or Tax Redemption, as applicable, and redeem the applicable Class of
Notes on the scheduled Redemption Date at the applicable Redemption Prices (or
in the case of any Class of Secured Notes, such other amount that the Holders of
such Class have elected to receive, in the case of a Tax Redemption where
Holders of such Class have elected to receive less than 100% of the Redemption
Price that would otherwise be payable to the Holders of such Class), or
(ii) prior to selling any Collateral Obligations and/or Eligible
Investments, the Collateral Manager shall certify to the Trustee that, in its
judgment, the aggregate sum of (A) expected proceeds from the sale of
Eligible Investments, and (B) for each Collateral Obligation, the product
of its Market Value and its Applicable Advance Rate, shall exceed the sum of
(x) the aggregate Redemption Prices (or in the case of any Class of Secured
Notes, such other amount that the Holders of such Class have elected to receive,
in the case of a Tax Redemption where Holders of such Class have elected to
receive less than 100% of the Redemption Price that would otherwise be payable
to the Holders of such Class) of the applicable Class of Secured Notes and
(y) all Administrative Expenses (regardless of the Administrative Expense
Cap) and Aggregate Collateral Management Fees payable in connection with such
Optional Redemption or Tax Redemption, as applicable.  Any
certification delivered by the Collateral Manager pursuant to this Section 9.4(e)
shall include (1) the prices of, and expected proceeds from, the sale
(directly or by participation or other arrangement) of any Collateral
Obligations and/or Eligible Investments and (2) all calculations required
by this Section 9.4(e).
Any holder of Notes, the Originator, the Collateral Manager or any of their
Affiliates or accounts managed thereby or by their respective affiliates shall
have the right, subject to the same terms and conditions afforded to other
bidders, to bid on Assets to be sold as part of an Optional Redemption or Tax
Redemption.

    
      
         

      

      
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    Section
9.5       Notes Payable on Redemption
Date.  (a) Notice of redemption pursuant to Section 9.4 having
been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date,
subject to Section 9.4(e) and
the Issuer’s right to withdraw any notice of redemption pursuant to Section 9.4(c) ,
become due and payable at the Redemption Prices therein specified, and from and
after the Redemption Date (unless the Issuer shall default in the payment of the
Redemption Prices and accrued interest) all such Notes that are Secured
Notes shall cease to bear interest on the Redemption Date.  Upon final
payment on a Note to be so redeemed, the Holder shall present and surrender such
Note at the place specified in the notice of redemption on or prior to such
Redemption Date; provided that if there is
delivered to the Issuer and the Trustee such security or indemnity as may be
required by them to save such party harmless and an undertaking thereafter to
surrender such Note, then, in the absence of notice to the Issuer or the Trustee
that the applicable Note has been acquired by a protected purchaser, such final
payment shall be made without presentation or surrender.  Payments of
interest on Secured Notes so to be redeemed which are payable on or prior to the
Redemption Date shall be payable to the Holders of such Secured Notes, or one or
more predecessor Notes, registered as such at the close of business on the
relevant Record Date according to the terms and provisions of Section 2.7(e).

     

    (b)           If
any Secured Note called for redemption shall not be paid upon surrender thereof
for redemption, the principal thereof shall, until paid, bear interest from the
Redemption Date at the applicable Interest Rate for each successive Interest
Accrual Period such Secured Note remains Outstanding; provided that the reason for
such non-payment is not the fault of such Noteholder.

     

    Section
9.6        Special
Redemption.  Principal payments on the Secured Notes shall be
made in part in accordance with the Priority of Payments on any Payment Date
(i) during the Reinvestment Period, if the Collateral Manager at its sole
discretion notifies the Trustee at least five Business Days prior to the
applicable Special Redemption Date that it has been unable, for a period of at
least 20 consecutive Business Days, to identify additional Collateral
Obligations that are deemed appropriate by the Collateral Manager in its sole
discretion and which would satisfy the Investment Criteria in sufficient amounts
to permit the investment or reinvestment of all or a portion of the funds then
in the Collection Account that are to be invested in additional Collateral
Obligations or (ii) after the Effective Date, if the Collateral Manager
notifies the Trustee that a redemption is required pursuant to Section 7.18 in
order to obtain from each Rating Agency its written confirmation of its Initial
Ratings of the Secured Notes (in each case, a “Special
Redemption”).  On the first Payment Date (and all subsequent
Payment Dates) following the Collection Period in which such notice is given (a
“Special Redemption
Date”), the amount in the Collection Account representing as applicable
either (1) Principal Proceeds which the Collateral Manager has determined
cannot be reinvested in additional Collateral Obligations or (2) Interest
Proceeds and Principal Proceeds available therefor in accordance with the
Priority of Payments on each Payment Date until the Issuer obtains confirmation
from each of the Rating Agencies of the initial ratings of the Secured Notes
(such amount, a “Special Redemption
Amount”) will be available to be applied in accordance with the Priority
of Payments.  Notice of payments pursuant to this Section 9.6
shall be given not less than (x) in the case of a Special Redemption described
in clause (i) above, three Business Days prior to the applicable Special
Redemption Date and (y) in the case of a Special Redemption described in clause
(ii) above, one Business Day prior to the applicable Special Redemption Date, in
each case by facsimile, email transmission or first class mail, postage prepaid,
to each Holder of Secured Notes affected thereby at such Holder’s facsimile
number, email address or mailing address in the Register and to both Rating
Agencies.  In addition, for so long as any Listed Notes are listed on
the Irish Stock Exchange and so long as the guidelines of such exchange so
require, notice of Special Redemption to the holders of such Listed Notes shall
also be given by the Issuer or, upon Issuer Order, by the Irish Paying Agent in
the name and at the expense of the Issuer, to Noteholders by publication on the
Irish Stock Exchange via the Companies Announcement Office.

    
      
         

      

      
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    ARTICLE
X

    

    ACCOUNTS,
ACCOUNTINGS AND RELEASES

    

    Section
10.1     Collection of
Money.  Except as otherwise expressly provided herein, the
Trustee may demand payment or delivery of, and shall receive and collect,
directly and without intervention or assistance of any fiscal agent or other
intermediary, all Money and other property payable to or receivable by the
Trustee pursuant to this Indenture, including all payments due on the Assets, in
accordance with the terms and conditions of such Assets.  The Trustee
shall segregate and hold all such Money and property received by it in trust for
the Holders of the Notes and shall apply it as provided herein.  Each
Account shall be established and maintained with (a) a federal or
state-chartered depository institution rated at least “A-1” by S&P (or at
least “A+” by S&P and “Aa3” by Moody’s if such institution has no short-term
rating) and  “P-1” by Moody’s and if such institution’s rating falls below
“A-1” by S&P (or below “A+” by S&P or “Aa3” by Moody’s if such
institution has no short-term rating) or “P-1” by Moody’s, the assets held in
such Account shall be moved within 60 calendar days to another institution that
is rated at least “A-1” by S&P (or at least “A+” by S&P and “Aa3” by
Moody’s if such institution has no short-term rating) and “P-1” by Moody’s
or (b) in segregated trust accounts with the corporate trust department of
a federal or state-chartered deposit institution subject to regulations
regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal
Regulation Section 9.10(b).  Such institution shall have a combined
capital and surplus of at least U.S.$200,000,000. All Cash deposited in the
Accounts shall be invested only in Eligible Investments or Collateral
Obligations in accordance with the terms of this Indenture.  To avoid
the consolidation of the Assets of the Issuer with the general assets of the
Bank under any circumstances, the Trustee shall comply, and shall cause the
Custodian to comply, with all law applicable to it as a national bank with trust
powers holding segregated trust assets in a fiduciary capacity.

    
      
         

      

      
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    Section
10.2     Collection
Account.  (a) In accordance with this Indenture and the
Securities Account Control Agreement, the Issuer shall, prior to the Closing
Date, cause the Trustee to establish at the Custodian two segregated trust
accounts, one of which will be designated the “Interest Collection Subaccount”
and one of which will be designated the “Principal Collection Subaccount” (and
which together will comprise the Collection Account), each held in the name of
U.S. Bank National Association, as Trustee, for the benefit of the Secured
Parties and each of which shall be maintained with the Custodian in accordance
with the Securities Account Control Agreement.  The Trustee shall from
time to time deposit into the Interest Collection Subaccount, in addition to the
deposits required pursuant to Section 10.6(a),
immediately upon receipt thereof or upon transfer from the Payment Account, all
Interest Proceeds (unless simultaneously reinvested in additional Collateral
Obligations in accordance with Article
XII).  The Trustee shall deposit immediately upon receipt
thereof or upon transfer from the Expense Reserve Account or Revolver Funding
Account all other amounts remitted to the Collection Account into the Principal
Collection Subaccount, including in addition to the deposits required pursuant
to Section 10.6(a),
(i) any funds designated as Principal Proceeds by the Collateral Manager in
accordance with this Indenture and (ii) all other Principal Proceeds
(unless simultaneously reinvested in additional Collateral Obligations in
accordance with Article XII or in
Eligible Investments).  The Issuer may, but under no circumstances
shall be required to, deposit from time to time into the Collection Account, in
addition to any amount required hereunder to be deposited therein, such Monies
received from external sources for the benefit of the Secured Parties or the
Issuer (other than payments on or in respect of the Collateral Obligations,
Eligible Investments or other existing Assets) as the Issuer deems, in its sole
discretion, to be advisable and to designate them as Interest Proceeds or
Principal Proceeds.  All Monies deposited from time to time in the
Collection Account pursuant to this Indenture shall be held by the Trustee as
part of the Assets and shall be applied to the purposes herein
provided.  Subject to Section 10.2(d),
amounts in the Collection Account shall be reinvested pursuant to Section 10.6(a).

     

    (b)         The
Trustee, within one Business Day after receipt of any distribution or other
proceeds in respect of the Assets which are not Cash, shall so notify the Issuer
and the Issuer (or the Collateral Manager on behalf of the Issuer) shall use its
commercially reasonable efforts to, within five Business Days after receipt of
such notice from the Trustee (or as soon as practicable thereafter), sell such
distribution or other proceeds for Cash in an arm’s length transaction and
deposit the proceeds thereof in the Collection Account; provided that the Issuer
(i) need not sell such distributions or other proceeds if it delivers an
Issuer Order or an Officer’s certificate to the Trustee certifying that such
distributions or other proceeds constitute Collateral Obligations, Equity
Securities or Eligible Investments or (ii) may otherwise retain such
distribution or other proceeds for up to two years from the date of receipt
thereof if it delivers an Officer’s certificate to the Trustee certifying that
(x) it will sell such distribution within such two-year period and
(y) retaining such distribution is not otherwise prohibited by this
Indenture.

     

    (c)         At
any time when reinvestment is permitted pursuant to Article XII, the
Collateral Manager on behalf of the Issuer may by Issuer Order direct the
Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw
funds on deposit in the Principal Collection Subaccount representing Principal
Proceeds (together with any Principal Finance Accrued Interest) and reinvest (or
invest, in the case of funds referred to in Section 7.18) such
funds in additional Collateral Obligations, in each case in accordance with the
requirements of Article XII and such
Issuer Order.  At any time, the Collateral Manager on behalf of the
Issuer may by Issuer Order direct the Trustee to, and upon receipt of such
Issuer Order the Trustee shall, withdraw funds on deposit in the Principal
Collection Subaccount representing Principal Proceeds and deposit such funds in
the Revolver Funding Account to meet funding requirements on Delayed Drawdown
Collateral Obligations or Revolving Collateral Obligations.

    
      
         

      

      
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    (d)         The
Collateral Manager on behalf of the Issuer may by Issuer Order direct the
Trustee to, and upon receipt of such Issuer Order the Trustee shall, pay from
amounts on deposit in the Collection Account on any Business Day during any
Interest Accrual Period (i) any amount required to exercise a right to
acquire securities held in the Assets in accordance with the requirements of
Article XII and
such Issuer Order, and (ii) from Interest Proceeds only, any Administrative
Expenses (such payments to be counted against the Administrative Expense Cap for
the applicable period and to be subject to the order of priority as stated in
the definition of Administrative Expenses); provided that the aggregate
Administrative Expenses paid pursuant to this Section 10.2(d) during
any Collection Period shall not exceed the Administrative Expense Cap for the
related Payment Date; provided, further, that the Trustee
shall be entitled (but not required) without liability on its part, to refrain
from making any such payment of an Administrative Expense pursuant to this Section 10.2 on any
day other than a Payment Date if, in its reasonable determination, the payment
of such amount is likely to leave insufficient funds available to pay in full
each of the items described in Section 11.1(a)(i)(A)
as reasonably anticipated to be or become due and payable on the next Payment
Date, taking into account the Administrative Expense Cap.

     

    (e)         The
Trustee shall transfer to the Payment Account, from the Collection Account for
application pursuant to Section 11.1(a),
on the Business Day immediately preceding each Payment Date, the amount set
forth to be so transferred in the Distribution Report for such Payment
Date.

     

    (f)         The
Collateral Manager on behalf of the Issuer may by Issuer Order direct the
Trustee to, and upon receipt of such Issuer Order the Trustee shall, transfer
from amounts on deposit in the Interest Collection Subaccount to the Principal
Collection Subaccount, amounts necessary for application pursuant to Section 7.18(e)(x)(B),
the proviso to Section 7.18(e)(x),
Section
7.18(e)(y) or the proviso to Section 7.18(e)(y),
in each case subject to the last proviso in Section
17.8(e).

     

    Section
10.3      Transaction
Accounts.  (a) Payment
Account.  In accordance with this Indenture and the Securities
Account Control Agreement, the Issuer shall, prior to the Closing Date, cause
the Trustee to establish at the Custodian a single, segregated non-interest
bearing trust account held in the name of U.S. Bank National Association, as
Trustee, for the benefit of the Secured Parties, which shall be designated as
the Payment Account, which shall be maintained with the Custodian in accordance
with the Securities Account Control Agreement.  Except as provided in
Section 11.1(a),
the only permitted withdrawal from or application of funds on deposit in, or
otherwise to the credit of, the Payment Account shall be to pay amounts due and
payable on the Notes in accordance with their terms and the provisions of this
Indenture and, upon Issuer Order, to pay Administrative Expenses, fees and other
amounts due and owing to the Collateral Manager under the Collateral Management
Agreement and other amounts specified herein, each in accordance with the
Priority of Payments.  The Issuer shall not have any legal, equitable
or beneficial interest in the Payment Account other than in accordance with the
Priority of Payments.  Amounts in the Payment Account shall remain
uninvested.

    
      
         

      

      
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    (b)        Custodial
Account.  In accordance with this Indenture and the Securities
Account Control Agreement, the Issuer shall, prior to the Closing Date, cause
the Trustee to establish at the Custodian a single, segregated non-interest
bearing trust account held in the name of U.S. Bank National Association, as
Trustee, for the benefit of the Secured Parties, which shall be designated as
the Custodial Account, which shall be maintained with the Custodian in
accordance with the Securities Account Control Agreement.  All
Collateral Obligations shall be credited to the Custodial
Account.  The only permitted withdrawals from the Custodial Account
shall be in accordance with the provisions of this Indenture.  The
Trustee agrees to give the Issuer immediate notice if (to the actual knowledge
of a Trust Officer of the Trustee) the Custodial Account or any assets or
securities on deposit therein, or otherwise to the credit of the Custodial
Account, shall become subject to any writ, order, judgment, warrant of
attachment, execution or similar process.  The Issuer shall not have
any legal, equitable or beneficial interest in the Custodial Account other than
in accordance with this Indenture and the Priority of Payments.

     

    (c)         Ramp-Up
Account.  In accordance with this Indenture and the Securities
Account Control Agreement, the Issuer shall, prior to the Closing Date, cause
the Trustee to establish at the Custodian a single, segregated non-interest
bearing trust account held in the name of U.S. Bank National Association, as
Trustee, for the benefit of the Secured Parties, which shall be designated as
the Ramp-Up Account, which shall be maintained with the Custodian in accordance
with the Securities Account Control Agreement.  The Issuer shall
direct the Trustee to deposit the amount specified in Section 3.1(xi)(A) to
the Ramp-Up Account on the Closing Date.  In connection with any
purchase of an additional Collateral Obligation, the Trustee will apply amounts
held in the Ramp-Up Account as provided by Section 7.18(b).  On
the Effective Date or upon the occurrence of an Event of Default (and excluding
any proceeds that will be used to settle binding commitments entered into prior
to such date), the Trustee will deposit any remaining amounts in the Ramp-Up
Account into the Principal Collection Subaccount as Principal
Proceeds.  Any income earned on amounts deposited in the Ramp-Up
Account will be deposited in the Interest Collection Subaccount.

     

    (d)         Expense Reserve
Account.  In accordance with this Indenture and the Securities
Account Control Agreement, the Issuer shall, prior to the Closing Date, cause
the Trustee to establish at the Custodian a single, segregated non-interest
bearing trust account held in the name of U.S. Bank National Association, as
Trustee, for the benefit of the Secured Parties, which shall be designated as
the Expense Reserve Account, which shall be maintained with the Custodian in
accordance with the Securities Account Control Agreement.  The Issuer
shall direct the Trustee to deposit the amount specified in Section 3.1(xi)(B) to
the Expense Reserve Account.  On any Business Day from the Closing
Date to and including the Determination Date relating to the first Payment Date
following the Closing Date, the Trustee shall apply funds from the Expense
Reserve Account, as directed by the Collateral Manager, to pay expenses of the
Issuer incurred in connection with the establishment of the Issuer, the
structuring and consummation of the Offering and the issuance of the Notes or to
the Collection Account as Principal Proceeds.  By the Determination
Date relating to the first Payment Date following the Closing Date, all funds in
the Expense Reserve Account (after deducting any expenses paid on such
Determination Date) will be deposited in the Collection Account as
Principal Proceeds and the Expense Reserve Account will be
closed.  Any income earned on amounts deposited in the Expense Reserve
Account will be deposited in the Interest Collection Subaccount as Interest
Proceeds as it is received.

    
      
         

      

      
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    Section
10.4      The Revolver Funding
Account.  Upon the purchase or acquisition of any Delayed
Drawdown Collateral Obligation or Revolving Collateral Obligation, funds in an
amount equal to the undrawn portion of such obligation shall be withdrawn first
from the Ramp-Up Account and, if necessary, from the Principal Collection
Subaccount and deposited by the Trustee in a single, segregated trust account
established (in accordance with this Indenture and the Securities Account
Control Agreement) at the Custodian and held in the name of U.S. Bank National
Association, as Trustee, for the benefit of the Secured Parties (the “Revolver Funding
Account”).  Upon initial purchase or acquisition of any such
obligations, funds deposited in the Revolver Funding Account in respect of any
Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation will
be treated as part of the purchase price therefor.  Amounts on deposit
in the Revolver Funding Account will be invested in overnight funds that are
Eligible Investments selected by the Collateral Manager pursuant to Section 10.6 and
earnings from all such investments will be deposited in the Interest Collection
Subaccount as Interest Proceeds.

     

    The
Issuer shall, at all times maintain sufficient funds on deposit in the Revolver
Funding Account such that the sum of the amount of funds on deposit in the
Revolver Funding Account shall be at least equal to the sum of the unfunded
funding obligations under all such Delayed Drawdown Collateral Obligations and
Revolving Collateral Obligations then included in the Assets. Funds shall be
deposited in the Revolver Funding Account upon the purchase of any Delayed
Drawdown Collateral Obligation or Revolving Collateral Obligation and upon the
receipt by the Issuer of any Principal Proceeds with respect to a Revolving
Collateral Obligation as directed by the Collateral Manager on behalf of the
Issuer. In the event of any shortfall in the Revolver Funding Account, the
Collateral Manager (on behalf of the Issuer) may direct the Trustee to, and the
Trustee thereafter shall, transfer funds in an amount equal to such shortfall
from the Principal Collections Subaccount to the Revolver Funding
Account.

     

    Any funds
in the Revolver Funding Account (other than earnings from Eligible Investments
therein) will be treated as Principal Proceeds and will be available solely
to cover any drawdowns on the Delayed Drawdown Collateral Obligations and
Revolving Collateral Obligations; provided that any excess of
(A) the amounts on deposit in the Revolver Funding Account over
(B) the sum of the unfunded funding obligations under all Delayed Drawdown
Collateral Obligations and Revolving Collateral Obligations that are included in
the Assets (which excess may occur for any reason, including upon (i) the sale
or maturity of a Delayed Drawdown Collateral Obligation or Revolving Collateral
Obligation, (ii) the occurrence of an event of default with respect to any such
Delayed Drawdown Obligation or Revolving Collateral Obligation or (iii) any
other event or circumstance which results in the irrevocable reduction of the
undrawn commitments under such Delayed Drawdown Collateral Obligation or
Revolving Collateral Obligation) may be transferred by the Trustee (at the
written direction of the Collateral Manager on behalf of the Issuer) from
time to time as Principal Proceeds to the Principal Collection
Subaccount.

     

    Section
10.5      [Reserved].

    
      
         

      

      
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    Section
10.6     Reinvestment of Funds in
Accounts; Reports by Trustee.  (a) By Issuer Order (which may
be in the form of standing instructions), the Issuer (or the Collateral Manager
on behalf of the Issuer) shall at all times direct the Trustee to, and,
upon receipt of such Issuer Order, the Trustee shall, invest all funds on
deposit in the Collection Account, the Ramp-Up Account, the Revolver Funding
Account and the Expense Reserve Account, as so directed in Eligible Investments
having stated maturities no later than the Business Day preceding the next
Payment Date (or such shorter maturities expressly provided herein). If prior to
the occurrence of an Event of Default, the Issuer shall not have given any such
investment directions, the Trustee shall seek instructions from the Collateral
Manager within three Business Days after transfer of any funds to such
accounts.  If the Trustee does not thereafter receive written
instructions from the Collateral Manager within five Business Days after
transfer of such funds to such accounts, it shall invest and reinvest the funds
held in such accounts, as fully as practicable, in the Standby Directed
Investment or other Eligible Investments of the type described in clause
(ii) of the definition of “Eligible Investments” maturing no later than the
Business Day immediately preceding the next Payment Date (or such shorter
maturities expressly provided herein).  If after the occurrence of an
Event of Default, the Issuer shall not have given such investment directions to
the Trustee for three consecutive days, the Trustee shall invest and reinvest
such Monies as fully as practicable in the Standby Directed Investment unless
and until contrary investment instructions as provided in the preceding sentence
are received or the Trustee receives a written instruction from the Issuer, or
the Collateral Manager on behalf of the Issuer, changing the Standby Directed
Investment.  Except to the extent expressly provided otherwise herein,
all interest and other income from such investments shall be deposited in the
Interest Collection Subaccount, any gain realized from such investments shall be
credited to the Principal Collection Subaccount upon receipt, and any loss
resulting from such investments shall be charged to the Principal Collection
Subaccount.  The Trustee shall not in any way be held liable by reason
of any insufficiency of such accounts which results from any loss relating to
any such investment; provided that nothing herein
shall relieve the Bank of (i) its obligations or liabilities under any
security or obligation issued by the Bank or any Affiliate thereof or
(ii) liability for any loss resulting from gross negligence, willful
misconduct or fraud on the part of the Bank or any Affiliate
thereof.

     

    (b)         The
Trustee agrees to give the Issuer immediate notice if any Account or any funds
on deposit in any Account, or otherwise to the credit of an Account, shall
become subject to any writ, order, judgment, warrant of attachment, execution or
similar process.

     

    (c)         The
Trustee shall supply, in a timely fashion, to the Issuer, each Rating Agency and
the Collateral Manager any information regularly maintained by the Trustee that
the Issuer, the Rating Agencies or the Collateral Manager may from time to time
reasonably request with respect to the Assets, the Accounts and the other Assets
and provide any other requested information reasonably available to the Trustee
by reason of its acting as Trustee hereunder and required to be provided by
Section 10.7 or
to permit the Collateral Manager to perform its obligations under the Collateral
Management Agreement or the Issuer’s obligations hereunder that have been
delegated to the Collateral Manager.  The Trustee shall promptly
forward to the Collateral Manager copies of notices and other writings received
by it from the obligor or issuer of any Asset or from any Clearing Agency with
respect to any Asset which notices or writings advise the holders of such Asset
of any rights that the holders might have with respect thereto (including,
without limitation, requests to vote with respect to amendments or waivers and
notices of prepayments and redemptions) as well as all periodic financial
reports received from such obligor or issuer and Clearing Agencies with respect
to such issuer.

    
      
         

      

      
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    Section
10.7     Accountings.  (a)
Monthly.  Not
later than the 20th
calendar day (or, if such day is not a Business Day, on the next succeeding
Business Day) of each calendar month (other than January, April, July and
October in each year) and commencing in January, 2011, the Issuer shall
compile and make available (or cause to be compiled and made available) to
each Rating Agency, the Trustee, the Collateral Manager, the Initial Purchaser,
each Beneficial Owner and each other Holder shown on the Register a monthly
report on a settlement date basis (except as otherwise expressly provided in
this Indenture) (each such report a “Monthly
Report”).  As used herein, the “Monthly Report Determination
Date” with respect to any calendar month will be the fifth Business Day
of such calendar month.  The Monthly Report for a calendar month shall
contain the following information with respect to the Collateral Obligations and
Eligible Investments included in the Assets, and shall be determined as of the
Monthly Report Determination Date for such calendar month:

     

    (i)          Aggregate
Principal Balance of Collateral Obligations, the aggregate outstanding principal
balance of Collateral Obligations, the aggregate unfunded commitments of the
Collateral Obligations, any capitalized interest on the Collateral Obligations
and Eligible Investments representing Principal Proceeds.

     

    (ii)         Adjusted
Collateral Principal Amount of Collateral Obligations.

     

    (iii)        Collateral
Principal Amount of Collateral Obligations.

     

    (iv)        A
list of Collateral Obligations, including, with respect to each such Collateral
Obligation, the following information:

     

    (A)       The
obligor thereon (including the issuer ticker, if any);

     

    (B)        The
CUSIP or security identifier thereof;

     

    (C)        The
Principal Balance thereof, the outstanding principal balance thereof (in each
case, other than any accrued interest that was purchased with Principal Proceeds
(but excluding any capitalized interest)) and any unfunded commitment pertaining
thereto;

     

    (D)        The
percentage of the aggregate Collateral Principal Amount represented by such
Collateral Obligation;

     

    (E)         The
related interest rate or spread;

     

    (F)         The
stated maturity thereof;

     

    (G)         The
related Moody’s Industry Classification;

     

    (H)         The
related S&P Industry Classification;

    
      
         

      

      
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    (I)        The
Moody’s Rating, unless such rating is based on a credit estimate unpublished by
Moody’s (and, in the event of a downgrade or withdrawal of the applicable
Moody’s Rating, the prior rating and the date such Moody’s Rating was
changed);

     

    (J)        The
Moody’s Default Probability Rating;

     

    (K)       The
S&P Rating, unless such rating is based on a credit estimate or is a private
or confidential rating from S&P;

     

    (L)        The
country of Domicile;

     

    (M)       An
indication as to whether each such Collateral Obligation is (1) a Senior
Secured Loan, (2) a Second Lien Loan, (3) a Defaulted Obligation, (4) a
Delayed Drawdown Collateral Obligation, (5) a Revolving Collateral
Obligation, (6) a Participation Interest (indicating the related Selling
Institution, if applicable, and its ratings by each Rating Agency), (7) a
Permitted Deferrable Obligation, (8) a Fixed Rate Obligation, (9) a Current
Pay Obligation, (10) a DIP Collateral Obligation, (11) a Discount
Obligation, (12) a Discount Obligation purchased in the manner described in
clause (y) of the proviso to the definition “Discount Obligation” or
(13) a Cov-Lite Loan;

     

    (N)        With
respect to each Collateral Obligation that is a Discount Obligation purchased in
the manner described in clause (y) of the proviso to the definition
“Discount Obligation”,

     

    (I)        the
identity of the Collateral Obligation (including whether such Collateral
Obligation was classified as a Discount Obligation at the time of its original
purchase) the proceeds of whose sale are used to purchase the purchased
Collateral Obligation;

     

    (II)       the
purchase price (as a percentage of par) of the purchased Collateral Obligation
and the sale price (as a percentage of par) of the Collateral Obligation the
proceeds of whose sale are used to purchase the purchased Collateral
Obligation;

     

    (III)      the
Moody’s Default Probability Rating assigned to the purchased Collateral
Obligation and the Moody’s Default Probability Rating assigned to the Collateral
Obligation the proceeds of whose sale are used to purchase the purchased
Collateral Obligation; and

     

    (IV)      the
Aggregate Principal Balance of Collateral Obligations that have been excluded
from the definition of “Discount Obligation” and relevant calculations
indicating whether such amount is in compliance with the limitations described
in clauses (z)(A) and (z)(B) of the proviso to the definition of “Discount
Obligation.”

    
      
         

      

      
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    (O)        The
Principal Balance of each Cov-Lite Loan and the Aggregate Principal Balance of
all Cov-Lite Loans;

     

    (P)         The
Moody’s Recovery Rate;

     

    (Q)        The
S&P Recovery Rate;

     

    (R)         The
date of the credit estimate or Moody’s RiskCalc rating of such Collateral
Obligation, if applicable; and

     

    (S)         The
LIBOR floor for each Collateral Obligation with a LIBOR floor (as
applicable).

     

    (v)         If
the Monthly Report Determination Date occurs on or after the Effective Date and
on or prior to the last day of the Reinvestment Period, for each of the
limitations and tests specified in the definitions of Concentration Limitations
and Collateral Quality Test, (1) the result, (2) the related minimum
or maximum test level (including any Moody’s Weighted Average Recovery
Adjustment, if applicable, indicating to which test such Moody's Weighted
Average Recovery Adjustment was allocated, the amount of such allocation and the
result of such test calculated without giving effect to the Moody’s Weighted
Average Recovery Adjustment) and (3) a determination as to whether
such result satisfies the related test.

     

    (vi)        The
calculation of each of the following:

     

    (A)        The
Interest Coverage Ratio (and setting forth the percentage required to satisfy
the Interest Coverage Test);

     

    (B)         The
Overcollateralization Ratio (and setting forth the percentage required to
satisfy the Overcollateralization Ratio Test); and

     

    (C)         The
Interest Diversion Test (and setting forth the percentage required to satisfy
the Interest Diversion Test).

     

    (vii)      
The calculation specified in Section
5.1(g).

     

    (viii)      For
each Account, a schedule showing the beginning balance, each credit or debit
specifying the nature, source and amount, and the ending balance.

     

    (ix)         A
schedule showing for each of the following the beginning balance, the amount of
Interest Proceeds received from the date of determination of the immediately
preceding Monthly Report, and the ending balance for the current Measurement
Date:

     

    (A)        Interest
Proceeds from Collateral Obligations; and

     

    (B)         Interest
Proceeds from Eligible Investments.

     

    (x)         Purchases,
prepayments, and sales:

    
      
         

      

      
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    (A)        The
identity, Principal Balance and outstanding principal balance (in each case
other than any accrued interest that was purchased with Principal Proceeds (but
excluding any capitalized interest)), unfunded commitment (if any), capitalized
interest (if any), Principal Proceeds and Interest Proceeds received, and date
for (X) each Collateral Obligation that was released for sale or
disposition pursuant to Section 12.1 since
the last Monthly Report Determination Date and (Y) for each prepayment or
redemption of a Collateral Obligation, and in the case of (X), whether such
Collateral Obligation was a Credit Risk Obligation or a Credit Improved
Obligation, whether the sale of such Collateral Obligation was a discretionary
sale;

     

    (B)        The
identity, Principal Balance and outstanding principal balance (in each case
other than any accrued interest that was purchased with Principal Proceeds (but
excluding any capitalized interest)), unfunded commitment (if any), capitalized
interest (if any) and Principal Proceeds and Interest Proceeds expended to
acquire each Collateral Obligation acquired pursuant to Section 12.2 or
12.3 since the
last Monthly Report Determination Date; and

     

    (C)        The
identity, Principal Balance and outstanding principal balance (in each case
other than any accrued interest that was purchased with Principal Proceeds (but
excluding any capitalized interest)), unfunded commitment (if any) Principal
Proceeds and Interest Proceeds received, and date for each Collateral Obligation
that was substituted pursuant to Section 12.3(a) or
repurchased pursuant to Section 12.3(b) (and,
in either case, an indication as to whether each such substitution or repurchase
was a mandatory substitution or repurchase) since the last Monthly Report
Determination Date, all as reported to the Trustee by the Collateral Manager at
the time of such purchase, repurchase or substitution.

     

    (xi)        The
identity of each Defaulted Obligation, the Moody’s and S&P Collateral Value
and Market Value of each such Defaulted Obligation and date of default
thereof.

     

    (xii)       The
identity of each Collateral Obligation with an S&P Rating of “CCC+” or below
and/or a Moody’s Default Probability Rating of “Caa1” or below and the Market
Value of each such Collateral Obligation.

     

    (xiii)      The
identity of each Deferring Obligation, the Moody’s and S&P Collateral Value
and Market Value of each Deferring Obligation, and the date on which interest
was last paid in full in Cash thereon.

     

    (xiv)      The
identity of each Current Pay Obligation, the Market Value of each such Current
Pay Obligation, and the percentage of the Collateral Principal Amount comprised
of Current Pay Obligations.

     

    (xv)       The
Aggregate Principal Balance, measured cumulatively from the Closing Date onward,
of all Collateral Obligations that would have been acquired through a Distressed
Exchange but for the operation of the proviso in the definition of “Distressed
Exchange”.

    
      
         

      

      
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    (xvi)      The
Weighted Average Moody’s Rating Factor and the Adjusted Weighted Average Moody’s
Rating Factor.

     

    (xvii)     Such
other information as any Rating Agency or the Collateral Manager may reasonably
request.

     

    For each
instance in which the Market Value is reported pursuant to the foregoing, the
Monthly Report shall also indicate the manner in which such Market Value was
determined and the source(s) (if applicable) used in such
determination.

     

    Upon
receipt of each Monthly Report, the Trustee shall (a) if the relevant
Monthly Report Determination Date occurred on or prior to the last day of the
Reinvestment Period, notify S&P if such Monthly Report indicates that the
S&P CDO Monitor Test has not been satisfied as of the relevant Measurement
Date and (b) compare the information contained in such Monthly Report to
the information contained in its records with respect to the Assets and shall,
within three Business Days after receipt of such Monthly Report, notify the
Issuer, the Collateral Administrator, the Rating Agencies and the Collateral
Manager if the information contained in the Monthly Report does not conform to
the information maintained by the Trustee with respect to the
Assets.  If any discrepancy exists, the Trustee and the Issuer, or the
Collateral Manager on behalf of the Issuer, shall attempt to resolve the
discrepancy.  If such discrepancy cannot be promptly resolved, the
Trustee shall within ten (10) Business Days notify the Collateral Manager who
shall, on behalf of the Issuer, request that the Independent accountants
appointed by the Issuer pursuant to Section 10.9 review
such Monthly Report and the Trustee’s records to determine the cause of such
discrepancy.  If such review reveals an error in the Monthly Report or
the Trustee’s records, the Monthly Report or the Trustee’s records shall be
revised accordingly and, as so revised, shall be utilized in making all
calculations pursuant to this Indenture and notice of any error in the Monthly
Report shall be sent as soon as practicable by the Issuer to all recipients of
such report which may be accomplished by making a notation of such error in the
subsequent Monthly Report.

     

    (b)      
  Payment
Date Accounting.  The Issuer shall render an accounting (each a
“Distribution
Report”), determined as of the close of business on each Determination
Date preceding a Payment Date, and shall make available such Distribution Report
to the Trustee, the Collateral Manager, the Initial Purchaser, each Beneficial
Owner, each Rating Agency and any other Holder shown on the Register of a Note
not later than the Business Day preceding the related Payment
Date.  The Distribution Report shall contain the following
information:

     

    (i)         the
information required to be in the Monthly Report pursuant to Section 10.7(a);

    
      
         

      

      
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    (ii)        
(a) the Aggregate Outstanding Amount of the Secured Notes of each Class at
the beginning of the Interest Accrual Period and such amount as a percentage of
the original Aggregate Outstanding Amount of the Secured Notes of such Class,
(b) the amount of principal payments to be made on the Secured Notes of each
Class on the next Payment Date and the Aggregate Outstanding Amount of the
Secured Notes of each Class after giving effect to the principal payments, if
any, on the next Payment Date and such amount as a percentage of the original
Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the
Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the
Interest Accrual Period and such amount as a percentage of the original
Aggregate Outstanding Amount of the Subordinated Notes, the amount of payments,
if any, to be made on the Subordinated Notes on the next Payment Date, and the
Aggregate Outstanding Amount of the Subordinated Notes after giving effect to
such payments, if any, on the next Payment Date and such amount as a percentage
of the original Aggregate Outstanding Amount of the Subordinated
Notes;

     

    (iii)       
the Interest Rate and accrued interest for each applicable Class of Secured
Notes for such Payment Date;

     

    (iv)       
the amounts payable pursuant to each clause of Section 11.1(a)(i)
and each clause of Section 11.1(a)(ii)
or each clause of Section 11.1(a)(iii),
as applicable, on the related Payment Date;

     

    (v)        
for the Collection Account:

     

    (A)        the
Balance on deposit in the Collection Account at the end of the related
Collection Period (or, with respect to the Interest Collection Subaccount, the
next Business Day);

     

    (B)        the
amounts payable from the Collection Account to the Payment Account, in order to
make payments pursuant to Section 11.1(a)(i) and
Section 11.1(a)(ii) on
the next Payment Date (net of amounts which the Collateral Manager intends to
re-invest in additional Collateral Obligations pursuant to Article XII);
and

     

    (C)        the
Balance remaining in the Collection Account immediately after all payments and
deposits to be made on such Payment Date; and

     

    (vi)       
such other information as the Collateral Manager may reasonably
request.

     

    Each
Distribution Report shall constitute instructions to the Trustee to withdraw
funds from the Payment Account and pay or transfer such amounts set forth in
such Distribution Report in the manner specified and in accordance with the
priorities established in Section 11.1 and
Article
XIII.

     

    (c)         Interest Rate
Notice.  The Trustee shall include in the Monthly Report a
notice setting forth the Interest Rate for each Class of Secured Notes for the
Interest Accrual Period preceding the next Payment Date.

    
      
         

      

      
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    (d)         Failure to Provide
Accounting.  If the Trustee shall not have received any
accounting provided for in this Section 10.7 on
the first Business Day after the date on which such accounting is due to the
Trustee, the Trustee shall notify the Collateral Manager who shall use all
reasonable efforts to obtain such accounting by the applicable Payment
Date.  To the extent the Collateral Manager is required to provide any
information or reports pursuant to this Section 10.7 as
a result of the failure of the Issuer to provide such information or reports,
the Collateral Manager shall be entitled to retain an Independent certified
public accountant in connection therewith and the reasonable costs incurred by
the Collateral Manager for such Independent certified public accountant shall be
paid by the Issuer.

     

    (e)         Required Content of Certain
Reports.  Each Monthly Report and each Distribution Report sent
to any Holder or beneficial owner of an interest in a Note shall contain, or be
accompanied by, the following notices:

     

    The Notes
may be beneficially owned only by Persons that (a) (i) are Qualified
Purchasers who are not U.S. persons (within the meaning of Regulation S
under the United States Securities Act of 1933, as amended) and are
purchasing their beneficial interest in an offshore transaction (as defined in
Regulation S) or (ii) are Qualified Institutional Buyers or Institutional
Accredited Investors and, in either case, are Qualified Purchasers and
(b) can make the representations set forth in Section 2.5 of
the Indenture or the appropriate Exhibit to the
Indenture.  Beneficial ownership interests in the Rule 144A Global
Secured Notes may be transferred only to a Person that is both a Qualified
Institutional Buyer and a Qualified Purchaser and that can make the
representations referred to in clause (b) of the preceding
sentence.  The Issuer has the right to compel any beneficial owner of
an interest in Rule 144A Global Secured Notes that does not meet the
qualifications set forth in the preceding sentence to sell its interest in such
Notes, or may sell such interest on behalf of such owner, pursuant to Section 2.11.

     

    Each
holder receiving this report agrees to keep all non-public information herein
confidential and not to use such information for any purpose other than its
evaluation of its investment in the Notes; provided that any holder may
provide such information on a confidential basis to any prospective purchaser of
such holder’s Notes that is permitted by the terms of the Indenture to acquire
such holder’s Notes and that agrees to keep such information confidential in
accordance with the terms of the Indenture.

     

    (f)         Initial Purchaser
Information.  The Issuer and the Initial Purchaser, or any
successor to the Initial Purchaser, may post the information contained in a
Monthly Report or Distribution Report to a password-protected internet site
accessible only to the Holders of the Notes and to the Collateral
Manager.

     

    (g)        Distribution of
Reports.  The Trustee will make the Monthly Report and the
Distribution Report available to the Issuer, the Collateral Manager, the
Collateral Administrator and the Holders of the Notes via its internet
website.  The Trustee’s internet website shall initially be located at
“http://trustinvestorreporting.com”. Assistance in using the website or paper
copies of such reports can be obtained by calling the Trustee’s customer service
desk at 866-934-6802. The Trustee shall notify S&P via electronic mail to
CDO_Surveillance@sandp.com promptly upon a Monthly Report or a Distribution
Report being made available via the Trustee’s internet website.  The
Trustee shall have the right to change the way such statements are distributed
in order to make such distribution more convenient and/or more accessible to the
above parties and the Trustee shall provide timely and adequate notification to
all above Persons regarding any such changes.  As a condition to
access to the Trustee’s internet website, the Trustee may require registration
and the acceptance of a disclaimer.  The Trustee shall be entitled to
rely on but shall not be responsible for the content or accuracy of any
information provided in the Monthly Report and the Distribution Report (other
than information with respect to itself) which the Trustee disseminates in
accordance with this Indenture and may affix thereto any disclaimer it deems
appropriate in its reasonable discretion.

    
      
         

      

      
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    Section
10.8      Release of
Assets.  (a)  Subject to Article XII, the
Issuer may, by Issuer Order executed by an Officer of the Collateral Manager,
delivered to the Trustee at least one Business Day prior to the settlement date
for any sale of an Asset certifying that the sale, repurchase or substitution of
such Asset is being made in accordance with Section 12.1 or 12.3 hereof or Section 7.2 of the
Master Loan Sale Agreement, as applicable, hereof and such sale, repurchase or
substitution complies with all applicable requirements of Section 12.1 or
12.3 hereof or
Section 7.2 of
the Master Loan Sale Agreement, as applicable, (provided that if an Event of
Default has occurred and is continuing, neither the Issuer nor the Collateral
Manager (on behalf of the Issuer) may direct the Trustee to release or cause to
be released such Asset from the lien of this Indenture pursuant to a sale under
Section
12.1(e), Section 12.1(f) or
Section 12.1(g)
unless the sale of such Asset is permitted pursuant to Section 12.4(c)),
direct the Trustee to release or cause to be released such Asset from the lien
of this Indenture and, upon receipt of such Issuer Order, the Trustee shall
deliver any such Asset, if in physical form, duly endorsed to the broker or
purchaser designated in such Issuer Order or, if such Asset is a Clearing
Corporation Security, cause an appropriate transfer thereof to be made, in each
case against receipt of the sales price therefor as specified by the Collateral
Manager in such Issuer Order; provided that the Trustee may
deliver any such Asset in physical form for examination in accordance with
industry custom.

     

    (b)        Subject
to the terms of this Indenture, the Trustee shall upon an Issuer Order
(i) deliver any Asset, and release or cause to be released such Asset from
the lien of this Indenture, which is set for any mandatory call or redemption or
payment in full to the appropriate payor or paying agent, as applicable, on or
before the date set for such call, redemption or payment, in each case against
receipt of the call or redemption price or payment in full thereof and
(ii) provide notice thereof to the Collateral Manager.

     

    (c)         Upon
receiving actual notice of any Offer or any request for a waiver, direction,
consent, amendment or other modification or action with respect to any Asset,
the Trustee on behalf of the Issuer shall notify the Collateral Manager of any
Asset that is subject to a tender offer, voluntary redemption, exchange offer,
conversion or other similar action (an “Offer”) or such
request.  Unless the Notes have been accelerated following an Event of
Default, the Collateral Manager may, by Issuer Order, direct (x) the
Trustee to accept or participate in or decline or refuse to participate in such
Offer and, in the case of acceptance or participation, to release from the lien
of this Indenture such Asset in accordance with the terms of the Offer against
receipt of payment therefor, or (y) the Issuer or the Trustee to agree to
or otherwise act with respect to such consent, direction, waiver, amendment,
modification or action; provided that in the absence
of any such direction, the Trustee shall not respond or react to such Offer or
request.

    
      
         

      

      
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    (d)         As
provided in Section 10.2(a),
the Trustee shall deposit any proceeds received by it from the disposition or
replacement of an Asset in the applicable subaccount of the Collection Account,
unless simultaneously applied to the purchase of additional Collateral
Obligations or Eligible Investments as permitted under and in accordance with
the requirements of this Article X and Article
XII.

     

    (e)         The
Trustee shall, upon receipt of an Issuer Order at such time as there are no
Secured Notes Outstanding and all obligations of the Issuer hereunder have been
satisfied, release any remaining Assets from the lien of this
Indenture.

     

    (f)         Any
security, Collateral Obligation or amounts that are released pursuant to Section 10.8(a),
(b) or
(c) shall be
released from the lien of this Indenture.

     

    (g)        Any
amounts paid from the Payment Account to the Holders of the Subordinated Notes
or the Issuer in accordance with the Priority of Payments (other than
Reinvestment Amounts reinvested by the Issuer) shall be released from the lien
of this Indenture.

     

    Section
10.9      Reports by Independent
Accountants.  (a) At the Closing Date, the Issuer shall appoint
one or more firms of Independent certified public accountants of recognized
international reputation for purposes of reviewing and delivering the reports or
certificates of such accountants required by this Indenture, which may be the
firm of Independent certified public accountants that performs accounting
services for the Issuer or the Collateral Manager.  The Issuer may
remove any firm of Independent certified public accountants at any time without
the consent of any Holder of Notes.  Upon any resignation by such firm
or removal of such firm by the Issuer, the Issuer (or the Collateral Manager on
behalf of the Issuer) shall promptly appoint by Issuer Order delivered to
the Trustee and each Rating Agency a successor thereto that shall also be a firm
of Independent certified public accountants of recognized international
reputation, which may be a firm of Independent certified public accountants that
performs accounting services for the Issuer or the Collateral
Manager.  If the Issuer shall fail to appoint a successor to a firm of
Independent certified public accountants which has resigned within 30 days
after such resignation, the Issuer shall promptly notify the Trustee of such
failure in writing.  If the Issuer shall not have appointed a
successor within ten days thereafter, the Trustee shall promptly notify the
Collateral Manager, who shall appoint a successor firm of Independent certified
public accountants of recognized international reputation.  The fees
of such Independent certified public accountants and its successor shall be
payable by the Issuer.  In the event such firm requires the Trustee to
agree to the procedures performed by such firm, the Issuer hereby directs the
Trustee to so agree; it being understood and agreed that the Trustee will
deliver such letter of agreement in conclusive reliance on the foregoing
direction of the Issuer, and the Trustee shall make no inquiry or investigation
as to, and shall have no obligation in respect of, the sufficiency, validity or
correctness of such procedures.

     

    (b)        On
or before the date which is 30 days after the Payment Date occurring in July of
each year commencing in 2011, the Issuer shall cause to be delivered to the
Trustee, the Collateral Manager, each Holder of the Notes upon written request
therefor and each Rating Agency a statement from a firm of Independent certified
public accountants for each Distribution Report occurring in January and July of
each year (i) indicating that the calculations within those Distribution
Reports (excluding the S&P CDO Monitor Test) have been performed in
accordance with the applicable provisions of this Indenture and
(ii) listing the Aggregate Principal Balance of the Assets and the
Aggregate Principal Balance of the Collateral Obligations securing the Secured
Notes as of the relevant Determination Dates; provided that in the event of
a conflict between such firm of Independent certified public accountants and the
Issuer with respect to any matter in this Section 10.9,
the determination by such firm of Independent public accountants shall be
conclusive.

    
      
         

      

      
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    (c)         Upon
the written request of the Trustee, or any Holder of a Subordinated Note, the
Issuer will cause the firm of Independent certified public accountants appointed
pursuant to Section 10.9(a) to
provide any Holder of Subordinated Notes with all of the information required to
be provided by the Issuer or pursuant to Section 7.17 or
assist the Issuer in the preparation thereof.

     

    Section
10.10   Reports to Rating Agencies
and Additional Recipients.  In addition to the information and
reports specifically required to be provided to each Rating Agency pursuant to
the terms of this Indenture, the Issuer shall provide each Rating Agency with
all information or reports delivered to the Trustee hereunder, and such
additional information as either Rating Agency may from time to time reasonably
request (including notification to Moody’s and S&P of any modification of
any loan document relating to a DIP Collateral Obligation or any release of
collateral thereunder not permitted by such loan documentation and notification
to S&P and Moody’s of any Specified Amendment, which notice to S&P and
Moody’s shall include (x) a copy of such Specified Amendment, (y) a brief
summary of its purpose and (z) which criteria under the definition of
“Collateral Obligation” are no longer satisfied with respect to such Collateral
Obligation after giving effect to the Specified Amendment, if any); provided, that any
notification to Moody’s regarding a Specified Amendment shall be delivered to
GMOCreditEstimatesAmericas@moodys.com.  Moody’s may, at its option,
re-determine the credit estimate of any such Collateral Obligation which is
subject to a Specified Amendment. Within 10 Business Days after the
Effective Date, together with each Monthly Report and on each Payment Date, the
Issuer shall provide to S&P, via e-mail in accordance with Section 14.3(a),
a Microsoft Excel file of the Excel Default Model Input File and, with respect
to each Collateral Obligation, the name of each obligor or issuer thereof, the
CUSIP number thereof (if applicable) and the Priority Category (as
specified in the definition of “Weighted Average S&P
Recovery Rate”). The Issuer (or the Collateral Manager on behalf of the
Issuer) shall deliver to GMOCreditEstimatesAmericas@moodys.com the following:
(i) updated RiskCalc input and output files within five Business Days of
delivery of the Monthly Report (or upon request by Moody’s) and (ii) in
connection with each Monthly Report, a file containing the current RiskCalc
estimates, the rating date and rating for applicable Collateral Obligations. In
addition, the Issuer (or the Collateral Manager on behalf of the Issuer) shall
provide to Moody’s a report on the 16th day of
each month (or if such day is not a Business Day, the next succeeding Business
Day), commencing with the Closing Date, indicating the status of the Closing
Date Participation Interests and whether or not each such Closing Date
Participation Interest has been converted into a full assignment (or repurchased
by the Originator pursuant to the Master Loan Sale Agreement, if applicable)
until such time that all Closing Date Participation Interests have been
converted into full assignments or repurchased by the Originator pursuant to the
Master Loan Sale Agreement, as applicable.

    
      
         

      

      
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    Section
10.11   Procedures Relating to the
Establishment of Accounts Controlled by the
Trustee.  Notwithstanding anything else contained herein, the
Trustee agrees that with respect to each of the Accounts, it will cause each
Securities Intermediary establishing such accounts to enter into a securities
account control agreement and, if the Securities Intermediary is the Bank, shall
cause the Bank to comply with the provisions of such securities account control
agreement.  The Trustee shall have the right to open such subaccounts
of any such account as it deems necessary or appropriate for convenience of
administration.

     

    Section
10.12    Section 3(c)(7)
Procedures.  For so long as any Notes are Outstanding, the
Issuer shall do the following:

     

    (a)         Notification. Each
Monthly Report sent or caused to be sent by the Issuer to the Noteholders will
include a notice to the following effect:

     

    “The
Investment Company Act of 1940, as amended (the “1940 Act”), requires
that all holders of the outstanding securities of the Issuer be “Qualified
Purchasers” (“Qualified
Purchasers”) as defined in Section 2(a)(51)(A) of the 1940 Act and
related rules.  Under the rules, the Issuer must have a “reasonable
belief” that all holders of its outstanding securities, including transferees,
are Qualified Purchasers.  Consequently, all sales and resales of the
Notes must be made solely to purchasers that are Qualified
Purchasers.  Each purchaser of a Note will be deemed to represent at
the time of purchase that: (i) the purchaser is a Qualified Purchaser who is (x)
an Institutional Accredited Investor (“IAI”) within the
meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as
amended (the “Securities Act”), (y)
a qualified institutional buyer as defined in Rule 144A under the Securities Act
(“QIB”) or (z)
in the case of Secured Notes only, not a “U.S. person” as defined in Regulation
S and is acquiring the Notes in an offshore transaction (as defined in
Regulation S) in reliance on the exemption from registration provided by
Regulation S; (ii) the purchaser is acting for its own account or the account of
another Qualified Purchaser who is a QIB, IAI or, in the case of the Secured
Notes only, not a U.S. Person (as defined in Regulation S) (as applicable);
(iii) the purchaser is not formed for the purpose of investing in Issuer; (iv)
the purchaser, and each account for which it is purchasing, will hold and
transfer at least the minimum denominations of the Notes specified in the
Indenture; (v) the purchaser understands that the Issuer may receive a list of
participants holding positions in securities from one or more book-entry
depositories; and (vi) the purchaser will provide written notice of the
foregoing, and of any applicable restrictions on transfer, to any subsequent
transferees.  The Notes may only be transferred to another Qualified
Purchaser who is also a QIB, IAI or, in the case of the Secured Notes only, not
a U.S. Person (as defined in Regulation S) (as applicable) and all subsequent
transferees are deemed to have made representations (i) through (vi)
above.”

     

    “The
Issuer directs that the recipient of this notice, and any recipient of a copy of
this notice, provide a copy to any Person having an interest in this Note as
indicated on the books of DTC or on the books of a participant in DTC or on the
books of an indirect participant for which such participant in DTC acts as
agent.”

    
      
         

      

      
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    “The
Indenture provides that if, notwithstanding the restrictions on transfer
contained therein, the Issuer determines that any holder of, or beneficial owner
of an interest in a Note who is determined not to have been a Qualified
Purchaser at the time of acquisition of such Note or beneficial interest
therein, the Issuer may require, by notice to such Holder or beneficial owner,
that such Holder or beneficial owner sell all of its right, title and interest
to such Note (or any interest therein) to a Person that is a Qualified Purchaser
that is either (x) solely in the case of the Secured Notes, not a “U.S. person”
(as defined in Regulation S) or (y) an IAI or a QIB (as applicable), with such
sale to be effected within 30 days after notice of such sale requirement is
given.  If such holder or beneficial owner fails to effect the
transfer required within such 30-day period, (i) upon direction from the
Collateral Manager or the Issuer, the Trustee, on behalf of and at the expense
of the Issuer, shall and is hereby irrevocably authorized by such holder or
beneficial owner, to cause its Note or beneficial interest therein to be
transferred in a commercially reasonable sale (conducted by the Trustee in
accordance with Article 9 of the Uniform Commercial Code as in effect in the
State of New York as applied to securities that are sold on a recognized market
or that may decline speedily in value) to a Person that certifies to the
Trustee, the Issuer and the Collateral Manager, in connection with such
transfer, that such Person is a Qualified Purchaser who is either (x) solely in
the case of the Secured Notes, not a “U.S. person” (as defined in Regulation S)
or (y) an IAI or a QIB (as applicable) and (ii) pending such transfer, no
further payments will be made in respect of such Rule 144A Note or beneficial
interest therein held by such holder or beneficial owner.”

     

    (b)         DTC
Actions.  The Issuer will direct DTC to take the following
steps in connection with the Global Secured Notes:

     

    (i)         The
Issuer will direct DTC to include the marker “3c7” in the DTC 20-character
security descriptor and the 48-character additional descriptor for the Global
Secured Notes in order to indicate that sales are limited to Qualified
Purchasers.

     

    (ii)        The
Issuer will direct DTC to cause each physical deliver order ticket that is
delivered by DTC to purchasers to contain the 20-character security
descriptor.  The Issuer will direct DTC to cause each deliver order
ticket that is delivered by DTC to purchasers in electronic form to contain a
“3c7” indicator and a related user manual for participants.  Such user
manual will contain a description of the relevant restrictions imposed by
Section 3(c)(7).

     

    (iii)       On
or prior to the Closing Date, the Issuer will instruct DTC to send a Section
3(c)(7) Notice to all DTC participants in connection with the offering of the
Global Secured Notes.

     

    (iv)       In
addition to the obligations of the Registrar set forth in Section 2.5, the
Issuer will from time to time (upon the request of the Trustee) make a request
to DTC to deliver to the Issuer a list of all DTC participants holding an
interest in the Global Secured Notes.

     

    (v)        The
Issuer will cause each CUSIP number obtained for a Global Note to have a fixed
field containing “3c7” and “144A” indicators, as applicable, attached to such
CUSIP number.

    
      
         

      

      
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    (c)         Bloomberg Screens,
Etc.  The Issuer will from time to time request all third-party
vendors to include on screens maintained by such vendors appropriate legends
regarding Rule 144A and Section 3(c)(7) under the 1940 Act restrictions on the
Global Secured Notes.  Without limiting the foregoing, the Initial
Purchaser will request that each third-party vendor include the following
legends on each screen containing information about the Notes:

     

    (i)        
 Bloomberg

     

    (A)        “Iss’d
Under 144A/3c7”, to be stated in the “Note Box” on the bottom of the “Security
Display” page describing the Global Secured Notes;

     

    (B)        a
flashing red indicator stating “See Other Available Information” located on the
“Security Display” page;

     

    (C)        a
link to an “Additional Security Information” page on such indicator stating that
the Global Secured Notes are being offered in reliance on the exception from
registration under Rule 144A of the Securities Act of 1933 to Persons that are
both (i) “Qualified Institutional Buyers” as defined in Rule 144A under the
Securities Act and (ii) “Qualified Purchasers” as defined under Section 2(a)(51)
of the 1940 Act, as amended; and

     

    (D)        a
statement on the “Disclaimer” page for the Global Secured Notes that the Notes
will not be and have not been registered under the Securities Act of 1933, as
amended, that the Issuer has not been registered under the 1940 Act, as amended,
and that the Global Secured Notes may only be offered or sold in accordance with
Section 3(c)(7) of the 1940 Act, as amended.

     

    (ii)        
 Reuters.

     

    (A)        a
“144A – 3c7” notation included in the security name field at the top of the
Reuters Instrument Code screen;

     

    (B)        a
“144A3c7Disclaimer” indicator appearing on the right side of the Reuters
Instrument Code screen; and

     

    (C)        a
link from such “144A3c7Disclaimer” indicator to a disclaimer screen containing
the following language:  “These Notes may be sold or transferred only
to Persons who are both (i) Qualified Institutional Buyers, as defined in Rule
144A under the Securities Act, and (ii) Qualified Purchasers, as defined under
Section 3(c)(7) under the U.S. Investment Company Act of 1940.”

     

    ARTICLE
XI

    

    APPLICATION
OF MONIES

    

    Section
11.1      Disbursements of Monies from
Payment Account.  (a) Notwithstanding any other provision
herein, but subject to the other sub-Sections of this Section 11.1 and
to Section 13.1, on
each Payment Date, the Trustee shall disburse amounts transferred from the
Collection Account to the Payment Account pursuant to Section 10.2 in
accordance with the following priorities (the “Priority of
Payments”); provided that, unless an
Enforcement Event has occurred and is continuing, (x) amounts transferred
from the Interest Collection Subaccount shall be applied solely in accordance
with Section 11.1(a)(i);
and (y) amounts transferred from the Principal Collection Subaccount shall
be applied solely in accordance with Section 11.1(a)(ii).

    
      
         

      

      
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    (i)         
On each Payment Date, unless an Enforcement Event has occurred and is
continuing, Interest Proceeds on deposit in the Collection Account, to the
extent received on or before the related Determination Date (or if such
Determination Date is not a Business Day, the next succeeding Business
Day) and that are transferred into the Payment Account, shall be applied in
the following order of priority:

     

    (A)        (1) first,
to the payment of taxes and governmental fees owing by the Issuer, if any, and
(2) second, to the payment of the accrued and unpaid Administrative
Expenses, in the priority stated in the definition thereof, up to the
Administrative Expense Cap (except as otherwise expressly provided in connection
with any Optional Redemption or Tax Redemption);

     

    (B)        to
the payment to the Collateral Manager of (i) any accrued and unpaid Collateral
Management Fee due on such Payment Date (including any interest accrued on any
Collateral Management Fee Shortfall Amount) minus the amount of any
Current Deferred Management Fee, if any, and (ii) any Cumulative Deferred
Management Fee requested to be paid at the option of the Collateral Manager;
provided that to the
extent Interest Proceeds are needed to satisfy either of the Coverage Tests,
such Interest Proceeds shall not be used to pay such portion of the Cumulative
Deferred Management Fee requested to be paid pursuant to this subclause
(ii);

     

    (C)        to
the payment of accrued and unpaid interest on the Class A
Notes;

     

    (D)        to
the payment of accrued and unpaid interest on the Class B
Notes;

     

    (E)         if
either Coverage Test (except, in the case of the Interest Coverage Test, if such
Payment Date is the first Payment Date after the Closing Date) is not satisfied
on the related Determination Date, to make payments in accordance with the Note
Payment Sequence to the extent necessary to cause all Coverage Tests that are
applicable on such Payment Date to be satisfied on a pro forma basis after
giving effect to all payments pursuant to this clause (E);

     

    (F)         during
the Reinvestment Period, if the Interest Diversion Test is not satisfied on the
related Determination Date, to the Collection Account as Principal Proceeds for
the purchase of additional Collateral Obligations, an amount equal to the
Required Interest Diversion Amount;
 

    
      
         

      

      
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    (G)         if,
with respect to any Payment Date following the Effective Date, either
(x) Moody’s has not yet confirmed its Initial Rating of the Secured Notes
pursuant to Section 7.18(e)
(unless the Issuer or the Collateral Manager has provided a Passing Accountants’
Certificate to Moody’s) or (y) S&P has not yet confirmed satisfaction of the
S&P Rating Condition pursuant to Section 7.18(e),
amounts available for distribution pursuant to this clause (G) shall be used for
application in accordance with the Note Payment Sequence on such Payment Date in
an amount sufficient to satisfy the Moody’s Rating Condition and/or the S&P
Rating Condition, as applicable;

     

    (H)        to
the payment (in the same manner and order of priority stated therein) of any
Administrative Expenses not paid pursuant to clause (A)(2) above due to the
limitation contained therein; and

     

    (I)          any
remaining Interest Proceeds to be paid to the Issuer (other than, during the
Reinvestment Period, to the extent the Issuer has directed that Reinvestment
Amounts be deposited on such Payment Date into the Principal Collection
Subaccount subject to the provisions of Section
11.1(e)).

     

    (ii)         On
each Payment Date, unless an Enforcement Event has occurred and is continuing,
Principal Proceeds on deposit in the Collection Account that are received on or
before the related Determination Date (or if such Determination Date is not a
Business Day, the next succeeding Business Day) and that are transferred to the
Payment Account (which will not include (i) amounts required to meet
funding requirements with respect to Delayed Drawdown Collateral Obligations and
Revolving Collateral Obligations that are deposited in the Revolver Funding
Account or (ii) during the Reinvestment Period, Principal Proceeds that
have previously been reinvested in Collateral Obligations or Principal Proceeds
which the Issuer has entered into any commitment to reinvest in Collateral
Obligations) shall be applied in the following order of priority:

     

    (A)        to
pay the amounts referred to in clauses (A) through (D) of Section 11.1(a)(i) (and
in the same manner and order of priority stated therein), but only to the extent
not paid in full thereunder;

     

    (B)        to
pay the amounts referred to in clause (E) of Section 11.1(a)(i) but
only to the extent not paid in full thereunder and to the extent necessary to
cause the Coverage Tests that are applicable on such Payment Date with respect
to the Secured Notes to be met as of the related Determination Date on a pro
forma basis after giving effect to any payments made through this clause
(B);

     

    (C)        with
respect to any Payment Date following the Effective Date, if after the
application of Interest Proceeds pursuant to clause (G) of Section 11.1(a)(i) either
(x) Moody’s has not yet confirmed its Initial Rating of the Secured Notes
pursuant to Section 7.18(e) (unless
the Issuer or the Collateral Manager has provided a Passing Accountants’
Certificate to Moody’s) or (y) S&P has not yet confirmed satisfaction
of the S&P Rating Condition pursuant to Section 7.18(e),
amounts available for distribution pursuant to this clause (C) shall be used for
application in accordance the Note Payment Sequence on such Payment Date in an
amount sufficient to satisfy the Moody’s Rating Condition and/or the S&P
Rating Condition, as applicable;

    
      
         

      

      
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    (D)        (1)
if such Payment Date is a Redemption Date, to make payments in accordance with
the Note Payment Sequence, and (2) on any other Payment Date, to make payments
in the amount of the Special Redemption Amount, if any, at the election of the
Collateral Manager, in accordance with the Note Payment Sequence;

     

    (E)         during
the Reinvestment Period, to the Collection Account as Principal Proceeds to
invest in Eligible Investments (pending the purchase of additional Collateral
Obligations) and/or to the purchase of additional Collateral
Obligations;

     

    (F)         after
the Reinvestment Period, to make payments in accordance with the Note Payment
Sequence;

     

    (G)        after
the Reinvestment Period, to pay the amounts referred to in clause (H) of Section 11.1(a)(i) only
to the extent not already paid (in the same manner and order of priority stated
therein);

     

    (H)        after
the Reinvestment Period, to pay any Cumulative Deferred Management Fee to the
extent not already paid;

     

    (I)          to
the payment to the Holders of the Subordinated Notes until the aggregate
principal amount of the Subordinated Notes is reduced to zero;

     

    (J)         to
the payment to the Issuer any Reinvestment Amounts accrued and not previously
paid pursuant to this clause (J);  and

     

    (K)        any
remaining proceeds to be paid to the Issuer.

     

    On the
Stated Maturity of the Notes, the Trustee shall pay the net proceeds from the
liquidation of the Assets and all available Cash, but only after the payment of
(or establishment of a reserve for) all Administrative Expenses (in the
same manner and order of priority stated in the definition thereof), Aggregate
Collateral Management Fees, and interest and principal on the Secured Notes, to
the Holders of the Subordinated Notes in final payment of such Subordinated
Notes (such payments to be made in accordance with the priority set forth in
Section
11.1(a)(iii)).

     

    (iii)        Notwithstanding
the provisions of the foregoing Sections
11.1(a)(i) and 11.1(a)(ii) (other
than the last paragraph thereof), if the maturity of the Notes has been
accelerated following an Event of Default and has not been rescinded in
accordance with the terms herein (an “Enforcement Event”),
pursuant to Section
5.7, proceeds in respect of the Assets will be applied on a Payment Date
in the following order of priority:

     

    (A)        (1) first,
to the payment of taxes and governmental fees owing by the Issuer, if any, and
(2) second, to the payment of the accrued and unpaid Administrative
Expenses, in the priority stated in the definition thereof, up to the
Administrative Expense Cap;

    
      
         

      

      
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    (B)        to
the payment of the Aggregate Collateral Management Fee due and payable
(including any accrued and unpaid interest thereon) to the Collateral Manager
until such amount has been paid in full, other than any Cumulative Deferred
Management Fee to the extent not already paid;

     

    (C)        to
the payment of accrued and unpaid interest on the Class A
Notes;

     

    (D)        to
the payment of principal of the Class A Notes, until the Class A Notes
have been paid in full;

     

    (E)         to
the payment of accrued and unpaid interest on the Class B Notes;

     

    (F)         to
the payment of principal of the Class B Notes, until the Class B Notes have been
paid in full;

     

    (G)        to
the payment of (in the same manner and order of priority stated
therein) any Administrative Expenses not paid pursuant to clause
(A)(2) above due to the limitation contained therein;

     

    (H)        any
Cumulative Deferred Management Fee to the extent not already paid;

     

    (I)          to
the payment to the Holders of the Subordinated Notes until the aggregate
principal amount of the Subordinated Notes is reduced to zero;

     

    (J)         to
the payment to the Issuer of any Reinvestment Amounts accrued and not previously
paid pursuant to this clause (J) or pursuant to clause (J) of Section 11.1(a)(ii);
and

     

    (K)        to
pay the balance to the Issuer.

     

    If any
declaration of acceleration has been rescinded in accordance with the provisions
herein, proceeds in respect of the Assets will be applied in accordance with the
Section
11.1(a)(i) or (ii), as
applicable.

     

    (b)         If
on any Payment Date the amount available in the Payment Account is insufficient
to make the full amount of the disbursements required by the Distribution
Report, the Trustee shall make the disbursements called for in the order and
according to the priority set forth under Section 11.1(a) above,
subject to Section 13.1, to
the extent funds are available therefor.

     

    (c)         In
connection with the application of funds to pay Administrative Expenses of the
Issuer in accordance with Section 11.1(a)(i),
Section 11.1(a)(ii)
and Section 11.1(a)(iii),
the Trustee shall remit such funds, to the extent available (and subject to the
order of priority set forth in the definition of “Administrative Expenses”), as
directed and designated in an Issuer Order (which may be in the form of standing
instructions, including standing instructions to pay Administrative Expenses in
such amounts and to such entities as indicated in the Distribution Report in
respect of such Payment Date) delivered to the Trustee no later than the
Business Day prior to each Payment Date.

    
      
         

      

      
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    (d)         The
Collateral Manager may, in its sole discretion, elect to irrevocably waive
payment of any or all of any Collateral Management Fee otherwise due on any
Payment Date by notice to the Issuer, the Collateral Administrator and the
Trustee no later than the Determination Date immediately prior to such Payment
Date in accordance with the terms of Section 8(c) of the Collateral Management
Agreement. Any such Collateral Management Fee, once waived, shall not thereafter
become due and payable and any claim of the Collateral Manager therein shall be
extinguished.

     

    (e)         During
the Reinvestment Period, at the written direction of the Issuer to the Trustee
(with a copy to the Collateral Administrator) in substantially the form of Exhibit E, but
without the consent or action of any other Person, all or a specified portion of
amounts that would otherwise be distributed on a Payment Date to the Issuer
pursuant to clause (I) of Section 11.1(a)(i)
will instead be deposited by the Trustee in the Principal Collection Subaccount,
and such deposit shall be deemed to constitute payment of such amounts for
purposes of all distributions from the Payment Account to be made on such
Payment Date.  Any such direction of the Issuer shall specify the
percentage of the amount that the Issuer is entitled to receive on the
applicable Payment Date in respect of distributions pursuant to clause (I) of
Section
11.1(a)(i) that the Issuer wishes the Trustee to deposit in the Principal
Collection Subaccount, and shall be given to the Trustee in writing (with a copy
to the Collateral Administrator) not later than two Business Days prior to the
applicable Payment Date.  Reinvestment Amounts will be paid to the
Issuer on the subsequent Payment Date, without interest thereon, solely to the
extent that Principal Proceeds are available therefor as provided in Section 11.1(a)(ii)
or that proceeds in respect of the Assets are available therefor as provided in
Section
11.1(a)(iii) as applicable.

     

    ARTICLE
XII

    

    SALE
OF COLLATERAL OBLIGATIONS;

    PURCHASE
OF ADDITIONAL COLLATERAL OBLIGATIONS

    

    Section
12.1      Sales of Collateral
Obligations.  Subject to the satisfaction of the conditions
specified in Section 12.4,
the Collateral Manager on behalf of the Issuer may (except as otherwise
specified in this Section 12.1)
direct the Trustee to sell and the Trustee shall sell on behalf of the Issuer in
the manner directed by the Collateral Manager any Collateral Obligation or
Equity Security if, as certified by the Collateral Manager, such sale meets the
requirements of any one of paragraphs (a) through (h) of this Section 12.1
(subject in each case to any applicable requirement of disposition under Section 12.1(h)
and provided that if an Event of Default has occurred and is continuing, the
Collateral Manager may not direct the Trustee to sell any Collateral Obligation
or Equity Security pursuant to Section 12.1(e),
Section 12.1(f)
or Section
12.1(g)).  For purposes of this Section 12.1,
the Sale Proceeds of a Collateral Obligation sold by the Issuer shall include
any Principal Financed Accrued Interest received in respect of such
sale.

     

    (a)         Credit Risk
Obligations.  The Collateral Manager may direct the Trustee to
sell any Credit Risk Obligation at any time without
restriction.

    
      
         

      

      
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    (b)         Credit Improved
Obligations.  The Collateral Manager may direct the Trustee to
sell any Credit Improved Obligation either:

     

    (i)        at
any time if (A) the Sale Proceeds from such sale are at least equal to the
outstanding principal balance (or, in the case of any Discount Obligation, the
purchase price, excluding accrued interest expressed as a percentage of par and
multiplied by the outstanding principal balance thereof) of such Credit Improved
Obligation or (B) after giving effect to such sale, the Adjusted Collateral
Principal Amount (excluding the Collateral Obligation being sold but including,
without duplication, the anticipated net proceeds of such sale) will be greater
than the Reinvestment Target Par Balance; or

     

    (ii)       solely
during the Reinvestment Period, if the Collateral Manager reasonably believes
prior to such sale that either (A) after giving effect to such sale and
subsequent reinvestment, the Adjusted Collateral Principal Amount (excluding the
Collateral Obligation being sold but including, without duplication, the
Collateral Obligation being purchased and the anticipated cash proceeds, if any,
of such sale that are not applied to the purchase of such additional Collateral
Obligation) will be greater than the Reinvestment Target Par Balance, or (B) it
will be able to enter into binding commitments to reinvest all or a portion of
the proceeds of such sale, in compliance with the Investment Criteria, in one or
more additional Collateral Obligations with an aggregate outstanding principal
balance at least equal to the outstanding principal balance (or, in the case of
any Discount Obligation, the purchase price, excluding accrued interest
expressed as a percentage of par and multiplied by the outstanding principal
balance thereof) of such Credit Improved Obligation within 20 Business Days of
such sale.

     

    (c)         Defaulted
Obligations.  The Collateral Manager may direct the Trustee to
sell any Defaulted Obligation at any time without restriction.  With
respect to each Defaulted Obligation that has not been sold or terminated within
three years after becoming a Defaulted Obligation, the Market Value, Principal
Balance and outstanding principal balance of such Defaulted Obligation shall be
deemed to be zero.

     

    (d)         Equity
Securities.  The Collateral Manager may direct the Trustee to
sell any Equity Security at any time without restriction, and shall use its
commercially reasonable efforts to effect the sale of any Equity Security,
regardless of price (except that any sale to an Affiliate shall be made at fair
market value in accordance with applicable law); provided that any such sale
of an Equity Security to an Affiliate is to be evidenced by a certificate of a
Responsible Officer of the Collateral Manager delivered to the Trustee
describing the Equity Securities, the sales price thereof and certifying that
such sale price is the fair market value of such Equity Securities:

     

    (i)        within
three years after receipt, if such Equity Security is (A) received upon the
conversion of a Defaulted Obligation, or (B) received in an exchange initiated
by the Obligor to avoid bankruptcy; and

     

    (ii)       within
45 days after receipt, if such Equity Security constitutes Margin Stock, unless
such sale is prohibited by applicable law, in which case such Equity Security
shall be sold as soon as such sale is permitted by applicable
law.

    
      
         

      

      
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    (e)         Optional
Redemption.  After the Issuer has notified the Trustee of an
Optional Redemption of the Notes in accordance with Section 9.2, if
necessary to effect such Optional Redemption, the Collateral Manager shall
direct the Trustee to sell (which sale may be through participation or other
arrangement) all or a portion of the Collateral Obligations if the
requirements of Article IX (including
the certification requirements of Section 9.4(e)(ii),
if applicable) are satisfied.  If any such sale is made through
participations, the Issuer shall use reasonable efforts to cause such
participations to be converted to assignments within six months after the
sale.

     

    (f)         Tax Redemption. After
a Majority of an Affected Class or a Majority of the Subordinated Notes has
directed (by a written direction delivered to the Trustee) a Tax Redemption, the
Issuer (or the Collateral Manager on its behalf), if necessary to effect such
Tax Redemption, may at any time effect the sale (which sale may be through
participation or other arrangement) of all or a portion of the Collateral
Obligations if the requirements of Article IX (including
the certification requirements of Section 9.4(e)(ii),
if applicable) are satisfied.  If any such sale is made through
participations, the Issuer shall use reasonable efforts to cause such
participations to be converted to assignments within six months after the
sale.

     

    (g)        Discretionary
Sales.  During the Reinvestment Period, the Collateral Manager
may direct the Trustee to sell any Collateral Obligation at any time other than
during a Restricted Trading Period if (i) (A) after giving effect to such sale,
the Aggregate Principal Balance of all Collateral Obligations sold as described
in this Section
12.1(g) during the preceding period of 12 calendar months (or, for the
first 12 calendar months after the Closing Date, during the period commencing on
the Closing Date) is not greater than 25% of the Collateral Principal Amount as
of the first day of such 12 calendar month period (or as of the Closing Date, as
the case may be), it being understood that the foregoing limitation shall not
apply to any optional or mandatory substitutions or repurchases effected
pursuant to the Master Loan Sale Agreement and Section 12.3; and (B)
if such Collateral Obligation is to be sold to an Affiliate of the Collateral
Manager or the Issuer, the Collateral Manager obtains either (x) bids for such
Collateral Obligation from three unaffiliated loan market participants (or, if
the Collateral Manager is unable to obtain bids from three such participants,
then such lesser number of unaffiliated loan market participants from which the
Collateral Manager can obtain bids using efforts consistent with the Collateral
Manager Standard), or (y) if the Collateral Manager is unable to obtain any bids
for such Collateral Obligation from an unaffiliated loan market participant, a
Valuation of the Collateral Obligation (the highest bid provided by an
unaffiliated loan market participant described in clause (x) or the fair market
value established by the Valuation described in this clause (y) (the “Applicable Qualified
Valuation”), and such Affiliate acquires such Collateral Obligation for a
price equal to the price established by such Applicable Qualified Valuation; and
(ii) either:

     

    (A)        solely
during the Reinvestment Period, the Collateral Manager reasonably believes prior
to such sale that it will be able to enter into binding commitments to reinvest
all or a portion of the proceeds of such sale, in compliance with the Investment
Criteria, in one or more additional Collateral Obligations with an aggregate
outstanding principal balance at least equal to the outstanding principal
balance (or, in the case of any Discount Obligation, the purchase price,
excluding accrued interest expressed as a percentage of par and multiplied by
the outstanding principal balance thereof) of such Collateral Obligation within
30 days after such sale; or

    
      
         

      

      
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    (B)        after
giving effect to such sale, the Adjusted Collateral Principal Amount (excluding
the Collateral Obligation being sold but including, without duplication, the
anticipated net proceeds of such sale) will be greater than the Reinvestment
Target Par Balance.

     

    (h)         Mandatory
Sales.  The Collateral Manager on behalf of the Issuer shall
use its commercially reasonable efforts to effect the sale (regardless of
price) of any Collateral Obligation that (i) no longer meets the
criteria described in clause (vii) of the definition of “Collateral
Obligation”, within 18 months after the failure of such Collateral Obligation to
meet any such criteria and (ii) no longer meets the criteria described in
clause (vi) of the definition of “Collateral Obligation” within 45 days
after the failure of such Collateral Obligation to meet either such
criteria.

     

    Section
12.2      Purchase of Additional
Collateral Obligations.  On any date during the Reinvestment
Period, the Collateral Manager on behalf of the Issuer may, subject to the other
requirements in the Indenture, direct the Trustee to invest Principal Proceeds,
proceeds of additional Subordinated Notes issued pursuant to Section 2.13 and
3.2,
Reinvestment Amounts, amounts on deposit in the Ramp-Up Account and Principal
Financed Accrued Interest, and the Trustee shall invest such Principal Proceeds
and other amounts in accordance with such direction.  After the
Reinvestment Period, the Collateral Manager shall not direct the Trustee to
invest any amounts on behalf of the Issuer; provided that in accordance
with Section
12.2(c), Cash on deposit in any Account (other than the Payment Account)
may be invested in Eligible Investments following the Reinvestment Period. Any
acquisition of any Collateral Obligation shall satisfy the Portfolio Acquisition
and Disposition Requirements.

     

    (a)         Investment
Criteria.  No obligation may be purchased by the Issuer unless
each of the following conditions is satisfied as of the date the Collateral
Manager commits on behalf of the Issuer to make such purchase, in each case as
determined by the Collateral Manager after giving effect to such purchase and
all other sales or purchases previously or simultaneously committed to; provided that the conditions
set forth in clauses (iii) and (iv) below need only be satisfied with respect to
purchases of Collateral Obligations occurring on or after the Effective Date
(the “Investment
Criteria”):

     

    (i)        such
obligation is a Collateral Obligation;

     

    (ii)       if
the commitment to make such purchase occurs on or after the Effective Date (or,
in the case of the Interest Coverage Test, on or after the Determination Date
occurring immediately prior to the second Payment Date), each Coverage Test will
be satisfied, or if not satisfied, such Coverage Test will be maintained or
improved;

    
      
         

      

      
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    (iii)      (A)
in the case of an additional Collateral Obligation purchased with the proceeds
from the sale of a Credit Risk Obligation or a Defaulted Obligation, either (1)
the aggregate outstanding principal balance of all additional Collateral
Obligations purchased with the proceeds from such sale will at least equal the
Sale Proceeds from such sale, (2) the aggregate outstanding principal balance of
the Collateral Obligations will be maintained or increased (when compared to the
aggregate outstanding principal balance of the Collateral Obligations
immediately prior to such sale) or (3) the Adjusted Collateral Principal Amount
(excluding the Collateral Obligation being sold but including, without
duplication, the Collateral Obligation being purchased and the anticipated cash
proceeds, if any, of such sale that are not applied to the purchase of such
additional Collateral Obligation) will be greater than the Reinvestment Target
Par Balance and (B) in the case of any other purchase of additional Collateral
Obligations purchased with the proceeds from the sale of a Collateral
Obligation, either (1) the aggregate outstanding principal balance of the
Collateral Obligations will be maintained or increased (when compared to the
aggregate outstanding principal balance of the Collateral Obligations
immediately prior to such sale) or (2) the Adjusted Collateral Principal Amount
(excluding the Collateral Obligation being sold but including, without
duplication, the Collateral Obligation being purchased and the anticipated cash
proceeds, if any, of such sale that are not applied to the purchase of such
additional Collateral Obligation) will be greater than the Reinvestment Target
Par Balance;

     

    (iv)     either
(A) each requirement or test, as the case may be, of the Concentration
Limitations and the Collateral Quality Test (except, in the case of an
additional Collateral Obligation purchased with the proceeds from the sale of a
Credit Risk Obligation or a Defaulted Obligation, the S&P CDO Monitor Test)
will be satisfied or (B) if any such requirement or test was not satisfied
immediately prior to such investment, such requirement or test will be
maintained or improved after giving effect to the investment; and

     

    (v)      the
date on which the Issuer (or the Collateral Manager on its behalf) commits to
purchase such Collateral Obligation occurs during the Reinvestment
Period.

     

    (b)         Trading Plan
Period.  For purposes of calculating compliance with the
Investment Criteria, at the election of the Collateral Manager in its sole
discretion, any proposed investment (whether a single Collateral Obligation or a
group of Collateral Obligations) identified by the Collateral Manager as such at
the time when compliance with the Investment Criteria is required to be
calculated (a “Trading
Plan”) may be evaluated after giving effect to all sales and
reinvestments proposed to be entered into within the three Business Days
following the date of determination of such compliance (such period, the “Trading Plan
Period”); provided that (w) no Trading
Plan may result in the purchase of Collateral Obligations having an Aggregate
Principal Balance that exceeds 5% of the Collateral Principal Amount as of the
first day of the Trading Plan Period, (x) no Trading Plan Period may
include a Payment Date, (y) no more than one Trading Plan may be in effect
at any time during a Trading Plan Period and (z) if the Investment Criteria
are satisfied prospectively after giving effect to a Trading Plan but are not
satisfied upon the expiry of the related Trading Plan Period, the Investment
Criteria shall not at any time thereafter be evaluated by giving effect to a
Trading Plan.

     

    (c)         Certification by Collateral
Manager.  Not later than the Cut-Off Date for any Collateral
Obligation purchased in accordance with this Section 12.2,
the Collateral Manager shall deliver by e-mail or other electronic transmission
to the Trustee and the Collateral Administrator an Officer’s certificate of the
Collateral Manager certifying that such purchase complies with this Section 12.2 and
Section 12.4.

    
      
         

      

      
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    (d)         Investment in Eligible
Investments.  Cash on deposit in any Account (other than the
Payment Account) may be invested at any time in Eligible Investments in
accordance with Article
X.

     

    Section
12.3      Optional Repurchase or
Substitution of Collateral Obligations.  

     

    (a)         Optional
Substitutions.

     

    (i)         With
respect to any Collateral Obligation as to which a Substitution Event has
occurred, subject to the limitations set forth in this Section 12.3, the
Originator may (but shall not be obligated to) either (x) convey to the
Depositor and cause the Depositor to contemporaneously convey to the Issuer one
or more Collateral Obligations in exchange for such Collateral Obligation or (y)
deposit into the Principal Collection Subaccount the Transfer Deposit Amount
with respect to such Collateral Obligation and then, prior to the expiration of
the Substitution Period, convey to the Depositor and cause the Depositor to
convey to the Issuer one or more Collateral Obligations in exchange for the
funds so deposited or a portion thereof.

     

    (ii)        Any
substitution pursuant to this Section 12.3(a) shall
be initiated by delivery of written notice in the form of Exhibit I hereto (a
“Notice of
Substitution”) by the Originator to the Trustee, the Depositor, the
Issuer and the Collateral Manager that the Originator intends to substitute a
Collateral Obligation pursuant to this Section 12.3(a) and
shall be completed prior to the earliest of: (x) the expiration of 90 days after
delivery of such notice; (y) delivery of written notice to the Trustee from the
Originator stating that the Originator does not intend to convey any additional
Substitute Collateral Obligations to the Issuer in exchange for any remaining
amounts deposited in the Principal Collection Subaccount under clause (a)(i)(y); or
(z) in the case of a Collateral Obligation which has become subject to a
Specified Amendment, the effective date set forth in such Specified Amendment
(such period described in clause (ii)(x), (y) or (z), as applicable, being the
“Substitution
Period”).

     

    (iii)       Each
Notice of Substitution shall specify the Collateral Obligation to be
substituted, the reasons for such substitution and the Transfer Deposit Amount
with respect to the Collateral Obligation.  On the last day of any
Substitution Period, any amounts previously deposited in accordance with clause (a)(i)(y)
above which relate to such Substitution Period that have not been applied to
purchase one or more Substitute Collateral Obligations or to fund the Revolver
Funding Account if necessary with respect thereto shall be deemed to constitute
Principal Proceeds; provided that prior to the
expiration of the related Substitution Period any such amounts shall not be
deemed to be Principal Proceeds and shall remain in the Principal Collection
Subaccount until applied to acquire Substitute Collateral Obligations or to fund
the Revolver Funding Account if necessary with respect thereto. The price paid
(or deemed paid in the case of a contemporaneous conveyance of a Substitute Loan
pursuant to Section
12.3(a)(i)(x)) by the Issuer for any Substitute Collateral Obligation
shall be an amount equal to the value thereof, as determined by the board of
directors of the Originator in accordance with the 1940 Act (but in no event
less than the fair market value thereof). To the extent any cash or other
property received by the Issuer in connection with a Substitute Collateral
Obligation exceeds the fair market value thereof, such excess shall be deemed a
capital contribution from the Originator to the Depositor and from the Depositor
to the Issuer.

    
      
         

      

      
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    (iv)          The
substitution of any Substitute Collateral Obligation will be subject to the
satisfaction of the Substitute Collateral Obligations Qualification Conditions
as of the related Cut-Off Date for each such Collateral Obligation (after giving
effect to such substitution).

     

    (v)           Prior
to any substitution of a Collateral Obligation, the Collateral Manager must
provide written notice thereof to Moody’s.  The Collateral Manager on
behalf of the Issuer will present each Substitute Collateral Obligation proposed
to be included in the Assets to Moody’s within 10 Business Days of the
acquisition thereof so that Moody’s may provide a rating and a recovery rate
with respect to such Collateral Obligation; provided that (a) such
Collateral Obligation may become a part of the Assets prior to the Collateral
Manager’s presentment of the Collateral Obligation to Moody’s as described
herein, (b) the Collateral Manager’s failure to present a Collateral Obligation
to Moody’s as described herein shall not constitute an independent breach of, or
default under, any Transaction Document, and (c) the Collateral Manager shall
have no obligation to present a Substitute Collateral Obligation to Moody’s if
(1) a Moody’s Rating for such Collateral Obligation has been determined by
reference to Moody’s RiskCalc or (2) such Collateral Obligation has a public
rating from Moody’s.  The Collateral Manager and the Issuer hereby
agree that each substitution of Collateral Obligations will be undertaken in
accordance with the Portfolio Acquisition and Disposition
Requirements.

     

    (b)           Repurchases. In
addition to the right to substitute for any Collateral Obligations that become
subject to a Substitution Event, the Originator shall have the right, but not
the obligation, to repurchase any such Collateral Obligation subject to the
Repurchase and Substitution Limit.  In the event of such a repurchase,
the Originator shall deposit in the Collection Account an amount equal to the
Transfer Deposit Amount for such Collateral Obligation (or applicable portion
thereof) as of the date of such repurchase. The Issuer and, at the written
direction of the Issuer, the Trustee shall execute and deliver such instruments,
consents or other documents and perform all acts reasonably requested by the
Collateral Manager in order to effect the transfer and release of any of the
Issuer’s interests in the Collateral Obligations that are being repurchased. The
Collateral Manager and the Issuer hereby agree that each repurchase of
Collateral Obligations will be undertaken in accordance with the Portfolio
Acquisition and Disposition Requirements.
 

    
      
         

      

      
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    (c)           Substitution and Repurchase
Limit. At all times, (i) the aggregate principal balance of all
Collateral Obligations that are Substitute Collateral Obligations (excluding
substitutions occurring as a result of a Substitution Event pursuant to clause
(v) of the definition thereof) plus (ii) the aggregate
Principal Balance related to all Collateral Obligations that have been
repurchased by the Originator pursuant to its right of optional repurchase or
substitution (other than a substitution occurring as a result of a Substitution
Event pursuant to clause (v) of the definition thereof) and not subsequently
applied to purchase a Substitute Collateral Obligation may not exceed an amount
equal to 15% of the Net Purchased Loan Balance; provided that clause (ii)
above shall not include (A) the principal balance related to any Collateral
Obligation that is repurchased by the Originator in connection with a proposed
Specified Amendment to such Collateral Obligation so long as (x) the Originator
certifies in writing to the Collateral Manager and the Trustee that such
purchase is, in the commercially reasonable business judgment of the Originator,
necessary or advisable in connection with the restructuring of such Collateral
Obligation and such restructuring is expected to result in a Specified Amendment
to such Collateral Obligation, and (y) the Collateral Manager certifies in
writing to the Trustee that the Collateral Manager either would not be permitted
to or would not elect to enter into such Specified Amendment pursuant to the
Collateral Manager Standard or any provision of the Indenture or the Collateral
Management Agreement or (B) the purchase price of any Collateral Obligations or,
for the avoidance of doubt, any Equity Securities sold by the Issuer to the
Originator as described in Section
12.1.  The foregoing provisions in this paragraph constitute
the “Repurchase and
Substitution Limit”.

     

    (d)           Third Party
Beneficiaries.  The Issuer and the Trustee agree that each of
the Depositor and Originator shall be a third party beneficiary of this
Indenture solely for purposes of this Section 12.3, and
shall be entitled to rely upon and enforce such provisions of this Section 12.3 to the
same extent as if it were a party hereto.

     

    Section
12.4      Conditions Applicable to All
Sale and Purchase Transactions.  (a) Any transaction effected
under this Article
XII or in connection with the acquisition of any Asset shall be conducted
on an arm’s length basis and, if effected with an Affiliate, shall be sold at a
price not less than the fair market value thereof; provided that Assets sold to
the Originator in connection with its rights or obligations to repurchase or
substitute such Assets pursuant to the Master Loan Sale Agreement and Section 12.3 shall be
sold or transferred at a price equal to the Transfer Deposit Amount. To the
extent the Transfer Deposit Amount exceeds the fair market value of any such
Asset, such excess amount shall be deemed to be a capital contribution from the
Originator or the Depositor and from the Depositor to the Issuer; provided, further, that the
Trustee shall have no responsibility to oversee compliance with this clause
(a) by the other parties.

     

    (b)           Upon
any acquisition of a Collateral Obligation pursuant to this Article XII, all of
the Issuer’s right, title and interest to the Asset or Assets shall be Granted
to the Trustee pursuant to this Indenture, such Asset or Assets shall be
Delivered to the Custodian, and, if applicable, the Custodian shall receive such
Asset or Assets.  The Trustee shall also receive, not later than the
Cut-Off Date, an Officer’s certificate of the Issuer containing the statements
set forth in Section 3.1(viii);
provided that such
requirement shall be satisfied, and such statements shall be deemed to have been
made by the Issuer, in respect of such acquisition by the delivery to the
Trustee of a trade ticket in respect thereof that is signed by a Responsible
Officer of the Collateral Manager.
 

    
      
         

      

      
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    (c)           Notwithstanding
anything contained in this Article XII or Article V to the
contrary, the Issuer shall have the right to effect any sale of any Asset or
purchase of any Collateral Obligation (1) in connection with the exercise by the
Originator of its repurchase and/or substitution rights or obligations pursuant
to and in accordance with the Master Loan Sale Agreement (provided that no such
optional repurchase or substitution rights may be exercised by the Originator
without the consent of 100% of the Aggregate Outstanding Amount of each Class of
Notes after an acceleration of the Notes which has not been rescinded in
accordance with the terms herein) or (2) (x) that has been consented to by
Noteholders evidencing at least (i) with respect to purchases during the
Reinvestment Period and sales during or after the Reinvestment Period, 75% of
the Aggregate Outstanding Amount of each Class of Notes and (ii) with respect to
purchases after the Reinvestment Period, 100% of the Aggregate Outstanding
Amount of each Class of Notes and (y) of which each Rating Agency and the
Trustee has been notified.

     

    (d)           Any
acquisition (whether by purchase or substitution) or disposition of a Collateral
Obligation shall satisfy the Portfolio Acquisition and Disposition
Requirements.

     

    (e)           The
purchase price paid by the Issuer for any Collateral Obligation acquired by the
Issuer (i) from the Originator or one of its subsidiaries shall be the value
thereof as determined by the board of directors of the Originator in accordance
with the 1940 Act (but in no event at less than fair market value) or (ii) from
a Person other than the Originator or a subsidiary thereof, the purchase price
(expressed as a percentage of par) paid by the Issuer for such Collateral
Obligation multiplied by the outstanding principal amount thereof, as
applicable.

     

    ARTICLE
XIII

     

    NOTEHOLDERS’
RELATIONS

     

    Section
13.1      Subordination.  (a)
Anything in this Indenture or the Notes to the contrary notwithstanding, the
Holders of each Class of Notes that constitute a Junior Class agree for the
benefit of the Holders of the Notes of each Priority Class with respect to such
Junior Class that such Junior Class shall be subordinate and junior to the Notes
of each such Priority Class to the extent and in the manner expressly set forth
in the Priority of Payments.

     

    (b)           The
Holders of each Class of Notes agree, for the benefit of all Holders of each
Class of Notes, not to cause the filing of a petition in bankruptcy against the
Issuer or the Depositor until the payment in full of all Notes and the
expiration of a period equal to one year and one day or, if longer, the
applicable preference period then in effect plus one day, following such payment
in full.

     

    Section
13.2      Standard of
Conduct.  In exercising any of its or their voting rights,
rights to direct and consent or any other rights as a Holder under this
Indenture, a Holder or Holders shall not have any obligation or duty to any
Person or to consider or take into account the interests of any Person and shall
not be liable to any Person for any action taken by it or them or at its or
their direction or any failure by it or them to act or to direct that an action
be taken, without regard to whether such action or inaction benefits or
adversely affects any Holder, the Issuer, or any other Person, except for any
liability to which such Holder may be subject to the extent the same results
from such Holder’s taking or directing an action, or failing to take or direct
an action, in bad faith or in violation of the express terms of this
Indenture.
 

    
      
         

      

      
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    ARTICLE
XIV

     

    MISCELLANEOUS

     

    Section
14.1      Form of Documents Delivered
to Trustee.  In any case where several matters are required to
be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several
documents.

     

    Any
certificate or opinion of an Officer of the Issuer or the Collateral Manager may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel (provided that such counsel is a nationally
or internationally recognized and reputable law firm, one or more of the
partners of which are admitted to practice before the highest court of any State
of the United States or the District of Columbia which law firm may, except as
otherwise expressly provided herein, be counsel for the Issuer), unless such
Officer knows, or should know, that the certificate or opinion or
representations with respect to the matters upon which such certificate or
opinion is based are erroneous.  Any such certificate of an Officer of
the Issuer or the Collateral Manager or Opinion of Counsel may be based, insofar
as it relates to factual matters, upon a certificate or opinion of, or
representations by, the Issuer, the Collateral Manager or any other Person,
stating that the information with respect to such factual matters is in the
possession of the Issuer, the Collateral Manager or such other Person, unless
such Officer of the Issuer or the Collateral Manager or such counsel knows that
the certificate or opinion or representations with respect to such matters are
erroneous.  Any Opinion of Counsel may also be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations
by, an Officer of the Collateral Manager or the Issuer, stating that the
information with respect to such matters is in the possession of the Collateral
Manager or the Issuer, unless such counsel knows that the certificate or opinion
or representations with respect to such matters are erroneous.

     

    Where any
Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one
instrument.

     

    Whenever
in this Indenture it is provided that the absence of the occurrence and
continuation of a Default or Event of Default is a condition precedent to the
taking of any action by the Trustee at the request or direction of the Issuer,
then notwithstanding that the satisfaction of such condition is a condition
precedent to the Issuer's right to make such request or direction, the Trustee
shall be protected in acting in accordance with such request or direction if it
does not have knowledge of the occurrence and continuation of such Default or
Event of Default as provided in Section 6.1(d).
 

    
      
         

      

      
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    Section
14.2      Acts of
Holders.  (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee, and, where it is hereby expressly required, to the
Issuer.  Such instrument or instruments (and the action or actions
embodied therein and evidenced thereby) are herein sometimes referred to as
the “Act” of
the Holders signing such instrument or instruments.  Proof of
execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Issuer, if made in the manner provided in this Section 14.2.

     

    (b)           The
fact and date of the execution by any Person of any such instrument or writing
may be proved in any manner which the Trustee reasonably deems
sufficient.

     

    (c)           The
principal amount or face amount, as the case may be, and registered numbers of
Notes held by any Person, and the date of such Person’s holding the same, shall
be proved by the Register or shall be provided by certification by such
Holder.

     

    (d)           Any
request, demand, authorization, direction, notice, consent, waiver or other
action by the Holder of any Notes shall bind the Holder (and any transferee
thereof) of such and of every Note issued upon the registration thereof or
in exchange therefor or in lieu thereof, in respect of anything done, omitted or
suffered to be done by the Trustee or the Issuer in reliance thereon, whether or
not notation of such action is made upon such Note.

     

    Section
14.3      Notices, etc., to Trustee,
the Issuer, the Collateral Manager, Wells Fargo Securities, the Collateral
Administrator, the Paying Agent and each Rating Agency.  (a)
Any request, demand, authorization, direction, instruction, order, notice,
consent, waiver or Act of Noteholders or other documents or communication
provided or permitted by this Indenture to be made upon, given, e-mailed or
furnished to, or filed with:

     

    (i)        the
Trustee shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to and mailed, by certified mail, return receipt
requested, hand delivered, sent by overnight courier service guaranteeing next
day delivery, by electronic mail, or by facsimile to 866-977-1416 in legible
form, to the Trustee addressed to it at its applicable Corporate Trust Office,
or at any other address previously furnished in writing to the other parties
hereto by the Trustee, and executed by a Responsible Officer of the entity
sending such request, demand, authorization, direction, instruction, order,
notice, consent, waiver or other document; provided that any demand,
authorization, direction, instruction, order, notice, consent, waiver or other
document sent to U.S. Bank National Association (in any capacity hereunder) will
be deemed effective only upon receipt thereof by U.S. Bank National
Association;

     

    (ii)       the
Issuer shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first class postage prepaid,
hand delivered, sent by overnight courier service or by facsimile in legible
form, to the Issuer addressed to it at 150 South Wacker Drive, Suite 800,
Chicago, Illinois 60606, Attention: David Golub, facsimile No. (312) 201-9167,
or at any other address previously furnished in writing to the other parties
hereto by the Issuer, with a copy to the Collateral Manager at its address
below;
 

    
      
         

      

      
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    (iii)      the
Collateral Manager shall be sufficient for every purpose hereunder if in writing
and mailed, first class postage prepaid, hand delivered, sent by overnight
courier service or by facsimile in legible form, to the Collateral Manager
addressed to it at 150 South Wacker Drive, Suite 800, Chicago, Illinois 60606,
Attention: David Golub, facsimile No. (312) 201-9167, or at any other address
previously furnished in writing to the parties hereto;

     

    (iv)      Wells
Fargo Securities shall be sufficient for every purpose hereunder if in writing
and mailed, first class postage prepaid, hand delivered, sent by overnight
courier service or by facsimile in legible form, addressed to One Wachovia
Center; MAC D1053-082; Charlotte, NC 28288, Attention: Mary Katherine DuBose,
facsimile No. (704) 715-0067 or at any other address previously furnished in
writing to the Issuer and the Trustee by Wells Fargo Securities;

     

    (v)       the
Collateral Administrator shall be sufficient for every purpose hereunder if in
writing and mailed, first class postage prepaid, hand delivered, sent by
overnight courier service or by facsimile in legible form, to the Collateral
Administrator at U.S. Bank National Association, One Federal Street, 3rd Floor,
Boston, Massachusetts 02110, Attention:  Jeffrey Stone or at any other
address previously furnished in writing to the parties hereto;

     

    (vi)      the
Rating Agencies shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and mailed, first class
postage prepaid, hand delivered, sent by overnight courier service to each
Rating Agency addressed to it at Moody’s Investors Service, Inc., 7 World Trade
Center, New York, New York 10007, Attention:  CBO/CLO Monitoring or by
email to cdomonitoring@moodys.com and Standard & Poor’s, 55 Water Street,
41st Floor, New York, New York 10041-0003 or by facsimile in legible form to
facsimile no. (212) 438 2655, Attention:  Asset Backed-CBO/CLO
Surveillance or by electronic copy to CDO_Surveillance@sandp.com; provided that (x) in
respect of any request to S&P for a confirmation of its Initial Ratings of
the Secured Notes pursuant to Section 7.18(e),
such request must be submitted by email to CDOEffectiveDatePortfolios@sandp.com
and (y) in respect of any application for a ratings estimate by S&P in
respect of a Collateral Obligation, Information must be submitted to
credit_estimates@sandp.com; and

     

    (vii)     the
Irish Paying Agent shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to and mailed, by certified mail, return
receipt requested, hand delivered, sent by overnight courier service
guaranteeing next day delivery or by facsimile in legible form, to the Irish
Paying Agent addressed to it at any address previously furnished in writing to
the other parties hereto by the Irish Paying Agent.

     

    (b)          If
any provision herein calls for any notice or document to be delivered
simultaneously to the Trustee and any other Person, the Trustee’s receipt of
such notice or document shall entitle the Trustee to assume that such notice or
document was delivered to such other Person or entity unless otherwise expressly
specified herein.
 

    
      
         

      

      
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    (c) 
         Notwithstanding any
provision to the contrary contained herein or in any agreement or document
related thereto, any report, statement or other information required to be
provided by the Issuer or the Trustee (except information required to be
provided to the Irish Stock Exchange) may be provided by providing access
to a website containing such information.

     

    Section
14.4       Notices to Holders;
Waiver.  Except as otherwise expressly provided herein, where
this Indenture provides for notice to Holders of any event,

     

    (a)           such
notice shall be sufficiently given to Holders if in writing and mailed, first
class postage prepaid, or by overnight delivery service, to each Holder affected
by such event, at the address of such Holder as it appears in the Register or
such Beneficial Owner as provided in writing by such Beneficial Owner to the
Trustee, the Issuer and the Collateral Manager, as applicable, in each case not
earlier than the earliest date and not later than the latest date prescribed for
the giving of such notice; and

     

    (b)           such
notice shall be in the English language.

     

    Such
notices will be deemed to have been given on the date of such
mailing.

     

    Notwithstanding
clause (a) above, a Holder may give the Trustee a written notice that it is
requesting that notices to it be given by electronic mail or by facsimile
transmissions and stating the electronic mail address or facsimile number for
such transmission.  Thereafter, the Trustee shall give notices to such
Holder by electronic mail or facsimile transmission, as so requested; provided that if such notice
also requests that notices be given by mail, then such notice shall also be
given by mail in accordance with clause (a) above.

     

    Subject
to the requirements of Section 14.15, the
Trustee will deliver to the Holders any information or notice relating to this
Indenture requested to be so delivered by at least 25% of the Holders of any
Class of Notes (by Aggregate Outstanding Amount), at the expense of the Issuer;
provided that the
Trustee may decline to send any such notice that it reasonably determines to be
contrary to (i) any of the terms of this Indenture, (ii) any duty or obligation
that the Trustee may have hereunder or (iii) applicable law.  The
Trustee may require the requesting Holders to comply with its standard
verification policies in order to confirm Noteholder status.

     

    Neither
the failure to mail any notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders.  In case by reason of the suspension of regular mail
service as a result of a strike, work stoppage or similar activity or by reason
of any other cause it shall be impracticable to give such notice by mail of any
event to Holders when such notice is required to be given pursuant to any
provision of this Indenture, then such notification to Holders as shall be made
with the approval of the Trustee shall constitute a sufficient notification to
such Holders for every purpose hereunder.

     

    Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by any Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such
notice.  Waivers of notice by Holders shall be filed with the Trustee
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.
 

    
      
         

      

      
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    Section
14.5       Effect of Headings and Table
of Contents.

     

    The
Article and Section headings herein (including those used in
cross-references herein) and the Table of Contents are for convenience only
and shall not affect the construction hereof.

     

    Section
14.6       Successors and
Assigns.  All covenants and agreements herein by the Issuer
shall bind its successors and assigns, whether so expressed or not.

     

    Section
14.7      Severability.  If
any term, provision, covenant or condition of this Indenture or the Notes, or
the application thereof to any party hereto or any circumstance, is held to be
unenforceable, invalid or illegal (in whole or in part) for any reason (in any
relevant jurisdiction), the remaining terms, provisions, covenants and
conditions of this Indenture or the Notes, modified by the deletion of the
unenforceable, invalid or illegal portion (in any relevant jurisdiction), will
continue in full force and effect, and such unenforceability, invalidity, or
illegality will not otherwise affect the enforceability, validity or legality of
the remaining terms, provisions, covenants and conditions of this Indenture or
the Notes, as the case may be, so long as this Indenture or the Notes, as the
case may be, as so modified continues to express, without material change, the
original intentions of the parties as to the subject matter hereof and the
deletion of such portion of this Indenture or the Notes, as the case may be,
will not substantially impair the respective expectations or reciprocal
obligations of the parties or the practical realization of the benefits that
would otherwise be conferred upon the parties.

     

    Section
14.8      Benefits of
Indenture.  Except as otherwise expressly set forth in this
Indenture, nothing herein or in the Notes, expressed or implied, shall give to
any Person, other than the parties hereto and their successors hereunder, the
Collateral Manager, the Collateral Administrator, the Holders of the Notes and
(to the extent provided herein) the other Secured Parties any benefit or any
legal or equitable right, remedy or claim under this Indenture.

     

    Section
14.9      Legal
Holidays.  If the date of any Payment Date, Redemption Date or
Stated Maturity shall not be a Business Day, then notwithstanding any other
provision of the Notes or this Indenture, payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the nominal date of any such Payment Date, Redemption Date
or Stated Maturity date, as the case may be, and except as provided in the
definition of “Interest Accrual Period”, no interest shall accrue on such
payment for the period from and after any such nominal date.

     

    Section
14.10    Governing
Law.  This Indenture shall be construed in accordance with, and
this Indenture and any matters arising out of or relating in any way whatsoever
to this Indenture (whether in contract, tort or otherwise), shall be governed
by, the law of the State of New York.
 

    
      
         

      

      
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    Section
14.11    Submission to
Jurisdiction.  With respect to any suit, action or proceedings
relating to this Indenture or any matter between the parties arising under or in
connection with this Indenture (“Proceedings”), each
party irrevocably:  (i) submits to the non-exclusive jurisdiction
of the Supreme Court of the State of New York sitting in the Borough of
Manhattan and the United States District Court for the Southern District of New
York, and any appellate court from any thereof; and (ii) waives any
objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party.  Nothing herein precludes any of the
parties from bringing Proceedings in any other jurisdiction, nor will the
bringing of Proceedings in any one or more jurisdictions preclude the bringing
of Proceedings in any other jurisdiction.

     

    Section
14.12    WAIVER OF JURY
TRIAL.  EACH
OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY.  Each party hereby
(i) certifies that no representative, agent or attorney of the other has
represented, expressly or otherwise, that the other would not, in the event of a
Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that
it has been induced to enter into this Indenture by, among other things, the
mutual waivers and certifications in this paragraph.

     

    Section
14.13    Counterparts.  This
Indenture (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by e-mail (.pdf) or facsimile
transmission), each of which will be deemed an original, and all of which
together constitute one and the same instrument.  Delivery of an
executed counterpart signature page of this Indenture by e-mail (.pdf) or
facsimile shall be effective as delivery of a manually executed counterpart of
this Indenture.

     

    Section
14.14    Acts of
Issuer.  Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or
performed by the Issuer shall be effective if given or performed by the Issuer
or by the Collateral Manager on the Issuer’s behalf.
 

    
      
         

      

      
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    Section
14.15    Confidential
Information.  (a) The Trustee, the Collateral Administrator and
each Holder of Notes will maintain the confidentiality of all Confidential
Information in accordance with procedures adopted by such Person in good faith
to protect Confidential Information of third parties delivered to such Person;
provided that such
Person may deliver or disclose Confidential Information
to:  (i) such Person’s directors, trustees, officers, employees,
agents, attorneys and affiliates who agree to hold confidential the Confidential
Information substantially in accordance with the terms of this Section 14.15
and to the extent such disclosure is reasonably required for the administration
of this Indenture, the matters contemplated hereby or the investment represented
by the Notes; (ii) such Person’s legal advisors, financial advisors and
other professional advisors who agree to hold confidential the Confidential
Information substantially in accordance with the terms of this Section 14.15
and to the extent such disclosure is reasonably required for the administration
of this Indenture, the matters contemplated hereby or the investment represented
by the Notes; (iii) any other Holder, or any of the other parties to the
Indenture, the Collateral Management Agreement or the Collateral Administration
Agreement; (iv) any Person of the type that would be, to such Person’s
knowledge, permitted to acquire Notes in accordance with the requirements of
Section 2.5 hereof
to which such Person sells or offers to sell any such Note or any part thereof
(if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by the provisions of this Section 14.15);
(v) any other Person from which such former Person offers to purchase any
security of the Issuer (if such other Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this
Section 14.15);
(vi) any federal or state or other regulatory, governmental or judicial
authority having jurisdiction over such Person; (vii) the National
Association of Insurance Commissioners or any similar organization, or any
nationally recognized rating agency that requires access to information about
the investment portfolio of such Person, reinsurers and liquidity and credit
providers that agree to hold confidential the Confidential Information
substantially in accordance with this Section 14.15;
(viii) Moody’s or S&P; (ix) any other Person with the consent of
the Issuer and the Collateral Manager; or (x) any other Person to which
such delivery or disclosure may be necessary or appropriate (A) to effect
compliance with any law, rule, regulation or order applicable to such Person,
(B) in response to any subpoena or other legal process upon prior notice to
the Issuer (unless prohibited by applicable law, rule, order or decree or other
requirement having the force of law), (C) in connection with any litigation
to which such Person is a party upon prior notice to the Issuer (unless
prohibited by applicable law, rule, order or decree or other requirement having
the force of law) or (D) if an Event of Default has occurred and is
continuing, to the extent such Person may reasonably determine such delivery and
disclosure to be necessary or appropriate in the enforcement or for the
protection of the rights and remedies under the Notes or this Indenture or (E)
in the Trustee’s or Collateral Administrator’s performance of its obligations
under this Indenture, the Collateral Administration Agreement or other
transaction document related thereto; and provided that delivery to the
Holders by the Trustee or the Collateral Administrator of any report of
information required by the terms of this Indenture to be provided to Holders
shall not be a violation of this Section 14.15.  Each
Holder of Notes will, by its acceptance of its Note, be deemed to have agreed,
except as set forth in clauses (vi), (vii) and (x) above, that it
shall use the Confidential Information for the sole purpose of making an
investment in the Notes or administering its investment in the Notes; and that
the Trustee and the Collateral Administrator shall neither be required nor
authorized to disclose to Holders any Confidential Information in violation of
this Section 14.15.  In
the event of any required disclosure of the Confidential Information by such
Holder, such Holder will, by its acceptance of its Note, be deemed to have
agreed to use reasonable efforts to protect the confidentiality of the
Confidential Information.  Each Holder of a Note, by its acceptance of
a Note, will be deemed to have agreed to be bound by and to be entitled to the
benefits of this Section 14.15
(subject to Section
7.17(d)).

     

    (b)           For
the purposes of this Section 14.15,
“Confidential
Information” means information delivered to the Trustee, the Collateral
Administrator or any Holder of Notes by or on behalf of the Issuer in connection
with and relating to the transactions contemplated by or otherwise pursuant to
this Indenture; provided that such term does
not include information that:  (i) was publicly known or
otherwise known to the Trustee, the Collateral Administrator or such Holder
prior to the time of such disclosure; (ii) subsequently becomes publicly
known through no act or omission by the Trustee, the Collateral Administrator,
any Holder or any Person acting on behalf of the Trustee, the Collateral
Administrator or any Holder; (iii) otherwise is known or becomes known to
the Trustee, the Collateral Administrator or any Holder other than
(x) through disclosure by the Issuer or (y) to the knowledge of the
Trustee, the Collateral Administrator or a Holder, as the case may be, in each
case after reasonable inquiry, as a result of the breach of a fiduciary duty to
the Issuer or a contractual duty to the Issuer; or (iv) is allowed to be
treated as non-confidential by consent of the Issuer.
 

    
      
         

      

      
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    (c)           Notwithstanding
the foregoing, the Trustee and the Collateral Administrator may disclose
Confidential Information to the extent disclosure thereof may be required by law
or by any regulatory or governmental authority and the Trustee and the
Collateral Administrator may disclose on a confidential basis any Confidential
Information to its agents, attorneys and auditors in connection with the
performance of its responsibilities hereunder.

     

    ARTICLE
XV

     

    ASSIGNMENT
OF CERTAIN AGREEMENTS

     

    Section
15.1      Assignment of Collateral
Management Agreement.  (a) The Issuer hereby acknowledges that
its Grant pursuant to the first Granting Clause hereof includes all of the
Issuer’s estate, right, title and interest in, to and under the Collateral
Management Agreement, including (i) the right to give all notices, consents
and releases thereunder, (ii) the right to give all notices of termination
and to take any legal action upon the breach of an obligation of the Collateral
Manager thereunder, including the commencement, conduct and consummation of
proceedings at law or in equity, (iii) the right to receive all notices,
accountings, consents, releases and statements thereunder and (iv) the
right to do any and all other things whatsoever that the Issuer is or may be
entitled to do thereunder; provided that notwithstanding
anything herein to the contrary, the Trustee shall not have the authority to
exercise any of the rights set forth in (i) through (iv) above or that
may otherwise arise as a result of the Grant until the occurrence of an Event of
Default hereunder and such authority shall terminate at such time, if any, as
such Event of Default is cured or waived.

     

    (b)           The
assignment made hereby is executed as collateral security, and the execution and
delivery hereby shall not in any way impair or diminish the obligations of the
Issuer under the provisions of the Collateral Management Agreement, nor shall
any of the obligations contained in the Collateral Management Agreement be
imposed on the Trustee.

     

    (c)           Upon
the retirement of the Notes, the payment of all amounts required to be paid
pursuant to the Priority of Payments and the release of the Assets from the lien
of this Indenture, this assignment and all rights herein assigned to the Trustee
for the benefit of the Noteholders shall cease and terminate and all the estate,
right, title and interest of the Trustee in, to and under the Collateral
Management Agreement shall revert to the Issuer and no further instrument or act
shall be necessary to evidence such termination and reversion.

     

    (d)           The
Issuer represents that, as of the date hereof, the Issuer has not executed any
other assignment of the Collateral Management Agreement.

     

    (e)           The
Issuer agrees that this assignment is irrevocable, and that it will not take any
action which is inconsistent with this assignment or make any other assignment
inconsistent herewith.  The Issuer will, from time to time, execute
all instruments of further assurance and all such supplemental instruments with
respect to this assignment as may be necessary to continue and maintain the
effectiveness of such assignment.
 

    
      
         

      

      
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    (f)           The
Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent
of the Collateral Manager in the Collateral Management Agreement, to the
following:

     

    (i)           The
Collateral Manager shall consent to the provisions of this assignment and agree
to perform any provisions of this Indenture applicable to the Collateral Manager
subject to the terms (including the Collateral Manager Standard) of the
Collateral Management Agreement.

     

    (ii)          The
Collateral Manager shall acknowledge that the Issuer is assigning all of its
right, title and interest in, to and under the Collateral Management Agreement
to the Trustee as representative of the Noteholders and the Collateral Manager
shall agree that all of the representations, covenants and agreements made by
the Collateral Manager in the Collateral Management Agreement are also for the
benefit of the Trustee.

     

    (iii)         The
Collateral Manager shall deliver to the Trustee copies of all notices,
statements, communications and instruments delivered or required to be delivered
by the Collateral Manager to the Issuer pursuant to the Collateral Management
Agreement.

     

    (iv)        Neither
the Issuer nor the Collateral Manager will enter into any agreement amending,
modifying or terminating the Collateral Management Agreement without
satisfaction of the Global Rating Agency Condition and obtaining the consent of
a Majority of the Controlling Class and a Majority of the Subordinated Notes
(voting separately by Class); provided that no such Global
Rating Agency Condition or consent will be required in connection with any
amendment thereto the sole purpose of which is to (i) correct inconsistencies,
typographical or other errors, defects or ambiguities or (ii) conform the
Collateral Management Agreement to the final Offering Circular, the Collateral
Administration Agreement or this Indenture.

     

    (v)         Except
as otherwise set forth herein and therein (including pursuant to Section 9
of the Collateral Management Agreement), the Collateral Manager shall continue
to serve as Collateral Manager under the Collateral Management Agreement
notwithstanding that the Collateral Manager shall not have received amounts due
it under the Collateral Management Agreement because sufficient funds were not
then available hereunder to pay such amounts in accordance with the Priority of
Payments set forth under Section 11.1.  The
Collateral Manager agrees not to cause the filing of a petition in bankruptcy
against the Issuer for the nonpayment of the fees or other amounts payable by
the Issuer to the Collateral Manager under the Collateral Management Agreement
until the payment in full of all Notes issued under this Indenture and the
expiration of a period equal to one year and a day, or, if longer, the
applicable preference period, following such payment.  Nothing in this
Section 15.1
shall preclude, or be deemed to stop, the Collateral Manager (i) from
taking any action prior to the expiration of the aforementioned period in
(A) any case or Proceeding voluntarily filed or commenced by the Issuer or
(B) any involuntary insolvency Proceeding filed or commenced by a Person
other than the Collateral Manager, or (ii) from commencing against the
Issuer or any of its properties any legal action which is not a bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation
proceeding.
 

    
      
         

      

      
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    (vi)        Except
with respect to transactions contemplated by Section 5 of the Collateral
Management Agreement, if the Collateral Manager determines that it or any of its
Affiliates has a conflict of interest between the Holder of any Note and any
other account or portfolio for which the Collateral Manager or any of its
Affiliates is serving as investment adviser which relates to any action to be
taken with respect to any Asset, then the Collateral Manager will give written
notice to the Trustee, who shall promptly forward such notice to the relevant
Holder, briefly describing such conflict and the action it proposes to
take.  The provisions of this clause (vi) shall not apply to any
transaction permitted by the terms of the Collateral Management
Agreement.

     

    (vii)       On
each Measurement Date on which the S&P CDO Monitor Test is used, the
Collateral Manager on behalf of the Issuer will measure compliance under such
test.

     

    (g)           The
Issuer and the Trustee agree that the Collateral Manager shall be a third party
beneficiary of this Indenture, and shall be entitled to rely upon and enforce
such provisions of this Indenture to the same extent as if it were a party
hereto.

     

    (h)          Upon
a Trust Officer of the Trustee receiving written notice from the Collateral
Manager that an event constituting “Cause” as defined in the Collateral
Management Agreement has occurred, the Trustee shall, not later than one
Business Day thereafter, notify the holders (as their names appear in the
Register) or as otherwise notified by such Holder in writing to the
Trustee.

     

    [Signature
Pages Follow]
 

    
      
         

      

      
        181

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, we have
set our hands as of the day and year first written above.

     

    
      
        
          
            
              	
                      GOLUB
      CAPITAL BDC 2010-1 LLC,

                    
	
                      as
      Issuer

                    
	 
      
	
                      By:
      Golub Capital BDC, Inc., its designated

                    
	
                      manager

                    
	 
      
	
                      By 

                    	/s/
      David B. Golub
	 
      	
                      Name:
      David B. Golub

                    
	 
      	
                      Title:
      Chief Executive
Officer

                    

            

          

        

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  U.S.
      BANK NATIONAL ASSOCIATION,

                
	
                  as
      Trustee

                
	 
      	 
      
	
                  By 

                	/s/
      Dawn M. Zanotti
	 
      	
                  Name:
      Dawn M. Zanotti

                
	 
      	
                  Title:
      Vice
President

                

        

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule 1

     

    List
of Collateral Obligations

     

    [to
be inserted]
 

    
      
         

      

      
        S-1-1

        
          

        

      

      
         

      

    

    Schedule 2

     

    Moody’s
Industry Classification Group List

     

    
      
        	
                CORP
      - Aerospace & Defense

              	
                1

              
	
                CORP
      - Automotive

              	
                2

              
	
                CORP
      - Banking, Finance, Insurance & Real Estate

              	
                3

              
	
                CORP
      - Beverage, Food & Tobacco

              	
                4

              
	
                CORP
      - Capital Equipment

              	
                5

              
	
                CORP
      - Chemicals, Plastics, & Rubber

              	
                6

              
	
                CORP
      - Construction & Building

              	
                7

              
	
                CORP
      - Consumer goods: Durable

              	
                8

              
	
                CORP
      - Consumer goods: Non-durable

              	
                9

              
	
                CORP
      - Containers, Packaging & Glass

              	
                10

              
	
                CORP
      - Energy: Electricity

              	
                11

              
	
                CORP
      - Energy: Oil & Gas

              	
                12

              
	
                CORP
      - Environmental Industries

              	
                13

              
	
                CORP
      - Forest Products & Paper

              	
                14

              
	
                CORP
      - Healthcare & Pharmaceuticals

              	
                15

              
	
                CORP
      - High Tech Industries

              	
                16

              
	
                CORP
      - Hotel, Gaming & Leisure

              	
                17

              
	
                CORP
      - Media: Advertising, Printing & Publishing

              	
                18

              
	
                CORP
      - Media: Broadcasting & Subscription

              	
                19

              
	
                CORP
      - Media: Diversified & Production

              	
                20

              
	
                CORP
      - Metals & Mining

              	
                21

              
	
                CORP
      - Retail

              	
                22

              
	
                CORP
      - Services: Business

              	
                23

              
	
                CORP
      - Services: Consumer

              	
                24

              
	
                CORP
      - Sovereign & Public Finance

              	
                25

              
	
                CORP
      - Telecommunications

              	
                26

              
	
                CORP
      - Transportation: Cargo

              	
                27

              
	
                CORP
      - Transportation: Consumer

              	
                28

              
	
                CORP
      - Utilities: Electric

              	
                29

              
	
                CORP
      - Utilities: Oil & Gas

              	
                30

              
	
                CORP
      - Utilities: Water

              	
                31

              
	
                CORP
      - Wholesale

              	
                32

              

      

    
 

    
      
         

      

      
        S-2-1

        
          

        

      

      
         

      

    

    Schedule 3

    S&P
Industry Classifications

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                	
                                                                                                                                                                        Asset

                                                                                                                                                                        Code

                                                                                                                                                                      	
                                                                                                                                                                        Asset

                                                                                                                                                                        Description

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        1

                                                                                                                                                                      	
                                                                                                                                                                        Aerospace
      & Defense

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        2

                                                                                                                                                                      	
                                                                                                                                                                        Air
      transport

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        3

                                                                                                                                                                      	
                                                                                                                                                                        Automotive

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        4

                                                                                                                                                                      	
                                                                                                                                                                        Beverage
      & Tobacco

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        5

                                                                                                                                                                      	
                                                                                                                                                                        Radio
      & Television

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        6

                                                                                                                                                                      	 
      
	 	 
	
                                                                                                                                                                        7

                                                                                                                                                                      	
                                                                                                                                                                        Building
      & Development

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        8

                                                                                                                                                                      	
                                                                                                                                                                        Business
      equipment & services

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        9

                                                                                                                                                                      	
                                                                                                                                                                        Cable
      & satellite television

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        10

                                                                                                                                                                      	
                                                                                                                                                                        Chemicals
      & plastics

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        11

                                                                                                                                                                      	
                                                                                                                                                                        Clothing/textiles

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        12

                                                                                                                                                                      	
                                                                                                                                                                        Conglomerates

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        13

                                                                                                                                                                      	
                                                                                                                                                                        Containers
      & glass products

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        14

                                                                                                                                                                      	
                                                                                                                                                                        Cosmetics/toiletries

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        15

                                                                                                                                                                      	
                                                                                                                                                                        Drugs

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        16

                                                                                                                                                                      	
                                                                                                                                                                        Ecological
      services & equipment

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        17

                                                                                                                                                                      	
                                                                                                                                                                        Electronics/electrical

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        18

                                                                                                                                                                      	
                                                                                                                                                                        Equipment
      leasing

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        19

                                                                                                                                                                      	
                                                                                                                                                                        Farming/agriculture

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        20

                                                                                                                                                                      	
                                                                                                                                                                        Financial
      intermediaries

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        21

                                                                                                                                                                      	
                                                                                                                                                                        Food/drug
      retailers

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        22

                                                                                                                                                                      	
                                                                                                                                                                        Food
      products

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        23

                                                                                                                                                                      	
                                                                                                                                                                        Food
      service

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        24

                                                                                                                                                                      	
                                                                                                                                                                        Forest
      products

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        25

                                                                                                                                                                      	
                                                                                                                                                                        Health
      care

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        26

                                                                                                                                                                      	
                                                                                                                                                                        Home
      furnishings

                                                                                                                                                                      
	 	 
	
                                                                                                                                                                        27

                                                                                                                                                                      	
                                                                                                                                                                        Lodging
      &
casinos

                                                                                                                                                                      

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
        S-3-1

        
          

        

      

      
         

      

    

     

    
      	
              28

            	
              Industrial
      equipment

            
	 	 
	
              29

            	 
      
	 	 
	
              30

            	
              Leisure
      goods/activities/movies

            
	 	 
	
              31

            	
              Nonferrous
      metals/minerals

            
	 	 
	
              32

            	
              Oil
      & gas

            
	 	 
	
              33

            	
              Publishing

            
	 	 
	
              34

            	
              Rail
      industries

            
	 	 
	
              35

            	
              Retailers
      (except food & drug)

            
	 	 
	
              36

            	
              Steel

            
	 	 
	
              37

            	
              Surface
      transport

            
	 	 
	
              38

            	
              Telecommunications

            
	 	 
	
              39

            	
              Utilities

            
	 	 
	
              43

            	
              Life
      Insurance

            
	 	 
	
              44

            	
              Health
      Insurance

            
	 	 
	
              45

            	
              Property
      & Casualty Insurance

            
	 	 
	
              46

            	
              Diversified
      Insurance

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule 4

     

    Diversity
Score Calculation

     

    The
Diversity Score is calculated as follows:

     

    
      	
               
      

            	
              (a)

            	
              An
      “Issuer Par
      Amount” is calculated for each issuer of a Collateral Obligation,
      and is equal to the Aggregate Principal Balance of all Collateral
      Obligations issued by that issuer and all
  affiliates.

            

    

     

    
      	
               
      

            	
              (b)

            	
              An
      “Average Par
      Amount” is calculated by summing the Issuer Par Amounts for all
      issuers, and dividing by the number of
issuers.

            

    

     

    
      	
               
      

            	
              (c)

            	
              An
      “Equivalent Unit
      Score” is calculated for each issuer, and is equal to the lesser of
      (x) one and (y) the Issuer Par Amount for such issuer divided by
      the Average Par Amount.

            

    

     

    
      	
               
      

            	
              (d)

            	
              An
      “Aggregate
      Industry Equivalent Unit Score” is then calculated for each of the
      Moody’s industry classification groups, shown on Schedule 2,
      and is equal to the sum of the Equivalent Unit Scores for each issuer in
      such industry classification group.

            

    

     

    
      	
               
      

            	
              (e)

            	
              An
      “Industry
      Diversity Score” is then established for each Moody’s industry
      classification group, shown on Schedule 2,
      by reference to the following table for the related Aggregate Industry
      Equivalent Unit Score; provided that if any
      Aggregate Industry Equivalent Unit Score falls between any two such
      scores, the applicable Industry Diversity Score will be the lower of the
      two Industry Diversity Scores:

            

    

     

    
      
        
          
            
              
                
                  
                    
                      	
                              Aggregate

                            	 	 	 	 	 	
                              Aggregate

                            	 	 	 	 	 	
                              Aggregate

                            	 	 	 	 	 	
                              Aggregate

                            	 	 	 	 
	
                              Industry

                            	 	 	
                              Industry

                            	 	 	
                              Industry

                            	 	 	
                              Industry

                            	 	 	
                              Industry

                            	 	 	
                              Industry

                            	 	 	
                              Industry

                            	 	 	
                              Industry

                            	 
	
                              Equivalent

                            	 	 	
                              Diversity

                            	 	 	
                              Equivalent

                            	 	 	
                              Diversity

                            	 	 	
                              Equivalent

                            	 	 	
                              Diversity

                            	 	 	
                              Equivalent

                            	 	 	
                              Diversity

                            	 
	
                              Unit Score

                            	 	 	
                              Score

                            	 	 	
                              Unit Score

                            	 	 	
                              Score

                            	 	 	
                              Unit Score

                            	 	 	
                              Score

                            	 	 	
                              Unit Score

                            	 	 	
                              Score

                            	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0.0000	 	 	 	0.0000	 	 	 	5.0500	 	 	 	2.7000	 	 	 	10.1500	 	 	 	4.0200	 	 	 	15.2500	 	 	 	4.5300	 
	 	0.0500	 	 	 	0.1000	 	 	 	5.1500	 	 	 	2.7333	 	 	 	10.2500	 	 	 	4.0300	 	 	 	15.3500	 	 	 	4.5400	 
	 	0.1500	 	 	 	0.2000	 	 	 	5.2500	 	 	 	2.7667	 	 	 	10.3500	 	 	 	4.0400	 	 	 	15.4500	 	 	 	4.5500	 
	 	0.2500	 	 	 	0.3000	 	 	 	5.3500	 	 	 	2.8000	 	 	 	10.4500	 	 	 	4.0500	 	 	 	15.5500	 	 	 	4.5600	 
	 	0.3500	 	 	 	0.4000	 	 	 	5.4500	 	 	 	2.8333	 	 	 	10.5500	 	 	 	4.0600	 	 	 	15.6500	 	 	 	4.5700	 
	 	0.4500	 	 	 	0.5000	 	 	 	5.5500	 	 	 	2.8667	 	 	 	10.6500	 	 	 	4.0700	 	 	 	15.7500	 	 	 	4.5800	 
	 	0.5500	 	 	 	0.6000	 	 	 	5.6500	 	 	 	2.9000	 	 	 	10.7500	 	 	 	4.0800	 	 	 	15.8500	 	 	 	4.5900	 
	 	0.6500	 	 	 	0.7000	 	 	 	5.7500	 	 	 	2.9333	 	 	 	10.8500	 	 	 	4.0900	 	 	 	15.9500	 	 	 	4.6000	 
	 	0.7500	 	 	 	0.8000	 	 	 	5.8500	 	 	 	2.9667	 	 	 	10.9500	 	 	 	4.1000	 	 	 	16.0500	 	 	 	4.6100	 
	 	0.8500	 	 	 	0.9000	 	 	 	5.9500	 	 	 	3.0000	 	 	 	11.0500	 	 	 	4.1100	 	 	 	16.1500	 	 	 	4.6200	 
	 	0.9500	 	 	 	1.0000	 	 	 	6.0500	 	 	 	3.0250	 	 	 	11.1500	 	 	 	4.1200	 	 	 	16.2500	 	 	 	4.6300	 
	 	1.0500	 	 	 	1.0500	 	 	 	6.1500	 	 	 	3.0500	 	 	 	11.2500	 	 	 	4.1300	 	 	 	16.3500	 	 	 	4.6400	 
	 	1.1500	 	 	 	1.1000	 	 	 	6.2500	 	 	 	3.0750	 	 	 	11.3500	 	 	 	4.1400	 	 	 	16.4500	 	 	 	4.6500	 
	 	1.2500	 	 	 	1.1500	 	 	 	6.3500	 	 	 	3.1000	 	 	 	11.4500	 	 	 	4.1500	 	 	 	16.5500	 	 	 	4.6600	 
	 	1.3500	 	 	 	1.2000	 	 	 	6.4500	 	 	 	3.1250	 	 	 	11.5500	 	 	 	4.1600	 	 	 	16.6500	 	 	 	4.6700	 
	 	1.4500	 	 	 	1.2500	 	 	 	6.5500	 	 	 	3.1500	 	 	 	11.6500	 	 	 	4.1700	 	 	 	16.7500	 	 	 	4.6800	 
	 	1.5500	 	 	 	1.3000	 	 	 	6.6500	 	 	 	3.1750	 	 	 	11.7500	 	 	 	4.1800	 	 	 	16.8500	 	 	 	4.6900	 

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        S-4-1

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  	
                          Aggregate

                        	 	 	 	 	 	
                          Aggregate

                        	 	 	 	 	 	
                          Aggregate

                        	 	 	 	 	 	
                          Aggregate

                        	 	 	 	 
	
                          Industry

                        	 	 	
                          Industry

                        	 	 	
                          Industry

                        	 	 	
                          Industry

                        	 	 	
                          Industry

                        	 	 	
                          Industry

                        	 	 	
                          Industry

                        	 	 	
                          Industry

                        	 
	
                          Equivalent

                        	 	 	
                          Diversity

                        	 	 	
                          Equivalent

                        	 	 	
                          Diversity

                        	 	 	
                          Equivalent

                        	 	 	
                          Diversity

                        	 	 	
                          Equivalent

                        	 	 	
                          Diversity

                        	 
	
                          Unit Score

                        	 	 	
                          Score

                        	 	 	
                          Unit Score

                        	 	 	
                          Score

                        	 	 	
                          Unit Score

                        	 	 	
                          Score

                        	 	 	
                          Unit Score

                        	 	 	
                          Score

                        	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1.6500	 	 	 	1.3500	 	 	 	6.7500	 	 	 	3.2000	 	 	 	11.8500	 	 	 	4.1900	 	 	 	16.9500	 	 	 	4.7000	 
	 	1.7500	 	 	 	1.4000	 	 	 	6.8500	 	 	 	3.2250	 	 	 	11.9500	 	 	 	4.2000	 	 	 	17.0500	 	 	 	4.7100	 
	 	1.8500	 	 	 	1.4500	 	 	 	6.9500	 	 	 	3.2500	 	 	 	12.0500	 	 	 	4.2100	 	 	 	17.1500	 	 	 	4.7200	 
	 	1.9500	 	 	 	1.5000	 	 	 	7.0500	 	 	 	3.2750	 	 	 	12.1500	 	 	 	4.2200	 	 	 	17.2500	 	 	 	4.7300	 
	 	2.0500	 	 	 	1.5500	 	 	 	7.1500	 	 	 	3.3000	 	 	 	12.2500	 	 	 	4.2300	 	 	 	17.3500	 	 	 	4.7400	 
	 	2.1500	 	 	 	1.6000	 	 	 	7.2500	 	 	 	3.3250	 	 	 	12.3500	 	 	 	4.2400	 	 	 	17.4500	 	 	 	4.7500	 
	 	2.2500	 	 	 	1.6500	 	 	 	7.3500	 	 	 	3.3500	 	 	 	12.4500	 	 	 	4.2500	 	 	 	17.5500	 	 	 	4.7600	 
	 	2.3500	 	 	 	1.7000	 	 	 	7.4500	 	 	 	3.3750	 	 	 	12.5500	 	 	 	4.2600	 	 	 	17.6500	 	 	 	4.7700	 
	 	2.4500	 	 	 	1.7500	 	 	 	7.5500	 	 	 	3.4000	 	 	 	12.6500	 	 	 	4.2700	 	 	 	17.7500	 	 	 	4.7800	 
	 	2.5500	 	 	 	1.8000	 	 	 	7.6500	 	 	 	3.4250	 	 	 	12.7500	 	 	 	4.2800	 	 	 	17.8500	 	 	 	4.7900	 
	 	2.6500	 	 	 	1.8500	 	 	 	7.7500	 	 	 	3.4500	 	 	 	12.8500	 	 	 	4.2900	 	 	 	17.9500	 	 	 	4.8000	 
	 	2.7500	 	 	 	1.9000	 	 	 	7.8500	 	 	 	3.4750	 	 	 	12.9500	 	 	 	4.3000	 	 	 	18.0500	 	 	 	4.8100	 
	 	2.8500	 	 	 	1.9500	 	 	 	7.9500	 	 	 	3.5000	 	 	 	13.0500	 	 	 	4.3100	 	 	 	18.1500	 	 	 	4.8200	 
	 	2.9500	 	 	 	2.0000	 	 	 	8.0500	 	 	 	3.5250	 	 	 	13.1500	 	 	 	4.3200	 	 	 	18.2500	 	 	 	4.8300	 
	 	3.0500	 	 	 	2.0333	 	 	 	8.1500	 	 	 	3.5500	 	 	 	13.2500	 	 	 	4.3300	 	 	 	18.3500	 	 	 	4.8400	 
	 	3.1500	 	 	 	2.0667	 	 	 	8.2500	 	 	 	3.5750	 	 	 	13.3500	 	 	 	4.3400	 	 	 	18.4500	 	 	 	4.8500	 
	 	3.2500	 	 	 	2.1000	 	 	 	8.3500	 	 	 	3.6000	 	 	 	13.4500	 	 	 	4.3500	 	 	 	18.5500	 	 	 	4.8600	 
	 	3.3500	 	 	 	2.1333	 	 	 	8.4500	 	 	 	3.6250	 	 	 	13.5500	 	 	 	4.3600	 	 	 	18.6500	 	 	 	4.8700	 
	 	3.4500	 	 	 	2.1667	 	 	 	8.5500	 	 	 	3.6500	 	 	 	13.6500	 	 	 	4.3700	 	 	 	18.7500	 	 	 	4.8800	 
	 	3.5500	 	 	 	2.2000	 	 	 	8.6500	 	 	 	3.6750	 	 	 	13.7500	 	 	 	4.3800	 	 	 	18.8500	 	 	 	4.8900	 
	 	3.6500	 	 	 	2.2333	 	 	 	8.7500	 	 	 	3.7000	 	 	 	13.8500	 	 	 	4.3900	 	 	 	18.9500	 	 	 	4.9000	 
	 	3.7500	 	 	 	2.2667	 	 	 	8.8500	 	 	 	3.7250	 	 	 	13.9500	 	 	 	4.4000	 	 	 	19.0500	 	 	 	4.9100	 
	 	3.8500	 	 	 	2.3000	 	 	 	8.9500	 	 	 	3.7500	 	 	 	14.0500	 	 	 	4.4100	 	 	 	19.1500	 	 	 	4.9200	 
	 	3.9500	 	 	 	2.3333	 	 	 	9.0500	 	 	 	3.7750	 	 	 	14.1500	 	 	 	4.4200	 	 	 	19.2500	 	 	 	4.9300	 
	 	4.0500	 	 	 	2.3667	 	 	 	9.1500	 	 	 	3.8000	 	 	 	14.2500	 	 	 	4.4300	 	 	 	19.3500	 	 	 	4.9400	 
	 	4.1500	 	 	 	2.4000	 	 	 	9.2500	 	 	 	3.8250	 	 	 	14.3500	 	 	 	4.4400	 	 	 	19.4500	 	 	 	4.9500	 
	 	4.2500	 	 	 	2.4333	 	 	 	9.3500	 	 	 	3.8500	 	 	 	14.4500	 	 	 	4.4500	 	 	 	19.5500	 	 	 	4.9600	 
	 	4.3500	 	 	 	2.4667	 	 	 	9.4500	 	 	 	3.8750	 	 	 	14.5500	 	 	 	4.4600	 	 	 	19.6500	 	 	 	4.9700	 
	 	4.4500	 	 	 	2.5000	 	 	 	9.5500	 	 	 	3.9000	 	 	 	14.6500	 	 	 	4.4700	 	 	 	19.7500	 	 	 	4.9800	 
	 	4.5500	 	 	 	2.5333	 	 	 	9.6500	 	 	 	3.9250	 	 	 	14.7500	 	 	 	4.4800	 	 	 	19.8500	 	 	 	4.9900	 
	 	4.6500	 	 	 	2.5667	 	 	 	9.7500	 	 	 	3.9500	 	 	 	14.8500	 	 	 	4.4900	 	 	 	19.9500	 	 	 	5.0000	 
	 	4.7500	 	 	 	2.6000	 	 	 	9.8500	 	 	 	3.9750	 	 	 	14.9500	 	 	 	4.5000	 	 	 	 	 	 	 	 	 
	 	4.8500	 	 	 	2.6333	 	 	 	9.9500	 	 	 	4.0000	 	 	 	15.0500	 	 	 	4.5100	 	 	 	 	 	 	 	 	 
	 	4.9500	 	 	 	2.6667	 	 	 	10.0500	 	 	 	4.0100	 	 	 	15.1500	 	 	 	4.5200	 	 	 	 	 	 	 	 	 

                

              

            

          

        

      

    

    

    
      	
               
      

            	
              (f)

            	
              The
      Diversity Score is then calculated by summing each of the Industry
      Diversity Scores for each Moody’s industry classification group shown on
      Schedule 2.

            

    

     

    
      	
               
      

            	
              (g)

            	
              For
      purposes of calculating the Diversity Score, affiliated issuers in the
      same Industry are deemed to be a single issuer except as otherwise agreed
      to by Moody’s.

            

    
 

    
      
         

      

      
        S-4-2

        
          

        

      

      
         

      

    

    Schedule 5

     

    Moody’s
Rating Definitions

     

    MOODY’S
DEFAULT PROBABILITY RATING

     

    (a)           With
respect to a Collateral Obligation that is a Moody’s Senior Secured Loan or
Participation Interest in a Moody’s Senior Secured Loan, if the obligor of such
Collateral Obligation has a corporate family rating by Moody’s, then such
corporate family rating; and (solely for purposes of determining the Adjusted
Weighted Average Moody's Rating Factor) with respect to a Collateral Obligation
that is a Current Pay Obligation, one subcategory below the facility rating
(whether public or private) of such Current Pay Obligation rated by
Moody's;

     

    (b)           With
respect to a Collateral Obligation that is a Moody’s Senior Secured Loan or
Participation Interest in a Moody’s Senior Secured Loan, if not determined
pursuant to clause (a) above, if such Collateral Obligation (A) is
publicly rated by Moody’s, such public rating, or (B) is not publicly rated
by Moody’s but for which a rating or corporate family rating estimate has been
assigned by Moody’s upon the request of the Issuer or the Collateral Manager,
such rating or the corporate family rating estimate, as applicable;

     

    (c)           With
respect to a Collateral Obligation, if not determined pursuant to clause
(a) or (b) above, (A) if the obligor of such Collateral
Obligation has one or more senior unsecured obligations publicly rated by
Moody’s, then the Moody’s public rating on any such obligation (or, if such
Collateral Obligation is a Moody’s Senior Secured Loan, the Moody’s rating that
is one subcategory higher than the Moody’s public rating on any such senior
unsecured obligation) as selected by the Collateral Manager in its sole
discretion or, if no such rating is available, (B) if such Collateral
Obligation is publicly rated by Moody’s, such public rating or, if no such
rating is available, (C) if a rating or rating estimate has been assigned
to such Collateral Obligation by Moody’s upon the request of the Issuer, the
Collateral Manager or an affiliate of the Collateral Manager, such rating or, in
the case of a rating estimate, the applicable rating estimate for such
obligation or (D) if such Collateral Obligation is a DIP Collateral
Obligation, the Moody’s Derived Rating set forth in clause (a) in the
definition thereof; and

     

    (d)           With
respect to a Collateral Obligation, if not determined pursuant to
clause (a), (b) or (c) above, the Moody’s Derived
Rating.

     

    For
purposes of calculating a Moody’s Default Probability Rating, each applicable
rating on credit watch by Moody’s with positive or negative implication at the
time of calculation will be treated as having been upgraded or downgraded by one
rating subcategory, as the case may be.

     

    MOODY’S
RATING

     

    (a)           With
respect to a Collateral Obligation that (A) is publicly rated by Moody’s,
such public rating, or (B) is not publicly rated by Moody’s but for which a
rating or rating estimate has been assigned by Moody’s (including, without
limitation, any such estimate based on Moody’s RiskCalc; provided that such Collateral
Obligation is eligible for a rating based on Moody’s RiskCalc in accordance with
terms thereof) upon the request of the Issuer or the Collateral Manager, such
rating or, in the case of a rating estimate, the applicable rating estimate for
such obligation.
 

    
      
         

      

      
        S-5-1

        
          

        

      

      
         

      

    

     

    (b)           With
respect to a Collateral Obligation that is a Moody’s Senior Secured Loan or
Participation Interest in a Moody’s Senior Secured Loan (if not determined
pursuant to clause (a) above), if the obligor of such Collateral Obligation
has a corporate family rating by Moody’s, then such corporate family
rating.

     

    (c)           With
respect to a Collateral Obligation, if not determined pursuant to clause
(a) or (b) above, if the obligor of such Collateral Obligation has one
or more senior unsecured obligations publicly rated by Moody’s, then the Moody’s
public rating on any such obligation (or, if such Collateral Obligation is a
Moody’s Senior Secured Loan, the Moody’s rating that is one subcategory higher
than the Moody’s public rating on any such senior unsecured obligation) as
selected by the Collateral Manager in its sole discretion.

     

    (d)           With
respect to a Collateral Obligation, if not determined pursuant to
clause (a), (b) or (c) above, the Moody’s Derived
Rating;

     

    provided that, with respect
to Collateral Obligations the Moody’s Rating of which is determined through
application of Moody’s RiskCalc, (i) such Collateral Obligations, at all times
prior to the end of the Reinvestment Period, shall not represent more than 20%
of the Collateral Principal Amount and (ii) such Collateral Obligations shall
not represent, after the end of the Reinvestment Period, the greater of (x) 20%
of the Collateral Principal Amount  and (y) the aggregate principal
balance of Collateral Obligations included in the Assets which have a Moody’s
Rating previously determined through application of Moody’s RiskCalc; provided further that the Collateral
Manager shall redetermine and report to Moody’s the Moody’s Rating for each
Collateral Obligation determined through application of Moody’s RiskCalc within
30 days after receipt of the annual audited financial statements from the
related Obligor.

     

    For
purposes of calculating a Moody’s Rating, each applicable rating on credit watch
by Moody’s with positive or negative implication at the time of calculation will
be treated as having been upgraded or downgraded by one rating subcategory, as
the case may be.

     

    For
purposes of the definitions of “Moody’s Default Probability Rating”, “Moody’s
Derived Rating” and “Moody’s Rating”, any credit estimate assigned by Moody’s
and any Moody’s RiskCalc rating obtained by the Issuer or Collateral Manager
shall expire one year from the date such estimate was issued; provided that, for purposes
of any calculation under the Indenture, if Moody’s fails to renew for any reason
a credit estimate for a previously acquired Collateral Obligation thereunder on
or before such one-year anniversary (which may be extended at Moody’s option to
the extent the annual audited financial statements for the Obligor have not yet
been received), after the Issuer or the Collateral Manager on the Issuer’s
behalf has submitted to Moody’s all information required to provide such
renewal, (1) the Issuer for a period of 60 days will continue using the previous
credit estimate assigned by Moody’s with respect to such Collateral Obligation
until such time as Moody’s renews the credit estimate for such Collateral
Obligation and (2) after 60 days but before Moody’s renews the credit estimate
for such Collateral Obligation, the Collateral Obligation will be deemed to have
a Moody’s rating of “Caa1”.
 

    
      
         

      

      
        S-5-2

        
          

        

      

      
         

      

    

     

    MOODY’S
DERIVED RATING

     

    With
respect to a Collateral Obligation whose Moody’s Rating or Moody’s Default
Probability Rating cannot otherwise be determined pursuant to the definitions
thereof, such Moody’s Rating or Moody’s Default Probability Rating shall be
determined as set forth below.

     

    
      	
               
      

            	
              (a)

            	
              With
      respect to any DIP Collateral Obligation and (solely for purposes of
      determining the Adjusted Weighted Average Moody’s Rating Factor) any
      Current Pay Obligation, one subcategory below the facility rating (whether
      public or private) of such DIP Collateral Obligation or Current Pay
      Obligation, as applicable, rated by
Moody’s.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      not determined pursuant to clause (a) above, if the obligor of such
      Collateral Obligation has a long-term issuer rating by Moody’s, then such
      long-term issuer rating.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      not determined pursuant to clause (a) or (b) above, if another
      obligation of the obligor is rated by Moody’s, then by adjusting the
      rating of the related Moody’s rated obligations of the related obligor by
      the number of rating sub-categories according to the table
      below:

            

    

     

    
      
        
          
            
              
                	
                        Obligation Category of

                        Rated Obligation

                      	 	
                        Rating of

                        Rated Obligation

                      	 	
                        Number of Subcategories

                        Relative to Rated

                        Obligation Rating

                      
	
                        Senior
      secured obligation

                      	 	
                        greater
      than or equal to B2

                      	 	
                        -1

                      
	
                        Senior
      secured obligation

                      	 	
                        less
      than B2

                      	 	
                        -2

                      
	
                        Subordinated
      obligation

                      	 	
                        greater
      than or equal to B3

                      	 	
                        +1

                      
	
                        Subordinated
      obligation

                      	 	
                        less
      than B3

                      	 	
                        0

                      

              

            

          

        

      

    

    

    
      	
               
      

            	
              (d)

            	
              If
      not determined pursuant to clause (a),  (b) or (c) above,
      if the obligor of such Collateral Obligation has a corporate family rating
      by Moody’s, then one subcategory below such corporate family
      rating.

            

    

     

    
      	
               
      

            	
              (e)

            	
              If
      not determined pursuant to clause (a), (b), (c) or (d) above,
      then by using any one of the methods provided
  below:

            

    

     

    (i)         (A) pursuant
to the table below:

     

    
      
        
          
            
              
                
                  
                    	
                            Type of Collateral Obligation

                          	 	
                            S&P Rating

                            (Public and

                            Monitored)

                          	 	
                            Collateral Obligation

                            Rated by S&P

                          	 	
                            Number of

                            Subcategories Relative

                            to Moody’s Equivalent

                            of S&P Rating

                          
	
                            Not
      Structured Finance Obligation

                          	 	
                            ≥
      “BBB-”

                          	 	
                            Not
      a Loan or Participation Interest in Loan

                          	 	
                            -1

                          
	
                            Not
      Structured Finance Obligation

                          	 	
                            ≤”
      BB+”

                          	 	
                            Not
      a Loan or Participation Interest in Loan

                          	 	
                            -2

                          
	
                            Not
      Structured Finance Obligation

                          	 	 
      	 	
                            Loan
      or Participation Interest in Loan

                          	 	
                            -2

                          

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
        S-5-3

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (B)

            	
              if
      such Collateral Obligation is not rated by S&P but another security or
      obligation of the obligor has a public and monitored rating by S&P (a
      “parallel
      security”), then the rating of such parallel security will at the
      election of the Collateral Manager be determined in accordance with the
      table set forth in subclause (e)(i)(A) above, and the Moody’s
      Rating or Moody’s Default Probability Rating of such Collateral Obligation
      will be determined in accordance with the methodology set forth in clause
      (a) above (for such purposes treating the parallel security as if it
      were rated by Moody’s at the rating determined pursuant to this
      subclause (e)(i)(B)); or

            

    

     

    
      	
               
      

            	
              (C)

            	
              if
      such Collateral Obligation is a DIP Collateral Obligation, no Moody’s
      Rating or Moody’s Default Probability Rating may be determined based on a
      rating by S&P or any other rating
agency;

            

    

     

    (ii)          if
such Collateral Obligation is not rated by Moody’s or S&P and no other
security or obligation of the issuer of such Collateral Obligation is rated by
Moody’s or  S&P, and if Moody’s has been requested by the Issuer,
the Collateral Manager or the issuer of such Collateral Obligation to assign a
rating or rating estimate with respect to such Collateral Obligation but such
rating or rating estimate has not been received, pending receipt of such
estimate, the Moody’s Rating or Moody’s Default Probability Rating of such
Collateral Obligation shall be (1) “B3” if the Collateral Manager certifies
to the Trustee and the Collateral Administrator that the Collateral Manager
believes that such estimate will be at least “B3” and if the Aggregate Principal
Balance of Collateral Obligations determined pursuant to this
clause (ii) does not exceed 5% of the Collateral Principal Amount of
all Collateral Obligations or (2) otherwise, “Caa1”.

     

    For
purposes of calculating a Moody’s Derived Rating, each applicable rating on
credit watch by Moody’s with positive or negative implication at the time of
calculation will be treated as having been upgraded or downgraded by one rating
subcategory, as the case may be.

     

    MOODY’S
SENIOR SECURED LOAN

     

    (a)           A
loan that:

     

    (i)           is
not (and cannot by its terms become) subordinate in right of payment to any
other debt obligation of the Obligor of the loan;
 

    
      
         

      

      
        S-5-4

        
          

        

      

      
         

      

    

    (ii)          (x) is
secured by a valid first priority perfected security interest or lien in, to or
on specified collateral securing the Obligor’s obligations under the loan and
(y) such specified collateral does not consist entirely of equity
securities or common stock; provided that any loan that
would be considered a Moody’s Senior Secured Loan but for
clause (y) above shall be considered a Moody’s Senior Secured Loan if
it is a loan made to a parent entity and as to which the Collateral Manager
determines in good faith that the value of the common stock of the subsidiary
(or other equity interests in the subsidiary) securing such loan at or
about the time of acquisition of such loan by the Issuer has a value that is at
least equal to the outstanding principal balance of such loan and the
outstanding principal balances of any other obligations of such parent entity
that are pari passu
with such loan, which value may include, among other things, the enterprise
value of such subsidiary of such parent entity; and

     

    (iii)          the
value of the collateral securing the loan together with other attributes of the
Obligor (including, without limitation, its general financial condition, ability
to generate cash flow available for debt service and other demands for that cash
flow) is adequate (in the commercially reasonable judgment of the
Collateral Manager) to repay the loan in accordance with its terms and to
repay all other loans of equal seniority secured by a first lien or security
interest in the same collateral; or

     

    (b)           a
loan that:

     

    (i)           is
not (and cannot by its terms become) subordinate in right of payment to any
other debt obligation of the Obligor of the loan, except that such loan can be
subordinate with respect to the liquidation of such obligor or the collateral
for such loan;

     

    (ii)          with
respect to such liquidation, is secured by a valid perfected security interest
or lien that is not a first priority in, to or on specified collateral securing
the Obligor’s obligations under the loan;

     

    (iii)         the
value of the collateral securing the loan together with other attributes of the
Obligor (including, without limitation, its general financial condition, ability
to generate cash flow available for debt service and other demands for that cash
flow) is adequate (in the commercially reasonable judgment of the
Collateral Manager) to repay the loan in accordance with its terms and to
repay all other loans of equal or higher seniority secured in the same
collateral); and

     

    (iv)         (x)
has a Moody’s facility rating and the obligor of such loan has a Moody’s
corporate family rating and (y) such Moody’s facility rating is not lower than
such Moody’s corporate family rating; and

     

    (c)           the
loan is not:

     

    (i)           a
DIP Collateral Obligation; or

     

    (ii)          a
loan for which the security interest or lien (or the validity or effectiveness
thereof) in substantially all of its collateral attaches, becomes
effective, or otherwise “springs” into existence after the origination
thereof.
 

    
      
         

      

      
        S-5-5

        
          

        

      

      
         

      

    

    Schedule 6

     

    S&P
RECOVERY RATE TABLES

     

    1.

     

    (a)           (i)  If
a Collateral Obligation has an S&P Recovery Rating, or is pari passu with another
obligation of the same obligor that has an S&P Recovery Rating and is
secured by the same collateral as such other obligation, the S&P Recovery
Rate for such Collateral Obligation shall be determined as follows:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    S&P Recovery

                                                    Rating

                                                    of a Collateral

                                                    Obligation

                                                  	 	
                                                    Initial Liability Rating

                                                  	 
	 
      	 	
                                                    “AAA”

                                                  	 	
                                                    “AA”

                                                  	 	
                                                    “A”

                                                  	 	
                                                    “BBB”

                                                  	 	
                                                    “BB”

                                                  	 	
                                                    “B”
      and below

                                                  	 
	
                                                    1+

                                                  	 	
                                                    75%

                                                  	 	
                                                    85%

                                                  	 	
                                                    88%

                                                  	 	
                                                    90%

                                                  	 	
                                                    92%

                                                  	 	
                                                    95%

                                                  	 
	
                                                    1

                                                  	 	
                                                    65%

                                                  	 	
                                                    75%

                                                  	 	
                                                    80%

                                                  	 	
                                                    85%

                                                  	 	
                                                    90%

                                                  	 	
                                                    95%

                                                  	 
	
                                                    2

                                                  	 	
                                                    50%

                                                  	 	
                                                    60%

                                                  	 	
                                                    66%

                                                  	 	
                                                    73%

                                                  	 	
                                                    79%

                                                  	 	
                                                    85%

                                                  	 
	
                                                    3

                                                  	 	
                                                    30%

                                                  	 	
                                                    40%

                                                  	 	
                                                    46%

                                                  	 	
                                                    53%

                                                  	 	
                                                    59%

                                                  	 	
                                                    65%

                                                  	 
	
                                                    4

                                                  	 	
                                                    20%

                                                  	 	
                                                    26%

                                                  	 	
                                                    33%

                                                  	 	
                                                    39%

                                                  	 	
                                                    43%

                                                  	 	
                                                    45%

                                                  	 
	
                                                    5

                                                  	 	
                                                    5%

                                                  	 	
                                                    10%

                                                  	 	
                                                    15%

                                                  	 	
                                                    20%

                                                  	 	
                                                    23%

                                                  	 	
                                                    25%

                                                  	 
	
                                                    6

                                                  	 	
                                                    2%

                                                  	 	
                                                    4%

                                                  	 	
                                                    6%

                                                  	 	
                                                    8%

                                                  	 	
                                                    10%

                                                  	 	
                                                    10%

                                                  	 
	 
      	 	
                                                    Recovery
      rate

                                                  	 

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      	
               
      

            	
              (ii)

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

            

    

     

    For
Collateral Obligations Domiciled in Group A

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      	
                                                              S&P Recovery

                                                              Rating

                                                              of the Senior

                                                              Secured

                                                              Debt Instrument

                                                            	 	
                                                              Initial Liability Rating

                                                            	 
	 
      	 	
                                                              “AAA”

                                                            	 	
                                                              “AA”

                                                            	 	
                                                              “A”

                                                            	 	
                                                              “BBB”

                                                            	 	
                                                              “BB”

                                                            	 	
                                                              “B”
      and below

                                                            	 
	
                                                              1+

                                                            	 	
                                                              18%

                                                            	 	
                                                              20%

                                                            	 	
                                                              23%

                                                            	 	
                                                              26%

                                                            	 	
                                                              29%

                                                            	 	
                                                              31%

                                                            	 
	
                                                              1

                                                            	 	
                                                              18%

                                                            	 	
                                                              20%

                                                            	 	
                                                              23%

                                                            	 	
                                                              26%

                                                            	 	
                                                              29%

                                                            	 	
                                                              31%

                                                            	 
	
                                                              2

                                                            	 	
                                                              18%

                                                            	 	
                                                              20%

                                                            	 	
                                                              23%

                                                            	 	
                                                              26%

                                                            	 	
                                                              29%

                                                            	 	
                                                              31%

                                                            	 
	
                                                              3

                                                            	 	
                                                              12%

                                                            	 	
                                                              15%

                                                            	 	
                                                              18%

                                                            	 	
                                                              21%

                                                            	 	
                                                              22%

                                                            	 	
                                                              23%

                                                            	 

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
        S-6-1

        
          

        

      

      
         

      

    

     

    
      	
              S&P Recovery

              Rating

              of the Senior

              Secured

              Debt Instrument

            	 	
              Initial Liability Rating

            	 
	 
      	 	
              “AAA”

            	 	
              “AA”

            	 	
              “A”

            	 	
              “BBB”

            	 	
              “BB”

            	 	
              “B”
      and below

            	 

    

    
      	
              4

            	 	
              5%

            	 	
              8%

            	 	
              11%

            	 	
              13%

            	 	
              14%

            	 	
              15%

            	 
	
              5

            	 	
              2%

            	 	
              4%

            	 	
              6%

            	 	
              8%

            	 	
              9%

            	 	
              10%

            	 
	
              6

            	 	
              -%

            	 	
              -%

            	 	
              -%

            	 	
              -%

            	 	
              -%

            	 	
              -%

            	 
	 
      	 	
              Recovery
      rate

            	 

    

      

    For
Collateral Obligations Domiciled in Group B

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    S&P Recovery

                                                    Rating

                                                    of the Senior

                                                    Secured

                                                    Debt Instrument

                                                  	 	
                                                    Initial Liability Rating

                                                  	 
	 
      	 	
                                                    “AAA”

                                                  	 	
                                                    “AA”

                                                  	 	
                                                    “A”

                                                  	 	
                                                    “BBB”

                                                  	 	
                                                    “BB”

                                                  	 	
                                                    “B”
      and below

                                                  	 
	
                                                    1+

                                                  	 	
                                                    16%

                                                  	 	
                                                    18%

                                                  	 	
                                                    21%

                                                  	 	
                                                    24%

                                                  	 	
                                                    27%

                                                  	 	
                                                    29%

                                                  	 
	
                                                    1

                                                  	 	
                                                    16%

                                                  	 	
                                                    18%

                                                  	 	
                                                    21%

                                                  	 	
                                                    24%

                                                  	 	
                                                    27%

                                                  	 	
                                                    29%

                                                  	 
	
                                                    2

                                                  	 	
                                                    16%

                                                  	 	
                                                    18%

                                                  	 	
                                                    21%

                                                  	 	
                                                    24%

                                                  	 	
                                                    27%

                                                  	 	
                                                    29%

                                                  	 
	
                                                    3

                                                  	 	
                                                    10%

                                                  	 	
                                                    13%

                                                  	 	
                                                    15%

                                                  	 	
                                                    18%

                                                  	 	
                                                    19%

                                                  	 	
                                                    20%

                                                  	 
	
                                                    4

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 
	
                                                    5

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 
	
                                                    6

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 
	 
      	 	
                                                    Recovery
      rate

                                                  	 

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    For
Collateral Obligations Domiciled in Group C

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    S&P Recovery

                                                    Rating

                                                    of the Senior

                                                    Secured

                                                    Debt Instrument

                                                  	 	
                                                    Initial Liability Rating

                                                  	 
	 
      	 	
                                                    “AAA”

                                                  	 	
                                                    “AA”

                                                  	 	
                                                    “A”

                                                  	 	
                                                    “BBB”

                                                  	 	
                                                    “BB”

                                                  	 	
                                                    “B”
      and below

                                                  	 
	
                                                    1+

                                                  	 	
                                                    13%

                                                  	 	
                                                    16%

                                                  	 	
                                                    18%

                                                  	 	
                                                    21%

                                                  	 	
                                                    23%

                                                  	 	
                                                    25%

                                                  	 
	
                                                    1

                                                  	 	
                                                    13%

                                                  	 	
                                                    16%

                                                  	 	
                                                    18%

                                                  	 	
                                                    21%

                                                  	 	
                                                    23%

                                                  	 	
                                                    25%

                                                  	 
	
                                                    2

                                                  	 	
                                                    13%

                                                  	 	
                                                    16%

                                                  	 	
                                                    18%

                                                  	 	
                                                    21%

                                                  	 	
                                                    23%

                                                  	 	
                                                    25%

                                                  	 
	
                                                    3

                                                  	 	
                                                    8%

                                                  	 	
                                                    11%

                                                  	 	
                                                    13%

                                                  	 	
                                                    15%

                                                  	 	
                                                    16%

                                                  	 	
                                                    17%

                                                  	 
	
                                                    4

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 
	
                                                    5

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 
	
                                                    6

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 
	 
      	 	
                                                    Recovery
      rate

                                                  	 

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
        S-6-2

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (iii)

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

            

    

     

    For
Collateral Obligations Domiciled in Groups A, B and C

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    S&P Recovery

                                                    Rating

                                                    of the Senior

                                                    Secured

                                                    Debt Instrument

                                                  	 	
                                                    Initial Liability Rating

                                                  	 
	 
      	 	
                                                    “AAA”

                                                  	 	
                                                    “AA”

                                                  	 	
                                                    “A”

                                                  	 	
                                                    “BBB”

                                                  	 	
                                                    “BB”

                                                  	 	
                                                    “B”
      and below

                                                  	 
	
                                                    1+

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 
	
                                                    1

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 
	
                                                    2

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 	
                                                    8%

                                                  	 
	
                                                    3

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 	
                                                    5%

                                                  	 
	
                                                    4

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 	
                                                    2%

                                                  	 
	
                                                    5

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 
	
                                                    6

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 	
                                                    -%

                                                  	 
	 
      	 	
                                                    Recovery
      rate

                                                  	 

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

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

     

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

     

    
      	
              Priority Category

            	 
      	
              Initial Liability Rating

            	 
	 
      	 
      	
              “AAA”

            	 
      	
              “AA”

            	 
      	
              “A”

            	 
      	
              “BBB”

            	 
      	
              “BB”

            	 
      	
              “B”
      and “CCC”

            	 
	
              Senior
      Secured Loans

            	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
	
              Group
      A

            	 
      	
              50%

            	 
      	
              55%

            	 
      	
              59%

            	 
      	
              63%

            	 
      	
              75%

            	 
      	
              79%

            	 
	
              Group
      B

            	 
      	
              45%

            	 
      	
              49%

            	 
      	
              53%

            	 
      	
              58%

            	 
      	
              70%

            	 
      	
              74%

            	 
	
              Group
      C

            	 
      	
              39%

            	 
      	
              42%

            	 
      	
              46%

            	 
      	
              49%

            	 
      	
              60%

            	 
      	
              63%

            	 
	
              Group
      D

            	 
      	
              17%

            	 
      	
              19%

            	 
      	
              27%

            	 
      	
              29%

            	 
      	
              31%

            	 
      	
              34%

            	 

    
  

    
      
         

      

      
        S-6-3

        
          

        

      

      
         

      

    

    
    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Priority Category

                                                	 
      	
                                                  Initial Liability Rating

                                                	 
	 
      	 
      	
                                                  “AAA”

                                                	 
      	
                                                  “AA”

                                                	 
      	
                                                  “A”

                                                	 
      	
                                                  “BBB”

                                                	 
      	
                                                  “BB”

                                                	 
      	
                                                  “B”
      and “CCC”

                                                	 
	
                                                  Senior
      Secured Loans (Cov-Lite Loans)

                                                	 
      	 
      	 
	
                                                  Group
      A

                                                	 
      	
                                                  41%

                                                	 
      	
                                                  46%

                                                	 
      	
                                                  49%

                                                	 
      	
                                                  53%

                                                	 
      	
                                                  63%

                                                	 
      	
                                                  67%

                                                	 
	
                                                  Group
      B

                                                	 
      	
                                                  37%

                                                	 
      	
                                                  41%

                                                	 
      	
                                                  44%

                                                	 
      	
                                                  49%

                                                	 
      	
                                                  59%

                                                	 
      	
                                                  62%

                                                	 
	
                                                  Group
      C

                                                	 
      	
                                                  32%

                                                	 
      	
                                                  35%

                                                	 
      	
                                                  39%

                                                	 
      	
                                                  41%

                                                	 
      	
                                                  50%

                                                	 
      	
                                                  53%

                                                	 
	
                                                  Group
      D

                                                	 
      	
                                                  17%

                                                	 
      	
                                                  19%

                                                	 
      	
                                                  27%

                                                	 
      	
                                                  29%

                                                	 
      	
                                                  31%

                                                	 
      	
                                                  34%

                                                	 
	
                                                  Senior
      unsecured loans

                                                	 
      	 
      	 
      	 
      	 
      	 
      	 
	
                                                  Group
      A

                                                	 
      	
                                                  18%

                                                	 
      	
                                                  20%

                                                	 
      	
                                                  23%

                                                	 
      	
                                                  26%

                                                	 
      	
                                                  29%

                                                	 
      	
                                                  31%

                                                	 
	
                                                  Group
      B

                                                	 
      	
                                                  16%

                                                	 
      	
                                                  18%

                                                	 
      	
                                                  21%

                                                	 
      	
                                                  24%

                                                	 
      	
                                                  27%

                                                	 
      	
                                                  29%

                                                	 
	
                                                  Group
      C

                                                	 
      	
                                                  13%

                                                	 
      	
                                                  16%

                                                	 
      	
                                                  18%

                                                	 
      	
                                                  21%

                                                	 
      	
                                                  23%

                                                	 
      	
                                                  25%

                                                	 
	
                                                  Group
      D

                                                	 
      	
                                                  10%

                                                	 
      	
                                                  12%

                                                	 
      	
                                                  14%

                                                	 
      	
                                                  16%

                                                	 
      	
                                                  18%

                                                	 
      	
                                                  20%

                                                	 
	
                                                  Subordinated
      loans

                                                	 
      	 
      	 
      	 
      	 
      	 
      	 
	
                                                  Group
      A

                                                	 
      	
                                                  8%

                                                	 
      	
                                                  8%

                                                	 
      	
                                                  8%

                                                	 
      	
                                                  8%

                                                	 
      	
                                                  8%

                                                	 
      	
                                                  8%

                                                	 
	
                                                  Group
      B

                                                	 
      	
                                                  10%

                                                	 
      	
                                                  10%

                                                	 
      	
                                                  10%

                                                	 
      	
                                                  10%

                                                	 
      	
                                                  10%

                                                	 
      	
                                                  10%

                                                	 
	
                                                  Group
      C

                                                	 
      	
                                                  9%

                                                	 
      	
                                                  9%

                                                	 
      	
                                                  9%

                                                	 
      	
                                                  9%

                                                	 
      	
                                                  9%

                                                	 
      	
                                                  9%

                                                	 
	
                                                  Group
      D

                                                	 
      	
                                                  5%

                                                	 
      	
                                                  5%

                                                	 
      	
                                                  5%

                                                	 
      	
                                                  5%

                                                	 
      	
                                                  5%

                                                	 
      	
                                                  5%

                                                	 
	 
      	
                                                    

                                                	
                                                  Recovery
      rate

                                                	 

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      	
              Group
      A:  Australia, Denmark, Finland, Hong Kong, Ireland, The
      Netherlands, New Zealand, Norway, Singapore, Sweden, U.K.

              Group
      B:  Austria, Belgium, Canada, Germany, Israel, Japan,
      Luxembourg, Portugal, South Africa, Switzerland, U.S.

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

              Group
      D: Kazakhstan, Russia, Ukraine,
others

            

    
 

    
      
         

      

      
        S-6-4

        
          

        

      

      
         

      

    

     

    2.           S&P
CDO Monitor

     

    
      
        
          
            
              	
                      
                        Liability

                        Rating

                      

                    	 
      	
                      
                        “AAA”

                      

                    	 
      	
                      
                        “AA”

                      

                    
	
                      
                        Weighted

                      

                    	 
      	
                      43.00%

                    	 
      	
                      46.90%

                    
	
                      
                        Average

                      

                    	 
      	
                      43.55%

                    	 
      	
                      47.45%

                    
	
                      
                        S&P

                      

                    	 
      	
                      44.00%

                    	 
      	
                      47.90%

                    
	
                      
                        Recovery

                      

                    	 
      	
                      44.50%

                    	 
      	
                      48.45%

                    
	
                      
                        Rate

                      

                    	 
      	
                      45.00%

                    	 
      	
                      49.00%

                    

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Weighted

                                  	 	
                                    4.00%

                                  
	
                                    Average

                                  	 	
                                    4.10%

                                  
	
                                    Floating

                                  	 	
                                    4.20%

                                  
	
                                    Spread

                                  	 	
                                    4.30%

                                  
	 
      	 	
                                    4.40%

                                  
	 
      	 	
                                    4.50%

                                  
	 
      	 	
                                    4.60%

                                  
	 
      	 	
                                    4.70%

                                  
	 
      	 	
                                    4.80%

                                  
	 
      	 	
                                    4.90%

                                  
	 
      	 	
                                    5.00%

                                  
	 
      	 	
                                    5.10%

                                  
	 
      	 	
                                    5.20%

                                  
	 
      	 	
                                    5.30%

                                  
	 
      	 	
                                    5.40%

                                  
	 
      	 	
                                    5.50%

                                  
	 
      	 	
                                    5.60%

                                  
	 
      	 	
                                    5.70%

                                  
	 
      	 	
                                    5.80%

                                  
	 
      	 	
                                    5.90%

                                  
	 
      	 	
                                    6.00%

                                  
	 
      	 	
                                    6.10%

                                  
	 
      	 	
                                    6.20%

                                  
	 
      	 	
                                    6.30%

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Unless
the Collateral Manager otherwise notifies S&P in writing on or prior to the
Effective Date, as of the Effective Date the Collateral Manager will elect the
following Weighted Average S&P Recovery Rates:
 

    
      
         

      

      
        S-6-5

        
          

        

      

      
         

      

    

     

    
      
        	
                
                  Liability

                  Rating

                

              	 
      	
                
                  “AAA”

                

              	 
      	
                
                  “AA”

                

              
	
                
                  Weighted

                  Average

                  S&P

                  Recovery

                  Rate

                

              	
                  

              	
                43.55%

              	
                  

              	
                47.45%

              

      

    

    

    Unless
the Collateral Manager otherwise notifies S&P in writing on or prior to the
Effective Date, as of the Effective Date the Collateral Manager will elect the
following Weighted Average Floating Spread:

     

    
      
        
          
            	
                    
                      Weighted

                      Average

                      S&P

                      Floating

                      Spread

                    

                  	
                      

                  	
                    4.50%

                  

          

        

      

    

    

    For
purposes of calculating the Collateral Quality Test, DIP Collateral Obligations
will be treated as having an S&P Recovery Rate equal to the S&P Recovery
Rate for Senior Secured Loan.

     

      
        
           

        

        
          S-6-6

          
            

          

        

        
           

        

      

    Schedule 7

     

    MOODY’S
RISKCALC CALCULATION

    

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

     

    “Moody’s Industries” means any
one of the Moody’s industrial classification groups as published by Moody’s from
time to time.

     

    “Pre-Qualifying Conditions”
means, with respect to any Collateral Obligation, conditions that will be
satisfied if the Obligor with respect to the applicable Collateral Obligation
satisfies the following criteria:

     

    1.           the
independent accountants of such Obligor shall have issued a signed, unqualified
audit opinion with respect to the most recent fiscal year financial statements,
including no explanatory paragraph addressing “going concern” or other
issues;

     

    2.           the
Obligor’s EBITDA is equal to or greater than $5,000,000;

     

    3.           the
Obligor’s annual sales are equal to or greater than $10,000,000;

     

    4.           the
Obligor’s book assets are equal to or greater than $10,000,000;

     

    5.           the
Obligor represents not more than 4.0% of the Collateral Principal
Amount;

     

    6.           the
Obligor is a private company with no public rating from Moody’s;

     

    7.           for
the current and prior fiscal year, such Obligor’s:

     

    (c)          EBIT/interest
expense ratio is greater than 1.0:1.0 and 1.25:1.00 with respect to retail
(adjusted for rent expense);

     

    (d)         debt/EBITDA
ratio is less than 6.0:1.0; provided that the debt/EBITDA
ratio is less than 8.0:1.0 for any Collateral Obligations with respect to the
following Moody’s Industries:  (A) Telecommunications (Moody’s
industrial classification group #29), (B) Printing and Publishing (Moody’s
industrial classification group #26) or (C) Broadcasting and Entertainment
(Moody’s industrial classification group #33);

     

    8.           no
greater than 25% of the Obligor’s revenue is generated from any one customer of
the Obligor;
 

    
      
         

      

      
        S-7-1

        
          

        

      

      
         

      

    

     

    9.           no
financial covenants in the Underlying Documents have been modified or waived
within the immediately preceding three month period;

     

    10.         none
of the original terms of the Underlying Documents have been modified or waived
within the immediately preceding three month period; and

     

    11.         the
Obligor is a for-profit operating company in any one of the Moody’s Industries
with the exception of (i) Buildings and Real Estate (Moody’s industrial
classification group #5), (ii) Finance (Moody’s industrial classification group
#14), and (iii) Insurance (Moody’s industrial classification group
#20).

     

    
      	
               
      

            	
              1.

            	
              The
      Collateral Manager shall calculate the .EDF for each of the Collateral
      Obligations to be rated pursuant to this Schedule
      7.  The Collateral Manager shall also provide Moody’s
      with the .EDF and the information necessary to calculate such .EDF upon
      request from Moody’s.  Moody’s shall have the right (in its sole
      discretion) to (i) amend or modify any of the information utilized to
      calculate the .EDF and recalculate the .EDF based upon such revised
      information, in which case such .EDF shall be determined using the table
      in paragraph 2 below in order to determine the applicable Moody’s Rating,
      or (ii) have a Moody’s credit analyst provide a rating estimate for any
      Collateral Obligation rated pursuant to this Schedule 7, in
      which case such rating estimate provided by such credit analyst shall be
      the applicable Moody’s Rating.

            

    

     

    
      	
               
      

            	
              2.

            	
              The
      Moody’s Rating for each Collateral Obligation that satisfies the
      Pre-Qualifying Conditions shall be the lower of (i) the Collateral
      Manager’s internal rating or (ii) the rating based on the .EDF for such
      Collateral Obligation, as determined in accordance with the table
      below:

            

    

     

    
      
        	
                Lowest
      .EDF

              	
                Moody’s
      Rating

              
	
                less
      than or equal to .baa

              	
                Ba3

              
	
                .ba1

              	
                B1

              
	
                .ba2,
      .ba3 or .b1

              	
                B2

              
	
                .b2
      or.b3

              	
                B3

              
	
                .caa

              	
                Caa1

              

      

    

    

    provided that the Moody’s
Rating determined pursuant the chart above will be reduced by an additional
one-half rating subcategory for Collateral Obligations originated in connection
with leveraged buyout transactions.

    

    
      	
               
      

            	
              3.

            	
              The
      Moody’s Recovery Rate for each Collateral Obligation that meets the
      Pre-Qualifying Conditions shall be the lower of (i) the Collateral
      Manager’s internal recovery rate or (ii) the recovery rate as determined
      in accordance with the table below:

            

    

     

    
      
        	
                Type of Collateral Obligation

              	
                Moody’s Recovery Rate

              
	
                U.S.
      or Canadian Obligor

                senior
      secured, first priority, first lien and first out

              	
                50%

              

      

    
 

    
      
         

      

      
        S-7-2

        
          

        

      

      
         

      

    

     

    
      
        	
                Type of Collateral Obligation

              	
                Moody’s Recovery Rate

              
	
                U.S.
      or Canadian Obligor

                second
      lien, first lien and last out, all other senior secured

              	
                40%

              
	
                U.S.
      or Canadian Obligor

                senior
      unsecured

              	
                30%

              
	
                U.S.
      or Canadian Obligor

                senior
      subordinated or junior

                subordinated

              	
                15%

              
	
                Non-U.S.
      Non-Canadian Obligor

                any
      loan

              	
                0%

              

      

    

    

    provided that Moody’s shall
have the right (in its sole discretion) to issue a recovery rate assigned by one
of its credit analysts, in which case such recovery rate provided by such credit
analyst shall be the applicable Moody’s Recovery Rate.

    
      
         

      

      
        S-7-3

        
          

        

      

      
         

      

    

     

    
      EXHIBIT
A

       

      FORMS
OF NOTES

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
A-1

       

      FORM
OF GLOBAL CLASS A NOTE

       

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

      representing

      CLASS A
SENIOR SECURED FLOATING RATE NOTES DUE 2021

       

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

      
        
           

        

        
          A-1-1

          
            

          

        

        
           

        

      

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

       

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

       

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

       

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

      
        
           

        

        
          A-1-2

          
            

          

        

        
           

        

      

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

       

      EACH
HOLDER AND BENEFICIAL OWNER OF THIS NOTE OR AN INTEREST IN THIS NOTE AS OF MARCH
18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS NOTE AFTER MARCH 18, 2012 THAT IS
A “UNITED STATES PERSON” (AS DEFINED IN SECTION 7701(a)(30) OF THE CODE) OR A
UNITED STATES OWNED FOREIGN ENTITY (AS DESCRIBED IN SECTION 1471(d)(3) OF THE
CODE) WILL MAKE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE
DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT (I) IT WILL PROVIDE TO THE
ISSUER AND THE TRUSTEE ITS NAME, ADDRESS, U.S. TAXPAYER IDENTIFICATION NUMBER
AND ANY OTHER INFORMATION THAT THE ISSUER OR THE HOLDER REQUESTS BY MARCH 18,
2012 OR, IF SUCH HOLDER OR BENEFICIAL OWNER ACQUIRES AN INTEREST IN THIS NOTE
AFTER THAT DATE, BY THE DATE IT ACQUIRES SUCH INTEREST AND (II) IT WILL UPDATE
ANY SUCH INFORMATION PROVIDED IN CLAUSE (I) PROMPTLY UPON LEARNING THAT ANY SUCH
INFORMATION PREVIOUSLY PROVIDED HAS BECOME OBSOLETE OR INCORRECT OR IS OTHERWISE
REQUIRED. IN ADDITION, EACH HOLDER AND BENEFICIAL OWNER OF THIS NOTE OR ANY
INTEREST IN THIS NOTE AS OF MARCH 18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS
NOTE AFTER MARCH 18, 2012 WILL MAKE, OR BY ACQUIRING THIS NOTE OR ANY INTEREST
IN THIS NOTE WILL BE DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT IT WILL
PROVIDE TO THE ISSUER AND THE TRUSTEE (X) ANY INFORMATION AS IS NECESSARY (IN
THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE
ISSUER AND THE TRUSTEE TO DETERMINE WHETHER SUCH HOLDER OR BENEFICIAL OWNER IS A
UNITED STATES PERSON OR A UNITED STATES OWNED FOREIGN ENTITY, AND (Y) ANY
ADDITIONAL INFORMATION THAT THE ISSUER OR ITS AGENT REQUESTS IN CONNECTION WITH
SECTIONS 1471- 1474 OF THE CODE. EACH SUCH HOLDER AND BENEFICIAL OWNER WILL
AGREE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE BE DEEMED TO AGREE,
THAT THE ISSUER MAY PROVIDE SUCH INFORMATION AND ANY OTHER INFORMATION REGARDING
ITS INVESTMENT IN THE NOTES TO THE U.S. INTERNAL REVENUE SERVICE. THE ISSUER HAS
THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY BENEFICIAL OWNER OF AN INTEREST IN
A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS TO SELL ITS INTEREST
IN SUCH NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH
OWNER.

      
        
           

        

        
          A-1-3

          
            

          

        

        
           

        

      

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

       

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

       

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

       

        
          

        

      

      1 For
Regulation S Notes only.

      
        
           

        

        
          A-1-4

          
            

          

        

        
           

        

      

      GOLUB
CAPITAL BDC 2010-1 LLC

       

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

      representing

      CLASS A
SENIOR SECURED FLOATING RATE NOTES DUE 2021

       

      
        	
                A/[R][S]-1

              	
                [DATE]

              
	 
      	 
      
	
                CUSIP
      No.:  [38172YAA5]2
      [U38257AA6]3

              	
                Up
      to U.S.$174,000,000

              

      

       

      ISIN
No.:  [US38172YAA55]4
[USU38257AA68]5

       

      GOLUB
CAPITAL BDC 2010-1 LLC, a Delaware limited liability company (the “Issuer”), for value
received, hereby promises to pay to CEDE & CO. or its registered assigns,
upon presentation and surrender of this Note (except as otherwise permitted by
the Indenture referred to below), the principal sum as indicated on Schedule A
hereto on July 20, 2021 (the “Stated Maturity”)
except as provided below and in the Indenture.  The obligations of the
Issuer under this Class A Note and the Indenture are limited recourse
obligations of the Issuer payable solely from the Assets in accordance with the
Indenture, and following realization of the Assets in accordance with the
Indenture, all claims of Noteholders shall be extinguished and shall not
thereafter revive.

       

      The
Issuer promises to pay interest, if any, on the 20th day of January, April, July
and October in each year, commencing January, 2011 (or, if any such day is not a
Business Day, the next succeeding Business Day), at the rate equal to LIBOR plus
2.40% per annum on the Aggregate Outstanding Amount hereof until the principal
hereof is paid or duly provided for.  Interest shall be computed on
the basis of the actual number of days elapsed in the applicable Interest
Accrual Period divided by 360.  The interest so payable on any Payment
Date will, as provided in the Indenture, be paid to the Person in whose name
this Class A Note (or one or more predecessor Notes) is registered at the close
of business on the Record Date for such interest, which shall be the fifteenth
day (whether or not a Business Day) prior to such Payment Date.

       

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

       

        
          

        

      

      
        2 Rule
144A Global Class A Note.

      

       

      
        3
Regulation S Global Class A Note.

      

       

      
        4 Rule
144A Global Class A Note.

      

       

      5
Regulation S Global Class A Note.

      
        
           

        

        
          A-1-5

          
            

          

        

        
           

        

      

       

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

       

      This Note
is one of a duly authorized issue of Class A Senior Secured Floating Rate Notes
due 2021 (the “Class A
Notes” and, together with the other classes of Notes issued under the
Indenture, the “Notes”) issued and to
be issued under an indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as trustee (the “Trustee”, which term
includes any successor trustee as permitted under the
Indenture).  Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer, the
Trustee and the Holders of the Notes and the terms upon which the Notes are, and
are to be, authenticated and delivered.

       

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

       

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

       

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

       

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

       

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

       

      
        
           

        

        
          A-1-6

          
            

          

        

        
           

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      -
signature page follows -

       

      
        
           

        

        
          A-1-7

          
            

          

        

        
           

        

      

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

       

      
        
          	
                  GOLUB
      CAPITAL BDC 2010-1 LLC

                
	 
      	 
      	 
      
	
                  By:

                	
                  Golub
      Capital BDC, Inc., its designated manager

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                    

                
	 
      	
                  Name:

                	 
      
	 
      	
                  Title:

                	 
      

        

      

      
        
           

        

        
          A-1-8

          
            

          

        

        
           

        

      

      

      CERTIFICATE
OF AUTHENTICATION

       

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

       

      
        
          	
                  U.S.
      BANK NATIONAL ASSOCIATION,

                
	
                  as
      Trustee

                
	 
      	 
      
	
                  By:

                	
                    

                
	 
      	
                  Authorized
      Signatory

                

        

      

      
        
           

        

        
          A-1-9

          
            

          

        

        
           

        

      

      SCHEDULE
A

       

      SCHEDULE OF EXCHANGES OR
REDEMPTIONS

       

      The
outstanding principal amount of the Class A Notes represented by this [Rule
144A][Regulation S] Global Secured Note on the Closing Date is
U.S.$174,000,000.  The following exchanges, redemptions of or increase
in the whole or a part of the Class A Notes represented by this [Rule
144A][Regulation S] Global Secured Note have been made:

       

      
        
          
            	
                    Date exchange/

                    increase made

                  	 
      	
                    Original principal

                    amount of this [Rule

                    144A][Regulation S]

                    Global Secured Note

                  	 
      	
                    Part of principal

                    amount of this [Rule

                    144A][Regulation S]

                    Global Secured Note

                    exchanged/redeemed/

                    increased

                  	 
      	
                    Remaining principal

                    amount of this [Rule

                    144A][Regulation S]

                    Global Secured Note

                    following such

                    exchange/redemption/

                    increase

                  	 
      	
                    Notation made by

                    or on behalf of the

                    Issuer

                  
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                      

                  	 
      	
                      

                  	 
      	
                      

                  	 
      	
                      

                  	 
      

          

        

      

       

      
        
           

        

        
          A-1-10

          
            

          

        

        
           

        

      

      EXHIBIT
A-2

       

      FORM
OF GLOBAL CLASS B NOTE

       

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

      representing

      CLASS B
SENIOR SECURED FLOATING RATE NOTES DUE 2021

       

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

      
        
           

        

        
          A-2-1

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

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

      
        
           

        

        
          A-2-2

          
            

          

        

        
           

        

      

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

       

      EACH
HOLDER AND BENEFICIAL OWNER OF THIS NOTE OR AN INTEREST IN THIS NOTE AS OF MARCH
18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS NOTE AFTER MARCH 18, 2012 THAT IS
A “UNITED STATES PERSON” (AS DEFINED IN SECTION 7701(a)(30) OF THE CODE) OR A
UNITED STATES OWNED FOREIGN ENTITY (AS DESCRIBED IN SECTION 1471(d)(3) OF THE
CODE) WILL MAKE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE
DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT (I) IT WILL PROVIDE TO THE
ISSUER AND THE TRUSTEE ITS NAME, ADDRESS, U.S. TAXPAYER IDENTIFICATION NUMBER
AND ANY OTHER INFORMATION THAT THE ISSUER OR THE HOLDER REQUESTS BY MARCH 18,
2012 OR, IF SUCH HOLDER OR BENEFICIAL OWNER ACQUIRES AN INTEREST IN THIS NOTE
AFTER THAT DATE, BY THE DATE IT ACQUIRES SUCH INTEREST AND (II) IT WILL UPDATE
ANY SUCH INFORMATION PROVIDED IN CLAUSE (I) PROMPTLY UPON LEARNING THAT ANY SUCH
INFORMATION PREVIOUSLY PROVIDED HAS BECOME OBSOLETE OR INCORRECT OR IS OTHERWISE
REQUIRED. IN ADDITION, EACH HOLDER AND BENEFICIAL OWNER OF THIS NOTE OR ANY
INTEREST IN THIS NOTE AS OF MARCH 18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS
NOTE AFTER MARCH 18, 2012 WILL MAKE, OR BY ACQUIRING THIS NOTE OR ANY INTEREST
IN THIS NOTE WILL BE DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT IT WILL
PROVIDE TO THE ISSUER AND THE TRUSTEE (X) ANY INFORMATION AS IS NECESSARY (IN
THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE
ISSUER AND THE TRUSTEE TO DETERMINE WHETHER SUCH HOLDER OR BENEFICIAL OWNER IS A
UNITED STATES PERSON OR A UNITED STATES OWNED FOREIGN ENTITY, AND (Y) ANY
ADDITIONAL INFORMATION THAT THE ISSUER OR ITS AGENT REQUESTS IN CONNECTION WITH
SECTIONS 1471- 1474 OF THE CODE. EACH SUCH HOLDER AND BENEFICIAL OWNER WILL
AGREE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE BE DEEMED TO AGREE,
THAT THE ISSUER MAY PROVIDE SUCH INFORMATION AND ANY OTHER INFORMATION REGARDING
ITS INVESTMENT IN THE NOTES TO THE U.S. INTERNAL REVENUE SERVICE. THE ISSUER HAS
THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY BENEFICIAL OWNER OF AN INTEREST IN
A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS TO SELL ITS INTEREST
IN SUCH NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH
OWNER.

      
        
           

        

        
          A-2-3

          
            

          

        

        
           

        

      

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

       

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

       

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

       

        
          

        

      

      6 For
Regulation S Notes only.

      
        
           

        

        
          A-2-4

          
            

          

        

        
           

        

      

      GOLUB
CAPITAL BDC 2010-1 LLC

       

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

      representing

      CLASS B
SENIOR SECURED FLOATING RATE NOTES DUE 2021

       

      
        	
                B/[R][S]-1

              	
                [DATE]

              
	 
      	 
      
	
                CUSIP
      No.:  [38172YAC1]7
      [U38257AB4]8

              	
                Up
      to U.S.$10,000,000

              

      

      

      ISIN
No.:  [US38172YAC12]9
[USU38257AB42]10

       

      GOLUB
CAPITAL BDC 2010-1 LLC, a Delaware limited liability company (the “Issuer”), for value
received, hereby promises to pay to CEDE & CO. or its registered assigns,
upon presentation and surrender of this Note (except as otherwise permitted by
the Indenture referred to below), the principal sum as indicated on Schedule A
hereto on July 20, 2021 (the “Stated Maturity”)
except as provided below and in the Indenture.  The obligations of the
Issuer under this Class B Note and the Indenture are limited recourse
obligations of the Issuer payable solely from the Assets in accordance with the
Indenture, and following realization of the Assets in accordance with the
Indenture, all claims of Noteholders shall be extinguished and shall not
thereafter revive.

       

      The
Issuer promises to pay interest, if any, on the 20th day of January, April, July
and October in each year, commencing January, 2011 (or, if any such day is not a
Business Day, the next succeeding Business Day), at the rate equal to LIBOR plus
2.40% per annum on the Aggregate Outstanding Amount hereof until the principal
hereof is paid or duly provided for.  Interest shall be computed on
the basis of the actual number of days elapsed in the applicable Interest
Accrual Period divided by 360.  The interest so payable on any Payment
Date will, as provided in the Indenture, be paid to the Person in whose name
this Class B Note (or one or more predecessor Notes) is registered at the close
of business on the Record Date for such interest, which shall be the fifteenth
day (whether or not a Business Day) prior to such Payment Date.

       

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

       

        
          

        

      

      
        7 Rule
144A Global Class B Note.

      

       

      
        8
Regulation S Global Class B Note.

      

       

      
        9 Rule
144A Global Class B Note.

      

       

      
        10
Regulation S Global Class B Note.

      

      
        
           

        

        
          A-2-5

          
            

          

        

        
           

        

      

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

       

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

       

      This Note
is one of a duly authorized issue of Class B Senior Secured Floating Rate Notes
due 2021 (the “Class B
Notes” and, together with the other classes of Notes issued under the
Indenture, the “Notes”) issued and to
be issued under an indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as trustee (the “Trustee”, which term
includes any successor trustee as permitted under the
Indenture).  Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer, the
Trustee and the Holders of the Notes and the terms upon which the Notes are, and
are to be, authenticated and delivered.

       

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

       

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

       

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

       

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

       

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

       

      
        
           

        

        
          A-2-6

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

      
        
           

        

        
          A-2-7

          
            

          

        

        
           

        

      

       

      - signature page follows
-

      
        
           

        

        
          A-2-8

          
            

          

        

        
           

        

      

      

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

       

      
        
          	
                  GOLUB
      CAPITAL BDC 2010-1 LLC

                
	 
      	 
      
	
                  By:

                	
                  Golub
      Capital BDC, Inc., its designated manager

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                    

                
	 
      	
                  Name:

                	 
      
	 
      	
                  Title:

                	 
      

        

      

      
        
           

        

        
          A-2-9

          
            

          

        

        
           

        

      

      

      CERTIFICATE
OF AUTHENTICATION

       

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

       

      
        
          	
                  U.S.
      BANK NATIONAL ASSOCIATION,

                
	
                  as
      Trustee

                
	 
      	 
      
	
                  By:

                	
                    

                
	 
      	
                  Authorized
      Signatory

                

        

      

      
        
           

        

        
          A-2-10

          
            

          

        

        
           

        

      

      SCHEDULE
A

       

      SCHEDULE OF EXCHANGES OR
REDEMPTIONS

       

      The
outstanding principal amount of the Class B Notes represented by this [Rule
144A][Regulation S] Global Secured Note on the Closing Date is U.S.$10,000,000.
The following exchanges, redemptions of or increase in the whole or a part of
the Class B Notes represented by this [Rule 144A][Regulation S] Global Secured
Note have been made:

       

      
        
          
            	
                    Date exchange/

                    increase made

                  	 
      	
                    Original principal

                    amount of this [Rule

                    144A][Regulation S]

                    Global Secured Note

                  	 
      	
                    Part of principal

                    amount of this [Rule

                    144A][Regulation S]

                    Global Secured Note

                    exchanged/redeemed/

                    increased

                  	 
      	
                    Remaining principal

                    amount of this [Rule

                    144A][Regulation S]

                    Global Secured Note

                    following such

                    exchange/redemption/

                    increase

                  	 
      	
                    Notation made by

                    or on behalf of the

                    Issuer

                  
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                      

                  	 
      	
                      

                  	 
      	
                      

                  	 
      	
                      

                  	 
      

          

        

      

       

      
        
           

        

        
          A-2-11

          
            

          

        

        
           

        

      

      EXHIBIT
A-3

       

      FORM
OF CERTIFICATED SUBORDINATED NOTE

       

      CERTIFICATED
SUBORDINATED NOTE

       

      SUBORDINATED
NOTES DUE 2021

       

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

       

      
        
           

        

        
          A-3-1

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

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

       

      
        
           

        

        
          A-3-2

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

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

       

      
        
           

        

        
          A-3-3

          
            

          

        

        
           

        

      

       

      EACH
HOLDER AND BENEFICIAL OWNER OF THIS SUBORDINATED NOTE OR AN INTEREST IN THIS
SUBORDINATED NOTE AS OF MARCH 18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS
SUBORDINATED NOTE AFTER MARCH 18, 2012 THAT IS A “UNITED STATES PERSON” (AS
DEFINED IN SECTION 7701(a)(30) OF THE CODE) OR A UNITED STATES OWNED FOREIGN
ENTITY (AS DESCRIBED IN SECTION 1471(d)(3) OF THE CODE) WILL MAKE, OR BY
ACQUIRING THIS SUBORDINATED NOTE OR AN INTEREST IN THIS SUBORDINATED NOTE WILL
BE DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT (I) IT WILL PROVIDE TO THE
ISSUER AND THE TRUSTEE ITS NAME, ADDRESS, U.S. TAXPAYER IDENTIFICATION NUMBER
AND ANY OTHER INFORMATION THAT THE ISSUER OR THE HOLDER REQUESTS BY MARCH 18,
2012 OR, IF SUCH HOLDER OR BENEFICIAL OWNER ACQUIRES AN INTEREST IN THIS
SUBORDINATED NOTE AFTER THAT DATE, BY THE DATE IT ACQUIRES SUCH INTEREST AND
(II) IT WILL UPDATE ANY SUCH INFORMATION PROVIDED IN CLAUSE (I) PROMPTLY UPON
LEARNING THAT ANY SUCH INFORMATION PREVIOUSLY PROVIDED HAS BECOME OBSOLETE OR
INCORRECT OR IS OTHERWISE REQUIRED. IN ADDITION, EACH HOLDER AND BENEFICIAL
OWNER OF THIS SUBORDINATED NOTE OR ANY INTEREST IN THIS SUBORDINATED NOTE AS OF
MARCH 18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS SUBORDINATED NOTE AFTER
MARCH 18, 2012 WILL MAKE, OR BY ACQUIRING THIS SUBORDINATED NOTE OR ANY INTEREST
IN THIS SUBORDINATED NOTE WILL BE DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT
THAT IT WILL PROVIDE TO THE ISSUER AND THE TRUSTEE (X) ANY INFORMATION AS IS
NECESSARY (IN THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS
APPLICABLE) FOR THE ISSUER AND THE TRUSTEE TO DETERMINE WHETHER SUCH HOLDER OR
BENEFICIAL OWNER IS A UNITED STATES PERSON OR A UNITED STATES OWNED FOREIGN
ENTITY, AND (Y) ANY ADDITIONAL INFORMATION THAT THE ISSUER OR ITS AGENT REQUESTS
IN CONNECTION WITH SECTIONS 1471-1474 OF THE CODE. EACH SUCH HOLDER AND
BENEFICIAL OWNER WILL AGREE, OR BY ACQUIRING THIS SUBORDINATED NOTE OR AN
INTEREST IN THIS SUBORDINATED NOTE BE DEEMED TO AGREE, THAT THE ISSUER MAY
PROVIDE SUCH INFORMATION AND ANY OTHER INFORMATION REGARDING ITS INVESTMENT IN
THE NOTES TO THE U.S. INTERNAL REVENUE SERVICE. THE ISSUER HAS THE RIGHT, UNDER
THE INDENTURE, TO COMPEL ANY BENEFICIAL OWNER OF AN INTEREST IN A SUBORDINATED
NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS TO SELL ITS INTEREST
IN SUCH SUBORDINATED NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH
OWNER.

       

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

       

      
        
           

        

        
          A-3-4

          
            

          

        

        
           

        

      

       

      GOLUB
CAPITAL BDC 2010-1 LLC

       

      CERTIFICATED
SUBORDINATED NOTE

      representing

      SUBORDINATED
NOTES DUE 2021

       

      
        	
                S/R-1

              	
                [DATE]

              
	 
      	 
      
	
                CUSIP
      No.:  [38172YAE7]11
      [38172YAF4]12

              	
                U.S.$116,000,000

              

      

      

      ISIN
No.:  [US38172YAE77]13
[US38172YAF43]14

       

      GOLUB
CAPITAL BDC 2010-1 LLC, a Delaware limited liability company (the “Issuer”), for value
received, hereby promises to pay to [__________] or its registered assigns, upon
presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of One Hundred Sixteen Million
United States Dollars (U.S.$116,000,000) on July 20, 2021 (the “Stated Maturity”),
except as provided below and in the Indenture.

       

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

       

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

       

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

       

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

       

        
          

        

      

      
        11
Transferees other than Accredited Investors.

      

       

      
        12
Transferees that are Accredited Investors.

      

       

      
        13
Transferees other than Accredited Investors.

      

       

      
        14
Transferees that are Accredited Investors.

      

       

      
        
           

        

        
          A-3-5

          
            

          

        

        
           

        

      

       

      This
Subordinated Note is one of a duly authorized issue of Subordinated Notes due
2021 (the “Subordinated Notes”
and, together with the Secured Notes issued under the Indenture, the “Notes”) issued and to
be issued under an indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as trustee (the “Trustee”, which term
includes any successor trustee as permitted under the
Indenture).  Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer, the
Trustee and the Holders of the Notes and the terms upon which the Notes are, and
are to be, authenticated and delivered.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
           

        

        
          A-3-6

          
            

          

        

        
           

        

      

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

       

      - signature page follows
-

       

      
        
           

        

        
          A-3-7

          
            

          

        

        
           

        

      

      

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

       

      
        
          	
                  GOLUB
      CAPITAL BDC 2010-1 LLC

                
	 
      	 
      
	
                  By:

                	
                  Golub
      Capital BDC, Inc., its designated manager

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                    

                
	 
      	
                  Name:

                	 
      
	 
      	
                  Title:

                	 
      

        

      

      
        
           

        

        
          A-3-8

          
            

          

        

        
           

        

      

      

      CERTIFICATE
OF AUTHENTICATION

       

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

       

      
        
          	
                  U.S.
      BANK NATIONAL ASSOCIATION,

                
	
                  as
      Trustee

                
	 
      	 
      
	
                  By:

                	
                    

                
	 
      	
                  Authorized
      Signatory

                

        

      

      
        
           

        

        
          A-3-9

          
            

          

        

        
           

        

      

      ASSIGNMENT
FORM

       

      For value
received _________________________________________________

       

      does
hereby sell, assign, and transfer to

       

      
        
          	 
      	
                    

                	 
      
	 
      	 
      	 
      
	 
      	
                    

                	 
      
	 
      	
                  Please
      insert social security or

                	 
      
	 
      	
                  other
      identifying number of assignee

                	 
      
	 
      	 
      	 
      
	 
      	
                  Please
      print or type name

                	 
      
	 
      	
                  and
      address, including zip code,

                	 
      
	 
      	
                  of
      assignee:

                	 
      

        

      

      

      
        
          	
                    

                
	 
      
	
                    

                
	 
      
	
                    

                
	 
      
	
                    

                

        

      

      

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

       

      
        
          
            
              	
                      Date:
      ____________

                    	 
      	
                      Your
      Signature

                    	
                        

                    
	 
      	 
      	 
      	
                      (Sign
      exactly as your name

                    
	 
      	 
      	 
      	
                      appears
      in the security)

                    

            

          

        

      

       

      
        
           

        

        
          A-3-10

          
            

          

        

        
           

        

      

      EXHIBIT
A-4

       

      FORM
OF CERTIFICATED CLASS A NOTE

       

      CERTIFICATED
NOTE

      representing

      CLASS A
SENIOR SECURED FLOATING RATE NOTES DUE 2021

       

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

       

      
        
           

        

        
          A-4-1

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

      
        
           

        

        
          A-4-2

          
            

          

        

        
           

        

      

      EACH
HOLDER AND BENEFICIAL OWNER OF THIS NOTE OR AN INTEREST IN THIS NOTE AS OF MARCH
18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS NOTE AFTER MARCH 18, 2012 THAT IS
A “UNITED STATES PERSON” (AS DEFINED IN SECTION 7701(a)(30) OF THE CODE) OR A
UNITED STATES OWNED FOREIGN ENTITY (AS DESCRIBED IN SECTION 1471(d)(3) OF THE
CODE) WILL MAKE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE
DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT (I) IT WILL PROVIDE TO THE
ISSUER AND THE TRUSTEE ITS NAME, ADDRESS, U.S. TAXPAYER IDENTIFICATION NUMBER
AND ANY OTHER INFORMATION THAT THE ISSUER OR THE HOLDER REQUESTS BY MARCH 18,
2012 OR, IF SUCH HOLDER OR BENEFICIAL OWNER ACQUIRES AN INTEREST IN THIS NOTE
AFTER THAT DATE, BY THE DATE IT ACQUIRES SUCH INTEREST AND (II) IT WILL UPDATE
ANY SUCH INFORMATION PROVIDED IN CLAUSE (I) PROMPTLY UPON LEARNING THAT ANY SUCH
INFORMATION PREVIOUSLY PROVIDED HAS BECOME OBSOLETE OR INCORRECT OR IS OTHERWISE
REQUIRED. IN ADDITION, EACH HOLDER AND BENEFICIAL OWNER OF THIS NOTE OR ANY
INTEREST IN THIS NOTE AS OF MARCH 18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS
NOTE AFTER MARCH 18, 2012 WILL MAKE, OR BY ACQUIRING THIS NOTE OR ANY INTEREST
IN THIS NOTE WILL BE DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT IT WILL
PROVIDE TO THE ISSUER AND THE TRUSTEE (X) ANY INFORMATION AS IS NECESSARY (IN
THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE
ISSUER AND THE TRUSTEE TO DETERMINE WHETHER SUCH HOLDER OR BENEFICIAL OWNER IS A
UNITED STATES PERSON OR A UNITED STATES OWNED FOREIGN ENTITY, AND (Y) ANY
ADDITIONAL INFORMATION THAT THE ISSUER OR ITS AGENT REQUESTS IN CONNECTION WITH
SECTIONS 1471- 1474 OF THE CODE. EACH SUCH HOLDER AND BENEFICIAL OWNER WILL
AGREE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE BE DEEMED TO AGREE,
THAT THE ISSUER MAY PROVIDE SUCH INFORMATION AND ANY OTHER INFORMATION REGARDING
ITS INVESTMENT IN THE NOTES TO THE U.S. INTERNAL REVENUE SERVICE. THE ISSUER HAS
THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY BENEFICIAL OWNER OF AN INTEREST IN
A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS TO SELL ITS INTEREST
IN SUCH NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER.

       

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

       

      
        
           

        

        
          A-4-3

          
            

          

        

        
           

        

      

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

       

      
        
           

        

        
          A-4-4

          
            

          

        

        
           

        

      

      GOLUB
CAPITAL BDC 2010-1 LLC

       

      CERTIFICATED
NOTE

      representing

      CLASS A
SENIOR SECURED FLOATING RATE NOTES DUE 2021

       

      
        
          
            	
                    A/R-1

                  	
                    [DATE]

                  
	 
      	 
      
	
                    CUSIP
      No.: 38172YAB3

                  	
                    U.S.$[______________]

                  

          

        

      

      

      ISIN
No.:  US38172YAB39

       

      GOLUB
CAPITAL BDC 2010-1 LLC, a Delaware limited liability company (the “Issuer”), for value
received, hereby promises to pay to [____________________], or its registered
assigns, upon presentation and surrender of this Class A Note (except as
otherwise permitted by the Indenture referred to below), the principal sum of
[__________________] United States Dollars (U.S.$[___________]) on July 20, 2021
(the “Stated
Maturity”), except as provided below and in the Indenture.  The
obligations of the Issuer under this Class A Note and the Indenture are limited
recourse obligations of the Issuer payable solely from the Assets in accordance
with the Indenture, and following realization of the Assets in accordance with
the Indenture, all claims of Noteholders shall be extinguished and shall not
thereafter revive.

       

      The
Issuer promises to pay interest, if any, on the 20th day of January, April, July
and October in each year, commencing January, 2011 (or, if such day is not a
Business Day, the next succeeding Business Day), at the rate equal to LIBOR plus
2.40% per annum on the Aggregate Outstanding Amount hereof until the principal
hereof is paid or duly provided for.  Interest shall be computed on
the basis of the actual number of days elapsed in the applicable Interest
Accrual Period divided by 360.  The interest so payable on any Payment
Date will, as provided in the Indenture, be paid to the Person in whose name
this Class A Note (or one or more predecessor Class A Notes) is registered at
the close of business on the Record Date for such interest, which shall be the
fifteenth day (whether or not a Business Day) prior to such Payment
Date.

       

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

       

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

       

      
        
           

        

        
          A-4-5

          
            

          

        

        
           

        

      

       

      This Note
is one of a duly authorized issue of Class A Senior Secured Floating Rate Notes
due 2021 (the “Class A
Notes” and, together with the other classes of Notes issued under the
Indenture, the “Notes”) issued and to
be issued under an indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as trustee (the “Trustee”, which term
includes any successor trustee as permitted under the
Indenture).  Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer, the
Trustee and the Holders of the Notes and the terms upon which the Notes are, and
are to be, authenticated and delivered.

       

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

       

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

       

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

       

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

       

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

       

      
        
           

        

        
          A-4-6

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

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

       

      -
signature page follows -

       

      
        
          
          

        

        
          A-4-7

          
            

          

        

        
          
          

        

      

       

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

       

      
        
          	
                  GOLUB
      CAPITAL BDC 2010-1 LLC

                
	 
      	 
      
	
                  By:

                	
                  Golub
      Capital BDC, Inc., its designated manager

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                    

                
	 
      	
                  Name:

                	 
      
	 
      	
                  Title:

                	 
      

        

      

      
        
           

        

        
          A-4-8

          
            

          

        

        
           

        

      

      

      CERTIFICATE
OF AUTHENTICATION

       

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

       

      
        
          	
                  U.S.
      BANK NATIONAL ASSOCIATION,

                
	
                  as
      Trustee

                
	 
      	 
      
	
                  By:

                	
                    

                
	 
      	
                  Authorized
      Signatory

                

        

      

      
        
           

        

        
          A-4-9

          
            

          

        

        
           

        

      

      ASSIGNMENT
FORM

       

      For value
received _________________________________________________

       

      does
hereby sell, assign, and transfer to

       

      
        
          	 
      	
                    

                	 
      
	 
      	 
      	 
      
	 
      	
                    

                	 
      
	 
      	
                  Please
      insert social security or

                	 
      
	 
      	
                  other
      identifying number of assignee

                	 
      
	 
      	 
      	 
      
	 
      	
                  Please
      print or type name

                	 
      
	 
      	
                  and
      address, including zip code,

                	 
      
	 
      	
                  of
      assignee:

                	 
      

        

      

      

      
        
          	
                    

                
	 
      
	
                    

                
	 
      
	
                    

                
	 
      
	
                    

                

        

      

      

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

       

      
        
          
            
              	
                      Date:
      ____________

                    	 
      	
                      Your
      Signature

                    	
                        

                    
	 
      	 
      	 
      	
                      (Sign
      exactly as your name

                    
	 
      	 
      	 
      	
                      appears
      in the security)

                    

            

          

        

      

       

      
        
           

        

        
          A-4-10

          
            

          

        

        
           

        

      

      EXHIBIT
A-5

       

      FORM
OF CERTIFICATED CLASS B NOTE

       

      CERTIFICATED
NOTE

      representing

      CLASS B
SENIOR SECURED FLOATING RATE NOTES DUE 2021

       

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

       

      
        
           

        

        
          A-5-1

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

      
        
           

        

        
          A-5-2

          
            

          

        

        
           

        

      

      EACH
HOLDER AND BENEFICIAL OWNER OF THIS NOTE OR AN INTEREST IN THIS NOTE AS OF MARCH
18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS NOTE AFTER MARCH 18, 2012 THAT IS
A “UNITED STATES PERSON” (AS DEFINED IN SECTION 7701(a)(30) OF THE CODE) OR A
UNITED STATES OWNED FOREIGN ENTITY (AS DESCRIBED IN SECTION 1471(d)(3) OF THE
CODE) WILL MAKE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE
DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT (I) IT WILL PROVIDE TO THE
ISSUER AND THE TRUSTEE ITS NAME, ADDRESS, U.S. TAXPAYER IDENTIFICATION NUMBER
AND ANY OTHER INFORMATION THAT THE ISSUER OR THE HOLDER REQUESTS BY MARCH 18,
2012 OR, IF SUCH HOLDER OR BENEFICIAL OWNER ACQUIRES AN INTEREST IN THIS NOTE
AFTER THAT DATE, BY THE DATE IT ACQUIRES SUCH INTEREST AND (II) IT WILL UPDATE
ANY SUCH INFORMATION PROVIDED IN CLAUSE (I) PROMPTLY UPON LEARNING THAT ANY SUCH
INFORMATION PREVIOUSLY PROVIDED HAS BECOME OBSOLETE OR INCORRECT OR IS OTHERWISE
REQUIRED. IN ADDITION, EACH HOLDER AND BENEFICIAL OWNER OF THIS NOTE OR ANY
INTEREST IN THIS NOTE AS OF MARCH 18, 2012 OR THAT ACQUIRES AN INTEREST IN THIS
NOTE AFTER MARCH 18, 2012 WILL MAKE, OR BY ACQUIRING THIS NOTE OR ANY INTEREST
IN THIS NOTE WILL BE DEEMED TO MAKE, REPRESENTATIONS TO THE EFFECT THAT IT WILL
PROVIDE TO THE ISSUER AND THE TRUSTEE (X) ANY INFORMATION AS IS NECESSARY (IN
THE SOLE DETERMINATION OF THE ISSUER OR THE TRUSTEE, AS APPLICABLE) FOR THE
ISSUER AND THE TRUSTEE TO DETERMINE WHETHER SUCH HOLDER OR BENEFICIAL OWNER IS A
UNITED STATES PERSON OR A UNITED STATES OWNED FOREIGN ENTITY, AND (Y) ANY
ADDITIONAL INFORMATION THAT THE ISSUER OR ITS AGENT REQUESTS IN CONNECTION WITH
SECTIONS 1471- 1474 OF THE CODE. EACH SUCH HOLDER AND BENEFICIAL OWNER WILL
AGREE, OR BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE BE DEEMED TO AGREE,
THAT THE ISSUER MAY PROVIDE SUCH INFORMATION AND ANY OTHER INFORMATION REGARDING
ITS INVESTMENT IN THE NOTES TO THE U.S. INTERNAL REVENUE SERVICE. THE ISSUER HAS
THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY BENEFICIAL OWNER OF AN INTEREST IN
A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS TO SELL ITS INTEREST
IN SUCH NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER.

       

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

       

      
        
           

        

        
          A-5-3

          
            

          

        

        
           

        

      

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

       

      
        
           

        

        
          A-5-4

          
            

          

        

        
           

        

      

      GOLUB
CAPITAL BDC 2010-1 LLC

       

      CERTIFICATED
NOTE

      representing

      CLASS B
SENIOR SECURED FLOATING RATE NOTES DUE 2021

       

      
        	
                B/R-1

              	
                [DATE]

              
	 
      	 
      
	
                CUSIP
      No.: 38172YAD9

              	
                U.S.$[______________]

              

      

      

      ISIN
No.:  US38172YAD94

       

      GOLUB
CAPITAL BDC 2010-1 LLC, a Delaware limited liability company (the “Issuer”), for value
received, hereby promises to pay to [____________________], or its registered
assigns, upon presentation and surrender of this Class B Note (except as
otherwise permitted by the Indenture referred to below), the principal sum of
[__________________] United States Dollars (U.S.$[___________]) on July 20, 2021
(the “Stated
Maturity”), except as provided below and in the Indenture.  The
obligations of the Issuer under this Class B Note and the Indenture are limited
recourse obligations of the Issuer payable solely from the Assets in accordance
with the Indenture, and following realization of the Assets in accordance with
the Indenture, all claims of Noteholders shall be extinguished and shall not
thereafter revive.

       

      The
Issuer promises to pay interest, if any, on the 20th day of January, April, July
and October in each year, commencing January, 2011 (or, if such day is not a
Business Day, the next succeeding Business Day), at the rate equal to LIBOR plus
2.40% per annum on the Aggregate Outstanding Amount hereof until the principal
hereof is paid or duly provided for.  Interest shall be computed on
the basis of the actual number of days elapsed in the applicable Interest
Accrual Period divided by 360.  The interest so payable on any Payment
Date will, as provided in the Indenture, be paid to the Person in whose name
this Class B Note (or one or more predecessor Class B Notes) is registered at
the close of business on the Record Date for such interest, which shall be the
fifteenth day (whether or not a Business Day) prior to such Payment
Date.

       

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

       

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

       

      
        
           

        

        
          A-5-5

          
            

          

        

        
           

        

      

       

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

       

      This Note
is one of a duly authorized issue of Class B Senior Secured Floating Rate Notes
due 2021 (the “Class B
Notes” and, together with the other classes of Notes issued under the
Indenture, the “Notes”) issued and to
be issued under an indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as trustee (the “Trustee”, which term
includes any successor trustee as permitted under the
Indenture).  Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer, the
Trustee and the Holders of the Notes and the terms upon which the Notes are, and
are to be, authenticated and delivered.

       

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

       

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

       

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

       

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

       

      
        
           

        

        
          A-5-6

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

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

       

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

       

      -
signature page follows -

       

      
        
           

        

        
          A-5-7

          
            

          

        

        
           

        

      

    

     

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

    

    
      
        
          
            
              
                
                  
                    
                      	 
      	
                              GOLUB
      CAPITAL BDC 2010-1 LLC

                            
	 
      	 
      	 
      	 
      
	 
      	
                              By:

                            	
                              Golub
      Capital BDC, Inc., its designated manager

                            
	 
      	 
      	 
      	 
      
	 
      	 
      	
                              By: 

                            	 
      
	 
      	 
      	
                              Name:

                            
	 
      	 
      	
                              Title:

                            

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        A-5-8

        
          

        

      

      
         

      

    

    

    CERTIFICATE
OF AUTHENTICATION

     

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

     

    
      
        
          	 
      	
                  U.S.
      BANK NATIONAL ASSOCIATION,

                
	 
      	
                  as
      Trustee

                
	 
      	 
      	 
      
	 
      	
                  By: 

                	 
      
	 
      	 
      	
                  Authorized
      Signatory

                

        

      

    

    
      
         

      

      
        A-5-9

        
          

        

      

      
         

      

    

    ASSIGNMENT
FORM

     

    For value
received
_____________________________________________________________

     

    does
hereby sell, assign, and transfer to

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 	
                                   
      

                              	 
	 	 
      	 
	 	
                                   
      

                              	 
	 	
                                Please
      insert social security or

                              	 
	 	
                                other
      identifying number of assignee

                              	 
	 	 
      	 
	 	
                                Please
      print or type name

                              	 
	 	
                                and
      address, including zip code,

                              	 
	 	
                                of
      assignee:

                              	 

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        	
                  

              
	 
      
	
                  

              
	 
      
	
                  

              
	 
      
	
                  

              

      

    

     

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

     

    
      
        
          	
                  Date:
      _______________

                	 
      	
                  Your
      Signature

                	 
      
	 
      	 
      	 
      	
                  (Sign
      exactly as your name

                
	 
      	 
      	 
      	
                  appears
      in the security)

                

        

      

    

    
      
         

      

      
        A-5-10

        
          

        

      

      
         

      

    

     

    EXHIBIT
B

     

    FORMS
OF TRANSFER AND EXCHANGE CERTIFICATES

     

    
      
         

      

      
        B-1-1

        
          

        

      

      
         

      

    

     

    EXHIBIT
B-1

     

    FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFER OF RULE 144A GLOBAL

    SECURED
NOTE OR CERTIFICATED NOTE TO REGULATION S GLOBAL

    SECURED
NOTE

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street

    3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

    

    
      	
               
      

            	
              Re:

            	
              Golub
      Capital BDC 2010-1 LLC (the “Issuer”) Class
      [A][B] Notes due 2021 (the “Notes”)

            

    

     

    Reference
is hereby made to the Indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as
Trustee.  Capitalized terms used but not defined herein shall have the
meanings given them in the Indenture.

     

    This
letter relates to U.S. $___________ aggregate principal amount of Notes which
are held in the form of a [Rule 144A Global Secured Note representing Class
[A][B] Notes] [Certificated [Class [A][B]] Note] [with the Depository] in the
name of _______ (the “Transferor”) to
effect the transfer of the Notes in exchange for an equivalent beneficial
interest in a [Regulation S Global Class [A][B] Note].

     

    In
connection with such transfer, and in respect of such Notes, the Transferor does
hereby certify that such Notes are being transferred to ___________ (the “Transferee”) in
accordance with Regulation S under the United States Securities Act of 1933, as
amended (the “Securities Act”) and
the transfer restrictions set forth in the Indenture and the Offering Circular
defined in the Indenture relating to such Notes and that:

     

    a.           the
offer of the Notes was not made to a Person in the United States;

     

    b.           at
the time the buy order was originated, the Transferee was outside the United
States or the Transferor and any Person acting on its behalf reasonably believed
that the Transferee was outside the United States;

     

    c.           no
directed selling efforts have been made in contravention of the requirements of
Rule 903 or 904 of Regulation S, as applicable;

     

    d.           the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; and

     

    e.           the
Transferee is a Qualified Purchaser and not a U.S. person.

    
      
         

      

      
        B-1-1

        
          

        

      

      
         

      

    

    

    The
Transferor understands that the Issuer, the Trustee and their counsel will rely
upon the accuracy and truth of the foregoing representations, and the Transferor
hereby consents to such reliance.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	
                                    (Name
      of Transferor)

                                  
	 
      	 
      	 
      
	 
      	
                                    By:

                                  	 
      
	 	 	
                                    Name:

                                  
	 	 	
                                    Title:

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Dated:  _________,
_____

     

    
      	
              cc:

            	
              Golub
      Capital BDC 2010-1 LLC

            

    

    
      	
               
      

            	
              150
      South Wacker Drive, Suite 800

            

    

    
      	
               
      

            	
              Chicago,
      Illinois 60606

            

    

    
      	
               
      

            	
              Facsimile
      Number:  (312) 201-9167

            

    

    
      	
               
      

            	
              Attention:  David
      Golub

            

    

     

    
      
         

      

      
        B-1-2

        
          

        

      

      
         

      

    

     

    EXHIBIT
B-2

     

    FORM
OF PURCHASER REPRESENTATION LETTER FOR CERTIFICATED

    SECURED
NOTES

     

    [DATE]

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

    

    
      	
               
      

            	
              Re:

            	
              Golub
      Capital BDC 2010-1 LLC (the “Issuer”);

            

    

    
      	
               
      

            	
              Class [A] [B]
      Notes

            

    

     

    Reference
is hereby made to the Indenture, dated as of July [_], 2010, among the Issuer
and U.S. Bank National Association, as Trustee (the “Indenture”).  Capitalized
terms not defined in this letter shall have the meanings ascribed to them in the
final offering circular of the Issuer, as supplemented, or the Indenture, as
applicable.

     

    This
letter relates to U.S.$___________ Aggregate Outstanding Amount of Class [A] [B]
Notes (the “Notes”), in the form
of one or more Certificated Notes to effect the transfer of the Notes to
______________ (the “Transferee”).

     

    In
connection with such request, and in respect of such Notes, the Transferee does
hereby certify that the Notes are being transferred (i) in accordance with the
transfer restrictions set forth in the Indenture and (ii) pursuant to an
exemption from registration under the United States Securities Act of 1933, as
amended (the “Securities Act”) and
in accordance with any applicable securities laws of any state of the United
States or any other jurisdiction.

     

    In
addition, the Transferee hereby represents, warrants and covenants for the
benefit of the Issuer and its counsel that it is:

     

    a.           both
(i) either (x) an institutional “accredited investor” as defined in Rule
501(a)(1)–(3) or (7) under the Securities Act or (y) a “qualified institutional
buyer” as defined in Rule 144A under the Securities Act and (ii) a Qualified
Purchaser;

     

    b.           acquiring
the Notes for its own account (and not for the account of any other Person) in a
minimum denomination of U.S.$1,000,000 and in integral multiples of U.S.$1,000
in excess thereof; and

     

    c.           not
acquiring the Notes during the Distribution Compliance Period from a transferor
that held such Notes in the form of a Regulation S Global Secured
Note.

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

     

    The
Transferee further represents, warrants and agrees as follows:

    1.           It
understands that the Notes have not been and will not be registered under the
Securities Act, and, if in the future it decides to offer, resell, pledge or
otherwise transfer the Notes, such Notes may be offered, resold, pledged or
otherwise transferred only in accordance with the provisions of the Indenture
and the legends on such Notes, including the requirement for written
certifications.  In particular, it understands that the Notes may be
transferred only to a Person that is both (a) a “qualified purchaser” (as
defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) and (b)
(i) a “qualified institutional buyer” as defined in Rule 144A under the
Securities Act who purchases such Notes in reliance on the exemption from
Securities Act registration provided by Rule 144A thereunder, (ii) solely in the
case of Notes that are issued in the form of Certificated Secured Notes, an
institutional “accredited investor” as defined in Rule 501(a)(1)–(3) or (7)
under the Securities Act or (iii) a Person that is not a “U.S. Person” as
defined in Regulation S under the Securities Act, and is acquiring the Notes in
an offshore transaction (as defined in Regulation S thereunder) in reliance on
the exemption from registration provided by Regulation S
thereunder.  It acknowledges that no representation is made as to the
availability of any exemption under the Securities Act or any state securities
laws for resale of the Notes.

     

    2.           In
connection with its purchase of the Notes: (i) none of the Issuer, Wells Fargo
Securities, the Collateral Manager, the Trustee, the Collateral Administrator or
any of their respective affiliates is acting as a fiduciary or financial or
investment adviser for it; (ii) it is not relying (for purposes of making any
investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, Wells Fargo Securities, the Collateral Manager,
the Trustee, the Collateral Administrator or any of their respective affiliates
other than any statements in the final offering circular for such Notes, as
supplemented; (iii) it has read and understands the final offering circular for
such Notes (including, without limitation, the descriptions therein of the
structure of the transaction in which the Notes are being issued and the risks
to purchasers of the Notes); (iv) it has consulted with its own legal,
regulatory, tax, business, investment, financial and accounting advisers to the
extent it has deemed necessary, and has made its own investment decisions
(including decisions regarding the suitability of any transaction pursuant to
the Indenture) based upon its own judgment and upon any advice from such
advisers as it has deemed necessary and not upon any view expressed by the
Issuer, Wells Fargo Securities, the Collateral Manager, the Trustee, the
Collateral Administrator or any of their respective affiliates; (v) it will hold
and transfer at least the minimum denomination of such Notes; (vi) it was not
formed for the purpose of investing in the Notes; and (vii) it is a
sophisticated investor and is purchasing the Notes with a full understanding of
all of the terms, conditions and risks thereof, and it is capable of assuming
and willing to assume those risks.

     

    3.           (i)
It is an institutional “accredited investor” as defined in Rule 501(a)(1)–(3) or
(7) under the Securities Act or a “qualified institutional buyer” as defined in
Rule 144A under the Securities Act and, in each case, also a “qualified
purchaser” for purposes of Section 3(c)(7) of the 1940 Act; (ii) it is acquiring
the Notes as principal solely for its own account for investment and not with a
view to the resale, distribution or other disposition thereof in violation of
the Securities Act; (iii) it is acquiring its interest in the Notes for its own
account; and (iv) it will hold and transfer at least the minimum denomination of
the Notes and provide notice of the relevant transfer restrictions to subsequent
transferees.

    
      
         

      

      
        B-2-2

        
          

        

      

      
         

      

    

    4.           It
represents, warrants and agrees that (a) if it is, or is acting on behalf of, a
Benefit Plan Investor, as defined in Section 3(42) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), its
acquisition, holding and disposition of such Notes will not constitute or result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Internal Revenue Code of 1986, as amended (the “Code”), and (b) if it
is a governmental, church, non-U.S. or other plan which is subject to any state,
local, other federal or non-U.S. law or regulation that is substantially similar
to the prohibited transaction provisions of Section 406 of ERISA or Section 4975
of the Code (any such law or regulation an “Other Plan Law”), its
acquisition, holding and disposition of such Notes will not constitute or result
in a non-exempt violation of any such Other Plan Law.

     

    5.           It
will treat its Notes as debt of the Issuer for United States federal and, to the
extent permitted by law, state and local income and franchise tax purposes
unless otherwise required by any relevant taxing authority.

     

    6.           It
is ______ (check if applicable) a “United States person” within the meaning of
Section 7701(a)(30) of the Code, and a properly completed and signed Internal
Revenue Service Form W-9 (or applicable successor form) is attached hereto; or
______ (check if applicable) not a “United States person” within the meaning of
Section 7701(a)(30) of the Code, and a properly completed and signed applicable
Internal Revenue Service Form W-8 (or applicable successor form) is attached
hereto.  It understands and acknowledges that failure to provide the
Issuer or the Trustee with the applicable tax certifications or the failure to
meet its Noteholder Reporting Obligations may result in withholding or back-up
withholding from payments to it in respect of the Notes.

     

    7.           It
hereby agrees to provide the Issuer and the Trustee (i) any information as is
necessary (in the sole determination of the Issuer or the Trustee, as
applicable) for the Issuer and the Trustee to determine whether it is a United
States person as defined in Section 7701(a)(30) of the Code (a “United States
person”) or a United States owned foreign entity as described in Section
1471(d)(3) of the Code (a “United States owned foreign
entity”) and (ii) any additional information that the Issuer or its agent
requests in connection with Sections 1471-1474 of the Code. If it is a United
States person or a United States owned foreign entity that is a holder or
beneficial owner of Notes or an interest therein as of March 18, 2012 or that
acquires an interest in Notes after March 18, 2012, it also hereby agrees to (x)
provide the Issuer and the Trustee its name, address, U.S. taxpayer
identification number and any other information requested by the Issuer or its
agent upon request and by March 18, 2012 or, if such holder or beneficial owner
acquires an interest in the Notes after that date, by the date it acquires such
interest and (y) update any such information provided in clause (x) promptly
upon learning that any such information previously provided has become obsolete
or incorrect or is otherwise required. It understands and acknowledges that the
Issuer may provide such information and any other information concerning its
investment in the Notes to the U.S. Internal Revenue Service. It understands and
acknowledges that the Issuer has the right, under the Indenture, to compel any
beneficial owner of an interest in the Notes that fails to comply with the
foregoing requirements to sell its interest in such Notes, or may sell such
interest on behalf of such owner.

     

    8.           If
it is not a “United States person” (as defined in Section 7701(a)(30) of the
Code), it hereby represents that (i) either (A) it is not a bank extending
credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business (within the meaning of Section 881(c)(3)(A) of the Code), or
(B) it is a Person that is eligible for benefits under an income tax treaty with
the United States that eliminates U.S. federal income taxation of U.S. source
interest not attributable to a permanent establishment in the United States, and
(ii) it is not purchasing the Notes in order to reduce its U.S. federal income
tax liability pursuant to a tax avoidance plan.

    
      
         

      

      
        B-2-3

        
          

        

      

      
         

      

    

     

    9.           It
agrees not to seek to commence in respect of the Issuer or the Depositor, or
cause the Issuer or the Depositor to commence, a bankruptcy proceeding before a
year and a day has elapsed since the payment in full to the holders of the Notes
issued pursuant to the Indenture or, if longer, the applicable preference period
then in effect.

     

    10.           To
the extent required by the Issuer, as determined by the Issuer or the Collateral
Manager on behalf of the Issuer, the Issuer may, upon notice to the Trustee,
impose additional transfer restrictions on the Notes to comply with the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”) and
other similar laws or regulations, including, without limitation, requiring each
transferee of a Note to make representations to the Issuer in connection with
such compliance.

     

    11.           It
understands that the Issuer, the Trustee and Wells Fargo Securities will rely
upon the accuracy and truth of the foregoing representations, and it hereby
consents to such reliance.

     

    [The
remainder of this page has been intentionally left blank.]

    
      
         

      

      
        B-2-4

        
          

        

      

      
         

      

    

    Name of
Purchaser:

     

    Dated:

     

    
      
        
          	 
      
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

        

      

    

     

    Outstanding
principal amount of Class [  ]
Notes:  U.S.$_____________

     

    Taxpayer
identification number:

     

    
      
        
          
            
              
                
                  
                    
                      	
                              Address
      for notices:

                            	 
      	
                              Wire
      transfer information for payments:

                            
	 	 	 
	 
      	 
      	
                              Bank:

                            
	 	 	 
	 
      	 
      	
                              Address:

                            
	 	 	 
	 
      	 
      	
                              Bank
      ABA#:

                            
	 	 	 
	 
      	 
      	
                              Account
      #:

                            
	 	 	 
	
                              Telephone:

                            	 
      	
                              FAO:

                            
	 	 	 
	
                              Facsimile:

                            	 
      	
                              Attention:

                            
	 	 	 
	
                              Attention:

                            	 
      	 
      

                    

                  

                

              

            

          

        

      

    

     

    Denominations
of certificates (if more than one):

    Registered
name:

     

    
      	
              cc:

            	
              Golub
      Capital BDC 2010-1 LLC

            

    

    
      	
               
      

            	
              150
      South Wacker Drive, Suite 800

            

    

    
      	
               
      

            	
              Chicago,
      Illinois 60606

            

    

    
      	
               
      

            	
              Facsimile
      Number:  (312) 201-9167

            

    

    
      	
               
      

            	
              Attention:  David
      Golub

            

    

     

    
      
         

      

      
        B-2-5

        
          

        

      

      
         

      

    

     

    EXHIBIT
B-3

     

    FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFER OF REGULATION S

    GLOBAL
SECURED
NOTE OR CERTIFICATED NOTE TO RULE 144A GLOBAL

    SECURED
NOTE

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    
      	
               
      

            	
              Re:

            	
              Golub
      Capital BDC 2010-1 LLC (the “Issuer”) Class
      [A][B] Notes due 2021 (the “Notes”)

            

    

     

    Reference
is hereby made to the Indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as
Trustee.  Capitalized terms used but not defined herein shall have the
meanings given them in the Indenture.

     

    This
letter relates to U.S. $___________ Aggregate Outstanding Amount of Notes which
are held in the form of a [Regulation S Global Secured Note representing Class
[A][B] Notes] [Certificated [Class [A][B][Note]] [with the Depository] in the
name of ______ (the “Transferor”) to
effect the transfer of the Notes in exchange for an equivalent beneficial
interest in a Rule 144A Global Class [A][B] Note.

     

    In
connection with such transfer, and in respect of such Notes, the Transferor does
hereby certify that such Notes are being transferred to ____________ (the “Transferee”) in
accordance with (i) the transfer restrictions set forth in the Indenture and the
Offering Circular relating to such Notes and (ii) Rule 144A under the United
States Securities Act of 1933, as amended, and it reasonably believes that the
Transferee is purchasing the Notes for its own account or an account with
respect to which the Transferee exercises sole investment discretion, the
Transferee and any such account is a Qualified Purchaser and a Qualified
Institutional Buyer, in a transaction meeting the requirements of Rule 144A and
in accordance with any applicable securities laws of any state of the United
States or any other jurisdiction.

     

    The
Transferor understands that the Issuer, the Trustee and their counsel will rely
upon the accuracy and truth of the foregoing representations, and the Transferor
hereby consents to such reliance.

     

    
      
        
          
            	 
      	
                    (Name
      of Transferor)

                  
	 
      	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Name:

                  
	 
      	 
      	
                    Title:

                  

          

        

      

    

    
      
         

      

      
        B-3-1

        
          

        

      

      
         

      

    

    Dated:  _________,
_____

     

    
      	
              cc:

            	
              Golub
      Capital BDC 2010-1 LLC

            

    

    
      	
               
      

            	
              150
      South Wacker Drive, Suite 800

            

    

    
      	
               
      

            	
              Chicago,
      Illinois 60606

            

    

    
      	
               
      

            	
              Facsimile
      Number:  (312) 201-9167

            

    

    
      	
               
      

            	
              Attention:  David
      Golub

            

    

     

    
      
         

      

      
        B-3-2

        
          

        

      

      
         

      

    

     

    EXHIBIT
B-4

     

    FORM
OF PURCHASER REPRESENTATION LETTER FOR

    CERTIFICATED
SUBORDINATED NOTES

     

    [DATE]

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    
      	
               
      

            	
              Re:

            	
              Golub
      Capital BDC 2010-1 LLC (the “Issuer”);
      Subordinated Notes

            

    

     

    Reference
is hereby made to the Indenture, dated as of July [_], 2010, among the Issuer
and U.S. Bank National Association, as Trustee (the “Indenture”).  Capitalized
terms not defined in this letter shall have the meanings ascribed to them in the
final offering circular of the Issuer, as supplemented, or the Indenture, as
applicable.

     

    This
letter relates to U.S.$___________ Aggregate Outstanding Amount of Subordinated
Notes (the “Subordinated Notes”)
in the form of one or more certificated Subordinated Notes to effect the
transfer of the Subordinated Notes to ______________ (the “Transferee”).

     

    For
purposes of determining whether Benefit Plan Investors hold less than 25% of the
value of the Subordinated Notes, the value of any Subordinated Notes held by
Controlling Persons (other than Benefit Plan Investors) are required to be
disregarded.

     

    The
Transferee hereby represents, warrants and covenants for the benefit of the
Issuer and its counsel that it is:

     

    (a)           a
United States person as defined in Section 7701(a)(30) of the Code;

     

    (b)           (PLEASE CHECK ONLY
ONE)

     

    
      	
            	
              _____

            	
              a
      “qualified institutional buyer” as defined in Rule 144A under the United
      States Securities Act of 1933, as amended (the “Securities
      Act”), who is also a Qualified Purchaser and is acquiring the
      Subordinated Notes in reliance on the exemption from Securities Act
      registration provided by Rule 144A thereunder;
  or

            

    

     

    
      	
            	
              _____

            	
              an
      institutional “accredited investor” as defined in Rule 501(a)(1)–(3) or
      (7) under the Securities Act who is also a Qualified
      Purchaser.

            

    

     

    
      	
               
      

            	
              (c)

            	
              acquiring
      the Subordinated Notes for its own account (and not for the account of any
      other Person) in a minimum denomination of U.S.$100,000 and in integral
      multiples of U.S.$1.00 in excess
thereof.

            

    

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

     

    The
Transferee further represents, warrants and agrees as follows:

     

    1.           It
understands that the Subordinated Notes have not been and will not be registered
under the Securities Act, and, if in the future it decides to offer, resell,
pledge or otherwise transfer the Subordinated Notes, such Subordinated Notes may
be offered, resold, pledged or otherwise transferred only in accordance with the
provisions of the Indenture and the legends on such Subordinated Notes,
including the requirement for written certifications.  In particular,
it understands that the Subordinated Notes may be transferred only to a United
States person (as defined in Section 7701(a)(30) of the Code) that is a
“qualified purchaser” (as defined in the 1940 Act, as amended (the “1940 Act”)) and that
is either (i) a “qualified institutional buyer” as defined in Rule 144A under
the Securities Act who purchases such Subordinated Notes in reliance on the
exemption from Securities Act registration provided by Rule 144A thereunder or
(ii) an institutional “accredited investor” as defined in Rule 501(a)(1)–(3) or
(7) under the Securities Act.  It acknowledges that no representation
is made as to the availability of any exemption under the Securities Act or any
state securities laws for resale of the Subordinated Notes.

     

    2.           In
connection with its purchase of the Subordinated Notes:  (i) none of
the Issuer, Wells Fargo Securities, the Collateral Manager, the Trustee, the
Collateral Administrator or any of their respective affiliates is acting as a
fiduciary or financial or investment adviser for it; (ii) it is not relying (for
purposes of making any investment decision or otherwise) upon any written or
oral advice, counsel or representations of the Issuer, Wells Fargo Securities,
the Collateral Manager, the Trustee, the Collateral Administrator or any of
their respective affiliates, (iii) it has consulted with its own legal,
regulatory, tax, business, investment, financial and accounting advisers to the
extent it has deemed necessary, and has made its own investment decisions
(including decisions regarding the suitability of any transaction pursuant to
the Indenture) based upon its own judgment and upon any advice from such
advisers as it has deemed necessary and not upon any view expressed by the
Issuer, Wells Fargo Securities, the Collateral Manager, the Trustee, the
Collateral Administrator or any of their respective affiliates; (iv) it will
hold and transfer at least the minimum denomination of such Subordinated Notes;
(v) it was not formed for the purpose of investing in the Subordinated Notes;
(vi) it is a sophisticated investor and is purchasing the Subordinated Notes
with a full understanding of all of the terms, conditions and risks thereof, and
it is capable of assuming and willing to assume those risks; (vii) it is
simultaneously purchasing an amount of Membership Interests of the Issuer (the
“Membership
Interests”) such that the ratio of the percentage interest of the
Membership Interests it is purchasing to all Membership Interests and the ratio
of the percentage interest of the Subordinated Notes it is purchasing to all
Subordinated Notes are equal; (viii) the transfers of the Membership Interests
and Subordinated Notes referred to in this letter are being made to the same
Person; and (ix) the percentage interest of the Membership Interests and
Subordinated Notes, respectively, so transferred is no less than ten (10%)
percent.

     

    3.           (i)
It is (A) a “qualified purchaser” for purposes of Section 3(c)(7) of the 1940
Act or (B) a corporation, partnership, limited liability company or other entity
(other than a trust) each shareholder, partner, member or other equity owner of
which is a Qualified Purchaser and in the case of (A) and (B) above that is also
(x) an institutional “accredited investor” as defined in Rule 501(a))(1)–(3) or
(7) under the Securities Act, or (y) a “qualified institutional buyer” as
defined in Rule 144A under the United States Securities Act of 1933, as amended;
(ii) it is acquiring the Subordinated Notes as principal solely for its own
account for investment and not with a view to the resale, distribution or other
disposition thereof in violation of the Securities Act; and (iii) it will hold
and transfer at least the minimum denomination of the Subordinated Notes and
provide notice of the relevant transfer restrictions to subsequent
transferees.

    
      
         

      

      
        B-4-2

        
          

        

      

      
         

      

    

     

    4.           It
acknowledges and agrees that all of the assurances given by it in certifications
required by the Indenture as to its status under the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), are correct
and are for the benefit of the Issuer, the Trustee, Wells Fargo Securities and
the Collateral Manager.  It agrees and acknowledges that none of
Issuer or the Trustee will recognize any transfer of the Subordinated Notes if
such transfer may result in 25% or more of the value of the Subordinated Notes
being held by Benefit Plan Investors, as defined in Section 3(42) of
ERISA.  It further agrees and acknowledges that the Issuer has the
right, under the Indenture, to compel any beneficial owner of a Subordinated
Note who has made or has been deemed to make a Benefit Plan Investor,
Controlling Person, Similar Law or Other Plan Law representation that is
subsequently shown to be false or misleading or whose ownership otherwise causes
a violation of the 25% Limitation to sell its interest in the Subordinated Note,
or may sell such interest on behalf of such owner.

     

    5.           It
acknowledges and agrees that no Subordinated Note (or interest therein) may be
acquired or owned by any Person that is classified for U.S. federal income tax
purposes as a disregarded entity (unless the beneficial owner for U.S. federal
income tax purposes of the disregarded entity is a corporation, other than a
subchapter S corporation, or is otherwise taxable as a corporation),
partnership, subchapter S corporation or grantor trust unless such Person
obtains an Opinion of Counsel that such acquisition or transfer will not cause
the Issuer to be treated as a publicly traded partnership taxable as a
corporation.

     

    6.           It
acknowledges and agrees that no Subordinated Note (or interest therein) may be
acquired, and no Holder of a Subordinated Note may sell, transfer, assign,
participate, pledge or otherwise dispose of any Subordinated Note (or interest
therein) or cause any Subordinated Note (or interest therein) to be marketed,
(i) on or through an “established securities market” within the meaning of
Section 7704(b)(1) of the Code and Treas. Reg. § 1.7704-1(b), including, without
limitation, an interdealer quotation system that regularly disseminates firm buy
or sell quotations, (ii) on or through a “secondary market (or the substantial
equivalent thereof)” within the meaning of Section 7704(b)(2) of the Code,
including a market wherein any Subordinated Note (or interest therein) is
regularly quoted by any Person making a market in such interests and a market
wherein any Person regularly makes available bid or offer quotes with respect to
any Subordinated Note (or interest therein) and stands ready to effect buy or
sell transactions at the quoted prices for itself or on behalf of others, or
(iii) if such acquisition, sale, transfer, assignment, participation, pledge or
other disposition would cause the Subordinated Notes (or interest therein) to be
held by more than 100 persons.

     

    7.           It
will treat its Subordinated Notes as equity in the Issuer for United States
federal and, to the extent permitted by law, state and local income and
franchise tax purposes unless otherwise required by any relevant taxing
authority.

     

    8.           It
is a “United States person” within the meaning of Section 7701(a)(30) of the
Code, and a properly completed and signed Internal Revenue Service Form W-9 (or
applicable successor form) is attached hereto.  It understands and
acknowledges that failure to provide the Issuer or the Trustee with the
applicable tax certifications or the failure to meet its Noteholder Reporting
Obligations may result in withholding or back-up withholding from payments to it
in respect of the Subordinated Notes.

    
      
         

      

      
        B-4-3

        
          

        

      

      
         

      

    

     

    9.           It
hereby agrees to provide the Issuer and Trustee (i) any information as is
necessary (in the sole determination of the Issuer or the Trustee, as
applicable) for the Issuer and the Trustee to determine whether it is a United
States person as defined in Section 7701(a)(30) of the Code (a “United States
person”) or a United States owned foreign entity as described in Section
1471(d)(3) of the Code (a “United States owned foreign
entity”) and (ii) any additional information that the Issuer or its agent
requests in connection with Sections 1471-1474 of the Code. If it is a United
States person or a United States owned foreign entity that is a holder or
beneficial owner of Subordinated Notes or an interest therein as of March 18,
2012 or that acquires an interest in Subordinated Notes after March 18, 2012, it
also hereby agrees to (x) provide the Issuer and Trustee its name, address, U.S.
taxpayer identification number and any other information requested by the Issuer
or its agent upon request and by March 18, 2012 or, if such holder or beneficial
owner acquires an interest in the Subordinated Notes after that date, by the
date it acquires such interest and (y) update any such information provided in
clause (x) promptly upon learning that any such information previously provided
has become obsolete or incorrect or is otherwise required. It understands and
acknowledges that the Issuer may provide such information and any other
information concerning its investment in the Subordinated Notes to the U.S.
Internal Revenue Service. It understands and acknowledges that the Issuer has
the right, under the Indenture, to compel any beneficial owner of an interest in
the Subordinated Notes that fails to comply with the foregoing requirements to
sell its interest in such Subordinated Notes, or may sell such interest on
behalf of such owner.

     

    10.           It
agrees not to seek to commence in respect of the Issuer or the Depositor, or
cause the Issuer or the Depositor to commence, a bankruptcy proceeding before a
year and a day has elapsed since the payment in full to the holders of the Notes
issued pursuant to the Indenture or, if longer, the applicable preference period
then in effect.

     

    11.           To
the extent required by the Issuer, as determined by the Issuer or the Collateral
Manager on behalf of the Issuer, the Issuer may, upon notice to the Trustee,
impose additional transfer restrictions on the Subordinated Notes to comply with
the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”) and
other similar laws or regulations, including, without limitation, requiring each
transferee of a Subordinated Note to make representations to the Issuer in
connection with such compliance.

     

    12           It
acknowledges that no issuance, transfer, sale, pledge or other disposition of
one or more Subordinated Notes shall be made unless simultaneously with the
issuance or transfer of such Subordinated Note (1) a proportionate amount of the
Membership Interests are issued or transferred so that the ratio of the
percentage interest of the Membership Interests so issued or transferred to all
Membership Interests and the ratio of the percentage interest of the
Subordinated Notes so issued or transferred to all Subordinated Notes are equal
and (2) the issuances or transfers of the Membership Interests and Subordinated
Notes referred to in this paragraph are made to the same Person and (3) the
percentage interest of the Membership Interests and Subordinated Notes,
respectively, so issued or transferred is no less than ten (10%)
percent.

    
      
         

      

      
        B-4-4

        
          

        

      

      
         

      

    

     

    13.         It
understands that the Issuer and the Trustee will rely upon the accuracy and
truth of the foregoing representations, and it hereby consents to such
reliance.

     

    [The
remainder of this page has been intentionally left blank.]

    
      
         

      

      
        B-4-5

        
          

        

      

      
         

      

    

     

    
      
        	
                Name
      of Purchaser:

              	 
      
	
                Dated:

              	 
      
	 
      	 
      
	
                By:

              	 
      	 
      
	
                Name:

              	 
      
	
                Title:

              	 
      

      

    

     

    Outstanding
principal amount of Subordinated Notes:  U.S. $__________

     

    Taxpayer
identification number:

     

    
      	
              Address
      for notices:

            	
              Wire
      transfer information for payments:

            
	 
      	 
      
	 
      	
              Bank:

            
	 
      	 
      
	 
      	
              Address:

            
	 
      	 
      
	 
      	
              Bank
      ABA#:

            
	 
      	 
      
	 
      	
              Account
      #:

            
	 
      	 
      
	
              Telephone:

            	
              FAO:

            
	 
      	 
      
	
              Facsimile:

            	
              Attention:

            

    

    

    Attention:

     

    Denominations
of certificates (if more than one):

    Registered
name:

     

    
      	
              cc:

            	
              Golub
      Capital BDC 2010-1 LLC

            

    

    
      	
               
      

            	
              150
      South Wacker Drive, Suite 800

            

    

    
      	
               
      

            	
              Chicago,
      Illinois 60606

            

    

    
      	
               
      

            	
              Facsimile
      Number:  (312) 201-9167

            

    

    
      	
               
      

            	
              Attention:  David
      Golub

            

    

     

    
      
         

      

      
        B-4-6

        
          

        

      

      
         

      

    

    EXHIBIT
B-5

     

    FORM
OF SUBORDINATED NOTE ERISA CERTIFICATE

     

    The
purpose of this Benefit Plan Investor Certificate (this “Certificate”) is,
among other things, to (i) endeavor to ensure that less than 25% of the value of
the Subordinated Notes issued by Golub Capital BDC 2010-1 LLC (the “Issuer”) is held by
“Benefit Plan Investors” as contemplated and defined under Section 3(42) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the U.S.
Department of Labor’s regulations set forth at 29 C.F.R. Section 2510.3-101 as
modified by Section 3(42) of ERISA (the “Plan Asset
Regulations”) so that the Issuer will not be subject to the U.S. federal
employee benefits provisions contained in ERISA and Section 4975 of the Internal
Revenue Code of 1986 (the “Code”), (ii) obtain
from you certain representations and agreements and (iii) provide you with
certain related information with respect to your acquisition, holding or
disposition of the Subordinated Notes.  For purposes of determining
whether Benefit Plan Investors hold less than 25% of the value of the
Subordinated Notes, the value of any Subordinated Notes held by Controlling
Persons (other than Benefit Plan Investors) are required to be
disregarded.  By
signing this Certificate, you agree to be bound by its
terms.

     

    Please
be aware that the information contained in this Certificate is not intended to
constitute advice and the examples given below are not intended to be, and are
not, comprehensive.  You should contact your own counsel if you have
any questions in completing this Certificate.  Capitalized terms not
defined in this Certificate shall have the meanings ascribed to them in the
final offering circular of the Issuer, as supplemented, or the Indenture dated
as of July [16], 2010 (the “Indenture”), by and
between the Issuer and U.S. Bank National Association, as the Trustee, as
applicable.

     

    Please
review the information in this Certificate and check the box(es) that are
applicable to you.

     

    If
a box is not checked, you are agreeing that the applicable Section does not, and
will not, apply to you.

     

    1.            ̈           Employee
Benefit Plans Subject to ERISA or the Code.  We, or the entity
on whose behalf we are acting, are an “employee benefit plan” within the meaning
of Section 3(3) of ERISA that is subject to the fiduciary responsibility
provisions of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the
Code that is subject to Section 4975 of the Code.

     

    Examples:  (i)
tax qualified retirement plans such as pension, profit sharing and section
401(k) plans, (ii) welfare benefit plans such as accident, life and medical
plans, (iii) individual retirement accounts or “IRAs” and “Keogh” plans and (iv)
certain tax-qualified educational and savings trusts.

     

    2.            ̈           Entity
Holding Plan Assets by Reason of Plan Asset Regulations.  We,
or the entity on whose behalf we are acting, are an entity or fund whose
underlying assets include “plan assets” by reason of a Benefit Plan Investor’s
investment in such entity.

     

    
      
         

      

      
        B-5-1

        
          

        

      

      
         

      

    

     

    Examples:  (i)
an insurance company separate account, (ii) a bank collective trust fund and
(iii) a hedge fund or other private investment vehicle where 25% or more of the
value of any class of its equity is held by Benefit Plan Investors.

     

    If you
check Box 2, please indicate the maximum percentage of the entity or fund that
will constitute “plan assets” for purposes of Title I of ERISA or Section 4975
of the Code: ______%.

     

    An entity
or fund that cannot provide the foregoing percentage hereby acknowledges that
for purposes of determining whether Benefit Plan Investors own less than 25% of
the value of the Subordinated Notes issued by the Issuer, 100% of the assets of
the entity or fund will be treated as “plan assets.”

     

    ERISA and
the regulations promulgated thereunder are technical.  Accordingly, if
you have any question regarding whether you may be an entity described in this
Section 2, you should consult with your counsel.

     

    3.            ̈           Insurance
Company General Account.  We, or the entity on whose behalf we
are acting, are an insurance company purchasing the Subordinated Notes with
funds from our or their general account (i.e., the insurance company’s corporate
investment portfolio), whose assets, in whole or in part, constitute “plan
assets” for purposes of the Plan Asset Regulations.

     

    If you
check Box 3, please indicate the maximum percentage of the insurance company
general account that will constitute “plan assets” for purposes of conducting
the 25% test under the Plan Asset Regulations
is:  ____%.  IF YOU DO NOT INCLUDE ANY PERCENTAGE IN THE
BLANK SPACE, YOU WILL BE COUNTED AS IF YOU FILLED IN 100% IN THE BLANK
SPACE.

     

    4.            ̈           None of
Sections (1) Through (3) Above Apply.  We, or the entity on
whose behalf we are acting, are a Person that does not fall into any of the
categories described in Sections (1) through (3) above.

     

    5.           No
Prohibited Transaction.  If we checked any of the boxes in
Section (1) through (3) above, we represent, warrant and agree that our
acquisition, holding and disposition of the Subordinated Notes do not and will
not constitute or give rise to a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code.

     

    6.           Not
Subject to Similar Law and No Violation of Other Plan Law.  If
we are a governmental, church, non-U.S. or other plan, we represent, warrant and
agree that (a) we are not subject to any federal, state, local, non-U.S. or
other law or regulation that could cause the underlying assets of the Issuer to
be treated as assets of the investor in any Note (or interest therein) by virtue
of its interest and thereby subject the Issuer and the Collateral Manager (or
other Persons responsible for the investment and operation of the Issuer’s
assets) to laws or regulations that are similar to the fiduciary responsibility
or prohibited transaction provisions of ERISA or Section 4975 of the Code, and
(b) our acquisition, holding and disposition of the Subordinated Notes do not
and will not constitute or give rise to a non-exempt violation of any law or
regulation that is substantially similar to the prohibited transaction
provisions of ERISA or Section 4975 of the Code.

     

    
      
         

      

      
        B-5-2

        
          

        

      

      
         

      

    

     

    7.            ̈           Controlling
Person.  We are, or we are acting on behalf of any
of:  (i) the Trustee, (ii) the Collateral Manager, (iii) any Person
that has discretionary authority or control with respect to the assets of the
Issuer, (iv) any Person who provides investment advice for a fee (direct or
indirect) with respect to such assets or (v) any “affiliate” of any of the above
Persons.  “Affiliate” shall have
the meaning set forth in the Plan Asset Regulations.  Any of the
Persons described in the first sentence of this Section (7) is referred to in
this Certificate as a “Controlling Person.”

     

    Note:     
We understand that, for purposes of determining whether Benefit Plan Investors
hold less than 25% of the value of the Subordinated Notes, the value of any
Subordinated Notes held by Controlling Persons (other than Benefit Plan
Investors) are required to be disregarded.

     

    Compelled
Disposition.  We acknowledge and agree that:

     

    (i)           if
any representation that we made hereunder is subsequently shown to be false or
misleading or our beneficial ownership otherwise causes a violation of the 25%
Limitation, the Issuer (or the Collateral Manager on behalf of the Issuer)
shall, promptly after discovery of such or upon notice from the Trustee (if a
Trust Officer of the Trustee obtains actual knowledge) if it makes the discovery
(and who agrees to notify the Issuer of such discovery), send notice to us
demanding that we transfer our interest to a Person that is not a Non-Permitted
ERISA Holder within 20 days after the date of such notice;

     

    (ii)          if
we fail to transfer our Subordinated Notes, the Issuer shall have the right,
without further notice to us, to sell our Subordinated Notes or our interest in
the Subordinated Notes, to a purchaser selected by the Issuer that is not a
Non-Permitted ERISA Holder on such terms as the Issuer may choose;

     

    (iii)         the
Issuer may select the purchaser by soliciting one or more bids from one or more
brokers or other market professionals that regularly deal in securities similar
to the Subordinated Notes and selling such securities to the highest such
bidder.  However, the Issuer may select a purchaser by any other means
determined by it in its sole discretion;

     

    (iv)        by
our acceptance of an interest in the Subordinated Notes, we agree to cooperate
with the Issuer to effect such transfers;

     

    (v)         the
proceeds of such sale, net of any commissions, expenses and taxes due in
connection with such sale shall be remitted to us; and

     

    (vi)        the
terms and conditions of any sale under this sub-section shall be determined in
the sole discretion of the Issuer, and none of the Issuer, the Trustee or the
Collateral Manager shall be liable to us as a result of any such sale or the
exercise of such discretion.

     

    
      
         

      

      
        B-5-3

        
          

        

      

      
         

      

    

     

    Required
Notification and Agreement.  We hereby agree that we (a) will
inform the Trustee of any proposed transfer by us of all or a specified portion
of the Subordinated Notes and (b) will not initiate any such transfer after we
have been informed by the Issuer or the Transfer Agent in writing that such
transfer would cause the 25% Limitation to be exceeded.  We hereby
agree and acknowledge that after the Trustee effects any permitted transfer of
Subordinated Notes owned by us to a Benefit Plan Investor or a Controlling
Person or receives notice of any such permitted change of status, the Trustee
shall include such Subordinated Notes in future calculations of the 25%
Limitation made pursuant hereto unless subsequently notified that such
Subordinated Notes (or such portion), as applicable, would no longer be deemed
to be held by Benefit Plan Investors or Controlling Persons.

     

    8.           Continuing
Representation; Reliance.  We acknowledge and agree that the
representations contained in this Certificate shall be deemed made on each day
from the date we make such representations through and including the date on
which we dispose of our interests in the Subordinated Notes.  We
understand and agree that the information supplied in this Certificate will be
used and relied upon by the Issuer and the Trustee to determine that any
subsequent transfer of the Subordinated Notes in accordance with the Indenture
does not violate the 25% Limitation.

     

    9.           Further
Acknowledgement and Agreement.  We acknowledge and agree that
(i) all of the assurances contained in this Certificate are for the benefit of
the Issuer, the Trustee and the Collateral Manager as third party beneficiaries
hereof, (ii) copies of this Certificate and any information contained herein may
be provided to the Issuer, the Trustee, the Collateral Manager, affiliates of
any of the foregoing parties and to each of the foregoing parties’ respective
counsel for purposes of making the determinations described above and (iii) any
acquisition or transfer of the Subordinated Notes by us that is not in
accordance with the provisions of this Certificate shall be null and void from
the beginning, and of no legal effect.

     

    10.         Future
Transfer Requirements.

     

    Transferee
Letter and its Delivery.  We acknowledge and agree that we may
not transfer any Certificated Subordinated Notes to any Person unless the
Trustee has received a certificate substantially in the form of this
Certificate.  Any attempt to transfer in violation of this section
will be null and void from the beginning, and of no legal effect.

     

    Note:  Unless
you are notified otherwise, the name and address of the Trustee is as
follows:

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    [The
remainder of this page has been intentionally left blank.]

    
      
         

      

      
        B-5-4

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the
undersigned has duly executed and delivered this Certificate.

     

    ________________________
[Insert Purchaser’s Name]

     

    By:

    Name:

    Title:

    Dated:

     

    This
Certificate relates to U.S.$_________ of Subordinated Notes

    
      
         

      

      
        B-5-5

        
          

        

      

      
         

      

    

    EXHIBIT
B-6

     

    FORM
OF TRANSFEREE CERTIFICATE OF RULE 144A

    GLOBAL
SECURED NOTE

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    
      	
               
      

            	
              Re:

            	
              Golub
      Capital BDC 2010-1 LLC (the “Issuer”) Class
      [A][B] Notes due 2021

            

    

     

    Reference
is hereby made to the Indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as
Trustee.  Capitalized terms used but not defined herein shall have the
meanings given them in the Indenture.

     

    This
letter relates to ___________ Aggregate Outstanding Amount of the Class [A][B]
Notes (the “Notes”), which are to
be transferred to the undersigned transferee (the “Transferee”) in the
form of a Rule 144A Global Secured Note representing Class [A][B] Notes of such
Class pursuant to Section 2.5(f) of the Indenture.

     

    In
connection with such request, and in respect of such Notes, the Transferee does
hereby certify that the Notes are being transferred (i) in accordance with the
transfer restrictions set forth in the Indenture and (ii) pursuant to an
exemption from registration under the United States Securities Act of 1933, as
amended (the “Securities Act”) and
in accordance with any applicable securities laws of any state of the United
States or any other jurisdiction.

     

    In
addition, the Transferee hereby represents, warrants and covenants for the
benefit of the Issuer and its counsel that it is a Qualified Purchaser and a
“qualified institutional buyer” as defined in Rule 144A under the Securities
Act, and is acquiring the Notes in reliance on the exemption from Securities Act
registration provided by Rule 144A thereunder.

     

    The
Transferee further represents, warrants and agrees as follows:

     

    1.           In
connection with the purchase of such Notes: (A) none of the Issuer, the
Collateral Manager, the Initial Purchaser, the Trustee, the Collateral
Administrator or any of their respective Affiliates is acting as a fiduciary or
financial or investment adviser for the Transferee; (B) the Transferee is not
relying (for purposes of making any investment decision or otherwise) upon any
advice, counsel or representations (whether written or oral) of the Issuer, the
Collateral Manager, the Trustee, the Collateral Administrator or the Initial
Purchaser or any of their respective Affiliates other than any statements in the
final offering circular with respect to such Notes, as supplemented, and such
Transferee has read and understands the final offering circular, as
supplemented; (C) the Transferee has consulted with its own legal, regulatory,
tax, business, investment, financial and accounting advisers to the extent it
has deemed necessary and has made its own investment decisions (including
decisions regarding the suitability of any transaction pursuant to this
Indenture) based upon its own judgment and upon any advice from such advisers as
it has deemed necessary and not upon any view expressed by the Issuer, the
Collateral Manager, the Trustee, the Collateral Administrator or the Initial
Purchaser or any of their respective Affiliates; (D) the Transferee is both (x)
a Qualified Institutional Buyer and (y) a Qualified Purchaser (for purposes of
Section 3(c)(7) of the Investment Company Act) or an entity owned exclusively by
Qualified Purchasers; (E) the Transferee is acquiring its interest in such Notes
for its own account; (F) the Transferee was not formed for the purpose of
investing in such Notes; (G) the Transferee understands that the Issuer may
receive a list of participants holding interests in the Notes from one or more
book-entry depositories; (H) the Transferee will hold and transfer at least the
minimum denomination of such Notes; (I) the Transferee is a sophisticated
investor and is purchasing the Notes with a full understanding of all the terms,
conditions and risks thereof, and is capable of and willing to assume those
risks; (J) the Transferee will provide notice of the relevant transfer
restrictions to subsequent transferees; and (K) if the Transferee is not a U.S.
person, it is not acquiring any Note as part of a plan to reduce, avoid or evade
U.S. federal income tax.

     

    
      
         

      

      
        B-6-1

        
          

        

      

      
         

      

    

     

    2.           The
Transferee understands that such Notes are being offered only in a transaction
not involving any public offering in the United States within the meaning of the
Securities Act, such Notes have not been and will not be registered under the
Securities Act, and, if in the future the Transferee decides to offer, resell,
pledge or otherwise transfer such Notes, such Notes may be offered, resold,
pledged or otherwise transferred only in accordance with the provisions of this
Indenture and the legend on such Notes.  The Transferee acknowledges
that no representation has been made as to the availability of any exemption
under the Securities Act or any state securities laws for resale of the
Notes.  The Transferee understands that the Issuer has not been
registered under the Investment Company Act, and that the Issuer is exempt from
registration as such by virtue of Rule 3a-7 and Section 3(c)(7) of the
Investment Company Act.

     

    3.           The
Transferee will provide notice to each Person to whom it proposes to transfer
any interest in the Notes of the transfer restrictions and representations set
forth in Section 2.5 of the Indenture, including the Exhibits referenced
therein.

     

    4.           It
represents, warrants and agrees that (a) if it is, or is acting on behalf of, a
Benefit Plan Investor, as defined in Section 3(42) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), its
acquisition, holding and disposition of such Notes will not constitute or result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Internal Revenue Code of 1986, as amended (the “Code”), and (b) if it
is a governmental, church, non-U.S. or other plan which is subject to any state,
local, other federal or non-U.S. law or regulation that is substantially similar
to the prohibited transaction provisions of Section 406 of ERISA or Section 4975
of the Code (any such law or regulation an “Other Plan Law”), its
acquisition, holding and disposition of such Notes will not constitute or result
in a non-exempt violation of any such Other Plan Law.

     

    5.           It
agrees not to seek to commence in respect of the Issuer or the Depositor, or
cause the Issuer or the Depositor to commence, a bankruptcy proceeding before a
year and a day has elapsed since the payment in full to the holders of the
Secured Notes issued pursuant to the Indenture or, if longer, the applicable
preference period then in effect.

     

    
      
         

      

      
        B-6-2

        
          

        

      

      
         

      

    

     

    6.           It
will treat its Notes as debt of the Issuer for United States federal and, to the
extent permitted by law, state and local income and franchise tax purposes
unless otherwise required by any relevant taxing authority.

     

    7.           It
is ______ (check if applicable) a “United States person” within the meaning of
Section 7701(a)(30) of the Code, and a properly completed and signed Internal
Revenue Service Form W-9 (or applicable successor form) is attached hereto; or
______ (check if applicable) not a “United States person” within the meaning of
Section 7701(a)(30) of the Code, and a properly completed and signed applicable
Internal Revenue Service Form W-8 (or applicable successor form) is attached
hereto.  It understands and acknowledges that failure to provide the
Issuer or the Trustee with the applicable tax certifications or the failure to
meet its Noteholder Reporting Obligations may result in withholding or back-up
withholding from payments to it in respect of the Notes.

     

    8.           If
it is not a “United States person” (as defined in Section 7701(a)(30) of the
Code), it hereby represents that (i) either (A) it is not a bank extending
credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business (within the meaning of Section 881(c)(3)(A) of the Code), or
(B) it is a person that is eligible for benefits under an income tax treaty with
the United States that eliminates U.S. federal income taxation of U.S. source
interest not attributable to a permanent establishment in the United States, and
(ii) it is not purchasing the Notes in order to reduce its U.S. federal income
tax liability pursuant to a tax avoidance plan.

     

    9.           It
hereby agrees to provide the Issuer and Trustee (i) any information as is
necessary (in the sole determination of the Issuer or the Trustee, as
applicable) for the Issuer and the Trustee to determine whether it is a United
States person as defined in Section 7701(a)(30) of the Code (a “United States
person”) or a United States owned foreign entity as described in Section
1471(d)(3) of the Code (a “United States owned foreign
entity”) and (ii) any additional information that the Issuer or its agent
requests in connection with Sections 1471-1474 of the Code.  If it is
a United States person or a United States owned foreign entity that is a holder
or beneficial owner of Notes or an interest therein as of March 18, 2012, or
that acquires an interest in Notes after March 18, 2012, it also hereby agrees
to (x) provide the Issuer and Trustee its name, address, U.S. taxpayer
identification number and any other information requested by the Issuer or its
agent upon request and by March 18, 2012, or, if such holder or beneficial owner
acquires an interest in the Notes after that date, by the date it acquires such
interest and (y) update any such information provided in clause (x) promptly
upon learning that any such information previously provided has become obsolete
or incorrect or is otherwise required.  It understands and
acknowledges that the Issuer may provide such information and any other
information concerning its investment in the Notes to the U.S. Internal Revenue
Service.  It understands and acknowledges that the Issuer has the
right, under the Indenture, to compel any beneficial owner of an interest in the
Notes that fails to comply with the foregoing requirements to sell its interest
in such Notes, or may sell such interest on behalf of such owner.

     

    10.        To
the extent required by the Issuer, as determined by the Issuer or the Collateral
Manager on behalf of the Issuer, the Issuer may, upon notice to the Trustee,
impose additional transfer restrictions on the Notes to comply with the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 and other similar laws or regulations,
including, without limitation, requiring each transferee of a Note to make
representations to the Issuer in connection with such compliance.

     

    
      
         

      

      
        B-6-3

        
          

        

      

      
         

      

    

     

    11.         It
understands that the Issuer, the Trustee, the Initial Purchaser and their
respective counsel will rely upon the accuracy and truth of the foregoing
representations, and it hereby consents to such reliance.

     

    
      
         

      

      
        B-6-4

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Name
      of Purchaser:

                	 
      
	
                  Dated:

                	 
      
	 
      	 
      
	
                   
      

                	 
      
	
                  By:

                	 
      
	
                  Name:

                	 
      
	
                  Title:

                	 
      

        

      

    

     

    Aggregate
Outstanding Amount of Notes:  U.S.$

     

    
      	
              cc:

            	
              Golub
      Capital BDC 2010-1 LLC

            

    

    
      	
               
      

            	
              150
      South Wacker Drive, Suite 800

            

    

    
      	
               
      

            	
              Chicago,
      Illinois 60606

            

    

    
      	
               
      

            	
              Facsimile
      Number:  (312) 201-9167

            

    

    
      	
               
      

            	
              Attention:  David
      Golub

            

    

     

    
      
         

      

      
        B-6-5

        
          

        

      

      
         

      

    

    EXHIBIT
B-7

     

    FORM
OF TRANSFEREE CERTIFICATE OF REGULATION S GLOBAL SECURED NOTE

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

    

    
      	
               
      

            	
              Re:

            	
              Golub
      Capital BDC 2010-1 LLC (the “Issuer”) Class
      [A][B] Notes due 2021

            

    

     

    Reference
is hereby made to the Indenture dated as of July [__], 2010 (the “Indenture”), among
the Issuer and U.S. Bank National Association, as
Trustee.  Capitalized terms used but not defined herein shall have the
meanings given them in the Indenture.

     

    This
letter relates to ___________ Aggregate Outstanding Amount of the Class [A][B]
Notes (the “Notes”), which are to
be transferred to the undersigned transferee (the “Transferee”) in the
form of a Regulation S Global Secured Note of such Class pursuant to Section
2.5(f) of the Indenture.

     

    In
connection with such request, and in respect of such Notes, the Transferee does
hereby certify that the Notes are being transferred (i) in accordance with the
transfer restrictions set forth in the Indenture and (ii) pursuant to an
exemption from registration under the United States Securities Act of 1933, as
amended (the “Securities Act”) and
in accordance with any applicable securities laws of any state of the United
States or any other jurisdiction.

     

    In
addition, the Transferee hereby represents, warrants and covenants for the
benefit of the Issuer and its counsel that it is a Qualified Purchaser, is a
person that is not a “U.S. Person” as defined in Regulation S under the
Securities Act, and is acquiring the Notes in an offshore transaction (as
defined in Regulation S) in reliance on the exemption from Securities Act
registration provided by Regulation S.

     

    The
Transferee further represents, warrants and agrees as follows:

     

    1.           In
connection with the purchase of such Notes: (A) none of the Issuer, the
Collateral Manager, the Initial Purchaser, the Trustee, the Collateral
Administrator or any of their respective Affiliates is acting as a fiduciary or
financial or investment adviser for the Transferee; (B) the Transferee is not
relying (for purposes of making any investment decision or otherwise) upon any
advice, counsel or representations (whether written or oral) of the Issuer, the
Collateral Manager, the Trustee, the Collateral Administrator or the Initial
Purchaser or any of their respective Affiliates other than any statements in the
final offering circular for such Notes, as supplemented, and such Transferee has
read and understands the final offering circular, as supplemented; (C) the
Transferee has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisers to the extent it has deemed
necessary and has made its own investment decisions (including decisions
regarding the suitability of any transaction pursuant to this Indenture) based
upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Collateral Manager,
the Trustee, the Collateral Administrator or the Initial Purchaser or any of
their respective Affiliates; (D) the Transferee is not a U.S. Person and is
acquiring such Notes in an offshore transaction (as defined in Regulation S) in
reliance on the exemption from registration provided by Regulation S; (E) the
Transferee is acquiring its interest in such Notes for its own account; (F) the
Transferee was not formed for the purpose of investing in such Notes; (G) the
Transferee understands that the Issuer may receive a list of participants
holding interests in the Notes from one or more book-entry depositories; (H) the
Transferee will hold and transfer at least the minimum denomination of such
Notes; (I) the Transferee is a sophisticated investor and is purchasing the
Notes with a full understanding of all the terms, conditions and risks thereof,
and is capable of and willing to assume those risks; (J) the Transferee will
provide notice of the relevant transfer restrictions to subsequent transferees;
and (K) if the Transferee is not a U.S. person, it is not acquiring any Note as
part of a plan to reduce, avoid or evade U.S. federal income tax.

     

    
      
         

      

      
        B-7-1

        
          

        

      

      
         

      

    

    2.           The
Transferee understands that such Notes are being offered only in a transaction
not involving any public offering in the United States within the meaning of the
Securities Act, such Notes have not been and will not be registered under the
Securities Act, and, if in the future the Transferee decides to offer, resell,
pledge or otherwise transfer such Notes, such Notes may be offered, resold,
pledged or otherwise transferred only in accordance with the provisions of this
Indenture and the legend on such Notes.  The Transferee acknowledges
that no representation has been made as to the availability of any exemption
under the Securities Act or any state securities laws for resale of the
Notes.  The Transferee understands that the Issuer has not been
registered under the Investment Company Act, and that the Issuer is exempt from
registration as such by virtue of Rule 3a-7 and Section 3(c)(7) of the
Investment Company Act.

     

    3.           The
Transferee is aware that, except as otherwise provided in the Indenture, the
Notes being sold to it, if any, in reliance on Regulation S will be represented
by one or more Regulation S Global Class [A][B] Notes, and that beneficial
interests therein may be held only through Euroclear or
Clearstream.

     

    4.           The
Transferee will provide notice to each Person to whom it proposes to transfer
any interest in the Notes of the transfer restrictions and representations set
forth in Section 2.5 of the Indenture, including the Exhibits referenced
therein.

     

    5.           It
represents, warrants and agrees that (a) if it is, or is acting on behalf of, a
Benefit Plan Investor, as defined in Section 3(42) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), its
acquisition, holding and disposition of such Notes will not constitute or result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Internal Revenue Code of 1986, as amended (the “Code”), and (b) if it
is a governmental, church, non-U.S. or other plan which is subject to any state,
local, other federal or non-U.S. law or regulation that is substantially similar
to the prohibited transaction provisions of Section 406 of ERISA or Section 4975
of the Code (any such law or regulation an “Other Plan Law”), its
acquisition, holding and disposition of such Notes will not constitute or result
in a non-exempt violation of any such Other Plan Law.

     

    
      
         

      

      
        B-7-2

        
          

        

      

      
         

      

    

     

    6.           It
agrees not to seek to commence in respect of the Issuer or the Depositor, or
cause the Issuer or the Depositor to commence, a bankruptcy proceeding before a
year and a day has elapsed since the payment in full to the holders of the
Secured Notes issued pursuant to the Indenture or, if longer, the applicable
preference period then in effect.

     

    7.           It
will treat its Notes as debt of the Issuer for United States federal and, to the
extent permitted by law, state and local income and franchise tax purposes
unless otherwise required by any relevant taxing authority.

     

    8.           It
is not a “United States person” within the meaning of Section 7701(a)(30) of the
Code, and a properly completed and signed applicable Internal Revenue Service
Form W-8 (or applicable successor form) is attached hereto.  It
understands and acknowledges that failure to provide the Issuer or the Trustee
with the applicable tax certifications or the failure to meet its Noteholder
Reporting Obligations may result in withholding or back-up withholding from
payments to it in respect of the Notes.

     

    9.           It
hereby represents that (i) either (A) it is not a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business
(within the meaning of Section 881(c)(3)(A) of the Code), or (B) it is a person
that is eligible for benefits under an income tax treaty with the United States
that eliminates U.S. federal income taxation of U.S. source interest not
attributable to a permanent establishment in the United States, and (ii) it is
not purchasing the Notes in order to reduce its U.S. federal income tax
liability pursuant to a tax avoidance plan.

     

    10.         It
hereby agrees to provide the Issuer and Trustee (i) any information as is
necessary (in the sole determination of the Issuer or the Trustee, as
applicable) for the Issuer and the Trustee to determine whether it is a United
States person as defined in Section 7701(a)(30) of the Code (a “United States
person”) or a United States owned foreign entity as described in Section
1471(d)(3) of the Code (a “United States owned foreign
entity”) and (ii) any additional information that the Issuer or its agent
requests in connection with Sections 1471-1474 of the Code.  If it is
a United States person or a United States owned foreign entity that is a holder
or beneficial owner of Notes or an interest therein as of March 18, 2012, or
that acquires an interest in Notes after March 18, 2012, it also hereby agrees
to (x) provide the Issuer and Trustee its name, address, U.S. taxpayer
identification number and any other information requested by the Issuer or its
agent upon request and by March 18, 2012, or, if such holder or beneficial owner
acquires an interest in the Notes after that date, by the date it acquires such
interest and (y) update any such information provided in clause (x) promptly
upon learning that any such information previously provided has become obsolete
or incorrect or is otherwise required.  It understands and
acknowledges that the Issuer may provide such information and any other
information concerning its investment in the Notes to the U.S. Internal Revenue
Service.  It understands and acknowledges that the Issuer has the
right, under the Indenture, to compel any beneficial owner of an interest in the
Notes that fails to comply with the foregoing requirements to sell its interest
in such Notes, or may sell such interest on behalf of such owner.

     

    
      
         

      

      
        B-7-3

        
          

        

      

      
         

      

    

    11.         To
the extent required by the Issuer, as determined by the Issuer or the Collateral
Manager on behalf of the Issuer, the Issuer may, upon notice to the Trustee,
impose additional transfer restrictions on the Notes to comply with the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 and other similar laws or regulations,
including, without limitation, requiring each transferee of a Note to make
representations to the Issuer in connection with such compliance.

     

    13.         It
understands that the Issuer, the Trustee, the Initial Purchaser and their
respective counsel will rely upon the accuracy and truth of the foregoing
representations, and it hereby consents to such reliance.

     

    
      
         

      

      
        B-7-4

        
          

        

      

      
         

      

    

     

    
      
        	
                Name
      of Purchaser:

              	 
      
	
                Dated:

              	 
      
	 
      	 
      
	
                 
      

              	 
      
	
                By:

              	 
      
	
                Name:

              	 
      
	
                Title:

              	 
      

      

    

     

    Aggregate
Outstanding Amount of Notes:  U.S.$__________

     

    
      	
              cc:

            	
              Golub
      Capital BDC 2010-1 LLC

            

    

    
      	
               
      

            	
              150
      South Wacker Drive, Suite 800

            

    

    
      	
               
      

            	
              Chicago,
      Illinois 60606

            

    

    
      	
               
      

            	
              Facsimile
      Number:  (312) 201-9167

            

    

    
      	
               
      

            	
              Attention:  David
      Golub

            

    

     

    
      
         

      

      
        B-7-5

        
          

        

      

      
         

      

    

    EXHIBIT
C

     

    CALCULATION
OF LIBOR

     

    “LIBOR” with respect
to the Secured Notes, for any Interest Accrual Period will equal (a) the rate
appearing on the Reuters Screen for deposits with a term of three months; provided that LIBOR for the
first Interest Accrual Period will equal the rate determined by interpolating
between the rate appearing on the Reuters Screen for deposits with a term of six
(6) months and the rate appearing on the Reuters Screen for deposits with a term
of seven (7) months or (b) if such rate is unavailable at the time LIBOR is to
be determined, LIBOR shall be determined on the basis of the rates at which
deposits in U.S. Dollars are offered by four major banks in the London market
selected by the Calculation Agent after consultation with the Collateral Manager
(the “Reference
Banks”) at approximately 11:00 a.m., London time, on the Interest
Determination Date to prime banks in the London interbank market for a period
approximately equal to such Interest Accrual Period and an amount approximately
equal to the Aggregate Outstanding Amount of the Secured Notes.  The
Calculation Agent will request the principal London office of each Reference
Bank to provide a quotation of its rate.  If at least two such
quotations are provided, LIBOR shall be the arithmetic mean of such quotations
(rounded upward to the next higher 1/100).  If fewer than two
quotations are provided as requested, LIBOR with respect to such Interest
Accrual Period will be the arithmetic mean of the rates quoted by three major
banks in New York, New York selected by the Calculation Agent after consultation
with the Collateral Manager at approximately 11:00 a.m., New York Time, on such
Interest Determination Date for loans in U.S. Dollars to leading European banks
for a term approximately equal to such Interest Accrual Period and an amount
approximately equal to the Aggregate Outstanding Amount of the Secured
Notes.  If the Calculation Agent is required but is unable to
determine a rate in accordance with at least one of the procedures described
above, LIBOR will be LIBOR as determined on the previous Interest Determination
Date.  “LIBOR”, when used
with respect to a Collateral Obligation, means the “libor” rate determined in
accordance with the terms of such Collateral Obligation.

     

    “Reuters Screen” means
Reuters Page LIBOR01 (or such other page that may replace that page on such
service for the purpose of displaying comparable rates) as reported by Bloomberg
Financial Markets Commodities News as of 11:00 a.m., London time, on the
Interest Determination Date.

     

    
      
         

      

      
        C-1

        
          

        

      

      
         

      

    
 

    EXHIBIT
D

     

    FORM
OF BENEFICIAL OWNER CERTIFICATE

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    U.S. Bank
National Association, as Collateral Administrator

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    Golub
Capital BDC 2010-1 LLC

    150 South
Wacker Drive, Suite 800

    Chicago,
Illinois 60606

    Facsimile
Number:  (312) 201-9167

    Attention:  David
Golub

     

    
      	
               
      

            	
              Re:

            	
              Notices,
      Reports and Other Communications Prepared Pursuant to the Indenture, dated
      as of July [__], 2010, among Golub Capital BDC 2010-1 LLC and U.S. Bank
      National Association (the “Indenture”)

            

    

     

    Ladies
and Gentlemen:

     

    The
undersigned hereby certifies that it is the beneficial owner of U.S.$__________
in original principal amount of the [Class A Senior Secured Floating Rate Notes
due 2021 of Golub Capital BDC 2010-1 LLC] [Class B Senior Secured Floating Rate
Notes due 2021 of Golub Capital BDC 2010-1 LLC] [Subordinated Notes due 2021 of
Golub Capital BDC 2010-1 LLC] and hereby requests the Collateral Administrator
and the Trustee grant it access to or deliver to it, as applicable, and as and
when granted or delivered to any Holder or Noteholder under the Indenture, all
notices, reports or other communications required to be delivered to any Holder
or Noteholder under the Indenture or any Transaction Document and to treat it as
a “Beneficial Owner” for all purposes under the Indenture and Transaction
Documents.  Capitalized terms used but not defined herein shall have
the meaning given them in the Indenture.

     

    In
consideration of the physical or electronic signature hereof by the beneficial
owner, the Issuer, the Trustee, the Collateral Manager, or their respective
agents may from time to time communicate or transmit to the beneficial owner (a)
information upon the request of the beneficial owner pursuant to the Indenture
and (b) other information or communications marked or otherwise identified as
confidential (collectively, but subject to the following sentence, “Confidential
Information”). Confidential Information relating to the Issuer shall not
include, however, any information that (i) was publicly known or otherwise
known to the beneficial owner prior to the time of such communication or
transmission; (ii) subsequently becomes publicly known through no act or
omission by the beneficial owner or any Person acting on behalf of beneficial
owner; (iii) otherwise is known or becomes known to the beneficial owner
other than (x) through disclosure by the Issuer or (y) to the
knowledge of the beneficial owner after reasonable inquiry, as a result of the
breach of a fiduciary duty to the Issuer or a contractual duty to the Issuer; or
(iv) is allowed to be treated as non-confidential by consent of the
Issuer.

     

    
      
         

      

      
        D-1

        
          

        

      

      
         

      

    

     

    The
beneficial owner will maintain the confidentiality of all Confidential
Information in accordance with procedures adopted by the beneficial owner in
good faith to protect Confidential Information of third parties delivered to the
beneficial owner; provided that the beneficial
owner may deliver or disclose Confidential Information to: (i) its
directors, trustees, officers, employees, agents, attorneys and affiliates who
agree to hold confidential the Confidential Information substantially in
accordance with these terms and to the extent such disclosure is reasonably
required for the administration of the matters contemplated hereby or the
investment represented by the Notes; (ii) its legal advisors, financial
advisors and other professional advisors who agree to hold confidential the
Confidential Information substantially in accordance with these terms and to the
extent such disclosure is reasonably required for the matters contemplated
hereby or the investment represented by the Notes; (iii) any other Holder,
or any of the other parties to the Indenture, the Collateral Management
Agreement or the Collateral Administration Agreement; (iv) any Person of
the type that would be, to such Person’s knowledge, permitted to acquire Notes
in accordance with the requirements of Section 2.5 of
the Indenture to which such Person sells or offers to sell any such Note or any
part thereof (if such Person has agreed in writing prior to its receipt of such
Confidential Information to be bound by these provisions); (v) any other
Person from which such former Person offers to purchase any security of the
Issuer (if such other Person has agreed in writing prior to its receipt of such
Confidential Information to be bound by these provisions; (vi) any federal
or state or other regulatory, governmental or judicial authority having
jurisdiction over such Person; (vii) the National Association of Insurance
Commissioners or any similar organization, or any nationally recognized rating
agency that requires access to information about the investment portfolio of
such Person, reinsurers and liquidity and credit providers that agree to hold
confidential the Confidential Information substantially in accordance with these
provisions; (viii) Moody’s or S&P; (ix) any other Person with the
consent of the Issuer and the Collateral Manager; or (x) any other Person
to which such delivery or disclosure may be necessary or appropriate (A) to
effect compliance with any law, rule, regulation or order applicable to such
Person, (B) in response to any subpoena or other legal process upon prior
notice to the Issuer (unless prohibited by applicable law, rule, order or decree
or other requirement having the force of law), (C) in connection with any
litigation to which such Person is a party upon prior notice to the Issuer
(unless prohibited by applicable law, rule, order or decree or other requirement
having the force of law) or (D) if an Event of Default has occurred
and is continuing, to the extent such Person may reasonably determine such
delivery and disclosure to be necessary or appropriate in the enforcement or for
the protection of the rights and remedies under the Notes or the
Indenture.  The beneficial owner agrees that it shall use the
Confidential Information for the sole purpose of making an investment in the
Notes or administering its investment in the Notes; and that the Trustee and the
Collateral Administrator shall neither be required nor authorized to disclose to
it any Confidential Information in violation of these provisions.  In
the event of any required disclosure of the Confidential Information by the
beneficial owner, it hereby agrees to use reasonable efforts to protect the
confidentiality of the Confidential Information.

     

    
      
         

      

      
        D-2

        
          

        

      

      
         

      

    

    Submission
of this certificate bearing the beneficial owner’s physical or electronic
signature shall constitute effective delivery hereof.  This
certificate shall be construed in accordance with, and this certificate and all
matters arising out of or relating in any way whatsoever (whether in contract,
tort or otherwise) to this certificate shall be governed by, the law of the
State of New York.

     

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned has caused this certificate to be duly executed
this ____ day of ____________, ______.

     

    
      
        	 
      	
                [NAME
      OF BENEFICIAL OWNER]

              
	 	 
	 
      	
                By:

              	
                  

              
	 
      	 
      	
                  Name:

              	 
      
	 
      	 
      	
                  Title:

              	
                Authorized
      Signatory

              

      

    

    

    Name:

    Address:

    City,
State, ZIP:

    Attention:

    Telephone:

    Facsimile:

    Email:

     

    
      
         

      

      
        D-4

        
          

        

      

      
         

      

    

    EXHIBIT
E

     

    FORM
OF DIRECTION OF ISSUER

     

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    U.S. Bank
National Association, as Collateral Administrator

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    
      	
               
      

            	
              Re:

            	
              Reinvestment
      Amounts Pursuant to Section 11.1(e) of the Indenture referred to
      below.

            

    

     

    Ladies
and Gentlemen:

     

    Reference
is made to the Indenture, dated as of July [__], 2010, among Golub Capital BDC
2010-1 LLC and U.S. Bank National Association (as amended, supplemented or
otherwise modified from time to time, the “Indenture”).  Capitalized
terms used herein without definition have the same meanings given to such terms
in the Indenture.

     

    The
undersigned hereby (i) directs the Trustee to deposit an amount equal to ___% of
the amount that would otherwise be distributed to it on the Payment Date falling
on _______________ pursuant to clause (I) of Section 11.1(a)(i) of the Indenture
into the Principal Collection Subaccount, (ii) agrees that such deposit will be
deemed to constitute payment of such amount for purposes of all distributions
from the Payment Account to be made on such Payment Date and (iii) agrees that
such amounts will actually be paid to the undersigned after such Payment Date,
without interest thereon and solely to the extent of Principal Proceeds
available therefor as provided in Section 11.1(a)(ii) of the Indenture or
proceeds in respect of the Assets available therefor as provided in Section
11.1(a)(iii) of the Indenture, as applicable.  For purposes of
payments to be made as described in clause (iii) above, please use the following
wire transfer instructions, unless otherwise instructed by the undersigned after
the date hereof:

     

    [insert
wire transfer instructions]

    

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned has caused this notice to be duly executed this
____ day of ____________, ______.

     

    
      	 
      	
              GOLUB
      CAPITAL BDC 2010-1 LLC

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              Golub
      Capital BDC, Inc., its designated manager

            
	 
      	 
      	 
      
	 
      	 
      	
              By:

            	
                

            
	 
      	 
      	
              Name:

            
	 
      	 
      	
              Title:

            

    

     

    
      
         

      

      
        E-2

        
          

        

      

      
         

      

    

    EXHIBIT
F

     

    [RESERVED]

     

    
      
         

      

      
        F-1

        
          

        

      

      
         

      

    

    EXHIBIT
G

     

    FORM
OF WEIGHTED AVERAGE S&P RECOVERY RATE NOTICE

     

    

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    U.S. Bank
National Association, as Collateral Administrator

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

     

    Standard
& Poor’s

    55 Water
Street, 41st Floor

    New York,
New York 10041-0003

    Attention:
Asset Backed-CBO/CDO Surveillance

     

    
      	
               
      

            	
              Re:

            	
              Weighted
      Average S&P Recovery Rate Notice Pursuant to Section 7.18(h) of the
      Indenture referred to below.

            

    

     

    Ladies
and Gentlemen:

     

    Reference
is made to the Indenture, dated as of July [__], 2010, among Golub Capital BDC
2010-1 LLC and U.S. Bank National Association (as amended, supplemented or
otherwise modified from time to time, the “Indenture”).  Capitalized
terms used herein without definition have the same meanings given to such terms
in the Indenture.

     

    1.           Pursuant
to Section 7.18(h) of the Indenture, the Collateral Manager hereby notifies the
Trustee and the Collateral Administrator that the Weighted Average S&P
Recovery Rate that shall apply to the Collateral Obligations for purposes of
determining compliance with the Minimum Weighted Average S&P Recovery Rate
Test is, with respect to the AAA:  ___________; with respect to the
AA: __________; with respect to the A: __________.

     

    2.           The
Collateral Manager hereby requests that such election be made effective on the
following date: _____________.

     

    3.           The
Collateral Manager hereby certifies that all conditions applicable to the
election of a different Weighted Average S&P Recovery Rate to apply to the
Collateral Obligations have been satisfied as of the date hereof.

     

    
      
         

      

      
        G-1

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned has caused this notice to be duly executed this
____ day of ____________, ______.

     

    
      	 
      	
              GC ADVISORS LLC, as the
      Collateral

            
	 
      	
              Manager

            
	 
      	 
      
	 
      	
              By:

            	
                

            
	 
      	 
      	
                Name:

            
	 
      	 
      	
                Title:

            

    

     

    
      
         

      

      
        G-2

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              EXHIBIT
      H

            

    

    

    FORM
OF PORTFOLIO ACQUISITION AND DISPOSITION CERTIFICATE

    (Acquisitions
and Dispositions Pursuant to Section 12.1 or 12.2 of the Indenture)

    

    U.S. Bank
National Association, as Trustee

    One
Federal Street - 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

    

    
      	
               
      

            	
              Re:

            	
              Sale/Purchase of
      Collateral Obligation or Equity
Security

            

    

     

    I.           Direction

     

    Pursuant
to the Indenture, dated as of July [__], 2010 (such agreement as amended,
modified, waived, supplemented or restated from time to time, the “Indenture”), among
Golub Capital BDC 2010-1 LLC, as the issuer (the “Issuer”), and U.S.
Bank National Association, as the trustee (the “Trustee”), you are
hereby directed to complete the transaction described below involving [insert
description of transaction].  Capitalized terms used but not defined
herein shall have the meanings given such terms in the Indenture.

     

    This
serves as an Issuer Order and Issuer Request from the Collateral Manager in
connection with the transaction indicated below: [Check all that
apply]

     

    
      	
               
      

            	
              o

            	
              Sale of any Collateral
      Obligation or Equity Security.   Pursuant to Section
      12.1 of the Indenture and this Issuer Order and Issuer Request, you are
      hereby directed to sell the Collateral Obligation or Equity Security
      described above.  Upon such sale, the Schedule of Collateral
      Obligations shall be deemed amended to reflect the release of the
      Collateral Obligation or Equity
Security.

            

    

     

    
      	
               
      

            	
              o

            	
              Purchase or
      Acquisition of any Collateral Obligation after Closing
      Date.   Pursuant to Section 12.2 of the Indenture
      and this Issuer Order and Issuer Request, you are hereby directed to
      purchase the Collateral Obligation described above and this Issuer Order
      and Issuer Request is deemed an Officer’s certificate of the Collateral
      Manager, upon which you may conclusively rely, that this purchase complies
      with Section 12.2 and Section 12.4 of the Indenture.  Upon such
      purchase, the Schedule of Collateral Obligations shall be deemed amended
      to reflect the inclusion of the Collateral
  Obligation.

            

    

     

    II.           Certification

     

    The
undersigned, an Officer of the Collateral Manager, hereby certifies on behalf of
the Issuer that the [sale][acquisition] of [insert description of Collateral
Obligation], complies with the Portfolio Acquisition and Disposition
Requirements including each of the following:

     

    a.           if
a Collateral Obligation is being acquired by the Issuer, such Collateral
Obligation is an Eligible Asset;

     

    
      
         

      

      
        H-1

        
          

        

      

      
         

      

    

     

    b.           if
a Collateral Obligation is being acquired or disposed of, such Collateral
Obligation is being acquired or disposed of in accordance with the terms and
conditions set forth in the Indenture, including, but not limited to, Article
XII of the Indenture;

     

    c.           if
a Collateral Obligation is being acquired or disposed of, the acquisition or
disposition of the Collateral Obligation does not result in a reduction or
withdrawal of the current rating on any Class of Secured Notes then Outstanding
with respect to which a Rating Agency has previously issued a rating;
and

     

    d.           if
a Collateral Obligation is being acquired or disposed of, such Collateral
Obligation is not being acquired or disposed of for the primary purpose of
recognizing gains or decreasing losses resulting from market value
changes.

     

    The
undersigned certifies that this Certificate, delivered by the Collateral Manager
on behalf of the Issuer, is substantially in the form of Exhibit H to the
Indenture and that foregoing requirements, listed here and in the Indenture, are
satisfied and that the representations and warranties contained in Section
3.1(viii) of the Indenture are true and correct as of the date of this
certificate. The undersigned further certifies that this Certificate is sent not
later than settlement date of the acquisition or disposition.

     

    III.           Purpose
of Sale or Acquisition

     

    The
primary purpose of the [sale][acquisition] is to [select one of the items
below]:

     

    [Acquire/sell
Collateral Obligation prior to the Effective Date]

    [Comply
with or maintain and improve Investment Criteria]

    [Comply
with the Concentration Limitations]

    [Comply
with Eligible Asset requirements]

    [Purchase
prior to the Effective Date in accordance with terms and conditions of the
Indenture for the purpose of meeting the Target Initial Par
Condition]

    [Sale
prior to the Effective Date for credit related (not value related)
reasons—Defaulted Obligation in accordance with the terms and conditions of the
Indenture ]

    [Sale
prior to the Effective Date for credit related (not value related) reasons—
Credit Risk Obligation in accordance with the terms and conditions of the
Indenture]

    [Sale
prior to the Effective Date for credit related (not value related) reasons—Sale
of Equity Security in accordance with the terms and conditions of the
Indenture]

    [Purchase
prior to the Effective Date in accordance with the terms and conditions of the
Indenture for the purpose of maintaining the Reinvestment Target Par
Balance]

    [Sale
during the Reinvestment Period for credit related (not value related)
reasons—Defaulted Obligation in accordance with the terms and conditions of the
Indenture]

    [Sale
during the Reinvestment Period for credit related (not value related)
reasons—Sale of Credit Risk Obligation in accordance with the terms and
conditions of the Indenture]

    [Sale
during the Reinvestment Period for credit related (not value related)
reasons—Sale of Equity Security in accordance with the terms and conditions of
the Indenture]

    [Other –
Please Specify].

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

      

    IV.           Calculations

     

    [If
applicable, provide calculations used in determining compliance with Section
12.1 – “Sales of Collateral
Obligations” or Section 12.2 –
“Purchase of
Additional Collateral Obligations.”]

     

    [Remainder
of Page Intentionally Left Blank]

     

    
      
         

      

      
        H-3

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned has caused this notice to be duly executed this
____ day of ____________, ______.

    

    
      	 
      	
              GC
      ADVISORS LLC,

            
	 
      	
              as
      the Collateral Manager on behalf of the Issuer

            
	 
      	 
      
	 
      	
              By:

            	
                

            
	 
      	 
      	
              Name:

            
	 
      	 
      	
              Title:

            

    

     

    
      
         

      

      
        H-4

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              EXHIBIT
      I

            

    

    

    FORM
OF NOTICE OF SUBSTITUTION OR REPURCHASE

    (Optional
Repurchases or Substitutions Pursuant to Section 12.3 of the
Indenture)

    

    U.S. Bank
National Association, as Trustee

    One
Federal Street, 3rd
Floor

    Boston,
Massachusetts 02110

    Attention:  Jeffrey
Stone

    

    Golub
Capital BDC 2010-1 Holdings LLC, as the Depositor

    150 South
Wacker Drive, Suite 800

    Chicago,
Illinois 60606

    Attention:  David
Golub

    

    Golub
Capital BDC 2010-1 LLC, as the Issuer

    150 South
Wacker Drive, Suite 800

    Chicago,
Illinois 60606

    Attention:  David
Golub

    

    GC
Advisors LLC, as the Collateral Manager

    150 South
Wacker Drive, Suite 800

    Chicago,
Illinois 60606

    Attention:  David
Golub

    

    
      	
               
      

            	
              Re:

            	
              [Substitution][Repurchase]
      of Collateral Obligation

            

    

     

    I.           Notification

     

    Pursuant
to the Indenture, dated as of July [__], 2010 (such agreement as amended,
modified, waived, supplemented or restated from time to time, the “Indenture”), among
Golub Capital BDC 2010-1 LLC, as the issuer (the “Issuer”), and U.S.
Bank National Association, as the trustee (the “Trustee”), Golub
Capital BDC, Inc. (the “Originator”) hereby
notifies you that it intends to [substitute a Collateral Obligation pursuant to
Section 12.3(a) of the Indenture][repurchase a Collateral Obligation pursuant to
Section 12.3(b) of the Indenture].  Capitalized terms used but not
defined herein shall have the meanings given such terms in the
Indenture.

     

    Pursuant
to Section 12.3 of the Indenture, the Originator hereby states
that:

     

    
      	
              The
      Collateral Obligation to be [substituted]

            	 
      
	
              [repurchased]
      is:

            	
              [__________________________________]

            
	 
      	 
      
	
              The
      reason for such [substitution][repurchase] is:

            	
              [__________________________________]

            
	 
      	 
      
	
              The
      Transfer Deposit Amount with respect

            	 
      
	
              to
      the Collateral Obligation is:

            	
              [__________________________________]

            

    

    
      
         

      

      
        I-1

        
          

        

      

      
         

      

    

     

    Upon such
[substitution][repurchase], the Schedule of Collateral Obligations shall be
deemed amended to reflect the [substitution][inclusion] of the Collateral
Obligation.

     

    II.           Certification

     

    The
undersigned, an Officer of the Collateral Manager, hereby certifies on behalf of
the Issuer that the [substitution][repurchase] of [insert description of
Collateral Obligation], complies with the Portfolio Acquisition and Disposition
Requirements including each of the following:

     

    a.           if
a Collateral Obligation is being acquired by the Issuer, such Collateral
Obligation is an Eligible Asset;

     

    b.           if
a Collateral Obligation is being acquired or disposed of, such Collateral
Obligation is being acquired or disposed of in accordance with the terms and
conditions set forth in the Indenture, including, but not limited to, Article
XII of the Indenture;

     

    c.           if
a Collateral Obligation is being acquired or disposed of, the acquisition or
disposition of the Collateral Obligation does not result in a reduction or
withdrawal of the current rating on any Class of Secured Notes then Outstanding
with respect to which a Rating Agency has previously issued a rating;
and

     

    d.           if
a Collateral Obligation is being acquired or disposed of, such Collateral
Obligation is not being acquired or disposed of for the primary purpose of
recognizing gains or decreasing losses resulting from market value
changes.

     

    The
undersigned certifies that this Certificate, delivered by the Collateral Manager
on behalf of the Issuer, is substantially in the form of Exhibit I in the
Indenture and that foregoing requirements, listed here and in the Indenture, are
satisfied and that the representations and warranties contained in Section
3.1(viii) of the Indenture are true and correct as of the date of this
certificate. The undersigned further certifies that this Certificate is sent not
later than settlement date of the acquisition or disposition.

     

    III.           Calculations

    

    [If
applicable, provide calculations used in determining compliance with Section
12.3 – “Optional Repurchase or
Substitution of Collateral Obligations,” including the Repurchase and
Substitution Limit as defined in Section 12.3(c) of the Indenture.]

    
    

    [Remainder
of Page Intentionally Left Blank]

     

    
      
         

      

      
        I-2

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned have caused this notice to be duly executed
this ____ day of ____________, ______.

    

    
      	 
      	
              GOLUB
      CAPITAL BDC, INC.,

            
	 
      	
              as
      the Originator

            
	 
      	 
      
	 
      	
              By:

            	
                

            
	 
      	 
      	
              Name:

            
	 
      	 
      	
              Title:

            
	 
      	 
      
	 
      	
              GC
      ADVISORS LLC,

            
	 
      	
              as
      the Collateral Manager on behalf of the Issuer

            
	 
      	 
      
	 
      	
              By:

            	
                

            
	 
      	 
      	
              Name:

            
	 
      	 
      	
              Title:

            

    

     

    
      
         

      

      
        I-3

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