Document:

EX-4.8

 Exhibit 4.8 

CALITHERA BIOSCIENCES, INC. 

AND 

                    , AS
WARRANT AGENT 
 FORM OF DEBT SECURITIES

 WARRANT AGREEMENT 

DATED AS OF
                     

 CALITHERA BIOSCIENCES, INC.
FORM OF DEBT SECURITIES WARRANT AGREEMENT 

THIS DEBT SECURITIES WARRANT
AGREEMENT (this “Agreement”), dated as of [●], between CALITHERA BIOSCIENCES, INC., a Delaware corporation (the
“Company”), and [●], a [corporation] [national banking association] organized and existing under the laws of [●] and having a corporate trust office in [●], as warrant agent (the “Warrant
Agent”). 
 WHEREAS, the Company has entered into an indenture dated as of [●] (the
“Indenture”), with [●], as trustee (such trustee, and any successors to such trustee, herein called the “Trustee”), providing for the issuance from time to time of its debt securities, to be
issued in one or more series as provided in the Indenture (the “Debt Securities”); 

WHEREAS, the Company proposes to sell [If Warrants are sold with other securities
—[title of such other securities being offered] (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a
“Warrant”) representing the right to purchase [title of Debt Securities purchasable through exercise of Warrants] (the “Warrant Debt Securities”), such warrant certificates and other warrant
certificates issued pursuant to this Agreement being herein called the “Warrant Certificates”; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of
the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 

NOW THEREFORE, in consideration of the premises and of the mutual agreements
herein contained, the parties hereto agree as follows: 
 ARTICLE 1 

ISSUANCE OF WARRANTS AND EXECUTION AND 

DELIVERY OF WARRANT CERTIFICATES 

1.1    Issuance of Warrants. [If Warrants alone — Upon issuance, each
Warrant Certificate shall evidence one or more Warrants.] [If Other Securities and Warrants — Warrant Certificates will be issued in connection with the issuance of the Other Securities but shall be separately transferable and
each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [If Other Securities and
Warrants — Warrant Certificates will be issued with the Other Securities and each Warrant Certificate will evidence [●] Warrants for each [$[●] principal amount] [[●] shares] of Other Securities issued.] 

1.2    Execution and Delivery of Warrant Certificates. Each Warrant Certificate,
whenever issued, shall be in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage.
The Warrant Certificates shall be signed on behalf of the Company by any of its present or future chief executive 

  
 1 

 
officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or
assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company
may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates. 

No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate
has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly
issued hereunder. 
 In case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by
facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the
person who signed such Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be
the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 
 The
term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the
Warrant Agent for that purpose. 
 1.3    Issuance of Warrant Certificates. Warrant
Certificates evidencing the right to purchase Warrant Debt Securities may be executed by the Company and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of
Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 

ARTICLE 2 
 WARRANT
PRICE, DURATION AND EXERCISE OF WARRANTS 
 2.1    Warrant Price. During the period specified in
Section 2.2, each Warrant shall, subject to the terms of this Agreement and the applicable Warrant Certificate, entitle the holder thereof to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant
Certificate at an exercise price of [●]% of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which
interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original issue discount ($[●] for each $1,000 principal amount
of Warrant Debt Securities) will be amortized at a [●]% annual rate, computed on a[n] [semi-] annual basis [using a 360-day year consisting of twelve 30-day
months].] Such purchase price for the Warrant Debt Securities is referred to in this Agreement as the “Warrant Price.” 

2.2    Duration of Warrants. Each Warrant may be exercised in whole or in part at any
time, as specified herein, on or after [the date thereof] [●] and at or before [●] p.m., [City] time, on [●] or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates
mailed to their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [●] p.m., [City] time, on the Expiration Date shall become void, and all
rights of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease. 

  
 2 

 2.3    Exercise of Warrants. 

(a)    During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of
Warrant Debt Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or
official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate
trust office, provided that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of
the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on
which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such
Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Debt Securities on such
date, but shall be effective to constitute such person as the holder of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities
purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the
transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an
account of the Company maintained with it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly
confirm such telephone advice to the Company in writing. 
 (b)    The Warrant Agent shall, from time to time, as
promptly as practicable, advise the Company of (i) the number of Warrant Debt Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect
to delivery of the Warrant Debt Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such
exercise, and (iv) such other information as the Company or the Trustee shall reasonably require. 

(c)    As soon as practicable after the exercise of any Warrant, the Company shall issue pursuant to the Indenture,
in authorized denominations, to or upon the order of the holder of the Warrant Certificate evidencing such Warrant the Warrant Debt Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be
directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant
Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised. 
 (d)    The
Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant Debt Securities, and in the event that any such transfer is involved,
the Company shall not be required to issue or deliver any Warrant Debt Securities until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 

  
 3 

 (e)    Prior to the issuance of any Warrants there shall have
been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the exercise of the Warrants. 

ARTICLE 3 
 OTHER
PROVISIONS RELATING TO RIGHTS OF HOLDERS OF 
 WARRANT CERTIFICATES 

3.1    No Rights as Holder of Warrant Debt Securities Conferred by Warrants
or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without limitation, the right to receive
the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants in the Indenture. 

3.2    Lost, Stolen, Mutilated or Destroyed Warrant Certificates. Upon receipt by the
Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and,
in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide
purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the
same tenor and evidencing Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment 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 Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this
Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by
anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 

3.3    Holder of Warrant Certificate May Enforce Rights. Notwithstanding any of
the provisions of this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, the Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s own
behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by
such holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement. 

3.4    Merger, Sale, Conveyance or Lease. In case of (a) any share exchange, merger or similar
transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation) or (b) the sale, exchange, lease, transfer or other
disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such 

  
 4 

 
Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company’s successor shall be delivered to the holders of the Warrants, so that
such successor shall succeed to and be substituted for the Company, and assume all the Company’s obligations under, this Agreement and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder or under the
Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Debt
Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as
though all of such Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be
appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4. 

3.5    Notice to Warrantholders. In case the Company shall (a) effect any Reorganization
Event or (b) make any distribution on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at such
holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding up is
expected to become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other property
deliverable upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction. 

ARTICLE 4 
 EXCHANGE AND
TRANSFER OF WARRANT CERTIFICATES 
 4.1    Exchange and Transfer of
Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer
thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant Agent shall
keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant
Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form
satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other
governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall
manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or
registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for a whole number of Warrant Debt Securities and a fraction of a

  
 5 

 
Warrant Debt Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same
obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer. 

4.2    Treatment of Holders of Warrant Certificates. The
Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced
thereby, any notice to the contrary notwithstanding. 
 4.3    Cancellation of Warrant
Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or
in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company. 

ARTICLE 5 
 CONCERNING
THE WARRANT AGENT 
 5.1    Warrant Agent. The Company hereby appoints [●] as Warrant Agent of
the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and
conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and
authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 

5.2    Conditions of Warrant Agent’s Obligations. The Warrant Agent
accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates shall be
subject: 
 (a)    Compensation and Indemnification. The Company agrees promptly to pay the
Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable
out-of-pocket expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the
services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of
the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. 

(b)    Agent for the Company. In acting under this Agreement and in connection
with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants.

  
 6 

 (c)    Counsel. The Warrant Agent may consult with counsel
satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
accordance with the advice of such counsel. 
 (d)    Documents. The Warrant Agent shall be protected and
shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be
genuine and to have been presented or signed by the proper parties. 
 (e)    Certain Transactions. The
Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by
applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of
the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party, including, without limitation, as
Trustee under the Indenture. 
 (f)    No Liability for Interest. Unless otherwise agreed
with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

(g)    No Liability for Invalidity. The Warrant Agent shall have no liability with respect to
any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 

(h)    No Responsibility for Representations. The Warrant Agent shall not be responsible for
any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 

(i)    No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are
herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take
any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or
responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant
Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written
demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as
provided in Section 6.2 hereof, to make any demand upon the Company. 
 5.3    Resignation, Removal and
Appointment of Successors. 
 (a)    The Company agrees, for the benefit of the holders from time to time of
the Warrant Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 

  
 7 

 (b)    The Warrant Agent may at any time resign as agent by
giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on which such notice is given
unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended date when it shall
become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its
organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the
resignation or removal of the Warrant Agent. 
 (c)    In case at any time the Warrant Agent shall resign, or
shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or
state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or
affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for
relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state
bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the
Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent,
qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such
appointment, the Warrant Agent shall cease to be Warrant Agent hereunder. 
 (d)    Any successor Warrant Agent
appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall
become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and
disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder. 
 (e)    Any corporation into which the Warrant Agent hereunder may be merged or
converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall
sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties hereto. 

  
 8 

 ARTICLE 6 

MISCELLANEOUS 

6.1    Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of
any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement as
the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates. 

6.2    Notices and Demands to the Company and Warrant Agent.
If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the
Company. 
 6.3    Addresses. Any communication from the Company to the Warrant Agent with respect to this
Agreement shall be addressed to [●], Attention: [●] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Calithera Biosciences, Inc., 343 Oyster Point Blvd, Suite 200, South San
Francisco, CA 94080, Attention: [●] (or such other address as shall be specified in writing by the Warrant Agent or by the Company). 

6.4    Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and
construed in accordance with the laws of the State of New York. 
 6.5    Delivery of
Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the
Warrants (the “Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with
the delivery of the Warrant Debt Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus. 

6.6    Obtaining of Governmental Approvals. The Company will from time to time take all action
which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a
registration statement in respect of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Debt
Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 

6.7    Persons Having Rights Under the Agreement. Nothing in this Agreement shall give to any person other
than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 

6.8    Headings. The descriptive headings of the several Articles and Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

  
 9 

 6.9    Counterparts. This Agreement may be executed in any
number of counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. 

6.10    Inspection of Agreement. A copy of this Agreement shall be available at all reasonable
times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit such holder’s Warrant Certificate for inspection by it. 

  
 10 

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

 

			
	CALITHERA BIOSCIENCES, INC., as Company
		
	By:	 	
                     
                                       

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

	
	COUNTERSIGNED
	
	[●], as Warrant Agent
		
	By:	 	
                     
                                       

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	
                     
                                       

		 	  

  
 [SIGNATURE
PAGE TO CALITHERA BIOSCIENCES, INC. DEBT SECURITIES WARRANT AGREEMENT] 

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE] 
  

			
	[Form of Legend if Warrants are not immediately exercisable.]	  	[Prior to [●], Warrants evidenced by this Warrant Certificate cannot be exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 

VOID AFTER [●] P.M., [City] time, ON [●]. 

 CALITHERA BIOSCIENCES, INC. 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE 

[TITLE OF WARRANT DEBT SECURITIES] 
  

			
	No. [●]	 	[●] Warrants

 This certifies that [●] or registered assigns is the registered owner of the above indicated number of Warrants, each
Warrant entitling such owner to purchase, at any time [after [●] p.m., [City] time, on [●] and] on or before [●] p.m., [City] time, on [●], $[●] principal amount of [TITLE OF WARRANT DEBT SECURITIES] (the
“Warrant Debt Securities”), of Calithera Biosciences, Inc. (the “Company”) issued or to be issued under the Indenture (as hereinafter defined), on the following basis: during the period from [●],
through and including [●], each Warrant shall entitle the Holder thereof, subject to the provisions of this Agreement, to purchase the principal amount of Warrant Debt Securities stated in the Warrant Certificate at the warrant price (the
“Warrant Price”) of [●]% of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from
which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their original issuance]. [The original issue discount ($[●] for each $1,000 principal
amount of Warrant Debt Securities) will be amortized at a [●]% annual rate, computed on a[n] [semi-]annual basis [using a 360-day year consisting of twelve 30-day
months]. The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank
check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by
surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which is, on
the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined). 

The term “Holder” as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered upon the
books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 
 The Warrants evidenced by this Warrant
Certificate may be exercised to purchase Warrant Debt Securities in the principal amount of $1,000 or any integral multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there
shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised. 

This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of [●] (the “Warrant Agreement”),
between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant
Agreement are on file at the above-mentioned office of the Warrant Agent. 
 The Warrant Debt Securities to be issued and delivered upon the exercise of
Warrants evidenced by this Warrant Certificate will be issued under and in accordance with an Indenture, dated as of [●] (the “Indenture”), between the Company and [●], as trustee (such trustee, and any successors
to such trustee, the “Trustee”)] and will be subject to the terms and provisions contained in the Warrant Debt Securities and in the Indenture. Copies of the Indenture, including the form of the Warrant Debt Securities, are
on file at the corporate trust office of the Trustee. 

 Transfer of this Warrant Certificate may be registered when this Warrant Certificate is surrendered at the
corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

After countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities. 

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including, without limitation,
the right to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any purpose until
countersigned by the Warrant Agent. 
 IN WITNESS WHEREOF, the Company has caused this
Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers. 
 Dated:
                         
  

			
	CALITHERA BIOSCIENCES, INC., as Company
		
	By:	 	
                     
                                       

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

	
	COUNTERSIGNED
	
	[●], as Warrant Agent
		
	By:	 	
                     
                                       

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	
                     
                                       

		 	  

 [REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant) 

To exercise any Warrants evidenced hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the
United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [●] [address of
Warrant Agent], Attention: [●], which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in
person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days
of the payment. 
 (To be executed upon exercise of Warrants) 

The undersigned hereby irrevocably elects to exercise
                 Warrants, evidenced by this Warrant Certificate, to purchase         $[●] principal amount of the [TITLE
OF WARRANT DEBT SECURITIES] (the “Warrant Debt Securities”), of Calithera Biosciences, Inc. and represents that the undersigned has tendered payment for such Warrant Debt Securities, in lawful money of the United States of
America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of Calithera Biosciences, Inc., c/o [insert name and address of Warrant Agent], in
the amount of $         in accordance with the terms hereof. The undersigned requests that said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in accordance with the instructions set forth below. 
 If the number of Warrants
exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered
to the undersigned unless otherwise specified in the instructions below. 
  

					
	Dated:
                                         
                                         
         	 		 	Name:
                                         
                                         
   
		 		 	Please Print
			
	Address:	 		 	
			
	                                      
                                         
                       	 		 	
	(Insert Social Security or Other Identifying Number of Holder)	 		 	
			
	Signature Guaranteed:                                  
                                	 		 	
	
                      Signature

	 		 	

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a
signature guarantee by a FINRA member firm). 
 This Warrant may be exercised at the following addresses: By hand at: 

[●] 

 By mail at: 

[Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Debt
Securities remaining unexercised—complete as appropriate.] 

 ASSIGNMENT 

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant] 

FOR VALUE RECEIVED,
                     hereby sells, assigns and transfers unto: 
  

			
	
                          
                                         
             
	 	                                     
                                         
                  
	(Please print name and address including zip code)	 	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase
                     aggregate principal amount of [Title of Warrant Debt Securities] of Calithera Biosciences, Inc. to which the within
Warrant relates and appoints                      attorney to transfer such right on the books of the Warrant Agent with full power of
substitution in the premises. 
  

					
	Dated:                                     
                              	 		  	Name:                                     
                                         
                   
		 		  	Signature

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant) 

Signature GuaranteedExhibit 10.1

 

GOLUB CAPITAL BDC CLO 4 LLC

 

U.S.$137,500,000 Class
A-1 Senior Secured Floating Rate Notes due 2032

 

U.S.$10,500,000 Class
A-2 Senior Secured Floating Rate Notes due 2032

 

U.S.$21,000,000 Class
B Senior Secured Floating Rate Notes due 2032

 

Up to U.S.$33,000,000
Class C Secured Deferrable Floating Rate Notes due 2032*

 

U.S.$108,355,000 Subordinated
Notes due 2120

 

NOTE PURCHASE AGREEMENT

 

August 7, 2020

 

Wells Fargo Securities, LLC,

as the Initial Purchaser

550 South Tryon Street

MAC D1086-051

Charlotte, NC 28202

Attention: Asset-Backed Finance
–Golub Capital BDC CLO 4 LLC

 

Ladies and Gentlemen:

 

Section 1.              
Authorization of Notes.

 

This Note Purchase
Agreement (the "Agreement") is entered into between Golub Capital BDC CLO 4 LLC, a Delaware limited liability
company (the "Issuer") and Wells Fargo Securities, LLC, as the initial purchaser (in such capacity, the "Initial
Purchaser"). Subject to the terms and conditions stated in this Agreement, the Issuer propose to issue and sell to the
Initial Purchaser (i) U.S.$137,500,000 Class A-1 Senior Secured Floating Rate Notes due 2032 (the "Class A-1 Notes"),
(ii) U.S.$10,500,000 Class A-2 Senior Secured Floating Rate Notes due 2032 (the "Class A-2 Notes") and (iii) U.S.$21,000,000
Class B Senior Secured Floating Rate Notes due 2032 (the "Class B Notes"). Subject to the terms and conditions
stated in this Agreement, the Issuer also proposes to issue (i) up to U.S.$33,000,000 of the Class C Secured Deferrable Floating
Rate Notes due 2032 (the "Class C Notes" and, together with the Class A-1 Notes, the Class A-2 Notes and the Class
B Notes, the "Secured Notes"), the principal amount of which will be zero on the Closing Date and (ii) U.S.$108,355,000
principal amount of Subordinated Notes due 2120 (the "Subordinated Notes" and, together with the Secured Notes,
the "Notes"). The Class A-1 Notes, the Class A-2 Notes and the Class B Notes to be issued and sold to the Initial
Purchaser are referred to herein as the "Purchased Notes" and are set forth on Schedule I hereto. The Secured
Notes being offered by the Initial Purchaser are referred to herein as the "Offered Notes". Any Subordinated Notes
which the Issuer intends to sell directly to Golub Capital BDC CLO 4 Depositor LLC (the "Purchaser") or any Related
Entity are referred to herein as the "Direct Placement Notes" (provided that the Initial Purchaser may
facilitate the settlement of the Direct Placement Notes solely as an accommodation to the Issuer and the initial purchasers of
the Direct Placement Notes). Any reference herein to the sale of the Notes to or by the Initial Purchaser shall include the distribution
to, and sale by, the Initial Purchaser to the extent reflected as such on Schedule I hereto. On the Closing Date, the
Issuer will also enter into the Class A-1-L Credit Agreement (the "Credit Agreement") between the Issuer, Deutsche
Bank Trust Company Americas, as the collateral agent and the loan agent and the lenders party thereto from time to time, pursuant
to which the Issuer will incur U.S.$20,000,000 Class A-1-L Senior Secured Floating Rate Loans maturing 2032 (the "Class
A-1-L Loans") on the Closing Date. The Class A-1-L Loans and Secured Notes will be secured by the assets of the Issuer.
The Notes will be issued pursuant to an Indenture (the "Indenture") to be dated as of the Closing Date, between
the Issuer and Deutsche Bank Trust Company Americas, as the Trustee (in such capacity, the "Trustee"). Pursuant
to the Indenture, as security for the indebtedness represented by the Secured Notes, the Issuer will pledge and grant to the Trustee
a security interest in the Collateral Obligations. The Collateral Obligations will be managed by GC Advisors LLC (the "Collateral
Manager") pursuant to a collateral management agreement (the "Collateral Management Agreement") to be
dated as of the Closing Date between the Issuer and the Collateral Manager. The Issuer will also retain Deutsche Bank Trust Company
Americas (in such capacity, the "Collateral Administrator") to perform certain administrative duties with respect
to the Collateral Obligations pursuant to a collateral administration agreement (the "Collateral Administration Agreement")
to be dated as of the Closing Date and entered into among the Issuer, the Collateral Manager and the Collateral Administrator.
This Agreement, the Indenture, the Credit Agreement, the Collateral Management Agreement, the Securities Account Control Agreement,
the Subordinated Note Purchase Agreement and the Collateral Administration Agreement are referred to collectively herein as the
"Transaction Documents."

 

    * The Class C Notes will have an initial principal amount of zero on the Closing Date and remain be unfunded until the occurrence of the Funding Date.
 

     

    

 

Capitalized terms used
herein but not otherwise defined shall have the meanings set forth in the Initial Preliminary Memorandum or the Second Preliminary
Memorandum.

 

The Offered Notes are
to be offered without being registered under the Securities Act of 1933, as amended (the "Securities Act"), to
"qualified purchasers" ("Qualified Purchasers") for purposes of Section 3(c)(7) under the Investment
Company Act of 1940, as amended (the "1940 Act") or entities owned exclusively by Qualified Purchasers that are
either (i) non-United States persons outside of the United States in reliance on Regulation S under the Securities Act
("Regulation S") or (ii) persons that are (x) "qualified institutional buyers" in compliance
with the exemption from registration provided by Rule 144A under the Securities Act ("QIBs") or (y) solely
in the case of Offered Notes issued as Certificated Secured Notes, to institutional "accredited investors" (as defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) ("Institutional Accredited Investors").

 

In connection with
the sale of the Purchased Notes, the Issuer has prepared an initial preliminary offering circular dated July 22, 2020 (including
all annexes and exhibits thereto and all information incorporated therein by reference, the "Initial Preliminary Memorandum")
and a second preliminary offering circular dated August 6, 2020 (including all annexes and exhibits thereto and all information
incorporated therein by reference, the "Second Preliminary Memorandum") and a final offering circular to be dated
on or about August 24, 2020 will be prepared and delivered prior to the Closing Date (including all annexes, exhibits, amendments
or supplements thereto and all information incorporated therein by reference, the "Final Memorandum", and each
of the Initial Preliminary Memorandum, the Second Preliminary Memorandum and the Final Memorandum, a "Memorandum")
including a description of the terms of the Purchased Notes, the terms of the offering, and the Issuer.

 

     2

     

    

 

It is understood and
agreed that nothing in this Agreement shall prevent the Initial Purchaser from entering into any agency agreements, underwriting
agreements or other similar agreements governing the offer and sale of securities with any issuer or issuers of securities, and
nothing contained herein shall be construed in any way as precluding or restricting the Initial Purchaser’s right to sell
or offer for sale any securities issued by any person, including securities similar to, or competing with, the Notes.

 

Subject to any Refinancing
or Re-Pricing, during each Interest Accrual Period, the Class A-1 Notes shall bear interest at a per annum rate equal
to the then applicable LIBOR plus 2.35% per annum, the Class A-2 Notes shall bear interest at a per annum rate
equal to the then applicable LIBOR plus 2.75% per annum and the Class B Notes shall bear interest at a per annum
rate equal to the then applicable LIBOR plus 3.20% per annum.

 

The Issuer hereby agrees
with the Initial Purchaser as follows:

 

Section 2.              
Purchase and Sale of Notes.

 

Subject to the terms
and conditions and in reliance upon the representations and warranties set forth herein, the Issuer agrees to sell to the Initial
Purchaser the Purchased Notes, and the Initial Purchaser has agreed to use its reasonable best efforts to resell the aggregate
principal amount of Purchased Notes set forth on Schedule I hereto with investors in accordance with the terms hereof.
If purchased, the Purchased Notes will be purchased at the price specified on Schedule I. It is understood and agreed
that the structuring and placement fee payable by the Issuer to the Initial Purchaser on the Closing Date with respect to the Purchased
Notes is $1,000,000. Such fee payable by the Issuer may be netted by the Initial Purchaser against its purchase price payment for
the Purchased Notes. It is understood and agreed that the Initial Purchaser is not acquiring, and has no obligation to acquire,
the Direct Placement Notes (which Direct Placement Notes will be acquired by the Purchaser on the Closing Date). It is further
understood and agreed that the Initial Purchaser may retain the Purchased Notes, purchase the Purchased Notes for its own account,
place the Purchased Notes directly with its affiliates, or sell the Purchased Notes to its affiliates or to any other investor
in accordance with the applicable provisions hereof and of the Indenture.

 

(a)              
In addition, the Issuer agrees to pay all costs and expenses, including, without limitation, the reasonable fees and disbursements
of counsel to the Initial Purchaser (not to exceed $100,000), incident to the performance by the Initial Purchaser and the Issuer
of their obligations hereunder and under the documents to be executed and delivered in connection with the offering, issuance,
sale and delivery of the Notes subject to and in accordance with the limitations contained in that certain engagement letter dated
as of July 17, 2020 between the Initial Purchaser and GC Advisors LLC.

 

Section 3.              
Delivery.

 

Delivery of the Purchased
Notes shall be made in the form of one or more global certificates delivered to The Depository Trust Company, except that any Purchased
Note to be sold by the Initial Purchaser to an Institutional Accredited Investor that is also a Qualified Purchaser or an entity
owned exclusively by Qualified Purchasers for purposes of Section 3(c)(7) of the 1940 Act, but that is not a QIB (as such
terms are defined herein), shall be delivered in fully registered, certificated form in an amount not less than the applicable
minimum denomination set forth in the Final Memorandum at the offices of Dechert LLP at 10:00 a.m. New York City, New York time,
on August 26, 2020, or such other place, time or date as may be mutually agreed upon by the Initial Purchaser and the Issuer (the
"Closing Date"). Subject to the foregoing, the Purchased Notes will be registered in such names and such denominations
as the Initial Purchaser shall specify in writing to the Collateral Manager and the Trustee.

 

     3

     

    

 

Section 4.              
Representations and Warranties of the Issuer.

 

The Issuer represents
and warrants to the Initial Purchaser, as of the date hereof and as of the Closing Date (it being understood that any representation
and warranty with respect to the Initial Preliminary Memorandum or the Second Preliminary Memorandum is made as of the date hereof,
and any representation and warranty with respect to the Final Memorandum is made as of the Closing Date), that:

 

(i)                
The Initial Preliminary Memorandum, the Second Preliminary Memorandum and any additional information and documents concerning
the Purchased Notes, including but not limited to one or more marketing books or preliminary offering circulars, delivered by or
on behalf of the Issuer to prospective purchasers of the Purchased Notes (collectively, such additional information and documents,
the "Additional Offering Documents"), did not, each as of their respective dates or the date on which such statement
was made and, with respect to the Final Memorandum and any Additional Offering Documents, in each case as of the date thereof and
as of the Closing Date, will not include an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements in each, in light of the circumstances under which they were made, not misleading; provided that
(i) no representation or warranty is being made as to the information contained in or omitted from the Final Memorandum or
the Additional Offering Documents furnished in writing by or on behalf of the Initial Purchaser referenced in the last sentence
of Section 8(a) herein and (ii) no representation or warranty is being made as to any statements or omissions
made in any Additional Offering Documents to the extent such statements or omissions were corrected, included or clarified in any
subsequent Additional Offering Documents or in the Final Memorandum.

 

(ii)             
[Reserved].

 

(iii)           
The Issuer is duly organized and validly existing under the laws of its jurisdiction of organization, has all power and
authority necessary to own or hold its properties and conduct its business in which it is engaged as described in each Memorandum
and has all licenses necessary to carry on its business as it is now being conducted and is licensed and qualified in each jurisdiction
in which the conduct of its business (including, without limitation, acquisition of Collateral Obligations and performing its obligations
hereunder and under the other Transaction Documents) requires such licensing or qualification and in which the failure so to qualify
would have a material adverse effect on the business, properties, assets, or (financial) of such entity.

 

     4

     

    

 

(iv)            
This Agreement has been duly authorized, executed and delivered by the Issuer and, assuming due authorization, execution
and delivery thereof by the other parties hereto, constitutes a valid and legally binding obligation of the Issuer enforceable
against the Issuer in accordance with its terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles
in any proceeding, whether at law or in equity.

 

(v)              
Each of the other Transaction Documents has been or will be, prior to the Closing Date, duly authorized, executed and delivered
by the Issuer and, assuming due authorization, execution and delivery thereof by the other parties thereto, constitutes a valid
and binding agreement enforceable against the Issuer in accordance with their respective terms, subject, as to enforcement only,
to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights generally or the application of equitable principles in any proceeding, whether at law or in equity.

 

(vi)            
The Notes have been or will be, prior to the Closing Date, duly authorized, and when executed and authenticated in accordance
with the Indenture and delivered to and paid for by the Initial Purchaser in accordance with this Agreement, the Notes will constitute
valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject, as to enforcement
only, to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights generally or the application of equitable principles in any proceeding, whether at law or in equity, and will be entitled
to the benefits of the Indenture.

 

(vii)         
(i) as of the date hereof, other than as set forth in or contemplated by the Initial Preliminary Memorandum or the Second
Preliminary Memorandum, and (ii) as of the Closing Date, other than as set forth in or contemplated by the Final Memorandum, there
are no legal or governmental proceedings pending to which the Issuer is a party or of which any property or assets of the Issuer
are the subject of which could reasonably be expected to materially adversely affect the financial position, stockholders’
or members’ equity or results of operations of the Issuer or on the performance by the Issuer of its obligations hereunder
or under the other Transaction Documents to which it is a party.

 

(viii)       
The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is or will be
a party and the consummation by the Issuer and of the transactions contemplated herein and therein and in all documents relating
to the Notes will not result in any breach or violation of, or constitute a default under, any agreement or instrument to which
the Issuer is or will, as of the Closing Date, be a party or to which any of its properties or assets are or will be subject, except
for such of the foregoing as to which relevant waivers, consents or amendments have been obtained and are in full force and effect
or which would not reasonably be expected to have a material adverse effect on the financial position, stockholders’ or members’
equity or results of operations of the Issuer or on the performance by the Issuer of its obligations hereunder or under the other
Transaction Documents to which it is or will, as of the Closing Date, be a party, nor will any such action result in a violation
of the organizational documents of the Issuer or any applicable law.

 

     5

     

    

 

(ix)            
Neither the Issuer nor the pool of Collateral Obligations is, or after giving effect to the transactions contemplated by
the Transaction Documents will be, required to be registered as an "investment company" under the 1940 Act.

 

(x)              
Assuming the Initial Purchaser’s representations herein are true and accurate, it is not necessary in connection with
the offer, sale and delivery of the Notes in the manner contemplated by this Agreement and each Memorandum to register the Notes
under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended.

 

(xi)            
The Notes satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act. As of the Closing Date, the
Notes will not be (i) of the same class as securities listed on a national securities exchange in the United States that is
registered under Section 6 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or (ii) quoted
in any "automated inter-dealer quotation system" (as such term is used in the Exchange Act) in the United States.

 

(xii)         
[Reserved].

 

(xiii)       
After giving effect to the transfers on or prior to the Closing Date and any contemporaneous releases, the Issuer will own
the Collateral Obligations conveyed to it on the Closing Date free and clear of all liens, encumbrances, adverse claims or security
interests ("Liens") other than Liens permitted by the Transaction Documents.

 

(xiv)        
Upon the execution and delivery of the Transaction Documents, payment by the Initial Purchaser for the Purchased Notes and
delivery to the Initial Purchaser of the Purchased Notes, the Initial Purchaser will acquire title to the Purchased Notes free
of Liens except such Liens as may be created or granted by the Initial Purchaser and those permitted in the Transaction Documents.

 

(xv)          
No consent, authorization or order of, or filing or registration with, any court or governmental agency is or will, as of
the Closing Date, be required for the issuance and sale of the Notes or the execution, delivery and performance by the Issuer of
this Agreement or the other Transaction Documents to which it is a party, except such consents, approvals, authorizations, filings,
registrations or qualifications as have been obtained or as may be required under the Securities Act or state securities or blue
sky laws or the rules and regulations of the Financial Industry Regulatory Authority in connection with the sale and delivery of
the Notes in the manner contemplated herein.

 

(xvi)        
The Collateral Obligations in all material respects will, as of the Closing Date, have the characteristics described in
the Final Memorandum.

 

(xvii)     
[Reserved].

 

     6

     

    

 

(xviii)   
Each of the representations and warranties of the Issuer set forth in each of the other Transaction Documents to which it
is a party is or will be true and correct in all material respects.

 

(xix)        
No adverse selection procedures were used in selecting the Collateral Obligations from among the loans that meet the criteria
set forth in the Indenture and that are included in the Assets.

 

(xx)          
Neither the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act ("Regulation D"))
of the Issuer nor anyone acting on their behalf has or will have, directly or indirectly (except to or through the Initial Purchaser),
sold or offered, or attempted to offer or sell, or solicited any offers to buy, or otherwise approached or negotiated in respect
of, any of the Notes and neither the Issuer nor any of its affiliates will do any of the foregoing. As used herein, the terms "offer"
and "sale" have the meanings specified in Section 2(3) of the Securities Act.

 

(xxi)        
Neither the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Issuer has or will have
directly, or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of any security
(as defined in the Securities Act) which is or will be integrated with the sale of the Notes in a manner that would require the
registration under the Securities Act of the offering contemplated by each Memorandum or engaged in any form of general solicitation
or general advertising in connection with the offering of the Notes.

 

(xxii)     
With respect to any Notes subject to the provisions of Regulation S of the Securities Act, the Issuer has not offered
or sold such Notes during the Distribution Compliance Period to a U.S. person or for the account or benefit of a U.S. person
(other than the Initial Purchaser). For this purpose, the term "Distribution Compliance Period" and "U.S. person"
are defined as such term is defined in Regulation S.

 

(xxiii)   
The Notes and the Transaction Documents will conform in all material respects to the descriptions thereof in the Second
Preliminary Memorandum, except to the extent superseded by the Final Memorandum, and will conform in all material respects to the
descriptions thereof in the Final Memorandum.

 

(xxiv)    
Any taxes, fees, and other governmental charges in connection with the execution and delivery of this Agreement and the
other Transaction Documents and the execution, delivery, and sale of the Notes have been or will be paid at or before the Closing
Date.

 

(xxv)      
The Issuer has provided a written representation (the "17g-5 Representations") to each nationally recognized
statistical rating organization hired to rate the Notes, which satisfies the requirements of paragraph (a)(3)(iii) of Rule 17g-5
of the Exchange Act, and a copy of which has been delivered to the Initial Purchaser. The Issuer has complied and shall comply,
and has caused and shall cause each of its affiliates to comply, with the 17g-5 Representations.

 

     7

     

    

 

(xxvi)    
No proceeds received by the Issuer in respect of the Notes will be used by the Issuer to acquire any security in any transaction
which is subject to Section 13 or 14 of the Exchange Act.

 

(xxvii) 
 (i) To the extent applicable thereto, each of the Issuer and its ERISA Affiliates is in compliance in all material
respects with ERISA unless any failure to so comply could not reasonably be expected to have a material adverse effect and (ii) no
lien under Section 303(k) of ERISA or Section 430(k) of the Code exists on any of the Assets. As used in this paragraph,
the term "ERISA Affiliate" means, with respect to any Person, a corporation, trade or business that is, along
with such Person, a member of a controlled group (as described in Section 414 of the Code or Section 4001 of ERISA).

 

(xxviii)                       
The Issuer has not paid and has not agreed to pay to any Person any compensation for soliciting another Person to purchase
any of the Notes (except as contemplated by this Agreement).

 

(xxix)    
The Issuer has not taken and will not take, directly nor indirectly, any action designed to cause or to result in, or that
has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any Note
or to facilitate the sale or resale of the Notes.

 

(xxx)      
On and immediately after the Closing Date, the Issuer (after giving effect to the issuance of the Notes and to the other
transactions related thereto as described in the Final Memorandum) will be Solvent. As used in this paragraph, the term "Solvent"
means, with respect to a particular date such Person, that on such date (A) the present fair market value (or present fair
saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such
Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (B) such
Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they
mature and become due in the normal course of business, (C) assuming the sale of the Notes as contemplated by this Agreement
and the Final Memorandum, such Person is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities
mature and (D) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction,
for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in
the industry in which such Person is engaged. In computing the amount of such contingent liabilities at any time, it is intended
that such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability.

 

Section 5.              
Sale of Purchased Notes on Closing Date.

 

The sale of the Purchased
Notes to the Initial Purchaser will be made without registration of the Purchased Notes under the Securities Act, in reliance upon
the exemption therefrom provided by Section 4(a)(2) of the Securities Act.

 

     8

     

    

 

(a)              
The Initial Purchaser and the Issuer hereby agree that the Purchased Notes will be offered and sold only in transactions
exempt from registration under the Securities Act. The Initial Purchaser and the Issuer will each reasonably believe at the time
of any sale of the Purchased Notes by the Issuer through the Initial Purchaser (i) that either (A) each purchaser of
the Purchased Notes is (1) a QIB who is a Qualified Purchaser or an entity owned exclusively by Qualified Purchasers purchasing
for its own account (or for the accounts of QIBs who are Qualified Purchasers or entities owned exclusively by Qualified Purchasers
to whom notice has been given that the resale, pledge or other transfer is being made in reliance on Rule 144A under the Securities
Act) in transactions meeting the requirements of Rule 144A under the Securities Act, or (2) solely in the case of Purchased
Notes issued as Certificated Secured Notes, an Institutional Accredited Investor who is a Qualified Purchaser or an entity owned
exclusively by Qualified Purchasers who purchases for its own account and provides the Initial Purchaser with a written certification
in substantially the form attached to the Indenture, or (B) each purchaser is a Qualified Purchaser or an entity owned exclusively
by Qualified Purchasers and is acquiring the Purchased Notes in an offshore transaction meeting the requirements of Regulation S,
and (ii) that the offering of the Purchased Notes will be made in a manner that will enable the offer and sale of the Purchased
Notes to be exempt from registration under state securities or Blue Sky laws; and each such party understands that no action has
been taken to permit a public offering in any jurisdiction where action would be required for such purpose. The Initial Purchaser
and the Issuer each further agree not to (i) engage (and each such party represents that it has not engaged) in any activity
that would constitute a public offering of the Purchased Notes within the meaning of Section 4(a)(2) of the Securities Act
or (ii) offer or sell the Purchased Notes by (and each such party represents that it has not engaged in) any form of general
solicitation or general advertising (as those terms are used in Regulation D), including the methods described in Rule 502(c)
of Regulation D, in connection with any offer or sale of the Purchased Notes.

 

(b)              
The Initial Purchaser hereby represents and warrants to and agrees with Issuer, that (i) it is a QIB and a Qualified
Purchaser and (ii) it will offer the Purchased Notes only (A) to persons who it reasonably believes are QIBs who are
Qualified Purchasers or entities owned exclusively by Qualified Purchasers in transactions meeting the requirements of Rule 144A
under the Securities Act, (B) solely in the case of Purchased Notes issued as Certificated Secured Notes, to institutional
investors who it reasonably believes are Institutional Accredited Investors who are Qualified Purchasers or entities owned exclusively
by Qualified Purchasers or (C) to persons acquiring the Purchased Notes in offshore transactions in accordance with Regulation S
who it reasonably believes are Qualified Purchasers or entities owned exclusively by Qualified Purchasers. The Initial Purchaser
further agrees that (i) it will deliver to each purchaser of the Purchased Notes, prior to the Closing Date, a copy of the
Final Memorandum, as then amended or supplemented, and (ii) prior to any sale of the Purchased Notes to an Institutional Accredited
Investor that it does not reasonably believe is a QIB who is a Qualified Purchaser or an entity owned exclusively by Qualified
Purchasers, it will receive from such Institutional Accredited Investor a written certification in substantially the applicable
form attached to the Indenture.

 

(c)              
The Initial Purchaser hereby represents that it is duly authorized and possesses the requisite corporate power to enter
into this Agreement.

 

(d)              
The Initial Purchaser hereby represents there is no action, suit or proceeding pending against or, to the knowledge of the
Initial Purchaser, threatened against or affecting, the Initial Purchaser before any court or arbitrator or any government body,
agency, or official which could reasonably be expected to materially adversely affect the ability of the Initial Purchaser to perform
its obligations under this Agreement.

 

     9

     

    

 

(e)              
The Initial Purchaser hereby represents and agrees that all offers and sales of the Purchased Notes by it to non-United
States persons, prior to the expiration of the Distribution Compliance Period, will be made only in accordance with the provisions
of Rule 903 or Rule 904 of Regulation S and only upon receipt of certification of beneficial ownership of the securities
by a non–U.S. person in the form provided in the Indenture. For this purpose, the term "Distribution Compliance
Period" and "U.S. person" are defined as such terms are defined in Regulation S.

 

(f)               
The Initial Purchaser hereby represents and agrees that it has not made and will not make any invitation to any member of
the public in the Cayman Islands, within the meaning of Section 175 of the Companies Law of the Cayman Islands (as revised), to
subscribe for the Offered Notes.

 

(g)              
The Initial Purchaser hereby represents and agrees that it has not offered, sold or otherwise made available and will not
offer, sell or otherwise make available any Offered Notes which are the subject of the offering contemplated by the Final
Memorandum to any retail investor in the European Economic Area or the United Kingdom. For the purposes of this provision:

 

(i)                
the expression "retail investor" means a person who is one (or more) of the following:

 

		A.	a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID
II") ; or

 

		B.	a customer within the meaning of Directive (EU) 2016/97, as amended (known as the Insurance Distribution
Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II;
or

 

		C.	not a qualified investor as defined in Directive 2017/1129 (as amended or superseded, the "Prospectus
Regulation"); and

 

(ii)             
the expression "offer" includes the communication in any form and by any means of sufficient information on the
terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Offered
Notes.

 

(h)              
The Initial Purchaser has represented and agreed that, within the United Kingdom:

 

(i)                
it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation
or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000
(as amended) ("FSMA")) received by it in connection with the issue or sale of the Offered Notes in circumstances
in which section 21(1) of the FSMA does not apply to the Issuer; and

 

(ii)             
it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation
to the Offered Notes in, from or otherwise involving the United Kingdom.

 

     10

     

    

 

Section 6.              
Certain Agreements of the Issuer.

 

The Issuer covenants
and agrees with the Initial Purchaser as follows:

 

(a)              
If, at any time prior to the earlier of the completion of the distribution and the 90th day following the Closing Date,
any event involving the Issuer or, to the knowledge of a Responsible Officer, the Collateral Manager shall occur as a result of
which the Final Memorandum (as then amended or supplemented) would include an untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
the Issuer will immediately notify the Initial Purchaser and will prepare and furnish to the Initial Purchaser an amendment or
supplement to the Final Memorandum that will correct such statement or omission. The Issuer will not at any time amend or supplement
the Final Memorandum (i) prior to having furnished the Initial Purchaser with a copy of the proposed form of the amendment
or supplement and giving the Initial Purchaser a reasonable opportunity to review the same or (ii) except to the extent the
Issuer may determine that the Issuer is required to so disclose pursuant to applicable law and after consultation with the Initial
Purchaser (and, in such a circumstance, shall remove all references to the Initial Purchaser therefrom if so requested by the Initial
Purchaser), in a manner to which the Initial Purchaser or its counsel shall object.

 

(b)              
During the period referred to in Section 6(a), the Issuer will furnish to the Initial Purchaser, without charge,
copies of the Final Memorandum (including all exhibits and documents incorporated by reference therein), the Transaction Documents,
and all amendments or supplements to such documents, in each case, as soon as reasonably available and in such quantities as the
Initial Purchaser may from time to time reasonably request.

 

(c)              
Subject to compliance with Regulation FD, at all times during the course of the private placement contemplated hereby
and prior to the Closing Date, (i) the Issuer will make available to each offeree (x) the Additional Offering Documents and
(y) such information concerning any other relevant matters as it or any of its affiliates possess or can acquire without unreasonable
effort or expense, as determined in good faith by it or such affiliate, as applicable, (ii) the Issuer will provide each offeree
the opportunity to ask questions of, and receive answers from, it concerning the terms and conditions of the offering and to obtain
any additional information, to the extent it or any of its affiliates possess such information or can acquire it without unreasonable
effort or expense (as determined in good faith by it or such affiliate, as applicable), necessary to verify the accuracy of the
information furnished to the offeree, (iii)  the Issuer will not publish or disseminate any material in connection with the
offering of the Notes except as contemplated herein or as consented to by the Initial Purchaser, (iv) the Issuer will advise
the Initial Purchaser promptly of the receipt by the Issuer of any communication from the SEC or any state securities authority
concerning the offering or sale of the Notes, (v) the Issuer will advise the Initial Purchaser promptly of the commencement
of any lawsuit or proceeding to which the Issuer is a party relating to the offering or sale of the Notes, and (vi) the Issuer
will advise the Initial Purchaser of the suspension of the qualification of the Notes for offering or sale in any jurisdiction,
or the initiation or threat of any procedure for any such purpose.

 

     11

     

    

 

(d)              
Subject to compliance with Regulation FD, the Issuer will furnish, upon the written request of any Noteholder or of
any owner of a beneficial interest in a Note, such information as is specified in paragraph (d)(4) of Rule 144A under
the Securities Act (i) to such Noteholder or beneficial owner, (ii) to a prospective purchaser of such Note or interest
therein designated by such Noteholder or beneficial owner, or (iii) to the Trustee for delivery to such Noteholder, beneficial
owner or prospective purchaser, in order to permit compliance by such Noteholder or beneficial owner with Rule 144A under
the Securities Act in connection with the resale of such Note or beneficial interest therein by such holder or beneficial owner
in reliance on Rule 144A under the Securities Act unless, at the time of such request, the Issuer is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act or is exempt from such reporting requirements pursuant to and
in compliance with Rule 12g3-2(b) of the Exchange Act.

 

(e)              
Except as otherwise provided in the Indenture, each Purchased Note will contain legends in the forms set forth in the Final
Memorandum.

 

(f)               
[Reserved].

 

(g)              
Neither the Issuer nor any of its affiliates or any other Person acting on their behalf shall engage, in connection with
the offer and sale of the Notes, in any form of general solicitation or general advertising within the meaning of Rule 502(c)
of Regulation D under the Securities Act, including, but not limited to, the following:

 

(i)                
any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast
over television or radio; and

 

(ii)             
any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

(h)              
The Issuer shall not solicit any offer to buy from, or offer to sell, or sell to any Person any Notes, except through the
Initial Purchaser or with the consent of the Initial Purchaser and/or as otherwise specified in the Indenture at any time on or
prior to the Closing Date; on or prior to the Closing Date, neither the Issuer nor any of its affiliates (except for compliance
with Regulation FD) shall publish or disseminate any material other than the Additional Offering Documents consented to by
the Initial Purchaser and the Final Memorandum in connection with the offer or sale of the Notes as contemplated by this Agreement,
unless the Initial Purchaser shall have consented to the use thereof; if the Issuer or any of its affiliates makes any press release
including "tombstone" announcements, in connection with the Transaction Documents, the Issuer shall permit the Initial
Purchaser to review and approve such release in advance.

 

(i)                
The Issuer shall not take, or permit or cause any of its affiliates to take, any action whatsoever which would have the
effect of requiring the registration, under the Securities Act, of the offer or sale of the Notes.

 

(j)                
The Issuer shall not take, directly or indirectly, any action designed to or which has constituted or which might reasonably
be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any Note
to facilitate the sale or resale of the Notes.

 

     12

     

    

 

(k)              
The Issuer shall apply the net proceeds from the sale of the Notes as set forth in the Final Memorandum under the heading
"Use of Proceeds".

 

Section 7.              
Conditions of the Initial Purchaser's Obligations.

 

The obligation of the
Initial Purchaser to purchase the Purchased Notes on the Closing Date will be subject to the accuracy as of the date hereof and
as of the Closing Date, in all material respects, of the representations and warranties of the Issuer herein, to the performance,
in all material respects, by the Issuer of its obligations hereunder and to the following additional conditions precedent:

 

(a)              
The Notes shall have been duly authorized, executed, authenticated, delivered and issued, the Transaction Documents shall
have been duly authorized, executed and delivered by the respective parties thereto and shall be in full force and effect, and
the documents required to be delivered pursuant to the Indenture in respect of the Collateral Obligations shall have been delivered
to the Custodian pursuant to and as required by the Transaction Documents.

 

(b)              
The Initial Purchaser shall have received a certificate, dated as of the Closing Date, of a manager of the Collateral Manager
to the effect that such officer has carefully examined the Final Memorandum and that, to the best of such officer’s knowledge,
nothing has come to the attention of such officer that would lead such officer to believe that the "CM Offering Circular Information"
(as defined in the Final Memorandum), as of the date of the Final Memorandum and as of the Closing Date, contained or contains
any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading.

 

(c)              
The Class A-1 Notes shall have been rated "AAA(sf)" by S&P, the Class A-2 Notes shall have been rated
"AAA(sf)" by S&P, the Class B Notes shall have been rated no less than "AA(sf)" by S&P and the Class
C Notes shall have been rated no less than "A(sf)" by S&P, such ratings shall not have been rescinded, and no public
announcement shall have been made by S&P that any ratings of the Offered Notes have been placed under review.

 

(d)              
The Initial Purchaser shall have received an opinion, dated the Closing Date, of Nixon Peabody LLP, counsel to the Trustee,
in form and substance satisfactory to the Initial Purchaser.

 

(e)              
The Initial Purchaser shall have received legal opinions or letters of Dechert LLP, counsel to the Issuer and the Collateral
Manager, with respect to certain corporate matters with respect to the Issuer and the Collateral Manager and certain federal tax,
securities law and investment company matters, in form and substance satisfactory to the Initial Purchaser.

 

(f)               
[Reserved].

 

     13

     

    

 

(g)              
The Initial Purchaser shall have received opinions of Clark Hill PLC, Delaware counsel to the Issuer, with respect to certain
limited liability company matters with respect to the Issuer in form and substance satisfactory to the Initial Purchaser.

 

(h)              
The Initial Purchaser shall have received from the Trustee a certificate signed by one or more duly authorized officers
of the Trustee, dated the Closing Date, in customary form.

 

(i)                
The Purchaser shall have purchased or otherwise acquired the Subordinated Notes in accordance with the terms of the Subordinated
Note Purchase Agreements.

 

(j)                
The Indenture, the Collateral Management Agreement and all other documents incident hereto and to the other Transaction
Documents shall have been executed and delivered by the parties thereto in form and substance reasonably satisfactory to the Initial
Purchaser and its counsel; an executed version of each Transaction Document shall have been delivered to the Initial Purchaser;
and each Transaction Document shall be in full force and effect.

 

(k)              
The Closing Date occurs on or prior to August 26, 2020.

 

If any of the conditions
specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement,
or if any of the opinions and certificates mentioned above shall not be in all material respects reasonably satisfactory in form
and substance to the Initial Purchaser, unless in any case waived by the Initial Purchaser in its sole discretion, this Agreement
and all of the Initial Purchaser’s obligations hereunder may be canceled by the Initial Purchaser at or prior to delivery
of and payment for the Purchased Notes. Notice of such cancellation shall be given to the Collateral Manager in writing, or by
telephone or facsimile confirmed in writing.

 

Section 8.              
Indemnification and Contribution.

 

(a)              
The Issuer (an "indemnifying party" as such term is used in this Agreement), shall indemnify and hold harmless
the Initial Purchaser, its officers, directors, employees, agents and each person, if any, who controls the Initial Purchaser within
the meaning of either the Securities Act or the Exchange Act and the affiliates of the Initial Purchaser (each an "indemnified
party" as such term is used in this Agreement) from and against any loss, claim, damage or liability, joint or several,
and any action in respect thereof, to which any indemnified party may become subject, under the Securities Act or Exchange Act
or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or
alleged untrue statement of a material fact contained in any Memorandum or any Additional Offering Document or arises out of, or
is based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein in light of the circumstances under which they were made not misleading, and shall reimburse any such
indemnified party for any legal and other expenses reasonably incurred by such indemnified party in investigating or defending
or preparing to defend against any such loss, claim, damage, liability or action; provided, however,
that the indemnifying parties shall not be liable to any such indemnified party in any such case to the extent that any such loss,
claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission
or alleged omission made in any Memorandum or any Additional Offering Document written information relating to such indemnified
party and furnished to the Collateral Manager by such indemnified party specifically for inclusion therein; provided,
further, that the foregoing indemnity shall not inure to the benefit of any indemnified party from whom the person
asserting any such loss, claim, damage or liability purchased the Purchased Notes which are the subject thereof if the indemnified
party sold Purchased Notes to the person alleging such loss, claim, damage or liability without sending or giving a copy of the
Final Memorandum at or prior to the confirmation of the sale of the Purchased Notes, if the Collateral Manager shall have previously
furnished copies thereof to such indemnified party and the loss, claim, damage or liability of such person results from an untrue
statement or omission of a material fact contained in the Initial Preliminary Memorandum or the Second Preliminary Memorandum which
was corrected in the Final Memorandum. The foregoing indemnity is in addition to any liability that the indemnifying parties may
otherwise have to any indemnified party. The indemnifying parties acknowledge that the statements set forth in the Final Memorandum
(x) under the caption: "Plan of Distribution" (but solely the second, fourth, seventh, ninth, eleventh, twelfth
and thirteenth paragraphs under such caption) of the Final Memorandum, (y) relating to Wells Fargo Securities, LLC on page
i of the Final Memorandum in the ninth, tenth and eleventh paragraphs under the heading "Important Information Regarding This
Offering Circular and the Secured Debt" and (z) under the caption "Risk Factors—Relating to Certain Conflicts
of Interest—The Issuer will be subject to various conflicts of interest involving Wells Fargo Securities and its Affiliates"
constitute the only written information furnished to the Collateral Manager by or on behalf of the indemnified parties specifically
for inclusion in any Memorandum or any Additional Offering Document.

 

     14

     

    

 

(b)              
Golub Capital BDC, Inc. (the "Company")
(an "indemnifying party" as such term is used in this Agreement, solely for purposes of the indemnity provided
under this clause (b)), shall indemnify and hold harmless each indemnified party from and against any loss, claim, damage or liability,
joint or several, and any action in respect thereof, to which any indemnified party may become subject, under the Securities Act
or Exchange Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any material
breach by the Company of its representations, covenants or obligations under the E.U. Risk Retention Letter and shall reimburse
any such indemnified party for any legal and other expenses reasonably incurred by such indemnified party in investigating or defending
or preparing to defend against any such loss, claim, damage, liability or action. The foregoing indemnity is in addition to any
liability that the indemnifying parties may otherwise have to any indemnified party.

 

(c)              
Promptly after receipt by an indemnified party under this Section 8 of notice of any claim or the commencement
of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this
Section 8, notify such indemnifying party in writing of the claim or commencement of that action; provided,
however, that the failure to notify an indemnifying party shall not relieve such indemnifying party from any liability
that it may have to an indemnified party under this Section 8, except to the extent that such indemnifying party has
been prejudiced by such failure; and, provided, further, that the failure to notify an indemnifying
party shall not relieve such indemnifying party from any liability that it may have to an indemnified party otherwise than under
this Section 8. If any such claim or action shall be brought against an indemnified party, and it shall notify an indemnifying
party thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with
any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified
party. After notice from any such indemnifying party or parties to the indemnified party or parties of its or their election to
assume the defense of such claim or action, any such indemnifying party or parties shall not be liable to the indemnified party
under this Section 8 for any legal or other expenses subsequently incurred by the indemnified party or parties in connection
with the defense thereof; provided that the indemnified party seeking such indemnity shall have the right to employ
counsel to represent it and any other indemnified party who may be subject to liability arising out of any claim or action in respect
of which indemnity may be sought by an indemnified party against an indemnifying party under this Section 8, if (i) in
the reasonable judgment of such indemnified party, there may be legal defenses available to it and any other indemnified party
different from or in addition to those available to the Company or the Issuer, as applicable, or there is a conflict of interest
between it and any other indemnified party, on one hand, and the Company or the Issuer, as applicable, on the other hand, or (ii) 
the Company or the Issuer, as applicable, shall fail to select counsel reasonably satisfactory to such indemnified party or parties,
and in such event the fees and expenses of such separate counsel shall be paid by the Company or the Issuer, as applicable. In
no event shall the Company or the Issuer, as applicable, be liable for the fees and expenses of more than one separate firm of
attorneys for all indemnified parties in connection with any other action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified
party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement
(i) does not include a statement as to, or admission of, fault, culpability or a failure to act by or on behalf of any such
indemnified party, and (ii) includes an unconditional release of such indemnified party from all liability on claims that
are the subject matter of such proceeding.

 

     15

     

    

 

(d)              
If the indemnification provided for in this Section 8 shall for any reason be unavailable to an indemnified
party under subsection 8(a) or (b) hereof in respect of any loss, claim, damage or liability, or any action in respect
thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to
the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect
thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Issuer or the Company,
as applicable, on the one hand, and the Initial Purchaser on the other hand from the offering and sale of the Notes or (ii) if
the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Issuer
or the Company, as applicable, on the one hand and the Initial Purchaser on the other hand with respect to the statements, omissions
(or, in the case of the Company, breach) that resulted in such loss, claim, damage or liability, or action in respect thereof,
as well as any other relevant equitable considerations. The relative benefits received by the Issuer or the Company, as applicable,
on the one hand and the Initial Purchaser on the other hand with respect to such offering shall be deemed to be in the same proportion
as the total net proceeds from the offering and sale of the Notes (after deducting expenses) received by the Issuer bear to the
total fees actually received by the Initial Purchaser with respect to such offering and sale. The relative fault as between the
Initial Purchaser and the Issuer shall be determined by reference to whether the untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to information supplied by the Issuer or by the Initial Purchaser,
the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement
or omission. The Issuer, the Company and the Initial Purchaser agree that it would not be just and equitable if contributions pursuant
to this subsection 8(d) were to be determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a
result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this subsection 8(d)
shall be deemed to include, for purposes of this subsection 8(d), any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of
this subsection 8(d), the Initial Purchaser shall not be required to contribute any amount in excess of the aggregate
fee actually paid to the Initial Purchaser with respect to the offering of the Offered Notes. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

 

For purposes of this
subsection (d), the term "as applicable" shall not be deemed to refer to the relative benefits or fault of the
Company except to the extent that a contribution is required solely in respect of an indemnification obligation of the Company
under subsection (b) and, in any case, the relative benefits or fault of the Company and the Issuer shall not be deemed
to be cumulative.

 

(e)              
The indemnity agreements contained in this Section 8 shall survive the delivery of the Notes, and the provisions
of this Section 8 shall remain in full force and effect, regardless of any termination or cancellation of this Agreement
or any investigation made by or on behalf of any indemnified party.

 

Section 9.              
Termination.

 

This Agreement shall
be subject to termination in the absolute discretion of the Initial Purchaser, by notice given to the Issuer prior to delivery
of and payment for the Purchased Notes, if prior to such time (i) trading in securities generally on the New York Stock Exchange
shall have been suspended or materially limited or any setting of minimum prices for trading on such exchange shall have occurred,
(ii) there shall have been, since the date hereof or the respective dates as of which information is given in the Final Memorandum,
any material adverse change in the condition, financial or otherwise, or in the properties (including, without limitation, the
Collateral Obligations) or the earnings, business affairs or business prospects of the Issuer or the Collateral Manager, whether
or not arising in the ordinary course of business, (iii) a general moratorium on commercial banking activities in New York
shall have been declared by either U.S. federal or New York State authorities, or (iv) there shall have occurred any
material outbreak or escalation of hostilities or other calamity or crises the effect of which on the financial markets of the
United States is such as to make it, in the reasonable judgment of the Initial Purchaser, impracticable or inadvisable to market
the Purchased Notes on the terms and in the manner contemplated by each Memorandum as amended or supplemented.

 

Section 10.          
Severability Clause.

 

Any part, provision,
representation, or warranty of this Agreement which is prohibited or is held to be void or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof.

 

     16

     

    

 

Section 11.          
Notices.

 

All demands, notices
and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed
by overnight mail, certified mail or registered mail, postage prepaid and effective only upon receipt and if sent to the Initial
Purchaser, will be delivered to Wells Fargo Securities, LLC, 550 South Tryon Street, MAC D1086-051, Charlotte, North Carolina 28202,
Attention: Asset-Backed Finance – Golub Capital BDC CLO 4 LLC; or if sent to the Issuer, c/o Golub Capital BDC, Inc., 200
Park Avenue, 25th Floor, New York, New York 10166.

 

Section 12.          
Representations and Indemnities to Survive.

 

The respective agreements,
representations, warranties, indemnities and other statements of the Company, the Issuer and their respective officers, members,
directors and managers and of the Initial Purchaser set forth in or made pursuant to this Agreement will remain in full force and
effect, regardless of any investigation made by or on behalf of the Initial Purchaser, the Company, the Issuer or any indemnified
party referred to in Section 8 of this Agreement, and will survive delivery of and payment for the Notes.

 

Section 13.          
Successors.

 

This Agreement will
inure to the benefit of and be binding upon the parties hereto and their respective successors by merger, consolidation or acquisition
of their assets substantially as an entity and each indemnified party referred to in Section 8 of this Agreement and,
except as specifically set forth herein, no other person will have any right or obligation hereunder.

 

Section 14.          
Applicable Law.

 

(a)              
THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

(b)              
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF 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 14(b).

 

     17

     

    

  

(c)              
ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT
OF ITS PROPERTY, TO THE NON–EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING
ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO.

 

Section 15.          
Counterparts, Etc.

 

This Agreement supersedes
all prior or contemporaneous agreements and understandings relating to the subject matter hereof. Neither this Agreement nor any
term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against whom enforcement of
such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts each of which
shall be deemed an original, which taken together shall constitute one and the same instrument. The parties agree that this Agreement
may be electronically signed and that such electronic signatures appearing on this Agreement are the same as handwritten signatures
for purposes of validity, enforceability and admissibility.

 

Section 16.          
Recognition of U.S. Special Resolution Regimes.

 

The Issuer agrees with
the Initial Purchaser at the date of this Agreement and on the Closing Date as follows:

 

(i)                
In the event a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of this
Agreement (and any interest and obligation in or under, and any property securing, this Agreement) from such Covered Party will
be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement (and
any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States
or a State of the United States.

 

(ii)             
In the event that a Covered Party or any BHC Affiliate of such Covered Party becomes subject to a proceeding under a U.S.
Special Resolution Regime, any Default Right under this Agreement that may be exercised against such Covered Party is permitted
to be exercised to no greater extent than such Default Right could be exercised under the U.S. Special Resolution Regime if this
Agreement were governed by the laws of the United States or a State of the United States.

 

For purposes of the foregoing,
the following terms shall have the meaning set forth below:

 

"BHC Affiliate"
has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. §1841(k).

 

"Covered Party"
means any party to this Agreement that is one of the following: (i) a "covered entity" as that term is defined in, and
interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted
in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12 C.F.R. Part 47 applies in accordance
with 12 C.F.R. §47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with,
12 C.F.R. §382.2(b).

 

     18

     

    

 

"Default Right"
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1,
as applicable.

 

"U.S. Special
Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and
(ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

Section 17.          
No Petition; Limited Recourse.

 

(a)              
The Initial Purchaser covenants and agrees that, prior to the date that is one year (or such longer preference period as
shall then be in effect) plus one day after the payment in full of each Class of Notes, it will not institute against the Issuer
or join any other Person in instituting against 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.

 

(b)              
Notwithstanding anything to the contrary herein, the obligations of the Issuer hereunder are limited recourse obligations
of the Issuer payable solely from the Assets securing the Offered Notes, and following the exhaustion of such Assets, any claims
of the Initial Purchaser hereunder against the Issuer shall be extinguished. All payments by the Issuer to the Initial Purchaser
hereunder shall be made subject to and in accordance with the Priority of Payments set forth in the Indenture.

 

(c)              
This Section 17 will survive the termination of this Agreement.

 

Section 18.          
Arm’s-Length Transaction; Other Transactions.

 

(a)              
The Issuer acknowledges and agrees that (i) the purchase and sale of the Purchased Notes pursuant to this Agreement,
including the determination of the offering price of the Purchased Notes and any related discounts and commissions, is an arm’s-length
commercial transaction between the Issuer, on the one hand, and the Initial Purchaser, on the other hand, (ii) in connection
with the offering contemplated hereby and the process leading to such transaction, the Initial Purchaser is and has been acting
solely as a principal and is not an agent or fiduciary of the Issuer or any of its equity holders, creditors, employees or any
other party, (iii) the Initial Purchaser has not assumed and will not assume an advisory or fiduciary responsibility in favor
of the Issuer with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Initial
Purchaser has advised or is currently advising the Issuer on other matters) and the Initial Purchaser has no obligation to the
Issuer with respect to the offering contemplated hereby, except the obligations expressly set forth in this Agreement, and (iv) the
Initial Purchaser has not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby
and the Issuer has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

 

(b)              
The Issuer acknowledges and agrees that the Initial Purchaser and its Affiliates may presently have and may in the future
have investment and commercial banking, trust and other relationships with parties other than the Issuer, which parties may have
interests with respect to the purchase and sale of the Notes. Although the Initial Purchaser in the course of such other relationships
may acquire information about the purchase and sale of the Notes, potential purchaser of the Notes or such other parties, the Initial
Purchaser shall not have any obligation to disclose such information to the Issuer. Furthermore, the Issuer acknowledges that the
Initial Purchaser may have fiduciary or other relationships whereby the Initial Purchaser may exercise voting power over securities
of various persons, which securities may from time to time include securities of the Issuer or its Affiliates or of potential purchaser.
The Issuer acknowledges that the Initial Purchaser may exercise such powers and otherwise perform any functions in connection with
such fiduciary or other relationships without regard to its relationship to the Issuer hereunder.

 

 

 

[REST OF PAGE INTENTIONALLY LEFT BLANK]

 

 

     19

     

    

 

If the foregoing is
in accordance with your understanding of our agreement, please sign and return to the undersigned a counterpart hereof, whereupon
this letter and your acceptance shall constitute a binding agreement among the parties hereto.

 

	 	Very truly yours,	 
	 	 	 
	 	GOLUB CAPITAL BDC CLO 4 LLC	 
	 	 	 
	  	By:  Golub Capital BDC, Inc., its sole member	 
	 	 	 
	 	By:	/s/ Ross A.  Teune	 
	 	Name:	Ross A. Teune	 
	 	Title:	Chief Financial Officer	 

 

    	[Signature Page to Note Purchase Agreement]

     

    

 

	 	 	 	 
	  	GOLUB CAPITAL BDC, INC., solely with

                                                                          respect to Sections 8(b), 8(c), 8(d), 8(e), 10, 12, 13,

                                                                          14, 15 and 17 (in each case, as they relate to its

                                                                          obligations under Section 8(b)) 

	 	 
	 	By:	/s/ Ross A. Teune	 
	 	Name:	Ross A. Teune	 
	 	Title:	Chief Financial Officer                          	 

 

    	[Signature Page to Note Purchase Agreement]

     

    

 

	 The foregoing Agreement
is hereby confirmed and
	 
	 accepted as of the date first above written.	 
	 	 
	WELLS FARGO SECURITIES, LLC,	 
	as the Initial Purchaser	 
	 	 
	By:	/s/ Matt Jensen	 
	Name:	Matt Jensen 	 
	Title:	Director	 

 

    	[Signature Page to Note Purchase Agreement]

     

    

 

SCHEDULE I

 

Notes to be Purchased by the Initial
Purchaser

 

	 	 	Price
	 	 	 
	Principal Amount of Class A-1 Notes to be Purchased:	U.S.$137,500,000	100.00000%
	 	 	 
	Principal Amount of Class A-2 Notes to be Purchased:	U.S.$10,500,000	100.00000%
	 	 	 
	Principal Amount of Class B Notes to be Purchased:	U.S.$21,000,000	100.00000%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}]]