Document:

EX-4.1

 Exhibit 4.1 

THIRD SUPPLEMENTAL INDENTURE 

between 
 GLADSTONE
CAPITAL CORPORATION 
 and 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

Dated as of December 15, 2020 

THIS THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of December 15, 2020, is between
Gladstone Capital Corporation, a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base
Indenture (as defined below). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of November 6, 2018 (the “Base
Indenture” and, as supplemented by this Third Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Securities, to be issued in one or more series as provided in the
Base Indenture; 
 WHEREAS, the Company desires to initially issue and sell $100,000,000 aggregate principal amount of the Company’s
5.125% Notes due 2026 (the “Notes”); 
 WHEREAS, Sections 2.01, 9.01(e) and 9.01(g) of the Base Indenture provide
that, without the consent of the Holders of the Securities of any series issued under the Indenture, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental to the Base Indenture to (i) add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as set forth in
the Base Indenture and (ii) provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01 of the Base Indenture, to establish the form of any certifications required
to be furnished pursuant to the terms of the Base Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities; 

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

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

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

 TERMS OF THE NOTES 

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

(a) The Notes shall constitute a series of Securities having the title “5.125% Notes due 2026”. The Notes shall bear a CUSIP number
of 376535 AC4 and an ISIN number of US376535AC46, as may be supplemented or replaced from time to time. 
 (b) The aggregate principal amount
of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.05, 2.06,
2.07, 3.02(a) and 9.04, of the Base Indenture) shall be $100,000,000. Under a Board Resolution, Officer’s Certificate pursuant to Board Resolutions or a Future Supplemental Indenture, the Company may from time to time, without the consent of
the Holders of Notes, issue additional Notes (in any such case, “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Notes; provided that, if such Additional Notes are not fungible
with the Notes (or any other tranche of Additional Notes) for U.S. federal income tax purposes, then such Additional Notes shall have different CUSIP numbers from the Notes (and any such other tranche of Additional Notes). Any Additional Notes and
the existing Notes shall constitute a single series under the Indenture, and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires. 

(c) The entire outstanding principal of the Notes shall be payable on January 31, 2026 unless earlier redeemed or repurchased in
accordance with the provisions of the Indenture. 
 (d) The rate at which the Notes shall bear interest shall be 5.125% per annum. The date
from which interest shall accrue on the Notes shall be December 15, 2020, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be January 31 and
July 31 of each year, commencing July 31, 2021 (provided that, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment shall be made on the next succeeding Business Day and no
additional interest shall accrue as a result of such delayed payment); the initial interest period shall be the period from and including December 15, 2020, to, but excluding, the initial Interest Payment Date, and the subsequent interest
periods shall be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date, shall be paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be January 15 or July 15 (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes shall be made at the office of the Trustee located at 111 Fillmore Avenue, St.
Paul, MN 55107, Attention: Gladstone Capital Corporation (5.125% Notes Due 2026) or at such other address as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, however, that, at the 

  
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 request of the registered Holder, the Company will pay the principal of (and premium, if any, on) and
interest, if any, on the Notes by wire transfer of immediately available funds to an account at a bank in St. Paul, Minnesota, on the date when such amount is due and payable and as further set forth in Section 4.01 of the Indenture;
provided, further, however, that, so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company and
the Trustee. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

(e) The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the
Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Third Supplemental Indenture. Each Global Note shall represent the aggregate principal amount of the outstanding
Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any new Global Note reflecting the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made
by the Trustee in accordance with Section 3.03 of the Base Indenture. 
 (f) The depositary for such Global Notes (the
“Depository”) shall be DTC. The Security Registrar with respect to the Global Notes shall be the Trustee. 
 (g) The Notes
shall be redeemable pursuant to Section 3.01 of the Base Indenture and as follows: 
 (i) The Notes shall be redeemable
in whole or in part at any time or from time to time, at the option of the Company, at a Redemption Price (as determined by the Company) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but
excluding, the Redemption Date: 
 (a) 100% of the outstanding principal amount of the Notes to be redeemed, or 

(b) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and
unpaid interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) using the applicable Treasury Rate plus 50 basis points; 
 provided, however,
that if the Company redeems any Notes on or after October 31, 2025, the Redemption Price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the
Redemption Date. 
 For purposes of calculating the Redemption Price in connection with the redemption of the Notes, on any
Redemption Date, the following terms have the meanings set forth below: 
 “Comparable Treasury Issue” means
the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes being redeemed. 

  
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 “Comparable Treasury Price” means (1) the average of
the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Quotation Agent” means a Reference Treasury Dealer selected by the
Company. 
 “Reference Treasury Dealer” means Raymond James & Associates, Inc. or its affiliates
which are primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in the United States (a
“Primary Treasury Dealer”), the Company shall select another Primary Treasury Dealer. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third business day preceding such Redemption Date. 

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

All determinations made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the
Redemption Price will be final and binding absent manifest error. 
 (ii) Notice of redemption shall be given in writing and
mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior
to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 3.02(a) of the Base Indenture. 

(iii) Any exercise of the Company’s option to redeem the Notes shall be done in compliance with the Indenture and the
Investment Company Act, to the extent applicable. 
 (iv) If the Company elects to redeem only a portion of the Notes, the
Trustee or, with respect to the Global Notes, the Depository shall determine the method for selecting the particular Notes to be redeemed, in accordance with Section 3.02(b) of the Base Indenture and the Investment Company Act. 

(v) Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to
accrue on the Notes called for redemption hereunder. 
 (h) The Notes shall not be subject to any sinking fund pursuant to Section 3.04
of the Base Indenture. 

  
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 (i) The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000
in excess thereof. 
 (j) Holders of the Notes shall not have the option to have the Notes repaid prior to the Stated Maturity other than in
accordance with Article 15 of the Indenture. 
 ARTICLE II 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 2.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms to Section 1.01 in appropriate
alphabetical sequence, as follows: 
 “‘Act’, when used with respect to any Holder of a Note, has the meaning
specified in Section 8.01 of the Indenture.” 
 “‘Below Investment Grade Rating Event’ means the Notes are
downgraded below Investment Grade by the Rating Agency on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public
notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by the Rating Agency); provided that a Below Investment Grade
Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Repurchase Event hereunder) if the Rating Agency does not announce or publicly confirm or inform the Trustee in writing at its request (acting at the direction of holders of a majority in principal amount of the
Notes) that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have
occurred at the time of the Below Investment Grade Rating Event).” 
 “‘Change of Control’ means the occurrence
of any of the following: 
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by
way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are
used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled
Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition; 
 (2) the consummation of
any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted
Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or 
 (3) the approval by the
Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.” 

  
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 “‘Change of Control Repurchase Event’ means the occurrence of a Change
of Control and a Below Investment Grade Rating Event.” 
 “‘Company Order’ means, a written request or order
signed in the name of the Company by the Chief Executive Officer, President or a Vice President of the Company, and by the Chief Financial Officer, Chief Operating Officer, Chief Accounting Officer, Secretary or an Assistant Secretary of the
Company, and delivered to the Trustee.” 
 “‘Controlled Subsidiary’ means any subsidiary of the Company, 50% or
more of the outstanding equity interests of which are owned by the Company and its direct or indirect subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the management or policies,
whether through the ownership of voting equity interests, by agreement or otherwise.” 
 “‘Default’ means any
event that is, or after notice or passage of time or both would be, an Event of Default.” 
 “‘DTC’ means The
Depository Trust Company, New York, New York.” 
 “‘Egan-Jones’ means Egan-Jones Ratings Company or any successor
thereto.” 
 “‘Exchange Act’ means the United States Securities Exchange Act of 1934, as amended, and the rules,
regulations and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.” 

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

“‘Holder” means the Person or Persons in whose name or names a particular Note is registered on the Security Register
kept for that purpose in accordance with the terms of this Indenture. 
 “‘Investment Company Act’ means the United
States Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.” 

“‘Investment Grade’ means a rating of BBB- or better by Egan-Jones (or
its equivalent under any successor rating categories of Egan-Jones) (or, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected
by the Company as a replacement Rating Agency).” 
 “‘Maturity’, when used with respect to any Note, means the
date on which the principal of such Note or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect
repayment, notice of exchange or conversion or otherwise.” 

  
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 “‘Permitted Holders’ means (i) the Company, (ii) one or more
Controlled Subsidiaries or (iii) Gladstone Management Corporation, any affiliate of Gladstone Management Corporation or any entity that is managed or advised by Gladstone Management Corporation or any of their affiliates.” 

“‘Redemption Date’, when used with respect to any Note to be redeemed, in whole or in part, means the date fixed for
such redemption by or pursuant to this Indenture.” 
 “‘Redemption Price’, when used with respect to any Note to
be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.” 
 “‘Regular Record Date’
for the interest payable on any Interest Payment Date on the Notes means the date specified for that purpose as contemplated by Section 1.01(d) of this Third Supplemental Indenture.” 

“‘Special Record Date’ for the payment of any Defaulted Interest on the Notes means a date fixed by the Trustee pursuant
to Section 2.03 of the Base Indenture.” 
 “‘Stated Maturity’ means, when used with respect to any Note or
any installment of principal thereof or interest thereon, the date specified in such Note as the fixed date on which the principal of such Note or such installment of principal or interest is due and payable.” 

“‘Trustee’ means U.S. Bank National Association, and, subject to the provisions of Article Seven of the Base Indenture,
its successors and assigns under the Indenture.” 
 “‘Rating Agency’ means: 

(1) Egan-Jones; and 

(2) if Egan-Jones ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the
Company’s control, a “nationally recognized statistical rating organization” as defined in Section (3)(a)(62) of the Exchange Act selected by the Company as a replacement agency for Egan-Jones.” 

“‘Voting Stock’ as applied to stock of any person, means shares, interests, participations or other equivalents in the
equity interest (however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power
only by reason of the occurrence of a contingency.” 
 Section 2.02. Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by replacing the
definitions of “Business Day”, “Corporate Trust Office” and “Officer’s Certificate” in Section 1.01 with the following: 

“‘Business Day’, when used with respect to any particular location referred to in this Indenture or in the Notes, means
each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in The City of New York, Nashville, Tennessee, the city in which the Corporate Trust Office is located or that particular location are authorized or
obligated by law or executive order to close.” 

  
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 “‘Corporate Trust Office’ means the principal office of the Trustee at
which at any time its corporate trust business shall be administered, which office at the date hereof for purposes of presentment of Notes for transfer, exchange or surrender only is located at 111 Fillmore Avenue East, Mailcode: EP-MN-WS2N, St. Paul, MN 55107, Attention: Gladstone Capital Corporation, and for all other purposes is located at 333 Commerce Street, Suite 800, Nashville, TN 37201,
Attention: Gladstone Capital Corporation, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the Holders and the Company).” 
 “‘Officer’s
Certificate’ means a certificate signed by the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer (or, in each case, any permitted designee of such Person as may be identified as
such in a writing delivered to the Trustee from time to time), and by any President, the Treasurer, or the Secretary of the Company and delivered to the Trustee.” 

Section 2.03. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the first paragraph of Section 1.01 of the Base Indenture shall be amended and restated as follows: 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument. Any reference to “execute”,
“executed”, “sign”, “signed”, “signature” or any other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic or
image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce Act (“E-SIGN”) or the New York Electronic Signatures and
Records Act (“ESRA”), which includes any electronic signature provided using Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue
burden or expense to the Trustee), except to the extent the Trustee requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to
have been duly and validly delivered for all purposes hereunder. 
 ARTICLE III 

REDEMPTION OF NOTES 

Section 3.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 3.02(b) of the Base Indenture shall be amended by replacing the text thereof with the following: 

  
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 “If less than all the Notes are to be redeemed, the particular Notes to be redeemed
shall be selected by the Trustee, or by the Depository in the case of Global Notes, in compliance with the requirements of DTC, from the Outstanding Notes not previously called for redemption, or if the Notes are not held through DTC, or DTC
prescribed no method of selection, by such method as the Trustee shall deem fair and appropriate and subject to and otherwise in accordance with the procedures of the applicable Depository; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Note not redeemed to less than the minimum authorized denomination for the Notes.” 

ARTICLE IV 
 COVENANTS

 Section 4.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders
of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 4.01 of the Base Indenture shall be amended and restated as follows: 

“The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Notes at the time
and place and in the manner provided herein and established with respect to such Notes. Payments of principal on the Notes may be made at the time provided herein and established with respect to such Notes by U.S. dollar check drawn on and mailed to
the address of the Holder entitled thereto as such address shall appear in the Security Register. Alternatively, at the request of the registered Holder, the Company will pay the principal of (and premium, if any, on) and interest, if any, on the
Notes by wire transfer of immediately available funds to an account at a bank in St. Paul, Minnesota, on the date when such amount is due and payable. To request payment by wire transfer, the registered Holder must give the Security Registrar and
the Trustee appropriate wire transfer instructions at least 15 Business Days before the requested payment is due. In the case of any interest payment due on an Interest Payment Date, the instructions must be given by the person who is the registered
Holder on the Regular Record Date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in accordance with this Section.” 

Section 4.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Four of the Base Indenture shall be amended by adding the following new Sections 4.06, 4.07 and 4.08 thereto, each as set
forth below: 
 “Section 4.06. Section 18(a)(1)(A) of the Investment Company Act.  

The Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will not violate Section 18(a)(1)(A)
as modified by Section 61(a)(2) of the Investment Company Act or any successor provisions, whether or not the Company continues to be subject to such provisions of the Investment Company Act.” 

“Section 4.07. Section 18(a)(1)(B) of the Investment Company Act.  

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

  
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 “Section 4.08. Commission Reports and Reports to Holders. 

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

ARTICLE V 
 REMEDIES

 Section 5.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders
of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 6.01(a) of the Base Indenture shall be amended and restated as follows: 

“(a) Whenever used herein with respect to the Notes, “Event of Default” means any one or more of the following events that has
occurred and is continuing: 
  

	 	(1)	 default in the payment of any interest upon any Note when such interest becomes due and payable, and
continuance of such default for a period of 30 days; or 

  

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

  

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

 

	 	(4)	 the Company, pursuant to or within the meaning of any Bankruptcy Law: 

 

	 	a.	 commences a voluntary case or proceeding under any Bankruptcy Law, 

 

	 	b.	 consents to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition
or answer or consent seeking reorganization or relief against it, 

  

	 	c.	 consents to the entry of a decree or order for relief against it in an involuntary case or proceeding,

  
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	 	d.	 consents to the filing of such petition or to the appointment of or taking possession by a Custodian of the
Company or for all or substantially all of its property, or 

  

	 	e.	 makes an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts
generally as they become due or takes any corporate action in furtherance of any such action; or 

  

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

  

	 	a.	 is for relief against the Company in an involuntary case or proceeding, or 

 

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

  

	 	c.	 appoints a Custodian of the Company or for all or substantially all of its property, or 

 

	 	d.	 orders the winding up or liquidation of the Company, 

and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60
consecutive days; or 
  

	 	(6)	 on the last business day of each of twenty-four consecutive calendar months the Notes shall have an asset
coverage (as such term is used in the Investment Company Act) of less than 100%.” 

Section 5.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 6.01(b) of the Base Indenture shall be amended and restated as follows: 

“(b) If an Event of Default (other than an Event of Default under Section 6.01(a)(4) or Section 6.01(a)(5)) with respect to the
Notes at the time Outstanding occurs and is continuing, then and in every such case, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may (and the Trustee shall at the request of such Holders) declare the
principal of all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due
and payable, but does not entitle any Holder to any redemption payout or redemption premium. If an Event of Default under Section 6.01(a)(4) or Section 6.01(a)(5) occurs, the entire principal amount of all the Notes will automatically
become due and immediately payable.” 
 Section 5.03. Except as may be provided in a Future Supplemental
Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 6.02(a) of the Base Indenture shall be amended and restated as follows: 

  
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 “(a) The Company covenants that (i) in case it shall default in the payment of any
installment of interest on any of the Notes, or in any payment required by any sinking or analogous fund established with respect to that series, as and when the same shall have become due and payable, and such default shall have continued for a
period of 30 days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Notes when the same shall have become due and payable, whether upon maturity of the Notes or upon redemption or upon
declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Notes, the whole amount that then shall have been become due and payable on all such Notes for principal (and
premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at
the rate per annum expressed in the Notes; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.” 

Section 5.04. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the first paragraph of Section 6.04 of the Base Indenture shall be amended and restated as follows: 

“No holder of any Note shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice
of an Event of Default and of the continuance thereof with respect to the Notes specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Notes then Outstanding shall
have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and
(v) during such 60 day period, the holders of a majority in principal amount of the Notes do not give the Trustee a direction inconsistent with the request.” 

ARTICLE VI 
 CONCERNING
THE SECURITYHOLDERS 
 Section 6.01. Except as may be provided in a Future Supplemental Indenture, for the
benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the second paragraph of Section 8.01 of the Base Indenture shall be amended by replacing the text
thereof with the following: 
 “If the Company shall solicit from the Holders of the Notes any request, demand, authorization,
direction, notice, consent, waiver or other act (each, an “Act”), the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders of the Notes entitled to give such
Act, but the Company shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which date shall be a date not earlier than the date 30 days prior to the first solicitation of
Holders of the Notes generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such Act may be given before or after such record date, but only the Holders of the Notes of record at
the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the Notes of the requisite proportion of Outstanding Notes have authorized or agreed or consented to such Act, and for that
purpose the Outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders of the Notes on such record date shall be deemed effective unless it shall become effective pursuant to
the provisions of this Indenture not later than eleven months after the record date.” 

  
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 ARTICLE VII 

SUPPLEMENTAL INDENTURES 

Section 7.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 9.01 of the Base Indenture shall be amended by replacing the text thereof with the following: 

“Without the consent of any Holders of the Notes, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at
any time and from time to time, may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes: 

(a) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of
the Company herein and in the Securities contained; or 
 (b) to add to the covenants of the Company for the benefit of the
Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any
right or power herein conferred upon the Company; or 
 (c) to add any additional Events of Default for the benefit of the
Holders of all or any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of such series);
provided, however, that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other
defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of
Securities to which such additional Events of Default apply to waive such default; or 
 (d) to change or eliminate any of
the provisions of this Indenture; provided that any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture that is entitled to the
benefit of such provision; or 
 (e) to secure the Securities; or 

(f) to establish the form or terms of Securities of any series as permitted by Section 2.01, including the provisions and
procedures relating to Securities convertible into or exchangeable for any securities of any Person (including the Company); or 

  
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 (g) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee; or 
 (h) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any
other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; provided that such action shall not adversely affect the interests of the Holders of Securities of any series in any material
respect; or 
 (i) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or
facilitate the defeasance and discharge of any series of Securities pursuant to Sections 11.01, 14.02 and 14.03; provided that any such action shall not adversely affect the interests of the Holders of Securities of such series or any other series
of Securities in any material respect. 
 Any supplemental indenture authorized by the provisions of this Section may be executed by the
Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.” 

Section 7.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 9.02 of the Base Indenture shall be amended by replacing the text thereof with the following: 

“With the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Notes affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture that affects the Notes or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that no
such supplemental indenture shall, without the consent of the Holder of each Outstanding Note: 
 (a) change the Stated
Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any Note; or reduce the principal amount thereof or the rate of interest (or change the manner of calculating the rate of interest thereon), or any
premium payable upon the redemption thereof, or reduce the portion of the principal of a Note that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.01(b), or upon the redemption thereof
or the amount thereof provable in bankruptcy pursuant to Section 6.02(c), or adversely affect any right of repayment at the option of the Holder, or change any place of payment where, or the currency in which, any Note or any premium or
interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption
Date), or 
 (b) reduce the percentage in principal amount of the Outstanding Notes, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for
in this Indenture, or reduce any requirements of Section 8.01 for quorum or voting, or 

  
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 (c) modify any of the provisions of this Section or Section 6.01(c)
except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; provided, however, that this clause shall
not be deemed to require the consent of any Holder of a Note with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of
Sections 7.11 and 9.01(h). 
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 A supplemental indenture
that changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such
series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any
indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain
Holders after such record date; provided, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date that is 90 days after such record date, any such consent previously given
shall automatically and without further action by any Holder be cancelled and of no further effect.” 
 ARTICLE VIII 

SUCCESSOR ENTITY 

Section 8.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 10.01 of the Base Indenture shall be amended by replacing the text thereof with the following: 

“The Company shall not consolidate with or merge with or into any other entity or convey or transfer all or substantially all of its
properties and assets to any Person, unless: 
 (1) either the Company shall be the continuing entity, or the entity (if other than the
Company) formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the Notes and the performance of every covenant of
this Indenture on the part of the Company to be performed or observed; 
 (2) immediately after giving effect to such transaction, no Default
or Event of Default shall have occurred and be continuing; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been
complied with.” 

  
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 ARTICLE IX 

SATISFACTION AND DISCHARGE 

Section 9.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 11.01 of the Base Indenture shall be amended by replacing the text thereof with the following: 

“Except as set forth below, this Indenture shall upon Company Request cease to be of further effect with respect to any Notes
specified in such Company Request (except as to any surviving rights of registration of transfer or exchange of Notes expressly provided for herein or pursuant hereto, any surviving rights of tender for repayment at the option of the Holders), and
the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when 

(1) either 
 (A)
all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (ii) Notes for whose payment money has theretofore
been deposited in trust with the Trustee or any paying agent or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Sections 4.03, 11.03 and 11.05) have been delivered to the
Trustee for cancellation; or 
 (B) all Notes 

(i) have become due and payable, or 

(ii) will become due and payable at their Stated Maturity within one year, or 

(iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the
Company, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, solely for the benefit of the Holders, an amount in the Currency in which the Notes
are payable, sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Notes
which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has irrevocably paid
or caused to be irrevocably paid all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

  
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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee and any predecessor Trustee under Section 7.06, the obligations of the Company to any Authenticating Agent under Section 2.10 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of
clause (1) of this Section, the obligations of the Trustee under Sections 11.03 and 11.04 shall survive any termination of this Indenture.” 

Section 9.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 11.02 of the Base Indenture shall be amended by replacing the text thereof with the following: 

“[Intentionally omitted.]” 

ARTICLE X 
 DEFEASANCE
AND COVENANT DEFEASANCE 
 Section 10.01. Except as may be provided in a Future Supplemental Indenture, for
the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the Base Indenture shall be amended by adding a new Article 14 as follows: 

“ARTICLE 14 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 14.01. Company’s Option to Effect Defeasance or Covenant Defeasance. 

The Company may at its option by Board Resolution, at any time, with respect to the Notes, elect to have either Section 14.02 (if
applicable) or Section 14.03 (if applicable) be applied to such Outstanding Notes upon compliance with the conditions set forth below in this Article. 

Section 14.02. Defeasance and Discharge. 

Upon the Company’s exercise of the above option applicable to this Section with respect to the Notes, the Company shall be deemed to have
been discharged from its obligations with respect to such Outstanding Notes on and after the date the conditions set forth in Section 14.04 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that
the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 14.05 and the other Sections
of this Indenture referred to in clauses (A) and (B) of this Section, and to have satisfied all its other obligations under the Notes and this Indenture insofar as such Notes are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Notes receive, solely from the trust fund
described in Section 14.04 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest, if any, on the Notes when such payments are due, (B) the Company’s obligations with
respect to such Notes under Sections 2.05, 2.07, 4.02 and 4.03, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article Fourteen, the Company may exercise
its option under this Section notwithstanding the prior exercise of its option under Section 14.03 with respect to such Notes. Following a defeasance, payment of such Notes may not be accelerated because of an Event of Default. 

  
 17 

 Section 14.03. Covenant Defeasance. 

Upon the Company’ s exercise of the above option applicable to this Section with respect to any Notes, the Company shall be released from
its obligations under Sections 4.06, 4.07 and 4.08 on and after the date the conditions set forth in Section 14.04 are satisfied (hereinafter, “covenant defeasance”), and such Notes shall thereafter be deemed to be not
“Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection such covenant, but shall continue to be deemed “Outstanding” for all other
purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such
Section or such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01(a)(3) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Notes
shall be unaffected thereby. Following a covenant defeasance, payment of such Notes may not be accelerated because of an Event of Default solely by reference to such Sections specified above in this Section 14.03. 

Section 14.04. Conditions to Defeasance or Covenant Defeasance. 

The following shall be the conditions to application of either Section 14.02 or Section 14.03 to any Outstanding Notes: 

 

	 	(i)	 The Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another
trustee satisfying the requirements of Section 7.09 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as
security for the benefit of, and dedicated solely to, the Holders of such Notes, (A) an amount (in such Currency in which such Notes are then specified as payable at Stated Maturity), or (B) Government Obligations applicable to such Notes
(determined on the basis of the Currency in which such Notes are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, without
reinvestment thereof, not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Notes, money in an amount, or (C) a combination thereof in an amount, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and
discharge, (1) the principal of and interest, if any, on such Outstanding Notes on the Stated Maturity of such principal or installment of principal or interest and (2) any mandatory sinking fund payments or analogous payments applicable
to such Outstanding Notes on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Notes. 

  
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	 	(ii)	 Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default
under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

  

	 	(iii)	 No Default or Event of Default with respect to such Notes shall have occurred and be continuing on the date of
such deposit or, insofar as Sections 6.01(a)(4) and 6.01(a)(5) are concerned, at any time during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the
expiration of such period). 

  

	 	(iv)	 In the case of an election under Section 14.02, the Company shall have delivered to the Trustee an Opinion
of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal
income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Notes will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and
will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

 

	 	(v)	 In the case of an election under Section 14.03, the Company shall have delivered to the Trustee an Opinion
of Counsel to the effect that the Holders of such Outstanding Notes will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

  

	 	(vi)	 The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent to either the defeasance under Section 14.02 or the covenant defeasance under Section 14.03 (as the case may be) have been complied with.” 

ARTICLE XI 
 OFFER TO
REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT 
 Section 11.01. Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the Base Indenture shall be amended by adding a new Article 15 as follows:

 “ARTICLE 15 

CHANGE OF CONTROL REPURCHASE EVENT 

Section 15.01. Change of Control. 

If a Change of Control Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company
shall make an offer to each Holder of Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to 100% of the
aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the

  
 19 

 
Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall mail a notice to each Holder describing the transaction or
transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from
the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment
date specified in the notice. The Company shall comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 15.01,
the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 15.01 by virtue of such conflict.

On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the Investment
Company Act, the Company will, to the extent lawful:
 (a) accept for payment all Notes or portions of Notes properly tendered pursuant to
its offer;
 (b) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes
properly tendered; and
 (c) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’
Certificate stating the aggregate principal amount of Notes being purchased by the Company.
 The paying agent will promptly remit to each
holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any
Notes surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

If any Repayment Date upon a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be
made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment.
 The Company will not
be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by
the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer.” 
 ARTICLE XII 

THE TRUSTEE 

Section 12.01 Neither the Trustee nor any paying agent shall be responsible for determining whether any Change of
Control or Below Investment Grade Rating Event has occurred and whether any Change of Control offer with respect to the Notes is required. 

  
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 ARTICLE XIII 

MISCELLANEOUS 

Section 13.01. This Third Supplemental Indenture and the Notes shall be governed by and construed in accordance with
the law of the State of New York. This Third Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. 

Section 13.02. In case any provision in this Third Supplemental Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 13.03. This Third Supplemental Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Third Supplemental Indenture. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile, .pdf
transmission, email or other electronic means shall constitute effective execution and delivery of this Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other
electronic means shall be deemed to be their original signatures for all purposes. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Third Supplemental
Indenture or any document to be signed in connection with this Third Supplemental Indenture shall be deemed to include electronic signatures (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any
other “electronic signature” as defined under E-SIGN or ESRA, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably
available at no undue burden or expense to the Trustee), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof
or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

Section 13.04. The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all
respects ratified and confirmed, and the Base Indenture and this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions included in this Third Supplemental Indenture
supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Third Supplemental Indenture, and
agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Third Supplemental Indenture. 

Section 13.05. The provisions of this Third Supplemental Indenture shall become effective as of the date hereof.

 Section 13.06. Notwithstanding anything else to the contrary herein, the terms and provisions of this Third
Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Indenture, and this Third Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the
terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding. 

  
 21 

 Section 13.07. The recitals contained herein and in the Notes,
except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Third Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Third Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its
obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. 

  
 22 

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

			
	GLADSTONE CAPITAL CORPORATION
		
	By:	 	 _/s/ David Gladstone

			
	Name:	 	David Gladstone
	Title:	 	Chairman and Chief Executive Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 
			
		
	By:	 	 /s/ Wally Jones

 
			
	Name:	 	Wally Jones
	Title:	 	Vice President

 [Signature page to Third Supplemental Indenture] 

 Exhibit A — Form of Global Note 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND SUCH CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
 Gladstone Capital Corporation 
  

					
	No.	 		  	$
		 		  	CUSIP No. 376535 AC4
		 		  	ISIN No. US376535AC46

 5.125% Notes due 2026 

Gladstone Capital Corporation, a corporation duly organized and existing under the laws of Maryland (herein called the “Company,”
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ____________________ (U.S. $ ____________________)
on January 31, 2026, and to pay interest thereon from December 15, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on January 31 and July 31 of each year,
commencing July 31, 2021, at the rate of 5.125% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in
such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be January 15 or July 15, whether or not a Business Day, as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders of the Notes on such Regular Record Date and may either be paid to the Person in whose name
this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series. 

 Payment of the principal of (and premium, if any, on) and any such interest on this Security
shall be made at the office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Gladstone Capital Corporation (5.125% Notes Due 2026) or at such other address as designated by the Trustee, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that, at the request of the registered Holder, the Company will pay the principal of (and premium, if any, on) and interest, if any, on
the Securities by wire transfer of immediately available funds to an account at a bank in St. Paul, Minnesota, on the date when such amount is due and payable and as further set forth in Section 4.01 of the Indenture; provided further,
however, that so long as this Security is registered to Cede & Co., such payment shall be made by wire transfer in accordance with the procedures established by The Depository Trust Company and the Trustee. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

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

Dated: 
  

			
	GLADSTONE CAPITAL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest	 	

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

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

Dated: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	  

		 	 Name:
 Title:

  
 A-3 

 Gladstone Capital Corporation 

5.125% Notes due 2026 
 This
Security is one of a duly authorized issue of Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of November 6, 2018 (herein called the
“Base Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), and reference is hereby made
to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered, as supplemented by the Third Supplemental Indenture, dated as of December 15, 2020, by and between the Company and the Trustee (herein called the “Third Supplemental Indenture,” the Third
Supplemental Indenture and the Base Indenture collectively are herein called the “Indenture”). In the event of any conflict between the Base Indenture and the Third Supplemental Indenture, the Third Supplemental Indenture shall
govern and control. 
 This Security is one of the series designated on the face hereof, which series is initially limited in aggregate
principal amount to $100,000,000. Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional
Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities; provided that, if such Additional Securities are not fungible with
the Securities (or any other tranche of Additional Securities) for U.S. federal income tax purposes, then such Additional Securities will have a different CUSIP numbers from the Securities (and any such other tranche of Additional Securities). Any
Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate
amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. 

The Securities of this series shall be redeemable in whole or in part at any time or from time to time, at the option of the Company, at a
Redemption Price (as determined by the Company) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption Date: 

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

(b) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and
unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any Securities on or after October 31, 2025, the Redemption Price for the
Securities shall be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. 

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

  
 A-4 

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

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

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

“Reference Treasury Dealer” means Raymond James & Associates, Inc. or its affiliates which are
primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in the United States (a “Primary
Treasury Dealer”), the Company shall select another Primary Treasury Dealer. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third business day preceding such Redemption Date. 

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

All determinations made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will
be final and binding absent manifest error. 
 Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by
overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 3.02(a) of the Base Indenture. 

Any exercise of the Company’s option to redeem the Securities shall be done in compliance with the Indenture and the Investment Company
Act, to the extent applicable. 
 If the Company elects to redeem only a portion of the Securities, the Trustee or, with respect to global
Securities, the Depository will determine the method for selecting the particular Securities to be redeemed, in accordance with Section 1.01 of the Third Supplemental Indenture and Section 3.02(b) of the Base Indenture. In the event of
redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

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

  
 A-5 

 Holders will have the right to require the Company to repurchase their Securities upon the
occurrence of a Change of Control Repurchase Event as set forth in the Indenture. 
 The Indenture contains provisions for defeasance at any
time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

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

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee indemnity, security, or both, reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice,
request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

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

  
 A-6 

 The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of
Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Company, the Trustee, or the Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee, or the Security Registrar
and any agent of the Company, the Trustee, or the Security Registrar shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the
Trustee, the Security Registrar, or any agent thereof shall be affected by notice to the contrary. 
 All terms used in this Security which
are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 To the extent any provision of this Security
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Indenture
and this Security shall be governed by and construed in accordance with the law of the State of New York. 

  
 A-7Document

Exhibit 10.1

First Amendment to
Second Amended and Restated Credit Agreement
This First Amendment to Second Amended and Restated Credit Agreement (this “First Amendment”), dated as of December 11, 2020, is by and among Exterran Energy Solutions, L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”), Exterran Corporation, a corporation formed under the laws of the State of Delaware (“Parent”), the Guarantors party hereto, the Lenders listed on the signature pages attached hereto and Wells Fargo Bank, National Association, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 
R E C I T A L S
A.    The Borrower, Parent, the Administrative Agent and the financial institutions from time to time party thereto as lenders (each, a “Lender” and collectively, the “Lenders”) are parties to that certain Second Amended and Restated Credit Agreement, dated as of October 9, 2018 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”);  
B.    The Guarantors are parties to that certain Amended and Restated Guaranty and Collateral Agreement, dated as of October 9, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty and Collateral Agreement”); and
C.    The parties hereto desire to, among other things, amend certain terms and provisions of the Credit Agreement as set forth herein, including to reduce the amount of the Aggregate Commitments from $700,000,000 to $650,000,000.  
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given to such term in the Credit Agreement.  Unless otherwise indicated, all references to Sections, Articles, Annexes and Schedules in this First Amendment refer to Sections, Articles, Annexes and Schedules of the Credit Agreement.
Section 2.Amendments to Credit Agreement.
2.1   Additional Definitions.  Section 1.01 is hereby amended to add thereto in alphabetical order the following definitions which shall read in full as follows:
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

“BHC Act Affiliate” means, as to any Person, an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Consolidated Cash Balance” means, as of any date, the aggregate amount of unrestricted cash and Cash Equivalents of the Group Members as of such date.
“Consolidated Cash Balance Determination Date” has the meaning assigned to such term in Section 3.04(c)(iii).
“Consolidated Cash Balance Threshold” means, for any date, an amount equal to the sum of (a) (i) for purposes of Section 3.04(c), $40,000,000 and (ii) for purposes of Section 6.02(d), $35,000,000, plus (b) the amount of cash that the Group Members reasonably expect to use within the succeeding ten (10) Business Days for the payment of accounts payable incurred in the ordinary course of business, payroll expenses, tax or other regulatory expenses, plus (c) the aggregate amount of cash then held by any Foreign Subsidiary that is expected to be distributed or otherwise transferred to the Borrower and used by the Borrower to repay Revolving Loans, in each case within the succeeding ten (10) Business Days, plus (d) the aggregate amount of cash and Cash Equivalents generated by operations of Group Members that are Foreign Subsidiaries, to the extent that the transfer or other distribution of such cash or Cash Equivalents to the Borrower would result in an adverse foreign exchange impact (other than ordinary course currency conversions) or an adverse tax impact, in each case to the Borrower or any other Group Member, plus (e) without duplication of any of the foregoing, the aggregate amount of cash or Cash Equivalents that is not generated by operations of Group Members that are Foreign Subsidiaries and is otherwise obtained by or included in the balance sheet of any Foreign Subsidiary (other than (i) by way of capital contribution by Parent or any Domestic Subsidiary after the First Amendment Effective Date, (ii) as proceeds of the purchase by Parent or any Domestic Subsidiary after the First Amendment Effective Date of Equity Interests of such Foreign Subsidiary or any Subsidiary thereof or (iii) as proceeds of any intercompany loan made after the First Amendment Effective Date from Parent or any Domestic Subsidiary).
“Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Covered Party” has the meaning assigned to such term in Section 12.21.
2

“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.
“First Amendment” means that certain First Amendment to Second Amended and Restated Credit Agreement, dated as of the First Amendment Effective Date, among the Borrower, Parent, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto.  
“First Amendment Effective Date” means December 11, 2020.
“Initial MPA Period” has the meaning assigned to such term in the definition of “EBITDA”.
“Material Project” has the meaning assigned to such term in the definition of “EBITDA”.
“Material Project EBITDA Adjustments” has the meaning assigned to such term in the definition of “EBITDA”.
“Project” means (a) the provision by any Group Member of equipment for any energy or infrastructure project or (b) the construction, improvement or expansion by any Group Member of an energy or infrastructure project.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning assigned to such term in Section 12.21.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Revenue Recognition Date” means, with respect to any Material Project, the date on which any Group Member begins to recognize revenue from such Material Project.
“Supported QFC” has the meaning assigned to such term in Section 12.21. 
“UK Financial Institution” means any BBRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
3

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“Unadjusted EBITDA” means, for any period, the sum of Consolidated Net Income for such period plus the following consolidated expenses or charges to the extent deducted from Consolidated Net Income for such period: (a) total interest expense (as reflected on the consolidated income statement for such period), (b) income, franchise and other similar taxes, (c) depreciation, (d) amortization, (e) fees and expenses incurred or paid in connection with the consummation of acquisitions, (f) cash from distributions actually received by Parent or any Consolidated Restricted Subsidiary during such period from Unrestricted Subsidiaries; provided that the amount of such cash distributions included pursuant to this clause (f) shall not exceed 25% of the total EBITDA during such period (as calculated prior to including any such cash distributions); (g) other non-cash charges, provided that any cash actually paid in any future period with respect to such non-cash charges shall be deducted from EBITDA for such future period when paid; and (h) any Restructuring Costs and any Restatement Costs; provided that the amount of costs and expenses included pursuant to this clause (h) shall not exceed $10,000,000 in the aggregate; provided further that if at any time during such period Parent or any Consolidated Restricted Subsidiary shall have made any individual acquisition or Disposition with a sale price in excess of $50,000,000, EBITDA for such period shall be calculated giving pro forma effect thereto as if such acquisition or Disposition had occurred on the first day of such period (such pro forma effect to include projected synergies) as determined by the Borrower in a manner reasonably acceptable to the Administrative Agent.
“U.S. Special Resolution Regimes” has the meaning assigned to such term in Section 12.21.
2.2      Amendment and Restatement of Definitions.  Section 1.01 is hereby amended by amending and restating the following definitions in their entirety to read in full as follows:
“Aggregate Commitments” at any time shall equal the sum of the Commitments at such time. As of the First Amendment Effective Date, the amount of the Aggregate Commitments is $650,000,000.
“Applicable Margin” means for any day, with respect to any LIBOR Loan, EURIBOR Loan or ABR Loan that is a Revolving Loan, or with respect to Commitment Fees, the applicable rate per annum set forth in the table below under the caption “LIBOR Loans / EURIBOR Loans”, “ABR Loans” or “Commitment Fees”, as the case may be, determined by reference to the Total Leverage Ratio as of the most recent date of determination:
4

															
	Level	Total Leverage Ratio	LIBOR Loans / EURIBOR Loans (bps)	ABR Loans (bps)	Commitment Fees (bps)
	I	Less than or equal to 2.00 to 1.00
	200.0	100.0	25.0
	II	Less than or equal to 2.50 to 1.00 but greater than 2.00 to 1.00
	225.0	125.0	30.0
	III	Less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00
	250.0	150.0	35.0
	IV	Less than or equal to 3.50 to 1.00 but greater than 3.00 to 1.00
	275.0	175.0	40.0
	V	Greater than 3.50 to 1.00
	300.0	200.0	50.0

For purposes of determining the Applicable Margin for the period commencing on the Effective Date and ending upon the date of the first delivery after the Effective Date of financial statements pursuant to Section 8.01(a) and the corresponding Compliance Certificate pursuant to Section 8.01(b), the Total Leverage Ratio will be deemed to be that which corresponds to Level I. Each change in the Applicable Margin resulting from a change in the Total Leverage Ratio (which shall be calculated quarterly) shall take effect as of the fifth (5th) Business Day following the receipt of the Compliance Certificate delivered pursuant to Section 8.01(b); provided that the Total Leverage Ratio shall be deemed to be Level VI if the Borrower fails to deliver the annual or quarterly consolidated financial statements required to be delivered by it pursuant to Section 8.01(a), during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. In the event that any financial statement or Compliance Certificate delivered pursuant to Section 8.01(a) or (b) is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, and only in such case, then Parent and the Borrower shall promptly (i) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Period, (ii) determine the Applicable Margin for such Applicable Period based upon the corrected Compliance Certificate, and (iii) pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 4.01. The preceding sentence is in addition to rights of the Administrative Agent and Lenders with respect to Sections 3.02(e), 10.01 and 10.02 and other of their respective rights under this Agreement.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
5

“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended form time to time) and any other law, regulation, rule or requirement applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“EBITDA” means for any period, the sum, without duplication, of (a) Unadjusted EBITDA for such period plus (b) at Parent’s option, any “Material Project EBITDA Adjustments” as provided below, which adjustments under clauses (i) and (ii) below shall be made in a manner, and subject to documentation, approved by the Administrative Agent (which approval shall not be unreasonably withheld).  As used herein, “Material Project” means any Project of any Group Member, the aggregate capital cost of which (inclusive of capital costs expended prior to the acquisition thereof) is reasonably expected by Parent to exceed, or exceeds, $40,000,000.  As used herein, “Material Project EBITDA Adjustments” means, with respect to each Material Project:
(i)    prior to the Revenue Recognition Date for such Material Project (but including the Testing Period ending on the last day of the fiscal quarter in which such Revenue Recognition Date occurs), a percentage (based on the then-current completion percentage of such Material Project as of the relevant date of determination (it being understood that (i) the completion percentage of any Material Project may be determined based upon costs incurred prior to the relevant date of determination to total costs anticipated to be incurred in connection with completion of such Material Project and (ii) if the duration of time between the date of determination and the anticipated Revenue Recognition Date is greater than 12 months, such completion percentage may not be determined to be greater than twenty-five percent (25%))) of an amount to be approved by the Administrative Agent as the incremental projected Unadjusted EBITDA attributable to such Material Project for the first 12-month period following the anticipated Revenue Recognition Date for such Material Project (such amount to be determined and approved by the Administrative Agent based upon (A) incremental projected revenues from enforceable minimum revenue contracts and other contracts reasonably acceptable to the Administrative Agent and entered into between one or more Group Members, on the one hand, and third-party customers, on the other, (B) the creditworthiness of, and applicable projected usage of such Material Project by, such customers (including the presence or absence of any credit support provided by or on behalf of such customer), (C) capital and other costs, operating and administrative 
6

expenses, (D) the anticipated Revenue Recognition Date (including taking into account the length of time between the date of determination and the anticipated Revenue Recognition Date), (E) commodity price assumptions (to the extent applicable) and (F) other factors reasonably deemed appropriate by the Administrative Agent; provided, that, it is understood and agreed that such incremental projected Unadjusted EBITDA attributable to such Material Project is subject to the Administrative Agent’s approval for each Testing Period for which Parent desires to include such Material Project EBITDA Adjustment; provided further that (1) if, at any time after the Administrative Agent has approved projected Unadjusted EBITDA attributable to a Material Project for inclusion in EBITDA for any period (the “subject period”), the Administrative Agent reasonably determines that any of the factors provided for in clauses (A) through (F) of the foregoing have changed, the Administrative Agent shall have the right to modify its approved amount of such projected Unadjusted EBITDA for inclusion in EBITDA for any subsequent period ending after the subject period (provided the Administrative Agent shall provide prompt notice of such modification to the Borrower) and (2) if the duration of time between the date of determination and the anticipated Revenue Recognition Date is greater than 12 months, such duration may be taken into account by the Administrative Agent as set forth in the foregoing clause (D) and shall if such duration is greater than 18 months result in such projected Unadjusted EBITDA being zero dollars), which percentage of such amounts approved by the Administrative Agent may, at Parent’s option, be added to Unadjusted EBITDA for the Testing Period ending on the last day of the fiscal quarter in which the applicable Group Member or Group Members commence work on such Material Project and for each Testing Period thereafter until the Revenue Recognition Date for such Material Project (including the Testing Period ending on the last day of the fiscal quarter in which such Revenue Recognition Date occurs, but net of any Unadjusted EBITDA attributable to such Material Project following such Revenue Recognition Date); provided, that if the actual Revenue Recognition Date does not occur by the anticipated Revenue Recognition Date, then the foregoing amount shall be reduced, for Testing Periods ending after the anticipated Revenue Recognition Date to (but excluding) the Testing Period ending on the last day of the first full quarter after the actual Revenue Recognition Date, by the following percentage amounts depending on the period of delay (based on the period of actual delay or then-estimated delay, whichever is longer): (A) 90 days or less, 0%, (B) longer than 90 days, but not more than 180 days, 25%, (C) longer than 180 days but not more than 270 days, 50%, (D) longer than 270 days but not more than 365 days, 75%, and (E) longer than 365 days, 100%; and
(ii)    beginning with the Testing Period ending on the last day of the first full fiscal quarter following the Revenue Recognition Date for such Material Project and for the two immediately succeeding Testing 
7

Periods, an amount approved by the Administrative Agent as the projected Unadjusted EBITDA (determined in the same manner set forth in clause (i)  above) attributable to such Material Project for the balance of the four full fiscal quarter period following such Revenue Recognition Date, which may, at Parent’s option, be added to Unadjusted EBITDA for such Testing Periods.
Notwithstanding the foregoing:
    (1)    No such Material Project EBITDA Adjustment shall be allowed with respect to a Material Project unless:
    (x)    at least 15 days (or such lesser period as is reasonably acceptable to the Administrative Agent) prior to the last day of the Testing Period for which Parent desires to commence inclusion of such Material Project EBITDA Adjustment in EBITDA (the “Initial MPA Period”), Parent shall have delivered to the Administrative Agent written pro forma projections of EBITDA attributable to such Material Project; and
    (y)    prior to the last day of the Initial MPA Period, the Administrative Agent shall have approved (such approval not to be unreasonably withheld or delayed) such projections (provided that such approval of such projections shall be subject to change as set forth in clause (i) above) and shall have received such other information and documentation as the Administrative Agent may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent; and
(2)    the aggregate amount of all Material Project EBITDA Adjustments during any Testing Period shall not exceed twenty percent (20%) of EBITDA for such Testing Period.  
“Loan Documents” means this Agreement, the First Amendment, the Notes, the Letter of Credit Agreements, the Commitment Increase Certificates, the Additional Lender Certificates, the Letters of Credit, the Fee Letters, the Security Instruments and each subordination agreement, intercreditor agreement, Compliance Certificate, Borrowing Request, Letter of Credit Request or Interest Election Request executed by the Borrower pursuant to this Agreement and each amendment, consent and waiver to any of the foregoing executed by the Borrower.
“Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution 
8

Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to ancillary to any of those powers.
2.3       Amendment to Section 3.04(c).  Section 3.04(c) is hereby amended by:
(a)       Renumbering Section 3.04(c)(iii) as Section 3.04(c)(iv); and
(b)       Adding a new Section 3.04(c)(iii) to read in full as follows:
(iii)    If, at the end of the last Business Day of any calendar week (commencing as of December 18, 2020) (any such date an “Consolidated Cash Balance Determination Date”), the Consolidated Cash Balance exceeds the Consolidated Cash Balance Threshold, then Borrower shall, within three (3) Business Days after such Consolidated Cash Balance Determination Date, prepay Borrowings on such date in an aggregate principal amount equal to such excess.  Each prepayment of Revolving Loans pursuant to this paragraph (iii) shall be applied, first, to any Swingline Loans then outstanding, second, ratably to any ABR Borrowings then outstanding, and, third, to any LIBOR Borrowings and EURIBOR Borrowings then outstanding, and if more than one LIBOR Borrowing or EURIBOR Borrowing is then outstanding, to each such LIBOR Borrowing or EURIBOR Borrowing in such order as the Borrower shall elect.

2.4       Amendment to Section 6.02.  Section 6.02 is hereby amended by:
(a)       deleting the word “and” at the end of Section 6.02(b), 
(b)       replacing the period at the end of Section 6.02(c) with “; and”, and
(c)     adding new clause (d) thereto immediately after clause (c) thereof, which new Section 6.02(d) shall read in full as follows:
(d)    In the case of any Borrowing of Loans, at the time of and immediately after giving effect to such Borrowing and the application of the proceeds thereof, the Consolidated Cash Balance shall not exceed the Consolidated Cash Balance Threshold. On the date of any Borrowing, the Borrower shall be deemed to have made a representation and warranty that the conditions specified in this Section 6.02(d) have been satisfied.  
2.5     Amendment to Section 8.01.  Section 8.01 is hereby amended to add a new Section 8.01(l) to read in full as follows:
9

(l)    Consolidated Cash Balance Certificate.  Within three (3) Business Days after any Consolidated Cash Balance Determination Date occurring on or after December 18, 2020 on which the Consolidated Cash Balance exceeds the Consolidated Cash Balance Threshold, a certificate from a Responsible Officer of the Borrower (in form and detail reasonably satisfactory to the Administrative Agent) providing a reasonably detailed calculation of the Consolidated Cash Balance as of such Consolidated Cash Balance Determination Date and including calculations of the amounts of the mandatory prepayment required to be made pursuant to Section 3.04(c)(iii).
2.6      Amendment to Section 9.04(f).  Section 9.04(f) is hereby amended and restated in its entirety to read in full as follows:
(f)    so long no Default or Event of Default exists immediately before and immediately after giving effect thereto, Parent may make Restricted Payments in an aggregate amount not to exceed $50,000,000 during the period commencing on the First Amendment Effective Date through the remaining term of this Agreement if (i) the Total Leverage Ratio, calculated on a pro forma basis to include any Total Indebtedness incurred to make such Restricted Payment (as if such Restricted Payments were made on the last day of the applicable Testing Period), is less than 2.50 to 1.00 as of the last day of the most recently ended Testing Period for which financial statements are available and (ii) immediately after giving effect to such Restricted Payment, Parent shall have Liquidity in an amount that is not less than fifteen percent (15%) of the Aggregate Commitments.

2.7   Amendment to Section 12.19.  Section 12.19 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:
Section 12.19    Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
10

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
2.8     Amendment to Article XII.  Article XII is hereby amended by adding a new Section 12.21 to read in full as follows:
Section 12.21    Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedging Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) 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 the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no 
11

event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
2.9       Amendment to Annex I.  Annex I is hereby amended and restated in its entirety to read in full as set forth in Annex I hereto.   
Section 3      Conditions Precedent.  This First Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “First Amendment Effective Date”):
3.1               The Administrative Agent shall have received from Lenders constituting at least the Majority Lenders, Parent, the Borrower, and each Guarantor counterparts (in such number as may be requested by the Administrative Agent) of this First Amendment signed on behalf of such Persons.
3.2                The Borrower shall have paid to the Administrative Agent, for the account of each of the undersigned consenting Lenders executing this First Amendment on or prior to 3:00 p.m. Central time on the date hereof (each a “Consenting Lender”), a fee (the “Consent Fees”) in an amount equal to ten basis points (0.10%) of such Consenting Lender’s Applicable Percentage of the Aggregate Commitments as of the First Amendment Effective Date.  The entire amount of the Consent Fees will be fully earned and shall be due and payable in full in cash on the First Amendment Effective Date.  
3.3              The Borrower shall have paid to the Administrative Agent all other fees and other amounts due and payable on or prior to the First Amendment Effective Date, including, to the extent invoiced at least one (1) Business Day prior to the First Amendment Effective Date, reimbursement or payment of all reasonable and documented out-of-pocket costs and expenses required to be reimbursed or paid by the Borrower under the Credit Agreement.
3.4             No Default or Event of Default shall have occurred and be continuing as of the date hereof after giving effect to the terms of this First Amendment. 
Section 4     Miscellaneous.
4.1        Confirmation.  The provisions of the Credit Agreement, except as amended by this First Amendment, shall remain in full force and effect following the effectiveness of this First Amendment.  The amendments contemplated hereby shall not limit or impair any Liens granted by the Borrower or any other Loan Party to secure the Secured Obligations, each of which are hereby ratified, affirmed and extended to secure the Secured Obligations as they may be extended pursuant hereto.
4.2         Representations and Warranties.  
(a) Ratification and Affirmation. The Borrower hereby: (i) acknowledges the terms of this First Amendment; (ii) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (iii) agrees that, from and after the First Amendment 
12

Effective Date, each reference to the Credit Agreement in the Security Instruments and the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this First Amendment; and (iv) represents and warrants to the Lenders that as of the date hereof, before and after giving effect to the terms of this First Amendment: (A) all of the representations and warranties made by the Borrower contained in each Loan Document to which it is a party are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation or warranty that is already qualified or modified by materiality in the text thereof) on and as of the date hereof, except to the extent such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties are true and correct in all material respects as of such specified earlier date.  
(b) Corporate Authority; Enforceability; No Conflicts.  The Borrower hereby represents and warrants to the Lenders that (i) it has all necessary power and authority to execute, deliver and perform its obligations under this First Amendment; (ii) the execution, delivery and performance by the Borrower of this First Amendment has been duly authorized by all necessary action on its part; (iii) this First Amendment has been duly executed and delivered by the Borrower and constitutes the legal, valid and binding obligation of the Borrower in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditor’s rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); (iv) the execution and delivery of this First Amendment by the Borrower and the performance of its obligations hereunder require no authorizations, approvals or consents of, or registrations or filings with, any Governmental Authority, except for those that have been obtained or made and are in effect; and (v) neither the execution and delivery of this First Amendment nor the transactions contemplated hereby will (A) contravene, or result in a breach of, the Organization Documents of the Borrower, (B) violate any Governmental Requirement applicable to or binding upon the Borrower or any of its Properties, except to the extent that any such violation, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, or (C) violate or result in a default under any agreement or instrument to which the Borrower is a party (other than any agreement or instrument the contravention of which or breach of which could not reasonably be expected to be materially adverse to any Secured Party) or by which it is bound or to which its Properties are subject, except to the extent that any such violation or default, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
4.3     No Waiver.    Neither the execution by the Administrative Agent or the Lenders of this First Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Default or Event of Default which may exist, which may have occurred prior to the date of the effectiveness of this First Amendment or which may occur in the future under the Credit Agreement and/or the other Loan Documents.  Similarly, nothing contained in this First Amendment shall directly or indirectly in any way whatsoever: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or any Lender’s right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Default or Event of Default; (b) except as expressly provided herein, amend or 
13

alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument; or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents or any other contract or instrument.
4.4     Loan Document.  This First Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.
4.5     Parties in Interest.  All of the terms and provisions of this First Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.
4.6     Counterparts.  This First Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this First Amendment by facsimile transmission or electronic transmission (e.g., PDF) shall be effective as delivery of a manually executed counterpart hereof.
4.7     No Oral Agreement.  This First Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement AMONG the parties RELATING to the SUBJECT MATTER HEREOF AND THEREOF and may not be contradicted by evidence of prior, contemporaneous or unwritten oral agreements of the parties.  There are no oral agreements between the parties.
4.8     GOVERNING LAW.  THIS FIRST AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.
    [Signature Pages Follow]

14

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

												
	  		  	  
	  		EXTERRAN ENERGY SOLUTIONS, L.P., a

			Delaware limited partnership, as the Borrower 
	   		  	  
			By: 	/s/ DAVID A. BARTA
	  		Name:	David A. Barta
	  		Title:	Senior Vice President and Chief Financial Officer
	  		  	

												
	  		  	  
	  		EXTERRAN CORPORATION, a Delaware 

			corporation, as Parent
	   		  	  
			By: 	/s/ DAVID A. BARTA
	  		Name:	David A. Barta
	  		Title:	Senior Vice President and Chief Financial Officer
	  		  	

        

    
Signature Page to First Amendment – Exterran Energy Solutions, L.P.

												
	  		  	  
	  		WELLS FARGO BANK, NATIONAL 

			ASSOCIATION, as Administrative Agent, Issuing 

			Bank, Swingline Lender and a Lender

	   		  	  
			By: 	/s/ MICHAEL G. JANAK
	  		Name:	Michael G. Janak
	  		Title:	Managing Director
	  		  	

Signature Page to First Amendment – Exterran Energy Solutions, L.P.

												
	  		  	  
	  		Crédit Agricole Corporate and

			Investment Bank, as a Lender and Issuing Bank

			
	   		  	  
			By: 	/s/ PAGE C. DILLEHUNT
	  		Name:	Page C. Dillehunt
	  		Title:	Managing Director
	  		  	
			By:	/s/ MICHAEL WILLIS
			Name:	Michael Willis
			Title:	Managing Director

Signature Page to First Amendment – Exterran Energy Solutions, L.P.

												
	  		  	  
	  		Bank of America, N.A., as a Lender and Issuing Bank

	   		  	  
			By: 	/s/ TYLER ELLIS
	  		Name:	Tyler Ellis
	  		Title:	Director
	  		  	

Signature Page to First Amendment – Exterran Energy Solutions, L.P.

												
	  		  	  
	  		ROYAL BANK OF CANADA, as a Lender and 

			Issuing Bank
	   		  	  
			By: 	/s/ EMILEE SCOTT
	  		Name:	Emilee Scott
	  		Title:	Authorized Signatory
	  		  	

Signature Page to First Amendment – Exterran Energy Solutions, L.P.

												
	  		  	  
	  		CITIBANK, N.A., as a Lender and Issuing Bank

	   		  	  
			By: 	/s/ IVAN DAVEY
	  		Name:	Ivan Davey
	  		Title:	Vice President
	  		  	

Signature Page to First Amendment – Exterran Energy Solutions, L.P.

												
	  		  	  
	  		SUMITOMO MITSUI BANKING CORPORATION, 

	   		as a Lender
				
			By: 	/s/ JUN ASHLEY
	  		Name:	Jun Ashley
	  		Title:	Director
	  		  	

Signature Page to First Amendment – Exterran Energy Solutions, L.P.

												
	  		  	  
	  		TRUSTMARK NATIONAL BANK, as a Lender

				
			By: 	/s/ JEFF DEUTSCH
	  		Name:	Jeff Deutsch
	  		Title:	Senior Vice President
	  		  	

Signature Page to First Amendment – Exterran Energy Solutions, L.P.

												
	  		  	  
	  		TRUIST BANK, as a Lender

				
			By: 	/s/ LINCOLN LACOUR
	  		Name:	Lincoln LaCour
	  		Title:	Vice President
	  		  	

Signature Page to First Amendment – Exterran Energy Solutions, L.P.

ANNEX I
COMMITMENTS

						
	Name of Lender	Commitment
	Wells Fargo Bank, National Association	$97,500,000.00
	Credit Agricole Corporate and Investment Bank	$97,500,000.00
	Bank of America, N.A.	$83,571,428.57
	Citibank, N.A.	$83,571,428.57
	Royal Bank of Canada	$83,571,428.57
	Sumitomo Mitsui Banking Corporation	$83,571,430.00
	HSBC Bank USA, NA	$65,000,000.00
	Branch Banking and Trust Company	$32,500,000.00
	Trustmark National Bank	$23,214,285.72
	TOTAL	$650,000,000.00

REAFFIRMATION AND RATIFICATION: Each Guarantor hereby (a) acknowledges the terms of this First Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party, including the Guaranty and Collateral Agreement, and agrees that each Loan Document to which it is a party, including the Guaranty and Collateral Agreement, remains in full force and effect as expressly amended hereby; and (c) represents and warrants to the Lenders that, as of the date hereof, after giving effect to the terms of this First Amendment: (i) all of the representations and warranties made by such Guarantor contained in each Loan Document to which such Guarantor is a party, including the Guaranty and Collateral Agreement, are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation or warranty that is already qualified or modified by materiality in the text thereof) as though made on and as of the First Amendment Effective Date (unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall be true and correct in all material respects as of such earlier date) and (ii) no Default or Event of Default has occurred and is continuing.

ACKNOWLEDGED AND RATIFIED:    
												
	  		  	  
	  		EXTERRAN CORPORATION
				
	   		  	  
			By: 	/s/ DAVID A. BARTA
	  		Name:	David A. Barta
	  		Title:	Senior Vice President and Chief Financial Officer
	  		  	

Reaffirmation and Ratification
First Amendment – Exterran Energy Solutions, L.P.

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