(d) The rate at which the Notes shall bear interest shall be 8.20% per annum. The date from
which interest shall accrue on the Notes shall be November 20, 2023, 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 March 1, June 1,
September 1 and December 1 of each year, commencing March 1, 2024 (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 November 20, 2023, 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 February 15,
May 15, August 15 or November 15 (whether or not a Business Day), as the case may be, immediately 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 240 Greenwich Street, Floor 7 East, New York, New York 10286. Attention: Corporate Trust AdministrationCarlyle Secured Lending, Inc. (8.20% Notes Due 2028) 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 Notes by wire transfer of immediately available funds to an account at a bank in the United States, on the date when such amount is due and payable and as further set forth in Section 10.01 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
Trustees certificate of authentication thereon shall be substantially in the form of Exhibit A to this First 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 in accordance with
Sections 2.03 and 3.05 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 defeasible pursuant to
Section 14.02 or Section 14.03 of the Base Indenture as modified in this First Supplemental Indenture. Covenant defeasance contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Section 10.08
of the Base Indenture and Sections 10.09 and 10.10 of the Indenture.
(h) The Notes shall be redeemable pursuant to Section 11.01 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, on or after December 1, 2025, upon not less than 30 days nor more than 60 days written notice prior to the date fixed for redemption thereof, at a Redemption Price equal to 100% of the outstanding principal amount
thereof, plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the Redemption Date.
(ii) Notice of redemption shall be given in writing, 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 Holders address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base
Indenture. As long as the Notes are in book-entry form and represented by a Global Note, the notice of redemption will be sent in accordance with the procedures of the Depository.
(iii) Any exercise of the Companys 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, with respect to non-Global Notes shall select the particular Notes to be redeemed by lot and, with respect to the Global Notes, the Depository shall determine the method for selecting the particular
Notes to be redeemed, in accordance with Section 11.03 of the Base Indenture, the Investment Company Act and the rules of any national securities exchange or quotation system on which the Notes are listed, in each case to the extent applicable.
(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.
(i) The Notes shall not be subject to any sinking fund pursuant to
Section 12.01 of the Base Indenture.
(j) The Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess
thereof.
(k) Holders of the Notes shall not have the option to have the Notes repaid prior to the Stated Maturity pursuant to Article 13
of the Base Indenture.
With respect to Section 1.01(h)(iii) and (iv) above, the Trustee shall have no responsibility for determining
whether any redemption hereunder complies with the Investment Company Act or whether any method for selecting particular Notes to be redeemed complies with the Investment Company Act or the rules of any national securities exchange or quotation
system on which the Notes are listed and shall be entitled to receive and to conclusively rely upon an Officers Certificate specifying any required method certifying as to such compliance.
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:
DTC means The Depository
Trust Company, New York, New York, and any successor thereto.
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