NOTICE OF EXECUTED FIRST SUPPLEMENTAL INDENTURE BAIN CAPITAL CREDIT CLO , LIMITED BAIN CAPITAL CREDIT CLO , CORP.

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1 Corporate Trust Services 9062 Old Annapolis Road Columbia, MD MAC: R NOTICE OF EXECUTED FIRST SUPPLEMENTAL INDENTURE BAIN CAPITAL CREDIT CLO , LIMITED BAIN CAPITAL CREDIT CLO , CORP. To: The Parties Listed on Schedule I hereto. July 6, 2018 Ladies and Gentlemen: Reference is made to that certain Indenture dated as of July 25, 2017 (as amended, modified or supplemented from time to time, the Indenture ) among BAIN CAPITAL CREDIT CLO , LIMITED, as Issuer (the Issuer ), BAIN CAPITAL CREDIT CLO , CORP., as Co-Issuer (the Co-Issuer, and together with the Issuer, the Co-Issuers ), and Wells Fargo Bank, National Association, as trustee (the Trustee ). Capitalized terms used herein without definition shall have the meanings given to such terms in the Indenture. I. Notice to Nominees and Custodians. If you act as or hold Notes as a nominee or custodian for or on behalf of other persons, please transmit this notice immediately to the beneficial owner of such Notes or such other representative who is authorized to take actions. Your failure to act promptly in compliance with this paragraph may impair the chance of the beneficial owners on whose behalf you act to take any appropriate actions concerning the matters described in this notice. II. Notice of Executed First Supplemental Indenture. Reference is further made to that certain Notice of Proposed First Supplemental Indenture dated as of June 11, 2018 in which the Trustee provided notice of a proposed supplemental indenture to be entered into pursuant to Section 8.1(xvii) of the Indenture (the Supplemental Indenture ). Pursuant to Section 8.1 of the Indenture, you are hereby notified of the execution of the Supplemental Indenture dated as of July A copy of the executed Supplemental Indenture is attached hereto as Exhibit A. All questions should be directed to the attention of Cheryl Bohn by telephone at (410) or by at Cheryl.Bohn@wellsfargo.com, or by mail addressed to Wells Fargo Bank, National Association, Corporate Trust Department, Attn.: Cheryl Bohn, MAC R , 9062 Old Annapolis, Columbia, MD The Trustee may conclude that a specific response to particular inquiries from individual Holders is not consistent with equal and full dissemination of material information to all Holders. Holders of Notes should not rely on the America: /00824: v1

2 Trustee as their sole source of information. The Trustee makes no recommendations and gives no investment advice herein or as to the Notes generally. WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee America: /00824: v1 2 of 5

3 Schedule I Holders of Notes: Addressees CUSIP (Rule 144A) CUSIP (Reg S) CUSIP (AI) Class X Notes 05682QAA4 G0R77XAA QAB2 Class A-1 Notes 05682QAC0 G0R77XAB QAD8 Class A-2 Notes 05682QAE6 G0R77XAC QAF3 Class B Notes 05682QAG1 G0R77XAD QAH9 Class C-1 Notes 05682QAJ5 G0R77XAE QAK2 Class C-2 Notes 05682QAL0 G0R77XAF QAM8 Class D Notes 05682QAN6 G0R77XAG QAP1 Class E Notes 05682RAA2 G0R78NAA RAB0 Class F Notes 05682RAC8 G0R78NAB RAD6 Subordinated Notes 05682RAE4 G0R78NAC RAF1 Issuer: BAIN CAPITAL CREDIT CLO , LIMITED c/o MaplesFS Limited PO Box 1093 Boundary Hall, Cricket Square Grand Cayman, KY Cayman Islands Attention: The Directors Co-Issuer: BAIN CAPITAL CREDIT CLO , CORP. c/o CICS, LLC 225 W. Washington Street, Suite 2200 Chicago, IL Attention: Melissa Stark Portfolio Manager: Bain Capital Credit CLO Advisors, LP John Hancock Tower 200 Clarendon Street Boston, Massachusetts The Trustee shall not be responsible for the use of the CUSIP, CINS, ISIN or Common Code numbers selected, nor is any representation made as to their correctness indicated in the notice or as printed on any Note. The numbers are included solely for the convenience of the Holders. America: /00824: v1 3 of 5

4 Attention: Bain Capital Credit CLO , Limited, Rating Agencies: S&P Global Ratings Fitch Ratings, Inc. Morningstar Credit Ratings, LLC Collateral Administrator: Wells Fargo Bank, National Association 9062 Old Annapolis Road Columbia, MD Attention: CDO Trust Services BAIN CAPITAL CREDIT CLO , LIMITED Irish Stock Exchange: 28 Anglesea Street Dublin 2, Ireland Irish Listing Agent Maples and Calder 75 St. Stephen s Green Dublin 2, Ireland America: /00824: v1 4 of 5

5 EXHIBIT A EXECUTED FIRST SUPPLEMENTAL INDENTURE America: /00824: v1 5 of 5

6 FIRST SUPPLEMENTAL INDENTURE to the INDENTURE dated as of July 25, 2017 by and among BAIN CAPITAL CREDIT CLO , LIMITED, as Issuer, BAIN CAPITAL CREDIT CLO , CORP., as Co-Issuer, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee THIS FIRST SUPPLEMENTAL INDENTURE, dated as of July 3, 2018 (this Supplemental Indenture ), by and among BAIN CAPITAL CREDIT CLO , LIMITED, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the Issuer ), BAIN CAPITAL CREDIT CLO , CORP., a company incorporated under the laws of the State of Delaware (the Co-Issuer and, together with the Issuer, the Co-Issuers ) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee (in such capacity, together with its permitted successors and assigns in such capacity, the Trustee ), supplements the Indenture, dated as of July 25, 2017, by and among the Co- Issuers and the Trustee (as amended, modified or supplemented from time to time, the Indenture ). PRELIMINARY STATEMENT WHEREAS, pursuant to Section 8.1(xvii) of the Indenture, the Co-Issuers, when authorized by Board Resolutions and with the prior written consent of the Portfolio Manager and a Majority of the Class A-1 Notes and a Majority of the Subordinated Notes, may enter into one or more supplemental indentures without the consent of any Hedge Counterparty or of the Holders of any Class of Notes other than the Class A-1 Notes and the Subordinated Notes to conform to ratings criteria and other guidelines (including any alternative methodology published by any of the applicable Rating Agencies) relating to collateral debt obligations in general published by any of the applicable Rating Agencies; WHEREAS, the Co-Issuers wish to amend the definition of S&P Rate set forth in Schedule 3 of the Indenture, as further detailed in Section 3 herein, to reflect recent updates by S&P to its recovery rate tables;

7 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and of the mutual covenants herein contained, the parties hereto hereby agree as follows: 1. Definitions. As used in this Supplemental Indenture, unless the context requires a different meaning, capitalized terms used and not defined herein shall have the meanings given to them in the Indenture. 2. Incorporation of the Indenture. This Supplemental Indenture shall be read and construed as one with the Indenture so that all references therein and in this Supplemental Indenture to this Indenture, the Indenture, hereof, hereunder and expressions of similar import shall be deemed to refer to the Indenture as amended and supplemented by this Supplemental Indenture and any other document executed in accordance with the Indenture. The Indenture, as amended and supplemented by this Supplemental Indenture, is hereby ratified and confirmed. 3. Amendments. Effective upon satisfaction of the conditions specified in Section 4 hereof, the following amendments are made to the Indenture pursuant to 8.1(xvii): (a) Part I of the S&P Rate Tables set forth in Schedule 3 of the Indenture (S&P Ratings Definitions and Rate Tables) shall be amended and restated in its entirety to read as follows: (a)(i) If a Collateral Obligation has an S&P Rating, the S&P Rate for such Collateral Obligation shall be determined as follows:

8 Table 1: S&P Rates For Collateral Obligations With S&P Ratings* S&P Rate for Secured Notes rated AAA S&P Rate for Secured Notes rated AA S&P Rate for Secured Note s rated A S&P Rate for Secured Notes rated BBB S&P Rate for Secured Notes rated BB S&P Recover y Rate for Secured Notes rated B and CCC Asset Specific Rates Indicator* (%) (%) (%) (%) (%) (%) * The S&P Rate shall be the applicable rate set forth above based on the applicable Class of Secured Notes and the rating thereof as of the Closing Date. ** If a recovery indicator is not available for a given Collateral Obligation with an S&P Rating, the lowest indicator for the applicable S&P Rating should be assumed. (b) If (x) a Collateral Obligation does not have an S&P Rating and such Collateral Obligation is a senior unsecured loan or second lien loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and is

9 senior to such Collateral Obligation (a Senior Secured Debt Instrument ) that has an S&P Rating, the S&P Rate for such Collateral Obligation shall be determined as follows: For Collateral Obligations Domiciled in Group A S&P Rating of the Senior Secured Debt Instrument Initial Liability Rating AAA AA A BBB BB B / CCC below 1+ 18% 20% 23% 26% 29% 31% 1 18% 20% 23% 26% 29% 31% 2 18% 20% 23% 26% 29% 31% 3 12% 15% 18% 21% 22% 23% 4 5% 8% 11% 13% 14% 15% 5 2% 4% 6% 8% 9% 10% 6 -% -% -% -% -% -% rate

10 For Collateral Obligations Domiciled in Group B S&P Rating of the Senior Secured Debt Instrument Initial Liability Rating AAA AA A BBB BB B / CCC 1+ 13% 16% 18% 21% 23% 25% 1 13% 16% 18% 21% 23% 25% 2 13% 16% 18% 21% 23% 25% 3 8% 10% 13% 15% 16% 17% 4 5% 5% 5% 5% 5% 5% 5 2% 2% 2% 2% 2% 2% 6 -% -% -% -% -% -% rate

11 For Collateral Obligations Domiciled in Group C S&P Rating of the Senior Secured Debt Instrument Initial Liability Rating AAA AA A BBB BB B / CCC 1+ 10% 12% 14% 16% 18% 20% 1 10% 12% 14% 16% 18% 20% 2 10% 12% 14% 16% 18% 20% 3 5% 7% 9% 10% 11% 12% 4 2% 2% 2% 2% 2% 2% 5 -% -% -% -% -% -% 6 -% -% -% -% -% -% rate (c) If (x) a Collateral Obligation does not have an S&P Rating and such Collateral Obligation is a subordinated loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to such Collateral Obligation that is a Senior Secured Debt Instrument that has an S&P Rating, the S&P Rate for such Collateral Obligation shall be determined as follows:

12 For Collateral Obligations Domiciled in Groups A and B S&P Rating of the Senior Secured Debt Instrument Initial Liability Rating AAA AA A BBB BB B / CCC 1+ 8% 8% 8% 8% 8% 8% 1 8% 8% 8% 8% 8% 8% 2 8% 8% 8% 8% 8% 8% 3 5% 5% 5% 5% 5% 5% 4 2% 2% 2% 2% 2% 2% 5 -% -% -% -% -% -% 6 -% -% -% -% -% -% rate

13 For Collateral Obligations Domiciled in Group C S&P Rating of the Senior Secured Debt Instrument Initial Liability Rating AAA AA A BBB BB B / CCC 1+ 5% 5% 5% 5% 5% 5% 1 5% 5% 5% 5% 5% 5% 2 5% 5% 5% 5% 5% 5% 3 2% 2% 2% 2% 2% 2% 4 -% -% -% -% -% -% 5 -% -% -% -% -% -% 6 -% -% -% -% -% -% rate 2. If a recovery rate cannot be determined using clause 1, the recovery rate shall be determined using the following table. rates for obligors Domiciled in Group A, B or C: Priority Category Initial Liability Rating AAA AA A BBB BB B and CCC Senior Secured Loans Group A 50% 55% 59% 63% 75% 79% Group B 39% 42% 46% 49% 60% 63% Group C 17% 19% 27% 29% 31% 34% Senior Secured Loans (Cov-Lite Loans) and Senior Secured Floating Rate Notes

14 Priority Category Initial Liability Rating AAA AA A BBB BB B and CCC Group A 41% 46% 49% 53% 63% 67% Group B 32% 35% 39% 41% 50% 53% Group C 17% 19% 27% 29% 31% 34% Senior Unsecured Loans, Second Lien Loans and First Lien Last Out Loans Group A 18% 20% 23% 26% 29% 31% Group B 13% 16% 18% 21% 23% 25% Group C 10% 12% 14% 16% 18% 20% Subordinated loans Group A 8% 8% 8% 8% 8% 8% Group B 8% 8% 8% 8% 8% 8% Group C 5% 5% 5% 5% 5% 5% rate 1 Group A: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Japan, Luxembourg, The Netherlands, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, U.K., U.S. Group B: Brazil, Greece, Italy, Mexico, South Africa, Turkey, United Arab Emirates. Group C: Kazakhstan, Russian Federation, Ukraine, others Notwithstanding the foregoing, for purposes of determining the S&P Rate of a Collateral Obligation that is (i) a Senior Secured Loan that is secured solely or primarily by common stock or other equity interests shall be deemed to be a senior unsecured loan and (ii) a Senior Secured Loan that is also a First-Lien Last-Out Loan shall be deemed to be a First-Lien Last-Out Loan. Notwithstanding the foregoing, Second Lien Loans and First-Lien Last-Out Loans collectively with an aggregate principal balance in excess of 15% of the Collateral Principal 1 For purposes of determining the S&P Rate of any loan the value of which is primarily derived from equity of the issuer thereof, such loan shall have either (i) the S&P Rate special for senior Unsecured Loans or (ii) the S&P Rate determined by S&P on a case by case basis.

15 Amount shall use the Subordinated loans Priority Category for the purpose of determining their S&P Rate. For purposes of calculating the Collateral Quality Test, DIP Collateral Obligations will be treated as having an S&P Rate equal to the S&P Rate for Senior Secured Loans. 4. Conditions Precedent. This Supplemental Indenture shall become effective as of the date first written above (the Amendment Date ) upon satisfaction of the following conditions precedent: receipt by the Trustee of each of the following: an Officer s certificate of each of the Co-Issuers (A) evidencing the authorization by Board Resolutions of the execution and delivery of this Supplemental Indenture, and (B) certifying that (1) the attached copy of the Board Resolutions is a true and complete copy thereof, (2) such Board Resolutions have not been rescinded and are in full force and effect on and as of the Amendment Date and (3) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon; Indenture; an Issuer Order directing the Trustee to execute this Supplemental an opinion of Ropes & Gray LLP, special U.S. counsel to the Portfolio Manager, stating that this Supplemental Indenture is authorized or permitted by the Indenture and the conditions precedent to the execution of this Supplemental Indenture have been satisfied; and written consent of the Portfolio Manager for the Co-Issuers to enter into this Supplemental Indenture; payment of the reasonable fees, costs, charges and expenses incurred by counsel to the Trustee in connection with taking action with regard to this Supplemental Indenture; at the expense of the Co-Issuers, not later than 15 Business Days prior to the execution of this Supplemental Indenture, the Trustee shall have delivered to the Holders of the Notes, the Portfolio Manager, the Collateral Administrator, any Hedge Counterparty and each Rating Agency a copy of this Supplemental Indenture and requested the written consent of a Majority of the Class A-1 Notes and a Majority of the Subordinated Notes to the execution of this Supplemental Indenture to be given within 15 Business Days of such notice date; and

16 a Majority of the Class A-1 Notes and a Majority of the Subordinated Notes shall have consented in writing to the execution of this Supplemental Indenture. 5. Indenture Otherwise Unchanged. Except as herein provided, the Indenture shall remain unchanged and in full force and effect, and each reference to the Indenture, and words of similar import in the Indenture, each as amended hereby, respectively, shall be a reference to the Indenture, as amended hereby, and as the same may be further amended, supplemented and otherwise modified and in effect from time to time. 6. Execution, Delivery and Validity. The Co-Issuers represent and warrant to the Trustee that this Supplemental Indenture has been duly and validly executed and delivered by each of the Co-Issuers and constitutes their respective legal, valid and binding obligation, enforceable against each of the Co-Issuers in accordance with its terms. 7. Direction by Co-Issuers; Acceptance by Trustee. The Co-Issuers hereby direct the Trustee to enter into this Supplemental Indenture and acknowledges and agrees that the Trustee will be fully protected in relying upon the foregoing direction. The recitals contained in this Supplemental Indenture shall be taken as the statements of the Co-Issuers, and the Trustee assumes no responsibility for their correctness. Except as provided in the Indenture, the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Supplemental Indenture (except with respect to the due execution thereof by the Trustee) and makes no representation with respect thereto. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee, including but not limited to provisions regarding indemnification. 8. Binding Effect. This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns as of the date first above written. 9. Counterparts. This 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 instrument. Delivery of an executed counterpart of this Supplemental Indenture by electronic means (including or telecopy) will be effective as delivery of a manually executed counterpart of this Supplemental Indenture. 10. Limited Recourse; Non-Petition. The parties hereto agree to the provisions set forth in Section 2.8(h) and Section 5.4(d) of the Indenture. 11. GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, AND THE CO-ISSUERS AND THE TRUSTEE HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR

17 PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH FEDERAL OR NEW YORK STATE COURT. [Remainder of page intentionally left blank; signatures follow.]

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