5952 Federal Register / Vol. 89, No. 20 / Tuesday, January 30, 2024 / Notices 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35114; File No. 812–15431] 

Golub Capital BDC Inc., et al. 

January 25, 2024. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of application for an order 

under sections 17(d) and 57(i) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) and rule 17d–1 under the Act to 

permit certain joint transactions 

otherwise prohibited by sections 17(d) 

and 57(a)(4) of the Act and rule 17d–1 

under the Act. 

Summary of Application: Applicants 

request an order to permit certain 

business development companies 

(‘‘BDCs’’) and closed-end management 

investment companies to co-invest in 

portfolio companies with each other and 

with certain affiliated investment 

entities. 

Applicants: Golub Capital BDC Inc., 

Golub Capital BDC 3, Inc., Golub Capital 

Direct Lending Corp., Golub Capital 

BDC 4, Inc., Golub Capital Direct 

Lending Unlevered Corp., Golub Capital 

Private Credit Fund, GC Advisors, LLC, 

Golub Capital LLC, GC Investment 

Management LLC, GC OPAL Advisors 

LLC, OPAL BSL LLC (Management 

Series), Golub Capital Partners 9, L.P., 

Golub Capital Partners 10, L.P., Golub 

Capital Partners 12 Feeder Fund, L.P., 

Golub Capital Partners 12, L.P., Golub 

Capital Partners 14, L.P., Golub Capital 

Partners International 9, L.P., Golub 

Capital Partners International 10, L.P., 

Golub Capital Partners International 12, 

L.P., Golub Capital Partners 

International 14, L.P., Golub Capital 

Partners International Rollover Fund 2, 

L.P., Golub Capital Partners Private 

Credit Trust, Golub Capital Partners 

Rollover Fund 2, L.P., Golub Capital 

Partners TALF 2020–1, L.P., GPCT 

Holdings 1, L.P., Golub Capital Pearls 

Direct Lending Program, L.P., OPAL 

BSL LLC (EU Origination Series), OPAL 

BSL LLC (Retention Series), Golub 

Capital International Ltd., GEMS Fund, 

L.P., GEMS Fund 4, L.P., GEMS Fund 5 

International, L.P., GEMS Fund 5, L.P., 

Golub Capital Partners ABS Funding 

2019–1, L.P., Golub Capital Partners 

ABS Funding 2020–1, L.P., Golub 

Capital Partners ABS Funding 2021–1, 

L.P., Golub Capital Partners ABS 

Funding 2021–2, Golub Capital Partners 

ABS Funding 2022–1, Golub Capital 

Partners CLO 16(M)-R2, L.P., Golub 

Capital Partners CLO 17(M)-R, Ltd., 

Golub Capital Partners CLO 18(M)-R2, 

Golub Capital Partners CLO 19(B)-R2, 

Ltd., PEARLS IX, L.P., PEARLS X, L.P., 

Golub Capital Partners CLO 21(M)-R, 

Ltd., Golub Capital Partners CLO 22(B)- 

R, Ltd., Golub Capital Partners CLO 

23(B)-R, Ltd., Golub Capital Partners 

CLO 24(M)-R, Ltd., Golub Capital 

Partners CLO 25(M)-R, Ltd., Golub 

Capital Partners CLO 26(B)-R, Ltd., 

Golub Capital Partners CLO 28(M)-R, 

L.P., Golub Capital Partners CLO 30(M)- 

R, Golub Capital Partners CLO 31(M)-R, 

Ltd., Golub Capital Partners CLO 33(M)- 

R2, L.P., GCP Finance 2 L.P., GCPF 7 

Loan Funding A L.P., Golub Capital 

Partners CLO 34(M)-R, Ltd., GC 

International Ladder Ltd., Golub Capital 

Partners CLO 35(B), Ltd., Golub Capital 

Partners CLO 36(M), Ltd., Golub Capital 

Partners CLO 37(B), Ltd., Golub Capital 

Partners CLO 38(M), Ltd., GCP 

International Tranches Ltd., GCP Master 

Holdings, LP, GDLC Feeder Fund, L.P., 

GCP Finance 5 L.P., GCP Finance 6 L.P., 

GCP Finance 7 L.P., GCP Finance 8 L.P., 

GCP Finance 9 L.P., GCP Finance L.P., 

Golub Capital Partners 11, L.P., Golub 

Capital Partners International 11, L.P., 

Golub Capital Partners 11 Rollover 

Fund, L.P., GC Finance Operations 

Multicurrency Trust, Golub Capital 

Partners CLO 62(B), Ltd., Golub Capital 

Partners CLO 64(B), Ltd., Golub Capital 

Finance Funding III Trust, Golub 

Capital Finance Funding IV Trust, 

Golub Capital Finance Funding Trust, 

Golub Capital Partners CLO 39(B), Ltd., 

Golub Capital Partners CLO 40(B), Ltd., 

Golub Capital Partners CLO 41(B)-R, 

Ltd., Golub Capital Partners CLO 42(M), 

Ltd., Golub Capital Partners CLO 43(B), 

Ltd., Golub Capital Partners CLO 44(M), 

Ltd., Golub Capital Partners CLO 45(M), 

Ltd., Golub Capital Partners CLO 46(M), 

L.P., Golub Capital Partners CLO 47(M), 

L.P., Golub Capital Partners CLO 48(B), 

Ltd., Golub Capital Partners CLO 49(M)- 

R, Golub Capital Partners CLO 50(B)-R, 

Ltd., Golub Capital Partners CLO 51(M), 

L.P., Golub Capital Partners CLO 52(B), 

Ltd., Golub Capital Partners CLO 53(B), 

Ltd., Golub Capital Partners CLO 54(M), 

L.P., Golub Capital Partners CLO 55(B), 

Ltd., Golub Capital Partners CLO 56(M), 

Golub Capital Partners CLO 57(M), 

Golub Capital Partners CLO 58(B), Ltd., 

Golub Capital Partners CLO 59(M), 

Golub Capital Partners CLO 61(M), 

GBDC 3 Funding II LLC, GBDC 3 

Funding LLC, GBDC 3 Holdings 

Coinvest, Inc., GBDC 3 Holdings ED 

Coinvest, Inc., GBDC Holdings Coinvest, 

Inc., GBDC Holdings ED Coinvest, Inc., 

GBDC Quick Quack Coinvest LLC, 

GBDC3 Quick Quack Coinvest LLC, 

GBDC3F Loan Subsidiary A LLC, GCBH 

3 North Haven Stack Buyer Coinvest, 

Inc., GCIC CLO II Depositor LLC, GCIC 

CLO II LLC, GCIC Funding LLC, GCIC 

Holdings LLC, GCIC North Haven Stack 

Buyer Coinvest Inc., GCIC Quick Quack 

Coinvest LLC, GDLC Funding LLC, 

GDLC Holdings LLC, GDLC Holdings 

Coinvest Inc., Golub Capital 3 Holdings 

LLC, Golub Capital BDC 3 ABS 2022–1 

Depositor LLC, Golub Capital BDC 3 

ABS 2022–1 LLC, Golub Capital BDC 3 

CLO 1 Depositor LLC, Golub Capital 

BDC 3 CLO 2 Depositor LLC, Golub 

Capital BDC 3 CLO 2 LLC, Golub Capital 

BDC 3 CLO 1 LLC, Golub Capital BDC 

CLO 2014 LLC, Golub Capital BDC CLO 

III Depositor LLC, Golub Capital BDC 

CLO III LLC, Golub Capital BDC 

Holdings LLC, Golub Capital 4 Holdings 

LLC, Golub Capital BDC 4 Funding LLC, 

Golub Capital 4 Holdings Coinvest, Inc., 

Golub Capital Direct Lending Unlevered 

Holdings LLC, Golub Capital Direct 

Lending Unlevered Holdings Coinvest, 

Inc., GCRED Holdings, LLC, GCP HS 

Fund, GCPF 1 Loan Funding F, L.P., 

Golub Capital Partners CLO 60(B), Ltd., 

Golub Capital Strategic Partners Fund 1, 

L.P., Golub Capital Strategic Partners 

Fund 2, L.P., Golub Capital Partners 

Short Duration 2022–1, Golub Emerald 

Fund, L.P., Golub Sapphire Fund, L.P., 

GEMS Fund 6, L.P., GEMS Fund 6 

International, L.P., GCP Finance 11 L.P., 

GCP SG Warehouse 2022–1, Golub 

Capital Partners CLO 66(B), LLC, Golub 

Capital Partners 15, L.P., Golub Capital 

Partners International 15, L.P., GEMS 

Fund 6 International Feeder, L.P., Golub 

Capital Finance Funding Repo NW, 

Golub Capital Finance Funding CLO 

NW, Golub Capital Finance Funding V 

Trust, GCP CLO Warehouse BARC 

2023–2, Ltd., Golub Capital 

Coinvestment LP, Golub Capital 

Partners CLO 66(B), Ltd., Golub Capital 

Partners CLO 67(M), Golub Capital 

Partners CLO 68(B) Ltd., Golub Capital 

Partners ABS-Funding 2023–1. 

Filing Dates: The application was 

filed on January 30, 2023, and amended 

on July 26, 2023. 

Hearing or Notification of Hearing: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on February 20, 2024 and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit or, for lawyers, a 

certificate of service. Pursuant to rule 0– 


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Federal Register / Vol. 89, No. 20 / Tuesday, January 30, 2024 / Notices 5953 

1 12 U.S.C. 5465(e)(1). 

2 17 CFR 240.19b–4(n)(1)(i). 

3 15 U.S.C. 78a et seq. 

4The Existing Accord was previously approved 

by the Commission. See Securities Exchange Act 

Release Nos. 81266, 81260 (July 31, 2017) (File Nos. 

SR–NSCC–2017–007; SR–OCC–2017–013), 82 FR 

36484 (Aug. 4, 2017). 

5OCC By-Laws are available at https://

www.theocc.com/getmedia/3309eceb-56cf-48fcb3b3-498669a24572/occ_bylaws.pdf and OCC Rules 

are available at https://www.theocc.com/getmedia/ 

9d3854cd-b782-450f-bcf7-33169b0576ce/occ_

rules.pdf. 

6OCC initially filed an advance notice concerning 

the proposed Phase 1 changes on August 10, 2023. 

See Securities Exchange Act Release No. 98214 

(Aug. 24, 2023), 88 FR 59988 (Aug. 30, 2023) (File 

No. SR–OCC–2023–801) (‘‘Initial Filing’’). OCC 

subsequently submitted a partial amendment 

(‘‘Amendment No. 1’’) to clarify the proposed 

implementation plan for the Initial Filing available 

at https://www.theocc.com/getmedia/fb30a875- 

2438-4b2d-bb79-3ff364b6796b/SR-OCC-2023-801- 

Partial-Amendment-No-1.pdf. NSCC also has filed a 

proposed rule change with the Commission in 

connection with this proposal. See Securities 

Exchange Act Release No. 98213 (Aug. 24, 2023), 

88 FR 59968 (Aug. 30, 2023) (File No. SR–NSCC– 

2023–007); Securities Exchange Act Release No. 

98930 (Nov. 14, 2023), 88 FR 80790 (Nov. 20, 2023) 

(Partial Amendment No. 1 to File No. SR–NSCC– 

2023–007). 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

David B. Golub, legal@

golubcapital.com, and Steven B. Boehm, 

stevenboehm@evershedssutherland.com. 

FOR FURTHER INFORMATION CONTACT: 

Shayna Gilmore, Senior Counsel, or 

Kyle R. Ahlgren, Branch Chief, at (202) 

551–6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ amended and restated 

application, dated July 26, 2023, which 

may be obtained via the Commission’s 

website by searching for the file number 

at the top of this document, or for an 

Applicant using the Company name 

search field, on the SEC’s EDGAR 

system. The SEC’s EDGAR system may 

be searched at, https://www.sec.gov/ 

edgar/searchedgar/legacy/ 

companysearch.html. You may also call 

the SEC’s Public Reference Room at 

(202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01818 Filed 1–29–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99427; File No. SR–OCC– 

2023–801] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of Amendment No. 2 to 

Advance Notice Relating to The 

Options Clearing Corporation’s 

Concerning Modifications to the 

Amended and Restated Stock Options 

and Futures Settlement Agreement 

Between The Options Clearing 

Corporation and the National 

Securities Clearing Corporation 

January 24, 2024. 

Pursuant to Section 806(e)(1) of Title 

VIII of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, 

entitled Payment, Clearing and 

Settlement Supervision Act of 2010 

(‘‘Clearing Supervision Act’’) 1 and Rule 

19b–4(n)(1)(i) 2 of the Securities 

Exchange Act of 1934 (‘‘Exchange Act’’ 

or ‘‘Act’’),3 notice is hereby given that 

on January 23, 2024, the Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

this amendment (‘‘Amendment No. 2’’) 

to an advance notice as described in 

Items I, II and III below, which Items 

have been prepared primarily by OCC. 

The Commission is publishing this 

notice to solicit comments on the 

advance notice from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Advance 

Notice 

This Amendment No. 2 to the 

advance notice SR–OCC–2023–801 is 

submitted by OCC to: (1) modify the 

Amended and Restated Stock Options 

and Futures Settlement Agreement 

dated August 5, 2017 between OCC and 

National Securities Clearing Corporation 

(‘‘NSCC,’’ and together with OCC, the 

‘‘Clearing Agencies’’) (‘‘Existing 

Accord’’) 4 to permit OCC to elect to 

make a cash payment to NSCC following 

the default of a common clearing 

participant that would cause NSCC’s 

central counterparty trade guaranty to 

attach to certain obligations of that 

participant and to make certain related 

revisions to OCC By-Laws, OCC Rules,5

OCC’s Comprehensive Stress Testing & 

Clearing Fund Methodology, and 

Liquidity Risk Management Description 

and OCC’s Liquidity Risk Management 

Framework (‘‘Phase 1’’) and (2) to 

improve information sharing between 

the Clearing Agencies to facilitate the 

upcoming transition to a T+1 standard 

securities settlement cycle and allow 

OCC, after the compliance date under 

amended Exchange Act Rule 15c6–1(a), 

to provide certain assurances to NSCC 

prior to the default of a common 

clearing participant that would enable 

NSCC to begin processing E&A/Delivery 

Transactions (defined below) before the 

central counterparty trade guaranty 

attaches to certain obligations of that 

participant (‘‘Phase 2’’).6 This 

Amendment No. 2 would amend and 

replace the Initial Filing and 

Amendment No. 1 in their entirety. 

The proposed changes are included in 

Exhibits 5A and 5B and confidential 

Exhibits 5C, 5D, and 5E of Amendment 

No. 2 to File No. SR–OCC–2023–801. 

Material proposed to be added is 

underlined and material proposed to be 

deleted is marked in strikethrough text. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Advance Notice 

In its filing with the Commission, 

OCC included statements concerning 

the purpose of and basis for the advance 

notice and discussed any comments it 

received on the advance notice. The text 

of these statements may be examined at 

the places specified in Item IV below. 

OCC has prepared summaries, set forth 

in sections (A) and (B) below, of the 

most significant aspects of these 

statements. 

(A) Clearing Agency’s Statement on 

Comments on the Advance Notice 

Received From Members, Participants or 

Others 

Written comments were not and are 

not intended to be solicited with respect 

to the proposed changes, and none have 

been received. 

(B) Advance Notice Filed Pursuant to 

Section 806(e) of the Payment, Clearing, 

and Settlement Supervision Act 

Description of Proposed Change 

Background 

OCC is filing this advance notice to 

(1) modify the Existing Accord between 

OCC and NSCC to permit OCC to elect 

to make a cash payment to NSCC 

following the default of a common 

clearing participant that would cause 

NSCC’s central counterparty trade 

guaranty to attach to certain obligations 

of that participant and to make certain 

related revisions to OCC By-Laws, OCC 

Rules, OCC’s Comprehensive Stress 


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