Exhibit 10.3


 


ADMINISTRATION AGREEMENT


 


AGREEMENT (this “Agreement”)
made as of this 1st day of July 2021, by and between Golub Capital Direct Lending Corporation, a Maryland corporation (hereinafter referred
to as the “Company”), and Golub Capital LLC, a Delaware limited liability company (the “Administrator”).


 


W I T N E S S E T H:


 


WHEREAS, the Company is a
newly formed closed-end, non-diversified management investment company that has filed an election to be regulated as a business development
company under the Investment Company Act of 1940, as amended (the “Investment Company Act”);


 


WHEREAS, the Company desires
to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and


 


WHEREAS, the Administrator
is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.


 


NOW, THEREFORE, in consideration
of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, the Company and the Administrator hereby agree as follows:


 


1.       Duties
of the Administrator


 


(a) Employment of Administrator.
The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish,
the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors
of the Company (the “Board of Directors”), for the period and on the terms and conditions set forth in this Agreement. The
Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and
to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and
such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized
herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.


 






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(b) Services. The
Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation
of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office
facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the
Administrator, subject to review by the Board of Directors of the Company, shall from time to time determine to be necessary or
useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company, conduct relations
with custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants,
attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other
capacity deemed to be necessary or desirable. The Administrator shall make reports to the members of the Board of Directors (the
 “Directors”) of its performance of obligations hereunder and furnish advice and recommendations with respect to such
other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall
be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the
securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the
Company. The Administrator shall be responsible for the financial and other records that the Company is required to maintain and
shall prepare reports to stockholders, and reports and other materials filed with the Securities and Exchange Commission (the
 “SEC”). The Administrator shall provide on the Company’s behalf significant managerial assistance to those
portfolio companies to which the Company is required to provide such assistance. In addition, the Administrator shall assist the
Company in determining and publishing the Company’s net asset value, oversee the preparation and filing of the Company’s
tax returns, and the printing and dissemination of reports to stockholders of the Company, and generally oversee the payment of the
Company’s expenses and the performance of administrative and professional services rendered to the Company by others.


 


2.       Records


 


The Administrator agrees to
maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder
and, if required by the Investment Company Act, will maintain and keep such books, accounts and records in accordance with that Act. In
compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains
for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall
be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all
records which it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed
by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered
in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its
confidentiality obligations under this Agreement.


 


3.       Confidentiality


 


The parties hereto agree that
each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential
information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used
by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying
out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall
not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through
a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties
hereto, by judicial or administrative process or otherwise by applicable law or regulation.


 


4.       Compensation;
Allocation of Costs and Expenses 


 


In full consideration of the
provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the
Administrator in performing its obligations and providing personnel and facilities hereunder. If requested to perform significant managerial
assistance to portfolio companies of the Company, the Administrator will be paid an additional amount based on the services provided,
which shall not exceed the amount the Company receives from the portfolio companies for providing this assistance.


 






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The Company shall bear all
costs and expenses that are incurred in its operation and transactions and not specifically assumed by the Company’s investment
adviser (the “Adviser”), pursuant to that certain Investment Advisory Agreement, dated as of [•] by and between the
Company and the Adviser (the “Advisory Agreement”). Costs and expenses to be borne by the Company include, but are not limited
to, those relating to: organizational expenses of the Company; calculating the net asset value of the Company, including the cost and
expenses of any independent valuation firm; fees and expenses incurred by the Adviser and payable to third parties, including agents,
consultants or other advisors, in monitoring financial and legal affairs for the Company and in monitoring the Company’s investments,
performing due diligence on prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments,
which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors
and travel and lodging expenses; interest payable on debt, if any, incurred by the Company to finance its investments and expenses related
to unsuccessful portfolio acquisition efforts; private placements of securities of the Company; investment advisory and management fees;
administration fees and expenses payable under this Agreement as amended from time to time; fees payable to third parties, including agents,
consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs
associated with meeting financial sponsors; fees incurred by the Company for transfer agent, dividend agent and custodial fees and expenses;
U.S. federal and state registration and franchise fees; U.S. federal, state and local taxes; independent Directors’ fees and expenses;
costs of preparing and filing reports or other documents required by the SEC or other regulators; costs of any reports, proxy statements
or other notices to stockholders, including printing costs; costs associated with individual or group stockholders; costs associated with
compliance with the Sarbanes-Oxley Act of 2002, as amended, the Company’s allocable portion of any fidelity bond, directors’
and officers’ errors and omissions liability insurance policies, and any other insurance premiums; direct costs and expenses of
administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside
legal costs; proxy voting expenses; and any and all other expenses incurred by the Company or the Administrator in connection with administering
the Company’s business, including payments made under this Agreement based upon the Company’s allocable portion (subject to
the review and approval of the Company’s independent Directors) of the Administrator’s overhead in performing its obligations
under this Agreement, including rent and the allocable portion of the cost of the Company’s chief compliance officer and chief financial
officer and their respective staffs. To the extent the Administrator outsources any of its functions, the Company shall pay the fees associated
with such functions on a direct basis without profit to the Administrator.


 


5.       Limitation
of Liability of the Administrator; Indemnification 


 


The Administrator (and its
officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Administrator,
including without limitation the Adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator
in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company,
and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling
persons, members, and any other person or entity affiliated with the Administrator, including without limitation the Adviser, each of
whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from
and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement)
incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding
(including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance
of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding
the preceding sentence of this Paragraph 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified
Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company
or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s
duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment
Company Act and any interpretations or guidance by the SEC or its staff thereunder).


 


6.       Activities
of the Administrator 


 


The services of the Administrator
to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It
is understood that Directors, officers, employees and stockholders of the Company are or may become interested in the Administrator and
its affiliates, as Directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator
and Directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become
similarly interested in the Company as stockholders or otherwise.


 






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7.       Duration
and Termination of this Agreement


 


This Agreement shall become
effective as of the date hereof, and shall remain in force with respect to the Company for two years thereafter, and thereafter continue
from year to year, but only so long as such continuance is specifically approved at least annually by (i) the Board of Directors
of the Company and (ii) a majority of those Directors who are not “interested persons” (as defined in the Investment
Company Act) of any party to this Agreement.


 


This Agreement may be terminated
at any time, without the payment of any penalty, by the Company or by the Administrator, upon 60 days’ written notice to the other
party. This Agreement may not be assigned by a party without the consent of the other party.


 


8.       Amendments
to this Agreement


 


This Agreement may be amended
pursuant to a written instrument by mutual consent of the parties.


 


9.       Governing
Law 


 


This Agreement shall be construed
in accordance with laws of the State of New York and the applicable provisions of the Investment Company Act, if any. To the extent that
the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment
Company Act, if any, the latter shall control.


 


10.       Entire
Agreement 


 


This Agreement contains the
entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter
hereof.


 


11.       Notices


 


Any notice under this Agreement
shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.


  


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IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed on the date above written.


 


	 	GOLUB CAPITAL DIRECT LENDING CORPORATION
	 
	 	By:	 
	 	 	Name: David B. Golub
	 	 	Title: President and Chief Executive Officer




 


	GOLUB CAPITAL LLC
	 
	By:	 	 
	 	Name: David B. Golub	 
	 	Title: President	 




 


[Signature Page to Administration
Agreement]