Exhibit 10.8


 


GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION


 


SUBSCRIPTION AGREEMENT


 






     


     


    

 


THE SHARES OF GOLUB CAPITAL DIRECT LENDING UNLEVERED
CORPORATION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATES OR OTHER
JURISDICTIONS, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE
REGISTRATION AND QUALIFICATION REQUIREMENTS OF SUCH LAWS. THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT
BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT TO REGISTRATION, QUALIFICATION OR EXEMPTION
THEREFROM. THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE OR OTHER SECURITIES
COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING
OR THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.


 


SUBSCRIPTION AGREEMENT


 


Golub Capital Direct Lending Unlevered Corporation 


200 Park Avenue, 25th Floor 


New York, NY 10166


 


Ladies and Gentlemen:


 


This Subscription Agreement
(“Subscription Agreement”) is being executed and delivered in connection with the subscription by the undersigned (the
 “Subscriber”) to purchase the number of shares of common stock, par value $0.001 per share (the “Shares”),
of Golub Capital Direct Lending Unlevered Corporation, a Maryland corporation (the “Company”), through periodic calls
of all or a portion of capital amounts of the Subscriber’s aggregate capital commitment (the “Capital Commitment”)
in the amount set forth on the signature page below. Capitalized terms used herein shall have the same meanings herein as defined
in the Company’s Confidential Private Placement Memorandum, as amended, restated and/or supplemented (the “Memorandum”),
unless otherwise defined herein.


 


In addition to completing
and signing the signature page to this Subscription Agreement, each Subscriber must complete any necessary attachments contained
in this package (such attachments, together with the Subscription Agreement, the “Subscription Documents”) in the manner
described below. For purposes of these Subscription Documents, the “Subscriber” is the person or entity for whose account
the Shares will be purchased and that can satisfy the representations and warranties set forth in the Subscription Documents. Another
person or entity with investment authority may execute the Subscription Documents on behalf of the Subscriber but should indicate the
capacity in which it is doing so and the name of the Subscriber. All appendices to this Subscription Agreement are incorporated by reference
herein.


 


(a)            Investor
Questionnaire. Complete Appendix A attached to this Subscription Agreement.


 


(b)            Tax
Forms. Fill in and sign and date the attached Form W-9. Each non-U.S. investor is required to fill in and date the relevant Form(s) W-8
(W-8BEN, W-8IMY, W-8ECI or W-8EXP), as applicable, in accordance with the instructions to such Form. In the event that any applicable
reduction or exemption from U.S. federal withholding tax is claimed, each Subscriber is required to provide all applicable attachments
or addendums as required to claim such exemption or reduction.


 


(c)            Evidence
of Authorization. Each Subscriber must provide satisfactory evidence of authorization and may be required to submit further information
for “know your customer” and anti-money laundering purposes.


 


(i) For Corporations: certified
documentation evidencing the corporation’s existence and certified corporate resolutions authorizing the subscription and identifying
the corporate officer empowered to sign the Subscription Documents.


 






     


     


    

 


(ii)  For Partnerships:
certified documentation evidencing the partnership’s existence and a certified copy of the partnership agreement (which, in the
case of a limited partnership, identifies the general partner(s)).


 


(iii)  For Limited Liability
Companies: certified documentation evidencing the limited liability company’s existence and a certified copy of the limited liability
operating agreement identifying the manager or managing member, as applicable, empowered to sign the Subscription Documents.


 


(iv)  For Trusts:
a copy of the trust agreement


 


(v)  For Employee Benefit
Plans: Employee benefit plans must submit a certificate of an appropriate officer certifying that the subscription has been authorized
and identifying the individual empowered to sign the Subscription Documents.


 


(d)            Delivery
of Subscription Documents. Completed and executed copies of the Subscription Agreement and all of the documents referred to in clauses
(a) through (c) above, should be delivered to the Company at ic@golubcapital.com or through secure file transfer.


 


(e)            Acceptance
by the Company. If the Company accepts the Subscriber’s subscription (in whole or in part), a fully executed set of the Subscription
Documents will be returned to the Subscriber. The Company may accept and countersign this Subscription Agreement (in whole or in part)
at any time.


 


1.            Subscription.


 


(a)            The
Subscriber acknowledges and agrees that this subscription (i) is irrevocable on the part of the Subscriber, (ii) is conditioned
upon acceptance by the Company and (iii) may be accepted or rejected in whole or in part by the Company in its sole discretion at
any time. The Subscriber agrees to be bound by all the terms and provisions of this Subscription Agreement, the Memorandum, the Company’s
bylaws, in the form attached hereto as Appendix B (as amended, the “Bylaws”), the articles of incorporation
of the Company, in the form attached hereto as Appendix C (as amended, the “Charter”), the Investment Advisory
Agreement by and between GC Advisors LLC (the “Adviser”) and the Company, in the form attached hereto as Appendix
D (as amended, the “Advisory Agreement”), and the Administration Agreement by and between the Company and Golub
Capital LLC, the Company’s administrator (the “Administrator”), in the form attached hereto as Appendix E
(as amended, the “Administration Agreement” and, together with the Memorandum, the Bylaws, the Charter and the Advisory
Agreement, the “Operative Documents”) together with this Subscription Agreement.


 


(b)            The
Subscriber agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable at such times and in such
amounts as required by the Company, under the terms and subject to the conditions set forth herein. The minimum Capital Commitment is
$25 million, subject to the discretion of the Company to accept a lower amount.


 


(c)            The
Company will file or has filed a registration statement on Form 10 (the “Registration Statement”) for the registration
of its common stock with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). The Registration Statement is not the offering document pursuant to which
the Company is conducting this offering of securities. Accordingly, the Subscriber should rely exclusively on information contained in
the Memorandum, together with reports the Company may file under the Exchange Act from time to time, in making its investment decisions.
The Company expects to enter into separate Subscription Agreements (the “Other Subscription Agreements” and, together
with this Subscription Agreement, the “Subscription Agreements”) with other investors (the “Other Investors,”
and together with the Subscriber, the “Investors”), providing for the sale of Shares to the Other Investors. This Subscription
Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the undersigned and the Other Investors
are to be separate sales.


 


2.            Acceptance
of Subscription; Closings.


 


This Subscription Agreement
is made subject to the following terms and conditions:


 


(a)            The
Company shall have the right to accept or reject the Subscriber’s subscription, in whole or in part, for any reason, including,
without limitation, (i) the inability of the Subscriber to meet the standards imposed by Regulation D promulgated by the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), (ii) the ineligibility
of the Subscriber under applicable state or foreign securities laws or (iii) for any other reason.


 






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(b)            If
the Subscriber’s subscription is accepted in part and rejected in part, the Subscriber will be so notified and the Subscriber agrees
to deliver promptly upon the Company’s request a new signature page to this Subscription Agreement with respect to which the
Subscriber’s Capital Commitment shall be such lesser amount as may be determined by the Company.


 


(c)            If
the Subscriber’s subscription is wholly rejected, the executed copies of this Subscription Agreement will be returned to the Subscriber.


 


(d)            The
closing of the subscription for the Shares by the Subscriber (the “Closing”) shall take place on the date that this
Subscription Agreement (having been executed and fully completed by the Subscriber) is accepted in whole or in part by the Company (such
date being the date filled in by the Company on the signature page hereto). On the date of the receipt of the Subscriber’s
first Drawdown Purchase, assuming the Closing has taken place, the Subscriber shall be registered as a stockholder of the Company (a “Stockholder”).


 


(e)            The
Subscriber agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations contained
herein, including the Investor Questionnaire attached hereto as Appendix A (the “Investor Questionnaire”).


 


(f)            In
the event that the Subscriber is permitted by the Company to make an additional capital commitment to purchase Shares on a date after
its initial subscription has been accepted, the Subscriber shall be required to enter into an addendum to this Subscription Agreement
covering such additional capital commitment.


 


3.            Drawdowns.


 


(a)            Subject
to Section 3(d), the Subscriber agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable
at such times and in such amounts as required by the Company. Subscriber shall be required to fund a capital contribution to purchase
Shares (a “Drawdown Purchase”) each time the Company delivers a notice (the “Drawdown Notice”) to
the Subscriber. Drawdown Notices shall be delivered at least ten calendar days prior to the date on which payment will be due (each, a
 “Drawdown Date”) and shall set forth the amount, in U.S. dollars, of the aggregate purchase price (the “Drawdown
Purchase Price”) to be paid by the Subscriber to purchase Shares on such Drawdown Date. Each purchase of Shares pursuant to
a Drawdown Notice will be made at a per Share price equal to the then-current NAV per Share. “NAV per Share” equals
the most recent quarterly net asset value per Share, as determined by the board of directors of the Company (the “Board”);
provided that for any Drawdown Date that occurs prior to the determination of NAV per Share as of the end of the first fiscal quarter
during which the Company commences investment operations, the NAV per Share shall be $15.00. However, the NAV Per Share shall be subject
to adjustment to the extent required by Section 23 under the Investment Company Act of 1940, as amended (the “1940 Act”).
No Investor shall be required to invest more than the total amount of its Capital Commitment.


 


(b)            Each
Drawdown Purchase Price shall be payable, in U.S. dollars and in immediately available funds per the wire transfer instructions set forth
in such Drawdown Notice. In addition to the wire transfer instructions, each Drawdown Notice shall set forth (i) the Drawdown Date,
(ii) the aggregate amount of capital that is being drawn down from all Stockholders and (iii) the Subscriber’s share of
capital drawn. The delivery of a Drawdown Notice to the Subscriber shall be the sole and exclusive condition to the Subscriber’s
irrevocable and unconditional obligation to pay such Drawdown Purchase Price in the amount set forth therein, without any right of offset,
reduction, counterclaim or defense.


 


(c)            Concurrent
with any payment of all or a portion of the Drawdown Purchase Price, the Company shall issue to the Subscriber a number of Shares equal
to the amount of the Drawdown Purchase Price funded by the Subscriber on the applicable Drawdown Date divided by the NAV per Share as
of such Drawdown Date. For the avoidance of doubt, the Company shall not issue Shares for any portion of the Subscriber’s Capital
Commitment that has not been paid to the Company and used to purchase Shares pursuant to one or more Drawdown Notices (the “Undrawn
Capital Commitment”).


 






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(d)           Investment
Period


 


(i)              
Except as set forth below, the Subscriber shall be released from any obligation to fund any portion of its Capital Commitment for
which it has not received a Drawdown Notice prior to the termination of the Investment Period. The “Investment Period,”
means the period beginning on the Initial Closing and ending on the earliest of (A) the sixth anniversary of the Initial Closing, provided
that, upon request of the Board and the approval of the stockholders of the Company, the Investment Period can be extended, (B) a Key
Person Termination Event (as defined below) and (C) a determination of the Board to terminate the Investment Period, which the Board can
do at any time in its discretion if it determines that such termination is consistent with the Board’s exercise of its duties to
the Company (subject to any necessary approvals and applicable requirements of the 1940 Act).


 


(ii)              
After termination of the Investment Period, the Subscriber shall be released from any obligation to fund any portion of its Capital
Commitment for which it has not received a Drawdown Notice, except to the extent necessary to (A) pay expenses of the Company, including
management fees, amounts due or that may become due under any financing or similar obligations, and indemnity obligations, (B) fund investments
or obligations (including guarantees) of the Company in connection with any transaction for which there is a binding written agreement
as of the end of the Investment Period (including phased investments), or (C) make protective advances and investments related to restructurings
and similar transactions involving an existing investment.


 


(iii)              
The Subscriber acknowledges that, at any time following the expiration of the Investment Period, the Board can seek stockholder
approval of a transaction (an “Accelerated Liquidity Event”) pursuant to which the Company would (A) sell all or substantially
all of the assets of the Company or (B) engage in a merger, consolidation or statutory share exchange with one or more entities in which
all or substantially all of the shares of the Company’s common stock then outstanding are converted into cash or securities of another
entity. Potential acquirers could include other business development companies (“BDCs”) and entities that are not BDCs,
in each case, that are advised by the Adviser or its affiliates or by unaffiliated third parties. However, any Accelerated Liquidity Event
must (A) be approved by the affirmative vote of holders of shares entitled to cast a majority of all the votes entitled to be cast on
the matter and (B) give stockholders the option to receive consideration, in the form of cash, in an amount per share that is not less
than the net asset value per share as of the closing of the Accelerated Liquidity Event. For the avoidance of doubt, an Accelerated Liquidity
Event does not include an initial public offering or listing on a national securities exchange of the Shares.


 


(iv)              
Upon the occurrence of a Key Person Event, there will be an immediate suspension of the Investment Period commencing as of the
date of the Key Person Event and the Company shall convene a meeting of the Board to be held no later than sixty days following the Key
Person Event for the purpose of reviewing the Company’s investment advisory agreement with the Adviser in accordance with the requirements
of Section 15(c) of the 1940 Act as if the Board were determining whether to renew such investment advisory agreement and to determine
whether the Investment Period shall be continued (the “Key Person Meeting”). If a majority of the Board, including
a majority of the Board members who are not interested persons (as defined in the 1940 Act) of the Company (the “Independent
Directors”) vote in favor of the proposal to continue the investment advisory agreement with the Adviser and continue the Investment
Period, including by approving Qualified Replacements recommended by the Adviser, the Investment Period shall be reinstated and continued,
effective as of the date of the Key Person Meeting, and the Company’s stockholders will be obligated to fund capital contributions
as if a Key Person Event had never occurred. Otherwise, the Investment Period shall be deemed to have terminated as of the date of the
Key Person Meeting (a “Key Person Termination Event”), and the Company’s rights to draw down Capital Commitments
under the Agreement shall terminate except as set forth in Section 3(d)(ii). A “Key Person Event” will occur if, during
the Investment Period, any five of Lawrence E. Golub, David B. Golub, Andrew H. Steuerman, Gregory W. Cashman, Spyro G. Alexopoulos,
Marc C. Robinson, Robert G. Tuchscherer and Jason J. Van Dussen, or their respective Qualified Replacements (such persons collectively,
the “Key Persons”), cease to be actively involved in and devoting sufficient time to the business and affairs of the
Adviser as deemed reasonably necessary by the Adviser. “Qualified Replacement” means a senior investment professional
selected by the Adviser and approved by a majority of the Independent Directors. 


 









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(e)            The
Subscriber acknowledges and agrees that the Company intends to request contributions from all Investors with an Undrawn Capital Commitment
pro rata in accordance with the Capital Commitments of all investors with Undrawn Capital Commitments; provided that the Company
shall retain the right, if determined by the Company in its sole discretion, to require the Subscriber (i) to fund a Drawdown Purchase
Price that is more or less than its pro rata share or (ii) to fund a Drawdown Purchase Price (but not require Other Investors to
do so), in either case, in order to accelerate the fulfillment of the Subscriber’s Capital Commitment if less than 20% of the Subscriber’s
Capital Commitment remains undrawn, to seek to equalize the percentage of the Subscriber’s total Capital Commitment that has been
contributed to the Company relative to the capital contributions of Other Investors, or to avoid any of the Default Remedy Limitations
(as defined below) or for other regulatory reasons. The Subscriber acknowledges and agrees that the Company may, if determined by the
Company in its sole discretion, from time to time require capital contributions from Other Investors and not the Subscriber. Accordingly,
Drawdown Notices may be issued only to selected investors and Stockholders (including or excluding the Subscriber) from time to time and
require a purchase of Shares by such investors in amounts determined by the Company in its sole discretion.


 


4.            Pledging.
Without limiting the generality of the foregoing, the Subscriber specifically agrees and consents that the Company may, at any time, without
further notice to or consent from the Subscriber (except to the extent otherwise provided in this Subscription Agreement), grant security
over and, in connection therewith, transfer its right to draw down capital from the Subscriber pursuant to Section 3, and the Company’s
right to receive the Drawdown Purchase Price (and any related rights of the Company), to lenders or other creditors of the Company, in
connection with any indebtedness, guarantee or surety of the Company; provided that, for the avoidance of doubt, any such grantee’s
right to draw down capital shall be subject to the limitations on the Company’s right to draw down capital pursuant to Section 3.


 


5.            Dividends;
Dividend Reinvestment Plan. As described more fully in the Memorandum, the Company generally intends to distribute on a quarterly
basis, out of assets legally available for distribution, substantially all of its available earnings in such amount so the Company will
not have to pay corporate-level income tax, subject to the discretion of the Board. The Company has adopted a dividend reinvestment plan
(as in effect from time to time, the “Dividend Reinvestment Plan”), pursuant to which, the Company shall reinvest all
cash distributions declared by the Board on behalf of any Stockholder, other than any Stockholder that has affirmatively elected to opt
out of the Dividend Reinvestment Plan, in exchange for such Stockholder receiving a number of newly issued Shares equal to the quotient
determined by dividing the amount of cash otherwise to be distributed to such Stockholder in connection with such distribution by the
NAV per Share as of the valuation date fixed by the Board for such distribution. The Subscriber may opt out of the Dividend Reinvestment
Plan in the Investor Questionnaire, in which case the Subscriber will receive cash distributions. An election to opt-out or to opt-in
to the Dividend Reinvestment Plan may be altered, subject to approval by the Company, by notifying the Company in writing at 200 Park
Avenue, 25th Floor, New York, NY 10166, Attention: Investor Relations. A change in election must be received by the Company at least ten
calendar days prior to any distribution date; otherwise, such election shall be effective only with respect to any subsequent distributions.
The Subscriber acknowledges and agrees that any distributions received by the Subscriber or reinvested by the Company on the Subscriber’s
behalf pursuant to the Dividend Reinvestment Plan shall have no effect on the amount of the Subscriber’s Undrawn Capital Commitment.


 






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6.            Remedies
Upon Drawdown Purchase Price Default. In the event that the Subscriber fails to pay all or any portion of the Drawdown Purchase Price
due from the Subscriber on any Drawdown Date (such amount, together with the amount of the Subscriber’s Undrawn Capital Commitment,
a “Defaulted Commitment”) and such default remains uncured for a period of ten days, then the Company shall be permitted
to declare the Subscriber to be in default on its obligations under this Subscription Agreement (in such capacity, a “Defaulting
Investor” and, collectively with any Other Investors declared to be in default, the “Defaulting Stockholders”)
and shall be permitted to pursue one or any combination of the following remedies:


 


(a)            Participation
in Future Drawdowns. The Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown Date.


 


(b)            Forfeiture
of Shares. One-third of the Shares then held by the Defaulting Investor may be automatically forfeited and transferred on the books
of the Company to the Other Investors (other than any other Defaulting Stockholders), pro rata in accordance with their respective
number of Shares held; provided that no Shares shall be transferred to any Other Investor pursuant to this Section 6(b) in
the event that such transfer would (i) violate the Securities Act, the 1940 Act or any state (or other jurisdiction) securities or
 “blue sky” laws applicable to the Company or such transfer, (ii) constitute a non-exempt “prohibited transaction”
under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975
of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or (iii) cause all or any portion of the assets
of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code (the “Default Remedy Limitations”)
(it being understood that this proviso shall operate only to the extent necessary to avoid the occurrence of the consequences contemplated
herein and shall not prevent any Other Investor from receiving a partial allocation of its pro rata portion of Shares); and provided,
further, that any Shares that have not been transferred to one or more Other Investors pursuant to the previous proviso shall be
allocated among the participating Other Investors pro rata in accordance with their respective number of Shares held. The mechanism described
in this Section 6(b) is intended to operate as a liquidated damage provision since the damage to the Company and the Other Investors
resulting from a default by the Defaulting Investor is both significant and not easily susceptible to precise quantification. By entry
into this Subscription Agreement, the Subscriber agrees to this Section 6(b) and acknowledges that the automatic transfer of
one-third of its Shares constitutes a reasonable liquidated damages remedy for any default of the Subscriber’s obligations to fund
a Drawdown Purchase Price.


 


(c)            Inability
to Vote. To the maximum extent permitted by applicable law, the Defaulting Investor hereby makes, constitutes and appoints the Company
with full power of substitution, its true and lawful proxy to exercise all voting and other rights of such Defaulting Investor with respect
to the Shares, at every annual, special or adjourned meeting of the stockholders of the Company and in every written consent in lieu of
such meeting in exact proportion to the votes or consents cast by Stockholders other than Defaulting Stockholders or, in the absence of
any such Stockholders, in the discretion of the proxy.


 


(d)            Other
Remedies. The Company may pursue any other remedies against the Defaulting Investor available to the Company at law or in equity.
No course of dealing between the Company and any Defaulting Stockholder and no delay in exercising any right, power or remedy conferred
in this Section 6 or now or hereafter existing at law or in equity or otherwise shall operate as a waiver or otherwise prejudice
any such right, power or remedy. In addition to the foregoing, the Company may in its discretion institute a lawsuit against the Defaulting
Investor for specific performance of its obligation to pay any Drawdown Purchase Price and any other payments to be made by the Defaulting
Investor pursuant to this Subscription Agreement and to collect any overdue amounts hereunder. Notwithstanding any other provision of
this Subscription Agreement, the Subscriber agrees (i) to pay on demand all costs and expenses (including attorneys’ fees)
incurred by or on behalf of the Company in connection with the enforcement of this Subscription Agreement against the Subscriber sustained
as a result of any default by the Subscriber and (ii) that any such payment shall not constitute payment of a Drawdown Purchase Price
or reduce the Subscriber’s Capital Commitment.


 


The Subscriber agrees that this Section 6
is solely for the benefit of the Company and shall be interpreted by the Company against the Defaulting Investor in the discretion of
the Company. The Subscriber further agrees that the Subscriber cannot and will not seek to enforce this Section 6 against the Company
or any other investor in the Company.


 






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7.            Representations
and Warranties of the Subscriber.


 


The Subscriber represents
and warrants as follows:


 


(a)            Private
Placement.


 


(i)            The
Subscriber understands that the offering and sale of the Shares are intended to be exempt from registration under the Securities Act,
applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration
provided in Section 4(a)(2) of the Securities Act, exemptions under applicable U.S. state securities laws and exemptions under
the laws of any non-U.S. jurisdictions, and the Subscriber agrees that any Shares acquired by the Subscriber may not be Transferred (as
defined below) in any manner that would require the Company to register the Shares under the Securities Act, under any U.S. state securities
laws or under the laws of any non-U.S. jurisdictions. The Subscriber was offered the Shares through private negotiations, not through
any general solicitation or general advertising.


 


(ii)            The
Subscriber understands that the Company requires each investor in the Company to be an “accredited investor” as defined in
Rule 501(a) of Regulation D of the Securities Act (“Accredited Investor”), and the Subscriber represents
and warrants that it is an Accredited Investor.


 


(iii)            The
Subscriber understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions and
limitations and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations and
other legal requirements applicable to the Subscriber, including the legal requirements of jurisdictions in which the Subscriber is resident
and in which such acquisition is being consummated. In furtherance, and not in limitation, of the foregoing, if the Subscriber is a resident
of any of the jurisdictions set forth in the Memorandum, the Subscriber represents, warrants and covenants as specified in the Memorandum
hereto for such jurisdiction.


 


(iv)            The
Shares to be acquired hereunder are being acquired by the Subscriber for the Subscriber’s own account for investment purposes only
and not with a view to resale or distribution. The Subscriber shall not, directly or indirectly, Transfer all or any portion of such Shares
(or solicit any offers to buy, purchase or otherwise acquire or take a pledge or charge of all or any part of such Shares) except in accordance
with (i) the registration provisions of the Securities Act or an exemption from such registration provisions, (ii) any
applicable U.S. federal or state or non-U.S. securities laws and (iii) the terms of this Subscription Agreement and the Charter.
The Subscriber understands that it may be required to bear the economic risk of its investment in the Shares for a substantial period
of time because, among other reasons, the offering and sale of the Shares have not been registered under the Securities Act and, therefore,
the Shares cannot be sold other than through a privately negotiated transaction unless they are subsequently registered under the Securities
Act or an exemption from such registration is available. “Transfer” (or any derivative thereof) shall mean to sell,
offer for sale, agree to sell, exchange, transfer, assign, pledge, hypothecate, grant any option to purchase or otherwise dispose of or
agree to dispose of, in any case whether directly or indirectly.


 


(b)            The
Subscriber is not subject to and is not aware of any facts that would cause such Subscriber to be subject to any of the “Bad Actor”
disqualifications as described in Rule 506(d)(1)(i) to (viii) under the Securities Act.


 


(c)            The
Subscriber has received, read carefully in its entirety, and understands the Memorandum. The Subscriber has consulted with its own attorney,
accountant, investment adviser or other adviser with respect to the investment contemplated hereby and its suitability for the Subscriber,
and the Subscriber understands and consents to the fees, risks and other considerations relating to the purchase of the Shares and an
investment in the Company, including the fees outlined in the section titled “Management Agreements” of the Memorandum and
the risks and other considerations set forth in the sections titled “Risk Factors” and “Certain Relationships and Related
Party Transactions” in the Memorandum. The Subscriber has had the opportunity to ask questions of and receive answers from representatives
of the Company, all such questions have been answered to the Subscriber’s full satisfaction, and the Subscriber has obtained any
additional information concerning the Company sought by the Subscriber. The Subscriber acknowledges that no representations have been
made to the Subscriber in connection with its investment in the Company, other than the Offering Materials.


 






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(d)            The
Subscriber has substantial knowledge and experience in business and financial matters and is capable of evaluating the merits and risks
of a purchase of the Shares. The Subscriber understands that there can be no assurance that the Company will meet its investment objective
or otherwise be able to successfully carry out its investment program.


 


(e)            The
Subscriber has the financial ability to bear the economic risk of its investment in the Company (including the possible loss of its investment),
has adequate means for providing for its current needs and has no current need for liquidity in connection with its purchase of the Shares.


 


(f)            The
purchase of the Shares by the Subscriber is consistent with the general investment objectives of the Subscriber.


 


(g)            If
the Subscriber is a natural person, the Subscriber’s domicile and principal residence are at the address shown on the signature
page below. If the Subscriber is not a natural person, the Subscriber has its domicile, principal place of business, or principal
office at the address shown on the signature page below. The Subscriber received the Offering Materials, the Operative Documents,
and this Subscription Agreement at the address of the Subscriber on the signature page below.


 


(h)            The
Subscriber is not an entity (including a qualified retirement plan) in which a holder of an interest in the Subscriber may decide whether
or how much to invest through the Subscriber in various investment vehicles, including the Company, unless the Subscriber has so notified
the Company in writing.


 


(i)            If
the Subscriber is not a natural person, then, unless the Subscriber has notified the Company in writing that the Subscriber was formed
for the specific purpose of acquiring Shares and all of the equity holders of the Subscriber are accredited investors, the Subscriber’s
Capital Commitment does not exceed 40% of the Subscriber’s assets. If at any time the Subscriber holds Shares, the Subscriber shall
no longer be in compliance with the provisions of this Section 7(i), it shall promptly notify the Company.


 


(j)            If
the Subscriber is not a citizen of the United States, or a resident of or entity created under the laws of any state of the United States
(any such citizen, resident or entity being hereinafter called a “Domestic Person”), the Subscriber is not purchasing
the Shares on behalf of any Domestic Person, and the Subscriber has no present intention of becoming a Domestic Person.


 


(k)            If
the Subscriber is a natural person, the Subscriber is of legal age in its country or state of residence and has legal capacity to execute,
deliver and perform its obligations under this Subscription Agreement and the Charter and to subscribe for and purchase the Shares hereunder.
If the Subscriber is not a natural person, the Subscriber is an entity of the kind set forth under the applicable item of the Investor
Questionnaire and has been duly organized, formed or incorporated, as the case may be, and is validly existing and in good standing under
the laws of its jurisdiction of organization, formation or incorporation, and the Subscriber has all requisite power and authority to
execute, deliver and perform its obligations under this Subscription Agreement and to subscribe for and purchase the Shares hereunder.
The Subscriber’s purchase of the Shares and its execution, delivery and performance of this Subscription Agreement (i) has
been duly executed and delivered by the Subscriber, (ii) constitutes the legal, valid and binding obligation of the Subscriber (except
(A) as limited by any applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the rights and remedies
of creditors generally, as from time to time in effect, (B) as limited by general principles of equity, and (C) as the enforcement
of remedies rests in the discretion of any court) and (iii) does not result in the violation of, constitute a default under, or conflict
with, any mortgage, indenture, contract, agreement, instrument, judgment, decree, order, statute, rule or regulation applicable to
the Subscriber.


 






    - 8 -


     


    

 


(l)            The
execution and delivery of this Subscription Agreement, the consummation of the transactions contemplated hereby and under the Charter
and the performance of the Subscriber’s obligations hereunder and under the Charter do not and will not conflict with, or result
in any violation of or default under, (i) if the Subscriber is not a natural person, any provision of any certificate of formation,
certificate of incorporation, charter, by-laws, memorandum and articles of association, trust agreement, partnership agreement, limited
liability company agreement or other organizational or governing instrument applicable to the Subscriber, (ii) any agreement
or other instrument to which the Subscriber is a party or by which the Subscriber or any of its properties are bound, or (iii) any
permit, franchise, judgment, decree, statute, writ, injunction, order, law, rule or regulation applicable to the Subscriber or to
its business or properties. In addition, the Subscriber represents that its power of attorney contained in this Subscription Agreement
and to be exercised in connection with the Charter has been granted by the Subscriber, including as to the manner of any execution
by the Subscriber, in compliance with all laws applicable to the Subscriber, including the laws of the state or jurisdiction
in which the Subscriber executed this Subscription Agreement. The Subscriber has obtained all authorizations, consents, approvals and
clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit the Subscriber to enter
into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby.


 


(m)            The
Subscriber understands that the Company intends to file or has filed an election to be treated as a BDC under the 1940 Act and intends
to elect or has elected to be treated as a “regulated investment company” within the meaning of Section 851 of the Code
for U.S. federal income tax purposes. Pursuant to these elections, the Subscriber shall be required to furnish certain information to
the Company as required under U.S. Treasury Regulation §1.852-6(a) and other regulations. If the Subscriber is unable or refuses
to provide such information directly to the Company, the Subscriber understands that it shall be required to include additional information
on its income tax return as provided in U.S. Treasury Regulation § 1.852-7.


 


(n)            The
Subscriber: (i) is not registered or required to be registered as an “investment company” under the 1940 Act;
(ii) has not elected to be regulated as a BDC under the 1940 Act; and (iii) either (A) is not relying
on the exception from the definition of “investment company” under the 1940 Act set forth in Section 3(c)(1) or
3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities
of a BDC.


 


(o)            ERISA
Matters. If the Subscriber is or will be (i) an “employee benefit plan” as defined in Section 3(3) of
ERISA, that is subject to ERISA, (ii) a “plan” described in Section 4975(e)(1) of the Code, that is
subject to Section 4975 of the Code, or (iii) an entity that is, or is deemed to be, using (under the Plan Assets Regulation
or otherwise for purposes of ERISA or Section 4975 of the Code) “plan assets” to purchase or hold its investments (each,
a “Plan”), the Subscriber has so indicated in the Investor Questionnaire, and the Subscriber represents, warrants and
agrees that:


 


(i)            The
acquisition and the subsequent holding of such Shares do not and will not constitute a non-exempt “prohibited transaction”
within the meaning of Section 406 of ERISA or Section 4975 of the Code;


 


(ii)            The
decision to acquire Shares was made by a “fiduciary” of the Plan within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of
the Code (the “Plan Fiduciary”) that is independent of the Company, the Adviser and their respective employees, representatives
and affiliates, is qualified to make investment decisions on behalf of the Plan and has authorized the Subscriber’s investment in
the Company;


 






    - 9 -


     


    

 


(iii)            The
Subscriber’s investment in Shares conforms in all respects to the documents governing the Plan and, assuming the assets of the Company
do not constitute “plan assets” subject to the provisions of Title I of ERISA or Section 4975 of the Code, complies with
all applicable requirements of ERISA and Section 4975 of the Code;


 


(iv)            The
Plan Fiduciary has been informed about the fee structure of the Company, including the incentive fee component, and has concluded that
such fees are reasonable and the investment in the Company otherwise constitutes a reasonable contract or arrangement, and the Subscriber
acknowledges and agrees that none of the Adviser or its employees, representatives or affiliates have any discretion, or are otherwise
acting in a fiduciary capacity with respect to the Plan’s investment in the Company, whether pursuant to the provisions of ERISA,
Section 4975 of the Code or otherwise, and, without limiting the generality of the foregoing, the Subscriber has not relied on, and
is not relying on, any investment advice or recommendation of any such person with respect to the Plan’s investment in the Company;


 


(v)            The
Subscriber acknowledges that the Company has the authority to require the redemption, withdrawal or other cancellation of any Shares if
it is determined that the continued holding of such Shares could result in the Company being subject to the provisions of Title I of ERISA
or Section 4975 of the Code; and


 


(vi)            Without
limiting the remedies available in the event of a breach, the Subscriber agrees promptly to provide to the Company such information as
the Company may from time to time reasonably request for purposes of determining whether the assets of the Company are “plan assets”
within the meaning of the Plan Assets Regulation, and any other matters relating to ERISA or compliance with ERISA or Section 4975
of the Code arising in connection with the Subscriber’s investment in the Company, or the operation or investments of the Company.


 


The representations and warranties set forth in
this Section 7(o) shall be deemed repeated and reaffirmed on each day the Subscriber holds Shares. Without limiting the remedies
available in the event of a breach, if at any time the representations and warranties set forth in this Section 7(o) shall cease
to be true, including because there is a change in the Subscriber’s Plan status or the percentage of assets that constitute “plan
assets” subject to the provisions of Title I of ERISA or Section 4975 of the Code, then the Subscriber shall promptly notify
the Company in writing.


 


(p)            The
Subscriber has notified, or shall promptly notify, the Company if the Subscriber is or becomes a person that may be disqualified from
participating in the Company’s acquisition of Securities sold in a public offering under Rules 5130 and 5131 of the Financial
Industry Regulatory Authority, as in effect from time to time.


 


(q)            If
the Subscriber is a partnership or any other entity that is treated as a partnership for U.S. income tax purposes, a grantor trust within
the meaning of Sections 671-679 of the Code, or a S corporation within the meaning of Section 1361 of the Code, the Subscriber represents
that at no time during the term of the Company will 65% or more of the value of any beneficial owner’s direct or indirect interest
in the Subscriber be attributable to the Subscriber’s interest in the Company. Except as otherwise disclosed to the Company in writing,
the Subscriber is not disregarded as an entity separate from its owner within the meaning of Treasury Regulation Section 301.7701-3.


 


(r)            None
of the information concerning the Subscriber nor any statement, certification, representation or warranty made by the Subscriber in this
Subscription Agreement or in any document required to be provided under this Subscription Agreement (including the Investor Questionnaire
and any Form W-9 or the relevant Forms W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP)), as applicable, contains any untrue statement of a
material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading.


 


(s)            The
Subscriber agrees to provide such information and execute and deliver such documents as the Company may reasonably request to verify the
accuracy of the Subscriber’s representations and warranties herein or to comply with any law or regulation to which the Company,
the Adviser, the Administrator or a portfolio company of the Company may be subject.


 






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(t)            The
Subscriber, if an individual, has read carefully in its entirety, and understands and agrees with, the Company’s Investor Privacy
Notice attached hereto as Appendix F.


 


(u)            The
Subscriber agrees that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance
of this Subscription Agreement, each Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting
the foregoing, the Subscriber agrees to give the Company prompt written notice in the event that any statement, certification, representation
or warranty of the Subscriber contained in this Section 7 or any information provided by the Subscriber herein or in any document
required to be provided under this Subscription Agreement (including the Investor Questionnaire and any Form W-9 or Forms W-8 (W-8BEN,
W-8IMY, W-8ECI or W-8EXP)), as applicable, ceases to be true at any time following the date hereof.


 


8.            Representations
and Warranties of the Company.


 


The Company represents and
warrants as follows (in reliance, where applicable, on the representations and warranties of the Subscriber contained in this Subscription
Agreement and the representations and warranties of the Other Investors):


 


(a)            The
Company is duly incorporated validly existing as a corporation under the laws of the State of Maryland and has all requisite corporate
power to conduct the business in which it proposes to engage as described in the Memorandum.


 


(b)            No
consent, approval or authorization of, or filing or registration with, any governmental authority on the part of the Company is required
for the execution and delivery of this Subscription Agreement by it, or the issuance of Shares as contemplated thereby, except for any
consents, approvals, authorizations or filings which are required under any applicable securities laws (federal, state or foreign) and
which have been made or obtained prior to the Closing or are made or obtained hereafter within the time prescribed by law. All action
required to be taken by the Company as a condition to the issuance and sale of the Shares will have been taken at or before the Closing.
The execution and delivery of this Subscription Agreement by the Company will not result in the violation of, constitute a default under,
or conflict with, any mortgage, indenture, contract, agreement, instrument, judgment, decree, order, statute, rule or regulation
applicable to the Company. Upon execution and delivery by the Company, this Subscription Agreement (i) will have been duly executed
and delivered by the Company, and (ii) will constitute the legal, valid and binding obligation of the Company, except (A) as
limited by any applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the rights and remedies of creditors
generally, as from time to time in effect, (B) as limited by general principles of equity and (C) as the enforcement of remedies
rests in the discretion of any court.


 


9.            Additional
Limitations on Transfer of Capital Commitments and Shares.


 


(a)            General
Restrictions on Transfer.


 


(i)            The
Subscriber may not Transfer its Capital Commitment. The Subscriber may not Transfer any of its Shares unless the Transfer is made in accordance
with applicable securities laws and is otherwise in compliance with the transfer restrictions set forth in Appendix G. Each transferee
must agree to be bound by these restrictions and all other obligations as an investor in the Company.


 


(ii)            The
Subscriber acknowledges that the Subscriber is aware and understands that there are other substantial restrictions on the transferability
of its Capital Commitment or Shares under this Subscription Agreement, the Charter and applicable law, including the fact that (A) there
is no established market for the Shares and it is possible that no public market for the Shares will develop; (B) the Shares
are not currently, and Stockholders have no rights to require that the Shares be, registered under the Securities Act or the securities
laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently registered or unless an
exemption from such registration is available; and (C) the Subscriber may have to hold the Shares herein subscribed for and
bear the economic risk of this investment indefinitely, and it may not be possible for the Subscriber to liquidate its investment in the
Company.


 






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10.            Compliance
with Specific Laws.


 


(a)            Anti-Money
Laundering.


 


(i)            Neither
the Subscriber, any of its affiliates or beneficial owners, nor any person for whom the Subscriber is acting as agent or nominee, (A) appears
on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the U.S. Department
of the Treasury (“OFAC”), the list of Foreign Sanctions Evaders maintained by OFAC, or any other lists of restricted
parties maintained by the U.S. Government, nor are they otherwise a party with which any entity is prohibited to deal under the laws of
the United States, (B) is a senior foreign political figure or any immediate family member or close associate of a senior foreign
political figure or (C) is identified as a terrorist organization on any other relevant lists maintained by governmental authorities.
The Subscriber further represents and warrants that the monies used to fund the investment in the Shares are not derived from, invested
for the benefit of, or related in any way to, and that no monies or dividends received as a result of the investment in the Shares will
be provided to or for the benefit of, the governments of, or persons within, any country (1) under a U.S. embargo enforced by OFAC,
(2) that has been designated as a “non-cooperative country or territory” by the U.S. Financial Action Task Force on Money
Laundering or (3) that has been designated by the U.S. Secretary of the Treasury as a “primary money laundering concern.”
The Subscriber further represents and warrants that the Subscriber: (x) has conducted thorough due diligence with respect to all
of its beneficial owners, (y) has established the identities of all beneficial owners and the source of each of the beneficial owner’s
funds and (z) will retain evidence of any such identities, any such source of funds and any such due diligence. The Subscriber further
represents and warrants that the Subscriber does not know or have any reason to suspect that (I) the monies used to fund the Subscriber’s
investment in the Shares have been or will be derived from or related to any illegal activities, including money laundering activities
and all Capital Contributions by the Subscriber were not, and will not be, directly or indirectly derived from activities that may contravene
federal, state or international laws and regulations, including anti-money laundering laws and regulations, and (II) the proceeds
from the Subscriber’s investment in the Shares will be used to finance any illegal activities.


 


(ii)            The
Subscriber shall provide to the Company at any time such information as the Company determines to be necessary or appropriate (A) to
comply with the USA PATRIOT Act or the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to
respond to requests for information concerning the identity of such Subscriber from any governmental authority, self-regulatory organization
or financial institution in connection with its anti-money laundering compliance procedures (which, notwithstanding anything in the Company’s
privacy policies to the contrary, may then be disclosed to such persons), or to update such information. The Subscriber hereby represents
that the Subscriber is in compliance with all such laws. Failure to provide such information upon request may result in the compulsory
redemption of the Subscriber’s Shares. Subscriber represents that all evidence of identity provided is genuine.


 


(iii)            To
comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Subscriber to the Company,
and all payments and distributions to the Subscriber, shall only be made in the Subscriber’s name and to and from a bank account
of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either based or incorporated
in or formed under the laws of the United States and that is not a “foreign shell bank” within the meaning of the U.S. Bank
Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury,
as such regulations may be amended.


 


(b)            Affirmation.
The representations and warranties set forth in this Section 10 shall be deemed repeated and reaffirmed by the Subscriber to the
Company as of each date that the Subscriber is required to make a Drawdown Purchase or other payment to, or receives dividends or other
distributions from (even if such distribution is reinvested pursuant to the Dividend Reinvestment Plan), the Company. If at any time during
the term of the Company, the representations and warranties set forth in this Section 10 cease to be true, the Subscriber shall promptly
so notify the Company in writing.


 






    - 12 -


     


    

 


(c)            Remedies
for Failure to Comply with Section 10. The Subscriber understands and agrees that the Company may not accept any amounts from
the Subscriber if it cannot make the representations set forth in this Section 10, and may require the compulsory Transfer of the
Subscriber’s Shares. In addition, the Subscriber understands and agrees that, in addition to the foregoing remedial measures, (1) in
order to comply with governmental regulations or if the Company determines in its sole discretion that such action is in the best interests
of the Company, the Company may “freeze the account” of the Subscriber, either by prohibiting additional investments by the
Subscriber, refusing to process a distribution to Subscriber or suspending other rights the Subscriber may have under this Subscription
Agreement or the Charter and the Bylaws and (2) the Company may be required to report such action or confidential information relating
to the Subscriber (including disclosing the Subscriber’s identity) to regulatory authorities.


 


11.            FATCA
Compliance. The Subscriber acknowledges and agrees that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance
Act (“FATCA”) and avoid the imposition of U.S. federal withholding tax, the Company and the Administrator may from
time to time require further information or documentation from the Subscriber and, if and to the extent required under FATCA, the Subscriber’s
direct and indirect beneficial owners (if any), relating to or establishing such person’s identity, residence (or jurisdiction of
formation) and income tax status, and may provide or disclose such information and documentation to the U.S. Internal Revenue Service. 
The Subscriber agrees that it shall provide such information and documentation concerning itself and its beneficial owners (if any), as
and when requested by the Company or the Administrator sufficient for the Company to comply with its obligations under FATCA.  The
Subscriber acknowledges that, if the Subscriber does not provide the requested information and documentation, the Company may, at its
sole option and in addition to all other remedies available at law or in equity, immediately redeem the Subscriber’s Shares or prohibit
the Subscriber from purchasing additional Shares or participating in additional investments in the Company. The Subscriber hereby agrees
to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered
by the Company on account of the Subscriber not providing all requested information and documentation in a timely manner.  The Subscriber
shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages
or liability as a result of any of the aforementioned actions.


 


12.            Subscriber
Information.


 


The Company reserves the right
to request such information as is necessary to verify the identity of the Subscriber or as may reasonably be requested by the Company
in connection with its operations, including such information requested by the Company in connection with entering into any borrowing
or other financing arrangement. The Subscriber shall promptly on demand provide such information and execute and deliver such documents
as the Company may request to verify the accuracy of the Subscriber’s representations and warranties or as required for the Company’s
operations. In the event of delay or failure by the Subscriber to produce any information required for verification purposes, or if otherwise
required by law or regulation, the Company may refuse to accept the Subscription or may refuse to process a distribution until proper
information has been provided.


 


The Subscriber agrees further
that the Adviser and the Company shall be held harmless and indemnified against any loss, claim, cost, damage or expense arising as a
result of a failure to process any subscription or distribution if such information as has been required by the Company has not been provided
by the Subscriber or which the Adviser or the Company may suffer as a result of any violations of law committed by the Subscriber.


 


13.            Applicable
Law.


 


This Subscription Agreement
shall be governed by, and construed in accordance with, the law of the State of Maryland. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW.


 






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14.            Notices.


 


(a)            All
notices, demands, solicitations of consent or approval, statements, tax documents, reports, and other communications under the Operative
Documents, this Subscription Agreement or otherwise in connection with the Company (collectively, “Notices”) shall
be in writing, and shall be sufficiently given if personally delivered, sent by postage prepaid, registered or certified mail, return
receipt requested, sent by a reputable overnight courier service, or sent by Electronic Transmission (as defined below), addressed as
follows: if intended for the Company, to the Company’s principal office or to any physical address, facsimile number, e-mail address,
or other applicable identifier (each, an “Address”) that the Company may designate by notice given in accordance with
this Section 14 and, if intended for the Subscriber, to the Address of the Subscriber set forth on the signature page hereto,
or if subsequently updated in the books and records of the Company, to the Address set forth in the in the books and records of the Company,
or to such other Address as the Subscriber may designate by written notice in accordance with this Section 14. It is the Subscriber’s
responsibility to ensure that the Address of the Subscriber set forth on the signature page hereto and in the books and records of
the Company is current, true, accurate, and complete. Notices shall be deemed to have been given (i) when personally delivered, (ii) if
sent by registered or certified mail, three days after the date on which deposited in the mails, (iii) if sent by a reputable overnight
courier service, on the second business day after transmittal thereof to such courier service, (iv) if sent by Electronic Transmission,
on the date sent, or (v)  in any event and notwithstanding any provision of this Section 14 to the contrary, no later than when
actually received, provided that notices of a change of Address shall not be deemed given until the actual receipt thereof. Notwithstanding
any provision hereof to the contrary, any Notice may be given by posting such Notice to, or making such Notice otherwise available from,
any Web portal or other electronic network established or maintained by or for the benefit of the Company, the Adviser, or any affiliate
thereof, together with written notice given in any manner authorized by this Subscription Agreement (other than this sentence) to the
effect that such Notice has been so posted or is otherwise so available, in which case such Notice shall be deemed to have been given
on the later of (x) the date that such Notice is posted to, or otherwise accessible from, such Web portal or other electronic network
and (y) the date that such notice of posting or availability is deemed given hereunder. The provisions of this Section 14 shall
not prohibit the giving of written notice in any other manner; any such written notice shall be deemed given only when actually received.
 “Electronic Transmission” means any form of communication, not directly involving the physical transmission of paper,
that creates a record that may be retained, retrieved, and reviewed by the recipient thereof, and that may be printed or reproduced in
paper form by such recipient through an automated process, including without limitation facsimile transmission, e-mail communication,
and a .pdf file attached to an e-mail communication.


 


(b)            If
the Subscriber is a participant in any investment vehicle (other than the Company) or account established, sponsored, or managed by Golub
Capital LLC or any affiliate thereof (each, a “Golub Capital Product”), then the Subscriber agrees that all notices,
demands, solicitations of consent or approval, statements, tax documents, reports, and other communications under the constitutive documents
of or in connection with such Golub Capital Product (each, a “GC Notice”) may be given in the same manner as any Notices
as set forth in Section 14(a), even though the Subscriber may currently receive such GC Notices in a different manner.


 


(c)            The
Subscriber hereby agrees to enter into any commercially reasonable end user license agreement required of users of any Web portal or other
electronic network established, maintained, or made available by or for the benefit of the Company, the Adviser, or any affiliate thereof
pursuant to which Notices or GC Notices are or will be delivered.


 


15.            Power
of Attorney.


 


By executing this Subscription
Agreement, the Subscriber hereby makes, constitutes and appoints the Company with full power of substitution, its true and lawful attorney-in-fact,
in its name, place and stead for its use and benefit, to approve, execute, acknowledge, swear to, file and record:


 


(a)            any
and all filings required to be made by the Subscriber under the Exchange Act with respect to any of the Company’s securities that
may be deemed to be beneficially owned by the Subscriber under the Exchange Act;


 






    - 14 -


     


    

 


(b)            all
certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or other financing
arrangement and to grant any pledge or other security interest, including over the Subscriber’s Capital Commitment, in connection
therewith;


 


(c)            all
certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement and applicable
law or regulation to permit the Company to become or to continue as a BDC;


 


(d)            all
conveyances and other instruments necessary or appropriate to effect the dissolution and liquidation of the Company;


 


(e)            all
other instruments or papers not inconsistent with the terms of this Subscription Agreement that may be required by law to be filed on
behalf of the Company; and


 


(f)            any
amendment or modification to any of the foregoing and all other certificates, instruments and documents which said attorney-in-fact determines
in its sole discretion are necessary or desirable to effectuate the provisions of this Subscription Agreement or any Other Subscription
Agreements and the purposes of the Company.


 


It is expressly acknowledged
by the Subscriber that the foregoing power of attorney is coupled with an interest and shall survive death or legal incapacity of the
Subscriber and is irrevocable. Such power of attorney may be exercised by said attorney-in-fact either by signing separately as attorney-in-fact
for each of the Investors or by listing all the Investors with a single signature as attorney-in-fact for all of them. Such power of attorney
shall survive the termination or dissolution of the Subscriber or the assignment of its interest in the Company; provided, however,
that such power of attorney will so survive only to the extent necessary to enable said attorney-in-fact to effect substitution (if approved
by the Company) of the Subscriber’s successor-in-interest. Assignee hereby waives any and all defenses which may be available to
contest, negate or disaffirm the actions of said attorney-in-fact taken in good faith under such power of attorney.


 


This power of attorney does
not supersede the terms of this Subscription Agreement or any written agreement between the Company and the Subscriber nor is it to be
used to deprive the Subscriber of its rights as a Stockholder and is intended only to provide a simplified system for execution of documents.
The Subscriber shall execute and deliver to the Company, within five days after the receipt of a request therefor, such confirmatory powers
of attorney as the Company may request.


 


16.            Effect
of Representations; Survival; Indemnity


 


The Subscriber understands
that the offer and sale of the Shares is being made in reliance on specific exemptions from requirements of federal and state securities
laws and that the Company and the controlling persons thereof, will rely on the representations, warranties, agreements, acknowledgements
and understandings of the Subscriber set forth herein in determining the applicability of such exemptions. The Subscriber hereby confirms
that all such representations and warranties will remain true and complete on the date of acceptance by the Company of the Subscriber’s
subscription hereunder.


 


This Subscription Agreement,
including all representations and warranties of the Subscriber contained herein, shall survive the sale of the Shares to the Subscriber,
and the admission of the Subscriber as a Stockholder of the Company.


 


To the fullest extent permitted
under applicable law, the Subscriber agrees to indemnify and hold harmless the Company, the Adviser, the Administrator and their respective
affiliates, and each partner, member, shareholder, officer, director, employee and agent thereof, from and against any loss, damage or
liability due to or arising out of a breach of any representation, warranty or agreement of the Subscriber contained in this Subscription
Agreement (including the Investor Questionnaire) or in any other document provided by the Subscriber to the Company or in any agreement
executed by the Subscriber in connection with the Subscriber’s investment in Shares.


 






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17.            Confidentiality.


 


The Subscriber acknowledges
that the Memorandum and other information relating to the Company (the “Confidential Information”) have been submitted
to the Subscriber on a confidential basis for use solely in connection with the Subscriber’s consideration of the purchase of Shares.
In addition, Confidential Information includes non-public information regarding Golub Capital Direct Lending Corporation, Golub Capital
BDC 3, Inc., Golub Capital BDC, Inc. and any other investment vehicles whose investment adviser is the Adviser or an affiliate
of the Adviser. Subscriber agrees to comply with all laws, including securities laws, concerning Confidential Information, and Subscriber
agrees that it shall not trade in the securities of any issuer about which Subscriber receives material non-public information under this
Subscription Agreement or in its capacity as a holder of Shares and shall refrain from such trading until any material non-public
information no longer constitutes material non-public information. The Subscriber agrees that, without the prior written consent of the
Company (which consent may be withheld at the sole discretion of the Company), the Subscriber shall not (a) reproduce the Memorandum
or any other Confidential Information, in whole or in part, or (b) disclose the Memorandum or any other Confidential Information
to any person who is not an officer or employee of the Subscriber who is involved in its investments, or partner (general or limited)
or affiliate of the Subscriber (it being understood and agreed that if the Subscriber is a pooled investment fund, it shall only be permitted
to disclose the Memorandum or other Confidential Information if the Subscriber has required its investors to enter into confidentiality
undertakings no less onerous than the provisions of this Section 17 and the Subscriber remains liable for any breach of this Section 17
by its investors), except to the extent (i) such information is in the public domain (other than as a result of any action or omission
of the Subscriber or any person to whom the Subscriber has disclosed such information) or (ii) such information is required by applicable
law or regulation to be disclosed, in which case the Subscriber shall first notify the Company of such requirement (unless such notification
is prohibited by law) so that the Company may pursue a protective order or other appropriate remedy or waive compliance with the terms
of this Section 17, and if a protective order or other appropriate remedy is not obtained, or if the Company waives compliance with
the terms of this Section 17, then the Subscriber shall disclose only that portion of Confidential Information that the Subscriber
is advised by counsel is legally required to be disclosed and shall use its commercially reasonable efforts to protect the confidentiality
of such information disclosed, including by requesting that confidential treatment be accorded such information. The Subscriber further
agrees to return the Memorandum and any other information relating to the Company upon the Company’s request therefor. The Subscriber
acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this Section 17 by the Subscriber
and that, in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific
performance and injunctive or other equitable relief as a remedy for any such breach.


 


18.            No
Joint Liability Among the Company, the Adviser, and the Administrator.


 


The Company shall not be liable
for the fulfillment of any obligation of the Adviser or the Administrator under or in connection with this Subscription Agreement.
The Adviser shall not be liable for the fulfillment of any obligation or for the accuracy of any representation of the Company or the
Administrator under or in connection with this Subscription Agreement. The Administrator shall not be liable for the fulfillment
of any obligation or for the accuracy of any representation of the Company or the Adviser under or in connection with this Subscription
Agreement. There shall be no joint and several liability of the Company, the Adviser and the Administrator for any obligation under
or in connection with this Subscription Agreement.


 


19.            Independent
Nature of Subscribers’ Obligations and Rights.


 


The obligations of the Subscriber
hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by the Subscriber pursuant hereto or thereto, shall be deemed to constitute the
Stockholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Stockholders
are in any way acting in concert with respect to such obligations or the transactions contemplated by this Subscription Agreement.


 


20.            Construction.


 


The captions used herein are
intended for convenience of reference only and shall not modify or affect in any manner the meaning or interpretation of any of the provisions
of this Subscription Agreement.


 






    - 16 -


     


    

 


As used herein, the singular
shall include the plural, the masculine gender shall include the feminine and neuter, and the neuter gender shall include the masculine
and feminine, unless the context otherwise requires.


 


The words “hereof,”
 “herein,” and “hereunder,” and words of similar import, when used in this Subscription Agreement shall refer to
this Subscription Agreement as a whole and not to any particular provision of this Subscription Agreement.


 


All references herein to Sections
shall be deemed to refer to Sections of this Subscription Agreement, unless specified to the contrary.


 


Whenever the words “include”,
 “includes” or “including” are used in this Subscription Agreement, they shall be deemed to be followed by the
words “without limitation”, whether or not they are in fact followed by those words or words of like import.


 


Nothing in this Subscription
Agreement shall be deemed to create any right in or benefit for any Person other than the Company and the Subscriber and this Subscription
Agreement shall not be construed in any respect to be for the benefit of, and no provision of this Subscription Agreement may be enforced
by, any such Person, provided that, notwithstanding the foregoing, any of Golub Capital LLC and its affiliates, and any Golub Capital
Product may enforce the provisions of subsection (b) and (c) of Section 14 of this Subscription Agreement as if it were
a party hereto.


 


21.            Severability.


 


If any one or more of the
provisions contained in this Subscription Agreement, or any application thereof, shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein and all other applications thereof shall not in
any way be affected or impaired thereby.


 


22.            Entire
Agreement.


 


This Subscription Agreement,
together with any other document that may be delivered in connection herewith and signed by both parties hereto, sets forth the entire
understanding among the parties relating to the subject matter hereof, any and all prior correspondence, conversations, and memoranda
or other writings being merged herein and replaced and being without effect hereon. No promises, covenants or representations of any character
or nature other than those expressly stated herein or in any such other document have been made to induce any party to enter into this
Subscription Agreement.


 


[End of page – signature pages follow]


 






    - 17 -


     


    

 



 


GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION

Subscription Agreement Signature Page


 


IN WITNESS WHEREOF, the Subscriber
has executed this Subscription Agreement as of ____________________, 202__ with a capital commitment of $_________________________________.


 


 


	Name of the Subscriber (exactly as it
 appears in the Company’s records)

                                                                                 

                                                                                 
	 	 
	Signature of Subscriber or Authorized Signatory

                                                                                 

                                                                                 
	 	Additional Signature if Required
	Print Name

                                                                                 

                                                                                 
	 	Print Name of Additional Signatory
	Title	 	
    Print Title of Additional Signatory

     

    Record Address of the Subscriber

    (P.O. Boxes cannot be accepted):

     

	Federal Tax Identification Number	 	 
	(if applicable)	 	 
	 	 	 


 


Name of Trustees or Fiduciaries exercising investment
discretion with respect to the Subscriber:


 


	Signature	Printed Name	Title
	 
	 
	 


 


If applicable (including, without limitation,
in the case of a self-directed IRA or other custodied account), the custodian of the Subscriber should complete and sign the bottom line
of this signature page. By its signature, the custodian consents to the investment made hereby and, if the Subscriber is a self-directed
IRA or the custodian otherwise has the power to bind the Subscriber, the custodian executes this Subscription Agreement solely in its
capacity as custodian.


 


	Signature	Printed Name	Title
	 


 


*If the Subscriber is a self-directed
IRA or other custodied account, the underlying beneficial owner(s) should complete and sign the top part of this signature page (using
the Subscriber Name required by the custodian for the account), and, to the extent this Subscription Agreement will be executed by a custodian
on behalf of the Subscriber, the underlying beneficial owners should execute the representation on the next page.


 






    


     


    

 


ADDITIONAL REPRESENTATION WITH RESPECT TO INVESTMENT
FROM A SELF-DIRECTED IRA OR OTHER CUSTODIED ACCOUNT


 


If the Subscriber is a self-directed IRA or other
custodied account where this Subscription Agreement will be executed by a custodian on behalf of the Subscriber, the underlying beneficial
owner: (i) has directed the custodian to execute this Subscription Agreement as an Authorized Signatory; (ii) has exclusive
authority with respect to the decision to invest in the Company; and (iii) has signed below to indicate that he or she has reviewed
this Subscription Agreement and so directs the custodian, and certifies as to the accuracy of the representations and warranties made
by the Subscriber herein.


 


______________________________________


Signature of Person Directing the Investment


 


______________________________________


Print Name of Self-Directed IRA or


Other Custodied Non-Discretionary Account


 


______________________________________


Print Name of Custodian


 


Address and E-mail of Custodian and


Contact Person:


 


___________________________________


 


___________________________________


 


___________________________________


 


___________________________________


 


Account or Other Reference Number:


 


___________________________________


 


Custodian’s Tax I.D. Number


 


___________________________________






    


     


    

 


The foregoing Subscription Agreement is accepted
and agreed by the Company, for a Capital Commitment of $________________ as of __________________, 202__.


 


	 	GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 



 






    


     


    

 


APPENDIX A

INVESTOR QUESTIONNAIRE


 


Please complete each Section of
this Investor Questionnaire.


 


I.            General
Information.


 


1.            If
Subscriber is not holding for Subscriber’s own account, provide the name and address for whom the interest is being held:


 


2.            Investor
category of Subscriber (check all that apply)


 


	_____	Individual U.S. person (including your trust)	_____	Banking or thrift institution
	_____	Individual Non-U.S. person (including trust)	_____	State or municipal government entity
	_____	Broker-dealer	 	  (excluding pension plans)
	_____	Insurance company	_____	State or municipal pension plan
	_____	Investment company registered with SEC	_____	Sovereign wealth fund and
	_____	Private fund	 	  foreign official institutions
	_____	Non-profit	_____	Other Non-U.S. person
	_____	Pension plan (excluding government plans)	_____	Other


 


3.            Form of
Subscriber (check all that are applicable):


 


	_____	Individual	_____	Grantor trust
	_____	Joint tenants	_____	Other trust
	_____	Tenants in common	_____	IRA/Keough Plan/SEP
	_____	Limited partnership	_____	Other Employee benefit plan
	_____	General partnership	_____	Non-profit, endowment or foundation
	_____ 	Limited liability company	_____	Other exempt organization
	_____ 	C corporation	_____	Nominee
	_____ 	S corporation	_____	Fiduciary
	_____	Estate	_____	Disregarded entity
	 	 	_____	Other (describe):_____________________


 


4.            If
the Subscriber is a disregarded entity that has its own U.S. federal tax identification number, please provide the entity’s tax
identification number: _____________________________________


 


5.            Tax
year end (month and day): _____________________


 


6.            Is
the Subscriber a “fund of funds”? _____ Yes _____ No


 


7.            If
the Subscriber is an individual, or if the Subscriber is an entity in which an individual holds, directly or indirectly, more than five
percent of the ownership or beneficial interests, please identify (i) all such individuals, and (ii) all entities for which
such individuals serve as employee, officer or director. 


 






    


     


    

 


GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 


INVESTOR QUESTIONNAIRE


 


II.            Accredited
Investor Status


 


The Subscriber represents
and warrants that it is an “accredited investor” within the meaning of Regulation D under the U.S. Securities Act of 1933,
as amended (the “Securities Act”), and has indicated below each category under which the Subscriber qualifies as an
accredited investor.


 


The Subscriber is:


 


		____	(i)	A bank, as defined in Section 3(a)(2) of the Securities Act, whether acting in regard to this offering in its individual or
a fiduciary capacity.



 


		____	(ii)	A savings and loan or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in regard
to this offering in its individual or a fiduciary capacity.



 


		____	(iii)	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as from time to time amended (the
 “Exchange Act”).



 


		____	(iv)	An investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940, as from time to time amended
(the “Investment Advisers Act”) or registered pursuant to the laws of a state.



 


		____	(v)	An investment adviser relying on the exemption from registering with the Securities
and Exchange Commission (the “SEC”) under Section 203(l) or Section 203(m) of the Investment
Advisers Act.



 


		____	(vi)	An insurance company, as defined in Section 2(a)(13) of the Securities Act.



 


		____	(vii)	An investment company registered under the Investment Company Act of 1940, as from time to time amended (the “Investment
Company Act”).



 


		____	(viii)	A business development company, as defined in Section 2(a)(48) of the Investment Company Act.



 


		____	(ix)	A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of
the Small Business Investment Act of 1958, as from time to time amended.



 


		____	(x)	A private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act.



 


		____	(xi)	A Rural Business Investment Company, as defined in Section 384A of the Consolidated Farm and Rural Development Act.



 


		____	(xii)	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000.



 


		____	(xiii)	An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as from time to time amended
(“ERISA”), if the investment decision regarding this offering was made by a plan fiduciary (as such term is defined
in Section 3(21) of ERISA) which is either a bank, savings and loan association, insurance company (as described above) or investment
adviser duly registered under the Investment Advisers Act.



 


		____	(xiv)	An employee benefit plan within the meaning of ERISA with total assets in excess of $5,000,000, whether or not the investment decision
regarding this offering was made by a bank, insurance company or registered investment adviser.



 


		____	(xv)	An employee benefit plan within the meaning of ERISA which is a self-directed plan with investment decisions made solely by persons
described by one or more of the categories set forth in this Section II.



 


		____	(xvi)	Either (A) a corporation, (B) a Massachusetts or similar business trust, (C) a partnership, (D) a limited liability
company, or (E) an organization described in Section 501(c)(3) of the Internal Revenue Code, in any case not formed for
the specific purpose of acquiring the Shares and having total assets in excess of $5,000,000.



 






    A-2


     


    

 


GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 


INVESTOR QUESTIONNAIRE


 


		____	(xvii)	A natural person whose individual net worth, or joint net worth1
with his or her spouse or spousal equivalent,2
excluding the value of his or her primary residence, exceeds $1,000,000.3



 


		____	(xviii)	A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s
spouse or spousal equivalent in excess of $300,000 in each of those years and who reasonably expects income in excess of such amounts
in the current year.



 


		____	(xix)	A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Shares, whose purchase is directed
by a person who has, alone or together with his or her Purchaser Representative (as defined in the aforementioned Regulation D), such
knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment
in Shares.



 


		____	(xx)	A trust pursuant to which the grantor(s) of the trust may revoke the trust at any time and regain title to the trust assets and
has (have) retained sole investment control over the assets of the trust, and the (each) grantor is described by one or more of the categories
set forth in subsections (xvii), (xviii), (xxiii) or (xxiv) of this Section II.



 


		____	(xxi)	A partnership, corporation or other entity in which all of the equity owners are persons described by one or more of the categories set
forth in subsections (i) through (xx) of this Section II.4



 


		____	(xxii)	An entity of a type not listed in subsections (i) through (xvi), (ix), or (xxi) of this Section II, not formed for the
specific purpose of acquiring Shares, owning investments in excess of $5,000,000.



 


		____	(xxiii)	A natural person holding in good standing one or more professional certifications, designations
or other credentials that the SEC has designated as qualifying an individual for accredited investor status, including Series 7,
Series 65 and Series 82 licenses.



 


		____	(xxiv)	A natural person who is a “knowledgeable employee,” within the meaning of Rule 3c-5(a)(4) under
the Investment Company Act with respect to the Company.



 


		____	(xxv)	A “family office,” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, (i) with assets under
management in excess of $5,000,000; (ii) that was not formed for the specific purpose of acquiring Shares; and (iii) whose
prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family
office is capable of evaluating the merits and risks of an investment in the Shares.



 





 






1 For the purposes of calculating joint net worth in this
subsection, joint net worth can be the aggregate net worth of the Subscriber and spouse or spousal equivalent, and assets need not be
held jointly to be included in the calculation


 


2 For this purpose, a “spousal equivalent”
means a cohabitant occupying a relationship generally equivalent to that of a spouse.


 


3 For purposes of this net worth calculation, the Subscriber
may exclude the amount of indebtedness secured by the Subscriber’s primary residence up to the amount of the value of such residence.
However, if the amount of the indebtedness secured by the Subscriber’s primary residence exceeds the value of such residence, the
amount of that excess debt should be treated as a liability and deducted from the Subscriber’s net worth. In addition, indebtedness
secured by the Subscriber’s primary residence that is incurred within sixty (60) days of the date of the subscription made hereby
must be included as a liability unless such indebtedness is incurred in connection with the acquisition of the Subscriber’s primary
residence.


 


4 It is permissible to look through various forms of equity
ownership to natural persons in determining the accredited investor status of entities under this subsection. If relying on this subsection,
the Subscriber agrees to provide to the Company any information regarding the Subscriber’s direct and indirect equity owners in
order for the Company to determine whether or not such equity owners are accredited investors


 






    A-3


     


    

 


GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 


INVESTOR QUESTIONNAIRE


 


		____	(xxvi)	A “family client,” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting
the requirements in subsection (xxv) of this Section II and whose prospective investment in the Company is directed by such
family office in accordance with clause (iii) of such subsection (xxv).



 


		____	(xxvii)	An employee benefit plan within the meaning of Title I of ERISA, acting for its own account or for the accounts of other “qualified
institutional buyers” as defined under Rule 144A promulgated under the Securities Act, that in the aggregate owns and invests
on a discretionary basis at least $100 million in securities of issuers that are not affiliated with the plan.



 


		____	(xxviii)	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, acting for its own account or for the accounts of other “qualified institutional
buyers” as defined under Rule 144A promulgated under the Securities Act, that in the aggregate owns and invests on a discretionary
basis at least $100 million in securities of issuers that are not affiliated with the plan.



 






    A-4


     


    

 


GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION

 INVESTOR QUESTIONNAIRE


 


III.            Supplemental
Information


 


	1.	Is
the Subscriber, or will the Subscriber be, a Benefit Plan Investor (as defined below) or is it or will it use the assets of an entity
or other Person that is or will in the future be a Benefit Plan Investor to invest in the Company? 




 


	 	 ̈ yes    ̈
no


 


A “Benefit Plan Investor”
is


 


		•	Any “employee benefit plan” as defined in Section 3(3) of ERISA that is subject
to ERISA.



 


		•	Any “plan” described in Section 4975(e)(1) of the Code that is subject to Section 4975
of the Code. Such a plan includes, without limitation, an “individual retirement account” described in Section 408 or
408A of the Code, a Keogh plan, an Archer MSA described in Section 220(d) of the Code, a Coverdell education savings account
described in Section 530 of the Code and a health saving account described in Section 223(d) of the Code.



 


		•	Any entity that is or would be deemed to be using “plan assets” (within the meaning of Section 3(42)
of ERISA) to purchase or hold its investments, including, without limitation, a collective investment trust.



 


	2.	Is the Subscriber, or
will the Subscriber be, an entity (other than an insurance company general account) whose assets will be deemed to constitute “plan
assets” subject to ERISA or Section 4975 of the Code by reason of investment in such entity by other Benefit Plan Investors?




 





	 	 ̈ yes    ̈
no


 


	3.	Answer this Question only if the answer to Question (2) above is “yes”: What is the maximum percentage of the Subscriber’s assets that constitutes or will constitute “plan assets” subject to ERISA or Section 4975 of the Code?

                                                                                 

	 	_____________%

                                                            

	4.	If the Subscriber is or will be an insurance company general account, will any portion of its underlying assets in its general account constitute “plan assets” subject to ERISA or Section 4975 of the Code?



 





	 	 ̈ yes    ̈
no


 




	5.	Answer this Question only if the answer to Question (4) above is “yes”: What is the maximum percentage of the assets in the Subscriber’s general account that constitutes or will constitute “plan assets” subject to ERISA or Section 4975 of the Code?

                                                                                 

	 	_____________%
	 	 
	 	 
	Without limiting the remedies available in the event of a breach, the Subscriber agrees promptly to notify the Company in writing if there is a change in the percentage as set forth in Question (3) or Question (5) or any other response set forth above, and at such other time or times as the Company may request.



 






    A-5


     


    

 


GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 


INVESTOR QUESTIONNAIRE



 


Related Parties/Other Beneficial Parties;
Controlling Persons



 


	6.	Is the Subscriber
or will the Subscriber be a person (including an entity) that has discretionary authority or control with respect to the assets of the
Company or a person who provides investment advice with respect to the assets of the Company or an “affiliate” of such a
person (a “Controlling Person”)?  For purposes of this representation, an “affiliate” is any
person controlling, controlled by or under common control with any such person, including by reason of having the power to exercise a
controlling influence over the management or policies of such person. 




 





	 	 ̈ yes    ̈
no


 


	7.	To the best of the
Subscriber’s knowledge, does the Subscriber control, or is the Subscriber controlled by or under common control with, any other
investor in the Company? 




 





	 	 ̈ yes    ̈
no


 


	 	
    If the question above was answered “Yes,” please indicated
    the name of such other investor in the space below:

     

	8.	Will any other person or persons
have a beneficial interest in the Shares to be acquired hereunder (other than as a shareholder, partner, policy owner or other beneficial
owner of equity interests in the Subscriber)?  (By way of example, and not limitation, a “nominee” Subscriber or
a Subscriber who has entered into swap or other synthetic or derivative instruments or arrangements with regard to the Shares to be acquired
herein would check “Yes.”)




 





	 	 ̈ yes    ̈
no


 


	 	If either question above was answered “Yes,” please contact the Administrator for additional information that will be required.

                                                             

	BHC Investor Status

                                                                         

	9.	Is the Subscriber a “BHC
Investor”?* 




 





	 	 ̈ yes    ̈
no


 


	 	*A “BHC Investor” is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account.

                                                             

	New York State Tax Domicile

                                                                         

	10.	Is the Subscriber’s tax
domicile the State of New York? 



 





	 	 ̈ yes    ̈
no


 






    A-6


     


    

 


GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 


INVESTOR QUESTIONNAIRE



 


IV.            Dividend
Reinvestment Plan.





 


Pursuant to the Company’s dividend
reinvestment plan, cash distributions to investors are automatically reinvested for additional Shares. Subscribers may opt in or opt out
of the plan by checking the appropriate box below. Elections may be altered, subject to approval by the Company, by notifying the Company
in writing at 200 Park Avenue, 25th Floor, New York, NY 10166, Attention: Investor Relations. A change in election must be received by
the Company at least ten calendar days prior to any distribution date; otherwise, such election shall be effective only with respect to
any subsequent distributions.


 


If neither box is checked, Subscriber
will be automatically enrolled in the Company’s dividend reinvestment plan.


 


 ̈  Opt-out of the Dividend Reinvestment Plan to receive cash
distributions


 


 ̈  Opt-in to the Dividend Reinvestment Plan to reinvest distributions
for additional Shares


 






    A-7


     


    

 


APPENDIX B

BYLAWS OF THE COMPANY


 






    


     


    

 


APPENDIX C

ARTICLES OF INCORPORATION OF THE COMPANY


 






    


     


    

 


APPENDIX D

INVESTMENT ADVISORY AGREEMENT


 






    


     


    

 


APPENDIX E

ADMINISTRATION AGREEMENT


 






    


     


    

 


APPENDIX F

INVESTOR PRIVACY NOTICE


 


Maintaining the confidentiality of the personal
information of our current and prospective investors is one of our highest priorities. This notice sets forth the type of personal information
we collect, how that information is used by us, and how we protect your personal information.


 


In this Investor Privacy Notice, “we”,
 “us” and “our” refers to the Company and GC Advisors and its or their affiliates or delegates.


 


HOW AND WHY WE COLLECT PERSONAL INFORMATION


 


1. Collection.


 


Personal information may be collected from investors
in order to comply with legal and regulatory requirements. Information may be collected from any of the following sources:


 


		a.	From You:  We collect information from investors when they enter into a subscription agreement
with the Company. We may also collect information from investor questionnaires, W-9’s and other applications or forms that investors
complete. This information may include items such as an investor’s name, address, e-mail address, social security number, birth
date, annual income, net worth, marital status, and investment risk tolerance. If an investor indicates he or she has a spouse or partner,
his/her personal and financial account information may also be requested. In order to establish the legitimacy of the subscribing entity,
as well as capacity and authority of controlling person(s), we may request copies of organizational documents.



 


		b.	From Transactions: If an investor invests in the Company, we keep records relating to the investor’s
interest in the Company.



 


		c.	From our Website: If investors visit GC Advisors’ website, we may collect the contact details
and other information that investors provide directly to us and we may track the amount of time each investor spends on our site, the
parts of our site visited and other technical information. We use this information to improve the functionality of our website.



 


		2.	Use of Personal Information



 


Investors’ personal information is collected
and maintained by us so that we may fulfill our legal and regulatory requirements.


 


DISCLOSURE OF PERSONAL INFORMATION


 


We do not, and do not intend, to sell or disclose
personal information about current or former investors to nonaffiliated third parties except as set forth below. If in the future this
policy changes investors will be notified and provided with an opportunity to opt out of such disclosure. We may share personal information
of investors as follows:


 


		a.	We will reveal or share personal information where the law permits or requires it, such as for tax reporting
purposes or pursuant to a court order, or to otherwise comply with applicable laws and regulations.



 


		b.	We may reveal or share personal information with our affiliates. Our affiliates include, for example,
investment funds that are manage or over which GC Advisors or its affiliates have control.



 


		c.	We may reveal or share personal information with unaffiliated service providers such as brokers, fund
administrators and transfer agents in connection with distributions or other transactions. An investor’s personal information may
also be provided to attorneys, accountants or auditors in order to enable us to comply with legal and regulatory requirements.



 


PROTECTION OF YOUR PERSONAL INFORMATION


 


Our employees may, from time to time, have access
to the personal information of investors in order to provide services to investors. All employees are subject to the terms of certain
privacy policies and practices. We also maintain physical, electronic and procedural safeguards designed to protect nonpublic personal
financial information.


 






    F-1


     


    

 


APPENDIX G

TRANSFER RESTRICTIONS


 


This Appendix G is attached to and made
a part of the Subscription Agreement with the Subscriber. Capitalized terms not defined herein shall have the meanings assigned to them
in the Subscription Agreement.


 


The Subscriber may not Transfer its Capital Commitment.
No Transfer of all or any portion of the Subscriber’s Shares may be made without (a) registration of the Transfer on the Company
books and (b) the prior written consent of the Company. In any event, the consent of the Company may be withheld (i) if the
creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all obligations
under the Subscription Agreement or (ii) unless, in the opinion of counsel (who may be counsel for the Company) satisfactory in form
and substance to the Company, such Transfer would not violate the Securities Act or any state (or other jurisdiction) securities or “blue
sky” laws applicable to the Company or the Shares to be Transferred.


 


In addition, prior to a registration of the Shares
sufficient to cause the Company to treat the Shares as a “publicly-offered security” for purposes of the Plan Assets Regulation,
the Company intends to limit investment by Benefit Plan Investors so as to attempt to avoid its assets from being deemed to be “plan
assets” for purposes of ERISA or Section 4975 of the Code. The Company may reject any transfer of Shares if such transfer could
(i) cause all or any portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975
of the Code or (ii) constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, or
a non-exempt violation of any law that is substantially similar to the prohibited transaction provisions of ERISA or Section 4975
of the Code.


 


Any person that acquires all or any portion of
the Shares of the Subscriber in a Transfer permitted under this Appendix G shall be obligated to pay to the Company the appropriate
portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest.
The Subscriber agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company it shall
remain liable for its Capital Commitment prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction
thereof, becomes a holder of such Shares.


 


The Company shall not recognize for any purpose
any purported Transfer of all or any portion of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner
thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall
have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form
satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee,
and such notice (a) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription
Agreement and its agreement to be bound thereby, and (b) represents that such Transfer was made in accordance with this Subscription
Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable to the transferee and the transferor.


 






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