Document:

Exhibit 10.6

 

DIVIDEND REINVESTMENT PLAN

OF

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION

 

Golub Capital Direct Lending
Unlevered Corporation, a Maryland corporation (including its predecessor, the “Corporation”), has adopted the following
plan (the “Plan”), to be administered by the Corporation or such other administrator as the Corporation may appoint
(the “Plan Administrator”), with respect to dividends and other distributions declared by its Board of Directors on
shares of its common stock, par value $0.001 per share (the “Common Stock”):

 

1.            Unless
a stockholder specifically elects to receive cash as set forth below, all cash dividends or other distributions hereafter declared by
the Board of Directors of the Corporation (the “Board of Directors”), net of any applicable withholding tax, shall
be automatically reinvested in additional shares of Common Stock, and no action shall be required on such stockholder’s part to
receive a distribution in Common Stock.

 

2.            Such
distributions shall be payable on such date or dates as may be fixed from time to time by the Board of Directors to stockholders of record
at the close of business on the record date established by the Board of Directors for the distribution involved.

 

3.            With
respect to each distribution pursuant to this Plan, the Board of Directors reserves the right, subject to the provisions of the Investment
Company Act of 1940, as amended, to issue new shares of Common Stock for the accounts of Participants (as defined below). The number of
shares of Common Stock to be issued to a Participant is determined by dividing the total dollar amount of the distribution payable to
such stockholder by the most recent quarterly net asset value per share as determined by the Board of Directors, subject to adjustment
to the extent required by Section 23 of the Investment Company Act of 1940, as amended (“NAV Per Share”).

 

4.            The
Plan Administrator shall issue shares of Common Stock acquired pursuant to the Plan for each stockholder who has not so elected to receive
distributions in cash (each a “Participant”).

 

5.            The
Plan Administrator shall confirm to each Participant each acquisition made pursuant to the Plan as soon as practicable but not later than
30 business days after the payable date.

 

6.            If
the Plan Administrator is not the Corporation, the Plan Administrator shall forward to each Participant any Corporation-related proxy
solicitation materials and each Corporation report or other communication to stockholders, and shall vote any shares held by it under
the Plan in accordance with the instructions set forth on proxies returned by Participants.

 

7.            In
the event that the Corporation makes available to its stockholders rights to purchase additional shares or other securities, the shares
held by the Plan Administrator for each Participant under the Plan shall be added to any other shares held by the Participant in calculating
the number of rights to be issued to the Participant. Transaction processing may be either curtailed or suspended until the completion
of any stock dividend, stock split or corporate action.

 

     

     

    

 

8.            There
will be no brokerage charges or other charges to stockholders who participate in the Plan. If the Plan Administrator is not the Corporation,
the Plan Administrator’s service fee, if any, and expenses for administering the Plan shall be paid for by the Corporation.

 

9.            Each
participant may elect to receive an entire distribution in cash by notifying the Plan Administrator in writing so that such notice is
received by the Plan Administrator no later than ten days prior to the record date for a distribution to stockholders, otherwise the election
will be effective only with respect to any subsequent distribution.

 

10.            Each
Participant may terminate his or its account under the Plan by so notifying the Plan Administrator by such means as the Plan Administrator
may specify in writing to the Participants. For so long as the Corporation is the Plan Administrator, a Participant may notify the Plan
Administrator at 200 Park Avenue, 25th Floor, New York, New York 10166, Attention: Investor Relations. Such termination shall
be effective immediately if the Participant’s notice is received by the Plan Administrator at least ten days prior to any distribution
date; otherwise, such termination shall be effective only with respect to any subsequent distribution.

 

11.            The
Plan may be terminated and these terms and conditions may be amended or supplemented by the Corporation at any time but, except when necessary
or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory
authority, only by appropriate written notice at least 30 days prior to any record date for the payment of any dividend or other distribution
by the Corporation. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date
thereof, the Plan Administrator receives written notice of the termination of his, her or its account under the Plan at least ten days
prior to the effective date. Any such amendment may include an appointment by the Plan Administrator in its place and stead of a successor
agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator
under these terms and conditions. Upon any such appointment of any agent for the purpose of receiving distributions, the Corporation shall
be authorized to pay to such successor agent, for each Participant’s account, all distributions payable on shares of the Corporation
held in the Participant’s name or under the Plan for retention or application by such successor agent as provided in these terms
and conditions.

 

12.            The
Plan Administrator shall at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely
performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and
shall not be liable for loss or damage due to errors unless such error is caused by the Plan Administrator’s negligence, bad faith
or willful misconduct or that of its employees or agents.

 

13.            These
terms and conditions shall be governed by the laws of the State of New York.

 

     2Exhibit 10.7

 

REVOLVING LOAN
AGREEMENT

 

Dated as of [●],
2022

 

Golub
Capital Direct Lending Unlevered Corporation, a Maryland corporation (the “Borrower”), and GC Advisors LLC, a Delaware
limited liability company (the “Lender”), agree as follows (with capitalized terms not otherwise defined herein having
the meanings ascribed to them in Section 17):

 

1.            Loans.
Upon the terms and subject to the conditions of this Agreement, the Lender agrees to advance, from time to time during the period from
the date hereof through the Business Day immediately preceding the Maturity Date, amounts in Dollars and Alternative Currencies to the
Borrower (the “Loans”), the aggregate outstanding principal amount of which shall not exceed the Equivalent Dollar
Amount of $40,000,000 (the “Commitment”) at any time; provided that, the aggregate amount of Loans may exceed the Commitment
if such excess is solely the result of a change in exchange rates which increases the Equivalent Dollar Amount of outstanding Loans.
Within the limits set forth in the preceding sentence and subject to the conditions of this Agreement, amounts of Loans that are repaid
may be re-borrowed under this Section 1. Upon the fulfillment of the conditions specified in Section 6, each
Loan shall be disbursed by the Lender on the requested date therefor, which date, for Loans in Alternative Currencies, shall be no sooner
than two Business Days after the date on which the request is made by the Borrower, in Dollars or Alternative Currencies, as requested
by Borrower, in funds immediately available to the Borrower in such manner as shall be reasonably acceptable to the Lender.

 

2.            Interest.
Interest on each Loan shall accrue from the date of such Loan until such Loan is repaid in full at a rate equal to the Applicable Federal
Rate. Interest shall be calculated on the basis of a year of 365/366 days, as the case may be, and the actual number of days elapsed
and shall be payable in cash on the first Business Day of each calendar quarter, beginning on July 1, 2022, or, if earlier, on the
date on which the outstanding principal amount of such Loan is repaid or prepaid in accordance with the terms hereof but no later than
the Maturity Date.

 

3.            Repayment.

 

(a)            Repayment.
With respect to payments under this Agreement on account of all Loans payable to the Lender in its capacity as such, Borrower shall make
each such payment in immediately available funds in Dollars or, in the case of a Loan made in an Alternative Currency, the Equivalent
Dollar Amount, to an account designated in writing by the Lender to Borrower.

 

(b)            Maturity.
The Borrower promises to repay the entire unpaid principal amount of all Loans and all accrued but unpaid interest on the Maturity Date.

 

(c)            Voluntary
Prepayment. The Borrower may, at any time and from time to time, prepay, without premium or penalty, the Loans in whole or in part,
together with accrued interest to the date of such prepayment on the aggregate principal prepaid. Each prepayment of the Loans by the
Borrower pursuant to this Section 3(c) shall be allocated first to accrued but unpaid interest in such Loans to the
date of such prepayment and then to unpaid principal amounts outstanding under such Loans.

 

    

     

    

 

4.            Evidence
of Indebtedness. The Loans and the Borrower’s obligation to repay the Loans in accordance with this Agreement shall be evidenced
by this Agreement and the records of the Lender.

 

5.            Lender
Acknowledgement. The Lender acknowledges that any wholly-owned subsidiary of the Borrower is a legal entity separate from the Borrower
and the assets of any such subsidiary are not intended to be available to satisfy any obligations of the Borrower hereunder.

 

6.            Conditions
to Loans. The obligation of the Lender to make each Loan is subject to the fulfillment of each of the following conditions, in form
and substance satisfactory to the Lender:

 

(a)            each
representation and warranty contained in this Agreement shall be true and correct, and no Event of Default shall have occurred and be
continuing, in each case as of the date each Loan is to be made hereunder, both with and without giving effect thereto and to the application
of the proceeds thereof; and

 

(b)            the
Lender shall have received such other documents and opinions, if any, as it shall have reasonably requested.

 

7.            Representations
and Warranties. In order to induce the Lender to enter into this Agreement and to make each Loan hereunder, the Borrower represents
and warrants that:

 

(a)            the
Borrower is duly incorporated, validly existing and in good standing under the laws of Maryland;

 

(b)            the
Borrower has the power and authority to execute, deliver and perform the terms hereof; and the execution, delivery and performance by
the Borrower of this Agreement has been duly authorized by all necessary action and does not contravene (i) the Borrower’s
charter or bylaws or (ii) law or any contractual restriction binding upon or affecting the Borrower or its property;

 

(c)            this
Agreement has been duly executed and delivered and constitutes a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its respective terms, except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally;

 

(d)            the
execution, delivery and performance of this Agreement in accordance with its terms, and each borrowing of the Loans hereunder, does not
and will not (i) require any governmental approval or other consent or approval, other than such approvals and consents that have
been obtained and are in full force and effect, final and not subject to review on appeal or to collateral attack, or (ii) violate
or conflict with, result in a breach of, or constitute a default under, or result in or require creation of any lien or encumbrance upon
any assets of the Borrower under, any applicable law or any agreement, indenture, lease, license, instrument or other contractual restriction
or any organizational document to which the Borrower is a party or by which the Borrower or any of its properties may be bound.

 

    

     

    

 

8.            Covenants.
From the date hereof until the date upon which the Commitment shall have terminated (whether as a result of the expiration of the period
described in Section 1 or pursuant to the last paragraph of Section 9) and the Loans and all other amounts payable
or accrued hereunder (the “Repayment Date”) shall have been paid in full, the Borrower shall:

 

(a)            Preservation
of Existence and Franchises, Scope of Business, Compliance with Law, Preservation of Enforceability. (i) Preserve and maintain
its legal existence and all of its other franchises, licenses, rights and privileges, (ii) comply with applicable law in all material
respects, and (iii) take all action and obtain all consents and governmental approvals required so that its obligations hereunder
will at all times be legal, valid and binding and enforceable in accordance with their respective terms, except to the extent that the
failure to take such action or obtain any such consent or approval could not reasonably be expected to have a material adverse effect
on the Borrower; provided, however, that neither the Borrower nor any of its subsidiaries shall be required to preserve any right
or franchise if the board of directors, manager or member, as applicable, of the Borrower or such subsidiary shall determine that the
preservation thereof is no longer desirable for the conduct of the business of the Borrower or such subsidiary, as the case may be, and
that the loss thereof is not disadvantageous in any material respect to the Borrower, such subsidiary or the Lender.

 

(b)            Information.
Upon the request from time to time of the Lender, the Borrower shall promptly furnish to the Lender such documents and information regarding
this Agreement, the Loans, and the business, assets, liabilities, financial condition (including financial statements of the Borrower),
results of operations or business prospects of the Borrower, as the Lender may request, in each case in form and substance reasonably
satisfactory to the Lender.

 

9.            Events
of Default; Remedies. If any of the following events (each, an “Event of Default”) shall have occurred and be
continuing for any reason whatsoever (whether voluntary or involuntary, arising or effected by operation of law or otherwise):

 

(a)            any
payment of principal of the Loans shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and
in accordance with the terms of this Agreement;

 

(b)            any
payment of interest on the Loans shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and
in accordance with the terms of this Agreement, and such default is not cured within two days;

 

(c)            the
Borrower shall default in the performance or observance of any other term, covenant or agreement contained herein, and such default shall
continue without cure for a period of 30 days after receipt of written notice thereof from the Lender, or any representation or warranty
contained herein or therein shall at any time prove to have been incorrect or misleading in any material respect when made; or

 

(d)            a
case or proceeding shall be commenced against the Borrower, or the Borrower shall commence a voluntary case, in either case seeking relief
under any Bankruptcy Law, in each case as now or hereafter in effect, or the Borrower shall apply for, consent to, or fail to contest,
the appointment of a receiver, liquidator, custodian, trustee or the like of the Borrower or for all or any part of its property, or
the Borrower shall make a general assignment for the benefit of its creditors, or the Borrower shall fail, or admit in writing its inability,
to pay, or generally not be paying, its debts as they become due;

 

    

     

    

 

then during the
continuance of any Event of Default (other than any Event of Default specified in clause (d) above), the Lender may by written notice
to the Borrower declare, in whole or from time to time in part, the principal of, and accrued interest on, the Loans and all other amounts
owing hereunder to be, and the Loans and such other amounts shall thereupon and to that extent become, due and payable to the Lender.
During the continuance of any Event of Default specified in clause (d) above, automatically and without any notice to the Borrower,
the principal of, and accrued interest on, the Loans and all other amounts payable hereunder shall be due and payable to the Lender and
the Commitment shall terminate.

 

10.            Notices
and Deliveries. All notices, communications and material to be given or delivered hereunder shall be in writing and shall be deemed
sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile (upon confirmation of receipt), or 72
hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified
at such party’s address as set forth below.

 

If
to the Lender:

 

GC Advisors LLC

200 Park Avenue, 25th Floor, New York, NY 10166 

Attention:
David B. Golub 

Fax:
(212) 750-3756

 

If to
the Borrower:

 

Golub
Capital Direct Lending Unlevered Corporation 

200 Park
Avenue, 25th Floor, New York, NY 10166 

Attention:
David B. Golub 

Fax:
(212) 750-3756

 

11.            Assignment.

 

(a)            The
Borrower may not assign any of its rights or obligations under this Agreement without the prior written consent of the Lender.

 

(b)            The
Lender may not assign any of its rights or obligations under this Agreement without the prior written consent of the Borrower; provided
that the Lender may do any of the following from time to time without the consent of the Borrower: (i) assign any or all of its
rights and obligations under this Agreement to one or more Affiliates; (ii) pledge or otherwise grant a security interest or lien
in any of its rights, obligations or interests under this Agreement to one or more of its lenders or (ii) transfer any of its rights,
obligations or interests under this Agreement to any Person in connection with any exercise of remedies by any of its lender(s).

 

    

     

    

 

12.            Enforcement
Expenses. The Borrower shall pay or reimburse the Lender for all costs and expenses (including but not limited to fees and disbursements
of legal counsel) incurred by the Lender in connection with, arising out of, or in any way related to, the enforcement, exercise, preservation
or protection by the Lender of any of its rights under this Agreement.

 

13.            Judicial
Proceedings; Waiver of Jury Trial. Each of the Borrower and the Lender agree to submit to personal jurisdiction in any court of competent
jurisdiction in New York, New York, and to irrevocably waive any objection it may now or hereafter have as to the venue of any proceeding
brought in such court or that such court is an inconvenient forum. Each of the Borrower and the Lender hereby waives personal service
of process and consents that service of process upon it may be made, and deemed completed, in accordance with the provisions of Section 10.
THE BORROWER AND THE LENDER WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING ARISING OUT OF OR RELATING TO THE LOANS, THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

14.            LIMITATION
OF LIABILITY. NEITHER THE LENDER NOR ANY OF ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND ADVISORS
SHALL HAVE ANY LIABILITY WITH RESPECT TO, AND THE BORROWER HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR, ANY SPECIAL, INDIRECT
OR CONSEQUENTIAL DAMAGES SUFFERED BY THE BORROWER IN CONNECTION WITH ANY CLAIM (WHETHER CIVIL, CRIMINAL OR ADMINISTRATIVE, WHETHER SOUNDING
IN TORT, CONTRACT OR OTHERWISE AND WHETHER ARISING OR ASSERTED BEFORE OR AFTER THE DATE HEREOF OR THE REPAYMENT DATE) IN ANY WAY ARISING
OUT OF, RELATED TO, OR CONNECTED WITH, THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

 

15.            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

16.            Counterparts.
This Agreement may be signed in two counterparts, each of which shall constitute an original but both of which when taken together shall
constitute but one agreement.

 

17.            Definitions.
For purposes of this Agreement:

 

“Affiliate”
of a specified Person shall mean any other Person that directly or indirectly controls, is controlled by, or is under common control
with such specified Person.

 

“AFR”
shall mean the short-term applicable federal rate for quarterly compounding, as described under Section 1274(d) of the Internal
Revenue Code of 1986, as amended.

 

“Agreement”
shall mean this Revolving Loan Agreement, as amended from time to time.

 

    

     

    

 

“Alternative
Currency” means Canadian Dollars, Euros, Pounds Sterling, AUD, NZD, CHF.

 

“Applicable
Federal Rate” shall mean, with respect to the Loans, the greater of (a) the AFR in effect on the first day of the quarter
and (b) the AFR in effect on the first day of the quarter in which such Loan still outstanding was made.

 

“AUD”
means the lawful currency of The Commonwealth of Australia.

 

“Bankruptcy
Law” shall mean Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“Borrower”
is defined in the first paragraph of this Agreement.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or other day on which banks in New York, New York are authorized to close.

 

“Canadian
Dollar” means the lawful money of Canada.

 

“CHF”
means the lawful currency of the Swiss Confederation.

 

“Commitment”
is defined in Section 1 of this Agreement.

 

“Dollars”
and the sign “$” shall mean lawful money of the United States of America.

 

“Equivalent
Dollar Amount” means, with respect to any amount expressed, at the time of determination thereof, (a) if such amount is
expressed in Dollars, such amount, and (b) if such amount is expressed in any Alternative Currency, the amount, as determined by
the Lender in a reasonable manner of Dollars that may be purchased by the Lender on the international spot markets with such amount of
such Alternative Currency.

 

“Euro”
refers to the lawful money of the member states of the European Community that adopt or have adopted the Euro as its lawful currency
in accordance with the legislation of the European Union relating to the European Monetary Union

 

“Event
of Default” is defined in Section 9 of this Agreement.

 

“Loans”
is defined in Section 1 of this Agreement.

 

“Lender”
is defined in the first paragraph of this Agreement.

 

“Maturity
Date” shall mean the earlier of (a) the third anniversary of the date of this Agreement, (b) a distribution to stockholders
of the Borrower of either (i) cash proceeds from an orderly liquidation of the Borrower’s investments or (ii) securities
or other assets of the Borrower as a distribution-in-kind, and (c) a sale of some or all of the Borrower’s assets or common
stock to, or other liquidity event with, an entity for consideration of either cash and/or securities of the acquirer.

 

“NZD”
means the lawful currency of New Zealand.

 

    

     

    

 

“Person”
shall mean any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof.

 

“Pounds
Sterling” means the lawful currency of England.

 

“Repayment
Date” is defined in Section 8 of this Agreement.

 

    

     

    

 

IN
WITNESS WHEREOF, the Borrower and the Lender have caused this Agreement to be duly executed by their duly authorized officers, all as
of the day and year first above written.

 

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

 

	 	LENDER:
	 	 
	 	GC ADVISORS LLC
	 	 
	 	By:   	 
	 	 	Name:	David B. Golub
	 	 	Title:	President

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