Document:

Exhibit

Exhibit 10.01

Execution Version

     

SIXTH AMENDMENT
TO
AMENDED AND RESTATED 
5-YEAR REVOLVING CREDIT AGREEMENT
dated as of
September 12, 2019
among

NUSTAR LOGISTICS, L.P.,
NUSTAR ENERGY L.P.,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent,
and
The Lenders Party Hereto

    

SIXTH AMENDMENT TO AMENDED AND RESTATED 
5-YEAR REVOLVING CREDIT AGREEMENT

THIS SIXTH AMENDMENT TO AMENDED AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT (this “Sixth Amendment”) dated as of September 12, 2019 is among NUSTAR LOGISTICS, L.P., a Delaware limited partnership (the “Borrower”); NUSTAR ENERGY L.P., a Delaware limited partnership (the “MLP”); NUSTAR PIPELINE OPERATING PARTNERSHIP L.P., a Delaware limited partnership (the “Subsidiary Guarantor” and, together with the Borrower and the MLP, the “Obligors”);  JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and the undersigned Lenders.
R E C I T A L S
A.    The Borrower, the MLP, the Administrative Agent and the Lenders are parties to that certain Amended and Restated 5-Year Revolving Credit Agreement dated as of October 29, 2014 (as amended, modified or supplemented prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to the Borrower.
B.    The Subsidiary Guarantor is a party to that certain Amended and Restated Subsidiary Guaranty Agreement dated as of October 29, 2014 made by each of the Guarantors (as defined therein) in favor of the Administrative Agent (the “Subsidiary Guaranty”).
C.    The Borrower has heretofore requested pursuant to Section 2.19 of the Credit Agreement that the Maturity Date be extended by one year from October 29, 2020 to October 29, 2021 (the “Maturity Date Extension”).
D.    The Borrower has requested and the Lenders have agreed to amend certain provisions of the Credit Agreement.
E.    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all references to Sections in this Sixth Amendment refer to Sections of the Credit Agreement.

Section 2.Amendments to Credit Agreement.  

2.1    Amendments to Section 1.01.  Section 1.01 is hereby amended as follows:

(a)Each of the following definitions is hereby amended and restated in its entirety to read as follows: 
“Agreed Currencies” means (a) Dollars and (b) Euros and GBP, provided that each such currency is a lawful currency that is readily available, freely transferable and not restricted, able to be converted into Dollars and available in the London interbank deposit market. 

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“Applicable Rate” means, for any day, with respect to any ABR Loan or Eurocurrency Revolving Loan, or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurocurrency Spread” or “Commitment Fee Rate”, as the case may be, based upon the ratings by Moody’s and/or S&P, respectively, applicable on such date to the Index Debt:
	
				
	Index Debt Ratings
	ABR Spread
	Eurocurrency Spread
	Commitment 
Fee Rate

	Tier 1 Greater than BBB or Baa2
	0.225%
	1.225%
	0.200%

	Tier 2 BBB or Baa2
	0.350%
	1.350%
	0.250%

	Tier 3 BBB- or Baa3
	0.600%
	1.600%
	0.275%

	Tier 4 BB+ or Ba1
	0.850%
	1.850%
	0.350%

	Tier 5 BB or Ba2
	1.100%
	2.100%
	0.400%

	Tier 6 BB- or Ba3 or lower
	1.350%
	2.350%
	0.450%

For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect a rating for the Index Debt (after having established such a rating and other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Tier 6; (ii) if both Moody’s and S&P have established a rating for the Index Debt and such ratings established or deemed to have been established by Moody’s and S&P shall fall within different Tiers, then the Applicable Rate shall be based on the higher of the two ratings, unless one of the two ratings is two or more Tiers lower than the other, in which case the Applicable Rate shall be determined by reference to the Tier next below that of the higher of the two ratings and (iii) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise.  Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.  If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation.
“Calculation Date” shall mean each of the following: (a) the date on which any Borrowing Request is submitted hereunder, (b) the date of each Borrowing, (c) each date of a conversion into or continuation of a Loan pursuant to the terms of this Agreement, (d) the date on which any Letter of Credit is issued, amended, renewed or extended (including, for the avoidance of doubt, the date of any amendment of such Letter of Credit that has the effect of increasing the face amount thereof), (e) the first Business Day of each calendar month and (f) any additional date as the Administrative Agent may determine at any time when an Event of Default exists. 

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“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.07 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 2.17 or Section 10.04.  The amount of each Lender’s Commitment as of the Sixth Amendment Effective Date is set forth on Schedule 2.01, or thereafter in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.  The aggregate amount of the Lenders’ Commitments as of the Sixth Amendment Effective Date is $1,200,000,000.
“Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount is expressed in another Agreed Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of Dollars with such Agreed Currency last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Thomson Reuters Corp., Refinitiv, or any successor thereto (“Reuters”) source on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars with such Agreed Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its reasonable discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its reasonable discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its reasonable discretion.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC Exposure of any Lender at any time shall be its Applicable Percentage of the LC Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force and effect until the applicable Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit. 
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

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“Screen Rate” means, with respect to (a) any LIBOR Borrowing in any LIBOR Quoted Currency and for any applicable Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for such LIBOR Quoted Currency for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (the “LIBOR Screen Rate”) as of the Specified Time on the Quotation Day for such Interest Period; and (b) any EURIBOR Borrowing and for any applicable Interest Period, the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters as of the Specified Time on the Quotation Day for such Interest Period, and if such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Borrower; provided, that, if a LIBOR Screen Rate or a EURIBOR Screen Rate, as applicable, shall not be available at the applicable time for the applicable Interest Period (the “Impacted Interest Period”), then the Screen Rate for such currency and Interest Period shall be the Interpolated Rate, subject to Section 2.12; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
(b)The following definitions are hereby added to Section 1.01 in their appropriate alphabetical order:
“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 
“BHC Act Affiliate” of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 
“Covered Entity” means any of the following: (i)     a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. 
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“Sixth Amendment” means that certain Sixth Amendment to Amended and Restated 5-Year Revolving Credit Agreement dated as of September 12, 2019 among the Borrower, the MLP, the Subsidiary Guarantor, the Administrative Agent, and the Lenders party thereto.
“Sixth Amendment Effective Date” has the meaning given such term in the Sixth Amendment.
(c)The definition of “Exchange Rate” is hereby deleted.

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(d)The definition of “Maturity Date” is hereby amended by replacing the reference to “Section 2.19” with “Section 2.19 or Section 10.20”.

2.2    Amendment to Article I.  Article I is hereby amended by adding new Sections 1.05, 1.06 and 1.07 to read as follows:

Section 1.05    Interest Rates; LIBOR Notification.  The interest rate on LIBOR Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate.  The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans.  In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate.  In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.12(b) of this Agreement, such Section 2.12(b) provides that LIBOR Loans will bear interest at an alternative rate of interest as more particularly described therein.  The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.
Section 1.06    Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit that, by its terms provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.
Section 1.07    Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.
2.3    Amendment to Section 2.10(d).  Section 2.10(d) is hereby amended by deleting the phrase “using the Exchange Rate”.

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2.4    Amendment to Section 2.20.  Section 2.20 is hereby amended and restated in its entirety to read as follows:

Section 2.20    Dollar Equivalent Determinations.  Not later than 5:00 p.m. (New York time) on each date on which the Dollar Equivalent of any amount in Euros or GBP is required to be determined hereunder (other than pursuant to Section 2.21 or except as otherwise expressly provided for herein), the Administrative Agent shall determine the Dollar Equivalent of such amount.  Without limitation of the foregoing, the Administrative Agent shall determine the Dollar Equivalent of all outstanding Borrowings and LC Exposure on (i) each Calculation Date and (ii) any Extension Effective Date.  Promptly after the determination of the Dollar Equivalent of any amount in Euros or GBP pursuant to this Section 2.20, the Administrative Agent shall promptly notify the Borrower, the Issuing Banks and the Lenders of the results thereof.  All determinations by the Administrative Agent of the Dollar Equivalent of any amount shall be deemed to be conclusive absent manifest error.
2.5    Amendment to Section 2.22.  The second-to-last paragraph of Section 2.22 is hereby amended by replacing the phrase “Bankruptcy Event” with the phrase “Bankruptcy Event or Bail-In Action”.

2.6    Amendment to Section 3.11.  Section 3.11 is hereby amended by adding the following sentence at the end thereof: “As of the Sixth Amendment Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Sixth Amendment Effective Date to any Lender in connection with this Agreement is true and correct in all respects.”.

2.7    Amendment to Article III.  Article III is hereby amended by adding a new Section 3.15 at the end thereof to read as follows:

Section 3.15    Plan Assets; Prohibited Transactions. None of the Borrower or any of its Subsidiaries is an entity deemed to hold “plan assets” (within the meaning of the Plan Asset Regulations), and neither the execution, delivery nor performance of the transactions contemplated under this Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.
2.8    Amendment to Section 5.01(f).  Section 5.01(f) is hereby amended and restated in its entirety to read as follows:

(f)    promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower, the MLP or any of their subsidiaries, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request, including information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

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2.9    Amendment to Article X.  Article X is hereby amended by adding a new Section 10.20 and a new Section 10.21 to read as follows:

Section 10.20.    Additional Extending Lenders.  At any time from and after the Sixth Amendment Effective Date, each Lender not identified as an “Extending Lender” on Schedule 2.01 may agree, in its sole discretion, to extend the Maturity Date applicable to such Lender to October 29, 2021, in each case with the consent of the Administrative Agent and the Borrower, pursuant to documentation in form and substance satisfactory to the Administrative Agent and the Borrower (which documentation shall specify the effective date thereof).  Each such Lender which agrees to extend the Maturity Date pursuant to this Section 10.20 shall be deemed to be a “Consenting Lender” for all purposes of this Agreement and of the other Loan Documents, and such Lender shall have all the rights and obligations of a Consenting Lender hereunder and under the other Loan Documents, in each case as of the effectiveness of such documentation (for the avoidance of doubt, other than the right to receive the fee paid to “Extending Lenders” pursuant to Section 5.2 of the Sixth Amendment).
Section 10.21.    Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
2.10    Amendment to Schedules.  Schedule 2.01 is hereby amended and restated in its entirety in the form attached hereto as Schedule 2.01.

Section 3.Extension of Maturity Date.  Pursuant to Section 2.19 of the Credit Agreement, effective as of the Sixth Amendment Effective Date, the Maturity Date applicable to each Lender identified as an “Extending Lender” on Schedule 2.01 attached to this Sixth Amendment (each of which, for the avoidance of doubt, constitutes a Consenting Lender pursuant to Section 2.19 of the Credit Agreement) shall be October 29, 2021.  

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Section 4.Assignment of Certain Commitments.  Effective as of the Sixth Amendment Effective Date immediately after giving effect to the amendments to the Credit Agreement set forth in Section 2 above, and for an agreed consideration, DNB Capital LLC (the “Assignor”) hereby irrevocably sells and assigns to each of BMO Harris Bank N.A., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia, MUFG Bank, Ltd. and Frost Bank (each, an “Assignee”), and each Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions set forth in Annex 1 attached to Exhibit A of the Credit Agreement (the “Standard Terms and Conditions”) (which are hereby agreed to and incorporated herein by reference and made a part of this assignment and assumption as if set forth herein in full, and with the Assignor and each Assignee making the representations and warranties therein) and the Credit Agreement, (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified in the grid below opposite the name of such Assignee of all of such outstanding rights and obligations of the Assignor under the Credit Agreement (including any Letters of Credit and guarantees included in the Loan Documents) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to any Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).  
	
					
	Assignor
	Assignee
	Aggregate Amount of Commitments for all Lenders
	Amount of Commitments Assigned
	Percentage Assigned of Commitments for all Lenders

	DNB Capital LLC
	BMO Harris Bank N.A.
	$1,200,000,000.00
	$9,600,000.00
	0.800000000%

	DNB Capital LLC
	Sumitomo Mitsui Banking Corporation
	$1,200,000,000.00
	$9,600,000.00
	0.800000000%

	DNB Capital LLC
	The Bank of Nova Scotia
	$1,200,000,000.00
	$9,600,000.00
	0.800000000%

	DNB Capital LLC
	MUFG Bank, Ltd.
	$1,200,000,000.00
	$9,600,000.00
	0.800000000%

	DNB Capital LLC
	Frost Bank
	$1,200,000,000.00
	$2,857,142.86
	0.238095238%

Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this assignment and assumption, without representation or warranty by the Assignor.  Each Issuing Bank hereby consents and agrees to the assignment set forth in this Section 4.  Notwithstanding Section 10.04(b)(ii)(C), neither the Assignor nor any Assignee shall be required to pay a processing and recordation fee of $3,500 to the Administrative Agent in connection with this Section 4.  For the avoidance of doubt, and notwithstanding anything to the contrary set forth herein, Schedule 2.01 attached to this Sixth Amendment sets forth the Commitment of each Lender after giving effect to the assignment set forth in this Section 4.

Section 5.    Conditions Precedent.  This Sixth Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02) (the “Sixth Amendment Effective Date”):

5.1    The Administrative Agent shall have received from the Required Lenders (including the Assignor and each Assignee), the Borrower, the MLP and the Subsidiary Guarantor, counterparts (in such number as may be requested by the Administrative Agent) of this Sixth Amendment signed on behalf of such Persons.

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5.2    The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable, if any, in connection with this Sixth Amendment on or prior to the Sixth Amendment Effective Date, including (i) to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower pursuant to the Credit Agreement and (ii) an extension fee payable to the Administrative Agent, for the account of each Lender that has agreed to extend the Maturity Date applicable such Lender pursuant to Section 3 of this Sixth Amendment, in an amount equal to the product of 0.125% multiplied by such Lender’s Commitment (as such term is amended by Section 2.1(a) of this Sixth Amendment and, for the avoidance of doubt, giving effect to Section 4 of this Sixth Amendment) on the Sixth Amendment Effective Date.

5.3    The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to the Maturity Date Extension and (ii) certifying that, (A) before and after giving effect to the Maturity Date Extension, the representations and warranties contained in Article III of the Credit Agreement made by the Borrower are true and correct on and as of the Sixth Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, (B) before and after giving effect to the Maturity Date Extension, no Default exists or will exist as of Sixth Amendment Effective Date, and (C) since December 31, 2013, no event, development or circumstance that has had a Material Adverse Effect has occurred.

5.4    (a) The Administrative Agent and the Lenders shall have received, and be reasonably satisfied in form and substance with, all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including but not restricted to the Patriot Act and (b) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, any Lender that has requested, in a written notice to the Borrower at least 10 days prior to the Sixth Amendment Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification at least five days prior to the Sixth Amendment Effective Date (provided that, upon the execution and delivery by such Lender of its signature page to this Sixth Amendment, the condition set forth in this clause (b) shall be deemed to be satisfied).

5.5    The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.

The Administrative Agent is hereby authorized and directed to declare this Sixth Amendment to be effective (and the Sixth Amendment Effective Date shall occur) when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 5 or the waiver of such conditions as permitted in Section 10.02, which must occur prior to 1:00 p.m., New York City time, on October 25, 2019 (and, in the event such conditions are not so satisfied or waived prior to such time, the Administrative Agent shall no longer be authorized to declare this Sixth Amendment to be effective (and the Sixth Amendment Effective Date shall not occur)).  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.  
Section 6.    Miscellaneous.

6.1    Confirmation.  The provisions of the Credit Agreement, as amended by this Sixth Amendment, shall remain in full force and effect following the effectiveness of this Sixth Amendment.

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6.2    Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby: (a) acknowledges the terms of this Sixth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (c) agrees that from and after the Sixth Amendment Effective Date each reference to the Credit Agreement in the Subsidiary Guaranty and the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Sixth Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Sixth Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct as of such earlier date and (ii) no Default has occurred and is continuing.

6.3    Loan Document.  This Sixth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.

6.4    Counterparts.  This Sixth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Sixth Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

6.5    NO ORAL AGREEMENT.  THIS SIXTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

6.6    GOVERNING LAW.  THIS SIXTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[SIGNATURES BEGIN ON NEXT PAGE]

10

IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to be duly executed as of the date first written above.

	
			
	NUSTAR LOGISTICS, L.P.

	By:
	NuStar GP, Inc., its General Partner

	 
	 
	 

	 
	By:
	/s/ Thomas R. Shoaf

	 
	Name:
	Thomas R. Shoaf

	 
	Title:
	Executive Vice President and Chief Financial Officer 

	
			
	NUSTAR ENERGY L.P.

	By:
	Riverwalk Logistics, L.P. its General Partner

	By:
	NuStar GP, LLC, its General Partner

	 
	 
	 

	 
	By:
	/s/ Thomas R. Shoaf

	 
	Name:
	Thomas R. Shoaf

	 
	Title:
	Executive Vice President and Chief Financial Officer 

	
			
	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.

	By:
	NuStar Pipeline Company, LLC, its General Partner

	 
	 
	 

	 
	By:
	/s/ Thomas R. Shoaf

	 
	Name:
	Thomas R. Shoaf

	 
	Title:
	Executive Vice President and Chief Financial Officer 

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	JPMORGAN CHASE BANK, N.A., as a Lender and as Administrative Agent

	 
	 
	 

	By:
	/s/ Travis Watson

	Name:
	Travis Watson

	Title:
	Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	MIZUHO BANK, LTD., as a Lender

	 
	 
	 

	By:
	/s/ EAS

	Name:
	Edward Sacks

	Title:
	Authorized Signatory

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender

	 
	 
	 

	By:
	/s/ Daniel Scherling

	Name:
	Daniel Scherling

	Title:
	Assistant Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	SUNTRUST BANK, as a Lender

	 
	 
	 

	By:
	/s/ Brian Guffin

	Name:
	Brian Guffin

	Title:
	Managing Director

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

	 
	 
	 

	By:
	/s/ Borden Tennant

	Name:
	Borden Tennant

	Title:
	Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BANK OF AMERICA, N.A., as a Lender

	 
	 
	 

	By:
	/s/ Victor F. Cruz

	Name:
	Victor F. Cruz

	Title:
	Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	MUFG BANK, LTD., FORMERLY KNOWN AS THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender

	 
	 
	 

	By:
	/s/ Todd Vaubel

	Name:
	Todd Vaubel

	Title:
	Director

 

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BARCLAYS BANK PLC, as a Lender

	 
	 
	 

	By:
	/s/ Sydney G. Dennis

	Name:
	Sydney G. Dennis

	Title:
	Director

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BBVA USA, as a Lender

	 
	 
	 

	By:
	/s/ Mark H. Wolf

	Name:
	Mark H. Wolf

	Title:
	Senior Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BMO HARRIS BANK N.A., as a Lender

	 
	 
	 

	By:
	/s/ Kevin Utsey

	Name:
	Kevin Utsey

	Title:
	Managing Director

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	DNB CAPITAL LLC, as a Lender

	 
	 
	 

	By:
	/s/ Kelton Glasscock

	Name:
	Kelton Glasscock

	Title:
	Senior Vice President

	
			
	By:
	/s/ James Grubb

	Name:
	James Grubb

	Title:
	First Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	ROYAL BANK OF CANADA, as a Lender

	 
	 
	 

	By:
	/s/ Michael Sharp

	Name:
	Michael Sharp

	Title:
	Authorized Signatory

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	SUMITOMO MITSUI BANKING CORPORATION, as a Lender

	 
	 
	 

	By:
	/s/ Michael Maguire

	Name:
	Michael Maguire

	Title:
	Executive Director

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 
	 
	 

	By:
	/s/ Mark Salierno

	Name:
	Mark Salierno

	Title:
	Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender

	 
	 
	 

	By:
	/s/ Joe Lattanzi

	Name:
	Joe Lattanzi

	Title:
	Managing Director

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BRANCH BANKING AND TRUST COMPANY, as a Lender

	 
	 
	 

	By:
	/s/ Lincoln LaCour

	Name:
	Lincoln LaCour

	Title:
	Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	CITIBANK, N.A., as a Lender

	 
	 
	 

	By:
	/s/ Michael Zeller

	Name:
	Michael Zeller

	Title:
	Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	COMERICA BANK, as a Lender

	 
	 
	 

	By:
	/s/ L. J. Perenyi

	Name:
	L. J. Perenyi

	Title:
	Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	FROST BANK, as a Lender

	 
	 
	 

	By:
	/s/ Luke Healy

	Name:
	Luke Healy

	Title:
	Vice President

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	FIRST COMMERCIAL BANK NEW YORK BRANCH, as a Lender

	 
	 
	 

	By:
	/s/ Terry Y. G. Ju

	Name:
	Terry Y. G. Ju

	Title:
	Senior Vice President & General Manager

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender

	 
	 
	 

	By:
	/s/ Peter Kuo

	Name:
	Peter Kuo

	Title:
	Authorized Signatory

SIGNATURE PAGE TO SIXTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

SCHEDULE 2.01
Commitments
	
			
	LENDER
	COMMITMENT
	Extending Lender?

	JPMorgan Chase Bank, N.A.
	 $71,314,285.71 
	Yes

	Mizuho Bank, Ltd.
	 $71,314,285.71 
	Yes

	PNC Bank, National Association 
	 $71,314,285.71 
	Yes

	SunTrust Bank
	 $71,314,285.71 
	Yes

	Wells Fargo Bank, National Association
	 $71,314,285.71 
	Yes

	BMO Harris Bank N.A.
	$71,314,285.71 
	Yes

	MUFG Bank, Ltd.
	  $71,314,285.71
	Yes

	Sumitomo Mitsui Banking Corporation
	 $71,314,285.71
	Yes

	The Bank of Nova Scotia
	$71,314,285.71
	Yes

	Bank of America, N.A.
	 $61,714,285.71 
	Yes

	Barclays Bank PLC
	 $61,714,285.71 
	Yes

	BBVA USA
	 $61,714,285.71 
	Yes

	Citibank, N.A.
	 $61,714,285.71 
	Yes

	Royal Bank of Canada
	 $61,714,285.71 
	Yes

	The Toronto-Dominion Bank, New York Branch 
	 $61,714,285.71 
	Yes

	U.S. Bank National Association
	 $61,714,285.71 
	Yes

	Branch Banking and Trust Company
	 $34,285,714.29 
	Yes

	Comerica Bank
	 $34,285,714.29 
	Yes

	DNB Capital LLC
	$20,457,142.86
	No

	Frost Bank
	$20,000,000.00
	Yes

	First Commercial Bank New York Branch
	 $17,142,857.14 
	Yes

	TOTAL:   
	$1,200,000,000.00Exhibit 10.1

 

EXECUTION VERSION

 

SECOND
AMENDMENT TO Loan and Servicing Agreement (this “Amendment”), dated as of September 6, 2019 (the “Amendment
Date”), among Golub Capital BDC Funding II LLC, as borrower (the “Borrower”), Golub Capital BDC, Inc.,
as servicer (in such capacity, the “Servicer”) and as the originator (in such capacity, the “Originator”),
Morgan Stanley Senior Funding, Inc., as administrative agent (the “Administrative Agent”), and Morgan Stanley
Bank, N.A., as lender (the “Lender”).

 

WHEREAS, the Borrower,
the Servicer, the Originator, the Administrative Agent and the Lender, are party to that certain Loan and Servicing Agreement,
dated as of February 1, 2019 (as the same may be amended, modified or supplemented prior to the Amendment Date in accordance with
the terms thereof, the “Loan and Servicing Agreement”), by and among the Borrower, the Servicer, the Originator,
the Administrative Agent, each of the Lenders from time to time party thereto, each of the Securitization Subsidiaries from time
to time party thereto and Wells Fargo Bank, National Association, as the collateral agent, the account bank and the collateral
custodian, providing, among other things, for the making and the administration of the Advances by the Lenders to the Borrower;
and

 

WHEREAS, the Borrower,
the Lender, the Administrative Agent and the Servicer desire to amend certain provisions of the Loan and Servicing Agreement, in
accordance with Section 12.01 thereof and subject to the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

 

Definitions

 

SECTION 1.1.          Terms
used but not defined herein have the respective meanings given to such terms in the Loan and Servicing Agreement.

 

ARTICLE
II

 

Amendments to Loan and Servicing Agreement

 

SECTION 2.1.          As
of the Amendment Date, the Loan and Servicing Agreement is hereby amended to delete the stricken text (indicated textually in
the same manner as the following example: stricken text) and to add the bold
and double-underlined text (indicated textually in the same manner as the following example: bold
and double-underlined text) as set forth on the pages of the Loan and Servicing Agreement attached as Appendix
A hereto.

 

     

     

    

 

ARTICLE III

 

Representations and
Warranties

 

SECTION 3.1.          The
Borrower and the Servicer hereby represent and warrant to the Administrative Agent and the Lenders that, as of the Amendment Date,
(i) no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing and (ii) the representations
and warranties of the Borrower and the Servicer contained in the Loan and Servicing Agreement are true and correct in all material
respects on and as of such day.

 

ARTICLE
IV

 

Conditions Precedent

 

SECTION 4.1.          This
Amendment shall become effective upon satisfaction of each of the following conditions:

 

(a)          its
execution and delivery by each party hereto;

 

(b)         the
Administrative Agent’s receipt of a legal opinion of counsel for the Borrower, in form and substance reasonably satisfactory
to the Administrative Agent covering such matters as the Administrative Agent may reasonably request;

 

(c)          the
Administrative Agent’s receipt of a good standing certificate for the Borrower issued by the applicable office body of its
jurisdiction of organization and a certified copy of the resolutions of the Borrower approving this Amendment and the transactions
contemplated hereby, certified by its secretary or assistant secretary or other authorized officer; and

 

(d)          the
payment by the Borrower in immediately available funds (which may be from the proceeds of an Advance made on the Amendment Date)
of an Upfront Fee (as defined in the Lender Fee Letter) and any other fees (including reasonable and documented fees, disbursements
and other charges of outside counsel to the Administrative Agent) to be received on the Amendment Date.

 

ARTICLE
V

 

Miscellaneous

 

SECTION
5.1.           Governing Law. THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW).

 

    	 	2	 

     

    

 

SECTION
5.2.          Severability Clause. In case any provision in
this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

SECTION
5.3.          Ratification. Except as expressly amended hereby, the
Loan and Servicing Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. This Amendment shall form a part of the Loan and Servicing Agreement for all
purposes.

 

SECTION
5.4.          Counterparts. The parties hereto may sign one or more
copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an
executed signature page of this Amendment by email transmission shall be effective as delivery of a manually executed
counterpart hereof.

 

SECTION
5.5.          Headings. The headings of the Articles and Sections in
this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation
of any provisions hereof.

 

[Signature Pages Follow]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the Amendment Date.

 

	 	BORROWER:
	 	 
	 	GOLUB CAPITAL BDC FUNDING II LLC
	 	 	 
	 	By:	Golub Capital BDC, Inc.
	 	its Designated Manager
	 	 	 
	 	By: 	/s/ Ross A. Teune
	 	 	Name:  Ross A. Teune 
	 	 	Title:  Chief Financial Officer 

 

[Signature Page to Second Amendment to Loan
and Servicing Agreement]

 

     

     

    

 

	 	SERVICER:
	 	 
	 	GOLUB CAPITAL BDC, INC.
	 	 	 
	 	By:	/s/ Ross A. Teune
	 	 	Name:  Ross A. Teune 
	 	 	Title:  Chief Financial Officer 

 

[Signature Page to Second Amendment to Loan
and Servicing Agreement]

 

     

     

    

 

	 	ORIGINATOR:
	 	 
	 	GOLUB CAPITAL BDC, INC.
	 	 	 
	 	By:	/s/ Ross A. Teune
	 	 	Name:  Ross A. Teune 
	 	 	Title:  Chief Financial Officer 

 

[Signature Page to Second Amendment to Loan
and Servicing Agreement]

  

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.
	 	 	 
	 	By: 	/s/ Matthieu Milgrom
	 	 	Name:  Matthieu Milgrom  
	 	 	Title:  Authorized Signatory 
	 	 	 
	 	LENDER:
	 	 
	 	MORGAN STANLEY BANK, N.A.
	 	 	 
	 	By:	/s/ Litta Dobreva
	 	 	Name:  Litta Dobreva
	 	 	Title:  Authorized Signatory 

 

[Signature Page to Second Amendment to Loan
and Servicing Agreement]

 

     

     

    

 

Appendix A

 

(See Attached)

 

     

     

    

 

(Conformed through Amendment No. 12)

 

 

 

Up to U.S. $200,000,000300,000,000

 

LOAN AND SERVICING AGREEMENT

 

Dated as of February 1, 2019

 

among

 

GOLUB
CAPITAL BDC FUNDING II LLC,

as the Borrower

 

GOLUB
CAPITAL BDC, INC.,

as the Originator and as the Servicer

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as the Administrative Agent

 

EACH OF THE LENDERS FROM TIME TO TIME PARTY
HERETO,

as the Lenders

 

EACH OF THE SECURITIZATION SUBSIDIARIES
FROM TIME TO TIME PARTY HERETO,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Agent, Account Bank and Collateral Custodian

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	 	ARTICLE I	 
	 	 	 
	 	DEFINITIONS	 
	 	 	 
	Section 1.01	Certain Defined Terms	2
	Section 1.02	Other Terms	53
	Section 1.03	Computation of Time Periods	53
	Section 1.04	Interpretation	53
	Section 1.05	Currency Conversion	55
	Section 1.06	Computation of Covenants	55
	 	 	 
	 	ARTICLE II	 
	 	 	 
	 	THE FACILITY	 
	 	 	 
	Section 2.01	Advances	5556
	Section 2.02	Procedure for Advances	56
	Section 2.03	Determination of Yield	5758
	Section 2.04	Remittance Procedures	58
	Section 2.05	Instructions to the Collateral Agent and the Account Bank	62
	Section 2.06	Borrowing Base Deficiency Payments	6263
	Section 2.07	Sale of Loan Assets; Affiliate Transactions	6364
	Section 2.08	Payments and Computations, Etc.	6768
	Section 2.09	Unused Fee	68
	Section 2.10	Increased Costs; Capital Adequacy	6869
	Section 2.11	Taxes	70
	Section 2.12	Grant of a Security Interest; Collateral Assignment of Agreements	74
	Section 2.13	Evidence of Debt	7576
	Section 2.14	Release of Loan Assets	76
	Section 2.15	Treatment of Amounts Received by any Loan Party	7778
	Section 2.16	Prepayment; Termination; Reduction	7778
	Section 2.17	Collections and Allocations	79
	Section 2.18	Reinvestment of Principal Collections	81
	Section 2.19	Defaulting Lenders	8182
	Section 2.20	Investment of Amounts on Deposit in Contribution Account	83
	Section 2.21	Incremental Facilities	83
	 	 	 
	 	ARTICLE III	 
	 	 	 
	 	CONDITIONS PRECEDENT	 
	 	 	 
	Section 3.01	Conditions Precedent to Effectiveness	8485
	Section 3.02	Conditions Precedent to All Advances	8586
	Section 3.03	Advances Do Not Constitute a Waiver	88
	Section 3.04	Conditions to Acquisition of Loan Assets	88

 

    -i- 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	 	REPRESENTATIONS AND WARRANTIES	 
	 	 	 
	Section 4.01	Representations and Warranties of the Loan Parties	8990
	Section 4.02	Representations and Warranties of each Loan Party Relating to the Agreement and the Collateral	9899
	Section 4.03	Representations and Warranties of the Servicer	99
	Section 4.04	Representations and Warranties of the Collateral Agent	103104
	Section 4.05	Representations and Warranties of the Collateral Custodian	104
	 	 	 
	 	ARTICLE V	 
	 	 	 
	 	GENERAL COVENANTS	 
	 	 	 
	Section 5.01	Affirmative Covenants of the Loan Parties	105
	Section 5.02	Negative Covenants of the Loan Parties	112
	Section 5.03	Affirmative Covenants of the Servicer	115
	Section 5.04	Negative Covenants of the Servicer	119
	Section 5.05	Affirmative Covenants of the Collateral Agent	120121
	Section 5.06	Negative Covenants of the Collateral Agent	120121
	Section 5.07	Affirmative Covenants of the Collateral Custodian	121
	Section 5.08	Negative Covenants of the Collateral Custodian	121
	 	 	 
	 	ARTICLE VI	 
	 	 	 
	 	ADMINISTRATION AND SERVICING OF CONTRACTS	 
	 	 	 
	Section 6.01	Appointment and Designation of the Servicer	121122
	Section 6.02	Duties of the Servicer	123124
	Section 6.03	Authorization of the Servicer	125
	Section 6.04	Collection of Payments; Accounts	126
	Section 6.05	[Reserved]	128
	Section 6.06	Servicer Compensation	128
	Section 6.07	Payment of Certain Expenses by Servicer	128
	Section 6.08	Reports to the Administrative Agent; Account Statements; Servicer Information	128
	Section 6.09	Annual Statement as to Compliance	130
	Section 6.10	Annual Independent Public Accountant's Servicing Reports	130131
	Section 6.11	Procedural Review of Loan Assets; Access to Servicer and Servicer's Records	130131
	Section 6.12	The Servicer Not to Resign	131132

 

    -ii- 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	 	ARTICLE VII	 
	 	 	 
	 	EVENTS OF DEFAULT	 
	 	 	 
	Section 7.01	Events of Default	132
	Section 7.02	Additional Remedies of the Administrative Agent	135136
	Section 7.03	Option to Purchase Collateral	137138
	 	 	 
	 	ARTICLE VIII	 
	 	 	 
	 	INDEMNIFICATION	 
	 	 	 
	Section 8.01	Indemnities by the Borrower	138139
	Section 8.02	Indemnities by Servicer	139140
	Section 8.03	Waiver of Certain Claims	140141
	Section 8.04	Legal Proceedings	141
	Section 8.05	After-Tax Basis	141142
	 	 	 
	 	ARTICLE IX	 
	 	 	 
	 	THE ADMINISTRATIVE AGENT	 
	 	 	 
	Section 9.01	The Administrative Agent	141142
	 	 	 
	 	ARTICLE X	 
	 	 	 
	 	COLLATERAL AGENT	 
	 	 	 
	Section 10.01	Designation of Collateral Agent	145146
	Section 10.02	Duties of Collateral Agent	146
	Section 10.03	Merger or Consolidation	149
	Section 10.04	Collateral Agent Compensation	149
	Section 10.05	Collateral Agent Removal	149
	Section 10.06	Limitation on Liability	149150
	Section 10.07	Collateral Agent Resignation	151152
	 	 	 
	 	ARTICLE XI	 
	 	 	 
	 	COLLATERAL CUSTODIAN	 
	 	 	 
	Section 11.01	Designation of Collateral Custodian	152
	Section 11.02	Duties of Collateral Custodian	152
	Section 11.03	Merger or Consolidation	155
	Section 11.04	Collateral Custodian Compensation	155156
	Section 11.05	Collateral Custodian Removal	155156
	Section 11.06	Limitation on Liability	156
	Section 11.07	Collateral Custodian Resignation	157158
	Section 11.08	Release of Documents	158

 

    -iii- 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 11.09	Return of Required Loan Documents	158159
	Section 11.10	Access to Certain Documentation and Information Regarding the Collateral	159
	Section 11.11	Bailment	159
	 	 	 
	 	ARTICLE XII	 
	 	 	 
	 	MISCELLANEOUS	 
	 	 	 
	Section 12.01	Amendments and Waivers	159160
	Section 12.02	Notices, Etc.	160161
	Section 12.03	No Waiver; Remedies	162163
	Section 12.04	Binding Effect; Assignability; Multiple Lenders	162163
	Section 12.05	Term of This Agreement	164
	Section 12.06	GOVERNING LAW; JURY WAIVER	164
	Section 12.07	Costs, Expenses and Taxes	165166
	Section 12.08	Further Assurances	166
	Section 12.09	Recourse Against Certain Parties	166
	Section 12.10	Execution in Counterparts; Severability; Integration	166167
	Section 12.11	Characterization of Conveyances Pursuant to each Purchase and Sale Agreement	167
	Section 12.12	Confidentiality	168
	Section 12.13	Waiver of Set Off	170
	Section 12.14	Headings and Exhibits	170
	Section 12.15	Ratable Payments	170
	Section 12.16	Failure of any Loan Party or Servicer to Perform Certain Obligations	170
	Section 12.17	Power of Attorney	170171
	Section 12.18	Delivery of Termination Statements, Releases, etc.	170171
	Section 12.19	Non-Petition	171

  

    -iv- 

     

    

 

LIST
OF SCHEDULES, EXHIBITS and Annexes

 

	SCHEDULES	 	 
	 	 	 
	SCHEDULE I	-	Conditions Precedent Documents
	SCHEDULE II	-	Eligibility Criteria
	SCHEDULE III	-	Agreed-Upon Procedures for Independent Public Accountants
	SCHEDULE IV	-	Loan Asset Schedule
	SCHEDULE V	-	Industry Classification
	SCHEDULE VI	-	Diversity Score
	SCHEDULE VII	-	Existing Golub BDC CLOs

 

ANNEXES

 

	ANNEX A	-	Commitments

 

EXHIBITS

 

	EXHIBIT A	-	Form of Approval Notice
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Disbursement Request
	EXHIBIT D	-	Form of Notice of Borrowing
	EXHIBIT E	-	Form of Notice of Reduction (Reduction of Advances Outstanding)
	EXHIBIT F	-	Form of Notice of Termination/Permanent Reduction
	EXHIBIT G	-	[Reserved]
	EXHIBIT H	-	Form of Servicing Report
	EXHIBIT I	-	Form of Servicer Certificate (Servicing Report)
	EXHIBIT J	-	Form of Release of Required Loan Documents
	EXHIBIT K	-	Form of Assignment and Acceptance
	EXHIBIT L	-	Forms of U.S. Tax Compliance Certificates
	EXHIBIT M	 	Form of Joinder Supplement
	EXHIBIT N	 	Form of Securitization Subsidiary Joinder 

  

    -v- 

     

    

 

This LOAN AND SERVICING
AGREEMENT is made as of February 1, 2019, among:

 

(1)         GOLUB
CAPITAL BDC FUNDING II LLC, a Delaware limited liability company, as the Borrower (as defined below);

 

(2)         golub
capital bdc, inc., a Delaware corporation, as the Originator (as defined below) and as the Servicer (as defined below);

 

(3)         EACH
OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as the Lenders (as defined below);

 

(4)         MORGAN
STANLEY SENIOR FUNDING, INC., as the Administrative Agent (as defined below);

 

(5)         EACH
OF THE SECURITIZATION SUBSIDIARIES FROM TIME TO TIME PARTY HERETO, as the Securitization Subsidiaries (as defined below); and

 

(6)         WELLS
FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent (as defined below), the Account Bank (as defined below) and the Collateral
Custodian (as defined below).

 

RECITALS

 

WHEREAS, the Borrower
has requested that the Lenders make available to the Borrower a revolving loan facility in the maximum principal amount of up to
the Facility Amount (as defined below), the proceeds of which shall be used by the Borrower to fund the purchase of certain Eligible
Loan Assets (as defined below);

 

WHEREAS, the Borrower
is willing to grant to the Collateral Agent, for the benefit of the Secured Parties (as defined below), a lien on and security
interest in the Collateral (as defined below) to secure the payment in full of the Obligations (as defined below);

 

WHEREAS, the Lenders
are willing to extend financing to the Borrower on the terms and conditions set forth herein;

 

WHEREAS, the Borrower
also desires to retain the Servicer to perform certain servicing functions related to the Collateral on the terms and conditions
set forth herein; and

 

WHEREAS, the Servicer
desires to perform certain servicing functions related to the Collateral on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto, intending to be legally bound, hereby agree as follows:

  

     

     

    

 

"Change of
Control" means an event that shall be deemed to have occurred if any of the following occur:

 

(a)         with
respect to the Borrower, Golub Capital BDC, Inc. at any time for any reason ceases to own, directly or indirectly, 100% of the
issued and outstanding membership interests of the Borrower (as the same may be adjusted for any combination, recapitalization
or reclassification into a greater or smaller number of shares or units), free and clear of all Liens, rights, options, warrants
or other similar agreements or understandings;

 

(b)         the
Management Agreement shall fail to be in full force and effect; and

 

(c)         the
dissolution, termination or liquidation, in whole or in part, transfer or other disposition, in each case, of all or substantially
all of the assets of the Borrower, the Originator or the Servicer, as applicable.

 

“CLO
Transaction” means the CLO transaction mutually agreed by the Servicer and Administrative Agent in writing (including by
email).

 

"Closing Date"
means February 1, 2019.

 

"Closing Date
Asset" means a Loan Asset owned by the Borrower (or which the Borrower has entered into a binding commitment to acquire)
on the Closing Date.

 

"Code"
means the Internal Revenue Code of 1986, as amended.

 

"Collateral"
means, collectively, the Collateral Portfolio and each Securitization Subsidiary Collateral Portfolio.

 

"Collateral
Agent" means Wells Fargo Bank, National Association, not in its individual capacity, but solely as collateral agent pursuant
to the terms of this Agreement, together with its successor and assigns in such capacity.

 

"Collateral
Agent Expenses" means the expenses set forth in the Wells Fargo Fee Letter and any other accrued and unpaid expenses (including
attorneys' fees, costs and expenses) and indemnity amounts payable by the Borrower or any Securitization Subsidiary to the Collateral
Agent under the Transaction Documents.

 

"Collateral
Agent Fees" means the fees due to the Collateral Agent pursuant to the Wells Fargo Fee Letter.

 

"Collateral
Agent Termination Notice" has the meaning assigned to that term in Section 10.05.

 

"Collateral
Custodian" means Wells Fargo Bank, National Association, not in its individual capacity, but solely as collateral custodian
pursuant to the terms of this Agreement, together with its successors and assigns in such capacity.

  

    	 	11	 

     

    

 

Bank in the name of the
Collateral Agent for the benefit of the applicable Securitization Subsidiary and under the sole dominion and control of the Collateral
Agent for the benefit of the Secured Parties (it being understood, however, that the Servicer shall be able to request distributions
and releases therefrom in accordance herewith); provided that the funds deposited therein (including any interest and earnings
thereon) from time to time shall constitute the property and assets of the Borrower or the applicable Securitization Subsidiary,
and the Borrower or the applicable Securitization Subsidiary shall be solely liable for any Taxes payable with respect to the Collection
Account.

 

"Collection
Date" means the date on which the aggregate outstanding principal amount of the Advances Outstanding have been repaid
in full and all Yield and Fees and all other Obligations (other than unmatured contingent obligations, for which no claim has been
made) have been paid in full, and the Borrower shall have no further right to request any additional Advances.

 

"Commitment"
means, with respect to each Lender, (i) during the Revolving Period, the amount set forth opposite such Lender's name on Annex
A hereto (as such amount may be revised from time to time) or the amount set forth as such Lender's "Commitment"
on the Assignment and Acceptance relating to such Lender, as applicable, and (ii) during the Amortization Period, such Lender's
Pro Rata Share of the aggregate Advances Outstanding, in each case, as such amount may be increased or reduced pursuant to Section
2.16.

 

"Commitment
Termination Date" means the earliest to occur of (a) February 1, 2021 and (b) the Facility Maturity Date.

 

"Concentration
Denominator" means the higher of (a) the Target Portfolio Amount and (b) an amount equal to the sum of the Adjusted Borrowing
Values of all Eligible Loan Assets included as part of the Collateral on such date.

 

"Concentration
Limitations" means, as of any date of determination, for the purposes of determining the Excess Concentration Amount and
after giving effect to all additions and removals of Eligible Loan Assets on such date:

 

(a)         not
more than 4.0% of the Concentration Denominator may consist of Eligible Loan Assets that are issued by a single Obligor and its
Affiliates, except that:

 

(i)          up
to 7.5% of the Concentration Denominator may consist of Eligible Loan Assets issued by each of the two (2) largest
Obligors and their respective Affiliates may
constitute up to 7.5% of the Concentration Denominator (provided that such Eligible Loan Asset
is aAssets are First Lien LoanLoans
or Unitranche LoanLoans);
and

 

(ii)         up
to 5.0% of the Concentration Denominator may consist of Eligible Loan Assets issued by each of the next five (5)
largest Obligors and their respective Affiliates may constitute up to 5.0% of the Concentration
Denominator;

  

    	 	13	 

     

    

 

(b)         not
more than 12.0% of the Concentration Denominator may consist of Eligible Loan Assets that are issued
by Obligors that belong to any single Industry Classification, except that:(i)          Eligible
Loan Assets issued by Obligors that belong to the largestany
single Industry Classification may constitute ,
except that:

 

(i)          up
to 30.0% of the Concentration Denominator may consist of Eligible Loan
Assets issued by Obligors that belong to the largest Industry Classification;

 

(ii)         up
to 25.0% of the Concentration Denominator may consist of Eligible Loan Assets issued by Obligors that belong to the
second largest Industry Classification may constitute up to 25.0% of the Concentration Denominator;
and ; and

 

(iii)        up
to 15.0% of the Concentration Denominator may consist of Eligible Loan Assets issued by Obligors that belong to the
third largest Industry Classification may constitute up to 15.0% of the Concentration Denominator;

 

(c)         not
more than 5.0% of the Concentration Denominator may consist of Eligible Loan Assets that are Delayed Draw Loan Assets;

 

(d)         not
more than 25.0% of the Concentration Denominator may consist of Eligible Loan Assets that are Cov-Lite Loan Assets that are (i)
issued by an Obligor that has a most recently reported EBITDA as of the Cut-Off Date of greater than the lesser of $40,000,000
and an amount to be determined by the Administrative Agent in its sole discretion and reflected in the related Approval Notice
on an asset-by-asset basis and (ii) not Broadly Syndicated Loans;

 

(e)         not
more than 45.0% of the Concentration Denominator may consist of Eligible Loan Assets with a Total Leverage Ratio of greater than
6.50:1.00 as of the Cut-Off Date;

 

(f)          not
more than 20.0% of the Concentration Denominator may consist of Eligible Loan Assets that are Recurring Revenue Loans;

 

(g)         not
more than 5.0% of the Concentration Denominator may consist of Eligible Loan Assets that are PIK Loan Assets, including Eligible
Loan Assets which become PIK Loan Assets as the result of a Material Modification;

 

(h)         not
more than 25.0% of the Concentration Denominator may consist of Eligible Loan Assets that are denominated in an Eligible Currency
other than Dollars; and

 

(i)          not
more than 25.0% of the Concentration Denominator may consist of Eligible Loan Assets that are domiciled in an Eligible Country
other than the United States, except that:

 

(i)          Eligible
Loan Assets that are domiciled in Canada or the United Kingdom may constitute up to 25.0% of the Concentration Denominator; and

  

    	 	23	 

     

    

 

"Facility Amount"
means the aggregate Commitments as then in effect, which (a) during
the period commencing on the Closing DateSecond
Amendment Effective Date and ending on the earlier to occur of (i) the closing date of the CLO Transaction and (ii) March 31, 2020
shall be $300,000,000 and (b) thereafter, shall be $200,000,000, as such amount may be increased pursuant to Section
2.21 or reduced pursuant to Section 2.172.16(b);
provided that, at all times (a) when an Event of Default exists and is continuing and (b) during the Amortization Period,
the Facility Amount shall mean the aggregate Advances Outstanding at such time.

 

"Facility
Maturity Date" means the earliest of (a) the Business Day designated by the Borrower to the Lender pursuant to Section
2.16(b) to terminate this Agreement, (b) the Stated Maturity or (c) the date on which the Facility Maturity Date is declared
(or is deemed to have occurred automatically) pursuant to Section 7.01.

 

"Fees"
means (a) the Unused Fee and (b) the fees payable to each Lender pursuant to the terms of any Lender Fee Letter.

 

"Financial
Asset" has the meaning specified in Section 8-102(a)(9) of the UCC.

 

"Financial
Covenant Test" means a test that will not be satisfied if as of the last day of any fiscal quarter, Golub Capital BDC,
Inc. fails to maintain GAAP net assets (as reflected in its 10Q or 10K without any deductions) in an amount at least equal to $250,000,000,
as increased by 50% of the net proceeds of any equity offerings by Golub Capital BDC, Inc. consummated after the Closing Date (excluding,
for the avoidance of doubt, any net proceeds of any equity offerings by Golub Capital BDC, Inc. in connection with any merger consummated
in accordance with Section 5.04(a)).

 

“Financial
Sponsor” means any Person, including any subsidiary of such Person, whose principal business activity is acquiring, holding
and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities
with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial
condition and creditworthiness are independent of the other companies so owned by such Person.

 

"First Lien
Loan" means any Loan Asset (a) that is secured by a valid and perfected first priority Lien on substantially all of the
Obligor's assets constituting Related Collateral, subject to any expressly permitted Liens under the Underlying Instrument for
such Loan Asset or such comparable definition if "permitted liens" is not defined therein, (b) that provides that the
payment obligation of the Obligor on such Loan Asset is either senior to, or pari passu with, and is not (and cannot by
its terms become) subordinate in right of payment to all other Indebtedness of such Obligor (other than customary “super
priority” facilities), (c) for which Liens on the Related Collateral securing any other outstanding Indebtedness of the Obligor
(excluding expressly permitted Liens described in clause (a) above but including Liens securing second lien loans) is expressly
subject to and contractually or structurally subordinate to the priority Liens securing such First Lien Loan, (d) that the Servicer
determines in accordance with the Servicing Standard that the value of the Related Collateral (or the enterprise value) and ability
to generate cash flow on or about the time of origination equals or exceeds the Outstanding Balance of the Loan Asset plus the
aggregate outstanding balances of all other Indebtedness of equal seniority secured by the

  

    	 	23	 

     

    

 

“Revenue”
means, with respect to any Eligible Loan Assets that are Recurring Revenue Loans, the definition of annualized recurring revenue
used in the Underlying Instruments for each such Eligible Loan Asset, or any comparable term for “Revenue” or “Adjusted
Revenue” in the Underlying Instruments for each such Eligible Loan Asset; provided that if there is no such term in
the Underlying Instruments, revenue for the related Obligor and any of its parents or Subsidiaries that are obligated with respect
to such Eligible Loan Asset pursuant to its Underlying Instruments (determined on a consolidated basis without duplication in accordance
with GAAP) for the most recent four fiscal quarter period for which financial statements have been delivered.

 

"Review Criteria"
has the meaning assigned to that term in Section 11.02(b)(i).

 

"Revolving
Loan" means a loan that is a line of credit or contains an unfunded commitment arising from an extension of credit to
an Obligor, pursuant to the terms of which amounts borrowed may be repaid and subsequently reborrowed.

 

"Revolving
Period" means the period commencing on the Closing Date and ending on the earlier to occur of (a) the Commitment Termination
Date and (b) the Facility Maturity Date.

 

"S&P"
means Standard & Poor's Ratings Group, a Standard & Poor's Financial Services LLC business (or its successors in interest).

 

"Sanctions"
means economic and trade sanctions administered or enforced by any of the following authorities: OFAC, the U.S. Department of State,
the European Union, Her Majesty's Treasury (United Kingdom) or the United Nations Security Council.

 

“Screen Rate”
means with respect to (a) Dollar Advances and GBP Advances, LIBOR, (b) with respect to Euro Advances, EURIBOR, (c) CAD Advances,
CDOR and (d) AUD Advances, BBSW; provided that, upon and during the occurrence of a Currency Disruption Event, with respect
to the Advances affected by such Currency Disruption Event, the applicable “Screen Rate” shall be the Designated Base
Rate.

 

"Second
Amendment Effective Date" means September 6, 2019.

 

"Second Lien
Loan" means any Loan Asset (a) that is secured by a valid and perfected Lien on substantially all of the Obligor's assets
constituting Related Collateral for such Loan Asset, subject only to the prior Lien provided to secure the obligations under a
"first lien" loan and any other expressly permitted Liens under the Underlying Instrument for such Loan Asset, including
any "permitted liens" as defined in such Underlying Instrument, or such comparable term if "permitted liens"
is not defined therein, (b) that, except for the express lien priority provisions under the documentation of the “first lien”
lenders (including super priority facilities permitted thereunder, if any), is either senior to, or pari passu with, all
other Indebtedness of such Obligor, and (c) that the Servicer determines in accordance with the Servicing Standard that the value
of the Related Collateral (or the enterprise value and ability to generate cash flow) on or about the time of origination equals
or exceeds the Outstanding Balance of the Loan Asset plus the aggregate outstanding balances of all other Indebtedness of equal
or greater seniority secured by the same Related Collateral (including, without limitation, the outstanding principal balance of
the "first lien" loan).

  

    	 	42	 

     

    

 

"Subsidiary"
means with respect to a Person, a corporation, partnership or other entity of which shares of stock or other ownership interests
having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity
are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries,
or both, by such Person.

 

"Substitute
Eligible Loan Asset" means each Eligible Loan Asset Granted by a Loan Party to the Collateral Agent, on behalf of the
Secured Parties, pursuant to Section 2.07(c)(ii).

 

"Synthetic
Security" means a security or swap transaction that has payments associated with either payments of interest and/or principal
on a reference obligation or the credit performance of a reference obligation.

 

"Target Portfolio
Amount" means, $295,000,000; provided that, (a) during the
period commencing on the Second Amendment Effective Date and ending on the earlier to occur of (i) the closing date of the CLO
Transaction and (ii) March 31, 2020 shall be $442,500,000 and (b) thereafter, shall be $295,000,000.

 

"Tax Expense
Cap" means, for any Payment Date, a per annum amount equal to $50,000.

 

"Taxes"
means any present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), charges, assessments
or fees of any nature (including interest, penalties, and additions thereto) that are imposed by any Governmental Authority.

 

"Termination/Reduction
Notice" means each notice required to be delivered by the Borrower in respect of any termination of this Agreement or
any permanent reduction of the Facility Amount, in the form of Exhibit F.

 

"Total Leverage
Ratio" means, with respect to any Loan Asset (other than a Recurring Revenue Loan) for any period, the meaning of "Total
Leverage Ratio" or any comparable term in the Underlying Instruments for each Loan Asset (subject to the exclusions in the
definition of Indebtedness), and in any case that "Total Leverage Ratio" or such comparable term is not defined in such
Underlying Instruments, the ratio of (a) Indebtedness less Unrestricted Cash, to (b) EBITDA, as calculated by the Servicer
in accordance with the Servicing Standard using information from and calculations consistent with the relevant compliance statements
and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Instruments.

 

"Transaction
Documents" means this Agreement, any Assignment and Acceptance, each Purchase and Sale Agreement, each Control Agreement,
each Securitization Subsidiary Joinder, the Pledge Agreement, the Wells Fargo Fee Letter, each Lender Fee Letter and each document,
instrument or agreement related to any of the foregoing.

 

"U.S. Tax
Compliance Certificate" has the meaning assigned to that term in Section 2.11(g)(i)c.

 

    	 	48	 

     

    

 

thereon and
all accrued Fees or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender
relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee
or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver
by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.

 

(ii)         Any
Lender being replaced pursuant to Section 2.19(c)(i) above shall execute and deliver an Assignment and Acceptance with respect to
such Lender's applicable Commitment and outstanding portion of the Advance funded by such Lender. Pursuant to such Assignment and
Acceptance, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender’s Commitment
and outstanding portion of the Advance and (B) all obligations of the Borrower owing to the assigning Lender relating to the Advance
and Commitments so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment
and Acceptance, the assignee Lender shall become a Lender hereunder and under each of the Transaction Documents and the assigning
Lender shall cease to constitute a Lender hereunder with respect to such assigned portion of the Advance and Commitments, except
with respect to indemnification provisions under this Agreement, which shall survive as to such assignment Lender. In connection
with any such replacement, if any such Defaulting Lender does not execute and deliver to the Administrative Agent a duly executed
Assignment and Acceptance reflecting such replacement within three (3) Business Days of the date on which the assignee Lender executes
and delivers such Assignment and Acceptance to such Defaulting Lender, then such Defaulting Lender shall be deemed to have executed
and delivered such Assignment and Acceptance without any action on the part of the Defaulting Lender.

 

Section 2.20         Investment
of Amounts on Deposit in Contribution Account. The Collateral Custodian shall cause the Account Bank, prior to the Closing
Date, to establish a single, segregated non-interest bearing account, which shall be designated as the Contribution Account, in
the name of and for the benefit of the Borrower. The Servicer may, to the extent of any amounts on deposit in the Contribution
Account, withdraw such funds for the purpose of investing in Non-Levered Loan Assets. For the avoidance of doubt, the Borrower,
or the Servicer on behalf of the Borrower, shall have sole rights of withdrawal with respect to the Contribution Account, and
the Account Bank shall only withdraw funds from the Contribution Account pursuant to the instructions of the Borrower or the Servicer.

 

Section 2.21         Incremental
Facilities.

 

(a)          The
Borrower may, by written notice to the Administrative Agent and each Lender, elect to request, prior to the last day of the Revolving
Period, an increase to the existing Commitments (any such increase, the “New
Commitments”) by an amount with the consent of the Administrative Agent and each Lender whose Commitment is being
increased thereby in their respective sole discretion and subject to any internal approvals, which would increase the Facility
Amount to an amount greater than $200,000,000300,000,000.
Each such notice shall specify (i) the date (each, an “Increased
Amount Date”) on which the Borrower proposes that the New

 

    	 	83	 

     

    

 

(a)         Organization
and Good Standing. The Servicer has been duly organized and is validly existing as a limited
liability companycorporation in good standing
under the laws of the State of Delaware, with all requisite limited liability companycorporate
power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter
into and perform its obligations pursuant to this Agreement.

 

(b)         Due
Qualification. The Servicer is duly qualified to do business as a limited liability companycorporation
and is in good standing as a limited liability companycorporation,
and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and
or the conduct of its business requires such qualification, licenses or approvals.

 

(c)         Power
and Authority; Due Authorization; Execution and Delivery. The Servicer (i) has all necessary power, authority and legal right
to (a) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (b) carry out the terms of
the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited
liability companycorporate action the execution,
delivery and performance of this Agreement and the other Transaction Documents to which it is a party. This Agreement and each
other Transaction Document to which the Servicer is a party have been duly executed and delivered by the Servicer.

 

(d)         Binding
Obligation. This Agreement and each other Transaction Document to which the Servicer is a party constitutes a legal, valid
and binding obligation of the Servicer enforceable against the Servicer in accordance with its respective terms, except as such
enforceability may be limited by Bankruptcy Laws and general principles of equity (whether considered in a suit at law or in equity).

 

(e)         No
Violation. The consummation of the transactions contemplated by this Agreement and the other Transaction Documents to which
it is a party and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Servicer's Constituent
Documents or any contractual obligation of the Servicer, (ii) result in the creation or imposition of any Lien upon any of the
Servicer's properties pursuant to the terms of any contractual obligation, other than this Agreement and Permitted Liens, or (iii)
violate any Applicable Law.

 

(f)          No
Proceedings. There is no litigation, proceeding or investigation pending or threatened against the Servicer, before any Governmental
Authority (i) asserting the invalidity of this Agreement or any other Transaction Document to which the Servicer is a party, (ii)
seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document
to which the Servicer is a party or (iii) seeking any determination or ruling that could reasonably be expected to have a Material
Adverse Effect.

 

(g)         All
Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental
Authority (if any) required for the due execution, delivery and performance by the Servicer of this Agreement and any other Transaction
Document to which the Servicer is a party have been obtained.

  

    	 	100	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first
above written.

 

	 	BORROWER:
	 	 
	 	GOLUB CAPITAL BDC FUNDING II LLC
	 	 	 
	 	By:	             
	 	Name:  	 
	 	Title:	 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

[Signature Page to Loan and Servicing Agreement] 

 

     

     

    

 

SCHEDULE I

 

CONDITIONS PRECEDENT DOCUMENTS

 

As required by Section
3.01 of this Agreement, each of the following items must be delivered to the Administrative Agent and the Lenders prior to
the effectiveness of the Agreement:

 

(a)          A
copy of this Agreement duly executed by each of the parties hereto;

 

(b)          A
certificate of the Secretary or Assistant Secretary of each of the Borrower, each then-existing Securitization Subsidiary, the
Servicer and the Originator, dated as of the Closing Date, certifying (i) the names and true signatures of the incumbent officers
of such Person authorized to sign on behalf of such Person the Transaction Documents to which it is a party (on which certificate
the Administrative Agent, the Lenders and the Lenders may conclusively rely until such time as the Administrative Agent and the
Lenders shall receive from the Borrower, and the Servicer or the Originator, as applicable, a revised certificate meeting the requirements
of this paragraph (b)(i)), (ii) that the copy of the certificate of formation, certificate of incorporation, articles of
incorporation or articles of organization, as applicable, of such Person attached to such certificate is a complete and correct
copy and that such certificate of formation has not been amended, modified or supplemented and is in full force and effect, (iii)
that the copy of the bylaws, limited liability company agreement or limited partnership agreement, as applicable, of such Person
attached to such certificate is a complete and correct copy, and that such bylaws, limited liability company agreement or limited
partnership agreement, as applicable, has not been amended, modified or supplemented and are in full force and effect, and (iv)
that the copy of the resolutions of the board of directors or managers of such Person attached to such certificate, approving and
authorizing the execution, delivery and performance by such Person of the Transaction Documents to which it is a party, is a complete
and correct copy and such resolutions have not been amended, modified or supplemented and are in full force and effect;

 

(c)          A
good standing certificate, dated as of a recent date for each of the Borrower, each then-existing Securitization Subsidiary, the
Servicer and the Originator, issued by the Secretary of State of such Person's State of formation, incorporation or organization,
as applicable;

 

(d)          Financing
statements (the "Facility Financing Statements") describing the Collateral, and (i) naming the Borrower or each
then-existing Securitization Subsidiary, as applicable, as debtor and the Collateral Agent, on behalf of the Secured Parties, as
secured party, (ii) naming the Originator as debtor, the Borrower as assignor and the Collateral Agent, on behalf of the Secured
Parties, as secured party/total assignee and (iii) other, similar instruments or documents, as may be necessary or, in the opinion
of the Administrative Agent, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect each Loan
Party's interest and the Collateral Agent's, on behalf of the Secured Parties, interests, respectively, in all Collateral;

 

(e)          Financing
statements, if any, necessary to release all security interests and other rights of any Person in the Collateral previously granted
by the Originator;

  

     Sch. I-1

     

    

 

SCHEDULE II

 

ELIGIBILITY CRITERIA

 

The representations
and warranties set forth in this Schedule II are made by each Loan Party and the Servicer under this Agreement and the Originator
under the Originator Purchase and Sale Agreement, with respect to all Loan Assets which are designated as being Eligible Loan Assets
on any Borrowing Base Certificate or are otherwise represented to the Administrative Agent or the Lenders as being Eligible Loan
Assets, or are included as Eligible Loan Assets in any calculation set forth in this Agreement to which this Schedule II
is attached; provided that, if any asset does not satisfy any criterion below, the Administrative Agent may expressly
consent in its sole discretion to the treatment of such asset as an Eligible Loan Asset; provided, further,
that the Administrative Agent will only be considered to have consented to such inclusion if the applicable Loan Party and the
Servicer have expressly acknowledged that the applicable criterion is not satisfied with respect to such Loan and each such applicable
criterion is accurately identified on Schedule 1 of the related Approval Notice; provided, further, that, if an asset
does not satisfy the representations and warranties below and the applicable Loan Party or the Servicer requests in writing that
the Administrative Agent consent to the acquisition of such asset, such Loan Party may acquire such asset (a “Non-Levered
Loan Asset”) on the conditions that: (a) such asset will be acquired by the applicable Loan Party by contribution from
the Originator or its Affiliates or by using the proceeds of equity contributions made by the Originator or amounts available for
distribution pursuant to Section 2.04(a)(ix), Section 2.04(b)(vi) or Section 2.04(c)(ix), (b) the applicable
Loan Party (or the Servicer on its behalf) shall have provided such information to the Administrative Agent regarding such asset
as may be requested by the Administrative Agent and (c) the Administrative Agent has approved such acquisition in writing or not
objected in writing within seven (7) Business Days of receipt of the Administrative Agent of such information described in clause
(b) above.

 

1.          As
of the related Cut-Off Date, each such Loan Asset has been approved in writing by the Administrative Agent in its sole discretion.

 

2.          As
of the related Cut-Off Date, each such Loan Asset is a First Lien Loan, Second Lien Loan, Unitranche Loan or FLLO Loan, evidenced
by a note or a credit document and an assignment document, as applicable, in the form specified in the applicable credit agreement
or, if no such specification, on a form acceptable to the agent in respect of such Loan Asset. Each such Loan Asset and the Related
Asset is subject to a valid, subsisting and enforceable first priority perfected security interest (subject only to Permitted Liens)
in favor of the Collateral Agent, on behalf of the Secured Parties, and the applicable Loan Party has good and marketable title
to, and is the sole owner of, such Loan Asset and the Related Asset, free and clear of all Liens other than any Permitted Liens.

 

3.          The
Obligor with respect to each such Loan Asset is organized under the laws of (i) the United States or any state thereof, (ii) Canada
or any territory thereof or (iii) any of Antilles, Australia, Belgium, Bermuda, the British Virgin Islands, the Cayman Islands,
Cyprus, Denmark, Estonia, Finland, Guernsey, Ireland, Jersey, the Isle of Man, Luxembourg, Malta, Netherlands, Antilles, Russia,
Serbia, Spain, Sweden, Switzerland and the United Kingdom or any other country that has a Moody's foreign currency rating of at
least "Aa3" and an S&P foreign issuer credit rating

 

     Sch. II-1

     

    

 

SCHEDULE III

 

AGREED-UPON PROCEDURES FOR

INDEPENDENT PUBLIC ACCOUNTANTS

 

[to be provided] 

 

     Sch. III-1

     

    

 

SCHEDULE IV

 

LOAN ASSET SCHEDULE

 

For each Loan Asset, the applicable Loan
Party shall provide, as applicable, the following information:

 

		(a)	Loan Asset Number

 

		(b)	Obligor Information

 

		(c)	The currency denomination of such Loan Asset

 

		(d)	Loan Asset Type (Broadly Syndicated Loan, First Lien Loan,
Second Lien Loan, FLLO Loan, Unitranche Loan, Recurring Revenue Loan)

 

		(e)	Whether such Loan Asset is a term loan or a Delayed Draw
Loan Asset

 

		(f)	Whether such Loan Asset is a Cov-Lite Loan Asset

 

		(g)	Whether the rate of interest is floating or fixed

 

		(h)	Rate of interest (and reference rate)

 

		(i)	LIBOR floor (if applicable)

 

		(j)	PIK Percentage

 

		(k)	Industry Classification

 

		(l)	S&P's Facility Rating and Corporate Family Rating of
such Loan Asset

 

		(m)	The Servicer's internal rating (1-5 or whichever is the
Servicer's current rating system) of the Loan Asset as of the applicable Cut-Off Date and as of the date of such Loan Asset Schedule

 

		(n)	Outstanding Balance

 

		(o)	Any Unfunded Exposure Amount (if applicable)

 

		(p)	Par Amount

 

		(q)	Tranche size

 

		(r)	Scheduled maturity date

 

		(s)	The Cut-Off Date for such Loan Asset

 

		(t)	Date of the last delivered Obligor financials

 

     Sch. IV-1

     

    

 

SCHEDULE V

 

INDUSTRY CLASSIFICATION

 

	1020000	Energy Equipment & Services
	1030000	Oil, Gas & Consumable Fuels
	1033403	Mortgage Real Estate Investment Trusts (REITs)
	2020000	Chemicals
	2030000	Construction Materials
	2040000	Containers & Packaging
	2050000	Metals & Mining
	2060000	Paper & Forest Products
	3020000	Aerospace & Defense
	3030000	Building Products
	3040000	Construction & Engineering
	3050000	Electrical Equipment
	3060000	Industrial Conglomerates
	3070000	Machinery
	3080000	Trading Companies & Distributors
	3110000	Commercial Services & Supplies
	3210000	Air Freight & Logistics
	3220000	Airlines
	3230000	Marine
	3240000	Road & Rail
	3250000	Transportation Infrastructure
	4011000	Auto Components
	4020000	Automobiles
	4110000	Household Durables
	4120000	Leisure Products
	4130000	Textiles, Apparel & Luxury Goods
	4210000	Hotels, Restaurants & Leisure
	4310000	Media
	43100001	Entertainment
	43100002	Interactive Media and Services
	4410000	Distributors
	4420000	Internet and Catalog Retail
	4430000	Multiline Retail
	4440000	Specialty Retail
	5020000	Food & Staples Retailing
	5110000	Beverages
	5120000	Food Products
	5130000	Tobacco

  

     Sch. V-1

     

    

 

SCHEDULE VI

 

Diversity
Score

 

Diversity Score Calculations

 

Diversity Score

 

Calculated as follows:

 

(a) An “Obligor Par Amount”
is calculated for each Obligor of a Loan Asset, and is equal to the outstanding principal amount of Loan Assets issued by such
Obligor and its Affiliates.

 

(b) An “Average Par Amount”
is calculated by summing the Obligor Par Amounts for all Obligors, and dividing by the aggregate number of Obligors.

 

(c) An “Equivalent Unit Score”
is calculated for each Obligor, and is equal to the lesser of (a) one and (b) the Obligor Par Amount for such Obligor divided
by the Average Par Amount.

 

(d) An “Aggregate Industry Equivalent
Unit Score” is then calculated for each Industry Classification and is equal to the sum of the Equivalent Unit Scores
for each Obligor in such Industry Classification.

 

(e) An “Industry Diversity Score”
is then established for each Industry Classification by reference to the following table for the related Aggregate Industry Equivalent
Unit Score; provided, that if any Aggregate Industry Equivalent Unit Score falls between any two such scores, the applicable
Industry Diversity Score will be the lower of the two Industry Diversity Scores:

 

	Aggregate 
 Industry 
 Equivalent 
 Unit Score	 	 	Industry 
 Diversity 
 Score	 	 	Aggregate 
 Industry 
 Equivalent 
 Unit Score	 	 	Industry 
 Diversity Score	 	 	Aggregate 
 Industry 
 Equivalent 
 Unit Score	 	 	Industry 
 Diversity Score	 	 	Aggregate 
 Industry 
 Equivalent Unit 
 Score	 	 	Industry 
 Diversity 
 Score	 
	 	0.0000	 	 	 	0.0000	 	 	 	5.0500	 	 	 	2.7000	 	 	 	10.1500	 	 	 	4.0200	 	 	 	15.2500	 	 	 	4.5300	 
	 	0.0500	 	 	 	0.1000	 	 	 	5.1500	 	 	 	2.7333	 	 	 	10.2500	 	 	 	4.0300	 	 	 	15.3500	 	 	 	4.5400	 
	 	0.1500	 	 	 	0.2000	 	 	 	5.2500	 	 	 	2.7667	 	 	 	10.3500	 	 	 	4.0400	 	 	 	15.4500	 	 	 	4.5500	 
	 	0.2500	 	 	 	0.3000	 	 	 	5.3500	 	 	 	2.8000	 	 	 	10.4500	 	 	 	4.0500	 	 	 	15.5500	 	 	 	4.5600	 
	 	0.3500	 	 	 	0.4000	 	 	 	5.4500	 	 	 	2.8333	 	 	 	10.5500	 	 	 	4.0600	 	 	 	15.6500	 	 	 	4.5700	 
	 	0.4500	 	 	 	0.5000	 	 	 	5.5500	 	 	 	2.8667	 	 	 	10.6500	 	 	 	4.0700	 	 	 	15.7500	 	 	 	4.5800	 
	 	0.5500	 	 	 	0.6000	 	 	 	5.6500	 	 	 	2.9000	 	 	 	10.7500	 	 	 	4.0800	 	 	 	15.8500	 	 	 	4.5900	 
	 	0.6500	 	 	 	0.7000	 	 	 	5.7500	 	 	 	2.9333	 	 	 	10.8500	 	 	 	4.0900	 	 	 	15.9500	 	 	 	4.6000	 
	 	0.7500	 	 	 	0.8000	 	 	 	5.8500	 	 	 	2.9667	 	 	 	10.9500	 	 	 	4.1000	 	 	 	16.0500	 	 	 	4.6100	 
	 	0.8500	 	 	 	0.9000	 	 	 	5.9500	 	 	 	3.0000	 	 	 	11.0500	 	 	 	4.1100	 	 	 	16.1500	 	 	 	4.6200	 
	 	0.9500	 	 	 	1.0000	 	 	 	6.0500	 	 	 	3.0250	 	 	 	11.1500	 	 	 	4.1200	 	 	 	16.2500	 	 	 	4.6300	 
	 	1.0500	 	 	 	1.0500	 	 	 	6.1500	 	 	 	3.0500	 	 	 	11.2500	 	 	 	4.1300	 	 	 	16.3500	 	 	 	4.6400	 
	 	1.1500	 	 	 	1.1000	 	 	 	6.2500	 	 	 	3.0750	 	 	 	11.3500	 	 	 	4.1400	 	 	 	16.4500	 	 	 	4.6500	 
	 	1.2500	 	 	 	1.1500	 	 	 	6.3500	 	 	 	3.1000	 	 	 	11.4500	 	 	 	4.1500	 	 	 	16.5500	 	 	 	4.6600	 
	 	1.3500	 	 	 	1.2000	 	 	 	6.4500	 	 	 	3.1250	 	 	 	11.5500	 	 	 	4.1600	 	 	 	16.6500	 	 	 	4.6700	 
	 	1.4500	 	 	 	1.2500	 	 	 	6.5500	 	 	 	3.1500	 	 	 	11.6500	 	 	 	4.1700	 	 	 	16.7500	 	 	 	4.6800	 
	 	1.5500	 	 	 	1.3000	 	 	 	6.6500	 	 	 	3.1750	 	 	 	11.7500	 	 	 	4.1800	 	 	 	16.8500	 	 	 	4.6900	 
	 	1.6500	 	 	 	1.3500	 	 	 	6.7500	 	 	 	3.2000	 	 	 	11.8500	 	 	 	4.1900	 	 	 	16.9500	 	 	 	4.7000	 
	 	1.7500	 	 	 	1.4000	 	 	 	6.8500	 	 	 	3.2250	 	 	 	11.9500	 	 	 	4.2000	 	 	 	17.0500	 	 	 	4.7100	 
	 	1.8500	 	 	 	1.4500	 	 	 	6.9500	 	 	 	3.2500	 	 	 	12.0500	 	 	 	4.2100	 	 	 	17.1500	 	 	 	4.7200	 
	 	1.9500	 	 	 	1.5000	 	 	 	7.0500	 	 	 	3.2750	 	 	 	12.1500	 	 	 	4.2200	 	 	 	17.2500	 	 	 	4.7300	 

 

     Sch. VI-1

     

    

 

SCHEDULE VII

 

EXISTING
GOLUB BDC CLOs

 

Golub Capital BDC CLO III LLC

  

     Sch. VII-1

     

    

 

ANNEX A

 

	Lender	 	Commitment	 
	Morgan Stanley Bank, N.A.	 	$	200,000,000300,000,000	 

 

    	 	Annex A-1	 

     

    

 

Exhibits

 

[attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}]]