Document:

EX-10.2

 Exhibit 10.2 

EXECUTION COPY 
  

 
  

ACCOUNT CONTROL AGREEMENT 

February 22, 2019 

PENNANTPARK INVESTMENT FUNDING I, LLC, 

as Pledgor 
 THE BANK OF NEW YORK
MELLON TRUST COMPANY, NATIONAL ASSOCIATION, 
 as Secured Party 

PENNANTPARK INVESTMENT ADVISERS, LLC, 

as Servicer 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, 

as Securities Intermediary 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	INTERPRETATION	  	 	1	 
			
	 ARTICLE II
	 	APPOINTMENT OF SECURITIES INTERMEDIARY	  	 	1	 
			
	 ARTICLE III
	 	THE SECURED ACCOUNTS	  	 	1	 
			
	 ARTICLE IV
	 	THE SECURITIES INTERMEDIARY	  	 	5	 
			
	 ARTICLE V
	 	INDEMNITY; LIMITATION ON DAMAGES; EXPENSES; FEES	  	 	10	 
			
	 ARTICLE VI
	 	REPRESENTATIONS AND AGREEMENTS	  	 	11	 
			
	 ARTICLE VII
	 	TRANSFER	  	 	12	 
			
	 ARTICLE VIII
	 	TERMINATION	  	 	12	 
			
	 ARTICLE IX
	 	MISCELLANEOUS	  	 	13	 
			
	 ARTICLE X
	 	NOTICES	  	 	15	 
			
	 ARTICLE XI
	 	GOVERNING LAW AND JURISDICTION	  	 	15	 
			
	 ARTICLE XII
	 	DEFINITIONS	  	 	16	 

  
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 ACCOUNT CONTROL AGREEMENT (this “Agreement”), dated as of February 22,
2019, among PennantPark Investment Funding I, LLC, as pledgor (the “Pledgor”), PennantPark Investment Advisers, LLC, as Servicer (the “Servicer”), The Bank of New York Mellon Trust Company, National Association
(“BNY”), as Collateral Agent for the Secured Parties to the Credit Agreement defined below (in such capacity, the “Secured Party”) and as Securities Intermediary (in such capacity, the “Securities
Intermediary”). 
 In consideration of the mutual agreements hereinafter contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

INTERPRETATION 

Section 1. (a) Definitions. Capitalized terms used in this Agreement shall have the meanings specified in
Section 12. In addition, all terms used herein which are defined in the Revolving Credit and Security Agreement, dated as of the date hereof (the “Credit Agreement”), among the Pledgor, as the Borrower, the
financial institutions from time to time party thereto, as Lenders, BNP Paribas, as the Administrative Agent (the “Administrative Agent”), PennantPark Investment Corporation, as equityholder, the Servicer, as Servicer, and BNY, as
the Collateral Agent, or in Article 8 or Article 9 of the UCC and which are not otherwise defined herein are used herein as so defined. 

(b) Rules of Construction. The rules of construction set forth in Section 1.02 of the Credit Agreement shall apply to this
Agreement as if fully set forth herein. 
 ARTICLE II 

APPOINTMENT OF SECURITIES INTERMEDIARY 

Section 2. Each of the Pledgor and the Secured Party hereby appoints the Securities Intermediary as securities intermediary hereunder.
The Securities Intermediary hereby accepts such appointment. 
 ARTICLE III 

THE SECURED ACCOUNTS 

Section 3. (a) Establishment of Secured Accounts. The Securities Intermediary acknowledges and agrees that, at the direction and
on behalf of the Pledgor, it has established and is maintaining on its books and records, in the name of the Pledgor subject to the lien of the Secured Party, the following: (i) the securities accounts designated as the “Collection
Accounts” with account number ending in 098400 (such accounts, together with any replacements thereof or substitutions therefor, the “Collection Accounts”), comprised of (x) the interest collection subaccount designated as
the “Interest Collection Subaccount” (such account, together with any subaccount thereof or replacements thereof or substitutions therefor, the “Interest Collection Subaccount”) and (y) the principal collection
subaccount designated as the 

 
“Principal Collection Subaccount” (such account, together with any subaccount thereof or replacements thereof or substitutions therefor, the “Principal Collection
Subaccount”), (ii) the payment account designated as the “Payment Account” with account number ending in 108400 (such account, together with any subaccount thereof or replacements thereof or substitutions therefor, the
“Payment Account”), (iii) the trust account designated as the “Trust Account” with account number ending in 088400 (such account, together with any subaccount thereof or replacements thereof or substitutions therefor, the
“Trust Account”, and together with the Collection Accounts, Interest Collection Subaccount, Principal Collection Subaccount and Payment Account, the “Secured Accounts”). In addition, the Securities Intermediary may,
for administrative purposes, establish subaccounts of the Secured Accounts, including for purposes of administering currencies other than Dollars. 

(b) Status of Secured Accounts; Treatment of Property as Financial Assets; Relationship of Parties. The Securities Intermediary
hereby agrees with the Pledgor and Secured Party that: (i) each Secured Account is a “securities account” (within the meaning of Section 8-501(a) of the UCC) and Article 1(1)(b) of The
Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the “Hague Securities Convention”) in respect of which the Securities Intermediary is a “securities
intermediary” (within the meaning of Section 8-102(a)(14) of the UCC) and an “intermediary” (within the meaning of Article 1(1)(c) of the Hague Securities Convention), (ii) each item
of property (whether cash, a security, an instrument or any other property) credited to any Secured Account shall be treated as a “financial asset” (within the meaning of Section 8-102(a)(9) of
the UCC); provided that if notwithstanding the intent of the parties (as set forth in this Section 3(b)), any Secured Account is deemed to be a “deposit account” (within the meaning of Section 9-102(a)(29) of the UCC), (x) the Securities Intermediary shall be a “bank” (within the meaning of Section 9-102(a)(8) of the UCC) with respect
thereto, (y) the provisions of this Agreement governing a “deposit account” shall apply to such Secured Account and (z) as used herein each “Secured Account” shall mean a “deposit account” to the extent that
it is determined to be a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC and a “securities account” to the extent that it is determined to be a “securities
account” within the meaning of Section 8-501 of the UCC; provided further that nothing herein shall require the Securities Intermediary to credit to any Secured Account or to treat as a
financial asset (within the meaning of Section 8-102(a)(9) of the UCC) an asset in the nature of a general intangible (as defined in Section 9-102(a)(42)
of the UCC) or to “maintain” a sufficient quantity thereof (within the meaning of Section 8-504 of the UCC), and (iii) each Secured Account and any rights or proceeds derived therefrom
are subject to a security interest in favor of the Secured Party arising under the Credit Agreement. The Pledgor and Secured Party hereby direct the Securities Intermediary, subject to the terms of this Agreement, to identify the Secured Party on
its books and records as the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) and the “account holder” (within the meaning of Article 1(1)(d) of the Hague Securities
Convention) with respect to each Secured Account and the property held therein and the Securities Intermediary agrees to do the same. Notwithstanding any term hereof or elsewhere to the contrary, it is hereby expressly acknowledged that
(x) interests in bank loans or participations (collectively, “Loan Assets”) may be acquired and delivered by the Pledgor to the Securities Intermediary from time to time which are not evidenced by, or accompanied by
delivery of, a security (as that term is defined in Section 8-102(a)(15) of the UCC) or an instrument (as that term is defined in Section 9-102(a)(47)
of the UCC), and may be evidenced solely by delivery to 

  
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the Securities Intermediary of a facsimile or electronic copy of an assignment agreement (each, a “Loan Assignment Agreement”) in favor of the Pledgor as assignee, (y) any
such Loan Assignment Agreement (and the registration of the related Loan Assets on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Pledgor, and (z) any duty on the part of the Securities
Intermediary with respect to any such Loan Asset (including in respect of any duty it might otherwise have to maintain a sufficient quantity of such Loan Asset for purposes of Section 8-504 of the UCC,
which duty is hereby expressly disclaimed) shall be limited to the exercise of reasonable care by the Securities Intermediary in the physical custody of any such Loan Assignment Agreement that may be delivered to it; provided that the
Securities Intermediary shall be deemed to have exercised reasonable care with respect to the custody, safekeeping and physical preservation of any Loan Asset or Loan Assignment Agreement in its possession, under
Section 9-207 of the UCC or otherwise, to the extent of any action taken at the direction of the Secured Party. It is acknowledged and agreed that the Securities Intermediary is not under a duty to
examine underlying credit agreements or loan documents to determine the validity or sufficiency of any Loan Assignment Agreement (and shall have no responsibility for the genuineness or completeness thereof) or for the Pledgor’s title to any
related Loan Asset. 
 (c) Crediting Property. The Securities Intermediary will, by book-entry notation, promptly credit to the
applicable Secured Account all property to be credited thereto pursuant to the Credit Agreement and this Agreement. 
 (d) Form of
Securities, Instruments, etc. All securities and other financial assets credited to any Secured Account that are in registered form or that are payable to, or to the order of, a Person shall be (i) registered in the name of, or payable to
or to the order of, the Securities Intermediary or (ii) indorsed to, or to the order of, the Securities Intermediary or in blank; and in no case will any financial asset or security entitlement credited to any Secured Account be registered in
the name of, or payable to or to the order of, the Pledgor or any other Person or indorsed to, or to the order of, the Pledgor or any other Person, except to the extent the foregoing have been specially indorsed to, or to the order of, the
Securities Intermediary or in blank. 
 (e) Securities Intermediary’s Jurisdiction. The Securities Intermediary agrees that, for
the purposes of the UCC, its “securities intermediary’s jurisdiction” (within the meaning of Section 8-110(e) of the UCC) shall be the State of New York. The parties further agree that
the law applicable to all the issues in Article 2(1) of the Hague Securities Convention shall be the law of the State of New York. 
 (f)
Conflicts with other Agreements. The Securities Intermediary agrees that, if there is any conflict between this Agreement (or any portion thereof) and any other agreement (whether now existing or hereafter entered into) relating to any
Secured Account, the provisions of this Agreement shall prevail. 

  
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 (g) No Other Agreements. The Securities Intermediary hereby confirms and agrees that:

 (i) other than this Agreement and the Credit Agreement, there are no other agreements (other than general account terms
and conditions) entered into between the Securities Intermediary and the Pledgor or any other Person with respect to any Secured Account or any financial asset or security entitlement credited thereto; 

(ii) other than this Agreement and the Credit Agreement, it has not entered into, and until the termination of this Agreement
will not enter into, any other agreement (other than general account terms and conditions) with any other Person (including the Pledgor) relating to any Secured Account and/or any financial asset or security entitlement credited thereto
(A) pursuant to which it has agreed or will agree to comply with entitlement orders (as that term is defined in Section 8-102(a)(8) of the UCC, “Entitlement Orders”) or instructions
(within the meaning of Section 9-104 of the UCC, “Instructions”) of such other Person, or (B) with respect to the creation or perfection of any other security interest in any Secured
Account or any financial asset or security entitlement credited thereto; and 
 (iii) it has not entered into, and until the
termination of this Agreement will not enter into, any agreement (other than general account terms and conditions) with the Pledgor, the Secured Party or any other Person purporting to limit or condition the obligation of the Securities Intermediary
to comply with Entitlement Orders or Instructions set forth in Section 3(h). 
 (h) Transfer Orders, Standing
Instructions. 
 (i) The Pledgor, the Servicer, the Secured Party and the Securities Intermediary each agree that if at
any time a Responsible Officer of the Securities Intermediary shall receive an Entitlement Order or Instruction or any other order originated by the Secured Party and relating to any Secured Account or any financial assets or security entitlements
credited thereto (collectively, a “Transfer Order”), the Securities Intermediary shall comply with such Transfer Order without further consent by the Pledgor (or the Servicer on its behalf) or any other Person. The Securities
Intermediary shall have no obligation to act and shall be fully protected in refraining from acting, in respect of any such Collateral in the absence of such Transfer Order. 

(ii) At any time prior to the delivery to and receipt by the Securities Intermediary of a Notice of Exclusive Control, the
Securities Intermediary shall comply with each Transfer Order it receives from the Pledgor (or the Servicer on its behalf) without the further consent of the Secured Party or any other Person; provided that, in the event the Securities
Intermediary receives conflicting Transfer Orders from the Secured Party and the Pledgor (or the Servicer on its behalf), and such conflict is not otherwise resolved by the Secured Party and the Pledgor (or the Servicer on its behalf) with written
notice to the Securities Intermediary, the Securities Intermediary shall follow the Transfer Order of the Secured Party and not the Pledgor (or the Servicer on its behalf). 

  
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 (iii) Upon the opening of business on the Business Day immediately following
the Business Day on which a Notice of Exclusive Control is actually received by the Securities Intermediary in accordance with the notice requirements hereunder, and until such Notice of Exclusive Control is withdrawn or rescinded by the Secured
Party in writing, the Securities Intermediary shall not comply with any Transfer Order it receives from the Pledgor (or Servicer on its behalf) and shall act solely upon Transfer Orders received from the Secured Party. 

(iv) As between the Pledgor and the Secured Party, the Secured Party agrees not to deliver a Notice of Exclusive Control other
than pursuant to and in accordance with the Credit Agreement. 
 (v) The Securities Intermediary hereby confirms and agrees
that at the time of its entry into the governing law provisions of any agreement between the Pledgor and the Securities Intermediary governing the securities accounts (each such agreement, an “Account Agreement”) that are currently
in force, the Securities Intermediary had an office located in the United States of America that was not intended to be merely a temporary office and meets the description set forth in the second sentence of Article 4(1) of the Hague Securities
Convention. The Pledgor and the Securities Intermediary covenant that no amendment with respect to any Account Agreement shall be entered into that would have the effect of changing the parties’ choice of law set forth in
Section 3(e) and Section 11(a) without the prior written consent of the Secured Party. 

ARTICLE IV 
 THE
SECURITIES INTERMEDIARY 
 Section 4. (a) Performance of Duties. The Securities Intermediary may execute any of the powers
hereunder or perform any of its duties hereunder directly or by or through agents, attorneys or employees, provided that the Securities Intermediary shall not be responsible for any misconduct or negligence on the part of any non-Affiliated agent or non-Affiliated attorney appointed by it with due care. The Securities Intermediary shall be entitled to consult with counsel selected with due care and
to act in reliance upon the written opinion of such counsel concerning matters pertaining to its duties hereunder, and shall not be liable for any action taken or omitted to be taken by it in good faith in reliance upon and in accordance with the
advice or opinion of such counsel. Except as expressly provided herein, the Securities Intermediary shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement at the request or direction of the Pledgor,
the Servicer, the Secured Party, the Administrative Agent or any other Person. 
 (b) No Change to Secured Accounts. Without the
prior written consent of the Pledgor, the Secured Party and the Administrative Agent, the Securities Intermediary will not change the account number or designation of any Secured Account; provided however, that the Securities Intermediary
shall be entitled to establish sub-accounts of the Secured Accounts without the prior consent of the Secured Party. 

  
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 (c) Certain Information. The Securities Intermediary shall promptly notify the
Pledgor and the Secured Party if a Responsible Officer of the Securities Intermediary with direct responsibility for administration of this Agreement has actual knowledge of or receives written notice that any Person asserts or seeks to assert a
lien, encumbrance or adverse claim against any portion or all of the property credited to any Secured Account. The Securities Intermediary will send copies of all statements, confirmations and other correspondence relating to each Secured Account
(and/or any financial assets or security entitlements credited thereto) simultaneously to the Pledgor, the Administrative Agent and the Secured Party. The Securities Intermediary will furnish to the Secured Party, the Administrative Agent and the
Pledgor, upon written request, an account statement with respect to each Secured Account. 
 (d) Subordination. In the event that the
Securities Intermediary has or subsequently obtains by agreement, by operation of law or otherwise a security interest in any of the Secured Accounts, or any financial asset or security entitlement credited thereto, the Securities Intermediary
hereby subordinates any such security interest therein to the security interest of the Secured Party in the Secured Accounts, in all property credited thereto and in all security entitlements with respect to such property. Without limitation of the
foregoing, the Securities Intermediary hereby subordinates to such security interest of the Secured Party any and all statutory, regulatory, contractual or other rights now or hereafter existing in favor of the Securities Intermediary over or with
respect to any Secured Account, all property credited thereto and all security entitlements to such property (including (i) any and all contractual rights of set-off, lien or compensation, (ii) any
and all statutory or regulatory rights of pledge, lien, set-off or compensation, (iii) any and all statutory, regulatory, contractual or other rights to put on hold, block transfers from or fail to honor
instructions of the Pledgor or the Secured Party with respect to any Secured Account, or (iv) any and all statutory or other rights to prohibit or otherwise limit the pledge, assignment, collateral assignment or granting of any type of security
interest in any Secured Account), except the Securities Intermediary may set off (x) the face amount of any checks that have been credited to any Secured Account but are subsequently returned unpaid because of uncollected or insufficient funds
and (y) reversals or cancellations of payment orders and other electronic fund transfers. 
 (e) Limitation on Liability. The
Securities Intermediary shall not have any duties or obligations, except those expressly set forth herein, and shall satisfy those duties and obligations expressly set forth herein so long as it acts without bad faith, gross negligence or willful
misconduct. Without limiting the generality of the foregoing, the Securities Intermediary shall not be subject to any fiduciary or other implied duties, and the Securities Intermediary shall not have any duty to take any discretionary action or
exercise any discretionary powers. None of the Securities Intermediary, any Affiliate of the Securities Intermediary, or any officer, agent, stockholder, partner, member, director or employee of the Securities Intermediary or any Affiliate of the
Securities Intermediary shall have any liability, whether direct or indirect and whether in contract, tort or otherwise (i) for any action taken or omitted to be taken by any of them hereunder or in connection herewith, unless such act or
omission constituted bad faith, gross negligence or willful misconduct, or (ii) for any action taken or omitted to be taken by the Securities Intermediary in accordance with the terms hereof at the express direction of the Pledgor (prior to the
delivery of a Notice of Exclusive Control) or the Secured Party. In addition, the Securities Intermediary shall have no liability for making any investment or reinvestment of any cash balance in any Secured Account, or holding amounts uninvested in

  
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such accounts, pursuant to the terms of this Agreement. The liabilities of the Securities Intermediary shall be limited to those expressly set forth in this Agreement. The Securities Intermediary
shall not be liable for any action a Responsible Officer of the Securities Intermediary takes or omits to take in good faith that it reasonably believes to be authorized or within its rights or powers hereunder. To the extent not inconsistent with
the Credit Agreement or this Agreement, the Securities Intermediary shall be afforded the same rights, protections, indemnities and immunities that are afforded to the Collateral Agent pursuant to the Credit Agreement; provided that such
rights, protections, indemnities and immunities shall be in addition to any rights, protections, indemnities and immunities provided in the Credit Agreement or any other documents to which BNY is a party. The Securities Intermediary shall not be
deemed to have notice or knowledge of any Event of Default unless a Responsible Officer of the Securities Intermediary has actual knowledge thereof or unless written notice thereof is received by a Responsible Officer of the Securities Intermediary.
For the avoidance of doubt, to the extent permitted by applicable law, the Securities Intermediary shall not be responsible for complying with Section 8-505(a) of the UCC. With the exception of this
Agreement (and relevant terms used herein and expressly defined in the Credit Agreement), the Securities Intermediary is not responsible for or chargeable with knowledge of any terms or conditions contained in any agreement referred to herein,
including, but not limited to, the Credit Agreement. The Securities Intermediary shall in no event be liable for the application or misapplication of funds by any other Person (other than, subject to Section 4(a), its agents, attorneys and
employees), or for the acts or omissions of any such Person (including, without limitation, those of the Pledgor). The Securities Intermediary shall not be bound to make any investigation into the facts or matters stated in any certificate, report
or other document. 
 (f) Reliance. The Securities Intermediary shall be entitled to conclusively rely upon, and shall not incur any
liability for relying upon, any notice, request, opinion, report, certificate, consent, statement, instrument, document or other writing including, but not limited to, an electronic mail communication delivered to the Securities Intermediary under
or in connection with this Agreement and in good faith believed by it to be genuine and to have been signed or sent by the proper Person. The Securities Intermediary may consult with legal counsel, independent accountants and other experts selected
by it with due care, and shall not be liable for any action taken or not taken by the Securities Intermediary in good faith and in accordance with the advice of any such counsel, accountants or experts. If at any time the Securities Intermediary
requests instruction with respect to any action or omission in connection with this Agreement, the Securities Intermediary shall be entitled (without incurring any liability therefor to any person) to refrain from taking such action and continue to
refrain from acting unless and until the Securities Intermediary shall have received written instruction from the party from whom instruction was requested. The Securities Intermediary shall not be liable for any error of judgment made in good faith
by an officer or officers of the Securities Intermediary, except for its own gross negligence, willful misconduct or bad faith. 
 (g)
Court Orders, etc. If at any time the Securities Intermediary is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects any Secured Account
(including orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of any Secured Account or any financial asset or security entitlement in any Secured Account), the Securities Intermediary is
authorized to take such action as legal counsel of its own choosing 

  
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with due care advises appropriate to comply therewith; and if the Securities Intermediary complies with any such judicial or administrative order, judgment, decree, writ or other form of judicial
or administrative process, the Securities Intermediary will not be liable to any of the parties hereto or to any other Person even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined
to have been without legal force or effect. 
 (h) Successor Securities Intermediary. 

(i) Merger. Any Person into whom the Securities Intermediary may be converted or merged, or with whom it may be
consolidated, or to whom it may sell or transfer its trust or other business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, sale, merger, consolidation or transfer to which the Securities
Intermediary is a party, shall (provided it is otherwise qualified to serve as the Securities Intermediary hereunder) be and become a successor Securities Intermediary hereunder and be vested with all of the powers, immunities, privileges and other
matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

(ii) Resignation. The Securities Intermediary and any successor thereto may at any time resign by giving sixty
(60) days’ written notice by registered, certified or express mail to the Secured Party, the Administrative Agent and the Pledgor; provided that such resignation shall take effect only upon the effective date of the appointment of a
successor Securities Intermediary acceptable to the Secured Party, the Administrative Agent and the Pledgor, as evidenced by their written consent and the acceptance in writing by such successor Securities Intermediary of such appointment and of its
obligation to perform its duties hereunder in accordance with the provisions hereof. Subject to the preceding sentence, if on the sixtieth (60th) day after written notice of resignation is
delivered by a resigning party as described above no successor party or temporary successor Securities Intermediary has been appointed in accordance herewith, the resigning party may petition a court of competent jurisdiction in New York City
for the appointment of a successor. 
 (i) Compensation and Reimbursement. The Pledgor agrees: (i) to pay to the Securities
Intermediary from time to time, compensation for all services rendered by it as set forth in the Collateral Agent Fee Letter; and (ii) to reimburse the Securities Intermediary upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Securities Intermediary in accordance with any provision of, or carrying out its duties and obligations under, this Agreement (including the reasonable compensation and fees and the expenses and disbursements of its
agents, any independent accountants and legal counsel), except any expense, disbursement or advance as may be attributable to bad faith, gross negligence or willful misconduct on the part of the Securities Intermediary. Notwithstanding anything to
the contrary provided herein, all amounts payable by the Pledgor to the Securities Intermediary under this Agreement shall be payable only in accordance with, and subject to, Section 9.01 of the Credit Agreement. 

  
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 (j) Securities Intermediary and its Affiliates. BNY and any of its Affiliates
providing services in connection with the transactions contemplated in the Facility Documents shall have only the duties and responsibilities expressly provided in its various capacities and shall not, by virtue of it or any Affiliate acting in any
other capacity be deemed to have duties or responsibilities other than as expressly provided with respect to each such capacity. BNY (or its Affiliates), in its various capacities in connection with the transactions contemplated in the Facility
Documents, including as Securities Intermediary, may enter into business transactions, including the acquisition of investment securities as contemplated by the Facility Documents, from which it and/or such Affiliates may derive revenues and profits
in addition to the fees stated in the various Facility Documents without any duty to account therefor. 
 (k) Force Majeure. In no
event shall the Securities Intermediary be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services,
it being understood that the Securities Intermediary shall use reasonable best efforts which are consistent with accepted practices in the banking industry to maintain performance and, if necessary, resume performance as soon as practicable under
the circumstances. 
 (l) Perfection. The Securities Intermediary shall have no responsibility or liability for (i) preparing,
recording, filing, re-recording or refiling any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times, (ii) the correctness of any
such financing statement, continuation statement, document or instrument or other such notice, (iii) taking any action to perfect or maintain the perfection of any security interest granted to the Secured Party or otherwise, or (iv) the
validity or perfection of any such lien or security interest. 
 (m) Facsimile and Electronic Transmissions. The Securities
Intermediary agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods, provided
that any Person providing such instructions or directions shall provide to the Securities Intermediary an incumbency certificate listing such designated Persons, which such incumbency certificate shall be amended and replaced whenever a Person is to
be added or deleted from the listing. If the Pledgor or Servicer elects to give the Securities Intermediary e-mail or facsimile instructions (or instructions by a similar electronic method), the Securities
Intermediary’s understanding of such instructions shall be deemed controlling. The Securities Intermediary shall not be liable for any losses, costs or expenses arising directly or indirectly from the Securities Intermediary’s reliance
upon and compliance with instructions sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods notwithstanding such instructions conflict with or are inconsistent with a
subsequent written instruction, unless such subsequent written instruction expressly revokes such prior instruction and the Securities Intermediary had not yet commenced compliance with such prior instruction. Each of the Pledgor, Servicer and
Secured Party agrees to assume all risks arising out of its respective use of such electronic methods to submit instructions and directions to the Securities Intermediary, including the risk of the Securities Intermediary acting on unauthorized
instructions, and the risk of interception and misuse by third parties. 

  
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 ARTICLE V 

INDEMNITY; LIMITATION ON DAMAGES; EXPENSES; FEES 

Section 5. (a) Indemnity. 

(i) Subject to Section 5(a)(ii), the Pledgor hereby indemnifies and holds harmless the Securities
Intermediary, its Affiliates and their respective officers, directors, employees, representatives and agents (collectively referred to for the purposes of this Section 5(a) as the Securities Intermediary), against any loss,
claim, damage, expense or liability (including the costs and expenses of defending against any claim of liability), or any action in respect thereof, to which the Securities Intermediary may become subject, whether commenced or threatened, insofar
as such loss, claim, damage, expense, liability or action arises out of or is based upon the execution, delivery or performance of this Agreement, but excluding any such loss, claim, damage, expense, liability or action arising out of the bad faith,
gross negligence or willful misconduct of the Securities Intermediary, and shall reimburse the Securities Intermediary promptly upon demand for any reasonable and documented
out-of-pocket legal or other expenses reasonably incurred by the Securities Intermediary in connection with investigating or preparing to defend or defending against or
appearing as a third party witness in connection with any such loss, claim, damage, expense, liability or action as such expenses are incurred (collectively, the “Losses”). No provision of this Agreement shall require the Securities
Intermediary to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. The obligations of the Pledgor under this clause (a) are referred to as the “Securities Intermediary
Indemnity”. The provisions of this section will survive the termination of this Agreement and the resignation or removal of the Securities Intermediary. 

(ii) The obligation of the Pledgor to pay any amounts in respect of the Securities Intermediary Indemnity shall be subject to
the priority of payments set forth in Section 9.01(a) of the Credit Agreement and shall survive the termination of this Agreement and the resignation or removal of the Securities Intermediary. 

(iii) Without limiting the foregoing, after the delivery of a Notice of Exclusive Control, the Secured Party agrees to direct
the Lenders to indemnify and hold harmless the Securities Intermediary from and against any and all Losses incurred in connection with this Agreement or the Secured Accounts as a result of the Securities Intermediary complying with the instructions
of the Secured Party (except to the extent due to the Securities Intermediary’s bad faith, willful misconduct or gross negligence) and, without duplication, the Securities Intermediary shall be entitled to the benefit of the indemnities in
Section 12.04 of the Credit Agreement to the same extent as the Collateral Agent; provided that such Losses shall not have been reimbursed by the Pledgor. The provisions of this section will survive the termination of this Agreement and
the resignation or removal of the Securities Intermediary. 

  
 10 

 (b) Expenses and Fees. The Pledgor shall be responsible for, and hereby agrees to
pay, all reasonable and documented out-of-pocket costs and expenses incurred by the Securities Intermediary in connection with the establishment and maintenance of each
Secured Account, including the Securities Intermediary’s fees and expenses, any reasonable and documented out-of-pocket costs or expenses incurred by the Securities
Intermediary as a result of conflicting claims or notices involving the parties hereto, including the reasonable and documented out-of-pocket fees and expenses of its
external legal counsel, and all other reasonable and documented out-of-pocket costs and expenses incurred in connection with the execution, administration or enforcement
of this Agreement, including reasonable attorneys’ fees and costs, whether or not such enforcement includes the filing of a lawsuit. Notwithstanding anything to the contrary provided herein, all amounts payable by the Pledgor to the Securities
Intermediary under this Agreement shall be payable only in accordance with, and subject to, Section 9.01(a) of the Credit Agreement. 

(c) No Consequential Damages. Notwithstanding anything in this Agreement to the contrary, in no event shall any party hereto be liable
for special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if such party has been advised of such loss or damage and regardless of the form of action. 

ARTICLE VI 

REPRESENTATIONS AND AGREEMENTS 

Section 6. The Securities Intermediary represents to and agrees with the Pledgor and the Secured Party that: 

(a) Status. It is duly organized and validly existing under the Laws of the jurisdiction of its organization or incorporation and, if
relevant under such Laws, in good standing. 
 (b) Powers. It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any other
document relating to this Agreement to which it is a party and has taken all necessary action to authorize such execution, delivery and performance; and this Agreement has been, and each other such document will be, duly executed and delivered by
it. 
 (c) Obligations Binding. Its obligations under this Agreement and any other document relating to this Agreement to which it is
a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar Laws affecting creditors’ rights generally
and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

  
 11 

 (d) Waiver of Setoffs. Subject to Section 4(d), the
Securities Intermediary hereby expressly waives any and all rights of setoff that such party may otherwise at any time have under Applicable Law with respect to any Secured Account. 

(e) Ordinary Course. The Securities Intermediary, in the ordinary course of its business, maintains securities accounts for others and
is acting in such capacity in respect of any Secured Account. 
 (f) Comply with Duties. The Securities Intermediary will comply at
all times with the duties of (i) a “securities intermediary” under Article 8 of the UCC and (ii) a “bank” (within the meaning of Section 9-102(a)(8) of the UCC) under
Article 9 of the UCC. 
 (g) Participant of the Federal Reserve Bank of New York. The Securities Intermediary is a
member of the Federal Reserve System. 
 (h) Consents. All governmental and other consents that are required to have been obtained by
the Securities Intermediary with respect to the execution and delivery of and performance by the Securities Intermediary of this Agreement have been obtained and are in full force and effect and all conditions of any such consents have been complied
with. 
 ARTICLE VII 

TRANSFER 
 Section 7.
Except as provided in Section 9(d), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by any party without the prior written
consent of each other party. Any purported transfer that is not in compliance with this Section 7 will be void. 

ARTICLE VIII 

TERMINATION 

Section 8. The rights and powers granted herein to the Secured Party have been granted in order to perfect its security interest in each
Secured Account and the financial assets credited thereto, are powers coupled with an interest and will be affected neither by the bankruptcy of the Pledgor nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall
continue in effect until the earlier of (a) that date upon which the security interest of the Secured Party in each Secured Account has been terminated pursuant to the terms of the Credit Agreement and the Secured Party has notified the
Securities Intermediary of such termination in writing, and (b) that date on which the Secured Party releases or terminates its security interest in each Secured Account and the Secured Party has notified the Securities Intermediary of such
termination in writing. The Securities Intermediary shall thereafter take such steps as the Pledgor may reasonably request to vest control of the Secured Accounts in the Pledgor. 

  
 12 

 ARTICLE IX 

MISCELLANEOUS 

Section 9. (a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to
its subject matter and supersedes all oral communication and prior writings with respect thereto. 
 (b) Amendments. No amendment,
modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission or e-mail correspondence), executed by each of the parties
hereto (with the consent of the Administrative Agent). 
 (c) Survival. All representations and warranties made in this Agreement or
in any certificate or other document delivered pursuant to or in connection with this Agreement shall survive the execution and delivery of this Agreement or such certificate or other document (as the case may be) or any deemed repetition of any
such representation or warranty. In addition, the rights of the Securities Intermediary under Sections 4 and 5, and the obligations of the Pledgor and the Secured Party under
Section 5, shall survive the termination of this Agreement and the resignation of the Securities Intermediary. 

(d) Benefit of Agreement. Subject to Section 7, this Agreement shall be binding upon and inure to the benefit
of the Pledgor, the Secured Party and the Securities Intermediary and their respective successors and permitted assigns. The Securities Intermediary acknowledges and consents to the assignment of this Agreement by the Pledgor to the Collateral Agent
for the benefit of the Secured Parties under the Credit Agreement. The parties hereto, and their successors and assigns intend that the Administrative Agent shall be a third party beneficiary of this Agreement. 

(e) Counterparts. This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in
counterparts (including by facsimile transmission and e-mail correspondence), each of which will be deemed an original. 

(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be
presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or
privilege. 
 (g) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the
construction of or to be taken into consideration in interpreting this Agreement. 
 (h) Severability. If any provision of this
Agreement, or the application thereof to any party or any circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any jurisdiction), the remaining terms of this Agreement, modified by the deletion of
the unenforceable, invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality will not 

  
 13 

 
otherwise affect the enforceability, validity or legality of the remaining terms of this Agreement so long as this Agreement as so modified continues to express, without material change, the
original intentions of the parties as to the subject matter hereof and the deletion of such portion of this Agreement will not substantially impair the respective expectations of the parties or the practical realization of the benefits that would
otherwise be conferred upon the parties. 
 (i) No Agency. Notwithstanding anything that may be construed to the contrary, it is
understood and agreed that the Securities Intermediary is not, nor shall it be considered to be, an agent, of the Secured Party. In addition, the Securities Intermediary shall not act or represent itself, directly or by implication, as an agent of
the Secured Party or in any manner assume or create any obligation whatsoever on behalf of, or in the name of, the Secured Party. 
 (j)
Payments by Pledgor. Any amounts required to be paid pursuant to this Agreement by the Pledgor shall be paid or caused to be paid by the Pledgor to the applicable Person on the Payment Date following such Person’s demand therefor in
accordance with Section 9.01(a) of the Credit Agreement, provided that such demand is made no later than two (2) Business Days prior to the applicable Payment Date. 

(k) Limited Recourse. Notwithstanding any other provision of this Agreement, the Securities Intermediary hereby agrees that any
obligations of the Pledgor under this Agreement are limited recourse obligations of the Pledgor, payable solely from the Collateral in accordance with Section 9.01(a) of the Credit Agreement, and following the realization of all of the
Collateral, all obligations of the Pledgor under this Agreement and any claims of a party hereto shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, member or manager of the
Pledgor or its successors or assigns for any amounts payable under this Agreement. The provisions of this Section 9(k) shall survive the termination of this Agreement. 

(l) The Secured Party shall be entitled to all of the same rights, protections, immunities and indemnities afforded to the Collateral Agent
under the Credit Agreement as if specifically set forth herein. 
 (m) USA PATRIOT Act. In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT
Act of the United States, BNY is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with BNY. Accordingly, each of the parties agrees to provide to BNY upon
its request from time to time such identifying information and documentation as may be available for such party in order to enable BNY to comply with such applicable law. 

  
 14 

 ARTICLE X 

NOTICES 
 Section 10.
(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth in Section 13.02 of the Credit Agreement and subject to Section 4(m) hereof. 

(b) Change of Addresses. Any party hereto may by written notice to each other party hereto, change the address or facsimile number at
which notices or other communications are to be given to it hereunder. 
 ARTICLE XI 

GOVERNING LAW AND JURISDICTION 

Section 11. (a) Governing Law. This Agreement, each Secured Account and the rights and obligations of the parties under this
Agreement and any Secured Account, including the issues specified in Article 2 of the Hague Securities Convention, shall be governed by and construed in accordance with the law of the State of New York. 

(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement or any matter among the parties arising
under or in connection with this Agreement (“Proceedings”), each party irrevocably: (i) submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any
judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan, and the appellate courts
of any of them, and (ii) waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such Proceedings in any such court or that such Proceedings were brought in an inconvenient
court and agrees not to plead or claim the same and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes any party from bringing
Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

(c) Waiver of Jury Trial Right. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY
PROCEEDINGS RELATING TO THIS AGREEMENT OR FOR ANY COUNTERCLAIM HEREIN OR RELATING HERETO. Each party hereby (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that any other
party would not, in the event of a Proceeding, seek to enforce the foregoing waiver, and (ii) acknowledges that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this
Section 11(c). 
  

  
 15 

 (d) Waiver of Punitive Damages. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
PARTY HEREBY WAIVES ANY RIGHT TO CLAIM OR RECOVER IN ANY LITIGATION WHATSOEVER INVOLVING ANY PERSON PARTY HERETO ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER
THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH WAIVED DAMAGES ARE BASED ON STATUTE, CONTRACT, TORT, COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND REGARDLESS OF THE FORM OF THE CLAIM OF ACTION.

 (e) Non-Petition. Each of the Secured Party and Securities Intermediary hereby agrees
not to institute against, or join, cooperate with or encourage any other Person in instituting against, the Pledgor any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under
federal or state bankruptcy or similar laws until at least one year and one day, or, if longer, the applicable preference period then in effect plus one day, after the payment in full of all outstanding Obligations and the termination of all
Commitments; provided that nothing in this Section 11(e) shall preclude, or be deemed to prevent, the Secured Party or Securities Intermediary (a) from taking any action prior to the expiration of the
aforementioned one year and one day period, or, if longer, the applicable preference period then in effect, in (i) any case or proceeding voluntarily filed or commenced by the Pledgor or (ii) any involuntary insolvency proceeding filed or
commenced against the Pledgor by a Person other than the Secured Party or Securities Intermediary, or (b) from commencing against the Pledgor or any properties of the Pledgor any legal action which is not a bankruptcy, reorganization,
receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy or similar laws. 

ARTICLE XII 

DEFINITIONS 

Section 12. As used in this Agreement: 

“Agreement” has the meaning specified in the preamble. 

“Collection Accounts” has the meaning specified in Section 3(a). 

“consent” includes a consent, approval, action, authorization, exemption, notice, filing, registration or exchange control
consent. 
 “Credit Agreement” has the meaning specified in Section 1(a). 

“Interest Collection Subaccount” has the meaning specified in Section 3(a). 

“Loan Assets” has the meaning specified in Section 3(b). 

“Loan Assignment Agreement” has the meaning specified in Section 3(b). 

“Losses” has the meaning specified in Section 5(a). 

  
 16 

 “Notice of Exclusive Control” means a notice delivered to and received by
the Securities Intermediary by the Secured Party in accordance with Section 10(a) stating that the Secured Party is exercising exclusive control over the Secured Accounts, substantially in the form attached hereto as
Exhibit A. 
 “Payment Account” has the meaning specified in Section 3(a). 

“Pledgor” has the meaning specified in the preamble. 

“Principal Collection Subaccount” has the meaning specified in Section 3(a). 

“Proceedings” has the meaning specified in Section 11(b). 

“Responsible Officer” means an officer of the Securities Intermediary having direct responsibility for the administration of
this Agreement. 
 “Secured Accounts” has the meaning specified in Section 3(a). 

“Secured Party” has the meaning specified in the preamble. 

“Securities Intermediary” has the meaning specified in the preamble. 

“Securities Intermediary Indemnity” has the meaning specified in Section 5(a). 

“Servicer” has the meaning specified in the preamble. 

“Transfer Order” has the meaning specified in Section 3(h)(i). 

“Trust Account” has the meaning specified in Section 3(a). 

“UCC” means the Uniform Commercial Code as in effect in the State of New York. 

  
 17 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first set forth
above with effect from such date. 
  

			
	Pledgor:
	
	PENNANTPARK INVESTMENT FUNDING I, LLC
	
	 By: PennantPark Investment Corporation,

its designated manager

		
	By:	 	 /s/ Arthur Penn

		 	Name: Arthur Penn
		 	Title:   Chief Executive Officer

 Account Control Agreement 

			
	
	Servicer:
	
	PENNANTPARK INVESTMENT ADVISERS, LLC
		
	By:	 	 /s/ Arthur Penn

		 	Name: Arthur Penn
		 	Title:   Managing Member

 Account Control Agreement 

			
	Secured Party:
	
	 THE BANK OF NEW YORK MELLON TRUST

COMPANY, NATIONAL ASSOCIATION,
 as Collateral
Agent

		
	By:	 	 /s/ Karen Yu

		 	Name: Karen Yu
		 	Title: Vice President

 Account Control Agreement 

			
	Secured Party:
	
	 THE BANK OF NEW YORK MELLON TRUST

COMPANY, NATIONAL ASSOCIATION

		
	By:	 	 /s/ Karen Yu

		 	Name: Karen Yu
		 	Title: Vice President

 Account Control Agreement 

 Exhibit A 

[Collateral Agent letterhead] 

[Insert Date] 
 The Bank of New York Mellon Trust
Company, National 
 Association, as Securities Intermediary 

601 Travis Street, 16th Floor 
 Houston, Texas 77002 

Attention: Global Corporate Trust – PennantPark 
 Investment
Funding I, LLC 
 NOTICE OF EXCLUSIVE CONTROL 

We hereby instruct you, pursuant to the terms of that certain Account Control Agreement dated as of February 22, 2019 (as from time to time amended and
supplemented, the “Agreement”) among the undersigned as Collateral Agent, PennantPark Investment Funding I, LLC (together with its successors and assigns, the “Borrower”) and you, as Securities Intermediary, that you (i) shall
not follow any instructions or entitlement orders of the Borrower in respect of the Secured Accounts or the Collateral held by you for the Collateral Agent (as each such capitalized term is defined in the Agreement), and (ii) unless and until
otherwise expressly instructed by the undersigned, shall exclusively follow the entitlement orders and instructions of the undersigned in respect of the Secured Accounts and the Collateral. 

 

			
	Very truly yours,
	
	The Bank of New York Mellon Trust Company,
	National Association, in its capacity as
	Collateral Agent, as Secured Party
		
	By:	 	  

		 	Authorized Signatory

  

	cc:	 PennantPark Investment Funding I, LLC 

c/o PennantPark Investment Corporation 

590 Madison Avenue, 15th Floor 

New York, New York 10022 

  
 A-1EX-10.3

 Exhibit 10.3 

EXECUTION COPY 
  

 
 CUSTODIAN
AGREEMENT 
  
  

dated as of February 22, 2019 
 by
and among 
 PENNANTPARK INVESTMENT FUNDING I, LLC, 

(“Company”) 
 THE BANK OF
NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION 
 (“Custodian”) 

and 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, NATIONAL ASSOCIATION 
 (“Collateral Agent”) 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 1.  DEFINITIONS
	  	    	1   	   
	 1.1
	  	Defined Terms	  	 	1	 
	 1.2
	  	Construction	  	 	3	 
	 1.3
	  	Headings	  	 	3	 
		
	 2.  APPOINTMENT OF CUSTODIAN
	  	    	3   	   
			
	 2.1
	  	Appointment and Acceptance	  	 	3	 
	 2.2
	  	Instructions	  	 	3	 
	 2.3
	  	Collateral Agent	  	 	3	 
		
	 3.  DUTIES OF CUSTODIAN
	  	    	3   	   
			
	 3.1
	  	Segregation	  	 	3	 
	 3.2
	  	Register	  	 	4	 
	 3.3
	  	Delivery of Collateral Loans to Custodian	  	 	4	 
	 3.4
	  	Release of Documents/Control By Agents	  	 	5	 
	 3.5
	  	Records	  	 	5	 
		
	 4.  REPORTING
	  	    	5   	   
		
	 5.  CERTAIN GENERAL TERMS
	  	    	6   	   
			
	 5.1
	  	No Duty to Examine Underlying Instruments	  	 	6	 
	 5.2
	  	Resolution of Discrepancies	  	 	6	 
	 5.3
	  	Improper Instructions	  	 	6	 
	 5.4
	  	Proper Instructions	  	 	6	 
	 5.5
	  	Actions Permitted Without Express Authority	  	 	7	 
	 5.6
	  	Evidence of Authority	  	 	7	 
	 5.7
	  	Receipt of Communications	  	 	7	 
		
	 6.  COMPENSATION OF CUSTODIAN
	  	    	7   	   
			
	 6.1
	  	Fees	  	 	7	 
	 6.2
	  	Expenses	  	 	8	 
	 6.3
	  	Priority of Payments	  	 	8	 
		
	 7.  RESPONSIBILITY OF CUSTODIAN
	  	    	8   	   
			
	 7.1
	  	General Duties	  	 	8	 
	 7.2
	  	Instructions	  	 	8	 
	 7.3
	  	General Standards of Care	  	 	9	 
	 7.4
	  	Indemnification; Collateral Agent’s Lien	  	 	10	 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 7.5
	  	Force Majeure	  	 	11	 
	 7.6
	  	Proceedings	  	 	11	 
		
	 8.  SECURITY CODES
	  	    	12   	   
		
	 9.  TAX LAW
	  	    	12   	   
		
	 10.  EFFECTIVE PERIOD AND TERMINATION
	  	    	12   	   
			
	 10.1
	  	Effective Date	  	 	12	 
	 10.2
	  	Termination	  	 	12	 
	 10.3
	  	Resignation	  	 	12	 
	 10.4
	  	Successor	  	 	12	 
	 10.5
	  	Payment of Fees, etc.	  	 	12	 
	 10.6
	  	Final Report	  	 	13	 
		
	 11.  REPRESENTATIONS AND WARRANTIES
	  	    	13   	   
			
	 11.1
	  	Representations of the Company	  	 	13	 
	 11.2
	  	Representations of the Custodian	  	 	13	 
	 11.3
	  	Covenants of the Custodian	  	 	14	 
		
	 12.  PARTIES IN INTEREST; THIRD PARTY BENEFIT
	  	    	14   	   
		
	 13.  NOTICES
	  	    	14   	   
		
	 14.  CHOICE OF LAW AND JURISDICTION; WAIVER OF JURY TRIAL
	  	    	15   	   
			
	 14.1
	  	Choice of Law and Jurisdiction	  	 	15	 
	 14.2
	  	Submission to Jurisdiction	  	 	15	 
	 14.3
	  	Waiver of Jury Trial	  	 	15	 
		
	 15.  ENTIRE AGREEMENT; COUNTERPARTS
	  	    	15   	   
			
	 15.1
	  	Complete Agreement	  	 	15	 
	 15.2
	  	Counterparts	  	 	15	 
	 15.3
	  	Electronic Signatures	  	 	15	 
		
	 16.  AMENDMENT; WAIVER
	  	    	16   	   
			
	 16.1
	  	Amendment	  	 	16	 
	 16.2
	  	Waiver	  	 	16	 
		
	 17.  SUCCESSOR AND ASSIGNS
	  	    	16   	   
			
	 17.1
	  	Successors Bound	  	 	16	 
	 17.2
	  	Merger and Consolidation	  	 	16	 
		
	 18.  SEVERABILITY
	  	    	16   	   

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 19.
	  	REQUEST FOR INSTRUCTIONS	  	 	16	 
			
	 20.
	  	OTHER BUSINESS	  	 	17	 
			
	 21.
	  	REPRODUCTION OF DOCUMENTS	  	 	17	 
			
	 22.
	  	CONFIDENTIALITY	  	 	17	 
			
	 23.
	  	NO PETITION IN BANKRUPTCY	  	 	18	 
			
	 24.
	  	LIMITED RECOURSE AGAINST THE COMPANY	  	 	18	 

  

							
	 SCHEDULES
	  		  			
		
	 SCHEDULE A – Initial Authorized Persons
	  			
		
	 SCHEDULE B – Revolving Credit Agreement
	  			

  

 THIS CUSTODIAN AGREEMENT (this “Agreement”) is dated as of February 22, 2019 and is by and
among PENNANTPARK INVESTMENT FUNDING I, LLC (the “Company”), a Delaware limited liability company, THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as document custodian hereunder (in such capacity, the
“Custodian”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”), and BNP PARIBAS, as administrative agent for
the Secured Parties (in such capacity, the “Administrative Agent”), acknowledged and agreed to by PENNANTPARK INVESTMENT CORPORATION (the “Equityholder”), a Maryland corporation, and acknowledged and agreed to by
PENNANTPARK INVESTMENT ADVISERS, LLC (the “Servicer”), a Delaware limited liability company. 
 RECITALS 

WHEREAS, the Company desires to retain The Bank of New York Mellon Trust Company, National Association, to act as document custodian for the
Collateral Loans for the benefit of the Collateral Agent; 
 WHEREAS, the Company desires that the Collateral Loans be held and administered
by the Custodian pursuant to this Agreement; and 
 NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein,
the parties hereto agree as follows: 
  

	1.	 DEFINITIONS 

1.1 Defined Terms. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as
used in this Agreement, including the preamble and recitals; provided that any capitalized terms used but not defined herein shall have the meaning ascribed to them in the Revolving Credit Agreement (as defined below): 

“Administrative Agent” has the meaning set forth in the preamble 

“Agreement” has the meaning set forth in the preamble. 

“Authorized Person” has the meaning set forth in Section 5.4(a). 

“Block Notice” has the meaning set forth in Section 3.4(b). 

“Collateral Agent” has the meaning set forth in the preamble. 

“Company” has the meaning set forth in the preamble. 

“Confidential Information” has the meaning set forth in Section 22.1. 

“Custodian” has the meaning set forth in the preamble. 

  
 1 

 “Noteless Loan” means a Collateral Loan with respect to which (a) the
related Underlying Loan Agreement does not require the Obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Collateral Loan and (b) no Underlying Notes issued to the Company are outstanding with
respect to the portion of the Collateral Loan transferred to the Company. 
 “Proper Instructions” means instructions
(including Trade Confirmations) received by the Custodian from (a) prior to the delivery of a Block Notice, the Company or the Servicer on behalf of the Company, or (b) the Collateral Agent or the Administrative Agent, in each case, in any
of the following forms acceptable to the Custodian: 
  

	 	(a)	 in writing signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or by
facsimile); 

  

	 	(b)	 by electronic mail from an Authorized Person; 

 

	 	(c)	 in a communication utilizing access codes effected between electro mechanical or electronic devices; or

  

	 	(d)	 such other means as may be agreed upon from time to time by the Custodian and the party giving such
instructions. 

 “Required Loan Documents” means, for each Collateral Loan that is not a Noteless Loan,
the original executed Underlying Note endorsed by the Obligor or the prior holder of record of such Collateral Loan in blank or to the Company. 

“Revolving Credit Agreement” means the revolving credit and security agreement identified on Schedule B. 

“Servicer” has the meaning set forth in the preamble. 

“Trade Confirmation” means a confirmation of the Company’s acquisition of a Collateral Loan delivered to the Collateral
Agent (with a copy to the Custodian) by the Company pursuant to Section 3.3(b)(i), and setting forth applicable information with respect to such Collateral Loan, which confirmation shall contain such information in respect
of such Collateral Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Collateral Loan in the form of a customary trade confirmation as agreed to by the Custodian and the
Company from time to time. 
 “Underlying Loan Agreement” means, with respect to any Collateral Loan, the document or
documents evidencing the commercial loan agreement or facility pursuant to which such Collateral Loan is made. 
 “Underlying
Note” means one or more promissory notes, if any, executed by an Obligor evidencing a Collateral Loan. 

  
 2 

 1.2 Construction. The rules of construction set forth in Section 1.02 of the
Revolving Credit Agreement shall apply to this Agreement as if fully set forth herein. 
 1.3 Headings. Headings are inserted for
convenience and do not affect the interpretation of this Agreement. 
  

	2.	 APPOINTMENT OF CUSTODIAN 

2.1 Appointment and Acceptance. The Company hereby appoints the Custodian as document custodian of the Required Loan Documents delivered
to it for all Collateral Loans owned by the Company at any time during the term of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part
of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it, subject to and in accordance with the provisions hereof. 

2.2 Instructions. The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary
instructions and information, and shall respond promptly to all inquiries and requests of the Custodian as may reasonably be necessary to enable the Custodian to perform its duties hereunder. Prior to the Custodian’s receipt of a Block Notice
pursuant to Section 3.4(b), the Servicer may direct the Custodian to take any action hereunder; provided that the Servicer shall not direct the Custodian to take any action in contravention of the Facility Documents.

 2.3 Collateral Agent. The Custodian shall take and retain custody of the Required Loan Documents delivered by the Company hereunder
in accordance with the terms and conditions of this Agreement, all for the benefit of the Collateral Agent and the other Secured Parties, in order to perfect under the UCC, the Collateral Agent’s security interest therein for the benefit of the
Secured Parties. In taking and retaining custody of the Required Loan Documents, the Custodian shall be deemed to be acting as the agent of the Collateral Agent for the benefit of the Secured Parties; provided that the Custodian makes
(a) no warranty or representation and shall have no responsibility for the enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral Loans and (b) no representation as to the
existence, perfection or priority of any lien on the Collateral Loans or the Required Loan Documents. 
  

	3.	 DUTIES OF CUSTODIAN 

3.1 Segregation. All Required Loan Documents held by the Custodian for the account of the Company hereunder shall be (a) subject to
the lien of the Collateral Agent on behalf of the Secured Parties, (b) physically separate from other loans and non-cash property in the possession of the Custodian and (c) identified by the
Custodian as subject to this Agreement. Any originals of Required Loan Documents shall be kept in fire resistant vaults, rooms or cabinets at The Bank of New York Mellon Trust Company, National Association, 601 Travis Street, 16th Floor, Houston, Texas, 77002, Attn: Global 

  
 3 

 
Corporate Trust- Pennant Park Investment Funding I, LLC, or at such other office as shall be specified to the Administrative Agent and the Servicer by the Custodian in a written notice delivered
at least thirty (30) days prior to such change. The Custodian shall segregate the Required Loan Documents on its inventory system and will not commingle the physical Required Loan Documents with any other files of the Custodian. 

3.2 Register. The Custodian shall maintain a register (in book-entry form or in such other form as it shall deem necessary or desirable)
of the Collateral Loans for which it holds Required Loan Documents under this Agreement containing such information as the Company and the Custodian may reasonably agree; provided that, with respect to such Collateral Loans, all Required Loan
Documents shall be held in safekeeping by the Custodian, individually segregated from the securities and investments of any other Person and marked so as to clearly identify such Required Loan Documents as the property of the Company as set forth in
this Agreement. 
 3.3 Delivery of Collateral Loans to Custodian. 

 

	(a)	 The Company shall deliver, or cause to be delivered, to the Custodian all of the Required Loan Documents for
each Collateral Loan owned by the Company at any time during the term of this Agreement at the address identified herein. The Custodian shall not be responsible for any Collateral Loan or related Required Loan Document until actually received by it.

  

					
	   (b)
	 	  (i)	  	 Promptly after the acquisition of any Collateral Loan, the Company shall deliver or cause to be delivered (which may be
via email) to the Collateral Agent with a copy to the Custodian a properly completed Trade Confirmation, if any, on which the Custodian may conclusively rely without further inquiry or investigation, and shall deliver to the Custodian the Required
Loan Documents for all Collateral Loans.

  

	 	(ii)	 Any duty on the part of the Custodian with respect to the custody of such Collateral Loans shall be limited to
the physical custody of the related Required Loan Documents delivered to it pursuant to the terms hereof; provided that the Custodian shall be deemed to have satisfied the terms hereof with respect to the custody, safekeeping and physical
preservation of the Required Loan Documents in its possession if it acts in accordance with any instruction by the Company (or the Servicer on its behalf) issued prior to a Block Notice (or following rescission of a Block Notice by the Collateral
Agent) and any instruction by a Secured Party issued after a Block Notice. 

  

	 	(iii)	 The Custodian may assume the genuineness of any Required Loan Document it may receive and the genuineness and
due authority of any signatures appearing thereon, and shall be entitled to assume that each document it may receive is what it purports to be. If an original “security” or “instrument” as defined in Section 8-102(a)(15) and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become available

  
 4 

	 	
with respect to any Collateral Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof to the Custodian, and
the Custodian shall not be under any obligation at any time to determine whether any such original “security” or “instrument” has been or is required to be issued or made available in respect of any Collateral Loan or to compel
or cause delivery thereof to the Custodian. 

 3.4 Release of Documents/Control By Agents. 

 

	(a)	 The Custodian shall release and ship for delivery, or direct its agents or
sub-custodians to release and ship for delivery, as the case may be, Required Loan Documents of the Company held by the Custodian, its agents or its sub-custodians from
time to time upon receipt of Proper Instructions (specifying, among other things, the Collateral Loans and Required Loan Documents to be released and delivery instructions and other information as may be necessary to enable the Custodian to release
and ship such Required Loan Documents), which may be standing instructions (in a form acceptable to the Custodian) in accordance with the Revolving Credit Agreement. 

 

	(b)	 Upon receipt by the Custodian from the Administrative Agent or the Collateral Agent, of written notice of the
occurrence of an Event of Default under the Revolving Credit Agreement indicating the Administrative Agent’s intent to prohibit the Custodian from accepting instructions from the Company (each such notice, a “Block Notice”),
the Custodian shall no longer accept or act upon Proper Instructions or other instructions from the Company (or the Servicer on its behalf) hereunder with respect to the Collateral Loans or the Required Loan Documents. From and after its receipt of
a Block Notice and until rescission thereof by the Collateral Agent, the Custodian shall only comply with Proper Instructions from the Collateral Agent or Administrative Agent. 

3.5 Records. The Custodian shall create and maintain records relating to its activities under this Agreement with respect to the
Collateral Loans or other property of the Company held for the benefit of the Collateral Agent and the other Secured Parties under this Agreement. All such records shall be the property of the Company and shall during the regular business hours of
the Custodian be open for inspection by duly authorized officers, employees or agents of the Company or its affiliates, upon reasonable request and three (3) Business Days’ prior written notice. 

 

	4.	 REPORTING 

 

	(a)	 The Custodian shall render, within five (5) Business Days of the end of each calendar month, an itemized
report of the Required Loan Documents held pursuant to this Agreement as of the date of such report and such other matters as the parties may agree from time to time in form and substance satisfactory to the Collateral Agent, the Servicer and the
Administrative Agent and deliver such report to the Administrative Agent. 

  

	(b)	 The Custodian shall have no duty or obligation to undertake any market valuation of the Collateral Loans under
any circumstance. 

  
 5 

	5.	 CERTAIN GENERAL TERMS 

5.1 No Duty to Examine Underlying Instruments. Nothing herein shall obligate the Custodian to review or examine the terms of any
underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note or any other Required Loan Documents evidencing or governing any Collateral Loan to determine the validity, sufficiency, marketability or enforceability
of any Collateral Loan (and shall have no responsibility for the genuineness or completeness thereof) or otherwise. 
 5.2 Resolution of
Discrepancies. In the event of any discrepancy between the information set forth in any report provided by the Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the
Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy. 
 5.3 Improper Instructions. Notwithstanding
anything herein to the contrary, the Custodian shall not be obligated to take any action (or refrain from taking any action), which it reasonably determines to be contrary to the terms of this Agreement or Applicable Law. In no instance shall the
Custodian be obligated to provide services on any day that is not a Business Day. 
 5.4 Proper Instructions. 

 

	(a)	 Each of the Collateral Agent, the Administrative Agent, the Servicer and the Company will give a notice to the
Custodian, in a form acceptable to the Custodian, specifying the names and specimen signatures of Persons authorized to give Proper Instructions (collectively, “Authorized Persons” and each, an “Authorized Person”)
which notice shall be signed by an Authorized Person set forth on Schedule A or otherwise previously certified to the Custodian. The Custodian shall be entitled to rely upon the identity and authority of such Persons until it receives written
notice from an Authorized Person of the Company, the Administrative Agent, the Servicer or the Collateral Agent, as applicable, to the contrary. The initial Authorized Persons are set forth on Schedule A attached hereto and made a part hereof
(as such Schedule A may be modified from time to time by written notice from the Company, the Administrative Agent, the Servicer or the Collateral Agent, as applicable, to the Custodian). If such person elects to give the Custodian email or
facsimile instructions (or instructions by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian’s reasonable understanding of such instructions shall be deemed controlling. The
Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodian’s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent
with a written instruction delivered to the Custodian subsequent to the Custodian’s reliance upon and compliance with such original instructions. Any person providing such instructions or directions agrees to assume all risks arising out of the
use of such electronic methods to submit instructions and directions to the Custodian, including the risk of the Custodian acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

  
 6 

	(b)	 The Custodian shall have no responsibility or liability to the Company (or any other Person) and shall be
indemnified and held harmless by the Company in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral instructions received by the Custodian. The Custodian shall not have an obligation to act in
accordance with purported instructions to the extent that they conflict with Applicable Law or regulations. The Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instruction.

 5.5 Actions Permitted Without Express Authority. The Custodian may, at its discretion, without express authority
from the Company, the Collateral Agent or any other Person, attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the Collateral Loans. 

5.6 Evidence of Authority. The Custodian shall be protected in acting upon any instruction, notice, request, consent, certificate,
instrument or paper reasonably believed by it to be genuine and to have been properly executed or otherwise given by or on behalf of the Company, the Servicer, the Collateral Agent or the Administrative Agent, as applicable, by an Authorized Person
thereof. The Custodian may receive and accept a certificate signed by any Authorized Person as conclusive evidence of: 
  

	(a)	 the authority of any Person to act in accordance with such certificate; or 

 

	(b)	 any determination or any action by such Person as described in such certificate, 

and such certificate may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary from an
Authorized Person of the Company, the Servicer, the Collateral Agent or the Administrative Agent, as applicable. 
 5.7 Receipt of
Communications. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m. (prevailing Eastern time) (or such other time as is agreed by the Company and the Custodian from time to time) on a Business Day
will be deemed to have been received on the next Business Day; provided that in the case of communications so received after 3:30 p.m. (prevailing Eastern time) on a Business Day the Custodian will use commercially reasonable efforts to
process such communications as soon as possible after receipt. 
  

	6.	 COMPENSATION OF CUSTODIAN 

6.1 Fees. The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain Collateral Agent
Fee Letter. 
 6.2 Expenses. The Company agrees to pay or reimburse to the Custodian upon its request from time to time all reasonable
and documented out of pocket costs, disbursements, advances, and expenses (including reasonable and documented attorneys’ fees and expenses of external legal counsel) incurred in connection with the preparation or execution of this Agreement,
or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties and services under this Agreement (including reasonable and documented out of pocket costs and expenses
of any action deemed necessary by the Custodian to collect any amounts owing to it under this Agreement). 

  
 7 

 6.3 Priority of Payments. Amounts owing to the Custodian hereunder, including fees
set forth in the Collateral Agent Fee Letter, shall be payable in accordance with the Priority of Payments under the Revolving Credit Agreement. 
  

	7.	 RESPONSIBILITY OF CUSTODIAN 

7.1 General Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the
Collateral Loans, except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Custodian shall be determined solely by the express provisions of this Agreement and the Custodian shall
satisfy those duties expressly set forth in this Agreement so long as it acts without gross negligence or willful misconduct. No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the
Custodian and the Custodian shall not have any duty to take any discretionary action or exercise any discretionary powers. With the exception of this Agreement, the Custodian is not responsible for or chargeable with knowledge of any terms or
conditions contained in any other agreement, including, but not limited to, any agreement between the Company and the Servicer. The Custodian, in its capacity as such, shall have no obligations under the Revolving Credit Agreement. 

7.2 Instructions. 
  

	(a)	 The Custodian shall be entitled to refrain from taking any action unless it has received Proper Instructions
from the Company (or the Servicer on the Company’s behalf), the Administrative Agent or the Collateral Agent, as applicable, as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, the Servicer, the
Administrative Agent or the Collateral Agent, as applicable, such Proper Instructions to be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken pursuant to any Proper Instruction of the Company, the
Servicer, the Administrative Agent or the Collateral Agent, as applicable. 

  

	(b)	 Whenever the Custodian is entitled or required to receive or obtain any communications or information pursuant
to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise in accordance with any applicable term of this Agreement; and whenever any report or
other information is required to be produced or distributed by the Custodian it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance with any applicable term of this Agreement.

 7.3 General Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the
Custodian of its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein): 

  
 8 

	(a)	 The Custodian may rely on, and shall be protected in acting or refraining from acting in accordance with, any
written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document furnished to it (including any of the foregoing provided to it by facsimile or electronic means), not only as to its
due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed or presented by the proper person (which in the case of any instruction from or on
behalf of the Company, the Administrative Agent, the Servicer, or the Collateral Agent, shall be an Authorized Person); and the Custodian shall be entitled to presume the genuineness and due authority of any signature appearing thereon. The
Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document;
provided that if the form thereof is specifically prescribed by the terms of this Agreement, the Custodian shall examine the same to determine whether it substantially conforms on its face to such requirements hereof. 

 

	(b)	 Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error
of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers or employees), or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless
such action constitutes gross negligence, willful misconduct or bad faith on its part. The Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it
pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action. 

 

	(c)	 In no event shall the Custodian be liable for any indirect, punitive, special, incidental or consequential
damages (including lost profits) whether or not it has been advised of the likelihood of such damages. 

  

	(d)	 The Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect to
any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by the Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to Section 6.2 above.

  

	(e)	 The Custodian shall have no duty to inquire into the happening or occurrence of any event or contingency and
shall not be deemed to have notice or knowledge of any fact, claim or demand with respect hereto unless actually known by an officer charged with responsibility for administering this Agreement or unless notified (and then only to the extent
received) in writing by the Custodian at the applicable address as set forth in Section 13 and specifically referencing this Agreement. 

  
 9 

	(f)	 No provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take any
action (or forbear from action) hereunder which might in its reasonable judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Custodian to
commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby.

  

	(g)	 The permissive right of the Custodian to take any action hereunder shall not be construed as a duty.

  

	(h)	 The Custodian may act or exercise its duties or powers hereunder through agents or attorneys, and the Custodian
shall not be liable or responsible for the actions or omissions of any such agent or attorney appointed with reasonable due care. 

  

	(i)	 All indemnifications contained in this Agreement in favor of the Custodian shall survive the termination of
this Agreement. 

  

	(j)	 The Custodian shall be entitled to all of the same rights, protections, immunities and indemnities afforded to
the Collateral Agent under the Revolving Credit Agreement; provided that such rights, protections, indemnities and immunities shall be in addition to any rights, protections, indemnities and immunities set forth herein. 

7.4 Indemnification; Collateral Agent’s Lien. 

 

	(a)	 The Company shall and does hereby indemnify and hold harmless the Custodian for and from any and all reasonable
and documented out of pocket costs and expenses (including reasonable and documented attorneys’ fees and expenses), and any and all losses, damages, claims and liabilities (collectively, “Losses”), that may arise, be brought
against or incurred by the Custodian, as a result of, relating to, or arising out of this Agreement, or the administration or performance of the Custodian’s duties hereunder, or the relationship between the Company and the Custodian created
hereby, other than such Losses as are directly caused by the Custodian’s own actions constituting bad faith, gross negligence or willful misconduct. Without limiting the foregoing, after the receipt of a Block Notice, the parties hereto agree
that the Collateral Agent shall direct the Lenders to indemnify and hold harmless the Custodian and its directors, officers, employees and agents from and against any and all Losses incurred as a result of the Custodian’s compliance with the
Collateral Agent’s or Administrative Agent’s (each acting at the direction of the Lenders) direction or instruction in connection with this Agreement (except to the extent due to the Custodian’s bad faith, willful misconduct or gross
negligence) solely to the extent that such Losses shall not have been reimbursed by the Company. 

  

	(b)	 Each of the Company, the Collateral Agent and the Custodian hereby agrees that the Required Loan Documents in
respect of the Collateral Loans are being held by the Custodian hereunder to perfect the lien of the Collateral Agent, on behalf of the Secured Parties, in the Collateral Loans in accordance with the Revolving Credit Agreement.

  
 10 

 7.5 Force Majeure. Without prejudice to the generality of the foregoing, the
Custodian shall be without liability to the Company, the Collateral Agent or any other Person for any damage or loss resulting from or caused by events or circumstances beyond the Custodian’s reasonable control, including nationalization,
expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or
the like, floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or acts; errors by
the Company, the Servicer, the Collateral Agent or the Administrative Agent (including any Authorized Person of the foregoing) in its instructions to the Custodian; or changes in Applicable Law. 

7.6 Proceedings. In the event that (a) the Company, the Collateral Agent, the Servicer, the Administrative Agent, the Lenders or
the Custodian shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Required Loan Document or (b) a third party shall institute any court proceeding by which any Required Loan Document shall
be required to be delivered otherwise than in accordance with the provisions of this Agreement, the party receiving such service shall promptly deliver, or cause to be delivered, to the other parties to this Agreement and the Administrative Agent
and the Servicer copies of all court papers, orders, documents and other materials concerning such proceedings. The Custodian shall, to the extent permitted by Law, continue to hold and maintain all the Required Loan Documents that are the subject
of such proceedings pending a final, nonappealable order of a court of competent jurisdiction permitting or directing disposition thereof. Upon final determination of such court, the Custodian shall dispose of such Required Loan Document as directed
by the Collateral Agent or the Administrative Agent, which shall give a direction consistent with such determination. Expenses of the Custodian incurred as a result of such proceedings shall be borne by the Company and paid as an Administrative
Expense in accordance with the Revolving Credit Agreement. 
  

	8.	 SECURITY CODES 

If the Custodian issues to the Company or any other Person security codes, passwords or test keys in order that it may verify that certain transmissions of
information, including Proper Instructions, have been originated by the Company or other Person, the Company or such Person shall safeguard any security codes, passwords, test keys or other security devices which the Custodian shall make available.

  

	9.	 TAX LAW 

The Custodian shall have no responsibility or liability for any obligation now or hereafter imposed on the Company or the Custodian as document custodian of
the Collateral Loans by the tax law of the United States or any state or political subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations, including taxes (but excluding any
income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement), withholding, certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other
expenses (including legal expenses) that may be assessed against the Company or the Custodian as document custodian of the Collateral Loans. 

  
 11 

	10.	 EFFECTIVE PERIOD AND TERMINATION  

10.1 Effective Date. This Agreement shall become effective as of its due execution and delivery by each of the parties. This Agreement
shall continue in full force and effect for so long as the Revolving Credit Agreement remains in effect with respect to the Obligations, unless previously terminated pursuant to Section 10.2. 

10.2 Termination. This Agreement shall terminate upon the earliest of (a) the occurrence of the effective date of termination
specified in any written notice of termination given by the Company (with the written consent of the Administrative Agent) not later than sixty (60) days prior to the effective date of termination specified therein (in each case with a copy to
the Administrative Agent and the Collateral Agent), (b) on the Collection Date and (c) such other date of termination as may be mutually agreed upon by the parties in writing (with the prior written consent of the Administrative Agent). 

10.3 Resignation. The Custodian may, at any time, resign under this Agreement by giving not less than ninety (90) days advance
written notice thereof to the Company, the Servicer, the Collateral Agent and the Administrative Agent. 
 10.4 Successor. Prior to
the effective date of termination of this Agreement, or the effective date of the resignation of the Custodian, as the case may be, the Company (with the prior written consent of the Administrative Agent) shall give a Proper Instruction to the
Custodian designating a successor Custodian, if applicable. 
 10.5 Payment of Fees, etc. Upon termination of this Agreement or
resignation of the Custodian, the Company shall pay to the Custodian such compensation, and shall likewise reimburse the Custodian for its reasonable and documented costs, expenses and disbursements, as may be due as of the date of such termination
or resignation (or removal, as the case may be) all in accordance with the Priority of Payments set forth in the Revolving Credit Agreement. All indemnifications in favor of the Custodian under this Agreement shall survive the termination of this
Agreement, or any resignation or removal of the Custodian. 
 10.6 Final Report. In the event of any resignation or removal of the
Custodian, the Custodian shall provide to the Company and the Servicer a complete final report or data file transfer of any Confidential Information as of the date of such resignation or removal. 

  
 12 

	11.	 REPRESENTATIONS AND WARRANTIES 

11.1 Representations of the Company. The Company represents and warrants to the Custodian that: 

 

	(a)	 it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly
authorized and executed this Agreement so as to constitute its valid and binding obligation; and 

  

	(b)	 in giving any instruction which purports to be a “Proper Instruction” under this Agreement, the
Company will act in accordance with the provisions of its Constituent Documents, the Revolving Credit Agreement and any Applicable Law. 

11.2 Representations of the Custodian. The Custodian hereby represents and warrants to the Company that: 

 

	(a)	 it has aggregate capital, surplus and undivided profits of at least $500,000; 

 

	(b)	 it has the power and authority to enter into and perform its obligations under this Agreement;

  

	(c)	 it has duly authorized and executed this Agreement so as to constitute its valid and binding obligations;

  

	(d)	 its execution and delivery of this Agreement, performance of the transactions contemplated hereby and the
fulfillment of the terms hereof will not (a) conflict with or violate, in any respect, any Applicable Law, or (b) conflict with or result in any breach of its articles of incorporation or bylaws or any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default under any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which it is a party or by which it is bound; and 

 

	(e)	 it maintains business continuity policies and standards that include data file backup and recovery procedures
that comply with all applicable regulatory requirements. 

 11.3 Covenants of the Custodian. From the Closing Date
until the Collection Date, the Custodian hereby covenants to the Company that: 
  

	(a)	 originals of the Required Loan Documents delivered to it shall remain at all times in the possession of the
Custodian at the address set forth in Section 3.1, unless notice of a different address is given in accordance with the terms hereof or unless the Administrative Agent agrees to allow certain Required Loan Documents to be
released to the Servicer on a temporary basis in accordance with the terms hereof, except as such Required Loan Documents may be released pursuant to the terms of this Agreement; and 

 

	(b)	 it will not dispose of any documents constituting the Required Loan Documents in any manner that is
inconsistent with the performance of its obligations as the Custodian pursuant to this Agreement. 

  
 13 

	12.	 PARTIES IN INTEREST; THIRD PARTY BENEFIT 

Except as specified in the following sentence, this Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third
party and may not be relied upon or enforced by any third party (other than successors and permitted assigns pursuant to Section 17). The Administrative Agent and each other Secured Party are express third-party
beneficiaries of this Agreement with full rights to enforce all obligations of the Custodian hereunder. 
  

	13.	 NOTICES 

Any Proper Instruction shall be given to a party at the following address (or such other address as such party may designate by written notice to the other
parties), and otherwise any notice, approval and other communication hereunder shall be sufficient if made in writing and given to the relevant party at the following address (or such other address as such party may subsequently designate by notice
to the others) delivered by (a) certified or registered mail, postage prepaid, (b) recognized courier or delivery service, or (c) confirmed facsimile, with a duplicate sent on the same day by first class mail, postage prepaid: 

 

	(a)	 if to the Custodian, to 

The Bank of New York Mellon Trust Company, 

National Association 
 601
Travis Street, 16th Floor 
 Houston, Texas 77002 

Attn: Global Corporate Trust – PennantPark Investment Funding I, LLC 

Facsimile No.: (713) 483-6633 

 

	(b)	 if to the Company, the Servicer, the Administrative Agent or the Collateral Agent, at its respective address
specified in the Revolving Credit Agreement. 

  

	14.	 CHOICE OF LAW AND JURISDICTION; WAIVER OF JURY TRIAL 

14.1 Choice of Law and Jurisdiction. This Agreement shall be construed and the provisions thereof interpreted under and in accordance
with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions). 
 14.2
Submission to Jurisdiction. Each party hereto hereby irrevocably and unconditionally: 
  

	(a)	 subject to the proviso at the end of this clause (a), submits for itself and its property in any legal
action or proceeding relating to this Agreement or for recognition and enforcement of any judgment in respect hereof, to the non-exclusive general jurisdiction of the courts of the State of New York in the Borough of Manhattan, the courts of the
United States of America for the Southern District of New York, and the appellate courts of any of them; and 

  
 14 

	(b)	 consents that any such action or proceeding may be brought in any court described in
Section 14.2(a) and waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same. 

 14.3 Waiver of Jury Trial. EACH
OF THE CUSTODIAN, THE COLLATERAL AGENT, THE COMPANY, THE SERVICER AND THE ADMINISTRATIVE AGENT WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, ANY OTHER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

	15.	 ENTIRE AGREEMENT; COUNTERPARTS 

15.1 Complete Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters
addressed herein and supersedes and terminates, as of the date hereof, all prior agreements or understandings, oral or written between the parties to this Agreement relating to such matters. 

15.2 Counterparts. This Agreement may be executed in any number of counterparts and all counterparts taken together shall constitute one
and the same instrument. 
 15.3 Electronic Signatures. The exchange of copies of this Agreement and of signature pages by facsimile
or email transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or email shall be
deemed to be their original signatures for all purposes. 
  

	16.	 AMENDMENT; WAIVER 

16.1 Amendment. This Agreement may not be amended, except by an express written instrument duly executed by each of the Company, the
Collateral Agent and the Custodian with the prior written consent of the Administrative Agent. 
 16.2 Waiver. In no instance shall
any delay or failure to act be deemed to be or be effective as a waiver of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be
charged; provided that no waiver signed by the Company shall be effective unless such waiver has been consented to by the Administrative Agent. 
  

	17.	 SUCCESSOR AND ASSIGNS 

17.1 Successors Bound. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the
parties and their respective successors and permitted assigns. No party shall be permitted to assign all or any portion of their rights under this Agreement without the written consent of the other parties and the Administrative Agent;
provided that the foregoing shall not limit the ability of the Custodian to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement. 

  
 15 

 17.2 Merger and Consolidation. Any corporation or association into which the
Custodian may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any corporation or association to which
the Custodian transfers all or substantially all of its corporate trust business, shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. 
  

	18.	 SEVERABILITY 

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination
shall not affect the remaining terms. 
  

	19.	 REQUEST FOR INSTRUCTIONS 

If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not
be obliged to) request written instructions from the Servicer, the Company or the Collateral Agent as to the course of action desired by it; provided that the Custodian shall not request written instructions from the Servicer or the Company
following the Custodian’s receipt of a Block Notice. If the Custodian does not receive such instructions within five (5) days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any
such courses of action. The Custodian shall act in accordance with instructions received from the Servicer, the Company or the Collateral Agent in response to such request, except to the extent it has already taken, or committed itself to take,
action inconsistent with such instructions. 
  

	20.	 OTHER BUSINESS 

Nothing herein shall prevent the Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial
or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Custodian (and/or any other Person) as members
of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement. 

 

	21.	 REPRODUCTION OF DOCUMENTS 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card,
miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in
existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence. 

  
 16 

	22.	 CONFIDENTIALITY 

(a) Each party shall keep confidential any non-public information relating to the other party’s
business (“Confidential Information”). Confidential Information may include: (i) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to,
information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results in relation to the past, present or future
business activities of the Company or the Custodian, their respective subsidiaries and affiliated companies; (ii) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially valuable and
secret in the sense that its confidentiality affords the Company or the Custodian a competitive advantage over its competitors; (iii) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software,
source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (iv) anything designated as confidential. Confidential
Information shall not include information which (x) is disclosed in a publication available to the public, is otherwise in the public domain at the time of disclosure, or becomes publicly known through no wrongful act on the part of the
recipient, (y) is obtained by the recipient in good faith from a third party source having the right to disclose such information, or (z) was known by the receiving party, without any obligation of confidentiality, prior to the disclosure
of such information. 
 (b) Notwithstanding the foregoing, the recipient may disclose Confidential Information (i) to regulatory
authorities having jurisdiction over the Custodian, as required by law or regulation, and (ii) to the Custodian’s directors, officers, employees, attorneys, accountants, agents or advisors who have a need to know such information in the
course of the performance of its duties hereunder. 
 (c) The recipient may disclose Confidential Information to the extent and as required
by applicable law or regulation in connection with oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand, any informal or formal investigation by any governmental entity, or pursuant to a
judicial, administrative or legal proceeding in which either party is involved; provided that the recipient will, to the extent permitted to do so, provide prompt notice to the other party of such request and give the other party the
opportunity to contest such request or seek a protective order, as necessary, prior to disclosing such Confidential Information under this Section 22.3. In the event that no such protective order or other remedy is
obtained, or in the absence of such protective order, other remedy or the waiver by the other party and where the receiving party has been advised by counsel that it is legally compelled to disclose the Confidential Information, the receiving party
and/or its counsel will furnish only that portion of the Confidential Information that the receiving party is advised by its counsel is legally required. 

  
 17 

 23. NO PETITION IN BANKRUPTCY. 

The Custodian agrees not to file or join in the filing of an involuntary petition in bankruptcy against the Company for the nonpayment of the Custodian’s
fees or other amounts payable by the Company under this Agreement until such time as may be permitted under Section 13.17 of the Revolving Credit Agreement. The provisions of this Section 23 shall survive termination
of this Agreement. 
 24. LIMITED RECOURSE AGAINST THE COMPANY. 

Notwithstanding any other provision of this Agreement, each of the parties hereto hereby agrees that any obligations of the Company under this Agreement are
limited recourse obligations of the Company, payable solely from the Collateral in accordance with Article IX of the Revolving Credit Agreement, and following the realization of all of the Collateral, all obligations of the Company under this
Agreement and any claims of a party hereto shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, member or manager of the Company or its successors or assigns for any amounts payable
under this Agreement. The provisions of this Section 24 shall survive the termination of this Agreement. 

  
 18 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed and
delivered by a duly authorized officer, intending the same to take effect as of the date first written above. 
  

			
	PENNANTPARK INVESTMENT FUNDING I, LLC, as Company
		
	By:	 	PennantPark Investment Corporation,
	its designated manager
		
	By:	 	/s/ Arthur Penn
		 	Name: Arthur Penn
		 	Title: Chief Executive Officer

  
 Custodian Agreement

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as the Custodian
		
	By:	 	/s/ Karen Yu
		 	Name: Karen Yu
		 	Title: Vice President

  
 Custodian Agreement

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as the Collateral Agent
		
	By:	 	/s/ Karen Yu
		 	Name: Karen Yu
		 	Title: Vice President

  
 Custodian Agreement

 ACKNOWLEDGED AND AGREED: 

			
	
	 PENNANTPARK INVESTMENT CORPORATION,

in its capacity as Equityholder

		
	By:	 	/s/ Arthur Penn
		 	Name: Arthur Penn
		 	Title: Chief Executive Officer

  
 Custodian Agreement

			
	 ACKNOWLEDGED AND AGREED:

 

	 PENNANTPARK INVESTMENT ADVISERS, LLC,

in its capacity as Servicer

		
	By:	 	/s/ Arthur H. Penn
		 	Name: Arthur H. Penn
		 	Title: Managing Member

  
 Custodian Agreement

			
	 BNP PARIBAS,
 in its capacity
as Administrative Agent

		
	By:	 	/s/ Adnan A. Zuberi
		 	Name: Adnan A. Zuberi
		 	Title: Managing Director
		 	
		
	By:	 	/s/ Patrick McKee
		 	Name: Patrick McKee
		 	Title: Managing Director

  
 Custodian Agreement

 SCHEDULE A 

Any of the following Persons (each acting singly) shall be an Authorized Person (as this list may subsequently be modified by the relevant
Person from time to time by written notice to the Custodian): 
 Company: 
  

					
	NAME:	 	SIGNATURE:	 	TELEPHONE NO.:
			
	Arthur Penn	 	 /s/ Arthur Penn
	 	212-905-1010
			
	Aviv Efrat	 	 /s/ Aviv Efrat
	 	
			
	Thomas J. Friedmann	 		 	

  
 Custodian Agreement

 SCHEDULE A 

Any of the following Persons (each acting singly) shall be an Authorized Person (as this list may subsequently be modified by the relevant
Person from time to time by written notice to the Custodian): 
 Company: 
  

					
	NAME:	 	SIGNATURE:	 	TELEPHONE NO.:
			
	Arthur Penn	 		 	
			
	Aviv Efrat	 		 	
			
	Thomas J. Friedmann	 	 /s/ Thomas J. Friedmann
	 	617-728-7120

  
 Custodian Agreement

 Servicer: 

					
	NAME:	 	SIGNATURE:	 	TELEPHONE NO.:
			
	Arthur H. Penn	 	 /s/ Arthur H. Penn
	 	
			
	Aviv Efrat	 	 /s/ Aviv Efrat
	 	
			
	Jose A. Briones	 		 	

  
 Custodian Agreement

 Servicer: 

					
	NAME:	 	SIGNATURE:	 	TELEPHONE NO.:
			
	Arthur H. Penn	 		 	
			
	Aviv Efrat	 		 	
			
	Jose A. Briones	 	 /s/ Jose A. Briones
	 	

  
 Custodian Agreement

 28 

 Administrative Agent: 
  

 

  
 Custodian Agreement

 Collateral Agent:         Any Responsible Officer (as defined in the
Revolving Credit Agreement) of the Collateral Agent. 

 SCHEDULE B 

Revolving Credit Agreement 
  

	1.	 Revolving Credit and Security Agreement, dated as of the date hereof (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time), among the Company, as Borrower, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, PennantPark Investment Corporation, as Equityholder, PennantPark
Investment Advisers, LLC, as Servicer, and The Bank of New York Mellon Trust Company, National Association, as the Collateral Agent.

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